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Flipping a Switch and COVID-19-60 minutes
1. Flipping a Switch: Navigating Later Life
Transitions and COVID-19
Dr. Barbara O’Neill, CFP®
Owner/CEO, Money Talk
moneytalk1@juno.com
boneill@njaes.rutgers.edu
https://www.moneytalkbmo.com/
https://moneytalk1.blogspot.com/
@moneytalk1
3. Flipping a Switch is About
35 Later Life Transitions
Amazon Ordering Page:
https://www.amazon.com/gp/product/1620236869
4. Inspiration #1 to Delve
Into This Topic
Personal experience: Rutgers Cooperative
Extension and New Jersey is in my “rear view
mirror” after 41 years
5. Inspiration #2 to Delve
Into This Topic
Research presentation at the 7/18 ASEC
meeting about Spending in Retirement (Lori
Lucas)
Described a subset of retirees with a unique
“problem”: they saved their whole life, are
not comfortable spending, and assets keep
growing
Speaker quote: “We need financial
education to teach people how to ‘flip a
switch’ from saving to spending”
6. Inspiration #3 to Delve
Into This Topic
Grasshoppers and Ants in Retirement article
(Finke, Guo, & Johnson, AAII Journal, 6/18):
https://www.aaii.com/journal/article/grasshoppers-and-ants-in-
retirement
Describes thrifty “ants” who spend less in
retirement than they are financially able to
Excessive thrift puzzle: why did they save all
their money if they’re not going to spend
more?
“Habit formation hypothesis”: people get
accustomed to a certain lifestyle and
spending habits are hard to break
7. I Then Realized… There are
Multiple “Switches” That
Need to Be Flipped in Later
Life (Not Just For Spending)
8. Some Transitions Are Like
“Dimmer Switches” and
Change Over Time
Working
Spending
Investment asset allocation
Downsizing
Disengagement/engagement activities
Simplification
9. Three Book Sections
Financial Transitions
Social Transitions
Lifestyle Transitions
Amazon Link:
https://www.amazon.com/gp/pr
oduct/1620236869
10. Written From “A Place
of Privilege” One-third of workers
have saved nothing
for retirement
35% of workers have
< $25,000 saved,
including 18% with <
$1,000 saved
Source: 2020 Retirement
Confidence Survey:
https://www.ebri.org/docs/defa
ult-source/rcs/2020-rcs/rcs_20-fs-
3_prep.pdf?sfvrsn=f0bc3d2f_6
11. Flipping a Switch
Podcasts and Webinars
Podcast Interviews
The Military Money Expert - March 2, 2020
Money Mammals - July 10, 2020
Wine and Dime- July 17, 2020
Print Media Interviews
How to Mentally Prepare for Retirement- July 9, 2020
With Remote Work Flexibility, Some People Opt to Relocate Ahead of
Their Retirement-September 21, 2020
Webinars
Flipping a Switch (University of Arkansas)-4/22/20
Navigating the Two Financial Faces of COVID-19 (Rutgers Cooperative
Extension)- 8/31/20
13. COVID-19 Trauma Impact
Loss of income
Food Insecurity
Depletion of savings
End of moratoriums (e.g., utilities, evictions)
Benefit access issues (e.g., unemployment)
Inability to access social support networks
Travel and COVID-19 quarantine restrictions
Multi-generational health concerns
14. The “Financially Unscathed”
Little or no asset value loss
Increased savings rate
Decreased expenses (e.g., commuting)
Continued or even increased income
Spending freely on home improvements
Other impacts, however….
(Boredom, “survivor’s guilt,” anxiety, sadness
about missed opportunities, mental health)
15. What Many Experts Are Predicting
NOT a “V” shaped
recovery
NOT a “W”
shaped recovery
NOT a “U” shaped
recovery
But… a “K”
shaped recovery
Source: COVID-19 is Dividing the
American Worker, The Wall Street
Journal,
https://www.wsj.com/articles/covi
d-19-is-dividing-the-american-
worker-11598068859
16. Covid-19 Financial Resources
Coronavirus Anxiety Workbook (The Wellness
Society):
https://thewellnesssociety.org/wp-content/uploads/2020/04/Coronavirus-
Anxiety-Workbook-1
Financial Reality Coping eBook (Center for
Financial Social Work):
https://financialsocialwork.com/downloads/financial-reality-coping-ebook
Money Talk Blog (Dr. Barbara O’Neill):
https://moneytalk1.blogspot.com/ (many COVID posts)
Your Money: A Hub for Help During the
Coronavirus Storm (The New York Times):
https://www.nytimes.com/article/coronavirus-money-unemployment.html
17. Later Life and COVID-19
Action Steps: 20 Similarities
Source:
In Quarantine, a Glimpse
of What retirement Might
Look Like, Wall Street
Journal:
https://www.wsj.com/arti
cles/in-quarantine-a-
glimpse-of-what-
retirement-might-look-
like-11587135637
18. 1. If You Don’t Spend Your
Money, Someone Else Will
Step outside of your spending comfort zone
Automate savings withdrawals
Answer some hard questions:
Why did you amass savings if you aren’t
going to spend it?
If you don’t spend your money, who will?
What are you waiting for?
19. 2. Deciding When You Have
“Enough”
Do some savings calculations
FINRA Retirement Calculator:
https://tools.finra.org/retirement_calculator/
Hire a financial advisor
Try a Monte Carlo Calculator
20. 3. Creating a “Paycheck”
Set up automatic withdrawal plans (mutual funds)
Create a bond or CD “ladder’
Purchase an annuity
Amend the “4% Rule”
21. 4. Later Life Investing
Assess your risk tolerance
http://pfp.missouri.edu/research_IRTA.html
Rebalance asset class weights regularly
Beware of “free meal” seminars
22. 5. Adjusting to Changes
in Income and Expenses
Work longer and/or spend less
Consider geographic arbitrage
Tap home equity
Reverse mortgage
Sale-Leaseback
23. 6. Tax Withholding: It’s
What You Get to Keep
Request income tax withholding services
Determine your new marginal tax rate
Time elective cash withdrawals
Consider hiring a tax professional
24. 7. Becoming a Social
Security Beneficiary
Get a Social Security benefit estimate
Make estimated payments for Social
Security taxes
Beware of the earnings limit
Take care of your spouse
25. 8. Health Care Transitions
Take care of yourself (2,500 extra hours)
Earmark part of nest egg for health care
Learn about Medicare and supplements
Expect “sticker shock” if transitioning from an
ACA plan with premium subsidies
26. 9. Setting New Financial
Goals
Set “through retirement” financial goals
Go “first class” with upgrades if you can
afford it
Develop spending action plans
Automate spending and gifting
27. 10. You Can’t Take It With
You (Philanthropy)
Check out potential charities
Specify a purpose
Plan your donations (gifting budget)
Use tax-advantaged strategies (bunching,
QCDs, donor advised funds, trusts)
28. 11. Financial Organization
and Simplification
Create a financial inventory
Consolidate “like” financial assets
Cull automated payments
Gym
Newspapers
Satellite radio
29. 12. Becoming “Fraud Bait”
Use caution with “free meal” seminars
Recognize “red flag language
Power down on tech scams
Never sign forms with blank spaces
30. 13. Answering the “What
Do You Do?” Question
Dodge the “R words”; don’t let other people
impose their social clocks on you
Practice “identity bridging”
Continue valued commitments
Develop a new “elevator speech”
31. 14. Changed Relationships
With Family and Friends
Identify separate and “together’ activities
Create a personal space
Define your boundaries
Share your future vision with family/friends
32. 15. FINDing Fulfillment
After Full-Time Work
Leave work with a plan
Don’t disappear for long
Cherry-pick work that you like
Expect Ageism, OK Boomer?
33. 16. Getting Help, When
Needed
Find free local financial education
resources
Hire a financial planner
Interview services and go with your gut
Lock down your house
34. 17. A New Definition of
“Busy”
Schedule around “Big Rocks”
Redefine “productivity”
Set goals as “guardrails”
Stay connected with others
35. 18. Should I Stay (Put) or
Should I Go?
Do pre-move research
Consider family implications and
expectations
Consider SALT (taxes)
Build strong relationships
36. 19. Invincible to Vulnerable
Accept your vulnerability
Stave off disease and delay
Follow healthy lifestyle recommendations
Get recommended vaccines and
screening tests
37. 20. Planning a Good
Ending
Envision your “good ending”
Take action on your vision
Tie up loose ends (personal & financial)
Prepare an “after I’m gone” list
Organize financial records
38. Positive COVID-19 Related
Changes That Should
Continue “On the Other Side”
Hand-washing, wipes to clean surfaces, and plexi-glass use
Addressing “underlying conditions”
Increased savings rate
Formal budgeting
Attention to estate planning
Carving out time for physical activity
Time savings from reduced commuting and WFH
Slower-paced life and more family meals together
Increased philanthropy
More online learning opportunities