Order Your Copy of Dr. Wong's Book Today!

The previous article, “Inflation’s History In U.S. Is Not A Very Pretty Sight”, published 11/03/2021 in the Ahwatukee Foothills News, quoted recent news reports that inflation is a serious concern to most Americans.

Here are some headlines and key facts from recent articles:

Most of the financial advice world focuses on accumulating assets and rates of return. Very little time is spent on the effect of stock market crashes on one’s retirement assets; OR how to maximize your income from whatever retirement assets you have saved.

A recent 2021 Logica Research survey, sponsored by Schwab Retirement Services, found that 401(k) participants across America now believe they must save $1.9 million for retirement, up from $1.7 million in the 2019 survey.

There are only so many variables to any retirement plan: how much you save; your investment return on investment (ROI); how much you lose in taxes; and the income generated by your savings when you retire. There is a final factor, losses in future stock market crashes.

Just like a MD often gives a patient an annual or semi-annual physical exam, it’s time for your 2021 mid-year financial check-up. Let’s look at your job situation; real estate; investments; and tax plan.

In my previous 5/12/2021 article “Knowing Social Security Rules is Important Start”, I covered a case study of how a long-term federal employee could have $75,680 total Social Security (SS) and federal pension income by knowing the rules vs. $47,760, or $27,920 less.

Many decades ago, future retirement income was based on “The 3-Legged Stool”: Social Security, pensions, and whatever you saved.