In the industrialized world, many newborns are anticipated to live for close to a century. 1 It’s almost difficult to think how different life will be in 100 years given the enormous advances that have occurred over the previous 20 years in medical, technology, and the ways that we work, communicate, and even enjoy ourselves.
Even if we won’t be here in 100 years, it’s an intriguing viewpoint to adopt as we prepare for our own retirement. For instance, many young adults will make choices early in their careers that they hope will help them advance their careers further in their 30s, 40s, and 50s (e.g., higher education degrees, skills training, additional certifications, taking low-level jobs or lower pay for better experience, etc.).
When contemplating retiring in the future, it is the type of thinking we need to adopt. To keep our aging bodies in shape and retain mobility in our later years, for instance, we should develop good diet and exercise habits early on. Lower health care and long-term care costs might result from these initiatives. The danger of outliving our funds over a lengthy retirement may also be reduced by choosing how to place our assets for long-term growth and a steady stream of income. We can expose you to a variety of insurance products made to do exactly that and assist you in choosing the ones that would work best for your situation. Please get in touch with us to find out more.
In most countries, individuals outlive their money by eight to twenty years on average. 2 There are many people, some of whom you may even know, who enjoyed a good middle-class existence all their lives but are now residing in nursing homes funded by Medicaid because they cannot afford to pay for full-time care in their own homes. Even planning for this circumstance is difficult, therefore think about the underlying causes. The COVID outbreak, the war in Europe, and political agendas have overshadowed worries about the Social Security Trust Fund’s declining size, but it is still in peril. The epidemic has also put a burden on our healthcare systems and made it clear how vulnerable older people are to many types of medical problems.
After all, remote employment seems to be a trend that will endure. Think about how you can transition your knowledge and expertise to a work-from-home model to pave the road for a longer career path. As an illustration, consider organizing or participating in the sharing economy, teaching or coaching, gig or consultancy employment, or creating and selling your own goods.
You can make these choices and take these steps in the middle of your career, just as we did when we were younger to advance our professions. And take into account the benefits, like not having to report to a problematic boss any more. According to a long-running research by Gallup, the majority of workers leave their employment because of their immediate management rather than the business itself. 3 Can you stop working now? Should you, if possible? Would you get bored if you weren’t assigned any particular tasks at work for 20 or 30 years after retiring? “Life’s Third Age” is how author Ken Dychtwald describes retirement. He challenges individuals to consider how they might develop, learn, meet new people, do new activities, and even find a new reason for existing. It’s possible to create a nonprofit organization, return to school, learn a new language, pick up a musical instrument, or write a memoir for your kids and grandkids. 5
We Can Assist You
It’s easy to feel overwhelmed when you’re a parent. Unexpected costs creep up on a daily basis, on top of all you’ve already done to help guarantee your retirement and your child’s education.
Are you trying to find an investment advisor? Look no further than Soutas Financial & Insurance Solutions Inc. your Fresno financial planner is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection Strategies, Long-Term Care Strategies, Legacy Planning, Tax-Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite 106
Fresno, CA 93704
Content prepared by Kara Stefan Communications.
1 Macrotrends. 2022. “U.S. Life Expectancy 1950-2022.” https://www.macrotrends.net/countries/USA/united-states/life-expectancy. Accessed March 3, 2022.
2 CNN. 2021. “Just how common are defined benefit plans?” https://money.cnn.com/retirement/guide/pensions_basics.moneymag/index7.htm. Accessed March 3, 2022.
3,4 Center for Retirement Research at Boston College. Feb. 24, 2022. “Retirees with Pensions Slower to Spend 401k.” https://squaredawayblog.bc.edu/squared-away/retirees-with-pensions-slower-to-spend-401k/. Accessed March 3, 2022.
5 Lisa Smith. Investopedia. Sept. 28, 2021. “4 Sources of Income for Your Retirement.” https://www.investopedia.com/articles/retirement/08/retirement-income-stream.asp. Accessed March 3, 2022.
6 Fidelity. 2022. “Retirement income strategies.” https://www.fidelity.com/learning-center/personal-finance/retirement/retirement-income-strategies. Accessed March 3, 2022.
7 Social Security Administration. 2022. “Create your personal my Social Security account today.” https://www.ssa.gov/myaccount/. Accessed March 3, 2022.
8 Center for Retirement Research at Boston College. Feb. 10, 2022. “Workers: Social Security Info is Eye-Opening.” https://squaredawayblog.bc.edu/squared-away/workers-social-security-info-is-eye-opening/. Accessed March 3, 2022.
Investment advisory services made available through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. 7/22-1387559