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Displaying items by tag: Saving

Wednesday, 03 February 2021 01:00

Two Case Studies on Maximizing Retirement

As I write this article, typical retirement investment options are: 0.88% coupon interest on a 10-year and 1.63% on a 30-year U.S. Treasury Bond; 1% or less on bank CDs; and 2.02% average dividend yield and 4.57% compound growth rate before fees over the last 21 years on S&P 500 stocks.

Wednesday, 06 January 2021 13:01

Financial Lessons learned From 2020 and the Pandemic

We’ve just lived through an amazingly turbulent 2020, where the coronavirus pandemic has upended the lives of tens of millions of Americans.

Wednesday, 04 November 2020 16:19

Roth IRA Makes a Big Difference in Retirement

In previous articles, I’ve listed the main benefit of a Roth IRA Conversion. You will have no tax on unlimited earnings for your and spouse’s life; and for the first 10 years that your heirs inherit your Roth IRA.

Wednesday, 09 December 2020 08:00

Steps To Take Now Before Biden Tax Plan Hits

As I write this article, it looks more likely that Joe Biden will become the next U.S. President. If the Democrats win the runoff for the 2 Senate seats in Georgia, they will control the Senate, House, and the Presidency.

Wednesday, 07 October 2020 00:00

Why Americans Don’t Save Lots of Income Tax

According to the Tax Foundation, America will spend more on taxes (including federal, state, and local) than it will on food, clothing, and housing combined. This is especially true for retirees that own a free and clear primary home.

Wednesday, 28 August 2019 22:04

Health Professionals Can Face Retirement Challenges

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.

The Social Security Administration has published “Fast Facts & Figures About Social Security, 2018” that gives some interesting numbers. In 2017, retired workers received $1,404 in average monthly Social Security (SS) benefits; Disabled workers received $1,197; and Survivors of deceased workers received $1,388. Of the 67.0 million people who received benefits from SS programs in 2017, 55% of adult SS beneficiaries were women and 54.5 was the average age of disabled-worker beneficiaries.

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