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Hazards on the Road to Retirement

Troy Johnson, Financial Advisor

Troy Johnson

I’ve lived in Arkansas all of my life, and I can tell you that you’ll suddenly find them everywhere this time of year, each and every year without fail. This year there seems to be a particularly high number of them. It isn’t surprising with all the rain we’ve had this past fall and winter. It doesn’t matter down which road I drive, I’m either dodging them with mad driving skills or bracing for impact of the interruption to my smooth ride. POTHOLES! UGH! Am I right?

A pothole can be hard to see, and if you don’t notice one in time, you could be headed to the body shop for an auto repair. Not what you had planned. Not fun. And not easy on the pocketbook either.

There are all kinds of financial road hazards a person can face on the journey to retirement. Even though financial road hazards can be things that are out of your control, they should be a consideration when planning for your retirement with your financial advisor. A good financial advisor will guide you through thinking about the what-ifs that can wreak havoc on a retirement portfolio, and a great financial advisor will implore that the investments you choose will not only help you toward your goals, but also provide protection for you when financial potholes threaten your wealth.

Market Downturns

As an investor, you can’t control what happens in the markets, but with pensions disappearing from benefits packages, it is becoming more necessary to consider other products as wealth-building instruments. Nobody wants a bull market to end, but preparing for downturns with your financial advisor can help soften any blows and, hopefully, preserve wealth.

Lack of Preparation

Other potential potholes that catch us off guard are hard to think about but are necessary to prepare for. At some point in our lives, we will likely encounter health issues or the death of a spouse. We have to take the blinders off here because it can happen to me, and it can happen to you. When creating a plan for our clients, we run age-based scenarios to help people think about what retirement can look like at different ages. It helps people begin to consider what circumstances look like if something happens to prevent them from working as long as they wanted.

Lack of Understanding

Sometimes investors create their own potholes in retirement by paying off the mortgage prematurely and hurting their income in retirement, by spending down their accounts too quickly, or even by keeping grown, capable children on the payroll too long. These are all reasons why it is so helpful to have a coach guide you through the choices and help navigate around – or sometimes through – the financial road hazards.

What is the ride like on your road to retirement? Are you coasting down a smooth path, or have you hit a few potholes along the way? If you need help navigating the ride, the GenWealth Team is here for you.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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