Planning a Perfect Vacation vs. Planning for a “Worry-Free Retirement”
By Dee Siegferth, The Milestone Center, Akron LIVING WELL Magazine
Most people spend more time planning the perfect summer vacation than making a plan for a “worry free retirement plan.” It is a fact that anyone can retire rich even if they make $25,000 or $200,000 a year. It is all about making a tax-efficient plan and working your plan. Ed Slott, CPA, the #1 retirement account expert in America, states: “If you don’t create a plan, you will get the government’s plan because they get all of the money from taxpayers who do not plan.”
In his book, “Stay Rich for Life,” Slott maintains without sound planning, the “S.H.I.P” will soon hit the fan! The S.H.I.P includes the funding issues of Social Security, Health Care including Medicare, Rising Income Taxes, and lastly, Disappearing Pensions.
Where do you begin? Determine who you are, where you are, and what you want to accomplish, and how you want to protect it? Next, educate yourself by seeking unbiased knowledge and assistance. Make it a practice to pay yourself first! Ask yourself what money did you save this past month? By skipping Starbucks or that extra trip for fast food, you will discover more money can be saved in retirement accounts. Sound simple? Once you put your plan together, it works automatically.
Where and how you save effects the taxes you pay. Tax-free is always better than tax-owed! If you are working, you can contribute to a Roth IRA, which results in tax-free withdrawals after age 59 ½. Whether you are working or already retired, it is never too late to make the perfect plan for a “worry free retirement.”
For more information on the Key Steps for Achieving Lifelong Financial Security, contact Dee Siegferth at 330-644-0284 or dee@themilestonecenter.com. Dee is available to provide educational classes to any organization. Dee Siegferth, president of The Milestone Center, is a Charter Member of Ed Slott’s Masters Elite IRA Advisor Group. For more information on Ed Slott, visit, www.irahelp.com.
