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Pappas believes that for many people
who retire, keeping track of the money
in their investments becomes their
new job. But Sonnenschein views the
picture from a different perspective.
"Very few people who are investors are
saying they can't afford to retire. They
are asking how will I manage my
retirement, and how long will the
money last. People living off their
investment income do not have the
discipline of someone living off a Ford
pension of $3,000 a month. They
need planning to understand how to
manage their retirement," he said.
So here's where it gets down to the
issue of how much should you have in
stocks, bonds or cash. Sonnenschein
believes you need to review what
investments you have and get advice
on how to improve your portfolio.
Putting all your money in CDs or
money market funds might seem safe,
but puts you at risk from inflation or
interest rates falling. Those invest-
ments might be too stable, which
means the prices don't fluctuate, but
you won't see any growth. And if you
want to live an affluent lifestyle for
your full life expectancy, you'll need a
better return than just six-percent.
Sonnenschein said the yardstick to
use in determining whether your
investments should be primarily in
stocks is simply "Can you still sleep at
night? When something like the recent
terrorist attack in Yemen happens, are
you scared out of the market? Do you
see market setbacks as a very scary sit-
uation or as a buying opportunity?
"You need the right mix to plan for
liquidity. You should never be forced
to sell your stocks just to pay your
bills. You should hold back enough
money to cover two to three years of
spending, and then only sell your
stocks at prices you like. Having your
retirement investment in all stocks
may not be the right mix. The answer
is to have something closer to the
middle, and move towards a better
return," advises Sonnenschein.
People are richer today, and being
more affluent, they want more out of
life.
They want a retirement home, cruis-
es, and vacations. Their goals are high-
er, so structuring their investments
becomes more complex.
Sonnenschein suggests you turn off
CNBC. "People need to plan. People
need to have goals. They need to have
advice. We're talking serious money,
and they shouldn't go it alone," he
said.
Attorney Franklin D. Gettleson, for-

RETIREMENT

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