If you are nearing retirement or already retired, are you still getting the same advice from your financial advisor? Is this the advisor you have had for the last 10, 15, or even 20 years or longer?
Has he or she adjusted your portfolio to protect your hard-earned money against any sudden downturn in the market like we just have witnessed? Are the answers you are getting along the lines of “the market always comes back, so just wait it out”?
Advisors that specialize in Retirement and Retirement Planning are different than advisors that specialize in accumulation and building your assets. After 18 years of specializing in advising clients and advisors on Retirement planning and strategies, pre-retirees and retirees are looking for protection, safety, the income they cannot outlive, and a reasonable return on their assets.
This can be achieved using a Retirement Plan focused on maximizing Social Security, increasing income to at least cover basic needs throughout Retirement, reducing taxes, and reducing or eliminating downside risk.
Social Security is often overlooked as one of the key elements assisting in a happy retirement. Retirees, if not properly advised, will choose to begin their Social Security benefits at the wrong time, which dramatically could impact their ability to live a worry-free retirement.
Assets can be lost, swindled, drained, stolen, or misused, resulting in an unfavorable financial situation. Converting some of these assets to a lifetime guaranteed income will enable retirees to meet their financial obligation and allow them to live a happier lifestyle.
Taxes are also an element that can be easily overlooked in Retirement. By looking at a client’s complete tax picture, we are able in most cases to reduce taxes enabling clients to pay fewer taxes throughout their retirement years.
Downside market risk can be reduced or eliminated by using strategies that allow assets to grow without the risk of loss due to market or economic conditions. This ultimately enables pre-retirees and retirees to live a happier retirement with more peace of mind and less stress.