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Overseas Tax Shelters

Why Some Folks are Rich, Others Poor in Retirement

If life were a race to accumulate assets and savings, the winners would be crowned in retirement. With a lifetime to stockpile resources, some seniors' wealth outshines the gross domestic product of small countries. Case in point: Retired movie producer David Geffen, worth $6 billion according to Forbes.com, surpassed Bermuda's 2012 GDP of $5.5 billion.At the other end of the spectrum, more than 9% of those age 65 and older lived in poverty as recently as 2012. This year, living in poverty means an annual income of $11,670 or less for a single person and $15,730 for a household of two.Compared with all other age groups, the 65-and-older crowd has the dubious distinction of having the most pronounced income gap, according to a Bankrate analysis of a measurement of income inequality known as the "Gini Index."The good news is that since 2002, the population of low-income seniors has declined while the ranks of the highest earners swelled.What's behind the vast retirement income gap betwee...

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