NOVI, Mich., Sept. 19, 2019 /PRNewswire/ -- Richard Paul & Steven Paul's newly released book, The Autoworker's Guide to Lump Sum Pensions: 5 Crucial Decisions Retirees from Ford, General Motors, and Fiat-Chrysler Want to Get Right, surged to the #1 spot in the Retirement Planning and Finance categories on Amazon.
As CERTIFIED FINANCIAL PLANNERTM professionals in the Metro Detroit area, they have helped countless retirees with this decision, as the Big Three automotive companies continue to cut their workforces through severance packages and layoffs. "That's why we wrote the book," Steven said on their WJR radio show. "Retirement is meant to be a time of relaxation, but this decision can be quite the opposite. It's a stressful decision that retirees are provided very little education on, so we tried to write this book in plain English to help those who are facing this decision understand their options."
The overall theme of this book is that every situation is different and that every retiree needs to work with a retirement planning professional to develop a plan. When fellow WJR Radio host Paul W. Smith brought Rich on his show to congratulate him on the successful launch of the book, Paul asked if the lump sum is the right answer, Rich says "Every situation is different… no one-sized-fits-all answer is appropriate here, you have to look at all the different variables."
They go on to discuss how Ford's credit rating recently received a downgrade to junk status, which causes yet another variable that needs to be considered. The Autoworker's Guide to Lump Sum Pensions will educate readers how the Pension Benefit Guaranty Association (PBGC) can provide backup, if a company like Ford were to go bankrupt.
Rich and Steve also recorded an in-depth podcast on this topic on their Retirement Planning Podcast: Pension Lump Sum Buyout Pros & Cons - Questions Retirees from Ford, General Motors & FCA are Asking
Disclosure: Richard Paul offers advisory services through Richard W. Paul & Associates, LLC, an independent RIA. Richard W. Paul & Associates, LLC is an SEC registered investment advisory firm, with offices located in Novi, Troy and Ann Arbor. Insurance services offered through Midwest Financial Consultants Inc.
SOURCE Richard W. Paul & Associates, LLC