July 24, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #IntoRetirement
You may be financially ready for retirement, but are you emotionally? Jon Heischman, Senior tackles this issue in this episode about transitioning into your retirement years.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
You may be financially ready for retirement, but are you emotionally? Jon Heischman, Senior tackles this issue in this episode about transitioning into your retirement years.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 1 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 3 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 4 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 3 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
It's time for the Safe Money and Retirement Show, and
I'm glad you tuned in. This is your host, John Heischmann. Recently,
I have had several situations where referrals and radio listeners
have come to me and expressed concern about making that
(01:13):
transition to retirement. So I thought that this could be
a good topic for my show this week because it
is a concern because having adequate retirement savings does not
ensure a happy retirement. Retirement doesn't simply mean the absence
(01:38):
of work. It's a whole new way of life that
must be planned for. A lot of inphasis is geared
towards growing money, income planning, and finances, but what about
the golden years, a life without the pressure of time,
(01:59):
clocks or demand of work. Retirement doesn't mean what it
used to be because workers used to retire at age
sixty five and live another ten years. Most of us
can relate this to our parents or grandparents who had
(02:22):
a life expectancy of ten to fifteen years after retirement,
but today longer life expectancies. Today's retirees have better health,
they're more educated, more income, and ultimately they'll have more
(02:43):
options for having an active, fulfilling retirement than those of
previous generations. As more than seventy six million baby boomers
continue to retire, many don't consider retirement an end, but
(03:05):
rather a transition into a new phase of life. An active,
healthy retirement is positive news. The idolized picture of life
after work is not always a reality, so it's important
(03:27):
to do proper emotional planning for this transition and work
with clients to make sure they have a plan for
all the leisure time that they may find themselves to have.
So my planning is going to extend to this type
(03:49):
of planning. When a client is ready to retire and
at this point a retirement plan is in place, income
that they can't outlive is in place, and from a
financial standpoint, they're going to be set throughout their retirement.
(04:11):
But I have learned over the years that many emotionally
are really not ready. But they find this out later
in retirement. How are they going to find a sense
of accomplishment, satisfaction without a job, or how will they
(04:31):
create a social network outside of work, Staying connected with family, community,
and avoiding isolation that are keys to a happy retirement.
This is something that has not been brought to many retirees,
(04:55):
and for some reason, they don't even think about what
they're going to do now. I'm sure they have in
the back of their mind they're going to play golf,
they're going to travel, but many of these things only
last for a while and they find themselves bored or
not satisfied with retirement.
Speaker 3 (05:18):
Now.
Speaker 2 (05:19):
The reason I feel I am qualified to help with
this part of retirement is over my career, I've seen
this situation, so I've learned to talk about and be
able to relate to that retiree, passing on previous experiences
(05:44):
that my clients have had and express to me, and
it's made me aware that this could be a problem.
So I want you to address this, think about it,
and put together a plan for your time during retirement.
(06:05):
I enjoy sitting down and having a casual conversation with
those that are ready to retire and pass on what
I've experienced, not only from clients and people I've talked to,
but friends of mine that have retired and we've had
(06:27):
conversations about those problems they're experiencing. Let me give you
the number to call, because if I can help you,
then I feel I've accomplished that part of retirement that
isn't addressed and that so many people have a problem
(06:49):
with a day eight four two six zero one seven
seven again triple eight six zero one seventy seven. So
keep in mind this is a little bit different approach
than what you typically hear about because, as I've mentioned earlier,
(07:15):
what retirees or pre retirees here is about money. Don't
get me wrong, that's pretty critical. But there's more than
money that I feel a retirement planner needs to address
with clients and potential clients eight eight, eight, four to two,
(07:37):
six zero one, seven to seven. I'd love to hear
from you. Something else that many don't realize is the
extent to which they are defined by their work until
they leave. There are people that thrive on structure, routine challenges,
(08:03):
and yes, even the stress of work. So they're going
to need to discover who they are aside from their
status in the workplace. So I want to urge my
clients and work with them about what is retirement going
(08:24):
to look like? And again, not only your finances, but
your skills, your health, your friends, your family, your marital status,
your interests and dreams. For those that are in a relationship,
I think these decisions should be made in conjunction with
(08:50):
their partner. New retirees, they need to understand that the
amount of time spent together it's going to change, as
will the way they spend it. I encourage my clients
to use this opportunity to become engaged and not surrender
(09:12):
to the challenges that come with this change, and it's
a big change. I want to encourage them to explore
new opportunities, discover what they like, and find what it
is that will excite them to get up every morning
and look forward to it, just as many did when
(09:36):
they were working. I have clients that need guidance and
direction and possibly even discuss new skills by thinking a
new way. Many will read retirement planning books, consulting firms,
or solicit the advice of colleagues and friends who you
(10:00):
have already retired to help them find ways to stay
encouraged after leaving their careers. Retirement planning is not a
one size fits all proposition, but coaching can help retirees
create a realistic and fulfilling plan, and that is my goal.
(10:24):
To help individuals set goals, know what you're going to do.
From all these different areas that I'm discussing, there's an
advantage of being in this profession for as long as
I have, from experiencing clients' concerns, relating ideas that have
(10:51):
helped my clients, and I have to say so many
are busy even more so than when they were working.
They have planned, given a lot of thought, and have
consulted with individuals like myself to pick up ideas that
(11:15):
they haven't thought of. After the break, I'm going to
give you some ideas for those that are going to
retire but want to fill their time still working, and
most will be on a part time basis, So stay tuned.
All returned right after the break.
Speaker 4 (11:39):
Thanks for listening to The Safe Money and Retirement Show
with John Heisman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight or two six zero one seven seven,
or visit their website at heischmanfs dot com more of
the Safe Money and Retirement Show. In a.
Speaker 1 (12:04):
With healthcare cost expected to continue to increase faster than
the inflation rate, the time to take a look at
your future healthcare is now not in retirement, but if
at all possible before retirement, if you've already retired, it
(12:28):
still isn't too late. A lot of the cost can
be controlled. We work out a plan how to cover
the increase cost that we're all going to be faced with,
and believe me, I think it's probably going to be
the number one increasing cost that we're all going to
(12:49):
see in retirement. You want to talk further, you can
give me a call eight eight eight four to two
six zero one seven to seven eight eight four two
six zero one seven seven.
Speaker 4 (13:08):
Your journey through life bard retirement can be a tricky
path to navigate. A poor decision can lead to serious
difficulty later in life. Choosing the right path requires the
right help. Let Heischman Financial Services keep you on the
path to a safe and secure retirement, one that's happy
and plentiful. Call them today at one eight eight eight
(13:29):
four two six zero one seven seven, or visit their
website at Heischman FS dot com. Click on there ask
a question tab and you can get the answers to
your retirement questions before they lead you down a precarious path.
That's Heischmann Financial Services at www dot Heischman fs dot com.
(13:50):
Or give them a call for a free consultation at
one eight eight eight four two six zero one seven seven.
That's one eight eight eight four two six zero zero
one seven seven. Welcome back to the Safe Money and
Retirement Show with John Heischman. To contact John, the number
(14:10):
to call is one eight eight eight or two six
zero one seven seven. That's one eight eight eight or
two six zero one seven seven. Once again, here's John Heischman.
Speaker 2 (14:22):
Welcome back to the Safe Money and Retirement Show, the
second part of the show this morning, I'm your host,
John Heischmann. Along with the decision of are you ready
to retire comes the reality of a potential delayed retirement.
(14:46):
Delayed retirement will come in two forms. One would be
you're just not ready to leave the workforce even though
financially you can. And number two, you want to leave
the workforce and retire, but financially you're not ready. Both
(15:10):
are important and as a planner, I need to review
both with each client, especially if we're talking about an
early retirement, because many dream of retiring at age fifty five,
for example, maybe earlier, but unfortunately, the staggering costs that
(15:35):
come with this dream have made it all but impossible
for many of those and the reality is that many
are going to have to revert to Plan B and
work longer than they had originally planned. Now, there was
(15:55):
a recent gallop pole that expectant retire tirement age has
been steadily increasing since the mid nineteen hundreds and has
reached a new expectant retirement age of sixty seven, and
a lot of this has to do. You know, many
(16:18):
seniors were hit by the recession. As far as the
baby boomer generation. Forty percent of men were still working
to age sixty five, compared with twenty percent ten years ago.
This trend is predicted to continue. So delayed retirement can
(16:41):
be the result of a number of different factors. It
could be economic and market conditions have reduced the size
of the portfolio. There may be a need to retain
company provided health benefits, lack of savings and the present debt.
(17:04):
Possibly anxiety about having too much free time like I
talked about in the first segment of the show, as
well as enjoying your work and want to continue. So
it's not all bad news. Late retirement has a number
of benefits, many which are financial, So we have to
(17:31):
keep that in mind. Review that whether you can retire
early or you can't. But I always point out several factors.
Let's say that late retiree lives as long as anyone
else does. The benefit there are fewer years of retirement,
(17:58):
meaning money and in that you have to plan for.
There are also more years in which to accumulate savings,
and one of the big ones, there's more years in
which to accumulate Social Security because we know every year
you delay taking Social Security, it's going to increase higher
(18:23):
payout benefits for more monthly income, life and health insurance
as well as other benefits usually will remain intact with
your current employer, so there's another benefit. So the benefits
of delayed retirement often is going to extend beyond finances.
(18:48):
If you enjoy your work, the people that you work with,
and of course if you're in good health. And I've
had many meetings with clients and potential clients to where
we sit down and answer these questions as far as
(19:09):
financially can you retire and do you really want to
retire even though you can financially. If you happen to
fall into either one of these categories or both, I
want you to give me a call and we can
(19:30):
discuss your situations, your goals and objectives. And please keep
in mind there is no costs, there is no obligation.
Maybe you'll become a client of mine, but I'm not
expecting that. It's my way of helping as a retirement planner.
(19:55):
Eight eight eight four two six zero one seven. That's
the number to get a message to me. Triple eight
four two six zero one seventy seven. Okay. The trend
toward retiring later the exit from the workforce is no
(20:21):
longer an option for many baby boomers who are now
at or nearing retirement. After an extended period of economic downturn.
Markets have begun to rise again, but the collapse of
the housing market and its impact on the stock market
(20:44):
was felt by retirees and those approaching retirement. That means
early retirement is something many can only dream about in
today's environment. In fact, every person retiring earlier then expected,
(21:05):
there are two people retiring later than expected. The top
reasons are making up for financial losses about fifty eight
percent and writing out the current economic situation about fifty
three percent. So boomers are more likely than those of
(21:30):
previous generations to take on lowest pain what we call
bridge jobs, or return to the workforce on a part
time basis, rather than retiring outright. Earlier, I mentioned health
insurance and that has been a big factor in delay
(21:56):
early retirement. Let's say someone wants to reach retire at
fifty eight and their employment did not extend health insurance
coverage for retirees. Then they have to obtain an individual
health insurance policy in some form or fashion, and believe me,
(22:22):
it is extremely expensive. Plus in most cases you have
to qualify health wise. So many have delayed early retirement
until age sixty five. Then, as I always say, you're
home free. You have Medicare part amb a Medicare supplement,
(22:47):
and very well, the cost could be lower than what
you were previously paying, and it's possible the benefits are
going to be better. So the key is as far
as health insurance would be to get to age sixty five,
our firm has the ability to shop the market, all companies,
(23:10):
all rates, all plans that are available, as far as
an individual health insurance policy, and leave me as I say,
it can be expensive and in a lot of cases
it wasn't anticipated and built into the retirement budget, which
(23:32):
of course it has to be. So what about the future.
Will the current pattern of retirement decisions hold steady? Will
the aging baby boomer generation be more inclined to work
past retirement age than the preceding generation. America's seventy seven
(23:58):
million boomers are not increasing their savings rate as they
grow older, which they should because unless the rates change
dramatically for the better and soon, many will not have
any choice but continue to work past their full retirement age.
(24:23):
As a planner, I have to address this and look
at every situation. Where are you, what have you saved,
what is your risk? And work together to see if
you can retire at a particular age. That's so important
in retirement planning and must be addressed. So think about
(24:49):
where are you, when do you want to retire if
you're not already retired, and then we can decide by
running the numbers, putting together a plan to see if
it's possible to retire when you want to now. If not,
(25:12):
we'll look at some strategies that will delay your retirement
for the shortest possible time frame, and in a lot
of cases from my experience, you might be surprised and
you may only have to delay retirement for one year,
(25:33):
two years, maybe five years. But if you're ready and
you really want to retire, it's important to find out
where you're at and where you need to go. Feel
free to contact me at eight eight eight four two
six zero one seven seven triple eight four two six
(25:57):
zero one seventy seven. This is the Safe Money and
Retirement Show, and I'm John Heischman of Heischman Financial Services.
Thank you for your time this morning, and be sure
to tune in next week for another edition of the
Safe Money and Retirement Show.
Speaker 3 (26:21):
The Safe Money and Retirement Show John Heisman Senior. To
get in touch with John, call one eight four two
six zero one seven seven. That's one triple eight four
two six zero one seven seven. For more information about
Heisman Financial Services, visit their website Heischman FS dot com.
(26:42):
That's h E I S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman Senior
People really don't know what their expenses will because they
don't know how long that they're going to live.
Speaker 2 (00:06):
The Americans are worried they won't have enough safe for retirement.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 1 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 3 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 4 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 3 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 2 (00:48):
It's time for the Safe Money and Retirement Show, and
I'm glad you tuned in. This is your host, John Heischmann. Recently,
I have had several situations where referrals and radio listeners
have come to me and expressed concern about making that
(01:13):
transition to retirement. So I thought that this could be
a good topic for my show this week because it
is a concern because having adequate retirement savings does not
ensure a happy retirement. Retirement doesn't simply mean the absence
(01:38):
of work. It's a whole new way of life that
must be planned for. A lot of inphasis is geared
towards growing money, income planning, and finances, but what about
the golden years, a life without the pressure of time,
(01:59):
clocks or demand of work. Retirement doesn't mean what it
used to be because workers used to retire at age
sixty five and live another ten years. Most of us
can relate this to our parents or grandparents who had
(02:22):
a life expectancy of ten to fifteen years after retirement,
but today longer life expectancies. Today's retirees have better health,
they're more educated, more income, and ultimately they'll have more
(02:43):
options for having an active, fulfilling retirement than those of
previous generations. As more than seventy six million baby boomers
continue to retire, many don't consider retirement an end, but
(03:05):
rather a transition into a new phase of life. An active,
healthy retirement is positive news. The idolized picture of life
after work is not always a reality, so it's important
(03:27):
to do proper emotional planning for this transition and work
with clients to make sure they have a plan for
all the leisure time that they may find themselves to have.
So my planning is going to extend to this type
(03:49):
of planning. When a client is ready to retire and
at this point a retirement plan is in place, income
that they can't outlive is in place, and from a
financial standpoint, they're going to be set throughout their retirement.
(04:11):
But I have learned over the years that many emotionally
are really not ready. But they find this out later
in retirement. How are they going to find a sense
of accomplishment, satisfaction without a job, or how will they
(04:31):
create a social network outside of work, Staying connected with family, community,
and avoiding isolation that are keys to a happy retirement.
This is something that has not been brought to many retirees,
(04:55):
and for some reason, they don't even think about what
they're going to do now. I'm sure they have in
the back of their mind they're going to play golf,
they're going to travel, but many of these things only
last for a while and they find themselves bored or
not satisfied with retirement.
Speaker 3 (05:18):
Now.
Speaker 2 (05:19):
The reason I feel I am qualified to help with
this part of retirement is over my career, I've seen
this situation, so I've learned to talk about and be
able to relate to that retiree, passing on previous experiences
(05:44):
that my clients have had and express to me, and
it's made me aware that this could be a problem.
So I want you to address this, think about it,
and put together a plan for your time during retirement.
(06:05):
I enjoy sitting down and having a casual conversation with
those that are ready to retire and pass on what
I've experienced, not only from clients and people I've talked to,
but friends of mine that have retired and we've had
(06:27):
conversations about those problems they're experiencing. Let me give you
the number to call, because if I can help you,
then I feel I've accomplished that part of retirement that
isn't addressed and that so many people have a problem
(06:49):
with a day eight four two six zero one seven
seven again triple eight six zero one seventy seven. So
keep in mind this is a little bit different approach
than what you typically hear about because, as I've mentioned earlier,
(07:15):
what retirees or pre retirees here is about money. Don't
get me wrong, that's pretty critical. But there's more than
money that I feel a retirement planner needs to address
with clients and potential clients eight eight, eight, four to two,
(07:37):
six zero one, seven to seven. I'd love to hear
from you. Something else that many don't realize is the
extent to which they are defined by their work until
they leave. There are people that thrive on structure, routine challenges,
(08:03):
and yes, even the stress of work. So they're going
to need to discover who they are aside from their
status in the workplace. So I want to urge my
clients and work with them about what is retirement going
(08:24):
to look like? And again, not only your finances, but
your skills, your health, your friends, your family, your marital status,
your interests and dreams. For those that are in a relationship,
I think these decisions should be made in conjunction with
(08:50):
their partner. New retirees, they need to understand that the
amount of time spent together it's going to change, as
will the way they spend it. I encourage my clients
to use this opportunity to become engaged and not surrender
(09:12):
to the challenges that come with this change, and it's
a big change. I want to encourage them to explore
new opportunities, discover what they like, and find what it
is that will excite them to get up every morning
and look forward to it, just as many did when
(09:36):
they were working. I have clients that need guidance and
direction and possibly even discuss new skills by thinking a
new way. Many will read retirement planning books, consulting firms,
or solicit the advice of colleagues and friends who you
(10:00):
have already retired to help them find ways to stay
encouraged after leaving their careers. Retirement planning is not a
one size fits all proposition, but coaching can help retirees
create a realistic and fulfilling plan, and that is my goal.
(10:24):
To help individuals set goals, know what you're going to do.
From all these different areas that I'm discussing, there's an
advantage of being in this profession for as long as
I have, from experiencing clients' concerns, relating ideas that have
(10:51):
helped my clients, and I have to say so many
are busy even more so than when they were working.
They have planned, given a lot of thought, and have
consulted with individuals like myself to pick up ideas that
(11:15):
they haven't thought of. After the break, I'm going to
give you some ideas for those that are going to
retire but want to fill their time still working, and
most will be on a part time basis, So stay tuned.
All returned right after the break.
Speaker 4 (11:39):
Thanks for listening to The Safe Money and Retirement Show
with John Heisman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight or two six zero one seven seven,
or visit their website at heischmanfs dot com more of
the Safe Money and Retirement Show. In a.
Speaker 1 (12:04):
With healthcare cost expected to continue to increase faster than
the inflation rate, the time to take a look at
your future healthcare is now not in retirement, but if
at all possible before retirement, if you've already retired, it
(12:28):
still isn't too late. A lot of the cost can
be controlled. We work out a plan how to cover
the increase cost that we're all going to be faced with,
and believe me, I think it's probably going to be
the number one increasing cost that we're all going to
(12:49):
see in retirement. You want to talk further, you can
give me a call eight eight eight four to two
six zero one seven to seven eight eight four two
six zero one seven seven.
Speaker 4 (13:08):
Your journey through life bard retirement can be a tricky
path to navigate. A poor decision can lead to serious
difficulty later in life. Choosing the right path requires the
right help. Let Heischman Financial Services keep you on the
path to a safe and secure retirement, one that's happy
and plentiful. Call them today at one eight eight eight
(13:29):
four two six zero one seven seven, or visit their
website at Heischman FS dot com. Click on there ask
a question tab and you can get the answers to
your retirement questions before they lead you down a precarious path.
That's Heischmann Financial Services at www dot Heischman fs dot com.
(13:50):
Or give them a call for a free consultation at
one eight eight eight four two six zero one seven seven.
That's one eight eight eight four two six zero zero
one seven seven. Welcome back to the Safe Money and
Retirement Show with John Heischman. To contact John, the number
(14:10):
to call is one eight eight eight or two six
zero one seven seven. That's one eight eight eight or
two six zero one seven seven. Once again, here's John Heischman.
Speaker 2 (14:22):
Welcome back to the Safe Money and Retirement Show, the
second part of the show this morning, I'm your host,
John Heischmann. Along with the decision of are you ready
to retire comes the reality of a potential delayed retirement.
(14:46):
Delayed retirement will come in two forms. One would be
you're just not ready to leave the workforce even though
financially you can. And number two, you want to leave
the workforce and retire, but financially you're not ready. Both
(15:10):
are important and as a planner, I need to review
both with each client, especially if we're talking about an
early retirement, because many dream of retiring at age fifty five,
for example, maybe earlier, but unfortunately, the staggering costs that
(15:35):
come with this dream have made it all but impossible
for many of those and the reality is that many
are going to have to revert to Plan B and
work longer than they had originally planned. Now, there was
(15:55):
a recent gallop pole that expectant retire tirement age has
been steadily increasing since the mid nineteen hundreds and has
reached a new expectant retirement age of sixty seven, and
a lot of this has to do. You know, many
(16:18):
seniors were hit by the recession. As far as the
baby boomer generation. Forty percent of men were still working
to age sixty five, compared with twenty percent ten years ago.
This trend is predicted to continue. So delayed retirement can
(16:41):
be the result of a number of different factors. It
could be economic and market conditions have reduced the size
of the portfolio. There may be a need to retain
company provided health benefits, lack of savings and the present debt.
(17:04):
Possibly anxiety about having too much free time like I
talked about in the first segment of the show, as
well as enjoying your work and want to continue. So
it's not all bad news. Late retirement has a number
of benefits, many which are financial, So we have to
(17:31):
keep that in mind. Review that whether you can retire
early or you can't. But I always point out several factors.
Let's say that late retiree lives as long as anyone
else does. The benefit there are fewer years of retirement,
(17:58):
meaning money and in that you have to plan for.
There are also more years in which to accumulate savings,
and one of the big ones, there's more years in
which to accumulate Social Security because we know every year
you delay taking Social Security, it's going to increase higher
(18:23):
payout benefits for more monthly income, life and health insurance
as well as other benefits usually will remain intact with
your current employer, so there's another benefit. So the benefits
of delayed retirement often is going to extend beyond finances.
(18:48):
If you enjoy your work, the people that you work with,
and of course if you're in good health. And I've
had many meetings with clients and potential clients to where
we sit down and answer these questions as far as
(19:09):
financially can you retire and do you really want to
retire even though you can financially. If you happen to
fall into either one of these categories or both, I
want you to give me a call and we can
(19:30):
discuss your situations, your goals and objectives. And please keep
in mind there is no costs, there is no obligation.
Maybe you'll become a client of mine, but I'm not
expecting that. It's my way of helping as a retirement planner.
(19:55):
Eight eight eight four two six zero one seven. That's
the number to get a message to me. Triple eight
four two six zero one seventy seven. Okay. The trend
toward retiring later the exit from the workforce is no
(20:21):
longer an option for many baby boomers who are now
at or nearing retirement. After an extended period of economic downturn.
Markets have begun to rise again, but the collapse of
the housing market and its impact on the stock market
(20:44):
was felt by retirees and those approaching retirement. That means
early retirement is something many can only dream about in
today's environment. In fact, every person retiring earlier then expected,
(21:05):
there are two people retiring later than expected. The top
reasons are making up for financial losses about fifty eight
percent and writing out the current economic situation about fifty
three percent. So boomers are more likely than those of
(21:30):
previous generations to take on lowest pain what we call
bridge jobs, or return to the workforce on a part
time basis, rather than retiring outright. Earlier, I mentioned health
insurance and that has been a big factor in delay
(21:56):
early retirement. Let's say someone wants to reach retire at
fifty eight and their employment did not extend health insurance
coverage for retirees. Then they have to obtain an individual
health insurance policy in some form or fashion, and believe me,
(22:22):
it is extremely expensive. Plus in most cases you have
to qualify health wise. So many have delayed early retirement
until age sixty five. Then, as I always say, you're
home free. You have Medicare part amb a Medicare supplement,
(22:47):
and very well, the cost could be lower than what
you were previously paying, and it's possible the benefits are
going to be better. So the key is as far
as health insurance would be to get to age sixty five,
our firm has the ability to shop the market, all companies,
(23:10):
all rates, all plans that are available, as far as
an individual health insurance policy, and leave me as I say,
it can be expensive and in a lot of cases
it wasn't anticipated and built into the retirement budget, which
(23:32):
of course it has to be. So what about the future.
Will the current pattern of retirement decisions hold steady? Will
the aging baby boomer generation be more inclined to work
past retirement age than the preceding generation. America's seventy seven
(23:58):
million boomers are not increasing their savings rate as they
grow older, which they should because unless the rates change
dramatically for the better and soon, many will not have
any choice but continue to work past their full retirement age.
(24:23):
As a planner, I have to address this and look
at every situation. Where are you, what have you saved,
what is your risk? And work together to see if
you can retire at a particular age. That's so important
in retirement planning and must be addressed. So think about
(24:49):
where are you, when do you want to retire if
you're not already retired, and then we can decide by
running the numbers, putting together a plan to see if
it's possible to retire when you want to now. If not,
(25:12):
we'll look at some strategies that will delay your retirement
for the shortest possible time frame, and in a lot
of cases from my experience, you might be surprised and
you may only have to delay retirement for one year,
(25:33):
two years, maybe five years. But if you're ready and
you really want to retire, it's important to find out
where you're at and where you need to go. Feel
free to contact me at eight eight eight four two
six zero one seven seven triple eight four two six
(25:57):
zero one seventy seven. This is the Safe Money and
Retirement Show, and I'm John Heischman of Heischman Financial Services.
Thank you for your time this morning, and be sure
to tune in next week for another edition of the
Safe Money and Retirement Show.
Speaker 3 (26:21):
The Safe Money and Retirement Show John Heisman Senior. To
get in touch with John, call one eight four two
six zero one seven seven. That's one triple eight four
two six zero one seven seven. For more information about
Heisman Financial Services, visit their website Heischman FS dot com.
(26:42):
That's h E I S C H M A n
F S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman Senior
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