FINANCIAL DEPENDENCE

#FinancialDependence #millennials #YoungAdultsStillLivingAtHome #jobs #employment
Many of us can remember as children dreaming of the day we could live on our own, without our parents’ rules.
For today’s younger generation, that is getting harder to do.
Janna Herron tackled this subject for USA Today, in article also published April 19, 2019, in The Atlanta Journal-Constitution.
“Most millennials define adulthood as being on their own financially, but the majority still depend on Mom and Dad for money, even into their 30s,” Herron writes. She attributes that to a new Merrill Lynch/Age Wave survey.
“Finances are the No. 1 stressor in young adult lives,” Herron quotes Lorna Sabbia, head of retirement and personal wealth solutions at Merrill Lynch.
It’s not just the kids who don’t move out of their parents’ house. Some of them live in their own place, but depend on their parents for money to pay for cellphone service, food and groceries etc., the article states.
A quarter of all young adults have moved back home, while a third get help with rent or mortgage payments. Two in five who own homes get down payment money from their parents, the article quotes the Merrill Lynch survey.
The young folks are hardly high-fiving each other over this, the article quotes Sabbia.
What’s a young person to do?
First, let’s presume, as the article does, that young folks don’t like their situation. Sure, there are some who will want to live at home with Mom and Dad for as long as their parents are alive. But, for argument’s sake, let’s say most young adults WANT to be independent.
Second, let’s look at the reasons they got there. High college debt could be one. Getting a job that doesn’t pay enough to cover all their “necessary” expenses could be another. Living expenses for people today have risen far beyond those that their parents paid when they were young.
Finally, a lack of job security may deter some of them from really putting down roots. At the rapid pace of change in the corporate and business world, it’s hard to know where one may be five years from now. And, it doesn’t matter whether the person is good at what he does. A company, if it sees an efficiency or has an economic need, will lay off ANYONE.
So, let’s take the solution in steps. First, strive to be good at what you do. Be personable, kind, coachable and willing to do things outside your job description. Become a self-starter, if you aren’t already. You want to be in a position to get good recommendations if you have to go elsewhere to find work.
Then, be open to looking at situations that may be outside your comfort zone. There are many entities out there that can enable a person to spend a few, part-time, off-work hours doing something that is not a “second job,” but does involve work. The income from that could surpass any they would earn at a traditional job. To check out one of the best such entities, message me.
In short, you can’t control you work circumstances. If you like your job, stay as long as they will have you, or until you want to leave on your terms. But don’t bank on that job being there for as long as you want it. You have to have your eyes always open for new things.
For the young adults still depending on Mom and Dad to live, be diligent in looking for ways – cutting spending or earning more – to break that financial dependence. You’ll find your life will be so much better when you do.
Peter

EMPLOYMENT MILIEU CHANGES AS JOB-INFLATION CURVE SHIFTS

#UnicornEconomy #EconomicTrends #TemporaryJobs #unemployment #inflation
It’s been dubbed “The Unicorn Economy.”
That is an economy so unusual, that both unemployment and inflation are low.
Neil Irwin discussed this in an article for The New York Times, also published May 4, 2019, in The Atlanta Journal-Constitution.
That same day, the Atlanta newspaper published an article that says temporary jobs are playing a bigger role in Atlanta’s economy.
“The last few years have made it clear the Phillips curve – the relationship between unemployment and inflation – has either changed shape or become irrelevant,” Irwin’s article says.
Generally, when the employment picture is good, wages go up and, by correlation, so do prices for goods and services. That defines inflation.
But that does not appear to be happening, making it tough to set economic policy, the Irwin article says.
Meanwhile, technology has spawned the increase in temporary workers, the other article says.
“In an increasingly uncertain economy, a company that has demand for its services right now can get the people it needs – without committing to keep paying them if demand drops,” the article says.
“If business suddenly slows, workers go away. If business is strong, a company can take temps who have proven themselves and hire them – no muss, no fuss, no ads or interviews,” the article continues.
Low unemployment coupled with low inflation may look good on paper, but several things could be at play.
First, wages are not increasing as much as they should in a good economy. Some are seeing raises for the first time in years, but many wages are not good enough for some people to make a decent living.
As the article on the temporary workers implies, fewer workers are getting benefits from their employers, like health insurance, vacations etc. That helps companies keep labor costs down, so they won’t have to raise prices.
In short, what looks good on paper may not translate into the best of lives for average workers. The job security and benefits of the past are gone, in many cases.
On-demand or volume-variable staffing is not good for the workers who have to navigate it. Some full-time workers may be asked to go home, either without pay or by using vacation time. What a job-security nightmare for those folks.
The good news is that there are ways for workers to deal with, or even eliminate the problem. There are a number of vehicles out there in which a worker can invest a few, part-time, off-the-job hours a week and earn a potentially lucrative income. It doesn’t matter the worker’s background, education or job skills. He just has to be willing to take a look, and see whether any of these vehicles is to his liking. To check out one of the best such vehicles, message me.
Today’s job market is unrecognizable to your parents, grandparents or other older relatives. In the old days, “steady” work was the ultimate goal. As the two articles indicate, the economy has changed and so have work rules.
Workers may now have to look for income alternatives that may lie outside one’s comfort zone.
Peter

IS YOUR JOB KILLING YOU?

#JobsThatKill #overwork #WorkKills #jobs
For 2.8 million people annually worldwide, work kills.
Today’s society, with its technological advances, has you on an electronic leash with your employer.
So says a United Nations report, discussed in an article by Karen D’sousa of Tribune News Service. The article was published May 2, 2019, in The Atlanta Journal-Constitution.
“The world of work has changed, we’re working differently, we’re working longer hours, we’re using more technology,” the article quotes Manai Azzi of the U.N.’s labor agency, the International Labor Organization.
About two-thirds of the work-related mortality is estimated to occur in Asia, the article quotes the report. The greatest cause of death are circulatory diseases (31 percent of such deaths), work-related cancers (26 percent) and respiratory diseases (17 percent, the article quotes the report.
If you are fortunate enough to have a good job, you can relate to this.
The jobs that pay well keep us from being broke, but also tie us into a 24/7 work life, or close to. Therefore, we may not be financially broke, but we are time-broke.
We miss out on family activities and events. We miss out on some of the recreational opportunities we enjoy. We miss out on just plain relaxation.
It’s been said that most people today are either unemployed, underemployed or overworked.
Perhaps you can recall generations ago, when Mom generally stayed home, and Dad worked. Dad would be home every weeknight at around the same time for dinner. Perhaps he would spend time with the kids after dinner.
Then, there were the weekends, when everyone was home.
Today, there are more crazy work schedules than ever. The 9-toi-5 job is indeed rare. Chances are, if you have such a job, it’s probably not making you rich.
Not only are many folks’ schedules all over the map, they work more than eight hours a day, generally. And, when they come home, there may be work-related e-mails to check, phone calls to return, paperwork to complete etc.
People are more likely than not to get a work-related phone call at home while they are off.
There is good news in all this. It doesn’t have to be this way.
There are many vehicles out there that will allow a person to take a few, part-time off-work hours a week to build an income that could potentially make them not only financially secure, but no longer time-broke.
To check out one of the best such vehicles, message me.
Meanwhile, try to take as much advantage as possible to the things in your life that you enjoy, or mean something to you.
Look for ways to relieve stress, be it physical exercise, pleasure reading or spending time with family and friends.
Your job may try to kill you, but you don’t have to let it. You can still do all you need to do at work, and relieve stress when you are not at work.
Don’t let work stress mess with you. Don’t let it kill you.
Peter

IT’S LABOR DAY, AND THE JOB MARKET IS GREAT, BUT …

#LaborDay #jobs #employment #QuittingYourJob #economy
Young professionals are quitting their jobs before they find new ones.
And they are finding new ones quickly.
So reports Michael E. Kanell, business and economics reporter for The Atlanta Journal-Constitution. His article appeared on Labor Day, Sept. 2, 2019.
Kanell uses the example of Lindsey Roushdi, who had a job as an accountant for a solar company. The industry was seeing a bit of upheaval, so Lindsey decided to move on, Kanell writes.
After talking to a recruiter, within a few hours, she secured a list of 45 job openings that suited her qualifications, according to the article. She got a job almost immediately at a studio.
Kanell quotes a number of young folks who seem to have their pick of jobs. They probably would have never thought about quitting a job without having another one to go to a decade ago.
That’s a good thing.
However, there are many stories out there of those who aren’t thriving. Since the job market is better than 10 years ago, they may have found work. But the new work doesn’t pay close to what they received from the job they lost.
Some of them are even cobbling together multiple jobs to survive.
So, if the economy is so good, why isn’t everyone thriving? Automation, technology and efficiencies have robbed the economy of many good-paying jobs, particularly for those who don’t have college degrees.
A second reason: Many with college degrees are graduating with so much debt, In fact, according to a recent “60 Minutes” piece, New York University Medical School has gone tuition-free, thanks to the generosity of many benefactors.
Many doctors come out of school with six-figure debt. And, if they go into a practice like internal medicine, family medicine or pediatrics – the so-called primary care group – they may not make enough money to live a good life AND pay off their debt. Though you may find it difficult to have sympathy for doctors’ finances, the primary care folks aren’t living the lucrative life you may think.
Yes, economic numbers are good. Unemployment is low. But the quality of life for many has still deteriorated. Those lives will deteriorate further if the economy tanks, which experts say it will eventually.
What to do? First, if you have a job you like, don’t presume it will be there forever. Reorganizations, bad managers, efficiencies etc. can kill perfectly good careers.
If you don’t have a job you like, or that pays you enough to live a decent life, there is hope. The only requirement is for you to be ambitious, coachable and have a need or desire to change your situation.
There are many programs out there that can allow you to make a good income by investing a few, part-time, non-work hours a week to make it happen, without it seeming like a “second job.”
To learn about one of the best such programs, message me.
Meanwhile, don’t get too cocky at work. If you don’t like your job, find a different one. According to Kanell and other experts, there are more available jobs than officially unemployed people. Hopefully, you can find one to your liking.
Meanwhile, do so BEFORE you quit your current job. You may not be as lucky as the young folks in Kanell’s article.
It’s certainly great to dream, and most dreams are achievable with the right attitude, effort and willingness to look at things that may be outside your comfort zone.
So look and listen. You never know when that great life-changing thing comes your way.
Peter

JOB MARKET BRINGS OUT OLDER WOMEN

#JobMarket #women #OlderWomen #employment #BackInWorkforce
Erica Hernandez, at age 54, decided to go back to work after 19 years as a stay-at-home mom.
The best job market in half a century has been a boon for older women going back to work, typically after raising children for nearly 20years, according to an article in The Atlanta Journal-Constitution published April 1, 2019.
The 3.8 percent unemployment rate is near a 50-year-low, and there were a near-record 7.6 million job openings in January, the article quotes Labor Department figures.
In Hernandez’s case, she and her husband’s retirement fund had been depleted while she stayed home, and they were unable to do a lot of dining out and other fun things, the article says.
“My husband shouldered the burden all these years,” Hernandez, from South San Francisco, is quoted in the article.
Incidently, Hernandez did not get a job as a public relations executive, as she once was. She got a job as an administrative assistant, according to the article.
Therein lies the rub. Certainly, there are jobs out there for older women and others. But are the jobs as good as the job a person previously held? In many cases, they pay much less.
It’s tough for anyone who has been out of the work force for a time to go back to a job that was as good, or better, than the one they once had.
In some cases, people have lost jobs through reorganization, downsizing etc. What they find when they check out the job market is: what’s out there generally pays less, and often require as many or more working hours.
In other cases, what might be available may not give a person enough working hours to make a living. That induces people to cobble together an income with several part-time jobs, or even several full-time jobs, to allow them to live the life they’ve known.
If you are an older woman, like Hernandez, the income may not matter to you, as long as you can squirrel it away for retirement, college tuition etc. And, there could be less stress than she may have been accustomed to in her previous career.
But for others who may be approaching retirement, or facing college bills, it may not be such a convenient choice.
If that sounds like your situation, there are alternatives. First, if you have children going to college, or getting ready for college, talk to them about your financial situation. If they can apply for scholarships, and get them, that certainly helps. But, a good student can postpone college for a time and get a job that will help pay for it. This may be the only good reason to have adult children living at home.
After that discussion, determine that your retirement will be the priority. If the kids really want to go to college that badly, put the onus on them to figure out how to pay for it.
Secondly, there are many vehicles out there that can provide an income without having to take a W-2 job.They are suitable to anyone, regardless of age, education and background, if the person is willing to check them out. In fact, the income potential could potentially exceed any expected income from a traditional job. To check out one of the best such vehicles, message me.
The article about older women going back to work points out that these ladies face many obstacles, including rusty skills, a lack of confidence, employer discrimination, new technologies and social media.
If you care not to deal with those obstacles, and want to earn extra money to fund your retirement and other expenses, you may have to think outside your comfort zone and look at something completely different.
Peter

INCOME INEQUALITY IN BOOMING ECONOMY

IncomeInequality #jobs #recession #incomes
Despite strong job growth, Metro Atlanta incomes have faltered since 2007.
So writes Michael E. Kanell, business and economics reporter for The Atlanta Journal-Constitution. His article on the matter appeared March 25, 2019.
“At the same time, racial inequality remained stubbornly high, even as the economy rebounded from the Great Recession,” Kanell writes.
The Atlanta region ranks 33rd in the country in economic growth, and 57th for inclusion by race, the article states.
Though Kanell covers the Atlanta area, the same thing likely can be applied elsewhere.
As a person, economically and otherwise, are you better off than you were 11 years ago? Have you been able to hold on to that good job you had back then? Has your employer downsized, leaving you out to find other work? Does the other work you may – or may not – have found pay as well as the previous job? Have you been forced to retire long before you wanted to ? Do you have enough saved for retirement to make it at all comfortable?
These and any number of questions can be posed today after a decade recovering from the Great Recession.
Some folks may have lucked out and found better economic circumstances. But many have not. Yes, the economy is growing. But if your individual economy has not grown, in fact has shrunk, you are not alone.
So, if you are in that situation, what can you do?
Fortunately, there are solutions out there, other than trying to juggle multiple, low-paying and time-consuming jobs. There are vehicles out there that potentially can enable you not only to recover economically, but prosper – perhaps as you never have before. To check out one of the best such vehicles, message me.
You can sit around, fret and complain about your situation, or you can do something about it. Don’t expect some serendipitous event to come along to pull you out of your economic funk. Don’t expect a winning lottery ticket to solve your problem.
But you could be open to doing something you perhaps thought you would never do. It may take you out of your comfort zone, but if you’ve had to downsize your economic outlook, that can’t be really comfortable.
Kanell’s article says economically the best-performing regions, according to the Brookings Institution, are: Austin, Texas; San Antonio; San Jose, Calif.; and Dallas.
If you don’t live in one of those areas, or even if you do, you may not have benefitted individually from the nationwide economic growth.
Don’t look at the well-to-do with envy. Look at them as inspiration. You potentially could be among them if you are willing to look at programs that, starting with a part-time effort by you, could yield a pot of gold for you over time.
Times were tough a decade ago. Companies are still downsizing. Manufacturing plants are closing, or becoming more automated.
You can worry about it, or do something about it. It’s your choice.
Peter

ADJUSTING YOUR FINANCES IN YOUR 50s

#aging #AdjustingFinances #retirement #investments
Are you in your 50s?
Do you have enough saved, or are you on track to have enough saved, for retirement?
Wes Moss, who writes the Money Matters column for The Atlanta Journal-Constitution, took on this subject in his March 17, 2019, column. He also is chief investment strategist for Capital Investment Advisors, and has a Money Matters radio show that airs Sunday mornings on WSB radio in Atlanta.
First, Moss talks about the TSL strategy. That stands for taxes, savings and life. He says that for a younger person, 30 percent of your income should go to taxes, 20 percent to savings and the remaining 50 percent for life expenses.
But, when you reach 50, he says, you may want to adjust those percentages to put a bigger percentage into savings.
He also says many people save for their children’s college expenses. But college tuition can be covered through loans, scholarships (and having the child work through college), among other things. But there are no loans to cover your retirement, unless you take out a reverse mortgage on your house.
In short, Moss advises to make saving for a child’s education secondary to saving for your own retirement.
Moss also suggests playing catch-up with your retirement contributions, which the law allows you to do at that age. As for paying off one’s mortgage, as Moss advises, give it some thought before you dump cash into your house. If your interest rate is low, say, 5 percent or less, and you have an investment adviser who routinely can make you a lot more than that every year, it may be wiser to put your cash into other investments rather than your house. The aforementioned reverse mortgage, or a home equity line of credit, may be the only ways to get that cash back out of your house.
That brings us to Moss’ other point: stick with stocks. If you have your retirement nest egg invested in stocks or their derivatives, don’t panic at every downturn and don’t be overly cautious, and grab profits, on every upturn. If you have a good investment adviser, he or she will guide you to investments that are suited to your situation. Adjust as needed, but don’t dump stocks wholesale based on the news.
You may say this is all well and good if you have lots of money. If you can barely cover your taxes and life expenses, how in the world can you save, with your current income? That could be discussed in detail in a different setting, but it boils down to spending less on things that aren’t necessities, and saving more.
There is also another way to add to your income: check out one of the many vehicles out there that allow you to leverage your non-work time, perhaps just a few hours a week. You could potentially dwarf the income from your job eventually. To check out one of the best such vehicles, message me.
Meanwhile, in this day and age, your 50s could be a scary time. You’re at the age when your employer may yearn for someone younger , and cheaper, to do your job. Company reorganizations happen frequently, and many people find themselves unexpectedly out of work.
In past generations, people didn’t really start saving for retirement until their 50s. Decades ago, companies cherished their experienced employees. Now, they are seen as a mere cost, in most cases.
You can certainly make adjustments to your retirement plan in your 50s, but it’s better to start a retirement plan much earlier in life. Today, you don’t know when, or at what age, your retirement will come. And, in most cases, it will come, whether you’d planned for it or not.
Peter

WHAT IS COLLEGE’S JOB?

#college #StudentDebt #education #tuition #CollegeAlternatives
“Parents once sent their children off to college for an education.
“Now, parents expect colleges to provide maturation.”
So writes Maureen Downey, education columnist for The Atlanta Journal-Constitution. She was discussing recent suicides on the Georgia Tech campus with a professor there. Her column appeared in the Dec. 24, 2018, edition of the AJC.
Yes, parents want kids to learn calculus and whatever else is likely to land them a job, she writes, but they also want colleges to turn their kids into respectable adults, and to address any mental health issues the kids may have, she writes.
“Just because schools say they provide these (maturation) services doesn’t mean they do it well,” Downey quotes the professor.
“When I attended the President’s Convocation after arriving at Georgia Tech, we were told to look to the left and right – at least one of you will be gone – more like one-and-a-half,” Downey quotes William S. Bulpitt, a 1970 honors grad from Georgia Tech.
Back in Bulpitt’s day, the pressure was enormous to stay in school . Those who flunked out likely got drafted and sent to Vietnam, Downey writes.
Today, college campuses have counselors that students can see, to save parents from paying dearly for private counseling – not that college tuition is a really cheap alternative.
Also, today’s teens suffer more with anxiety and depression, and have fewer coping skills than those in generations past, Downey writes. The causes are numerous: over-involved parents, unrelenting and sometimes unkind social media etc.
When the kids get to college, those mental health struggles intensify, Downey writes.
First, let’s analyze why kids go to college, whether or not they are well suited for it. Parents want their kids to get a good job, and they are told that the best way to do that is to go to college. If they can’t swing it financially, they borrow the money. Many often end up graduating, or sometimes never seeing graduation, with a big debt to start their adult lives.
Instead of sending a teen-ager who is ill equipped to deal with college to college, why not help them find a vehicle that will help them earn money – potentially a lot of money – without incurring the expense, or debt, of college. There are many such vehicles out there to help people, regardless of education, earn money spending a few part-time hours a week. To check out one of the best, message me.
Certainly, the college experience can be worthwhile, even spectacular, for the right person.
It’s not just the education, but the camaraderie, the extracurricular activities and the ability to live away from home for those who choose, that make college great for some.
One can’t eliminate the academic or social pressure, but the young adult has to be prepared for it, and the right person needs encouragement from parents, faculty and peers.
In short, don’t assume your son or daughter is suited for college. At the same time, don’t put unnecessary pressure on the student to go to college. If you send your child to college, make sure it is for the right reasons.
Don’t presume the degree your son or daughter would get, presuming he or she stays long enough to earn it, will yield the employment results you, and they, expect.
There is no shame in not going to college. If your son or daughter chooses not to go, make sure he or she is acquainted with ALL the ways available to make a living, or even, perhaps, a fortune. The money you might spend, or borrow, to send a child to college may be better utilized in setting up a retirement account for the child — or yourself.
If your child goes to college ill equipped, the school may not be the best place for the student to deal with his or her problems.
Peter

HAVE WE LOST THE ABILITY TO DREAM BIG?

#DreamBig #BigGoals #GreenNewDeal #BigDreams
In 1962, President John F. Kennedy predicted the U.S. would go to the moon in that decade.
It did in 1969.
“We choose to go to the moon … and do the other things, not because they are easy, but because they are hard,” Miami Herald columnist Leonard Pitts quotes JFK. His column on the subject of dreaming big also appeared Feb. 26, 2019, in The Atlanta Journal-Constitution.
Pitts was focusing on the Green New Deal, proposed by Rep. Alexandria Ocasio-Cortez and Sen. Edward J. Markey.
Though the goals of the proposal are big, Pitts says some believe the idea is simply too big.
Regardless how you may feel about the Green New Deal, Pitts makes the point that the country seems to have lost the ability to dream big – an asset that has always been what America was about.
We, as individuals, too, may have lost that ability. We may have even been taught to temper our goals and dreams in favor of security.
People who do great things have many characteristics – not the least of which is the ability to see things not as they are, but as they could, or should, be. They then have the ability to carry through on that vision, overcoming all the obstacles, battling the naysayers and never losing sight of their dream.
Are you the type of person who settles for what is, rather than aiming for what could be?
Or, are you the type who sees what is as temporary, all the while aiming for what could be?
If your current situation is not giving you the life you want, know that YOU can change it, if you choose.
You don’t necessarily have to come up with the next big idea that will give you your fortune. You just have to be open to looking at situations that could change your life for the better, and have the wherewithal to crawl out of your comfort zone and go for it.
How do you find such situations? There are many out there that can offer you a potentially life-changing scenario. To check out one of the best, message me.
“Big things were what America did,” Pitts writes. “From carving highways out of corn fields and cyberspace, to airlifting hope to a starving city, to rebuilding a ravaged continent, to helping save the world from tyranny, to digging 40 miles of trench that united two oceans, to binding East and West with railroad tracks, to defeating the most powerful military on Earth with an army of farmers, when did ‘big’ ever scare America?” Pitts continued.
Sometimes, something big comes to us as something different. Sometimes, it comes to us from a messenger that we never expected. Sometimes, it can fall into the lap of the people willing to look for it.
It takes courage to ignore the people in your life who try to tell you that you can’t, shouldn’t or even had better not try THAT, even when what you are embarking on may not be as scary as you are led to believe.
You just have to have a dream big enough to not be deterred.
If you don’t have such a dream, find it. If you do, pursue it. You don’t have to settle for what is, when what could be may be waiting for you.
Peter

SOCIAL SECURITY: WHEN TO TAKE IT

#SocialSecurity #retirement #savings #earnings
It’s a question discussed numerous times in this space: when to take Social Security.
Maurie Backman of The Motley Fool took it on in a Christmas Day article, 2018, in The Atlanta Journal-Constitution.
Take it early, at age 62, and you get a lesser amount than you would at your full retirement age. But, if you have already retired and need to cobble together an income, taking Social Security early is an option.
Of course, the longer you wait to take it, the bigger your check will be. Wait until age 70, and your check could be pretty good-sized.
Backman cites three reasons he believes taking Social Security at age 62 might be a good idea for you: first, you are unable to work (or are having trouble finding a job, even though you are able to work); you’re in bad health; and, you’ve earned the right not to wait.
All those reasons make sense for some people. But everyone’s situation is different. Here’s one rule of thumb for everyone: don’t take it early just because you fear the government will run out of money and the checks will stop. Most experts believe Social Security will be around for quite some time, even if the government does nothing about the funding. Benefits may have to be adjusted in the future, they say, but it’s unlikely to go away entirely.
When making the Social Security decision, consider the following: what other income do you have, or will you have, in retirement. Income includes pensions, dividends and interest from your savings and investments and, perhaps, a no-stress, part-time job. Income, for some, may also include a full-time job. Yes, there are those who love their jobs enough that they don’t want to retire. If you are fortunate enough to be in that situation, and your employer will keep you on forever, that’s excellent.
Most folks, though, have jobs that will get old after a while, if they haven’t already. Others may have employers that are eager to get them retired, or at least out of their employ.
It’s a good idea, if you are among the latter categories, to have a Plan B in place that will give you income that will enable you to go with whatever happens, “retire” when you want and potentially give you financial freedom. Many such vehicles involve only a few part-time hours a week, with the potential to dwarf your working income. To check out one of the best such vehicles, message me.
Also, as you ponder when to take your Social Security, know that no matter how many years you paid into it, and no matter how good your income was, that government check alone probably won’t give you enough money to give you the retirement you want. You WILL need some other financial resources.
If you haven’t yet retired, and don’t know what your resources will be when you do retire, it’s time to start planning for it. The earlier you start planning, and the more disciplined you are, the better off you’ll be when you get older.
So, start saving, and get a good, trusted financial adviser to guide you in retirement planning. Remember, too, that retirement planning isn’t all about money, though money is a big factor. Know what you’ll want to do when you retire, and plan to make that happen.
The Social Security office nearest you can give you your options, based on your income. The wise person will have a plan so that, no matter when he or she retires, he or she will never run out of money.
Peter