It’s hard to decide on a topic to write a blog post about. I’m tapped into so many resources and experts in the retirement arena that it’s a challenge to pick one thing to focus on. (Baby Boomer onset ADD?) So this week I want to share a few of the value nuggets that came across my Wi-Fi recently.
How does the SECURE Act affect your retirement planning?
2019 ended with the Setting Every Community Up For Retirement Enhancement – SECURE Act being signed into law. It’s the most comprehensive piece of retirement legislation passed in a long time. It covers new required minimum distribution rules, increased access to retirement plans, and increase lifetime income in retirement plans. You should be aware of the specifics of the law in order to stay on top of your planning. Here are the details from Investopedia.com https://www.investopedia.com/what-is-secure-act-how-affect-retirement-4692743
Lifelong Learning and The 60 Year Curriculum.
A group at Harvard University has begun a program called The Sixty Year Curriculum. Its focus is on the development of a new educational framework for teaching new skills in all phases of life. With increased lifespans and career lengths, we will need to be continually updating our skills. This program is aiming at formalizing the process of Lifelong Learning. Here is a link to an article with the details: https://wallyboston.com/60-year-curriculum/
Health Matters (A Lot)
Intermittent Fasting is all over the news, and I’m happy about it. I started my IF routine in earnest about a year ago. I do a 16 hour fast that ends with a healthy lunch. While it took some getting used to with just water, black coffee, and green tea until noon, I’m committed. In that time I’ve gone from 38” waist pants down to 33” and my total cholesterol is down 20 points. Peter Attia MD is one of the worldwide experts on longevity and health. In Episode 89 of his podcast, Peter answers a wide range of questions from subscribers on fasting. https://peterattiamd.com/ama11/
Age Issues – OK Boomer
I finally paid attention to this “OK Boomer” thing. It all started early last year in response to an online video that went viral where an older fellow says “millennials and Generation Z have the Peter Pan syndrome: they don’t ever want to grow up.” As a result, OK Boomer became a catchphrase for younger people to mock the negative attitudes that Baby Boomer may show towards them. When a Boomer says something like “You kids don’t know what hard work is”, the response would be “OK Boomer”. It has taken a more serious turn with it being used in reply to the negative impact that the younger folk think Baby Boomers are having on the environment, real estate, and the economy. Heck, it’s even made it to the US Supreme Court. The BBC has an article that covers the OK Boomer phenomena https://www.bbc.com/news/world-us-canada-51132554
For Your Viewing Pleasure
General Magic is a fantastic documentary about one of the most important tech company you’ve never heard of. General Magic created the first smartphone with one problem, they were way ahead of the technology and the company failed. But what they created and the people that worked on it went on to develop the iPhone. It’s an amazing story of technology, business, and ego. https://www.generalmagicthemovie.com/
Quote Of Wisdom: “Everything is a once in a lifetime experience” – Life Is Good tee-shirt
I bet it’s no surprise to hear that the #1 concern people have about retirement is not having saved enough. There are so many uncertainties that impact your retirement finances such as: “How long am I going to live?” “How much is healthcare going to cost?” ”Are we going to have another major recession?” “Am I going to stay healthy?” While you can’t control those, there are things you can do to be in more control of your finances.
The Fiduciary Rule
Most people use financial advisors who get their income by selling financial products like annuities and IRA’s. I’m not accusing anyone of ripping people off, but if an advisor gets a higher commission for selling one financial product over another, is the advisor making the best recommendation to you? If scoring another $200,000 IRA qualifies him for the Grand Cayman trip his wife wants, will he suggest the right product for your needs? In 2015, the federal government proposed The Fiduciary Rule. This rule would have made it a requirement that our financial advisor has to work in our best interest. What a novel idea! Here is a link to an article with all the details.https://www.marketwatch.com/story/is-the-fiduciary-rule-dead-or-alive-what-its-fate-means-to-you-2018-03-16
But like a lot of things in Washington, the financial
services industry fought it and won, and you and I lost. Since the rule was
shot down, we can’t assume we’re getting the best advice. We need to remain in
Financial stuff can be complicated, but you can learn enough
to know if you are getting the best advice. I didn’t intend to blog much on
financial stuff. I’m not a financial guy and I don’t play one on TV. But there
are plenty of great resources I can point you to that provide solid education
and advice. I’m not recommending that you gain enough knowledge to open an online
trading account and risk it all. But I am suggesting that you put in the effort
to get smart enough to help steer your financial ship.
My Favorite Financial Blogs
These are the financial blogs that I go to and recommend the
most. I like to follow a few different ones to get various points of view that
allow me to make the best decisions for us. I suggest you start at the
beginning of their blogs and work your way through them.
Retirement Manifesto https://www.theretirementmanifesto.com/blog/
Fritz began his blog while he was preparing for his retirement and has
continued it upon his freedom. He offers great advice and commentary in an easy
to understand way. Fritz provides templates and planners that are very useful. He
has gained a good enough reputation to have a few thousand followers and a book
Can I Retire Yet? https://www.caniretireyet.com/ One of
Darrow’s books is called Can I Retire Yet. I’ve gone through the book enough
times, with different highlighter colors that the inside of the book looks like
the cover of fruit Lifesavers. His ongoing blog covers things from using online
retirement calculators, traveling, real estate and healthcare, just to start.
Retirement Now https://earlyretirementnow.com/
Big ERN, not his real name, has a really deep financial pedigree and can dive
into the details to the point that my eyes cross, but he is worth the effort.
He covers topics that help various age groups and I’ve been made a smarter man
because of ERN.