When we think about retirement planning, our minds naturally drift to 401(k)s, IRAs, and investment returns. But in our latest Crazy Good Ageing episode, veteran wealth advisor Erin Botsford reminds us that the first, and arguably most critical step in securing your future, isn’t about chasing market gains. It’s about managing the unexpected.
4 Tips for Financial Readiness

1. Mitigating Risks Before You Invest a Dollar
Erin opens the conversation by sharing stories of clients whose carefully mapped retirement paths were derailed by life’s most unwelcome surprises: major medical crises, sudden market downturns, even freak accidents.
- Emergency fund first: She recommends setting aside at least six months of living expenses in ultra-safe, liquid vehicles—think high-yield savings or short-term bonds—so you’re never forced to draw down your long-term nest egg at an inopportune time.
- Insurance as protection: From long-term care policies to liability coverage, Erin argues that the right policies aren’t optional extras—they’re foundational layers that shield your savings when catastrophe strikes.
2. Calculating Your “Real” Retirement Number
Once your safety net is in place, it’s time to get granular about how much you really need. Erin walks us through a step-by-step approach:
- Inventory your lifestyle: List recurring and discretionary expenses—housing, travel, hobbies, health care, gifts.
- Project inflation and longevity: Factor in at least 3% annual inflation and plan for a 30-plus-year retirement horizon.
- Crunch the withdrawal math: Apply the “4% rule” as a starting point, then stress-test it for bear-market scenarios.
By the end of this segment, you’ll have a personalized target figure, not just a vague “six-figure goal.”

3. Weathering Life’s Biggest Curveballs
Divorce, a spouse’s death, or unanticipated caregiving responsibilities can blow holes in even the best-funded plans. Erin’s advice here is as much about mindset as math:
- Reframe shortfalls as pivots: If you face a funding gap, consider part-time work, a reverse mortgage, or phased retirement.
- Lean on professional networks: A financial planner, elder-care attorney, and tax advisor can craft creative solutions you might never stumble on alone.
- Embrace flexibility: Your priorities may shift—maybe you downsize your home or relocate to a more affordable state. That’s not failure; it’s smart adaptation.
4. Action Steps You Can Take Today
Schedule a “what-if” meeting: Sit down with your spouse or trusted friend and talk through worst-case scenarios—then document a rough contingency plan.
Build or bolster your emergency fund: Automate a small transfer each payday.
Run a “retirement readiness” spreadsheet: Plug in your actual expenses and update it quarterly.
Review your insurance coverage: Are you underinsured? Overpaying? Shop around.
Ready to take control of your financial future? Tune into “Retirement Reality Check: Planning for Life’s Curveballs” below, and let Erin Botsford’s real-world wisdom guide you toward a secure, adaptable, and truly crazy good retirement. Don’t just save; protect, plan, and pivot with confidence.
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