When you go to someone for financial advice, how do you know that you are dealing with a competent, trustworthy professional? There are questions that every retiree should ask. You’re at stake is your future.
If you work with a professional who specializes in the unique needs of retirees then that person will have those skills needed to help you during the distribution phase you are now entering and these skills are vastly different from those needed during your earlier accumulation phase.
Just as you would not continue going to a pediatrician once you grew into adulthood, you should not work with an advisor who does not understand how to safely maximize an income that will last your lifetime, while preserving your assets from the ruinous effects of market volatility.
Today retirement can last 25 or more years. Some people are retired longer than the years worked. Will your income last as long as you do?
Retirement has changed. This is not your parents or grandparents retirement. They lived an average of 7-8 years into retirement. Today retirement can last 25 or more years. Some people are retired longer than the years worked. Will your income last as long as you do?
Most people no longer have a pension plan. These were replaced by 401(k) s, 403(b) s & IRAs, even as many people have watched their savings depleted by over 50% twice since the year 2000 due to economic recessions.
A common complaint voiced by many retirees is they live on fixed incomes even though the cost of everything is increasing.