Seasoned retirement planner Chris DiGregorio joined Philadelphia-based financial firm Janney Montgomery Scott, LLC in 2015. In his work with Janney, Chris DiGregorio focuses on wealth planning strategies that enable clients to mitigate risks after retirement. Even with secure income vehicles, retirement can be impacted by external events. Below are some of the most frequent risks that can occur post-retirement.Health Problems: Aging often comes with more complex health issues, which can result in costly treatments and hospitalizations. Retirement planners suggest long-term care insurance policies to defray the cost of assisted living facilities or in-home nursing care.Federal Policy Changes: The government may change terms of entitlement programs without warning. For this reason, retirement specialists advise retirees not to depend solely on government programs or one type of investment vehicle for income.Stock Market Volatility: The impact of a bad market on a retiree’s assets depends on when the downturn occurs. Market losses may not impact older retirees as much, but people nearing or entering retirement can be greatly affected. It is advisable to have other sources of retirement income, and to make conservative withdrawals.
Experienced in municipal and corporate bonds investing, Chris DiGregorio is Janney Montgomery Scott’s senior vice president of investments. At Janney, Chris DiGregorio facilitates retirement planning and reviewing of retirement plans. It is important to check your retirement plan periodically. Here are three instances when you should do that: -When you experience major life changes These include getting married, divorced, or having children. They also include purchasing or selling a house, getting into debt, or changing jobs. All these have the potential to impact your income or net worth, and consequently, your retirement savings needs. Family changes may also have a bearing on your retirement plan’s beneficiary. Review your retirement plan after experiencing a major life change. -When your risk tolerance changes Has your tolerance to risk changed? Are you more concerned about market volatility or prolonged bear markets? It is common to have people approaching retirement assume a more conservative approach to risk than younger people with a longer investment horizon. If this is the case, review your retirement plan. -Have your retirement income needs changed? Maybe you originally planned to spend your retirement back home but you now want to travel so you’ll need more savings. Maybe your health or that of your spouse has changed. You may also want to start a business or get a part-time job in retirement? All these will impact your retirement income needs. Review your plan to factor these in.
Chris DiGregorio is a well established member of the financial advisors of Janney Montgomery Scott, LLC team who provides clients with experienced pre- and post-retirement planning services. In his work with Janney Montgomery Scott, Chris DiGregorio emphasizes the importance or properly balancing portfolios between equity, insurance, and other diversified holdings. With the expenses associated with long-term care an extreme burden to many, those about to retire are often concerned that an extended stay in the hospital will quickly deplete retirement savings and income. Unfortunately, long-term care insurance (LTCI) can be expensive, particularly considering that it will, with luck, never be used. One solution is to purchase a ”combination" policy that includes both permanent life insurance and LTCI. As required, the pool of money associated with such coverage can be used to pay monthly health care expenses. In cases where the money is not used during the principal’s lifetime, it provides the designated beneficiary with a death benefit. Another alternative to expensive long-term care policies is to take an existing life insurance policy and add an acceleration rider. This allows the death benefit to be tapped for long-term care expenses should they arise. Keep in mind that optional benefit riders involve an additional fee, as well as another layer of conditions, limitations, and contractual terms, and will not be suitable for every investor.
Janney Mongomery Scott senior vice president of investments Chris DiGregorio has worked in the financial services field for almost two decades. Chris DiGregorio’s work at Janney includes helping people plan for their financial future, a practical, emotional issue that should include some consideration of beliefs around money and communication with older and younger generations. A study in the Journal of Financial Therapy found many people have basic beliefs about money that can prevent them from making the best decisions for their financial future.Some people exhibit money avoidance, where they believe money is fundamentally bad or unethical, and may sabotage their ability to become financially stable. Others are money worshippers, who obsess about money at the cost of things in life such as health and relationships. A third group believes money equates to status, which can make them overspend in an attempt to appear wealthier than they are. A fourth group is overly vigilant about money: Their financial behaviors are sound, but they can have so much anxiety around it that they do not enjoy their lives as much as they could. When considering financial planning and making big decisions about money, it’s helpful to consider which of these beliefs may be influencing financial choices. These beliefs often come from family, so it’s important to talk to parents and others in the family about their financial beliefs and patterns.
