PHILADELPHIA, PA, August 24, 2013 /24-7PressRelease/
-- As a financial service professional and veteran of the banking industry, Robert Karofsky
has spent his career offering a variety of financial advice and guidance to his clients. Among this financial guidance is his retirement planning services, which help those clients approaching retirement age or younger plan for how they are going to take care of themselves after they finally retire from their careers and their working lives slow down.
Except, more and more these days, retirees are not actually slowing down after retirement. A recent article from the Huffington Post
explains that retirees from the Baby Boomer Generation who are just now reaching their 50s and 60s are not taking the traditional route of retirement and going off to sit idly in their homes or retire to a golfing community somewhere. Rather, says the article, these 80 million or so retirement age individuals are trading in relaxation for big life plans.
According to the article, those individuals aged 55 or older are the fastest growing demographic today of new entrepreneurs, meaning that many retirees are moving out of their old jobs only to start up brand new ones with themselves at the helms. Many retirees are also going back to school, getting into politics, and travelling the world, the article claims. All in all, trends point to retirees remaining just as active, if not more so, after their retirement as they were before, even if they switch gears.
This change of preference from idle living to continued activity can naturally have a significant impact on an individual's retirement fund planning. "The whole idea behind retirement funds is that you still have a source of funds to rely on even after you are no longer capable of making money yourself," explains retirement planner and financial advisor Robert Karofsky. "However, if you continue with activities that bring in an income - investing, entrepreneurship, or whatever else it may be - then your retirement plan changes drastically."
Karofsky still advises those individuals who plan to keep going in business ventures after their retirement not to neglect retirement planning entirely as, he says, everyone does eventually slow down, even if it takes some people longer than others. Still, he says, "In general, the longer you plan to bring in an income, the less you have to worry about squirreling away immediately."
This trend toward active retirement has the Huffington Post questioning whether a new phrase should be adopted to describe the time of life. "Retirement," says the article, brings to mind ideas of uselessness or of value being long past. Instead, it recommends such new phrase ideas as Life 2.5, Next Act, and Encore.
"Whatever people call it," says Robert Karofsky, "the important thing is that they plan for it accordingly, whether that plan involves living comfortably off of a retirement fund or jumping straight back into business with a renewed vigor."
Financial services industry veteran Robert Karofsky
has worked throughout his career history for a number of high profile banking organizations as both a trader and an analyst. In addition to his work in banking, he is also dedicated to providing his clients with financial advice and lessons in financial literacy, including such areas as retirement planning and investment portfolio management. Karofsky also does a lot of work as a philanthropist, supporting and advocating for a variety of organizations such as the Ronald McDonald House, St. Jude Children's Research Hospital, the Columbia Presbyterian Hospital Memorial, and Sloan-Kettering. He is also a passionate sportsman who enjoys skiing, snowboarding, and golfing in his spare time.