Is Retirement an Entitlement or a Responsibility?
The growing fear of the American public On February 28, 2017 Bloomberg published an article by Suzanne Woolley with the title, “More Americans Live in Fear of Retiring Poor.”1 Just seven days earlier, Bloomberg subtitled an article by Ben Steverman, “A dark, detailed new look at why many employees may never be able to retire.”2 On March 1, Emily Zulz of Think Advisor began an article, “More [...]
Making Your Most Expensive Purchase a Winner!
Your Greatest Expense May Prove Surprising! When a couple marries and/or begins their careers after college, they soon encounter the greatest expense of their young lives, purchasing a home. As children are added to the family, the home expense seems manageable compared to the infinite cost of years of clothing, school supplies, dance and music lessons, athletic equipment, transportation, proms, and looming college tuition. However, according to [...]
A Point of Clarity in a World of Confusion
How Bad Is It Anyway? Just a week ago, the leader of a nonprofit organization wrote of her frustration about the seemingly hopeless situation of saving for retirement. “With just about every pension plan in jeopardy, social security in ruins because of theft from our own government, and 401K’s essentially a pyramid scheme, does it make sense to save at all?”1 Her sense of hopelessness was palpable. [...]
Save it now, or suffer without it later!
You actually can learn from TV advertising! FRAM ran a series of television ads in the early 1970’s (click here to watch one) with the catch phrase, "You can pay me now, or pay me later." If we neglect spending a relatively small amount of money on a quality oil filter, we will certainly pay a much larger amount on the engine later. The principal is easily [...]
Retirement Planning – As Simple as Turning Up the Heat
I know I need to plan for retirement. I just don’t know where to begin! A peaceful retirement does not normally occur without planning and then effort given to work the plan. Moving through life with no plan for what is ahead does not end well; unless, we are sufficiently fortunate to inherit wealth. However, most would choose giving the cat a bath over committing thoughtful focus [...]
Retiring in Peace Requires Planning
He or She who fails to plan… According to goodreads.com, it was Benjamin Franklin who first stated, “If you fail to plan, you are planning to fail.”1 An online article by the State of Indiana, attributes Winston Churchill with the words “He who fails to plan is planning to fail.”2 Whoever actually coined the phrase, the necessity to plan for one’s retirement should be a given. When do [...]
A Step Toward Retirement Peace is Oh So Simple
The Secret to Happiness in Retirement The American College of Financial Services posted a video, “The Secret To Happiness in Retirement,” to YouTube on November 2, 2016. The premise is that a lifetime income is indeed the key to retirement happiness. David A. Littell, JC, ChFC and author Tom Henga make their case based upon various studies of retirees around the world. “Study after study after study [...]
Elder Financial Abuse: An Unusual, but Central Topic in Retirement Planning
Elder abuse, a story of disappointment and frustration A number of years ago, I discovered relatives (for whom I had been appointed power of attorney) had been the victims of elder abuse. Prior to the death of my mother, her youngest sister and husband asked me to accept the responsibility when it became necessary. In a strange set of events, I learned the people they hired to [...]
Can Future Generations Count on Social Security?
Social Security - the Ultimate Political Football Is the Social Security system stable in the future? Will Social Security be there when I reach retirement age? These are some of the questions younger generations ask about Social Security. In response, some say the system is broken, actuarily unsound, requiring an overhaul. Others claim the various elements of the Social Security Administration are basically solid, needing only minor [...]
A most difficult issue to handle in retirement planning!
Retirement planning has a number of challenges There are many issues that have the ability to cause real damage to any retirement planning effort. Having no control over our spending habits is a primary issue. A debilitating illness requiring a lengthy treatment or recovery process is another significant hurdle. Certainly a factor having an impact for individuals involved in ministry, missions, or faith based non-profit efforts is [...]
Panning for YIELD, what you need to know!
As retirement approaches, the golden glow of yield grows brighter! How much money do I need in my retirement account? The better question is, “How much can I withdraw from my nest egg without running out of money?” The risk of running out of money, of out living your savings, is real. Since this is the case, many entering and nearing the retirement years are deciding to [...]
An underutilized, powerful tool for now & retirement!
When asked, what is recommended? Have you noticed the advertisements about retirement? Fidelity, Voya, John Hancock, Ameriprise, Transamerica, Merrill Lynch, Raymond James, and more produce ads intended to increase the population’s focus on retirement. The bottom line advice is begin saving early, and save more then you are saving now. The financial community widely promotes participation in 401(k) plans and 403(b) counterpart plans for non-profit personnel. Making [...]