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Summer InSight: Retirement, Cash Flow, Loans and the Economy

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Summertime marks the mid-point of the year, so now is a good time to take a moment to check in on your full financial picture, including a review of your goals and progress you’ve made toward milestones. Statistics show almost four million Americans anticipate retiring in the next 15 years, and there are key considerations that can help anyone prepare, whether retirement is right around the corner or 20 years away.

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We encourage everyone to have a solid plan for retirement, which begins with understanding your core numbers: anticipated age of retirement, how much income you’ll need to maintain your current lifestyle after retirement, and the value of your assets and cash savings. Having a clear picture of your current and future states makes establishing priorities simpler. Keeping these numbers in mind as you make other financial decisions ensures your goals and choices remain in alignment.

While retirement planning is critical for your future, there will always be plenty of present-day matters to attend to. This issue of InSight covers several topics related to life events and the economy. Beth Brown, senior vice president and senior wealth advisor, discusses steps to consider when you are faced with an unexpected financial windfall to help ensure your plan supports your objectives. Shelly Addington, vice president and private banking client manager, provides an educational construction loan overview, including what you can expect from the process from start to finish. And KC Mathews, UMB Bank executive vice president and chief investment officer, delivers an economic analysis that covers the impacts of political and policy shifts.

For more details on these and other financial matters, read the full Insight issue or visit our Private Wealth Management page.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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Are you ready for retirement?

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It is anticipated that almost four million Americans will retire in the next 15 years, forcing many to face the question, “Am I ready for retirement?” As this growing number of Americans consider the next chapter in their lives, they are discovering a gap in their retirement plan.

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Retirement is one of the largest transitions a person will encounter in their lifetime, yet only one-third of Americans feel they are financially prepared. According to Mintel’s April 2017 Consumers and the Economic Outlook report, 11 percent of Americans nearing retirement age are preparing to look for new, higher-paying jobs as a way to improve their financial situation.

By proactively planning and establishing priorities in advance, individuals will be better equipped to have a successful transition into their golden years. Whether retirement is right around the corner or 20 years away, these key considerations can help establish a level-set for retirement preparation.

What’s your number?

First ask yourself “How much money do I need to live?” and “How much money do I have?” These questions can help establish a goal and define areas that should be closely analyzed. If financial gaps exist, assess and determine how to fill them.

It is important to consider the financial implications of several critical areas, including:

  • Average living expenses
  • Healthcare
  • Mortgage or rent
  • Property and other tax obligations
  • Charitable giving
  • Legacy considerations

How much and how long do you want to work?

Over the last 15 years, a shift has been taking place—it no longer has to be “all or nothing” when it comes to employment. More people are retiring in stages, or semi-retiring. Instead of completely stepping away from a career, they might transition out of a role slowly.

Additionally, many Americans are planning to work longer or stay involved in their businesses beyond what is considered traditional retirement. According to the latest data from the U.S. Bureau of Labor Statistics, almost 20 percent of Americans 65 and older are now working.

Think about where you would like to be on this spectrum to help determine when, and to what degree, your earning potential will change.

Establish priorities

If the priority is retirement, establish goals and create a plan first and foremost. Perform an in-depth analysis of the entire financial portfolio to assess total assets and decide if retirement goals are achievable. Determine if your portfolio assets can support your desired lifestyle during retirement. If a path to retirement is clear, then begin to think about secondary priorities; these could include leaving a legacy, charitable giving or the opportunity to travel more often. If the path to retirement isn’t clear or if financial assets come up short, consider putting off retirement for a few years, saving more money, adjusting an estimated living plan or reassessing assets.

Create a clear plan

Planning is the most important aspect of a successful transition into retirement. Planning early and reevaluating often is critical. One way to establish a sound financial plan is to work with a financial advisor, who can help you not only establish goals, but work to make them a reality.

Additionally, financial advisors can help counsel families where members may have different goals or considerations that need to be taken into account. They can help communicate each person’s unique goals and assist families in creating a shared plan that meets everyone’s needs.

Finally, they can also track your progress and help identify any changes you may need to make along the way.

For anyone considering retirement, asking the important questions, creating a strategic plan and consistently evaluating progress can help lead to a successful transition. Working with a financial advisor can alleviate questions and ensure that a plan is being considered from all angles, providing valuable support for this life transition.

Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story is our focus.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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UMB: Inspiration – Private Wealth Management

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UMB prides itself on being a financial institution with a heartbeat. We are passionate about what we do and want to share what inspires us.

Dana’s father inspired her to be a leader, her small business owner mother influenced her commercial banking roots and several mentors helped to shape her career. Hear more about what inspires the leader of our Private Wealth Management department.

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Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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Connecting: one of the keys to centered leadership

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UMB’s Dana Abraham spoke to the Saint Louis University Cook School of Business this week. Here is an excerpt from her talk.

Dana

The leadership model is advancing, and evolving into a better place than ever before.

What began as a specific push for progress among women in leadership roles spurred the study1 that formed “Centered Leadership” – a model that has served successful professionals around the globe. Common themes appeared in this study, and the data was later validated by a survey of 2,500 executives.

They called the resulting model centered leadership. It’s about having a well of physical, intellectual, emotional and spiritual strength that drives personal achievement, and in turn inspires others to follow.

One of the elements to this model is connecting.

Connecting: Identify who can help you grow, build stronger relationships and increase your sense of belonging.

People with strong networks and good mentors enjoy more promotions, higher pay and greater career satisfaction.

One thing that differentiates a leader from a manager is the leader’s ability to figure out where to go to get things done. In order to get things done, you need three types of essential networks.

1)     Work Resource – The people in this network assist you with projects and give you access to information and ideas.

2)     Personal Support: These are your personal counselors, your friends. They provide a safe place to vent.

3)     Career Support: These include your mentors, coaches and sponsors.

HOW to network –

  • First of all, don’t start with an actual networking event. Instead, work on meaningful encounters with others. For example, getting to know people by working with them on a committee or taking part in a shared interest.
  • Remember to give, not just take. Effective networks are earned. There is a need for reciprocity when people receive—they feel obligated to reciprocate. Focus on the value you add to others and what you bring to these relationships. Do you have expertise, a point of view from another generation, information, referrals?
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When I first joined UMB, I tried to connect with our largest and most profitable commercial banking clients. I needed to prove myself to these business partners. I laid out my service model, but didn’t have any referrals. It wasn’t until I first referred business to them that they saw the value I could bring. Today, commercial bankers are my leading sources of new business.

It’s also important to take a long-term approach. Build relationships before you need them so you can save time in the future.

What’s the difference between a mentor and a sponsor?

Mentorship is important to our personal development, but sponsorship will help us break through. A sponsor is willing to go beyond the role of mentor to stick out his/her own neck to create an opportunity for a protégée.

A mentor dispenses wisdom, while a sponsor gets involved. Sponsors believe in you, but mentors don’t always go that far.

I have been fortunate to have sponsors. My direct supervisor has put my name into the hat several times and has an interest in my personal development. I also have peers from other lines of business who I would view as sponsors—people who would recommend me for a project or development opportunity.

Networks are about reaching out, showing interest in another person, and offering help – a true key to professional growth. Authenticity matters, so develop an approach that fits your personality and style.

 

footnote
1 – A study was launched by McKinsey and Company to determine what drives and sustains successful female leaders – this was done to help younger women navigate the paths to leadership to learn how organizations could get the best out of this group of talented associates. This work was lead and later published by Joanna Barsh, Suzie Cranston and Geoffery Lewis. They interviewed 85 successful women from across the globe and in diverse fields.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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This February: Don’t be silent – GO RED

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Heart disease is the No. 1 killer of women and is more deadly than all forms of cancer combined. And, if that statistic isn’t startling enough, consider that heart disease causes one in three women’s deaths each year, killing approximately one woman every minute.

As the co-chair of the American Heart Association 2014 Go Red For Women Campaign, I am committed to educating as many people as possible about ways to reduce and end heart disease. 

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We all have women we hold close to our hearts. Whether it is a mother, daughter, wife, sister, cousin, or friend, they all deserve to know the life-saving knowledge about heart disease and how to prevent it. There are several false assumptions that people believe such as: heart disease is only for older people, it doesn’t affect women that are physically fit, and that it’s more of a ‘man’s’ disease than for women. The fact is that these are nothing more than myths.

This month, I’m asking all women and their loved ones to encourage each other to join the Go Red For Women movement. Started more than a decade ago, the Go Red For Women Movement has saved more than 650,000 women’s lives and counting. Raising awareness through participation in events such as National Wear Red Day®on February 7 is a great way to get the conversation going with those around you. In addition to that event, there are many ways to get involved – find out how here.

And finally, I encourage you to start the journey toward heart disease prevention and education with a focus on YOU first. Knowing your risk and practicing a healthy lifestyle are the first steps to becoming an advocate and an example for the cause. From there, you are set to begin adding to those 650,000 lives already saved. This is your call to action: Go Red!

 

ABOUT GO RED FOR WOMEN

The American Heart Association’s Go Red For Women movement has been impacting the health of women for 10 years. More than 650,000 women’s lives have been saved, but the fight is far from over. Now is the time to shout louder, stand stronger and demand change. It’s time to come together in a movement that is not just FOR women, but BY women. It’s time for women to Go Red. Visit GoRedForWomen.org for more information or call 1-888-MY-HEART. The American Heart Association’s Go Red For Women movement is nationally sponsored by Macy’s, with additional support from our cause supporters.

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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