Barry H Spencer, author of The Secret of Wealth With No Regrets, says, "The retirement challenges being faced today cannot be solved with the same thinking used by the previous generation."
Atlanta, Georgia (PRWEB) April 08, 2015
The creators of Wealth With No Regrets are hosting a new special briefing to inform the more than a quarter-million Americans who turn 65 every month about the latest tax saving strategies that can help meet their retirement income needs. By 2030, 1 out of every 5 Americans will have celebrated their 65th birthday. These 65 year-olds and those approaching 65 are searching for clear answers in an easy to understand format.
Roughly 1 out of 6 baby boomers now report that they are retired, up from 1 out of 10 as recently as 2010. Overall, retired workers receiving Social Security benefits has more than tripled since 1970, from 13.3 million in 1970 to over 39 million in 2014.
Significant challenges await those heading into their post-work years.
Not surprisingly, retirees often face fears and concerns that can kill the joy of not having to set the alarm anymore. The eight biggest are running out of money, the increasing burden of taxes, inflation, U.S. debt, health care costs, living too long, not passing on values in addition to money and being able to keep family unity by treating heirs fairly.
AARP reported a few years ago that 2 out of 3 older Americans fear running out of money more than dying. This concern is shared by middle class as well as upper middle class. No one wants to have to depend on their children during retirement.
The fear of running out of money is not unfounded.
Major medical advances are lengthening the average life expectancy. On the surface, this is good news. However, the average life expectancy for a 65-year old male increased 40 percent from 1990 to 2002, according to the latest life expectancy data. This means that need to fund an additional 6 years of lifestyle.
It gets worse, as you live longer. Half the retirees are at risk of not being able to maintain their standard of living in retirement, according to CBS MarketWatch. The Wall Street Journal reported that 2 out of 3 retirees are not financially prepared to live into their 90’s.
The increasing tax burden is equally disconcerting for retirees. The top 10 percent of income earners are paying a surprising 71 percent of the tax burden, up from less than 50 percent in 1980. With the deficit exceeding $18.2 trillion, the promise of lower tax rates in retirement seems like a pipe dream to most retirees.
In addition, running afoul of IRS retirement account rules can cost a bundle. An IRS report showed that in 2010, Americans paid $5.8 billion in penalties on retirement account withdrawals, in addition to the regular tax paid.
One of the best ways for retirees to ease their fears and concerns is to become more informed about the challenges and potential solutions.
Using research, interviews and actual examples of failures and success, tax and retirement specialists’ Barry H Spencer and Scott Noble have created a free special briefing for retired and soon-to-be-retired executives, business owners, senior level leadership, professionals and women on their own with wealth.
Research shows that many retirees are in the dark when it comes to their best options. In order for the “golden years” to actually be golden, sound education about taxes, retirement accounts and income opportunities is essential. Understanding the options available, protecting against retirement challenges and navigating uncertainties is the best prescription for an abundant retirement.
For more resources and to find out more about the latest retirement special briefing visit, http://www.specialbriefing.com