Kelly Advisor Podcast

1. NIL is already a billion dollar business and is expected to grow much larger. 2. The NCAA is deferring to states regarding the establishment of rules and regulations about NIL and compliance thereof. Sports associations and individual schools have also become involved in NIL. 3. The financial planning industry sees opportunities to help young people navigate and manage new-found wealth and inco...

1. 31 percent of those identifying as part of the Sandwich Generation bear complete financial responsibility for their parents or in-laws. 2. A MassMutual study confirms the emotional and financial stress such dual roles place on families. 3.  Creating a financial plan can alleviate such burdens and still allow for retirement saving. 

More people are saving for retirement but they are not saving enough. Late-boomer wealth continues to be impacted by The Great Recession of 2008-2009.  An increase in Social Security's Full Retirement Age was a de facto cut in Social Security benefits.

1. Studies are mixed about the effects of retirement on your mental health. 2. Having a plan in place may make the transition smoother.  3. Addressing factors such as loss of work routine, loss of a robust social network, and loss of one's professional identity may help mitigate emotional stress points. Not to mention all the additional time to be spent.   

The greatest transfer of wealth in American history, approximately $84 trillion, has begun and will peak in the 2030s. Gen X will begin retiring next decade, just as Social Security and Medicare will likely need substantial reforms. A significant number of today's financial advisors will be exiting the business in the next ten years. 

The gold watch has been replaced by a green match (employers matching employee retirement contributions). 401(k)s were never intended to supplant pensions but they largely have done so. The burden of saving for retirement is now on the employee, not the employer.  A financial advisor can help people through the pitfalls of a DIY or do-it-yourself approach to retirement.

1. A majority of Boomers want to age in place; only a fraction of their homes can accommodate those desires. 2. Plan ahead: T he longer you live you become even more eligible for illness and accidents. 3. A  a healthy couple retiring at age sixty-five could expect to pay around $300,000 over the course of retirement to cover health and medical expenses.

Legacy planning is not just for the fabulously wealthy; it's for anyone with assets of value to be gifted. A well-crafted and executed plan can make your beneficiaries' lives easier to manage in the future, personally and professionally. What's the difference between a will and a trust?

1. Seven out of every ten Americans who reach age sixty-five will need long-term care of some kind.  2. LTCI premiums count as medical expenses and may potentially be paid with special tax considerations. 3. The burden of loved ones: 66 percent of caregivers use their personal assets like savings and retirement funds, to pay for a loved one's care.

Managing through volatility and navigating around it is a necessity today in retirement planning. A diverse portfolio is still a sound strategy. Market volatility amplifies and accelerates risk, and likely affects investor behavior.

1. Think of income in three stages: generation, preservation, and distribution. 2. Aligning expenses and income is a staple of retirement planning. 3. A majority of Baby Boomers want to age in place but only 10 percent of their homes are set up to accommodate this goal. Plan on unplanned expenses. 

A majority of people take Social Security at 62, the earliest eligibility age; they may be leaving money on the table. Barring reforms to the system prior to sometime around 2034, Social Security will still pay benefits roughly around 79 cents on the dollar. Before applying for Social Security, know all the available benefits and options to maximize your payments.

The retirement paradox: Finding yourself in a higher tax bracket in retirement.  The importance of having clear and open communications among clients, tax professionals, and financial advisors. Given Washington politics and uncertainty in future tax policy, tax strategies may be more important than ever. 

Riders on contracts can provide an opportunity to customize individual needs. Annuities are really risk management products; another means to generate income. Does it make sense for you to shift risk off your personal balance sheet to that of an insurance company? 

Ask yourself: Will my financial professional help me achieve my goals? With a process in place, you have a greater probability of success. How values, trust, and competence should be prime considerations in your search.

Financial advisors need to address the needs of the couple and the wife. Separate but equal.  80 percent of men die married but 80 percent of women die single. "Gray Divorce" is on the rise. New complications to retirement.

A recent brief published by The Center for Retirement Research at Boston College sheds light on this issue.  Learn about the evolution of retirement plans: the decline of defined benefit plans and the rise of defined contribution plans.  Future retirees may need to alter behaviors to protect against outliving their savings.

Northwestern Mutual's 2022 Planning & Progress Study found that 60 percent of U.S. adults say that the pandemic has been highly disruptive to the way they manage their finances. But they have taken certain actions to buttress longer-term financial security.   DALBAR's 2022 Quantitative Analysis of Investor Behavior (QAIB) report found that the Average Equity Fund Investor finished the year with a...

We are indeed experiencing the highest inflation since the early 1980s, which really had its roots in the 1970s.  Still, conditions in this decade are very different from 50 years ago. After WWII, higher inflation resulted from manufacturing disruptions, rebounding demand for consumer goods, and soaring money growth... Sound familiar?   

According to Pew Research, over 50 percent of older workers are now out of the workplace. That is up from 48 percent just prior to the pandemic.  Older workers continued to work through recessions dating back to the 1990s. The pandemic-induced recession in 2020 saw that trend reverse.   The 2008-2009 Great Recession saw personal wealth decline markedly. The economy and capital markets decoupled du...

Learn how Social Security is actually funded. The 6.2 percent Social Security payroll tax has been constant since 1991. Is it time to change that?   The solution to future funding gaps may in fact be a blend of boosting revenue to the system and slowing down benefit payments. 

Dr. James contracted the coronavirus before many Americans had even heard of it and spent time thereafter on the front lines in the ICU in New York City just as the pandemic took its grip of the city and the country. Has the pandemic politicized medicine in America? In the midst of the chaos, Dr. James created her own model and her own enterprise to serve patients with an emphasis on early out-pat...

Demographics is destiny. Shifts in demographic power will be seismic.  Will poor savings, healthcare costs, looming Social Security challenges, and high debt loads absorb much of the great transfer? With so much change over the horizon, the retirement planning space will radically change. 

Breaking down individual and corporate tax rates slated for change.  A 900-page proposal... Has anyone in government really read all of it?  Will the enactment of higher taxes amidst a fragile economic recovery ultimately contribute to stagflation? 

On August 15, 1971 President Nixon gave a speech that was a catalyst for stagflation. Parallels: The oil embargo of 1973 was a shock to the system that, combined with bad monetary policy, brought about economic misery. Is the pandemic the same kind of shock in 2021, along with questionable modern-day monetary policy, that will beget similar conditions?  Watch the bond market on where it thinks inf...