I thought I would be writing this a week earlier. Counting votes is proving to be problematic in many states, which doesn't bode well for an advanced republic such as ours. The Senate looks like the party with the majority before the election will continue to hold the majority. The House of Representatives looks like there is a chance for the gavel to change hands, but who knows when the final tally will be in for that. Wall Street likes a divided government, it means not much more damage to the economy can be done. But what does seem to be changing is some of the inflation numbers are coming down, albeit ever so little. The current administration announced after the mid-term elections were held that inflation would be with us for a while. I tend to believe that, especially with policies concerning fossil fuels. Higher fuel prices impact transportation costs which will keep groceries and gasoline high. Things that affect all of us every week. We will see elevated unemployment numbers going forward as companies pay closer attention to their balance sheets, and cutting employment costs will provide immediate relief.
As we enter this new era (for some, the rest of us have seen this before), people will rethink their retirement. It is a hard time to make a decision, especially if you don't have a plan. There is the possibility that you could fall victim to corporate cost-cutting and need to know what your options are. Or, you might be one of the lucky ones that survive the corporate employment cuts only to find out that you are now expected to do the work of two or three people at the same pay. I can speak from experience on the latter and tell you there is little solace in "at least you still have a job."
Having a plan can help you in all of these scenarios. We can even model what it would look like if you decided to work part-time or in a different or less stressful environment until you finally decide to stop working altogether. There are many possibilities, and we can help you find the one that works best for you. Call us at 256-417-4870, and let's talk!
Mike Mickels is the President of CochranMickels Retirement Specialists and an avid sporting clay competitor. CochranMickels Retirement Specialists provides personalized planning and investment services to individuals approaching and in retirement. They also provide retirement and benefits training to Federal employees. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc, a Registered Investment Advisor. CochranMickels and Cambridge are not affiliated.