Seniors Going Social: Benefits that Social Media Proffers to the Elderly

Rick Pendykoski Business Owner, Self Directed Retirement Plans LLC

Posted on October 26th 2013

Seniors Going Social: Benefits that Social Media Proffers to the Elderly

Seniors going more social

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According to a recent research conducted by BrightWork Partners for MassMutual Retirement Services on the American workers who are eligible for contributing in any employers-sponsored retirement plans, there has been a significant increase in the appetite for learning as much as possible about retirement and related financial topics from social media. The ones contributing towards a retirement plan are more socially active as compared to the others.

Believing the statistics of Brock University, which points out that 30-50% of students in their continuing social media education are seniors or retirees and over 90% of them are more than 40 years of age, social media has clearly made an impact on the lives of the elderly. Apart from learning more about retirement and other financial subjects, they are knowingly or unknowingly reaping the several other benefits of social media interaction as well.

Meeting Like-Minded People

One of the biggest benefits for the elderly using social networks is the chance of connecting with the like-minded individuals and combating their old-age loneliness. By using such platforms, they can enjoy the feeling of being connected with the world. They can easily connect with people of similar age groups or the ones approaching old age, having common interests, and share their knowledge regarding retirement and post-retirement financial planning.

Gain Knowledge

For those who aren’t too skeptical about their privacy, consistent or even irregular social media participation might help in learning more about what is happening in the world of retirement planning and financing. They can really keep themselves abreast with the latest happenings by regularly reaching out to the concerned people and learning as much as possible about the latest retirement information, plans, and advices.

According to a study conducted by Springfield Insurance Company, more than 71% of their retirement plan applicants use one or more social networking sites on a regular basis. This number has fairly risen by around 5-7% as compared to the figures derived from last year results. Though the count is small, it equates to more than 5 million people who access social media for the same purpose.

Share Valuable Information

As it is rightly said that ‘Knowledge increases by sharing and not by saving’, the wise old men and women making use of social media often involve themselves in sharing the latest news, events and developments that might help in making retirement an easy affair and post retirement life more financially dependent. Such people stay in contact with friends, family and acquaintances of all age groups, and comment and share helpful information with them for keeping their minds active and the lives of the fellow socialites easy-going.

Considering the purpose of joining a social media platform, the people with whom they want to connect with and a comfortable level of privacy that such platforms offer, elder and retired individuals must join social networks and connect with the world. Reaching out to the community and retirement related endeavors would definitely make theirs, as well as the others’, retirement life pretty easy, comfortable and financially strong.


Rick Pendykoski

Business Owner, Self Directed Retirement Plans LLC

Rick PendykoskI brings a unique skill set to Self Directed Retirement Plans LLC.

Thirty years ago, in 1982 he purchased a franchise opportunity. The Franchisor was a relatively new private company and their pro forma indicated a successful franchise would peak at $900,000 per year. Rick surpassed this within months and went on to become the largest franchise in North America – surpassing the Franchisor’s top goals many times over.

In 1985, he bought a second franchise, then a third and a fourth – each time surpassing the Franchisor’s goals. He understood that his customers and sales people were responsible for the franchises success. Giving back by virtue of mentoring, trips, tournaments, encouragement seminars etc. his staff and sales force remained loyal throughout the years. The success of these franchises allowed for many trips to exotic parts of the world and a very nice lifestyle. It also served as a wonderful education developing businesses and helping people. For two years Rick travelled the continent at the behest of the Franchisor, visiting and encouraging franchises coast to coast.

After running multi million dollar businesses for 15 years, the excitement diminished and it became a job. He had always harbored the thought of becoming a licensed trusted advisor. In 1998 he acted on his passion and became a successful advisor.

His focus as an advisor changed ten years ago when he researched the world of self directed accounts and “alternative” investments. He also realized these types of investments were not promoted nor encouraged by traditional advisors. The reason was simple; most advisors can only recommend products their broker dealers have for sale. They cannot step outside “The Box” of traditional investments.

Most advisors want to help their clients achieve their goals. Rick took this to another level. Not only can clients of his company continue with traditional investments but now they can enter the world of true self directed accounts and alternative investments. Investing in real estate, tax liens, private placements, precious metals, businesses and loaning money are just a few more asset classes available to his clients.

Rick takes great pride that Self Directed Retirement Plans LLC continues to give honest and very experienced advice, many times with investments most CPA’s or other advisors can’t or won’t. Rick can readily converse with business owners and people looking to take control of their retirement accounts. His clients appreciate 30 years of diverse experience.

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