Did you know that millionaires have about 25% of their wealth in cash? It can be a smart strategy to offset any economic downturns. But what about the rest of us?

If you’re not familiar with the term buffer asset, it’s an asset that’s largely unrelated to your investment portfolio or the stock market.

At a recent professional symposium hosted by the Retirement Experts Network, financial planners discussed the challenges of saving for retirement in today’s world — and the unexpected demands on those funds once you retire.

Where do you picture yourself living in retirement? Is staying in a familiar setting a priority? Entering the next phase could mean remaining in your home, moving to a condo or retirement community, or relocating to a new area entirely.

A strong investment portfolio was once regarded as the key to a comfortable retirement. But with today’s current rates at historic lows, folks in or nearing retirement are focused on cash flow.

For many retirees, this new phase of life means living on a fixed income for the first time. As inflation and the cost of living continue to rise at their fastest pace in over 40 years, enjoying a comfortable retirement may be becoming more difficult.