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Most people don’t realize this, but taxes are their single largest expense. They will spend more on taxes than on anything else in their lifetimes, if they’re law-abiding that is. Plus, we have so little control over them, which makes it a double-whammy.

Sometimes, the largest expenses we ever have turn out to be the ones we pay incrementally, a little at a time, over a long lifespan of many years. When those expenses come out of pocket bit-by-bit, they may not seem so bad until you stop and think about the long term amounts.When they’re added up over a lifetime, the results can be shocking. Your lifetime tax bill is a perfect example of that.

Being Prepared For The Worst and Unexpected Circumstance Which May Happen

You can actually slash your tax bill through permanent life insurance. Most people don’t know that, and they mistakenly don’t purchase life insurance because they think it will be more than they can afford. If they knew about the tax benefits, they might change their mind. The right kind of tax planning should cut down on your taxes while you’re living, and it should cut down on your taxes after you die too. Permanent life insurance lets you cover both bases.

Financial security throughout retirement won’t just happen by chance or hard work. It takes commitment and planning to be implemented properly, as well as a little bit of money, of course.

What Are the Disappointing Facts?

The facts are that less than 50% of Americans have even tabulated the amount that they are going to need to save up for retirement. The need to save is going to be consistent no matter what, but the amount you put towards retirement regularly is going to be dependent on your savings plan.

It may sound like a sad state of affairs, but according to recent studies, students are shouldering more of the burden for their college costs, and parents are increasingly withdrawing their financial and parental support.

Students that were asked in the survey stated that they were paying approximately 33% of their total college costs for the 2011-12 school year with a mixture of loans, part-time employment, and limited savings. Four years ago, however, students were paying just 25% of this cost.

How do annuities really work? Most people don’t actually know. If more people were aware of how they worked, annuities would probably be a larger part of more people’s retirement plans.

Basically, you’re handing over a huge lump sum of cash to an insurance company, and you’re going to get a stream of payouts in return, usually over a whole lifetime. You’re essentially shifting the risk of the investment to the insurance company, but you will have less flexibility and possibly lower returns on the investment that you make.

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