| One client said, "They took my money;" another | | | | between expenses and income? Most of us like to |
| person, two years away from retirement, was angry | | | | have some luxuries, something special built into the |
| that the system of investing had let her down. | | | | budget. Credit card debt when you are retired can be |
| For those who thought they were within a few | | | | frightening. |
| years of retirement the loss or 10% or 40% in their | | | | 5. How can I best position my assets for both |
| retirement assets was, and is critical. For those who | | | | income and growth? Research that you do yourself, |
| are retired, the loss may seem or be devastating. | | | | or that you pay a financial planner to do, can be |
| Emotional reactions are understandable, but not | | | | significant. You may not know what is available. |
| bankable. | | | | There are some products that are designed to serve |
| What do you do? | | | | the particularly needs of retirees and those about to |
| You are a "snowflake" when we look at retirement | | | | retire. |
| planning. I don't mean that your melting away, but I | | | | 6. When do I move my assets to new positions? |
| do mean that you are individual, and the best | | | | Again this needs calculation for understanding the tax |
| strategies are tailored to your specific circumstances. | | | | and estate tax impact as well as the potential range |
| So it is a time to find someone to talk to whom you | | | | of income for you. |
| trust, whom you think is knowledgeable and has your | | | | What I say next is in the category of basic principles |
| best interest at heart. Maybe have a conversation | | | | about money. |
| with several people. | | | | - Good quality investments may show up as paper |
| An accountant's view may be very different from a | | | | losses on your financial statements, but historically, |
| financial planner's view, which again may be very | | | | good quality investments have come back. Every |
| different from what the most successful person in | | | | investment -no. Good quality- yes. We can debate |
| your family says to you. | | | | the definition. And as you know past performance is |
| What you are looking for in these conversations is: | | | | no guarantee of future results. |
| | | | - When your retired you need both income from |
| 1. How much income can you be sure of? Do you | | | | assets and some growth of assets. |
| know what money you may have left behind at | | | | - Create a cooperative of friends in a situation similar |
| former employers' 401k or pension? | | | | to yours. What do you need? Can you bundle your |
| 2. What is the absolute minimum you need to run | | | | purchasing power to get better deals? Can you |
| your lifestyle? Only you can say what you are willing | | | | brainstorm for creative solutions? |
| to cut. | | | | - If you are still working, continue to contribute to |
| 3. Will you have to move to cut expenses? There | | | | retirement. Look for investments that have dividends. |
| are many helpful books. One isThe 50 Fabulous Places | | | | Do let me know what your own solutions are for |
| to Retire in Americaby Arthur Griffith and Mary | | | | facing retirement. If you want my help, I am an email |
| Griffith. She was a guest on my radio show and I | | | | or phone call away. Retire Now? Next Year? is a |
| was impressed by their research on not only the | | | | telecourse from WealthyChoices® LLC for |
| utility costs in the places they evaluated, but also the | | | | "do-it-yourselfer's" who want to understand their |
| entertainment possibilities for visiting grandkids and | | | | retirement choices. Creative strategies can turn |
| friends. | | | | what seems to be a bleak situation into one that |
| 4. What is the income you need to have a little ease | | | | feels comfortable and hopeful. |