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Shifting from Retirement Planning to Longevity Planning Thumbnail

Shifting from Retirement Planning to Longevity Planning

See the future, so we can plan for it.

Health and care costs projections are critical to a healthy financial plan. Let's get them right, together.

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Much of the financial world has changed dramatically over the last 30 years. Stocks and bonds, IRA’s, and even Social Security are far different today than they used to be. It should come as no surprise, then, that retirement planning needs to change from its traditional methods to strategies more adapted to our modern world. 

Pitfalls of traditional planning

The rule of thumb used to be that a withdrawal rate of 4% would suffice your retirement needs. Now experts are saying that this might not be enough given various states of healthcare and the U.S. economy.

Conventional financial planning no longer works, so you need to be thinking about a Brave New World when it comes to managing your wealth. Stock buy-backs are at an all-time high, inflation is projected to increase, and as we’ve mentioned before, health-care-related costs are surging. Planning with today’s numbers will not suffice for future expenses. Adding extra padding to any and all health-care-related planning should be your norm.

We are living longer than ever, but we’re also spending more than ever. These health care costs will impact how far money goes in your golden years. On the flip side, one of the benefits of modernity is that we can project what kind of health care you will need in the future and how much it will cost, a simple hedge against ever-increasing expenses.

But it’s not all gloom and doom - we promise. 

How to refresh your planning strategies

What should be the strategy moving forward then? While save often and save early is undoubtedly the most effective and straightforward strategy that you can undertake, you can also leverage the technological advancements and solutions available to you through our advising services make better projections for how much money you truly need to save for retirement. 

From portfolio risk analysis tools to the HALO Health and Longevity Optimizer Solution, we now have many data-driven solutions that can help us move the needle for improving your retirement planning opportunities. 

We’re also here to help you start thinking about how you see your retirement unfolding. The lifestyle you have imagined may not line up with the reality of your financial situation or projected wealth in retirement. Gone are the days of figuring out retirement as it happens, a plan needs to be put in place and adhered to if you want retirement to run smoothly. 

This new era of financial planning is sure to be challenging, but it’s also an opportunity to obtain peace of mind and to help you make the most out of your golden years. 

Want to review your assessment with an advisor on our team?  

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The views expressed are the views of Drucker Wealth Management, and are not necessarily those of Hornor, Townsend and Kent, LLC(HTK). The information provided is for educational purposes only and is not intended as investment advice or a solicitation for the purchase or sale of any product or security. Investing involves risk, including the potential loss of the money you invest. Insurance and other financial products and services may be subject to certain terms, eligibility requirements, conditions and costs. Lance Drucker is a Registered Representative and Registered Investment Adviser of Hornor, Townsend & Kent LLC, (HTK), Registered Investment Advisor, Member FINRA (www.finra.org) / SIPC (www.sipc.org). 2 Park Ave, Ste 300, New York, NY 10016. 212.681.0459. Drucker Wealth Management and other listed entities are not affiliated with HTK. HTK does not offer tax or legal advice. Always consult a qualified professional for specific information regarding your personal situation. Diversification cannot assure a profit or protect against loss in a down market, and past performance is not a reliable indicator of future success.  Mutual funds are sold by Prospectus only and are subject to varying degrees of risk, sales charges, and other expenses; please read the Prospectus carefully before investing. 3599943RB_May23