Wisely Responding to the Current Economy – Episode 18
“Recession.” It’s like a dark cloud looming over the economy and around every corner. But what should we be doing during an economy like this? If you are worried about the future or retiring in a recession, we’re breaking down what you need to know.
In this episode, Phil and Kendall are letting you know how you should respond to a recession, what advantages there are in the current economy, and what you should be doing about it. We’ll also talk about how having your adult children living with you might be affecting your plans to retire and how to handle other tough financial topics.
Thank you for watching and listening!
1) Recession simply means that people are spending less. Recession is a doom and gloom word, but all it really means is that people are spending less cash on things than they used to. These tend to be things like eating at restaurants, traveling, staying in hotels, and some other “extra” things.
2) Talk about hard things with your children now. As you get older, it doesn’t get any easier. Talk to your children now about how money is made, how it should be spent, how money should be saved, and what plans you have in place for retirement. There isn’t a safer environment in the world to discuss these topics than within your family.
3) Consider taking advantage of the low tax environment right now. Taxes are the lowest they have been in a long time. Here are some examples of what you may want to take advantage of: liquidating property, converting your IRA or 401K to a Roth, and making charitable contributions. There are exceptions to this, so make sure you meet with a financial advisor to get advice specific to your situation. However, if you were already considering doing any of these three things, now is a great time to do it!
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