As Abraham Lincoln once said, “You cannot escape the responsibility of tomorrow by evading it today.” If you’ve been putting off your retirement planning, it may be time to take heed of Lincoln’s advice. While you’re not getting any younger, Americans are living longer than ever before.
According to the Social Security Administration, a man today who reaches age 65 can expect to live, on average, until age 84.3. A woman today who turns age 65 can expect to live, on average, until age 86.6. One out of every four 65-year-olds today will live past 90! Will you run out of money in retirement?
In order to ensure your financial security for the long-term, you must begin now with the proper information and expert advice. Cullen Douglass is a CERTIFIED FINANCIAL PLANNER™ and Wealth Management Advisor. His team of professionals at Douglass Financial Services in Cool Springs has more than 60 years of combined industry experience.
Over the next 10 weeks, we will explore the Biggest Planning Mistakes people make in Retirement Planning, according to Douglass Financial Services.
Mistake #1: Running Out of Money in Retirement
You may need more money than you think, which is why expert advice is essential.
It’s imperative that you get advice from a CERTIFIED FINANCIAL PLANNER™, not just anybody who hangs a shingle on their door claiming to have a crystal ball and be “really good with numbers.”
Below are a five things that need to be done when planning for retirement:
- Assess your current financial situation.
- Determine your desired retirement lifestyle.
- Make retirement savings a top priority.
- Manage the risks that can deplete your income and retirement savings.
- Build a plan that is designed to optimize your income and take you through retirement, not just to retirement.
The decisions you make today will in a large part decide the quality of retirement you enjoy tomorrow. Cullen Douglass, CFP® and his associates at Douglass Financial Services will monitor your plan, along with you in your retirement, making sure that you continue to enjoy your lifestyle throughout the golden years.
“I had a 65 year old couple who came in and they hadn’t thought much about how long they were going to live. Both of their parents died at age 80, and their current retirement plan would have worked had they both died at age 80,” recalls Douglass. “The reality is, there is a greater than 50 percent likelihood that one of them will live past age 80, so I had to reset their expectations as to how much they could spend in retirement.”
According to Douglass, it was much better for the couple to adjust their retirement plan at age 65, rather than learning after one of them died that they didn’t have enough money to take them through retirement. “At that point, it would have been too late. The survivor would be too old to return to work and would have been put in a very compromising situation,” says Douglass.
Cullen Douglass, CFP® is a Wealth Management Advisor who focuses on complete planning including risk management, investments, estate planning, and insurance. Along with retirement planning, Douglass Financial specializes in comprehensive integrated financial planning which includes:
- Personalized Financial Planning
- Investment Advisory; Products & Services
- Trust Services
- Wealth Protection & Risk Management
If you’ve just moved to Tennessee, don’t delay in learning about Tennessee’s unique state laws. It’s not worth putting your spouse or children at risk. Cullen Douglass, CFP® & Douglass Financial Services can help you successfully navigate what can be murky waters.
Whatever your situation, if you have ten minutes, give Cullen Douglass, CFP® a call and take the first step in securing your family’s financial future. Douglass Financial Services is a division of Northwestern Mutual.
Click here to learn more about Cullen Douglass, CFP® and Douglass Financial Services.
Check with us next week when we reveal Mistake #2 in Retirement Planning.
