News Column

5 questions with: Bill Demaree

July 27, 2014

By Jill Phillips, The Indianapolis Star



July 27--Baby boomers have been hitting retirement age since 2011. It's estimated that 8,000 people per day will turn 65 years old through 2029. Financial freedom is a worry of many of these retirees. Bill Demaree can sympathize.

However, at 67, Demaree has no plans to retire. Instead, as the owner of Demaree Retirement Services, he helps clients at retirement or pre-retirement age realize their financial goals.

Demaree launched the business nearly 20 years ago realizing that retirement-based financial services would be in demand.

He notes that running out of money is high on the list of fears for many, not far from the fear of death. "I find that the greatest fear today is not so much the fear of dying, but the fear of running out of money before we die," said Demaree.

Demaree also works with young professionals to help them to get a head start on reaching retirement goals.

"It's my job to help them better understand their options so they can make the right decisions for their lifestyle and retire worry-free," he said. "I have a purpose and a passion to help people find their purpose and passion in retirement after working for corporate America."

Question: How do you define leadership?

Answer: Leadership is the ability to guide others to a worthwhile goal or destination.

Q: What do you know now that you wish you knew 10 years ago?

A: Life is all about balance. You can work too much or play too much. I know now that when I go on vacation, I'm on vacation, and when I'm working, I'm working.

Q: What will your industry look like in 10 years?

A: We're going to see continued expansion of our graying society as baby boomers reach retirement. People are also living much longer now, meaning they will need an income stream that they cannot outlive. My industry helps provide this for retirees, and people in my industry will need to help retirees plan for a longer retirement with lasting income.

Q: What seems to be the greatest need for those about to retire? What have most retirees not expected/planned for?

A: Income. Our parents had pensions, Social Security and private savings to count on to get them through retirement. Now, there is a greater emphasis on a guaranteed income for life than ever before. We are living longer today, and it is hard to think that we could live to 100 or greater. That brings in inflation, health care costs, market risks, interest rate risks and others. Most people spend more time planning a two-week vacation than they do planning for retirement. With the possibility that you could spend 20 or 30 years or more in retirement, it's important to ensure you plan for eventualities and have an income stream that will last.

Q: What advice do you have for those of us who are far from retirement?

A: Start saving more, spend less and keep out of debt. Here is a good formula: From your earnings, take 10 percent for yourself, apply 10 percent toward tithes, charities, etc., and 20 percent for taxes. Live on the remaining 60 percent. I know this may sound hard to do, but it will pay huge rewards in the long run and help you meet your retirement goals so that you can live the lifestyle you want in retirement.

To recommend someone for this feature, call Jill Phillips at (317) 444-6246 or email her at jill.phillips@indystar.com. Follow her on Twitter: @JillPhillips05.

More about Bill Demaree

Title: President and owner of Demaree Retirement Services

Age: 67

Proudest moment on the job: Helping others achieve their retirement goals.

Family: Demaree, and his wife, Nancy, have two daughters and three grandsons.

Quote: "You can get anything in this life you want if you will first help other people get what they want!" -- Zig Zigler

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(c)2014 The Indianapolis Star

Visit The Indianapolis Star at www.IndyStar.com

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Source: Indianapolis Star (IN)


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