There was a little something for everyone in the ‘Setting Every Community Up for Retirement Enhancement’ (SECURE) Act, a piece of bipartisan legislation that was attached to the United States federal spending bill and signed into law toward the end of 2019. Here are some of its provisions:1
If your income is pie, then the federal government takes a hefty slice each year. A 2020 report from the Tax Foundation found a single average wage earner in the United States pays about 29.8 percent of their income in federal taxes. That’s about $18,368 in federal taxes and does not include state and local taxes. The calculations include:1
The words ‘bear market’ have been bandied about a lot lately. When you read or hear them, remember to respond the same way you would if you saw an actual bear in the woods – by staying calm and keeping your wits about you. A changing bond market environment creates challenges for investors and financial advisors, but it also creates opportunities.
How long will you live?
It’s not a question anyone can answer with any certainty, and that creates a significant risk when planning for retirement. Your retirement may last for a long time, and you will need to have enough income to live comfortably without running out of money.
There is a simple and unsettling reality in the United States. Most Americans are not financially prepared for retirement.