Making Assets Last
It takes a tremendous change of attitude and investing strategy after your career changes gears and you retire. Instead of saving money, retirees need to become comfortable with spending their savings. The good old days of buying a high-yield CD and living off of the interest are probably behind most of us as longer life expectancies will require more complex retirement fund distribution strategies. Which funds should you tap first, your IRA, Roth IRA or your taxable investments? Do you have an annuity? Should you hold the principal or annuitize it? Should you even have an annuity and if so, which kind? Immediate, deferred, fixed, indexed or variable? What is a reverse mortgage, who qualifies and does it have any role in your retirement plan? There is no right answer for everyone and there may be more than one right answer for you. The last person you want to ask about those strategies is someone that has a financial incentive to sell them. Fenway Financial Advisors can counsel you on all of these options and you can rest assured with our fixed fee advisory model that you are working with someone whose opinions are unburdened by the incentive to generate fees and commissions from the sales of expensive financial products.