![]() The training she has developed helps advisers understand the complexities that can accumulate as the years pile up: how to simultaneously finance children’s college education and parents’ in-home care when to bring in adult children or other family members to collaborate on financial decisions how to recognize if a long-term client is being financially exploited, or experiencing cognitive changes that are influencing their decision-making. “She lived 41 years in retirement, and it hit me that had she known she had 41 years, she would have planned totally differently,” she said. Her grandmother died at 96, four decades after retiring from the Social Security Administration at age 55. Hutchins saw how gains in life expectancy were outpacing the plans people made for themselves. They were trying to plan for decades-long stretches that included multiple phases: leaving work to care for an aging parent, a second career, the possibility of needing full-time care themselves.Įven in her own family, Ms. Hutchins’s clients were grappling with decisions that previous generations simply hadn’t lived long enough to face. The 20th century added more years to life expectancy than any era of human history before it. What’s more, people no longer imagined their so-called retirements as a few golden years of golf and grandchildren. All rights reserved.The defined-benefit plans their parents had relied upon were fading away, replaced by self-funded schemes that demanded a great deal more planning on the employee’s part. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: Are Not FDIC InsuredĪre Not Insured by Any Federal Government AgencyĪre Not a Condition to Any Banking Service or Activity and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp. Both are wholly owned subsidiaries of BofA Corp.īanking products are provided by Bank of America, N.A. Trust and fiduciary services are provided by Bank of America, N.A., Member FDIC, or U.S. ("MLLA") is a licensed insurance agency and wholly owned subsidiary of MLPF&S is a registered broker-dealer, registered investment adviser, Member Go to another website and learn about Securities Investor Protection Corporation (SIPC) popup, and a wholly owned subsidiary of BofA Corp. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). Additional information is available in our Client Relationship Summary (PDF). Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Clients should consult their legal and/or tax advisors before making any financial decisions. ![]() ![]() There is always the potential of losing money when you invest in securities.Īsset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.īank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting advice.
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