FYI:
Regards,
Ted
May 24, 2018
Dear WEALTHTRACK Subscriber,
If we are fortunate enough to live that long, most of us will be retired at some point. Most likely it will not be your parents’ retirement experience. Many of us will live longer and therefore be in retirement for several decades. According to the Social Security administration, about one out of every four 65-year olds today will live past age 90, and one out of 10 will live past age 95.
Another big change, more of us plan to work past the traditional retirement age. According to a recent Gallup poll, when non-retirees were surveyed in 1995, only 14% expected to keep working past the age of 65 and nearly 50% expected to retire before then. Today those numbers have practically flipped. Now nearly 40% of non-retirees expect to work beyond 65 and only 29% expect to retire before then.
It’s a good thing so many Americans are planning to keep working because only half of non-retirees think they will have enough money to retire comfortably. The closer they are to retirement the less confident they become. 68% of 50-64 year olds are worried about not having enough money for retirement.
This week’s guest, Jamie Hopkins says no matter what our age we need to rethink the whole retirement process. Saving for it is vastly different from spending in it. Hopkins is the Co-Director of the Center for Retirement Income at The American College of Financial Services, which is the nation’s largest non-profit educational institution for financial advisors.
He is one of the creators of a relatively new certification for financial planners called the “Retirement Income Certified Professional” or RICP, a program designed to educate financial planners on retirement income planning.
He is also the author of a new book, Rewirement: Rewiring the Way You Think About Retirement. In this week’s interview, Hopkins explains why we need to rethink everything we assume we know about retirement.
As always, if you miss the show on Public Television, you can watch it on our website. You’ll also find an EXTRA web exclusive interview with Hopkins there.
Thank you for sharing your time with us on this Memorial Day weekend. We are so grateful to our veterans, including my dad, husband and son who have served this great country to insure we can live in peace with freedom.
As always, make the week ahead a profitable and a productive one!
Best regards,
Consuelo
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