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Robin Dolezal: Good morning everyone. My name is Robin Dolezal. With me as always is Alex Pars and David Renzi. Together we are with Ironwood Financial. Welcome to another episode of our podcast. People often throw around the term retirement income advisor, so today we want to talk about what that is. Who is that professional, Alex? I mean, to me, a retirement income advisor is someone who’s going to help someone with their retirement planning and help them with their income through retirement. Does that sound right to you?
Alex Pars: Yeah, I mean, that’s a good starting point. I mean, there’s really an inflection point in retirement planning between when you are in the accumulation phase versus the distribution phase, because a lot of people, when you’re 20 years old, if your portfolio goes up or down a bunch, yeah, it’s kind of a bummer or exciting, but you’ve got 40 years for it to come back. So that really is very different from someone who’s retiring next year or in six months or is already retired. A retirement income advisor is going to help you figure out how to take this nest egg and turn it into an income stream. There’s lots of different ways to do that, but that’s very different from the advice you might get from, say, your company 401k, where that’s all about accumulation, because again, it is a different phase of your life and you can’t stand to take the big hits that you can take earlier in your retirement planning career, if you will.
David Renzi: The people we typically work with, what would you say about 80% of them are already retired or almost retired. So one of our specialties is making sure that those assets last throughout your retirements. There are other people we’ve run across where they’re like, ‘Hey, you know what? I’m going to take these high-risk, high flyers and I’m going to try to double your money in the next four years.’ Okay. That’s a very different type of financial advisor, a different type of thing. We are very focused on making sure that the money that you’ve worked hard to save gets you to retirement and keeps you retired.
Robin Dolezal: Do you think some of the steps that a retirement income advisor will discuss with a client?
Alex Pars: I think the tough thing about planning for retirement income is you get one shot at it and you don’t know what you don’t know. So even meeting with a pro and discussing, ‘Hey, this person’s seen hundreds of retirements. They know all of the most recent strategies and are up to date with what’s going on with the tax code or can recommend appropriate professionals for a certain situation.’ And then you come in and say, ‘okay, let’s build a custom plan that fits your needs, and it’s not just this year, it’s for the rest of your life.’ So it could be, ‘let’s do something that can tolerate the volatility of the markets so that if we do have another 2008 scenario or a covid scenario, you don’t sell at the bottom and then sit there, it’s, ‘Hey, you have some safe investments on the sidelines that can provide an income for the next couple of years.’ And then you say, ‘Hey, maybe you need some equities to grow long-term and keep pace with inflation.’ So there’s a few things that go into it, and it’s not just as easy as, let me put it in a 60 40 portfolio and take monthly distributions. Hey, what’s going on? How do I get something that’s customized to meet my needs and what do I do going forward?’
David Renzi: It really depends on the person. I mean, we’ve got people, obviously all of our clients are very bright people, good savers. They were very successful in their careers, and yet they don’t feel comfortable handling this themselves, and there’s a lot of different reasons why you might not want to do it yourself. One, you may not want to take the time who has a pool service. I would say probably most people who have a pool have a pool service because they hate taking care of the pool. Doesn’t mean they can’t do it, it means they don’t want to. And whatever professional you hire, you could clean your own drains if you wanted to, but most people don’t do it because they don’t want to. So is it worth it? Yeah. I mean, one of the things that we get the most feedback on, I think that people say makes it worth it to them is really just a sounding board, because especially in today’s day and age of media, people come in with some of the craziest ideas. I mean, one of the common questions we get really, I mean it seems like it’s a nonstop cycle these days, is what if that other guy wins the election? Okay, that’s going to be the end of the world and my portfolio is going to tank, and I like to remind people that we’ve been through many elections and the country’s still here. So having a sounding board for some of the things that concern you most, I think people find very valuable.
Robin Dolezal: Alright. Well, great topic guys. Thanks for your insight on that one. If this is something that you want to learn more about, if you are getting close to retirement and want to have questions answered or want a sounding board, as we’ve said, please use us as a resource. You can find us at ironwoodfinancial.com or you can reach us at 520 318 4600. Thanks for watching.
