everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton they welcome to me baby with Steve<br>talk about the ins-and-outs of money pretty much everything under the sun that really see you having a happier healthy relationship with money my name is Steve's ex not want to thank you for doing this today they appreciate you sharing with your friends and family and Associates our listeners keep expanding we have a wonderful group if you have comments would like to hear a specific topic go to viewers at saving with Steve. You owe us or if you'd like to just check out the website and see almost all 90 episodes you can go to saving with Steve. You are so you can skip the whole shot and again I want to thank you for joining us as we get Maddie Lansing you know he's a scientist nutritionist podcast up Healthcare to specialize in weight loss of confidence for professional women and busy Moms Maddie has a weekly podcast really cool you got to check it out and see how to not get sick and die twice as far as the class with a deep dive into nutrition how to develop healthy habits that last if you like to hear more Seymour you can always go to<br>gaming with Steve. Us and look at episode 88<br> pandemic brought many changes the job market in two years later we're still feeling the fixed the latest magnifymoney study finds that the proportion of working adults 65 and older is rising an older Mare<br> apartment is coming Friday wages inflation's labor shortages the whole shot and we're starting to see a changing of the economy right now I'd like to welcome it's not manga she's from magnifying money it was really interesting there was a study that came out from manage money just a few months ago about how older age of dolls are starting to go back to work we're going to talk about those reasons but will also in the last couple months we really seen or economic World change to the point where you used to be like 11.4 million jobs out there now we're seeing inflation rise people are spending last I mean we heard the co from for just the last week's they hate we have far too many employees other than the tech field are looking to retrench and cut down their Workforce we seen many changes in the cryptocurrency world all sorts of things are going on so welcome to the show<br> add that your wealth of knowledge and I know you do all the research in your you do all the reporting things like that to just a few months ago that article came out that you guys put out its talks about older age workers going back to work I mean talk to people over the age of 65 so what are the primary reasons why they were going back to work. We looked at what things were like in Spring of 2020 and then what they were like in Spring of 2022 and what we found was that a rising share of the adults were 65 and older are working compared with like two years ago right so the speaker's jobs about a couple of percentage points. It was interesting right like why are these folks 65 that's generally when we think people are going to just relax retire so why are we seeing that number rise and I think we can look at some of what happened in the state of the world and economically there are several reasons why that might be the case for example there has been a lot of<br> petition among businesses for workers we've seen that we've seen sign-on bonuses be seen better benefits we've seen a lot of toys for job Seekers over the last couple of years now is that changing now yeah we're going to start seeing that change for sure but the interior that we were looking at definitely there was just a lot of opportunity we saw in April 2020 unemployment spikes to about almost 50% but by April 2022 that unemployment was back down to 3.6% so and employers have been fighting for really good talent at the same time we just have gone on top and that's a good thing but I would also argue that the real value of those wages if it's not really what if it doesn't correspond to how much they've gone up in inflation just get out of control its hit a four-year High just yesterday we saw that said raise rates again to try to have basically team it and so it's it's really<br> that level now but but even up until then like inflation was like slowly creeping up in people's money is just not going as far as it wants dead right so those things like hey higher inflation all those things may have further encourage folks to go back to work but let's also not forget about retirement savings right if you're going to retire you want to have a nice nest egg and we certainly saw the market you know take a downturn in 2020 we saw a lot of recovery but then this year has had a lot of volatility so I can see why you know a higher rate of older adults probably just need to work a little bit more right and so I think all of those reasons are why folks may be sort of returning to the workforce anecdotally talk to a lot of folks who are just like I want to keep going like I want to keep stay active and you know where we're living two eighty-five years old<br> if you can play I guess they move the required minimum distribution to 72 but it's basically was down because all the rage workers are working longer and you know it in the secure act to it looks like they might be pushing it to 73 74 75 and again is because people are working longer know you know what's on top of that and I can also see you wear when you say you know I like I loved it and see me I don't lie but if you take a look at it there's many people depending on how they were invested in the market in the last few months have lost 20 30 40 50 per cent if they were that's a game-changing life-changing amount of money to lose especially if you're planning to take a regular income so if you think about hey I lost 30% I'm going to have to make up forty three percent<br> to get even number one and number two if I'm taking out income it's going to be that much harder so we go back to you know people that were in 2008 many of them were you know hit just recently retired and you know what they say I have to go back to work or I have to downsize my house move somewhere else to smaller I have to cut back significantly so it's it's really I can understand where people are 65 hey this isn't working out the way I saw it in a lot of it comes down to a lot of people didn't then they they they invested like they did their whole life and I'm going to take as much risk as I can cuz I know I'll make it out cuz it's the long-term well you don't have a long-term when you're unemployed so to speak and retired and look at that I said you know what one of the biggest mistakes people make and I just did this on I will be doing this today is taking on too much risk for retirement not looking at other way sorry<br> how you have to really be careful about planning your Investments and like checking in you know as you age because yeah you shouldn't be like an 80 90% stocks when you know close to retirement because you're just taking a very big gamble right and that is really devastating life-changing for a lot of folks one thing I did notice that in our in our in our findings was that I thought was really interesting which was that more than order of those folks who are 65 and older who were working or employed and that number is about triple the rate of what I like working Americans between the ages of 25 and 39 you that you know sometimes folks are scared of taking like maybe launching businesses or or going in a slightly different direction from where they might have been in their career right like or maybe they're doing more like contract type of the type of work<br> and maybe that sort of helps kind of bansal kind of lifestyle that they want as well that was really fast they actually tutor people in English math all sorts of stuff and that's their self-employed business I know one that actually help kids take the SAT and ACT and they just love working with kids they hated their you know they're 40 years of work life so they wanted to do something by was fun and they're doing it because they want to have something to do number one cuz I can't find other things that they like doing and to the income has enhance their ability to retire in the fashion they like so if you're self-employed they can pick and choose when they take vacations are not working all the time and so yeah you know it's it's it's not surprising that most of the people are 25% are self-employed<br> that's a great way to leverage like you said like I have relatives in my own who retired but then they have a lot to offer and do that kind of Consulting that can really help businesses flourish so I think that's great and end your knit so right that you're saying that on sometimes folks just learn new skills and pursue a different industry like last time. Kind of thing really appeals to older adults you just want like a time schedule that you don't want something kind of like low-key but you do keep some active and busy so I do see that there are a lot of opportunities to find your career as you reach that what about retirement age and it goes the best part about it for me is just to listen to the kids in the crazy stuff that they say it's just so funny he said more importantly it's like freshmen and sophomores in high school<br> Eddie just says you know what the girls and boys who like each other he says it's so silly the way they talk anthropological study basically watching these kids workers the stick with this we're going to be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money was Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the ins-and-outs of money you know what I want to thank you all for joining this if you would like to check out other episodes you can always go to stainless steel. Us I'd like to say thank you to our Filly has that you can't help any obvs radio talk radio New York City AM FM 247 or wonderful distributors in what they're all about helping us our listeners live a life of personal financial Freedom now if you'd like to go to San Dimas saving with Steve Sexton on Facebook you can get guess kiss behind-the-scenes stuff it's wonderful and by the way every Thursday we have a savings start is it's in simple little topic on out of retirement and we've been talking about your seniors going back to work why and so on and so you know what<br> four-wheel I just want to add this in speaking with a lot of people before we did this are we were actually talking about this right now I have found that everybody has a different reason for going back to work but more importantly a different reason for choosing what they do I have a gentleman he's actually 76 years old he retired the first time in 1965 he's an engineer just loves to solve problems okay and he is a retired probably five or six times we call him to cereal retire and they seek what he does as he sends his wife on trips with her friends and he just likes to solve problems and he went he went there because he wanted to have the to keep his mind Strong by doing that I have others that work at food pantries know what they've actually for people who had have that abundance in life and what they like to do is they will sort through all the fruits and vegetables and food that comes in<br> the food pantry get it all boxed up for people coming in and he likes to you don't hand out food or both his wife love to hand out food to people who are who are in need and for him and I'm not telling where you work because everybody show up every once in a while he'll he'll see somebody that you know they'll come driving up in a car that barely working right and all that kind of stuff and you know he'll slip them $20 here they are to stay I know you need it so here you go that type of thing and he's you know if you ask him he knows where all the shelters are for women for homeless the holeshot he just loves helping people and then there's a lot of older balls that just love working with kids cuz like the show say they say the darndest thing another reason why they like working with kids is because they love to see people grow and develop so they're working with somebody from 6 for 6 months and it's on some sort of subject they love to see him where they're having a tough time reading to the point where they can read fluently they can write the whole shot<br> especially if they happen to be teaching another language it's just really interesting for me so I just want to add that in there<br> your folks still like<br> unlike what you know what their live out their values in a different way right I mean I think that's a really cool thing like you still want to work but you don't necessarily have to work in that corporate job like your friends you know doing the food pantry stuff for solving problems as your friend is your friend available to help me solve some of my problem I could use someone like that in my life he works for an aerospace Company ID just likes doing that stuff when it comes to the economic Times that we're dealing with right now where people are door companies are looking at hey look we've got a while and was not mince words here I believe we have a reception on his way in fact if you look the stock market is stock marketing of the lagging indicator so I would think we already there and with interest rates continue to rise there's less and less people are going to spend because they don't have the money and it's going to be much more expensive for them to borrow anything taking up more and more than money so there's a lot<br> going on there so you know what when you're looking at hey the world was changing and I'm an older adult looking for a position somewhere and maybe some do need to work it's just not enhancement what would you advise me to somebody in that situation the best thing to do there is related to learn the ins-and-outs of really how to navigate the online way that a lot of employers operating hours specially when it comes to you you know and things like that a lot of organizations recommend that smokes older dogs sneakers for each proof their resumes right by limiting them to more recent job experience or removing graduation dates but then said I actually think there's also a way for older workers to position themselves to Market themselves as as mentors who can help<br> younger workers who don't have as much experience grow right because they have a wealth of knowledge and background and skills and and that is valuable it's really just about how you frame the other thing I would say is that it doesn't matter how old you are it's always going to be great to learn some new skills or pursue some different Industries to kind of help you find work right so you might reach out your Social Circle and say hey like are there a certain industries that are hiring at and what are those four skills needed there with the Advent of the internet like you do everything is at your fingertips at least when it comes to trying to brush up on certain skills and I would just encourage folks to be brave about that and and identify like what what are one or two things that I can sort of Polish up on to make myself you know kind of better a better fit in this job market but especially as employers now or you know we're seeing<br> hiring freezes now I'm starting to see layoffs right like earnings reports aren't what you know a lot of companies hope they're going to be so that whole great resignation that we saw and then do you know it was a buyer's market really for job Seekers I personally think that that's you know that Titus is turning now and so I would I would really encourage anyone not as older workers to you no kind of shore up their finances and also also keep themselves in good shape for whatever lies ahead right that means like keep your resume up-to-date Network alive all of those things are really important you've got to prepare for that rainy day when it's not raining and some people might be sprinkling a little bit but we still have some time to you know kind of set yourself up for Success you have any other thing that I would add is in this world if your older age worker that means you're likely a baby boomer and or a builder but most Builders are in their eighties right now but that bass<br> we were generation is now dealing with Millennials Gen X Gen Y the whole shot so if you one of those things where from a mindset standpoint you're going to have to focus on communicating with people of different generations and it isn't you know I mean quite frankly I'm a boomer but when I started it was like you know what you got a little yelling at you know when you didn't do right and now it's got to be completely different cuz people don't respond to that you get a harassment complaint you got to be able to adapt to whatever the current conditions are and sometimes as we get older we don't want to change the way we do things but I think I don't think it's impossible and I certainly know a lot of older folks have been able to adopt and then that allows the experience and the wisdom that they have to sign right and that's really what we want we want to showcase the value-add that they bring<br> let's face it when you have that kind of experience you do have any and judgment which is not something that you can always you know just you're not necessarily going to get that in Genet gen Z or Millennial is right away cuz it's something that takes sometimes years to develop so I would just encourage folks who you know maybe frustrated with like oh I got to figure out another way to communicate if you can try to adopt a little bit and sometimes it's as much as just asking someone who's younger be like hey like and you like walk me through a couple of things right back if you succeed and giving yourself you know the biggest Lego possible I guess it's wonderful thank you so much for joining us today I know it seems like it goes really fast so if you need to have me back more often Steve<br> probably will so he look everybody you want to go to magnifying money and just go take a look at the article system really good information and then to studies that they do you know what it's just something special to thank you so much for being with us today I wish you safety health and success and hopefully we'll see you again more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce of money does Financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton welcome back to the same thing with Steve so what we talked about the ins-and-outs of money that was from magnifymoney she's part of the valuepenguin group and we're just lucky to have her here this shed some light unpacked the idea that many older workers beginning to work and the things that they do have a look about going about it and you know what do we magnify money.com and got some great articles now today you don't want to talk a little bad about expensive retirement planning mistakes retirement planning is definitely no walk in the park it's complicated no surprise that many of us make mistakes that can turn into a last-minute Panic as Retirement there's there's a ton of things to think about like 1 to take Social Security, to take out your 401K pretty spending plan you can stick to an investor retirement<br> in like the butterfly effect the decisions now can lead to huge life-altering consequences down the road and how to avoid them so let's talk about the first one failing to plan is planning to fail a happy stress-free how do you eliminate stress simple by having a plan when you want to go somewhere 8 you don't do this by jumping your car driving all around trying to figure out where it is and eventually arrive what you do you hit your Waze app for your Google Maps and you put in the address and your Follett simple as that a financial plan is plotting the different shortest path to decide what you're going to do where you going to do it how much is going to cost and where the money will come from all parts of your plan but if your plan changes as you're approaching retirement that's okay it's your plan you're welcome to change it now does it make<br> don't complicate it well it isn't it isn't the best way to set up a plan is to find yourself in qualified financial planner who can help get you in trouble for not getting out but out of trouble and help you create a plan that allows you to retire the way you want such a thing putting off till tomorrow what you should have started yesterday according to recent studies B Bank read the biggest Financial greatest not saving enough for retirement and why don't Americans save enough because it's putting it off until I have the money or I'll start when I get closer to retirement the harder it will be in other words starting small sooner is better than starting large later just think about this if you started at the age of 25 just putting away $500 a month for 40 years 5% return to get to have a little over $700,000 you had an average of 10% return you have 2.7 million so he have to look at retirement as a long-term accumulation of it you just do<br> relating accumulating assets okay now I'm obviously there's no no guarantees here but you know what you really really want to make sure you talk with a retirement advisor so you can understand how much you need to say now next thing is retiring to sue not soon enough if you think your battery or tired of you trying to and you may dream of quitting your job and there's a reason you may want to think things over first you may live longer than expected you may run into unforeseen health issues were facing tough financial times at force you to cut back that's not to say you should retire early but that's your plan and run very scenario to make sure your seams are going to cover your expenses during retirement you know maybe I'm thinking about trading a lifetime income with inflation steps up same with not return soon enough if you're unsure you're saving told you don't worry as a result perhaps you work longer than you have to I met many people who thought they needed a certain number to retire safely and after<br> setting up a retirement plan with them they come to find out they were could have retired a few years early because it already had the asset hey there's no need to work longer and him all that stress all does destroying your life so sit down with a financial advisor determine the optimal time to retire you know what the next thing is taking too much risk for not enough this is a funny thing they two months and you can lose your savings you can lose purchasing power to inflation the money retirements is money that you can't replace that's why we lean towards low-res low-return Investments as we age but as inflation rose that the Valley of the last value of money it seems that that drops in value in terms of what you can buy sometimes if you take on too much risk of so I cut it sometimes you take on too little and creates its own problems you know when you're retired obvious you don't want to put your retirement income it rests within Thirty or forty percent drop in the market is game-changing and you might have to change your lifestyle or two, need that so you know if you can find<br> weigh to require Shake guaranteed incomes as well supposed to the stock market and other inflation-protected message to Grace spot next hire the right look for somebody who develop Solutions ask you what does real concerns on do you really want to fix them how is it a concern okay I understand mathematically that you're going to be able to retire driving you do a V and see what you what I'm saying is if you have somebody understand your truth create a mathematically correct solution that enables you to assets you or the income you need to live the life that you want and that's what time is vice you want because you're not really looking for some reason to sell your products and things like that you want somebody who's going to find out what your issues are creative solution is mathematics and then find the product at its up solutions that help again I want to thank you all for joining us here on saving with Steve I want to think a few of my Affiliates UK Health radio B vyas radio Taqueria in New York City AMF M24<br> all these networkers are all these networks are dedicated to a power you to solve problems a lift your spirit live a life of Financial and personal freedom we can get and you can also follow us on Facebook stay safe stay healthy will look forward to seeing you next week bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>