What do you want from your money? David Babbel, a professor from the Wharton School at the University of Pennsylvania, said,
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Forces are converging upon Americans in what some have called the Perfect Storm—others the Tsunami Wave—that is about to engulf us from all sides. The best we can do is to organize our own finances in such a way that we can provide for ourselves, because there isn’t anything we can do to stop these converging forces”
(“Investing Your Lump Sum at Retirement.” August 2007, page 1).
As you can see, Mr. Babbel made this statement several years ago, and the storyline has only become more of pressing concern today.
We hear from people just like you from all around the country who want to take action and avoid or temper this financial storm, but don’t know what to focus on. Even though our country faces huge financial challenges, there is hope for you personally to create the retirement that you have always dreamed of, traveling, playing golf, visiting grandkids or donating your time to your favorite charity.
We’ve compiled a list of 3 areas that you can focus on right now in your retirement planning whether retirement is years away or just around the corner.
One: Maximize Your Social Security Dollars
Social Security seems pretty straightforward at first glance. The current guideline states that the earliest you can start taking Social Security is age 62, or you can take the full benefit at age 66 if you were born between 1943 and 1954. The longer you wait up to age 70, the larger your monthly benefit will be when you do start taking distributions. There could be up to a 76% difference in Social Security income by optimizing when you take your Social Security Benefit.
Strategies like these can result in tens of thousands or even hundreds of thousands of dollars over your lifetime. There is much more involved than just deciding what age to take the benefit. There are specific strategies that can be used to help you maximize each benefit dollar and tools that can give you an individualized answer. There are hundreds of thousands of potential scenarios, but only one customized fit for your particular situation.
Two: Make Money When Wall Street Goes Up, Down, or Sideways
When potential clients read this statement in our book The BOSS Wealth Plan™ or speak to us in person, they almost always raise an eyebrow. After all, in the past 10 years there have been two major drops in the stock market with ever increasing market volatility. So how can we with a straight face claim to help our clients make money when the market goes up down or sideways? The fact is, by using our strategies (market indexing) over the last decade, your money could have nearly doubled. Here are just a few ways that our strategies protect and grow your money:
- Each year your gains are locked in and cannot be taken from you.
- Indexing strategies allow your money to enjoy tax-deferred growth.
- Most vehicles provide a minimum guaranteed return of 1-4% so that if the market gain was zero or negative each year you would still have guaranteed growth on your money of at least 1-4% per year.
This powerful strategy can help you move forward toward retirement with confidence and peace of mind knowing your money is working for you and not against you.
Three: Receive a Guaranteed Paycheck for Life
One of the most popular options of the B.O.S.S. Wealth Plan converts idle assets in your 401(k) or IRA into lifetime streams of cash flow. What makes this strategy even more exciting is that it does not require you to search the world over for the next Apple stock, real estate deal, or any other seemingly illusive investment.
What makes this guaranteed paycheck for life possible? A properly structured annuity. Many potential clients express the same concern: “I’ve heard annuities are a bad place to put your money.” If you haven’t seen the innovations in the annuity marketplace over the last 15 years, you are missing out. Leading annuities can give you protection against inflation and deflation, while at the same time giving you guaranteed growth as well as an uncapped index crediting option before taking income. You can also elect to receive a paycheck for life through the income feature. Whether you are looking for guaranteed income of $50,000; $75,000; or $100,000 or more for life, this is the answer!
Whether you are in your 40s, 50s, or 60s, it is time to make a course correction because time is of the essence. It is time for you to take control. Financial security is something that is far too important to trust to anyone else. The longer you wait to put a plan in place the more likely you are to fall short of your investment and retirement goals.
Tyson Thacker and Ryan Thacker are brothers and long-time business partners. The Thackers are the authors of three books, including their latest best seller B.O.S.S. Wealth Plan™ and have trained thousands of individuals and financial professionals throughout the United States and Canada on How to Beat the Bank, Conquer Wall Street, Receive a Guaranteed Paycheck for Life, and Minimize Taxes. To contact the Thackers please visit www.BossWealthPlan.com or call 800-860-2088.