Money in the Bank....

Over the next 20 years a record of $17 Trillion will move from pension and 401(k) accounts into the hands of new retirees.

The problem is that most recipients are not prepared for the change in landscape from accumulating and saving to spending.

Be careful: Many denizens of the deep out there are salivating at the idea of helping you determine how to spend it.

Probably the first thing that you will need to determine may be among the simplest, but the most daunting if you make the wrong choice, is to determine whether to take a lump sum distribution or payments over time.

Yours truly isn’t going to give you the answer, as everyone’s go-forward situation is different, but finding and cherishing a trusted CPA would be a good step in the right direction (and not one who also doubles as an investment advisor or money manager) – too tangled a web they have!

More later.

What are the top skills needed by the 30 largest Insurance Companies?

IBM and a company called skill proof analyzed all the job postings on the top insurance and financial company websites to see what skill sets are in high demand. The data will be used by colleges to help stir students interested in these industries to get the right education to get the jobs. The results of the survey show the following jobs are in high demand:

1. Actuaries
2. Accountants
3. Financial Analysts
4. Financial Brokers
5. IT

As an insurance recruiter, all of our clients are always looking for these types of backgrounds. If you are drawn to these types of positions, you will have a great career in the insurance industry.

You can view the article here:

Data Reveals Top Skills Employers Seek On Job Posts

Post by Roger Lear of Lear & Associates.com

Money in the bank

If you’re approaching, or are already in your 60’s, times and attitudes are changing.

Your highest income years are likely to still be ahead of you.

The Republican Party is asking us to hire a 72 year old CEO (President); Warren Buffet (77), Kirk Kerkorian (91), and Rupert Murdock (77), are the ones that Americans are listening to these days (they’ve been through many of these tough economic cycles before).

So have you!

As baby boomers age, so has the mystique of age also changed.

Forty years ago, the mantra was “don’t trust anyone over 30”...

Soon it may be “don’t trust anyone under 60”!

Harvey Dorland

Money in the bank

Instead of limiting your spending so you can save what is left, it’s suggested that you decide first what you’ll save, and then learn to live on the rest.

Here are some tips on how to live on the rest.

1. Stop trying to keep up with the Joneses.

2. Pay cash. Shopping with plastic profoundly affects your spending by as much as 50% by some estimates.

3. Trading an SUV for a hybrid can save you as much as $2,400 /year.

4. Stock up / buy in bulk when there are sales.

5. Eat more frequently at home.

6. Raise the deductibles on your insurance policies.

7. Save up to $800 / year by checking your tires inflation every month and by maintaining steadier and a little slower speeds.

Harvey Dorland

Money in the bank…

Your credit score can lower or raise your monthly payments on virtually every loan / debt / insurance obligation that you have.

Have you checked it lately? (Experian, Trans Union, and Equifax are the 3 major credit reporting agencies, and federal law allows you to get a free report from them once a year).

Potential employers often will consider your score when reviewing your credentials for a new position.

Most consider 850 as a perfect score.

Depending on the type of loan / debt / job that you have (or are seeking), a credit score in the 700’s will typically either save you money or help you procure that position you are seeking.

More later on how to raise your score.

Harvey Dorland

Is it better to be a specialist or a generalist?

From an economic standpoint, the specialist is typically remunerated 20% or more more then the generalist.

By specialist, examples would be a D&O underwriter or broker versus a package one.

Or an HPR engineer versus a middle-market all-lines one.

Or a pension sales person versus a life, health and disability one.

Or a large group person versus a small group or individual person.

But… there are downsides!

The more versatile a candidate is - the more positions there are available.

Some employers have begun, in the past, to bundle… for example… D&O into all professional lines, or, inland marine into fire and general liability, or, workers’ compensation with general liability and auto.

If you don’t know the other lines, your compensation / worth is lessened.

Networking

Several years ago I was the guest speaker at a luncheon for thirty or so risk managers.

One of the things we talked about was networking.

This, of course, was not during a period of possible recession, but the same principles apply now as they did then.

Everything I read indicates, other than through yours truly (of course!), that more positions are filled from referrals / people that you know, than any other source.

So…. If you have a network, strengthen it.

If you don’t, start creating one.

The time to do this is while you’re employed, not waiting until it’s too late to get it done effectively.