 |
The Greatest Generation |
It has been stated that nearly 80 percent of
the wealth in the United States is held by those over the age of
65. How did this happen? Is this not the generation born into the
Great Depression and World War II? In Tom Brokaw's book, The
Greatest Generation, he writes, "They answered the call to save
the world from the two most powerful and ruthless military machines
ever assembled... They faced great odds and a late start, but they
did not protest. They succeeded on every front. They won the war:
They saved the world. They came home to joyous and short-lived celebrations
and immediately began the task of rebuilding their lives and the
world they wanted. They married in record numbers and gave birth
to another distinctive generation, the Baby Boomers. A grateful
nation made it possible for more of them to attend college than
any society had ever educated anywhere. They gave the world new
science, literature, art, industry, and economic strength unparalleled
in the long curve of history. As they now reach the twilight of
their adventurous and prosperous lives, they remain, for the most
part, exceptionally modest."
The Assemblies of God Foundation is blessed to
have the opportunity to serve many of you who are part of this "Greatest
Generation." We see time and again the fruits of a lifestyle characterized
by living within one,s means; prudent saving; tithing; and most
importantly, acknowledgment of God's ownership of all with which
He has entrusted us.
 This
generation is facing an interesting phenomenon that was not expected.
Over the years, dollars were carefully saved and invested in retirement
accounts such as IRAs, 401Ks, and 403Bs. The concept was to invest
"pre-tax" dollars and then withdraw them at retirement when they
would expect to be in a lower tax bracket. Guess what has happened?
People have resisted withdrawing money from their retirement accounts
as they have seen their tax-deferred assets grow dramatically. Now
as they approach their 70th birthdays (regulations provide that
retirement accounts must make mandatory minimum distributions by
age 70 1/2), the minimum distributions they must take, as well as
other income and retirement benefits, will drive them into their
highest tax bracket ever. At this same time, many are concerned
about rising costs of living, especially health care.
The Assemblies of God Foundation has solutions
to this dilemma that can deliver current income tax deductions;
reduce taxable income; provide secure, generous fixed rates of return;
and allow you to defer income to a future time or need. At your
passing, the residual can go to bless ministries at home or around
the world, turning "The Greatest Generation" into "The most Generous
Generation."
If you have any questions regarding retirement
solutions or estate planning, please contact your Regional Consultant
or the Assemblies of God Foundation office. We would be pleased
to show you a customized plan that will meet your needs.
<BACK
|
