This is the time of year for resolutions, where people think about making changes to improve their lives or do something different. It is an annual tradition that goes back to the ancient world. This week Jim and John discuss what one can do to improve one’s financial situation. Hopefully 2016 is the year that makes a major difference in your life. Jim believes that never in his 35-year career has the need for having a retirement plan become this important. He notes that we are living in a new environment today, which includes historic low interest rates, greater longevity of retirees, and shrinking government entitlements from Social Security and Medicare. Jim and John get into the details of the six steps involved in developing a retirement plan. The guest this week is Wade Pfau PhD, CFA, Professor of Retirement Income at The American College. Wade discusses Social Security issues and how an income annuity can play a role in a retirement plan.
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