What is the retiree’s biggest fear?
The retiree’s biggest fear is running out of money.
According to a recent survey, six out of ten retirees say they’re worried about their finances. Their two biggest fears are getting sick and losing their assets to pay for medical care. Their next greatest fear is that they’ll stay healthy and outlive their money.
And little wonder. Interest rates on savings accounts have been near zero for years. The stock markets remain scary to many potential investors. And while the official inflation numbers are low, anyone who has shopped for food, filled their gas tank or visited a doctor knows that prices are going up rapidly.
This is a daunting environment for people who are managing their investments on their own.
Still others think they have diversified by having several “financial advisors” and accounts at several major investment firms. What they actually end up having are accounts with several investment salesmen who make their money by selling them investment products.
How do high-net-worth families manage their finances? Most prefer to work with a single firm to manage all their financial needs. It’s a mistake to depend on stock and bond salesmen when it comes to providing planning and guidance. They want someone who acts as a fiduciary. A fiduciary is someone who puts your needs and ahead of his own. That describes a fee-only RIA (Registered Investment Advisor) like Korving & Company. Our concerns are your concerns. Our goal is to alleviate people’s fears of running out of money in retirement.