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VIDEO: HOW TO THRIVE IN RETIREMENT

By John Persinos • September 11, 2024 • Stock Market Investing

Printable PDF

Welcome to my video presentation for Wednesday, September 11. The article below
is a condensed transcript. For greater details and charts, watch my video.







The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price
index (CPI) climbed 2.5% in August from a year earlier, a substantially cooler
pace of inflation than July’s 2.9% and down sharply from a peak of 9.1% in 2022.

That’s great news. Falling inflation enhances the odds that the Federal Reserve
will announce an interest rate cut at its meeting on September 18.

However, I want to take a break today from government economic data, election
politics, and predictions about the Fed’s next move. What matters most to you:
the ephemeral news cycle or your long-term retirement security? The latter, of
course.

Let’s step back from the daily gyrations of the markets, to examine timeless
investing principles. If you’re worried that you won’t have enough money set
aside to retire comfortably, you’re not alone. Surveys show that millions of
Americans are terrified of outliving their savings.

A recent GOBankingRates survey of more than 1,000 adults found that as many as
28% of Americans have nothing saved for their retirement, 39% aren’t
contributing to a retirement fund and another 30% don’t think they’ll ever be
able to retire. Our country faces a worsening retirement crisis.

Below is a four-point checklist of steps to expand your portfolio for a more
secure financial future. Don’t just survive in retirement…make sure you also
thrive.

1) Set a Retirement Date

It’s important to have a specific date in mind for when you plan to retire. This
should be based on multiple factors.

If you enjoy your job, would you prefer to keep working (and saving) a little
longer? It’s tough to get back into the working world once you’ve left it
behind.

Are you slated to get a defined-benefit pension from your job? Are you fully
vested? If so, you may not need to make significant changes in your investments.

Make an assessment of your future spending needs. Will you sell your home and
move to a lower-cost area? What are the tax consequences of this? After you set
a specific target, you can start formulating your strategy for getting there.

2) Reduce Your Social Security Expectations

Among the many political norms shattered these days is the notion that Social
Security is untouchable. For those lacking a strong investment portfolio, it
doesn’t bode well.

The non-partisan Congressional Budget Office (CBO) currently estimates that the
federal budget deficit in fiscal year 2024 will total $1.9 trillion. The CBO
projects that the deficit will reach $2.8 trillion by 2034.

Politicians are seizing on the data as an excuse to cut Social Security. The
popular program is likely to survive, but probably in curtailed form.

Social Security outlays totaled more than $1.2 trillion in 2023 (estimated), for
about 5% of U.S. gross domestic product (GDP). The CBO predicts an increase in
Social Security outlays of up to $1.8 trillion in 2029, which would amount to
roughly 6% of projected GDP.

When are you eligible for full Social Security benefits? This varies depending
on when you were born. If it was in 1960 or later, you will have to wait until
age 67. If you start to collect your benefits earlier, your monthly payments
will always be lower than if you had waited.

3) Create a Withdrawal Plan

It’s usually best to let your wealth compound tax-free for as long as possible.
The greater variety of accounts you have, the more opportunities to diversify
your tax savings.

As a general rule, you should withdraw cash from taxable accounts first. Later
on, focus on tax-deferred accounts such as traditional Individual Retirement
Accounts (IRAs) and annuities.

Leave accounts with tax-free withdrawals for last. An example of such an account
is the Roth IRA, which allows taxpayers, subject to certain income limits, to
save for retirement while allowing the savings to grow tax-free.

Taxes are paid on contributions, but withdrawals, subject to certain rules, are
not taxed at all.

Early in your retirement, converting currently taxable assets to spending money
makes sense because little or no additional tax likely will be due.

First, take dividend income and any mutual-fund distributions in cash instead of
reinvesting them. You pay tax on these payouts even if you reinvest them, so
this step won’t cost you anything.

Next, sell investments with no cost basis or the highest basis and therefore no
or low taxable gain.

Assets with no cost basis include money funds and bank CDs as well as Treasury
bills and various types of bonds held to maturity. Bond funds likely carry a
high basis compared with your sale price, and therefore low tax liability.

Ideally, you’ll be more passive in taking long-term gains and more active in
“harvesting” your tax losses.

Continuing to hold profitable, long-term investments in a regular account is a
form of tax deferral. If you sell losing investments, you offset your tax
liability on any gains you’ve taken with other investments.

4) Shield Inheritance

If you don’t take measures ahead of time, Uncle Sam will take a huge bite out of
your inheritance via the capital gains tax.

One of the few ways to sidestep the substantial capital gains tax is to make a
gift of property to a charitable organization. When you do so, you may take a
deduction based on the full fair market value of the property, rather than just
its cost.

The tax savings will largely depend on the amount of appreciation. In turn, you
can reap greater income by investing these tax savings.

The most popular types of charitable giving plans are the annuity trust,
revocable trust, pooled income fund, gift annuity, and life estate agreement.
Consult your tax accountant for details, to find the plan that’s precisely right
for you. But do it now.

Editor’s Note: I’ve just discussed ways to manage your retirement money. But
what about making the pie bigger? Consider the advice of my colleague Jim
Pearce.

Through painstaking research, Jim Pearce has discovered that a small group of
everyday Americans are earning up to $51,338 a year from one company’s lucrative
marijuana profit-sharing “plan.”

Jim is the chief investment strategist of our flagship publication, Personal
Finance. He tells me that this particular company is the biggest win-win
opportunity he’s ever seen in the marijuana market. To learn more, click here
now.

--------------------------------------------------------------------------------

John Persinos is the editorial director of Investing Daily.

Subscribe to John’s video channel:

 


ABOUT THE AUTHOR

John Persinos
Bio | Archive
John Persinos is the editorial director of Investing Daily, overseeing such
publications as Personal Finance, Utility Forecaster, Profit Catalyst Alert,
Rapier's Income Accelerator, Income Forecaster, and Marijuana Investing Daily,
among others. John also writes the Mind Over Markets daily stock market recap,
and he's the chief investment strategist of Marijuana Profit Alert.

 
John has decades of experience in the technology and political realms. He has
worked as a staff editor at Inc. and Venture magazines, and written for
Kiplinger's, Street Authority, Investing Answers, and TheStreet.com, to name a
few. In a career that has spanned more than 40 years, John has been diligently
and prolifically covering the news and its impact on investors.

 
John also has experience with the inner-workings of Capitol Hill, serving as a
press secretary to U.S. Rep. Byron Dorgan (D-ND). John started his career as a
daily newspaperman with The Orlando Sentinel.

 
John holds undergraduate and graduate degrees from Boston University. He also
completed the Davenport Fellowship in Business and Economics Reporting at the
University of Missouri (Columbia).

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