Wealth Ecology – Current Topics
A wintery economy brings chores and opportunities
We are surrounded by cycles, some fast, others so slow we never see a change in our lifetime, but they are there. Climate change, for example, has been happening for millennia – it is nothing new (pollution is though of course). Somehow, every time winter comes round, especially a nasty cold front, we are caught unawares – gas bottles empty, no beanies and only salad in the fridge. The markets also go through cycles, while less predictable in timing than the four seasons, they keep on happening. Right now, for us in the Emerging markets, the winds are decidedly cool and the returns flattening, soon to turn negative for the year-on-year if it keeps up this pace.
Surviving financially in the sandwich generation
Change is inevitable, but not always pleasant. Pre-retirees are finding that they are not only supporting adult children (sometimes even grandchildren) but their parents as well, neither of which was planned for. There are some fundamental changes to the norms and values in society that are causing these changes. Youngsters are waiting longer to marry, but cannot necessarily afford to move into their own home – or would rather live ‘rent-free’ and spend their money elsewhere. Marriages are failing at an unprecedented rate, and these split families can often not go it alone on one income. The incidence of ‘single parents’ is at the highest level ever. There is also the demographic issue that retirees are living longer, often much longer than they ever have and their retirement funds often run out, so they have to fall back on their children for support.
What if your money disappears before you do?
It is wonderful that modern medicine not only saves many young lives that even 50 years ago would have been lost, but it is extending our life expectancy out into the nineties. Many of us can expect to see not our grandchildren grow, but our great-grandchildren too (unless the continued postponement of birth into the late thirties continues of course). For years financial planners assumed that most people would only live twenty years past retirement at age 65, but that is no longer true, and this assumption is now out by a good ten, if not 15 or 20 years (for people who are currently in their forties). This radical change in our reality needs a complete rethink when it comes to investing for retirement and how we plan for an income in retirement.
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