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Summary: Today’s topic is risk management in retirement, a crucial aspect that can cause anxiety but is necessary to address to ensure a comfortable retirement. Mark recalls a conversation with a client about “being hit by a bus,” highlighting the importance of acknowledging unexpected events and the need for insurance as we age. He outlines various retirement risks, including health issues, the difficulty of returning to work, and the recent impact of inflation on retirees. Mark notes that asset-related risks, such as investment volatility and fixed-income challenges, are of growing concern due to longer life expectancy. The key advice is to understand possible outcomes and run scenarios to be prepared for different risks rather than avoiding them out of fear. He draws an analogy with having a flat tire – it’s important to know how to handle such situations in advance rather than relying on a quick Google search at the moment. Understanding why you are exposed to certain risks, like equity investments, helps not only in accepting the associated volatility but in capitalizing on it. Knowledge empowers retirees to handle risks with confidence, so appreciating and managing risks is vital for a successful and fulfilling retirement. In conclusion, embracing and understanding risk is paramount for achieving a healthier, wealthier, and happier retirement. Key Themes: **Retirement Risks** – The discussion frequently touches upon the various risks associated with retirement, such as health risks, career risks, inflation, fixed income risk, investment risk, longevity risk, and volatility. **Risk Awareness and Management** – The importance of understanding, preparing for, and managing risks in retirement is a recurring subject. **Knowledge and Preparedness** – Another theme is the empowerment that knowledge and preparedness can give to individuals, providing the means to deal with risks proactively. Contextual Connections **Retirement Risks** – Mark Struthers speaks about the different kinds of risks that one might encounter during retirement, emphasizing the unpredictability and potential financial impacts of these risks. Throughout his discussion, especially around [00:00:36] to [00:03:49], he raises awareness that retiring individuals need to be mindful of these challenges. **Risk Awareness and Management** – He delves into the importance of recognizing the significance of being able to handle these risks rather than avoiding them. From [00:05:25] to the end of the transcript, he talks about learning to negate risks while still achieving goals, suggesting a balance between caution and perseverance. **Knowledge and Preparedness** – Starting around [00:02:12], Struthers highlights how being educated about possible scenarios can better equip people to face uncertainties. Then, at [00:05:25], he uses the example of a flat tire to illustrate how preparedness can make unexpected situations less daunting. Synthesize Insights Throughout the conversation, Mark Struthers emphasizes a multi-faceted view on retirement that extends beyond finances and into the realm of risk management. The overarching narrative is the necessity for retirees to understand the various risks they may face and actively prepare for them. Struthers’ personal anecdotes serve to humanize the discussion, making the concepts relatable and teaching listeners that knowledge is a powerful tool against uncertainty. His consistent message is one of empowerment— by comprehending risks and learning to manage them effectively, retirees can achieve a healthier, wealthier, and happier retirement, which reflects the program’s holistic ethos. He advocates for a proactive stance towards challenges, thus allowing individuals to maintain control over their retirement journey.

Disclosure: Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document. This video is for educational purposes only. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.

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