Essential Retirement Risks You Need to Address Now!
In this informative video, Castle Wealth Group Legal’s Chris Berry breaks down the most pressing risks facing retirees today. With his extensive experience as an elder law attorney and certified financial planner, Chris offers valuable insights into how you can protect your retirement from these key threats.
Key Risks Covered:
Longevity Risk:
People are living longer than ever, which can strain retirement savings. Chris explains how outliving your money is a major concern and why it’s crucial to plan for long-term care, taxes, and market volatility.
Investment Losses:
As you transition from accumulation to distribution and preservation in retirement, the way you invest needs to change. Chris discusses sequence of return risk and the importance of shifting to safer investments that prioritize preservation over aggressive growth.
Inflation:
Inflation remains a significant risk, even as government reports suggest it’s decreasing. Chris highlights the importance of ensuring your money at least keeps up with inflation, especially in today’s economic environment.
Tax Increases:
With the Tax Cuts and Jobs Act set to expire in 2025, taxes are expected to rise. Chris shares strategies for managing taxes in retirement, including the importance of a well-planned IRA exit strategy to minimize tax burdens.
Social Security Benefits:
While Chris doesn’t foresee immediate cuts to Social Security benefits for current recipients, he discusses the potential for future changes, such as raising the retirement age. He emphasizes the need for a diversified income strategy in retirement.
At Castle Wealth Group, we believe in the power of comprehensive planning that integrates legal, financial, and tax strategies. This holistic approach is essential for mitigating these risks and ensuring a secure retirement.
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Certified Elder Law Attorney™ and Certified Financial Planner™
Castle Wealth Group – Helping Good Families Plan, Protect and Preserve What is Important
(844)-885-4200 | CastleWealthGroup.com | MichiganEstatePlanning.com
Plans that span far and wide.
Advisory services are offered through Castle Wealth Group Investments, an Investment Advisor in Michigan. Insurance products and services are offered through Castle Wealth Group, an affiliated company. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital. Insurance products and services are offered through Castle Wealth Group, an affiliated company.