Financial advisor John Hasenberg is a senior vice president for wealth management with Morgan Stanley Smith Barney in Washington, DC.
He works with individuals, families, business owners, corporations and non-profits. Featured services range from selecting investments to retirement planning to sophisticated estate planning. Prior to joining Smith Barney, he spent six years with A.G. Edwards, where he was a member of the firm’s President’s Council in 2005 and 2006.
John is active in many business and civic organizations. He was a member of the Leadership Greater Washington Class of 2007 and remains active with that organization. John currently serves on the Advisory Board of the Network for Teaching Entrepreneurship (NFTE) and the Board of Directors of the Jubilee Support Alliance. At the Greater Washington Board of Trade, he was named the 2005 Ambassador of the Year for being the top membership recruiter and served as Co-Chair of the Board’s Cultural Promotion Task Force that same year.
Before entering the financial services industry in 2001, John was a television reporter and producer specializing in business and political news. His employers included First Business Television, CNN, The McLaughlin Group, Frontline, NBC4 and FOX5. John received a bachelor’s degree in journalism from Northwestern University in 1990.
A native Washingtonian and graduate of D.C. Public Schools, John lives with his wife Kimberly, daughter Ellie and son Ben in Cleveland Park.
For more information visit www.fa.smithbarney.com/hasenberg
How to Retire Right
By John Hasenberg
Senior Vice President, Financial Advisor
Morgan Stanley Smith Barney
Even if you are doing well, plentiful assets and a good income are probably not enough to get rid of your worries about retirement—at least not according to new studies of high net worth investors.
Thousands of affluent boomers and Gen Xers studied by Wharton and State Street Global Advisors expressed fears about outlasting their money. You may be worried about preserving your standard of living in the face of market downturns, inflation and health care costs during a retirement that may last 30 years.
In fact, 57% of those surveyed cited rising health care costs as their number-one concern. And if you’re in the younger half of those surveyed, a lack of traditional pensions and Social Security and Medicare safety nets is probably also on your mind.
Experts agree that wealth alone is no guarantee of retirement security; saving too little “runs up and down the income scale and wealth scale,” says Olivia S. Mitchell, an insurance and risk-management professor at Wharton.
Comfortable living inevitably translates to spending. Though the wealthy save, Mitchell explained in the Wharton study, “people with high earnings also spend a lot” to keep the lifestyle they enjoy going.
Reasons for concern
Your retirement isn’t likely to be the same as it would have been 50 years ago. The old adage was that you needed 80% of your current income when you retire—but nearly half of the 1,800 millionaires surveyed by the 2007 Phoenix Wealth Survey said they will need more than 100%. You may even be thinking of working indefinitely, at least part-time, in order to stay engaged and support a comfortable lifestyle.
Also, your life expectancy has increased, even from just a generation ago. Determining your retirement goals is a complex process—one that means taking the time to figure out what it is you really want now and down the road.
Worried as you may be, you may not have begun planning. 59% of high net worth investors have no formal written plan for their retirement goals—but a retirement analysis can help. We can run this analysis to assess your financial situation, your potential annual retirement income, your savings and investments and your tax situation.
Then, it’s time to analyze your retirement goals. Once you know what you want, we can determine ways to help you get there, whether that involves altering your investment strategy, changing the amounts you contribute or something else entirely.
The retirement analysis will provide you with a full report, including savings recommendations and sources for retirement income.
Talk to your Financial Advisor about how a retirement analysis might benefit you.
For more information, contact Hasenverg at 202-861-5101 or www.fa.smithbarney.com/hasenberg.
Morgan Stanley Smith Barney LLC and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
© 2010 Morgan Stanley Smith Barney LLC. Member SIPC.