The fear of running out of money isn't always without merit, he says, pointing to the "biggest risk of all" -- the eventual need for long-term care. With these needs in mind, he urges clients to create an income stream and hedge against future expenses with various annuity and life insurance policies that include long-term care riders. What he doesn't advocate is relying on so-called "safe" investments -- including cash, CDs and other bank products -- to provide peace of mind.
Pity the Retirement Hoarder
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.