Is your financial plan on track? Are you diversified to weather the storm when the markets react negatively? Do you know how your wealth will be transferred to your heirs? These are all questions we see on a regular basis and are of great concern to the Baby Boomer generation that is nearing or beginning retirement. If not positioned correctly, market downturns like the most recent Coronavirus outbreak can really put a hurt on our retirement assets. This happened during the Great Recession of 2008-2009 when investors reacted emotionally by selling out of their equity positions and raced to cash or fixed income. The only problem with that is interest rates have been virtually non-existent since then and many missed out on the rebound. Events like this can derail your plan or cause financial stress if your portfolio isn’t diversified to meet your current risk tolerance.
An astonishing 10,000 Baby Boomers per day are reaching that retirement age of 65, and by 2030 there will be approximately 75 million in retirement.  Do you know what your spendable income in retirement might look like? With medical advances, people are living longer and therefore will need their assets to last longer. Consulting with a financial advisor can help you establish a financial plan and relieve the stress of many of these questions. An advisor will also help you to not make emotional decisions on your assets that could harm your overall financial plan.
An estimated $68 trillion in wealth will be passed down within the next few decades from the Baby Boomer generation.  Transferring your wealth can require comprehensive planning depending on your personal situation. No financial plan is the same and that’s the main reason professional advice is so important.
At Duncan Williams Asset Management, we are here to answer these questions and facilitate your financial matters. We have established a team that will be there with you to and through your retirement.