Laffer postulated that tax receipts might be increased by reductions in the tax rate because such reductions would bring people out of the underground economy and also reduce the usage of tax shelters. This advice was implemented in President Ronald Reagan’s “Reaganomics,” and it worked to increase tax revenues.
Advanced
While retirees and near-retirees may be considering starting a small side business, many don’t have any entrepreneurial experience. How might they find answers to the questions they have?
Not only does the typical plan sponsor not have investing in employee education as a high priority, but they also likely don’t have the wherewithal to monitor the consistency of how the provider runs the education program.
Retirees should think for themselves and what alternatives they have regarding their retirement assets. These aren’t the same as they were when they were working.
This doesn’t mean you shoot haphazardly for the stars when you can have the moon. After all, you’ve got to know your limitations. Seeking unreachable goals will only make your retirement seem hollow and pointless.
When it comes to retirement anxiety, it’s best to set aside all those matters that fall outside your ability to manage. You can’t change everything. Focus instead on what you can change.
Right now, those nearing or in retirement must confront the twin troubles of inflation and falling markets. One of these events, however, is worse than the other.
Perhaps 401k plan sponsors should also focus plan participants’ attention on these 5 overlooked factors the can thwart their ability to attain the freedom of financial independence.
What’s the Goal? Last I heard it was preparation for retirement via tax preferred savings … but, looking around at what is typical industry practice, perhaps I have it all wrong.
Learning to budget isn’t a single lesson. It’s a series of lessons that get more advanced as the student progresses.
