Fletcher Financial Group

Description

Traditional Income Planning Personal Income Planning was previously neither prevalent nor important. In the past, most Retirement planners gave little thought to developing an income plan at all due to the combination of Company Pensions and Social Security, which were often enough. However, times have certainly changed as employers passed on the risk of creating a pool of money large enough to provide income for a lifetime to its retirees. This shift from Defined Benefit to Defined Contribution went largely unnoticed. 401K, 401A, and 403B became familiar, and by then, it was too late. This shift led to underfunded portfolios and retirements marked by stress, work and dwindling options. In the 1980s, 80% or more of employers offered a pension while today, about 10% do so. Now, several decades later, most investors finally understand; they are now fully responsible for the inevitable income shortfall. Social Security was never designed to be a retirement plan – a mere safety net and at most, a supplement to the Pension and Private funds necessary to produce a stress-free retirement.

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