Warren Buffett says that very few people exhibit common sense in their investments and financial strategies. This article will focus on comparing how most view the Traditional IRA versus using two advanced strategies: the Roth IRA and the Multi-Generational IRA (MGIRA).
These are very advanced planning tools that are very different from what 99 percent of individuals use. Ed Slott, the nation’s most quoted expert on advanced IRA strategies, says that at most 2% of CPAs specialize in advanced IRA strategies and very few attorneys understand these strategies.
Last year, Warren Buffett was ranked the 3rd wealthiest person in the world. He is known as the “Oracle of Omaha” or the “Stock Market King”. A huge key to his massive success is that he looks at the world of money and investing very differently than most people. This article will illustrate Buffett’s wisdom, in contrast to the way most people invest.
For decades, many have underestimated the crucial importance of maximizing your Social Security and other retirement income. In 2014, the average Social Security (SS) retirement benefit was $1,294 per month. “Among elderly SS beneficiaries, 52 percent of married couples and 74 percent of unmarried persons receive 50 percent or more of their income from SS.” Source: “How Social Security Strategies Affect Your Retirement”, by Dr. Harold Wong, published 5/23/2014 in The AZ Republic.
The year 2015 ended in America with a fizzle and not a boom. The stock market was about even compared to the end of 2014; economic growth was tepid; the unemployment rate dropped but wage increases were small. Oil prices dropped to 11-year lows and consumers were happy for $2/gallon gas prices.