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STRATEGIES TO MEET CHANGING RETIREMENT GOALS FROM PERSONAL FINANCE EXPERT MARY BETH FRANKLIN

January 21, 2022

The Covid pandemic has caused many of us to reassess multiple aspects of our lives: where we live and work, how we spend our time and money, and who we spend our time with. It has also had a big impact on retirement planning. According to a comprehensive study, first conducted in 2019 by Edward Jones and Age Wave and updated several times since, there are four pillars to a fulfilling retirement: health, family, purpose, and finances.

In the most recent survey, The Four Pillars of The New Retirement: What a Difference a Year Makes, here’s how retirees ranked the important elements to achieving what the study calls “optimal well-being”: 

  • 85% of retirees said having good physical/mental health was key 
  • 77% ranked having family and friends that care about me
  • 69% emphasized having a sense of purpose in life
  • …and 59% of retirees said being financially secure 

More emphasis on quality of life over financial success now permeates all adult demographics.  

Regardless of how we feel about our lives, the reality is financial security is an important element of achieving all of the other desirable goals, which is where this week’s guest.

She is retirement expert Mary Beth Franklin. Franklin is a certified financial planner, award-winning personal finance journalist, contributing editor at InvestmentNews, host of the podcast “The Retirement Workshop” and the social security expert author of the ebook Maximizing Social Security Retirement Benefits now available in its 2021 edition and soon to be published for 2022.

WEALTHTRACK Episode #1830 broadcast on Janurary 21, 2021

Listen to the audio-only version here:

Explore This Episode

We have compiled additional information and content related to this episode.

MARY BETH FRANKLIN

  • Retirement Planning & Social Security Expert
  • Contributing Editor, InvestmentNews
  • Author, Maximizing Social Security Retirement Benefits

LEARN MORE

The definition of a successful retirement and life, in general, has changed during the pandemic. A recent survey discovers just how much priorities have shifted.

Download:

The Four Pillars of the New Retirement: What a Difference a Year Makes 

An Edward Jones and Age Wave Study: June 2021

The lives of working women were hit particularly hard during the pandemic with consequences for their retirement security.  

Download:

Life in the COVID-19 Pandemic: Women’s Health, Finances, and Retirement Outlook

21st Annual Transamerica Retirement Survey of Workers: October 2021


ACTION POINT

CONSIDER HOW TO OPTIMIZE YOUR WELL-BEING IN RETIREMENT

  • THE FOUR PILLARS OF  A FULFILLING RETIREMENT:  
    • Having Good Physical/mental health
    • Having family and friends that care about you
    • Having a sense of purpose in life
    • Being financially secure

BOOKSHELF

Download the 2021 version of Mary Beth Franklin’s ebook, Maximizing Social Security Retirement Benefits for $29.95


ONE INVESTMENT

MAXIMIZE SOCIAL SECURITY

Social Security is “best and cheapest annuity”

  • Guaranteed, inflation-adjusted income for life
  • Learn strategies to get biggest benefits 


ARCHIVES

Mary Beth Franklin from the WEALTHTRACK Archives:


WEB EXTRA

PANDEMIC PLUSES

How has the pandemic changed your life? Personal finance expert Mary Beth Franklin cites an improvement and blessing.

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