MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES
PRESENTED BY WESTSHORE FINANCIAL SERVICES – March 2019
QUOTE OF THE MONTH
“You must do the things you think you cannot do.”
DEALING WITH A “surprise” RETIREMENT
For years, you have imagined the way your “second act” will unfold: when it will start, what you will do, and where you will be. Then life hands you a wild card. You are forced to retire years earlier than you planned and with little notice. How do you adjust?
This turn of events is not uncommon. The respected Center for Retirement Research at Boston College finds that 37% of Americans retire earlier than they anticipated. The big dilemma is that you find yourself potentially having to fund a few more years of retirement with a few years less of accumulated retirement savings. There are ways to respond to that challenge. Many new retirees work a little, and you might be able to find part-time or lower-paying employment, possibly with health care benefits. While not the work you once did, it can help you refrain from tapping your savings too soon. You may want to reconsider when to claim Social Security benefits. You might not want to make big consumer purchases or embark on major vacations until you are confident you can justify them, financially. You may definitely need to run the numbers again, as variables affecting your potential retirement income have changed. This circumstance could call for significant financial adjustments – and a fresh look at where you stand now in relation to your retirement savings and income objectives.1
Southern Buttermilk Biscuits
2 cups Southern all-purpose flour (White Lily or other brand), plus more for kneading
1 Tbsp. baking powder
1 tsp. fine sea salt
¼ cup cold unsalted butter, cut into small pieces and chilled
¾ to 1 cup buttermilk
Begin by preheating your oven to 500°F. Use a rimmed baking sheet with a non-stick silicone baking sheet, lining the pan.
Combine the flour, baking powder, and salt in a large bowl. Cut the butter into the dry mixture using two knives or a pastry cutter. Once the contents in the bowl resemble coarse meal, pour in the buttermilk and mix until it is just combined. You do not want to overwork it.
Begin by lightly kneading the dough on a sparsely floured surface. Keep turning the dough; do this about 8 times. Avoid kneading for too long, or you will overwork the dough. Lightly flour a rolling pin, then roll the dough to ½-inch thick. Cut the biscuits with a 2¼-inch round cutter dipped in flour. Be sure to press the biscuit cutter straight down (avoid twisting it). This way, the biscuits will rise evenly while baking.
Arrange the biscuits on the baking sheet and bake for 8 to 10 minutes. Look for a golden-brown color. Cool on a rack and serve the biscuits warm with plenty of butter and honey.
Recipe adapted from southernkitchen.com/recipes/breakfast-brunch/virginia-willis-buttermilk-biscuits.
COULD WORKING A little AFTER 70 BECOME ROUTINE?
Some baby boomers and Gen Xers hope that they can work into their seventies. Is that hope unfounded? It may not be. Consider the nation’s shifting generational demographics, and how they may reshape the workforce.
In 2035, Americans older than 65 will outnumber Americans younger than 18 for the first time, and by the mid-2030s, the percentage of physically demanding jobs may be lower than it is now. Jobs in information and service technologies could predominate – an ideal environment for highly educated adults who see no reason to stop being productive. Many of these seniors will be aware that the longer you can put off claiming Social Security in your sixties, the larger the monthly benefits are expected to be – currently, they are projected to be as much as 75% larger when claimed at the latest possible age of 70 versus age 62. Evidence suggests that the population of employed Americans is already skewing older. As a Forbes article notes, the percentage of working men aged 65-69 increased 10% from 1995 to 2016; for women aged 65-69, the increase was 12%. Once again, baby boomers could defy expectations.2
DID YOU KNOW?
The westernmost U.S. state is also the easternmost
Alaska holds this distinction thanks to the geographic position of the Aleutian Islands. Part of the Aleutians are on one side of the 180˚ line of longitude, denoting the eastern hemisphere from the western hemisphere, and part of them are on the other side.3
ON THE BRIGHT SIDE
According to the TransAmerica Center for Retirement Studies, 76% of U.S. retirees own homes. Just 28% of these homeowners have outstanding mortgages, and the median balance of those home loans is about $52,000.4
What do the following six words have in common: fast, away, water, through, down, neck?
Westshore Financial Services may be reached at 616 392-1222 or email@example.com www.westshorefs.com
Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Westshore Financial Services are not affiliated.The information in this email is confidential and is intended solely for the addressee. If you are not the intended addressee and have received this email in error, please reply to the sender to inform them of this fact. We cannot accept trade orders through email. Important letters, email, or fax messages should be confirmed by calling (616) 392-1222. This email service may not be monitored every day, or after normal business hours. This message distributed via use of the MarketingPro system.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.
1 – fool.com/retirement/2019/03/04/what-to-do-if-youre-forced-to-retire-before-youre.aspx [3/4/19]
2 – forbes.com/sites/kerryhannon/2019/03/04/reimagining-retirement-with-purpose-and-a-paycheck [3/4/19]
3 – worldatlas.com/aatlas/infopage/nsewusa.htm [3/4/19]
4 – foxbusiness.com/personal-finance/how-to-successfully-navigate-financially-in-retirement [3/1/19]