Have you ever wondered why the age of 65 became the retirement age? And, who decided to choose the age 65? This is an important fact to consider and it’s been left out of most discussions. In 1935, the average American lifespan was roughly 61 years. Setting the retirement age at 65 was extremely smart because most never lived to retirement. Fast forward to today.
A robust and predictable income is a big concern for retirees. They need to know how to generate enough cash to maintain their lifestyle without exposing their assets to too much risk. Social Security is obviously a key source of steady cash for retirees and some also have a pension, an increasingly rare employer-sponsored retirement plan that pays out like clockwork.
A number of significant federal income tax provisions expired at the end of 2011, a fact that might be easily overlooked with so much attention being focused on the “Bush tax cuts” that are still in effect, but scheduled to expire at the end of 2012. And new Medicare-related taxes, effective in 2013, have received surprisingly little coverage.
Never retire? That’s a novel idea. In fact, prior to the industrial revolution did people really retire? No, not really, they worked (primarily in the fields) until they couldn’t, then they died. There wasn’t a pension system and if they didn’t work to produce income, they had to spend their savings and most didn’t have much.
As published on the Slott Report
Thanks to April 15th falling on a Sunday and a Washington D.C. holiday (Emancipation Day) on the following day, the April 15th filing deadline is pushed back to April 17, 2012 for 2011 federal income tax returns. Below are five things you should address between now and then.
The Japanese economy and the Nikkei average has been mired in lack luster at best growth for the last two decades. As the world comes to the one-year anniversary of the March 11, 2011 Japanese earthquake and tsunami, the country’s currency (The Yen) has been descending from its perch for the last month. It’s no coincidence that the Nikkei has been rising as the Yen has b