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The secret to a financially happy retirement comes down to smart choices. Key variables are: annual savings; rate of return, and amount of Social Security and pension income.

A September 25, 2020 Motley Fool article by Maurie Backman was titled “Why Does Billionaire Warren Buffett Pay a Lower Tax Rate than His Secretary?”

According to a recent Forbes Magazine ranking of the world’s Billionaires, Warren Buffet is ranked #6 with $117.4 billion net worth. He has many famous rules about money and this article will share some of them and how they might be implemented by normal folks who are NOT Billionaires or even Millionaires.

For the last two years, a 40-year-high inflation rate has been the main concern of most Americans. In a recent November 21, 2022 study found in Motley Fool by Jack Caporal, there are some disturbing statistics. According to the Bureau of Labor Statistics in 2021, the average household income was $78,743 and average household total expenses were $5,577 per month.

If you were a highly-paid surgeon 30 years ago and complained about paying a lot of income tax, your CPA may have suggested these options for saving taxes: Buy a bigger home with a larger mortgage so you can deduct more interest; maximize the contributions to your IRA or 401(k); or invest in rental houses. Let’s examine why these suggestions don’t work.

It was not until taking Ph.D. level courses at UC Berkeley that I was exposed to the advanced concept of economic opportunity/cost benefit analysis. While attending hundreds of financial seminars over the last 50 years I have never heard any financial expert mention this concept.

Inflation in 2022 hit 40-year highs, so how can you retire well, even if we have continued inflation and a recession in the next few years?

The previous article, February 1, 2023, in the Ahwatukee Foothills News and newspapers was “Three Advanced IRA Strategies Aren’t Used Enough”. These strategies and the huge benefits become more understandable when one gives real-life client case studies.