The baby boomer generation was born between 1946 and 1964, making them currently roughly age 59 to 78. Many have retired and many are still working. Most have kids and grandkids. According to a recent post in www.modernlaw.com, 25% of all divorces are from people over 50.

“The Boomer divorce rate is the highest among our current generations of marriage!”

Resolution #1: Work on making your current marriage or domestic relationship stronger. A recent 3/26/2024 article found in forbes.com by Wes Moss, “Five Lifestyle Secrets of the Happiest Retirees” is eye-opening. As cited in my 9/04/2024 Ahwatukee Foothills News article, Retirees Are 4.5 Times More Likely To Be Unhappy If They’re Unmarried! It’s clear that most people need someone close to love, or at least be friends with, on a daily basis. Yet, we know that half of first marriages wind up in divorce. A divorce can financially wreck your retirement plans.

Resolution #2: Consider working until age 70 before you take your Social Security (SS). The rule of thumb is that you will receive double the SS at age 70 compared to age 62. In 2025, counting the 2.50% cost-of-living increase, the average SS benefit will be $1,976/month. If you paid in the maximum taxed by SS for at least 35 years and waited until age 70 to start, the maximum SS benefit would be $5,108 per month. That’s a huge difference between an annual SS benefit of $23,712 vs. $61,296. When you multiply it by both spouses, the difference could be $47,424 vs. $122,592 of annual SS income. That’s the difference between a working class lifestyle vs. and an upper-middle-class lifestyle in retirement. Please note that only about 4-6% wait until age 70 to start their SS.

Resolution #3: Lock in your stock market gains and maximize safe retirement income. According to 6/27/2024 article in The Motley Fool by Trevor Jennewine, “Here’s the Average Stock Market Return Over the Last 15 Years”: The S&P 500: 15-year return of 495% (12.6% annually); Dow Jones Industrial Average: 15-year return of 362% (10.7% annually); and Nasdaq Composite: 15-year return of 873% (16.4% annually). If we subtract 2-3% for annual fees and assume your stock portfolio was split equally among the three major stock indexes, you would have enjoyed at least a tripling of your stock portfolio value. If you started 15 years ago with $500,000, you should be at around $1,500,000 today. There are options such as equipment leasing, real estate lending, and private pension plans that can generate a 7-10% annual cash flow. That could mean an annual steady retirement income of $105,000 to $150,000. Your goal now is to protect your savings by taking less risk and to maximize retirement income.

Resolution #4: Save Income Tax. The 2017 Tax Cuts and Jobs Act lowered tax rates and will expire at the end of 2025. However, President Trump has vowed to extend the law. The 8/16/2022 Inflation Reduction Act, signed by President Biden, offers substantial tax savings opportunities, including a minimum 30% investment tax credit on solar business equipment. For upper-middle-class Boomers, imagine having $15,000 to $50,000 more retirement spending by saving this much in annual tax.

Attend my Free Live Seminars: Weds. 1/22/2025 or Thurs. 1/23/2025, starting at 6 pm at Hyatt Place, 3535 W. Chandler Blvd. Chandler, AZ 85226. The seminars are followed by a Free catered meal. Topic is “Beat Inflation by Saving Taxes and Increasing Income!”

Free Tour/Workshop at Solar Reefer (Refrigeration) Factory: Saturday, 2/01/2025, 9am–12 noon.  Topic is “How Solar Reefers can Reduce Taxes to $0 and earn a steady 10-14%!” Lots of tasty refreshments served!

Location is at Advanced Energy Machines: 4245 E. Norcroft Street, Mesa, AZ 85215, ¼ mile SW of McDowell & Greenfield Roads.

To RSVP for the seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.