Your life in retirement has the potential to exceed the life of your career Think about that That’s very different than the generations before us Having a plan — both a financial plan and a plan for how you plan to spend the next 30+ years — has never been more important People with a plan are not surprisingly significantly more satisfied in retirement, What does retirement mean for you, Depending on the person retirement is a word that can trigger positive or negative emotions Work as we know it can be complex and include long days travel and conflict It can also feed your soul with opportunities for accomplishment social interaction and financial benefit If you find work to be frustrating and stressful disconnecting from that experience can be a positive Conversely leaving a…, Transitioning to retirement can feel overwhelming without a plan, The transition to retirement has become even more complicated over the past couple of decades with the replacement of pension plans (which provide steady income for life by employee-funded deferred compensation plans (which place the risk of market volatility on the retiree Similarly the reduction in medical benefits and increased healthcare costs have left many retirees wondering how to manage…, 3 keys to achieving retirement satisfaction, Since the beginning of the pandemic a surge in the number of Baby Boomers announcing their intent to exit the workforce before age 67 has occurred (Baby Boomers are individuals who were born between 1946 and 1964 The exit of Boomers has been inspired by increased wealth through asset growth in businesses investments and housing Many individuals view the current environment as an opportunity to…, Planning, Research has shown thinking about retirement and engaging in planning positively impact retirement satisfaction 4  Retirement planning provides an opportunity to test financial readiness and consider potential life changes that can increase expenses Including trusted advisors in the process such as a financial planner or accountant can provide an objective voice and professional expertise as you…, Wealth and companionship, According to research individuals with higher income higher net worth and a spouse or partner are more likely to achieve satisfaction However even when controlling for income net worth and relationship status retirement planning does have a positive impact on life satisfaction in retirement 5  Research also indicates that retirement planning positively impacts satisfaction even in cases where…, Community and purpose, Although financial stability is an important factor in achieving retirement satisfaction research has shown that non-financial factors such as socialization community and individual purpose should also be considered, Considerations for a holistic approach to retirement satisfaction, Evaluate and organize personal resources (such as assets income savings Social Security Anticipate health care costs and resources such as Medicare supplemental insurance and long-term care Plan for the future cost of living and the impact of inflation Think about what creates meaning and purpose for you – What activities will provide you with joy and a sense of accomplishment Create a social…, Published January 2025, [1] http//www100yearlifecom/the-book/ [2 ] https//wwwforbescom/sites/bobcarlson/2019/02/21/the-one-factor-that-determine-if-your-retirement-will-be-a-success/sh=63eb37a46909 [3] https//wwwsciencedirectcom/science/article/abs/pii/S1057081099000360via%3Dihub [4] https//wwwsciencedirectcom/science/article/abs/pii/S1057081099000360via%3Dihub [5] https//wwwsciencedirectcom/science/article/abs/pii/…

Each new season brings the possibility of new adventures and milestones such as engagements children and grandchildren and career opportunities Although such events may be unforeseen at this time one thing that we know is we are continually moving towards the next stage of our lives For many it will be retirement which has the potential to be longer for us than past generations When the Social…, Given increased longevity and improvements in health today’s retirees have a greater number of lifestyle options that may be difficult to choose from Studies have shown that modern day retirees are seeking activities that they find fulfilling such as mentoring or starting a business versus activities that just fill their time during the day Although many look forward to a life of leisure and…, Define who you want to be in retirement, Mindfulness and reflection on the activities you like and dislike are helpful in forming a vision and setting goals to become who and what you want in retirement In our youth we spend time figuring out what career is right for us Similar thoughtfulness should be used as we prepare for increased longevity, Determine if your employer is open to new ideas, Is your employer open to you proposing new ways for you to add value on your terms There are cases where retired teachers have become tutors carpenters have become instructors and executives have taken non-profit assignments sponsored by their companies The opportunity to have the role you desire may have to be proposed by you, Consider volunteer work, If you are seeking volunteer work but are unaware of organizations that share your interests here are a few to consider, United Way of Metropolitan Chicago, You can use the volunteer portal to search for individual volunteer opportunities throughout Chicago neighborhoods, Cradles to Crayons,  (Chicago and , Bernie’s Book Bank,  (Lake Bluff Both of these organizations offer simple turnkey volunteer opportunities sorting and preparing donated goods in warehouse settings, Chicago Cares, This organization matches volunteers with opportunities to serve If you are looking to make a deeper dive via one-on-one mentoring , Chicago Scholars,  and , One Million Degrees,  are excellent options Your retirement can become the new adventure you’ve always dreamed of Its never too soon to start thinking about what your unique experience will be, Published January 2025, 1 http//www100yearlifecom/the-book 2 https//wwwprnewswirecom/news-releases/half-of-mature-us-workers-will-wait-until-at-least-age-70-to-retire-or-wont-retire-at-all-300432256html Some Mesirow employees serve on the non-profit organizations named here 

Having a baby is one of the most exhilarating and awe-inspiring moments in most people’s lives truly a time of profound emotion and personal joy However that joy also comes with additional financial complexities that can be dealt with by planning ahead Below are some planning tips to maintain financial stability for the expecting family  , Health insurance coverage , The most immediate expenses to address are the Medical costs associated with pregnancy Even with existing health care coverage these expenses can add up to quite a large out-of-pocket sum Having a child in 2024 differs by state but ranges between $6000 to over $13000 2   With the addition of regular insurance premiums and co-pays for prenatal check-ups the total cost can be unexpectedly high…, Create a “baby budget” , Once you understand the budget for medical you should begin to look ahead and plan for the one-time and ongoing costs with your baby Getting a grasp on what these expenses look like before your child arrives will help to ease this transition from your existing budget Below are just a few of the important considerations to make Maternity / Paternity Leave Check with your Human Resources department…, Create a Will    , While it isn’t pleasant to think about tragedies can occur to one or even both parents Ensuring that your child is protected in the event of an untimely death starts with having the proper legal documents in place  At the basic level you’ll want to create a will that designates a legal guardian for your child Doing so will guarantee your child will be cared for as per your wishes and avoid…, Life Insurance, Purchasing life insurance can help provide resources for your child in the event of the passing of one or both parents When deciding how much insurance to buy factors to consider include the loss of your income for 18-20 years covering outstanding debts such as a mortgage and the cost of college tuition just to name a few  , Disability Insurance, If an illness or injury prevents you from working for long enough your company may stop paying your income  Obtaining long-term disability coverage either through work benefits or on the open market can help to cover up to 60% of your income in such an occurrence This type of protection is especially important as the increased expenses associated with your child are often essential and cannot be…, Published  January 2025,  1  https//wwwnerdwalletcom/article/insurance/cost-of-raising-baby  2  https//wwwfoxnewscom/lifestyle/how-much-money-costs-have-baby-2024-report  3  https//wwwbankratecom/finance/credit-cards/summer-childcare-survey/  4  https//wwwforbescom/sites/andrewrosen/2023/02/16/the-secure-act-20-and-your-529-plan/sh=6217252b6a8b

Planning for retirement has become increasingly complex Individuals have been forced to take on more personal responsibility for their future due to the elimination of pension plans rising health care expenses and the anticipated increase in longevity However recent studies show that Generation Z is the most optimistic — even the recent ups and downs in the economy , Generation Z is defined as individuals who were born between 1995 and 2010 This cohort is currently between the ages of 15 and 30 and represents approximately 21% of the US population 1 Generation Z is the most racially and ethnically diverse of all of the generation groups and  believe  in an American Dream that includes retirement The thoughts of having a career owning a home and reaching other…, What makes the Generation Z cohort different and more hopeful , What makes the Generation Z cohort different and more hopeful According to generational expert Dr Candace Steele Flippin it may be due to their upbringing Generation Z’ers are the children of Generations X and Y who tended to let their children figure things out whereas Generations X and Y were raised by Baby Boomers who took more of a helicopter parenting approach and guided more of their…, How can we help, Every generation should want the one that follows it to make progress Generation Z’s optimism may be what is needed to help overcome retirement challenges in a rapidly changing world However members of this group still need help  Although Generation Z values education and has a wealth of information at its fingertips many of its members struggle to understand where or how to begin learning about…, Published February 2025, 1 https//wwwstatistacom/statistics/797321/us-population-by-generation/ 2 Generation Z Insights How the Next Generation of Investors Approaches Retirement Saving and More Morningstar 2020 https//wwwmorningstarcom/lp/generation-z-insights 3  https//candacesteeleflippincom/

If you have ever applied for a mortgage or financed a car you may have noticed that sometimes the interest rate being charged for the loan is relatively low and sometimes it is much higher Why, Interest Rates, An interest rate is defined as the cost of borrowing In the simplest form an interest rate will be quoted as a percentage of the value of a loan For example a $100000 loan with an annual interest rate of 5% will cost the borrower $5000 annually Interest rates play a part in almost all areas of our daily financial lives whether it is borrowing money to purchase a home in the form of a mortgage or…, What is the Federal Funds Rate, In the United States the Central Bank is known as the Federal Reserve (the Fed The Fed is an autonomous and independent institution separate from the executive and judicial branches of government For this article it is important to make the distinction between Congress’ power versus that of the Fed Congress directs Fiscal Policy (Ie taxes and government spending whereas the Fed oversees Monetary…, Published March 2025,