Sometimes you have to get a little dirty to get the job done. That’s why our Center team members rolled up their sleeves and dug in. We take our commitment to achieving our Center Vision 2020 very seriously and we are having some delicious fun doing it! Here is a glimpse of our latest team outing and a little over-indulgence at Slows Bar-B-Q in Downtown Detroit. Our Center 2020 vision was top of mind when our newly formed Social Committee organized a team luncheon and awards ceremony to celebrate the many talents and achievements exhibited by our fellow co-workers. As our Vision 2020 states, “We relish the opportunity and responsibility to create unique, memorable and personal experiences for all whom we serve.” The photos suggest a Mission Accomplished. By taking care of our team members, we hope to build a magnet for attracting new talent and leadership to The Center. And even if some of us got a little of Slows’ Bar-B-Q sauce on our awards, it was worth it.
Happy Centerversary
The Center celebrates its 28th year! Founded in 1985, our success and longevity would not be possible without the support from our team members.
Let's take a moment to recognize Jen Hackmann, RP℠ who celebrated her 12th Centerversary at the end of March. Congratulations! With a big smile Jen took a minute to put her thoughts into words, "I feel honored to be part of such a special group of individuals and look forward to the next 12 years!"
Ladies – Don’t be left out of the Retirement Income Discussion
We know that statistically women outlive men. By age 85, there are approximately five women alive for every three men. By age 95, the ratio of women to men doubles. (Source: 2010 U.S. Census Bureau). We also know that income disparities over time can have significant implications on the amount women are able to save for retirement. Ultimately this means women need to fund a longer retirement with fewer financial resources.
To help frame the retirement income decisions women have to make when approaching retirement, use the following suggestions as general guidelines:
- Establishing a target age is important because when you retire will affect how much you need to save. For example, if you retire early at age 55 the number of years you have to save is lessened and the number of years that you will be living off retirement savings is longer.
- Medicare generally doesn’t start until you reach age 65. Retiring prior to eligibility for Medicare means you may have to look into COBRA or a private individual policy, which can be expensive.
- You can begin receiving your Social Security benefit as early as age 62. However, your benefit is then reduced 25% to 30% if you do not waiting to collect until full retirement age.
- Working part time during retirement will allow you to rely less on retirement savings in the beginning and you may also have access to affordable health care while waiting for Medicare.
- If you are married, and your spouse is still working too, it may pay to think about staggering retirements to ease the financial transition into retirement.
Creating a retirement income roadmap is a practical suggestion for managing and overcoming the unique challenges women face in retirement. Don't sit this one out. Join the discussion and learn along the way if necessary. A financial professional can help sort through the options to develop a plan that is right for you. One of my favorite quotes by Henry David Thoreau provides a timeless message for looking to the future; "Go confidently in the direction of your dreams. Live the life you have imagined."
Laurie Renchik, CFP® is a Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.
Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.
Information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.
Curtain Call
The Center's Team enjoys sharing their knowledge with the press to help stories come to life, share facts and bring important topics to the forefront. We are also honored when we are recognized by media and publications for our work and service to our profession. Here's what's new:
Observer & Eccentric
Troy Wyman, CFP® was recognized as 2013 Secretary for Birmingham Bloomfield Chamber Executive Board in Hometown Life on January 20, 2013 in an article titled, "Chamber names new officers."
Investment News
Melissa Joy, CFP® was quoted in Investment News January 13, 2013 in article titled, "Gaffney blazes her own trail" by Jason Kephart.
Investors should consider the investment objectives, risks, charges and expenses of an investment company carefully before investing. The prospectus contains this and other information and should be read carefully before investing. The prospectus is available from your investment professional.
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What to do in the Last Crucial Months before Retirement
After years of saving and planning for retirement, you may be relieved and excited about the prospects of making the decision to move forward and retire. If you are at this point, careful planning in the months leading up to retirement can help you ensure a smooth transition from employment to retirement. But many of us may be missing out on an important step in this process.
I recently read a statistic about women and retirement that surprised me. Insured Retirement Institute (July 2012) reported that through planning with a financial advisor, women can take steps to increase their optimism and financial outlook for funding their retirement years. Yet, nearly 53% of Baby Boomer women reported that they have not consulted with a financial advisor. This is a pressing problem that has the potential to create long term financial and emotional roadblocks for women who are on the cusp of retirement. The following information to help you gauge retirement preparedness.
Conversations to Have as Retirement Draws Near
These conversations should include a detailed look at the following areas of your financial plan:
- Inventory investments, review employer retirement plan options and analyze Social Security benefits to make sure you can afford to leave the workplace.
- Decide on an initial annual withdrawal amount that you feel you can take from your investments every year without substantial risk of running out of money.
- If you are under age 65 and not eligible for Medicare, determine how you will cover health insurance needs.
Transition From the Work Force Into Retirement
Once you have a clear understanding of your retirement resources, another important part of retirement planning is to focus on the period of transition as you move from the work force into retirement. Here are some suggestions to help make the transition run as smoothly as possible:
- Reduce or eliminate credit card debt prior to retirement.
- Carefully weigh your options for handling your mortgage.
- Focus on your actual expenses today and think about whether they will stay the same, increase, decrease, or even disappear by the time you retire.
If you find yourself with unanswered questions, I recommend hiring a financial professional to help you understand financial options and opportunities for retirement. The decisions you make in the final months leading up to retirement can have a considerable impact on your overall retirement plan.
Laurie Renchik, CFP® is a Senior Financial Planner at Center for Financial Planning, Inc. In addition to working with women who are in the midst of a transition (career change, receiving an inheritance, losing a life partner, divorce or remarriage), Laurie works with clients who are planning for retirement. Laurie was named to the 2013 Five Star Wealth Managers list in Detroit Hour magazine, is a member of the Leadership Oakland Alumni Association and in addition to her frequent contributions to Money Centered, she manages and is a frequent contributor to Center Connections at The Center.
Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.
The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.
Matt Chope, CFP® Attends Raymond James Conference
It is no surprise that health care costs are growing, but some people fail to consider the rising cost when planning for retirement. That was a key take-away for Matt Chope, CFP® who recently attended the Raymond James winter symposium at the Raymond James home office in St. Petersburg, Florida. This invitation-only event brought some of the leaders in the industry up-to-date on new tax laws, Medicare and Social Security planning, investment markets and the global economy. Matt said he was exposed to new ideas and came away from the trip with a reminder for his clients to adequately budget today for the health care costs of tomorrow.
Years of Hard Work Produce an MBA for Laurie Renchik
It took four years of juggling a full-time career and sacrificing a lot of precious free time, but we are proud to announce that our Laurie Renchik, CFP® recently completed postgraduate work to earn a Master of Business Administration degree from Walsh College. Despite the challenge, Laurie tells us, “I enjoyed the journey which was filled with new opportunities for learning.” Walsh College is a private school that was founded in 1922 and is one of Michigan’s largest graduate schools of business.
Her newly minted MBA comes with a specialization in Finance, which is a perfect classroom match for her position at the Center. Laurie says the MBA program helped, “Expand my analytical abilities beyond the scope of personal financial planning to include business management expertise, ultimately helping me better serve Center clients and our Center 2020 Vision.”
What's up next for Laurie? She says she will take the knowledge she gained and put it to work. We applaud Laurie for her recent accomplishment and the four years of hard work and dedication that made it happen.
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Teaming up with Gleaners Food Bank
On Saturday February 23rd, Center team members and their families volunteered to support Gleaners Food Bank. Jen Hackmann, Client Service Manager said we really pulled our weight.
Thank you, thank you for all the support for the 1st Gleaners volunteering event - we had a total of 214 pounds of donations (I think Tim’s donation of multiple cans of fruit cocktail put us over the 200 pound mark),” Jen reported. “And according to the organizers at Gleaners, this food donation will provide 178 meals for our hungry neighbors in need. Gleaners collects over 2.5 million pounds of food from food drives like ours and distributes the donations to more than 600 partnering groups in need each year.”
After an orientation and video introduction to Gleaners Food Bank, our volunteers got to work. We went from standing still, trying to figure out what we were going to be doing, to a full-on assembly line working at what felt like a 100 miles per hour. Jen remembers saying to Troy Wyman, CFP ®and Gerri Harmer, Client Service Associate, “I have a new and GREAT respect for assembly line work!” Apparently it is not as easy as it looks! Some of us packed bags of fruit while others worked with packaged food, putting together large boxes of noon-perishable goods to be handed out to families in need.
And despite the demanding morning of helping out at the food bank, we couldn’t get enough! We’ve already planned another Gleaners volunteer day on Saturday, September 21st from 9am – noon. Anyone who would like to join our group is more than welcome. If you happen to get the volunteering itch on your own one Saturday morning, you can just show up at 9am on any Saturday at the Detroit Gleaners Distribution Center. You do not need to be part of a group and the Detroit Distribution Center is the only site that takes “walk-in” volunteers.
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