Safe Money Resource Co-Founder Educates Investors on Retirement Planning Pitfalls

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Brent Meyer, President and co-founder of Safe Money Resource, Inc., offers practical tips on trends in Washington, the financial services industry, and how they can affect people's retirement security.

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For baby boomers and seniors, retirement planning often is an arduous process. According to Brent Meyer, experienced wealth planner and consumer advocate, it can also be a minefield. In the retirement market, some financial professionals are more interested in self enrichment than investor needs. Plus, in Washington, policymakers have been offering proposals which could be harmful to seniors and baby boomers' retirement interests.

“Look at parts of the financial services industry and Washington, and it's clear. Unfortunately, there are people who aren't looking out for our retirees like they should be,” said Meyer, who also serves as President and co-founder of Safe Money Resource. “It's important than ever to take your retirement income security into your own hands. We recommend educating yourself about different investments and how each option can benefit or hurt you.”

In Washington, some recent proposals would have a direct impact on Americans' retirement savings. Earlier this year, in its Fiscal Year 2016 Budget the current presidential administration offered a dozen retirement-related provisions. Some of these initiatives would have a drastic change on the retirement planning landscape.

“One of the biggest proposed changes was imposing required minimum distributions on Roth IRA account holders. It's a ridiculous proposal, as it would upset 17 years of strategic retirement saving by the American public,” explained Meyer. “At present, Roth IRAs aren't subject to required minimum distributions, unlike other retirement accounts.”

Meyer elaborated on how required minimum distributions would affect Roth IRAs. “Once Roth IRA account holders turned 70.5 years of age, they would have to start taking distributions from their accounts. Any required funds which weren't withdrawn could be taxed at 50%,” he said. “One of the reasons given for this proposal was it would help 'simplify' retirement account rules. However, it's simply a realignment toward having more across-the-board requirements for account withdrawals.”

In their retirement income planning, baby boomers and seniors may also face an obstacle in self-interested advisors. High-volume sales of life insurance products such as annuities come with many attractive perks and incentives. According to Meyer, it could pose a conflict of interest for some financial professionals. Instead of being tailored to investor needs, their investment recommendations might be geared toward meeting certain sales goals.

“To be clear, this trend isn't representative of the annuities industry. Nonetheless, the importance of educating yourself can't be overstated. It helps reduce opportunities for investors to be taken advantage of,” Meyer explained. “That's why we started SafeMoney.com – to give baby boomers, seniors, and their families a complete, non-biased source for financial education.”

On the whole, Meyer emphasizes personal financial education is key. People should take time to understand their current financial circumstances, future goals, future expenses, and what funds will be needed to maintain a secure retirement. Meyer offers the following questions as tips to help plan for the future:

  •     What age would you like to retire at?
  •     What are your current living expenses?
  •     What are your current assets and debts?
  •     Assuming an inflation rate of 3-5%, what will be your future living expenses?
  •     What will be your medical expenses? If applicable, your long-term care expenses?
  •     What are your goals in retirement?
  •     How much do you currently hold in retirement savings?
  •     Do you plan on working part-time to supplement your income?
  •     What sources of income are at your disposal?
  •     Do you have any expenses other than retirement expenses you will be paying (for example, college education for loved ones)?

Meyer recommends going over these questions and any possible financial solutions with the assistance of a qualified financial professional.

At SafeMoney.com, there are numerous articles and resources on many pressing financial topics. Areas of coverage include annuities, life insurance, Social Security benefits, IRAs, long-term care insurance, estate planning, and retirement income planning. The website content also includes helpful information on different areas relating to retirement accounts and annuities. Articles cover required minimum distributions, vehicles for a guaranteed lifetime income, lifetime income riders, and more. More information can be found at http://safemoney.com.

Safe Money Resource itself connects people to a network of independent, licensed annuity specialists. As part of its mission, Safe Money Resource offers access to “Safe Money Approved” advisors, or financial professionals who possess strong integrity, financial expertise, and knowledge. These individuals have been carefully vetted and confirmed to be quality, client-minded wealth planning experts. To learn more and see if your advisor is “Safe Money Approved,” visit http://safemoney.com/local-advice/safe-money-approved-advice.

“If you have any questions, call us today at 877.GROW.SAFE. We'll be happy to help however we can. We can even help you determine what you need to ask your advisor,” said Meyer. “Don't hesitate to contact us. Our team looks forward to hearing from you!”

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Brent Meyer
Safe Money Resource
+1 800-790-7791 Ext: 102
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Craig Rosof
SafeMoney.com
since: 05/2011
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