Retirement Assumptions: What’s Your Legacy Goal?

When you are building out your long term retirement plan, a financial advisor will often have to make many different types of assumptions. I have authored numerous articles around this topic. You need to consider market downside risk, interest rate risk, inflation risk, liquidity risk, tax risk, sequencing risk, and several others. Often, one major mistake made around the discussion regarding building a quality retirement plan is actually having the end in mind. What do you want your legacy to be when you pass on? This is a crucial conversation to have at the onset of your overall comprehensive financial plan. Consider this for a moment. If you tell your financial advisor nothing, he or she will likely build out your retirement plan analysis by using a ‘death age’. From the conversations you have with your planner or from some default number in the financial planning software, you will arrive a set age usually in the 85 to 90 range. ...

Read More →

Why Do You Yell At The 800 Number

And there I found myself at 1 p.m. on a Thursday afternoon. In a fit of rage and anger that only those who talk to computers can appreciate, I found myself screaming at the top of my lungs. “Representative! Representative! Representative! Representative! Representative!” By the 6th or 7th time I screamed representative the computerized phone system had already won the battle and I was waving the white flag. Was it too much to ask this Christmas holiday to just speak to a plain old human being? How is it that completely inanimate objects like hangars, double circled key chains, and computerized 800 numbers can get us so unnerved that it just brings out the worst in us? You have to admit, that at least once in your life you have been where I was just a week ago. You felt helpless and deserted after your phone call to the cable company, the magazine subscription company, or perhaps it was for ...

Read More →