Expanded Opportunities

When I was 8 years old, my family moved and our new next door neighbor retired about 6 months later.

He put his time in at the Post Office and for the next 35+ years spent nearly every afternoon sunning himself in the back yard. (I'd include pictures, but who want's to see an 85 year old bronzed wrinkly retired mailman in Speedos?)

For many of us, retirement is always going to be something to do right before we die, because we either love what we do, or we need the money!

This means businesses need to rethink their stereotypes of the 50+ or 65+ generation. With retirement being delayed, the opportunities to sell older folks stuff has expanded. Check out this report from RBR.com and if you need a way to reach the 50+ generation, I have a radio station in Fort Wayne, Indiana that does EXACTLY that. Contact me at Scott @ ScLoHo.net.

It’s not just the recent history of the US and global economy that are driving many US citizens to stay in the workforce – a new survey says many are concerned with maintaining their lifestyle.

In a study of financial advisors from MainStay Investments, it was found that 46% are delaying retirement in order to recoup losses during the market upheavals of late 2008 and 2009, and another 40% are delaying due to concerns about health costs.

But another interesting trend emerged from the study. Mainstay wrote, “A majority of advisors surveyed (61 percent) indicated that their clients are not concerned with covering basic needs in retirement, but with having to give up luxuries such as traveling and dining out.”

“While the market upheaval shook both investor portfolios and confidence levels, advisors in our survey reveal that their clients have not pared down their expectations for their golden years, choosing to delay retirement rather than scale back their lifestyle plans," said Matthew Leung, director and head of practice management programs at MainStay Investments. "We believe this signals a need for close advisor-client communications, so that together they agree on the asset allocation strategy and investment product mix that is best suited for both their risk tolerance levels and lifestyle expectations.”

According to the survey, financial advisors are being asked to help figure out exactly how much money clients will need over and above Social Security to continue to be able to do things they enjoy. Further, they are helping them figure out just how much they can withdraw from accounts, and when, without damaging the nest egg.

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