Continuing their partnership with Bank of America and LVS’ commitment to Team Member training and helping them advance in the hospitality industry, Sands Academy hosted the financial institution for their Planning for Retirement workshop for Team Members. Conducted by Thomas Gough, Assistant Vice President Financial Solutions, emphasis was placed on the longevity of retirement and the growing trends of retirees returning to work while in retirement.
“I’m starting to see retirement last 20-40 years,” Gough said. “People are living longer now. A lot of people go back to work at least part-time to supplement their retirement income because that’s a long time to be home.”
Gough said it’s important to define your priorities and goals well ahead of time. Travel is usually number one for most people, but prior to actual retirement, you must consider your income and other resources.
“Social Security doesn’t cover everything. It only covers about 35% of total expenses,” he continued. “It’s so important to have other sources of income at retirement to cover everything. Investments and health savings accounts are some options. You don’t want to be left without your nest egg early into your retirement.”
Gough recommends estimating your expenses and living off what you expect to use during retirement before you actually retire. While mismanagement of funds can sometimes be the problem, health care costs can cause the most problems for retirees due to the increase in costs for care and medication. He emphasized the importance of early planning, which resonated with attendees.
“I never knew all of the options that you can set up prior to retiring,” Vibhor Chopra, IT Software Developer, said. “I never had something like this at my previous employer. I feel a lot more prepared now and I’m really starting to think about my future even though it’s a ways off for me. This session provided me some in depth knowledge about what I need to set up now in order to retire and be okay.”