Shortlink

On Working Forever

Indifferent to signs of growth elsewhere in the economy, the unemployment rate has been stalled at around 7.9 percent since September. While pervasive layoffs appear to have tapered off, the general feeling seems to be that unless a company utterly and completely can’t function without another person, they’re not going to hire.

 

One job hunter (age 63) was quoted in the New York Times as saying, “There seems to be this tremendous fear of making a decision. A lot of my colleagues will go for 15, 20, 23 interviews with the same company.”

 

[CLICK HERE to read, “Job Growth Steady Amid Snags Holding Back Economy,” at the New York Times, February 1, 2013.]

 

[CLICK HERE to read, “Labor Force Statistics from the Current Population Survey,” at the Bureau of Labor Statistics, February 1, 2013.]

 

Given the current employment environment, even if people who don’t like their job – and in previous years would have long since gone looking for a new one – they probably should still keep their head down and hang in there.

 

On the other hand, longevity numbers tell us that whatever it is that we do for a living, many of us will be doing it for a long time. Well into our 60s and 70s, which used to be considered the golden years of retirement. That said, it’s also probably a good idea to like what you do.

[CLICK HERE to read, “Americans Rip Up Retirement Plans,” at the Wall Street Journal, January 31, 2013.]

[CLICK HERE to read, “Working Longer: Still the Best Path to a Better Retirement,” at US News & World Report, January 22, 2013.]

If you don’t love your work (or your current work situation), consider the experience you’ve gained and take a good look at your finances. People in their 50s may have previously thought they’d retire in 10 years or so. If you don’t think you’ll be able to retire in that timeframe anymore, consider that you may be looking at 20 or more years at your current job.

 

If the thought is unbearable, look at it another way. Twenty years is plenty of time to go back to school and get another degree, embark on a new career path, and/or get your own business off the ground.

[CLICK HERE to read, “Small-Business Job Growth Remains Modest,” at Entrepreneur.com, January 4, 2013.]

The reality is that today’s longer life spans can be both a blessing and a challenge. Many people will get more time to do whatever it is they want and can afford to do. It’s up to you whether you want to do more of the same, or try something new.

 

Whatever you choose, we’re to help you find ways to keep your retirement savings aligned with your goals. Give us a call.

 

By contacting us, you may be offered insurance products for sale.

The information and opinions contained herein are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Content is provided for informational purposes only and is not a solicitation to buy or sell the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.   

Shortlink

It Takes a Village

Baby boomers are giving new meaning to an established term. “It takes a village” – used in the title of Hillary Clinton’s 1996 book – comes from the African proverb “it takes a village to raise a child.” The idea behind the phrase is that people beyond the family unit have influence over a child’s well-being.

 

With 75 million baby boomers on the cusp of retirement, the phrase is being retooled. Now it pertains to the formation of networks and communities designed to provide aging seniors with the resources and connections they need to “age in place” (at home).

 

[CLICK HERE to read, “Village People: Community Networks Help Boomers ‘Age in Place’,” at Bloomberg, January 24, 2013.]

 

Villages are cropping up all over the United States. According to the Village to Village network, a website that lists contact information for villages nationwide, 93 villages are currently up and running with another 125 in development.

 

These membership-driven establishments charge an annual fee for access to volunteers and support services (including a vetted rolodex of plumbers, roofers, electricians, maids, handymen, etc.), and even planned social activities. The organizations also can serve as the local emergency contact for members if grown children and/or other family members live far away.

 

[CLICK HERE to visit the Village to Village Network website, 2013.]

 

Another way to plan for aging in place is to take advantage of a low interest rate loan to retrofit your home for senior living. Most people don’t even think about this until they suffer some type of debilitating accident or illness. Once it’s time to think about leaving the hospital, many people realize they won’t be able to climb stairs or step into a deep tub when they get home. That’s how a lot of seniors end up in a rehabilitation or assisted living facility.

 

You might as well find out ahead of time if it’s even possible to widen doors and hallways (for potential wheelchair use) and eliminate any raised step-ups inside your house. Even if you hadn’t considered it before, downsizing to a smaller, one-story residence may help your chances of being able to grow old at home in lieu of a facility.

 

[CLICK HERE to read, “Remodeling as Retirement Planning,” at Bloomberg, November 29, 2013.]

 

[CLICK HERE to view the video, “Are Communities Prepared for Aging?” at UC Berkeley’s Center for the Advanced Study of Aging Services, February 2, 2008.]

 

Deciding where to live – and what that might cost – is just as important as creating a plan for how you want to live in retirement. Please contact us to discuss the myriad of strategies available for a comprehensive retirement plan.

 

AE02130054

 

 

The information and opinions contained herein are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Content is provided for informational purposes only and is not a solicitation to buy or sell the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. 

Shortlink

Welcome

Today’s economic environment is more complex than ever before, and achieving financial success can be an incredibly confusing process to even the most experienced individuals. That’s exactly why we’ve created this blog – to provide a forum for discussion, a portal for helpful information and resources and an ongoing stream of expert insights to help you make informed decisions about your financial future.

What are your biggest financial concerns? If you’re like many individuals preparing for or actively enjoying retirement, you may be wrestling with any number of pressing issues that keep you up at night.  Many find themselves asking questions such as:

Have we really saved enough?
How do we make up what we’ve lost over the past 2-3 years?
What are the right moves to make in today’s uncertain economy?
What should we be doing with our IRA and 401(K)?
Are there ways to reduce what we’re paying in taxes each year?
How do we create the most meaningful legacy possible for our children and grandchildren?
Will we outlive our retirement savings?

We’ll use this blog to provide valuable insights into each of these areas and more, so take a look around, check out the most recent posts and be sure to offer feedback or post a question if there are topics you’d like to see addressed!

Prefer to have your particular situation reviewed in person? We’d love to meet you!  Simply call us to schedule a complimentary consultation today!