How is retirement planning in the 21st Century different from that of your parents? If tax rates go up, how much of your hard-earned money will you be able to keep? The United States government has made trillions of dollars in promises for programs like Social Security and Medicare it simply can’t afford to keep. These are all questions that may keep you up at night.
Chances are, your retirement looks and feels vastly different from the generation before you. As a result, your approach to the retirement planning process must change. You need to explore an updated approach that accounts for all of the challenges and pitfalls that are unique to the rapidly changing world in which we now live.
The rules for a retiring generation have changed. The dramatic shifts in taxation, government programs, banking, retirement programs and home ownership will impact everyone. We can’t change what the government has planned for us, but we can prepare for it by arming ourselves with as much information as possible.
Many people are not aware that their Social Security can be taxed. It’s ideal to learn about the impact of Social Security taxation on your overall retirement plan. It can be critical to understand the IRS thresholds that cause Social Security taxation and how to maximize your benefits.
If you’re like most Americans, you’ve saved the lion’s share of your retirement in tax-deferred accounts like 401(k)s and IRAs. Some experts have suggested that tax rates may have to rise dramatically to keep programs like Social Security and Medicare solvent.
Don’t let these questions keep you up at night any longer. Take control of your retirement and your future. There is a two-day course on May 10th and May 12th at National Louis University. The course takes a comprehensive view of retirement to lay the foundation for proactive planning in the 21st Century. In addition to helping answer some of these questions listed above, the course will also go into detail on Roth conversions, how to protect your assets from rising taxes, planning for possible incapacity due to illness or injury, understanding if you have enough money to retire, and much more.
Because of the educational nature of the class, no specific financial products are presented or discussed. To find out more information about the course and to register, please visit www.magafinancial.com.
This post was sponsored by Dan Maga and Dan Maga II, father-son financial professionals with Maga Financial Associates, who have been working in Wilmette since 2004. To reach them, call 847-871-0367, visit www.magafinancial.com, or stop by their offices at 444 Skokie Blvd., Suite 302, Wilmette.