Author: Press Room

Montana Best State to Start a Farm

25 October 2021
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Lawn Starter has compared the 50 states across 42 key metrics to rank the best state in which to start a farm or ranch. Montana comes out at the very top.

The ranking is the result of examining existing farm communities to indicate viability, good infrastructure, and a suitable climate. They also compared the states based on overhead and the potential for return on investment.

Lawn Starter’s announcement stated, “The Big Sky State earns the top spot in our ranking of 2021’s Best States to Start a Farm or Ranch. With agriculture its biggest industry, Montana’s victory comes as little surprise. 

“The state placed in the top 10 in five out of seven categories and No. 15 in ROI Potential. Montana trails only Wyoming in farm size, averaging a whopping 2,156 acres, and the average cost of an acre in the Treasure State is lowest in the U.S.

“Although ranching is woven into the state’s cultural fabric, farming also contributes significantly to the state’s economy. Montana is a top supplier of beef, and it leads the nation’s production of organic certified wheat, dry peas, lentils, flax, and honey.”

Montana’s Rank for Some Key Metrics (1 = Best)

* Increase in Farmland Area Over Past Year – 1st

* Share of Electricity from Renewable Sources – 7th

* Number of Critical Access Hospitals – 8th

* Yearly Average Number of Very Hot Days (90 Degrees F or Higher) – 18th

* Natural Hazards Index – 5th

* Farm Workers per 100,000 Residents – 9th

* Average Per-Acre Cost of Farmland – 1st

* Average Per-Farm Receipts from Federal Programs – 4th 

Coming in at No. 2 is Kansas, while Texas clocks in at No. 4, Oklahoma at No. 5, and Iowa in seventh place. Both Dakotas made it, too, at Nos. 3 and 6. Colorado (No. 9) and Wyoming (No. 10) round out the Plains states at the top. 

But how specifically did this broad, sweeping landscape dominate the top of our ranking? Most of these states, such as Kansas, Oklahoma, and Texas, boast cheap land, large established farming communities for support, and highly developed infrastructure. 

Alaska not only ranked at the very bottom of our ranking of top agricultural states, but it also finished last in two out of seven categories, Viability and Climate; third to last in Personnel; and in the worst 10 of Infrastructure and ROI Potential. These results are hardly a shock. Although Alaska is the bi

Martz Foundation Announces Three Awards

25 October 2021
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The Montana Foundation has announced winners for the third annual “Judy Martz Women in Leadership” awards.  Hallie Thompson of Great Falls, Kimberly Siemsen of Billings, and Maria Begger of Harlowton will share a total of $5,000 to further their leadership skills from the 2021 round of the Judy Martz “Women in Leadership” awards.

The award memorializes former Governor Judy Martz, Montana’s first and only female state executive, who passed away October 2017.  The Montana Foundation continues the Martz Fund created in 2018 to provide leadership development for Montana women, following the trail blazed by Martz.

Thompson will use the funds to help buy a food truck to expand her start-up business, Wholesome Hal’s.  “I hope to continue building my sphere of influence in the same way Governor Martz did as a small businesswoman.”  Coincidentally, October is National Women’s Small Business Month.

Siemsen will use her award as a scholarship toward a Native American Studies Certificate through Montana State University.  According to her application, “Our Native American population deserves to be acknowledged and discussed in a modern and authentic way.”

Begger’s award will go toward a masters in Speech, Language, and Hearing Sciences from UM.  After graduating and becoming a fully licensed and certified speech-language pathologist, “I want to get a job within the schools and special education cooperatives of small-town Montana to serve and provide speech and language services to the rural populations of the state,” she says.

“We had nearly 60 applicants this year, all highly qualified and deserving,” said Kathy Brown, Chair of the Martz Fund Committee.  “This is a testament to our late Governor Judy Martz.”

The three winners will become part of the committee selecting the 2022 award recipients.  Contributions toward the fund are welcome as a tax-exempt 501(c)(3) entity.  Go to www.MontanaFoundation.wordpress.com/ Martz  or call 406-431-9508 for information.

EPA Funds Global Warming Programs

25 October 2021
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The US Environmental Protection Agency (EPA) has announced up to $3 million in funding available for local programs aimed at educating the public about global warming.

Funds for the 2021 Environmental Education (EE) Local Grant Program are now available. Funds will be provided to each of EPA’s 10 Regions, of no less than $50,000 and no more than $100,000 each. The federal agency will provide a total of 30-40 grants nationwide. Applications for acquiring some of the funds are due Dec. 6, 2021.

The 2021 EE Local Grant Program includes support for projects that focus on adapting for climate change and strategies to mitigate its impacts to prevent future problems relating to water quality and “human health issues.”

Each of the ten EPA Regions will issue more specific details about what they hope to achieve.

EPA intends to provide financial support for projects in which activists will be provided information and methods on how to enlighten the public with information the agency believes will “increase environmental literacy and encourage behavior that will benefit the environment.” They will especially target poor communities and people of color or indigenous populations and Title 1 schools – entities  that may be the least informed.

This program has been in place since 1992, EPA has distributed between $2 and $3.5 million in grant funding per year under this program, supporting more than 3,800 grants.

Dave Kelsey, Outstanding Agriculture Leader

25 October 2021
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During Montana State University’s Celebrate Agriculture Weekend on November 12-13, Dave Kelsey of Molt will receiving the Outstanding Agriculture Leader Award. The award is given to a Montana agriculturalist who embodies service, engagement and community impact, and we here at Northern Ag Network can think of no one better to receive the award than Dave Kelsey.

Kelsey, who was raised on a Montana farm producing sugar beets, corn and grains, has operated his own dryland farm for more than 40 years, growing small grains and raising cattle. A graduate of MSU’s agricultural education program, he has served as an agriculture teacher and spent decades promoting agricultural education at all levels.

In addition to running his business, Kelsey was a member of the Molt Volunteer Fire Department for more than 30 years, led 4-H activities for more than 25 years and has lobbied extensively for agricultural issues in both Helena and Washington, D.C. He currently serves as the chairman of MSU Extension’s Advisory Committee.

“I have known Mr. Kelsey since I first started working in government relations for Montana State University. Part of my job was to find advocates to speak to the Montana Legislature in support of MSU Extension, the MSU College of Agriculture and the Montana Agricultural Experiment Station,” Tracy Ellig, MSU’s vice president for communications, wrote in a nomination letter. “Mr. Kelsey was not only willing, but he was also enthusiastic beyond compare. He always arrived with a smile on his face, a twinkle in his eye and an unshakeable belief in the value of agriculture to the people of Montana.”

“Since the first time I met Dave, I knew that he was cut from a different cloth than most,” wrote Darrin Boss, head of MSU’s Department of Research Centers. “His humanity and desire for others to be happy and appreciated is very much respected and makes him the unique individual that he is. I cannot begin to tally the total hours Dave has given to the next generation of agricultural producers. He has given his time, experience and energy to many young people around the state of Montana.”

In total, Kelsey received more than a dozen nominations for the award. He was also nominated by partners at Extension offices in Yellowstone, Stillwater and Chouteau counties; Montana FFA; MSU’s Government Affairs Office; Stockman Bank; and a number of fellow agricultural producers, including Gary Broyles, a producer in Rapelje who received the Outstanding Agricultural Leader award in 2006.

“What stands out the most about Dave is that he is involved purely to make life better for others,” wrote Broyles. “He is an avid supporter of MSU and the land-grant mission.”

City Reviews Annexation

25 October 2021
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The City Annexation Committee is preparing for its annual review of the City’s Annexation Policy and Limits of Annexation Map. This process occurs annually in coordination with the City’s review of its Capital Improvement Program (CIP). The Annexation Map and Policy review process this year will run from November 2021 through approximately April 2022.

More information on the latest CIP schedule will soon be available at https:// www.ci.billings. mt.us /2662/ Capital- Improvement-Plan-CIP.

The Annexation Committee includes representation from City Administration, Fire, Police, Parks, Planning, Airport and Transit. The Committee makes recommendations to the City Council on amendments to the City’s Limits of Annexation Map, which may be viewed on-line along with the Annexation Policy. The Map was last amended in August 2021 by the City Council.

The Committee reviews requests from property owners to amend the City’s Limits of Annexation Map.

 The deadline for map amendment requests from property owners is November 19, 2021. There is a fee of $817.00 associated with Map Amendment Requests

Businesses Respond to Market Disruptions on Many Fronts

25 October 2021
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Supply chain disruptions are impacting half of all small businesses and they are getting worse. Most employers are not mandating vaccination, and about a fourth of small businesses are exceeding pre-crisis sales levels.

The NFIB (National Federation of Independent Business) Research Center released its latest COVID-19 survey on how the COVID-19 pandemic has affected small businesses.

“Supply chain disruptions and the staffing shortage have become substantial issues for small businesses across the country,” said Holly Wade, Executive Director of NFIB’s Research Center. “Small employers are making business operation and hiring adjustments in order to compensate for both issues.”

This is the 19th survey in the series and includes updates on supply chain disruptions, staffing shortages, sales levels, and more. The survey was conducted from September 1-6, 2021, with 586 responses collected.

Key findings include:

Supply Chain Disruptions

* Half of small business owners reported that supply chain disruptions have a significant impact on their business, up from 32% two months ago.

* Over half (55%) of owners impacted report that the supply chain disruption is worse than it was three months ago.

* The vast majority (86%) of owners anticipate supply chain disruptions will continue for at least the next five months or more.

Staffing Shortages

* Over one-quarter (27%) of small employers are currently experiencing a significant staffing shortage and another 18% are currently experiencing a moderate staffing shortage.

* Of those small employers currently experiencing a staffing shortage, 25% are experiencing a significant loss of sales opportunities and 27% a moderate loss of sales opportunities because of their inability to fill open positions.

* About half (49%) of small employers are receiving fewer job applications for their open positions than they received one month ago, and 36% are receiving about the same amount.

* Small employers are adjusting to attract employees for open positions. Seventy-seven percent reported increasing wages, 17% increased paid time off, 16% offered or enhanced hiring bonuses, 18% offered or enhanced referral bonuses, and another 21% offered or enhanced health insurance benefits.

* Small business owners are also making business operation adjustments to compensate for the staffing shortage. Forty-one percent of owners are offering more hours to part-time employees, 64% are offering overtime to full-time employees, and virtually all (88%) of owners reported that the owner(s) are working more hours.

Sales Levels

* Sales levels are 50% or less than they were pre-crisis for 15% of small businesses with another 18% at sales levels of 51%-75% pre-crisis levels.

* Forty-one percent of owners are back or nearly back to where they were with sales between 76%-100% of pre-crisis levels. About one-in-four (26%) are exceeding pre-crisis sales levels.

The Economy

* Twenty-one percent of owners report that economic conditions are back to normal now in their area. Another 6% of owners anticipate it taking until the second half of 2021 and 23% anticipate sometime in the first half of 2022 before economic conditions return to pre-crisis levels.

Vaccinations and Face Coverings

* About one-quarter (26%) of owners are asking employees if they are vaccinated, up from 19% two months ago.

* When asked about mandating employee vaccination, 83% of small employers have no requirement or have not considered requiring employee vaccination. Fourteen percent of owners have considered mandating vaccination and 3% require employee vaccination.

* Twenty-five percent of owners reported requiring employees and/or customers to wear a face covering. Of those businesses requiring face coverings, 27% found it difficult to enforce the face covering requirement.

Childcare

* Eight percent of small employers reported that childcare challenges are significant issues and 12% reported them as moderate issues.

* Since the onset of COVID-19, 29% of small employers have had employees quit or reduce their hours due to childcare challenges. Additionally, 18% of small employers have had difficulty hiring applicants for open positions specifically due to childcare challenges.

Utilization of COVID-19 Programs

* About three-quarters (76%) of small business owners reported that they received a Paycheck Protection Program loan in 2020 and the vast majority of them (94%) have submitted a PPP loan forgiveness application for their 2020 loan.

* Forty-one percent of those who received a first-draw PPP loan received a second-draw PPP loan.

* Ten percent of owners claimed the Employee Retention Tax Credit (ERTC) for wages in 2020. Only 8% of owners claimed the ERTC for wages in 2021.

* A fifth of small employers applied for and received an Economic Injury Disaster Loan (EIDL).

Other

* Almost half (45%) of small business owners report that the recent rise in COVID-19 cases over the past two months has had a large (9%) or moderate (36%) impact on their business.

* About a quarter (28%) of owners report that tariffs on Chinese products have a somewhat negative impact and 10% a significant negative impact on their business. Over half (54%) of owners report that the tariffs have no impact on their business.

* Thirty-one percent of owners had a fraudulent unemployment insurance claim filed against their business.

Billings Building Permits – October 15, 2021

25 October 2021
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Commercial

City Of Billings The/SP Services, 600 W Wicks Ln, Com Fence/Roof/Siding,  $21,600 

City Of Billings The/ SP Services 600 W Wicks Ln, Com Fence/Roof/Siding,  $7,000  

Market Place West Partners  LLC/Summit Roofing Inc, 2829 King Ave W, Com Fence/Roof/Siding $201,210

Morledge, Karl/Robert Nelson Construction, 2702 Minnesota Ave, Com Fence/Roof/Siding, $6,850

Morgan, Michael A/Neal Sivertson, 421 Milton Rd, Com Fence/Roof/Siding, $12,000

Morgan, Michael A/Neal Sivertson, 900 Rex Ln, Com Fence/Roof/Siding, $12,000

Morgan, Michael A/Neal Sivertson, 912 Rex Ln, Com Fence/Roof/Siding, $12,000

Morgan, Michael A/Neal Sivertson, 926 Rex Ln, Com Fence/Roof/Siding,  $12,000

Rocky Mountain Bank/Sprague Construction Roofing Division Roofing, 2615 King Ave W, Com Fence/Roof/Siding, $65,000

Crown Enterprises Inc/Fisher Construction, Inc., 6200 S Frontage Rd, Com New Industrial/Factory/Plant,  $3,750,000

1400 S 24th LLC/T.W. Clark Construction LLC, 1420 S 24th St W, Com New Office/Bank,  $1,800,000

Crown Enterprises Inc/Fisher Construction, Inc., 6200 S Frontage Rd, Com New Other, $5,000,000

Freshwater Properties LLC/Beartooth Holding & Construction,  525 Henry Chapple St, Com Remodel, $400,000

Wal-Mart Real Estate/Business Johnson Controls Security Solutions LLC, 2525 King Ave W, Com Remodel, $121,000

Stuart, Scott A & Tamera K Ell/Lynnrich Inc., 429 Kathy Ln, Com Fence/Roof/Siding, $18,000

Cornerstone Investment  Enterprise/Casey Smith Construction, 225 N 23rd St, Com Fence/Roof/Siding, $4,200   

BiLLCo Investment LLCT/Innes Construction Co Inc, 2020 Overland Ave, Com Fence/Roof/Siding,  $120,000 

Billings Us Employees Federal/A-Team Contracting TPO, 2522 4th Ave N, Com Fence/Roof/Siding, $2,000 

Seder, Ron/Seder’s Appliance Htg & Clg, 1515 Central Ave, Com Fence/Roof/Siding, $25,000    

Plath, R Russell & Susan L/Hi-Line Roofing Of Montana LLC, 2624 Minnesota Ave, Com Fence/Roof/Siding, $10,000      

City Of Billings, Terry Park, 526 Terry Ave, Com New Other, $23,000

HS Management LLC/Big Sky Exterior Designs, Inc,  575 Lincoln Ln, Com New Warehouse/ Storage,  $950,000

HS Management LLC/Big Sky Exterior Designs, Inc, 575 Lincoln Ln, Com New Warehouse/Storage, $0.00

Brad Barker/Snowy River Construction/Lawncare, 212 N 29th St, Com Remodel, $46,800

Executive Property Services/Bauer Construction, 1350 Avenue C, Com Remodel, $160,000

Lavanya Kumar Sunkara/Yoga Friends Association, 300 N 25th St, Com Remodel, $4,400

Halsten Holdings LLC/T.W. Clark Construction LLC, 2712 Minnesota Ave, Com Remodel, $30,000

Prichard, Fred J & Jay G/Magic City Construction LLC, 1224 Broadwater Ave, Com Remodel, $4,200

Residential

Infinity Homes/Infinity Home LLC, 2210 Entrada Rd, Res New Single Family, $228,806

Infinity Home/Infinity Home LLC, 7009 Copper View Way, Res New Single Family, $293,667

Harold Larson/Green Jeans LLC, 1395 Watson Peak Rd, Res New Single Family, $234,210

Formation Inc/Formation Inc, 4691 Sky Vista Ct, Res New Single Family, $309,908

Dempsey/Doane/Yellowstone Property Solutions LLC, 2509 Buffalo Ridge Trl, Res New Single Family, $354,933

McCall Development/McCall Development, 6132 Johanns Meadow Ln, Res New Single Family, $286,778

Copper Ridge West Inc/Infinity Home LLC, 3119 70th St W, Res New Single Family, $233,290

Diverse Construction/Diverse Construction LLC, 2244 Gleneagles Blvd, Res New Single Family, $219,780

Buscher Construction Ltd/Buscher Construction Ltd/3133 Falcon Cir, Res New Single Family, $300,000

Kugler, Amy & Corey C/Kugler, 86 Mountain View Blvd, Res New Single Family, $53,100

Moats, Janel/Griffin Construction, 5425 Merlot Ln, Res New Single Family, $573,155

Jeff Kreitzberg Homes Inc/Jeff Kreitzberg Homes, 2229 Entrada Rd, Res New Single Family, $226,359

Patterson/Kings Mountain Builders Inc, 3272 McMasters Rd, Res New Single Family, $650,000

Design Builders, Inc/Design Builders, Inc, 2510 Blue Mountain Trl, Res New Single Family, $278,706.00

McCall Development /McCall Development, 6152 Johanns Meadow Ln, Res New Single Family, $187,837

Magnus Land Development LLC/Brown Builders Inc, 6309 Beckville Ln, Res New Two Family, $300,000

Magnus Land Development LLC/Brown Builders Inc, 6313 Beckville Ln, Res New Two Family, $300,000

Billings Gazette Puts Building Up for Sale

7 October 2021
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The Billings Gazette announced last week that their headquarters building in downtown Billings is for sale. The 94,000-square-foot building at 401 N. Broadway has become something of a highly visible icon in the community since it was built in 1967.

“This decision is being made simply because the building is too large for our current needs,” said , President and Publisher Dave Worstell. “Financially, the Billings Gazette is in good shape. We are very optimistic about our future as the preeminent news provider in the city, region and state, and a partner in helping local businesses connect with customers through our digital and print marketing products.”

The building has been listed with local real estate company Berkshire Hathaway Commercial Services for $7.865 million.

The building was designed by architects Drake, Gustafson and Associates for the Billings Gazette, Montana’s largest daily newspaper, publishing for the past 136 years. The company expanded the building in 2007. The property has 120 parking spaces on the surrounding lot

According to Worstell, “The sale of the building, when it happens, will not affect the news and advertising operations of the Billings Gazette. At some point, the sale will change our local printing and production operation, and this will have an impact on that staff.”

He said the Gazette has been “approached multiple times over the last year from interested potential buyers. Because our building is underutilized and offers more space than we currently need, we felt like the time was right to explore a sale.” He said that “when the time is right to move locations, we will look for a new downtown Billings location that is the correct size for our operations and has convenient access for our customers.”

First published in 1885, The Billings Gazette is one of several newspapers in the state owned by Lee Enterprises. It is the largest daily newspaper in Montana but as has been the case with most of print media in the nation, circulation has been on the decline with the advancement of digit communications. The newspaper’s current circulation is about 11,000 compared to a 2005 circulation report of over 46,000.

Billings Building Permits 10-01-21

7 October 2021
Press Room
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Commercial

Baucke, Kathleen/Sprague Construction Roofing Division, 1341 Avenue D, Com Fence/Roof/Siding,  $11,600

HS Management LLC, 575 Lincoln Ln, Com Footing/Foundation, $190,000

Aviation Properties LLC/EEC Inc, 3485 A J Way, Com New Other $1,806,647

AT&T, 2851 King Ave W, Com Remodel,  $10,000

SFH LLC/Wyman Construction, 1509 Main St, Com Remodel, $30,000

Centennial Park/Timber Carpentry LLC, 3302 Howard Ave, Com Fence/Roof/Siding,  $4,000

City Of Billings The/Timber Carpentry LLC, 2100 Avenue C, Com Fence/Roof/Siding, $12,000

Joshua LLC/Lennick Bros. Roofing & Sheetmetal, 823 N 27th St, Com Fence/Roof/Siding, $15,000

McCall Homes/McCall Development, 1625 Annafeld Pkwy E, Com New Other, $2,275,000

Fagg Family Properties LLC/Jones Construction, Inc, 235 N 32nd St, Com New Other, $500

McDonnell Family Irrevocable T/Raisin Contracting Inc, 408 N 15th St, Demolition Permit Commercial, $6,000

SBA Communications, 2132 Grand Ave, Com Addition, $50,000

Reger, James R & Deborah C, 1601 S Shiloh Rd, Com Addition, $50,000

Market Place West Partners LLC/Summit Roofing Inc, 2821 King Ave W, Com Fence/Roof/Siding, $138,800

MLC Ranch LLC/Perfect 10, 111 N 31st St, Com Fence/Roof/Siding, $180,000

Apartments Delaware L/Dutton Construction, 1607 17th St W Avenue C, Com Fence/Roof/Siding, $723,895

1400 S 24th LLC, 1420 S 24th St W, Com Footing/Foundation, $360,000

St John’s Foundation/Van Arsdale, Duane Constr Inc, 502 N 30th St, Com Remodel $30,000

Zoo Montana Inc/T.W. Clark Construction LLC, 2100 S Shiloh Rd, Com Remodel, $50,000

Aaron Brdt, 1008 Shiloh Crossing Blvd, Com Remodel, $95,305

Rocky Plaza Association/T.W. Clark Construction LLC, 1400 Poly Dr, Com Remodel, $4,500

Dude Rancher Lodge/Red Bear Contracting, 415 N 29th St, Com Remodel $2,100

Residential

Copper Ridge West Inc/Infinity Home LLC, 3140 Forbes Blvd, Res New Single Family, $212,912

Better Building Technologies/MJH Construction, 2116 Entrada Rd, Res New Single Family, $232,000

Wagenhals Enterprise Inc/Wagenhals Enterprises Inc, 1106 Daybreak Dr, Res New Single Family, $248,285

Infinity Homes/Infinity Home LLC, 2140 Entrada Rd, Res New Single Family, $250,214

McCall Development Inc/McCall Development, 1954 Annas Garden Ln, Res New Single Family,$436,118

McCall Development Inc/McCall Development, 1708 Annas Garden Ln, Res New Single Family, $201,046

Wagenhals Enterprises Inc/Wagenhals Enterprises Inc, 5505 Morning Star Ln, Res New Single Family, $270,000

McCall Homes/McCall Development, 6127 Eva Marie Ln, Res New Single Family, $188,362

McCall Homes/McCall Development, 6114 Johanns Meadow Ln, Res New Single Family, $157,125

Robert & Carol Jones Living Trust/Blake Construction, 1749 Mariposa Ln, Res New Accessory  Structure, $65,000

CDH, LLC/ CDH, LLC, 2204 Gleneagles Blvd, Res New Single Family $333,126

CDH, LLC/ CDH, LLC, 835 Beringer Way, Res New Single Family, $291,448

CDH, LLC/CDH, LLC, 2202 Greenbriar Rd, Res New Single Family, $276,921

McCall Homes/McCall Development, 6125 Johanns Meadow Ln, Res New Single Family, $268,522

Jaime Nelson, 6251 Canyonwoods Dr, Res New Single Family, $440,000

Sunset Construction LLC/ Goggins, Zack J, 1702 Avenue C, Demolition Permit Residential, $1,500

815 N 31st Street LLC/Digger Excavation Inc, 815 N 31st St, Demolition Permit Residential, $10,000

Svec, Joel F & Erica J/Bruechert Custom Homes, 4948 Silver Creek Trl, Res New Single Family, $286,314

Trevor Sherner/Had Inc, 5204 Grass Mountain Rd, Res New Single Family, $333,702

Trevor Sherner/Had Inc, 2237 Entrada Rd, Res New Single Family, $262,189

Conlon, Jalene/Ban Construction Corp, 2121 S Stone Creek Trl, Res New Single Family, $634,428

Andersen, William R/Anderson Management Group, 4213 Woodgrove Dr, Res New Single Family, $440,500

Design Builders, Inc/Design Builders, Inc., 2529 Buffalo Ridge Trl, Res New Single Family, $329,886

McCall Homes/McCall Development, 1949 Annas Garden Ln, Res New Single Family, $236,916.

THE FINANCIAL FOCUS

24 September 2021
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By Michael Vondra, Edward Jones

Start thinking about your retirement income plan

If you’re getting close to retirement, you’re probably thinking about the ways your life will soon be changing. And one key transition involves your income – instead of being able to count on a regular paycheck, as you’ve done for decades, you’ll now need to put together an income stream on your own. How can you get started?

It’s helpful that you begin thinking about retirement income well before you actually retire. Many people don’t – in fact, 61% of retirees wish they had done better at planning for the financial aspects of their retirement, according to an Edward Jones/Age Wave study titled Retirement in the Time of Coronavirus: What a Difference a Year Makes.

Fortunately, there’s much you can do to create and manage your retirement income. Here are a few suggestions:

      • Consider ways to boost income. As you approach retirement, you’ll want to explore ways of potentially boosting your income. Can you afford to delay taking Social Security so your monthly checks will be bigger? Can you increase your contributions to your 401(k) or similar employer-sponsored retirement plan, including taking advantage of catch-up contributions if you’re age 50 or older? Should you consider adding products that can provide you with an income stream that can potentially last your lifetime? 

      • Calculate your expenses. How much money will you need each year during your retirement? The answer depends somewhat on your goals. For example, if you plan to travel extensively, you may need more income than someone who stays close to home. And no matter how you plan to spend your days in retirement, you’ll need to budget for health care expenses. Many people underestimate what they’ll need, but these costs can easily add up to several thousand dollars a year, even with Medicare.

      • Review your investment mix. It’s always a good idea to review your investment mix at least once a year to ensure it’s still appropriate for your needs. But it’s especially important to analyze your investments in the years immediately preceding your retirement. At this point, you may need to adjust the mix to lower the risk level. However, you probably won’t want to sell all your growth-oriented investments and replace them with more conservative ones – even during retirement, you’ll likely need some growth potential in your portfolio to help you stay ahead of inflation.

      • Create a sustainable withdrawal rate. Once you’re retired, you will likely need to start taking money from your IRA and 401(k) or similar plan. But it’s important not to take too much out in your early years as a retiree, since you don’t want to risk outliving your income. A financial professional can help you create a sustainable withdrawal rate based on your age, level of assets, family situation and other factors. 

By planning ahead, and making the right moves, you can boost your confidence in your ability to maintain enough income to last throughout your retirement. And with a sense of financial security, you’ll be freer to enjoy an active lifestyle during your years as a retiree. 

Michael A Vondra

Certified Financial Planner Practitioner

Edward Jones