Retirement Income planning cannot be put on automatic control or with a buy and hold approach. Most investments or all investment consists of speculation and this is where retiree's make pivotal costly financial mistakes. We can show you how to attain, steady predictable, guaranteed income that will provide a lifetime income stream without all the management cost, risk, and market mania. So, first, guarantee your income stream an then speculate with the remaining dollars.......
Whatever your future, planning is the key. Understanding the factors involved
in your decision-making process, working with financial professionals,
communicating with family and being flexible both before and during
retirement are all important components of planning for retirement income.
They are the plot devices that help your retirement story have a happy ending.
“Rebooting after the economic crash: IT, ET and America 3.0.”
Professor Jonathan Taplin , USC Annenberg School and ARNIC
The financial crisis will leave the next president with the task of rebuilding a shattered American economy. Professor Taplin will describe the potential roles of information technology and energy technology in America 3.0.
Whatever your future, planning is the key. Understanding the factors involved
in your decision-making process, working with financial professionals,
communicating with family and being flexible both before and during
retirement are all important components of planning for retirement income.
They are the plot devices that help your retirement story have a happy ending.
“Rebooting after the economic crash: IT, ET and America 3.0.”
Professor Jonathan Taplin , USC Annenberg School and ARNIC
The financial crisis will leave the next president with the task of rebuilding a shattered American economy. Professor Taplin will describe the potential roles of information technology and energy technology in America 3.0.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The Great Depression - Presentation (Macroeconomics Perspective)Arjun Parekh
This brief presentation on 'The Great Depression' has been made from the point of view of understanding Macroeconomic factors that played an important role.
Student name
Professor name
Course number
date
American future economic conjecture
From Piketty’s view about the American economy, I think the most likely outcome during the next 20 or 30 years will not be very good, may be massive bankruptcies, wars and revolutions. Although we had a period which called Golden Age, when the income inequality was very low, and the economic growth stayed in a high rate. However, the 1945-1975 period high-speed economic growth was not normal, it was just a historical exception. From Michael Lewis’s book Boomerang, we knew that as recently as 1980s, Ireland was one of the poorest countries in the world and it became the richest country in 2007. However, when the financial crisis occurred in 2007, the Irish economy suffered a devastating blow. The strength of Ireland had not recovered yet.
There were many serious problems we are face right now. Economic growth is usually driven by population growth and production efficiency. However, both of these conditions have slowed in the United States over the past decade. The newest data from National Center for Health Statistics shows that the number of American babies born in 2017 fell by 2% from 2016 to only 3.85 million. The birth rate has been falling for three consecutive years and reached the lowest point in the recent 30 years. The Fed raised its short-term economic growth forecast to 2.7% in March this year and 2.4% in 2019, in part because of the government's tax cuts. However, the Fed’s longer annual growth forecast is 1.8%, reflecting the resistance of the population. In addition to the reduction in labor, an aging society will delay economic growth as fewer and fewer people buy homes, cars and other expensive items. As people age and prepare for retirement, savings usually increase. Piketty’s the second fundamental law of capitalism β = s / g explain this situation. In the long run, the capital/income ratio β is related in a simple and transparent way to the savings rate s and the growth rate g. Based on the historical events, the capital/income ratio β would be high when the country faced the financial problems. For example, in 1990s, Japan faced a housing bubble, the capital/income ratio reached to 700%. Japanese people lost confident the government and saved their money as much as they could, the Japanese economy almost destroyed. The capital/income ratio for America today is about 500%, which is closed to the point in the World War I. Something must be happened so it can change this situation.
The income inequality is another serious social and economic problem. Inequality reached its lowest ebb in the United States between 1950 and 1980: the top decile of the income hierarchy claimed 30 to 35 percent of US national income. However, income inequality exploded in the United States since 1980. In the U.S. the top 10% people own about 50% of total income in 2010. The top 1% even have 20% of the total.
The Brazilian Economy is one of the oldest publications for expert economic analysis of both the Brazilian and international economies. Through this publication, FGV’s Brazilian Institute of Economics and Finance (FGV/IBRE) compares different periods of the economy, assessing both macroeconomic considerations and scenarios related to finance, administration, marketing, management, insurance, statistics, and price indices.
For more information, and Brazilian economic index results, visit: http://bit.ly/1EA1Loz
The Great Depression - Presentation (Macroeconomics Perspective)Arjun Parekh
This brief presentation on 'The Great Depression' has been made from the point of view of understanding Macroeconomic factors that played an important role.
Student name
Professor name
Course number
date
American future economic conjecture
From Piketty’s view about the American economy, I think the most likely outcome during the next 20 or 30 years will not be very good, may be massive bankruptcies, wars and revolutions. Although we had a period which called Golden Age, when the income inequality was very low, and the economic growth stayed in a high rate. However, the 1945-1975 period high-speed economic growth was not normal, it was just a historical exception. From Michael Lewis’s book Boomerang, we knew that as recently as 1980s, Ireland was one of the poorest countries in the world and it became the richest country in 2007. However, when the financial crisis occurred in 2007, the Irish economy suffered a devastating blow. The strength of Ireland had not recovered yet.
There were many serious problems we are face right now. Economic growth is usually driven by population growth and production efficiency. However, both of these conditions have slowed in the United States over the past decade. The newest data from National Center for Health Statistics shows that the number of American babies born in 2017 fell by 2% from 2016 to only 3.85 million. The birth rate has been falling for three consecutive years and reached the lowest point in the recent 30 years. The Fed raised its short-term economic growth forecast to 2.7% in March this year and 2.4% in 2019, in part because of the government's tax cuts. However, the Fed’s longer annual growth forecast is 1.8%, reflecting the resistance of the population. In addition to the reduction in labor, an aging society will delay economic growth as fewer and fewer people buy homes, cars and other expensive items. As people age and prepare for retirement, savings usually increase. Piketty’s the second fundamental law of capitalism β = s / g explain this situation. In the long run, the capital/income ratio β is related in a simple and transparent way to the savings rate s and the growth rate g. Based on the historical events, the capital/income ratio β would be high when the country faced the financial problems. For example, in 1990s, Japan faced a housing bubble, the capital/income ratio reached to 700%. Japanese people lost confident the government and saved their money as much as they could, the Japanese economy almost destroyed. The capital/income ratio for America today is about 500%, which is closed to the point in the World War I. Something must be happened so it can change this situation.
The income inequality is another serious social and economic problem. Inequality reached its lowest ebb in the United States between 1950 and 1980: the top decile of the income hierarchy claimed 30 to 35 percent of US national income. However, income inequality exploded in the United States since 1980. In the U.S. the top 10% people own about 50% of total income in 2010. The top 1% even have 20% of the total.
Sabi was founded in 2009 in
response to the discovery of a white
space in the market - namely, a
dearth of companies catering to the
Baby Boomer population, as it ages.
All products on the market required
for “aging” - such as walking canes,
pill carriers and bathroom fixtures -
were designed exclusively to be
functional, with virtually no consideration
for streamlined usage or aesthetics.
We decided it was time to change
that and offer Boomers stylish and
expertly designed alternatives -
products they would love to use. So,
that’s what we did.
In order to determine the most
needed products among this large
and growing aging population, we did
our research. We read everything we
could get our hands on - statistical
reports, academic papers, newspaper
articles - you name it. The more we
read, the more we realized that while
there was a lot of very deep and
targeted research out there about
the cohort, there was nothing that
presented a full and well-rounded
picture of the generation.
That was our objective in piecing
together and writing the first annual
BOOMer Report: to share our
learnings and paint a picture, not of
one single aspect of the generation,
but instead a snapshot in time of the
generation as a whole.
Our ultimate objective is to inspire
the emergence of other initiatives
like ours - both public and private -
that will consider the needs of the
population as it ages and design
products and services, accordingly.
Having undertaken this process, and
developed three product lines geared
to Boomers as they age, a singular
universal truth has emerged for our
small start-up: when you create
products to be better designed and
more beautiful than alternatives on
the market, no matter which market
you’re targeting, you’ll end up creating
products that everyone loves to use.
Who are Baby Boomers today? This is the question that this annual report tries to answer. By summarizing and highlighting the most compellingconclusions of academic research, polls,and media on the subject of Boomer
trends, Sabi’s annual BOOMer Report attempts to define key characteristics of the Boomer generation, as it
stands, today. Taken together, we hope these trends will paint as clear a picture as possible of the Baby Boomer generation in America in 2015.
Sabi was founded in 2009 in response to the discovery of a white space in the market - namely, a dearth of companies catering to the Baby Boomer population, as it ages.
All products on the market required for “aging” - such as walking canes, pill carriers and bathroom fixtures -
were designed exclusively to be
functional, with virtually no consideration for streamlined usage or aesthetics. We decided it was time to change
that and offer Boomers stylish and expertly designed alternatives - products they would love to use. So,
that’s what we did.
In order to determine the most needed products among this large and growing aging population, we did our research. We read everything we could get our hands on - statistical
reports, academic papers, newspaper articles - you name it. The more we read, the more we realized that while there was a lot of very deep and targeted research out there about
the cohort, there was nothing that presented a full and well-rounded picture of the generation.
That was our objective in piecing together and writing the first annual BOOMer Report: to share our learnings and paint a picture, not of one single aspect of the generation,
but instead a snapshot in time of the generation as a whole.
Our ultimate objective is to inspire the emergence of other initiatives like ours - both public and private - that will consider the needs of the population as it ages and design products and services, accordingly.
Having undertaken this process, and developed three product lines geared to Boomers as they age, a singular universal truth has emerged for our small start-up: when you create products to be better designed and more beautiful than alternatives on
the market, no matter which market you’re targeting, you’ll end up creating products that everyone loves to use.
Students» Standard High School ExamSocial Studies2. What i.docxjonghollingberry
Students
» Standard High School Exam
Social Studies
2. What information could not be told from this map?
3. After reviewing the passage, review each answer for validity or relevance to the passage and eliminate answers to find the correct answer.
The Enlightenment, Seven Years War started and American War of Independence were all events leading up to the French Revolution. Most of the country was hungry and malnourished due to rising costs and low grain harvest. A high emotion coursing through the French was resentment.
4. Use the table below to find the best most comprehensive answer.
Century
Period
Information
14th Century
Renaissance era
Cultural movement
David, by Michelangelo is an example of high Renaissance art
16th Century
Protestant reformation
A division between churches and Western Christianity
Initiated by Martin Luther Kind and John Calvin
5. What information can be gathered from the picture below?
Modern World Studies – Questions 5-10
Shopping online is about to explode. Retailers of all types are expanding product offerings, adding in-store pickup, free shipping and experimenting with social media. It’s getting harder to tell pure play Internet retailers from the bricks and mortar shops with online portals, and all of them are reinventing how we’ll shop online in the future. Be it via a mobile device, tablet computer, in-store kiosk or computer, the lines are blurring and the result will be both good and bad for consumers.
6. Using the information above and common knowledge would it be safe to say that technology has made it easier to purchase products?
Telecommute jobs have become popular alternatives to going to an office everyday. Telecommute careers allow you to work from the comfort and privacy of your own home doing many of the same jobs that you would perform in a corporate setting. If you are looking to find a telecommute job that is right for you, then start with this list of popular options.
7. Using the above information and your basic knowledge about different jobs which of the below fields is least likely to be done telecommuting?
The United States is in the midst of a profound demographic transformation that will long outlast the current economic downturn. In 2011, the first of the baby boomers—Americans born between 1946 and 1964—turned 65 years old. There are 77 million baby boomers, comprising nearly one quarter of the total population, and their eventual retirement will have an enormous impact on the U.S. economy. This daunting fact is central to the January 2012 employment and labor force projections from the Bureau of Labor Statistics (BLS). As the BLS projects, the retirement of the baby boomers will slow labor force growth significantly over the coming decade. Yet, at the same time, demand will grow for new workers to take the place of those who retire from the labor force, as well as for both highly skilled and less-skilled healthcare workers to look after the growing ranks of elderly Americans. In .
2. What information could not be told from this map3. After revie.docxsandibabcock
2. What information could not be told from this map?
3. After reviewing the passage, review each answer for validity or relevance to the passage and eliminate answers to find the correct answer.
The Enlightenment, Seven Years War started and American War of Independence were all events leading up to the French Revolution. Most of the country was hungry and malnourished due to rising costs and low grain harvest. A high emotion coursing through the French was resentment.
4. Use the table below to find the best most comprehensive answer.
Century
Period
Information
14th Century
Renaissance era
Cultural movement
David, by Michelangelo is an example of high Renaissance art
16th Century
Protestant reformation
A division between churches and Western Christianity
Initiated by Martin Luther Kind and John Calvin
5. What information can be gathered from the picture below?
Modern World Studies – Questions 5-10
Shopping online is about to explode. Retailers of all types are expanding product offerings, adding in-store pickup, free shipping and experimenting with social media. It’s getting harder to tell pure play Internet retailers from the bricks and mortar shops with online portals, and all of them are reinventing how we’ll shop online in the future. Be it via a mobile device, tablet computer, in-store kiosk or computer, the lines are blurring and the result will be both good and bad for consumers.
6. Using the information above and common knowledge would it be safe to say that technology has made it easier to purchase products?
Telecommute jobs have become popular alternatives to going to an office everyday. Telecommute careers allow you to work from the comfort and privacy of your own home doing many of the same jobs that you would perform in a corporate setting. If you are looking to find a telecommute job that is right for you, then start with this list of popular options.
7. Using the above information and your basic knowledge about different jobs which of the below fields is least likely to be done telecommuting?
The United States is in the midst of a profound demographic transformation that will long outlast the current economic downturn. In 2011, the first of the baby boomers—Americans born between 1946 and 1964—turned 65 years old. There are 77 million baby boomers, comprising nearly one quarter of the total population, and their eventual retirement will have an enormous impact on the U.S. economy. This daunting fact is central to the January 2012 employment and labor force projections from the Bureau of Labor Statistics (BLS). As the BLS projects, the retirement of the baby boomers will slow labor force growth significantly over the coming decade. Yet, at the same time, demand will grow for new workers to take the place of those who retire from the labor force, as well as for both highly skilled and less-skilled healthcare workers to look after the growing ranks of elderly Americans. In addition, the Social Security and Medicare programs w.
Running head THE AMERICAN DREAM 1The American Dream Dead.docxtoltonkendal
Running head: THE AMERICAN DREAM 1
The American Dream: Dead, Alive, or on Hold?
Brandon King
University of Cincinnati
King.indd 1 1/16/14 12:00 PM
THE AMERICAN DREAM 2
The American Dream: Dead, Alive, or on Hold?
What is the true state of the so- called “American Dream”
today? Is it still around, waiting to be achieved by those who work
hard enough, or is it effectively dead, killed off by the Great
Recession and the economic hardships that many Americans have
come to face? Statistics reveal alarming facts, including trillions of
dollars lost in the stock market (Paradis, 2009). While these losses,
combined with admittedly high unemployment in the past few
years, have contributed to seemingly dismal prospects for
prosperity in the United States, I believe that the ideals and values
of the American Dream are still very much alive. In fact, the
original term “American Dream” was coined during the Great
Depression by James Truslow Adams, who wrote that the American
dream “is that dream of a land in which life should be better and
richer and fuller for everyone, with opportunity for each according
to ability and achievement, regardless of social class or
circumstances of birth” (1931). I would redefine the American
Dream today as the potential to work for an honest, secure way of
life and save for the future. Many liberal economists and activists
say that the American Dream is dead, but I say that it’s more alive
and important than ever— and that it is the key to climbing out of
the Great Recession, overcoming inequality, and achieving true
prosperity.
Despite the harshness of the Great Recession, a 2009 New
York Times survey found that 72 percent of Americans still believed
it was possible to start poor, work hard, and become rich in
America (Seelye, 2009). In the same survey, Americans were also
King.indd 2 1/16/14 12:00 PM
THE AMERICAN DREAM 3
asked questions about what they believed constituted being
“successful,” with the majority naming things such as a steady job,
financial security for the future, being able to retire without
struggling, and having a secure place of residence. Less common
were responses about owning a home or car and being able to buy
other expensive goods, implying a subtle shift from the American
Dream of the past to a more modest one today. In many ways, the
American Dream of today is a trimmed down version of its former
self. The real sign of success in our society used to be owning
expensive items, namely cars and homes, and acquiring more
material wealth. Living the American Dream meant going from
dirt poor to filthy rich and becoming more than you could have
ever imagined. Today, most people do not strive for a rags- to-
riches transition, and instead prefer a stable, middle- class lifestyle,
one in which they can focus on saving money for the future and
having secure employment. For example, more ...
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
1. This material is for informational purposes only. It is not intended to provide any tax or legal advice or provide the basis
for any financial decisions. Please consult a qualified professional before making decisions about your financial situation.
#1310007
2. 1
Table of Contents
History Has A Way Of Repeating Itself
Where Are You Going, Where Have You Been?
The Story of AmericanTaxes
The Greatest Generation
The Millennium Series
The Great Divide: Employer-Sponsored Retirement Plans
The Decline of Pensions
Through the Looking Glass: 401(k)Transparency
Great Expectations: Living Longer
Through the Ages
Women and Longevity: A Widow for [MoreThan] One Year
For Whom the BellTolls
LongTerm Care Planning: A Room of Her Own
Social Security Shortfall: Much Ado about Nothing?
Through the Ages: Retiree Income by Source
Oh, the Places You’ll Go
The Importance of Being Earnest
Mad Men
Modern Family
On Golden Pond
Brave New World:The Future of Retirement
Something’s Gotta Give
The Bucket List: Unique Retirement Stories
PlanningTips
2
4
4
5
6
6
7
7
8
8
8
8
10
10
11
12
12
13
15
15
16
17
18
20
This material is for informational purposes only. It is not intended to provide
any tax or legal advice or provide the basis for any financial decisions. Please
consult a qualified professional before making decisions about your financial
situation. # 1310054
3. 2 3
Much like global conflicts and domestic
economic policies, staples of the past have
a way of coming back around again — like
bell bottoms and baby names. According to
Social Security records, the top boy and girl
names in 2012 were Jacob (the most popular
boy’s name since 1999) and Sophia. Other
traditional names in the top 10 included
Ethan, Noah, Ava and Abigail.1
What’s in a name?
History has a way of repeating itself
If you look at stories throughout history, they often share the same themes,
similar characters, and frequently even the same outcomes.
For example, the star-crossed lovers of “Romeo and Juliet,” “Westside
Story” and “The Great Gatsby” — tales of love, tragedy and sorrow. Perhaps
these stories endure because of their great drama stemming from real-life
situations. Stories of intense human emotion often seem to involve lessons
we never learn — and therefore are destined to be experienced over and
over again.
But what of the story of retirement? Is it so much different now than it was
half a century ago? Will it be much different in another 50 years? Can we learn
from the past — taking both the good and the bad — and prepare ourselves
better for the future?
While themes tend to be repeated throughout history, each of us is living a
separate, unique story. As such, we have the opportunity to write our own
chapters on retirement. Things may have changed from the way they were for
our parents and grandparents, but many of the economic and financial factors
that influence our lives have followed the same path — as will be detailed in
this report.
By the same token, for many people retirement marks a tremendous change
in their own lives, whether transforming from work to leisure or from work
to another type of work — or from being a stay-home mom to a stay-home
caregiver for an old soul mate.
Whatever your future, planning is the key. Understanding the factors involved
in your decision-making process, working with financial professionals,
communicating with family and being flexible both before and during
retirement are all important components of planning for retirement. They are
the plot devices that help your retirement story have a happy ending.
1
Social Security Administration, Top 10 Baby Names for 2012; http://www.socialsecurity.gov/oact/babynames/; retrieved
Aug. 16, 2013.
4. 4 5
Where Are You Going,
Where Have You Been?
Let’s review the past few years. President Barack Obama
has twice been elected against the backdrop of the Great
Recession, a period of financial instability marked by
the decline of real estate values, significant job losses
and, for some individuals, personal economic challenges.
President Obama won based on campaigns that focused
on bolstering the middle class as a means to reset growth
in this country.
In a July 2013 speech, President Obama reiterated
those sentiments as the basis for success in previous
generations2
:
“In the period after World War II, a growing middle class
was the engine of our prosperity. Whether you owned a
company, swept its floors or worked anywhere in between,
this country offered you a basic bargain — a sense that
your hard work would be rewarded with fair wages and
benefits, the chance to buy a home, to save for retirement
and, above all, to hand down a better life for your kids.”
It was during this speech that President Obama unveiled
his plan to make higher education more affordable. He
proposed an incentivized university rating system that
assesses each college’s ability to graduate students and
help them get good-paying jobs.2
Similarly, President Franklin Delano Roosevelt passed
the GI Bill back in 1944 in order to provide money for
college tuition and living expenses for returning World
War II veterans. In fact, Roosevelt ran against Herbert
Hoover in 1932 on the heels of the Great Depression with
much the same message as President Obama, calling
America’s middle class “the forgotten man at the bottom
of the economic pyramid.” When he took office, Roosevelt
also faced a banking crisis of epic proportions and an
unemployment rate that spiked as high as 25 percent3
.
As part of his solution, Roosevelt worked with legislators
to insure private bank deposits, protect home mortgages,
stabilize industrial and agricultural production, establish
a construction program to fund public works projects
and provide federal relief to millions of taxpayers. He
also established the Social Security Board as a means to
secure the most basic means of retirement income for
older Americans.
On the other side of the coin, the vast reduction in
government spending after World War II contributed to
a boom in the post-war economy. From its peak in 1944,
the U.S. government cut spending by 75 percent, dropping
from 44 percent of the nation’s gross national product
(GNP) to 8.9 percent by the end of 1948.4
The Story of American Taxes
As much as we complain about high tax rates in this
country, we’re a far cry away from what our parents and
grandparents paid in the middle of the 20th century. In the
1940s and 1950s, the top marginal tax rate was around 90
percent, while the top capital gains rate was 25 percent in
the 1950s and 1960s; 35 percent in the 1970s.5
The Greatest Generation
Seniors born between 1901 and 1945 are often referred
to as “the greatest generation,” a phrase made famous
by journalist Tom Brokaw in his book by the same
name.6
Despite having experienced World War II either
in childhood or adulthood, this generation benefited
from a profitable period afterward. The hardships of the
post-war and Depression era were followed by greater
affluence and greater opportunities thanks to many of
the administrative policies enacted while Roosevelt
was in office. Even so, it was likely that the war itself
re-energized the job market with defense positions
and revived manufacturing, putting cash in Americans’
pockets and food on their dining room tables.
When our soldiers returned home from war, they quietly
set about rebuilding their lives, contributing to the
economy and creating the largest baby boom in history.
As private enterprise grew organically, many companies
offered pensions for years of loyalty. With a pension and
Social Security awaiting them, many Americans felt secure
enough to reinvest their earnings in the country’s thriving
corporations, further fueling growth and the nation’s
economic power and influence worldwide. Economically,
interest rates held strong, inflation stayed in check and
personal savings thrived.
In short, government policies and programs worked in
concert with the principles of free enterprise to jumpstart
both personal finances and the national economy, paving
the way for prosperity over a short period of time.
2
Whitehouse.gov, Remarks by the President on the Economy, Knox College, Galesburg, IL, July 24, 2013.
3
Econreview.com, http://www.econreview.com/events/ur1932b.htm; retrieved Aug. 16, 2013.
4
Mercatus Center, GeorgeWashington University, “The U.S. Postwar Miracle,” Nov. 4, 2010; http://mercatus.org/publication/
us-positwar-miracle.
5
Congressional Research Service, Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945; Sept. 14,
2012; http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf. 6
Tom Brokaw, “The Greatest Generation,” Random House, 2001.
5. 6 7
The Millennium Series
Oftenreferredtoas“thelostdecade,”7
the2000millenniumstartedamidfearsofa“Y2k”technological
meltdown and was followed by the Sept. 11, 2001, terrorist attacks.The decade literally started with an
explosion that was heard around the world.
On the first day the New York Stock Exchange opened following 9/11, the market suffered its biggest
one-day trading loss in history with a 7.1 percent decline. By the end of the first week, the Dow Jones
Industrial Average had dropped by more than 14 percent and the Standard and Poor’s Index had lost
11.6 percent. Overall, an estimated $1.4 trillion in value was lost in those five trading days after the
TwinTowers fell.8
After a stellar recovery by the stock market two years after the Sept. 11 benchmark, it took another
hit during the 18-month decline now known as the “Great Recession.” Since then, the United States
has experienced two recessions, unemployment in the double digits and some of the greatest losses
of homes and home equity on record.9
The Great Divide: Employer-Sponsored Retirement Plans
On balance, historians may look back at the 20th century and proclaim that the biggest factor in how
well Americans prepared for retirement was the evolution from employer-sponsored pensions to
defined contribution plans such as the 401(k).
A 2013 study by the Insured Retirement Institute observed that 42 percent of older baby boomers —
the ones most likely to have a pension — reported they feel they have enough money for retirement,
compared to 25 percent of younger baby boomers.10
Another interesting aspect of the study found that 34 percent of younger baby boomers
are currently supporting an adult child. This shouldn’t come as a surprise in light of recent
years of high unemployment among college graduates and other young adults. However,
what is surprising is that one in every five older boomers also support an adult child. This
could be a strain on current retirement income or, for pre-retirees, ongoing attempts to save
for retirement.
Apparently, nearly half of younger boomers and close to one-
third of older surveyed baby boomers have less than $100,000
in retirement savings, according to the study.This is just another
clue pointing to the strain that may be placed on the U.S. Social
Security system when this massive population is fully retired.
These indicators signal that many Americans will likely count
on government benefits as a primary source of their retirement
income in the future.
The Decline of Pensions
It isn’t necessarily problematic that fewer workers are being
offered a company pension, however it is troubling that some
company pensions already promised to retirees are seriously
underfunded. In July of 2013, Sen. Orrin Hatch (R-Utah)
introduced a bill designed to transfer the risk of insuring public
pensions to insurance companies. The bill, titled “The Secure
Annuities For Employee (SAFE) Retirement Act of 2013,” would
require a tax-law change that would enable governments to turn
their pension plans over to life insurers. That’s because if the
money that local governments set aside in public pension funds
were instead paid to an insurer, it would not receive its current
preferential tax treatment.11
Anotheroptionthat’sbeingadoptedbysomeprivatecorporations
is to offer retirees a pension lump-sum buyout. The pensioner
gets one large sum in lieu of lifelong income payments while
the company avoids the liability associated with its retiree’s
life expectancy. While a buyout may give you greater control to
allocate the assets as you wish, in today’s lower interest rate
environment it may be difficult to replicate a pension’s income
stream with conservative financial vehicles.
PLANNING QUESTION:
Haveyoubeenofferedapensionbuyout?
Have you considered your options?
Have you considered what your income
needs may be in the future?
Through the Looking Glass:
401(k) Transparency
In January of 2013, the Financial Security Project at Boston
College published an analysis of 401(k) funds revealing that the
extra fees that investors pay for professional management of
their mutual fund selections do not always yield a higher return
on that investment.12
Fees can take a big bite out performance returns. For example,
take a 401(k) balance of $25,000 with a 7 percent average annual
return. If fees total 1.5 percent, your balance would be worth
$163,000 after 35 years. However, if your fees were 1 percent
less for a total of 0.5 percent, your investment would be worth
$227,000 in the same timeframe — an increase of 28 percent.13
In July of 2012, the U.S. Labor Department required 401(k) plan
providers to clearly disclose how much they charge to manage
retirement assets for plan participants. In the long run, the
requirement for full disclosure of fees should beef up a more
competitive market among 401(k) plan providers. Employers
are likely to start shopping around for lower fee options, which
should put downward pressure on fees charged throughout
the industry.
7
theatlantic.com, “America’s Lost Decade Turns 12: Even The Rich Are Worse Off Than Before”, Sept. 17, 2013
8
Investopedia.com, “How September 11 Affected The U.S. Stock Market,” September 9, 2011; http://www.investopedia.com/financial-
edge/0911/how-september-11-affected-the-u.s.-stock-market.aspx.
9
MSN.com, “The economy before and after 9/11,” Sept. 7, 2011; http://money.msn.com/exchange-traded-fund/latest.
aspx?post=7be1200a-e79a-4b35-a974-031570ce1a28.
10
InsuredRetirementInstitute,“TheGreatDivide:FinancialComparisonofEarlyandLateBoomers’RetirementPreparedness,”
2013; https://avectra.myirionline.org/eweb/uploads/2013 percent20JUNE percent20Research percent20- percent20Early
percent20v percent20Late percent20Boomers.pdf.http://graphics8.nytimes.com/news/business/0915taxesandeconomy.
pdf.
11
The Secure Annuities for Employee Retirement Act of 2013; http://www.hatch.senate.gov/public/_cache/files/730c41a0-4bc6-48ba-
aabf-2075b08a853c/SAFE%20Retirement%20Act%20Summary.pdf.
12
Financial Security Project at Boston College, “401(k) Mutual Funds Mediocre,” January 15, 2013; http://squaredawayblog.
bc.edu/squared-away/field-work/401k-mutual-funds-mediocre/.
13
Government Accountability Office, “Increased Educational Outreach and Broader Oversight May Help Reduce Plan Fees,”
GAO-12-325, April 24, 2012; gao.gov.
6. 8 9
PLANNING QUESTION:
Have you read your 401(k) statement
to understand the charges and fees
you pay for the management and
administration of your plan?
Great Expectations: Living Longer
One of the definite changes to the retirement story over the past
50 years is the fear of not having enough retirement income to
last a longer lifetime. Among developed nations, life expectancy
at birth is now at 78.7 years — a gain of nearly 10 years
since 1970.14
Through the Ages
SENIORS 65+ AS A PERCENTAGE OFTHETOTAL POPULATION15
1900 4.1 percent
1950 8.1 percent
2000 12.4 percent
2050 (projected) 20.2 percent (1 in every 5 people)
Women and Longevity: A Widow
for [More Than] One Year
As the total population lives longer, women continue to edge out
men — but by a smaller margin than in the past.The gender gap
currently averages about 5.6 years among developed countries,
with women living an average of 82.4 years.
This differential has narrowed over the past 30 years, and yet,
on average, women have significantly lower annual retirement
incomes than men: $21,519 vs. $37,509.16
In addition to more women becoming financial providers for
their families, they are also primarily the ones responsible for
the caregiving of generations both young and old.This may have
a cost impact that further exacerbates their ability to adequately
plan for retirement income, as wages and accumulated Social
Security benefits and employer-sponsored retirement plan
assets can be reduced due to time spent away from work to
care for loved ones.
Furthermore, women tend to spend more on health care
throughout their lifetime, which also reduces their savable
income. In the retirement years — more likely to be spent on
their own than men — women consume more than half of their
lifetime health care expenditures and need nearly three times
what men spend on long-term care for themselves.17
For Whom the Bell Tolls
THE CONSEQUENCES OF SENIOR CAREGIVING18
Lost wages $142,693
Lost Social Security benefits $131,351
Lost private pension benefits $ 50,000
14
Organisation for Economic Co-operation and Development, OECD Factbook 2013: Economic Environmental and Social
Statistics, 2012; http://www.oecd-ilibrary.org.
15
Administration on Aging, Older Population as a Percentage of theTotal Population: 1900 to 2050; www.aia.gov.
16
MetLife Study of Women, Retirement, and the Extra-Long Life: Implications for Planning, September 2011; www.metlife.com.
17
Ibid.
18
The MetLife Study of Caregiving Costs to Working Caregivers: Double Jeopardy for Baby Boomers Caring for Their Parents,
2011; www.metlife.com.
7. 10 11
Through the Ages: Retiree Income by Source26
Over the past 50 years, retirees have come to rely more on government benefits and
less on their own earnings and investments.
Another consideration, if low income workers are no longer able to meet the physically
demanding requirements of their jobs, they may begin their Social Security benefits
earlier than full retirement age. By doing so, they will permanently reduce the Social
Security benefits they would be eligible for if they could continue working. In these
scenarios, the taxpayers who need the entitlement benefits the most, could be receiving
reduced benefits.
Long Term Care Planning:
A Room of Her Own
You would think having enough income for the rest of a long life
would be the top concern among people planning for retirement.
Instead, the quality of a long life tends to be a greater priority. In
a recent study by UBS, survey participants reported that staying
healthy and fit was their top objective, rather than the quantity
of their bank and investment accounts. More than 73 percent
of respondents reported it was one of their top three goals.19
Being able to afford health care and long-term care in old
age was the biggest personal financial concern, while having
enough money set aside for retirement ranked fifth.20
The issue of longevity and resources for long-term care is likely
more of a concern for women. Between 700,000 and 800,000
women become widows each year, and 40 percent of all women
age 65 or older live alone.21
PLANNING QUESTION:
Wives are frequently the ones caring for their
husbands in old age, but once their husbands die
— who cares for them?
Social Security Shortfall:
Much Ado about Nothing?
Presently, Social Security Trust Fund reserves are projected to
be exhausted by 2033.
At that point, payroll taxes and other income will flow into
the fund but will be sufficient to pay only about 75 percent of
program costs.22
SocialSecurityprovidesatleasthalfoftheretirementincomefor
64 percent of today’s retirees. Among seniors aged 65 and over,
35 percent live in households that depend on it for 90 percent
or more of their income.23
In 2010, Social Security income kept
roughly 35 percent of older Americans out of poverty.24
WHY SIMPLY RAISING
THE RETIREMENT AGE WON’T WORK
Because people are living longer and
working longer, raising the retirement
age for drawing Social Security bene-
fits may seem like a no-brainer, but in
reality it may not be a good solution.
That’s because work for some people
isn’t quite the same as it is for others.
For example, a fireman is not quite as
effective at age 65 as he was at 25.
PLANNING QUESTION:
Doyouhaveaplanforwhenyou(andyourspouse)
will begin Social Security benefits?
19
UBS, Investor Watch, 1Q 2013; ubs.com.
20,21,23
Ibid.
22
Social Security Administration, Fast Facts & Figures about Social Security, 2013, Aug. 2013; ssa.gov.
24
AARP Public Policy Institute, “Social Security: Who’s Counting on It?” March 2012; http://www.aarp.org.
25
U.S. Government Accountability Office, Retirement Security: Women Still Face Struggles, July 19, 2012; gao.gov.
26
Data for 1962 are from Social Security Administration, The Aged Population of the United States: The 1963 Social Security Survey
of the Aged (1967). Data for 2011 are Social Security Administration calculations from the March 2012 Annual Social and Economic
Supplement to the Current Population Survey; ssa.gov.
8. 12 13
Oh, the Places You’ll Go
We like to think the past represents a simpler time, but when you consider wars, inflation, unemployment, taxes and other atrocities that
our predecessors endured, it was never really simple.
One factor that could make retirement planning more complicated today is simply that most people can expect to live longer in retirement
than their parents and grandparents. It stands to reason that the combination of more knowledge about the impact of nutrition, smoking
and sun exposure, along with medical advances and the general increase in our life spans, may have a greater impact on our financial
lives than any single economic event.
PLANNING QUESTIONS:
How do you create a strategy for the future? What are your income sources? What do your
Social Security benefit options look like? Will you need to supplement your income?
The Importance of Being Earnest
If you’re married, be aware that retirement planning is generally most successful when both spouses participate. It’s common for
married couples to have very different ideas about what they would like retirement to be like — and the cost of providing those different
lifestyles may vary significantly.Two key ingredients for couples planning for retirement are:
1. Communicating with each other
2. Being flexible
Consider these potential conflicts:
What [Retirement] Dreams May Come
SPOUSE #1
envisions retirement as:
SPOUSE #2
envisions retirement as:
Continued working; starting a new career Traveling together as a couple
Endless days playing golf alone or with a friend Getting together with other couples
Starting every day quietly reading the local newspaper Visiting or having grandchildren visit
Never working another day Having someone around to help with household chores
Reorganizing the house and the household processes Enjoying a lifetime of successful organizing
Because retirees tend to be healthier these days and living longer lives, the trend is for people to work longer than the traditional
career.27
In fact, one reason more Americans are working longer is because they like what they’re doing — they want to maintain the
intellectualstimulationandsocialconnectionsthatworkgivesthem.Thisisparticularlytrueamongpeoplewiththehighestincomesandthe
most education.28
Mad Men
Most pre-retirees think they’ll miss reliable income more than their friends at work — but retirees report they actually miss the social
connections more.29
Derived from Merrill Lynch Wealth Management, Americans’ Perspectives on New Retirement Realities and the Longevity
Bonus, 2013; wealthmanagement.ml.com.
If you enjoy your job, perhaps you should consider continuing to work — for reasons other than financial. If the thought of continuing in
your current job or career path is unbearable, look at it another way.The possibility of a 20-year retirement may provide you with plenty
of time to go back to school and get another degree, embark on a new career path, and/or get your own business off the ground.
For these reasons, it’s important for spouses to have frank discussions about who should retire, when and what each wants in a
retirement lifestyle. Retirement planning is difficult enough, but it may be a more challenging task that will take time, savings and
compromise to meet both spouse’s needs if they do not share the same retirement dreams.
Start those discussions early, work with a financial professional to help you develop a strategy about what to expect in terms of expenses,
and prepare to be flexible both before and during retirement.
27
Merrill Lynch Wealth Management, Americans’ Perspectives on New Retirement Realities and the Longevity Bonus, 2013;
wealthmanagement.ml.com; http://www.wealthmanagement.ml.com/publish/content/application/pdf/GWMOL/2013_Merrill_Lynch_
Retirement_Study.pdf.
28
Ibid. 29
Ibid.
9. 14 15
Waiting for Godot
According to a study by Merrill Lynch, 57 per-
cent of people retire earlier than they plan.30
Will you be able to retire on the timeframe
you choose? Do you have a contingency plan
if you don’t?
Modern Family
Today’s story of retirement might resemble an episode of “Downton Abbey,” in which an extended family of married children and their
children all live in the same home. As of 2010, more than one in every five households (21 percent) in America were multi-generational.
And interestingly enough, this number isn’t dominated by immigrant families. In fact, higher-income pre-retirees and retirees are twice
as likely to expect to provide support to their adult children, grandchildren and parents.
A 2013 study by Merrill Lynch revealed that 52 percent of adults age 45 or older expect to provide support to family members.31
The
current reality is that 36 percent of young adults ages 18 to 31 (a record-breaking 21.6 million) have been living in their parents’ home.32
On Golden Pond
The more people earn, the more likely they will provide financial support to adult children, grandchildren and parents.33
PLANNING TIP:
Young adults have a lifetime to pay off student loans, but pre-retir-
ees and retirees do not have that long of a timeframe to recoup money
used to support family members. Remember to think of your own fu-
ture, you help your children by taking care of yourself financially.
Derived from Merrill Lynch Wealth Management, Americans’
Perspectives on New Retirement Realities and the Longevity Bonus,
2013; wealthmanagement.ml.com.
PLANNING QUESTION:
Have you asked your spouse what he or she would like
life to be like when one and/or both of you retire?
30
Ibid.
31
Ibid.
32
Pew Research, A Rising Share of Young Adults Live in Their Parents’ Home, Aug. 1, 2013; pewsocialtrends.org.
33
Merrill Lynch Wealth Management, Americans’ Perspectives on New Retirement Realities and the Longevity Bonus, 2013;
wealthmanagement.ml.com.
10. 16 17
Something’s Gotta Give
Expected retirement income sources34
At this point, it may be smart to think of your personal
assets as your primary source of retirement income,
and Social Security benefits as supplementary. That’s
the way the system was designed to work back in
1935 when President Roosevelt signed it into law. But
somewhere along the way we forgot that these benefits
were just supposed to be the minimum — to keep
people out of poverty. Social Security was never meant
to comprise the majority of our retirement income, as it
does for 64 percent of today’s retirees.35
One reason retirement planning can be so difficult is
because we can’t accurately predict how long we are
going to live.You could live significantly longer than you
might imagine — as evidenced by comedienne George
Burns, who smoked cigars for more than 70 years and
still lived to age 100. A perennial question is how much
income to draw from your retirement assets as a new
retiree so as not to risk running out later. There are
many products and strategies on the market these days
that address this exact issue. The key is to work with
an experienced financial professional who understands
the issues associated with planning for retirement
income, and is familiar with the financial products such
as annuities that are available as part of a strategy
to help you develop a plan that’s appropriate for your
goals and financial situation.
These days, the general perception is that pensions are few and far between – and
some of those that exist may be in danger of not being able to pay out benefits,
given recent years of low interest rates and longer life spans.While Social Security
is able to pay benefits to today’s retirees, it is widely acknowledged that changes
must be implemented to sustain the program in the future.
Then there are our own personal assets, which includes personally directed
employer plans such as the 401(k) and 403(b). This is the leg of the stool over
which we have the most control, and that may constitute a larger portion of our
retirement income in the future.
Silent Generation
(Ages 68-88)
baby boomers
(Ages 49-67)
Generation x
(Ages 37-48)
34
Ibid.
35
Social Security Administration, Fast Facts & Figures about Social Security, 2013, August 2013; ssa.gov.
11. 18 19
Mae Laborde
Mae Laborde is the world’s oldest TV and film actress, but she didn’t even start her acting career until age 93. In recent years, she
appeared in the films “Pineapple Express” and “The Heartbreak Kid,” as well as three episodes of the television show, “It’s Always Sunny
in Philadelphia.”
Pierre Jean “Buster” Martin
Up until his death in 2011, Buster Martin worked for a well-known plumbing company in London as a van cleaner. Born in 1906, he claims
to have never taken a day off work until his 100th birthday. Buster was also reputedly the record holder for the world’s oldest 5k, 10k and
half marathon runner, which he finished in just over five hours — including a stop for a beer and a cigarette.
Lucille Borgen
On her 91st birthday, Lucille Borgen won two events at the 62nd Annual Water Ski National Championships. She didn’t take
up skiing until she was 40 and was self taught, once commenting that, “I would fall 100 times trying to learn a trick — and
once I made it I couldn’t remember what I did.” Borgen, who died in 2012 at age 98, was also a cancer and polio survivor.36
Bill Anderson
Bill Anderson, a former paratrooper in World War II, completed a coast-to-coast bicycle trek at age 78. He reported that his training
regimen included a diet comprised mainly of fruits and vegetables, lifting weights and bicycling 100 miles every day.
Nola Ochs
Nola Ochs became the world’s oldest college graduate in 2007 at age 98. She earned a General Studies degree with an emphasis in
history at Fort Hays University in Kansas, living her last year in a dorm for non-traditional students. She graduated alongside her 21-year
old granddaughter.
George Brunstad
George Brunstad is the oldest person to swim the English Channel, which he completed just a few days after turning 70. He completed the
21-mile trek in just under 16 hours. In 2010, at age 76, he competed in the U.S. Master Swimming 6k National Championships, finishing
in 2:29:23.7. His nephew is film actor Matt Damon.
Mike Melville
At age 63, Mike Melville became the first private pilot to earn astronaut wings, flying the first privately-funded human spaceflight aircraft,
SpaceShipOne, to reach space at a record altitude of 62 miles.
Jeanne-Louise Calment
Jeanne-Louise Calment holds the record as the oldest fully authenticated age that any human has lived: 122 years, 164 days. She didn’t
exactly sit back and rock away all those years in retirement. At age 85, she took up fencing and, at 100, she was still riding a bicycle.
There are quite a few famous people who accomplished significant feats
during retirement. For example, Michelangelo painted the Sistine Chapel
ceiling at 71, and George Burns earned his only Academy Award at age
80. Astronaut John Glenn became the oldest person to travel in space at
age 77 and former President George Bush made a parachute jump on his
80th birthday.
Consider the long-standing and recently resurged career of Betty White,
best known in the past as the devious Sue Ann Nivens on “The MaryTyler
Moore Show” and as ditzy Rose Nylund on “The Golden Girls.” She is also
the oldest person ever to host “Saturday Night Live.” Having been inducted
into theTelevision Hall of Fame, Betty is also known for her tireless efforts
on behalf of animals.
But while not every accomplished retiree is as well known as these
examples, just about any retiree can rewrite the retirement chapter of his
or her own life to make for some pretty compelling reading. Consider the
following interesting characters.
36
Water Ski Hall of Fame; http://www.waterskihalloffame.com/legacies/lucille-borgen-awsef-legacy.html.
12. 20
PLANNING TIPS: Considerations for retirement.
• Work with qualified professionals for investing, insurance, tax and estate planning. This may include
financial advisors, insurance agents, CPA’s and qualified attorneys.
• Pay off any credit cards and/or a home equity loan while in your high-earning years
• Pay off your mortgage
• Review your 401(k) statement to see how much you pay in fees
• Consider consolidating retirement funds from any previous employers
• If possible, max out annual contributions to your employer plan and IRA
• Estimate how much income you (and your spouse) will need when you retire
• Talk to your spouse about when one or both of you should retire and begin drawing Social Security
• Talk to your spouse about both specific retirement goals and what day-to-day life would be like
• Have a long -term care plan in place by the time you’re in your mid 50s
• If you’ve been offered a pension buyout, determine if you would be better off managing these assets yourself
• Write and/or update your will and living will
• Maintain a printed record of user names and associated passwords for online accounts; update it regularly
and make sure loved ones know where it’s kept
Despite the realities of planning for retirement today, each person’s situation is unique with his or her own story to tell. That story
shouldn’t become more challenging due to external circumstances — or simply through the absence of planning.Yours should be a story
in which — to the best of your ability — you write the ending the way you want it to be.
For many enterprising retirees, some of the most exciting chapters lay ahead. Be sure to discuss your goals with your financial
professional, who will be able to provide you with information on how insurance and investment products may be useful in outlining your
retirement story.
This material is for informational purposes only. It is not intended to provide any tax or legal advice or provide
the basis for any financial decisions. Please consult a qualified professional before making decisions about your
financial situation. # 1310054