The scripts are available for printing and for sound bite identification.
Go to http://www.wichita.edu/newsline to get the current Wichita State University Newsline. If you cannot access the Newsline at the Web address above, contact Joe Kleinsasser at (316) 978-3013 or joe.kleinsasser@wichita.edu. Newsline cuts may be edited to suit your needs. If you have additional questions for Rick LeCompte after listening to the WSU Newsline, please call him at (316) 978-3219 or rick.lecompte@wichita.edu.
Background:
The recession is hitting baby boomers hard, just as they are preparing for retirement. Rick LeCompte, a personal finance expert at Wichita State University, looks at how economic conditions have changed the thinking of many baby boomers.
Voice wrap:
Announcer: The 77 million Americans in the baby boom generation face an economic storm: The Wall Street meltdown trampled retirement nest eggs and many are struggling to get back into the work force. Rick LeCompte, a personal finance expert at Wichita State University, says the economy certainly has changed the thinking of many boomers.
LeCompte: "There was a fear in the 1990s that due to the stock market gains, we'd be set up with a mass level of early retirements by baby boomers. Now we're looking at baby boomers actually working past, actually having later retirements maybe than their parents."
Announcer: LeCompte says the big issue in retirement planning is longevity risk, a situation where people outlive their retirement savings. And with longer life expectancies, individuals need to save more for those extended retirement years. This is Joe Kleinsasser at Wichita State University.
Sound bite #1
LeCompte says longevity risk in the main issue in retirement planning. The sound bite is 16 seconds and the outcue is "longer life."
LeCompte: "The big issue in retirement planning is longevity risk. Longevity risk is a situation where a person outlives their retirement savings. The longer our life expectancies are the more likely that is to happen, so that requires individuals to probably save more and plan for a longer life."
Sound bite #2
LeCompte explains some options for the baby boom generation. The sound bite is 19 seconds and the outcue is "get to retirement age."
LeCompte: "Options available to hedge your retirement risk would be a person could save more, which would require you to spend less. Some people might take on second jobs. Others may choose to invest in less risky portfolios to make sure that the money they have is there when they get to retirement age."
Sound bite #3
LeCompte says those younger than 60 probably can afford to take some financial risks to get a potentially higher return on investments. The sound bite is 18 seconds and the outcue is "finance your retirement."
LeCompte: "For individuals under 60, it may not be the best time for them to move all their money out of more risky investments, because they're going to need some return, but they need to consider their portfolio choices and what they invest in. You may want to move to a less risky portfolio, but you still have to have some risk in order to get the return you need to finance your retirement."
Sound bite #4
LeCompte talks about some of the lessons learned and the impact of the economic meltdown on retirement. The sound bite is 21 seconds and the outcue is "planned to retire on."
LeCompte: "The lesson from the meltdown in markets over the last year and a half should be that anybody getting close to retirement doesn't want to have 100 percent of their investment in common stock or equities, because by the time they retire, if they retired at that point of time in March of 2009, they would be having 50 percent less than they had planned to retire on."