3101: Four Things That Can Derail Your Retirement Plans by Mike Ballew of EggStack on Financial Freedom

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 8 April 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3101: Mike Ballew highlights four major threats to your retirement goals, unexpected health issues, job loss, dependent adult children, and the loss of a partner, and offers clear strategies to stay financially resilient. This article encourages proactive planning and smart boundary-setting, reminding us that while we can't control everything, we can prepare for a lot. Read along with the original article(s) here: https://eggstack.com/blog/2021-11-21-Four-Things-That-Can-Derail-Your-Retirement-Plans/ Quotes to ponder: "Almost half of all current retirees were forced to retire earlier than planned due to unforeseen circumstances such as health issues." "Instead of saving for retirement, too many parents are providing financial support for adult children who are perfectly capable of supporting themselves." "Social Security was never meant to be a retiree’s sole source of income and it is woefully inadequate to sustain the typical American lifestyle." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Optimal Finance Daily, four things that can derail your retirement plans.
0:07.0	By Mike Ballou of Eggstack.com.
0:10.0	Life is unpredictable and even the best laid plans can go astray.
0:16.0	If you want to improve the odds of a successful retirement, you need to consider the risks along the way.
0:22.7	Here are four things that can derail your retirement plans. Number one, health issues. When things
0:30.2	are going well, it's human nature to believe everything will stay that way. Unfortunately,
0:36.0	sometimes our bodies have other plans. Even if your job's
0:39.8	only physical requirement is that you sit behind a desk, health issues can prevent you from working.
0:46.1	A recent study found that 30% of Americans plan to work beyond age 65. If you're one of them,
0:52.8	you need to consider the possibility that you might not be
0:55.8	able to do that. In fact, almost half of all current retirees were forced to retire earlier than
1:02.9	planned due to unforeseen circumstances such as health issues. An unexpected end to your
1:09.3	working days can stem from your declining health or that of your spouse or partner.
1:14.8	Your significant other could experience health issues to the extent that you have to retire early to become their caregiver.
1:21.9	Think about it. If your spouse or partner is forced to retire early and you quit your job to become their caregiver.
1:29.4	That's a financial double whammy. Many employers offer disability insurance designed to
1:35.6	replace some or all of your income in the event you become disabled. There's something else you
1:41.4	can do to help mitigate this risk. Stay healthy. You have tremendous
1:46.8	influence over your health. Regular exercise and eating right goes a long way towards keeping
1:52.6	your body fit and healthy. Avoid unhealthy lifestyle choices like overeating, inactivity, smoking,
1:59.8	and alcohol abuse. Number two, job loss.
2:04.6	Another life event that can derail your retirement plans is a job loss. Besides the obvious loss
	...

Transcript will be available on the free plan in 9 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.