Innovative Wealth Management Services
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.