In this episode, John Smallwood of Smallwood Wealth Management revisits the sources of retirement income and highlights the trouble many pension funds are currently in. He emphasizes that in this uncertain atmosphere, it’s vital to ensure your retirement plan has protection, backups, and redundancies you can access when markets are not positive.
John is the author of 5 Ways Your Wealth is Under Attack. He has lectured extensively on financial planning and has received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.
John’s strength lies in his ability and commitment to continually improve the level and quality of the financial planning process. His dedication to his clients’ growth involves an evolving strategy that strives to meet the demands, desires, and needs of his clients in a continually changing economic environment.
In this don’t-miss episode, John warns that:
- Pension plans for some of our country’s biggest companies (GE, Boeing, GM) are in deficit to the tune of tens of billions of dollars, when just a few years ago they were running surpluses.
- Congress is preparing itself to potentially bail out as many as 200 multi-employer pension plans that are about to go insolvent.
- A recent study shows that a 10% or more decline in the stock market for an extended period of time (three to four months) would virtually blow up every single pension plan.
- 64 of our 75 biggest cities in the United States do not have enough money to pay their bills—that’s $335 billion in unfunded debt.
John emphasizes that in this climate of more negative financial pressure than positive pressure, we want to have a financial plan that has multiple layers of income to provide backup. John calls this the “Lifeboat Drill.”
Give us a call at 732-542-1565 or schedule a free 30-minute wealth conversation. We look forward to speaking with you.
Are you ready to increase your profit growth by 25%? John will show you how in the 2018 Business Owner’s Guide To Maximizing Your Benefits From The 2018 Tax Cuts.
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