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Date: Fri, Apr 15, 2016 at 8:04 PM
Subject: Best Retirement Advice I Ever Got
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Best Retirement Advice I Ever Got

By Jason Simpkins | Friday, April 15, 2016

We all dream about our retirement — fishing, golfing, time with the kids and grandkids... But the cold, unforgiving truth is that roughly half of all households with Americans 55 and up have no retirement savings at all. Nothing. Zip. Nada. Not a dime. Furthermore, those who have saved haven't saved enough. They've invested in IRAs and 401(k)s, and together with Social Security, they expect that to be enough. Well, it's not. And sadly, most retirees only find this out when it's too late. The average shortfall: $71,299 per individual in a family, $93,576 for single men, and $104,821 for single women. The reasons for this are obvious. Wages have been stagnant for more than a decade, as inflation has eroded purchasing power. A huge number of people have been excommunicated from the workforce. Meanwhile, Social Security is running out. Even if it somehow stays solvent, there's not enough to go around, much less keep pace with inflation. The stock market has been strong these past few years, but it's hardly reliable. And with interest rates still at a rock bottom level, savings accounts and bonds yield virtually nothing. As a result, just 27% of Baby Boomers are confident they'll have enough money for retirement. And 36% plan to retire at age 70 or later. Of course, there's a problem with the latter, which is that nearly half of all retirees retire earlier than they plan, due to layoffs, health issues, or discontentment with their jobs. I don't want that to be me, and I don't want that to be you. So let's talk about some of the ways you can build your retirement savings before it's too late. Advertisement How much do you need to retire? If you need $50,000 each year, click here. If you need $100,000 each year, click here. If you need $200,000 each year, click here. No matter how much you need to get by in retirement, we've found the 1 solution that can get you there — RIGHT NOW. Click here for full details. Retirement Plans If you aren't taking full advantage of your 401(k) plan, it's not too late. If you're still early in your retirement planning stages, you can make sure your money is being put to efficient use. Avoid things like target-date funds, and other investment vehicles that are expensive and over-managed. Simple index funds are enough to get the job done. Don't throw your money away on funds with high fees. These almost never beat the market and suck money out of your pocket. Also, make sure you're contributing enough — at least enough to meet your employer's match. If you're in the later stages of your career, you can take advantage of the "catch-up" provision. You see, workers regardless of age can contribute on a pretax basis up to $18,000 annually to their 401(k) plans. But those who are 50 or older are allowed to put an extra $6,000 in their accounts for a total of $24,000 each year. If you get a bonus, or a tax refund, put it in your 401(k). And don't forget about the retirement tax bomb. Most people will have several hundred thousand dollars in their 401(k) by the time they go to retire. That money is pre-tax, and it gets taxed when you finally take it out. So you may think you have $100,000 in your 401(k), but if you're in a 25% tax bracket, you really only have $75,000. Retirees may also tap their homes for equity. Home Equity Traditionally, retirees free up home equity by downsizing and moving to a cheaper home. Home sharing or renting is another way to go. Of course, 90% people over age 65 want to stay in their current home for as long as possible, and they're not super enthusiastic about sharing it. In that case, there are other options. The "sale-leaseback," for example. A sale-leaseback is a transaction in which the homeowners sell their homes and at the same time contract to rent the home back. This enables the retirees to live in their homes but also get access to their home equity today. Such sale-leaseback transactions are often arranged between family members. Children will buy their parents' home so that their parents can have income without giving up their lifestyle and without making the transaction feel like a handout. Another option is the reverse mortgage. With a regular mortgage, you pay a lender every month to buy your home over time. But with a reverse mortgage, you get a loan in which the lender takes part of the equity in your home and converts it into payments to you The money you get is usually tax-free. And you don't have to pay it back as long as you live in the home. However, when you die, sell your home, or move out, you, your spouse, or your estate must repay the loan — usually by selling the home. Advertisement This guy made WHAT? On March 2, 2105 Louis Page took advantage of a little-known loophole in the stock market... Twenty-four days later, he collected a check for $5,672. And he's collected more since that time. Zacks recently asked of this loophole, "Can [these payouts] continue to grow?" The answer is YES! Click here to see why... Private Social Security Now, the best retirement tip I ever got was "Private Social Security." These are a rarely discussed option that many famous, high-net-worth investors use to regularly pocket cash payouts. (They are sometimes called "Section 7704 plans" due to the paragraph in the IRS code that deals with them.) These plans can return anywhere from 15-25% per year. They deliver annual payment rates 7 to 12 times greater than what you can get from most dividend stocks, bank CDs, and Treasury notes. They typically outperform bond funds and ETFs, as well. The money is deposited directly into your brokerage account. And once that cash hits your account, it's yours for good. You can spend the money immediately on anything you'd like or you can reinvest it. Here are a few examples... David L. of Sugar Land, Texas, is 58 years old. He signed up for one "Private Social Security" payment plan recently and now collects $11,110 every quarter. That works out to $3,703 per month. Another investor, Michael H., 67, of Houston, is getting close to retirement. But he already pockets regular payments of $23,629 every single quarter from his stake in another little-known but hugely profitable private payment plan. That works out to $7,876 per month in extra income for Michael and his family. Then there's Bill M., 63, of Denver, Colorado. Bill is only 63 years old, but he's already collecting an extra $8,701 per month from Private Social Security. These plans aren't complicated but they do require a more in-depth explanation. Luckily, you can find out all about them in our new report by clicking here. We'll tell you everything you need to know about Private Social Security and living a complete retirement. Get paid, Jason Simpkins @OCSimpkins on Twitter Jason Simpkins is a seven-year veteran of the financial publishing industry, where he's served as a reporter, analyst, investment strategist and prognosticator. He's written more than 1,000 articles pertaining to personal finance and macroeconomics. Simpkins also served as the chief investment analyst for a trading service that focused exclusively on high-flying energy stocks. For more on Jason, check out his editor's page.  *Follow Outsider Club on Facebook and Twitter.

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