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The Withdrawal Rate

The author of this week’s article tells us the “so-called withdrawal rate should shrink to 3.3% from 4% according to a Morningstar report.” What does that mean? The withdrawal rate refers to how much a retiree can “safely” withdraw from their savings each year without fear of running out of money. Usually it assumes that someone will live about 30 years past retirement. Will this anticipated reduction affect you? Call us and we will help you determine if it might be time to consider other options that will generate income you can’t outlive, no matter how many years past retirement you want to plan for. We’re always here to help.

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The Withdrawal Rate

The author of this week’s article tells us the “so-called withdrawal rate should shrink to 3.3% from 4% according to a Morningstar report.” What does that mean? The withdrawal rate refers to how much a retiree can “safely” withdraw from their savings each year without fear of running out of money. Usually it assumes that someone will live about 30 years past retirement. Will this anticipated reduction affect you? Call us and we will help you determine if it might be time to consider other options that will generate income you can’t outlive, no matter how many years past retirement you want to plan for. We’re always here to help.

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Considering Both

Commentary:
We have been asked a question about whether someone should choose either an annuity product or a life insurance policy. That question is a reminder that it isn’t an ‘either/or’ choice. You may want to consider both annuities and life insurance for your long-term financial plan. Essentially, you purchase life insurance in the event you die sooner than expected and you buy an annuity in the event you live past your retirement savings. Each product is different. Call us if you’d like help understanding which one might be best for your personal financial and retirement situation. We’re always here to help.

Six Questions to Ask

Commentary:

When building the foundation for your retirement income strategy, it’s important to consider ways to ensure your money lasts as long as you need it. Speaking with us about the following six questions can be a good starting point. 1) How much of your necessary expenses are covered by outside income sources such as Social Security and/or a pension? 2) How would you rate your ability and desire to reduce spending and expenses in case of unexpected events? 3) What is your comfort with risk? 4) Given your current health and family history, how long do you expect to live relative to the average life expectancy? 5) What is important to you when you think about leaving a legacy for beneficiaries? And 6) Do you prefer control over assets or higher lifetime income? Call us, we’re here to talk about all of these questions and help you understand some options that may be a good match with your answers.

Do you know what FIRE is?

In the context of planning for your retirement, it stands for Financial Independence, Retire Early and it represents a philosophy where people become committed to a program of what many would consider extreme savings coupled with investments that aim to enable individuals to retire much earlier than traditional budgets and retirement plans would permit. While going to an extreme is not something all of us would or can commit to, applying some of the principles of FIRE can help to provide an income we can’t outlive, and can do so within a relatively short time frame. Call us if this topic is of interest to you. We’re always here to help you explore options you may not be aware of.

Early retirement whether wanted or not

This week’s article tells us “More than a quarter of all workers say COVID has prompted them to move up their retirement date, found a survey released in February by the National Institute for Retirement Security.” One study even suggested that nearly 2 million older workers have left the labor force for good since the start of the pandemic. If you are one of these earlier than planned retirees and have questions about what to do for income, or when to take your social security, call us. We’re always here to help.

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Refresher

Some of you have inquired as to whether you can make an appointment to come in and have a general discussion about your retirement plans and current ideas for future financial sustainability. The answer is “Absolutely”! We are always here for you and are happy to have a refresher conversation about information you had given us in the past, explain how that need or objective is served in your current plan, answer any questions you have, or simply dialogue about new or confusing information you have received from someone else. Call us! We look forward to seeing you soon.

You’ve heard it a hundred times

Most Americans haven’t saved enough for retirement. Clearly $0 in retirement savings is not enough, so just how much is “enough”? How do you know how much you should be saving, and at what ages, in order to reach your retirement goal?” If these questions are on your mind, you might like to learn that while the final answer will vary from person to person, some universal rules apply. Call us if you’re interested in dialoguing about those universal rules. We have a few ideas you might like.

Wonder why it’s hard?

If you have ever wondered why it is hard to save money for retirement, this week’s article may be of interest to you. “Psychology is often just as important in personal finance as are the numbers – the way we save, spend and invest are all influenced by the way we think and feel, especially when it comes to preparing for future events like retirement.” This may be why it is hard to get the ball rolling on savings for something that either seems far away, or appears to be too difficult to achieve. Call us if you are looking for options that we think are easy, and that guarantee an income when you’re in your golden years. We’re always here to help.

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Risk

While you may know that you cannot avoid risk in your life, you can prepare for it. Depending on your stage in life, there are specific risks you may want to think about, and incorporate into your planning. We read about three key stages of evolving needs and the risks associated with them, and thought to share them with you this week. 1) Providing for your family’s future, 2) Protecting what you’ve worked for, and 3) Passing on your legacy. Call us if you’d like to discuss any of these, or are looking for suggestions on how to accomplish the specific goals you have in mind for your financial future. We’re always here to help.

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