People often dream of retirement and a stress-free lifestyle. However, the stress can pile up in retirement if your finances aren’t in line.
Tom Jacobs, the founder and CEO of Jacobs Financial Services, was motivated to start his business because of his family’s personal story. Jacobs explained that his parents retired in late 2007, ahead of market crash of 2008. He said that his parents lost 50 percent of everything they’d saved because they weren’t prepared. Jacobs is now helping guide others as they navigate retirement or approach retirement.
When it comes to avoiding a financial catastrophe, the first step Jacobs highlighted is being prepared. He compared it to knowing a storm is coming and taking action.
One of the financial strategies that Jacobs discussed is putting money in spots where it’s principal protected.
Jacobs also talked about a challenge that people face in retirement, which he said is not thinking about taxes.
“The nest egg we built that’s not all ours. A portion of that has to go to the IRS,” Jacobs said.
Watch the video above or click here for more financial insight from Jacobs.
Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: jacobsfs.com.