Lack of Retirement Income Planning

You may think you’re all set for retirement, but there are nuances to planning for your future that should not be overlooked. For example, the boomers have done a good job building up their retirement plans and other assets, but now that they’re shifting to another phase of life, they need to plan for lower return assumptions and longer life expectancy. They face the risk of losing their purchasing power over time due to inflation and longevity. The fastest-growing portion of our population is 85 and older. These folks must make sure they’re accounting for lack of purchasing power due to inflation. Prices are going to go up. That’s just the way it is. Soon you’re going to hear someone say, “I used to buy a candy bar for a dollar and now it’s ten bucks!”

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