Concerns still high over retirement funds - KTTC Rochester, Austin, Mason City News, Weather and Sports

By Kerry Klatt

Concerns still high over retirement funds

ALBERT LEA, MN (FOX 47) -- The poor economy might have some people re-thinking their retirement plans.

Big drops in the stock market are hurting investment portfolios.

Some reports say if you tap into your nest egg too soon you can dramatically increase your chances of running out of money before it's your time to retire.

Some Albert Lea residents are left to wonder what they're going to do.

Albert Lea resident Bob Reed says, "We said our retirement would make a car payment, a house payment or whatever, but $55 won't even buy you dinner, it's terrible."

Ameriprise Financial advisor Randy Kramer offers some advice, he says to be as conservative as possible when making your retirement plan.

Ameriprise Financial Advisor Randy Kramer says, "I think it's wise and prudent that when you're doing good retirement planning that you slightly over estimate the amount of expenses you'll probably have and you underestimate the amount of income you're expected to get."

Your retirement plan will then have some stability in the case of unforeseen events like we've been seeing now with our economy.

If you have questions, talk to your financial advisor and create a game plan.

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