As retirement looms closer, many soon-to-be retirees might find themselves blindsided by financial obstacles they didn’t anticipate. “Taxes, market risk, fees, and long-term care costs are the big four hurdles,” says Phil Huff, a partner at Golden Reserve, a local retirement planning firm. During an appearance on “Live In The D,” Huff said these challenges can significantly alter retirement plans if not properly addressed.
Huff also emphasized that traditional retirement planning often overlooks these critical risks, focusing primarily on investments. “It’s harder to craft a plan that incorporates CPAs and attorneys to shield against these risks, but it’s crucial,” he explained.
For those feeling overwhelmed, Huff advises a proactive approach: “Don’t rely on Uncle Sam’s tax plan for your IRAs and 401Ks. Understand your market risks and fees, and have a solid plan for long-term care.”
Ignoring these could lead to severe consequences, such as sacrificing retirement dreams due to market losses or running out of funds due to healthcare costs. Golden Reserve offers a comprehensive retirement roadmap to tackle these issues head-on, providing tools like tax planning and risk reviews.
For more information, click the video above, or call 313-888-8884.