Fiduciary Standard

Until recently, many retirees have been able to rely upon the three-legged stool of retirement income sources: A defined benefit pension plan that guarantees a lifetime income, their own savings, and Social Security.

A few weeks back, Jerry, a 67-year-old gentleman, walked into my office and asked about “stress testing” his retirement plan. I do a lot of these stress tests and, frankly, I hear the same thing over and over: “I think I feel pretty good about my plan.” When I asked Jerry what his financial goals are, he said he wants to ensure he has enough income to last his lifetime with the remainder of his assets going to his only son, who is struggling financially.