Social Security was designed to be an insurance plan. Depending on how much you pay in you get a guaranteed payment later in life to cover your basic needs if you run out of assets when you can no longer work. Of course, as a society we no longer use it that way. People now use it as the base they start with to retire and determine what they have in addition.
BCR Wealth as a company does not have a political position. Of course, our employees as individuals each have their own opinions and vote as they choose. We work hard not to position our blog for one party or candidate. This blog is intended to follow that practice while answering the concerns that we are hearing and anticipate growing as the November election grows closer.
Suppose you knew every statistic about football: players, referees, field conditions and on and on. Could you make money betting on football?
Probably not. That is because you not only have to know about the sport itself, but because you also must consider the spread set by the bookies. So, to make money you must know when the spread is wrong.
Helping our clients implement “tax-smart” strategies is where I believe we provide a substantial amount of value. Anyone who is a DIY investor can open a Vanguard account and fund an S&P 500 Index Fund on a regular basis. Many of those that do this think they have just equaled the work of a financial advisor and saved themselves a lot of money in fees.
You’ve probably read the article about the couple who make $500k to just “scrape by”. It describes a lifestyle of student debt, childcare and home maintenance expenses that we all face.