No one need place themselves in a âBlanche DuBois Scenario.â Each has the ability, no matter their station in life, to seize control over their own destiny. This applies to retirement as much as anything else. This article offers five specific ideas each to three typical age groups trying to protect themselves against the potential loss of Social Security benefits.
Investors
If you own a business, waiting until the last minute to reduce taxes limits your options. You still have some, though. Here they are.
Think about it. Newborn babies keep their parents up all night. Knowing your adult child has a sizeable nest egg means being able to sleep soundly. And chances are youâll spend your waking hours with less stress, too. Teaching your children to save early for retirement can achieve this healthy (and wealthy) goal. Thereâs no reason why financial professionals should be the only parents who know this little secret.
Ary Rosenbaum’s latest book tells the story of the modern retirement era through the lens of classic movie sequels, but it’s his own unique experiences that tell the real story. Here’s a taste.
“Retirement savers must maintain long-term orientation regarding their assets. Supply and demand shock and generally easy to identify and often temporary in nature. These shocks often bring out the worst in decision making for investors. Astute investors will want to recognize this for what itâs worth: the opportunity to stand athwart the crowds in the market and purchase at cut-rate prices.”
If you are an active member of the gig economy, you donât need to wait for Congress to act to start saving for retirement. You can begin saving right now. And, depending on your specific situation, you may just be able to save faster than you think.
Long-term investors like retirement savers can easily act like a fiduciary for their own assets. All they need to do is look in a mirror â but not for their own reflection. Look in a mirror a retirement professional is looking into and see how that reflection invests for retirement.