Daniel Keady, CFP®, RMA® is a Chief Financial Planning Strategist. Dan has over 30 years of financial services experience and his current role is in advice “thought leadership” with prior roles including managing a group of financial planners for over a decade. He also serves as a media spokesperson on financial planning topics for TIAA and has been quoted in numerous national publications and web sites. Dan also serves as CFP Board Ambassador and is a board member of the Retirement Income Industry Association.
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It's normal to feel conflicted about your retirement plans.
Annuities are sometimes touted as a solution for retirees concerned about outliving their savings. But these products can be complicated.
"It’s also normal to feel worried about running out of time and worried about running out of money at the same time. This is the first generation where, in general, when you retire, you’re your own income captain, and you just have this nest egg. Most people’s 401(k) [plans] have gone up with the market, but now you have to convert that into an income stream for an unknown number of years.”
A good financial plan that includes education, advice and lifetime income options for retirement can help build confidence that allows people to enjoy life today, without forfeiting their future retirement security.