ABILENE, Texas (KTAB/KRBC) – Retirement planning took center stage in the latest episode of Dollars and Sense, as Robert Mills of Mills, McCarran and Associates shared insight on how retirees can protect their savings, generate income, and navigate a rapidly changing financial landscape.
The episode, focused on helping viewers answer the question, “What do I do now with this money? How do I have an income? How do I live on this money?”. Three key takeaways are highlighted: the shift in retirement planning over time, the growing role of guaranteed income strategies, and the importance of personalized financial guidance.
A changing retirement landscape
Mills, who has spent 40 years helping clients prepare for retirement, emphasized how dramatically the industry has evolved. He explained that decades ago, retirement was more predictable, with pension plans providing a steady monthly income.
“Folks worked for companies for 30 or 40 years, and they had pension plans,” Mills said. “When those went away, then the 401ks were born.”
Now, instead of relying on guaranteed pensions, retirees are often left managing large sums of money on their own. That shift has created uncertainty for many, particularly those unfamiliar with investment strategies or market risks.
Mills noted that traditional approaches such as the “60% in stocks and 40% in bonds” model are no longer viewed as safe as they once were, pushing advisors to explore alternative solutions.
Guaranteed income and protection take priority
A central theme of the episode was the importance of protecting retirement savings while still allowing for growth. Mills repeatedly stressed a mindset shift that occurs when clients retire.
“The entire time they were in their 401ks… it was, invest, invest, invest, grow,” he said. “Now… we need to protect, protect, protect and keep our money safe.”
One of the primary tools discussed was the fixed index annuity, which allows clients to benefit from market-linked growth without direct exposure to losses. Mills explained that these products can offer guarantees that retirees “won’t outlive or you won’t run out of money.”
He also highlighted the emotional benefit of having a structured income plan, noting that many clients’ top concern is the longevity of their savings.
“The client’s number one concern across the board is I don’t want to outlive my money,” Mills said.
Through income planning strategies, he described scenarios where retirees can establish a consistent annual income while maintaining some liquidity for emergencies.
Personalized planning brings peace of mind
Beyond financial tools, Mills emphasized the value of tailored guidance. Rather than a one-size-fits-all approach, his firm focuses on understanding each client’s goals — whether that’s preserving wealth, generating income, or leaving a legacy.
He said many clients come in feeling anxious, often overwhelmed by market volatility and unsure how to withdraw funds safely.
“They don’t feel like they’re in control,” Mills said, adding that his role is to “give them peace of mind” and help them “sleep at night.”
The episode also touched on diversification, combining guaranteed income strategies with traditional investment management to balance growth, safety, and accessibility.
As retirement approaches, Mills encouraged viewers to seek professional advice early — especially those nearing retirement or managing multiple 401(k) accounts.
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