Redefining Your Path To Success With Garrett Gunderson

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Redefining Your Path To Success With Garrett Gunderson

The path to success is different for all of the most successful people in the world, depending on their backgrounds and their industries. But their stories have a lot more in common than you might think. Together with Dr. Diane Hamilton, acclaimed “financial genius” and author, Garrett Gunderson, gets into the commonalities that run through the stories of the world’s most successful. The paths forged by the people that have come before might just be the blueprint to your success – or at least the inspiration. Make sure to give yourself this chance to come into success! Continue reading “Redefining Your Path To Success With Garrett Gunderson”

Impact of Boomers Working Past Retirement Years

 

As people are living longer and the age for receiving social security payments is extended, baby boomers have found that they are working well into what used to be considered retirement years.  USA Today reported, “The Associated Press-LifeGoesStrong.com poll found a baby boom generation planning to work into retirement years — with 73% planning to work past retirement, up from 67% this spring. The poll involved online interviews with 1,095 baby boomers.” According to the Examiner, “boomers are likely going to work five to 10 years longer before retiring.”

There are currently 77 million baby boomers.  This group has found it difficult to retire because “41% of boomers said they are expecting to have to scale back their lifestyle in some way in retirement and 31% believe they will struggle financially.”

Having a lot of baby boomers in the workplace has had an impact on the post-boomer generations.  In the article Millennials Hoping for Boomers to Retire, it was noted that many people who used to retire in their 60s are continuing to work, making it harder for Millennials to find employment.

There are currently four generations coexisting in the workplace. These 4 generations include:

World War II Generation (aka depression babies) – Those born prior to 1945

Baby Boomers – Those born 1946 to 1964

Generation X – Those born 1965 to 1982

Generation Y (aka the Millennials) – Those born after 1982

Baby Boomers represent the largest segment of the American work force.  However, millennials will be replacing the baby boomer group soon.  According to Harvard Business Review /HBR.org, “The makeup of the global workforce is undergoing a seismic shift: In four years Millennials—the people born between 1977 and 1997—will account for nearly half the employees in the world. In some companies, they already constitute a majority.”

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Retired for Hire: More Seniors Working, Shopping, Donating and Spending

 

A report released last week from Scarborough.com showed in 2010 that 6.2 million people over 65 are working. This group has been referred to as the Retired for Hire. Many of these workers are not in dire financial straits either. In fact this report showed, “Adults over the age of 65 who are still working full-time or part-time are slightly more likely than the average adult to have an annual household income of $150K or more.”

This report has some interesting profile information about this group including:

  • They were financially in good shape with an average income over $150K
  • Of those working, 57% worked part time and 43% worked full time
  • 22% of them shopped at Wal-Mart in past 3 months
  • They were 30% more likely to donate to green causes
  • They were avid patrons of the arts
  • They were 92% more likely to have donated to political organizations
  • They were just as likely as the normal population to go to the gym
  • 48% of them were into gardening
  • Their use of HDTV’s is up 150%
  • 80% had desktop computers
  • They were more likely to spend money on home improvements
  • 41% made a purchase at Home Depot in the last year

Scarborough concluded, “The 6.2 million adults working past retirement age in America tend to be financially sound, with robust investment portfolios and higher than average incomes. This suggests that financial service providers such as banks, investment firms and personal services such as accounting firms and financial planners have a robust marketing target in Retired for Hire.”

401K Reinrollment: Why Your Money May Be Put Into Target-Dated Funds

Target-dated funds are mutual funds that automatically adjust the asset mix of stocks, bonds and cash usually based on the investor’s future retirement date.  Companies have been offering these options for their employees for many years.  Some companies are now even having employees have to acknowledge if they don’t want to have their money put into target-dated funds.

In the hope of helping employees keep their money safe, companies are stepping in and trying to control where they hold their retirement funds.  Employees can continue to choose from their company’s listed fund choices, but if they don’t opt out of the target-dated funds, their money may just be moved for them.

For those people who don’t want to hassle with choices and watching their funds, this may be a good choice.  For those who are more financially savvy, the target-dated funds may not appeal to them; they may prefer to have control over their investments.

There are pros and cons to using target-dated funds based on gender, age and risk tolerance.  For more information about target-dated funds and employers utilizing them, check out a recent article by the Wall Street Journal by clicking here.

Baby Boomers Turn 65 This Year: Keeping the Illusion of Youth While Staying Healthy

This year the oldest baby boomers will turn 65.  If you call a baby boomer “elderly”, you might find that is not a term they take lightly.  The days of older generations taking it easy and moving to quiet communities have faded.  This is a very proud group that wants to remain vital and active for as long as possible.

Although boomers may not have noticed it, marketers are using subtle targeting methods to reach this group without insulting them. Some companies are using larger typefaces and avoiding colors that are hard to distinguish between to allow for their packaging to be distinct to older eyes.  If aging boomers haven’t realized their clothing size may remaind the same, while their body size increases, they may not be aware that clothing companies are doing something called vanity sizing.  Although not necessarily unique to only boomers, Mesh.com reported, “Gap, the parent company of Banana Republic, was contacted to ask about the new double-zero size. They said they’re responding to the demands of their customers. They said women want smaller sizes.”

Boomers may dress for success still but father time is creeping up on them.  Companies are doing their best to allow boomers to age gracefully, keeping their dignity intact.  WJS.com reported, “Kimberly-Clark spent two years overhauling its Depend brand, anticipating boomers would demand changes to the image and design of a line long considered too diaper-like and institutional. By 2020, Kimberly-Clark expects 45 million boomers will need incontinence products, up from 38 million currently.”

Those not ready for diapers, are not ready to sit on the porch swing and rock either.  In the past, retired generations paid off their mortgages to live their twilight years free of debt.  Boomers may be downsizing but many plan to move into new homes.  “A big driver of boomers’ increased spending is the fact that over one-third plan to move to a new home within five years of becoming empty nesters.”

Boomers may not be retiring as early either.  The stock market crisis is partly to blame, but there are other reasons.   Another issue facing this generation is that they often have to not only care for their children but their own aging parents.  They have often been called the sandwich generation because of this.  US News Money reported, “Almost a third (31 percent) of relatively wealthy Americans are supporting older and younger immediate family members at the same time, according to a new Merrill Lynch Wealth Management survey of 1,000 people with investable assets of $250,000 or more.” The stress from this has caused many boomers to have difficulty with their jobs and health, leading to a generation that experiences higher rates of depression.

RetirementBoomerStyle listed some recommendations for this generation and how to stay as healthy as possible, “So, while baby boomers are caring for the health of their family, they should keep themselves in mind as well. A diet that is high in fiber is ideal for the baby boomer, and including lean meats in the diet will provide the protein that is needed for energy and muscle toning. Baby boomer women should also considered taking a supplement that includes omega-3 fatty acids; this will improve memory and brain function, and make it easier for the body to fight off free radicals. In addition to taking supplements, women should also be sure to eat some form of fatty fish each week, such as salmon or tuna. Men of this generation should be sure to eat foods that are rich in lycopene, a substance that can reduce the risk of prostate cancer. Lycopene can be found in foods like tomatoes and watermelon, so eating these fruits fresh a few times a week can make a big difference when it comes to preventative health.”