{"id":6872,"date":"2022-09-12T02:23:55","date_gmt":"2022-09-12T02:23:55","guid":{"rendered":"https:\/\/bulmanwealth.com\/?p=6872"},"modified":"2022-09-13T18:13:41","modified_gmt":"2022-09-13T18:13:41","slug":"retiring-as-a-millionaire-next-door-in-a-changing-economy","status":"publish","type":"post","link":"https:\/\/bulmanwealth.com\/retiring-as-a-millionaire-next-door-in-a-changing-economy\/","title":{"rendered":"Retiring as a “Millionaire Next Door” in a Changing Economy"},"content":{"rendered":"

\"\"<\/p>\n

Many of today\u2019s retirees are the wealthiest retirees of all time. Before the recent inflation numbers and market correction, there was a prolonged period of rising home values, and strong market returns. You\u2019re part of a generation of dedicated workers, meaning that there are more millionaires than ever. But, even if you have built a substantial nest egg, you may not feel like a millionaire and may be worried about how you\u2019ll maintain your lifestyle in retirement and avoid running out of money in this new economic environment. Here\u2019s what “millionaires next door” can ask themselves when planning for their retirement in a new financial landscape.<\/p>\n

Do I Have Enough to Retire in Comfort?<\/strong><\/p>\n

Don\u2019t know how much you need to save before you can retire? Start by figuring out how much money you\u2019ll need year-to-year in retirement. List out your major expenses, think about if you\u2019ll want to travel or pursue more leisure activities once you have unlimited free time, and start tracking your expenses. There\u2019s no magic number you need to hit. Everyone\u2019s income needs in retirement are different. It\u2019s also important to have a strategy for not outliving your savings.<\/p>\n

Where Will My Retirement Income Come From?<\/strong><\/p>\n

Social Security may not make up the bulk of your retirement income, but it can provide guaranteed income for the rest of your life. If you want to supplement your Social Security check and distributions from a 401(k) or IRA, you may consider an annuity. An annuity is an insurance-based financial product that accepts funds and then pays them back later in a stream of payments or a lump sum. An annuity can be thought of as the opposite of life insurance and help protect against outliving your money by providing guaranteed payments to you for life or a pre-determined amount of time.<\/p>\n

How Much Will My Future Taxes Be?<\/strong><\/p>\n

While you may not think of taxes as a risk factor, the fact that they can be raised makes them a risk. This is especially true if you have a significant amount of money saved in a taxable account like a traditional 401(K) or IRA, own real estate, or want to pass on your wealth in a tax-efficient manner. Taxes may be relatively low right now compared to later in your retirement. Most of the provisions in the Tax Cuts and Jobs Act will expire at the end of 2025[1], and the Biden administration has supported several tax-increasing measures on individuals. By taking advantage of current rates and working with a professional, you can create a long-term tax minimization strategy for retirement, and adjust it as needed.\u00a0<\/strong><\/p>\n

What Can I Do to Get on Track?<\/strong><\/p>\n

By the time we reach a certain point in our careers, we become experts. The same goes for parenthood if you have experience raising children or step-children. Practice makes perfect, and specialized knowledge can be invaluable. Just like you became a master of your trade, we\u2019re a master of ours. We help guide people through the retirement process and create a plan that\u2019s designed specifically for them.\u00a0 Schedule your complimentary retirement readiness meeting to get started.<\/p>\n

[1] <\/span>\u202fhttps:\/\/www.taxpolicycenter.org\/briefing-book\/how-did-tax-cuts-and-jobs-act-change-personal-taxes<\/a><\/p>\n

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Disclosure:
\nAll content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results.<\/p>\n

Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training.<\/p>\n

Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.<\/p>\n

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted.<\/p>\n

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.<\/p>\n

Purchases are subject to suitability. This requires a review of an investor\u2019s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Many of today\u2019s retirees are the wealthiest retirees of all time. Before the recent inflation numbers and market correction, there was a prolonged period of rising home values, and strong market returns. You\u2019re part of a generation of dedicated workers, meaning that there are more millionaires than ever. But, even if you have built a […]<\/p>\n","protected":false},"author":5,"featured_media":6873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[42,47,44,37],"tags":[],"yoast_head":"\nRetiring as a Millionaire | Bulman Wealth<\/title>\n<meta name=\"description\" content=\"Learn more about Retiring as a "Millionaire Next Door" in a Changing Economy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bulmanwealth.com\/retiring-as-a-millionaire-next-door-in-a-changing-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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