Financial Retirement planner Jeff Vogan in Mesa & Tucson Arizona disusses retirement planning strategies for high net worth investors.
There is a lot of advice out there specifically targeted toward individuals with high net worth. Unfortunately, it is sometimes assumed that the more money you have, the less you have to worry about retirement. This just isn't the case.
The truth is, the more money you make the more likely you are to run out of money during retirement because: 1. You will be retired longer. Not only are you more likely to retire earlier, but you are also more likely to live longer. Those two factors combine to make a long retirement. Do you have enough wealth to last up to 35 or 40 years?
2. You have a higher standard of living. Not only do you make more money, you also spend more money. Don't plan on lowering your standard of living when you retire - it rarely ever works that way. It is very difficult to live at a lower level than you are accustomed. Plus, if you prepare well, you won't have to.
3. You may not have enough in liquid assets to provide you with sufficient cash to support your current standard of living. Your assets will need to replace the paycheck you've enjoyed during your working days.
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