James C. Molet's Blog, page 71

Thoughts on Retirement

I am pleased that Brian, a long time SavvyReader and supporter of the blog, has agreed to share his thoughts on retirement. Vocation Vocation is rooted in the Latin word for voice, loosely translated it means a summons or call. The word has been secularized and reduced to meaning job or work. Work, an inescapable reality for most of us. At times we feel that our lives are enhanced by it and at others depleted by it. SavvyJames, Blogger-in-Chief, asked an important question about retirement. At what age do you Read the Full Story

The Changing American Economy

Documentary: The Last Truck: Closing of a GM Plant (2009). The film offers a snapshot of a moment in America where we may be seeing the end of the blue-collar middle class. Ohio-based filmmakers Steven Bognar and Julia Reichert put a human face on the decline of American industry in this documentary which focuses on the workers of the General Motors Assembly Plant in Moraine, Ohio. The plant, which opened in 1981, and churned out an average of 280,000 small trucks and SUVs a year, closed two days before Christmas Read the Full Story

‘Deadbeat’ Dad Chronicles: Odd Jobs – Part II

I recently had a phone conversation with a well-meaning friend who I love and respect greatly. He was advising me concerning my child support payments and his perception of who I am. It was an interesting conversation to say the least. I want to recount the details of this conversation, built around the same scenario as the first post in the ‘Deadbeat’ Dad series. I hope this serves two purposes. First, I hope it is an encouragement to men and women in similar situations and second, I hope it serves Read the Full Story

SavvyPoll Number Four

I love the annual Retirement Confidence Survey (RCS) from the Employee Benefit Research Institute (EBRI) and Greenwald & Associates. In fact, I referenced the 2013 survey quite extensively in my book to help paint a picture of the retirement landscape. This annual survey is an excellent source for getting an overview of how Americans are preparing for retirement and their confidence level. The survey takes a look at who is saving, how much they are saving, if they have attempted to calculate how much money they need to save for retirement, Read the Full Story

Starting Late? KISS

I was recently approached by a cousin in her mid-40s who inquired about investing. Unfortunately, due to a number of reasons, she had not built a fiscal foundation earlier in her life. Like far too many Americans, she has basically lived paycheck to paycheck. As she drifts ever closer to retirement – or at least the traditional retirement age – she wanted to know if it was too late to start investing. As I noted in a recent post, it is never too late to start investing. Considering she is starting Read the Full Story

‘Deadbeat’ Dad Chronicles: Odd Jobs – Part I

As a non-custodial father paying child support, I live life under the microscope of scrutiny from not only an ex-wife, but society in general. Not only do I wake up determined to succeed financially to provide for myself, but I have the added pressure of providing for a son who does not live with me. I’m not saying this financial responsibility is more burdensome than a custodial parent’s job, nor am I saying that one should feel sorry for, or be lenient with, a father who is paying child support. Read the Full Story

SavvyPoll Number Three

As discussed recently in The Benefits of Working Longer post, I have every intention of retiring at 60. That does not appear to be the plan for many. A recent Gallup poll indicates that in the aftermath of the 2008 the financial crisis, many Americans are pushing back the age at which they retire. Source: OECD, using average effective age of retirement from European and national Labor Force Surveys. The poll indicates that the average age at which American retirees report leaving the workforce is now 62, the highest age since Gallup started tracking the Read the Full Story

The Benefits of Working Longer

Regular readers of this blog know that I have every intention of retiring at 60. I am focused like a laser on that target age. However, what if the economic environment and/or my financial fortunes change as I close in on 60? A recent Gallup poll indicates that in the aftermath of the 2008 the financial crisis, many Americans are pushing back the age at which they retire. The poll indicates that the average age at which American retirees report leaving the workforce is now 62, the highest age since Gallup started tracking the issue Read the Full Story

Retirement Planning Videos

Video: How Social Security Can Help You Plan for Retirement (2013). Produced by the Social Security Administration, this 28 minute video is worthwhile viewing. While I may not agree wholeheartedly with every point made in the video – as an example, the first chapter opines that Social Security is the foundation of a retirement plan -  it gives a nice overview of how Social Security benefits can play a role in your retirement planning. The video is broken down into the following chapters: 1. Social Security as the Foundation 2. The Read the Full Story

Insurance as Part of Your Financial Plan

Contrary to what some in the insurance industry would have you believe, I do not believe insurance products – in general – should be considered part of your retirement investment portfolio. Most life insurance, in all its various flavors (term, whole, variable and universal), comes into play after your death. Considering I plan to be alive during my retirement, life insurance does not really fit into my retirement portfolio, nor the planning. One insurance product that might be considered part of a retirement plan are annuities (variable, fixed and equity-index). While Read the Full Story