{"id":33797,"date":"2019-08-07T12:05:32","date_gmt":"2019-08-07T16:05:32","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=33797"},"modified":"2019-08-08T12:48:17","modified_gmt":"2019-08-08T16:48:17","slug":"business-report-receiving-a-check-to-creating-a-check","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2019\/08\/business-report-receiving-a-check-to-creating-a-check\/","title":{"rendered":"Business Report: Receiving A Check To Creating A Check"},"content":{"rendered":"<figure id=\"attachment_33798\" aria-describedby=\"caption-attachment-33798\" style=\"width: 191px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-33798\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2019\/08\/kopyc-column-c-191x300.jpg\" alt=\"\" width=\"191\" height=\"300\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2019\/08\/kopyc-column-c-191x300.jpg 191w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2019\/08\/kopyc-column-c.jpg 432w\" sizes=\"(max-width: 191px) 100vw, 191px\" \/><figcaption id=\"caption-attachment-33798\" class=\"wp-caption-text\">David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.<\/figcaption><\/figure>\n<p>By David Kopyc<\/p>\n<p class=\"p1\"><span class=\"s1\">Most Boomers do not have a pension plan and need to take their retirement assets they have accumulated over their working careers and create lifetime monthly income.<span class=\"Apple-converted-space\">\u00a0 <\/span>For most of the boomers the defined benefit pension plan has been replaced by 401k plans that leave the responsibility to you and not your former employer.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Before you make a decision on the investment program that is best suited for your appetite for risk and the ability to weather the storm when markets become volatile, you need to consider the drawbacks of each decision you make.<span class=\"Apple-converted-space\">\u00a0 <\/span>Never make a hasty decision that is irreversible that you may regret.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><!--more-->I\u2019m a major advocate of preparing for this important decision at least three years from your time of retirement and I classify this as the red zone of building your baseline retirement income distribution plan.<span class=\"Apple-converted-space\">\u00a0 <\/span>You need to start taking into consideration social security payments, the size of the pool of money that is going to be used for retirement income, and any other assets that may be calculated into this from savings accounts and any nonqualified assets you have set aside for your retirement years.<span class=\"Apple-converted-space\">\u00a0 <\/span>If you are fortunate enough to have a pension benefit from a former employer than the benefit selection is critical especially if wish to protect a spouse.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Point of entry should also be discussed in great detail with your advisor.<span class=\"Apple-converted-space\">\u00a0 <\/span>Are we in a low interest rate environment, has the stock market been in a bull market or bear market trend, and what is your true appetite for risk.<span class=\"Apple-converted-space\">\u00a0 <\/span>We all remember 2008 and the financial crisis as if it was yesterday.<span class=\"Apple-converted-space\">\u00a0 <\/span>Understanding the risks associated with the markets and doing a careful analysis many months before your retirement date will give you a chance of making a decision that you will not regret.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Finally, it is imperative that the financial organization you are working with offers an open architecture platform that allows you to have access to a wide variety of investment options.<span class=\"Apple-converted-space\">\u00a0 <\/span>There should be no bias toward any type of investment option and there should be total transparency to evaluate if the investment is suitable for your retirement income distribution plan.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Retirement should be a time of enjoyment with family and friends and not a time of high anxiety and stress caused by the financial markets.<span class=\"Apple-converted-space\">\u00a0 <\/span>Your retirement income distribution plan should be specific to you and your family and not one that is based on a cookie-cutter approach.<span class=\"Apple-converted-space\">\u00a0 <\/span>You only get one chance at it, and hopefully it will be one filled with confidence that you have made the right decisions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By David Kopyc Most Boomers do not have a pension plan and need to take their retirement assets they have accumulated over their working careers and create lifetime monthly income.\u00a0 For most of the boomers the defined benefit pension plan has been replaced by 401k plans that leave the responsibility to you and not your [&hellip;]<\/p>\n","protected":false},"author":196,"featured_media":33798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-33797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senior-living-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: Receiving A Check To Creating A Check - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link 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