PITTSBURGH, Oct. 19, 2016 /PRNewswire/ -- Growing tax burdens, health care costs, increasing costs of living, longer life expectancies and lawsuits are only a few of the potential dangers people who have successfully accumulated wealth are exposed to.
Executives, professionals, business owners all face multiple obstacles to preserving and protecting the wealth that they have worked hard to accumulate.
However, many people who are looking for solutions before fully understanding all the dangers may leave them exposed, much like seeking surgery or medications before receiving a proper diagnosis.
A select number of financial, retirement and estate planning advisors will be offering a weekly E-Newsletter filled with one-minute tips on how to preserve, protect and pass on wealth, including how to avoid the biggest mistakes and disasters.
In addition, they will be offering a series of Special Reports on the biggest obstacles and dangers, as well as the biggest mistakes that many are making without even knowing it.
About the Crisis
Every month, more than a quarter-million Americans turn 65, many hoping to retire from their career or sell their business and live off of the wealth that they have saved.
Roughly 1 out of 6 baby boomers now report that they are retired, up from 1 out of 10 as recently as 2010. Maintaining lifestyle and preserving wealth is a major concern for over 40 million retirees.
Significant challenges await those heading into their post-work years.
AARP reported a few years ago that 2 out of 3 older Americans fear running out of money more than dying. This concern is shared by middle class as well as the upper middle class.
No one wants to have to depend on their children during retirement. The fear of running out of money is not unfounded.
Major medical advances are lengthening the average life expectancy.
On the surface, this is good news. However, the average life expectancy for a 65-year old male increased 40 percent from 1990 to 2002, according to the latest life expectancy data. This means the need to fund an additional 6 years of lifestyle.
Surprisingly, the fastest growing segment of the US population is those aged 100 and older.
The increasing tax burden placed upon people of means is equally disconcerting.
The top 10 percent of income earners are paying a surprising 71 percent of the tax burden, up from less than 50 percent in 1980. With the deficit exceeding $18.2 trillion, the promise of lower tax rates in the future seems like a pipe dream to most.
In addition, running afoul of IRS retirement account rules can cost a bundle. An IRS report showed that in 2010, Americans paid $5.8 billion in penalties on retirement account withdrawals, in addition to the regular tax paid.
Become Better Informed
Before exploring and evaluating solutions, one of the best ways to ensure you are doing everything you can is to be fully informed about the challenges.
Using research, interviews and actual examples of failures and successes, these advisors, who are authorities in financial, retirement and estate planning, will be offering the weekly newsletter a series of special reports designed to educate retired executives, business owners and other professionals on the challenges, pitfalls and potential next steps.
Being fully informed by understanding the dangers and obstacles is the first step to more fully preserve, protect and pass on your wealth.
Director Of Operations
Website: visit http://www.scottkeffer.com
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