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Missed Fortune – How to Achieve Financial Independence

Posted on | December 12, 2010

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Will You Outlive Your Money?

The Today Show recently reported that more than half of all Baby Boomers will likely outlive their money. They’ll have to rely on Social Security, charity, welfare or their children for support.

The Bureau of Labor Statistics said something similar back in the 1970s. It stated that by the time 100 American males reached age 65:

  • 54 percent would still be dependent;
  • 36 percent would be dead (although that’s improved since then);
  • 5 percent would still be working to provide necessities;
  • 4 percent would have an income that could sustain them
  • and 1 percent would be rich.

Only the top 5 percent are able to not outlive their money. What do they do differently?

I’ve noticed that 95 percent of Americans follow traditional advice.

They think IRAs and 401(k)s are the best ways to save for retirement. They think they’ll be in a lower tax bracket when they retire. They think the best way to get out of debt is to send extra payments to the mortgage company.

I can teach you that this is not the best way.

The top 5 percent of Americans experience financial freedom. Their money generates safe, reliable income that grows tax free and it lasts as long as they do.

You can have that too. I can teach you how.

Avoiding Blunders

In my book, Baby Boomer Blunders, I outline the ways you can move from the 95 percent to the top 5 percent. These strategies are:

  1. Using short-term vehicles for long-term investments;
  2. Thinking you’re only going to live 15 to 20 years after retirement;
  3. Thinking that paying off your house will give you peace of mind;
  4. Thinking that a $100,000-$300,000 nest egg will be enough for retirement;
  5. Believing you’ll be in a lower tax bracket when you retire;
  6. Believing that deferring taxes on retirement funds saves you taxes;
  7. Thinking IRAs and 401(k)s are the best ways to save for retirement;
  8. Leaving your money in IRAs and 401ks if you don’t need it at 59.5 or 70.5;
  9. Thinking retirement is the time to do what you always wanted to do;
  10. Thinking retirement is a time to coast.

In my book Create Your Own Economic Stimulus Plan: Save Yourself Because Big Government Can’t, I describe the 31 FLAVORS (Fortunes Lost Amid Valid Optimization and Reallocation Strategies) of Missed Fortune.

Even following one or two of these strategies could put an extra million dollars in your retirement account.

Ask yourself if now is the time to convert your IRAs and 401(k)s to better alternatives.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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