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  • retirement quiz


    THIS QUIZ CAN HELP YOU DETERMINE HOW STRONG YOUR RETIREMENT INCOME PLAN IS AND THE PROBLEMS YOU OR YOUR PORTFOLIO COULD FACE IN THE FUTURE.

    1. If your portfolio lost 10%, 20%, 30% or more in the markets, would it affect your ability to spend confidently in retirement?
    Yes (1 point)
    No (0 points)

    2. Are you worried about the current rate of government spending?
    Yes (1 point)
    No (0 points)

    3. Do you pay tax on your current Social Security income?
    Yes (1 point)
    No (0 points)

    4. Do you rely on Social Security benefits for most of your income?
    Yes (1 point)
    No (0 points)

    5. Are you worried about your family’s financial well-being in the future?
    Yes (1 point)
    No (0 points)

    6. If you died tomorrow, would your spouse lose more than 20% of the current household income?
    Yes (1 point)
    No (0 points)

    7. Do you have a plan that will guarantee your income to double in the next 20 years?
    Yes (1 point)
    No (0 points)

    8. Have you gifted to your children, your church or a charity for any amount in the past five years?
    Yes (1 point)
    No (0 points)

    9. Do you own a variable annuity?
    Yes (1 point)
    No (0 points)

    10. Do you currently use an annuity as a source of income?
    Yes (1 point)
    No (0 points)

    11. Do you own A-, B-, or C-share (or loaded) mutual funds?
    Yes (1 point)
    No (0 points)

    12. Do you have longevity insurance?
    Yes (1 point)
    No (0 points)

    13. Are your parents still alive and older than 80, or did they live past the age of 80?
    Yes (1 point)
    No (0 points)

    14. Were you forced to retire early, or were you laid off before you were ready to retire?
    Yes (1 point)
    No (0 points)

    15. Do you have a written income plan?
    Yes (1 point)
    No (0 points)
    Unsure (2 points)

     

    HOW DID YOU SCORE?

    A score of 10 or more means that you are highly likely to face some sort of significant income planning obstacle during your retirement. Having multiple risks to a reliable income stream is the No. 1 thing retirees should try to avoid during their retirement. These risks can come from all angles — too much market risk, too high of a withdrawal rate, no protection from catastrophic illness, inflation, etc.

    Your first step toward a 5-Star Retirement is to begin to remove some of these risks from your income equation. If you scored three to nine points, you may want to take a closer look at your retirement portfolio to determine if your income plan will last as long as you do. Often, scores in this range tell us a few key things about a portfolio. Most often, clients carry too much risk in their current portfolio, have not specifically laid out a proper plan on how to withdraw funds from their portfolio, or have a plan that is based on flawed and outdated approaches such as the 4 percent rule and turn to bonds to create greater safety. One false step and you might run out of money before you pass away.

    Individuals who score two points or less typically do not need income from their investment portfolios. If you are in this range, you are probably an excellent saver, and you may need to address your wealth management plan so that you do not take unnecessary losses in the next major market cycle. Candidates who score in this range greatly benefit from steps 1, 3 and 4 of the Financial Guided Planning System.

    THINGS TO CONSIDER

    Read through the following questions and jot down a quick answer to each question. The answers to these questions can reveal a lot about the current state of your retirement portfolio. Make sure you bring this quiz to your first appointment!

    1. At your last quarterly meeting, did your advisor explain to you how much of your portfolio you might lose in the next major market cycle? Did he/she develop a game plan to address that risk?

    2. Do you understand fully the amount you are paying for investment advice? Do you pay an annual management fee on top of the other hidden costs that might be present in your current portfolio? What process did your advisor take you through to reduce costs across your portfolio?

    3. Do you have a written income plan that spells out specifically which accounts you will access for income either now or in the future? Are those accounts a guaranteed source of income or a non-guaranteed source of income?

    4. Has your advisor ever disclosed to you whether or not he/she operates under a “suitability” standard or a “fiduciary” standard?

    5. Has your advisor discussed what you need to do to ensure that your investment portfolio is not lost to a catastrophic illness or Medicaid spend-down? Has a qualified estate attorney assisted you with proper legal document development and estate planning strategies?

    Understanding these five questions can get you one step closer to a 5-Star Retirement plan.

    Advisory Services offered through Strategic Investment Advisors, a Registered Investment Advisory Firm.


    To schedule a time to discuss your financial future and design a retirement plan, contact us at kcassidy@seniorplanningadvisors.com, or call us at (866) 211-1904 today!



    Meet Kirk Cassidy

    Kirk Cassidy is the president of Senior Planning Advisors and Strategic Investment Advisors. He is a fiduciary who holds a Series 65 securities license, as well as a life insurance license in Michigan and many other states. In addition, Kirk is an advisory board member for a $6.5 billion institutional money management firm. Over the years, Kirk has helped hundreds of people all over the country retire with a comprehensive retirement plan that best fits their needs. He believes that proper tax planning can help increase asset performance in retirement without taking on greater risk. As a result, he developed an asset allocation model that provides clients with a roadmap to help preserve and distribute financial assets, while also helping to increase their wealth.
    learn more about Kirk

    Meet Paul Metler

    Paul Metler is the co-president of Senior Planning Advisors – Ann Arbor, and is an Investment Advisor Representative for Strategic Investment Advisors. He holds a Master of Business Administration degree from the Ross School of Business, University of Michigan, and has 20 years of experience in clinical, academic, administrative and executive leadership positions in public and private health care systems.
    learn more about Paul

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