In­no­va­tive Wealth Man­age­ment Ser­vices

The Suit - - Contents - By Amy Arm­strong

Re­tire­ment Plan­ning Isn’t Just About That Big Num­ber

Ef­fec­tive re­tire­ment plan­ning shouldn’t fo­cus on one huge, com­pre­hen­sive dol­lar amount that re­tirees need to set aside be­fore be­gin­ning that phase of their lives. In­stead, Bruce Doner of In­no­va­tive Wealth Man­age­ment Ser­vices in Berlin Town­ship, New Jersey, tells his clients that fi­nanc­ing re­tire­ment spend­ing will be quite sim­i­lar to the way they han­dled their fi­nances dur­ing their work­ing years.

“I get my peo­ple to fo­cus on re­tire­ment plan­ning by ask­ing them how they live their lives now,” Doner ex­plains. “They an­swer, ‘I get my check from work, I meet my bud­get and I go on from there.’”

Doner says it’s a big re­lief to his clients when he tells them, “Well, that is what we are go­ing to do now in re­tire­ment.”

In­stead of talk­ing about a mas­sive num­ber such as $1.6 or $2.4 mil­lion needed to fund an en­tire re­tire­ment, Doner prefers to work out a monthly bud­get, just as his clients needed to do while they were work­ing nine to five and rais­ing chil­dren.

“Num­bers like that re­ally scare peo­ple,” he said. “There is no need to do that.”

Doner be­gins with an anal­y­sis of a client’s So­cial Se­cu­rity ben­e­fit – not­ing that many clients are al­ready well on their way to achiev­ing those large over­all num­bers based solely on that guar­an­teed life-long in­come stream they au­to­mat­i­cally paid into through­out their work­ing years.

Then he de­ter­mines the short­fall each client will need to cover based on the type of life­style each wants to main­tain. Doner ad­vises clients on a va­ri­ety of in­vest­ments to bridge the gap, and also ad­vises clients on a va­ri­ety of in­vest­ment strate­gies that can pro­duce mul­ti­ple in­come streams..

“We want a por­tion in­vested for growth to keep pace with in­fla­tion, but also a por­tion ded­i­cated to cre­at­ing con­ser­va­tive in­come streams that will not run dry if a client lives beyond their life ex­pectancy,” he ex­plains.

His in­vest­ment phi­los­o­phy must be work­ing. Please visit my web­site for a list of awards re­ceived for best in client sat­is­fac­tion in the tri-state re­gion of New York, New Jersey and Penn­syl­va­nia ar­eas. Less than seven per­cent of all fi­nan­cial man­agers regis­tered with the na­tion­wide Fi­nan­cial In­dus­try Reg­u­la­tory Au­thor­ity (FINRA) or the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion in the tri-state area qual­ify. **Se­cu­ri­ties of­fered through Se­cu­ri­ties Amer­ica Inc. Mem­ber FINRA/SIPC. Se­cu­ri­ties Amer­ica com­pa­nies and In­no­va­tive Wealth Man­age­ment Ser­vices are not af­fil­i­ated com­pa­nies.

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