General Body Meeting Today This Saturday!
Mark your calendars for our next General Body Meeting which is scheduled for this Saturday, December 10 at noon. This meeting will be held upstairs at the Lubo Wine Tasting room in Virginia Beach.
During the meeting, we will be discussing upcoming fundraisers, future social activities, and a potential community service activity. Our president will also provide more information on how we can fully take advantage of our new Chamber of Commerce membership...all while enjoying a delicious lunch/brunch at Lubo! Please plan to attend.
Jamestown Tour Making History Fun and Insightful
This past Veteran's Day (November 11), a couple of our brothers took advantage of the free historic Jamestown tour in Williamsburg. Brothers Christa Capone and Chris Stoney met around noon and completed a one hour guided tour of Jamestown. Afterwards, they stayed to enjoy the additional self-guided tour of the area.
Both brothers had a great time and mentioned that it piqued their interest and reminded them of field trips while back in grade school. There has been discussion that the chapter will search for other educational and/or historical activities and events for the future.
Toys for Tots Dinner
As the holidays draw near, the Hampton Roads Alumni Chapter would like to help bring a smile to the face of a child in need and will be participating in Toys for Tots.
Please mark your calendar and plan to join us for dinner at on Saturday, December 17. We will meet from 5:00 - 7:00 pm at Plaza Azteca located at 50 Hampton Roads Center Pkwy in Hampton (right across the street fom Sandy Bottom Park where we had our cookout).
Please bring an unwrapped toy that can be donated to Toys for Tots. We will collect the toys at dinner and our president will deliver them to the dedicated location. If you are unable to attend dinner on Dec 17, please feel free to bring your toy to the General Body Meeting on Dec 10 at Lubo.
New Text Message System
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Just a reminder that the Hampton Roads Alumni Chapter has found a new and improved system, but need you to opt in to continue receiving updates.
Please text HRACBro to 84483 to opt in today!
If you have questions about the new alerts, please contact Kim Green at email@example.com.
Retirement? Fat Chance, Say Millennials
by Dan Kadlec
The vast majority of young adults say they intend to work in retirement.
There was the buggy whip. Then the typewriter. Some say ATMs are doomed. Will retirement be the next staple of daily life to disappear?
The vast majority of millennials intend to work in retirement either for income, to keep busy, or to pursue a passion, according to a report from Merrill Edge. Millennials may perfectly turn the tables on the current crop of retirees, 83% of whom have never worked a day since calling it quits. Some 83% of today’s young adults say continued employment is baked into their plans.
Losing retirement would be a bigger disappearing act than losing the buggy whip and the like, for sure. Technology is not making retirement obsolete; low interest rates, lackluster savings and longer lives are the moving forces—and there is no easy answer. Nearly one in five millennials believe they must hit the lottery to retire in comfort, Merrill Edge found.
A difficult jobs market for young adults is part of the story too. Half of those ages 18 to 24 say they will need a side job to save enough, according to the report, based on interviews with “mass affluent” 18-to-34 year olds. Mass affluence is defined as having investable assets of at least $50,000, or at least $20,000 in investable assets with annual income of $50,000 or more.
Millennials have got the message on saving: They started younger than boomers or Gen X, and they are three times more likely to rank an employer’s retirement plan as the most important benefit, Merrill Edge found. They also have little faith in Social Security and would embrace mandatory savings plans.
However strong the savings message, though, there seems to be a disconnect between saving and saving enough. Three in four millennials believe they will need no more than $1 million to retire in 30 or 40 years. Yet even if inflation stays at a tame 2% the entire time, $1 million in 35 years will have the buying power of about $500,000 today. That’s probably not enough of a nest egg, given the soaring cost of health care and even longer lives in the future.
Planning to work past age 65 or even 75 is a key part of the solution. But not everyone can do that. Even if you can work that long, beefing up savings today will only help. A good target is saving 15% of pay each year. Consider starting by saving enough to capture the full company match in a 401(k) plan, and then opt to automatically increase savings by 1% or 2% of pay each year until you hit 15%. You may find that you won’t have or want to work forever.
Dan Kadlec is a journalist and author who has written extensively about baby boomers, personal finance, the economy and financial education for TIME, Money, CBS and USA Today among others. He has appeared on Oprah, CNBC, CNN, and all the major networks. (Article from TIME.)