Shawn Milton discusses navigating retirement risks
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-shawn-milton-founder-of-ss-life-and-financial-services-discussing-risks-of-retirement/
Longevity risk is a critical factor in retirement planning, as with Shawn Milton. This risk refers to the possibility of individuals outliving their retirement savings or facing substantial expenses, such as high nursing home costs, in their later years. Shawn highlighted that many Americans are worried about whether they have saved enough for retirement and if their income will last throughout their retirement years. The average cost of a nursing home, a significant retirement expense, was noted to be around $100,000 nationally, with potentially higher costs in regions like the DC area.
To address longevity risk and protect retirement income, individuals need to consider strategies that ensure financial security in their later years. Shawn stressed the importance of planning ahead and taking proactive steps to safeguard against unforeseen circumstances. For instance, he discussed the option of utilizing annuities with downside protection, which can provide a guaranteed income stream and offer financial security even in the face of market volatility or unexpected expenses like nursing home care.
By acknowledging and addressing longevity risk in retirement planning, individuals can better prepare for the uncertainties of the future and ensure that their income will last throughout their retirement years. Planning for potential longevity risk involves a combination of financial tools and strategies tailored to individual needs and goals, ultimately aiming to provide a secure and stable financial foundation for retirement.
Market risk is a significant concern for individuals approaching retirement age, as highlighted in the podcast episode. The unpredictability of the market can lead to substantial losses in retirement portfolios, potentially jeopardizing one’s financial security during retirement.
Overall, the interview emphasized the importance of being proactive in managing market risk in retirement portfolios. By understanding the potential impact of market fluctuations and exploring suitable investment options, individuals can better prepare for a secure and stable retirement. It is crucial for individuals nearing retirement age to assess their risk tolerance, diversify their investments, and seek professional guidance to navigate the uncertainties of the market and protect their financial well-being in retirement.
Shawn shared: “Pay off your debt with Future Big-ticket purchase in mind – Plan now, for a Lifetime of Income”
About Shawn Milton
Shawn was a missionary for 10 years after which he got married and felt led to start serving people in their finances. He has always had a knack for money talk and helping people. As far back as he can recall, “I have always strategized when it comes to Finances.” He loves helping families to get out of Debt with his program and helping them to plan a robust retirement plan. Shawn has ran tons of debt elimination illustrations and designed a lot of retirement income plans.
Learn More: https://sandslifeandfinancialservices.com/ or https://debtfree4lifemaryland.com/
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