Business Innovators Radio - Episode #59 -Older Americans are Choosing to Work– The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: February 7, 2024

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-59-older-americans-are-choosing-to-work-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. So the amount of people working over the age of 65 is increasing. I know

you don't want me to hear what I'm saying, but this is a statistic from USA Today saying nearly 20% of that age group is working today. So if you find yourself in this situation, you may have questions about how this affects your finances or wondering how you will afford retirement. Mark Tripla joins us now to tackle this topic. Mark, nobody wants to hear this, but this is actually happening. How many older Americans are working right now? So those age 65 and older, the number of those folks working has actually doubled in the last 35 years. About 20% of the 58 million Americans over the age of 65 are in the workforce, and many of them, six out of 10, are carrying what we consider to be full-time jobs. On that, that is an incredible number. I was surprised. I was surprised.

I didn't expect it to be that high. What can we do to better position ourselves to not be working, you know, 65 plus? Is there anything we can learn from what we're seeing right now? Well, so I think we should address the benefits of working in retirement because some folks are doing it by choice. Obviously, there are some folks that they need the increased income. Yeah, the majority of Americans are not prepared for retirement and the cost of living continues to rise.

So some folks just have to work because they need the additional income. But for a lot of the folks that we serve, they just enjoy the social connection. You're visiting with coworkers and clients every week gives them that social connection. And oftentimes when retirees separate or you take that away from them, they feel lonely. In fact, one out of three retirees shows signs of depression. And then the mental and physical activity just helps people stay sharp. See, I can definitely, I can appreciate that, you know, because people, we are community-oriented. That's just how we're all wired.

So I can see the desire to stay socially connected. Is there something you would do past retirement and find joy in it and not something like you have no choice? Oh, for sure. Many of the folks that we serve find themselves doing activities after they transition out of the daily grind into putting those skills to good work, maybe doing a consulting job that's relevant or starting a business that they wanted to start when they didn't have the time before or maybe just even volunteering.

A couple of things to be aware of, though, is that if you start earning an income in retirement and, say, for example, you've claimed Social Security, but before your full retirement age, you might find that your Social Security checks starts getting reduced because you're making too much money over the earnings limit. You could also put yourself in an environment where you pay increased taxes. So there are some pros and cons to working in retirement. Definitely. You have to be smart about it, right? You have to know how to be strategic about it all. My mom works at Hallmark. She is past 65, but you know what?

She loves it. It's now her dream job. She actually calls it that. So it is true that you even can find your untapped passions, you know, after careers behind you of a lifetime of careers. So it is something, it's a shift in perspective, right? I think finding what speaks to you, doing something that you enjoy is the way to go. I don't know what I would do past 65. I definitely would slow down.

So I think we've all earned it by then, right? right? The Japanese call it icky guy. It's a purpose. It's a reason to get up in the morning. And folks that have that tend to live longer. I love that. I can get with that. Mark, thank you for that. Motivation Monday, right? But it is Tuesday. So, you know, it works still. Motivation. Thank you so much for joining us. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions, about today's topic, schedule a call with a team member. Visit www.com. Until next time, be sure you're taking steps to retire with purpose on time.

Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them and not all investments are appropriate for all investments. professors.