Running out of money is a common fear among retirees. It seems like the root of the fear is less about a concern for the individual’s personal well-being and more about not wanting to be a burden on their family or others. As Jon discussed in part 2 of this retirement income series, there are potential risks of running short on retirement income by either over or under allocating your… Read More

Several years ago, there was a frequently aired TV infomercial for a cooking or baking device. Throughout those 30 mind-numbing minutes they would repeat the saying; “Set it and forget it!”, over, and over again. Perhaps you recall seeing the infomercial I am referring to. Unfortunately, many financial professionals in our industry approach retirement income planning with a similar approach; set it and forget it. At Master’s, we take the… Read More

Today the retirement income landscape looks significantly different than it did in past generations. Previously, it was commonplace for large corporations to fund pension plans that would provide a fixed monthly income for their employees throughout retirement. As you are probably aware, today the typical employer provides a retirement savings plan, most commonly a 401k, where usually both the employee and the employer jointly contribute to that savings plan. This… Read More

Over the next few weeks, we will be writing about the different elements of a successful retirement income plan. We still use the word “retirement” to describe our years after our main occupation but, of course, the definition of retirement is much different today than in the past. Maybe a better way to think of retirement these days is to think about what it takes to plan for successfully living… Read More

I do not know about you, but I am excited for warmer weather. The days are getting longer, it is getting warmer outside and the piles of snow are starting to melt. My wife and I are also working on our plans for where we want to vacation this summer. What would you think if we decided to pack our suitcase now based on the weather report for August and… Read More

After 23 years at Master’s, I will retire at the end of this month. As I plan for retirement, I have been reminded how important it is to communicate with my wife. Communicating with LaNita has been essential at all times in our marriage, but neglecting communication as we approach this significant life transition could produce some unintended outcomes for both of us. You, too, may be nearing retirement. Here… Read More

I’m a fairly intense Philadelphia sports fan. I won’t bore you with the details, but I was reading an article about one of the Philly sports teams this week, and a quote in the article grabbed my attention. It paralleled one of the points Garry made in his Master’s Minute post last week about staying focused on what you can control. Unlike many athletes, this young man seems to be… Read More

People naturally crave certainty. We want to know what will happen, when it will happen and how it will affect us. While we all require different levels of certainty to be productive, we are all affected negatively by uncertainty. Uncertainty can cause higher levels of stress and impede our decision-making process. The reality is that uncertainty is part of life. We can never know what will come next and how… Read More