In this episode of the Best Advice Podcast, host Rob Lovaglio and managing partner Michael Allen explore how to protect retirement income during market crashes by using strategies employed by the wealthy. They discuss the bucket strategy, a method that nearly 90% of retirees use for a stress-free approach to market downturns.
Michael shares his weekend adventure on a Missouri farm, where he helped manage cattle with his brother-in-law, Wayne, and a minimalist farmer named Steve. This experience highlights the importance of guiding financial decisions just as one guides cattle, using a solid plan and professional advice.
The episode answers a listener's question on whether there are more strategies beyond simply "riding out the market downturn" and emphasizes the significance of having a diverse approach to investments to mitigate risks. Tune in for insights on financial planning and the importance of having guardrails to navigate turbulent market conditions.
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