While the predominant fear of retirees is running out of money, the findings that most older retirees still had 80% of their pre-retirement savings after 17 to 18 years of retirement suggest that longevity risk may not be as menacing as many think.
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After over a decade of near-zero interest rates, today’s relatively high yields have sparked an investor rush into safe, short-term debt investments, like money market funds. This 18% rise in money market holdings in just one year illustrates the enthusiasm of investors for higher yields, as bonds have suddenly become an alternative to stocks. But it begs an important question … are investors pouring too much into cash?
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Physicians monitor the health of their patients by measuring a range of vital signs to help detect signs of potentially deteriorating medical conditions in individuals. Similarly, financial professionals must also monitor the vital signs of a retiree’s retirement income plan due to the special challenges of sustaining retirement income over 25 or more years.
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Obesity results in myriad health complications, including higher risk for Type-2 diabetes, heart disease, high blood pressure, stroke, gallbladder disease, osteoarthritis, sleep apnea, at least 13 types of cancer, mental illness (e.g., depression) and body pain. With September being a month dedicated to self care, the statistics are worrisome. New drugs have come to market that show real, scientifically valid weight loss results. While these drugs may have one of the largest addressable markets of any drug today, they are expensive.
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Not all financial professionals are insurance experts. Even if you don’t consider yourself a specialist in insurance, it doesn’t mean you can’t help your clients identify risk coverage gaps that may lead to vast future financial exposure.
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