A man who left work 10 years ago says a single meeting with a financial planner made retirement 'so much better'
Added 12-07-19 03:14:02pm EST - “The retiree said meeting with a fee-only financial planner quelled one of his biggest fears: that he's going to run out of money in retirement.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “A man who left work 10 years ago says a single meeting with a financial planner made retirement 'so much better'”. Below is an excerpt from the article.
It's been 10 years since Dennis Friedman retired. Like many retirees, he became obsessive about his money when he stopped working — namely, how his investments were performing and whether he was spending too much.
"After I retired, I found it was more difficult to manage my money because you need to come up with a draw-down strategy that'll provide you with lifetime income, while minimizing taxes," Friedman, who retired at 58 after a three-decade career in manufacturing, told Business Insider.
Friedman is far from the only retiree to harbor these concerns. Financial optimism tends to decline as people age, according to a 2017 report from United Income from Capital One. Often, they become less confident in the stock market and their own investment portfolio. As a precaution, many downshift their spending when they really don't need to.
According to Richard Thaler, the 2017 winner of the Nobel Memorial Prize in Economic Sciences, devising a smart decumulation strategy is a roadblock most retirees encounter, Business Insider's Akin Oyedele reported.
"That's a problem that gives the best mathematicians headaches because you don't know how long you're going to live, you don't know how long your spouse is going to live, you don't know what the markets are going to do," Thaler said in an interview with Pimco CEO Emmanuel Roman.
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