Joe Lucey

There’s been a substantial degree of unrest as the new presidential administration continues to roll out policy changes. However, the U.S. isn’t alone in that regard. In a recent survey, 63 percent of respondents worldwide said they believe their country is headed in the wrong direction.

China, Saudi Arabia, India and Russia are the most optimistic about their situation, while Mexico, France, South Korea and South Africa are the most negative. Here’s some of what the rest of the world is worried about:

• Unemployment continues to be the greatest worldwide concern. This concern is most prevalent in Spain and Italy, where unemployment levels remain high.
• The second biggest concern is poverty and social equality, felt most egregiously by citizens of Hungary, Russia, Germany, Belgium and Japan.
• The third most common worry is financial and political corruption.
• Crime/violence and health care round out the top five things people worry about the most all over the world.

Some issues are more worrisome in certain areas of the globe. For example, Latin America is particularly concerned about the state of education, while immigration is more troublesome in Great Britain, Germany, Italy, France, Belgium and Canada.

Countries like the U.S. and Great Britain have vowed to look inward, placing their country’s best interests at the forefront. For some, this more national-centered approach could cause headaches. Germany, for example, relies on global demand for its exports, which represents nearly half of the country’s gross domestic product. The U.S., with exports accounting for only 13 percent of GDP, is in a less precarious position.

As baby boomers wind down their careers, many would like to “phase out” of their jobs, working fewer hours each week; perhaps fewer still each year. But is this a practical solution for private employers? Maybe. When you consider a recent study on millennial worker habits, it may be surprising to find they could pick up the slack in shared workweeks.

When they were in junior high and high school, millennials gained the reputation of being entitled and enabled. But vast numbers went to college and came out burdened with student loan debt and poor job prospects. Graduating college around the time of the recession has helped many millennials become more appreciative when job opportunities become available. They’re willing to learn and to work hard if they see commensurate rewards at the end of the tunnel. In short, millennials could offer an ideal complement for baby boomers phasing into retirement.

A 2016 U.S. workplace study found that many millennials are workaholics. They’re more likely to remain available during non-work hours via email and cellphone, and they’re more likely to work while on vacation.

For some, these may come as surprising insights about our younger generation. The fact is, many entered the workforce when jobs were scarce, so they fell a bit behind the earning curve relative to previous generations. Perhaps that makes them more focused, more determined and more willing to work long and hard to cover lost ground. So, for an older baby boomer looking to phase out of the workforce gradually, he or she could do worse than to pair job sharing responsibilities with a millennial co-worker.

Happy early St. Patrick’s Day!

Spring is in the air, and the spirit of new beginning has arrived with it. This is the time of year when possibilities are fresh and hope has sprung.

But are your retirement hopes and dreams based on the luck of the Irish?

Unfortunately, most of America’s pre-retirees are not only falling short of their planning and savings goals, they don’t even know it’s happening. Luck is great, and hope is wonderful, but they are not enough to grant you a financially secure and peaceful retirement.

A recent study by TIAA-CREF had 58% of surveyed Americans express confidence in their ability to turn savings into a reliable and sufficient income stream in retirement. So far so good? Not quite. The same study showed that fewer than half of respondents knew their retirement savings balance. Only 35% could say how much income they would receive every month in retirement. Many did not even know how much income they would need to generate in retirement to live comfortably! If that does not spell “cross your fingers and hope for the best,” I don’t know what does.

I can understand the desire to fall back on luck and have a positive outlook on the future. Humans are wired to focus on goals that feel most urgent, so you probably find yourself spending more time paying this month’s bills than reflecting on your long-term retirement needs. Think of it this way: a secure retirement is a considerable accomplishment. Like any other big endeavour, it does not “just happen” because of luck. Peaceful retirements take strategic planning, dedicated effort and plenty of technical expertise.

If that sounds like a lot of work that you don’t have the time for, you are absolutely right. The good news is that you don’t have to do it alone. A financial planner can help you objectively assess your readiness for retirement. An effective plan for financial well-being must be comprehensive and grounded in reality – and the only way to be sure is to work with a professional.

CALL 952-460-3260 TO BOOK YOUR COMPLIMENTARY VISIT WITH US NOW

What is a visit with us like? You’ll meet with a Certified Financial Planner™ who sit down with you and talk about your individual circumstances. We begin by estimating your retirement income needs. Then we look at your options for generating that income – for most of our clients, those options include Social Security, pension plans and personal retirement savings.

If we identify a gap between what you have and what you need, we brainstorm ways to close it. You walk away with actionable advice and the confidence that can only come from knowing (not hoping) that you have a plan. If that sounds valuable, I would like to invite you and your spouse to come in for a complimentary visit with us.

There is absolutely no obligation for you when you book this complimentary visit. However, spaces on our calendar can be limited.

So invest some time in something that will truly make a difference in bettering you and your spouse’s financial situation and book your complimentary visit with us today.

CALL 952-460-3260 TO BOOK YOUR COMPLIMENTARY VISIT WITH US NOW

Thank you for taking the time to read this.  

I look forward to meeting you and helping you achieve your financial goals.

 

As a leader in helping families in the twin cities area plan for their retirement and maximize their benefits, we have been interviewed by The Wall Street Journal, Fox Business News, Investor’s Business Daily, Newsweek, Market Watch, as well as many other local news channels.