S.M.A.R.T. Retirement Planning

You CANNOT get a loan for retirement…

You CAN get a loan to pay for a vacation, a new car, a new home, college tuition, private school tuition, plastic surgery…but you CANNOT borrow for retirement. So don’t delay!!!

The 3-Legged Stool of Retirement

Pension

Fewer companies are offering retirement benefits these days – and for those that do, many are scaling back their plans. Will your pension be enough?

Social Security

It started out with 40 workers contributing for one retiree in 1940’s, now it’s 3 for one. Do you think there’s still Social Security when you retire?

Personal Savings

38 millions Americans live paycheck to paycheck. And only 59% of adults says they have savings. Do you have enough savings?

<center>maximize retirement savings and tax benefits, and create an endless stream of retirement income. </center>

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Tax now

TAX NOW

Brokerage account

Certificate of deposit

Checking account

Savings Account

 

Tax later

TAX LATER

401k/403(b)

Annuity

SEP IRA

Thrift Savings Plan (TSP)

Traditional IRA

Tax never

TAX NEVER

Life Insurance

Health Savings Account

ROTH IRA

ROTH TSP

Related article: Tax-free Retirement

<center>The rule of thumb is you’ll need twenty (20) times of your current annual income for a comfortable retirement.</center>

Long Term Care Insurance

Estate Planning

Final Expenses

Are you also saving for college?

S.M.A.R.T. College Planning for a Debt Free Future

Are you concern about not able to provide for your child’s college education? Are you worry that you may have to take out home equity or personal loan to pay for your child’s college education? Are you worry that your child have to work during college to help pay for college tuition?

Cost of college is certainly a big concern nowadays. Most families do not have proper college planning. Most people focuses on saving for retirement and paying off debts, and only few plan for their children’s future.

College tuition, like everything else, has increased significantly over the years. In fact, cost of college goes up 6-7% every year. Currently in-state public school average $20,000 per year and private college average $40,000 – $60,000 for an undergraduate degree.

Did you know the average student takes 8 years to complete an undergraduate degree, which is usually a 4-year degree? That’s an additional 4 years of college tuition and 4 less years of potential earnings.

Most students change major about 3 times during their college years.

TRUE STORY…

The son of a friend of a friend. I hope we had help this family with college planning. The son of a friend of my friend went to college and graduated from medical school with a medical doctor degree. After all the years and money spent acquiring the medical degree, the son decided he did not want to be a doctor.

You would never figure out what he became…

…a Catholic priest.

The parents did not know if they should feel blessed or angry with their son’s decision.

 

Because of the indecisiveness, many students graduate from college with enormous student loans.

Did you know the average student loan today is $37,172 for an undergraduate degree. Student with a professional degree can easily end up with a $150,000-$200,000 student loan after graduation.

And many college graduates end up in jobs that’s not even related to their course of study because they NEED a job to pay for their living expenses and start repaying their student loans.

That’s what happened to my friend’s daughter who graduated with a fancy but obscure science degree that she cannot find a job for, so she’s now working for some insurance company getting $10 an hour pay, the same pay as my teenager.

Do you want that for your son or daughter? Is that how you want your son or daughter to start their adult life?

In fact, student loans have now surpassed consumer debts in US.

Related article: Student Loan Debt In 2017: A $1.3 Trillion Crisis

 

help you maximize tax-free college savings & minimize cost of attending college

Tax-free money…

529 college savings plan

Coverdell education savings plan

Be your own bank (life insurance)

Free money…

Grants
Scholarships

Last resort money…

How do you plan to pay for college expenses?

College-saving-vs-borrowing

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Are there better ways to navigate the higher education without incurring debts?

The answer is YES!

How about matching your child with a career path that matches your child’s talent and personality? How about matching your child with a college that he or she will excel, which in turn improving his/her job outlook? How about someone to help you navigate through the complicated financial aid application process and matching your child with little-known scholarships available?

These are all possible…

There are expensive ways to get a college degree…and there are also S.M.A.R.T. ways.

Does the idea of your child graduating from college on time with minimal debt appeal to you?

Related article: The High Price of Not Completing College in Four Years

  • help you create a financial plan to maximize growth and tax benefits to maximize reward when applying for financial aid,
  • maximize tax-free college savings accounts, such as 529 plans, Coverdell and cash value life insurance,
  • help your student graduate on-time in a field that he/she enjoys with great job outlook and minimal debts
  • find the right major so your student does not have to change major multiple times to find his or her calling,
  • find the right college that offers degrees in your student’s chosen major, so your student does not have to transfer college later, wasting more time,
  • locate free money in form of scholarships and grants opportunities to minimize out-of-pocket expenses,
  • help navigate the financial aid application process.