{"id":30324,"date":"2017-12-14T11:18:32","date_gmt":"2017-12-14T16:18:32","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=30324"},"modified":"2017-12-15T10:01:42","modified_gmt":"2017-12-15T15:01:42","slug":"change-constant-retirement-plans-stay-course-able-adapt","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/12\/change-constant-retirement-plans-stay-course-able-adapt\/","title":{"rendered":"With Change Is A Constant, Retirement Plans Should Stay On Course And Be Able To Adapt"},"content":{"rendered":"
\"\"
Don Tenne is a senior financial planner for Mass Mutual in Glens Falls.<\/figcaption><\/figure>\n

By Susan E. Campbell<\/p>\n

Financial professionals helping clients plan for a comfortable retirement are accustomed to preparing for unknowns. But what happens when foundational systems like income taxes and health care hover on the verge of massive change?<\/p>\n

\u201cAll the attention in the media is paid to national politics and legislation,\u201d said Don Tenne, a registered representative and senior financial planner for Mass Mutual in Glens Falls. \u201cBut we spend our lives locally. How much passed legislation will affect my life, versus my property taxes, zoning or the traffic where I live?\u201d<\/p>\n

So he advises his clients, \u201cDon\u2019t get too caught up in tax reform or health care reform, because our lives are lived largely outside of the Washington bubble.\u201d<\/p>\n

While tax reform is important, the issue is not change, said Tenne, but how to make a financial plan and stay on course because times always change.<\/p>\n

<\/p>\n

Tenne said that in the decade of the 1980s the stock market experienced about 15 percent growth, whereas in the 1940s there was about 2 percent growth, \u201cyet people had the same goal of financial independence as any other decade.\u201d<\/p>\n

\u201cIf a client wants to retire and it is a decade like the 2000s with 0 percent growth, you still want financial stability for yourself and surviving spouse,\u201d he said. \u201cManaging money is something you can influence, but anyone who has lived through a bear market knows that some things can\u2019t be controlled.\u201d<\/p>\n

Tenne said managing money is just a piece of financial planning, which also includes retirement, investment and estate planning, risk management and cash flow\/net worth.<\/p>\n

\u201cManaging money is about \u2018more.\u2019 Financial planning is about \u2018enough,\u2019\u201d he said. \u201cIf you are just managing money, you don\u2019t know if you will have enough.\u201d<\/p>\n

Vital to any financial plan is implementation and for that, Tenne is the kind of \u201ccoach\u201d who holds his clients accountable.<\/p>\n

\u201cHow many join a gym and don\u2019t go? That\u2019s because no one keeps you accountable,\u201d he said. \u201cBut hire a personal trainer and someone is waiting for you to show up to coach you. Many financial planners are like that.\u201d<\/p>\n

Planners are proactive whenever possible. But when uncertainties arise such that they cannot take the offensive, they try to react as quickly as possible to minimize potential risks, said Tenne.<\/p>\n

\u201cThere are environmental changes\u2014like there\u2019s a tax system in place one day and it\u2019s different the next. Or your 401(k) provider was switched and now you have completely different investment options for your contributions,\u201d he said. \u201cLike a pilot who sets a general course, I may make many course corrections along the way.\u201d<\/p>\n

A successful retirement plan will provide security against investment losses. But what about threats to retirement because of long-term health care needs?<\/p>\n

\u201cYou may not purchase a long-term health insurance policy, but you will certainly need a long-term care plan,\u201d Tenne said. \u201cIf you are going to live past retirement age, and most people do, a long-term care plan reduces or eliminates the financial threat to the surviving spouse after death. No one should, nor can they afford to, spend their retirement savings on long-term care.\u201d<\/p>\n

Accountability translates to real value for clients.<\/p>\n

If he tells a client to contact an attorney about a will or trust, he will ask at their next review what the status is, and so on until the client makes the time to get the task done. Without such accountability, Tenne says, people get so caught up in the \u201cnoise of everyday life\u201d that the task is pushed to the background.<\/p>\n

\u201cAs long as they have a goal, I will help them make the changes to get there,\u201d he said. \u201cIt\u2019s about how to avoid problems when you can. And if you can\u2019t, how do we deal with them financially?\u201d<\/p>\n

\u201cYou don\u2019t need health care and tax reform to change your life,\u201d said Tenne. \u201cOur lives are constantly changing so the only answer is to be secure financially. If you\u2019re on track, there is no need to worry.\u201d<\/p>\n

Tenne travels around the country instructing financial planners on how to run a financial planning business, relate to people, and hold clients accountable.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Susan E. Campbell Financial professionals helping clients plan for a comfortable retirement are accustomed to preparing for unknowns. But what happens when foundational systems like income taxes and health care hover on the verge of massive change? \u201cAll the attention in the media is paid to national politics and legislation,\u201d said Don Tenne, a […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\r\nWith Change Is A Constant, Retirement Plans Should Stay On Course And Be Able To Adapt - Glens Falls 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 rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2017\/12\/change-constant-retirement-plans-stay-course-able-adapt\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"With Change Is A Constant, Retirement Plans Should Stay On Course And Be Able To Adapt - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell Financial professionals helping clients plan for a comfortable retirement are accustomed to preparing for unknowns. 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