anners are effective for a relatively small group of people who have enough money to be profitable for their planners but not so much that they don't need a retirement planner. Bill Gates doesn't need a retirement plan (though he certainly needs tax plans, estate plans, insurance plans, etc.) and households with no retirement savings probably won't find good, inexpensive planning help — except for my blog, of course!
There are ways that people who couldn't save enough money for retirement can improve their situations, by postponing Social Security benefits as long as they can work, for example, and I try to cover those in my blog.
Ron Lieber wrote a column in the New York Times entitled Retirement Advice for People Who Aren't Rich identifying some new services that may also provide retirement planning help for the "unwealthy". Betterment, Wealthfront, WiseBanyan and LearnVest are such services. Though they are all young and unproven companies, they sound interesting enough to consider.
A big caveat here, I have not vetted or used any of these services, so I can only recommend that you research them. I cannot recommend that you actually use them, though I will try them out in the near future. No one knows if these companies will flourish or fail.
Vanguard is certainly not a start-up, and their entry into this market suggests that the smaller companies are on to something.
If you have any experience with any of these companies, or similar services, I'm sure my readers would love to hear from you.
In the mid-nineties, I began an intensive study of retirement finances. I wanted to retire early. The Tech Bubble was just getting into full swing and dollar signs were flashing before me, none so brightly as the largest "terminal portfolio values" generated by Monte Carlo simulations of safe withdrawal rate strategies.
You know those best of the best-case scenarios where you retire with a million bucks, fund 30 years of retirement, spend $45,000 a year and then leave your kids a portfolio worth nearly eight mil? Never mind that those numbers are inflated dollars 30 years in the future or that they happen once in a blue moon. In the late nineties, everyone with a sock puppet was going to be rich.
I couldn't figure out exactly how that was going to work, so I built my own Monte Carlo simulator to learn the details. (I started my career as a software developer.) Then I really couldn't understand how that was going to work. Constant dollar withdrawals just made no sense to me but, hey, Money magazine was on board so there had to be something there.
I was a big fan of systematic withdrawal (SW) strategies back then.
Then something happened in my life that caused the financial equivalent of a paradigm shift. You know "paradigm shifts" in science, right? Like when Copernicus explained that the earth revolves around the sun and not the opposite and everyone was like, "Whoa, Dude! This changes everything!"
When my mother-in-law retired from teaching she had said, "You can't imagine what it feels like to realize that you will never receive another paycheck."
I finally understood. Then I looked at my retirement savings and realized that I would also no longer contribute more earnings to that pile of money and, in fact, I would be spending from it every year. In effect, I would be swimming against the portfolio growth tide. When the market gave me 8%, I would be spending half of that, not contributing another 4% of my paycheck.
I had to make that money last an awfully long time to support my family. Three decades, maybe.
Suddenly, "There's a 90% to 95% chance that your portfolio will last 30 years" started to sound more like "there's a 5% to 10% chance that you'll go broke before you die".
The sudden scarcity of paychecks after retiring wasn't the only shock. In 2000, a friend who was heavily invested in tech stocks lost his entire $4M nest egg just a few years before retiring. Literally dozens of my coworkers who held on to their company stock too long lost millions in paper profits that year and likely will never be even paper millionaires again. And those were just the people I knew. At just one of the tech companies.
Having a secure source of money to at least meet my non-discretionary spending needs began to sound pretty important.
Retirement funding is far more complex than systematic withdrawals versus floor-and-upside. Many factors come into play in selecting a strategy. Like, how much wealth you have.
A few of my former colleagues and Tech Bubble survivors escaped the carnage with tens or even hundreds of millions of dollars. They don't much need retirement plans. They can build a diversified portfolio and be pretty sure that even their grandchildren won't need a plan.
More than 90% of Americans, though, have not been able to save nearly enough for retirement. They probably shouldn't be risking anything in the stock market. Other factors that play into strategy selection include whether or not you are married and whether you have heirs. Your health is a factor. It isn't simply a matter of your risk tolerance.
I view retirement strategies as a continuous spectrum from life annuities and certificates of deposit (my mother-in-law's preferred investment) on the conservative end of the spectrum to systematic withdrawals on the riskier end. You can choose fairly precisely how much safety you want at the appropriate point along that spectrum. As a financial planner, I think my job is to place clients at the right point along that spectrum depending on their unique, current financial situations.
Sometimes, things will happen as we age to suggest moving that point along the spectrum in one direction or the other. Pulling the trigger on retirement may be one of those times. It may, as my mother-in-law tried to explain, significantly change how you view the world.
There's a fable about a chicken, a pig and a plate of ham and eggs. The chicken is involved but the pig is committed.
Most people seem like chickens to me before they retire. I was. Same goes for retirement planners who are still working. Chickens think more about spending than risk. When we retire, risk takes center stage.Finding quality HVAC customer service can seem like a difficult task. If you keep an eye out for these five things, you can find the right business or technician to get the job done professionally.
Autumn is in the air in Fresno, Ca, and the cold season will not be long behind it. Prepare your heating system now to be sure that it keeps your family nice and warm during the winter months. Performing a few simple checks on your boiler will help you know if you need to call in the professionals.
With Fresno being California’s largest inland city, it’s little surprise that residents generate a substantial amount of air pollution every day. While individual contributions to improving the outdoor environment may seem minimal, contracting a professional to clean your ducts at home can noticeably improve indoor air quality.
The colder weather is fast approaching with winter not far behind. As you begin running your heating system this year, you should consider calling an HVAC expert to conduct an energy audit of your home. An energy audit, or energy assessment, can tell you where your home is potentially costing you in energy costs due to inefficiencies, air leaks and other issues.
With the arrival of cooler weather just around the corner, it’s time to make sure your heat pump is ready for the coming season. Checking its operation before cold weather starts is much more advisable than waiting until you see the frost on the grass. If you do have any problems with your heat pump this winter, it probably will be difficult to secure the services of a good HVAC technician to troubleshoot it, since that is a traditionally busy time for them.
If you’ve had your water heater so long that you can’t remember when you got it, it’s probably not long before you’ll have to get a new one. It’s best to be prepared for that eventuality by briefly looking at the costs of water heater installation. You don’t want to be stuck with cold showers in January without any idea what it’s going to cost to get the hot water flowing again.Website Details
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