Retirement Income Protection with Brian Crockett

You have been diligently saving for your retirement and are on track for a comfortable life in your post-working years. Do you have a plan for how to protect these hard-earned assets? Preserving your capital for retirement to give you the financial flexibility and confidence to live your life in a style to which you have become accustomed is critical. Fortunately, there are myriad tools, strategies, and wealth management specialists available to help guide you along the way.

This week we interviewed financial retirement specialist Brian Crockett, Senior Regional Vice President of Equitable.  Brian discusses es common questions surrounding retirement and explains how we can utilize protection tools to assist with long-term wealth preservation. Watch the full interview below!

Interview Questions & Topics

1) Why do you think that typical investors lag or not trend as well as the market?

  • “Getting in and out” at the wrong time
  • Behavioral aspects; fear of temporary or permanent loss
  • Poor decision making

2) Why do we find the first 5 years before retirement and the 5 years immediately into retirement so critical to people achieving, or not achieving their goals?

  • “All roads lead to income”
  • Most cannot afford to lose if the markets do not cooperate
    • Catching a downturn in the right before retirement year can significantly impact retirement timelines and projected lifestyle budgeting
  • Taking inventory is priority
    • What do I have?
    • When do I want to retire?
    • What do I need to save to meet my goals?

3) What kind of tools or strategies mimic the attributes of the  “Three-Legged Stool”?

4) Why are perceptions of annuities typically bad, and how can we utilize them in an effective manner?

  • Like anything, there are good and bad forms of any wealth accumulation/protection vehicles
  • Advantages:
    • Income is guaranteed every month
    • Death benefits
    • Downside risk protection
  • Disadvantages:
    • Higher costs
    • Early withdrawal fees

5) What are the experts saying these days is the “number” as it relates to retirement income?

  • Wade Pfau, Director of Retirement Research for McLean Asset Management and Professor of Retirement Income at The American College, states the 4% general rule of thumb for income withdrawal in retirement has decreased to 2.4%
  • Solutions are available to increase this number

While planning for retirement, a fully informed individual is in a better position to make the right decisions regarding their needs, goals, and objectives. No one tool will make a comprehensive financial and retirement plan successful; it often requires a combination of various strategies, investments, and products. Work with your advisor to thoughtfully consider whether the benefits of your retirement protection method is appropriate for your overall financial plan.

Watch the full interview with Brian Crockett:

Be sure to check out our other educational interviews here.

Securities and advisory services offered through Cetera Advisors LLC, Member FINRA/SIPC, a broker/dealer and a Registered Investment Advisor.  Cetera is under separate ownership from any other named entity.