NFL football player Marion Henry retired from football at age 28. Professional athletes usually begin a second career after they give up the game, most because they have to. Here’s his admission:
Eighty percent of retired NFL players go broke in their first three years out of the league, according to Sports Illustrated.
I was one of them.
Out of football and money at age 28, I saw the financial woes of big-money ballplayers as symptomatic of a larger problem plaguing average Americans – a retirement problem. Experts say many people are inadequately prepared or poorly advised when it comes to retirement planning. As a result, they outlive their funds.
He goes on to make the point that:
When I played football, we practiced against the worst-case scenario that we could face on game day. Many Americans are not planning for those worst-case scenarios in the fourth quarter of their lives, and some who believe they are prepared may have a false sense of security.
People often have a false sense of security because they have not really priced out all the expenses that they will incur during retirement, nor have they considered the effects of inflation on the cost of living as they get older. They also assume that their investments will continue to grow at the same rate as they have in the past. And few retirees really plan for how they will pay for long-term care if they should develop serious long-term illnesses not covered by Medicare.
A good retirement planning program will take these issues into consideration. Visit an independent RIA who will prepare a retirement plan for you and take the guesswork out of retirement.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.