Why rely on the vagaries of Washington politics when it comes to their future retirement when you can teach them to control their own destiny?
Investors
The financial news media and the investment industry constantly bombards employees with reminders to save for environment. It’s probably the most recognized financial goal people have. Could it be, then, that society has built up such an aura around retirement that the anticipation exceeds the actual event?
No one need place themselves in a “Blanche DuBois Scenario.” 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.
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 you’ll spend your waking hours with less stress, too. Teaching your children to save early for retirement can achieve this healthy (and wealthy) goal. There’s 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.
In the final analysis, though many Americans would find it difficult or impossible to be happy with their retirement income being limited to Social Security, a sizable group of other Americans can and do live their retirement with Social Security as their sole income source.
“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 it’s 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 don’t 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.
Economic concepts can lay dormant for extended periods of time, but they never truly disappear. This is why it pays to know people who are older than you and have actually lived through one (or more) economic cycles.
