Will You Run Out of Retirement Money/Income?
Most of
us have never paused to think about this possibility either because we know
that we are indeed set, or we are, quite frankly, simply naïve. As much as I might
hope the latter is never the case, study after study tells us:
The foremost
issue facing today’s retirees is outliving one’s money.
In a
sense, this is not entirely shocking, given the near extinction of defined
benefit plans. It used to be that you went to work and upon retirement, the
corporation gave you lifetime income – in most cases these benefits extended to
your spouse after your death. However,
I think the fact that so many Americans today are exposed to the dreadful possibility
of outliving their money (more so than any other time in our history) should cause
us to investigate other possible causes, beyond the erosion of corporate
pensions.
Here’s
what I’m thinking: Most of us plan for retirement all of our working lives by
following the advice of our financial counselors with the goal of specifically
preventing this fate. Yet more and more folks seem to be staring outliving
their savings right in the face. Might the issue be that they are receiving substandard
advice? Is it possible that this has actually been the situation all along, but
it’s becoming more apparent now because guaranteed employer pensions have gone
the way of the dinosaurs? Given the cases I’ve seen – and continue to see daily
– in our practice, I tend to believe that bad advice could be the culprit in
more cases than not.
You see,
I think many so-called advisors tend to be very myopic, focusing retirement
plans on “accumulation” only, with little to no emphasis on whether that pot of
money will actually be able to accomplish its intended purpose: provide
lifetime income (keyword: lifetime). What use is all those
years of saving and investing if, in the end, you’re not guaranteed that it
will produce the necessary results?
I hope
you can emphatically point to something in your retirement arsenal that specifically
guarantees you’ll never run out of income/money, versus simply hoping that
doesn’t happen to you. The thing is, true retirement security is possible, and
it’s much easier than most would think. If you’d like to know how to
incorporate such a guarantee into your retirement strategy, this free special report might be of interest to you.
Good luck,
and have a happy retirement!
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Have other questions about your retirement investments? Call us today at 877.656.9111 or visit us on the Web
Have other questions about your retirement investments? Call us today at 877.656.9111 or visit us on the Web