FILLING IN THE RETIREMENT INCOME GAP WITH INSURANCE EXPERT KIM LANKFORD

February 21, 2020

The reality is most Americans have not met their retirement goals. Here are some findings from a recent Fidelity Investments Retirement Mindset Study which surveyed adults of all ages, both male and female. Eighty-two percent of the general population don’t have a retirement plan in place. 

It’s not as if Americans aren’t worried about retirement. They are. Seventy-five percent feel only somewhat confident to not confident at all about their retirement finances.  

What worries people the most about retirement? Economic concerns that can’t be predicted and are out of their control. The next big unpredictable area of concern is Social Security benefits. The third is inflation. 

Needless to say, the biggest personal worry is outliving their assets.   

We want to change this dynamic starting right now. And we have the right guest to help us. Kim Lankford is an award-winning personal finance journalist, now working freelance. She was a long time contributing editor and columnist for Kiplinger’s. One of the first steps she recommends to plan for retirement or manage it is to understand our monthly cash flows.  

WEALTHTRACK Episode #1634; Originally Broadcast on Feburary 21, 2020

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With traditionally defined benefit pension plans disappearing Americans have to create their own income streams for retirement. Social Security, with its guarantee of lifetime income, is the government’s source. Annuities are a private option for guaranteed income for life. As Kim Lankford explained there are many different kinds of annuities available, ranging from simple immediate annuities to very complex variable ones. These two websites provide both basic and detailed information on the choices.

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CHECK YOUR ALLOCATION TO STOCKS

  • A big risk for pre-retirees and retirees is a major decline in retirement funds
  • Lack of time to make it up
  • More than one- third of baby boomers’ 401(k)s: +70% in stocks
  • Almost one-tenth of baby boomers’ 401(k)s:100% in stocks

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LIFETIME INCOME GUARANTEE

  • Consider a deferred income annuity
  • Supplements Social Security
  • Provides guaranteed income later in life
No stock mentions in this episode.

Kim Lankford from the WEALTHTRACK Archives:

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PARENTS’ LONG-TERM CARE

Over the years many of personal finance journalist Kim Lankford’s readers have told her they never knew about their parents’ long-term care policies.


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