Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-kimberly-pohler-financial-strategist-with-pohler-financial-discussing-5-risks-of-retirement/
The impact of longevity on retirement planning is crucial to acknowledge. It requires individuals to be realistic and honest about their financial situation and future needs. Planning for an extended retirement period involves assessing how expenses may evolve over time and ensuring that there are adequate funds to cover these costs. Without proper planning and strategies in place, the risk of depleting retirement savings due to increased longevity becomes a real possibility.
Kimberly’s insights underscore the importance of addressing longevity as a risk in retirement planning. By recognizing this risk and taking proactive steps to mitigate it, individuals can better prepare for the financial challenges that may arise as they live longer in retirement.
Market risk is another significant factor that can greatly impact retirement savings, as discussed in the podcast episode. Kimberly Pohler emphasized the importance of understanding market risk and its potential implications for retirees. She shared instances where individuals were on the brink of retirement, only to face a major market downturn, resulting in substantial losses to their retirement savings.
To mitigate market risk, individuals must assess their risk tolerance and diversify their investments. Kimberly stressed the need to tailor plans to meet the specific needs of clients, considering their risk tolerance levels. Diversification was highlighted as a key strategy to effectively manage market risk. By spreading investments across different asset classes, industries, and regions, individuals can reduce the impact of market volatility on their retirement savings.
The discussion emphasized the importance of not completely avoiding the market but rather taking a strategic approach to managing market risk. By allocating enough funds to secure investments and potentially striking a balance between risk and stability, individuals can navigate market fluctuations more effectively. This approach allows for continued growth while also providing a level of security to safeguard retirement savings from sudden market downturns.
In conclusion, assessing tolerance levels, diversifying investments, and designing personalized plans are essential steps to address market risk in retirement planning. By understanding and actively managing market risk, individuals can better protect their savings and work towards a more secure retirement future.
Kimberly shared: “I believe quality education is paramount to equipping my clients to make sound financial decisions so that they are accomplishing purposeful financial planning for the seasons of their lives.”
About Kimberly Pohler
Kimberly Pohler, CLTC, CFed®, is passionate about helping others. She helps her clients navigate the confusing world of finance by educating them on how to plan for each season of their life. It goes beyond protecting your health. Kimberly has identified many crucial areas of concern: health, life, disability income while you’re working, senior healthcare, Social Security, longevity (never running out of money), the high cost of aging impact on investments, and protecting a legacy for her client’s children. She uses her own extensive knowledge as well as a team of specialists to provide cutting-edge resources in an ever-changing environment. She knows that God blesses us daily with the gift of life and the opportunity to make a difference in the world. Each new relationship in her business and personal life is meant to be cherished.
Kimberly is an avid gardener who also enjoys cooking what she grows, hiking, campfires, and family fellowship. She lives in rural Indiana with her husband, Jeremy, her two sons, Blake and Preston, and their fur baby Yorkies, Brianna, Finnegan and their German Shepherd, Gus. She is the author of The Money Garden: Purposeful Financial Planning for Your Seasons of Life.
Learn More: http://www.kimberlypohler.com