Are you thinking about adapting your financial plan or your estate plan in light of a coming recession? A 2022 Allied for Life Income Protected Retirement Income and Planning Study involved more than 2000 participants between the ages of 45 and 75. They found that those participants were 50% more likely to try to protect their retirement income since the global pandemic happened. With so much uncertainty ahead, you’re definitely not the only person thinking about how best to adapt your financial strategy.
Approximately 3/4 of those survey respondents who work with a financial professional already have hope that their income sources and retirement savings will last throughout their lifetime. That number is compared to just 1/3 of people who do not have a financial advisor.
If you haven’t revisited your retirement plan in some time, consider this a warm invitation to meet with our financial team to look at your intended retirement age and income and to align that with where you’re at right now. Even if you feel like you need to play catchup or adjust expectations, we can help you determine the best way to do that.
The median retirement average income for retirees aged 65 and above is $47,357. Many people rely on annuities and Social Security to create steady income stream in retirement but may want to explore other options with the help of a financial professional. If you have other questions about adapting your current financial strategy and how best to protect your interests, now may be an appropriate time to meet with an experienced and qualified financial expert.