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4 Ways To Reduce Risk In Your Retirement Plan

Many people are worried about their retirement from a money perspective. According to a survey by Transamerica, most workers think the financial challenges they'll face in retirement will be harder to overcome than those that prior generations faced.

The dwindling number of pensions, the uncertainty of Social Security and the volatility of investments give credence to workers’ concerns about the time when they’ll no longer be working. Even many of those with substantial nest eggs saved worry that those want be enough, with healthcare costs and increasing longevity also relevant worry factors.

Given that list of unknowns, protecting what you have, and doing so by reducing your financial risks, is crucial to reducing your money-related stress in retirement, says Richard W. Paul,  president of Richard Paul & Associates, LLC (www.rwpaul.com) and the author of The Baby Boomers' Retirement Survival Guide: How to Navigate Through the Turbulent Times Ahead.

“You leave behind the security of a monthly paycheck and hope that your savings will be enough to pay your monthly bills, but there are certainly many unpredictable events that could go wrong,” Paul says. “Two of the worst things you can do when retirement planning is to depend on luck and to not consider future adjustments in lifestyle. 

“You can have a good retirement with common-sense planning that takes risk out of the equation and puts more relaxing into the time you planned to do just that.”

Paul lists four ways to reduce financial risks in retirement:

• Don’t lean on equity funds. Leaving your retirement account in a heavy allocation to equity funds subjects your retirement to what Paul refers to as "luck of the draw," or investments being vulnerable to a bear market. “This is a common mistake,” Paul says. “The typical retiree spends their working years automatically investing a portion of their paycheck into their 401(k) or other retirement plan, but the problem is, they fail to make a change when approaching retirement. You want to reduce the risk of a major recession or lost decade ruining your retirement plan.”

• Factor in inflation. Inflation brings an especially adverse effect because it can erode the purchasing power of your savings. “In retirement planning, many don’t account for this, but the good news is inflation is not spread evenly among all types of expenses,” Paul says. “The costs of healthcare and rent tend to go up every year, but you can help bring other costs down, like entertainment. You can also keep some of your savings in investments that have historically kept pace with inflation.”

• Plan disciplined withdrawals and spending. Many studies of safe withdrawal rates assume a retiree spends annually 3 to 4 percent of the portfolio balance upon retirement. “But in the real world,” Paul says, “your spending will fluctuate, and you have the ability to decrease it when you need to. By monitoring your portfolio value and reducing your spending when market values take a dive, you can reduce your chances of spending down your savings too quickly.”

• Balance your portfolio. “You can’t assume a certain return amount on your portfolio every year due to the volatility of investment returns,” Paul says. “Reduce your risk by increasing the proportion of your portfolio that is invested in more conservative assets that are less likely to lose value. Add more predictable income streams, such as bonds.” 

“You want to exercise caution,” Paul says. “People are living longer and worrying more about their money running out. Protecting what they have requires careful planning well before retirement and paying attention to factors that require adjustments.”

About Richard W. Paul

Richard W. Paul is the president of Richard Paul & Associates, LLC (www.rwpaul.com) and the author of The Baby Boomers' Retirement Survival Guide: How to Navigate Through the Turbulent Times Ahead. He is a Certified Financial PlannerTM professional, Registered Financial Consultant, Investment Adviser Representative and an insurance professional holding life and health insurance licenses in Michigan and Florida.

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Our summer just got a lot more intense! We’ve been working for a few months on a deal to bring you what will be one of the biggest and most fun events in this facility’s history. It was tough to keep it under our hat, but now we can share the good news!

Nitro World Games Coming to UMC in September!

Nitro World Games 2018: The Next Evolution in Action Sports

One of the most exciting and unique events in this facility’s history will arrive on September 22-23 when the Third Annual Nitro World Games comes to Utah Motorsports Campus! Travis Pastrana and his team of maniacs are bringing the world’s most extreme show of stunts and tricks – with the addition of Nitro Rallycross, FMX Quarterpipe and the return of FMX Best Trick – to our little slice of heaven here in the Tooele Valley.
 
The full competition schedule will be released in the near future, but it’s going to be two days of the world’s best action sports. The Nitro Rallycross is going to be particularly cool, and the UMC staff has been working with Travis and Ken Block and their teams to devise the gnarliest, most insane rallycross course ever. We can’t wait, and we’re so stoked and proud to be able to bring events of this caliber to you! Tickets are on sale now, so make your plans. This is one you definitely are not going to want to miss!

Learn More about Nitro World Games

Next Month: MotoAmerica Superbikes Return!

We’re just under a month out from our first major event of the year, the MotoAmerica Championship of Utah on July 20-22. North America’s fastest bikes and riders duking it out on one of the country’s fastest tracks, lots of family-friendly fun for everyone! There’s a great title battle in the headline class shaping up between 2016 champ Cameron Beaubier and defending champ Toni Elias, and we have our home-team Rickdiculous Racing crew to cheer on. It’s going to be a biker’s paradise; don’t miss it!

Learn More about MotoAmerica Superbike Championship

The Action Doesn’t Slow Down in August!

As soon as the paddock clears from MotoAmerica, we’ll be starting to prepare for two more big events in August. The Pirelli World Challenge will be here August 10-12 with their amazing sports cars, followed two weekends later by the Lucas Oil Off Road Racing Series with their high-flying, 900-hp trucks on August 24-25.

Pirelli World Challenge Info / Tix

It’s going to be hectic, but don’t feel sorry for us: we live for this stuff! Come on; let’s go racing!

Lucas Oil Off Road Racing Series Info / Tix

Rodizio Grill: Brazil Say You Will!

If you haven’t tried the amazing Brazilian fare at Rodizio Grill onsite here at UMC, you have erred in your ways. Make it up to yourself at the earliest opportunity. Other tracks have “track food.” We have Rodizio Grill. Know the difference!

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3 Ways A Smile Can Shape A Child’s Outlook And Brighten The Future

The idiom “Don’t judge a book by its cover”  means you shouldn’t form an opinion about someone based on appearance or personality. Yet the reality is, much of society – from school to the business world – does just that.

This tendency can be particularly rough on a young person’s psyche – and future development – when classmates tease them about their looks. One of the top reasons students give for being bullied is physical appearance, according to the National Center for Educational Statistics. Studies show victims of this type of ridicule are often withdrawn and lack self-confidence, which can affect them well into adulthood.

“Children can be cruel to each other about appearance, and being the target of mockery or bullying leaves a real mark on on a child’s psyche,” says Dr. Kerry White Brown (www.whitebrownsmiles.com), an orthodontist and author of A Lifetime of Sensational Smiles: Transforming Lives through Orthodontics. “The pressure only gets worse as they get older; they’re less likely to participate, and that holds them back from realizing their true potential, both in school and out.”

Conversely, making improvements can enhance the story of one’s life. For example, losing weight or making cosmetic changes like straightening teeth often alters how we’re perceived and feel about ourselves. A Penn State University study found that people who smile more tend to be seen as more likeable and more competent, and an article in The Washington Post cited statistics that attractive smiles lead to higher-paying jobs and greater satisfaction in life.

“When you look at the research, a child that has a confident and consistent smile makes them a healthier person overall,” White Brown says. “They’re seen in a more positive light, versus someone who never smiles, and this can carry into their future prospects.”

White Brown gives three ways a smile makes your child healthier, which can lead to a happier adult:

• Lowers stress and anxiety. Smiling releases endorphins, the chemicals in your body that make you feel happier. “Kids with crooked teeth hide their smile or never smile, and often they’re bottling up stress,” White Brown says. “They become introverts. Being confident to smile relaxes them and gives them a new lease on life.”
• Strengthens the immune system. “The physical effects can’t be understated, and are all the more reason parents should make sure they have happy children who aren’t overly self-conscious or down about their appearance,” White Brown says. “It’s been proven that smiling helps your body produce white blood cells to help fight illnesses.” Hungarian health research teams studying smiles published evidence that sick children who were made to smile significantly increased their white blood cell count.
• Makes you more self-confident. “It starts with the fact that when you smile, others are more likely to smile back at you,” White Brown says. “It makes you more approachable, more likely to engage with others and grow in the process. That’s one reason some business people think a winning smile is as important to leadership as management technique.”

“How you feel about yourself isn’t just important when you’re a child,” White Brown says. “How you saw yourself then and how you see yourself as an adult can be linked, and it can impact your choices and options throughout your life.”

About Dr. Kerry White Brown

Dr. Kerry White Brown (www.whitebrownsmiles.com) is a 5-star rated orthodontist and the author of A Lifetime of Sensational Smiles: Transforming Lives through Orthodontics. A graduate of the Howard University College of Dentistry, she operates an orthodontics practice, White Brown Smiles, in South Carolina with five locations. Dr. White Brown is a member of the American Dental Association, the American Association of Orthodontists, and the South Carolina Association of Orthodontists.

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Sutherland to host Sen. Lee for public lands speech 
followed by panel discussion

 
SALT LAKE CITY — Today Sutherland Institute announced an event: “A Public Lands Discussion” with U.S. Sen. Mike Lee. Event details are listed below. Sen. Lee will be speaking on the impact of public lands on the state of Utah. A panel discussion and Q&A will follow his speech. Questions from the media will be permitted following the Q&A with audience members (approx. 2:15 p.m.). This event is by invitation only and is closed to the public. Invited attendees include county commissioners, state legislators, and other leading public-lands policy experts.  
 
From Sutherland President Rick Larsen:
“Sutherland is pleased to be an active voice in the debate about Utah’s public lands and to provide a platform for our elected officials,” Larsen said. “We recognize the unique challenges Western states face when it comes to public lands, and we look to elected leaders to address inequities ranging from lost tax revenue to the lack of local decision-making. While the recent reduction of two designated monuments is promising, we have yet to see an equitable and long-term solution. Sutherland supports local and state leadership committed to a more thoughtful process. We look forward to hearing Senator Mike Lee’s vision on this critical topic.”
 

EVENT DETAILS
 
*Questions from the media will be permitted following the Q&A with audience members*

 
WHEN: Friday, June 29, 1 p.m. – 2:30 p.m.

WHERE: 9th floor, Gateway Tower West, 15 W. South Temple, Salt Lake City (corner of Main Street and South Temple)

PANELISTS: 

• Celeste Maloy, Utah Association of Counties
• Megan Hansen, Center for Growth and Opportunity at USU
• Hannah Downey, The Property and Environment Research Center