The Risk of Losing Financial Independence

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Are we losing our financial independence to inflation, a possible recession, and longevity? On today’s episode, we’ll explore the various risks that can complicate your plan and your finances.

With current market volatility, those of us approaching retirement and those of us in retirement are a bit worried about the possibility of losing our financial independence. With skyrocketing inflation numbers, rising interest rates, and a possible recession, it’s no wonder most of us are stressed out. How do we deal with the very real risk of losing money?

There are various things we need to consider, including life expectancy and the lifestyle we plan to live in retirement. Thomas Jefferson died at age 83 and John Adams lived to 90, people are living just as long or longer now!

We’re living longer so the longevity risk is magnified. There are three things that can happen: you’ll die too young, you can live too long, or an illness happens somewhere in between. The cost of long-term care is well over $100,000 a year. Many people underestimate their risk of needing extended care and don’t plan appropriately.

Take a deep breath! Not all of these risks will affect everyone the same. Inflation doesn’t impact everyone equally. Take a hard look at your expenses and see where your money is going and write down those expenses.

On the other hand, make sure you have a plan for the possibility of long-term care and the cost of healthcare. While premiums for long-term care insurance may seem high, it’s more affordable than the bill you’d get later on.

With the market being so jumpy how should we protect our savings? A lot of people think they should be “all the way” in stocks or “all the way” in cash. People need to get a handle on the risks they have in life, including the risk your money takes. Declare independence from destructive media messages that encourage bad behavior and poor economic decision-making.

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If you have any questions for Don reach out at (732) 784-2867 or

Listen to the full episode to learn more or skip around to certain topics.

[0:28] – Happy 4th of July!

[3:20] – Fear of running out of money

[6:06] – Life expectancy

[7:48] – Pushing your plan to 90+

[8:35] – Dying too young, living too long

[9:32] – Costs for long term care

[10:30] – So, what do we do?

[12:38] – Long-term care coverage

[13:34] – What about savings?

[15:31] – The Investment Answer

[16:18] – Reach out to a professional

[18:32] – Watch out for confirmation bias

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Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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