You’ve Saved For Retirement… Who Will Enjoy It?

couple on the beach
06 Nov 2017

If you’ve listened to one of our Radio shows, watched our TV show, or have attended one our retirement classes at the local junior college, you probably know a little bit about PII.  New people coming into our office are given a folder with our motto: “You’ve Saved for Retirement, Now Enjoy It!”  What’s the meaning behind that statement?  Let me tell you…

I really feel that our office is different from other financial service companies. We like it when people enjoy their money. Like our company President, Jeff Johnston always says, “you can’t take this stuff with you.” Where did our strong feelings come from?  Have a look at some of the data we have collected on “sudden wealth” and the behaviors behind the beneficiaries of “sudden wealth”:

1) “One in Three Americans Who Get an Inheritance Blow It” was an article published Sept 3rd, 2015 by MarketWatch. The article states that “one study found that one third of people who received an inheritance had negative savings within two years of the event (based on survey data from the Federal Reserve and a National Longitudinal Survey funded by the Bureau of Labor Statistics).”

2) A June 17, 2015 Money Magazine article entitled “70% of Rich Families Lose Their Wealth by the Second Generation” states that 78% of people feel that the next generation is not financially responsible enough to handle an inheritance.

Using data from a survey conducted by U.S. Trust to individuals with more than $3 million in investable assets, the article goes on to talk about the 3rd Generation of beneficiaries: “Generation Threes are usually doomed.” “Most of them have no clue as to the value of money or how to handle it” “It takes the average recipient of an inheritance 19 days until they buy a new car.”

You’ve done the hard part and saved the money, why not learn to enjoy it (within the context of your financial plan… of course).

Good Luck!
Jonas

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Jonas Everett

Jonas C. Everett is originally from Cedar Rapids, Iowa, where he still resides with his wife, JoDee, and daughters, Ella and Addison. He graduated from the University of Northern Iowa in 1993 where he majored in Communications. He has 22 years of experience in the investment industry and estate planning business. He is currently a Partner of “Premier Investments of Iowa, Inc.” Jonas is also the founder and creator of “Lighted Tunnel Succession Systems,” which can be found on www.lightedtunnel.com. The last 10 years, he has been in charge of mergers and acquisitions for Premier Investments of Iowa, Inc. In 2011, Jonas founded the National Association of Retired Insurance Agents, to help retiring insurance agents implement their own business succession plans.

His main focus is Estate Planning and Investments for Senior Citizens and Pre-Retirees, and he also specializes in Retirement Income. He is a speaker for the Cedar Rapids School Buddies Program for 5th and 6th Graders. In his free time he enjoys golf, reading, and spending time with family and friends.