There seems to be an underlying assumption that investing in bonds is a safe and full proof strategy to add to your financial plan, but what many advisors won’t tell you is that unfortunately that isn’t always the case. In the day and age we are living it with interest rates continuing to rise, certain investments that seemed “safe” at the time have now started to come back to bite unprepared pre-retirees and retirees who are being forced to make sudden changes that are negatively impacting their chances to live their desired retirement lifestyles. That’s why on the season finale of Retirement Planning Made Easy; Brian P. Nauman, Brad N. Nauman, and Lucas G. Dengler provided an in-depth explanation on why making sure to have reliable income sources rather than putting all eggs into a single basket is a best practice that they advise their own clients on.
At The Advisory Group we take a holistic approach to financial planning with our T.O.P. TAG Optimization Process. We believe financial planning should be clear, transparent, and designed around a client’s personal goals. Understanding someone’s specific needs and priorities helps us establish optimized strategies that adapt to a person’s ever-changing life. Finding a firm that provides ongoing communication and a proactive approach to financial planning ultimately helps the client navigate key financial mile markers with confidence and ease!
On top of this, the team examined what it means to make one’s money last in retirement. Data shows that running out of money is one of the biggest fears for pre-retirees and retirees across the country. Due to gridlock in Washington and potential sunsetting of government run income programs, such as Social Security, the fear of falling short of one’s life goals is becoming a hot button issue and a real concern for many. The team echoed the sentiment that you can’t control the market, but you can control the strategies implemented to combat it.
Additional items covered in this episode:
- Claiming timelines & guidelines.
- Ways IRA funds can potentially pay off mortgages.
- Hybrid annuities explained.
- And Much More!
The biggest takeaway from the episode is that being proactive and working with a financial team that personalizes a plan for your desired outcome in life will always trump flying by the seat of your pants when it comes to retirement. Everyone’s situation is different, but focusing on small factors, such as guidelines, taxes, and timing could have a major impact on you securing a sound financial future.
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Whether you’re approaching retirement or already in it, we encourage you to contact us, so that we can help you proactively plan for every situation you may encounter up to and through retirement!
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