gmhTODAY 19 gmhToday April May 2018 - Page 24

FINANCIALLY Speaking 1. Jeffrey M. Orth is a Chartered Financial Consultant, a Certified Advisor in Senior Living, and an Investment Advisor Representative, with over 15 years of experience as a business and personal planning, insurance, and wealth management specialist. Jeff is available for group lectures and private consultations. Visit ifitfinancial.com or call 408.842.2716. The author’s opinions, comments, information, etc. are those solely his own and are independent of, and do not represent, HTK, and should not be considered as specific investment or planning advice. Please consider your options based on your individual circumstances. Past performance is not indicative of future returns. gmhTODAY and other listed entities are independent of and unaffiliated with, HTK and Integrated Financial Benefits Network (IFit). 2032282MS_Mar20 24 Retirement: Ready or Not A current standard of living and have your s a young man, I remember having money last through your life expectancy? a number of conversations with my • Doing what you are currently doing, how grandfather about the importance long do you have to work to be able to of saving for the future—saving for retire and live your current lifestyle until retirement. Back then, retirement planning was life expectancy? much simpler, as the average man retired at age • If you don’t do anything different than 65 and died 2½-5 years later. The plan was: you are doing today, how much will you save some money and keep it safe. How things have to reduce your standard of living have changed! I currently plan on my clients at retirement for your money to last for being in retirement for 30 years. In some cases, your life expectancy? they will spend more years in retirement than To answer these questions with any degree they did in their working years. When you accuracy requires: need to plan for three decades of retirement, • Calculators that are sophisticated enough infl ation becomes a much bigger issue, as your to handle a large number of variables at buying power erodes with each passing year. one time. Investment mistakes become more damaging to • An advisor capable of handling timing the overall success of your retirement plan, as issues related to post retirement asset you aren’t able to go and “earn your way out” consumption. of the problem. Having guarantees that adjust A good investment plan is as much about for infl ation and protect your investments also avoiding loss as it is about the rate of return. become more and more important. Most people are ‘transfer- So the good news is ring wealth’ (aka: losing …the good news is people are living longer, but money) from their own estate the bad news is that people people are living longer, unknowingly and unneces- are living longer! And if you They are not only are like a lot of people, you but the bad news is that sarily. losing the money, but also are more concerned about the additional money it might people are living longer! running out of money before have earned for them. This you run out of life, than you is called “opportunity cost”. are about dying too soon. There are a number of great tools currently As a Chartered Financial Consultant, I available that are designed with loss prevention always take stock of what assets my clients in mind. As one approaches and enters their currently have in place and determine what a retirement years, it becomes even more impor- successful retirement looks like for them. Then, tant to reduce risk exposure while maintaining we work backwards from that goal and try healthy growth. Timing issues are critical as to plan with the end in mind. To do this, we well in any retirement plan. Knowing which need to answer some questions that may make asset to use and when to use it can have a some feel uncomfortable, as they realize FW6vf6B7B( FR&GFƖ^( f VFW"F( BrFR7vW'2"&VƗRpWRfRfVBFBvrvVFV&W&VBFW&Rf"&WF&VVBGW&V67W6^( 2666V7W&G&WF&VV@FRfRFR7vW'2FFRfW"FVvЦ&VVfG2R6BFW2R&RFW7Bf6VW7F2WfW'RVVG2FsC#SFffW&V6R6W^( 2ƖfWFP( "vB&FRb&WGW&FRfRFV&&WF&VVB6RW"6fw2BfW7FVBF'2FƖfR&WF&VVBv&RB&RVЦ&R&RF&WF&RBW"7W'&VB7FF&@&Pbv&rvW"26WFrRFbƗfrBfRW"W7@&V6W6PRvBFB&V6W6RRfRF&VvW"ƖfRWV7F766Rख`R&Rf&6VBF7Fv&rV&ƖW ( "rV6FRVVBF6fRFǒ&62F&R&RF&WF&RBW 6FVVBvR`&Vv7FW&VB&W&W6VFFfRbB6V7W&FW2BfW7FVBGf6'6W'f6W2ffW&VBF&Vv"Fv6VBbVB2D&Vv7FW&VBfW7FVBGf6"V&W"d$42cCRf&fR7FR##R'fR4#c`CsSBsfB2VffƖFVBvFD47W&6RƖ233C#t$( "$t( "4%D$#vևFF6