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Hello Cami,
How do you know you are psychologically ready to retire? As a start, ask yourself four questions.
One, is your work meaningful?
If it is emotionally and psychologically fulfilling, if it gives you a strong sense of purpose and identity, then there may be a voice inside your head telling you not to retire yet. You may want to listen to it.
It can be tempting to see retirement as a “finish line”: no more long workdays, long commutes, or stressful deadlines. But it is really a starting line: the start of a new phase of life. Ideally, you cross the “finish line” knowing what comes next, what will be important to you in the future.
Two, do you value work or leisure more at this point in your life?
If the answer is leisure, score one for retirement. If the answer is work, maybe you need a new job or a new way of working rather than an exit from your company or your profession.
An old saying says that retirement feels like “six Saturdays and a Sunday.” Fantastic, right? It is, as long you don’t miss Monday through Friday. Some people really enjoy their careers; you may be one of them.
Three, where do your friends come from?
If very little of your social life involves the people you work with, then score another point for retirement. If your friends are mainly your coworkers, those friendships may be tested if you retire.
Creating a financial strategy for retirement is important. But there are also other important factors, including your physical health, your mental health, your relationships with family and friends, your travels and adventures, and your outlets to express your creativity. Building a life away from work can be a plus.
Four, what do you think your retirement will be like?
If you think it will be spectacularly different from your current life, ask yourself if your expectations are realistic. If after further consideration they seem unrealistic, you may want to keep working for a while until you are in a better financial position to try and realize them or until your expectations shift.
Ideally, you retire when you are financially, emotionally, and psychologically ready.
Why you are retiring is as important as when you choose to retire. When you are motivated to retire, you see retirement as a beginning rather than an end.
As always, we’re here to help you evaluate your options and see you through life’s big changes. Don’t hesitate to give us a call if we can help.
Sincerely,
Your Eagle Wealth Team
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East Coast Crab Cakes
Serves 6
Ingredients
Crab Cakes (serves 6)
2 eggs
2 to 3 Tbsp. mayonnaise
1 to 2 tsp. Dijon mustard
1 tsp. Worcestershire sauce
1 tsp. Old Bay seasoning
¼ tsp. salt
¼ tsp. freshly ground pepper
¼ cup celery, finely diced
2 Tbsp. fresh parsley, finely chopped
1 lb. lump crab meat
½ cup panko breadcrumbs
Canola oil (use enough to cook the crab cakes)
Tartar Sauce
1 cup mayonnaise
1½ Tbsp. sweet pickle relish
1 tsp. Dijon mustard
1 Tbsp. red onion, finely chopped
1 to 2 Tbsp. lemon juice
Salt and freshly ground black pepper, to taste
Directions
Crab Cakes
- Use a baking sheet and line with aluminum foil.
- Make the crab cake mix by combining the eggs, mayonnaise, Dijon mustard, Worcestershire, Old Bay seasoning, salt, celery, and parsley in a large bowl, and mix well.
- Before you add the crab meat, inspect it for any shells or sharp bits, then combine into the mixture. Add the crab meat and panko with a rubber spatula; gently fold the mixture as to not to shred the crab meat. Mix just until the ingredients come together – be sure that you don’t overwork the mixture.
- Shape the crab mixture into 6 crab cakes (each about ½ cup) and place on the prepared baking sheet. Allow the cakes to set in the refrigerator for an hour.
- Bring a large nonstick pan to medium heat and add canola oil. Once the oil is hot, add the cakes and cook each side until golden brown, about 3 to 5 minutes per side. Be careful as oil may splatter. Season the cakes with salt right when they come out of the pan and serve right away with tartar sauce and a squeeze of lemon.
Tartar Sauce
- Combine all of the ingredients in a small bowl and mix until it comes together. Keep chilled until ready to serve.
Recipe adapted from Once Upon a Chef [6]
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The Week on Wall Street
Stocks turned in a mixed performance last week as investors struggled with headlines suggesting that the Fed was unlikely to soon ease up on its current monetary tightening policy.
The Dow Jones Industrial Average slipped 0.13%, while the Standard & Poor’s 500 rose 0.36%. The Nasdaq Composite index picked up 2.15% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, gained 0.23%. 1,2,3
Showing Resilience
Ahead of Friday’s employment report, stocks were generally higher, highlighted by a Wednesday rally triggered by fresh earnings surprises and a better-than-expected economic report. The rally was especially notable because it occurred when multiple Fed officials said that the fight against inflation hadn’t ended, perhaps throwing cold water on the idea that the Fed might pivot due to weakening economic activity and the prospect of cooling inflation.
Aside from this single day of enthusiasm, markets were a bit jittery, especially as investors monitored Speaker of the House Pelosi’s visit to Taiwan. A robust employment report on Friday reinforced the idea that the Fed would likely stay the course on monetary tightening, resulting in a mixed market for the week.
Employment Report
The U.S economy added 528,000 jobs in July, doubling the consensus expectation of 258,000. The unemployment rate ticked lower, falling from 3.6% to 3.5%. Coincident with this job creation was strong wage growth, as average hourly earnings rose 0.5% in July and 5.2% from a year ago. 4
Leisure and hospitality, professional and business services, and healthcare lead the way in reported job gains, as seen in most sectors of the economy. Even sectors such as construction, particularly vulnerable to rising interest rates, saw job gains. The labor force participation rate moved slightly lower, slipping to 62.1% — its lowest level this year. 5
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THE WEEK AHEAD
KEY ECONOMIC DATA
Wednesday: Consumer Price Index (CPI). Institute for Supply Management (ISM) Services Index. Factory Orders
Thursday: Jobless Claims. Producer Price Index (PPI)
Friday: Consumer Sentiment
Source: Econoday, August 5, 2022
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
COMPANIES REPORTING EARNINGS
Monday: Dominion Energy, Inc. (D), Tyson Foods, Inc. (TSN)
Tuesday: Emerson Electric Co. (EMR)
Wednesday: The Walt Disney Company (DIS)
Thursday: Illumina, Inc. (ILMN)
Source: Zacks, August 5, 2022
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
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Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance
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1. The Wall Street Journal, August 5, 2022
2. The Wall Street Journal, August 5, 2022
3. The Wall Street Journal, August 5, 2022
4. CNBC, August 5, 2022
5. CNBC, August 5, 2022
6. https://www.onceuponachef.com/recipes/maryland-crab-cakes-with-quick-tartar-sauce.html
Disclosure: The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.
U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.
Please consult your financial professional for additional information.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security. Copyright 2022 FMG Suite.
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