Yourmoneyshow.com talked about The Retirement Crisis. New figures and statistics show that retirees are not ready for retirement. Approximately four-in-10 baby boomers have nothing saved for retirement. In instances where early boomers aren’t prepared and a shortfall is expected, early boomers can expect an average shortfall of $71,299 per individual in a family networking.
Most people plan to rely on Social Security as their primary source of income. However they don’t know that there are Social Security loopholes which can add to many retirees’ income by as much as $60,000.
In fact, one MarketWatch reporter argued that if more Americans knew about these loopholes, the government would have to shell out an extra $10 billion… every year! Even if you are woefully unprepared for retirement, by taking advantage of these loopholes, you could retire with more confidence.
Your Money Show also talked about the latest tax scam and some tax deductions that most people miss. The most missed tax deduction is the tax free withdrawals from a 401k. The number 2 most missed tax deduction is tax deductible health insurance premiums and other medical costs.
Finally we talked about whether you can get fired after you have been on Family Medical Leave. The answer is yes, but not before your employer determines if you are disabled.