I’m Worried About Running Out Of Money
The number one concern of folks that are nearing retirement or that have just retired is a fear of running out of money. Retirees worry about not having enough, running out of money too soon, having to return to work at some point during their retirement to make ends meet, or having to severely limit their plans and dreams. At Franklin Retirement, we call that “running out of money before you run out of time,”… and we don’t want to see that happen to anyone.
As retirement & income planners—not simply financial planners—our team of advisors is adept at helping retirees take a full stock of their retirement situation and make a comprehensive, cohesive… and best of all, custom-tailored… plan. We will take a deep look at each and every income source you have now and will have in retirement, every expense, and every obligation you may have. From there, we will work with you to develop an inflation-adjusted income plan. And if you’re still worried about running out of money in retirement, we can use a portion of your funds to build a pension-like source of income that you and your spouse can never outlive. So even if we suffer another 2008-like situation, you’ll be able to live comfortably and sleep peacefully.
I Saved All This Money… Now What?
The average retiree has spent 40 years or more saving their money and accruing their wealth in a seemingly never-ending quest to make more money. There are libararies worth of books on the subject of making money & saving. There are entire industries designed to help people save money for retirement. And let’s not forget the countless “make money quick” an average person will receive in thier lifetime.
In short, retirees do not have to look far for information on how to accumulate wealth.
But what happens when it comes time to use those savings, to actually spend that money? What happens when it is time to retire and shift from bringing in money to spending money? What happens when it’s time to decumulate? There isn’t a lot of information out there, with few books and fewer speakers. It’s like retirees are expected to know how to do everything, but were never taught. But at Franklin Retirement, we have that knowledge. We might as well be decumulation experts! From making sure you don’t run out of money, to ensuring you never rack up any costly penalties in taxes or your retirement accounts, to providing a robust list of educational events to our clients and friends, we strive to make sure everyone can retire… and stay retired. And we also make sure retirees enter their retirement with a comprehensive plan, and with open eyes.
I’m Worried About Rising Health Care Costs…
If you are 65, the current estimates say that—over the course of your entire retirement— you will likely spend as much on health care as you will on food. And that doesn’t include the potential need for long-term care. Health care expenses are a concern, and should be important, for every single retired person in America.
Whether you are retiring early and need to navigate your healthcare in the years between your employer and Medicare or you’re retiring “on time” and need to navigate the myriad Medicare supplements that are available, Franklin Retirement has the knowledge and people you need to reach the right decision. And if your family and/or health history have you considering your long-term care options, Franklin Retirement can help you with that as well.
At Franklin Retirement, we let you take care of your health, and we have the expertise you need to take care of your health care expenses.
I’m Worried About The Stock Market Going Down…
The average retiree should have 34% of their retirement savings in the market—exposed to risk—at the age of 66. For many retirees, however, the amount of their life’s savings at risk in the market is above 80%. For some, more than 90% of their nest egg is exposed to risk. Keeping money in the market is great if the market keeps growing. But if the market takes a downturn, retirees with a lot of money in the market stand to lose a lot of money in the market.
At Franklin Retirement, we help retirees do a full stress test on their portfolio. Without moving accounts or changing management in any way, Franklin Retirement’s advisors can run your portfolio against several market intelligence tools to identify poor performing funds, funds with hidden risk both in the market and due to fees, funds that carry more risk than you are comfortable with, and overall redundancies in your diversification strategies. When possible, Franklin Retirement’s advisors will also identify similar funds in terms of risk that may offer better performance, lower fees, or other features that could better benefit your personal risk tolerance.
I Don’t Know About Filing For Social Security…
Social Security is the one thing practically every retiree is sure to get, but filing for Social Security is something almost every retiree does incorrectly. If not incorrectly, than inefficiently. There are so many strategies and so many chances to make mistakes with Social Security.
The biggest mistake most retirees make with their Social Security is to think of it as a stand-alone retirement plan. To think of it in a bubble. At Franklin Retirement, we help retirees implement Social Security as part of a larger, more comprehensive retirement income plan. A comprehensive income plan that accounts for inflation, for changes in the cost of living, and for changes in lifestyle, as well as countless other factors, to identify the optimum time and optimum way to file for Social Security.
I Don’t Want To Pay Too Much Tax!!!
Many retirees have enjoyed cheap chicken dinners as they attend retirement planning workshops, threatening that the IRS will claim HALF(!) their IRAs and 401(k)s if they make one simple mistake. At Franklin Retirement, we don’t do cheap chicken dinners… but we will help you avoid costly penalties and ensure that every year you pay taxes while retired, you’ll do so in a way that is friendly to both you and Uncle Sam. We can’t promise you ways to pay zero tax, and we can’t help you cheat Uncle Sam, but at Franklin Retirement, we can help you strategically plan for taxes every year so that you don’t pay a dime to Uncle Sam more than you have to.
I Don’t Know How To Navigate All The Deadlines & Time Limits
Most retirees are unaware that, once they enter retirement, they will encounter web after tangled, confusing web of regulations, requirements, and deadlines. At Franklin Retirement, we’re not simply financial planners—we’re retirement and income planners. Whether it’s a timeline related to your IRA’s required minimum distributions (RMDs), or identifying the proper time and method to file for Social Security, or identifying ways to contribute more tax-free income to a retirement account before time runs out, Franklin Retirement’s team of advisors will guide you every step of the way.
Retirement should not be hard. It should be the reward you’ve worked your whole life to achieve. At Franklin Retirement, we help retirees every single day on their quest to retire with peace of mind.