Retirement
Do you know what the difference between an older gentleman (or elderly lady)….and an old man (or old woman) is? Quite simply, income. That’s right, just income.
An older gentleman (or lady) spends their retirement travelling overseas visiting Italy: exploring the Vatican museum in Rome, and riding a gondola in Venice. They may relax in a resort in Aruba or Cancun, sipping a cocktail on the white sands of an stunning beach. In their free time, an older gentleman (or lady) spends time playing golf or tennis at their local country club, dining out in his or her leisure time with friends. An older gentleman (or lady) travels at a moments notice to be with their children, possibly even grandkids. An older gentleman (or lady) is free & liberated with a ‘mentality of self-sufficiency’. They are financially independent.
An old man (or old woman) spends their retirement paying their rent and scraping together the last of their social security check for living expenses. An old man (or woman) works part-time at the local Walmart for $7.25 an hour greeting people as they walk in, masking a deep sense of disappointment about what ‘life has handed them’. An old man (or woman) dines out at Denny’s or McDonalds early in the morning to grab the next senior breakfast special, complaining to their significant other that ‘the government doesn’t take care of them’. An old man (or woman) is stuck and inhibited with a ‘victim mentality’. They are financially dependent.
Have I offended anyone? Hopefully I have. Unfortunately this is the reality of so many Americans as they steer into retirement: surviving off their next social security check. So my question is this: who do you want to become? If you want me to help you become an older gentleman (or lady), let me know. There are many retirement vehicles out there, with many investment options. Short and long-term growth potential, as well as tax consequences differ widely, and it’s important to have someone who is well-informed and knowledgeable.
Compound interest is powerful. For illustrative purposes, let me show you an example. Saving $500 monthly for 30 years compounded at a 1% interest rate will give you around $210,000; whereas $500 a month saved for 30 years compounded at an 8% interest rate will give you around $730,000! Tax consequences are also enormous. Saving that $500 on a pre-tax basis may save you on income taxes on the initial $180,000, but you end up paying taxes on the full $730,000 when you withdraw it! Do you want to pay taxes on the seeds or the crop? The answer is obvious, but most people pay taxes on the crop, be it their 401K's or IRA's.
There are however solutions that can enable you to have a tax-free retirement. My goal is to educate and open you up to options that you may not have previously realized were available to you. For example, if I could show you a tax deferred retirement tool (with upside market growth potential with complete protection of your principal) that provides access to long-term tax free retirement income, would you be interested in hearing more about it? If so, contact me for a 90 minute appointment in the comfort of your home. Regardless of whether or not you end up becoming a client, referrals are always appreciated.
On a closing note, I have never met anyone who has too much money in their retirement fund when they retire....have you?