August, 2022 | Live a Life By Design

Where’d Everyone Go?

Posted on August 18, 2022August 18, 2022 by Shelby Heflin

From going out to eat to going shopping anyone can see that there is a shortage of workers. Everywhere you go the staff is shorthanded, yet the unemployment rate is the lowest it has been in two years. It is a no brainer that the employment rate has been so high due to the impact COVID had on the entire world but now that things have calmed back down and jobs were offered back, you would think those who lost their jobs would be scrambling to find work. Fortunately, they found a better and more convenient option.

Before COVID hit and left us all a mess, it was completely abnormal for most people to work from home. Waking up, getting dressed and commuting to your workplace was just the way of life and no one seemed to question it. That is simply how having a job had always been. When an unexpected pandemic hit the entire world, working from home became the new normal and now there is a large majority of the workforce that do not want to go back to the old normal. But can you blame them?

Working from home means staying in your own home all day, being able to use your own restroom and kitchen on breaks, and most of the time wearing comfy clothes. Many say they have been able to eat healthier since they have the resources to prepare their own lunch within minutes. Not only is it more comforting and convenient, but it also saves time and money. On average, working from home saves 40 minutes of a person’s day as well as a large amount of fuel since they do not have to commute. Many of those who remote work say that they are much more productive since there are not as many distractions at home. It can also make your work schedule much more flexible. With more time you can exercise, spend time with you family, and even catch up on housework. You can also work from literally anywhere!

One study found that post-pandemic, 35 percent of job holders in the United States were offered remote work full-time and 23 percent offered remote work part-time. Almost all of those who are offered the option, have chosen to take advantage of it. Only working remote part of the time could be great option for those who like the office scenery but not all the time since you get to experience in office days and enjoy your co-workers and getting out of the house, but you also get to enjoy the quiet days at home.

Working from home has not only helped employees, but it has also helped employers. Several employers have reduced costs since they no longer have a brick-and-mortar office. They cut the expenses of utilities, office rent or payments, and even office supplies. Most of them did not even endure the expenses of equipment for their employees since they already had equipment provided to them that they were able to take home. For those who do have to provide extra equipment, only endure the cost one time. With the expenses being lower it has allowed some companies to pay for their employee’s internet and phone, so the employee does not incur the charges themselves.

Next time you wonder “where did everyone go?” think about how many people found great jobs from the comfort of their own home. Although it may not be for everyone, there are many who enjoy the benefits of being able to work in their own space. Something that became so popular due to a worldwide pandemic has become one of the best things to some.

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The Millennial Perspective: Stop Treading, Start Moving

Posted on August 12, 2022August 12, 2022 by Ashley Stieb

How many times have you felt stuck in your position at work? Feeling like no matter what you do you won’t be offered a promotion, or you only receive raises a few cents at a time, if any. Don’t you dream about advancing your career and wonder what it’s going to take? Well, sometimes it takes a little pushing to achieve this goal. Millennials across the nation often feel this way and many of them are gaining the courage to stand up for what they deserve.

It is no secret that people are severely underpaid, especially with the current spike in inflation. However, this problem is a lot bigger than some may realize for Millennials. Our generation has grown up with a $7.25 minimum wage for most of our adult lives. We get hired for jobs making $10 an hour and it feels like it’s a great deal until it’s time to pay the bills. We find jobs that pay a little more and we still feel like we are living paycheck to paycheck. We get our college degrees because we are told that will help us get paid more, but even then, some are paid less than a cashier at Target or Walmart plus we now have student loans to pay off. So, we work hard in hopes that our hard work will be recognized and we can either advance our career to the next level or get a promotion. For many, this doesn’t happen. When you start to feel like you are treading water, it is time to start moving yourself in a forward motion.

Talking to your boss about a raise and/or promotion can be a very daunting task. You don’t want to upset or offend them and you don’t want to be rejected. However, in many cases, this is the only way you will see change. Our bosses aren’t mind readers. If they aren’t aware that there is a problem then how are they supposed to fix it? This isn’t to say that bosses shouldn’t be regularly reviewing our wages to ensure that we are being compensated fairly and competitively, but if things have always been done a certain way they may not see a need for change. It helps to present the issue with evidence. Gather what you can regarding your performance within the company. Proving your worth can not only give you a boost of confidence, but it can show your boss that you are confident as well. Oftentimes we work for larger businesses and it can be difficult to monitor individual employees. Research the fair market value of your job title and duties for your area. This aid can help them see what other businesses are paying employees in a similar position. It also shows them that you have other, more competitive, options should you find yourself in a position to leave.

Make sure that you schedule time to sit and discuss this issue with your boss. This should never be a topic that is sprung on them out of nowhere as they may also have materials that they will need to prepare. Always make sure you are going into these meetings with an open mind and be willing to compromise. You may not get the exact deal that you wanted, but even finding a middle ground is improvement. Regardless of the outcome, be sure to thank your boss for their time. Try not to become discouraged if there was no change made in the meeting and remember that you have done your research, you know your worth, and you have other options. Starting a new job is never easy, but you have to remember to do what is best for you at the end of the day.

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Lifetime Decisions on Social Security Benefits

Posted on August 1, 2022August 1, 2022 by Jimmy J. Williams, CPA/PFS, CFP®

Perhaps one of the “Top 10” retirement questions we receive is when to elect social security benefits. The question is one that is complicated to answer due to the fact that many unknown variables exist within this question. Just a few considerations are: 1) How long will I live? 2) How can I maximize my benefits? 3) What is the best strategy to gain the most household benefits?

Let’s tackle the first question since it is preeminent to the prediction of mortality. The answer to the question of “How long will I live?” requires greater analysis than a simple number presented as the target date. What age were your parents and grandparents at their deaths? Do you have any comorbidities or systemic health issues? What are your current cash flow needs? Are you married? Widowed? Do you have a dependent child that has been diagnosed special needs? All of these factors, and many more, give rise to a greater amount of analysis to properly estimate your date of filing for benefits.

According to the U.S. Centers for Disease Control, in a study published in 2019, men enjoy a life expectancy, at birth, of 75.1 years and women 80.5 years. Of course, these are averages and many of us will live to 100 years of age and beyond. Curiously, the projected ages for men and women declined in the past year by approximately 0.9 to 1.2 years. Was this due to the effects of the pandemic or is this a normal fluctuation of the population cycle?

The most important election many of us will make that has a lifetime impact is the election to receive social security benefits. Much confusion exists around the timing of this election. We highly recommend that each client examine their needs, lifestyle and circumstances when determining the filing date for benefits. For example, if your lifetime savings is not projected to meet your cash flow needs due to the lower returns from the current market cycle, you may wish to analyze the lifetime loss of SSA benefits by electing earlier than your Full Retirement Age (FRA). It is not ideal to make lifetime decisions based on short-term needs. For an individual who is age 62 and would reach FRA at age 67, if benefits are elected at any time from age 62 to 66 years and 364 days (provided it is not leap year), his or her benefits will be reduced permanently by 30%. Depending on your lifetime earnings report, this may be a significant loss of benefit.

Lastly, the best strategy for your household is to determine the ages of each spouse and then review the earnings reports for each by obtaining them on www.ssa .gov . If the higher earned benefit spouse were to delay benefits until reaching age 70, instead of claiming at age 67, a 24% increase in monthly benefits would be availed to the surviving spouse upon the death of the higher earner. The bonus earned by the higher-earning spouse is material in the fact that many spouses may live to be 90 years of age or more which allows significant time for the collection of the bonus payments. Upon the death of the higher benefit spouse, the survivor would “step in the shoes” of the deceased and receive their benefit (while forgoing the survivor’s original earned benefit).

It is critical that you make the best decision for your family. A proper analysis of the hundreds of options of benefit elections is necessary to give you confidence in this lifetime decision. If you wish to plan appropriately for your SSA benefits, contact a CERTIFIED FINANCIAL PLANNER^TM professional to assist you in this important lifetime decision.

Today is another 24-hour period for you to find gratitude and happiness. Spread your smiles to those around you and you will reap what you sow. I have a saying that may be appropriate – “If smiles were contagious, would you start a pandemic?” See you on the walking trail!