Steve Dybwad
Stephen J. Dybwad | Highly Individualized Financial Guidance
Cincinnati, OH, Louisville, KY, Indianapolis and Madison, IN,
steve@sjdybwad.com
(800) 959-3526
Retirement marks a phase of life where enjoyment and relaxation are expected to take precedence. However, the reality can be quite different due to various post-retirement risks that threaten financial security. These risks, ranging from health issues and economic downturns to unexpected changes in public policy, can derail even the most well-planned retirements. Understanding and mitigating these risks is crucial for maintaining financial stability through your golden years.
Post-retirement risks encompass any threat that can lead to unforeseen expenses or reduced income after one has stopped working. Such threats might include the death of a spouse, significant health emergencies, or broader economic and policy shifts. Each of these can substantially compromise one’s financial outlook during what should be a carefree time.
Most retirees plan meticulously for their retirement years, considering factors such as the timing of retirement, required income, and asset allocation. However, fewer individuals consider the vulnerabilities that could erode their nest egg once they leave the workforce. As life expectancy increases, with many spending 20 to 30 years in retirement, the importance of addressing these risks grows.
The Society of Actuaries classifies post-retirement risks into several categories:
Effective retirement planning involves more than saving enough money; it also includes strategic risk management:
Post-retirement risks are a significant concern for today’s retirees, driven by increased life expectancies and uncertain economic times. By recognizing and preparing for these potential issues, you can significantly enhance your financial security and peace of mind in retirement. Start discussing these strategies with a retirement professional early on to develop a robust plan that accommodates both your needs and potential risks, ensuring a stable and fulfilling retirement.
Many people have learned about the power of using the Safe Money approach to reduce volatility. Our Safe Money Guide is in its 20th edition and is available for free.
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