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Blogging Wealthtrack - BOTSFORD: RETIREMENT INCOME FOCUS September 25, 2015

Wealthtrack remains one of the most fascinating and enjoyable shows out there for financial topics. Consuelo Mack continues to host this show with a variety of guests ranging from the practical experts on retirement like Erin Botsford and Mary Beth Franklin to more bookish and technical guests like Donald Yacktman and Cliff Asness who have 'been there, done that' with respect to investing large sums of money for their clients.

This week was interesting because for one of the few times I've seen on the show Consuelo took a personal turn with her guest, Erin Botsford. She described a scenario when Erin was young where she was involved in an accident and was subsequently involved in a lawsuit as a result of a death in the accident. Being very young at the time, this sounded like a terribly challenging event for Erin (it was made clear that she was not at fault during the episode).

This tragic story turned to news you can use: get umbrella insurance for your house and your car(s). In the case of Erin, the insurance amount recommended is 2 million OVER your total net worth. What is interesting from my perspective is that Erin views this kind of insurance as your primary protection in the event of this horrible kind of tragedy so that if you are involved in this kind of an event, you don't lose all of your money.

The wrap up advice was equally interesting -- to focus on guaranteed income for your long term, known needs in retirement, things like good annuity products instead of volatile stock investments etc.

Both of these turned out to be interesting pieces of advice and I know I have some homework now to start investigating into Umbrella insurance and also for options that might work as a plan for a guaranteed retirement income.

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