Long Island CPAs Diapoules & Feinstein Offer Tips for Retirement Savings

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Long Island accounting firm Diapoules & Feinstein responds to an article offering planning advice for baby boomers looking toward retirement.

On February 14, 2013, Jim Diapoules of Diapoules & Feinstein CPAs P.C., a Long Island accounting firm, comments on an article offering retirement savings advice.

A recent article in Fox Business News offers tips to baby boomers for establishing a prudent retirement plan. 2013 is the time for baby boomers to act, if they haven’t already, according to the article. The article cites a recent statistic from the Pew Research Center which states that the U.S. houses over 75 million baby boomers, 10,000 of which “will enter retirement age every day for the next 19 years. In 2013, the oldest of the baby boomer generation will turn 67 and while many have already retired, others are still in the workforce and aren’t financially prepared to leave for good.”

“As boomers head closer to that last day of work, they should feel confident that their savings will cover their needs and wants. But this doesn’t happen without a great deal of planning and an eye toward the many potential pitfalls that wait in retirement,” says the author. The article quotes Allianz Life’s vice president of consumer insights, Katie Libbe, who offers a checklist of tips for retirement planning.

Libbe’s checklist includes basic measures such as comparing your living expenses with all sources of income, and streamlining your retirement accounts. Other tips include getting clarity on your Social Security strategy: “People may receive 20-30% less in their benefits based on current Social Security Administration calculations if they start withdrawals before age 70. Make sure you have a strategy for taking your benefits that helps you meet your retirement income needs without sacrificing benefits unnecessarily.”

Libbe also recommends investigating the best strategy for making your employer-sponsored retirement plan work for you. Boomers are in a unique position compared to previous generations, for whom the majority of retirement assets were guaranteed in the form of a lifelong, monthly pension. “[Boomers] are responsible for making that money last and need to determine a strategy to ensure it does just that,” says Libbe. “Many people allocate a portion of their assets to an annuity with some kind of guaranteed income stream that you can’t outlive.”

Jim Diapoules, partner at Diapoules & Feinstein CPAs P.C, comments, "Prior generations were able to better deal with retirement for a number of reasons. With social security, a pension from their work, having a better savings habit and greater equity in their homes they were more prepared for their retirement. Many baby boomers haven’t properly planned for their retirement. For most their only guaranteed income is their social security. For those younger baby boomers if they plan and become more disciplined there is hope. For everyone’s sake let’s hope that the federal government insures that social security will be there for everyone."

What retirement assets will be available is based upon a combination of what age they started to invest in a retirement plan, the yearly amount contributed and how well it performed in the market. Even in retirement they have to monitor their investments. For many who do not have a traditional pension, an annuity with a guaranteed income stream may be good idea, as it will provide them with guaranteed income that can supplement social security.

Diapoules and Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.
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