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Retirement Insights for January 2023

News and information for current and future retirees.

Aging is not 'lost youth' but a new stage of opportunity and strength.

- Betty Friedan

Mom Kissing Teenage Daughter

Should You Save for Retirement, College, or Both?

As some Gen Xers watch their kids grow up, they wonder if college should take priority over retirement. If you happen to be thinking along these lines, there are reasons you may want to think twice.

More than 90% of American families see college as "an investment in their future." However, you don’t necessarily have to choose between your retirement strategy or helping your kids finance college.1

There is no "financial aid" program for retirement. There are no "retirement loans." As important as your children are to you, they have their whole financial lives ahead of them. If you have to focus on either providing for yourself or for your children, it’s wise to put yourself first.

Your retirement strategy is the starting point of this process. Work alongside a financial professional to invest and save. Ask about the products and practices that match your goals, risk tolerance, and the time horizon you have in mind. With your priorities in place, you can apply what you've learned to college savings. If you have the right help and a strategy, you can potentially do both rather than favor one path over the other.

Recipe

One-Pot Orzo & Pork Meatballs2

A close up of a bowl orzo and meatballs in broth with silverware, bread, olive oil, and a stemmed glass of water

Ingredients

  • 1 small onion
  • 12 oz. ground pork
  • 1 large egg, beaten
  • 1 1/2 tsp. fennel seeds, crushed
  • 1/3 cup grated Parmigiano-Reggiano, plus more for serving
  • Kosher salt and freshly ground pepper
  • 4 cups low-sodium chicken broth
  • 2/3 cup orzo
  • 2 Tbsp. fresh lemon juice, plus wedges
  • Extra-virgin olive oil and fresh dill sprigs

Directions

  1. Grate the onion and squeeze out any excess liquid. This should give you about 1/2 cup of onion. Transfer the grated onion to a bowl, and then add pork, egg, fennel seeds, cheese, and 1/2 tsp salt to the bowl. Stir all this until the point where it just begins to combine (you don’t want to mix it together too thoroughly). Now, using dampened hands, roll the mixture into 24 balls, each about 1 1/2 inches around.
  2. Take a medium pot and bring the broth and 1 cup water to a boil in it. Next, add the orzo and cook 5 minutes. Then, add meatballs to the pot, reduce heat to low, cover, and cook, stirring once, until cooked through, 6 to 7 minutes more. Stir in lemon juice and season to taste. Serve with a drizzle of extra virgin olive oil, pepper, dill, lemon wedges and more cheese.
Two senior men having coffee on the porch stairs in front of suburban home

Retiring With a Roommate Could Make Life Easier

Does this sound like an out-of-the-box idea? It worked for The Golden Girls, and in real life, it may have potential benefits for you, especially if you are retiring single or childless. You might even call it a trend. Data from the Joint Center for Housing Studies at Harvard University shows that during 2006-16, Americans sharing their homes with roommates nearly doubled to 1 million. With baby boomers retiring, that number has likely risen within the last several years.

Living with a relative, an old friend, or a new friend in retirement can be a plus emotionally. As we age, we become homebodies to a greater degree; we don't always have the energy or the incentive to go to this event or gathering. In such instances, having someone else at home means you still have conversation and socialization, which helps you ward off loneliness, which some researchers think factors into developing mental health issues late in life.

While the idea of retiring with friends may seem strange initially, you can see the benefits. Whether you are moving into a house together or taking on separate condo units in the same facility, bringing someone you know and whose company you enjoy can brighten your experience and make the transition less of a burden.3

Bison grazing near the North Rim of the Grand Canyon

Did You Know?

There are bison living in Grand Canyon National Park

About 600 bison, in fact. They live along the North Rim of the Grand Canyon and graze in its adjacent high-country grasslands. They were introduced to northern Arizona more than a century ago by a rancher named Charles "Buffalo" Jones, who tried to crossbreed them with cattle. The attempt failed, but the bison thrived.4

Happy senior woman working on computer at home

On the Bright Side

This year, Medicare Part B premiums are actually lower for many seniors than they were in 2022. Single filers with modified adjusted gross incomes of $97,000 or less and joint filers with modified adjusted gross incomes of $194,000 or less have a monthly Part B premium of $164.90, a reduction of more than $5.5

Brain Teaser

What word starts with BR that with the addition of the letter E, becomes another word that sounds the same as the first but has a different meaning?

The word "braking" becomes "breaking."

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

1. SallieMae, November 2022

2. Martha Stewart Living, July 2021

3. Atlanta Journal-Constitution, December 21, 2021

4. Smithsonian Magazine, September 27, 2022

5. Kiplinger, November 1, 2022

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Fax: 480-607-3913

5401 East Sapphire Lane

Paradise Valley, AZ 85253

mike@pvwealthmanagement.com

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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