Family | Michael R Lewis, ASJA

November 22, 2013January 3, 2024

4 Strategies to Maximize Retirement Income

This article first appeared in Forbes.com on November 28, 2013.

More than seven out of 10 Americans worry about outliving their income during retirement, according to a recent survey by Prudential PUK +1.57% Retirement. Decades of pension plan conversions to profit-sharing plans, combined with a stock market decline of more than 50% in 2008 and falling real estate values have devastated savings and retirement accounts nationwide. As a result, a combination of post-retirement work, Social Security benefits, and prudent portfolio management is going to be necessary for most baby boomers to retire during the next two decades. Implementing the following steps can help you maximize your post-retirement income so that you remain financially independent during your golden years.

1. Continue to Work

According to a recent Gallup Poll, almost three-quarters of U.S. workers intend to work past retirement age, 40% by choice and 35% due to necessity. Delaying retirement as long as possible makes economic and psychological sense due to the following reasons:

Increased Financial Security During Retirement. The last years of work are typically the highest income-earning years of employment. At the same time, most of life’s major expenses – buying a house, educating children, acquiring significant assets – are over, so that a greater proportion of income can be devoted to savings.
Improved Mental and Physical Health. According to Carol Dufouil, at a recent presentation at the Alzheimer’s Association International Conference, the risk of getting dementia drops by 3.2% for every year worked past retirement age. Study after study indicates that people who continue to work live longer and are in better health than those who retire at age 65 or earlier, and the benefits are present for those who worked full-time or part-time.

Unless your job is too physically demanding or stressful, seek to extend your employment, either full-time or part-time, as long as possible.

What Men & Women shoppers Can Learn From Each Other

John Gray’s 1992 book Men Are From Mars, Women Are From Venus confirmed what men and women have always known: The two sexes differ in their perspectives, motives, rationales, and actions. Even though the reason for the differences (nature or nurture) continues to be debated, study after study reflects similar results, and sophisticated companies have adapted their customer outreach programs to account for these differences. Everything from advertising style, message, and media, to product design, store layout, sales training, and customer service policies are designed to appeal specifically to both sexes.

The goal of every retailer is to:

Lure shoppers
Make them stay in the store longer
Influence their buying decisions
Turn them into return customers

Failure to address the idiosyncrasies of gender can have real financial consequence for retailers. In a New York Times article published on February 16, 2012, Eric Siegel, a consultant and chairman of the Predictive Analytics World conference, stated, “We’re living through a golden age of behavioral research. It’s amazing how much we can figure out about how people think now.”
More . . .

October 28, 2013January 3, 2024

How to Prevent Identity Theft and Protect Your Personal Information

In 2013, Americans were shocked to learn that the National Security Agency conducted mass surveillance of its citizens by intercepting and monitoring Internet and phone traffic within and outside of the country’s borders. When challenged, government officials justified the collection on the basis of national security and ongoing threats of foreign terrorism within the U.S., believing these threats to be aided by both American citizens and foreign nationals within the country.

The disclosure ignited a debate between those advocating the need for the government to access such information and those who deem such acts a violation of the Constitution’s Fourth Amendment and an implied right to privacy. Whether the program is going be modified in the future remains uncertain.

The Risk of Identity Theft

The surveillance incident follows a growing concern for many about the possibility of their identity being stolen. Identity thieves have the potential to plunder bank accounts, run up credit card balances, and perpetrate malicious mischief on innocent people or in their names. According to a recent report based on data from the U.S. Department of Justice and Javelin Strategy and Research, about 11.5 million people are victims of identity fraud each year, with total financial losses of $21 billion. The personal stress and inconvenience suffered by victims is incalculable, to say nothing of the effort required to restore their good name and credit after the fact.

Life After Retirement – What Do I Do Now?

This article first appeared in Forbes.com on November 22, 2013.

Retirement wasn’t working for Dwayne. A deliberate, thoughtful man, Dwayne spent 25 years with a Fortune 500 company rising through the ranks to Company Vice President of Logistics. When he retired, Dwayne expected to fall easily into a life of leisure – rising late, doing what he wanted when he wanted, and traveling frequently with his wife Mary. Now, three months post-retirement, he finds his days endlessly boring, spent mostly sleeping or watching television. He doesn’t like golf, gardening is too hot, and Mary has her own activities which don’t include him.

As many retirees discover, leaving one life to begin another is difficult. A May 2013 study by the UK’s Institute of Economic Affairs reports 40% of retirees suffer from clinical depression, while 6 out of 10 report a decline in health.