Presentation Scheduled for Tuesday, 1:50-2:40 pm
Pending CE Approval: 1 CIMA, .75 CLE Stnd
Approved CE: 1 CFP, 1 NASBA/CPE, 1 MN insurance, 1 WI insurance
Predicting the future is fraught with many assumptions; retirement planning involves a unique set of challenges for advisers including an unknown planning period, investment returns, lifestyle, and physical and cognitive decline. This session will include a discussion of trends in longevity, new research on the stages in retirement, spending and time use patterns, and life satisfaction. A comprehensive retirement plan incorporates both financial and lifestyle goals, and this session will provide insight into how an advisor can help clients get the most out of this life cycle stage.
Advisors often view retirement income planning through the lens of the 4% rule, but changes in longevity and a lower-return environment challenge conventional wisdom about safe withdrawal rates. This presentation presents a new perspective on Retirement Income Planning. It will discuss what it means to take risk with an investment portfolio in retirement, how high prices for bonds and stocks will impact withdrawal rate projection, and the actual risk of health care expenses. It will conclude with strategies to deal with a new retirement reality including a discussion of qualified longevity annuity contracts.
Michael Finke, Ph.D., CFP®is the Dean and Chief Academic Officer at The American College of Financial Services.Dr. Finke served as the editor of the Journal of Personal Finance and is a contributing editor to Research Magazine. He received a doctorate in consumer economics from the Ohio State University in 1998 and in finance from the University of Missouri in 2011.He was named to the 2013 and 2014 Investment Advisor IA25 list and the 2012 Investment News Power 20, and received the Montgomery Warschauer best paper award from the Journal of Financial Planning in 2013 and 2014.