Quick Hits: Fall Back | False Data | COVID Retirees

November 12, 2021

My 4 yr old: Dad why do we call it Fall?

Me: Because the leaves fall during this time.

4yr old: so everything dies and falls in fall?

Me: yes, kind of depressing, but it looks nice!

Me also thinking: (that’s super depressing, I need a better answer)

Here is why we call it fall instead of Autum – and It’s Day light savings time’s fault! Can we get rid of that already?

Have a great weekend!

Here are your Quick Hits:

With the amount of data and resources we look at on a daily basis, it’s important to know how someone can manipulate our thinking with their numbers!
The Cobra Effect:
- “Wells Fargo, in an effort to upsell existing clients, introduced an incentive called “eight is great”. In short, their employees were encouraged to sell eight accounts per customer, which could take the form of credit cards, savings accounts, and other financial services.
- In an example of good intentions gone awry, Wells Fargo employees began breaking the rules to meet their targets. Millions of unauthorized credit card and deposit accounts were opened based on this perverse incentive, and the bank was eventually ordered to pay a $142 million settlement.”

“The Covid-19 pandemic has boosted retirements among baby boomers, further straining the tight labor supply and leaving a hole for employers to fill.”
“The rising value of stocks, homes and other assets also has prompted a group of more affluent boomers to also retire earlier than expected, economists said. Other researchers believe the rise in the number of retirees is because fewer of them are re-entering the workforce.”

The pandemic has prompted 35% of Americans to change the age when they anticipate retiring, a recent survey from Northwestern Mutual found.
Of those respondents, 24% said they plan to retire later than they did before the pandemic. Meanwhile, 11% said they plan to retire earlier.
Those who put off their retirement date mostly said they planned to do so by three to five years, with 39% of respondents. However, coming in a close second, with 35% of respondents, was a timeframe of more than 10 years.

By the numbers: The Minneapolis Journey was the most well attended Journey since 2018!
If you missed it, make sure to block the time to watch the advisor that has the business nearest to the one you want to build!

“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”

Posted in Quick Hits