Craig Lundquist and Kristin Becker photo
Ideal Wealth Advisors logo

Craig Lundquist, MBA, ChFC®, CRPC®

VP of Wealth Management

craig.lundquist@lpl.com

651-773-2757

 

Kristin Becker

Senior Administrative Assistant

kristin.becker@lpl.com

651-773-2821

 

Ideal Wealth Advisors

Located at Ideal Credit Union

8499 Tamarack Road

Woodbury, MN 55125

 

CRPC conferred by College for Financial Planning

July/August 2024

Retirement in the Twenty-first Century

Group portrait of happy multiethnic couples smiling on the beach

Picture retirement in the 1950s. Americans typically retired at 65, drew a pension provided by their employer, and received a monthly check from Social Security. The average life expectancy in the U.S. between 1950 and 1960 was 68 to 69 years, so citizens might not have spent many years as a retiree.


A History Lesson
In the mid-60s, baby boomers — the generation born 1946 through 1964 — began entering the workforce in unprecedented numbers. Within a short time, employer-provided pensions were replaced by defined contribution plans, including 401(k) plans, making employees largely responsible for saving enough money to fund their own retirements. Baby boomers who were diligent about saving amassed significant wealth.


The Black Cloud
Fast forward to 2011. The oldest boomers turned 65 and began to retire. Each year, greater numbers of people were collecting Social Security and enrolling in Medicare. With fewer workers contributing to these programs, funds that were paid out are replenished at a slower rate, putting the longevity of these programs in question.


On Your Own
Today, people are living longer in retirement than ever before. Some will save enough money to retire early; others may pursue a second career or start a business. But inflation, higher taxes and rising healthcare costs can quickly deplete savings. Creating a retirement strategy allows you to develop the financial resources you need to pursue and maintain the lifestyle you want. It involves not only accumulating assets but also reducing the risk to your wealth that a long retirement might pose.


Tailor Investments
Choosing investments for your retirement portfolio that are likely to reduce risk may increase the longevity of your savings. Consider including investments that are designed to provide a lifetime income stream. In addition, adding tax-free assets to your portfolio can reduce your exposure to future tax increases. It’s a smart strategy to keep a portion of your portfolio invested in equities that offer the potential for earning returns that outpace inflation.


Create a Team
Your financial professional, along with your tax advisor, can help you build and implement a retirement strategy.

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