I am completing my Retirement Income Certified Planner (R.I.C.P.) Certification. This Certification is the new “Gold Standard” for Retirement Planning Professionals. This Certification, offered by the “American College of Financial Services” provides a detailed look at Retirement Planning.
And listen folks, we are in a Baby Boom Retirement tsunami.
In 2025, 11,000 folks retire each day!
A topic that caught my attention, was “Retirement Risks” that must be addressed to ensure a successful retirement. You only Retire once, so it must be done right. Since we have never retired before, everyone goes into this stage of life, somewhat unprepared for the challenges ahead. Knowledge then is critical. Ignorance could cost you dearly.
So, let’s look at these Retirement Risks;
- Longevity Risk – the inherent risk of living too long. It’s also known as a “risk multiplier,” the longer you live, the greater the chance of experiencing other risks.
- Inflation Risk – The risk of reduced purchasing power, when inflation makes your money less valuable and everything costs more. It leaves less money in your pocket.
- Long-Term Care Risk – The risk of needing care during recovery from sickness or injury. Chronic or acute.
- Market Risk – fluctuations of the stock market. Retirement dollars going from feast to famine, making financial security uncertain.
- Sequence of Returns Risk – the chronological order of investment returns. If returns are good in the first few years of retirement, all is well. If returns are down in the first few years of retirement, investment outlook could cause real concern as time goes by.
- Unreliable Income Risk – The risk of running out of money in retirement. The number #1 fear of retirees.
Unfortunately, there are other risks, but these are the major ones.
Having a financial adviser to help protect you from this minefield of retirement risks could make the difference between success and failure in this once-in-a-lifetime venture. My standing offer of a great resource, “Don’t Worry, Retire Happy” by economist Tom Hegna, is available to You, free of charge, just for meeting with us.
When it comes to Retirement Planning, the number #1 obstacle is PROCRASTINATION. Don’t put it off, yes, life gets in the way, but call or write today! It’s your future at stake.
www.SeniorBenefitsServices.com
Contact me: 610.360.4399