Will My Money Last?

 

Transcript:

Hi, I’m Buddy Ozanne, president of Probity Advisors. People often ask what types of clients we work with at our firm. One of our main practice areas is retirement planning and helping individuals who are either thinking about retirement or are already in retirement. We help address a lot of the questions and uncertainties and concerns that our clients have about retirement.

However, the main concern that individuals have who come to us – and what it really boils down to is – “Can I afford to retire?” Or, will I be able to maintain my lifestyle in retirement?” A younger client might ask “How much should I be saving?” Or “what do I need to accumulate in order to conformably retire in the future?” And the advisors at Probity can help individuals answers these questions. Its not just about whether your retirement nest egg will last, it is about a range of external factors and uncertainties that need to be planned for and planned around. We look at our client’s time horizons for how long they anticipate on working and when they would like to retire.

Longevity

Longer life expectancies means client’s assets have to last longer in retirement and we advise client to plan for the possibility of living 20, 30, or even more years after they retire to avoid outliving your money.

Healthcare costs

Both current and future.

Inflation

Inflation is an important factor because it has the potential to erode the value of your savings and increase a clients cost of living.

Spending and Withdrawals

This is perhaps a topic that many people might prefer to avoid tackling or addressing. But to plan for a secure retirement it is essential to not spend more than you make.

All of these components and factors together comprise what is often called the Living Standard Risk. That is an important concept in retirement planning because – really – people want to feel confident that they can maintain their lifestyle while in retirement.

In summary, we help clients establish realistic and sound retirement plans with the goal of having enough income to live on for life. Given a wide range of possible outcomes in the markets, in the economy, and given many unknown risks such as disability or a major health event, or other unexpected occurrences.

Interested in learning more? Book time to speak with me today.