IN THIS ISSUE
Yogi Berra once said, “You’ve got to be very careful if you don’t know where you are going,
because you might not get there.”
When it comes to retirement, plenty of people get there — but it may not be what they expected
because they either didn’t plan, or their financial strategy didn’t help keep them on
the path to their goals. The difference between a satisfying retirement and one with financial
concerns may be correlated with how early and how well you plan.
In some ways, what you may hear about creating a financial strategy for retirement can
sound similar to the advice high school graduates receive when applying to colleges: Develop
a strategy for your dream retirement, one that you are most likely to achieve, as well
as a fallback option or two. And remember that retirement planning is personal, so you’ve
got to do what’s right for you.
That means taking into account all the people you’ll need to provide for, your assets, your
income and savings rate from now until retirement, your investment goals, your timeline,
your tolerance for market risk … there’s a whole spectrum of things to consider. That’s
one reason why it’s important to develop a relationship with a financial advisor who can
help not just to develop a financial strategy, but to adapt that financial strategy as your circumstances
may change. We can help you with that by creating a financial strategy utilizing
both investment and insurance products that can help you work toward your long-term
One of the first steps to retirement planning is figuring out how much income you’ll need
once you stop earning a paycheck. Based on data gathered by the Bureau of Labor Statistics
in 2014, the average retired household spends $40,938 per year.
There are calculators on the internet that may help you determine if you are on track to
have enough savings to provide for your retirement.
Once you’ve established how much you can potentially expect to accumulate by retirement,
use a withdrawal rate calculator and required minimum distribution calculator to
help determine approximately how long your nest egg may last.
Retirement planning is a complicated process because there are so many unknowns, like
not knowing how long you’ll actually live. However, there are many tools available at your
fingertips, and we are just a phone call away. Remember, it helps to figure out how much
savings you may need to retire, so you can create a well-thought-out financial strategy.
Financial calculators are designed as informational tools to help you estimate answers to
common financial questions. They are not intended to predict future returns or results, nor
do they represent the performance of any specific investment or product.
Content prepared by Kara Stefan, Communications Department with Advisors Excel.
This material is intended to provide general information to help you understand basic
financial planning strategies and should not be construed as financial advice.
Tune in to “Winning at Life” on Saturdays.
Below is a schedule of this month’s guests!
January 7 – Wes Blanchard, Estate Planning Attorney
January 14 – Dwell NOLA Realty
January 21 – Dwayne Stein, Mortgage Expert
January 28 – Jude Heath, CPA
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The Way You Eat in 2017
What can we expect in the New Year? If international food
consultancy Baum + Whiteman is correct, we may find ourselves
embracing new food trends including:
Restaurants without seats. We may see an upsurge in
commercial kitchens staffed by professional chefs that offer
delivery only, making restaurant-quality meals available in your
home. Home cooks may also deliver.
Seats without restaurants. The sharing economy may expand
into food as home cooks open their dining rooms to folks looking
for a hot meal. Reservations usually required.
A vegetable revolution. Apparently, comfort food is being
redefined. The word "veggies" was used in comfort food
searches 336 percent more often last year, while searches for
lasagna and macaroni decreased by 69 percent and 55 percent,
Extreme ice cream. Freestyle milkshakes started in Australia
and have arrived on the shores of the United States. A
‘freakshake’ is a regular milkshake first topped with ice cream,
sauce, and whipped cream, then piled high with cake, cookies,
candies, and other goodies until the structure threatens to topple.
If you’ve experienced any new trends in your life – babies,
marriage, divorce, career change, inheritance, or another big event
– let us know. Life changes often affect financial plans, and we
want to make sure you stay on track to meet your long-term
The above material was prepared by Peak Advisor Alliance.
The federal government owns 28% of all the land in the United States, a total of 640 million acres
(source: Congressional Research Service).
Historically, 33% of college graduates in the United States that are employed are working in jobs that do
not require a college degree, i.e., they are “underemployed.” As of result of the 2008 global financial crisis, the
percentage of recent college graduates working in jobs that do not require a college degree has climbed to 44%
(source: New York Federal Reserve Bank).
45% of the 118 million households in the United States live “paycheck-to-paycheck” (source: National
Endowment for Financial Education).
The top 5% of US taxpayers paid more in federal income taxes ($721 billion) than the bottom 95% of US
taxpayers ($511 billion) for the 2013 tax year (source: IRS).
A child born in 2016 that begins kindergarten in the fall of 2021 would attend college between the
years of 2034 and 2038. If that child attended an average public in-state 4-year college and if the annual price
increases for public colleges experienced over the last 30 years (+5.5% per year) continued into the future, the
aggregate 4-year cost of the child’s college education (including tuition, fees, room & board) would total
$227,984 or $56,996 per year (source: College Board).
Looking Through the
The Women’s Rights Movement began in 1848 to enable women to have representation in
decisions impacting their social, civil and religious rights.
While Hillary Clinton, the first female presidential candidate from a major party, was not elected
this year, women take their right to vote very seriously. In every presidential election since 1964
(2016 results not yet available), the number of women who voted exceeded that of men.
Another area where women have made up ground, but are still working to pull even, is the wage
difference between genders. This gap can also be a hindrance for women when it comes to saving
for retirement. For example, while women are more likely than men to work for employers that
offer retirement plans, far less are eligible to participate in those plans because they work part-time
or for a shorter time span. As a result, nearly 12 percent of baby boomer women who have
participated in the workforce end up retiring in poverty.
From paying bills to participating in large-scale financial decisions, it is important for women to
take an active role in their own retirement planning. One thing to consider may be setting up
separate retirement income streams for each spouse to ensure household income is not significantly
reduced should one spouse die or become incapacitated.
Self-employment is one area that might seem free of glass ceilings, but new research reveals a lack
of capital funding available for women. Reasons cited for this include not having enough collateral
necessary to secure a loan, gender discrimination or simply that women tend to be more risk averse
when it comes to borrowing large sums of money.
In a recent speech, Christine Lagarde, managing director of the International Monetary Fund,
pointed out that if women participated in the U.S. labor force to the same extent as men, our
national income could increase by 5 percent.
Lagarde also gave an example of women breaking the glass ceiling, but ultimately not achieving
complete parity. Iceland elected its first female president back in 1980, but women’s wages there
still trail men’s by 14 to 18 percent. Interestingly, Icelandic working women recently protested
lower wages with a job walk-out at precisely 2:38 p.m. — the time of day when they stop being
paid (relative to men’s pay).
The Women’s Rights Movement is now about 168 years old. According to the IMF, at the current
rate of progression globally, women should achieve parity with men’s wages in another 170 years
— so we’re almost halfway there. Baby steps.
GREGORY RICKS & ASSOCIATES IS A REGISTERED INVESTMENT ADVISOR. INFORMATION PRESENTED IS FOR INFORMATIONAL AND
EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF
ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE
STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISOR AND/OR TAX
PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.
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