RABBI OF THE REEF

Wherever you go, no matter what the weather, always bring your own sunshine.

–Anthony J. D’Angelo

FOR MORE DAILY MEMES:

@GrowingBolder

'Peak 65' – What is it, and why it could change your retirement plan

The U.S. is facing the greatest retirement surge in its history. The population of older Americans is growing rapidly and living longer. America is quickly approaching a moment in time where there will be more people reaching traditional retirement age—age 65—than ever before.

This historic demographic milestone, coined Peak 65™, will take place in 2024, but its effects have been accelerated by the huge increase in Americans retiring early, by choice or due to layoffs during the pandemic.

Jason Fichtner, a senior fellow and head of the Retirement Income Institute at the Alliance for Lifetime Income, and Chief Economist at the Bipartisan Policy Center, says that the traditional three-legged stool which has provided retirement income security for generations— pensions, Social Security and personal savings—may not provide sufficient, reliable and protected lifetime income today and for future generations.

Why? Pensions—one of the three sources of guaranteed income—have basically disappeared, and the other, Social Security, only covers about 40% of the average person's pre-retirement income, leaving a large gap in income for millions of Americans. This serious issue requires the attention and collective action of everyone, including government policymakers, financial advisors, and retirees/ pre-retirees themselves. All must work together to ensure that Americans planning for retirement have the information and means they need to help maintain their standard of living once that regular paycheck stops coming.

Fichtner believes that a new framework is needed that focuses on how protected income, like annuities, can better prepare individuals financially and help them maintain their planned and preferred standard of living.

Among the many possible solutions, here are some ways Fichtner suggests you can play a more active role in addressing your retirement income needs.

→ SPEAK WITH A TRUSTED

FINANCIAL PROFESSIONAL

about the protected retirement income you'll need to help improve your retirement income security—like an annuity—and how it fits into your current financial plan. They can help you discover and implement solutions that will help you meet, and possibly surpass, your financial goals, and live the retirement you want.

→ LEARN ABOUT RECENT,

IMPORTANT PUBLIC

POLICY CHANGES

that are being proposed and/or passed by the White House and Congress and are intended to increase retirement security for Americans. For example, during President Biden’s campaign, he proposed expanding payroll taxes for those with income above $400,000 per year to help strengthen the current Social Security program. If the plan is implemented, it would generate more than $700 billion in revenue over a decade.

→ TALK WITH YOUR EMPLOYER OR HR REPRESENTATIVE

about the availability of protected lifetime income solutions as part of your workplace retirement plan. Thanks to the recent passage of the SECURE Act, adding annuities to your employer-sponsored retirement account is now a possibility and can help you feel more confident about having enough income to retire.

Rabbi of the Reef

Story by Bill Shafer | Photography by Mike Dunn

How Ed Rosenthal turned saving the ocean into a religious experience

We are all capable of doing so much more than we think. We can be the ones who light the spark of inspiration, we can draw attention where it is needed, and we can be the ones to affect change. The problem is that it can be difficult to know where to begin, even though the answer is often right in front of us. Instead of trying to reach out to everyone, sometimes it works best to simply reach out wherever we have connections and influence: to our friends, neighbors and community.

Growing up in the Midwest, Ed Rosenthal never saw the ocean until he was 12. He quickly fell in love. He was captivated by the wonders of the underwater world. But as he took in all the beauty, he could not help but also see the ugliness. His beloved oceans were being destroyed by people with their endless sources of pollution. It haunted him to the point that he knew he had to take action. Protecting the sea became his passion and his cause. He knew that to make a difference, he would have to reach out to others. This, he thought, was one of his strengths.

Rosenthal is a rabbi. And as a leader in the Jewish community, he thought maybe his congregation would help. After all, he is not the typical rabbi leading a typical congregation. As rabbi and Executive Director of Hillels of the Florida Suncoast, he leads a Jewish organization for college students in Tampa, Florida. If he could just find connections between the oceans and Judaism, he mused, perhaps he could inspire his students to become better stewards of the earth and better people. It turns out that his religion has a lot to say about our personal responsibility to protect the planet.