480-706-0177

More Blog Entries Coming Soon

Thursday, 19 September 2019 06:04

Powerful Tax Strategies Can Improve Retirement

On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) became law. Virtually all of the provisions take effect starting in 2018. This is the most sweeping tax legislation since the Tax Reform Act of 1986.

On May 4, 2019, I gave a talk to the AZ Academy of General Dentistry Annual Convention on the topic “Dentists: Learn How to Retire 5-15+ Years Earlier!” Unfortunately, ¼ to 1/3 of all dentists are forced to retire early due to physical disability. Their normal work week is only Monday through Thursdays because they are continually leaning over the patient in an awkward position. However, the bulk of most medical professionals’ (whether dentist or physician) retirement savings occurs in the last 20 years of their working life. If they lose 10-15 years of income by not working until 70, their retirement future can be fairly bleak.

From a mathematical perspective, there are only a few key variables to the retirement financial equation: Earn More; Save More; Work Longer; Earn a Higher Rate of Retirement Cash Flow; and Reduce Taxes. This article will be the first of a series that covers these issues, including real-world case studies.

This article focuses on the majority of Baby Boomers who have not saved close to what is needed for a happy and financially carefree retirement. The previous article covering Part 1 was published in the 5/15/2019 Ahwatukee Foothills News. There was recent media attention about a recent study “Boomer Expectations for Retirement 2019”, released April 2019 by the Insured Retirement Institute. This study concentrates on Baby Boomers, born in years 1946-64. This age range is 55-73 and nearly half (47%) are already retired.

There was recent media attention about a recent study “Boomer Expectations for Retirement 2019”, released April 2019 by the Insured Retirement Institute. This study concentrates on Baby Boomers, born in years 1946-64. This age range is 55-73 and nearly half (47%) are already retired.

Page 1 of 7
 

Office Address

2141 E. Broadway Road
Suite 101
Tempe, AZ 85282

For more information

to contact Dr. Wong

Image

Connect With Us On

© Dr. Harold Wong
All Rights Reserved.

Site designed by
One Stone Web