UlTImATE SUccESS GUIdEPlAn FoR FUtURe geneRAtIonsI am up bright and early every morning. I just love my career, and it
is usually still dark when I head to the office. I use the time to answer
emails, plan to check in on some clients I haven’t heard from in a while,
and organize my day. I don’t expect any visitors. Who is as crazy as I
am about retirement finances?
As it turns out, there are more than a few.
I have one client, Ruth, who spends her early mornings in a slightly dif-
ferent way than I do. She goes to the gym, where she uses the elliptical
and watches the morning news. One morning she did not like what the
news told her. She ran out of the gym and drove to my office at about
6:45am, knowing I would be there.
The Dow Jones Index fell more than 500 points that morning, and she
was done with the volatility. She wanted to move her money to some-
thing safer to eliminate losses. We sat at my desk and got to work with
the front door still locked and the closed sign still swinging in the win-
dow from her loud knocking.
I take care of my clients, and many of them want to take care of their
children by planning some form of inheritance. It is not as easy as one
might think. And it is especially hard with 10,000 baby boomers turning
65 everyday, according to Bloomberg.
With our aging population, Social Security is dwindling, and it is falling
fast. By some estimates, it will be depleted by 2033. A young 23-year-
old professional straight out of college, for example, is unlikely to re-
ceive social security. And my one year old or nearly three year old? Not
a chance.
Clients like Ruth want to prepare a portion of their savings to pass on
to their children. Like the majority of my clients, Ruth wanted to make
sure she provided a legacy her children would inherit and benefit from.
We make sure that happens properly by setting up a Stretch IRA, or
Multi-Generational IRA.