The Changing World of Retirement Planning

August 26th, 2010

If you’ve tuned in to any news program over the past year or two, you’ve probably noticed that our economy is changing. Our Fort Worth Wealth Management Group can help provide you with a custom-tailored plan to suit your needs, but here are the basics.

If you’re receiving Social Security, you are likely aware that the government is paying out more benefits than they’re receiving. By 2037, Social Security will be exhausted and beneficiaries will begin receiving only about three-quarters of what they should be, barring any Social Security reform. When Social Security was instituted in 1935, the life expectancy was 62; that’s not that case now. Retirement planning is crucial to avoid the eventual downward spiral of the Social Security program.

We all know that private pension plans have failed all over the place, and many more companies have just discontinued their plans without any warning. To pour salt on the wound, the government backup for failed plans is massively underfunded by billions of dollars. Even state and local government plans are at risk of failure. Contacting a Fort Worth financial advisor is key to planning past your pension.

Inflation is also important to consider. While the rate of inflation hasn’t generally seen any major spikes yet, they will soon – because of our country’s financial state. Inflation has, in the past, gone up to nearly 14%. If it got that high again, what would happen to your hard-earned savings? Robinson Wealth Management Group can help you plan for the unthinkable – give us a call today.

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