“I’m having the time of my life,” Mike Whalen beams, when I meet him at his restaurant in Ambergris Caye, Belize. “I’m still learning as I go, but what better place to do it than a tropical island? I live and work on ‘Coconut Drive’! How could I possibly have a single, solitary regret?” In July 2020, at the age of 51, Mike had reached a dire crossroads. He’d worked at AT&T in Oklahoma City for years, but after cutbacks...
One in five people have said they would leave planning their retirement until they were aged at least 60, a survey by Hargreaves Lansdown has revealed. Hargreaves Lansdown warned that leaving retirement planning so late could be dangerous for savers, cautioning that the later planning is left the less time there is to make up any contribution shortfalls, which may limit choices. The client survey, which was carried out in January 2022 and consisted of 400 customers, also found that a...
Chances are at some point in your retirement saving (or spending) life you’ve been asked a question or two about your appetite for risk. For a while, back in the era of Modern Portfolio Theory, the whole concept of “risk” and the investor was the cat’s pajamas. In the old days they even had entire questionnaires designed to extract this information from you without you knowing it. That is until it became clear those little quizzes had about as much...
By Huang Huaxiong, Moshe A. Milevsky & T. S. Salisbury (York University) Abstract: We solve a retirement lifecycle model in which the consumer's age does not move in lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate in chronological age, which one can think of as working with a clock that occasionally moves backwards in time. Our paper is inspired by the growing body of medical literature that has identified biomarkers of aging which --...
