{"id":293,"date":"2020-01-28T17:34:34","date_gmt":"2020-01-28T17:34:34","guid":{"rendered":"http:\/\/ladintax.com\/blog\/2020\/01\/28\/work-world-late-career-management\/"},"modified":"2020-01-28T17:34:34","modified_gmt":"2020-01-28T17:34:34","slug":"work-world-late-career-management","status":"publish","type":"post","link":"http:\/\/ladintax.com\/blog\/2020\/01\/28\/work-world-late-career-management\/","title":{"rendered":"Work World: Late Career Management"},"content":{"rendered":"
\n

The number of workers older than 64 has increased threefold
\nsince 1989.1<\/sup> And while working longer may be a marker of good health
\nfor some, it\u2019s a necessity for others who need the income. As a result, we may
\nneed to rethink our idea of what retirement looks like in the 21st century. <\/p>\n

Consider that working longer could be a problem if you\u2019re
\nrelying on it as a retirement savings strategy. That\u2019s because a 2018 study
\nfound that more than half of older U.S. workers, many of them mid- and
\nlate-career managers, were forced out of their jobs before they chose to retire.2<\/sup>
\nWorking longer has a lot of advantages, such as the ability to save more money
\nand to grow your assets and your Social Security benefit. Unfortunately, sudden
\njob loss \u2014 compounded by the difficulty older workers experience finding new
\njobs \u2014 can cause serious financial damage.<\/p>\n

If there is one thing we can count on in life, it\u2019s that life
\nis always changing. We encounter great joys and great challenges, and often
\nit\u2019s how prepared we are that helps us recover and persevere. As insurance professionals,
\nwe believe it\u2019s important to be prepared for any type of change that may come
\nyour way. If we can help you devise an insurance strategy to help you plan for
\nthe income you need in retirement, please give us a call.<\/p>\n

It used to be more common for people to retire on their own
\nterms, and there may be a way we can get back to that. But it doesn\u2019t mean
\nbucking the system; it requires embracing change. That change, for many people,
\ncould mean working in the \u201cgig economy\u201d with a sideline business. Think about
\nit. By the time you are in the latter stages of your career, you likely have
\nmore experience than the vast number of colleagues around you. How can you
\nleverage that for independent income?<\/p>\n

Today, more than a third of America\u2019s workforce participates
\nin the gig economy, whether full time or part time.3<\/sup> Even if you do
\nnot have knowledge that translates into a sideline business as, say, a
\nconsultant, perhaps you\u2019ve developed another skill that could provide you
\nincome. Are you a baker or a carpenter? Perhaps you could drive for a rideshare
\nservice or walk dogs in your spare time. Working for yourself comes with plenty
\nof perks, such as accepting only the jobs you want and scheduling hours that
\nwork for you. Like it or not, the gig economy could be the defining work\/life
\nbalance solution of this century.<\/p>\n

Many people may be uncomfortable with the idea of changing
\njobs or careers late in the game. That is certainly understandable. But it\u2019s
\nimportant to remember that many retirees didn\u2019t get to make that decision on their
\nown. So imagine for a moment what you would do if you lost your job late in
\nyour career. Would you look for another job in your field? Would you consider
\nstarting your own business? Would you go in a completely different direction \u2014 perhaps
\npursue something you\u2019ve always wanted to do?<\/p>\n

Let\u2019s say you don\u2019t even need the income; you have plenty of
\nmoney saved to retire on \u2014 you just don\u2019t want to retire \u2026 yet. So what would
\nyou want to do? Taking time to consider this question could be instrumental in
\nshaping the new, 21st century perspective on retirement. <\/p>\n

And why not? Consider that you have a lifetime of experience
\n\u2014 both in career and in life lessons learned. If you are in the latter stages
\nof your career, it\u2019s time you take charge by putting together a plan B \u2014 just
\nin case.<\/p>\n

You could consider your potential career change a gift to
\nthe next generation. Many Gen Xers and millennials now say the biggest obstacle
\nin their career path is that more baby boomers are putting off retirement, so
\nthere\u2019s little room for promotions to middle- and higher-level jobs.4<\/sup>\n<\/p>\n

That\u2019s a lot to think about. But perhaps the 21st century
\nvision of retirement isn\u2019t to stop working, but rather to pursue
\nincome-producing dreams.<\/p>\n

Content prepared by Kara Stefan
\nCommunications.<\/em><\/strong><\/p>\n

1<\/sup> Stef W. Kight. Axios. Nov. 16, 2019. \u201cSpecial report:
\nRetirement becomes more myth than reality.\u201d https:\/\/www.axios.com\/retirement-myth-reality-d64d1e74-df04-49b7-9629-2cab2609a917.html<\/a>. Accessed Dec. 18, 2019. <\/p>\n

2<\/sup> Knowledge@Wharton. Dec. 3, 2019. \u201cForced Out of Your
\nJob Mid-career? Here\u2019s How to Prepare.\u201d https:\/\/knowledge.wharton.upenn.edu\/article\/forced-job-mid-career-heres-prepare\/<\/a>. Accessed Dec. 18, 2019. <\/p>\n

3<\/sup> US Bank. 2019. \u201cUnderstanding the expanding gig economy.\u201d
\nhttps:\/\/financialiq.usbank.com\/index\/landing-page\/gig-economy.html?c3ch=Paid%20Social&c3nid=TW-21808397<\/a>. Accessed Dec. 18, 2019. <\/p>\n

4<\/sup> Paul Davidson. USA Today. Nov. 7, 2019. \u201cMillennials,
\nGen Xers to baby boomers: Can you retire so I can get a job promotion?\u201d https:\/\/www.usatoday.com\/story\/money\/2019\/11\/07\/jobs-baby-boomers-older-workers-may-block-millennials-careers\/4170836002\/<\/a>. Accessed Dec. 18, 2019. <\/p>\n

We are an independent firm helping individuals create retirement
\nstrategies using a variety of insurance products to custom suit their needs and
\nobjectives. This material is intended to provide general information to help
\nyou understand basic retirement income strategies and should not be construed
\nas financial advice. <\/em><\/p>\n

The information contained in this material is believed to be reliable,
\nbut accuracy and completeness cannot be guaranteed; it is not intended to be
\nused as the sole basis for financial decisions. If you are unable to access any
\nof the news articles and sources through the links provided in this text,
\nplease contact us to request a copy of the desired reference.<\/em><\/p>\n

1053049B<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The number of workers older than 64 has increased threefold since 1989.1 And while working longer may be a marker of good health for some, it\u2019s a necessity for others who need the income. As a result, we may need to rethink our idea of what retirement looks like in the 21st century. Consider that…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[],"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/posts\/293"}],"collection":[{"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/comments?post=293"}],"version-history":[{"count":0,"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/posts\/293\/revisions"}],"wp:attachment":[{"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/media?parent=293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/categories?post=293"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ladintax.com\/blog\/wp-json\/wp\/v2\/tags?post=293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}