Up & Coming Weekly

September 01, 2020

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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8 UCW SEPTEMBER 2-8, 2020 WWW.UPANDCOMINGWEEKLY.COM Preparing for the 'new retirement' submitted by DEBBIE BEST A generation or so ago, people didn't just retire from work — many of them also withdrew from a whole range of social and communal activi- ties. But now, it's different: e large Baby Boom cohort, and no doubt future ones, are insisting on an active lifestyle and continued involvement in their communities and world. So, what should you know about this "new retirement"? And how can you prepare for it? For starters, consider what it means to be a retiree today. e "2020 Edward Jones/Age Wave Four Pillars of the New Retirement" study has identified these four interrelated key ingredients, along with the con- nected statistics, for living well in the new retirement: Health — While physical health may decline with age, emotional intelligence — the ability to use emotions in positive ways — actually improves, according to a well-known study from the University of Califor- nia, among others. However, not sur- prisingly, retirees fear Alzheimer's and other types of dementia more than any physical ailment, including cancer or infectious diseases, ac- cording to the "Four Pillars" study. Family — Retirees get their great- est emotional nourishment from family relationships — and they'll do anything it takes to help support those family members, even if it means sacrificing their own financial security. Conversely, retirees lacking close connections with family and friends are at risk for all the negative consequences resulting from physi- cal and social isolation. Purpose – Nearly 90% of Ameri- cans feel that there should be more ways for retirees to use their talents and knowledge for the benefit of their communities and society at large. Retirees want to spend their time in useful, rewarding ways — and they're well capable of doing so, given their decades of life experi- ence. Retirees with a strong sense of purpose have happier, healthier lives and report a higher quality of life. Finances — Retirees are less inter- ested in accumulating more wealth than they are in having sufficient resources to achieve the freedom to live their lives as they choose. Yet, retirees frequently find that manag- ing money in retirement can be even more challenging than saving for it. And the "unknowns" can be scary: Almost 70% of those who plan to retire in the next 10 years say they have no idea what their healthcare and long-term care costs will be in retirement. So, if you're getting close to retire- ment, and you're considering these factors, how can you best integrate them into a fulfilling, meaningful way of life? You'll want to take a "ho- listic" approach by asking yourself some key questions: What do you want to be able to do with your time and money? Are you building the resources necessary to enjoy the lifestyle you've envisioned? Are you prepared for the increasing costs of health care as you age? Have you taken the steps to maintain your financial independence, and avoid burdening your family, in case you need some type of long-term care? Have you created the estate plans necessary to leave the type of legacy you desire? By addressing these and other issues, possibly with the help of a financial professional, you can set yourself on the path toward the type of retirement that's not really a retirement at all — but rather a new, invigorating chapter of your life. MONEY DEBBIE BEST, Financial Advisor at Edward Jones Investments. COM- MENTS? 910-488-7535 Retirees get their greatest emotional nourishment from family relationships. Sept. 3 - Hay St. Live with a French Twist Sept. 10- FTCC Hosts Virtual Lecture on Lafayette & The Antislavery Movement Sept 12 - Downtown Sidewalk Sale with Birthday Cake & Ice Cream ExplosivE Fun! at sEnd a soda bomb Family•FriEnd•ClassmatE•tEaChEr•nEighbor ALL TOGETHER Let's face it. No one has had it easy during this pandemic. Your newspaper is reporting from the front lines the local stories of COVID-19 and its painful shutdown. We thank our talented journalists. But we've lost business, too. Like us, you're probably saying enough is enough. Let's work together as businesses reopen. We've got the engaged audience to share your advertising messages. Our ad staff stands ready to help. Newspapers are your best investment because we care most about local. NEWSPAPER POWER. Print, Digital & Social Solutions for your advertisers. NOW. Design by Metro Creative Graphics, Inc. www.upandcomingweekly.com Design by Metro Creative Graphics, Inc.

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