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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.

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.

It’s not what you earn but what you keep after taxes. Taxes can cost Doctors, Dentists and other high income based people a lot, 50k worth potentially. But if you could keep 50k in savings for 20yrs, would you retire earlier?

For more information on how Dr. Wong’s methods that are indeed different from most other financial advisors, though DO WORK when it comes to saving taxes while creating wealth for your retirement, CLICK HERE to set up a phone appointment with Dr. Wong. There’s no obligation or strong-arm sales, we promise!

For the first 18 years, stock market returns this year have only seen a 3.38% compound average growth rate.

For more information on how Dr. Wong’s methods that are indeed different from most other financial advisors, though DO WORK when it comes to saving taxes while creating wealth for your retirement, CLICK HERE to set up a phone appointment with Dr. Wong. There’s no obligation or strong-arm sales, we promise!