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November 2 - November 23, 2015 10 Working World l WorkingWorld.com A s droves of baby boomers continue to enter retirement, a startling finding was reported this year: only 27 percent of them are confident that they'll have enough money to last through their retirement, according to an Insured Retirement Institute study. About 36 percent said they plan to retire at 70 or later, an increase from 19 percent in 2011. "As time marches on and boomers have other financial stressors, they're realizing that they need to really focus on strategy, which for many includes postponing retirement," says Joshua Mellberg, founder of J.D. Mellberg Financial (www.jdmellberg. com). "There are many financial products and strategies at one's disposal, but not all work for everyone. While the use of certain products for funding retirement isn't exactly a scam, some advisors have an interest in employing specific products for commission." If you are or like one of the many baby boomers lacking confidence in your retirement plan, do not get lost right away with complicated details; first, gain an overall perspective in what you expect and want in your golden years. Whether you're unsure as to how to begin retirement savings or you're seeking a better perspective, Mellberg offers easy-to-understand suggestions. • Set clear objectives. What are things that you need to do during your retirement (i.e.: maintain housing, pay utilities, etc.)? What do you want to be able to do during your retirement? What expenses other than the basics do you want to know you'll be able to meet? A fun way to start formulating goals is to consider what you need in a paycheck and what you want in a "playcheck." The paycheck is for all of the necessities: bills, food, etc. The playcheck is for what you'd hoped for in retirement: pursue hobbies, take vacations or, perhaps, give to charity. • Create your own income stream, or "personal pension." The sooner you address your potential income gaps and begin devising your personal retirement income strategy, the better off you'll be. Part of a personal pension strategy could involve anything from diversification of fixed income or investment vehicles to time-elapsed annuity laddering, blending all of those, or any number of strategies. • Better maximize your Social Security benefits. This is another strategy for creating that important personal pension. Currently, there are more than 567 different ways to claim your Social Security benefits. That means the room for maximizing what you'll receive is immense, but also that it is a deep and complex topic. While seeking help from a professional, remember that there are so many ways to maximize benefits. • Ask yourself, "What will common items cost in 15 years?" Consider inflation to be the "invisible tax" that demands accounting in your planning. For example, if you'd budgeted $10,000 worth of expenses in 2004, to cover those same expenses in 2014, you would need $12,569.24. If you don't factor in this "tax" of time, the differences in your budgeted items start to add up! ABOUT JOSHUA MELLBERG Joshua Mellberg is an Investment Advisory Representative and licensed insurance agent. He is a sought-after speaker on retirement income planning strategies who has been featured on CNBC, PBS and Yahoo! Finance. He was an entrepreneurial career started in high school when he managed his own lawn-care business. While in college at Western Michigan University, he ran an online collectibles business and four construction crews building lofts in college dorm rooms. After graduating with a business management degree, Mellberg began his financial career and quickly realized that certain financial products weren't optimal for every client. This prompted Josh to start J.D. Mellberg Financial (www.jdmellberg.com), where he vowed to always offer clients a wide array of proven retirement products and services to help protect and then manage their assets to fit their goals. FEATURE ARTICLE by Joshua Mellberg How to Separate Your Paychecks from Your Playchecks Avoid Retirement Complaints With 4 Tips For Perspective "As time marches on and boomers have other financial stressors, they're realizing that they need to really focus on strategy, which for many includes postponing retirement,