Financial Advantage w/ Douglas Marion – Risk Management for Retirees
Douglas Marion - Advanced Wealth Strategies
Risk Management for Retirees
Identifying Key Risks in Retirement
Several financial and personal risks can affect retirees. Being aware of these risks can help you develop strategies to mitigate their impact. can you make this into a short paragraph?
Potential Risks
Market Volatility: Economic downturns and fluctuations in the stock market can affect investment portfolios, potentially reducing the value of retirement savings. Retirees who rely on investment income may face challenges if the market experiences significant declines.
Inflation: Rising costs over time can erode purchasing power, making it more expensive to cover daily living expenses, healthcare, and other necessities.
Longevity Risk: People are living longer, which increases the likelihood of outliving retirement savings. Longevity risk is particularly important to consider when planning for long-term income needs.
Healthcare Costs: Medical expenses tend to increase with age, and long-term care costs can be substantial. Medicare covers many healthcare needs, but it does not cover everything, making additional planning necessary.
Withdrawal Rate Risk: Drawing too much from retirement savings too quickly can deplete assets faster than anticipated, making it difficult to sustain a consistent income.
Fraud and Scams: Retirees are often targeted by financial scams, which can lead to significant losses if not addressed with caution and awareness.
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Investment Advisory Services offered through EverStar Asset Management, LLC., a SEC Registered Investment Adviser. EverStar Asset Management, LLC and Advanced Wealth Strategies, Inc. are independent entities. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level or skill or ability
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