When planning for retirement, often the focus seems to be almost entirely on “how much can I save?”, but there are some other significant questions to consider.
As we end one year and begin another, there are things you need to think about doing to maximize your retirement assets, gain any available tax benefit, and/or avoid any tax penalty that may be linked to your investments. Here are things you should consider:
In the year in which you turn 70 ½ years of age, the current IRS guidelines require you to take a Required Minimum Distribution (RMD), by April 1 of the following year, from your Qualified accounts (tax-advantaged accounts). For each year thereafter, you must take your RMD by 12/31 each year.
Retirement planning does not end at retirement. The need to continue to grow assets to produce more cash flow remains important for most.
Just over 1 in 4 of today’s 20-year-olds will become disabled before they retire.1 About 20% – or 1 in 5 American adults- have a disability according to the CDC July 2015.
Have you heard of the Stanford Marshmallow Experiment conducted in 1972 by a Stanford University psychologist? In this experiment, children are given a marshmallow and told they would receive a second marshmallow if they could resist eating the first. Scientists studied how long each child resisted the temptation to eat the marshmallow. A long-term study of the children who participated in this experiment showed those who were able to wait for the marshmallow – to defer gratification – were most successful in life.
Time is money—literally. For a recent graduate, time might also seem like an abundant resource, with many thinking they have plenty of time to save for their future – later. The traps of bad credit and debt snare many unsuspecting young adults and cling to their financial history for years.
Very few people could “save” enough for retirement with today’s long life expectancies and earlier retirements. If you just “save” – yet do not have growth that exceeds both income taxes and inflation, you are more likely to run out of money.
On February 24th, hundreds of guests, clients, friends, and family members attended Roger Green’s 30 Years of Service client appreciation celebration. The event was held at the Infinite Energy Forum, and special guests included Gary Galloway with Friends of Gwinnett County Senior Services, Debbie Brilling with the Auditory-Verbal Center, and Dr. James Merritt with Cross Pointe Church and Touching Lives Ministry.
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