Ever since the 1972 Erisa Act; local, State, government organizations and large corporations are largely leaving retirement planning up to the employee. How many times have you done your own mutual fund/ stock selections for your job sponsored plan? How many of you are working on a job that don’t even offer one? They have been slowly creating win/win situations for entities. Even employees that are eligible for pension must ‘select pension’. They are slowly getting rid of everything that is a guarantee to pay you. With new sponsored plans such as 401k’s, IRA’s or 403b’s. Does your company give you a match? They still win, because if you do not put in anything, they won’t neither. It is funny, but not funny when I meet people that are 50 & 55 saying, “I have to get ready for retirement”. When getting ready for retirement starts at an ideal age of 25. The accumulation period is the most important phase in retirement/investment planning.
Over 30% of school teachers in Leon county, the capital of Florida decided to not return to work under the current COVID19 conditions. While teachers of Broward county & Dade both, the largest school districts in the United States, decided to petition the school board on its recent decision to return to school Oct. 5th, 2020. And others are simply in search of safer options. However, my biggest concern is not that they are leaving but how they are leaving. As people begin to learn relevant factors in job exit planning and outside the job investments, it is projected that the demand for financial planning services will rise. Click the link for the memo of the latest FRS legislation changes https://www.fscj.edu/docs/default-source/hr/benefits-2017/frs-legislation-changes.pdf?sfvrsn=2#:~:text=Reemployed%20retirees%20will%20be%20reenrolled,1%20will%20not%20be%20allowed.&text=Instead%2C%20employees%20who%20do%20not,default%20into%20the%20Investment%20Plan.
For decades we have been hearing that the pot of gold we have been contributing to over our entire wage-earning life may not be there when it is time for us to cash out. Social security, every taxpayer puts a drop in the bucket. And over the next 15 years, the baby boomers with continue to put a dent in it. Likewise, the contribution is expected to raise by 9% in that same time period.
In exactly two weeks from this published article, I will be having a FREE Live Workshop: How to Invest on a Small Income and make Massive Gains with little to no Risk. This will be informative for state workers, non-profit organizations, 401k investors and entrepreneurs. And if you are in the FRS system to learn about your options at age 55. RSVP below to Join me September 30th, 2020 7:15 pm or for play back enter your information below.
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