This week on the Lifetime Income Series, Jim and John discuss the complexities of creating enough income in retirement. It is more than just one number. A new study has been released by the Employee Benefit Research Institute, which concludes that 40% of retirees will run short of income in retirement. Jim notes that retirement calculators can give you a false sense of security, as the number comes out of a computer. Retirement numbers can be like economic forecasts; subject to change, based on many variables. The timing of retirement is also crucial, as retiring into a bear market can adversely alter many retirement plans. Jim advises to start with a retirement plan with realistic assumptions, hire a trusted advisor, and adapt as you need to change. Real life is full of unforeseen events and one needs much more than just a retirement “number” to navigate a successful retirement (see PDF presentation).
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