The weekly email that keeps you up to date on exciting Retirement topics in an enjoyable, entertaining way for free.

Special Announcement

Novus Financial Group is in the process of scheduling its first In-Person seminar of 2024. The topic of the seminar is Estate Planning and our special guest speaker is Lori Posani of the Posani Law Office (https://www.posanilawoffice.com). The seminar will be held in Columbus, OH. Stay tuned for more information on the agenda and how you can reserve your seat(s).

AI & Job Trends in 2024: Navigating the New Employment Landscape

by Eric Seyboldt

If you've been keeping an eye on the job market because you’re trying to figure out how to plan the last 10 years of your career, or you’re already retired and you are considering working part-time for some extra cash, you've probably noticed a buzzword that keeps popping up: Artificial Intelligence (AI). It's 2024, and AI is not just a sci-fi fantasy anymore; it's real, it's here, and it's reshaping our job landscape. So, let's chat about how AI might lead to job losses this year and what that means for the U.S. economy.

First things first, it's crucial to understand that AI isn't some malevolent robot out to steal our jobs. It's a tool, and like any tool, it's all about how we use it. But, the truth is, certain jobs are more vulnerable to AI and automation. We're talking about roles that involve repetitive tasks, like some in manufacturing, data entry, and even aspects of customer service.

Now, you might be thinking, "Yikes, that sounds like a lot of jobs!" And you're not wrong. In 2024, we're expecting to see a shift in the job market due to AI. But before you panic, let's unpack this a bit.

When AI takes over a task, in theory, it does it faster and often more accurately than a human. This efficiency can lead companies to reduce their workforce in these areas. It's not all doom and gloom, though. History shows us that technological advancements, while disrupting the job market initially, often lead to the creation of new jobs and industries. Think about the Internet – it changed the job market, but it also created a whole new world of opportunities.

So, what does this mean for the U.S. economy? Well, it's a bit of a mixed bag. In the short term, we might see some economic challenges, like increased unemployment in certain sectors. But, on the bright side, AI can boost productivity and create wealth, potentially leading to economic growth in the long run.

The key is adaptation. As a society, we need to focus on education and training to prepare the workforce for the changing job landscape. This means investing in STEM education, but also in creative and critical thinking skills – areas where humans still outshine machines.

AI is changing the game in 2024, but it's not the end of the world. It's an opportunity for us to grow, adapt, and maybe even find new and exciting career paths. So, stay curious, keep learning, and remember, the future is what we make of it!

TIP OF THE WEEK

Smart Retirement Strategies: How to Make Your Money Last as Long as You Do! Part I of IV

by Eric Seyboldt

In this series, let’s have a friendly chat about something crucial – ensuring your golden years are as shiny as they should be. We're diving into the world of "retirement investments" and "real assets," sharing some strategies that can work wonders for you too.

First off, let's tackle longevity. Folks are living longer these days – great news, but it means your retirement funds need to last extra innings. So, how do you make sure your nest egg doesn’t crack before your journey is over?

1. Understand the Impact of Longevity: It's like this – imagine retirement as an extended vacation. You wouldn’t pack a suitcase for a weekend if you’re staying a month, right? Similarly, with people often living into their 90s, planning for a 20-30 year retirement is smart.

2. Factor in Inflation: Inflation is like that sneaky friend who slowly eats your snacks. Over time, it reduces the purchasing power of your money. So, if you’re banking on a fixed amount each year, you might not keep up with the rising cost of living.

3. Choose Investments Wisely: Here’s where "real assets" come into play. Think property, commodities (like Noble Gold & The Bourbon Reserve), and even certain types of stocks. These are the secret sauce in the recipes of the ultra-wealthy. They often do better than inflation, meaning they have the potential to protect your purchasing power. Plus, they add a nice diversity to your portfolio, balancing out the ups and downs of the market.

Remember, friends, retirement planning isn’t just about saving; it's about smart investing. Think long-term, keep an eye on inflation, and diversify with assets that historically outpace it. Here's to a retirement filled with peace, prosperity, and plenty of good times!

Novus Financial Group recognizes this challenge and suggests that you get in touch with us so that you don’t have to plan for less disposable income in the coming years.

Client Q & A of the Week

Client: Eric, I am FINALLY going to qualify for Medicare later this year. What would be better for me, a Supplement Plan or an Advantage Plan?

Eric: Congratulations! Your choice of selecting a Supplement Plan or an Advantage Plan depends on several factors:

1. Coverage Needs and Flexibility:

   • Medicare Supplement Plans (Medigap): These plans are designed to work alongside Original Medicare (Part A and Part B) to fill in the coverage gaps, such as copayments, coinsurance, and deductibles. Retirees who value the flexibility to choose their healthcare providers without network restrictions may find Medigap plans appealing. Medigap plans often have standardized coverage across different insurance companies, making it easier to compare plans.

   • Medicare Advantage Plans: These plans, on the other hand, replace Original Medicare and provide coverage through private insurance companies. Advantage plans often include additional benefits, such as dental, vision, and prescription drug coverage. However, retirees must be willing to use a network of healthcare providers. Those who prefer the convenience of having various services bundled into a single plan may find Medicare Advantage appealing.

2. Budget Considerations:

   • Medicare Supplement Plans (Medigap): While Medigap plans typically have higher monthly premiums, they often result in lower out-of-pocket costs when retirees need medical services. These plans may be more suitable for individuals who are willing to pay higher premiums to have predictable healthcare costs and minimal unexpected expenses.

   • Medicare Advantage Plans: Advantage plans often have lower monthly premiums, but they may come with higher out-of-pocket costs for each service used. Retirees on a tight budget may find the lower upfront costs of Advantage plans attractive, but they need to be aware of potential cost-sharing for individual services.

3. Prescription Drug Coverage:

   • Medicare Supplement Plans (Medigap): Medigap plans do not include prescription drug coverage. Retirees who want prescription drug coverage must enroll in a stand-alone Medicare Part D plan. This may be a consideration for those with significant prescription medication needs.

   • Medicare Advantage Plans: Many Advantage plans include prescription drug coverage (Medicare Part D). If retirees prioritize having drug coverage integrated into their healthcare plan, an Advantage plan might be a more convenient option. However, it's essential to review the specific formulary to ensure that the plan covers the necessary medications.

Ultimately, the decision between a Medicare Supplement Plan and a Medicare Advantage Plan depends on the individual retiree's health needs, budget constraints, and personal preferences. If you’d like to receive a Medicare Supplement quote, click on this link and fill out the form:

Please feel free to email Eric at [email protected] if you’d like to ask any questions or request information on retirement topics that are on your mind.

Quote of the Week

REAL ASSETS, Invest Like the Ultra-Wealthy

 Do you need help determining where to put your retirement assets to protect them from the current economic mess? Are you worried about having to work another decade to recover from your losses in your 401k or IRAs? Over the past 2-3 years, government spending has caused retirement accounts to go down 25% and pension plans have lost over $3 trillion in 2023 alone.

Ask us how to rollover a portion of Your IRA or 401k To A GOLD IRA (link below) or a BOURBON IRA (www.bourbon.fund/how-it-works/) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

We have a lot of great information, as well as podcasts from our radio show ‘The Financial Insider’, and tools on our website - www.novusfg.com.

[email protected] www.novusfg.com [email protected]

Office: 614-943-2265

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