Developer of Retirement Planning Method Savings2Income Details Importance of Managing Retirement Savings

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Following an article published by the Wall Street Journal, which outlines how retirees ought to manage their retirement funds, Savings2Income developer Jerry Golden affirms that most people need to have a long-term plan.

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On May 4, Jerry Golden, developer of Savings2Income, comments on an article published by The Wall Street Journal offering tips on how retirees should be managing their retirement funds.

According to The Wall Street Journal article titled “Retirement Plans Need Dusting Too” published on April 28, tax season is over and it’s time for people to start reviewing their retirement plans. The article says that it’s easy to postpone these reviews.

“This all boils down to a lack of a retirement income plan,” Golden says.

Here is how having such a plan helps the management of your retirement funds:

First, identify all of the assets you consider to be retirement savings. Include assets held outside a rollover IRA or 401(k) that you believe will be necessary to support your retirement lifestyle.

Second, get an honest assessment of how much retirement income these savings, together with Social Security, any pension, and wages post-retirement, will produce. If there’s a gap, consider increasing your savings rate.

Third, get most of your savings into tax deferred accounts. That may mean investing in a no load variable annuity with your after tax savings.

Fourth, with your savings identified, your gap measured and your accounts in the right place, decide whether or not you need professional help in designing an investment portfolio, including diversifying among types of investments, and selecting individual mutual funds or ETFs. You may need that help in particular as you transition from savings to income.

Fifth, if you select an advisor make sure you agree with the plan you develop and the fees being charged. Let the advisor in this case make tactical decisions, reserving the right to review the plan as often as you see necessary. If you go it alone, take the long term view and keep diversified.

Bottom line, the “dusting” of your retirement plan very much depends on how well the plan is structured in the first place.

An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security benefits into an integrated solution.

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Larry Hoffman

Jerry Golden
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