Rethinking What You Need to Thrive in Retirement – A New Model
Tuesday, July 19, 2022 | 12:00 PM — 1:00 PM EDT
Beginning in the 1950s and continuing through the early part of this century, the metaphor of the “3-legged stool” was used to help individuals think about their financial security and how it could be provided during their retirement. The 3-legged stool consisted of (1) Social Security provided by the government, (2) a guaranteed pension provided by the employer, and (3) personal Savings, provided by the individual.
But starting in the 1990s and accelerating through today, two of the three legs of the stool became unstable, and the third can’t now make up the difference. In this session, a new model is proposed based on the ideas outlined in Money Mountaineering.
This model recognizes that individuals must rely on their resources to achieve financial wellness and describes three types of assets (“3 tools to put in your backpack”) that an individual can acquire over their working life, to provide retirement income in a way that addresses the “decumulation” problem that millions of new retirees are facing.
In this session, attendees will learn:
Please Note: One CE credit will be provided for CFP, RICP, CLU, ChFC, and CFFP/Kaplan designations.
- Why a new model for retirement income planning is necessary for today’s environment
- How life insurance, home equity, and 401(k) savings can be used, separately and in combination, to ensure financial wellness over a full working career and through retirement
- How the decumulation problem faced by individuals during retirement is distinctly different from the challenge of accumulating sufficient assets before retirement, and why different strategies are required to address those challenges
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