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Total Financial Solutions: How To Combat The Fear Of Running Out Of Money Post Retirement

Arif Halaby, the president and CEO of Total Financial Solutions, noted that a majority of people nearing retirement fear outliving their savings and running out of money after they quit working.


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“Americans seem to be outliving their retirement savings, and a lot of them, we have found in our practice, are concerned about that,” Halaby said. “In fact when you talk to them, it’s one of their top fears.”

Jeff Girard, Halaby’s co-host on “Total Financial Solutions Safer Money Hour” on KHTS AM 1220 and 98.1 FM, noted that the major shift in lifestyle can be daunting because a retiree’s life will now be financed solely by the money saved from working.

Related: Total Financial Solutions: Finding A Purpose After Retirement

“Statistically speaking, and through surveys, we have found people are more scared of running out of money than they are of death. Your lifestyle is all funded by the amount of money you have accumulated over your working life,” Girard said. “That’s a scary transition for a lot of people because… I think the distribution is just as important, if not more important, when it comes to retirement.”

The fear surrounding post retirement spending stems from the unknown, according to Rachel Carlson, a professional CPA with 20 years of experience. Many people are unaware as to how to properly invest their money and set up a plan to make sure their money lasts.

“I think that a lot of people are afraid because they don’t have the knowledge. The waters are uncertain (and) they don’t know exactly what tax planning to do and exactly what spending habits to change,” Carlson said. They don’t know how much it’s going to cost them to survive or what things are going to change in order to survive.”

Halaby cited a recent study stating 67 percent of people believe they will outlive their retirement, noting that this puts them in an uncomfortable position when confronted with emergencies and illnesses.

Carlson attributes this to the generational shift occurring, in which the younger generation is spending more money while not necessarily thinking of the future and what they will need once they retire.

“In older generations, the first thought was saving. How much money could they save, how much money could they put aside, what they needed for tomorrow,” Carlson said. “We’ve now changed as a society to where things have become much more immediate. We now think about today before we think about tomorrow.”

Carlson recalls many instances in which she has spoken with clients and tried to shift their perspective and think more about the future rather than the immediate satisfaction they receive from whatever it is they spend on.

“The trend in the millenials and younger generations, (which) I have seen in my children, is instant gratification,” Carlson said. “The gratification has become much more instant, much more spontaneous. When we used to turn on the television, we had to wait for it to warm up.”

Halaby remains optimistic that through changes in one’s lifestyle, financial security in retirement can be possible.

“Your financial life can be changed in a very short period of time. If you want to be successful, think about your financial habits,” Halaby said. “For a lot of us, you think your family needs to have every internet device known to mankind and my kids need to have an unlimited data plan… you don’t need any of that.”

The financial professionals at Total Financial Solutions can look at a person’s unique circumstances and help them take the necessary steps towards increasing their savings and live happily in retirement.

Ed. Note: This article is a KHTS Community Spotlight based on the latest “Total Financial Solutions Safer Money Hour” radio show on KHTS AM-1220.

Total Financial Solutions offers assistance with preparing for retirement in Santa Clarita and the surrounding valleys. Santa Clarita financial professional Arif Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. As a well-known financial professional, Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners retirement planning tips and guidance for dealing with today’s ever-changing financial needs.  

Total Financial Solutions, Inc.

24322 Main Street

Newhall, CA 91321

661-753-9683

800-990-7344

Total Financial Solutions – Newhall

https://www.youtube.com/watch?v

Arif Halaby, Total Financial Solutions, Financial Planning, Planning for Retirement, Retirement Planning

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Total Financial Solutions: How To Combat The Fear Of Running Out Of Money Post Retirement

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About Lori Bashian

Lori Bashian joined KHTS AM 1220 as a staff writer in 2017 following a news internship. She started working in news during her time at College of the Canyons writing for Cougar News. She is currently studying at California State University, Northridge working towards a bachelor’s degree in Journalism with an emphasis in print.