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Retirement

Taking Care of Business

June 12, 2019

27:35

Taking Care of Business

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Retirement

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(UPBEAT THEME MUSIC)
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- [KELLY WRIGHT] THE IDEA OF RETIREMENT CAN BE SCARY,
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ESPECIALLY FOR THOSE WHO DON'T FEEL PREPARED FOR IT.
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THERE ARE REAL ISSUES TO BE CONCERNED ABOUT.
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- SURVEYS HAVE FOUND THAT ANYWHERE FROM 10% TO 40%
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OF BABY BOOMERS HAVE ABSOLUTELY NOTHING IN SAVINGS.
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ABSOLUTELY NOTHING.
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- MOST PEOPLE DON'T REALIZE THAT MEDICARE DOESN'T PAY
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FOR ALL THE EXPENSES.
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AND THAT CO-PAYS FOR MEDICARE CAN BE VERY COSTLY.
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- MY VIEWS ON SOCIAL SECURITY ARE
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I'M NOT GOING TO BENEFIT FROM IT AT ALL,
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IT'S GOING TO RUN OUT, IT'S DRIED UP.
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- [KELLY] THERE ARE ALSO THINGS PHYSICALLY, FINANCIALLY,
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SPIRITUALLY, AND SOCIALLY YOU CAN DO RIGHT NOW
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TO HELP YOU REACH YOUR GOALS.
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(UPBEAT THEME MUSIC)
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- IT'S NEVER TOO LATE TO START RETIREMENT PLANNING.
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A LOT OF PEOPLE END UP PROCRASTINATING.
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THE LONGER THAT YOU LET YOUR MONEY GO TO WORK INVESTING,
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THE LONGER IT HAS TO GROW.
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- YOU KNOW, THERE'RE SO MANY THINGS
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THAT ARE OUTSIDE OF YOUR CONTROL
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BUT TAKING CARE OF YOUR BODY
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IS ONE THAT'S WITHIN YOUR CONTROL.
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- WHEN YOU GOT PEOPLE AROUND YOU
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AND YOU'RE PLUGGED INTO YOUR LORD AND SAVIOR
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AND PLUGGED INTO YOUR CHURCH,
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AND YOU'RE SPIRITUALLY ABLE TO GET STRONGER
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AND TO GET SOME ENERGY,
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WE CAN DO MORE THAN WE THINK WE CAN.
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- FOR ME A JOB IS A REALLY GOOD THING.
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IT PROVIDES A SENSE OF SATISFACTION,
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AND IT PROVIDES SOME INCOME.
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- [KELLY WRIGHT] FOR SOME OF THE THOUGHT OF RETIREMENT
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IS LIGHT YEARS AWAY.
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FOR OTHERS, IT'S RIGHT AROUND THE CORNER.
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THE QUESTION IS WHAT CAN YOU DO TO PREPARE
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FOR YOUR GOLDEN YEARS?
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NO MATTER YOUR AGE, WHAT CAN YOU DO RIGHT NOW?
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HI EVERYBODY, I'M KELLY WRIGHT.
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JOIN ME AS WE EXPLORE THE SUBJECT OF RETIREMENT
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BECAUSE TOGETHER, WE'RE TAKING CARE OF BUSINESS.
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(UPBEAT DANCE MUSIC)
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TAKING CARE OF BUSINESS
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TAKING CARE OF BUSINESS
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TAKING CARE OF BUSINESS
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- [KELLY] THE TERM GOLDEN YEARS WAS COINED IN 1959,
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IN AN ADVERTISING CAMPAIGN FOR AMERICA'S FIRST
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LARGE SCALE RETIREMENT COMMUNITY.
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BEFORE THAT TIME, THE LATTER YEARS OF ONE'S LIFE
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WERE SEEN AS LONELY AND OFTEN DEPRESSING.
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BUT STARTING IN THE 50S, AND CONTINUING INTO THE 60S AND 70S
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WELL, SENIORS EMBRACED THESE YEARS
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AS A TIME TO HAVE FUN, AND DO THE THINGS
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THEY DIDN'T HAVE TIME TO DO WHEN THEY WERE WORKING.
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- RETIREMENT'S A WHOLE LOT DIFFERENT NOW THAN IT USED
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TO BE. I THINK PROBABLY THE BIGGEST CHANGE
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THAT PEOPLE HAVE TO FACE NOW IS THE FACT THAT
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THEIR EMPLOYERS REALLY AREN'T ON BOARD WITH SUPPORTING THEM
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AS MUCH AS EMPLOYERS 30, 40, 50 YEARS USED TO BE.
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- RETIREMENT DID LOOK VERY DIFFERENT 50 YEARS AGO,
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BUT THAT DOESN'T MEAN IT WAS NECESSARILY BETTER OR EASIER.
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I THINK WHAT MIGHT SURPRISE A LOT OF PEOPLE
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IS THAT THE RETIREMENT AGE WAS ACTUALLY HIGHER
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THAN IT IS TODAY.
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THE AVERAGE AGE FOR RETIREMENT 50 YEARS AGO WAS 65,
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TODAY IT'S 63.
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- 50 YEARS AGO, WE SAW WORKING CLASS PEOPLE
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WHO NEVER BEFORE COULD EXPECT
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TO HAVE A PERIOD OF TIME AFTER THEIR WORK LIVES
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TO BE ABLE TO DO WHAT PEOPLE WANT TO DO
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WHEN THEY CONTROL THEIR OWN PACE AND CONTENT OF THEIR TIME.
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SO PEOPLE COULD EXPECT TO RETIRE,
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WHILE THEY WERE STILL HEALTHY,
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AND MAINTAIN THEIR LIVING STANDARDS.
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- [KELLY] WHEN IT COMES TO RETIREMENT PLANNING,
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THERE ARE SO MANY ISSUES ONE COULD EXPLORE.
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FIRST UP, LET'S TAKE A LOOK AT THE ISSUE OF DEBT.
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ALMOST EVERYONE HAS IT, AND ABSOLUTELY NO ONE WANTS IT.
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ALTHOUGH DEBT CAN BE A CHALLENGE FOR TODAY'S RETIREES,
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IT IS NOT AN INSURMOUNTABLE OBSTACLE.
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- DEBT IS A HUGE PROBLEM FOR RETIREES.
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THE PERCENTAGE OF PEOPLE WITH DEBT IN RETIREMENT
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AND WHO ARE HEADING INTO RETIREMENT WITH DEBT, HAS GROWN.
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A SURVEY RECENTLY FOUND THAT THE AVERAGE AMOUNT OF DEBT
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THAT HOUSEHOLDS WITH SOMEONE WHO'S 75 AND OLDER HAS
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IS $37.000, THAT'S UP FROM ABOUT $30.000
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LESS THAN 10 YEARS AGO.
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- DEBT IS A THIEF.
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THAT'S EXACTLY HOW I DESCRIBE IT.
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WHETHER WE'RE TALKING ABOUT CREDIT CARD DEBT,
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CAR LOANS OR STUDENT LOANS,
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IT TAKES FROM YOUR MONEY NOW, RIGHT?
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IT'S A REQUIREMENT.
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I DON'T WANT PEOPLE TO HEAR ME SAY
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THAT HEY, IF YOU'VE GOT DEBT, ALL HOPE IS LOST, RIGHT?
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NOT AT ALL.
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IF YOU'VE GOT DEBT, IT MEANS YOU'RE HUMAN.
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WELCOME TO THE HUMAN RACE.
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- THE BIGGEST CHALLENGE IS THE DRAMATIC INCREASE
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IN THE AMOUNT OF DEBT THAT PEOPLE HAVE
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AT AN EARLIER AND EARLIER AGE.
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AND PROBABLY THE BIGGEST CONTRIBUTOR TO THAT LATELY
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IS STUDENT LOAN DEBT, BECAUSE THE COST OF COLLEGE EDUCATION
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HAS BEEN SKYROCKETING.
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- THE MAIN REASON I BELIEVE THAT MOST MILLENNIALS
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AND PEOPLE MY AGE DON'T HAVE A PLAN IS BECAUSE
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THEY'RE THINKING OF NOW.
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A LOT OF THEIR PLANS NOW INVOLVES PAYING OFF A CAR LOAN,
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STUDENT LOANS, CREDIT CARD DEBT,
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AND THAT OFTEN WEIGHS ON YOUR MIND,
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AND YOU TEND TO FORGET ABOUT THE FUTURE,
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YOU'RE FOCUSING ON THE NOW.
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- [KELLY WRIGHT] WITH MORTGAGES, STUDENT LOANS
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AND CREDIT CARD DEBT GALORE,
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HOW ARE PEOPLE SUPPOSED TO FREE THEMSELVES
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AND BEGIN THINKING ABOUT THE FUTURE?
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- I THINK ONE OF THE SMARTEST THINGS YOU CAN DO
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IF YOU ARE HEADING INTO RETIREMENT
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IS TO REALLY WORK ON PAYING DOWN THAT DEBT.
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FIND THINGS THAT YOU CAN CUT IN YOUR BUDGET.
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YEAH, MAYBE A VACATION IS NICE
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BUT HAVING ENOUGH MONEY TO PUT FOOD ON YOUR TABLE
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WHEN YOU'RE IN RETIREMENT IS EVEN BETTER.
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- SEE A LOT OF PEOPLE THINK GETTING OUT OF DEBT
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IS THIS THING THAT CAN HAPPEN OVERNIGHT.
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BUT LET'S BE HONEST, YOU'VE TAKEN 10, 12,
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MAYBE 15 YEARS OR MORE TO ACCUMULATE THIS DEBT.
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DON'T EXPECT TO GET OUT OF DEBT OVERNIGHT,
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IT'S GONNA BE A PROCESS.
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BUT I WANT YOU TO ATTACK THE SMALLEST DEBT FIRST
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BECAUSE GETTING OUT OF DEBT IS NOT ABOUT MATH,
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IT'S ABOUT MOMENTUM.
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IF YOU ATTACK THE HIGHEST INTEREST RATE FIRST,
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AND IT'S A BIG DEBT, IF YOU DON'T SEE PROGRESS,
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YOU'RE GOING TO STOP, SO START WITH THE LITTLE DEBT FIRST.
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MAKE MINIMUM PAYMENTS ON EVERYTHING ELSE,
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THROW ALL EXTRA MONEY YOU HAVE TOWARDS THAT LITTLE DEBT
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AND WATCH WHAT HAPPENS.
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I'VE SEEN PEOPLE'S EYES LIGHT UP,
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BECAUSE THEY SEE THAT DEBT START TO SHRINK
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AND EVENTUALLY GO WAY.
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AND THEY START TO BELIEVE WHAT I KNOW THAT THEY CAN DO THIS.
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AND SO THAT'S THE PROCESS BY WHICH I WANT YOU TO ATTACK IT.
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SMALLEST TO BIGGEST, UNTIL YOU GET THEM OUTTA YOUR LIFE.
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- [KELLY] THEN THERE'S THE ISSUE OF SOCIAL SECURITY FUNDS
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IT'S THE ONE GUARANTEED BIT OF INCOME
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RETIREES ARE SUPPOSED TO HAVE.
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THE QUESTION IS, WILL IT BE AVAILABLE AT ALL?
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- MY VIEWS ON SOCIAL SECURITY ARE
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I'M NOT GOING TO BENEFIT FROM IT AT ALL,
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IT'S GOING TO RUN OUT, IT'S DRIED UP,
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IT'S NOT GOING TO HELP ME.
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- I'VE SEEN SURVEYS THAT SOME YOUNG PEOPLE SAID THEY'RE
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MORE LIKELY TO SEE AN ALIEN FROM OUTER SPACE
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THAN TO GET A SOCIAL SECURITY CHECK.
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NOTHING COULD BE FURTHER FROM THE TRUTH.
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- I'M CONFIDENT IT'S GONNA BE THERE FOR PEOPLE.
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I THINK THAT WHEN CHANGES,
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AND YOU KNOW, PEOPLE ARE TALKING ABOUT
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POTENTIAL CHANGES TO THE SYSTEM,
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FINANCIAL CHALLENGES THAT ARE THERE.
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I THINK THAT THE COUNTRY HAS THE WILL TO MAKE SURE
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THAT SOCIAL SECURITY AND SOMETHING CLOSE
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TO ITS CURRENT FORM
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IS STILL GONNA BE AROUND FOR PEOPLE.
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- SO HERE'S WHAT'S HAPPENING.
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WE PAY FOR 75% OF SOCIAL SECURITY BENEFITS NOW
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WITH OUR PAYROLL TAXES.
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AND THEN THE REST BETWEEN THAT AND THE PROMISED BENEFIT
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ARE BEING PAID OUT OF A TRUST FUND
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THAT REALLY CAME INTO BEING AFTER 1983 AMENDMENTS.
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THAT TRUST FUND IS GOING,
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IS SCHEDULED TO BE DEPLETED IN 2034.
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NOW THE QUESTION IS WHAT HAPPENS ONCE THAT TRUST FUND GOES?
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DOES THAT MEAN THE PROGRAM IS BANKRUPT?
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ABSOLUTELY NOT.
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BECAUSE THESE PAYROLL TAXES ARE GOING TO COME IN
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YEAR AFTER YEAR AFTER YEAR,
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AND THEY CAN PAY FOR 75% OF BENEFITS.
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I PERSONALLY DON'T WANNA PAY JUST FOR 75% OF BENEFITS.
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I'D LIKE TO SEE CURRENT BENEFIT LEVELS MAINTAINED.
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BUT SO EVERYBODY'S GONNA HAVE IT,
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THE QUESTION THAT WE'VE GOT TO FIGURE OUT AS A NATION OF
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IS WHAT LEVEL DO WE WANT THOSE BENEFITS TO BE?
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- [KELLY WRIGHT] MOST EXPERTS AGREE
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THAT SOCIAL SECURITY ISN'T GOING AWAY.
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IT IS HOWEVER, IMPORTANT TO NOTE THAT SOCIAL SECURITY
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SHOULDN'T BE YOUR ENTIRE FINANCIAL RETIREMENT PLAN.
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- THE AVERAGE SOCIAL SECURITY BENEFIT CHECK
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IS ABOUT $1.400 A MONTH.
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THAT'S ABOUT $17.000 A YEAR, THAT'S NOT A LOT.
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BUT IF YOU HAVE TWO PEOPLE IN YOUR FAMILY,
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YOU'RE ABOUT $34.000.
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- THAT'S BELOW THE POVERTY LINE.
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AND SO FOR PEOPLE TO SEE THIS AND UNDERSTAND,
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TRYING TO JUST RELY ONLY ON SOCIAL SECURITY WON'T BE ENOUGH,
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IT WON'T BE ENOUGH FOR YOU TO TAKE CARE OF BASIC NEEDS.
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- SO CERTAINLY YOU CAN DO IT.
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YOU CAN LIVE ON SOCIAL SECURITY ALONE
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BUT YOU MIGHT HAVE TO MAKE SOME SACRIFICES
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OR YOU MIGHT HAVE TO BE ADVENTUROUS
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AND LIVE OUTSIDE THE UNITED STATES
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OR YOU KNOW, HAVE SUPPORT FROM FAMILY MEMBERS.
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- [KELLY WRIGHT] OF COURSE, THERE ARE THINGS YOU CAN DO
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TO MAXIMIZE YOUR SOCIAL SECURITY CHECK WHEN THE TIME COMES.
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- A LOT OF PEOPLE DON'T REALIZE HOW BIG A DECISION
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THAT CHOICE ABOUT WHEN TO START GETTING
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YOUR SOCIAL SECURITY BENEFITS IS.
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IF YOU WERE ABLE TO GET $1.000 A MONTH FROM SOCIAL SECURITY
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AT AGE 62.
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IF INSTEAD OF THAT YOU DECIDED TO WAIT UNTIL AGE 70,
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YOU COULD GET MUCH BIGGER PAYMENTS,
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PAYMENTS OF ABOUT $1.750.
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75% HIGHER BENEFITS MONTHLY IN EXCHANGE
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FOR WAITING THAT EXTRA EIGHT YEARS.
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- [KELLY WRIGHT] ANOTHER ISSUE FACING FUTURE RETIREES
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IS THAT MANY HAVEN'T SAVED AS MUCH AS THEY SHOULD HAVE
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IF THEY HAVE SAVED AT ALL.
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- UNFORTUNATELY, BABY BOOMERS AREN'T DOING A VERY GOOD JOB
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OF SAVING ON THEIR OWN FOR RETIREMENT.
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SURVEYS HAVE FOUND THAT ANYWHERE FROM 10% TO 40%
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OF BABY BOOMERS HAVE ABSOLUTELY NOTHING IN SAVINGS.
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ABSOLUTELY NOTHING.
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- INVESTING IS SO VERY IMPORTANT.
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BEING ABLE TO PUT MONEY ASIDE IN A 401(K) OR A 403(B)
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AND ALLOW MONEY'S TWO BEST FRIENDS TO WORK WITH IT.
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AND THOSE TWO BEST FRIENDS ARE TIME AND COMPOUND INTEREST.
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- BUT WHAT YOU'RE REALLY GONNA HAVE TO DO IS
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IF YOU WANT A COMFORTABLE RETIREMENT,
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YOU HAVE TO INVEST IN STOCKS.
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I KNOW PEOPLE ARE AFRAID OF THE STOCK MARKET,
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BECAUSE WE'VE SEEN IT GO UP AND DOWN,
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ESPECIALLY IF YOU LIVED THROUGH THE RECESSION,
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AND YOU SAW YOUR SAVINGS TUMBLE
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BECAUSE THE STOCK MARKET FELL.
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BUT OVER TIME, OVER THE LONG RUN STOCKS DO GO UP.
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THE ANNUAL RETURN OVER THE LONG TERM IS 10%.
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- I'M NOT A FINANCIAL ADVISOR,
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BUT I DO BUY THE NOTION THAT YOU INVEST AGGRESSIVELY
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WHEN YOU'RE YOUNG AND LESS AGGRESSIVELY WHEN YOU'RE OLDER.
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- THERE ARE SOME INVESTMENTS THAT ARE JUST PLAIN BAD.
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AND YOU CAN USUALLY TELL THEM BECAUSE
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THE ATTRIBUTE THAT THEY MOST OFTEN SHARE
00:11:35.240 --> 00:11:38.000
IS THAT THEY'RE EXPENSIVE TO INVEST IN.
00:11:38.020 --> 00:11:40.260
- NEVER HESITATE TO GET GUIDANCE.
00:11:40.280 --> 00:11:42.210
THAT'S THE ONLY WAY WE CAN GET BETTER.
00:11:42.230 --> 00:11:44.140
AND I'LL TELL YOU THIS,
00:11:44.160 --> 00:11:45.210
I'VE SEEN PEOPLE GO IN AND SIT DOWN
00:11:45.230 --> 00:11:47.110
WITH AN INVESTMENT PROFESSIONAL.
00:11:47.130 --> 00:11:49.150
AND I DON'T MEAN A SALESPERSON,
00:11:49.170 --> 00:11:50.270
I'M TALKING ABOUT SOMEONE WITH A HEART OF A TEACHER,
00:11:50.290 --> 00:11:52.280
SOMEONE THAT WANTS YOU TO BE SUCCESSFUL.
00:11:53.000 --> 00:11:54.270
I'VE SEEN PEOPLE GO IN AND SIT DOWN AND HAVE CONVERSATIONS
00:11:54.290 --> 00:11:57.150
AND MAKE SMALL TWEAKS IN THEIR 401(K)
00:11:57.170 --> 00:11:59.270
THEN LED TO BIG GAINS LATER.
00:11:59.290 --> 00:12:01.230
SO I SAY FOR YOUR FAMILY SAKE, EVEN FOR YOUR SAKE,
00:12:01.250 --> 00:12:05.100
SITTING DOWN WITH A PROFESSIONAL
00:12:05.120 --> 00:12:06.220
IS SOMETHING THAT CAN TRULY HELP YOU.
00:12:06.240 --> 00:12:08.160
- IT'S NEVER TOO LATE TO START RETIREMENT PLANNING.
00:12:08.180 --> 00:12:13.000
- [KELLY WRIGHT] TURNING NOW TO ANOTHER CONSIDERATION,
00:12:13.020 --> 00:12:15.110
SENIORS NEED TO LOOK AT A VERY BIG PIECE
00:12:15.130 --> 00:12:18.110
OF THE FINANCIAL PIE, MEDICAL EXPENSES.
00:12:18.130 --> 00:12:23.060
- THE OTHER MAJOR CHALLENGE THAT A LOT OF PEOPLE FACE
00:12:23.080 --> 00:12:25.180
IS UNFORESEEN ISSUES THAT HAVE BIG COSTS.
00:12:25.200 --> 00:12:29.100
AND MOST OFTEN, THAT'S A HEALTH ISSUE
00:12:29.120 --> 00:12:31.150
BECAUSE NOT ONLY DO YOU END UP WITH A SITUATION
00:12:31.170 --> 00:12:34.210
WHERE YOU HAVE LARGE MEDICAL COSTS,
00:12:34.230 --> 00:12:37.130
SOME OF WHICH AREN'T GONNA BE COVERED BY HEALTH INSURANCE
00:12:37.150 --> 00:12:40.030
OR OTHER PROGRAMS, BUT YOU ALSO MIGHT BE IN A POSITION
00:12:40.050 --> 00:12:43.170
WHERE YOU'RE FORCED TO GIVE UP YOUR MAIN SOURCE OF INCOME.
00:12:43.190 --> 00:12:47.060
- FIDELITY INVESTMENTS EVERY YEAR FOR SEVERAL YEARS
00:12:47.080 --> 00:12:50.120
HAS LOOKED AT THE COST OF HEALTH CARE IN RETIREMENT.
00:12:50.140 --> 00:12:54.010
THIS YEAR, A COUPLE RETIRING AT AGE 65
00:12:54.030 --> 00:12:57.230
CAN EXPECT TO HAVE TO SPEND $280.000
00:12:57.250 --> 00:13:02.230
FOR HEALTH CARE OVER THE COURSE OF THEIR RETIREMENT.
00:13:02.250 --> 00:13:05.240
- SO HEALTH CARE EXPENSES FOR OLDER PEOPLE
00:13:05.260 --> 00:13:08.020
ARE SIGNIFICANTLY HIGHER THAN THEY ARE FOR YOUNGER PEOPLE
00:13:08.040 --> 00:13:11.110
AND THEY'RE HIGHER FOR THE OLDER OLD
00:13:11.130 --> 00:13:13.290
THAN THEY ARE FOR THE PEOPLE NEWLY RETIRED IN THEIR 60S.
00:13:14.010 --> 00:13:18.010
ONE MEASURE WE USE IS MEDICARE PREMIUMS
00:13:18.030 --> 00:13:20.260
AS A PERCENT OF PEOPLE SOCIAL SECURITY BENEFITS,
00:13:20.280 --> 00:13:23.270
AND THAT'S GONE FROM A VERY SMALL NUMBER, UP TO ABOUT 20%.
00:13:23.290 --> 00:13:29.170
- MOST PEOPLE DON'T REALIZE THAT
00:13:29.190 --> 00:13:31.180
MEDICARE DOESN'T PAY FOR ALL THE EXPENSES, AND THAT
00:13:31.200 --> 00:13:35.250
CO-PAYS FOR MEDICARE CAN BE VERY COSTLY.
00:13:35.270 --> 00:13:39.030
THE PREMIUMS FOR MEDICARE IS ABOUT $100 PER MONTH.
00:13:39.050 --> 00:13:44.090
- IF YOU NEED LONG TERM CARE,
00:13:44.110 --> 00:13:46.290
THAT CAN QUICKLY WIPE OUT YOUR SAVINGS.
00:13:47.010 --> 00:13:48.270
AND THE THING IS MORE THAN HALF OF AMERICANS
00:13:48.290 --> 00:13:52.090
ARE GOING TO NEED LONG TERM CARE
00:13:52.110 --> 00:13:55.050
YET LESS THAN A THIRD OF ADULTS WHO ARE 50 AND OVER
00:13:55.070 --> 00:13:59.220
HAVE EVEN STARTED SAVING FOR LONG TERM CARE.
00:13:59.240 --> 00:14:02.070
- [KELLY] THINKING ABOUT FUTURE MEDICAL PROBLEMS
00:14:02.090 --> 00:14:04.050
CAN CAUSE A LOT OF UNNEEDED STRESS ON RETIREES.
00:14:04.070 --> 00:14:08.180
THE GOOD NEWS IS THERE ARE THINGS YOU CAN DO RIGHT NOW,
00:14:08.200 --> 00:14:12.250
TO HELP YOU KEEP YOUR MEDICAL COSTS LOW IN THE FUTURE.
00:14:12.270 --> 00:14:18.070
- ONCE YOU RETIRE AND YOU DECIDE THE LABOR FORCE
00:14:18.090 --> 00:14:20.220
IS REALLY NOT FOR YOU ANY LONGER,
00:14:20.240 --> 00:14:23.200
STAYING FIT AND HEALTHY KEEPS YOUR MEDICAL EXPENSES LOW.
00:14:23.220 --> 00:14:27.080
- PERSONAL EXERCISE AND DIET
00:14:27.100 --> 00:14:29.190
SEEMS LIKE STRANGE RETIREMENT ADVICE
00:14:29.210 --> 00:14:33.110
BUT IF YOU CAN STAVE OFF COMMON DISEASES
00:14:33.130 --> 00:14:37.050
THAT ARE CAUSED BY LIFESTYLE, NOT EXERCISING,
00:14:37.070 --> 00:14:41.000
AND HAVING BAD DIETS, THEN DO THAT.
00:14:41.020 --> 00:14:43.230
BECAUSE FOR INSTANCE, DIABETES IS A DISEASE
00:14:43.250 --> 00:14:46.270
THAT REALLY IS COSTLY AS YOU MOVE INTO YOUR OLD AGE,
00:14:46.290 --> 00:14:50.180
AND IT DOESN'T KILL YOU.
00:14:50.200 --> 00:14:52.040
- YOU KNOW, THERE SO MANY THINGS THAT ARE OUTSIDE OF
00:14:52.060 --> 00:14:54.260
YOUR CONTROL BUT TAKING CARE OF YOUR BODY
00:14:54.280 --> 00:14:55.290
IS ONE THAT'S WITHIN YOUR CONTROL.
00:14:56.010 --> 00:14:57.130
DON'T GET NEGATIVE ABOUT
00:14:57.150 --> 00:14:58.250
WHAT A MESS OUR HEALTHCARE SYSTEM IS.
00:14:58.270 --> 00:15:01.050
YEAH, IT'S A MESS, YOU CAN'T CHANGE THAT.
00:15:01.070 --> 00:15:03.120
YOU CAN VOTE, YOU CAN DO THINGS LIKE THAT
00:15:03.140 --> 00:15:05.180
BUT YOU CAN TAKE CARE OF YOUR BODY, RIGHT?
00:15:05.200 --> 00:15:07.080
YOU CAN INCREASE YOUR ODDS OF LIVING A HEALTHY LIFE
00:15:07.100 --> 00:15:10.210
WITHOUT BEING DEPENDENT ON THE HEALTHCARE SYSTEM
00:15:10.230 --> 00:15:12.260
TO TAKE CARE OF YOU, YOU KNOW FOR YOU.
00:15:12.280 --> 00:15:15.260
- LIFE CAN HAPPEN, BUT LOOKING AT IT I THINK WE CAN GO BACK
00:15:15.280 --> 00:15:19.030
AND UNDERSTAND THERE ARE THREE THINGS I CAN ALWAYS CONTROL,
00:15:19.050 --> 00:15:21.240
MY ATTITUDE, MY RESPONSES AND MY ACTIONS.
00:15:21.260 --> 00:15:25.270
- HEALTHCARE CAN COST ABOUT 20% OF YOUR RETIREMENT INCOME.
00:15:25.290 --> 00:15:30.230
WHAT IT MEANS IS TAKING CARE OF YOUR HEALTH
00:15:30.250 --> 00:15:33.190
AS MUCH AS YOU CAN.
00:15:33.210 --> 00:15:35.160
AND THAT'S QUITE A BIT,
00:15:35.180 --> 00:15:36.240
YOU PROBABLY CAN LOWER YOUR HEALTH CARE COSTS
00:15:36.260 --> 00:15:38.190
BY FIVE TO 10% OF YOUR TAKE HOME PAY.
00:15:38.210 --> 00:15:45.160
- [KELLY] WHILE THERE ARE SO MANY THINGS TO BE AWARE OF
00:15:45.180 --> 00:15:47.290
LEGAL ISSUES MAY BE THE MOST IMPORTANT MATTER
00:15:48.010 --> 00:15:50.180
NEEDED TO BE ADDRESSED FOR ALL RETIREES.
00:15:50.200 --> 00:15:54.120
WITHOUT TAKING CARE OF THEM,
00:15:54.140 --> 00:15:56.110
YOUR LEGACY GOALS MAY NOT EVEN BE CONSIDERED.
00:15:56.130 --> 00:16:00.070
- I THINK THE BIGGEST LEGAL ISSUES THAT MOST PEOPLE
00:16:00.090 --> 00:16:03.190
APPROACHING RETIREMENT OR IN RETIREMENT FACE
00:16:03.210 --> 00:16:06.280
HAVE TO DO WITH TWO BASIC AREAS.
00:16:07.000 --> 00:16:09.140
ONE IS ESTATE PLANNING, AND TWO IS MEDICAL CARE
00:16:09.160 --> 00:16:13.210
AND MAKING SURE THAT THEY HAVE SOMEONE IN PLACE TO HELP THEM
00:16:13.230 --> 00:16:17.210
IF THEY'RE NOT ABLE TO MAKE THE DECISIONS ON THEIR OWN,
00:16:17.230 --> 00:16:20.190
THAT THEY NEED TO MAKE.
00:16:20.210 --> 00:16:21.290
- PEOPLE WITH SUBSTANTIAL ASSETS
00:16:22.010 --> 00:16:24.180
MAY WANT TO RELY ON FAMILY MEMBERS TO MANAGE THEIR MONEY.
00:16:24.200 --> 00:16:29.280
I THINK THAT SHOULD BE DONE WITH CARE,
00:16:30.000 --> 00:16:34.000
IT'S PROBABLY BEST TO HAVE A BANK TRUSTEE,
00:16:34.020 --> 00:16:38.020
BUT DON'T INVEST IN THEIR ASSETS, OR A LAWYER.
00:16:38.040 --> 00:16:42.050
IT CAN SAVE YOUR FAMILY FROM BEING TEMPTED,
00:16:42.070 --> 00:16:45.040
IT CAN SAVE YOUR FAMILY FROM BEING GUILTY
00:16:45.060 --> 00:16:48.090
THEY'RE NOT MANAGING YOUR MONEY CORRECTLY,
00:16:48.110 --> 00:16:50.060
AND IT CAN SAVE YOU FROM YOUR OWN TRUST IN YOUR OWN SHAME.
00:16:50.080 --> 00:16:54.070
- SO MANY PEOPLE DON'T EVEN HAVE A SIMPLE WILL SETUP.
00:16:54.090 --> 00:16:57.030
FOR PEOPLE WHO HAVE MORE ASSETS IN MIND,
00:16:57.050 --> 00:16:59.280
SOMETHING BEYOND A SIMPLE WILL LIKE A REVOCABLE TRUST
00:17:00.020 --> 00:17:03.140
THAT CAN HELP PEOPLE AVOID THE BURDEN AND COSTS
00:17:03.160 --> 00:17:07.060
OF COURT PROCEEDINGS AFTER SOMEONE PASSES AWAY
00:17:07.080 --> 00:17:10.150
CAN BE REALLY BENEFICIAL,
00:17:10.170 --> 00:17:12.010
NOT JUST IN TERMS OF MAKING THINGS SIMPLER
00:17:12.030 --> 00:17:15.130
BUT ALSO SAVING FAMILY MEMBERS FROM JUST BIG HASSLES
00:17:15.150 --> 00:17:19.120
AND PAINFUL EXPERIENCES
00:17:19.140 --> 00:17:22.020
IN A TIME WHERE THEY'RE ALREADY GRIEVING.
00:17:22.040 --> 00:17:24.140
- YOU SHOULD LOOK AT YOUR WILL EVERY YEAR
00:17:24.160 --> 00:17:27.070
AND ASSESS WHETHER OR NOT THE DISTRIBUTION OF ASSETS
00:17:27.090 --> 00:17:30.030
OR RIGHTS OR CONNECTIONS ARE RELEVANT FOR YOU
00:17:30.050 --> 00:17:33.080
AT THAT MOMENT.
00:17:33.100 --> 00:17:34.260
EVERYBODY NO MATTER WHAT THEIR AGE IS
00:17:34.280 --> 00:17:37.210
SHOULD REEVALUATE THEIR WILL EVERY YEAR.
00:17:37.230 --> 00:17:40.110
- BEFORE THAT COMES UP THOUGH.
00:17:40.130 --> 00:17:42.140
A LOT OF PEOPLE RUN INTO SITUATIONS
00:17:42.160 --> 00:17:44.150
WHERE THEY NEED MEDICAL CARE,
00:17:44.170 --> 00:17:46.110
BUT BECAUSE OF THEIR OWN MEDICAL SITUATION,
00:17:46.130 --> 00:17:49.070
THEY'RE NOT ABLE TO REALLY MAKE AN INFORMED DECISION
00:17:49.090 --> 00:17:53.060
ABOUT WHAT TYPES OF CARE THEY SHOULD GET,
00:17:53.080 --> 00:17:57.050
AND THAT'S WHERE HAVING A DURABLE POWER OF ATTORNEY
00:17:57.070 --> 00:18:00.260
FOR HEALTH CARE IS ESSENTIAL.
00:18:00.280 --> 00:18:03.100
- WHEN YOU DON'T HAVE THE AGENCY
00:18:03.120 --> 00:18:05.260
TO MANAGE YOUR MONEY OR YOUR HEALTH
00:18:05.280 --> 00:18:07.270
WHO YOUR DESIGNEE IS, IS VERY IMPORTANT TO DECIDE
00:18:07.290 --> 00:18:12.120
WHEN YOU HAVE YOUR HEALTH AND YOU HAVE YOUR COGNITION.
00:18:12.140 --> 00:18:17.140
YOUR FINANCIAL POWER OF ATTORNEY
00:18:17.160 --> 00:18:19.170
MIGHT GO TO A NEUTRAL THIRD PARTY
00:18:19.190 --> 00:18:21.210
AND YOUR HEALTH PROXY SHOULD GO TO A TRUSTED FAMILY MEMBER.
00:18:21.230 --> 00:18:25.290
BUT IT'S VERY IMPORTANT TO DO THAT AS SOON AS YOU CAN.
00:18:26.010 --> 00:18:31.280
- [KELLY WRIGHT] THERE IS NO NEED TO PUT OFF PLANNING
00:18:32.000 --> 00:18:33.140
FOR YOUR LEGAL FUTURE.
00:18:33.160 --> 00:18:35.010
AS OUR EXPERTS HAVE ALREADY EXPLAINED,
00:18:35.030 --> 00:18:37.100
THESE ISSUES ARE EASIER TO ADDRESS THAN MANY WOULD BELIEVE.
00:18:37.120 --> 00:18:42.070
TALKING TO YOUR LAWYER, IT'S NOT SO SCARY.
00:18:42.090 --> 00:18:44.230
WHY NOT DO IT TODAY.
00:18:44.250 --> 00:18:47.180
YOU SEE IN THIS DIGITAL AGE, CREATING A LEGAL DOSSIER
00:18:47.200 --> 00:18:50.010
CAN BE EASILY DONE ONLINE IF NOT IN PERSON.
00:18:50.030 --> 00:18:54.220
IT IS IN YOURS AND YOUR LOVED ONES BEST INTEREST
00:18:54.240 --> 00:18:57.160
TO MAKE SURE YOUR LEGAL FUTURE IS COVERED.
00:18:57.180 --> 00:19:02.080
OH, AND WHO COULD FORGET ABOUT THOSE THINGS CALLED TAXES?
00:19:02.100 --> 00:19:06.150
CERTAINLY NOT THE GOVERNMENT.
00:19:06.170 --> 00:19:08.120
MANY THE BEST RETIREMENT PLANS HOWEVER,
00:19:08.140 --> 00:19:10.190
FAIL TO INCLUDE THE ISSUE OF PAYING YOUR TAXES.
00:19:10.210 --> 00:19:15.240
- ONE OF THE BIGGEST OBSTACLES THAT PEOPLE HAVE
00:19:15.260 --> 00:19:19.060
IN COMING UP WITH REALISTIC ASSESSMENTS
00:19:19.080 --> 00:19:21.200
OF THEIR FINANCIAL PLAN IN RETIREMENT
00:19:21.220 --> 00:19:23.240
IS THE IMPACT THAT TAXES HAVE ON IT.
00:19:23.260 --> 00:19:26.030
BECAUSE A LOT OF PEOPLE THAT JUST LOOK AT THEIR
00:19:26.050 --> 00:19:28.250
FINANCIAL STATEMENTS, THEY'LL SAY,
00:19:28.270 --> 00:19:30.060
HEY, I'VE GOT SUCH AND SUCH AMOUNT OF MONEY SAVED UP,
00:19:30.080 --> 00:19:33.010
THAT SHOULD BE PLENTY.
00:19:33.030 --> 00:19:34.180
THEY FORGET THAT THE IRS IS GONNA BE IN THERE
00:19:34.200 --> 00:19:37.090
TO GRAB A PIECE OF THAT.
00:19:37.110 --> 00:19:39.090
- WHENEVER YOU'RE TALKING ABOUT A 401(K),
00:19:39.110 --> 00:19:41.230
THIS IS MONEY THAT'S PUT IN OUTTA YOUR PAYCHECK
00:19:41.250 --> 00:19:44.080
BEFORE IT EVER GOES TO BANK.
00:19:44.100 --> 00:19:45.270
SO IT'S DIRECTLY TAKEN OUT OF YOUR CHECK.
00:19:45.290 --> 00:19:48.030
SO THAT MEANS YOU'VE NOT PAID ANY TAXES ON IT AT ALL
00:19:48.050 --> 00:19:50.210
BUT WHEN YOU START TO TAKE MONEY OUT OF THE 401(K),
00:19:50.230 --> 00:19:53.130
AGE 59 AND A HALF IS THE TIME THAT YOU CAN DO THAT
00:19:53.150 --> 00:19:55.160
WITHOUT A PENALTY,
00:19:55.180 --> 00:19:56.240
YOU'LL HAVE TO PAY SOME TAXES ON THAT MONEY.
00:19:56.260 --> 00:19:59.090
AGAIN, THE GOVERNMENT'S GONNA GET THEIR TAXES.
00:19:59.110 --> 00:20:01.090
- FOR MOST OF THOSE VEHICLES,
00:20:01.110 --> 00:20:03.100
THAT MONEY HAS NEVER BEEN TAXED AT ALL,
00:20:03.120 --> 00:20:05.170
THE GOVERNMENT CHARGES ORDINARY INCOME TAX RATES,
00:20:05.190 --> 00:20:08.280
WHICH ARE HIGHER THAN WHAT YOU PAY FOR CAPITAL GAINS.
00:20:09.000 --> 00:20:11.240
RIGHT NOW THAT CAN TAKE AWAY UP TO 37% OF THAT MONEY.
00:20:11.260 --> 00:20:17.170
- [KELLY] IT'S IMPORTANT TO KEEP IN MIND
00:20:17.190 --> 00:20:18.220
HOW TAXES AFFECT YOUR RETIREMENT.
00:20:18.240 --> 00:20:21.070
KNOW THIS, THOUGH, THERE ARE MANY OPTIONS OUT THERE
00:20:21.090 --> 00:20:24.060
TO HELP YOU KEEP MORE OF YOUR HARD-EARNED MONEY
00:20:24.080 --> 00:20:27.050
SO THAT YOU CAN ENJOY RETIREMENT.
00:20:27.070 --> 00:20:30.140
- THERE ARE WAYS THAT YOU CAN SAVE POST TAX,
00:20:30.160 --> 00:20:33.210
THAT MEANS THIS IS AFTER THE MONEY
00:20:33.230 --> 00:20:35.040
IS HITTING YOUR BANK ACCOUNT.
00:20:35.060 --> 00:20:36.140
SO WHENEVER YOU HEAR OF A ROTH 401(K)
00:20:36.160 --> 00:20:39.120
THAT MEANS AFTER TAX, OR ROTH IRA.
00:20:39.140 --> 00:20:42.120
ALL ROTH MEANS IS TAX FREE GROWTH,
00:20:42.140 --> 00:20:45.050
YOU'VE ALREADY PAID TAXES ON THE MONEY,
00:20:45.070 --> 00:20:46.260
SO THE GOVERNMENT CAN'T TAX IT AGAIN.
00:20:46.280 --> 00:20:48.210
- THERE ARE RESOURCES, A CPA
00:20:48.230 --> 00:20:50.210
OR A CERTIFIED FINANCIAL PROFESSIONAL
00:20:50.230 --> 00:20:52.140
TO HELP YOU WITH YOUR TAX PLANNING.
00:20:52.160 --> 00:20:54.060
THOSE ARE COMPLICATED AREAS,
00:20:54.080 --> 00:20:56.010
AND THERE'S PEOPLE THAT SPECIALIZE IN RETIREMENT SUPPORT
00:20:56.030 --> 00:20:59.260
IN EACH ONE OF THOSE AREAS THAT PEOPLE SHOULDN'T BE,
00:20:59.280 --> 00:21:02.170
THEY SHOULDN'T HESITATE TO RELY ON 'EM.
00:21:02.190 --> 00:21:04.040
- SIT DOWN WITH AN INVESTMENT PROFESSIONAL
00:21:04.060 --> 00:21:05.280
TO BE ABLE TO WALK THROUGH AND UNDERSTAND THE RAMIFICATIONS,
00:21:06.000 --> 00:21:09.110
THE TAX CONSEQUENCES,
00:21:09.130 --> 00:21:10.200
BUT ALSO THE OPPORTUNITY FOR GROWTH FOR LATER.
00:21:10.220 --> 00:21:12.290
SO IT'S SO VERY IMPORTANT TO UNDERSTAND THE TOOLS,
00:21:13.010 --> 00:21:15.150
SO YOU CAN PICK THE RIGHT ONES.
00:21:15.170 --> 00:21:16.290
- [KELLY WRIGHT] FINANCIAL, LEGAL, AND MEDICAL HURDLES
00:21:17.010 --> 00:21:20.020
WEIGH HEAVILY ON THE MINDS OF MANY OF TODAY'S RETIREES
00:21:20.040 --> 00:21:23.220
AND FUTURE RETIREES.
00:21:23.240 --> 00:21:26.000
HOWEVER, THESE ISSUES AREN'T THE ONLY THINGS TO KEEP IN MIND
00:21:26.020 --> 00:21:30.000
WHEN YOU'RE PLANNING FOR YOUR RETIREMENT.
00:21:30.020 --> 00:21:32.090
LET'S TAKE A LOOK NOW AT THE PERSONAL SIDE OF THINGS.
00:21:32.110 --> 00:21:35.050
- YOU KNOW, MOST PEOPLE HEAR RETIREMENT AND THEY THINK,
00:21:35.070 --> 00:21:37.010
WELL, I'M JUST SITTING ON THE FRONT PORCH WITH SWEET TEA,
00:21:37.030 --> 00:21:39.150
RIGHT, AND ROCKING IN A ROCKING CHAIR.
00:21:39.170 --> 00:21:41.050
THAT'S GREAT FOR A LITTLE WHILE, RIGHT?
00:21:41.070 --> 00:21:43.070
BUT YOU'VE GOT OTHER THINGS YOU WANNA DO.
00:21:43.090 --> 00:21:45.000
- RETIREMENT IS ABOUT FAR MORE THAN FINANCES
00:21:45.020 --> 00:21:48.190
AND IN THE REAL WORLD, WHAT IS FAR MORE IMPORTANT
00:21:48.210 --> 00:21:53.080
THAN THE MONEY ASPECT IS THE LIFESTYLE ASPECTS OF RETIREMENT
00:21:53.100 --> 00:21:58.080
AND MAKING SURE THAT YOU PLAN FOR WHAT YOUR RETIREMENT
00:21:58.100 --> 00:22:01.210
IS GONNA BE LIKE, IS IN MANY WAYS MORE IMPORTANT
00:22:01.230 --> 00:22:05.030
THAN MAKING SURE THAT YOU HAVE EXACTLY THE AMOUNT OF MONEY
00:22:05.050 --> 00:22:08.160
THAT YOU MIGHT WANT.
00:22:08.180 --> 00:22:10.020
- I THINK MOST PEOPLE WHEN THEY'RE THINKING
00:22:10.040 --> 00:22:12.110
THEY FOCUS ON THE FINANCIAL,
00:22:12.130 --> 00:22:13.200
DO I HAVE ENOUGH MONEY?
00:22:13.220 --> 00:22:14.160
WHEN CAN I RETIRE?
00:22:14.180 --> 00:22:15.280
THAT'S IMPORTANT, I'LL GRANT THAT.
00:22:16.000 --> 00:22:18.150
BUT I THINK EQUALLY IMPORTANT IS TO THINK ABOUT
00:22:18.170 --> 00:22:21.270
AFTER YOU LEAVE THE WORKPLACE,
00:22:21.290 --> 00:22:23.200
AND WHEN YOU ARE FULLY RETIRED,
00:22:23.220 --> 00:22:25.170
WHAT IS GONNA GIVE YOU THAT PURPOSE
00:22:25.190 --> 00:22:27.080
AND THAT PASSION IN LIFE?
00:22:27.100 --> 00:22:28.200
- IT'S IMPORTANT TO BUILD THAT NETWORK AROUND US.
00:22:28.220 --> 00:22:30.280
TO HAVE PEOPLE THAT CAN BE THERE
00:22:31.010 --> 00:22:32.060
TO ENCOURAGE US ALONG THE WAY
00:22:32.080 --> 00:22:33.270
BUT ALSO PICK US UP WHEN WE STUMBLE.
00:22:33.290 --> 00:22:36.040
- I THINK ESPECIALLY IN RETIREMENT,
00:22:36.060 --> 00:22:37.230
WHEN YOU'VE LOST THOSE NATURAL DAILY RELATIONSHIPS
00:22:37.250 --> 00:22:40.170
IN THE OFFICE PLACE,
00:22:40.190 --> 00:22:42.050
YOU'VE REALLY GOTTA MAKE A PERSONAL EFFORT
00:22:42.070 --> 00:22:44.060
TO BUILD THOSE RELATIONSHIPS.
00:22:44.080 --> 00:22:45.180
- IF YOU WORK WITH A BUNCH OF PEOPLE
00:22:45.200 --> 00:22:47.290
WHO AREN'T EXACTLY YOUR AGE,
00:22:48.010 --> 00:22:49.150
WHO AREN'T GONNA BE RETIRING AT THE SAME TIME,
00:22:49.170 --> 00:22:51.280
YOU SORTA HAVE TO FIGURE OUT HOW DO YOU WANT TO,
00:22:52.000 --> 00:22:55.170
YOU KNOW, KIND OF WALK THE LINE BETWEEN YOU WANNA RETIRE
00:22:55.190 --> 00:22:58.270
BUT YOU MIGHT WANNA KEEP HANGING OUT WITH THOSE PEOPLE TOO,
00:22:58.290 --> 00:23:02.070
BECAUSE YOU'VE SPENT SO MUCH OF YOUR LIFE WITH THEM.
00:23:02.090 --> 00:23:05.130
- A LOT OF PEOPLE WHEN THEY RETIRE THEY WANNA MOVE AWAY,
00:23:05.150 --> 00:23:07.210
LET'S MOVE TO THE MOUNTAINS, LET'S MOVE TO WHEREVER, RIGHT.
00:23:07.230 --> 00:23:10.100
BUT THEY DON'T NECESSARILY THINK ABOUT
00:23:10.120 --> 00:23:12.080
WHAT A GREAT NETWORK THEY'VE BUILT UP WHERE THEY LIVE.
00:23:12.100 --> 00:23:15.010
- IN TERMS OF FULFILLMENT AS A HUMAN BEING
00:23:15.030 --> 00:23:18.060
I CAN'T THINK OF ANYTHING MORE IMPORTANT
00:23:18.080 --> 00:23:21.130
THAN TO TAKE STOCK OF WHAT YOUR MEANING ON THE PLANET MEANT,
00:23:21.150 --> 00:23:25.140
AND WHAT YOU MEANT FOR OTHER PEOPLE.
00:23:25.160 --> 00:23:28.020
- SO TO ME, FOCUSING ON THE ETERNAL SPIRITUAL SIDE OF LIFE
00:23:28.040 --> 00:23:32.210
IN RETIREMENT, IT'S IMPORTANT,
00:23:32.230 --> 00:23:34.290
AND IT'S SOMETHING THAT DOESN'T HAPPEN
00:23:35.010 --> 00:23:36.280
IF YOU'RE NOT INTENTIONAL ABOUT IT.
00:23:37.000 --> 00:23:38.150
- WHEN YOU GOT PEOPLE AROUND YOU,
00:23:38.170 --> 00:23:40.010
AND YOU'RE PLUGGED INTO YOUR LORD AND SAVIOR
00:23:40.030 --> 00:23:41.180
AND PLUGGED INTO YOUR CHURCH,
00:23:41.200 --> 00:23:43.030
AND YOU'RE SPIRITUALLY ABLE TO GET STRONGER
00:23:43.050 --> 00:23:45.120
AND TO GET SOME ENERGY, WE CAN DO MORE THAN WE THINK WE CAN.
00:23:45.140 --> 00:23:49.170
- [KELLY] AS IT TURNS OUT, RETIREMENT ISN'T FOR EVERYONE,
00:23:49.190 --> 00:23:52.260
AT LEAST AT FIRST.
00:23:52.280 --> 00:23:54.280
- GOING BACK TO WORK IN RETIREMENT
00:23:55.000 --> 00:23:56.250
ISN'T NECESSARILY A BAD THING.
00:23:56.270 --> 00:23:59.020
BECAUSE A LOT OF RETIREES ARE ACTUALLY DISCOVERING
00:23:59.040 --> 00:24:02.110
THAT ONCE THEY GET INTO RETIREMENT, THEY'RE BORED,
00:24:02.130 --> 00:24:04.210
THEY DON'T FEEL PRODUCTIVE ANYMORE, THEY'RE NOT STIMULATED,
00:24:04.230 --> 00:24:07.020
SO THEY'RE GOING BACK TO WORK.
00:24:07.040 --> 00:24:09.030
- I WOULD JUST ENCOURAGE PEOPLE TO BE CAREFUL
00:24:09.050 --> 00:24:11.250
BUT THERE IS ABSOLUTELY NO REASON THAT AN ENCORE CAREER,
00:24:11.270 --> 00:24:15.040
AS LONG AS IT'S WELL THOUGHT OUT,
00:24:15.060 --> 00:24:16.200
IS NOT A REALLY GOOD SOLUTION FOR MANY PEOPLE IN RETIREMENT.
00:24:16.220 --> 00:24:20.160
- FOR ME A JOB IS A REALLY GOOD THING.
00:24:20.180 --> 00:24:23.000
IT PROVIDES A SENSE OF SATISFACTION,
00:24:23.020 --> 00:24:26.050
AND IT PROVIDES SOME INCOME.
00:24:26.070 --> 00:24:27.240
AND SO WORKING IS
00:24:27.260 --> 00:24:31.060
A, IT'S SORT OF LIKE IN SOME WAYS IT'S THE EASY WAY OUT.
00:24:31.080 --> 00:24:35.080
AND I THINK IF YOU'RE NOT WORKING,
00:24:35.100 --> 00:24:37.100
YOU KIND OF NEED TO DO ALL THAT ON YOUR OWN.
00:24:37.120 --> 00:24:42.090
- [KELLY WRIGHT] RETIREMENT IS ABOUT MORE THAN MONEY
00:24:42.110 --> 00:24:44.150
AND WORRYING.
00:24:44.170 --> 00:24:45.240
IT'S ALSO ABOUT FINDING NEW PASSIONS
00:24:45.260 --> 00:24:47.270
OR HAVING TIME TO FOLLOW AN OLD ONE.
00:24:47.290 --> 00:24:51.020
IT'S ABOUT MAKING TIME FOR FRIENDS AND FAMILY AND YOURSELF.
00:24:51.040 --> 00:24:56.050
NO MATTER WHAT ELSE RETIREMENT MAY BE ABOUT.
00:24:56.070 --> 00:24:58.250
KEEP THESE FINAL WORDS IN MIND.
00:24:58.270 --> 00:25:01.210
- IF IT'S WORTHWHILE, IF WE CAN SEE THE FINISH LINE,
00:25:01.230 --> 00:25:05.090
OR WE UNDERSTAND THAT THE FINISH LINE IS IN THAT DIRECTION.
00:25:05.110 --> 00:25:08.160
I THINK WE'RE CAPABLE OF DOING MORE THAN WE THINK.
00:25:08.180 --> 00:25:11.240
- WHAT ARE WE DOING THIS FOR, RIGHT?
00:25:11.260 --> 00:25:13.160
WE'RE ONLY HERE FOR A LIMITED AMOUNT OF TIME.
00:25:13.180 --> 00:25:15.210
LET'S HAVE FUN, RIGHT, ENJOY IT.
00:25:15.230 --> 00:25:17.050
AND DON'T GET ALL HUNG UP ON THE NUMBERS
00:25:17.070 --> 00:25:19.150
AND THE STRESSES AND THE WORRIES AND ANXIETIES.
00:25:19.170 --> 00:25:22.200
ENJOY LIFE, RIGHT?
00:25:22.220 --> 00:25:24.020
HAVE FUN, I MEAN, SHAME ON US IF WE GET TO RETIREMENT
00:25:24.040 --> 00:25:27.120
WE'VE WORKED ALL THESE YEARS
00:25:27.140 --> 00:25:29.060
AND WE SIT ON THE COUCH AND WE'RE MISERABLE.
00:25:29.080 --> 00:25:31.190
OF COURSE I WANNA HAVE FUN, WHO DOESN'T WANNA HAVE FUN?
00:25:31.210 --> 00:25:33.260
YOU CAN MAKE IT HAPPEN BUT YOU'VE GOTTA BE INTENTIONAL.
00:25:33.280 --> 00:25:37.160
- [KELLY] WE HAVE LEARNED THAT THERE ARE PLENTY OF THINGS
00:25:37.180 --> 00:25:39.260
THAT AMERICANS CAN DO TO HELP THEMSELVES RETIRE WELL.
00:25:39.280 --> 00:25:44.100
- THE NATIONAL INSTITUTE ON RETIREMENT SECURITY
00:25:44.120 --> 00:25:47.270
OFFERS EDUCATION PROGRAMS AND RESOURCES TO HELP YOU PREPARE
00:25:47.290 --> 00:25:51.100
FOR THIS SEASON OF YOUR LIFE.
00:25:51.120 --> 00:25:53.170
YOU CAN GO TO THEIR WEBSITE, NIRSLONLINE.ORG
00:25:53.190 --> 00:25:58.170
FOR MORE INFORMATION.
00:25:58.190 --> 00:26:00.080
- [KELLY WRIGHT] FOR FINANCIAL ADVICE,
00:26:00.100 --> 00:26:01.240
IT'S IMPORTANT FOR YOU TO SEEK THE COUNSEL
00:26:01.260 --> 00:26:04.030
OF AN INDEPENDENT QUALIFIED FINANCIAL PLANNER,
00:26:04.050 --> 00:26:06.290
WHO HAS THE EDUCATION, EXPERIENCE, KNOWLEDGE AND
00:26:07.010 --> 00:26:10.180
CHARACTER TO GUIDE YOUR PERSONAL FINANCIAL NEEDS,
00:26:10.200 --> 00:26:13.160
AND SEEK ONE WHO CAN HELP YOU PLAN
00:26:13.180 --> 00:26:15.160
FOR BOTH SHORT AND LONG TERM GOALS.
00:26:15.180 --> 00:26:18.060
TO DO THAT, WE RECOMMEND
00:26:18.080 --> 00:26:19.220
THE NATIONAL ASSOCIATION OF PERSONAL FINANCIAL ADVISORS
00:26:19.240 --> 00:26:22.140
OR NAPFA, IT'S A GOOD PLACE TO START.
00:26:22.160 --> 00:26:25.170
YOU CAN FIND THEM ON THE WEB AT NAPFA.ORG
00:26:25.190 --> 00:26:28.030
OR CALL THEM TOLL FREE AT 1-888-FEE-ONLY
00:26:28.050 --> 00:26:32.260
OR EMAIL THEM AT INFO@NAPFA.ORG.
00:26:32.280 --> 00:26:37.220
- THE KEY IS TO START INVESTING AND SAVING TODAY.
00:26:37.240 --> 00:26:41.040
SPEAK TO THE EXPERTS TO HELP YOU UNDERSTAND
00:26:41.060 --> 00:26:43.240
YOUR LEGAL, MEDICAL AND TAX RESPONSIBILITIES.
00:26:43.260 --> 00:26:47.090
ALSO PREPARE FOR YOUR FUTURE BY KEEPING YOURSELF IN SHAPE,
00:26:47.110 --> 00:26:51.070
SPIRITUALLY, MENTALLY, FINANCIALLY, AND PHYSICALLY.
00:26:51.090 --> 00:26:55.110
START RIGHT NOW.
00:26:55.130 --> 00:26:57.180
UNTIL NEXT TIME, I'M KELLY WRIGHT,
00:26:57.200 --> 00:26:59.170
AND TOGETHER WE'RE TAKING CARE OF BUSINESS.
00:26:59.190 --> 00:27:03.220
(UPBEAT THEME MUSIC)
00:27:03.240 --> 00:27:04.230

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Retirement

Retirement

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Retirement

Retirement

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