Scott Edelman discusses the main risks of retirement
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-scott-edelman-founder-of-edelman-wealth-management-group-discussing-risks-of-retirement/
In this episode of Influential Entrepreneurs, Scott Edelman, the founder of Edelman Wealth Management Group, explores the critical topic of the five risks of retirement. With nearly 30 years of experience in the industry, Scott shared valuable insights on how to navigate these risks effectively.
The discussion began with longevity risk, highlighting how advancements in modern medicine have led to longer lifespans, which necessitate careful financial planning to ensure that retirement savings last. Scott emphasized the importance of understanding not just how long one might live, but also the quality of life desired during those years.
Longevity risk refers to the potential financial strain that arises from living longer than expected. Traditionally, many individuals planned to retire around the age of 65 or 67, assuming their savings would sustain them for a decade or two. However, with modern medicine enabling longer and healthier lives, the reality is that retirees may need their savings to last well into their 90s or beyond. This shift necessitates a reevaluation of retirement strategies, as individuals must now consider not only their financial needs but also their quality of life during those extended years.
As Scott emphasizes, planning for longevity should begin early. It is not merely about accumulating wealth but rather about ensuring that those resources can support a desired lifestyle throughout retirement. Early planning allows individuals to assess their potential longevity and make informed decisions about their finances, health, and lifestyle. By understanding their expected lifespan, retirees can create a more accurate financial roadmap that accommodates their needs during various stages of retirement, from the active “go-go years” to the slower “no-go years.”
Edelman points out that longevity is not just about living longer; it is also about living well. Retirement should not be viewed solely as a financial endeavor but as an opportunity to enjoy life to the fullest. This involves considering factors such as health, fitness, and personal fulfillment. As individuals plan for longevity, they must also focus on maintaining their physical and mental well-being. Engaging in regular exercise, pursuing hobbies, and nurturing social connections are vital components of a fulfilling retirement. By prioritizing quality of life alongside financial security, retirees can ensure that their extended years are not only sustainable but also enjoyable.
In conclusion, planning for longevity in retirement is no longer an optional consideration; it is a necessity in today’s world. As people live longer, the risks associated with longevity must be addressed with proactive financial and lifestyle strategies. By starting early, focusing on quality of life, and preparing for the various stages of retirement, individuals can create a comprehensive plan that not only safeguards their financial future but also enriches their lives. As Scott Edelman wisely states, the goal is to provide the necessary resources for retirees to live the way they want to live, ensuring that their retirement years are both sustainable and fulfilling. By embracing this mindset, individuals can navigate the complexities of longevity and enjoy a rewarding retirement experience.
Scott shared: “Our clients see that in my own personal life is health and fitness is paramount, and I am preparing to live longer; therefore, I understand how to coach those individuals in retirement because people are going to take better care of themselves to also live longer. So when we prepare for that longevity, we like to have that conversation early, and really deep dive into not only are you going to live longer but what is your quality of life going to be? Our goal is to provide the necessary resources for them to live the way they want to live.”
Video Link: https://www.youtube.com/embed/BZZYa-cshmc
About Scott Edelman
Scott is the President & founder of Edelman Wealth Management Group and manages all aspects of financial planning and employee benefits, providing products and services for investing, retiring, insurance, and estate conservation for individuals, families, and businesses.
He has a strong commitment to giving uncomplicated advice and unparalleled service and puts an emphasis on creating lasting relationships with his clients and within his community.
A natural teacher and mentor, Scott is a member of Strategic Coach, an entrepreneur business coaching program. He is a thought leader in the financial field and a regular speaker at conferences. Scott is also active with local charities and is on several boards.
Scott lives in Bucks County, PA with his wife and children.
Learn more: http://www.edelmanwealthmanagement.com/
Edelman Wealth Management Group, Inc. Heston Hall 1790 Yardley-Langhorne Road, Suite 202 Yardley, PA 19067 . Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth
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