There’s a lot we can’t know, so how do you plan for it? From taxes to market crashes, David talks through what you can do to make sure you aren’t caught off-guard when the unexpected happens.
What kinds of things will you face in the future? Have you planned accordingly? Both David and co-host Walter are on the road for today’s show as they talk about how you can’t always predict what will happen but what you can do instead.
In the financial world, it sure would be nice if we knew when and for how long the next market crash would happen. No one can predict what the market is going to do though. There are different guideposts David uses to do the math of gains and losses. What’s the difference between a downturn and a downturn that turns into a recession? David explains the key markers to pay attention to.
With inflation, it’s easy to quickly get concerned about what things like healthcare might cost in 20 years. David shares how he helps his clients prepare for healthcare costs, including the possible need for long-term care. Healthcare costs are going to go up. While we might not be right with just how much it will cost, not putting it in your plan is worse than overlooking it completely.
Right now, tax rates are historically low. The Trump tax cuts are set to expire in 2025, if Congress does nothing about it between now and then. David thinks the real risk for taxes going up is to impact those in the higher tax brackets so that more of your income is taxable. For people leaving a fairly large estate for their heirs, you should talk to a good estate planning attorney. There are strategies that you can implement now to reduce your exposure to taxes in the future.
Finally, how long are we going to live? If we knew the date we had to live until, we might live our lives differently. But no one knows how long they will live. David advises his clients to plan to live until 100, even though most people don’t live that long. This helps to ensure they will have plenty of money throughout retirement, and even some leftover. Make sure that you have a real plan in place.
Listen to the entire episode or skip ahead using the timestamps below.
0:32 - Today’s podcast is from the road!
3:36 - If you knew the answers to the unpredictable it would be easier.
4:07 - When is the next market crash going to happen?
5:47 - What happens with a downturn and with a recession?
9:33 - What will healthcare costs look like in 20 years?
12:12 - What will taxes by like?
16:08 - How long are you going to live?
“While we can’t predict the next market crash, there are guideposts that will tell us, is the probability high that this downturn is going to coincide with an economic recession? "
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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