Perspective on
Market High Fears

Now that markets have bounced back and the S&P 500 Index has crossed another significant threshold (3,000 points), the financial media is, once again, doing what it does best: subtly distorting facts to perpetuate a well-crafted narrative in order to create doubt and unrest so you will continue to tune in.

As we have discussed on numerous occasions, being a successful long-term investor at this critical stage in your life is not easy.  Understanding markets and history is certainly part of the job.  However, proactively filtering and putting the daily deluge of misinformation into proper perspective is of equal or greater importance to your success because of its impact on your mindset and potential actions.

Here are two very important examples we are hearing over and over right now that you have to be aware of:

1)“The market is at an all-time high: How many times have you seen this in the news, or heard it from friends or colleagues? In nominal terms, i.e. 3,000 points vs. 2,500 points, etc., it is true. However, like any financial number, the nominal figure itself  is of zero significance or value to you unless it’s compared with one or many other numbers for perspective.

As I shared with you in my book, The Relaxing Retirement Formula, in October of 1987, the Dow Jones Industrial average fell 508 points in one day.  Back then, 508 points represented a 22.6% drop, a very significant number!

Today, 508 points represents only a 1.8% drop which is Twelve and a Half Times LESS significant than a 22.6% drop.

However, the financial media continues to report “points” on the news each day.  Why do they do this instead using percentages which would be a far more accurate way to report the true significance of the drop?

You and I both know why intellectually: reporting points has a much larger impact on you emotionally!  And, the more emotion they can stir up, the more likely you are to tune in and remain tuned in for the next dose, thus increasing their ratings and the amount they can charge their advertisers.

Now, let’s go back to the market’s at an all-time highfear messaging and place it in proper perspective by comparing it to another relevant number.  The S&P 500 Index (as I write this) is at 3,085.  The consensus forward 12-month earnings estimate for the S&P 500 is 176 (per Yardeni).  Dividing this earnings estimate by the market price provides us with a 12-month P/E (Price-to-Earnings) estimate of 17.5.

For perspective, at the peak of the dot com bubble back in 2000, the 12-month forward P/E estimate of the S&P 500 Index was 29.0 (i.e. 66% higher than it is today)!

By any rational evaluation, that was an all-time high, and it doesn’t even take into consideration two other crucial variables as a backdrop to current market valuations, i.e. our current historically low inflation and interest rates.

The bottom line is the nominal figure of the market’s price (i.e. 3,000) is irrelevant without placing it into proper perspective.  However, the media will continue to tout the phrase, “the market’s at an all-time high” because it stirs up the fearful emotion they want to instill in you that the shoe is about to fall at any moment…so stay tuned.

2)  “The longest bull market of all time”:  The corollary to my first example is the continued storyline that we’re experiencing the longest uninterrupted bull market run of all time dating back to the financial crisis when the market bottomed out on March 9, 2009 after a 57% peak-to-trough drop.

To continue that narrative, the financial media has strategically chosen not to acknowledge two significant events.

You may recall that in 2011, we experienced a bear market brought on by the Eurozone meltdown, the debt ceiling crisis, and Standard & Poor’s downgrade of U.S. government debt.

(For reference, the pure definition of a “bear” market is a peak-to-trough fall in market prices of 20% on a closing basis, i.e. not intra-day.)

Between April 29th and October 2nd of 2011, market prices fell 19.4% on a closing basis, just shy of the 20% threshold. Although it didn’t close down 20%, if you measure the fall by the level of hysteria and equity fund redemptions, it certainly would have qualified as a bear market.

The same holds true for last year between September 20th and Christmas Eve when the value of the S&P 500 Index fell 19.8% on a closing basis, again just a hair shy of the 20% bear market threshold.

Ask all of those who panicked and sold out over $100 billion of equity mutual funds in just a two week period in December if they thought it was a bear market.

The financial media’s decision not to acknowledge these two large market downturns as “bear” markets allows them to strategically continue calling this the “longest running bull market of all time”, thus perpetuating the emotionally charged underlying fear that the market is long overdue for a large correction and it will do so at any moment.

None of this is in any way a prediction of what markets will do tomorrow, next week, or even next year.  Any honest person will readily admit that they don’t know either.

What’s so important to take away from this is to begin each day consciously aware of all attempts to strategically manipulate your emotions.  Don’t just take everything you read and hear at face value.  Always try to put it into proper perspective.

Protect your confidence by filtering all dispensed information for the truth so that you can make decisions based on fact instead of opinion.

 

Warren Buffett’s Annual Report

If you’ve never taken the opportunity to read Warren Buffett’s annual letter to Berkshire Hathaway shareholders, I highly recommend it.

While I strongly disagree with Warren on many national policy issues, his investment philosophy and process are sensational and worthy of careful attention by all of us.

In his 42 page letter, he dissects the performance of all of the Berkshire’s companies which is fascinating.  You can’t help but marvel at the depth of thinking that goes into each of their holdings.

Warren is also refreshingly forthcoming about his mistakes.  While his overall long term investment track record is spectacular, he has made his share of mistakes and he spells several of them out for his shareholders with brutal honesty.

Rather than summarize the entire letter, which is well worth reading, I want to provide you with an excerpt from page 18 on risk and volatility that says it all.

I strongly recommend having a yellow highlighter in hand while you read this:

“Our investment results have been helped by a terrific tailwind.  During the 1964-2014 period, the S&P 500 rose from 84 to 2,059, with reinvested dividends, generated an overall return of 11,196%.  Concurrently, the purchasing power of the dollar declined a staggering 87%.  That decrease means that it now takes $1 to buy what would be bought for 13 cents in 1965 (as measured by The Consumer Price Index).

There is an important message for investors in that disparate performance between stocks and dollars.  Think back to our 2011 annual report, in which we defined investing as “the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power – after taxes have been paid on nominal gains – in the future.”

The unconventional, but inescapable conclusion to be drawn from the past 50 years is that is has been far safer to invest in a diversified collection of American businesses than to invest in securities – Treasuries for example – whose value has been tied to American currency.  That was also true in the preceding half-century, a period including the Great Depression and two world wars.  Investors should heed this history.  To one degree or another, it is almost certain to be repeated during the next century.

Stock prices will always be far more volatile than cash equivalent holdings.  Over the long term, however, currency-denominated instruments are riskier investments – far riskier investments – than widely diversified stock portfolios that are bought over time and that are owned in a manner invoking only token fees and commissions.  That lesson has not customarily been taught in business schools, where volatility is almost universally used as a proxy for risk.  Though this pedagogic assumption makes for easy teaching, it is dead wrong.  Volatility is far from synonymous with risk.  Popular formulas that equate the two terms lead students, investors, and CEOs astray.

It is true, of course, that owning equities for a day or a week or a year is far riskier (in both nominal and purchasing power terms) than leaving funds in cash equivalents.  That is relevant to certain investors – …..any party that may have meaningful near-term needs for funds should keep appropriate sums in Treasuries or insured bank deposits.

For the great majority of investors, however, who can – and should – invest with a multi-decade horizon, quotational declines are unimportant.  Their focus should remain fixed on attaining significant gains in purchasing power over their lifetimes.  For them, a diversified equity portfolio, bought over time, will prove far less risky than dollar-based securities.

If the investor, instead, fears price volatility, erroneously viewing it as a measure of risk, he may, ironically end up doing some very risky things.  Recall, if you will, the pundits who six  years ago bemoaned falling stock prices and advised investing in “safe” Treasury bills or bank certificates of deposit.   People who heeded this sermon are now earning a pittance on sums they had previously expected would finance a pleasant retirement.  (The S&P 500 was then below 700; now it is about 2,100.)  If not for their fear of meaningless price volatility, these investors could have assured themselves of a good income for life by simply buying a low cost index fund whose dividends would trend upward over the years and whose principal would grow as well (with many ups and downs, to be sure).

Investors, of course, can, by their own behavior, make stock ownership highly risky.  And many do.  Active trading, attempts to “time” market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy.  Indeed, borrowed money has no place in the investors’ tool kit; Anything can happen anytime in markets.  And, no advisor, economist, or TV commentator – and definitely not Charlie nor I – can tell you when chaos will occur.  Market forecasters will fill your ear but will never fill your wallet.”

As shampoo bottle instructions have always said: “Shampoo, Rinse, Repeat.”

My recommendation for this excerpt: “Read, Pause for Reflection, Read again!”

This is bulletin board material for all of us to read almost on a daily basis!

Retirement Coach Jack Phelps Publishes New Article Exposing The Reality of Inevitable Bear Markets

Wellesley, MA –March 24, 2015Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, recently published an article on his website (https://www.theretirementcoach.com) illustrating how retirees must prepare for and deal with the inevitable bear market.

In his article titled “Did You Hear The Bell”, Jack Phelps writes, “Six years removed, it may be difficult to recall the exact feelings you had had during the crisis.  But, I’m sure you can recall that it wasn’t peaches and cream!”The Relaxing Retirement Coach, Inc. provides their members with the ‘missing structure’ they need to make a seamless and relaxing transition to their retirement years so they can confidently do everything they want to do without worrying about money.  Their Relaxing Retirement Coaching Program™ provides members with a personalized, one-on-one retirement coaching relationship with constant attention to each and every detail necessary for them to consistently enjoy a relaxing retirement experience.

The entire article can be found at https://www.theretirementcoach.com/articles/did-you-hear-the-bell-3.php

To learn more about The Relaxing Retirement Coach, Inc., please visit https://www.theretirementcoach.com.

About Jack Phelps

Prior to developing The Relaxing Retirement Coaching Program back in 1994, Jack spent five years as a registered representative with Prudential Financial Services. In 1989, Jack graduated from Holy Cross College in Worcester, Massachusetts with a B.A. in Economics.

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Did You Hear The Bell?

Did you hear the bell ring this past Tuesday?

If you didn’t, don’t feel cheated!

A bell didn’t exactly ring, but there are those who believe that significant market movements should be preceded by the ringing of a bell.  (More on that in a minute)

Tuesday was the six year anniversary of the “bottom” of the bear market when prices reached their lowest point.

On March 9, 2009, the value of the S&P 500 Index bottomed out at 677.

Now fast forward to the end of February, 2015 (last Friday): the value of the same S&P 500 Index stood at 2,105!

That represents a price increase of over 210% over that six year span.  And, this doesn’t include the dividends you would have received for maintaining ownership during those years which represented approximately 2% more in return per year.

Over that same time frame, the price of the small cap Russell 2000 Index grew from 343 to 1,233 (almost 260%)!

Remarkable, but why is all of this significant?

It’s enormously significant because of the lesson and reminder that it provides us all.

Six years removed, it may be difficult to recall the exact feelings you had had during the crisis.  But, I’m sure you can recall that it wasn’t peaches and cream!

The media had a field day and relentlessly pounded the message that “this time is different”, and that it would take “decades” to climb out of this mess.

How wrong they were, and how wrong they always are about bear markets.

What We Know About Bear Markets

1)    While they don’t feel very good while we’re in the middle of one, bear markets are a “normal” part of our investing experience.
Yes, normal!

In the last 70 years, there have been 14 of them, and the average peak to trough price drop was 31%.

That’s an average of once every 5 years.

And, every one of them was treated as if it was the end of the world while it was occurring.

The last drop of 19.4% came in 2011 when the euro imploded, the U.S. government was threatening shutdown, and the S&P downgraded sovereign debt for the first time in history.

If history is any indicator, what this tells us is that another one of these “bears” is coming.

However, please don’t take this as a predication that one is upon us or even approaching.

Neither I nor anyone else has any idea when the next one will come.

A bell will NOT ring indicating a bear market is about to kick in.  There never has been a bell and there never will be. We simply want to be emotionally prepared.

2)    The good news about bear markets, which we’ve all just lived through, is that they have all been temporary declines wedged into the permanent historical advancement of stock market prices.

The average “peak to peak again” timeframe of bear markets has been 40 months (3.3 years).  This represents the time it took for market prices to rise back up to its previous high after a significant drop.

3)    During the next bear market, there will be pressure and temptation to forget this lesson and “sell” when signs of a bear market are in place.

However, by the time it officially becomes a bear market, an average of two thirds of the total decline will have already occurred.

In other words, by the time you decide to “get out”, you will likely have already suffered the worst.

4)    Here’s a recent example to illustrate all of this.  In addition to cash you set aside in money markets and short term instruments to fund your spending needs over the coming years, let’s assume that you had an even $1 million invested in an S&P 500 Index fund back at the last market peak on October 9, 2007.

(The example is easiest to follow using round numbers and one investment in an index fund.  You would never have everything invested in one fund.)

Because you intelligently set aside funds to take care of your spending needs, you didn’t need to sell or even feel compelled to sell your S&P 500 Index fund shares over the following 17 months when the value fell to almost $440,000 on March 9, 2009 when the market reached bottom.

This represented a 57% peak to trough drop, the largest broad market drop since 1929!

You were tempted because the news was bleak, but you stayed with your plan and maintained your ownership of all your shares.

Six years later, on February 28, 2015, your shares are now worth just shy of $1,350,000!

Keep in mind that this was what took place after the worst broad market price decline since 1929!

What can we learn from this about bear markets?

  • Bear markets are psychologically challenging, but only to the degree that you believe they’re permanent (which they never have been).
  • Trying to “time” bear markets, i.e. when they will begin and when they will end so you can “be out” at the precisely the right time, insures that you will end up worse than if you had just stayed the course.
  • At any point in a bear market, it’s easy to “get out” and sell.  The hard part is attempting to determine when to get back in.

Decisions to buy and sell are not made looking through a rear view mirror.  They’re made at individual points in time without any definitive knowledge about what’s about to occur next.

  • A “bell” doesn’t ring indicating it’s time to sell, and then again when it’s time to buy.
  • Finally, if you’re investing in the first place, you’re doing so because you need the investment returns provided by equity markets.

Getting the full returns that equities provide is entirely predicated on our ability to ride out temporary bear market declines.

The key lesson and strategy is that if (and only if) you’ve done your homework and prepared properly, then you have the structure in place to weather bear markets like we all experienced together back in 2008-2009, and maintain your financial confidence.

I can’t begin to tell you the number of Relaxing Retirement members who have confided in me that they would never have been able to stick it out if they weren’t involved in our program.

Doing your homework and adhering to a plan like The Relaxing Retirement Formula doesn’t insure that you will never experience temporary price declines.

What it does is allow you to do is completely ignore the dominant media culture who will pronounce that “it’s completely different this time”, and respond to bear markets with full confidence that they’re normal and temporary, and not an event that leads you to abandon and dismantle your ownership of what you’ve carefully planned to provide the lifestyle sustaining income you need for the rest of your life.

Will Your Kids Lose 45% of Your IRA??

Having to deal with the emotional and psychological effects of losing a spouse or parent is always difficult.

Having to also deal with their financial affairs and the tax implications is enough to put you over the edge.  The consequences of making a wrong decision are enormous.

Landmines are everywhere, especially when your family inherits your IRA and/or 401(k).

If they’re not informed, almost half of your IRA could get lost to taxes in one fell swoop!

Doesn’t  sound too inviting!

Let’s walk through an example of how your children and grandchildren can make an “informed” decision when they inherit the IRA that you’ve taken your entire lifetime to build.

Ron and Rose

Ron and Rose been married for 40 years, and have 3 children who are all out of college and in the workforce.

After Ron retired, he rolled over his 401(k) and pension plan to an IRA where he named his wife Rose as his primary beneficiary and his 3 children as secondary (or contingent) beneficiaries in equal shares.

Two years into retirement, Ron suffers a heart attack and passes away.  (Sorry for the blunt shock value of the story, but it’s necessary to make the point)

When Ron passes away, as Ron’s spouse and beneficiary, Rose may transfer the money that was in Ron’s IRA into her IRA without paying any taxes.  (Key point: ONLY spouses can do this.)

Now, let’s fast forward ahead 3 more years.  Rose gets sick, and after a long battle, she passes away.

At this point, Rose’s children have some decisions to make as the beneficiaries of their deceased mother’s IRA.

In far too many situations, here’s what happens:

They call the institution where the IRA was held (bank, investment firm, insurance company, etc.) to inform them that their mother has passed away and to find out what their options are.

Depending on who receives that phone call, here’s the answer that they’re likely to hear:

“We’re very sorry to hear about your loss.  We’re going to send you out an IRA distribution request form.  Please each sign the form and return it to us along with a certified death certificate and we’ll get the checks out to you within 7 to 10 business days.”

Sounds simple enough, right?

Wrong!

What just happened?

Income Taxes Now Due on the ENTIRE IRA

The children just paid income taxes on the entire balance of the money in the IRA!

Depending on their own personal tax brackets, it’s likely that they gave up 40-50% of their share in federal and state income taxes in one fell swoop!

Let’s suppose that each of their shares in their mother’s IRA was $500,000.  That means that as much as $225,000 would instantly go to pay federal and state income taxes!

Imagine that.  You work your entire life.  You diligently save your money.  You select sound investments.  You do everything right and with one phone call to an uninformed company representative, 40-50% of your hard-earned savings is gone in one shot!

Depressing!

What Should They Have Done?

Each of the kids actually had another option with their share of their mother’s IRA.  One option was to just cash it all out.  But, as I mentioned, that has enormous tax consequences.

The second option, which is all too often omitted from the discussion, is to “re-title” their portion to an Inherited IRA, leaving their deceased mother as the deceased owner of the IRA and them as the beneficiary.

By doing this, they are only required to withdraw and pay taxes on a small amount of the money from the IRA each year, leaving the rest to grow tax deferred for the rest of their lives if they wish!

The amount of money saved in the short term and the long term is staggering.

Now, in order to qualify for this “Inherited IRA” tax deferral plan, there are certain IRS requirements that they have to fulfill in order to make it work.

Stay tuned to discover the steps required by the IRS that your children and grandchildren have to follow perfectly in order to qualify.

Retirement Coach Jack Phelps Publishes New Article Revealing The Common Tax Tragedy That Occurs When Inheriting an IRA

Jack Phelps, founder of The Relaxing Retirement Coach, shares a real life case study where kids lose 45% of their father’s IRA to taxes.

Wellesley, MA– August 29, 2013  – Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, recently published an article on his website (https://www.theretirementcoach.com) illustrating the consequences of your children being uninformed when they inherit your IRA.

In his article titled “Will Your Kids Lose 45% of Your IRA”, Jack Phelps writes, “Depending on their own personal tax brackets, it’s likely that they gave up 40-50% of their share in federal and state income taxes in one fell swoop!”

The Relaxing Retirement Coach, Inc. provides their members with the ‘missing structure’ they need to make a seamless and relaxing transition to their retirement years so they can confidently do everything they want to do without worrying about money.  Their Relaxing Retirement Coaching Program™ provides members with a personalized, one-on-one retirement coaching relationship with constant attention to each and every detail necessary for them to consistently enjoy a relaxing retirement experience.

The entire article can be found here.

To learn more about The Relaxing Retirement Coach, Inc., please visit https://www.theretirementcoach.com.

About Jack Phelps

Prior to developing The Relaxing Retirement Coaching Program back in 1994, Jack spent five years as a registered representative with Prudential Financial Services. In 1989, Jack graduated from Holy Cross College in Worcester, Massachusetts with a B.A. in Economics.

Retirement Coach Jack Phelps Publishes New Blog Clarifying How to Calculate Your Capital Gains Tax Burden When Selling Your Home

Jack Phelps, founder of The Relaxing Retirement Coach, walks you through a case study so you don’t overpay your tax bill.

Wellesley, MA –August 26, 2013Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, recently published a blog on his website (https://www.theretirementcoach.com) demonstrating the step-by-step process you’ll need to use when selling your home so you don’t overpay your taxes.

Jack Phelps writes, “This is a question that’s in the forefront of many of our Relaxing Retirement members’ minds whom I speak with every day.  One of their stumbling blocks is in not knowing what the tax implications will be if and when they sell their home vs. keeping it and passing it on to their children.”

The Relaxing Retirement Coach, Inc. provides their members with the ‘missing structure’ they need to make a seamless and relaxing transition to their retirement years so they can confidently do everything they want to do without worrying about money.  Their Relaxing Retirement Coaching Program™ provides members with a personalized, one-on-one retirement coaching relationship with constant attention to each and every detail necessary for them to consistently enjoy a relaxing retirement experience.

The entire blog can be found here.

To learn more about The Relaxing Retirement Coach, Inc., please visit https://www.theretirementcoach.com

About Jack Phelps

Prior to developing The Relaxing Retirement Coaching Program back in 1994, Jack spent five years as a registered representative with Prudential Financial Services. In 1989, Jack graduated from Holy Cross College in Worcester, Massachusetts with a B.A. in Economics.

The Financial Media Salivates

Here’s Wall Street’s Market Watch on Monday, June 24th at 10:18 a.m.:

Headline: “U.S. Stocks Slide on China-Led Global Selloff”

Monday’s selloff comes after last week’s bruising selloff on Wall Street…European stocks tumbled and Shanghai stocks melted down….”

After quite a run so far this year with very few down days, equity prices cooled off toward the end of last week and now into this week.

Not good or bad news for all of us, but GREAT news for the financial media who’s been starving for a hiccup to start the chorus of alarm bells to garner your wavering attention.

After all, it’s no fun being in the financial media business when market price volatility is only on the up side. In order for them to put their best copywriters to work, they need some down side too!

Notice the terminology in the headline and first paragraph:

▪   “Selloff”

▪   “Tumbled”

▪   “Melted down!”

Doesn’t the term “selloff” just scare the heck out of you?

Have you ever thought about the term “selloff”? What exactly does that mean?

It sounds like everyone who’s ‘in the know’ is selling, thus you’re missing the boat by not doing so too.

The reality is there’s a fixed number of shares circulating out there. For every share of a given company that is sold, there is another person on the other end of that transaction who’s “buying”.

We have to always remember that!

Couldn’t they just as easily say, “….Global Buyoff” because for every person “selling” their shares, there’s an equal number of shares being “bought” by someone else.

In other words, for every person who chooses to sell (for whatever reason they have for doing so), there’s another person on the other end celebrating their good fortune because someone’s willing to sell them shares in the company they want to own at the price they’re willing to pay for them!

I know this sounds so simplistic, but it’s so important to protect your confidence and not allow brilliant terminology used by top financial media copywriters to influence your carefully prepared long term plans.

Reality Again

The reality of what’s happening to prices of companies (stocks) right now is “this is normal”!

As a rational, long term owner of shares of the great companies of the world, prices temporarily cooling off does not, and cannot qualify as news.

Nor does it qualify as an event worthy of discontinuing your ownership, i.e. selling!

Why?

Because market prices retreating 5-10% is nothing new. Just as market prices rising 15+% earlier this year didn’t alter your plans.

If you’ve never heard this statistic before, here’s a terrific one to plant in your memory during cooling off periods like this: the average peak to trough “intra-year” drop in the price of the S&P 500 Market Index is 14%.

Let me repeat and clarify that for a moment because it’s a very, very important fact:

In any given year, the average percentage drop that we’ve experienced at some point during that year is 14%. In other words, if you take a look at the high and low points of each year, you’ll see an average price drop of 14%.

What we can take away from that is that it’s completely “normal” for the stock market to have cooling off periods during any given year.

It shouldn’t necessarily give you the “warm and fuzzies” and lead you to celebrate, but it also doesn’t qualify as a phenomenon worthy of panic.

Unfortunately, this is not how the overwhelming majority of retirees think and behave. They spend their lives in constant reaction to everything which leads them to make the same costly mistakes over and over again.

Feel proud of the fact that you’re not one of them.

Retirement Coach Jack Phelps Publishes New Article With Tips For Determining Your Retirement Number

Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, writes about the importance of calculating your retirement number.

Wellesley, MA – January 26, 2011 – Jack Phelps, founder of The Relaxing Retirement Coach, a Retirement Coaching company, recently published article on his website (https://www.theretirementcoach.com) about determining your retirement number. The article, titled What’s It Going To Cost?,” delves into the importance of determining the amount of money you’ll need to retire so that you know whether or not you can afford to stop working.

Jack Phelps writes, “The first step toward your Relaxing Retirement is for you to have a clear handle on what it costs you to live the way you want.”

The Relaxing Retirement Coach, Inc. provides their members with the ‘missing structure’ they need to make a seamless and relaxing transition to their retirement years so they can confidently do everything they want to do without worrying about money.  retirement planning. They help clients through a personalized, one-on-one retirement coaching relationship with constant attention to each and every detail necessary for clients to consistently enjoy a relaxing retirement experience.

The entire article can be found at https://www.theretirementcoach.com/articles/whats-it-going-to-cost-3.php.

To learn more about The Relaxing Retirement Coach, Inc., please visit https://www.theretirementcoach.com.

About Jack Phelps

Prior to developing The Relaxing Retirement Coaching Program back in 1994, Jack spent five years as a registered representative with Prudential Financial Services. In 1989, Jack graduated from Holy Cross College in Worcester, Massachusetts with a B.A. in Economics.