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Winning Financial Mentoring

Clients, Especially Retirees, Benefit Through Art Of Smart Investing, States Bischoff Wealth Management Specialists

Retirees optimize and benefit most from financial planning with a strong, experienced professional adviser so they can avoid inadvertently overspending, asserts Brian Bischoff, principal/financial adviser of Bischoff Wealth Management in Greenwood. 

"We help our clients get the most out of their money so they can spend more in retirement than perhaps they thought possible," says Brian. "Careful and comprehensive financial execution during retirement can also help everyone keep pace with inflation over time."

Wealth management can be tricky, or complex. For example, Americans can apply for benefits at age 62, but the benefit they receive will be up to 30% less than it would be if they waited until what the Social Security Administration deems “full retirement age” (FRA), which presently is 67 for people born in 1960 or later. 

Brian says when anyone begins to withdraw assets from their retirement nest egg, it's vital to apply strategies that consider capital preservation, especially during early years of retirement.

He reminds that while retirement savings can appear to be an ample source of assets, retirement may last 30 years or more. "So, that's why it's so helpful to work with a certified financial planner to take inventory of expenses, identify all sources of income and develop a strategy to maintain one's retirement lifestyle for as long as they live."

Nationwide Retirement Institute surveys indicate the biggest concern among older adults regarding retirement is the potential for uncontrolled costs. According to a 2024 NRI survey, a significant majority (72%) of adults aged 50 and older are concerned about their retirement costs spiraling out of control, while two-thirds believe a single health issue could severely impact their finances for years to come. 

That same survey indicated more than 10% have taken a loan or early withdrawal from their retirement savings to pay for medical costs, and that 44% of Americans are unable to cover an unplanned $5,000 out-of-pocket medical expense.

"I help clients organize their financial portfolios to very efficient levels, through cost-effective fees and seasoned advice that parallels their best interests. Because we're an independent registered investment firm, it's one of the benefits that allows us to advise our clients for reasonable fees," says Brian. 

317.851.9718
BischoffWealth.com

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