We are already one-quarter of the way through 2026 and it’s time for another summary of takeaways from webinars that I have recently attended. Below are nine nuggets that stood out to me as I reviewed notes taken in my personal learning journal:
Retirement Challenges- Retirement
is more of an adaptive challenge than a technical one. With adaptive
challenges, there is no expert to help you. Rather, it is up to retirees to
look inside themselves to determine their purpose and what brings them joy.
Non-Financial Changes-
Many retirees face the following: Loss of work identity and a sense of purpose,
increase in unstructured time (about 2,500 hours per year), increased time with
spouse or partner, reduced social connections outside of work, and health
challenges from the aging process.
Retirement Resources: Eight
things can help retirees thrive: 1. Spirit (meaning and purpose), 2. Physical
health, 3. Heart (optimism and resilience), 4. Connection (nurturing
relationships), 5. Mind (creativity and mental challenges), 6. Work (paid or
volunteer) to contribute personal talents, 7. Place (having a “sense of home,”
and 8. Money (managing resources to live within your means).
Relationships-
The greatest satisfaction in life comes from relationships. Think of
relationships as an investment portfolio that requires ongoing deposits and
maintenance and will change over time. Time is a finite resource so ask
yourself what investments you want to make in different people.
Sequence of Returns Risk-
Losses in an investment portfolio early in retirement is a risk that cannot be
diversified away from. To avoid withdrawals from equity assets during a market
downturn, spend conservatively and/or meet spending needs from other sources
(e.g., cash asset buffer account). Big caution: retirees’ income plan should
not overly rely on market performance.
Financial Education-
30 states have passed laws requiring a semester-long financial education course
for high school graduation. The true ROI of these courses is what students do
with the knowledge they gain (e.g., early investing, less debt) and expanded
horizons for their future.
Wealth Accumulation-
Wealth is what people don’t see. Everything can be bought with borrowed money.
It is not what people earn that creates wealth but how they spend it. Money is
not a goal in and of itself but a tool to allow you to reach lifetime financial
goals.
Tax Planning-
A “permanent” tax law change is one that is not set to expire. Congress can
always pass future tax laws. Three ways to lower modified adjusted gross income
to reduce taxes are tax-deferred plan contributions, Roth conversions, and
qualified charitable distributions (QCDs) after age 70 ½. Some people roll an
employer account balance into a traditional IRA to make a QCD later.
LinkedIn Tips- LinkedIn
is the #1 way that people find jobs and “put themselves out there.” Ways to
stand out on LinkedIn include a professional head shot, an interesting “About”
section, highlighting your skills and experience, regularly posting new
content, a customized URL, endorsements, and completing as many profile
sections as possible.
This post provides
general personal finance or consumer decision-making information and does not
address all the variables that apply to an individual’s unique situation. It does
not endorse specific products or services and should not be construed as legal
or financial advice. If professional assistance is required, the services of a
competent professional should be sought.
No comments:
Post a Comment