{"id":24342,"date":"2017-06-03T15:24:27","date_gmt":"2017-06-03T20:24:27","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=24342"},"modified":"2017-06-03T15:24:27","modified_gmt":"2017-06-03T20:24:27","slug":"frazier-allen-tune-in-to-levels-of-control","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2017\/06\/03\/frazier-allen-tune-in-to-levels-of-control\/","title":{"rendered":"Frazier Allen: Tune in to levels of control"},"content":{"rendered":"
\n
\n
\n

\"F&MClarksville, TN<\/strong> – Know what you can tweak to find your ultimate retirement income mix.<\/p>\n

As much as some of us would like to control everything, the truth is we can\u2019t. Many retirees harbor a distant fear that their money may not last as long as they need it to.<\/p>\n

When it comes to something as important as your retirement income, knowing what you can control and by how much may help save your energy for the things you can change.<\/p>\n

\"Frazier<\/a>

Frazier Allen<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/p>\n

\n
\n
\n

The spectrum of control<\/h3>\n

Direct control<\/h4>\n

Where your money lives<\/strong>
\nHow and where you put your money is one of the largest areas of influence you have. Work with your advisor to ensure your asset allocation reflects your risk tolerance, your time horizon and your short- and long-term needs.<\/p>\n

How much you spend and save<\/strong>
\nSave as early \u2013 and as much \u2013 as possible, and live within your means. Your advisor can help you decide on a withdrawal rate to keep you comfortable during a long and fulfilling retirement. Depending on market returns, this rate may need adjustments.<\/p>\n

\n

Some control<\/h4>\n

How long you work<\/strong>
\nWhile you may want to work in retirement, nearly half of retirees in 2014 left the workforce before they planned to due to health concerns, care giving responsibilities or company changes.<\/p>\n

Your health<\/strong>
\nWhile you don\u2019t know for sure what will happen, you can increase your chances of a long, healthy life through better healthcare, preventive care and good nutrition. <\/p>\n

\n

Out of your control<\/h4>\n

The what-ifs<\/strong>
\nNo matter how much you try, there are always unknowns that you can\u2019t exactly plan for. Build in a contingency plan by creating a financial cushion should you need cash on short notice and by mitigating risks with proper insurance coverage (e.g., long-term care insurance).<\/p>\n

The markets<\/strong>
\nEven with thoughtful planning, no one has ever been able to predict what the market might do. Consider what you\u2019ll do if you encounter a series of less-than-ideal market returns.<\/p>\n

The cost of living & taxes<\/strong>
\nThings cost more over time. The inflation rate for retirement-age Americans is higher because they spend more on items that rise fastest in price, such as healthcare and housing.<\/p>\n

\n

As for taxes, without knowing when the government may implement a change that may affect you, be sure to take advantage of savings in tax-favored accounts, particularly those geared toward retirement.<\/p>\n

You are your best advocate when it comes to fulfilling your retirement dreams, so be sure to exercise your power thoughtfully and proactively. Your advisor can help you stay ahead of the game and implement a plan that reflects what\u2019s most important to you.<\/p>\n

Next steps:<\/h3>\n