What Does It Look Like to Retire And Plan For Retirement During The Trump Presidency?
The game has changed. If you are looking to retire in the next eight years, or if you're in your 50's this so important to your retirement.
Here Are 3 Big Must-Know Things That Have Changed About Retirement Today
1. Now, Plans Are More Important Than Products
Your parents and your grandparents played according to different rules for their retirement savings plan. Their realities just aren't true today.
Previous generations relied on financial pensions and rarely touched investments. Can you imagine having a product that guaranteed lifetime income?
Because the financial world has changed, anyone retiring in the next few years has to plan to combine multiple products at once.
You have to have a plan and a plan that is more than a 401k and/or an IRA. Those things can be a part of a plan but aren't enough to rely on if you want to have the retirement of your dreams.
A single financial tool will not cut it anymore.
2. Interest Rates Are Going Up. Are You Ready For It?
How much did your first job pay?
How much did you pay for your first home?
Too many people I talk to don't know how to handle inflation! We are seeing and will continue to see rising inflation rates - so let's learn how to win against it rather than losing money.
Inflation is real and powerful.
The market is a great place to beat inflation over time and build in inflation protection.
It's important to remember that you can adjust your core income to be sure your money is growing in the market and offset inflation.
A Common Mistake: Too often I meet with people trusting Social Security to keep up with inflation. Social Security does account for building in inflation, but it DOES NOT KEEP UP with actual inflation rates.
And friends, as Social Security becomes more and more troubled and budget cuts will be called upon to fix it, the inflation rate adjustment is likely going to be an early victim.
3. Your New Retirement Plan Has To Be Able To Handle A Significant Drop In The First Few Years of Retiring
All signs give me, and the top financial experts, significant reason to believe a market drop is coming, and the second-longest bull market in history will soon come to an end.
Can I predict there will be a drop? No.
Can I predict that you absolutely need to be prepared for what I believe is coming? Yes.
You might have everything set up correctly, but if you are not bracing for a major drop in the market in today's current times then you may soon be in trouble.
It's time to adjust your risk and the tools you are using to be ready for the market.
Retirement Has Changed Under The Trump Administration Has Your Plan Changed?
Our team wants your financial plan to accomplish two major things: 1. Prepare you for the goals you hope to see in life, and 2. Relieve you from all stress now and allow you the freedom to enjoy life today. We believe financial plans should focus on your life today as much as in 30 years.
Reach out to our team if you would like to talk over any of these steps more, ask questions about your financial plan, or to confirm your existing retirement plan doesn't demand any further changes.
Your dreams matter.