Hello:
In a world filled with self contradicting terms such as "Jumbo Shrimp" and "Audience Participation", what could a "Retired Employee" be? It could be the newest trend in hiring! The old adage that Hollywood calls the three stages of success as follows; First is: Who is John Doe? Then comes: Get me John Doe! Only to be followed by: Get me a young John Doe! Now the call from the human resources department might be, "Who is a good new employee?" or even "Get me a new employee!" but rather, "Get me a retired employee!"
A retired employee is a past employee rehired temporarily to work on a specific project. Someone with a bit a wisdom garnered from years of experience. Too costly, perhaps, to employ full-time during this slow economic recovery, but with necessary skills and abilities that are not available in the younger workers, yet.
Many of the 77 million boomers, born between 1946 and 1964, retired early. Some retired voluntarily and others were downsized or laid off. Now there appears to be a talent drought in the workforce. What to do? Bring back the boomers....on a temporary basis.
Are the retired employees willing to suit up and grab the briefcase again? As quoted in Investors Business Daily, Brad Lawson, CEO of YourEncore, says "Retirees return to work for three big reasons: 1. Stay Connected 2. Feel Intellectually Challenged and 3. Contribute and Give Back to Society" It surprised me that Mr. Lawson did not mention Declining Finances. Perhaps, in their more golden years, Boomers are finding other motivations besides purchasing power.
So, how do Boomers find these connections to temporary positions? Some apply directly. Other go through a placement firm such as YourEncore, Encore.org and many others.
YourEncore focuses on placing retired scientists, engineers, researchers and product specialists whereas Encore.org looks to place retirees and semi-retirees in the fields of health care, green industry, government, nonprofit organization management and education. Certainly a broad array of fields between even these two facilitators, so one could suppose that there are many areas of opportunity beyond being a greeter at the local Big Box retail store.
So perhaps Baby Boomers will choose semi-retirement over full retirement in order to remain current and connected. Maybe the call from the Human Resources will be, "Get Me a Semi-Retired Employee!"
Terri Millson, CIMA, CIMC
President, LPL Investment Consultant
Every bookstore has a section on "How-to" books. Everything from building a house to the perfect golf swing to the fine art of painting is covered in 10 easy steps.
I propose 10 Not-so-Easy steps to balance the Federal Budget. Since most Americans are upset anyway, why not go the extra step and balance the budget? Who is left who could get more distressed about the way our country has been managed over the past 20 odd years? As President Lincoln said, "You can't please all the people all the time." and certainly the polls show we are not pleased. So, federal lawmakers, what do you have to lose? You might as well enact some ground shaking legislation to get this country back on track, such as:
1. Freeze International Discretionary Spending -- At least require that all vacations that are partly or entirely paid for by the federal government be taken domestically. That way the taxpayer's money gets returned to the taxpayers.
2. Trim Defense Department Research Costs -- If you guys are really staring at goats -- then milk them! You would not believe what gourmands pay for Artisan Chevre!
3. Discontinue Foreign Aid to Emerging Growth Economies --- If their economy is growing faster than ours, then they should be paying us foreign aid!
4. Privatize NASA -- Turn the international space station into a casino and sell tickets to the rich and famous. The place to be seen will be in zero-gravity!
5. Privatize Education -- Can it get any more mismanaged than it is now?
6. Re-Privatize the Banks -- Maybe then they will start offering loans...but I digress.
7. Reduce Government Employee Benefits -- Have the public sector benefits match the benefits offered workers in the private sector -- Social Security and Medicare is a scary thought isn't it, Senator?
8. Continue to Raise the Age to Receive Full Benefits for Social Security -- We are all living longer and, thanks to the economy, working longer, so why not put off collecting social security by few years?
9. Privatize Federal Prisons -- If I can work 8-10 hour days, so can felons. (Oh, I will be getting lots of emails, cards and letters on this one!)
10. Return Congress to a Part-time Position -- That is what it was originally, and I still think it still is a good idea!
Well, these 10 steps would not be easy to enact, and as you might have already discovered, my ideas for balancing the Federal Budget should be taken with a grain of salt -- or should they?
Terri Millson, CIMA, CIMC
President, LPL Investment Consultant
Hello:
Should Superstar pro-golfer Tiger Woods consider a change in sports? Should he move from the driving range mats to a yoga mat?
According to the National Golf Foundation, the amount of golfers in the United States has dwindled by almost 10% in recent years (2009, 27.1 myn vs. 2005, 30.0 myn). However, it is a behemoth industry and, according to a report by SRI International for GOLF 20/20, the total size of the U.S. golf economy in 2005 was $75.9 billion. This figure includes $6.2 billion spent by golfers on golf equipment and other supplies.
But in terms of dollars spent on supplies (aka sponsorship income), yoga is not that far behind.
The 2008 "Yoga in America" study, released by Yoga Journal shows that Americans spend $5.7 billion a year on yoga classes and products, including equipment, clothing, vacations and media (DVDs, videos, books and magazines). This figure represents an increase of 87% compared to the previous study in 2004—almost double of what was previously spent!
At that growth rate, yoga dollars spent should pass golf dollars spent in the not so distant future. What might this mean about the average American? It could be that Americans are looking for an activity that they can do daily/weekly as opposed to weekly/monthly. Perhaps, as a whole, we are finally trying to ease into a healthier lifestyle? Maybe Americans living in multigenerational homes, a growing trend, are looking for activities that everyone can do together, without worries of complaints of boredom from the young paired with complaints of back pain from the not so young?
So should Tiger change sports and become the Bogie Yogi? Uuuuuuuummmmmmmm.
Terri Millson, CIMA, CIMC
President, LPL Investment Consultant
Hello:
When Warren Buffett, thought to be the second richest man in the world after Bill Gates, disinherited his three children of a substantial part of his wealth, one would have thought he was trying to teach them a lesson. In 2008 he was ranked by Forbes as the richest person in the world with an estimated net worth of approximately US $62 billion. In 2009, after donating billions of dollars to charity, Buffett was ranked as the second richest man in the United States with a net worth of US $37 billion with only Bill Gates ranked higher than Buffett. From a NY Times article: "I don't believe in dynastic wealth", Warren Buffett said, calling those who grow up in wealthy circumstances "members of the lucky sperm club".
So are Warren's three little tykes merely members of the privileged upper class? Were they born with silver spoons in their mouths? To the contrary, a little research uncovers that Warren Buffett's now adult children are very busy indeed, and not lay abouts. His daughter, Susie, the eldest, lives in Omaha and does charitable work through the Susan A. Buffett [Sherwood] Foundation and is a national board member of Girls, Inc. Howard Graham Buffett, the middle child, currently resides in Decatur, Illinois and operates a 1,240 acre family farm in Central Illinois. The youngest child, Emmy Award-winning musician Peter Buffett, has an acclaimed career that spans more than 28 years as a professional musician, composer, philanthropist and author.
So, it appears that the little Buffetts are quite productive members of society. What was Daddy thinking when he disinherited them. Is he the altruist's altruist? Despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away a large percent of his fortune to philanthropic causes, primarily via the Gates Foundation. However, with approximately $37 billion left, Warren and his second wife, Astrid, could have a whale of a good time and still leave plenty to the kids, not that they appear to need it, and they still appear to be pretty lucky!
Terri Millson, CIMA, CIMC
President, LPL Investment Consultant
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