"As the co-founder of a family business, I can highly recommend this book. - Rich DeVos, co-founder of Amway & owner of NBA Orlando Magic
Atlanta, GA (PRWEB) April 11, 2017
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 be used to help meet their retirement income needs.
The need for meeting retirement income needs is growing exponentially. 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. This new generation of retirees is entering retirement without the security of a company pension and Social Security meeting all or most of their lifestyle needs.
The Social Security Administration reports that retired workers receiving Social Security benefits has more than tripled since 1970, from 13.3 million in 1970 to over 39 million in 2014. As a result, a growing number of retirees realize that they must now create their own sources of secure retirement income to meet their lifestyle needs.
Research shows the challenges of meeting retirement income needs are mounting for those heading into their post-work years.
Retirees are reporting that they often face unexpected fears and concerns as they enter retirement. The eight biggest fears include 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.
An AARP study reported that 2 out of 3 older Americans fear running out of money more than dying. Further research reveals that the concern, of running out of money, is shared by the middle-class and the upper-middle class. This points to the fear retirees having to one day 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 there is a 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 for creating retirement income.
Using research, interviews and actual examples of failures and success, tax and retirement income specialists Barry H Spencer and Scott Noble have created an informative special retirement 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.RetireAbundant.com