Economy at a Glance | Planning and Aging

Economy at a Glance: As we’ve mentioned, the U.S. economy continues to recover at a slow pace. However, consumers have an appetite to spend. Limited inventory restrained overall spending, but experts don’t expect consumers to slow spending with the approaching holiday season. With several rounds of stimulus checks in their wallets, consumers are eager to return to pre-pandemic norms. One key evidence of this was that global hospitality numbers were at 65% last week and the number of seated diners in restaurants was only down 4% from 2019.

Big Company Advantages: When large companies begin to take over a space—for example, the start of Netflix with DVD rentals through the mail—it can seem like they’re nearly invincible. It can seem like the big dogs have all the advantages. But as in the case of Netflix there is always someone trying to crowd the space—and, in this case, many companies like Amazon Prime, Hulu, Disney+, etc. did so as streaming become the new normal.

There is a significant list of companies who have changed the world in their own ways (some noted above), in their own industries. But the fall to relative obscurity is far more common: Blockbuster, RCA, Lucent, Woolworth, Citi, Sears, US Steel, Eastman Kodak, Circuit City, etc. It’s rare to have long lasting success.

In Your Right Mind: For most of us, there is a backburner concern that as we age, we will have diminished capacity to plan and handle financial decisions. And, also like many of us, that concern is lost in the busyness of the day to day. But giving attention to proactive management of your financial wellness is a worthwhile goal. Assessing the risks (things like family medical history, geographic location, and qualified help) requires honest answers and planning but will protect you and your loved ones from future problems. If you’d like help thinking through your financial plans, we’re here to help!

“It’s paradoxical that the idea of living a long life appeals to everyone, but the idea of getting old doesn’t appeal to anyone.” —Andy Rooney

“You know you’re getting old when you stoop to tie your shoelaces and wonder what else you could do while you’re down there.” —George Burns