Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Silver Bull Market Update - 7th Aug 20
This Inflation-Adjusted Silver Chart Tells An Interesting Story - 7th Aug 20
The Great American Housing Boom Has Begun - 7th Aug 20
NATURAL GAS BEGINS UPSIDE BREAKOUT MOVE - 7th Aug 20
Know About Lotteries With The Best Odds Of Winning - 7th Aug 20
Could Gold Price Reach $7,000 by 2030? - 6th Aug 20
Bananas for All! Keep Dancing… FOMC - 6th Aug 20
How to Do Bets During This Time - 6th Aug 20
How to develop your stock trading strategy - 6th Aug 20
Stock Investors What to do if Trump Bans TikTok - 5th Aug 20
Gold Trifecta of Key Signals for Gold Mining Stocks - 5th Aug 20
ARE YOU LOVING YOUR SERVITUDE? - 5th Aug 20
Stock Market Uptrend Continues? - 4th Aug 20
The Dimensions of Covid-19: The Hong Kong Flu Redux - 4th Aug 20
High Yield Junk Bonds Are Hot Again -- Despite Warning Signs - 4th Aug 20
Gold Stocks Autumn Rally - 4th Aug 20
“Government Sachs” Is Worried About the Federal Reserve Note - 4th Aug 20
Gold Miners Still Pushing That Cart of Rocks Up Hill - 4th Aug 20
UK Government to Cancel Christmas - Crazy Covid Eid 2020! - 4th Aug 20
Covid-19 Exposes NHS Institutional Racism Against Black and Asian Staff and Patients - 4th Aug 20
How Sony Is Fueling the Computer Vision Boom - 3rd Aug 20
Computer Gaming System Rig Top Tips For 6 Years Future Proofing Build Spec - 3rd Aug 20
Cornwwall Bude Caravan Park Holidays 2020 - Look Inside Holiday Resort Caravan - 3rd Aug 20
UK Caravan Park Holidays 2020 Review - Hoseasons Cayton Bay North East England - 3rd Aug 20
Best Travel Bags for 2020 Summer Holidays , Back Sling packs, water proof, money belt and tactical - 3rd Aug 20
Precious Metals Warn Of Increased Volatility Ahead - 2nd Aug 20
The Key USDX Sign for Gold and Silver - 2nd Aug 20
Corona Crisis Will Have Lasting Impact on Gold Market - 2nd Aug 20
Gold & Silver: Two Pictures - 1st Aug 20
The Bullish Case for Stocks Isn't Over Yet - 1st Aug 20
Is Gold Price Action Warning Of Imminent Monetary Collapse - Part 2? - 1st Aug 20
Will America Accept the World's Worst Pandemic Response Government - 1st Aug 20
Stock Market Technical Patterns, Future Expectations and More – Part II - 1st Aug 20
Trump White House Accelerating Toward a US Dollar Crisis - 31st Jul 20
Why US Commercial Real Estate is Set to Get Slammed - 31st Jul 20
Gold Price Blows Through Upside Resistance - The Chase Is On - 31st Jul 20
Is Crude Oil Price Setting Up for a Waterfall Decline? - 31st Jul 20
Stock Market Technical Patterns, Future Expectations and More - 30th Jul 20
Why Big Money Is Already Pouring Into Edge Computing Tech Stocks - 30th Jul 20
Economic and Geopolitical Worries Fuel Gold’s Rally - 30th Jul 20
How to Finance an Investment Property - 30th Jul 20
I Hate Banks - Including Goldman Sachs - 29th Jul 20
NASDAQ Stock Market Double Top & Price Channels Suggest Pending Price Correction - 29th Jul 20
Silver Price Surge Leaves Naysayers in the Dust - 29th Jul 20
UK Supermarket Covid-19 Shop - Few Masks, Lack of Social Distancing (Tesco) - 29th Jul 20
Budgie Clipped Wings, How Long Before it Can Fly Again? - 29th Jul 20
How To Take Advantage Of Tesla's 400% Stock Surge - 29th Jul 20
Gold Makes Record High and Targets $6,000 in New Bull Cycle - 28th Jul 20
Gold Strong Signal For A Secular Bull Market - 28th Jul 20
Anatomy of a Gold and Silver Precious Metals Bull Market - 28th Jul 20
Shopify Is Seizing an $80 Billion Pot of Gold - 28th Jul 20
Stock Market Minor Correction Underway - 28th Jul 20
Why College Is Never Coming Back - 27th Jul 20
Stocks Disconnect from Economy, Gold Responds - 27th Jul 20
Silver Begins Big Upside Rally Attempt - 27th Jul 20
The Gold and Silver Markets Have Changed… What About You? - 27th Jul 20
Google, Apple And Amazon Are Leading A $30 Trillion Assault On Wall Street - 27th Jul 20
This Stock Market Indicator Reaches "Lowest Level in Nearly 20 Years" - 26th Jul 20
New Wave of Economic Stimulus Lifts Gold Price - 26th Jul 20
Stock Market Slow Grind Higher Above the Early June Stock Highs - 26th Jul 20
How High Will Silver Go? - 25th Jul 20
If You Own Gold, Look Out Below - 25th Jul 20
Crude Oil and Energy Sets Up Near Major Resistance – Breakdown Pending - 25th Jul 20
FREE Access to Premium Market Forecasts by Elliott Wave International - 25th Jul 20
The Promise of Silver as August Approaches: Accumulation and Conversation - 25th Jul 20
The Silver Bull Gateway is at Hand - 24th Jul 20
The Prospects of S&P 500 Above the Early June Highs - 24th Jul 20
How Silver Could Surpass Its All-Time High - 24th Jul 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Turn off the Tube, Tune out the Media, and Drop out of December Madness

Personal_Finance / Financial Markets 2013 Dec 19, 2013 - 03:00 PM GMT

By: Don_Miller

Personal_Finance

Overconsumption of mass media during the month of December can cause emotional whiplash. Navigating images of smiling shoppers and candy-cane merriment while reading about a derailed train in the Bronx or Syrian refugees has left me pining for the days of yore—when Christmas was still vaguely related to a guy who wore sandals and annoyed his local government, and the only bad news you heard about was the drought or oxcart accident in your own village. Sure, folks still capitalized on religion and lots of bad stuff happened, but there was no 24-hour news/commercial cycle feeding us the play-by-play.


So, I unplugged from mass media and cleared some headspace to consider what my fellow retirees and I have to be grateful for.

  1. The annual gift tax exclusion and the combined lifetime exemption. I will die a happy man if I never have to fill out IRS Form 709. The very idea of a taxable gift is downright nuts. I am, however, grateful for the annual gift tax exclusion ($14,000 in 2013) and the combined lifetime gift and estate tax exemption ($5,250,000 in 2013).

    While I discourage bailing out ne'er-do-well family members, giving ought to be a non-punishable choice. To exercise this freedom, Jo and I give our grandchildren silver coins each year, which I wrote about in The Greatest Investment I Ever Made.

    The freedom to give tax-free shouldn't end with your dying breath, either. Between you and your spouse, you can give and bequeath a lot of money before either the federal gift or estate tax becomes a real hurdle. And for those of you with enough dough to dread the estate tax, there are fancy tools like a Grantor Retained Annuity Trust (GRAT) to drain your taxable estate and eliminate the problem.
  2. Ted Benna and Subsection 401(k) of the Internal Revenue Code. The law providing for defined contribution pension accounts was enacted 1978, when most retirements depended on private pensions and Social Security. Enter Ted Benna two years later, then co-owner of a benefits consultancy, who figured out how to use the provision to create a straightforward, tax-advantaged way to save for retirement.

    Benna received quite a bit of press earlier this year for criticizing the overwhelming complexity of 401(k) plans today. Still, the tax benefits and employer-matching programs make contributing to your 401(k) well worth the small chore of understanding and managing it.
  3. The Employee Retirement Income Security Act of 1974 (ERISA). Since the '75 tax year, ERISA has allowed individuals to save pre-tax assets in a traditional IRA. Since then, a handful of IRA cousins have popped up—Roth, SEP, SIMPLE, and Self-Directed. Depending on your circumstances, one or more of these accounts can help you create substantial wealth for retirement.

    I struggled to open and contribute to my first IRA at age 35. Now its balance is proof positive that IRAs work—a truth I'm always eager to share with my children and grandchildren.
  4. Increased longevity. Thanks to dramatic advancements in medicine, you can now expect to live to a ripe of old age (78.62 on average here in the US). When Roosevelt signed the Social Security Act of 1935 into law, women in the US had an average life expectancy of 63.9 years and men, 59.9 years. Yes, it's a challenge to save for these extra years of retirement, but the flip side is: there is more life to enjoy.

    I just learned that our second great-grandchild is due on July 4. Had I been born one generation earlier, it's unlikely I could have expected to live to enjoy such a happy moment, and I definitely could not have expected to live long enough to truly get to know the little munchkin. Today I expect to see this newborn off to high school, at the very least.
  5. Time. Control over your own time is the single biggest perk of retirement. You've worked hard to reach your retirement goals. That work is what allows you to spend your time as you choose: traveling, relaxing with your spouse, playing with your grandkids, standing on your head—whatever floats your boat.

    Money plus time equals options. Be thankful to have both!
  6. The option to enjoy a second career post-retirement. Turning 65 does not suck out your life force. If, like me, you choose to spend retirement working in a second (or third) career, there are countless ways to make that happen.

    A wonderful team of truly talented people surrounds me here at Miller's Money. More than one senior has confided to me that he wished he could have worked with his current team during his first career; life would have been a lot more fun that way. I wholeheartedly agree.

It is you, our readers and subscribers who make our jobs possible. We are all very thankful for each and every one of you, particularly those of you who've written to share feedback and helpful suggestions. Your input helps us serve you better, which we will continue to strive to do.

On behalf of the entire Miller's Money team—Alex, Andrey, Ann, Chris, Donna, Sam, and myself—happy holidays! Enjoy this month, savor the time with family and friends, and do not allow elves and advertisements to bog you down.

Oh! There is one last thing I am thankful for: the success of the Money Forever portfolio this year and our new Bulletproof Income strategy spearheaded by our lead analyst, Andrey Dashkov. Our mantra is: preserve capital and avoid catastrophic losses. Personally, I'm thrilled at how well we're living up to that goal. Thus far, our total yield for 2013, including all positions bought, sold, and held for a partial year is 9.8%. And our current holdings are up 15.2%—and those are not annualized numbers. Other model portfolios may shout about even bigger gains, but I don't know of any consistently performing that well while prioritizing safety as much as we do. For that I tip my hat to our research team.

In our current issue, we outline our portfolio allocations and our direction for 2014. If you have not taken advantage of our premium subscription at its current promotional price of $99/year, I strongly suggest you do so by clicking here. Consider it a holiday gift to yourself! The best part is you can download all of our material, my book, and special reports and see for yourself how nicely our portfolio has come together. Should you decide it's not right for you, cancel within the first 90 days and receive a 100% refund, no questions asked. Please click here to learn more.

© 2013 Copyright Casey Research - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Casey Research Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules