Kevin and Sara were a young couple in their early 30s passionate about the outdoor lifestyle and living life to the fullest. They had reached a point where they were ready to engage with a professional financial adviser to help guide them through their life full of future adventures.

In our first meeting I began my interview to learn more about who they are and what is important to them. I got to the part where I ask about goals and retirement. As I asked, Tell me about retirement for you. What does that look like? When do you see that happening? I got this deer-in-the-headlights look, and I could see them mentally checking out.

Kevin and Sara had no idea. Retirement seemed so far way, and the picture of retirement in their heads sitting in rocking chairs drinking tea is not one that they wanted for themselves.

That is when I realized that retirement can feel a lifetime away for some clients, especially those who are younger. Some clients have a tougher time visualizing what they might want it to look like. The last thing advisers want is for clients to feel intimidated by having these types of conversations.

I knew we had to change the dialogue if we were going to be able to help folks paint the picture of their future and help them get there. Moving forward, I began to ask clients about what they planned to do when work was optional, which morphed into a term I use now: vocational freedom.

Vocational freedom opens up a world of possibilities for people to imagine what their days would look like if they didnt have to answer the alarm clocks call, didnt have to be in a certain meeting, or turn a report in at a certain time. It does not have to be at 60 or 65 or some other pre-determined age that society sets. It can be whenever a person wants to shoot for making it happen. It also does not mean you have to stop being completely productive. Maybe there is hobby that you want to turn into a career, or a line of work that you have always wanted to do. Whatever that is, it can be possible.

To get started working toward this goal, begin by writing down what you want this phase of your life to look like. Be sure to include a partner or spouse in the conversation who will be with you on this journey to help design and decide what you will do together and individually. Ask yourself these questions:

These questions are only to be used as a starting point but will help get the conversation going in your mind to generate more questions and more answers about your vocational freedom masterpiece.

Next, begin prioritizing your goals and crunching the numbers. Start by asking yourself what the non-negotiables are as they relate to your goals. For example, if you want to take four international vacations a year, determine if you need first-class accommodations on each trip or if there is flexibility to go economy. If you are unfamiliar with what it might cost to have a certain type of lifestyle, do the research to get the data needed to support your goals. Working with experts such as travel agents, Realtors, accountants and financial advisers can help you to develop a plan to move closer to reaching your vision of what vocational freedom looks like for you.

Once you know where you want to go and the associated costs, its time to put a plan of action in place and start implementing it. Just like any other goal, you need to take the steps necessary to make it happen. One simple way to do this is to begin by automating your savings. Start by taking advantage of a 401(k) or another employer-sponsored plan and begin contributing. A good rule of thumb is to save around 15% of your income.

If taking a 15% bite out of your take-home is a tough pill to swallow, start smaller, but start! Begin by doing 5% this year, then put a reminder in your phone one year out to move to 7%, then 9% the next year, and so on, moving you closer to that 15%. If your employer does not offer a plan, you can set up your own account with an investment firm and have automated monthly transfers. The point is to get going, and to automate. The less you have to do with the decision of saving, the more you can save over time, and the closer you will move to your goal.

Back to our clients from the beginning, Kevin and Sara. When we had our second meeting, we changed the dialogue from retirement to vocational freedom, and it completely changed the course of our conversation. Kevin is an engineer and has a passion for snow skiing. He shared that if there were no constraints, that he would love to be a ski instructor. We encouraged Kevin to start doing this now. Begin spending some time on weekends or vacation days here and there working as a ski instructor. Not only could he start to hone his skills, but he could make some extra money to put away toward that future vocational freedom lifestyle.

You can do just as Kevin did: Find something on the side to make extra money, move you closer toward your goal, and learn along the way. If you have enough money going toward your goals, start volunteering in the area that interests you.

Vocational freedom means different things to everyone and can happen at different times. Dont be constrained by what the societal norms are for retirement. You dont have to reserve yourself to the rocking chairs on the porch.

Through proper design, planning and taking action, you can make your vocational freedom look like whatever you want it to be. Whether it is taking a year off to live abroad or building a life where you control your time and schedule, your path to vocational freedom starts today. Now, put pen to paper, and start charting out your adventure!

Financial Adviser, Springs Wealth Group

Chris Young is a co-founder and financial adviser at Springs Wealth Group where he focuses on working with individuals and businesses with a passion for the outdoors and the outdoor lifestyle. He holds a Certified Financial Planner designation.

Read more here:
Its Time to Change How We Talk about Retirement, Starting with the Word Itself - Kiplinger's Personal Finance

LeBron has won titles and left lasting impacts in each of his three NBA cities.

LeBrons James NBA footprints are deep, made so by the weight of record-breaking statistics, championship trophies and the sheer power of showmanship.

His impression is also unique in that it spans from coast to coast on the NBA map.

Though made by the same man, each step is markedly distinct. After his as-great-as-advertised beginning in Cleveland, James rode his groundbreaking Decision to Miami. It was the precursor to the superstar player movement that would follow, but in the moment it was easy to over-analyze. James bore the weight of the scrutiny and won two titles, two Kia MVPs and two Finals MVPs anyway.

> Celebrate the Dec. 22 season tipoff with first-ever NBA Jersey Day

Mission accomplished in Miami, James returned his attention to his original team. His second stint in his home state broke Clevelands sports curse in dramatic fashion, punctuated by a historic rally from a 3-1 Finals deficit in 2016 against the most successful regular-season team ever.

But after Golden State reloaded with Kevin Durant and Kyrie Irving left Cleveland, James found himself looking West when free agency loomed in 2018. Now he is a Laker, a much more meaningful statement after leading L.A. to the 2020 championship and perhaps just as importantly serving as the teams superstar ambassador following the passing of Kobe Bryant.

There is little doubt that each of those three franchises Cleveland, Miami, and Los Angeles will retire James number whenever his absurdly accomplished career comes to a close. Assuming that happens, he will join an elect few who are so honored in more than one city. Unlike the Bill Russells, Magic Johnsons and Dirk Nowitzkis of the world, most of these were legends whose careers brushed their teams more briefly, but left indelible marks on each of them just the same.

Kareems skyhook was a championship shot in Milwaukee and Los Angeles.

Number retired by: Bucks (No. 33), Lakers (No. 33)

Still the NBAs all-time leading scorer and almost underrated when it comes to GOAT debates, Abdul-Jabbars early days in Milwaukee have been timely revived thanks to the Bucks recent ascent. The 7-foot-2 superstar was known as Lew Alcindor when he led a three-year-old franchise to the 1971 championship while seizing Finals MVP honors. After adopting his Muslim name, Abdul-Jabbar went on to earn three MVPs and lead the Bucks to the 74 Finals, where they lost to the Celtics in a classic seven-game series.

Abdul-Jabbar requested a trade in 1975, a wish that saw him sent to the Lakers. Three more MVP awards and five championships as the big man of the Showtime era cemented his status as one of the all-time greats, as did his passing Wilt Chamberlain for the career scoring record. Now, Abdul-Jabbars iconic No. 33 graces the rafters of the franchises that saw him sink one sky-hook after another with an easy dominance no one has ever been able to duplicate.

Barkley was unstoppable once he got going, and there was no such thing as a 50-50 rebound if he was around.

Number retired by: 76ers (No. 34), Suns (No. 34)

The Round Mound of Rebound is widely recognized for his current television work, but proof of his on-court speed and strength still raises eyebrows two decades after his final season as a player. For eight seasons, Barkley bulldozed past, around or through opposing defenders for Philadelphia, putting up numbers and highlights that are mind-boggling to this day. Though he was unable to help the 76ers retain their championship standing once the old guard retired, Barkley is still an undisputed legend there.

Change was ultimately needed for both sides, however, and Barkley was eventually traded to Phoenix in 1992. It was there, alongside All-Stars Kevin Johnson and Dan Majerle, that Sir Charles tasted meaningful postseason success. The 1992-93 NBA MVP led the Suns through a grueling Western Conference to The Finals, where his team matched Michael Jordans Chicago Bulls point-for-point (640-640) and came within one possession of forcing a Game 7. Barkleys No. 34 is retired in Philadelphia and enshrined in the Suns Ring of Honor.

Chamberlains numbers still dominate the record books despite the constant attention of fellow legends like Bill Russell.

Numbers retired by: Warriors (No. 13), 76ers (No. 13), Lakers (No. 13)

Perhaps the most dominant well-traveled superstar before LeBron, Chamberlain is a near-constant reference point when current players produce an absurd statistical performance. The Big Dipper was even more overwhelming than expected, winning MVP honors in his rookie season and averaging 50.4 ppg and 25.7 rpg in his third season with the Philadelphia Warriors.

Chamberlain did not taste the ultimate team success, however, until after being traded to the Philadelphia 76ers from the Warriors, who had since moved to San Francisco. In 1966-67, Wilts scoring average dipped below 30 points for the first time in his career and the 76ers upended his ultimate competitor in Bill Russell and the Boston Celtics for the championship. Chamberlain won the MVP three seasons in a row with the Sixers, too.

A season later, Chamberlain was on the move again, this time to join forces with fellow legends Jerry West and Elgin Baylor on the Lakers for the 1968-69 campaign. Though his time in L.A. marked Wilts rebounding average dipping below 20 for the first time in his now-10-year-career, the team thrived and peaked in 1971-72, winning a still-standing record 33 consecutive games en route to winning The Finals against the Knicks. Chamberlains monolithic No. 13 hovers over each of his former teams current homes, an unmatched symbol of sheer physicality and production.

Drexlers brilliance made the Blazers contenders and the Rockets champions.

Number retired by: Trail Blazers (No. 22), Rockets (No. 22)

As memories of Portlands lone 1977 championship became cluttered by more recent playoff shortcomings, the 14th overall pick of the 1983 Draft tiptoed his way into a new Blazers era. After averaging just 7.7 ppg as a rookie, Clyde the Glide and his new team proved they were around to stay. Drexler made eight All-Star teams in Portland while leading the franchise to Finals appearances in 1990 and 92, an era defined by his greatness and the teams toughness.

When that period began to fade, Drexler was traded in the middle of the 1994-95 season to defending-champion Houston, where he immediately meshed with reigning MVP Hakeem Olajuwon. Freed by the constant defensive attention drawn by The Dream, Drexlers efficiency and Houstons repeat chances skyrocketed immediately. A few months later, Drexler was hoisting the championship trophy that had so long eluded him.

Ervings gravity-defying ability captured fans and championships in two different leagues.

Number retired by: Nets (No. 32), 76ers (No. 6)

The legend of Dr. J resonates not just across teams, but leagues as well. Erving was more myth than man in the less visible ABA of the 1970s, where he redefined the games aerial possibilities. He served as the quintessential superstar for both the league and the New York Nets, which won two championships with Erving leading the way. The Doctor also won three straight ABA MVPs (1973-76) before the league merged with the NBA in 76.

Ervings new home, Philadelphia, seemed tailor-made for his showmanship and starving for its first title since the Chamberlain era. The Doctor didnt disappoint, turning the 76ers into an instant contender before breaking through with the 1983 NBA championship.

Lanier is a star worth remembering, one that still shines in the memories of Pistons and Bucks fans alike.

Number retired by: Pistons (No. 16), Bucks (No. 16)

Detroits 1970s NBA identity revolved around Dave Bing and Lanier, a 6-foot-11 lefty that more than held his own with some of that decades giants. Mobile and fundamental, Lanier tortured opponents with a sweeping hook from either hand and a quick second jump on the offensive glass. And though his Pistons teams never enjoyed a major playoff breakthrough, his individual success (seven All-Star appearances) and longevity in Detroit ensured his place and No. 16 among the franchises all-time greats.

Lanier was traded to Milwaukee in the middle of the 1979-80 season. He enjoyed one more All-Star honor with the Bucks, with whom he experienced his first ever conference finals in 1984. That wound up being his final season in the NBA, but Milwaukee didnt let the calendar year flip before raising his No. 16 to the rafters.

Maravichs wizardry led to points for his team while leaving opponents scratching their heads.

Number retired by: Hawks (No. 44), Jazz (No. 7), Pelicans (No. 7)

One of the most gifted ball-handlers of all time, Pistol Pete began his NBA career in Atlanta. In his four years with the Hawks, Maravich was twice named an All-Star and averaged 23 ppg or better in three of those seasons.

A trade to the then-New Orleans Jazz in 1974 saw Maravich earn three more All-Star nods, as well as All-NBA honors and a scoring title. While his playoff success never matched his talent (he played in 26 career postseason games), Maravich remains an icon for basketball fans who remember or want to see the endless possibilities of a basketball in hand. His instinctual talent for misdirection and improvisation saw his No. 44 retired in Atlanta and his No. 7 with the Jazz. The New Orleans Pelicans franchise, though technically not the team for which Maravich played, also immortalized his No. 7.

First time, second, third, fourth every rebound seemed to belong to Moses Malone.

Number retired by: Rockets (No. 24), 76ers (No. 2)

Too often, Malones name goes unmentioned in conversations of all-time great big men. Fans in Houston and Philadelphia know better. The Rockets enjoyed Malones rebounding talent for six seasons, a stretch that saw Malone win two MVP awards and the team make its first trips to the conference finals and Finals.

Malone was traded to Philadelphia in 1982, joining a 76ers team fresh off a Finals defeat to Abdul-Jabbar and the Lakers. With Malone aboard, Philly tore through the competition and prompted their new MVP center to predict a fo, fo, fo sweep of the playoffs. He was only one loss off, as the 76ers blasted their foes including the Lakers in The Finals en route to the 1983 title.

Monroe was as brave as he was fearless, making him an instant favorite in both Baltimore and New York.

Number retired by: Wizards (No. 10), Knicks (No. 15)

In a league dominated by big men, Earl the Pearl proved that the small could indeed topple the tall. The 6-foot-3 guard dazzled his way to the rim in four seasons with Baltimore, where he won Rookie of the Year honors and a pair of All-Star appearances. Monroe led the team in scoring in 1970-71, a season highlighted by the then-Bullets first trip to The Finals.

A trade to New York saw Monroe team up with Walt Frazier to form the Rolls Royce Backcourt. The dynamic guard duo led the Knicks to their second title in four season, culminating in a five-game Finals coronation over the star-studded Lakers. The Pearl earned another pair of All-Star appearances before retiring with the Knicks in 1980.

Few things were less likely to succeed than a shot near Dikembe Mutombo.

Number retired by: Nuggets (No. 55), Hawks (No. 55)

The finger wag is universal now, but it was what came just before it that terrified would-be interior scorers for 18 years. Mt. Mutombo led the league in blocks per game from 1993-96), all in his formative years with the Denver Nuggets. His time there is well documented (three All-Star appearances and a Defensive Player of the Year award) and is fondly remembered as the Nuggets became the first No. 8 seed to beat a No. 1 seed in the first round of the playoffs.

Mutombos defensive dominance continued in Atlanta, where he earned another three DPOY trophies (he was traded to Philadelphia in the midst of his final award-winning season with the Hawks). He also helped the Hawks to their first back-to-back 50-win seasons since the Dominique Wilkins era.

If Shaq was close enough, it never mattered how many defenders were between him and the rim.

Number retired by: Lakers (No. 34), Heat (No. 32)

ONeals dominance as a player was matched only by his personality as a person, qualities that meshed with the Los Angeles Lakers perfectly. The Big Diesels arrival jump-started a new era of NBA basketball in L.A., a new brand of Showtime that had an enormous star attraction in the middle. ONeal realized his full potential with the Lakers, running away with the 1999-2000 MVP award and decimating the rest of the league in route to a trio of NBA titles with a young Kobe Bryant as his running mate.

A parting of ways saw ONeal traded to Miami in 2004, where he quickly set about proving he was still a championship-deciding superstar. Alongside another young star guard in Dwyane Wade, ONeal helped the Heat claim its first championship in 2006.

The Big O set record upon record with the Royals before winning a title with the Bucks.

Number retired by: Kings (No. 14), Bucks (No. 1)

Robertsons early days are harder to visualize not because of the player, but the team. The Cincinnati Royals are now the Sacramento Kings, but the teams former city and name remain synonymous with the NBAs original walking triple-double. Robertson averaged an absurd 29.3 ppg, 10.3 apg and 8.5 rpg in 10 seasons with the Royals, including his iconic triple-double average as a 23-year-old player in his second season. He was an All-Star from 1960-70 in Cincinnati while claiming six assist crowns, a scoring title, Rookie of the Year (1960-61) and MVP honors (1963-64), too. In terms of competitiveness, many of his peers describe him as Jordan before Jordan. The Royals came within one game of toppling the mighty Celtics in the 1963 Eastern Division finals.

A stunning trade to Milwaukee in 1970 paired Robertson with the ultimate frontcourt teammate in Lew Alcindor (later Kareem Abdul-Jabbar). The pair quickly gelled and led the Bucks to 66 wins in its first season together before rolling through the playoffs and sweeping Baltimore in The Finals. Robertson and Abdul-Jabbar made the Finals again in 1974 before ultimately falling to the Celtics.

Thurmonds work on the glass is among the best the league has ever seen.

Number retired by: Warriors (No. 42), Cavaliers (No. 42)

The oft-forgotten third pillar of rebounding during the Russell-Chamberlain era, Thurmond averaged 15 rpg over his entire Hall-of-Fame career. The Chairman of the Boards spent his first 11 seasons with the Warriors, amassing seven All-Star appearances and five All-Defensive honors. Thurmond played for two Finals teams in San Francisco, the latter coming closest in a 4-2 loss to Chamberlains 76ers in 1967.

Thurmond spent the last two years of his career in his home state of Ohio, playing a key role in Clevelands first conference finals team in 1976.

See the article here:
LeBron on course to join legends with jerseys retired by multiple teams - NBA.com

The Big Move is a new MarketWatch column seeking to answer questions about navigating the world of real estate.

Do you have a question about buying or selling a home? Do you know where your next move should be? Email Jacob Passy atjpassy@marketwatch.com.

I am 68 and became disabled in December 2007; I had to retire in May 2008. In 2010, my home was refinanced with Wells Fargo and Freddie Mac. I have no idea how this works having two mortgages.

My refinanced mortgage started at 3% and has increased over the years. It is now at 4.75%, and the monthly payment is around $780, which includes escrow, except homeowners insurance, which increases every year.

I owe $48,000 on my home. Since I wont live to see my home paid off, I need to lower the principal to help me stay in my home, because the cost of living is increasing every year.

Is it worth having my home refinanced at a lower, fixed percentage rate and paying closing costs? Im trying to avoid a reverse mortgage, mainly because I dont understand how they work.

I hope you will help me, because I have no one to help. Im single and have no children.

Sincerely,

Refinancing while retired

Dear Refinancing,

Right off the bat, I have to commend you for being proactive in considering ways to reduce the burden of these housing costs. In speaking with mortgage experts, it became clear that youre far from alone.

Many baby boomers are facing similar dilemmas: They havent paid off all their debts before retiring, or theyve found that their fixed income cannot account for inflation as well it once might have. But youre thinking a few steps ahead.

More often than not the calls arent being made to me as the lender until the mortgage is already behind, which is going to limit the options that we could look at, Donny Schulze, a mortgage banker with Embrace Home Loans, said.

Before I jump into some recommendations about your situation, I do quickly want to clear up one common misconception. Freddie Mac FMCC, -2.83% is not actually a lender. Like Fannie Mae FNMA, -2.81%, Freddie Mac is a government-sponsored enterprise that was created to provide liquidity to the housing market. What does that mean? Fannie and Freddie purchase pools of mortgages from banks, like Wells Fargo, and securitize them.

By buying these mortgages, Fannie and Freddie not only pump more money into the housing-finance ecosystem which lenders can use to create more mortgages but they also take on the risk associated with those loans. Without Fannie and Freddie, 30-year mortgages would be more a rarity than the default in this country.

So it sounds like, in your case, that you actually have a single mortgage from Wells Fargo WFC, -2.00% that was backed by Freddie Mac.

As to your question, refinancing your mortgage could help to reduce your monthly housing costs, but there may be limits. Refinancing the balance of a $48,000 mortgage with an interest rate thats in the low-4% range and bringing it down to todays rates might not have as big of an impact as a homeowner might anticipate, Schulze warned.

But a refinance could help right-side your finance in other ways that make your life more comfortable. You dont mention what other debts you have, but lets say that you also have credit cards or auto loans youre looking to pay off. Those loans typically carry higher interest rates than mortgages do.

Dont miss: We want to use our inheritance to buy our dream home in this popular vacation destination is $800,000 overpriced?

So one option you have is to do a cash-out refinance, where you take a portion of the equity youve accrued and use it to pay off those other loans. While you may have a larger principal to pay back, eliminating those loans could reduce your overall monthly outlays.

A cash-out refinance could also help you ensure that your home meets your needs as you get older. Imagine what you would want when youre 85, not when youre 68, said Brian Koss, executive vice president at Mortgage Network, a Massachusetts-based lender. Taking some money out now to make repairs or improvements that will make your home more livable could pay dividends down the road.

As you indicated, refinancing doesnt come for free. Youve indicated that you dont expect to pay off your mortgage before you die, and that you dont have heirs who might want to inherit the property. So the cost-benefit analysis may look somewhat different for you.

Weve given 30-year mortgages in the last year to people in their 90s. Its against the law for us to discriminate.

When most people refinance, their main priority is the aggregate savings and it can take many years to realize those. For some people, a lower interest rate might not save them money overall even if their monthly payment is smaller because they could pay more in interest, if theyre extending the term of their loan significantly by refinancing.

In your case, youre looking simply for a lower monthly payment. Lets say refinancing will save you $100 a month on the mortgage payment, but will cost you $2,000 in closing costs. Those closing costs often can be rolled into the principal, so you wont necessarily need to pay them up-front. Doing the math, after 20 months, youll have broken even when looking at it from this perspective. Ultimately, youll need to do the math after getting offers to see if it makes sense.

My advice: Go to multiple lenders, and be up-front with what youre looking for. And dont worry about your age or fixed income being an issue. Weve given 30-year mortgages in the last year to people in their 90s, Koss said. Its against the law for us to discriminate.

Once youve done the math, determine whether it does make sense to refinance. Should you choose not to go through with one, youre not necessarily out of luck. You can also go to your existing mortgage lender to explain that youre having trouble.

Her problems are also her current lenders problems, said Holden Lewis, mortgage expert at NerdWallet. Her lender doesnt want her to fall behind on the payments, so it has an incentive to reduce the monthly payments and make them easier for her to afford. The lender might offer a refinance for a lower interest rate, with little or no closing costs paid out of pocket.

One last thing: I know you said you dont want to consider a reverse mortgage because you dont understand them and that instinct is definitely a good one. But I do think that you should be aware that yours is a scenario where a reverse mortgage could make a lot of sense.

Recent reforms have made these products much less risky than in the past, said Tendayi Kapfidze, chief economist at LendingTree TREE, +5.07%. Since this borrower is struggling with cash flow, a mortgage that pays you rather than one you pay could be the way to go.

Heres a longer rundown of how reverse mortgages work (and some recent changes to the loan product), but in essence with a reverse mortgage you dont pay the lender. Instead, they pay you. (Though the loans do come with certain costs, namely the cost of mortgage insurance.)

You can use a reverse mortgage like a line of credit to pay for living expenses in your old age. And then when you die, or when you move out of the home, you must pay the loan back. In most cases, this is done by selling the home.

Read more: Now could be the time for a reverse mortgageor it could be an expensive mistake

Reverse mortgages have been the subject of scandals in the past. People today are wary of them for a couple of reasons: First, people often will go through most of the equity in their home using one, leaving their children with little in the way of an inheritance. Plus, people who are not careful about ensuring they have money set aside to cover utilities, taxes and insurance can face foreclosure for failing to make those payments.

Because you dont have children or other relatives to rely on, it sounds as if you may not encounter the concerns many do in worrying about the inheritance they will leave behind. So for you, a reverse mortgage could be a lifeline to stop worrying about monthly mortgage payments though you would need to make sure to pay your utilities, taxes and insurance.

If you need more direct assistance as you go through this process, consider contacting a housing counselor. The Department of Housing and Urban Development has a directory and hotline that can help you find a counselor in your area suited to your needs. Best of luck!

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I'm retired and won't live to see my mortgage paid off. Should I refinance to lower my monthly payment? - MarketWatch

Scarborough Superintendent Sanford Prince IV will retire at the end of the school year after two years in the district.

Prince was hired to a one-year position as interim superintendent in 2019 to replace Julie Kukenberger when she took a job leading the Hamilton-Wenham public schools in Massachusetts. His position was later made permanent with a one-year contract extension through June 30, 2021.

Prince has spent 40 years working in education and previously retired as superintendent in Windham-based Regional School Unit 14.

As we all know, the world of education changed in the spring of 2020 as a result of the COVID-19 pandemic, the Scarborough Board of Education said in a news release Monday. Sandys calm and compassionate demeanor has served the district well as we have navigated the challenges associated with such a life altering event for us all.

It goes without saying that this past year was not what any of our school leaders had in mind for students. It is with sincere gratitude that we thank Sandy for his dedication to our staff, students and the Scarborough community.

The board is hoping to contract with a search firm by mid-January, according to Chair April Sither. We will then start engaging with the public and staff to get a better idea of the qualities we as a community want to have in a superintendent, Sither said. We will begin the interview process probably in March.

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Scarborough superintendent plans to retire at the end of June - pressherald.com

After taking 15 consecutive US National Cyclo-cross Championships and five medals in the UCI World Cyclo-cross Championships, Katie Compton is beginning to wind down her professional career, according to her partner Mark Legg.

Legg posted on social media this weekend that Compton is racing her penultimate season. She will ride cyclo-cross in the winter of 2021/2022, with the World Championships in Arkansas her last race if selected for the USA.

"It's been a lot of years of ups and downs. As much as we love what we do it's time we hang the race bike on the hook next season. We'll miss all the amazing people and everyday is Saturday," Legg wrote.

Compton, who turned 42 earlier this month, first came into the spotlight in the 2004 Paralympic Games when she piloted the tandem for blind athlete Karissa Whitsell to two gold medals - one in the road race/time trial and on on the track in the pursuit. 2004 was also the first year that Compton won the national title in cyclo-cross, which would become her profession and passion.

In 2007, Compton became a pioneer for US women in cyclo-cross, finding success while racing in Belgium. She won her first victories in the UCI Cyclo-cross World Cup, taking out wins in Pijnacker and Koksijde before claiming the silver medal at Worlds behind Maryline Salvetat.

She has been a consistent contender at Worlds, finishing fourth in her last outing last February and landing on the podium five times.

Throughout her career, Compton has won 25 World Cup rounds - her last one in Nommay in 2018 - and four Pan American championships. She won the World Cup overall two times - in 2013 and 2014.

Over the past few years she has turned her focus to the DVV Trophy (now X20 Badkamers Trophy), taking out the overall series win in 2018. She finally conceded the US title to Clara Honsinger in 2019.

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Katie Compton winding down storied career, will retire in 2022 - Cyclingnews.com

TipRanks

The coronavirus pandemic crisis shows no signs of abating, even with a vaccine coming on to the markets. Were still facing severe social lockdown policies, with a number of states (such as California, Minnesota, and Michigan) forcing even harsher restrictions on this round than previously.Its a heavy blow for the leisure industry that is still reeling from one of the most difficult years in memory. The difficulties faced by restaurants are getting more press, but for the cruise industry, corona has been a perfect storm.Prior to the pandemic, the cruise industry which had been doing $150 billion worth of business annually was expected to carry 32 million passengers in 2020. Thats all gone now. During the summer, the industry reeled when over 3,000 COVID cases were linked to 123 separate cruise ships, and resulted in 34 deaths. After such a difficult year, its useful to step back and take a snapshot of the industrys condition. JPMorgan analyst Brandt Montour has done just that, in a comprehensive review of the cruise industry generally and three cruise line giants in particular."We believe cruise shares can continue to grind higher in the near term, driven overwhelmingly by the broader vaccine backdrop/progress. Looking out further, operators will face plenty of headwinds when restarting/ramping operations in 2Q3Q21, but significant sequential improvement of revenues/cash flows over that period will likely dominate the narrative, and we believe investors will continue to look through short-term setbacks to a 2022 characterized by fully ramped capacity, near-full occupancies, and so far manageable pricing pressure," Montour opined.Against this backdrop, Montour has picked out two stocks that are worth the risk, and one that investors should avoid for now. Using TipRanks Stock Comparison tool, we lined up the three alongside each other to get the lowdown on what the near-term holds for these cruise line players.Royal Caribbean (RCL)The second-largest cruise line, Royal Caribbean, remains a top pick for Montour and his firm. The company has put its resources into facing and meeting the pandemics challenges, shoring up liquidity and both streamlining and modernizing the fleet.Maintaining liquidity has been the most pressing issue. While the company has resumed some cruising, and has even taken delivery of a new ship, the Silver Moon, most operations remain suspended. For Q3, the company reported adjusted earnings of -$5.62, below consensus of -$5.17. Management estimates the cash burn to be between $250 million and $290 million monthly. To combat that, RCL reported having $3.7 billion in liquidity at the end of September. That included $3 billion in cash on hand along with $700 million available through a credit facility. Total liquidity at the end of Q3 was down more than 9% from the end of Q2. Since the third quarter ended, RCL has added over $1 billion to its cash position, through an issue of $500 million senior notes and a sale of stock, putting an additional 8.33 million shares on the market at $60 each.In his note on Royal Caribbean, Montour writes, [We] are most constructive on OW-rated RCL, which we believe has the most compelling set of demand drivers... its extensive investments in premium priced new hardware, as well as consumer data, all set RCL up well to outgrow the industry in revenue metrics, margins, and ROIC over the longer term.Montour backs his Overweight (i.e. Buy) rating with a $91 price target. This figure represents a 30% upside potential for 2021. (To watch Montours track record, click here)Is the rest of the Street in agreement? As it turns out, the analyst consensus is more of a mixed bag. 4 Buy ratings and 6 Holds give RCL a Moderate Buy status. Meanwhile, the stock is selling for $69.58 per share, slightly above the $68.22 average price target. (See RCL stock analysis on TipRanks)Norwegian Cruise Line (NCLH)With a market cap of $7.45 billion and a fleet of 28 ships, Norwegian Cruise Line found its relatively smaller size as an advantage in this pandemic time. With a smaller and newer fleet, overhead costs, especially ship maintenance, were lower. These advantages dont mean that the company has avoided the storm. Earlier this month, Norwegian announced a prolongation of its suspension of voyages policy, covering all scheduled voyages from January 1, 2021 through February 28, 2021, plus selected voyages in March 2021. These cancellations come as Norwegians revenues are down in the third quarter, the top line was just $6.5 million, compared to $1.9 billion in the year-ago quarter. The company also reported a cash burn of $150 million per month.To combat the cash burn and minimal revenues, Norwegian, in November and December, took steps to improve liquidity. The company closed on $850 million in senior notes, at 5.875% and due in 2026, during November, and earlier this month closed an offering of common stock. The stock offering totaled 40 million shares at $20.80 per share. Together, the two offerings raised over $1.6 billion in new capital.On a more positive note, Norwegian is preparing for an eventual resumption of full services. The company announced, on Dec 7, a partnership with AtmosAir Solutions for the installation of air purification systems on all 28 vessels of its current fleet, using filtration technology known to defeat the coronavirus.JPMs Montour points out these advantages in his review of Norwegian, and sums up the bottom line: This coupled with a relatively newer, higher-end, brand/ship footprint would generally lead us to believe it was in a good position to outperform on pricing growth, though its demographics skewing to older age customers probably will remain a drag through 2021. Ultimately, NCLH is a high-quality asset within the broader cruise industry, with a higher beta to a cruise recovery, and it should see outperformance as the industry returns and investors look further out the risk spectrum.Montour gives the stock a $30 price target and an Overweight (i.e. Buy) rating. His target implies an upside of 27% on the one-year time frame.Norwegian is another cruise line with a Moderate Buy from the analyst consensus. This rating is based on 4 Buys, 4 Holds, and 1 Sell set in recent months. Like RCL above, the stock price here, $23.55, is currently higher than the average price target, $23.22. (See NCLH stock analysis on TipRanks)Carnival Corporation (CCL)Last up, Carnival, is the worlds largest cruise line, with a market cap of $23.25 billion, more than 100 ships across its brands, and over 700 destination ports. In normal times, this giant footprint gave the company an advantage; now, however, it has become an expensive liability. This is clear from the companys fiscal Q3 cash burn, which approached $770 million.Like the other big cruise companies, Carnival has extended its voyage cancellations, or, in the companys terms, the pause in operations. The Cunard line, one of Carnivals brands, has cancelled voyages on the Queen Mary 2 and the Queen Elizabeth through early June of next year. Carnival has also cancelled operations in February from the ports of Miami, Galveston, and Port Canaveral, and pushed back the inaugural voyage of the new ship Mardi Gras to the end of April 2021. These measures were taken in compliance with coronavirus restrictions.Carnivals shares and revenues are suffering deep losses this year. The stock is down 60% year-to-date, despite some recent price rallies since the end of October. Revenues fell to just $31 million in the fiscal third quarter, reported in September. Carnival reported a loss of nearly $3 billion in that quarter. The company did end the third quarter with over $8 billion in available cash, an impressive resource to face the difficult situation.This combination of strength and weakness led Montour to put a Neutral (i.e. Hold) rating on CCL shares. However, his $25 price target suggests a possible upside of 23%.In comments on Carnival, Montour wrote, [We] believe that some of the same relative net yield drags it saw in 2018-2019 due to its sheer size will likely become top of mind on the other side of this crisis However, given CCLs relative share discount, less pricing growth ahead of the crisis, and geographical diversification, we see it as the company with the least downside over the next few months and are not surprised by its recent outperformance. We believe this will reverse in the 2H21. Overall, Carnival has a Hold rating from the analyst consensus. This rating is based on 10 reviews, breaking down to 1 Buy, 8 Holds, and 1 Sell. The stock is selling for $20.28 and its $18.86 average price target implies a downside potential of ~7%. (See CCL stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that unites all of TipRanks equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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How This Couple Retired At 55 With Just $200,000 In Their Roth IRA Account - Yahoo Finance

University of Washington computer science professor emeritus Pedro Domingos. (UW Photo)

The University of Washington computer science department denounced comments made online by a retired professor over a debate about AI ethics, Timnit Gebrus controversial exit at Google, so-called cancel culture, and more.

A heated back-and-forth involving longtime AI researcher Pedro Domingos and the response from the UW demonstrates the complexity of public discourse on controversial topics. It also highlights unanswered questions related to the societal implications of artificial intelligence, and is the latest example of the backlash that can occur when politics collides with academia and the tech industry.

Domingos, who joined the UW faculty in 1999 and is the author of The Master Algorithm,sparked the initial discussion on Twitter after hequestioned why the Neural Information Processing Systems (NeurIPS) conference was using ethics reviews for submitted papers.

Its alarming that NeurIPS papers are being rejected based on ethics reviews,' he tweeted last week. How do we guard against ideological biases in such reviews? Since when are scientific conferences in the business of policing the perceived ethics of technical papers?

His opinion drew a number of responses from other top data scientists and those involved with NeurIPS.

The problem here is that folks like him lack the humility to admit that they do not have skills in qualitative work and dismiss it all as a slippery slope,' tweeted Rumman Chowdhury, founder of Parity and former global lead for Responsible AI at Accenture Applied Intelligence. Qualitative methods have rigor. Ethical assessment can be generalizable and sustainable.

The discourse on Twitter then shifted to last years decision to rename NeurIPS. There were concerns over the previous name NIPS due to racial slurs and sexism.

That set off the beginning of a long exchange between Domingos and Anima Anandkumar, a professor at Caltech and director of machine learning research at NVIDIA who led a petition to change the name of the conference. Pornography came up in a discussion about web search results for the term nips, sparking a response from Katherine Heller, chair of diversity and inclusion for NeurIPS 2020, and Ken Anderson, chair at the University of Colorados computer science department.

As of Tuesday, Anandkumars Twitter was no longer active. She declined to comment for this story.Update:Anandkumar posted a public apology on her blog Wednesday. She also said she deactivated her Twitter account in the interest of my safety and to reduce anxiety for my loved ones.

NeurIPS posted a statement on ethics, fairness, inclusivity and code of conduct on its homepage. Weve reached out to the conference for comment.

Having observed recent discussions taking place across social media, we feel the need to reiterate that, as a community, we must be mindful of the impact that statements and actions have on our peers, and future generations of AI / ML students and researchers, it reads. It is incumbent upon NeurIPS and the AI / ML community as a whole to foster a collaborative, welcoming environment for all. Therefore, statements and actions contrary to the NeurIPS mission and its Code of Conduct cannot and will not be tolerated.

The Twitter chatter also delved into the recent departure of Gebru, a top AI ethics researcher at Google, and whether she was fired by the company or resigned following a controversy related to an AI ethics paper. Domingos tweeted that Gebru was creating a toxic environment within Google AI and said that she was not fired, despite Gebru stating otherwise.

Heller then tweeted at Domingos and said he was violating the NeurIPS code of conduct.

Later that evening, the UWs Allen School of Computer Science and Engineering issued a lengthy statement via Twitter. The schools leadership took issue with Domingos engaging in a Twitter flame war belittling individuals and downplaying valid concerns over ethics in AI, and for his use of the word deranged. Heres the statement in full:

#UWAllen leadership is aware of recent discussions involving Pedro Domingos, a professor emeritus (retired) in our school. We do not condone a member of our community engaging in a Twitter flame war belittling individuals and downplaying valid concerns over ethics in AI. We object to his dismissal of concerns over the use of technology to further marginalize groups ill-served by tech. While potential for harm does not necessarily negate the value of a given line of research, none of us should be absolved from considering that impact. And while we may disagree about approaches to countering such potential harm, we should be supportive of trying different methods to do so.

We also object in the strongest possible terms to the use of labels like deranged. Such language is unacceptable. We urge all members of our community to always express their points of views in the most respectful and collegial manner.

We do encourage our scholars to engage vigorously on matters of AI ethics, diversity in tech and industry-research relations. All are crucial to our field and our world. But we are all too familiar with counterproductive, inflammatory, and escalating social-media arguments.

We have asked Pedro to make clear he tweets as an individual, not representing the Allen School or the University of Washington. We would further argue that this whole mode of discourse is damaging and unbecoming.

The Allen School is committed to addressing AI ethics and equity in concrete ways. That work is ongoing, and many of our activities are listed on our website.

One key component is to expand the inclusion of ethics in our curriculum and prepare students to consider the very real impact that technology can have, especially on marginalized communities.

In recent years, we have added multiple classes on this topic at both the graduate and undergraduate levels, and we plan to continue to work toward expanding that aspect of our curriculum.

As a school, we have stated our commitment to be more inclusive and to consider the impact of our work on people and communities. We will not be deterred, by naysayers inside or outside of our community, from putting in the hard work required to achieve those aims.

Signed, Members of the Allen School Leadership Magdalena Balazinska, Prof. and Director Dan Grossman, Prof. and Vice Director Tadayoshi Kohno, Prof. and Associate Director for Diversity, Equity & Inclusion Ed Lazowska, Prof. and Associate Director for Development & Outreach

Domingos described the schools response as cowering before the Twitter mob.

We followed up with Magdalena Balazinska, a well-regarded researcher and educator who took over as the Allen School director last year. Heres what she had to say about the matter:

As leader of the Allen School, one of my highest priorities is to promote a culture and an environment that is diverse, equitable, and inclusive. I also deeply care about an environment in which people discuss issues, even potentially controversial ones, openly, with empathy, and without bullying. Witnessing what happened on Twitter this past week was disheartening. We need to find ways to come together. The entire tech industry should work toward all these goals, and we have much work to do.

Ed Lazowska, a longtime leader at the Allen School, said the department is committed to academic freedom and freedom of speech.

We encourage good-faith dialogue, including on controversial issues, he said. But we expect members of our community to engage in that dialogue in a respectful, collegial, and constructive manner that is free from personal attacks and is not dismissive of peoples lived experiences. Pedro failed to live up to those standards and we felt compelled to make clear where we stand.

Lazowska added: Pedro is within his rights to tweet. We felt it was important to distance the school from his views.

In an email exchange with GeekWire, Domingos said the Allen School should have stood by my right to voice my opinions, and back me up in my efforts to free the machine learning community from the miasma descending on it.

Instead, they chose to pay their obeisance to the ultra-left crowd, as they have before, Domingos said, referencing Stuart Reges, another UW computer science professor who was criticized for his 2018 essay that claimed women are underrepresented in software engineering because of personal preference, not because institutional barriers deter them from pursuing careers in tech.

Reges told GeekWire he was disappointed that the Allen School has thrown Pedro under the bus.

He has raised significant questions about the activism surrounding Timnit Gebrus termination from Google and new efforts to inject ethics reviews into all aspects of AI research, said Reges. The greatest sin he has committed has been to refer to deranged activists. The unified mob reaction to try to cancel him proves that his opponents and the Allen School leadership are not willing to engage in meaningful dialog to explore the issues.

Domingos said the Twitter spat highlights how the machine learning community is being progressively strangled by political correctness and extreme left-wing politics.

The larger problem is that academia and the tech industry, not just machine learning, are being strangled by a crowd that refuses to allow the free exchange of ideas on which research depends, and is successfully imposing an increasingly far-left orthodoxy, he told GeekWire. People live in fear of their attacks.

Daniel Lowd, an associate professor at the University of Oregon who earned his PhD from the UW in 2010, tweeted that he would like to publicly disavow and distance myself from these comments by my PhD advisor and collaborator.

The reaction to Domingos original tweet about ethics reviews of AI papers also reflects the pressing dilemma of AI ethics as the technology increasingly infiltrates everyday life.

Considering the ethical impact of AI research is absolutely essential, said Oren Etzioni, a UW computer science professor emeritus (retired) who is now CEO of Seattles Allen Institute of Artificial Intelligence.

That said, its hard to argue with Pedros observations about online attacks and the refusal to allow the free exchange of ideas, said Etzioni, who noted that he was speaking to GeekWire as an individual and not a representative of any institution.

Etzioni called out a platform his father launched called Civil Dialogues that encourages deliberation on pressing issues. He also noted his Hippocratic oath created in 2018 as a way to encourage AI software developers to remember their ethical burden.

Asked about Domingos comments on Twitter, Seattle University senior instructor and AI ethics expert Nathan Colaner said it seems that his underlying attitude is that ethical concerns in AI are overblown, and that ethicists are making too much of their concerns, specifically when it comes to algorithmic bias.

I think thats the wrong attitude to have, Colaner said. First of all, there is no legitimate debate to be had about whether algorithms are neutral. It is also now clear that AI is not going to remove human bias, as we sometimes used to hear. But what is still unclear is whether human bias is a worse or less bad problem than algorithmic bias.

Colaner said there are plenty of unanswered questions that need answers as AI innovation continues at a rapid pace. The AI ethics community is basically scrambling, he said, adding that he supports the Allen Schools statement. Colaner is managing director of the Initiative in Ethics and Transformative Technologies, an institute at Seattle U made possible through a donation from Microsoft.

Healthy debate sharpens everyones minds, Colaner said, but since we in the AI ethics community have serious, time-sensitive work to do, distraction is not useful, which is why Twitter made the unfollow button.

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Retired UW computer science professor embroiled in Twitter spat over AI ethics and cancel culture - GeekWire

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Almost half of all Americans who have yet to retire are anxious that they wont have enough savings to live comfortably in retirement, and that fear is most common among uncertain strugglers, one of five types of retirement savers identified in a new research paper.

Uncertain strugglers, with a median household income of $43,000 and median household assets of $13,000, by necessity are focused on making ends meet in the present, not the future, according to research from the Alliance for Lifetime Income, a group that promotes annuities as a tool for retirement income.

The alliance and research partner Artemis Strategy Group segmented Americans into five groups after conducting online interviews in August with 3,036 people ages 25 to 74. Participants answered questions about their expectations for retirement, the factors that shape their financial decisions, and their knowledge and interest in retirement planning, giving researchers a snapshot of their retirement readiness.

Barrons brings retirement planning and advice to you in a weekly wrap-up of our articles about preparing for life after work.

Uncertain strugglers make up about 29% of the U.S. population, according to the research, with the other types of retirement savers being ambitious risk-takers (28%), cautious preparers (17%), optimistic dreamers (13%), and purposeful planners (12%).

Heres a breakdown of the five types of retirement savers they found:

Ambitious risk-takers: This group generally is educated, optimistic, and young, with 49% under the age of 45 and 28% under 35. Full-time workers account for 72% of this group, the highest percentage among the five types of savers, and 52% have at least a bachelors degree.

This group has a median household income of $125,000 and the same amount in median household assets. Men make up 54% of this group, and 43% have a financial advisor. They are more likely to be open to new and different opportunities, and 75% expect their sources of income to last throughout retirement. They trust their financial advisors but do their own research and are more likely to consider themselves experts in retirement planning.

Cautious preparers: Men make up 56% of this group, which is fairly well educated, with 40% holding at least a bachelors degree. They skew older, with 68% being 45 or above and 20% being between the ages of 65 and 75. Their median household income is $88,000, with median household assets of $125,000.

Many cautious preparers have prepared for the worst and stuck with tried-and-true investment strategies. Though they have knowledge about retirement planning, they still have questions, so they do their own research and rely upon experts. Some have calculated their income needs in retirement, and 27% are retired, the highest percentage among the five types of savers.

Optimistic dreamers: Women account for 57% of this group, which skews young, with 49% under the age of 45 and 26% under 35. They have a median household income of $62,000 and median household assets of $38,000. They tend to be less educated, with 46% having a high-school diploma or less.

For optimistic dreamers, retirement seems far away, but they expect to lead active, rewarding lives as seniors. They generally have a basic understanding of retirement planning and contribute to their employers 401(k) or similar plans but arent fully comfortable with retirement planning and dont spend much time on it.

Few have calculated their income needs in retirement, and many make financial decisions based on instinct or through recommendations from family or friends.

Purposeful planners: It pays to be a member of this most exclusive group, which has a median household income of $125,000 and median household assets of $325,000. Men make up 58% of this group, which tends to be highly educated, with 52% having at least a bachelors degree. Many are nearing retirement or have already retired, with 42% ages 55 and older.

Purposeful planners are well positioned to enjoy retirement. Most have a financial plan, devote time to retirement planning, and have extensive knowledge about retirement planning. Purposeful planners are likely to enjoy managing their finances in retirement, with 78% expecting their sources of income to last throughout retirement, the highest percentage among the five saver profiles.

Uncertain strugglers: This group generally is pessimistic about living comfortably in retirement, with many expecting to rely on Social Security and help from family to get by.

Women make up 61% of this group, which is less educated than the others, with 56% having a high-school diploma or less. Uncertain strugglers rely on instinct and recommendations from family and friends to make financial decisions. Just 39% of this group works full time, the lowest figure among the five types of savers.

Though 57% of them are 45 or older, they dont know much about retirement planning, dont have a financial plan, and havent calculated their income needs in retirement. Only 24% expect their savings and sources of income to last throughout retirement, the lowest percentage among the five groups.

For optimistic dreamers, our recommendation is to really engage in financial-planning education. Youre really excited about retirement, but lets think about how youre going to get there, says Anne Aldrich, a partner at Artemis Strategy Group and a co-author of the report. Uncertain strugglers aspire to have some control over the direction of their financial lives, and many of them dont have a financial plan, so our recommendation is to gain a sense of control, take hold of the resources that they do have, and start taking the next steps toward developing a plan.

Write to us at retirement@barrons.com

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There Are 5 Types of Retirement Savers, New Research Says. Which One Are You? - Barron's

IRA guru Ed Slott doesnt trust politicians with his taxesand doesnt think you should, either.

A well-known retirement expert (and a recovering certified public accountant), Slott leads seminars for financial planners, advises regular folks on how to retire securely and recently updated his 2003 classic, The New Retirement Savings Time Bomb, to address Congress latest indiscretions.

He recently spoke with Forbes Advisors Taylor Tepper about how savers should do whatever they can to avoid taxes in their golden years, even if it means paying taxes upfront. This interview has been lightly edited for clarity and length.

What is the retirement savings time bomb?

The time bomb is the tax liability building up in your individual retirement account (IRA). Most people dont think about it, but some of your IRA already belongs to the government. The question is how much.

Most retirement accounts are tax-deferred, not tax-free. You can have someone with a million dollars in their IRA, but its not all theirs.

When they take out the money, theyll have to pay taxes. You dont know exactly how much youll be able to keep unless you take action to lock it down now.

How can people defuse the tax bomb in their IRAs?

You cant rely on Congress to keep their word, so you must be proactive and take steps to keep more of your money. To pay as little tax as possible along the way you need to turn taxable accounts into tax-free accountsmove your money from accounts that I call forever tax to ones that are never tax.

So youre talking about converting to Roth IRAs, right? Youre a big fan Roths.

Not a big fan, a huge fan.

But many people have already built up their savings in an traditional IRA, or other tax-advantaged accounts, which means theyd have to use a backdoor Roth IRA conversion. Who would benefit from this?

Just about anybody who doesnt want to worry about the uncertainty of what higher future tax rates can do to their standard of living in retirement.

Lets say the top tax rates go up to 50%, just as an example. Youd have half the money you thought you had. So as rates go up, the value of your retirement savings effectively goes down.

The thing I like about the conversion is that it gives people certainty. People dont like the uncertainty of What is Congress going to do? We already know from their broken promises that we cant trust them.

But you dont think a Roth IRA conversion is the best move for everyone, right?

No, and I have a section in the book that describes who shouldnt do a Roth IRA conversion.

(Editors note: In his book, Slott advises against doing a Roth conversion if

OK, lets say I go ahead and do a backdoor Roth IRA conversion. What if youre wrong? What if Congress doesnt end up hiking tax rates substantially, a thing they have not done in years?

I do a lot of speaking engagements. I was doing a virtual program recently and someone told me, Ed, I went to your big two-day IRA training program 10 years ago and you said the same thing then. You said taxes were going to go up, and you know what? They didnt. In fact, they went down. You were wrong. What do you have to say about that?

I said, Well, if you had listened to me and converted to a Roth IRA 10 years ago, all of those gains from a booming stock market would have grown tax-free in your Roth IRA. Thats what I have to say about that.

So a Roth IRA conversion is a way to cover yourself, just in case?

I call Roth IRA conversions tax insurance. Thats why you get insurance: In case something bad happens. It doesnt matter how much they raise tax rates; your tax rate will be zero.

Any financial decision has benefits and drawbacks. You have to look at both sides to see whats best for you. With the Roth IRA, I look at the worst case scenario. Whats the worst thing that can happen? Lets say I was wrong and tax rates didnt go up. Youve still locked in a 0% tax rate on your gains for life.

Why dont more people do Roth IRA conversions?

The downside is that you pay taxes up front. But those are taxes youd have to pay anyway. Not if, but when. The only way to get money out of a traditional IRA, even if you just want to spend it, is to pay taxes.

Maybe some people really dont believe that Congress will raise their taxes?

You cant believe these guys. With the SECURE Act, they showed their hand again. The minute they need money the first thing they turn to is retirement savings. Why? Because that money is a big juicy steak to Congress because they know that money hasnt been taxed yet. Its low-hanging fruit.

As part of the SECURE Act, Congress made many IRA beneficiaries take withdrawals over 10 years instead of stretching them over a much longer time period. Why is that so bad?

The whole fact that Congress pulled the rug out from everybody when most people were relying on promises made by politiciansI know thats almost ridiculous to say. But they promised!? A congressman, a politician, can you believe that?

Many people made plans to stretch IRA savings a long way after they died.

This is why I begin my book with a chapter titled The Broken Promise. The theme is you cant rely on these guys, youll need to make your own plan, as best as you can.

But were mainly talking about adult child beneficiaries, right? Minor child beneficiaries, spouses and others are exempt. Basically Congress is scaling back the estate planning benefits of an IRA. Is that really so bad?

When youre planning for retirement, whats important is not what youre going to do tomorrow. Its a long-term plan, a 20- to 30-year plan. So you need to be able to rely on the rules. And the rules were the same for over 20 years, and then all of a sudden they changed them.

A lot of people I hear from are not super wealthy people. They simply arranged their life a certain way because thats what they wanted. Maybe they lived more frugally because they wanted to leave their kids and grandkids a legacy for years to come. So they adjusted their lives based on these rules.

What can someone do if they dont want to do a Roth conversion or if they still want to leave their adult children a financial legacy?

I have to tell you as a tax advisor, who doesnt sell life insurance or any financial product, the tax exemption for life insurance benefits is one of the single biggest pluses in the tax code and most people dont take advantage of it.

When I talk about life insurance Im talking about permanent cash value policies, and its very similar to Roth IRAs in the sense that you can leave someone tax free money.

But why should someone pay the premiums for a policy just to use it as an estate planning tool?

People want to know, Whats in it for me?

What most people dont know is that many policies, like my owneverything Im telling you Ive done myselfhave long-term care riders. You can tap into that life insurance money, in effect taking an advance, if you need it to pay these huge health bills later in retirement.

Thats one way to turn the tables on Congress. You just cant trust themyou have to trust yourself and do what you can to control your own tax rate.

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IRA Guru Ed Slott On Taxes, Retirement & Roth IRAs - Forbes

Carol Petrov

The way Certified Financial Planner Carol Petrov sees it, women in the advisory business are given only two options: a financial advisor who hunts and kills for their meat, or somebodys assistant with a steady paycheck.

Petrov, the vice president of Kendall Capital, started out as an advisor, switched after seven years to be a brokerage assistant (which she did for six years) and then returned to her FA career when she joined Kendall Capital in Rockville, Maryland, six years ago. With $310 million in assets under management, the RIAs client focus is Middle-Class Millionaires, and theyve trademarked the moniker.

Petrov, 48, specializes in retirement planning for seniors, which is often challenging because most of the firms older clients became millionaires by dint of saving all their lives and now worry that if they stop working, they wont be able to pay their bills.

In the interview, Petrov, who grew up in the Maryland suburbs and earned a B.S. from George Washington Universitys business school, talks about what drove her to give up advising and work instead as a client service associate at Morgan Stanley. The 2008-2014 stint was not fulfilling, as she explains.

To help both her and other women to an improved experience, she urged the firm to offer, as an alternative to evolving into an FA, financial planning jobs with flexible hours and steady pay that would allow for a better work-family balance. That appeal proved to be in vain.

The wirehouse firm still does not offer such opportunity, she says, but has two salaried programs for those who do aspire to become FAs: Wealth Advisor Associate, a diversity initiative leading to the Financial Advisor Associate Program, which trains people with no financial or sales background.

Morgan Stanley offers several career paths to employees within the Field Service Organization, a Morgan Stanley spokesperson said. The [two noted above] are designed to guide employees through extensive training and development to help them succeed as financial advisors.

ThinkAdvisor recently interviewed Petrov, who was speaking by phone from Rockville. She discussed her detoured career trajectory and her key goal as an advisor: To help clients have a good experience. I want [them] to be happy and come back for more and, she says, refer their friends.

Here are highlights from our conversation:

THINKADVISOR: Your firm specializes in serving Middle-Class Millionaires, a term that Clark Kendall, president and CEO, trademarked. Do such clients feel rich and have no worries about money?

CAROL PETROV: Quite the contrary. The majority have worked and saved by living within or below their means. They feel they have to continue to work and save, and that their retirement is the security of knowing they can keep living the way theyve been living. So they feel just as insecure as before [they became millionaires] and worry that if they stop working, they wont be able to pay their bills.

Did President Trumps Tax Cuts and Jobs Act help Middle-Class Millionaires?

No. That tax package had a huge [negative] impact on them. It really wreaks havoc on the higher middle class, whose tax rates tend to be around 20%-22%.

Just what was the change?

The state and local tax SALT deduction was capped at $10,000 [$5,000 for married filing separately]. Most of our clients have property taxes alone that are well over that. So between [losing] the state income tax deduction and the property tax deduction, some lost a good two or three times what they used to be able to deduct.

Will President-elect Joe Bidens tax proposal benefit Middle-Class Millionaire clients?

Thus far, hes proposed raising taxes on income above $400,000. Thats far ahead of most of our clients. Most have $400,000, but theyre not earning that amount [or more]. So theyll stay in the bracket theyre in now and remain hopeful that the SALT [change] will be reversed.

How did you get interested in working in financial services?

In 2000, I was in customer service as the manager of a restaurant in Bethesda and figuring out what I should do next. At the restaurant, I met three middle-aged [male] UBS financial planners who said I had the right personality to be an advisor. I wasnt interested in stocks. They said, No, no not stocks. Financial planning. I said, Whats that? And thats how I got into financial services.

Whats your key strength thats helped you in your work?

My ability to relate to people, to listen. As a financial planner, youre working to help clients have a good experience. To this day, I feel like Im still working for tips, [as in customer service]: I want my clients to be happy and come back for more, and refer their friends.

Your first job in the industry was financial advisor at Ameriprise Financial Services. From there, after a brief stint as an FA at First Financial Group, you joined Morgan Stanley as a registered service associate. Wasnt that a step down on your career ladder?

It was. As a woman in this business, youre given two options: financial advisor who hunts and kills for their meat you get clients and make commissions or else, youre somebodys assistant with a steady paycheck and regular hours.

Was steady pay and set hours necessary for your lifestyle?

At Ameriprise, I was compensated on commission. But [after becoming a mother with a young son and single], I needed [income] stability and good health benefits. Thats why I switched to being an assistant. At Morgan Stanley, I was able to have that.

As a woman in the male-dominated world of financial services, have you encountered discrimination or bias thats stymied your career?

I got my CFP while I was at Morgan Stanley; they paid for it. But they wouldnt put CFP on my business card. That was discriminatory.

Did you experience any slights there just because youre female?

Youre definitely not part of a club. Youre not invited to golf outings or happy hours. Theres definitely a clique of men that you will not be part of. I personally dont have any me-too stories, but Morgan Stanley is, kind of, notorious for the way they treated women. They had so many lawsuits when I was there.

Anything else that dampened your spirit?

Youre not taken very seriously by people in the industry. At Morgan Stanley, even the nicest of brokers would still see you as just staff. Thats when I realized there was nowhere to go unless I became an [MS] advisor. Youre either an advisor there or somebodys assistant. But I didnt want to become a broker [on commission] because Id lose my steady paycheck. I wanted to find a better way. Thats when I started looking around and researching fee-only RIA advisors.

Did you try for a promotion out of your support role?

Yes. I spoke to Morgan Stanley folks in New York, telling them, We have a lot of smart women [support staff] working here for years and years. They know your clients better than your brokers do. Would you make it so they could do financial planning, have client interaction and help bring in more business? But also, if youre a mom, give us the flexibility to take time off if, for example, you have to take your kid to the doctor.

What was the response?

Good point we should reach out more [sounding offhand]. Were designing another role for the women. And they would come up with names for various roles.

Why did you leave the firm?

I was assisting three brokers. It was very much like being on a hamster wheel. Youre helping these people succeed, but youre not going anywhere. So many women in this business are stuck in the wheel and cant seem to see a way out.

Youre the vice president of Kendall. Is it possible for you to advance there?

Clark picks my brain and runs things by me. In that way, he sees me as a partner. Were hiring people under me so I can be in more of a supervisory role some day and work only with clients that have the most intricate needs. The skys the limit here because were a growing [RIA] and dont have as many restrictions as a broker-dealer.

How can the industry attract more women to become financial advisors?

By saying, We offer you a career path that balances work and family life. The firms have to acknowledge that most women still have the primary responsibility of taking care of their kids.

How, specifically, could they provide that balance?

They have to be more flexible with their scheduling. One of the reasons they lose [female] talent is by not being flexible. They need to say, We know you work your tail off when youre here. Youre not goofing off like those guys [FAs] in the kitchen talking about football for three hours on Monday morning. So if [a mom] needs to leave a little early or come in late [because of parenting responsibilities], they have to understand.

Any advice for women who are thinking of becoming a financial advisor or for FA assistants who want to move up but feel frustrated?

The most important thing is to invest in yourself. Once you have the experience and knowledge, you need to decide whether to move up. Its helpful to join a financial planning association, attend webinars, learn more about different aspects of being an advisor and get your CFP.

Whats the biggest hurdle?

Getting that knowledge and acknowledgment of being a CFP. Once youre a CFP, youre like, Hey, I know my stuff and you have your ticket out.

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