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“You can’t ‘should have done’ anything. It’s simply not possible, so take a few deep breaths and try to relax. So, you didn’t reduce your exposure to equities when you had the chance. You didn’t move 20% of your retirement savings into a deferred annuity to ‘take some risk off the table’, as Tom Hegna says. Keep working if you can. Delay taking Social Security. Consider a Home Equity Conversion Mortgage (HECM, or reverse mortgage) line of credit if you need income now. Just don’t make any knee-jerk decisions you can’t take back, like panic selling. Things will improve. They always do. This time, just don’t go back to whatever you were doing and forget about your to-do list of financial and insurance decisions. You may not get another chance to get it right.”
—Bill Borton
Bill was among a number of prominent subject matter experts asked to contribute his thoughts for a recent Retirement Income Journal article Observation Posts. Click here to read the entire article.