The shifting landscape of retirement planning is not something that was unexpected. Retirement has been looked upon by many as an “age” which is the way the powers that be wanted it. Retirement is not an “age”, it is a financial position. The idea of retirement boils down to not having to work and still have income. This catches a lot of people by surprise when they realize that they can not maintain their current life style on the income they receive from their pension (if they have one).
Here in the US we have approximately 77 million baby-boomers that are retiring at 10,000 a day and many are finding that “the cupboard is bare” hence they must continue to work. Here in the good old US of A, pensions nation-wide both public and private are under-funded to the tune of 1.7 trillion dollars!
This raises a question, “who’s responsible for my retirement income?” The answer to that question is “YOU!” Far too many people have unknowingly abdicated that responsibility and left it in the hands of their employer and the government. This has created a large number of “dependents” that are ill-equipped to maintain their current life-styles!
In my humble opinion, the thought process has been undermined by mis-information! Take inflation for example; the idea of things costing more is a better way to get people to accept the rise in the cost when in reality, things are not costing more, your dollars are losing value. This leads to another conversation that will not be addressed at this time.
We as citizens, must take 100% responsibility for our financial futures! With that said; we must have proper planning inorder for “retirement” to be a reality. Hence, instead of working for dollars, we have dollars working for us! It is not what we make, it is what we keep that makes all the difference.
This takes us to financial planning and maximizing financial oportunities with the idea of safety at the forefront. For many, the best thing they can do is find competent financial professionals that have their best interests at heart and are above board.
There are many options available to secure one’s financial future and the sooner one starts, the better the outcome.
Moving on, we look at the impact of AI (artificial intelligence). Many people are fond of the idea of letting AI do everything that people used to do. This will be good for some and bad for most, AI does not have the emotional component that we as humans have and as such only does what it is programmed to do. Nothing can take the place of the human thought process. By having a goal and getting informed by competent professionals, the idea of retirement can be achieved.
The idea of “ESG” which stands for environmental, social and governance of which many people have no idea what this means. When all is said and done, what matters to most people is the bottom line and the best way to make it positive. With that said, investment into responsible properties is a goal that ensures eco-friendly production facilities. Again, competent professionals need to be consulted to ensure compliance with ecological sustainability standards.
Retirement is a dramatic ‘life course transition’ that can impact nearly every aspect of one’s life. Obviously, everyone’s experience is different. But In my expirience the 5 most common things that people wish someone told them before they retired?
- Retirement is not an age; it is a financial position.
- It is not what you make, it is what you keep that counts.
- You are responsible for your ability to retire.
- The system is designed to keep you in debt.
Pensions nationwide public and private are underfunded both public and private.
In closing, there are 4 critical areas to consider for a sound financial plan:
- Wills & Trusts
- Long-Term Care/Medicare
- Safe Alternatives to the Stock Market
- Final Expense
These 4 areas are the main focus of R Hill Enterprises, Inc.
Crimes against seniors is a travesty and many crimes go unreported for a multitude of reasons. The rampant identity theft is at the top of the list. Then there are numerous financial scams to be on the lookout for and AI is a technology that puts scams on “auto-pilot!” This is pre-empted by dealing with competent professionals.
By Robb Hill, President at R Hill Enterprises, Inc.