Top Tips to Manage Retirement Fears by Applying a Simple Strategy

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Due to the tumultuous investment conditions over the last 10 years many who were planning on a comfortable retirement have been forced into a tailspin, fearing retirement and retirement planning. Being burned by their trusted investment advisor and with limited time to regain lost ground, many are seeking online retirement calculators and reviewing their 401 k and pension packages to try to make heads or tails and ensure their future plans can remain intact. There is no need to fear retirement decisions or live with fear and uncertainty. Done right, there is tremendous power in accurately forecasting and planning for retirement.

How to Manage Your Retirement - Retirement Fear No More!

How to Manage Your Retirement - Retirement Fear No More!

"In many cases it’s a matter of balancing retirement wants and retirement needs. Many don't recognize the differences."

Managing Retirement Fears Step 1 – The Question

"What is the retirement goal regarding wants and needs?" That is the critical question that Couture Financial asks their clients to ensure retirement resources meet or exceed expectations. In many cases it’s a matter of balancing wants and needs. "Many don't recognize the differences," says Phil Couture talking about retirement and retirement fears.
Managing Retirement Fears Step 2 – The Tools

Because Couture Financial has mastered the art of active asset management (hedging during bear markets and proactive during bull markets), many of their clients were protected against major loses. However, many of Couture’s new clients while working with other advisors were not so fortunate, but there is hope. Couture Financial will gather the information, crunch the numbers, forecast future income and expenditures, and provide the roadmap for successful retirement.

“It's not rocket science, but there are a lot of moving parts,” says Mr. Couture. Many investment houses have “off-the-shelf” retirement calculators, but the devil is always in the details. Many of these “off-the-shelf” calculation criteria either don't apply in many cases, or are misapplied, thus deriving incorrect or inaccurate forecasts. Solid "what if" scenarios are often lacking in even the most advanced “off-the-shelf” retirement calculators.

Some of those suffering with retirement fears are concerned about:

  • Do current spending habits provide any savings for future?
  • Do current resources provide for future income growth?
  • Are resources available for unexpected circumstances?

Managing Retirement Fears Step 3 – The Process
Couture financial has several clients that require total financial planning but many others have specific areas of financial interest such as retirement planning. Couture’s financial advisors have a detailed process that works well to help many, who are tittering on the fringe of total financial disaster, find peace.

The process usually takes two to three sessions, either face to face or over the phone, and is pretty simple, says Mr. Couture. That process goes like this:

  • Determine all sources of income & revenue
  • Determine longevity of income & revenue sources
  • Create detailed listing of “ALL” expenditures
  • Evaluate ‘continuous’ versus ‘short term & temporary’ expenditures
  • Evaluate ‘needed’ versus ‘discretionary’ spending

At Couture Financial we run detailed data organizers that help us forecast income and expenditures based on the time expectations and risk; and we accurately plan.

After all is said and done, according to Mr. Couture, some of those conversations are very difficult, directing to slow spending or maybe delaying retirement. Other conversations take a different flavor, for example with those who may have jumped into ultra conservative methods of capital protection and are not actively managing and capitalizing on market volatility. Whatever the tone of the conversation, there is tremendous power in accurately forecasting and planning for the future. There is no need to fear retirement decisions or live with uncertainty.

Legal Disclaimer: A financial plan’s success is dependent upon many factors, and not all financial plans result in successful outcomes. All investments involve different degrees of risk and may gain or lose over time.

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Phil Couture

Gregg Anderson
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