Psychologists tell us the fear of loss is greater than the desire to gain. Think about it, how often do you call your broker when the stock market is going up? How often do you call when it is crashing? In the retirement planning process, people typically focus on how much money they can accumulate in order to retire when they want with the lifestyle they want. Risk mitigation is handled through asset allocation and dollar-cost averaging. We want to make enough money to be happy without losing more than we can stomach along the way.
What about the risks we face during our retirement years? What could erode a well-crafted retirement plan when the income is needed? The risk of stock market declines still exists but we also face unknown future tax rates, high costs of health care, social security income considerations and the risk of simply outliving our plan.
Adding permanent life insurance into your portfolio can reduce your risk in every area.
Want to learn more? Schedule your personalized Retirement Income Review today!
