Lifetime Income Series: Retirement Planning – Start Early or You Could End Up Broke

This week Jim and John address a subject that is getting more attention in the media lately; why many Americans may end up broke or destitute in their later retirement years. Nobel laureate Robert Merton has called it a “crisis in retirement planning”. It is a fact that thousands of Americans are entering retirement every day, as the massive baby boom generation enters their 60’s and 70’s. The tragedy is that many of these retirees will end up impoverished or broke in their later years, especially women, who live longer on average than men. The problem is that the three-legged stool for a secure retirement remains in doubt. Defined benefit pension plans are fast disappearing, Social Security and Medicare benefits are being reduced, and investments create very little income, with interest rates at historic lows. Jim discusses the concept of “Life Planning” and how two critical factors can change the course of any retirement plan. Jim illustrates some of these issues with the case study of John and Judy. The guest this week is Kathy Ruby, a College Finance Consultant. Kathy has extensive experience counseling families on financial aid applications and discusses how students and their families can compare financial aid packages, and offers tips for increasing a student’s financial aid offer.

Financial Sense Wealth Management: Invest With Us
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