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Christopher R. Hibbard, ChFC®, CRPC®, CFS®
Vice President, Wealth Management
Teachers Investment Services
Located at Teachers Federal Credit Union
5439 Sunrise Highway
Holbrook, NY 11741
Phone: 631-698-7000 Ext. 6020
Email: christopher.hibbard@lpl.com
CRPC conferred by College for Financial Planning.
July/August 2024
Retirement in the Twenty-first Century
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.559924-6
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Christopher Hibbard is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Teachers Federal Credit Union (TFCU) and Teachers Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Teachers Investment Services, and may also be employees of TFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, TFCU or Teachers Investment Services. Securities and insurance offered through LPL or its affiliates are:
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