University of Virginia School of Continuing and Professional Studies

Transition to Retirement: Creating a plan for Success NCPD 111 / 20986

NCPD 111/20986 Course Syllabus – Spring 2015 Non-credit/face-to-face format

Instructor: Kimberlee Barrett-Johnson, CFP; [email protected] or kimberlee@barett- johnson.net; 434-296-6611 (o) (434-760-0829 (m)

Instructor Bio: Kimberlee Barrett-Johnson is a Certified Financial Planner Practitioner who earned an MA from the University of Virginia in ethics, theology and culture before entering the financial planning profession. She has a specialization in philanthropic planning and was the founding President of the Charlottesville Area Planned Giving Council. Past president of the Central Virginia Estate planning council and active on several boards, Kimberlee has more than 22 years of experience providing comprehensive wealth management services to individuals and families and has helped dozens of families with the transition to a confident retirement. She is president of Barrett-Johnson and Associates, a private wealth advisory practice affiliated with Ameriprise.

Dates/Times: Tuesdays, 6:30-8:30pm, February 24-March 17

Location: UVa Darden Graduate School of Business, Room 40

Course Description: Some are calling retirement the new American Dream – do you have a plan for achieving it? How much money will you need? Where will you be living? What will you be retiring to? These questions and much more will be addressed in this hands-on workshop where students will be mapping out their retirement vision and future based on their own actual information such as social security and pension estimates and investment balances. Topics will include strategies for maximizing social security income, pension options, tax considerations, annuities, and basic insurance and estate planning considerations at retirement. Students will walk away better equipped with the skills necessary to plan for a successful and smooth transition to the retirement years.

Course Objectives/Learning Outcomes: Participants will clarify their retirement vision and gain increased clarity and confidence about their options and actions for strengthening their likelihood of a successful retirement experience. Students will put into writing their vision for retirement; will identify their guaranteed sources for income (pensions and social security) and match those with their essential expenses; identify sources to help cover lifestyle expenses, and identify whether there is a gap and what amount of additional investment or savings is needed to bridge the gap. Students will be able to identify the relevant insurances/protection plans important during retirement, especially long term care insurance; will increase awareness of investment strategies for generating income; will gain an understanding of key elements of an estate plan leading up to and during retirement; and will gain an understanding of strategies for maximizing social security and pension income. Participants will increase their readiness and confidence for transitioning to retirement successfully through a greater awareness of the tools, resources and important considerations related to retirement decisions. Required/Recommended Texts: Instructor will post recommended weekly readings and assignments.

Suggested texts, materials, helpful websites, etc.: Students should collect and bring to class the following documents—social security and pension estimates, retirement account balances, liability/mortgage balances and payments, estimated annual expenses at retirement apart from mortgage, information on insurance contracts (life, long term care) if applicable.

Additional resources for further study: the following is a partial listing of resources that interested students may find helpful.

Life After Work: Redefining Retirement by Douglas S Flectcher

What Color Is Your Parachute? For Retirement: Planning Now for the Life you Want by Richard N. Bolles and John E. Nelson Described as both a smorgasbord of retirement-related issues for the initiate as well as a capstone for those who’ve already engaged substantively in planning for retirement, this book takes a holistic approach to life-planning after age 50 with many thought-provoking exercises designed to help you thoroughly and thoughtfully consider what will result in your happiness, prosperity and health. Lots of thought-provoking exercises and wide array of information. Renames ‘retirement’ as the Fourth Movement (making an analogy to a symphony) and challenges readers “who would want to be a retirement consumer when they could be a retirement adventurer?”

THE POWER YEARS: A user’s guide to the Rest of Your Life; Pursue your Dreams, Deepen Your Relationships, Achieve Financial Freedom by Ken Dychtwald, PhD and Daniel Kadlec

Don’t Retire, REWIRE! 5 Steps to Fulfilling Work that Fuels your Passion, Suits Your Personality, and Fills Your Pocket by Jeri Sedlar and Rick Miners

How to Retire Happy, Wild, and Free: Retirement wisdom that you won’t get from your financial advisory by Ernie J. Zelinski Irreverent, full of practical wisdom and exercises to help you design a sustainable, satisfying life. Not about the money, but about all the other stuff you need to plan for and contemplate in building your life-by-design. Optimistic in tone, realistic in approach. Full of humorous and thought-provoking quotes.

My Time: Making the Most of the Bonus Decades AFTER FIFTY by Abigail Trafford Beautifully written, personal, witty and thoughtful exploration of terra incognita—the unknown territory of the new ‘healthspan’ of late adulthood. The specific stories and examples of how she and others are navigating this new world of personal reinvention during the”bonus” decades after 50 are candid, thought-provoking and (often) inspiring. Trafford raises phycho-dynamic issues that must be addressed, poses questions and avoid simplistic answers. She describes three key aspects/stages of re-orienting and re-inventing to create a successful experience with “My Time”: TRANSITIONING, which she characterizes as “Second Adolescence” (Getting There, Breaking Away, Transforming Loss, Dreaming), Seeking PURPOSE (Challenging Work, Giving Back, Expanding the Mind, Leaving a Legacy), and RELATIONSHIPS (Refreshing Friendships, Exploring Romance, Redefining Family, Confronting the Spiritual Crisis). An enjoyable, engaging read made memorable by her excellent writing and specific stories. Highly recommended.

Retire With a Mission: Planning and Purpose for the Second Half of Life by Richard G. Wendel MD, MBA

The Complete Idiot’s Guide to Retirement Planning: Start Now, to have the retirement lifestyle you want! By Jeffrey J. Wuorio

The NEW RETIREMENT: The Ultimate Guide to The Rest of Your Life by Jan Cullinane and Cathy Fitzgerald

USA Today’s Retire Happy: What you can do NOW to Guarantee a Great Retirement by Richard Stim and Ralph Warner, NOLO Press 2008

WEBSITES http://www.authentichappiness.sas.upenn.edu Lots of resources from psychologist M. Seligman on strength-based happiness and engagement, work-life balance, and various tools for families and individuals to help gain clearer life-direction and engagement. https://www.ameriprise.com/global/sitelets/confident-retirement.asp?cid=ppc_100036 Resources for planning for a confident retirement from a financial planning company, including a 3 minute confident retirement survey you can take to identify your retirement readiness.

Class Instruction: Class will be conducted lecture style with plenty of opportunity for questions and answers and with a focus on providing resources and time for participants to work on their own retirement plan. Guest lecturers on investing during retirement and estate planning during retirement will enhance the course.

Class Expectations: Participants will get the most out of the class who attend all four sessions; please silence cell phones during class; there will be a 10 minute break after the first hour. There will be weekly article-length readings and resources made available via UVA Collab. Participants who come prepared to participate, having reviewed the weekly materials, ask questions, and work on their own retirement plan will gain the most from the class.

Class Schedule: Usually, the course is structured as follows, but this year the final session will come first: Session 1: Creating a Retirement Vision, Making the Vision Concrete, Reality Testing, Social Security, Pensions and Taxes Session 2—Investing in Retirement: portfolio design and strategies to generate income; the problem with volatility during the distribution phase; inflation, annuities, life expectancy, and reasonable distribution rates. Session 3—Health Care and Insurance in Retirement: LTC, Medicare/Medigap plans, Average costs of health care in retirement; pension flexibility strategies; other relevant insurances Session 4--Estate Planning in Retirement; Asset protection; Tools and resources for further study/planning

Due to the instructor having an irresolvable conflict for the first session, 2/24, this Spring, the Estate Planning in Retirement and Asset Protection class will be the first class with talented and extremely knowledgeable guest lecturer estate planning attorney Steve Murphy and guest instructor/host David Barrett-Johnson, CFP. Hence the course outline for 2015 will look like this: Class Schedule: 2/24 Welcome and introduction to course; overview of resources and guidelines presented by David Barrett-Johnson, CFP; “Estate Planning and Asset Protection in Retirement” with guest lecturer attorney Steve Murphy Usually the estate planning in retirement session is at the end of the course; however, due to scheduling conflicts that require your Instructor to be in Phoenix at a conference, the guest lecture will happen on the first class, with guest MC David Barrett-Johnson, CFP to provide the course overview. 3/3 Creating a Retirement Vision, Making the Vision Concrete, Reality Testing, Social Security, Pensions and Taxes Come prepared with your own financial data and your own vision of what you hope your retirement will look like; you’ll begin to clarify your vision for your future and the financial resources you have to make it a reality as well as where there may be gaps. 3/10 Investing in Retirement: portfolio design and strategies to generate income; the problem with volatility during the distribution phase; inflation, annuities, life expectancy, and reasonable distribution rates. Some question we’ll address: How do you make investment decisions given the variety of risks and the need to outpace inflation? What are strategies to consider? What are realistic expectations? 3/17 Health Care and Insurance in Retirement: LTC, Medicare/Medigap plans, Average costs of health care in retirement; pension flexibility strategies; other relevant insurances; Course wrap up and evaluations

Communication: Email is the preferred method of communication. The instructor will respond within 48 hours to most requests.

Resources: Weekly readings and resources will be uploaded to the UVA Collab site prior to each week’s class. If desired, the instructor can also email resources to participants directly.

Suggested texts, materials, helpful websites, etc.: Students should collect and bring to class the following documents—social security and pension estimates, retirement account balances, liability/mortgage balances and payments, estimated annual expenses at retirement apart from mortgage, information on insurance contracts (life, long term care) if applicable

Required Technical Resources or Technical Components: N/A

SCPS Inclement Weather/Emergency Hotline: 434-924-4364 This line will be updated in the event that ALL SCPS classes are cancelled or if all UVa classes are cancelled (this applies to evening classes as well). Individual SCPS class cancellations due to weather or other instructor issues will likely NOT be included on this phone line, but will be communicated to students via email as soon as a decision has been made. Email your instructor and/or [email protected] if you are uncertain as to a class’ status. We consider personal safety a priority, so please use your best judgment if travel conditions are questionable.

Grading: A grade of “N” for “non-credit” will be recorded by the instructor in SIS at the completion of the course.

Technical Support Contacts  Login/Password: [email protected]  UVaCollab: [email protected]  BbCollaborate Support: http://www.tinyurl.com/uvabbc

UVa Policies

SCPS Grading Policies: Courses carrying a School of Continuing and Professional Studies subject area use the following grading system: A+, A, A-; B+, B, B-; C+, C, C-; D+, D, D-; F. S (satisfactory) and U (unsatisfactory) are used for some course offerings. For noncredit courses, the grade notation is N (no credit). Students who audit courses receive the desig- nation AU (audit). The symbol W is used when a student officially drops a course before its completion or if the student withdraws from an academic program of the University. Please visit www.scps.virginia.edu/audience/students/grades for more information.

Attendance: Students are expected to attend all class sessions. Instructors establish attendance and participation requirements for each of their courses. Class requirements, regard- less of delivery mode, are not waived due to a student's absence from class. Instructors will require students to make up any missed coursework and may deny credit to any student whose absences are excessive. Instructors must keep an attendance record for each student enrolled in the course to document attendance and participation in the class.

University Email Policies: Students are expected to check their official UVa email address- es on a frequent and consistent basis to remain informed of University communications, as certain communications may be time sensitive. Students who fail to check their email on a regular basis are responsible for any resulting consequences.

End-of-Class Evaluations: Students are expected to complete the online end-of-class eval- uation. As the semester comes to a close, students will receive an email with instructions for completing this. Student feedback will be very valuable to the school, the instructor, and future students. We ask that all students please complete these evaluations in a timely manner. Please be assured that the information you submit online will be anonymous and kept confidential.

University of Virginia Honor System: All work should be pledged in the spirit of the Hon- or System at the University of Virginia. The instructor will indicate which assignments and activities are to be done individually and which permit collaboration. The following pledge should be written out at the end of all quizzes, examinations, individual assignments and papers: “I pledge that I have neither given nor received help on this examination (quiz, as- signment, etc.)”. The pledge must be signed by the student. For more information, visit www.virginia.edu/honor.

Special Needs: It is the policy of the University of Virginia to accommodate students with disabilities in accordance with federal and state laws. Any SCPS student with a disability who needs accommodation (e.g., in arrangements for seating, extended time for examinations, or note-taking, etc.), should contact the Student Disability Access Center (SDAC) and provide them with appropriate medical or psychological documentation of his/her condi- tion. Once accommodations are approved, it is the student’s responsibility to follow up with the instructor about logistics and implementation of accommodations. Accommodations for test taking should be arranged at least 14 business days in advance of the date of the test(s). Students with disabilities are encouraged to contact the SDAC: 434-243- 5180/Voice, 434-465-6579/Video Phone, 434-243-5188/Fax. Further policies and statements are available at www.virginia.edu/studenthealth/sdac/sdac.html For further policies and statements about student rights and responsibilities, please visit www.scps.virginia.edu/audience/students