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Your retirement readiness by Max El Tawil, CFP®, ChFC Whether you are young, and retirement is a distant goal, or you are already retired, it is wise to revisit your goals, plans and strategies frequently. It is a question of whether there will be money left at the end of life, or life left at the end of the money! Many retirement portfolios have been badly dented by the recent financial markets’ near meltdown. Thankfully, things have been on the mend for about a year now. We must look and evaluate whether the negative effects of such severe market declines could have been mitigated. Below are a few of the most common ill-advised practices in managing investments: Excessive Withdrawal Rate: Many people feel that the rate of return on a portfolio is a good guideline for withdrawal rates. For example, if a total return of 8% is assumed, then one can reason that a withdrawal rate of 8% should constitute living off the earnings without touching the principal. However, It is critical to remember the words “average annualized” which must be used with rates of return. It means your return in any one year could be much higher or much lower than that average. So, if your portfolio experiences a decline of 25%, like many did last year, that 8% becomes nearly 11%. This further exacerbates the ill effects of a bear market on your nest egg. Chasing Yield: Many retirees believe that if you invest in high dividend paying stocks, you can just live off that dividend and never have to worry. We know all too well what happened to the dividends of major banks and real estate investments last year. While dividend yield is a factor is selecting an investment, it is by no means the only, or even the most important criterion. Second Guessing the Markets: Experience teaches us that trying to outsmart the market usually leads to buying high and selling low, the opposite of what we need to be doing. A well designed portfolio, based on your own time horizon, income needs and risk tolerance usually fairs much better in the long run than trying to guess at the best time to buy or to sell an investment. Max El Tawil, CFP®, ChFC, is a Fee-Based Certified Financial Planner® Practitioner. Max is a resident of Canyon Lake and a Member of the Canyon Lake Rotary Club. He authored many articles on Estate Planning in Physician’s Money Digest. Max invites your questions and comments at 830-935-3496 or maxeltawil@gvtc.com. Registered Representative. Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor.
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May 2010