'Go To' Greg: Stock Market, Home Equity and Retirement Income

Dear Greg,

The stock market's recent ups and downs have us worried about our nest egg. We have what we believe is a well diversified portfolio but it’s been hit hard recently. Can we expect more of the same? What are your thoughts?

Keith D.

Dear Keith,

No one has a crystal ball that is going to let us know how the stock market is going to perform. The two questions you must ask are: can you sleep while this is going on and can you maintain the level of income that you need if the portfolio stays down for an extended period?

If you have any doubts at all then it is time to meet with your advisor and discuss possible changes to help make you feel most comfortable.

All the best,

Greg

Dear Greg,

We have had a home equity line of credit for years and have not used it much. I am worried that rates are going to go up. Should we keep it?

Ben M.

Dear Ben,

In a word, yes. I think that having access to a pool of money in an emergency is a valuable tool. Often times when you need a loan you can’t get one. Equity lines give families access to credit with terms that are fair.

All the best,

Greg

Dear Greg,

I want to make sure I have enough income to meet my expenses now and in the future. I am concerned about running out of money. How do you suggest I approach this daunting question?

Kelly L.

Unfortunately Kelly running out of money is a fear that is very common amongst retirees. I wish I could tell you that there was a magic formula to use to make sure that you never had to worry about this again but there is not. The best thing to do is to seek the help of a professional and get your financial house in order. If you do not have an advisor, talk to your family and friends and see if they have someone to recommend. Either way some sort of action will be required. Good Luck.

All the best,

Greg

Do you have a question about anything related to finances? You may mail, email or fax your questions. Here’s how to contact Greg: Email him R gkurinec@bentron.com; Fax: 630-505-8376; Phone: 630-505-8375 or by mail: 1833 Centre Point Circle Suite 135 Naperville, IL 60563.

Greg Kurinec is a well-known Chicago-area financial educator who specializes in helping people prepare for retirement. Greg is a Certified Estate Advisor with the National Association of Financial and Estate Planning. Greg is a graduate of Purdue University where he earned his degree in Financial Planning and Counseling from the school of Consumer and Family Sciences. He works at Bentron Financial Group, Inc., a firm dedicated to helping people that are at or near retirement with offices in Naperville and Oak Park. Feel free to contact Greg with any estate planning or investment advisory needs. Greg is a Registered Representative offering securities and advisory services through Independent Financial Group, LLC, a registered broker-dealer and investment advisor. Member FINRA and SIPC. Bentron Financial Group, Inc. is not affiliated with Independent Financial Group, LLC. OSJ: 1755 Park St., Suite 200, Naperville, IL 60563