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Friday, November 22, 2024

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Retirement tips for Gen X

By
Nolan Baker
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Planning ahead for financially stable and fulfilling retirement

How should Gen X plan for retirement.  

It is great to be back writing for the Toledo Free Press. As a TFP columnist from 2008 to 2015, I spent a lot of my time talking to local Baby Boomers about how to get ready to retire. Flash forward to today, and, before you know it, the next generation will start transitioning into retirement. Generation X, ranging from 44 to 59 years old, should consider these great tips.

For workers less than 10 years from retirement, now is the time to get serious about stress-testing your retirement plan. Our team uses financial planning software from Right Capital, which allows us to input data and goals and then run a Monte Carlo analysis to determine the probability of a family reaching their retirement goals.

In stress-testing the plan, look at scenarios like what happens if the stock market crashes, tax rates increase, or inflation stays high. Knowing these answers allows you to make investment decisions now to reduce or eliminate those risks in the future.

Retirement is going to be all about income. A way to boost income in retirement is to be debt-free. Aggressively paying off debts before retirement can be a great move. Next, look at reliable income sources, such as pensions and Social Security. I believe that a retiree will want to have enough reliable income to cover their minimum monthly income needs.

If you add up your reliable income versus your needs and find a gap, start working toward adding to an account that will provide predictable income at retirement such as a fixed investment. Avoid taking Social Security early and facing a lifetime reduction of benefits. Work on building a bucket of money to help bridge this gap.

Inflation is the real deal, and for retirees living on a fixed income, health care costs, food and energy bills will add up. Build inflation into your plan by setting up a second bucket of money designed to give a pay raise five and 10 years after retiring.  This account could also be a fixed type of investment.  By using a fixed investment, the account owner will know exactly what the investment will be worth in the future and how much income it will provide. 

Equity-based investments are typically in 401(k) or Individual Retirement Accounts. This is the growth part of the plan.  Build these as big as possible, as this is typically the account that can be used for the fun stuff in retirement. If there are more than five years until retirement, consider optimizing the portfolio and using a strategic mix of asset allocation. If retirement is less than five years away, it may be time to be more tactical with investment moves and reduce equities when short-term risk is elevated.

The last remaining piece of the investment plan is to ensure a good emergency account is funded in case of an unexpected job loss, health care issues or helping a loved one out. At some point, everyone experiences an emergency, so be prepared for it. I recommend that a family keeps six months of living expenses set aside in an emergency account.

Planning for retirement can seem overwhelming, but with careful preparation and strategic decisions, you can create a secure and enjoyable future. By focusing on stress-testing your retirement plan, eliminating debt, ensuring reliable income, accounting for inflation, and maintaining a solid emergency fund, you can navigate the complexities of retirement with confidence. Remember, it’s never too early or too late to start planning.

Take proactive steps today to ensure a financially stable and fulfilling retirement tomorrow.

Daily Dose: The Humorist

By
Steven J Athanas
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0
Two dimes as heads on two people.
Cartoon by Steven J Athanas.

Daily Dose | The Humorist

By
Don Lee
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Editorial cartoon by Don Lee for the Toledo Free Press.

Caring for sacred creation

By
Laurie Bertke
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Brandon Best, a nursery specialist for Metroparks Toledo, shares about native plant cultivation with Sacred Grounds Toledo tour participants at Blue Creek Metropark and Seed Nursery in Whitehouse. (TFP Photo/Laurie Bertke)

Pollinator prairies take root for Sacred Grounds Toledo program

SWANTON – The original motivation for installing a pollinator prairie at Faith Lutheran Church was simply to mow less.

When the congregation moved a little more than half a mile down the road four years ago, their new church home came with a huge increase in acreage, as well as square footage. The old building on the corner of Dodge and Walnut streets in the village of Swanton occupied about a third of an acre, while the new property sits on about five acres.

A sign at Community of Christ Lutheran Church in Whitehouse announces the development of a native plant prairie on church grounds. (TFP Photo/Laurie Bertke)

Zack Wertz, a lay leader with a background in natural resources, helped his congregation come up with the plan to transform about one fifth of that land into a native plant prairie and community garden. The first seeds were planted three years ago.

Since then, the pollinator prairie and community garden have grown to become a model for Sacred Grounds Toledo, a National Wildlife Federation program that recognizes houses of worship that create wildlife habitat and link faith practices with caring for the environment.

Wertz seeded the prairie with a blend from the Ohio Beekeepers Association that he combined with several types of grasses, choosing the mix for its high concentration of wildflowers. He says he wanted the prairie to be as bright and showy as possible to appease the concerns of anyone who may have worried about the less manicured appearance of the landscape.

The results have exceeded his expectations, with new blooms appearing each year. Plants include milkweeds, partridge pea, purple coneflower, black-eyed Susan and coreopsis. In the mornings “you can sit out there and hear all the bees. The thing actually hums,” said Wertz.

A growing movement

Wertz and his wife, Laura Wertz, welcomed visitors and shared their congregation’s prairie story Aug. 7 during a tour organized by Sacred Grounds Toledo. In addition to Faith Lutheran, the tour included stops to view a new prairie at Community of Christ Lutheran Church in Whitehouse and the cultivation fields of the Blue Creek Seed Nursery of Metroparks Toledo.

Faith Lutheran Church in Swanton planted its one-acre prairie three years ago. The site now serves as an educational resource for other churches and groups interested in landscaping with native plants. (TFP Photo by Laurie Bertke)

“What we hope to accomplish with this tour is to show people what’s possible in their faith community, in their own yard, and know that they don’t have to go it alone,” says Marilyn DuFour, a senior environmental specialist with the City of Toledo’s Division of Environmental Services.

DuFour brought the National Wildlife Federation program to Toledo with the help of Hal Mann, of the Oak Openings Region Chapter of Wild Ones, a nonprofit that promotes the benefits of growing native plants. They were inspired by a segment of Catherine Zimmerman’s documentary, Hometown Habitat, which featured the Sacred Grounds program in the Chesapeake Bay area.

Sacred Grounds Toledo is run under the umbrella of the Toledo-Lucas County Rain Garden Initiative with support from many local environmental organizations.

Houses of worship make a perfect partner in the native plant movement for a several reasons. “They usually have a lot of ground that they’re not using,” said Mann. “And it turns out that every faith tradition that I’m aware of has a core belief that we have to take care of the Earth.”

Sacred Grounds Toledo began in 2017 with five sites in northwest Ohio and has grown to include more 30 faith communities, including Christian, Jewish, Muslim and Buddhist. Gardens are located in both rural and urban settings, with some congregations adapting existing garden beds and others installing new ones.

“There’s no size stipulation. It’s really about providing habitat or stormwater management,” says DuFour.

Plants that are native to the region support pollinators such as bees and butterflies, improve water quality and create wildlife habitat, among other environmental benefits.

“Through the faith community lens, it’s all about stewardship of God’s creation and caring for God’s creation,” says DuFour. “But all of us who work in the environmental sciences know that there’s a lot of good that happens ecologically.”

Sacred Grounds Toledo prairie tour participants examine flowers at the Blue Creek Metropark and Seed Nursery in Whitehouse. With an exclusive focus on native plants, the nursery cultivates seeds and seedlings used to restore and preserve natural areas throughout the region. (TFP Photo/Laurie Bertke

At Faith Lutheran, pastor Dalton Rosa-Ruggieri says the congregation has responded well to the prairie as “a beautiful part of God’s creation.” Many visitors have also come from other churches and organizations to learn from their example.

Adjacent to the prairie is a community vegetable garden that provides fresh food for Salem Lutheran Church in North Toledo. The church has incorporated this natural backdrop into worship by holding services outside during the warmer months. An outdoor pavilion is under construction this summer, and an asphalt path connecting it to the parking lot was added to improve accessibility.

“It’s a pretty important part of who we are at the church here,” said Rosa-Ruggieri. “This is a good way to steward the creation that we’ve been tasked with, to return back to maybe a more natural state, to encourage the pieces of creation that God put here to start with.”

Black-eyed Susans and other native plants grow in the pollinator prairie at Community of Christ Lutheran Church in Whitehouse. Volunteers from the congregation planted seeds in January for the prairie, which occupies a quarter acre of land. (TFP Photo/Laurie Bertke)
Videography and production by Laurie Bertke.

Daily Dose | The Humorist

By
Jerry King
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Cartoon by Jerry King

Sound Off for Lake Erie

By
Jasmine Cupp
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Lake Erie Advocates members hold a sign protesting Lake Erie’s toxicity prior to the Sound Off for Lake Erie boating event in Point Place on Aug. 4. (TFP Photo/Christy Frank)

10 years after Toledo water crisis, lake water still green

POINT PLACE – “Ten years later, we no longer have a drinking water problem, but we still very much have a lake water problem,” admitted Toledo mayor Wade Kapszukiewicz while aboard the Jet Express at a Lake Erie Waterkeeper (LEW) event on Sunday.

He was on board to mark the 10-year anniversary of the Toledo water crisis. For three days back in 2014, water advisories and shut offs plagued citizens, something many thought would be impossible in such a large municipality.

Sandy Bihn, Lake Erie Waterkeeper executive director, greets passengers with name tags as they board the Jet Express in Point Place on August 4, 2024. (TFP Photo/Christy Frank)

Sandy Bihn, of the LEW, hosted the event on the ferry service. The organization is a nonprofit that seeks to have fishable, swimmable and drinkable water for the Lake Erie watershed through advocacy, education, litigation and innovation. The trip allowed people to remember the challenges of 2014 and to see the state of the lake a decade later.

“Ten years ago, a boat was taken out from Meinke Marina and out to the intake. The algae was all the way down the water column, all the way down to the bottom and we all witnessed it,” recalled Bihn. “Here we are, 10 years later, and there’s no progress. The lake is still green, and we’re all frustrated.”

Bihn and other speakers, including Lucas County commissioner Lisa Sobecki and Ottawa County Sanitary engineer Kelly Frey, gave remarks that were broadcast to the passengers and any boaters listening on Ch. 68.

Sherry Flemming, a clean water and Lake Erie advocate from Williams County, spoke about a few of the lake’s issues today. Industrialized livestock production, the increase of liquid manure and a lack of regulations were some of the challenges.

A woman leans against the Jet Express boat wall wearing a shirt that says, Save Lake Erie | Stop the Green.
A passenger on the Sound Off for Lake Erie event sports a shirt supporting the protection of Lake Erie. (TFP Photo/Christy Frank)

“Three years ago, we learned that Williams County was the proposed site for a concentrated aquatic animal production facility; a massive genetically engineered salmon facility that would produce 10,000 metric tons of salmon drawing almost five million gallons of water a day and discharging that much water a day into a tributary of the Maumee River,” said Flemming. “During the permitting process for that facility, the Pokagon Band of Potawatomi submitted comments that should give us pause and make us reflect on our priorities.”

“Traditional teachings passed down for generations by the Pokagon Band and other Mawtheshnowen nations respect water, which is sacred, as an essential element for life. We need to ask ourselves: What is our responsibility to water and the ecosystems that we depend on for life? Should laws prioritize the health of ecosystems, like Lake Erie, that support all life instead of viewing water as just another resource like oil and gas?” she said.

Director of the University of Toledo Lake Erie Center, Dr. Tom Bridgeman, said scientists and water treatment plant managers have made significant progress in dealing with harmful algal blooms. Harmful algal blooms are the rapid growth of algae or cyanobacteria in water that can harm people, animals and the environment.

Toledo mayor Wade Kapszukiewicz, Lucas County commissioner Lisa Sobecki and Lake Erie Waterkeeper Sandy Bihn discuss Lake Erie’s challenges. (TFP Photo/Christy Frank)

There are now better ways to predict and track the blooms, but, as Bridgeman said, “we haven’t made a lot of progress in preventing the blooms in the first place. If we can prevent blooms, then we don’t have to worry about all these details.”

As the Jet Express approached the water intake green waves lapped its sides. It’s the same water intake that provides clean drinking water to approximately 500,000 people from Northwest Ohio and Southeast Michigan. At 3:45 p.m., the Jet Express and surrounding boaters honked their horns as a united sound off for Lake Erie.

(TFP Video Story/Christy Frank)

Daily Dose | The Humorist

By
Jerry King
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0
Cartoon by Jerry King for the Toledo Free Press.

Daily Dose | The Humorist

By
Don Lee
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0
Olympic scene with baton of a runner with TFP on his bib handing off to a runner with TFP 2.0 on her bib.
Editorial cartoon by Don Lee for the Toledo Free Press

Toledo Free Press 2.0 is live!

By
Tom Pounds
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Tom Pounds leans on a table with a Toledo Free Press sign behind him.
Founder and publisher of the Toledo Free Press resurrects the newspaper as a nonprofit online newsroom. (TFP Photo/Lori King)

TFP founder and publisher Tom Pounds takes us on his 19-year journey

When I first began my newspaper career back in 1990, the newspaper (The Los Angeles Daily News) was inches thick. We used to call it the information miracle.

All those people were on staff to create, print and deliver the paper in less than six hours. It was the place to get your daily dose of news, sports and advertising. In fact, there was only one place where you could go to get a job, buy a car or a house or find a garage sale. It was a dominant medium that had few rivals. With all that advertising, you could fund plenty of reporters and editors and create a great newspaper.

Back in 1990, the newspapers also got into the web business and started putting their product online. This trend continued for a few years until the “bright” leaders of our industry decided that giving the content away on our websites was the way to go. This was a hard trick to give away content online and still expect to sell a hard copy on the street.

When I arrived in Toledo as the vice president and general manager at the Toledo Blade in 2000, we were facing struggling circulation numbers and advertising was starting to go the way of the internet.

You could buy cars and homes over the internet. E-Bay was booming, and Craigslist followed. The game was changing. In 2004 I left the Blade and started the Toledo Free Press as a free weekly that was home delivered, as well as available on newsstands free of charge. We were quite successful for many years (we lasted 10) before lawsuits and diminishing advertising finally put an end to that dream.

I tell people that if advertising was what we were really good at, we would still be in business. Unfortunately, that was not the case. What we were good at was journalism. Of the 10 years we were in print, we were named the “best weekly in Ohio” six of the 10 years we were in business (we were second place the other four) by the Society of Professional Journalists. That was the Pulitzer Prize for us.

What we have seen over the years was the eroding of funding in the industry, which, in turn, led to layoffs in newsrooms everywhere. Journalism was being destroyed day by day and year by year. Nowadays, you can buy or sell a car within hours of posting them on Facebook Marketplace. Newspapers and journalism were becoming less and less relevant.

Olympic scene with baton of a runner with TFP on his bib handing off to a runner with TFP 2.0 on her bib.
Editorial cartoon by Don Lee for the Toledo Free Press

The closing of the Free Press in 2015 (10 years to the day of starting) was a tough pill to swallow. I was out of the business for many years until a now-good friend, Sean Nestor, contacted me to see if I had the archives somewhere. His stance was that we were a newspaper of record in those 10 years, and they should be preserved.

I still owned the name Toledo Free Press and the URL for the website. It was just blank when you went to toledofreepress.com. That was in 2019. What we have done since is restore the archives (still working on that to make all articles searchable) and get the site back up. When that happened, people noticed. I started getting news tips and thought to myself “there is still a hunger for local journalism!”

With the Blade’s dwindling circulation numbers (was 230,000 for Sunday papers when I left and it is now around 30,000), Toledo was turning into a news desert. That prompted me and Sean to start thinking of funding ideas to bring the paper back online.  We landed on the nonprofit model, where we could still sell advertising, but it won’t be the main source of revenue. Donations would. 

So, we began the process to build an organization that could support this effort. About two years ago we created a board of directors – local people to help us navigate the ups and downs of nonprofit fundraising. Our board includes:

  • Brandi Barhite, director of enrollment communications at Bowling Green State University and former Free Press writer who also helped train our interns
  • Dr. Bailey Dick, assistant professor of journalism at Bowling Green State University and a former intern for the Toledo Free Press
  • Dan Kimmet, retired executive at Eaton Corporation and a friend. He also serves with me on the Owens Community College Foundation Board
  • Sean Nestor, a network engineer at Sauder Woodworking Co., activist and self-proclaimed journalism fan. He also serves on the Toledo Integrated Media Education board (our parent board) and is a writer as well
  • Linda Stacy, retired from Owens Community College as a workforce development officer and special assistant to the president for community relations. She is also a grant writer and has nonprofit experience

This great group has helped us get to this point to relaunch the Toledo Free Press as a nonprofit, online and free newsroom with no pay walls. Our goal is to bring more quality journalism to Toledo and our surrounding communities.

Publisher Tom Pounds stands in front of about 12 people in the office and tells them of the history of the Toledo Free Press.
Toledo Free Press founder and publisher Tom Pounds gives a history lesson about the Free Press to a new team of staff and contributors during the first meeting in the office at 605 Monroe St. (TFP Photo/Lori King)

We will still have our “glass half full” attitude towards Toledo but will also do the investigative work and keep those in power accountable.

We will mentor and hire journalism to students from Bowling Green, the University of Toledo and Hillsdale College in our intern program. We will also look to incorporate area high schools in the area. We will be committed training future storytellers.

We will be transparent. The days of “sources close to say” are over (at least for us). We will also be nonpartisan. We will have an opinion section for the community to air their views, but we will not have our own. We will not endorse candidates but will give them the space to tell their stories.

We will also collaborate with funeral homes to offer free obituaries. We have a few now (Walker Funeral Homes and Coyle) and hope to get them all soon.

We want to be the place you go to find out anything in Toledo. Our agreement with WTOL as a news partner will also help us (and them) get the word out on stories that have high interest in the Toledo region.

Our goal is to create a quality newspaper you are used to. We want what’s best for Toledo, which is a great news source.

Please join us and become a member. Sign up to get our weekly newsletter and use the donate button to support us. We will be funded by our readers, grants and advertisers; that’s how this will work. We are delighted to be back and want you involved. Please keep reading us and support our team, if you can. This time, we will make history!

Daily Dose | The Humorist

By
Steven J Athanas
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0
Cartoon by Steven J Athanas
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