Nearing The Retirement Summit In These Challenging Times? Answer These 4 Fail-Proof Questions First!

 In Financial Planning, Retirement

Nearing The Retirement Summit During These Challenging Times? Answer These 4 Fail- Proof Questions First!

As you near retirement are you thinking of a permanent vacation?  How about the chance to do that one thing you have always wanted?  Which ever way you and your spouse are leaning, taking the leap into retirement is sometimes not an easy one.  

You may not have a pension to lean on so what is the best way to convert your savings into spending?  The Resource Center has these 4 questions to review before you free fall into retirement.  These questions are answered in depth in Bruce Porter’s book “Finding the Courage to Retire

Lifetime Expectancy

1. How Long Should I Expect to Live?   A man today is set to live to 84 while a woman can expect to live to 86 1/2. These are statistical averages and according to the SSA one out of three 65 year olds will live past 90 and one out of seven will live past 95.1


2. How can I estimate the cost of living increase?  Did you know inflation can have a stronger impact on retirees than the rest of the population?  That is because the categories retirees are spending experience higher inflation rates, such as medical bills and long-term care expenses.  The Us Bureau of Labor Statistics calculates an index especially for people in your situation called the CPI-E.

Fill out the following information to receive the most recent calculation in our booklet.

Booklet Request

I would like to request the booklet Reaching The Retirement Summit.

The rising costs and uncertainty of your health situation could make it the next big crisis.  Long-term care insurance can be a good option if it is considered early enough.


3. When should I retire?  Love or Hate your job?  Their are many factors to consider when planning a retirement date.  Your health or employer may also limit your options.  An unknown variable is how the the investment markets will be positioned at the date you have chosen.  The results of retirement in an up or down market could be drastically different.

The Covid-19 virus has certainly taken its toll on our economy, unemployment and stock market.  If you have lost money in the market is now the best time to move it?  Before March of 2020 the market was at its highest peak, EVER.  If you have incurred a loss, keep in mind the gains you have had since you invested.   Lets talk about what your acceptable loss may be and try to reach that target.

Investment Types

4. Where Should I place my assets?  Moving from a growth engine to an income engine changes the types of vehicles you may want to use for your investments.  The general rule is to move a portion of the portfolio to conservative accounts to protect assets from market loss.  Its best to consult with a financial professional to develop a personalized distribution plan.  Things to consider include determine a budget and income sources, develop a liquid account for emergency expenses, and setup a guaranteed income stream which could protect your income needs if the market experiences prolonged declines.

It may be upsetting for a global crisis to dictate your retirement timeline but advisor Bruce Porter says “The worst thing you could do now, is to do nothing, make a plan”  To setup a quick call to talk about your situation click here for our online calendar.   During trying times, how will you descend your 30 years of working into retirement?  Which ever side of the mountain you choose to go down, your strategy should be slow and steady, the same way you accumulated your assets.  Accumulating the money was one half of the journey.  Let us help you with the other half, making the money last as long as you do.

For information on the 4 questions you should answer before you retire contact The Resource Center anytime at 417-882-1800.

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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives.  This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice.  All investments are subject to risk including the potential loss of principal.  No investment strategy can guarantee a profit or protect against loss in periods of declining values.  

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.  

We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice.  Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation.  Our firm is not affiliated with the U. S. government or any governmental agency.  Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM).  AEWM and The Resource Center are not affiliated companies.  00627156

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