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Are You Ready to Retire?

The question is actually more complicated than it first appears, because it demands consideration on two levels. First, there’s the emotional component: Are you ready to enter a new phase of life? Do you have a plan for what you would like to accomplish or do in retirement? Have you thought through both the good and bad aspects of transitioning into retirement? Second, there’s the financial component: Can you afford to retire? Will your finances support the retirement lifestyle that you want? Do you have a retirement income plan in place?

What does retirement mean to you?

When you close your eyes and think about your retirement, what do you see? Over your career, you may have had a vague concept of retirement as a period of reward for a lifetime of hard work, full of possibility and potential. Now that retirement is approaching, though, you need to be much more specific about what it is that you want and expect in retirement.

Do you see yourself pursuing hobbies? Traveling? Have you considered volunteering your time, taking the opportunity to go back to school, or starting a new career or business? It’s important that you’ve given it some consideration, and have a plan. If you haven’t–for example, if you’ve thought no further than the fact that retirement simply means that you won’t have to go to work anymore–you’re not ready to retire.

Don’t underestimate the emotional aspect of retirement

Many people define themselves by their profession. Affirmation and a sense of worth may have come, in large part, from the success that you’ve had in your career. Giving up that career can be disconcerting on a number of levels. Consider as well the fact that your job provides a certain structure to your life. You may also have work relationships that are important to you. Without something concrete to fill the void, you may find yourself scrambling to address unmet emotional needs.

While many see retirement as a new beginning, there are some for whom retirement is seen as the transition into some “final” life stage, marking the “beginning of the end.” Others, even those who have the full financial capacity to live the retirement lifestyle they desire, can’t bear the thought of not receiving a regular paycheck. For these individuals, it’s not necessarily the income that the paychecks represent, but the emotional reassurance of continuing to accumulate funds.

Finally, it’s often not simply a question of whether you are ready to retire. If you’re married, consider whether your spouse is ready for you to retire. Does he or she share your ideas of how you want to spend your retirement? Many married couples find the first few years of one or both spouse’s retirement a period of rough transition. If you haven’t discussed your plans with your spouse, you should do so; think through what the repercussions will be, positive and negative, on your roles and your relationship.

Can you afford the retirement you want?

Separate from the issue of whether you’re emotionally ready to retire is the question of whether you’re financially ready. Simply–can you afford to do everything you want in retirement? Of course, the answer to this question is anything but simple. It depends on your goals in retirement (i.e., how much the lifestyle you want will cost), the amount of income you can count on, and your personal savings. It also depends on how long a retirement you want to plan for and what your assumptions are regarding future inflation and earnings.

Refer a friend To find out more click here

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016.

Social Security and Medicare Update

Roshan Loungani is sharing the following link to a short video on Social Security and Medicare (Click on Social Security and Medicare Update – 2016 Trustees Reports)

In 2016, the trustees project that Social Security will be deleted by 2035.   After that, payroll taxes will cover 77% of scheduled benefit.

Also, follow me on twitter for more updates .(

Medicare Open Enrollment Begins October 15

20160930 Medicare

When does the open enrollment period start?

The Medicare open enrollment period begins on October 15 and runs through December 7. Any changes made during open enrollment are effective as of January 1, 2017.

During the open enrollment period, you can:

  • Join a Medicare Prescription Drug (Part D) Plan
  • Switch from one Part D plan to another Part D plan
  • Drop your Part D coverage altogether
  • Switch from Original Medicare to a Medicare Advantage Plan
  • Switch from a Medicare Advantage Plan to Original Medicare
  • Change from one Medicare Advantage Plan to a different Medicare Advantage Plan
  • Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn’t offer prescription drug coverage
  • Switch from a Medicare Advantage Plan that doesn’t offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage

What should you do?

Now is a good time to review your current Medicare plan. As part of the evaluation, you may want to consider several factors. For instance, are you satisfied with the coverage and level of care you’re receiving with your current plan? Are your premium costs or out-of-pocket expenses too high? Has your health changed, or do you anticipate needing medical care or treatment?

Open enrollment period is the time to determine whether your current plan will cover your treatment and what your potential out-of-pocket costs may be. If your current plan doesn’t meet your health-care needs or fit within your budget, you can switch to a plan that may work better for you.

What’s new in 2017?

The initial deductible for Part D prescription drug plans increases by $40 to $400 in 2017. Also, most Part D plans have a temporary limit on what a particular plan will cover for prescription drugs. In 2017, this gap in coverage (also called the “donut hole”) begins after you and your drug plan have spent $3,700 on covered drugs — a $390 increase over the 2016 initial coverage limit of $3,310. It ends after you have spent $4,950 out-of-pocket, after which catastrophic coverage begins. However, part of the Affordable Care Act  gradually closes this gap by reducing your out-of-pocket costs for prescriptions purchased in the coverage gap. In 2017, you’ll pay 40% of the cost for brand-name drugs in the coverage gap (60% discount) and 51% (49% discount) of the cost for generic drugs in the coverage gap. Each succeeding year, out-of-pocket prescription drug costs in the coverage gap continue to decrease until 2020, when you’ll pay 25% for covered brand-name and generic drugs in the gap.

Where can you get more information?

Determining what coverage you have now and comparing it to other Medicare plans can be confusing and complicated. Pay attention to notices you receive from Medicare and from your plan, and take advantage of help available by calling 1-800-MEDICARE or by visiting the Medicare website,


Roshan Loungani found an interesting article on happiness.   Is your happiness determined at birth, or do you work for it daily?

I would like to think we have some control over it.

Happiness in Retirement

I read an article from US News on a happy retirement. I found number 5 particularly interesting. I have never seen that before.


Happiness For Blog

Don’t Worry, Be Happy: Why Planning Is The Key To Enjoying Life

9ML7MMR8T5I spend a large amount of my time, my career, providing financial advice to seniors and helping them become more savvy about investments and saving. In doing so, I get to share my knowledge and passion for finance and help others in the process; and by that, I mean, enabling my clients to live fulfilling lives and enjoy the fruits of their labor. The happiness of those with which I work is just as important as the tools I’m providing them, and building a great financial future is a significant part of realizing aspirations. It all works together.

However, simply knowing finance principles is not the key to happiness. There are a number of factors which contribute to someone’s peace of mind and ability to pursue goals with confidence. Dr. Karl Pillemer, a professor at Cornell University and founder of the institution’s Legacy Project sheds a light on exactly what that is. In talking to hundreds of seniors about life lessons, Pillemer found that one of the most fundamental tools for happiness (and inversely, one of the biggest reasons for regret) is the lack of worry or “fear and concern that something bad could happen,” as defined by the Merriam-Webster dictionary.

Essentially, Dr. Pillemer’s participants reveal that worry is the enemy to the good life; and too many of them, it seems, found that out too late. On the bright side, however, they’ve learned a lesson which helped them make better decisions going forward, and can help you right now. That lesson is not merely waking up and turning off some magical worry button that you’ve left on for the last 20 years, it’s getting focused and creating a smart, strategic plan to help you better deal with uncertainty and take control of your own life.

Of course, planning can cause a bit of worry as well. Thinking about the sum of your financial future can be overwhelming. Hence, it is recommended that individuals begin by assessing their problems or potential concerns, then focus on the short-term goals to alleviate them. Decide what you want to accomplish in the next year, the next month, and that will help you build better skills to plan five and ten years ahead. It’s really about prioritizing and being realistic about what you can handle in the moment. Progress doesn’t have to be sweeping change. In fact, incremental progress is better for long-term success.

There are a number of other jewels of advice from both the Dr. Pillemer and the 1,200 individuals who participated in the Legacy Project’s study. However, this simple tool is foundation for so many others. Spending just a little time proactively managing your career, your income, your dreams, your network, is infinitely better than being captive to them later, and using the time meant to enjoy your life, cleaning it up.

Still, it’s never too late to take hold of this principle. An experienced financial advisor can you help you problem solve, turn things around, and begin navigating your way toward a more pleasing journey–one that puts your happiness at the forefront. Afterall, that’s what you’ve worked towards for most of your adult life. Make it worthwhile.

Sports for Charitable Events

Roshan particularly enjoys playing sports for charitable events, and one of his favorite memories is when his basketball team won a charity tournament in the spring of 2015. He is also a sports fan. His favorite teams include the Washington Redskins, Washington Wizards and, of course, the Maryland Terrapins.

Finance and Retirement Specialist

Roshan grew up in the DC Metro Area. His first experience in the financial services industry was when he interned at Morgan Stanley Dean Witter. In 2000 he joined American Express Financial Advisors, which would later spin off as independent company Ameriprise Financial. In 2008, Roshan joined Arete Wealth Management, LLC as a Retirement Specialist and Partner.