life insurance, protection, risk management

The Risk To Your Child’s Future

Loss of a parent shatters the life of a child. Period.

Loss of a parent’s love.
Loss of a guide through life’s challenges.
Loss of protection and security.

These are losses that are beyond measure and replacement. But the truth is these losses can be worsened by the financial impact that comes from a lack of planning and losing a parent.

7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. (1)

Continue reading “The Risk To Your Child’s Future”
health, income, protection, retirement, risk management

5 Tips to Make Your Retirement Savings Last

The statistics are troubling…
10,000 Americans begin their retirement every day.

The Social Security Administration has said the SS Trust Fund will become exhausted by 2035, unless benefits are reduced, the retirement age is raised, or other solutions are put into action. (1)

76% of Baby Boomers are not confident they have saved enough for retirement. (2)

One third of retirees retire with mortgage debt. (2)

Only 18% have more than $200,000 saved. (2)

56% have less than $10,000 saved. (2)

Women live substantially longer than men and yet have much less saved for retirement. (3)

About 25% of non-retired adults have no retirement savings (4)

Many Americans have experienced reductions in pay and not been able to save as much as they would have liked since the Great Recession of 2008/2009. (5)

In addition, the Great Recession resulted in many workers in their 50s and 60s getting laid off, not being able to find comparable employment and choosing early retirement.

55% of seniors working during retirement say they do so because they need extra money. (4)

It’s not an optimal situation for many people. Adding to the stress on finances is the fact that people are living longer.

So, the question is how can we improve our retirement situation with the resources we have at our disposal?
Listed below are 5 strategies you can implement today to make the most of your retirement savings…

Continue reading “5 Tips to Make Your Retirement Savings Last”
AI, economy, entrepreneurship, new economy, retirement

“Morning in America…”

I was driving into work today and a Chevy Volt sped by me. Yesterday a Tesla Model S was parked in front of my office. In Q2 of 2019 Tesla produced over 72,000 cars, including the mass production version Model3. By Q3 of 2021 Tesla had produced 240,000 cars. (1)

Technology is bringing a renaissance to American manufacturing. (2) New industries and new job descriptions are being created, even as “old economy” jobs become antiquated and outsourced to robots. (3)

Technology is allowing people to use their existing assets in order to bring in more income, such as Uber and Lyft (using the car) and AirBnB (using the house). Websites such as Amazon, Ebay, Shopify and Etsy allow people to open their own virtual shops, without the need for brick and mortar retail space. The internet allows more and more people to connect to influencers and decision-makers, allowing people to earn money as consultants and contractors.

I remember when I was in middle school in the 1970’s, times were hard for my parents… I remember thinking as a teenager ‘I want a simple government job where I don’t have to worry about things like pink slips, bankruptcy, or how are we going to afford presents for Christmas.’

Continue reading ““Morning in America…””
economy, income, interest rates, retirement, risk management

Economic Fears and Managing Risks

In the Fall of 2021, the economy continues to slow, and it is having an effect on markets.

I wrote this article originally just before COVID hit… some of the observations were in 2019, as you will see.

In 2019, the economy was already slowing…

It is interesting how the comments in the original article are appropriate for today’s economic environment.

In 2019, incoming ECB President Christine Lagarde stated the US trade war with China had “dented global economic growth.”

“You can’t adjust to the unknown. So, what do you do? You build buffers. You build savings. You wonder what comes next. That’s not propitious to economic development,” said Lagarde.

“It means less investment, less jobs, more unemployment, reduced growth. So of course, it has an impact,” she said. Lagarde led the International Monetary Fund for 8 years prior to moving on to the ECB. (1)

Recent surveys by the NFIB strike a similar note by US businesses that in 2021 are constrained by supply chain delays, increasing prices, and labor difficulties. (2)

Continue reading “Economic Fears and Managing Risks”