Let’s Talk Retirement and Retirement Income Planning
Is this important?
We certainly believe it is!
Starting in early adulthood, and up through the magic age of retirement, we strive to build wealth, grow that wealth, and accumulate a nice nest egg so that we can retire comfortably.
Once we pull that plug and fully retire, the entire game changes, and at this point it is extremely important to manage our wealth responsibly.
At retirement, we still strive to grow that wealth, but once we retire, we no longer have a career to produce income. It now becomes all about managing our wealth and assets, and producing income and preserving our wealth, so that we never run out of income or assets.
In retirement, it is very important to manage all the various risks surrounding our assets and minimize that risk as much as possible. Some of these risks are market values, interest rates, inflation, long term care, health/illness, sequence of return, and one of the major risks is longevity, meaning the longer that you live, the more chance that you have to run out of money and income and greater chance you have of other risks taking a negative toll on your assets.
We would like to help you manage your risk throughout your accumulation years but especially in retirement where it becomes critical.
In years past, the average American could retire and depend on three primary sources of income being:
- Social Security
We call this the three-legged stool of retirement income planning.
In current times, companies have largely done away with pensions leaving those affected with only two sources of retirement income which is:
- Social Security
With one leg gone, it’s tough to make that stool stand up. This puts most of the burden on ourselves to shore up our retirement income.
Here at Platinum Capital Advisors, we can help you deal with this issue.