When Bob Showed Up on My Calendar
I wasn’t expecting Bob.
In fact, when his name appeared on my calendar for a Zoom appointment, I assumed it was a routine call. Maybe someone in their 40s or 50s, working in education wanting information on how their TRS pension works.
But when I clicked into the meeting, I was greeted by a gentle smile and a long white beard. Bob is 84 years old. His wife, Cathy, also 84, sat beside him. I couldn’t help but think, “It’s Santa and Mrs. Claus.”
They weren’t my typical clients, but they quickly became unforgettable ones.
Bob Thought He Did Everything Right
Bob spent his career as a corporate accountant for several well-known companies. He was responsible, diligent, and thoughtful about money. He saved consistently in his 401(k), and delayed retirement until age 66. He assumed he had done “the work” and that the hard part was over.
But there was one risk he didn’t see coming and he was not prepared for. It’s called sequence of returns risk and research indicates that the 5 years before retirement and after retirement are the most critical to whether or not if you will run out of money too soon.
If you’re unfamiliar, sequence of returns risk refers to the danger of experiencing negative market returns early in retirement while withdrawing funds from your portfolio. And Bob, like so many others, retired in 2007. You can probably guess what happened next.
In 2008, the stock market crashed, slicing his nest egg by more than half. Bob, trying to follow all the “safe” rules of retirement withdrawals, kept taking income from a depleted account. Slowly but surely, his life’s savings unraveled.
What many people including Bob don’t realize is that there are ways to protect your retirement income from market downturns. In Bob’s case, he could have taken a portion of his 401(k) and used it to create a separate, guaranteed source of income that would pay him every month for the rest of his life, no matter what the stock market was doing.
Had he done that, he could have allowed his 401(k) account to rebound before taking withdrawals.
Since Bob was unaware of this strategy, by age 79, he was broke, had no choice but to return to work.
But who hires a 79-year-old?
Not the Retirement They Envisioned
Thankfully, Bob found work as a substitute teacher for grades K–4. With his white beard and kind heart, the children adored him. But this wasn’t the retirement he and Cathy had planned.
Cathy’s health was declining, and she needed Bob at home. But financially, they were barely scraping by on Social Security.
During our call, Bob shared this all with grace and humility. I could see the weariness in his eyes. He didn’t want pity—he wanted options. Hope.
A Glimmer of Brightside
As a Retirement Income Certified Professional (RICP®), we specialize in helping people navigate retirement risks. Risks that most people are not aware of and therefore are not prepare for. During our discovery conversation, I realized that while Bob and Cathy’s resources were extremely limited, they should qualify for a little-known income strategy that could completely change their situation.
If they get approved, it will be a predictable, guaranteed income stream which does not require tapping into risky investments or working another day. After walking them through the concept and how it could support their monthly expenses, Bob looked at Cathy and said, “This could be our answer.”
It was one of the most rewarding moments of my career and I’ll be keeping tabs on Bob to make sure he is taken care of.
You Deserve Peace of Mind in Retirement
At Brightside Financial, we believe retirement shouldn’t be filled with fear or uncertainty. Retirement is the single most expensive investments you will ever make, and the best time to speak with a professional is now.
Even if it’s a strategy we don’t personally implement, we’ll point you in the right direction. Because everyone deserves dignity, peace of mind, and financial security in retirement.
Bob, if you’re reading this—I hope you invite me to your second retirement party. I’ll bring the cake. 🎉
How Confident Are You About Your Retirement Income?
If you’re concerned about running out of money in retirement, don’t wait. Let’s talk. Even one conversation could lead to a solution that changes everything.
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