Harold Evensky: Afraid of Outliving Your Retirement Savings?

April 5, 2013

You are not alone! Recently we learned some distressing news about the state of retirement finances from the acknowledged experts in the field, the Employee Benefit Research Institute.

EBRI, as it is called, released its 23rd annual “Retirement Confidence Survey” which gauges the views and attitudes of both working-age and retired Americans. Even with the economy improving, the state of retirement planning and preparedness has not. The percentage of workers confident about having enough money for a comfortable retirement is essentially unchanged from the record lows of 2011. One of EBRI’s most shocking findings was the lack of even a short-term financial cushion for many. Only 50% of workers and 52% of retirees say they could definitely come up with $2,000 if an unexpected need arose within the next month.

On this week’s WEALTHTRACK we talk about a strategy to make your retirement portfolio last with one of the most respected financial planners in the country. We have a rare interview with Harold Evensky, President of the fee-only financial advisory firm, Evensky & Katz. Evensky has been recognized as a top financial advisor by numerous publications, held leadership positions on many professional financial industry boards, writes financial columns and papers and is the author of several books including Wealth Management.

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WEALTHTRACK Episode #941; Originally Broadcast on April 05, 2013

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Harold Evensky

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Guest Info

Harold Evensky

President, Evensky & Katz Wealth Management

Newsletter

Consuelo MackAre you afraid of outliving your retirement savings? You are not alone! Recently we learned some distressing news about the state of retirement finances from the acknowledged experts in the field, the Employee Benefit Research Institute.  EBRI, as it is called, released its 23rd annual “Retirement Confidence Survey” which gauges the views and attitudes of both working-age and retired Americans. Even with the economy improving, the state of retirement planning and preparedness has not. The percentage of workers confident about having enough money for a comfortable retirement is essentially unchanged from the record lows of 2011. One of EBRI’s most shocking findings was the lack of even a short term financial cushion for many. Only 50% of workers and 52% of retirees say they could definitely come up with $2,000 if an unexpected need arose within the next month.

On this week’s WEALTHTRACK, we are going to talk about several strategies to protect your standard of living during market downturns and make your retirement portfolio work for you for your entire lifetime. Our guest is one of the most respected financial planners in the country. He is Harold Evensky, President of the fee-only financial advisory firm, Evensky & Katz. He has been recognized as a top financial advisor by numerous publications, including Barron’s, Worth Magazine and InvestmentNews. He has served on numerous financial professional boards, writes financial columns and papers, and is the author of several books including The New Wealth Management and Retirement Income Redesigned. He also has some unusual and common sense approaches to the very complex challenge of retirement. One of his most provocative ideas: plan to spend down your nest egg so that your last check bounces! He is not completely serious about that, but he comes close. You’ll have to hear it from him first hand.

Have a great weekend and make the week ahead a profitable and a productive one!

Best regards,

Consuelo
Mathews Asia

Action Point

Payouts are still much higher than what you can get on long term U.S. treasuries.
Mary Beth Franklin recommends pre-retirees check out deferred income annuities: you pay a lump sum to the insurance company and you determine the date future payments begin.

One Investment

“Certainly the S&P 500, Russell 3000 as a minimum. Then next we would expand it to some small cap end value allocation, certainly international. That’s more than half the world economy, and last I would say emerging markets.”

 

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