{"id":1251,"date":"2014-03-25T07:18:41","date_gmt":"2014-03-25T11:18:41","guid":{"rendered":"http:\/\/keysolutions.us\/blog\/?p=1251"},"modified":"2014-03-25T07:18:41","modified_gmt":"2014-03-25T11:18:41","slug":"a-retirement-savings-crisis","status":"publish","type":"post","link":"https:\/\/keysolutions.us\/blog\/a-retirement-savings-crisis\/","title":{"rendered":"A RETIREMENT SAVINGS CRISIS!"},"content":{"rendered":"<p>How many taxpayers utilize all of the financial services provided by their CPAs during the <a href=\"http:\/\/www.keysolutions.us\/svcs_tax.htm\">tax preparation<\/a> season or when considering financial decisions that are directly related to <a href=\"http:\/\/www.keysolutions.us\/svcs_tax.htm\">tax planning<\/a>?<\/p>\n<p>You may be interested in the article published in<i> USA Today <\/i>on January 31, 2014. The article discussed President Obama\u2019s proposed MyRAs. While the MyRA may not be of immense interest to most taxpayers, I found the article of immense interest because the author, John Waggoner, spoke about the retirement crisis we have in this country and said that \u201cA large number of people who have worked all their lives can look forward to living in near-poverty when they retire.\u201d If his gloom for the future was not alarming, he said that \u201cit\u2019s already happening\u201d in that <!--more-->\u201c23% of married couples and about 46% of unmarried couples rely on Social Security for 90% or more of their income.\u201d He stated that the average monthly Social Security payout for retired workers is $1,269.<\/p>\n<p>Living on $15,228 a year ($1,269 X 12) can be quite a challenge. Okay, but you have a 401(k) or other retirement plan to supplement your retirement. Mr. Waggoner states that according to Fidelity Investments the average 401(k) balance is $84,300. If the retiree lives 30 years, that $84,300 may yield another $2,800 allowing Mr. Average to live on $18,000 per year.<\/p>\n<p>Unfortunately, far too many people begin to think of retirement planning when they approach retirement in their sixties. As stated in this article, the \u201ckey to having a successful retirement is saving early and often.\u201d<\/p>\n<p>When you meet with your tax professional this year to have your return prepared or reviewed, why not ask him to review your retirement savings plan? Remember that Social Security was designed to supplement your retirement savings, not to be your primary source of retirement benefits. As employers are phasing out traditional pension plans, it is most important that you begin to address your retirement needs today rather than later.<\/p>\n<p>N<b>ote: <\/b>Because everyone\u2019s tax situation is different, we invite you to call <a href=\"http:\/\/www.keysolutions.us\/\">610-594-2601<\/a> today to make an appointment at our <a href=\"http:\/\/www.keysolutions.us\/index.htm\">Exton PA CPA office<\/a> to discuss your situation.<\/p>\n<p>You can also schedule a consultation at <a href=\"http:\/\/keysolutions.us\/consultation.htm\">Click Here<\/a>. To learn more about various tax and business services, visit <a href=\"http:\/\/keysolutions.us\/svcs_tax.htm\">Tax Preparation Services<\/a> and <a href=\"http:\/\/keysolutions.us\/svcs_acct.htm\">Small Business Accounting Services<\/a><\/p>\n<p><em>Copyright \u00a9 2014 Keystone Financial Solutions, P.C. \u00a0All rights reserved. \u00a0BE SURE TO READ THE DISCLAIMER PAGE: Content in this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher of this blog makes no representations as to the accuracy or completeness of any information herein, will not be liable for any errors or omissions, and shall not assume liability for any losses, injuries, or damages from the display or use of this information.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How many taxpayers utilize all of the financial services provided by their CPAs during the tax preparation season or when considering financial decisions that are directly related to tax planning? You may be interested in the article published in USA Today on January 31, 2014. The article discussed President Obama\u2019s proposed MyRAs. While the MyRA [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[],"class_list":{"0":"post-1251","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-retirement-news","7":"entry"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9W9tf-kb","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/comments?post=1251"}],"version-history":[{"count":2,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions"}],"predecessor-version":[{"id":1253,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/1251\/revisions\/1253"}],"wp:attachment":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/media?parent=1251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/categories?post=1251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/tags?post=1251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}