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How to make it, spend it, and invest it

23 Jul 2019

Disaster could be looming for retiree clients By Amanda Schiavo

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Post by MoneyRadio Staff

Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.

Disaster looms for millions of retirees
Despite the stock market’s robust performance in recent years, many seniors are likely to retire poor because they have little or nothing saved in retirement accounts, according to this article in MarketWatch. Their retirement prospects are further aggravated by the disappearance of pension plans and the financial woes facing Social Security. To help secure their retirement years, clients should pay down their debt, seek help from a financial advisor and reduce spending by downsizing and giving up their vehicle.

Clients should be saving at least 12% of their pay for retirement
A report from Vanguard says that workers’ median 401(k) contribution is 6% of their income, which is not enough to secure their retirement years, according to this Money article. To ensure that they will have a comfortable life in retirement, workers should be contributing 12% to 15% of their pay, Vanguard says. Clients who started saving late should boost their savings rate to make up for lost time, especially when portfolio returns are dwindling.

Millennials agree on the best way to invest — but they’re wrong
A survey by Bankrate has found that real estate is the most popular investment among millennials, according to this CNBC article. However, owning a real estate property is not the best investment option, as it triggers hefty expenses, including insurance, maintenance and property taxes. Investing in the stock market can be a better and easier move for millennials, as they can start using a tax-advantaged 401(k) or IRA and they will have more time to grow their assets.

A midyear financial to-do list for retirees
Midsummer is a great time for retirees to review their financial health, according to Morningstar’s Christine Benz. “Are there any tweaks or adjustments you can make now to improve your portfolio or reduce your tax bill for the 2019 tax year?” she writes. “While the deadline for the tax-related jobs is Dec. 31, there’s no reason you need to wait until the very last minute to plan or even execute them.”

Amanda Schiavo

Amanda Schiavo is an associate editor of Employee Benefit News and Employee Benefit Adviser. Follow her on Twitter at @SchiavoAmanda.

This article is suggested reading by Secured Financial Services, LLC and President and Chief Executive Officer of Secured Financial Solutions, LLC, Anil Vazirani. Please visit https://secured-financial-solutions.com/

Retire and Stay Retired Safe! Smart! Secure!

Based in Scottsdale, Arizona, Secured Financial Solutions is one of the leading financial service firms in Arizona, catering to the financial planning needs of retirees and pre-retirees.

One of the benefits you can count on when working with one of our financial advisors is an outstanding personal relationship with an advisor. As a client, you will deal directly with a financial advisor who will take the time to understand your situation, objectives, estate planning, and retirement planning needs as well as your risk tolerance. We work directly with other advisors as well as CPAs, attorneys and trustees, to ensure that the investments we make will align with your estate plans, and that you are not faced with heavy tax burdens.

You can expect Secured Financial Solutions to develop comprehensive solutions to your complex wealth management and estate planning needs. Our one-on-one approach helps you achieve your financial planning goals, including maximizing your estate, retirement planning, minimizing your tax obligation, and continuing your family legacy. Our investment advisors will work with your CPA, attorneys, and other trusted professionals to help you make intelligent choices that align with your financial and personal goals.

This article is suggested reading by Secured Financial Services, LLC and President and Chief Executive Officer of Secured Financial Solutions, LLC, Anil Vazirani. Please visit https://secured-financial-solutions.com/

Retire and Stay Retired Safe! Smart! Secure!

Based in Scottsdale, Arizona, Secured Financial Solutions is one of the leading financial service firms in Arizona, catering to the financial planning needs of retirees and pre-retirees.

One of the benefits you can count on when working with one of our financial advisors is an outstanding personal relationship with an advisor. As a client, you will deal directly with a financial advisor who will take the time to understand your situation, objectives, estate planning, and retirement planning needs as well as your risk tolerance. We work directly with other advisors as well as CPAs, attorneys and trustees, to ensure that the investments we make will align with your estate plans and that you are not faced with heavy tax burdens.

You can expect Secured Financial Solutions to develop comprehensive solutions to your complex wealth management and estate planning needs. Our one-on-one approach helps you achieve your financial planning goals, including maximizing your estate, retirement planning, minimizing your tax obligation, and continuing your family legacy. Our investment advisors will work with your CPA, attorneys, and other trusted professionals to help you make intelligent choices that align with your financial and personal goals.