Retirement In Sight For September, 2015
Submitted by Kaizen Financial Advisors, LLC on September 18th, 2015
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MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES |
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SEPTEMBER 2015
“Know the true value of time; snatch, seize, and enjoy every moment of it. No idleness; no laziness; no procrastination; never put off till tomorrow what you can do today.” - Lord Chesterfield
HEALTH TIP If you have fallen recently or feel unsecure on your feet, you should speak with your physician about it. Ask your doctor to assess your future fall risk in light of your health history, your balance, medications, and other factors.
BRAIN TEASER
DID YOU KNOW? In 1965, the Hawaiian Fashion Guild capped a 3-year lobbying effort in the Hawaiian House of Representatives and Senate to get state employees to wear Aloha shirts every Friday. By 1966, the Hawaiian shirt was common Friday business attire for men in the 50th state. The Aloha Friday idea was eventually borrowed by mainland businesses in the early 1990s as Casual Friday.4
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When you retire, there are some life and financial factors that are beyond your control – how the markets perform, how long you may live, how your health holds up, whether inflation increases or stays muted. You do have control over other important factors: the level of savings you maintain, your degree of spending, the way you invest, and the withdrawal and risk management strategy you adopt.
Making your retirement nest egg last comes down to good judgment. If luxuries begin to seem more like necessities to you once you retire, you might find yourself drawing down your savings unreasonably fast. Reasonable spending during the first, active phase of retirement leaves that much more for the balance of your retirement. Your money may need to last quite a while – the Social Security Administration estimates that retirement will last about 18 years for the average 65-year-old man today and about 20 years for the average 65-year-old woman. Maintaining and refining your retirement planning strategy is also vital – that means periodically checking to see that your current investment mix suits your risk tolerance, reviewing your portfolio’s tax efficiency, and occasionally rebalancing. Control and caution go hand in hand when it comes to sustaining your retirement savings.1
FINDING THAT “ENCORE CAREER” If you want to stay active and engaged through some meaningful work in retirement, you likely already have the skills that will translate to an encore career or simply a worthwhile job. Some executives and managers transition into roles as consultants and life coaches. Others take their skills in the non-profit sector into jobs that directly impact the community, as administrators or managers of food banks, senior centers, and other organizations.
The hobby you have always loved might lead you to work – if you play the piano well, consider giving piano lessons, or if you love golf, you could work at a golf club pro shop. If you have a great voice, you could pursue voiceover work; if you have always kept things neat at home and at the office, consider rebranding yourself as a personal or workplace organizer. Your community’s demographics might also lead you to a job that caters to an underserved population group – which could even be your fellow retirees.2
ON THE BRIGHT SIDE
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<<representativedisclosure>>
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.
* TRIVIA ANSWER: Stumped? Contact me for the answer! (425) 321-5800
CITATIONS.
1 - nerdwallet.com/blog/finance/advisorvoices/retirement-planning-control/ [9/1/15]
2 - money.usnews.com/money/blogs/on-retirement/2015/09/09/5-ways-to-find-second-act-career-options [9/9/15]
3 - dailynews.com/health/20150908/successful-aging-work-in-retirement [9/8/15]
4 - todayifoundout.com/index.php/2015/09/surprising-origins-casual-friday/ [9/2/15]