Market volatility is sparking concern among Americans, especially those nearing retirement. Phil Huff, a partner at Golden Reserve, a metro Detroit retirement financial planning firm, emphasized the importance of managing risks as retirement approaches. “When we face losses early in retirement, they’re going to hurt us a lot more than later in retirement,” Huff explained. He appeared on “Live In the D” to highlight the dangers of the sequence of returns risk, which can significantly impact retirees’ financial stability.
Huff also warned against the fear of missing out on potential gains, a mindset that could lead to increased risk-taking. “Instead of getting closer to retirement, you’re pushing that retirement date back, or you’re seeing yourself cancel that trip in retirement,” he noted.
Golden Reserve offers a complimentary roadmap for retirement, including tax plans, fee analysis, long-term care plans, market reports, and income forecasts for those with a portfolio of $500,000 or greater. The aim is to ensure retirees are equipped to maintain their desired lifestyle without unnecessary financial stress.
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Disclaimer: The information provided is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial instruments involve risk. Actual customer results may vary. Subject to full terms and conditions available at: goldenreserve.com.