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Welcome to your October roundup of retirement headlines—a month bursting with insights and strategies that could redefine your retirement planning. Whether you’re a retiree navigating the nuances of financial security, or an investor seeking to fortify your portfolio against market fluctuations, this month’s compilation offers a wealth of information. We’ve meticulously curated topics ranging from savvy investment options like ETFs to essential cost-of-living adjustments and innovative estate planning strategies. Our goal? To provide you with the tools and knowledge necessary to make informed decisions and bolster your financial well-being in retirement. Let’s explore how October’s biggest headlines might just be your key to a more secure future.

https://youtu.be/VrMpMIACxLk

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• There is no free lunch
  
• Consider opportunity costs
  

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• 2024 – 2.5
  
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  • Looking at historical COLA this is actually good.
    
  
  
  

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• Estate planning can be important at any age
  

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• Create a plan for your digital assets
  
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  • Label your files
    
  • Leave a guide
    
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    • And a farewell?
      
    
    
    
  • Consider an AI alter ego?
    
  • Digitize physical memories
    
  
  
  

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• Since current retirees are living longer than previous generations, they are more likely to suffer memory loss
  
• Typically unaware of memory loss
  
• Those who experienced a severe memory-loss event over the prior two-year period and were unaware of it saw their wealth decrease by about $31,000 on average.
  
• Those who were aware of their memory loss likely avoided large financial hits by delegating decisions to family members or financial advisers or by choosing safer investments, the researchers said.
  
• A large percentage of the losses that we measure are coming from stocks,” Peracchi says. “People participating in the stock market often start with high cognitive abilities, so after losing some memory, they may be overconfident in their abilities. They’re not aware that they’ve lost memory, so they’re more susceptible to financial losses.”
  

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• Update from the Yoders
  
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  • Decided to review credit card transactions and bank debits of the past year
    
  • Surprised by how many things they found that weren’t needed
    
  • Good idea to start looking at your budget a year before retirement
    
  
  
  

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• One estimate indicates that about 29 million 401(k) accounts remained forgotten in 2023, amounting to nearly $1.65 trillion in unclaimed retirement benefits nationwide, according to a report by Capitalize,
  
• How to search
  
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  • US Department of Labor – Abandoned plan search – https://www.askebsa.dol.gov/AbandonedPlanSearch/
    
  • Unclaimed property search by state – MI https://unclaimedproperty.michigan.gov/
    
  • Pension Benefit Guaranty Corp – find unclaimed pension benefits – https://www.pbgc.gov/wr/find-unclaimed-retirement-benefits
    
  • Pension Rights Center – Nonprofit – www.pensionhelp.org
    
  
  
  

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• Washington State’s Public LTC was on the ballot and easily voted to reject a ballot initiative that would have killed the law
  
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  • First of its kind of law that provides $36,500 in LTC benefits to all residents funded through a payroll tax surcharge of .58. Other states are looking at similar laws
    
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    • California, Illinois, Minnesota & Massachusetts
      
    
    
    
  
  
  

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• Rebalance
  
• Take RMD
  
• Contribute to employer plans
  
• Review insurance
  
• Consider charitable donations
  

October’s retirement headlines have underscored the evolving landscape of financial planning, offering both challenges and opportunities. From the importance of estate planning at any age to the necessity of cost-of-living adjustments and the impact of cognitive decline on savings, these insights are crucial for shaping a resilient retirement strategy. As we conclude, consider taking actionable steps—like updating your financial plans or exploring new investment opportunities—to harness these insights effectively. Stay proactive, stay informed, and join our community of retirees and investors as we continue to explore the paths to financial stability. For more personalized guidance, feel free to reach out and connect with our experts. Remember, informed decisions today pave the way for a secure tomorrow.

Shotwell Rutter Baer is proud to be an independent, fee-only registered investment advisory firm. This means that we are only compensated by our clients for our knowledge and guidance — not from commissions by selling financial products. Our only motivation is to help you achieve financial freedom and peace of mind. By structuring our business this way we believe that many of the conflicts of interest that plague the financial services industry are eliminated. We work for our clients, period.

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