#241 - You Asked: Is Meaningful Work After 50 a Possibility or a Pipe Dream?
You Asked is back! On this episode of Retirement Answer Man, a listener asks an excellent question about ageism and whether it is possible to find meaningful work after 50. You may not have experienced ageism directly, but that doesn’t mean that it isn’t a problem. With the United States experiencing an increasingly aging population, there is a large percentage of the population over the age of 50 and that percentage will continue to increase. Listen to this episode to learn about ageism and what you can do to protect yourself against this form of discrimination. With the American population increasing in age, ageism is a problem Discrimination comes in all shapes and sizes and age is one of them. Ageism is discrimination that is specifically based on age, whether old or young. Finding a job after 50 can be a challenge. On average it takes someone over 55 3 months longer to find a job than a younger person. There can be all kinds of difficulties involved in trying to find work as an older person. An older person can be less likely to highlight all of the positives that they bring to the workplace. Listen to this episode to find out what you can do to be proactive about ageism and find or continue meaningful work after 50. How can you be proactive in protecting yourself against ageism? Some older individuals are less likely to highlight the amazing qualities they bring to the workplace. One way to ensure that you continue to stay employed is to make sure that you are appreciated in your work. Ensure that from an outward perspective people see all the good you do in your workplace. Another way to protect yourself is to expand your network to include those that appreciate you. Make sure that your resume and LinkedIn profile are always up to date. You will also want to continue your career development. This makes you more valuable to the company you work for. Listen to this episode to hear all the tips on how you can be proactive in protecting your future employment opportunities. What are the differences between a SEP IRA and a solo 401K? A SEP IRA stands for a Simplified Employee Pension plan. With a SEP IRA, you can contribute 25% of your total compensation up to $25,000. A SEP IRA is managed just like a traditional IRA. A solo 401k is a little bit different and you can’t have any employees with this 401k. It is like a regular 401k you in that you can make the typical contribution, but you can contribute up to $60,000. So you can defer a lot more with the 401k. If you are looking to shelter as much as you can then the 401k is a good idea. If you are a bit behind in planning then you may want to choose the SEP IRA. Listen to this episode to find out why. How can one learn about asset-based long-term care insurance? One listener asks about long-term care insurance. He would like to find an impartial website to learn more about it. There are two ways to buy long-term care insurance, you can either buy it as a rider to a life insurance policy or as its own separate entity. Unfortunately, everyone seems to have skin in the game so it can be hard to find an impartial source to learn more about long-term care insurance. If you sign up for 6 Shot Saturday, I’ll be sure to send you a link to what I have found. Listen to this episode to find out what I know about asset-based long-term care insurance. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [1:22] With the American population increasing in age, ageism is a problem [8:25] How do you fight potential agism? PRACTICAL PLANNING SEGMENT [15:57] What are the differences between a SEP IRA and a solo 401K? [20:33] Is meaningful work too hard to find after age 50? [24:55] Where can one find an impartial website to learn about asset-based long-term care insurance? THE HAPPY LAB SEGMENT [28:31] Never stop learning TODAY’S SMART SPRINT SEGMENT [30:02] What can you do to make yourself more marketable? Resources Mentioned In This Episode BOOK - Lynchpin by Seth Godin Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page