Momentum - Business to Business Online Magazine MOMENTUM November 2018 | Page 24

Top Retirement Mistakes By: Don Burrows, Jr. Hilltop Securities, Inc. [email protected] Retirement Mistake # 5 Spending Too Much Too Early in Retirement Be very careful about what you are taking from your retirement accounts early on. Remember, in the last five or six years we've seen very good performance in the stock market so a lot of people have forgotten that the market can also go down 20, 30% in a year depending on their portfolio allocation. Even conservative portfolios can go down 10% a year. So if you are taking distribution from a million-dollar account, it is possible for you to be down $100,000 in one year. And don’t forget about healthcare which includes long term care, i.e., assisted living, home health care and skilled nursing care. So you can’t think about that when you are 81 years old. You need to consider these expenses now. There is no magic formula, no calculator, equation, and there is no magic number to help you figure all of this out. It’s all according to who you are and what your situation in life is and what you have that you can or cannot spend. Our belief is that you really shouldn't, or really can't, do this by yourself, you need professional advice from a financial team. You need your hand to be held sometimes because this may be a real challenging time for you. An Important Last Word A survey conducted by National Financial Retirement Institute found that retirees working with an adviser are more likely to be able to afford to do the things they want to do in retirement by a margin of 82% to 62%. We totally agree. 23 MOMENTUM / November 2018 Retirement income planning requires continuing training as well as experience in both financial and non-financial matters. We recommend that you work with a trusted and experienced financial advisory team who will ask what are your goals, your fears, your needs, and then manage a portfolio around those things. Managing your assets should not be based purely on performance. Your team will discuss the challenges of focusing on investment returns instead of on turning retirement assets into income, and then help you make the best choices for your retirement . This article was written and prepared by the Burrows Auttonberry & Agol Investment Group and S. LeBlanc & Company (760. 929.134); email: [email protected]. The Burrows Auttonberry & Agol Investment Group, which is a marketing name for a group of registered representatives within Hilltop Securities Inc., a member of NYSE, FINRA, and SIPC and a registered broker dealer and registered investment adviser that does not provide tax or legal advice, with headquarters at 1201 Elm Street, Suite 3500, Dallas, TX 75270, 214.859.1800. Though information provided in this article was prepared by sources believed reliable, Hilltop Securities Inc. does not guarantee its accuracy or its completeness. This article is a paid advertisement for the Burrows Auttonberry & Agol Investment Group of Hilltop Securities Inc., and may not be duplicated or redistributed without the prior consent of Hilltop Securities Inc. S. LeBlanc & Company is not affiliated with Hilltop Securities Inc.