Broker Check

Retirement Income Strategy

Why Is Your Retirement at Risk?

You worked hard for most of your adult life. You acted responsibly.
You planned and saved just as you were advised. 

But are you on track?

For most Americans, it is no. Baby Boomers—the largest and wealthiest generation—are facing serious retirement challenges.

Problem #1: Outliving Your Retirement

Problem #1: Outliving Your Retirement

Even if you saved for retirement, you may outlive your savings. Just glance in the obituaries to see that Americans are living longer.

The Social Security Administration reports that one in four adults age 65 will live past  90.

Most retirement programs were not designed to last that long. Also, you and your spouse both may need assisted living or long-term care. 

Problem #2: No Recovering from Economic Downturn

Problem #2: No Recovering from Economic Downturn

Did you lose assets during the 2008 financial crisis?

A third of Americans believe their personal wealth didn't recover from the 2008 crisis. But what if you have an unexpected cost like medical care not covered by basic Medicare? Or, what if you need to replace a major appliance or your car?

Today, nearly 70% of Americans aged 55 and older are carrying some form of debt, especially credit cards.

Are you one of them?
Problem #3: U.S. Printing Money Machine

Problem #3: U.S. Printing Money Machine

U.S. monetary policies are another reason why your money may not last. The goal of bringing interest rates near zero was to stimulate economy after the crisis of 2008.

But the consequences of this action have been devastating to conservative investors and retirees on fixed income. It also forces middle-class Americans to reconsider how they will live when they retire, if they can retire at all!

So you have a dilemma: you planned to retire on 5-7%, but it is expected that your portfolio will show only a 2-3% average return for the next 10 years. 

Problem #4: Underestimating Your Future Needs

Problem #4: Underestimating Your Future Needs

Do you know what you will need in retirement?

While longevity, inflation, healthcare needs, and future economic bumps make projecting difficult, at Fleet Wealth Management, we can help.

You need to be honest. Do you expect to make up for lost time? Do you plan to travel? The costs of medical care, assisted living, or a nursing facility - do you know what they are?

You cannot underestimate anything, so no guessing.

If you are behind your goals, below are your options:

Put more of your income aside
Delay your retirement
Get additional income

Prepare for inflation
Delay filing for Social Security
Include healthcare in your retirement planning