SeniorSite.com For The Young At Heart And Healthstyle Smart  
Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
Home Free Chat Find A Friend HealthStyle Health Finance Retirement Sex Singles Long Term Care About Us
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - For The Young At Heart And HealthStyle Smart
SeniorSite.com - Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
Planning for an American Dream Retirement - SeniorSite.com - Seniors Retirement Living Well In Retirement retirement planning estate planning
Planning for an American Dream Retirement - SeniorSite.com - Seniors Retirement Living Well In Retirement retirement planning estate planning
Planning for an American Dream Retirement

‘Financial Engineer’ Shares 4 Secrets Everyone Should Know

It’s no wonder baby boomers worry about outliving their retirement savings. One out of four 65-year-olds today can expect to live past 90, and if they’re married, one of every four will live even longer.

With 10,000 boomers turning 65 every day, it’s a big worry for 26 percent of the U.S. population.

“The biggest concern for boomers is living too long, or getting sick, and running out of money,” says Rao K. Garuda, (www.aca-incorp.com), an engineer-turned-independent financial planning advisor specializing in work with seniors, high net worth business owners, and professionals.

“The average 65-year-old retires today with $500,000 to $1 million in assets, and while that might sound like a lot to a 20-year-old, it isn’t,” Garuda says.

Even if you plan to continue some kind of work post-retirement – as many people do whether because they must or because they enjoy it – it’s imperative to plan ahead for the day you can’t work, he says.

“Equally important, people deserve the freedom to make choices about how they’ll spend their last 20 or 30 years, especially if they’ve spent 45 years going to work every day. That’s part of the American dream,” Garuda says. “And you don’t have to earn a fortune to save a fortune!”

Garuda shares four things everyone should know about preparing for retirement:

• Save first, then spend. Most people spend first, and then try to save what’s left, Garuda says. The secret is to make saving first your priority. “The people who save first will always be the people who are employing everyone else!” he says. The more you can save the better, but that will vary at different stages of your life. At the minimum, 10 percent is a good rule of thumb.

• Take advantage of tax-free savings. Taxes are the biggest expense anyone has. Besides federal, state, city and death taxes there are 59 other different ways your money is taxed, Garuda says.

“If you save $1, Uncle Sam will help you by waiting for his cut of that $1. With planning, you can put him on hold for about two generations,” he says.

With tax-free compounding, a relatively small amount of money saved can yield huge returns years from now.

• Decide how you’ll manage risk. There is risk in everything, and Garuda warns that those who simply choose to ignore it do so at their own peril. Others choose to “go broke safely” – they avoid risk to such an extent, they lose money. A good example is people putting all their savings in CDs that pay just 1 percent; since that’s lower than the rate of inflation, they’re losing money. In some cases, people transfer risk to someone else, for instance, when they buy homeowners insurance. Finally, they choose to manage their risk emotionally, psychologically and technically through asset allocation rebalancing and other tools that allow you the amount of risk you’re willing to assume while still providing opportunities for growth.

• Create tax-free income. “My favorite question to ask people is, ‘What have you done to create tax-free income?’’ Garuda says. There are many ways to do this – Roth IRAs, life insurance, tax-free bonds, annuities -- but most involve working with a knowledgeable financial planner. “An indexed life insurance policy is a great one; it protects your money while offering a lot of benefits. But it’s like a Swiss army knife – there are a lot of ways to use it, and most people don’t know how to use it properly,” Garuda says.

About Rao K. Garuda

Rao K. Garuda, CLU, ChFC, is president and CEO of Associated Concepts Agency, Inc. – “The Missing Piece” of financial planning -- founded in 1978, and a popular speaker at seminars and conferences for financial industry professionals. He came to the United States from India 35 years ago with a degree in engineering and, after marrying a physician, realized he had to learn how to reduce the couple’s taxes. Disappointed in the financial advice he received from professionals, he went to business school and developed expertise in tax reduction, and protecting money from stock market losses. Rao is a founding member of First Financial Resources, a national organization with over 75 partners in the USA; a life member of the Million Dollar Round Table (MDRT), and a life member of MDRT’s Top of the Table for 21 consecutive years.

Planning for an American Dream Retirement

Struggling with debt

Chat and meet new friends at Senior Site Chat

Senior,Seniors,Senior Citizen,Seniors,Seniors HealthStyle - Mature Healthy Living Lifestyle - SeniorSite.com, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!

Let us help you get out of debt

Senior,Seniors,Senior Citizen,Seniors,chat,chat room,Over 50 Chat,Over 60 Chat,chat rooms,senior chat,Chit Chat,Chatters Senior,Chat,Singles,Friends,Health Care,Mature,Seniors Health,Seniors Chat,Senior Sex Issues, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!

Senior,Seniors,Senior Citizen,Seniors,chat,chat room,Over 50 Chat,Over 60 Chat,chat rooms,senior chat,Chit Chat,Chatters Senior,Chat,Singles,Friends,Health Care,Mature,Seniors Health,Seniors Chat,Senior Sex Issues, boomer,Retirement,Health Care,Long Term Care,Extended Care,Retirement,Nursing Homes,Entertainment site for seniors - 55 years old and over that are still young at heart!
SeniorSite.com - For The Young At Heart And HealthStyle Smart

SeniorSite.com - For The Young At Heart And HealthStyle Smart
To submit Editorial Content, Book Reviews, News and Press Releases send to
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 

Seniors,adult,mature,senior,boomers,mature,chat,chat room,seniors
SeniorSite.com - For The Young At Heart And HealthStyle Smart

 Copyright © 1998 -  2017  SeniorSite.com™, Inc.   All rights reserved.  Copyright Info | Advertisement Info | Contact Info | Terms Of Use | Privacy Policy | Sitemap  | Sitemap Links

   SeniorSite™, SeniorSite.com™, For The Young At Heart™ and HealthStyle™ are trademarks and service marks of SeniorSite.com™, Inc.

 

 

 

 

 

 

 seniors links Jewelry Discount Coupons Personalized Jewelry Discounts Dr Jodee Meddy Dubois PA Jodee Meddy Dubois PA Meddy Dubois PA Dubois PA Dubois Diva Jo Diva jodiva Jodee Meddy Dr Jodee Meddy Jodee Graifman Meddy Jodee Graifman