Hiring a financial planner made this retiree's life 'so much better' - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

After his first meeting with a financial planner, he shifted his perspective — and behaviors — completely

"After I retired, I found it was more difficult to manage my money because you need to come up with a draw-down strategy that'll provide you with lifetime income, while minimizing," Friedman, who retired at 58 after a three-decade career in manufacturing, told Business Insider.

Friedman is far from the only retiree to harbor these concerns. Financial optimism tends to decline as people age, according to a 2017from United Income from Capital One. Often, they become less confident in the stock market and their own investment portfolio. As a precaution, many downshift their spending when they really don't need to.

According to Richard Thaler, the 2017 winner of the Nobel Memorial Prize in Economic Sciences, devising a smart decumulation strategy is a roadblock most retirees encounter, Business Insider's Akin Oyedele"That's a problem that gives the best mathematicians headaches because you don't know how long you're going to live, you don't know how long your spouse is going to live, you don't know what the markets are going to do," Thaler said in anFor Friedman, now 68,...

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

I swear by 4 strategies to manage my money, no financial planner required - Business InsiderYou may think you could never manage your finances by yourself, but with a few tips and tricks, you could be on top of your financial health in no time Download mytruebill
Source: BusinessInsider - 🏆 729. / 51 Read more »

What the fintech pros are saying about 2020 - Business Insider - Business InsiderBusiness Insider Intelligence's fintech research team asked industry leaders for their 2020 fintech predictions — and what didn't pan out in 2019.
Source: BusinessInsider - 🏆 729. / 51 Read more »

After I got pregnant, the first thing I bought was life insurance - Business InsiderBuying life insurance, building an emergency fund, saving for retirement. They're all things we know we should do, but don't always make the time.
Source: BusinessInsider - 🏆 729. / 51 Read more »

30 minutes comparison-shopping for life insurance saved me money - Business InsiderJust like any other type of insurance, spending an hour (or less) to shop around for life insurance could help you save.
Source: BusinessInsider - 🏆 729. / 51 Read more »

The best industries and states to start a business in 2020 - Business InsiderRead Business Insider's exclusive analysis of the top 10 business categories and top 10 locations for entrepreneurs to grow in 2020.
Source: BusinessInsider - 🏆 729. / 51 Read more »