As there is not one formula that works in all environments, retirees should look at their retirement as their own personal pension and they need to know if they're over-funded or under-funded, says David Loeper, CEO and Founder of Wealthcare Capital Management in Richmond, Virginia and author of "Stop the Retirement Rip Off."
Loeper doesn't necessarily with the media overly reporting that most retirement plans are under-funded, questioning whether many people have ever bothered to calculate whether or not you're over-funded for a particular set of goals. He says that if it's mathematically possible to not be saving enough, it must also be mathematically possible to be gaining too much. Loeper's concern is that people aren't looking at both sides of the equation.
As it's not possible for a consumer to calculate all of this on their own, as there are a lot of things that go into the calculation, there are some advisors out there delivering services to help retirees make the most of their life and recognize the uncertainty of the markets. He does caution "buyer beware," as there is a lot of misleading information on annuities supplied by the product distributors.
With pensions and annuities, Loeper says that someone else is getting the upside of the market in exchange for giving you low return and that's not how to make the most of your life. He says it's important to look for a professional fiduciary advisor who puts your needs above their professional interests.
David Loeper is the CEO and Founder of Wealthcare Capital Management in Richmond, Virginia and author of "Stop the Retirement Rip Off." Loeper spoke with Retirement News Today, providing online, on-demand retirement news video content.