TIP 1 Follow-Up – Should I Retire to the Sea?
For those who read our article, Should I Retire to the Sea?, as more than a fun thought experiment, a new cruise is being created that might let you test the theory of how amenable you are to being on a cruise ship for four whole months: 116 days around the world for $13,200 from MSC Cruises. 50 destinations in 21 countries.
Although this is a fun idea, remember that all the property you own still needs to be taken care of, so the actual cost is likely much higher. It could be a great way to embark upon retirement and cross a lot of travel off the bucket list, though.
TIP 2 Global Investing
Access to investing in foreign companies is a lot easier than it was 100 years ago, or 50 years ago. Just because the door is unlocked, doesn’t mean we should rush through it. As with other investing, there are risks and rewards to consider. One of the key factors that comes with foreign investing is the currency exchange between countries. Read more about one way it’s being analyzed in our newest blogpost: Pricing Locally and Around the World.
TIP 3 A Work-Optional Lifestyle
Attitudes toward work are changing. The WSJ recently analyzed data from the Labor department, and found that the shift to part-time work that occurred after the pandemic started may become permanent. This is because people may be choosing to work part-time for “non-economic” reasons such as caregiving or personal health.
In January, there were 4.1 million people working part time who wanted full time work, and there were 22.1 million working part time because that is what they preferred. That is the highest ratio in two decades, according to the Journal. Of the 160 million Americans employed in January, 16.3% were part-timers. This helps explain why employers are having so much trouble finding full-time employees.
The phenomenon is seen across all age groups, and includes some retirees. Rather than stopping working altogether, some cap their careers by working part-time as a mentor or consultant as they reduce their hours. This transition may happen for economic reasons, such as the need to save more money, but it may also happen because the individual still finds enjoyment in the work that they do and value that they provide.
At Garden State Trust company, we help individuals with the financial side of things so they can make informed decisions about how they should proceed regarding big decisions, like when to retire. It’s good to know if you can afford a work-optional lifestyle, and transition into what is most appropriate for your situation. Let us know if you’d like a consultation.
TIP 4 Partner With Us
As important as it is for businesses to receive referrals, it’s equally important to be able to give them out. In wealth management, it’s often a team approach that works best for the client, and being able to have reliable people to refer our clients such as attorneys or other professionals is just as important as having prospects for trust services referred to us. We appreciate our many partners and are looking for more.