Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here of Ready for Retirement. I'm your host,

James Knoll. Today's episode is going to be all about what do you do if you receive a windfall.

And we hear the word windfall and think, oh, that's if you,

if you win the lottery, or if your second uncle that you never knew, died and left you

millions and millions of dollars. And if that's happened to you, awesome, this is going to be a

great episode for you. But really, what a windfall looks like more often is, did you retire and sell

a business, or do you receive an inheritance, or did you receive a buyout at work, or do you receive an inheritance or did you receive a bio at work or did you sell

a property or did you have just a big income you're at work and you have a significant amount coming in

or just a larger than normal amount coming in what do you do with it you know past the standard

401ks and roth IRAs and things you're just doing on an ongoing basis what do you do when you receive a

larger windfall how should you think about that and that's what we're going to explore on today do you do when you receive a larger windfall? How should you think about that?

And that's what we're going to explore on today's episode. So if you received a windfall or if at any

point in the future you expect to receive a windfall, I just want to walk you through some steps to

some things that you might want to think about doing with that to make sure that you're making the

most of it, making sure that it fits within your specific financial needs and the financial goals that you have. So let's get started. The first thing that you should do

if you receive a windfall is nothing in many cases. It's in by nothing, I mean, don't do anything

sudden. So often if there's an inheritance or if there's a big buyout or something happens,

don't act in a hasty way. Too often people do something, whether they go spend a whole bunch of it or they go do

something with a bunch of it. Make sure that you have a plan in place first. And don't be afraid to

set that money aside, set it in cash, set in a CD, make sure that you have a plan and the strategy

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