The truth of the matter is that women are controlling more wealth than any other time in our history. They also face unique challenges when it comes to retirement planning. The fact that, on average, women live longer than men make proper planning even more important.
In my experience working with households where women are the sole financial decision maker, women value professional advice and collaboration when it comes to retirement planning. They are confident in their ability to stick with a plan but are not overconfident in their ability to manage risk when markets act up.
Time vs Timing- They embrace the idea that the time spent invested in the market is more valuable than timing the market. Meeting with a financial planner has more in common with working with a personal trainer than going to a doctor. There are no overnight remedies but a disciplined plan over time is proven to be the most effective strategy.
Inflation is the silent killer- The primary goal of retirement planning is not to get rich. It is to save enough for retirement and have our investments outpace inflation. Holding cash feels good in times like these but holding too much over the long run erodes the purchasing power on our savings.
Social Security Can Get Complicated- If you’ve spent an extended amount of time out of the workforce to raise a family or care for a family member, you may have a lower social security benefit than expected. This is because your Social Security benefit takes into consideration your top 35 working years. If you spent a good amount of time outside of the workforce there are going to be some zeroes averaged in when calculating your benefit. If you are divorced, you should educate yourself on any spousal and/or survivor benefits that you may be eligible for from your ex-spouse.
Confronting Long Term Care- We have all seen the statistics. Women have a longer life expectancy than men. This increases the probability of being a caretaker and also needing outside help to care for themselves. Addressing this potential cost and how it would affect your retirement plan is critical. For many, it could be the largest risk to their retirement savings.
Aligning Your Values with Your Investments- With the rise in interest for sustainable investing, there are many investment companies that can tailor a portfolio to invest in companies with a focus on environmental, social, and governance (ESG) concerns. This is great news for those that want to invest in companies that are having a positive social and environmental impact.
A Smarter Way to Be Charitable- The ability to deduct charitable contributions has become more difficult due to the SECURE Act which was legislation passed by Congress in 2019. However, there are strategies where you can bunch your contributions in a given year to increase the likelihood of being able to receive a deduction.
If you are within 10 years of retirement, now is a good time to get organized and start assembling your trusted team of professionals to help you get the most out of your retirement. If you have questions about any of the above or would like to discuss how I can help you plan, feel free to reach out for a complimentary consultation.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Securities offered through LPL Financial, Member FINRA / SIPC. Investment advice offered through Stratos Wealth Partners, Ltd, a registered investment advisor. Stratos Wealth Partners is a separate entity from LPL Financial.
https://www.paultramontozzi.com/wp-content/uploads/women-scaled.jpg17072560Paul Tramontozzihttps://www.paultramontozzi.com/wp-content/uploads/2019/09/Paul-Tramontozzi_-CFP®-banner-1030x223.jpgPaul Tramontozzi2022-07-15 21:29:452022-07-15 21:29:45Women Face a Unique Path to Retirement
First the good news: Retirees will get a generous increase in their Social Security checks come January 2022. Social Security and Supplemental Security Income (SSI) benefits will increase by a whopping 5.9% in 2022, the biggest increase in 40 years.1 That means that the average monthly retirement benefit of $1,565 will grow to $1,657. Although Social Security accounts for only about 30% of overall retirement income, millions of retirees — over 10% — rely on Social Security for 90% or more of their income. So the increase will be more than welcome for many.
The bad news is that the boost only adds to an already disturbing inflation picture. The Consumer Price Index (CPI) came in 6.2% higher in October compared with a year earlier, even faster than an already heady 5.4% pace through September, and above economists’ forecasts. Rates have moderated since summer, but they remain stubbornly high. Prices for cars, fuel, rent, meat, and other groceries are noticeably higher, and many families are feeling the pinch.
Bottlenecks, Shortages, and Stimulus
The root cause of the rising prices is of course Covid. The pandemic has caused major disruptions in supply chains across the globe. From microchips to lumber, supply bottlenecks have led to shortages and price increases. Labor shortages have exacerbated the situation, particularly in leisure and hospitality businesses, resulting in wage increases — many long overdue. Add to this the massive government stimulus packages passed since the spring of 2020, and you have the perfect inflationary storm.
The big question is: will it persist? Are we headed toward a 70s-style inflation cycle? Six months ago, the consensus answer to this question was an emphatic no. The uptick was widely expected to be short-lived, basically just a rebound from the price drops at the outset of the pandemic in the spring of 2020. Since then, however, supply chain problems have festered and structural issues such as labor shortages have surfaced. What’s more, the price of oil has more than doubled over the past year, up 35% in just the past two months. Although most economists still believe that inflation will moderate in the coming months, many are less certain in their outlook. There is also the matter of the huge infrastructure and spending bills currently before Congress, which if passed, will add to inflationary pressures.
For its part, the Federal Reserve is increasingly concerned that supply disruptions could last long enough to prompt consumers and businesses to expect higher prices, setting off an upward spiral of wage and cost increases. It has already signaled a slowdown in bond purchases, and could start raising interest rates if the inflation numbers remain elevated. But raising rates is not a popular move in Washington, on Wall Street, or on Main Street, so the Fed will likely proceed very cautiously, with definitive moves — if any — unlikely before year-end.
What You Can Do
In the face of rising prices, consumers do not have many options. You can be more selective in your purchases, charge more for your services if you’re self-employed, or try to convince your employer to raise your salary to compensate. But in the end, if food, rent, and fuel cost more, you have to pay more.
For investors, the key to staying ahead of inflation is to seek investments that have the potential to deliver higher returns. Historically, stocks have shown the greatest ability to outpace inflation over time, although past performance is no guarantee of future results. There are also inflation-indexed bonds issued by the U.S. Treasury, but they generally make sense only if you expect a major uptick in inflation.
Talk to your financial professional to see what investing strategy might best suit your circumstances in an inflationary or rising rate environment.
This material was prepared by LPL Financial. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that they views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and cannot be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
All company names noted herin are for educational purposes only, and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
Treasury Inflation-Protected Securities (TIPS) help eliminate inflation risk to your portfolio, as the principal is adjusted semiannually for inflation based on the Consumer Price Index (CPI), while providing a real rate of return guaranteed by the U.S. government. However, a few things you need to be aware of are that the CPI might not accurately match the general inflation rate; therefore, the principal balance on TIPS may not keep pace with the actual rate of inflation. The real interest yields on TIPS may rise, especially if there is a sharp spike in interest rates. If so, the rate of return on TIPS could lag behind other types of inflation-protected securities, like floating rate notes and T-bills. TIPs do not pay the inflation-adjusted balance until maturity, and the accrued principal on TIPS could decline, if there is deflation.
https://www.paultramontozzi.com/wp-content/uploads/social-security-washington-scaled.jpg16392560Paul Tramontozzihttps://www.paultramontozzi.com/wp-content/uploads/2019/09/Paul-Tramontozzi_-CFP®-banner-1030x223.jpgPaul Tramontozzi2021-12-10 16:22:232021-12-10 16:22:23Retirees Get a Raise as Inflation Persists
The COVID pandemic has had many unexpected consequences. A booming stock market. An overheated housing market. A glut of office space. But who would have ever thought it would have such a profound impact on buying or renting a car? Yet that’s exactly the case. Car prices have skyrocketed, delays are common, and shortages are rampant. Meanwhile, renting a car could set you back several weeks’ pay — if you can even find one. Why all this is happening is a lesson in the myriad effects of the global pandemic.
New Cars
The average price of a new car topped $40,000 in June 2021, up 15% from a year earlier.1 This sharp increase is the result of two factors right out of classical economics: an increase in demand and a decrease in supply. On the demand side, sales have risen because people are driving more. After months of lockdown and quarantine, Americans are using their cars again to drive to work or go on road trips. Car dealerships that were closed during the pandemic have also opened up, and they’ve bumped up prices to help compensate for last year’s losses.
On the supply side, the widely-publicized shortage in semiconductors has constricted the output of all major car manufacturers. The chip shortage is attributed to the huge uptick in demand for cell phones and other personal electronics during the pandemic, as locked-down consumers went on a spending spree. This, in turn, crowded out orders by car manufacturers, which had already cut back in early 2020. Recent COVID-19 outbreaks in Southeast Asia, a major supplier of semiconductors, have further exacerbated the situation. In all, new-car inventories in the US were down 54% in June 2021 compared with two years earlier.2
Used Cars
The situation with used cars is even more dramatic. As of September, used car prices had risen 25% from a year earlier, and over 40% since March 2020.3
The markets for used cars and new cars are closely related. So the microchip shortage and the closure of dealerships during the height of the pandemic also affected used car sales, as many people turned to the secondhand market instead. That brought a whole new set of customers to the used car market — ones willing to spend more money on a car.
Also impacting the used car market are rental car companies (see below), usually a major source of used cars, but which have been keeping cars longer in the face of surging demand.
And Rentals…
Rental car companies, facing a standstill in demand last year, sold off about a third of their fleets to raise enough cash to survive the pandemic. Now, with travel rebounding, rental car companies have a major shortage of cars to rent. They have also raised prices to help make up for last year’s red ink. According to AutoWeek, rental car prices have increased by more than 30% since 2020, and renting a car can cost upward of $300 a day in some locations.4
Tips for buyers and renters
All in all, buying or renting a car right now can be a frustrating experience. Not only are cars pricier, but they are in short supply. Anyone looking for a car should consider these tips.
Shop around. Prices can vary widely from dealer to dealer for the same car. And keep an eye out for dealer or manufacturer incentives.
Be open to different makes and models. Some are more available than others. And some have had significantly lower price increases.
If you’re putting a deposit on a model that’s not currently available, make sure it’s fully refundable in case you change your mind.
If you’re in no hurry, considering putting off your purchase until next year, when supply chain disruptions are expected to improve.
If you intend to trade in your current vehicle, look for higher trade-in values. Check Kelly Blue Book or Edmunds for your car’s current value.
If your car is coming off a lease, look for a residual value that’s higher than the original estimate. See the links above to find your car’s current value.
When renting, consider TURO or other car sharing services instead of the traditional car rental companies. Also, be open to different sizes, makes, and models.
This material was prepared by LPL Financial. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that they views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and cannot be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
All company names noted herin are for educational purposes only, and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
https://www.paultramontozzi.com/wp-content/uploads/car-shopping-covid-scaled.jpg19202560Paul Tramontozzihttps://www.paultramontozzi.com/wp-content/uploads/2019/09/Paul-Tramontozzi_-CFP®-banner-1030x223.jpgPaul Tramontozzi2021-11-08 02:20:172021-11-08 02:21:01Car Shopping in the Time of COVID
Anyone looking to buy or sell a home lately has probably been hit by sticker shock. Residential real estate prices have gone through the roof, increasing at rates unseen since 2005. According to S&P Case-Shiller, home prices in March saw their highest annual rate of growth in over 15 years — up 13.2% from a year earlier, following a 12.0% annual gain in February. Some markets — most notably Phoenix, San Diego, and Seattle — saw gains of 18% to 20%.1 What’s more, the median price of a new home sold in April was $372,400, up 20.1% from a year earlier, the strongest annual gain since 1988.2
Bidding wars are now common, and in some neighborhoods, competition is so fierce that many homes are sold before they even hit the market. According to Zillow, nearly half of the people who sold homes in April accepted an offer within a week.3
What’s Behind the Surge
Several different factors are driving the frenzy. For one, mortgage rates remain historically low. Although they have crept up some since their all-time low in January, the rate on a 30-year conventional mortgage was just 2.93% as of June 27.4 That means that anyone looking to spend a fixed amount per month on a mortgage can now afford much more house than they could a few years ago.
There are also demographic factors at work. Millennials, who, as a group, have long shunned buying in favor of renting, are now entering the market in force. COVID-19 and the prospect of long-term telecommuting have encouraged many to move from urban apartments to suburban homes. Many others are transitioning into larger homes to accommodate families.
Perhaps the biggest reason for the current spike in prices is supply — or lack thereof. The inventory of new houses has been sharply constricted by a widespread lumber shortage, along with shortages of kitchen appliances and other building supplies, such as copper and PVC pipe. Transportation logjams, brought on in part by COVID lockdowns and business closures, continue to impact new home construction. This has put pressure on the overall inventory of existing homes as well, as would-be buyers of new homes opt for existing homes instead. Although existing home sales are up year-to-date, they dropped in April for the third consecutive month, according to the National Association of Realtors.5
Will it continue?
Although the current supply shortage shows no signs of abating, over time, the bottlenecks will likely work their way out, as the post-COVID economy kicks into gear. Price appreciation is unlikely to continue at its current heady pace, but most real estate analysts do not foresee any major price drop, as happened back in 2006 to 2012 when overbuilding and lax lending standards posed more fundamental issues. The bigger concern may be mortgage rates. Average rates remain below 3%, but that could change if inflation prompts the Federal Reserve to raise interest rates. The Fed has indicated that it intends to hold rates steady for the time being, but should inflation continue at its recently reported level of over 4%, it will likely take action. Should that happen, mortgage rates would rise and real estate demand would cool down.
So stay tuned, but be prepared for more of the same in the immediate future.
This material was prepared by LPL Financial. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that they views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and cannot be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
https://www.paultramontozzi.com/wp-content/uploads/real-estate-market-scaled.jpg19222560Paul Tramontozzihttps://www.paultramontozzi.com/wp-content/uploads/2019/09/Paul-Tramontozzi_-CFP®-banner-1030x223.jpgPaul Tramontozzi2021-07-02 13:56:572021-07-02 13:56:57Real Estate is Booming? Is a Bust Ahead?
The specter of inflation has long been absent from the American economy. In fact, inflation, as measured by the Consumer Price Index (CPI), has remained below 4% since 2008, has averaged only 1.74% in the past 10 years, and came in at a tepid 1.36% for 2020.1 Rather than inflation, policy makers in recent years have been more concerned with the prospect of deflation — a drop in prices — especially at the outset of the pandemic, when the inflation rate dipped below zero for three consecutive months.
But the tide may be about to shift. With the end of the pandemic in sight, renewed fears of inflation have emerged, as fiscal stimulus kicks in and the economy bounces back.
The yield on the 10-year U.S. Treasury bond has increased 71 basis points since the start of the year, from 0.93% on December 31, 2020 to 1.64% on March 12, 2021, stoked in part by inflation fears.2
A post-pandemic surge in demand is expected by many economists, as vaccinated consumers come out of hibernation and the economy reopens.
Restaurant, travel, and entertainment businesses are poised to bounce back, and then some, as people celebrate their refound freedoms and make up for lost time.
Huge stimulus packages have injected trillions into the U.S. economy, with the latest topping $1.9 trillion in aid.
Record low mortgage rates have helped bring about a thriving housing market, and all the spending that goes with it.
A booming stock market has made investors feel richer and more likely to spend.
Oil demand is set to tick up as people start commuting and traveling again.
Major infrastructure spending, a top priority of the Biden administration, is in the wings and would add further stimulus.
Not So Fast
While all these factors point to possible price hikes, a return to a 1970s-style inflationary cycle is not likely. For one thing, the U.S. economy still has a ways to go before fully recovering from the pandemic. Unemployment remains above 6%, and GDP is still well below its pre-pandemic level. A full recovery is generally not expected until 2022.
For another, different structural factors have conspired to keep inflation low in recent years, and they likely will help contain a rise in the future as well.
Global competition in goods and labor markets has had a negative effect on prices.
Technological advancement has brought down the price of goods and services. It’s also increased labor productivity, reducing unit labor cost.
An aging population has helped keep prices in check, in that elders tend to spend less in general.
The Federal Reserve has shifted away from its inflation-hawk policies, and kept interest rates low.
Since inflation has been so low for so long, inflation expectations are low, and businesses are less inclined to increase prices as a matter of course.
This is not to say that inflation won’t edge up in the coming months. Many economists predict a surge in late spring, when year-over-year comparisons will be magnified by the negative readings in 2020. But they also predict that inflation will eventually settle back toward the Fed’s 2% target.
Staying Ahead of Inflation
For many, inflation fears are less about an uptick in today’s prices than they are about an erosion in the value of tomorrow’s savings. Over time, even a moderate amount of inflation can take a toll on an investment portfolio. That’s why it’s important to maintain a growth element in your investment mix.
Over the long run, stocks may provide the best potential for returns that exceed inflation. While past performance is no guarantee of future results, stocks have historically provided higher returns than other asset classes. Between 1926 and December 31, 2020, the annualized return for a portfolio composed of stocks in the S&P 500 index was 10.34% — well above the average inflation rate of 2.86% for the same period. The annualized return for long-term government bonds, on the other hand, was only 5.76%.3
Keep in mind that stocks do involve greater risk of short-term fluctuations than other asset classes. Unlike a bond, which promises a fixed return if you hold it until maturity, a stock can rise or fall in value based on daily events in the stock market, trends in the economy, or problems at the issuing company. But if you have a long investment time frame and are willing to hold your ground during short-term ups and downs, you may find that stocks offer the best chance to stay ahead of inflation.
3Source: DST Retirement Solutions, LLC, an SS&C company. Stocks are represented by the S&P 500 index. Bonds are represented by a composite of returns derived from yields on long-term government bonds, published by the Federal Reserve, and the Bloomberg Barclays U.S. Government Long index. Inflation is represented by the change in the Consumer Price Index. Past performance is no guarantee of future results.
This material was prepared by LPL Financial. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that they views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and cannot be invested into directly.
https://www.paultramontozzi.com/wp-content/uploads/2021/04/paul-tramontozzi-cfp®-financial-planner-westchester-ny-inflation-is-on-the-horizon.jpg17072560Paul Tramontozzihttps://www.paultramontozzi.com/wp-content/uploads/2019/09/Paul-Tramontozzi_-CFP®-banner-1030x223.jpgPaul Tramontozzi2021-04-07 19:48:002021-04-07 19:48:00Is Inflation on the Horizon?
After years of saving and investing, you can finally see the big day — retirement. But before kicking back, you still need to address a few matters. Decisions made now could make the difference between your money outlasting you or vice versa.
Calculating Your Retirement Needs
First, figure out how much income you may need. When retirement was years away, this exercise may have involved a lot of estimates. Now, you can be more accurate. Consider the following factors:
Your home base — Do you intend to remain in your current home? If so, when will your mortgage be paid? Will you sell your current home for one of lesser value, or “trade up”?
The length of your retirement — The average 65-year-old man can expect to live about 17 more years; the average 65-year-old woman, 20 more years, according to the National Center for Health Statistics. Have you accounted for a retirement of 20 or more years?
Earned income — The Bureau of Labor Statistics estimates that by 2022, 23% of people aged 65 or older will still be employed, almost twice the proportion that prevailed in 2002.1 If you continue to work, how much might you earn?
Your retirement lifestyle — Your lifestyle will help determine how much preretirement income you’ll need to support yourself. A typical guideline is 60% to 80%, but if you want to take luxury cruises or start a business, you may well need 100% or more.
Health care costs and insurance — Many retirees underestimate health care costs. Most Americans are not eligible for Medicare until age 65, but Medicare doesn’t cover everything. You can purchase Medigap supplemental health insurance to cover some of the extras, but even Medigap insurance does not pay for long-term custodial care, eyeglasses, hearing aids, dental care, private-duty nursing, or unlimited prescription drugs. For more on Medicare and health insurance, visit Medicare’s consumer website.
Inflation — Although the inflation rate can be relatively tame, it can also surge. It’s a good idea to tack on an additional 4% each year to help compensate for inflation.
Running the Numbers
The next step is to identify all of your potential income sources, including Social Security, pensions, and personal investments. Don’t overlook cash-value life insurance policies, income from trusts, real estate, and the equity in your home.
Also review your asset allocation — how you divide your portfolio among stocks, bonds, and cash. Are you tempted to convert all of your investments to low-risk securities? Such a move may place your assets at risk of losing purchasing power due to inflation. You may live in retirement for a long time, so try to keep your portfolio working for you — both now and in the future. A financial advisor can help you determine an appropriate asset allocation.
Robber Baron: Inflation
Here’s how a 4% inflation rate would erode $400,000 over a 25-year period. Because inflation slowly eats away at the purchasing power of a dollar, it’s important to factor inflation into your annual retirement expenses.
This example is hypothetical and for illustrative purposes only.
A New Phase of Financial Planning
Once you’ve assessed your needs and income sources, it’s time to look at cracking that nest egg you’ve built up. First, determine a prudent withdrawal rate. A common approach is to liquidate 5% of your principal each year of retirement; however, your income needs may differ.
Next, you’ll need to decide when to tap into tax-deferred and taxable investments. The advantage of holding on to tax-deferred investments (employer-sponsored retirement plan assets, IRAs, and annuities) is that they compound on a before-tax basis and therefore have greater earning potential than their taxable counterparts.2 However, earnings and deductible contributions in tax-deferred accounts are subject to income tax upon withdrawal — a tax that can be as high as 39.6% at the federal level. In contrast, long-term capital gains from the sale of taxable investments are taxed at a maximum of 20%.3 The key to managing taxes is to determine the best strategy given your income needs and tax bracket.
Also, tax-deferred assets are generally subject to required minimum distributions (RMDs) — based on IRS life expectancy tables — after you reach age 70½. Failure to take the required distribution can result in a penalty equal to 50% of the required amount. Fortunately, guidelines do not apply to Roth IRAs or annuities.2 For more information on RMDs, see the IRS’s RMD resource page or call the IRS at 1-800-829-1040.
A Lifelong Strategy
A carefully crafted retirement strategy also takes into account your estate plan. A will is the most basic form of an estate plan, as it helps ensure that your assets get disbursed according to your wishes. Also, make sure that your beneficiary designations for retirement accounts and life insurance policies are up-to-date.
If estate taxes are a concern, you may want to consider strategies to help manage income while minimizing your estate tax obligation. For example, with a grantor retained annuity trust (GRAT), you move assets to an irrevocable trust and then receive an annual annuity for a specific number of years. At the end of that period, the remaining value in the GRAT passes to your beneficiary — usually your child — generally free of gift taxes. Another option might be a charitable remainder trust, which allows you and/or a designated beneficiary to receive income during life and a tax deduction at the same time. Ultimately, the assets pass free of estate taxes to a named charity.
It’s easy to become overwhelmed by all the financial decisions that you must make at retirement. The most important part of the process is to consult a qualified financial professional, a tax advisor, and an estate-planning attorney to make sure that you’re prepared for this new — and exciting — stage of your life.
How Much Can You Withdraw?
This chart can give you an idea how much you could potentially withdraw from your retirement savings each year. For example, if you begin with $400,000 in assets and expect an average annual return of 5% over a 25-year retirement, you could potentially withdraw $18,000 per year. Withdraw more than that each year and you may outlive your money. Also consider: This chart doesn’t take income taxes into account, which can range from 10% to 35%, depending on your tax bracket.
Assumes 5% average annual return, and that withdrawal rate is adjusted for annual 4% inflation rate after the first year. This example is hypothetical and for illustrative purposes only. Investment returns cannot be guaranteed.
1Source: Labor Force Projections to 2022, Monthly Labor Review, U.S. Bureau of Labor Statistics.
2Withdrawals from tax-deferred accounts prior to age 59½ are taxable and may be subject to a 10% additional tax. Neither fixed nor variable annuities are insured by the Federal Deposit Insurance Corp., and they are not deposits of — or endorsed or guaranteed by — any bank. Withdrawals from annuities may result in surrender charges.
3A 3.8% tax on unearned income may also apply.
Because of the possibility of human or mechanical error by DST Systems, Inc. or its sources, neither DST Systems, Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall DST Systems, Inc. be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.
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