Category Archives: Retirement

A Jaws-Inspired Guide for GenX Women: Retirement as the Next Big Adventure 

by Maureen Demers on

This year marks the 50th anniversary of the iconic (and terrifying) Steven Spielberg movie “Jaws,” which made an entire generation of beachgoers look twice at the waves before diving in. If you were a kid when you first saw Jaws, you’re probably STILL a little bit scared of the water (but of course you’re not going to tell anyone that, because you’re part of fearless GenX). Now, the next “big one” that is looming on the horizon is retirement. There’s a lot to learn from Jaws about being ready before the moment bites (sorry, we had to). Here are some proactive steps so you don’t have to fear what’s below the surface and enjoy the waters ahead. 

A shark is breaching out of the water with his mouth open. The text reads: The budget for Jaws tripled...Don't let the plot twists of life take a bite out of your financial planning.

Jaws Lesson #1: Know What’s Lurking Beneath the Surface 

Just like the residents of Amity Island had to reckon with an unseen threat beneath the waves, retirement planning means looking beyond the obvious. As a busy professional, it’s tempting to think you have time to figure everything out. But most financial issues, just like that sneaky, hungry shark, swim beneath the surface until it’s almost too late. 

Just as Chief Brody iconically says “You’re gonna need a bigger boat,” GenX women approaching retirement are realizing they’re going to need a much larger nest egg than they may have previously thought.  

Don’t let hidden dangers (think taxes on retirement income, healthcare costs, or outdated business succession plans) threaten your peace of mind. Now is the perfect time to work with a financial advisor to audit your retirement accounts, investment portfolios, and business interests. Does your plan account for inflation, rising healthcare expenses, or shifting market conditions? Preparation is not about panicking. It’s about avoiding surprises. 

Jaws Lesson #2: Diversify Your Lifelines 

Remember how the town’s leaders ignored the danger presented by the shark at first, prioritizing short-term interests like tourism revenue? The character of Mayor Vaughn refuses to close the beaches, despite expert advice. Then, the town celebrates prematurely after catching the wrong shark. This made the threat even more severe when it finally surfaced. Only when they brought in shark hunter Quint and marine biologist Matt Hooper did they begin to address the issue.  Retirement readiness is similar, because a patchwork of savings and investments isn’t enough on its own. 

Ask yourself: Are your business assets working as part of your overall financial plan, or are they swimming in a separate lane? Have you built multiple income streams for retirement, such as a 401(k), IRA, taxable brokerage, real estate, or even passive income from your business? The women most ready for the next big adventure have a wide safety net—and an expert guide. Make sure you have your financial crew” in place: CPA, attorney, business consultant, and a financial planner who gets your professional, and/or entrepreneurial life.

Jaws Lesson #3: Don’t Go Swimming Alone 

In Jaws, it didn’t end well for the characters who swam solo. For GenX women, being self-reliant is a point of pride, but even the most capable executives and entrepreneurs benefit from a second opinion. This might mean reviewing your retirement withdrawal strategy, updating your estate plan, or creating a contingency plan should you need to step away from your business, temporarily or permanently. 

Have a conversation with your spouse, partner, or business partners about your plans. Ensure key people know where the life vests are, important documents, business succession plans, or legal directives. Collaboration isn’t a weakness; it’s wise.  

Chief Brody was a former New York City police officer who was afraid of the water. When the time came, he faced his fears and took action. So can you. 

Jaws Lesson #4: Be Adaptable and Plan Ahead 

The budget for Jaws tripled from $4 million to $12 million during the course of production, due to unforeseen challenges, largely presented by the director’s decision to film in the open ocean, instead of a tank on the studio lot. The weather was unpredictable, and the mechanical shark malfunctioned regularly, forcing the crew to adapt and improvise. (1) Unexpected setbacks can dramatically impact costs, whether you’re making a summer blockbuster or planning for your financial future. Prepare for the plot twists of life such as health expenses, career interruptions and market downturns. 

Jaws Lesson #5: Plan for Fun, Not Just for Safety 

Finally, never forget the bucket list part of retirement. Jaws may be about danger, but it’s also about the thrill of the ocean, and the power of nature. Your retirement years are about more than just avoiding risks. They should be the best years of your life, filled with exploration, relaxation, and a sense of accomplishment. 

What’s on your personal Amity Island itinerary? Extended travel, launching a new venture, philanthropy, or simply more time with family and friends? Get clear on your top priorities, and then build the financial strategy that makes those dreams a reality. Start by listing your must-do adventures, estimating the required resources, and working backward to set targets for savings and investment. 

Ready to Dive in?

The 50th anniversary of Jaws is a great time to check in on your own retirement plans. You don’t have to be afraid of what’s “out there”, not when you’re prepared, surrounded by experts, and clear about your own vision for the years ahead. This summer, poolside or on the waves, give yourself permission to dream big. Your next chapter deserves nothing less. 

Sources 

  1. https://www.forbes.com/sites/timlammers/2025/06/20/jaws-by-the-numbers-50-years-of-merch-media-and-money/ 

Flexible Paths to Retirement for GenX Women

by Maureen Demers on

Shaping Retirement on Their Own Terms

For GenX women, born between 1965 and 1980, the prospect of retirement is as varied and unique as the lives they lead. Many are balancing careers with caregiving roles, and family structures span married, single, divorced, and widowed individuals, who may, or may not, have children. Given this diversity in lifestyle and goals, traditional ideas about retirement may not quite fit.  

More GenX women are exploring what it means to shape retirement on their own terms. For some, this means a complete exit from the workforce at 65 or earlier. For others, staying engaged professionally, working part-time, or even launching a second-act career is more appealing. Whatever your vision, “retirement” isn’t a finish line you have to cross at a certain age. 

It’s a personal choice, based on a number of factors. 

Cassette tapes and Aqua Net, staples from another era…

The Shift in the Retirement Landscape

The default path is no longer working full-time until age 65 and then collecting a pension. Recent studies how that more professionals, especially GenX women, are rethinking not just when they will retire, but how they want to spend their later years. A recent report by Fidelity reveals that 53% of GenXers polled feel comfortable about retiring on their own terms, and about one third say they will likely continue working in retirement to supplement their income. (1)

There are several reasons for this shift. First, people are living longer and healthier lives, making the traditional notion of decades-long retirement feel less compelling. Many women find fulfillment in their careers or businesses and prefer to stay engaged in work that gives them purpose and connection. Financial realities also play a role, with long-term planning needed to navigate changing economic landscapes, healthcare costs, and evolving family priorities. 

Cool kids had Camaros…

Flexible Retirement Options

If you’re considering how to approach your own “retirement,” here are some flexible paths GenX women are pursuing: 

Phased Retirement: Instead of stopping work abruptly, some women choose to reduce their hours or responsibilities gradually. This can mean working part-time, consulting, or taking on project-based roles. It’s a way to maintain income and professional engagement, while gaining more free time for personal pursuits. 

Encore Careers: Retirement doesn’t have to signal the end of meaningful work. Many women use this stage to pivot into a new industry, start a business, or transition into non-profit or passion-driven roles. An encore career can bring renewed satisfaction and a sense of contribution. 

Sabbaticals and Downshifting: Perhaps you’d like to take a break before deciding what’s next. Sabbaticals, “gap years,” or simply scaling back for a while can offer time to recharge, travel, or care for loved ones without permanently leaving your career behind. 

Traditional Retirement on Your Timeline: For some GenX women, stepping away from the workforce remains the goal. That could mean retiring before, at, or after 65—whatever works for your life, health, and financial picture. 

Designing Your Path to Retirement

Begin by clarifying your personal and financial priorities, and asking yourself: 

  • What brings you fulfillment and joy? 
  • Do you want to keep a professional identity, or would you prefer to explore new interests? 
  • How do your family commitments and financial goals factor in? 
  • What’s your ideal mix of work, leisure, travel, and personal growth? 

With these answers, you can work with a financial planner to model different scenarios and create a flexible strategy. And you may change your mind as circumstances and desires evolve. 

Retirement Redefined

Retirement is not just about ending work; it’s about creating the next chapter in your life. Whether you continue to lead in business, pick up a passion project, or savor newfound freedom, you have the power to choose and revise your path. For GenX women, the future is flexible, and retirement can be too, with astute planning and guidance. 

Learn how we can help.

Authored by Maureen Demers CFP EA

Sources

  1. https://newsroom.fidelity.com/pressreleases/fidelity-investments–research–while-over-70–of-retirees-say-retirement-is-going-as-planned–confi/s/d9799b30-b28e-4b8b-842e-ca2d8fcd143d
  2. https://www.forbes.com/sites/melissahouston/2024/04/14/the-rise-of-women-entrepreneurs-gen-x-leads-the-way/

It’s Time to Review Your RMDs: Why You Should Act Now

by Maureen Demers on

When it comes to your retirement, there’s no time like the present to review your Required Minimum Distributions (RMDs). Whether you’re already in retirement or approaching it, taking the time now to evaluate your RMD strategy could provide you with more options than if you wait until the end of the year. So, let’s break down why it’s worth reviewing your RMDs today and how this simple step can have a big impact on your financial future.

What Is an RMD, Anyway?

Just in case you’re unfamiliar, an RMD is the minimum amount you must withdraw from certain retirement accounts each year once you reach the age of 73 (for those turning 73 in 2023 or later). These withdrawals apply to tax-deferred accounts like Traditional IRAs, 401(k)s, and other similar retirement plans. The amount you’re required to withdraw is determined by your account balance and life expectancy, which means the RMD amount can change over time.

Why Review Your RMDs Now?

You might be thinking, “Isn’t it enough to just take my RMD when the time comes?” The short answer is: no. By reviewing your RMDs periodically, you have a chance to align your withdrawals with your broader financial goals. Here’s what we’ll focus on in our review together:

  1. Is Your RMD More Than You Need? Sometimes your RMD may exceed the amount you actually need for living expenses. If that’s the case, you have a few options—whether it’s using that extra income in a tax-efficient way, or perhaps donating it to charity (which may even have some tax advantages). We’ll help you explore these options to make sure your RMD isn’t causing you unnecessary tax burdens.
  2. Other Accounts with RMDs If you have multiple retirement accounts, it’s important to check whether you’re meeting the RMDs across all of them. Different accounts might have different RMD schedules, and you don’t want to miss any of them. We’ll go over all of your accounts to ensure that every RMD is being satisfied appropriately.
  3. Tax Withholding Review Your RMD is considered taxable income, so we want to make sure your tax withholding is up to date. If your withholding isn’t accurate, you could end up with a surprise tax bill at the end of the year. We’ll check that your withholding is still aligned with your current situation, helping you avoid any surprises.

The Value of Regular Reviews

Reviewing your RMDs might feel like an inconvenient task, but in reality, it’s a powerful way to take control of your financial situation. By regularly checking in on your RMD strategy, you’ll better understand your options and how they fit into the plan we’ve created for you. A little time spent on this now can help ensure your withdrawals work for you in the most tax-efficient and financially strategic way.

Tools to Help You Get Started

To make this review process smoother, I’ve put together a few helpful tools:

  • RMD Strategy Checklist: This one-page guide outlines nine key considerations when reviewing your RMDs. It’ll help you spot opportunities to optimize your strategy.
  • Your Personalized RMD Report: Contact us for a report that includes specific details about your RMD and can help answer some of the questions on the checklist.

We’re Here to Help

While the checklist and RMD report will give you a great head start, we’re always available to meet with you in person (or virtually) to discuss your finances in more detail. After all, everyone’s situation is unique, and we want to make sure your RMD strategy works best for your goals.

So, let’s get ahead of this! By reviewing your RMDs now, we can create a smarter, more efficient plan that aligns with your overall financial picture. Reach out today, and let’s make sure your retirement strategy is on the right track!

Visions of Retirement: What’s Yours?

by Maureen Demers on

Welcome to the New Year! January is a time for fresh starts, setting goals and dreaming about plans for the future. Every year, I look forward to hosting a Vision Board party – a cherished tradition where friends and family gather for an afternoon of mapping out our hopes and aspirations on poster boards teeming with possibilities.

Creating vision boards with family & friends is a fun way to set goals and share plans.

Financial planners understand the that amid the aspirations of world travel and professional success lies a significant cornerstone – planning for retirement. It might seem far off for some, but the realities suggest something else. With the average life expectancy in the US hovering around 75 for men and 80 for women, according to the CDC (1), taking ownership of your financial future is imperative.

During our vision board sessions, seeing the diversity in people’s dreams is illuminating. Some friends envision their businesses reaching new heights, because they’re planning on working for quite some time, even though they may be closing in on traditional retirement age. Others imagine a post-professional life in exotic locales, both home and abroad. These varied dreams both require a thoughtful approach to financial planning.

When it comes to statistics about life expectancies, there are, of course, wide fluctuations impacted by varying contributing factors. They are still useful tools for reminding us about the timelines we may have to enjoy the fruits of our life-long labors. These numbers also signify the importance of health (2) in the equation of life planning. Some of the vision boards include goals of daily meditation, committing to fitness routines and adopting healthier eating habits; all crucial aspects of enjoying our later years.

Prosperity and abundance themes are also vision board staples. Moving beyond these broader themes is really important. When it comes to your retirement, think about what you truly want it to include. Embracing financial planning as part of your annual goal-setting can transform your January dreams into reality. Every small step you take today is a gift to your Future Self. Here’s to vision, preparation and beautiful years ahead.

 

Authored by Maureen Demers, CFP, EA

Sources:

(1) https://www.cdc.gov/nchs/fastats/life-expectancy.htm

(2) https://www.hopkinsmedicine.org/health/wellness-and-prevention/its-never-too-late-five-healthy-steps-at-any-age

 

Counting Blessings: Leveraging Gratitude to Enhance Your Financial Well-being

by Maureen Demers on

As Thanksgiving approaches, it’s a natural time to reflect on the many blessings in our lives—family, friends, health, and the experiences that have shaped us. But have you ever considered how cultivating gratitude can also enhance your financial well-being? Embracing a mindset of thankfulness (1) can positively influence your financial decisions, reduce stress, and lead to a more fulfilling journey toward retirement. 

Reflecting on Your Financial Accomplishments

First and foremost, take a moment to appreciate how far you’ve come. You’ve worked hard to build your career, whether climbing the corporate ladder, running a successful business, or mastering a skilled trade. Along the way, you’ve made thoughtful decisions that have led to accumulating significant assets. Recognizing these achievements isn’t just a feel-good exercise—it reinforces the positive habits (2) and choices that have contributed to your success. 

Consider these steps to reflect on your financial journey:

  • List Your Milestones: Write down significant financial achievements, such as paying off a mortgage, reaching a savings goal, or investing in education. 
  • Celebrate Successes: Acknowledge the discipline it took to save diligently or invest wisely. 
  • Appreciate Growth: Recognize how your financial decisions have provided stability and opportunities for you and your loved ones. 

By appreciating your progress, you’re more likely to continue making prudent decisions that align with your long-term goals. 

The Impact of Gratitude on Financial Decisions

Gratitude isn’t just about acknowledging the good—it’s a powerful tool that can shape your financial behaviors: 

  • Reduces Stress and Anxiety: Focusing on what you have rather than what you lack can alleviate financial stress, leading to clearer thinking and better decision-making. 
  • Promotes Mindful Spending: A grateful mindset can curb impulsive purchases, as you’re more content with your current possessions and less swayed by fleeting desires. 
  • Encourages Generosity: Gratitude often inspires giving back, which can enrich your life and provide tax benefits when integrated into your financial plan. 

In essence, gratitude shifts your perspective from scarcity to abundance, enabling you to make financial choices rooted in confidence rather than fear. 

Practical Ways to Cultivate Gratitude in Your Finances

Incorporating gratitude into your financial life doesn’t have to be complicated. Here are some practical strategies: 

1. Gratitude Journaling: Dedicate time each week to write down aspects of your financial life you’re thankful for. This could include a stable income, supportive colleagues, or the ability to invest in your future. 

2. Mindful Budgeting: Approach your budgeting process with appreciation. Instead of viewing it as a restriction, see it as a tool that empowers you to allocate resources toward what truly matters. 

3. Regular Reflections: Schedule periodic reviews of your financial plan. Use this time to acknowledge progress, reassess goals, and adjust strategies as needed. 

4. Express Thanks: If you’ve received valuable advice from mentors or professionals, take the time to thank them. Building strong relationships can open doors to new opportunities. 

Leveraging Gratitude for Retirement Planning 

As you think about retirement, gratitude can play a significant role in shaping your plans: 

  • Clarify Your Vision: Reflect on what you’re grateful for to identify what you want your retirement to look like. Perhaps it’s more time with family, travel, or pursuing a passion project. 
  • Set Meaningful Goals: Align your financial goals with your values. If you’re thankful for community, consider how your retirement planning can include philanthropy or volunteerism. 
  • Stay Motivated: Appreciating your past achievements can motivate you to stay the course with saving and investing, even when faced with market fluctuations or economic uncertainties. 

Appreciating the Journey Ahead

While it’s important to acknowledge past successes, gratitude also extends to embracing the journey ahead: 

  • Seek Professional Guidance: Collaborate with trusted advisors who can help tailor a retirement strategy that fits your unique needs and aspirations. 
  • Cultivate Well-being: Recognize that financial health is closely linked to overall well-being. A balanced approach that considers physical, emotional, and financial wellness leads to a more satisfying retirement. 

Gratitude is more than a seasonal sentiment—it’s a powerful mindset that can enhance every aspect of your life, including your finances. By consciously appreciating your financial journey, you’re better positioned to make wise decisions that reflect your values and support your long-term goals. 

As you gather around the table this Thanksgiving, consider not just the blessings of the past but also the opportunities of the future. Embrace gratitude as a tool for financial well-being, and watch how it transforms your approach to wealth, retirement planning, and beyond.  

Remember, you’re not alone on this journey. If you’d like personalized guidance on aligning your financial strategies with your aspirations, I’m here to help. Together, we can create a plan that reflects both your gratitude for the present and your hopes for the future. 

Authored by Maureen Demers

Sources: 

  1. https://www.health.harvard.edu/healthbeat/giving-thanks-can-make-you-happier 
  1. https://www.forbes.com/sites/womensmedia/2024/07/04/5-proven-strategies-for-building-positive-new-habits-in-business-and-life/

How to Roll 401(k)s from Former Employers

by Maureen Demers on

Maximizing Your Retirement Strategy for GenX and More

In the era of mixtapes and MTV, you mastered the art of the rewind button while wearing neon-colored clothing and jelly shoes. Of course, you rocked a scrunchie and knew your way around a can of Aquanet. Fast forward and here you are enjoying the bold strokes of professional success including homeownership, a savings account and perhaps a number of 401(k)s from your greatest hits list of different employers. As you stand on the cusp of new transitions, envisioning a retirement that rocks as hard as your favorite tune from Duran Duran or Bon Jovi, it’s essential to make sure that every piece of your financial portfolio is tuned to perfection.

The Importance of Rolling Over 401(k)s

Your 401(k) accounts from previous employers represent valuable assets that can significantly impact your retirement nest egg. By consolidating these accounts into a single, cohesive retirement plan, you gain greater control over your investments, streamline portfolio management, and potentially reduce fees—all essential components of a robust retirement strategy. Let’s not sidestep these sleeper hits!

How to Execute a Rollover

  1. Assess Your Options: Begin by assessing the status of your 401(k) accounts from former employers. Evaluate the investment options, fees, and performance of each account to determine whether a rollover is warranted.
  2. Select Your IRA Provider: Choose a reputable financial institution to serve as the custodian for your IRA. Consider factors such as investment options, fees, and customer service quality. Vanguard, Fidelity, and Charles Schwab are renowned choices known for their stellar offerings.
  3. Initiate the Rollover: Contact your chosen IRA provider to initiate the rollover process. They will guide you through the necessary paperwork and facilitate the direct transfer of funds from your former employer’s 401(k) accounts to your new IRA.
  4. Review and Adjust Investments: With your rollover complete, review your investment options within the IRA. Consider your risk tolerance, financial goals, and retirement timeline when allocating your assets. Regularly monitor your portfolio and adjust as needed to stay on track.

Benefits of Rollovers

  • Consolidation: Consolidating multiple 401(k) accounts into a single IRA simplifies portfolio management and enhances visibility into your retirement savings.
  • Greater Control: IRAs offer a broader range of investment options compared to many employer-sponsored 401(k) plans, allowing for more tailored investment strategies.
  • Cost Savings: IRAs often feature lower fees and expenses than 401(k) plans, potentially increasing the growth of your retirement assets over time.

What to Consider Before You Roll Over Your 401(k)

  • Loan Provisions: Evaluate whether you may require access to funds through loans in the future. While some 401(k) plans permit loans, IRAs generally do not offer this option.
  • Early Withdrawal Penalties: Be mindful of potential penalties for early withdrawals from IRAs before age 59½. Some 401(k) plans offer penalty exemptions for certain circumstances, such as first-time home purchases or educational expenses.

Turn up the volume on dormant accounts to ensure your retirement plan is as harmonious as the melodies of Rick Astley and make sure that you never give up (sorry, we had to!) the opportunity to optimize your retirement strategy. By consolidating these assets into an IRA, you gain greater control, streamline management, and potentially reduce fees, setting the stage for a more secure and comfortable retirement.

To learn more, contact mdemers@demersfinancial.com.

Life Insurance vs. Roth IRA for Retirement

by Maureen Demers on

Mark Fitzpatrick of MoneyGeek.com recently asked about insurance vs. Roth IRA for retirement. Here’s what I shared with Mark:

Our research indicates some consumers are considering whether to fund a Roth IRA or permanent life insurance to plan for retirement. Why might they be making this comparison?

The Roth is a retirement account specifically designed for retirement savings; alternatively, life insurance provides income to dependents in the event of your passing.

How do the contributions and contribution limits for a Roth IRA compare to premium payments for life insurance?

In this scenario, one would be comparing apples to oranges. I would encourage consumers to first determine their goals and then find the right tools to accomplish them. Both are useful in the right context, but I would not necessarily promote the use of life insurance for retirement unless there was a compelling reason.

For the typical consumer who’s not eligible for a Roth IRA, but isn’t ultra wealthy, how would you recommend they employ these products? Would you recommend one over the other or some usage of both?

Most consumers have employer-sponsored retirement plans, so if they cannot contribute to a traditional IRA or Roth, they will have some plan available to them.

You can also view the article here.