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5 Ways Your Wealth Is Under Attack book


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Retirement Planning: Game-Changing Variables In Your Retirement Plan Part 2

In this episode, John continues his deep examination of the retirement planning. He also urges you to re-examine your plan now and on an annual basis. Today he focuses on market volatility, which is a factor in your withdrawal rate (covered in Part 1). He also spends time on the variables associated with longevity risk (also covered in Part 1): healthcare costs and long-term care costs.

John has lectured extensively on financial planning and is the author of 5 Ways Your Wealth is Under Attack and It’s Your Wealth – Keep It.

John’s main points are:

  • There are several risks putting pressure on your financial plan: market volatility, inflation risk, tax law risk, geopolitical risk, increase in personal expenditures, and state and local risk such as underfunded pension plans in your community or increased real estate taxes.
  • Most financial planning software gives you a simulation of your financial plan over time that assumes a steady rate of return. But market volatility and your unique situation (your investment mix, your withdrawal timing) mean that you will be subject to a sequence of returns unique to you.

And more:

  • Along with that, past market performance has nothing to do with future performance.
  • A recent assessment of health care costs in retirement show that an average couple will pay $400,000 in non-reimbursed healthcare costs during retirement.
  • Factoring in average life spans, that’s $20,000 per year per person. How will your retirement income cover that cost?
  • Finally, the average stay in a long-term care facility is 2 ½ to 3 years. Monthly costs can go upwards of $10,000.

How secure and how safe is your current retirement plan? What triggers are in your financial strategy? Your financial plan is never done. You need to constantly evaluate it. Evaluations should be based on what is happening in your life right now, and any potential financial pressures.

Start by downloading our Wealth Curve Pressure Identifier. Let’s pinpoint the things you love about your plan. Let’s identify what keeps you up at night, or what you’d want to change about it.

If you are new to Smallwood Wealth schedule a Wealth Curve Conversation here.

Or call us at 732-542-1565.



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