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RP: Hello there. It’s true that not everyone needs a financial adviser. But everyone can benefit from good financial planning. And there are
WP: Retirement income planning is much more difficult than traditional wealth management. I like to use an analogy about climbing up a mountain: The goal is not just to make it to the top of the mountain, you have to get back down the mountain. And getting down the mountain is more dangerous. There is a lot more risk in retirement, there is a lot more potential to make irreversible decisions that could be very costly in the long term. And so, working with a well qualified financial adviser, who understands the retirement income problem, can do much to really improve a financial plan to allow for much more spending throughout retirement. It is very helpful, it’s a very complex task. Some people might want to do it on their own but they also have to think about surviving spouses, they also have to worry about cognitive decline. Having a good financial planner in place can really help in a great number of ways in retirement.
RP: So, how do you and your adviser go about devising a retirement income strategy? Well, first you need to find an answer to a very important question: How much money do you actually need to retire?
WP: That is a difficult question to answer. If they have a good understanding
RP: If you want to find out more about this subject, why not visit Professor Pfau’s blog? There’s a wealth of information there, including the latest research on retirement planning. You’ll find it at RetirementResearcher.com. That’s RetirementResearcher.com.
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