Note from Amanda:
Have you heard that us Millennials will need to save 2 times more for retirement than our parents??? That might seem scary.
Then, think about us Millennial entrepreneurs. When we save for retirement, we’re not getting a match from an employer and we have to set up the system for having our savings for ourselves.
These reasons are why I’m sharing this guest post from Mark Willis. Mark is my financial advisor. I’ll be able to retire one day because of Mark’s advisement. If you reach out to Mark, please tell him I sent you.
from Mark Willis – Lake Growth Bank on Yourself Authorized Advisor
Poor and unpredictable investment returns are one obvious risk you face with your money. But there are four other risks you face that aren’t so obvious. Each one can kill your retirement dreams.
Knowledge is power… learn about these hidden wealth killers…
Risk #1 – Longevity Risk: Financial planners often base their projections on you living to age 85. However, 25% of people live past 90, and 10% will live past 95. What’s your Plan B if you’re one of the “lucky ones” who lives past 100?
Risk #2 – Sequence of Returns Risk: A market crash just before or soon after you retire can drastically reduce your lifestyle throughout retirement.
Risk #3 – Withdrawal Rate Risk: Recent studies show you should withdraw ONLY 2.8% annually from your retirement savings, to make your money last as long as you do. A $500,000 401(k) would only provide $14,000/year.
Risk #4 – Health Care and Long-Term Care Costs: A 65-year-old couple needs $220,000 to cover out-of-pocket health care costs during retirement, plus $225,000 to cover one average nursing home stay. That’s almost $500,000 – are you prepared for that?
The solution is clear – save more money where it’s protected from market crashes. Contact me TODAY at 800-962-9141 or firstname.lastname@example.org to protect yourself from these four risks.