Learning to Plan for a Sound Retirement


“As the old saying goes, ‘most people don’t plan to fail, they simply fail to plan,’(quoted by John L. Beckley)” says Brian Massa, Horter Investment Management’s vice president of sales for the Cincinnati region. “And this is especially true when it comes to retirement planning.”


To better serve those who are looking to retire, Horter has been offering a free course to help lay the foundations for a sound retirement.


Americans need retirement planning more than ever. Thanks in part to medical advancements and health education lengthening the average life expectancy, the number of people reaching the age of retirement has been skyrocketing. With only 3 million Americans over the age of 65 in 1900, today 1 in 8 Americans are over the age of 65 and it’s been predicted that 1 out of every 5 Americans will turn 65 by 20301.


More and more baby boomers are starting to hit that magical age, too. In 2010, 1 out of 10 reported that they had retired while nearly 1 in 6 say they had retired in 20152 . “It’s never too early to start planning out your retirement, but clients generally start thinking about retirement around the age of 55 knowing they will still work another 10-15 years,” says Massa. “I have noticed that the earlier they start planning, the more confident they feel going into retirement. This is especially true as the date gets closer or should they decide to retire earlier.”


The free, two-night, “Planning Your Retirement Course,” has been offered at different locations around Greater Cincinnati and addresses retirement topics that may be difficult for most.


“We cover things like social security maximization strategies, legacy planning and costs of long-term care,” says Massa. “We also point out some of the pitfalls that can possibly be avoided throughout the years. “Students who enroll will also receive tools needed to help them better understand risk, budgeting and estate planning. I’ve found that some expect Social Security to be a larger portion of their retirement income. Realistically, the amount they are receiving from Social Security is a much smaller portion of the overall need and should be addressed earlier rather than later.”


The number of retirees receiving Social Security benefits has gone from 13.3 million in 1970 to over 39 million in 20141 . The course will cover the latest updates on Social Security and explore other sources of retirement income. “This course is really for anyone nearing retirement or has concerns about running out of money after they retire,” explains Massa. “We recommend it for individuals and couples who are between the ages of 50 and 70 and those who are concerned about market volatility and want to prepare for the next recession.


“Retirees today are expected to live a lot longer and stay healthier than previous generations3 . For many, this is where the fear of running out of money truly hits home.”


As Americans get older, they worry about affording long term health care after they stop working. For example, a 65-year-old male’s life expectancy increased by 40 percent between 1990 and 20022.


“Some pre-retirees are watching their parents age and have been dealing with some of those difficult decisions when it comes to their long-term care,” explains Massa. “In my opinion, going through this experience has made them determined to take control of this aspect of their lives now instead of waiting and doing it down the road when they are the ones their own children are then worrying about.


“Planning properly can help bring peace of mind not only to our students and clients, but also to their children who would be given a better understanding of what mom and dad want and have already planned for.” Also covered in the course are steps students can take in order to help avoid running out of money after they retire.


“Some retirees are retiring with mortgages and car payments that could have been taken care of before if they would have planned better,” says Massa. “We also work to dispel traditional rules of thumb for retiring that may no longer apply. For example, it used to be taught that you only need 60 percent of your preretirement income to live on while in retirement. Now that number is much closer to 80 to 100 percent in order to maintain the lifestyle that retirees worked so hard for.


“When people begin to see these realities, they can then start taking control of their retirement destination and determine how their years in retirement will look. Getting a plan moving early helps give the best chance of success.”


Other topics that will be covered in the course include rules, regulations and tax consequences of qualified plans like IRA, 401k and 403b and how to best manage them. Students will also be given key questions they should ask their financial advisors. Students will also learn how to get their estate in order by understanding more about wills, trusts, probate and tax-efficient distribution to their heirs.


“Most people just don’t know what they don’t know and this course gives them an opportunity to get a fresh perspective.” There is no cost to attend, but advanced registration is required. Connect with marketing@him-ria.com or call (513) 984-9933 to find out when and where the courses will be offered.


Horter Investment Management is located at 11726 Seven Gables, Symmes Township, Cincinnati, OH 45249. For more information, call 513.984.9933 or visit horterinvestment.com.