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 hey welcome to me<br> money pretty much everything under the sun<br> are you having a happier healthy relationship with money my name is Steve sex and I want to thank you for doing this today they appreciate you sharing with your friends and family and Associates our listeners keep expanding me about a wonderful group if you have, it's would like to hear a specific topic go to viewers at saving with Steve. Us or if you'd like to just check out the website and see all the episodes you can go to saving with Steve. USU guest-gift the holeshot and I get I want to thank you for joining us today I'm going to be talking about expensive retirement planning to make sure you're there for that the start of the pandemic brought many changes the job market in two years later we're still feeling the effects the latest magnify money study finds that the proportion of working adults 65 and older is rising an older Americans are coming out of retirement this coming Friday ways and places labor shortages the holeshot and we're starting to see a change<br> call me right now I'd like to welcome it's not manga these were magnified money it was really interesting there was a study that came out from manage money just a few months ago about how older age adult 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 to the point where you used to be like 11.4 million jobs out there now we're seeing inflation rise people are spending less I mean we heard the co from for just last week they hate we have far too many employees other than the check filter looking to retrench and cut down their Workforce we seen many changes in the cryptocurrency world all sorts of things are going on so thanks for having me again Steve is always going to be here<br> things like that so 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 talking people over the age of 65 so what are the primary reasons why they were going back to work we looked at the US Census Bureau household pulse survey data and 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 adults were 65 and older are working compared with like two years ago right so the figure has jumped 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 competition among businesses for workers<br> in that we've seen sign on bonus as we seen better benefits we've seen a lot of choice for job Seekers over the last couple of years now is that changing now yeah we're going to search get change for sure about that. That we were looking at definitely there was just a lot of opportunity we saw an April 2020 unemployment spikes to about almost 15% 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 wages have gone up and that's a good thing but I would also argue that the real value of those wages it's not really what if it doesn't correspond to how much they've gone up Lucy just got out of control its head of 40-year hi just yesterday we saw the FED raise rates again to try to have basically team it and so it's it's really reach that level now<br> 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 of 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 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 work I've also anecdotally talk to a lot of folks who are just like one of those like I want to keep going like I want to keep stay active and you know like you're reliving 28595 years old<br> you know there's only so much golf you can play I guess they move the required minimum distribution to 72 but it's basically was done 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 it's because people are working longer now 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 and if they were involved in a secure 70% now if you're retired 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 it hey<br> I lost 30% I'm going to have to make up 43% to get even number one and number two if I'm taking that 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 feel today I have to go back to work or I have to downsize my house move somewhere else to a smaller I have to cut back significantly so it's it's really I can understand where people are 65 going hey this isn't working out the way I saw it and a lot of it comes down to a lot of people didn't then they they they invested like they did their whole life means they took on risk and they said hey I'm going to take as much 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 you know I ain't got to look at that I say you know what one of the biggest mistakes people make and I just did this on I won't be doing this today is taking on too much<br> risk for retirement not looking at other way sorry I was just going to say it underscores the importance of how you have to really be careful about planning your Investments and like checking in on you know as you age because yeah you shouldn't be like and eighty 90% stocks when you're you know close to retirement because you're just taking a very big gamble right and that is really devastated 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 are working or a self-employed and that number is about triple the rate of what I like working Americans between the ages of 25 and 39 so I know that was interesting cuz I think it tells you that you know sometimes folks are sort of taking like maybe launching businesses or or<br> are 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 and maybe that sort of helps kind of lifestyle that they want as well that was really fast people that I work with currently that work as consultants they actually tutor people in English math all sorts of stuff and that's their self-employed business I know one that actually helps kids take the SAT and ACT and and they just love working with kids they hate it there be another 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 so they're self-employed they can pick and choose when they take vacations or not working all the time<br> and so yeah it's not surprising that most of the people are good 25% are self-employed it's like you said like I have relatives in my own who you know I retired but then they have a lot to offer and can do that kind of Consulting that can really help you know you are a business as far as so I think that's great and enter is so right that you're saying that on sometimes folks just learn new skills and pursue a different industry has been really appeals to older adults you just want like a time schedule that you do 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 it's so interesting cuz I know somebody does that he's 7 years old<br> are you guys the best part about it for me it just to listen to the kids and then crazy stuff that they say it's just so funny he said more importantly it's like freshmen and sophomores in high school and he just says you know what the girls and boys who like each other he says it's so silly the way they talk I can do a double study basically watching these kids in their 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 to be talking about the in an ounce of money Hills 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 section of the 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 weekends and<br> I took money you know what I want to thank you all for joining this if you would like to check out other episodes you can almost go to say Blissey. You as I'd like to say thank you to our Filius at UK House Radio BBS radio talk radio New York City AM FM 247 are wonderful Distributors you know what they're all about helping us our listeners live a life of personal and Financial Freedom now if you'd like to go to sing with saving with Steve Sexton on Facebook you can get guest gifts behind-the-scenes stuff it's wonderful and by the way every Thursday we have a savings in simple little topic on outer improve your retirement now we're back with Angela and we've been talking about your seniors going back to work why and so on and so you know what a before we've yet 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 go<br> back to work if it 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 see what he does is 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 and you know what they've actually for people who had had that abundance in life and what they like to do is they will sort through all the fruits and vegetables and food that comes into the food pantry get it all boxed up for people coming in and he likes to you know what hand out food for both he and his wife love to hand out food to people who are who are in need<br> send for him and I'm not telling you where he works 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 on $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 we're all done at the shelters are for women for homeless the holeshot he just love 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 things 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 to where they're having a tough time reading to the point where they can read fluently they can write the whole shot 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 redefine like what you know what they're 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 it's engineering<br> 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 let's not mince words here I believe we have a reception on his way in fact if you look the stock market is stock Marketing in 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 of their money so there's a lot going on there so you know 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<br> where is related to learn the ins-and-outs of really how to navigate the online way that a lot of employers operate now especially when it comes to you know he word recognition and things like that a lot of organizations recommend that folks older dog secrets 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 than Market themselves as as mentors who can help 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 is really just about how you frame and the other thing I would say is that doesn't matter how old you are it's always going to be great to learn some new skills or pursue some different Industries the kind of help you find work right<br> so you might reach out your Social Circle and say hey like are there a certain industries that are hiring at and what are the sword 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 throw. On to make myself you know kind of a better a better fit in this job market but I'm not especially as employers now or at work we're seeing a nursing 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<br> really encouraged anyone not just 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 keep your network alive all of those things are really important you've got to prepare for that rainy day when it's not raining and for some people might be sprinkling a little bit but we still have some time to you know kind of set yourself up for Success dad is in this world if you're in 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 baby boomer generation is now dealing with Millennials Gen X Gen Y the whole shot so if you wanted those things we're 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<br> I'll let you know when you didn't do right and now it's got to be completely different cuz people don't respond to that and back you know what you get a harassment complaint<br> think that the key to any kind of success really is just adapt ability right 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 who 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 because 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 Janet 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 if you can try to adopt a little bit and sometimes it's as much as just asking someone who younger<br> like a like a new like walk me through a couple of things right. Can you call the difference in the world who's really it's all about making sure that you succeed and giving yourself thank you so much for joining us today I know it seems like it goes really fast especially have a wonderful guest like you so everybody you want to go to magnifying money and just go take a look at the article system really good information and then the studies that they do you know what it's just something special so thank you so much for being with us today I wish you safety health and success and hopefully we'll see you again take care 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 those 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 the 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 with Steve<br> the ins-and-outs of money that was in the manga from magnifymoney he's part of the valuepenguin group and we're just lucky to have her here to shed some light unpack 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 three magnify money.com and got some great articles now today you know I don't just want to talk a little 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 when to take Social Security, to take out your 401K creating a spending plan you can stick to and invest retirement Savings in like the butterfly effect the decisions now can lead to shoot a life-altering consequences down the road reality is a gots a little biggest retirement States and how to avoid them so<br> 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 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 way to have for your Google Maps and you put in the address and your followers simple as that a financial plan is plotting the different shortest path to reach a common goal decide what you're going to do where you going to do it how much it 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 in the plant cell, get 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 today or not<br> out of trouble and help you create a plan that allows you to retire the way you want second thing putting off till tomorrow what you should have started yesterday according to recent studies B Bank Rick the biggest Financial Greta's not saving enough for retirement and why don't Americans save enough because it's putting it off until I have the money will be in other words starting small sooner is better than starting large later to think about this if you started the age of 25 to put away $500 a month for 40 years by percent return you can have a little over $700,000 you had an average of 10% return y'all 2.7 million so he have to look at retirement as a long-term accumulation of it you're just accumulating accumulating as it's okay now but 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<br> now the next thing is retiring too soon or not soon enough if you think you're about to retire are you trying to and you may dream of quitting your job and 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 savings are going to cover your expenses during retirement you know maybe I'm thinking about trading a lifetime income with inflation steps up staying with not return soon enough if you're under your savings 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 setting up a retirement plan with them they come to find that they could have retired a few years early because they're 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 the financial advisor<br> Apple time to retire you know what the next thing is taking too much risk or not enough this is a funny thing they two months and you can lose your saving it take to little 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 investment as we age but as inflation Rose at the Valley of the last value of money it seems that that save next day to drop volume terms of what you can buy sometimes if you take on too much risk is not good at some time to take out too little and creates its own problems when you're retired obvious you don't want to put your retirement income at rescue in thirty or forty percent drop in the market is game-changing and you might have to change your lifestyle or two, so you know what if you can find a way to request a guaranteed income as well supposed to the stock market and other inflation-protected message next look for somebody who develop Solutions<br> 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 for providing you do a V and see which what I'm saying is if you have somebody understand your truth create a mathematically correct solution that'll enable you to assets you or the income you need to live the life that you want that's the time of advice 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 create a solution that mathematics and then find the product at its Absolution now again I want to thank you all for joining us here on saving with Steve I want to think a few of my affiliate UK Health radio B vyas radio talk radio in New York City AM FM 24/7 workers are a lie that works are dedicated to a power lift your spirit live a life of Financial and personal freedom you can get in you can also follow us on Facebook stay safe stay healthy will look forward to<br> 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 Vets 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>