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Jim Billington, Managing Director of Wealth Pilots, Interviewed on the Influential Entrepreneurs Podcast Discussing The 5 Risks of Retirement

Jim Billington discusses the importance of understanding the five risks of retirement. 

Listen to the interview on the Business Innovators Radio Network:

In this enlightening episode of “Influential Entrepreneurs,” Mike interviews Jim Billington, the Managing Director of Wealth Pilots. The conversation centered around the critical topic of the five main risks that retirees face, which traditional financial advisors often overlook.

Jim emphasized that while many advisors claim to be fiduciaries, they frequently fail to address these five pillars of risk that are crucial for retirees. Wealth Pilots, on the other hand, specializes in retirement planning and focuses on protecting clients from these risks. The five risks mentioned were:

Longevity Risk: The danger of outliving one’s retirement savings.

Market Risk: The potential for investment losses due to market fluctuations.

Interest Rate Risk: The risk associated with changes in interest rates affecting investment values, particularly bonds.

Tax Risk: The uncertainty surrounding future tax rates and the impact on retirement income.

Long-Term Care Risk: The high costs associated with long-term care can deplete retirement savings.

Jim highlighted the importance of a holistic approach to retirement planning that addresses these risks. He criticized the Wall Street model for not providing adequate protection against these risks and for not being transparent about the true nature of fiduciary responsibility.

One strategy Jim recommended involves using advanced annuities that offer principal guarantees, lifetime income benefits, and the potential for tax diversification through Roth conversions. These annuities can also include benefits that double for long-term care needs, providing a comprehensive solution to the risks retirees face.

In this episode, Jim’s insights provide valuable guidance on creating a retirement plan that can withstand the test of time and market volatility.

Jim explained: “One key factor that the Wall Street fiduciaries do not address is that downside market risk, that type of volatility will kill income and over time that will significantly endanger the longevity risk of your portfolio and risk sending your portfolio into a downward depletion or implosion-type of scenario.”

About Jim Billington

Jim started in Retirement Preservation Planning 22 years ago as the Tech Bubble started moving towards a meltdown and he saw Wall Street throwing out all the fundamentals and taking too much risk with people’s nest eggs. He is a second-generation financial manager as his Father was the Regional Director of the Nation’s largest Brokerage firm. He saw an alarming lack of expertise when transitioning people from the asset accumulation phase to the asset preservation and distribution phase of retirement. At Wealth Pilots, they are dedicated to helping clients make the critical decisions necessary to avoid the unnecessary and avoidable risks of retirement such as longevity risk, market risk, and tax strategies to maximize income.

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