Increasing Retirement Income Through the Power of Tax Deferral

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By Matthew Grove and Professor Ira Weiss, Ph. D.

As the Baby Boomer generation ages, financial services companies have found their new reason for being. They have seized upon the image of a mass retirement wave in the U.S. to create an entire “retirement income” industry built on marketing income solutions to retiring boomers. They have been quite successful in this mission—if you pick up any financial periodical, you’re likely to find a headline about retirement income.

Although there’s no doubt that retirement income will play an important role in the years to come, the reality is that the median boomer is 51 years old— fourteen years away from the traditional retirement age. Because of this, the focus of Baby Boomers and the generations that follow would be better aimed at savings accumulation. After all, accumulation is truly the stepping stone to retirement income. The more assets one accumulates during working years, the more income one can generate during retirement.

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