In the spirit of Halloween, I recently spoke with Maryalene Lapoinse, a writer for US News and World Report, about the issues that spook retirees and how to calm their fears.
When we first meet with retirees or soon to be retirees they often confide that one of their biggest fears is running out of money. There was a study a few years back which noted that many retirees fear running out of money more so than death itself. A survey by AARP noted that while the majority of baby boomers that responded felt that having a retirement income plan was important, 40% said their plan was to work until they drop. Perhaps Stephen King could turn that into a new thriller.
We counsel clients to fear not, as we understand the importance of having a highly personalized plan for retirement. And as a nationally chartered trust company, we always operate in the best interest of our clients. We spent years developing the Unified IncomePlan®—a solution that anticipates lifestyle changes as you age and professionally manages your assets to provide you with a reliable and sustainable income stream throughout your retirement. It helps retirees avoid some of the biggest risks they’re likely to encounter over time. Taking steps like keeping sufficient funds in safe, liquid investments is a practical and proven way to ride out a deep market downturn without being pressured to sell investments when prices are depressed.