I just read an article where the author has compiled a list of stock market predictions from well-known stock market experts. Since 2010, there have been 62 “can’t miss” predictions; 43 of those predictions were wrong. In other words, 69 per cent of these almost-certain predictions were wrong; two were neither right nor wrong and only 17, or 27 per cent, of these “can’t miss predictions” actually turned out to be right.
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We received an email from a potential new client asking about our services and what makes us different from a couple of other advisors they were considering. In the email they indicated that they were quickly approaching retirement and had accumulated about $1 million in retirement assets. Since we specialize in retirement planning, they seemed like the type of client we serve best!
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Recently, a client sent us a copy of Suze Orman’s “Guide to Retirement” and asked us for our thoughts. Here’s what we told them: While I personally don’t care for how Suze delivers her advice or opinions, I do tend to agree with most of what she has to say, which is also very similar to Dave Ramsey and I’m sure many others like them. As I skimmed through the article, five thoughts crossed my mind:
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Prior to my talk at a recent speaking engagement, I walked around the room, consisting mostly of retirees and pre-retirees, asking everyone what they considered to be their top financial concerns. My unofficial survey results revealed the top two concerns being, not surprisingly, the fear of running out of money and poor or declining health. During my talk, I shared with the group a way to have increased confidence about the long-term outlook of your retirement money using what we call a Nest Egg Stress Test.
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Recently, I came across a “Wall Street Journal” article quoting someone from Morningstar, the mutual fund rating service, saying retiring is dangerous now because no one knows what is going to happen in the future. I am pretty sure this has always been the case. No one knows for sure what’s going to happen in the future. So, is retiring now dangerous for you? You really need to look at the question from two aspects.
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