Wealth Management - Retirement Planning
How are you helping your clients to avoid being underfunded in retirement?
Florida wealth managers give advice in this special report.
The key to retiring the way you want, Monte Kane says, is factoring setbacks into your calculations. “What would happen if a business didn’t make it or if you had job loss or your health declines or the loss of one income earner? And what is in place to insure for those events? Lack of planning can lead to some not so golden years.”
Kane recommends creating a spending plan as early as possible. “If you get close to retirement and discover you don’t have enough to live on, you are going to need to make major adjustments. The sooner you do that the better.”
Often, he has found middle-aged adults with grown children are confronted with whether to give them financial support. “My advice is, ‘This is your time; you can’t afford to risk your retirement savings.’ ”
Kane has been surprised by the number of people who unexpectedly have to scale back in retirement. “I see people who are four or five years into retirement and they go into a rental because they couldn’t afford to keep up their homes.” Kane says savings rates still aren’t what they should be. “Regardless of age, you need to know what resources will provide for your retirement. It’s never too late to re-evaluate,” he says.