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It’s time for families to get serious about the coming retirement and wealth transfer deluge by starting out simple: Have the conversation.
People are “too busy concentrating on the present,” Domain Money CEO Adam Dell told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (video above; listen below). “It’s easy to forget the future is coming, and you’d better be prepared.”
Thinking about how to live after retirement might not be the easiest feat during the daily grind, but a lot of baby boomers are soon going to be faced with reality. According to the Census Bureau, 1 in 5 Americans are expected to reach retirement age by 2030.
This age group is the first to face that milestone without cushions like full Social Security benefits and defined benefit pensions. Add on a lack of savings — for the 30.4 million Americans turning 65 between 2024 and 2030, more than half have assets of less than $250,000 — and the need to take retirement seriously becomes clear.
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“People don’t talk enough about money,” said Dell. “Within a family, the dynamics of the financial situation of your parents and their long-term well-being and the impact it’ll have on your life as they pass is something that people need to learn to talk about.”
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The looming $84 trillion wealth transfer from boomers to their offspring is also something families need to discuss sooner rather than later.
To avoid potential blunders and confusion, Dell suggests being up-front about how things stand financially. Taking steps now, like communicating whether there’s a will, who the estate’s administrator is, and where assets are held, can help in the long run.
Another potential “big miss” is tax implications.
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“Understanding what taxes will face the estate and how that impacts the assets at the end of the tax obligations” should be part of the conversation, Dell said.
Increasingly, more retirees are opting to spend more of their money on themselves, and family members need to be transparent with one another “so that you’re on the same page about what the expectations are and what’s reasonable and realistic to try and achieve.”
Dell, whose older brother Michael founded Dell Technologies (DELL), sees Domain Money’s mission as helping everyday consumers gain access to high-quality information, which is key when planning for transitions like retirement.
“You need a realistic plan and small incremental steps to take toward that plan,” he said. “Having that conversation earlier rather than later, especially as they age and their cognitive abilities decline, is a much better approach.”
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For more retirement tips, listen to Yahoo Finance’s Decoding Retirement podcast hosted by Robert Powell.
Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.
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Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.
Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.
James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”
Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”
Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”
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Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”
With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.
Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.
*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore
The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….
Dozens of protesters from the “Religious Zionist Reservists Forum” and the “Shared Service Forum” demonstrated Saturday evening outside the home of Finance Minister Bezalel Smotrich in Kedumim.
The protesters arrived with a direct and pointed message, centered on a symbolic “draft order,” calling on Smotrich to “enlist” on behalf of the State of Israel and oppose what they termed the “sham law” being advanced by MK Boaz Bismuth and the Knesset’s haredi parties.
Among the protesters in Kedumim were the parents of Sergeant First Class (res.) Amichai Oster, who fell in battle in Gaza. Amichai grew up in Karnei Shomron and studied at the Shavei Hevron yeshiva.
Protesters held signs reading: “Smotrich, enlist for us,” along with the symbolic “draft order,” calling on him to “enlist for the sake of the State’s security and to save the people’s army – stand against the bill proposed by Bismuth and the haredim!”
Parallel demonstrations were held outside the homes of MK Ohad Tal in Efrat and MK Michal Woldiger in Givat Shmuel.
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Representatives of the “Shared Service Forum” said: “We are members of the public that contributes the most, and we came here to say: Bezalel, without enlistment there will be no victory and no security. Do not abandon our values for the sake of the coalition. The exemption law is a strategic threat, and you bear the responsibility to stop it and lead a real, fair draft plan for a country in which we are all partners. It’s in your hands.”
