Retirement Planning

Retirement InSight- September 2021


“Every laugh line, every scar, is a badge I wear to show I’ve been present, the inner rings of my personal tree trunk that I display proudly for all to see. Nowadays, I don’t want a perfect face and body; I want to wear the life I’ve lived.”

Since 2002, Americans aged 50 and older have been permitted to make annual “catch-up” contributions to popular retirement accounts – but according to Vanguard’s 2021 How America Saves report, just 15% of retirement savers do. One factor may be the limits on these contributions. Many pre-retirees who are old enough to “catch up” would like to contribute considerably more to their retirement plans, as they need to ramp up their rate of saving.

Proposed legislation making its way through Congress could allow people over 60 to make larger yearly catch-up contributions to some of the most popular types of workplace retirement plans. Essentially, there are variations of the same bill circulating in Washington. The Senate version would let those 60 and older make annual catch-ups of up to $10,000 to employer-sponsored retirement plans. The House version also has a $10,000 annual maximum, but the enlarged catch-ups would have to be after-tax contributions. An after-tax contribution does not reduce your current taxable income by an equivalent amount, but it may help reduce your income tax burden during retirement. With many seniors needing to save more – much more – before they conclude their careers or sell their businesses, any new laws allowing larger catch-up contributions could be a benefit.(1)

Think twice about playing from the toughest tees
Many golf courses now give you the option to play from four, five, or even six sets of tees, and the difference between the front tees and the back tees on a regulation course can be as much as 2,000 yards. Some golfers insist on playing from the back tees, which are usually intended for tournaments. If you have a double-digit handicap, this can be an ordeal. You will probably find yourself with a lot of long approach shots and carries and the frustrations that accompany them. You may enjoy the game more from the blue, white, or gold tees, post a better score, and play a much faster round as well.

Source:, August 16, 2021 (2)

For generations, teens in Europe have opted for a year off to adventure and see the world before starting their university educations – an interim commonly referred to as a “gap year”. It turns out some American seniors are also taking a “gap year” between full-time work and retirement, but instead of avoiding campus, they are using the transition to take advantage of expanded adult education at our own colleges.

There are some trends encouraging this, and one will not surprise you. The COVID-19 pandemic, according to a 2021 AgeWave study, has led an estimated 68 million U.S. seniors to adjust their exit dates from their careers, professions, and businesses. At the same time, universities are noticing that our country is growing older – by 2034, Americans aged 65 and older will outnumber children. Adult learning, sometimes offered at nominal cost, is aiding pre-retirees and new retirees with ambitions to work in a new way, start a business, or embark on an encore career. A “gap year” may be a useful life step to help them decide what to do next. (3)

The moon landing wasn’t fiction, but these famous statements are:
Courage and drama have been part of the story of the National Aeronautics and Space Administration (NASA) since its earliest days. When some Americans think of the space program, they think of great quotes such as Neil Armstrong’s famous 1969 moon landing declaration. They may also think of the 1970 Apollo 13 mission – Commander Jim Lovell reporting, “Houston, we have a problem”, and Flight Director Gene Kranz stating, “Failure is not an option.” In real life, though, Lovell and Kranz never made these dramatic remarks: they were invented by the screenwriters of the 1995 movie Apollo 13. (4,5)

Mr. and Mrs. Kelso have six daughters. Each daughter has a brother. So what is the minimum number of people in the Kelso family?

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1 – CNBC, August 5, 2021
2 – The Left Rough, August 16, 2021
3 – MarketWatch, April 7, 2021
4 – Good Housekeeping, August 12, 2021
5 – Forbes, July 23, 2021