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Timothy Bradley, a former two-weight world champion, has confirmed he is to retire from boxing.

News broke on Saturday that the 33-year-old is to step away from the sport, as noted by boxing journalist Keith Idec:

Lance Pugmire of the Los Angeles Times provided further details as to why Bradley had taken the decision:

As relayed by the Associated Press via ESPN, the decision came through on Saturday evening as Bradley fulfilled commentary duties during Vasyl Lomachenko's win over Miguel Marriaga. The man known as Desert Storm hangs up the gloves with a professional record of 33-2-1.

Per Greg Beacham of the Associated Press, Bradley said he will leave the sport "filled with mixed emotions," although he insisted it is time to "turn the page."

The man from Palm Springs, California, has been inactive for more than a year, with his previous bout a loss against Manny Pacquiao via unanimous decision.

Throughout his professional career, it was Bradley's tussles with the legendary Filipino for which he will be remembered most. The duo completed a trilogy, the first of which was won by the American on a split decision, before Pacquiao emerged victor in the subsequent bouts.

Bradley is also remembered for an epic win against Ruslan Provodnikov in 2013 and, later that year, a split-decision win over Juan Manuel Marquez.

In beating Pacquiao the first time, Bradley picked up the WBO welterweight title, a belt he held twice in his career. He also won three titles at light welterweight, including two stints as the WBC champion.

Excerpt from:
Timothy Bradley Announces Retirement from Boxing - Bleacher Report

The majority of Americans are facing a significant financial shortfall when it comes to retirement savings. Even when you factor in Social Security as an income source, the average American family's retirement savings don't come close to enough of a nest egg to support a comfortable lifestyle in retirement. Here's what the average American has saved, and why starting an IRA as soon as possible could save your retirement.

If you read the financial news at all, it shouldn't come as a surprise that as a whole, Americans aren't doing a great job of saving for retirement.

Image Source: Getty Images.

According to a report from the Economic Policy Institute (EPI), the average retirement savings of an American working-age (32-61 years old) family is $95,776. By age group, here are the averages:

Age Group

Average (mean) Retirement Savings

32-37

$31,644

38-43

$67,270

44-49

$81,347

50-55

$124,831

56-61

$163,577

Data Source: Economic Policy Institute. Retirement savings include 401(k)s and similar plans, IRAs, and Keogh plans.

Here's the point. Experts suggest that retirees can safely withdraw 4% of their retirement savings per year, and increase the withdrawal rate in future years to keep up with inflation. This implies that the average 56-61 year old pre-retiree household's savings can only be expected to produce about $6,340 in sustainable income.

Worse yet, the median retirement savings of all working-age families is just $5,000. This means that half of all families have less than $5,000 in total retirement savings, indicating that the averages are skewed upward by a few super-savers, while most Americans have little or no retirement savings.

The amount of savings you should have depends on a few factors, such as your pre-retirement income, amount of Social Security and pensions you should expect, as well as your specific goals for retirement. Here's a quick guide that could help you determine your retirement "number."

To be clear, in all likelihood, Social Security will still be around after you retire. If you hear someone tell you that Social Security is going to go bankrupt and will disappear, you owe it to yourself to learn the truth about the financial condition of the program.

However, this doesn't mean that it's a good idea to rely on Social Security as your primary source of income. Generally speaking, the average retiree needs somewhere between 60% and 90% of their pre-retirement income to sustain the same quality of life.

Social Security is designed to replace about 40% of the average retiree's income, so it's fair to assume that you'll need to make some serious lifestyle sacrifices if you don't have any other savings, or even if you have just the average American's retirement savings.

An IRA, which stands for individual retirement account (or individual retirement arrangement), is a tax-advantaged account designed to help Americans save and invest for retirement.

As of 2017, the annual IRA contribution limit is $5,500, with a $1,000 catch-up contribution allowed for people age 50 or older. It's important to note that this limit is per person, not per account. In other words, if you have more than one IRA, your total contributions can't exceed the limit.

Contributions can be invested in virtually any stock, bond, mutual fund, or ETF you want. In exchange for the tax benefits, which I'll discuss in the next section, you typically need to leave your money in the account until you're at least 59 years old, unless you qualify for an exception.

There are two main types of IRA that most Americans can choose from. A traditional IRA is a tax-deferred retirement account, which means that you may qualify for a tax deduction for your contributions (subject to income limits and your employment situation). The funds can then be invested, and are allowed to compound without annual capital gains or dividend taxes. You don't pay taxes on traditional IRA investments until you withdraw the money.

On the other hand, a Roth IRA is an after-tax retirement account. You won't get a tax break for Roth IRA contributions, but your qualified withdrawals will be completely tax-free. In other words, you'll pay tax on that portion of your income now, but not on any investment gains it generates.

Because of its after-tax structure, there are several other benefits of Roth IRAs. For example, since you've already paid tax on your contributions, you are free to withdraw them (but not any investment gains) at any time, and for any reason. This makes a Roth a smart choice for people who don't necessarily want their money tied up until retirement. Roth IRAs also have no minimum distribution requirement as you get older.

Roth IRAs are income-restricted, but there is a "backdoor" method that higher-income individuals can use to invest through a Roth.

Here's why I'm placing so much emphasis on making contributions to an IRA. Let's say that you're 35 and that you make $5,500 annual contributions to an IRA until you're 65 and ready to retire. This adds up to $165,000 in IRA contributions altogether, which at first, may not sound much different than the average retiree's nest egg.

However, if your contributions generate 7% average yearly returns, which is actually quite conservative based on the stock and bond markets' historical performance, your IRA could be worth more than $560,000, which could make a big difference in your quality of life after retirement.

Continued here:
How an IRA Could Help the Average American Save For Retirement - Motley Fool

J. David Ake, Associated Press

Marine One carrying President Donald Trump away from the White House to start his summer vacation, passes the U.S. Flags around the Washington Monument on a hot summer day in Washington, Friday, Aug. 4, 2017.

Most Americans are not saving enough for retirement.

A survey conducted by Time last year reported that one in three Americans has saved nothing for retirement, and that 56 percent have saved $10,000 or less.

But starting now, one state is doing something about it against stiff opposition from industry groups representing finanical companies that provide investment services.

In July, Oregon launched a new automatic Independent Retirement Account program to make both the power of automatic savings and the tax benefits of IRAs easily available to workers who currently don't have an IRA.

Under the program, money is automatically deducted from a person's paycheck and deposited in an employer-based IRA. Employers will often match a portion of that contribution up to a set limit. Individuals can also set up IRAs on their own. Either way, the money is placed in diversified investment portfolios that limit excessive risk, and any taxes on earnings are deferred until after retirement, when most people enjoy have a lower rate.

Without an employer IRA, many people find the process of setting one up and making contributions daunting.

The Oregon law will eventually require most employers to either offer an IRA deduction program or offer to sign employees up for an automatic IRA deduction program operated by the state.

The program was launched with 10 pilot employers and is scheduled to gradually phase in until all employers are required to participate 2020, Investment News reports. Other states that are phasing in automatic IRAs include Illinois, California, Connecticut and Maryland.

The Oregon program will eventually be mandatory for employers, but their involvement will be limited and automated, restricted to linking paychecks to Roth IRA accounts, which offer signficant federal tax and retirement planning benefits compared to standard IRAs. Employers will not be required to match employee contributions.

"The Roth IRAs that workers invest in are 'portable' and stay with them throughout their careers, regardless of where they work," The Fiscal Times reports. "Employers are not responsible for contributing to the retirement accounts, and their primary responsibility is passing along information about the program and handling payroll deductions."

Automatic IRAs have attracted ideologically diverse support. The conservative Heritage Foundation and the center-left Brookings Institution have been two of the earliest and most vocal advocates.

"The automatic IRA has wide bipartisan support from the left and right and was endorsed in 2008 by both the McCain and Obama campaigns," the Heritage Foundation noted in 2010. "It is a simple, cross-ideological, and practical solution to a serious problem."

One might think that any policy embraced by President Barack Obama and the Heritage Foundation would find few enemies. But one would be wrong.

Automatic IRAs have been strongly opposed by the financial services industry. And after a flurry of lobbying in May, the GOP Congress passed and President Trump signed a law reversing regulations to protect companies that participate in state-run automatic IRA programs.

"The Obama-era regulation overturned by Trump would have granted protection to employers who establish these accounts for their workers, essentially saying that companies wouldnt expose themselves to certain legal risks if they provide a conduit for regular paycheck deductions for a plan they're not sponsoring," Money reported.

At Investment News, Greg Iacurci grants that some objections from the financial services industry should be addressed, but argues that many of the arguments against automatic IRAs "appear a bit flimsy upon closer examination."

For now, the politics of automatic IRAs remain murky. As noted, opposition from the financial industry, channeled through the GOP Congress and President Trump, have put a damper on state-level adoption of the new policy.

But the concept retains cross-ideological appeal, and if Oregon's experiment proves successful, the approach could expand quickly.

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This solution to the retirement crisis may be in your future - Deseret News

Jacek Sopotnicki | Getty Images

Carvoeiro, Algarve, Portugal.

This Old World region on the Atlantic Ocean is the best place in the world to retire that nobody's talking about. Located at Europe's westernmost tip and boasting 100 miles of Atlantic coastline, Algarve could be Europe's most famous secret. This region boasts Europe's best beaches, Europe's best golf courses, some of Europe's friendliest folk, and Western Europe's lowest cost of living. It's also Europe's newest tax haven.

This is a land of cobblestoned streets and whitewashed houses with lace-patterned chimneys, surrounded everywhere by fig, olive, almond and carob trees. The Algarve also offers great weather with 3,300 hours of sunshine per year; meaning more sunny days than almost anywhere else in Europe.

The Algarve, Portugal, is the top retirement option in Western Europe for the retiree on a budgetthe cost of living in Portugal is on average 30 percent lower than in any other country on the Continent.

Bottom line, the Algarve offers the best of Europe from medieval towns and fishing villages to open-air markets and local wine so you can savor the best of an old-school, Old World lifestyle at a very affordable cost.

Kathleen Peddicord is the editor and publisher of Live and Invest Overseas, a website and newsletter about living, retiring and investing overseas. She has covered the international beat for more than 30 years and currently lives in Paris with her husband and son. Follow Live and Invest Overseas on Twitter @LiveandInvest.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

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The world's top 10 retirement destinations for 2017 - CNBC

"Participation in retirement savings plans is highly unequal across income groups," the EPI reports. "In 2013, nearly nine in 10 families in the top income fifth had retirement account savings, compared with fewer than one in 10 families in the bottom income fifth."

While retirement inequality is growing, the EPI notes, the good news is, you don't need a lot of money to start investing and building your nest egg. A simple starting point is to contribute to your 401(k) plan, if your employer offers one. Regardless of whether you have a retirement savings plan at work, you can contribute to other tax-advantaged accounts designed for retirement, such as a traditional IRA or Roth IRA.

Even if you're only comfortable with setting aside one percent of your paycheck, it's better to start there than to not get started at all.

After all, that's what self-made millionaire and author of "The Automatic Millionaire" David Bach did.

"I was in my mid-20s, and I wanted to make sure it didn't hurt," he writes of the first time he started paying himself first. "Within three months, I realized that 1 percent was easy, so I increased the amount to 3 percent."

Go here to read the rest:
How much the richest Americans have saved for retirement - CNBC

by Anna Bahney @annabahney August 2, 2017: 11:38 AM ET

On a recent Wednesday afternoon, 29-year-old J.P. Livingston sat at an outdoor cafe in New York's West Village, wrapped in a cozy sweater, sipping tea and talking about her current project: retirement.

Livingston says she quit the workforce last year with $2.25 million after working in finance for only 7 years.

Let the Baby Boomers have their "retirement," with its delayed gratification and uncertain benefits, say an increasing number of young people like Livingston. Instead, they are gaming their income, saving rates and investments to become financially independent and retire early -- a process known as FIRE.

While Americans commonly spend most of what they earn and fall short on traditional retirement savings, today's young people are the first generation to plan for financial freedom: 63% of affluent Millennials prefer financial freedom over retirement, while 37% are saving to leave the workforce altogether, according to a study from Merrill Edge.

Anyone can achieve financial independence simply by saving a lot. Most people who are able to quit the workforce at a very young age do it by saving at least half their income.

And Livingston sets the bar pretty high. She saved at least 70% of everything she made for 7 years. And she chose a career -- and a city -- that would help her do that by maximizing her income, despite the high cost of living.

She had a mission. What else would you call it, when you start planning your retirement as a teen?

"I've wanted to be financially independent and retire early for years," Livingston said, recalling wandering around bookstores as a tween and being drawn to books on early retirement.

Related: How to become financially independent in 5 years

Sure, she had a few things going for her -- more than most: She managed to graduate from Harvard University in three years with no debt and some savings. She also landed a very high-paying job in finance that came with a six-figure income that increased exponentially over time. And she had a plan that made it possible for her to reach financial independence before she and her husband started a family and expenses inevitably grew. (A new project for her retirement: having a baby. She recently learned she's pregnant.)

But her nest egg is self-made. Even though her husband still works, Livingston's own savings are enough to cover both their living expenses -- around $67,000 per year -- for the rest of their lives.

"I came from a family that grew up really poor," said Livingston, who now writes under that pen-name on her blog about retiring early, TheMoneyHabit.org. "My family constantly reminded me that it was important to focus on providing for yourself." She prefers to remain anonymous to protect her privacy in revealing sensitive financial information. (CNNMoney has independently confirmed her identity.)

Livingston's fast-track to financial freedom was strategic, with each stage building on the next. First, she focused on her income, then on building her savings, followed by investment growth. Now that she's reached retirement, she's focused on tax optimization.

Here's how she did it.

Super-charge your income

Instead of moving to an area with a low cost of living (an easy way to slash expenses) Livingston doubled down on New York City.

"You can find the best job opportunities here," Livingston said. "I couldn't have found my job in Omaha, Nebraska. Maybe in Chicago, but I'd be paid less. I was paid the most here."

She worked hard to continually boost her income, which came through salary, raises, bonuses and commissions. When she first started working she was earning six-figures right out of the gate. Her starting salary was $60,000, plus incentives, which could easily double her yearly pay. But it only went up from there. Over the years, she increased her salary significantly, earning promotions with raises upwards of 30% along the way. By the time she quit her job, her paycheck was in the mid-six-figures.

Related: This couple is on track to retire -- before they turn 40

A major feather in her cap was not having any debt, especially student loans.

"I was very aware of how expensive Harvard was," said Livingston. "I decided I should just get out early." She paid for school through scholarships and her family's savings. Graduating early allowed her to avoid paying additional expenses and move directly into earning an income.

Even if you go to a less expensive school, she says, if you can get it together to graduate a year early, you can avoid taking a loan for that year or, if you have the savings, "you can park that $20,000 in the market and start earning."

Crank the savings rate sky-high

Livingston's hard-core formula to reach a 70%-plus savings rate: income minus expenses equals savings.

When friends called her to go out, she'd steer them toward the most affordable social engagements: "I'd love to see you! Can I join you for drinks after? Or are you free for brunch?"

In addition to offering her a high income, New York's higher density offered her ways to save. She was able to live car-free and found that higher earning people getting rid of great stuff led to super deals on Craigslist or curbside.

"We had a gorgeous, pristine storage bench my roommate found on the street with a 'free' sign on it," she said. "It was one of the nicest pieces of furniture in the whole apartment."

She also had a broad choice of living situations. She opted for a third-floor walk-up where she had a mattress on the floor and paid $1,100 a month, her first year out of college. After that she moved to a 325-square-foot fifth-floor walk-up where she still lives with her husband and dog.

While building up her savings she started out living on $25,000. Even as her salary grew, her spending only went up to $30,000 a year.

"Incremental improvements that you build into your routine will pay out not just once, but it will pay off multifold," says Livingston. Lowering your rent by adding another roommate, saying you'll only meet friends for brunch, coffee or drinks (as opposed to more expensive dinners), "that will keep paying off for you year after year."

Grow the money

But you're not going to get to $2.25 million just by skipping a few dinners. About 60% of Livingston's net worth came from savings, and about 40% came from investing, primarily in a combination of low-cost index funds, options and municipal bonds, depending on the market.

Her expertise in the financial industry certainly helped juice her investment returns.

Once your savings are substantial, she says, the tweaks you make to your investments will have much more impact than any changes to your spending or saving habits.

For example, if you earn $70,000 a year and have regularly saved a significant portion for a few years, you may have between $120,000 to $150,000 in savings. If you can get a 10% return on your investments, you'll add $12,000 to $15,000 to your savings.

Among the proponents of FIRE, who support each other on various spaces on-line, Livingston's accomplishment is called "Fat FIRE," which is like FIRE, but with much bigger monthly budgets, and therefore much larger nest eggs.

She and her husband now live on $67,000 a year, an annual budget others on the path to FIRE may balk at as very high.

"That buys us a lot of cushy luxuries which include maid service and sending laundry out," she said. "We skimp on a lot of things, but those actually end up being quite affordable in Manhattan because of the density, and are offset by the cheap rent we pay." Plus: they don't have a washing machine.

While her expenses are completely covered by her savings, her husband still works, but by choice.

These days Livingston is working on growing her money and helping others to do the same through her blog.

"The you that is intentional with your money and constantly looking for improvement will be that much wealthier than the one that isn't, whatever your starting circumstances may be."

CNNMoney (New York) First published August 2, 2017: 11:38 AM ET

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She retired at 28 with $2.25 million - CNNMoney

Individuals in the United States face pressing challenges when it comes to saving for retirement, according to a study by the International Longevity Centre-UK (ILC), supported by Prudential.

The research found that in order to secure a comfortable retirement, Americans now must save between 11% and 18% of their annual income. If individuals today fail to save, they would face a projected intergenerational gap of $10,000 a year or 20% of earnings.

However, the ILC says several changes can be made to reverse this trend. These include increasing private pension coverage and contributions. While the former would rely on a political victory, the latter may depend on how effective those in the retirement services industry are in helping participants manage their finances in order to save more for retirement. Another task would be encouraging participants, especially younger ones, to start saving as soon as possible.

The ILC notes that With increasing emphasis on personal responsibility for retirement planning, people will need to be able to understand the benefits of deferring consumption for a later date, the value of investing in assets other than cash, the importance of asset diversification, and the virtues of buying some form of longevity insurance at the point of retirement.

These efforts can be facilitated through soundfinancial wellness programs. Considering the national student loan debt is at a record high, participants young and old can benefit fromstudent loan repayment assistance. And while products such asannuitiesare gaining considerable notice in the industry, they remain complex contracts for many Americans. Thus, robust and targeted education is also an essential piece to closing the intergenerational savings gap.

These tasks are ever more important as the firm points out that public expenditures on Social Security in the U.S. is relatively low as a proportion to Global Domestic Product (GDP). Moreover, the pension system itself seems to be diminishing in the U.S. The report found that only 28% of those earning at least $75,000 a year are saving in a pension, and that figure drops to 3% when it comes to those making $25,000 a year or less.

Getting people to save more in their pensions can also be assisted by plan design tweaks. Much research in the defined contribution space points to thebenefits of automatic featureslike auto enrollment and auto escalation.

The ILC states Two public policy options look to be particularly successful in this regard, one which compels people to save as per the Singaporean, Hong Kong and French systems and another which nudges people to save as per the UKs auto-enrolment system. Simply hoping that people will save is unlikely to be sufficient. Furthermore, an opt-out option to automatic features can prevent significant backlash from employees not interested in saving. But with that regard, education and financial wellness can come into play in order to spread awareness of the importance of saving, while boosting participation.

The ILC concludes that Raising capability does not just happen overnight. This must be supported by a financial advice market that works for the many and not the few, in conjunction with new advice models that utilize technological advancements such as robo advice to make advice more accessible, understandable and cost effective. Finally, there will always be people who are inert and do nothing in the face of complex decisions. Good product defaults that avoid the worst outcomes will be important in this regard.

"The Global Savings Gap" by ILC- UK can be downloaded atilcuk.org.

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Sound Advice Can Propel Retirement Savings Contributions - Planadviser.com

You can be a master at planning, but then life happens.

This week, I wanted to focus the newsletter on a retirement scare that many people dont anticipate: What if you have to retire sooner than you planned?

Only 54 percent of Boomers have retirement savings, according to a report by the Insured Retirement Institute.

Although thats a scary statistic many people manage figure out how to retire with less than they planned. An email from Cynthia Smith of Lawrence, Kan.,is an example of someone forced into early retirement but made the numbers work.

I am retiring from my career in a legal specialty, but not by choice, Smith wrote. I was laid off in a merger in 2012 when I was already in my 50s. I moved away from my spouse (we are childless) to take the only job offered in almost three years of actively looking, but it was also eliminated after only one year. Even though I have a stellar resume, a great network and was a finalist for many jobs, in my late 50s I couldnt compete with younger, qualified people for jobs in my field.

Smith goes on to write, Besides juggling the finances, I think I have done a pretty good job making the best of unplanned early retirement. I gave myself license to spend some money on travel, golf, volunteering and other retirement activities, even though I thought I would still be working at my age. The retirement calculators show we should not run out of money, even if one of takes Social Security at 62. The thing I miss most in unplanned early retirement is being generous with our money, spending freely on family and friends and charitable causes, which we dont do anymore because my income didnt continue like we had expected.

Douglas Keder of Vancouver, Wash.,also found himself retired sooner than he had planned. He was forced into retirement unexpectedly at age 54.

While on vacation in 2015 I was enjoying one of my favorite hobbies, hiking in the mountains, when I had a very bad heart attack, Keder wrote. After some testing it was determined that the lack of oxygen caused damage and I would never work again. I was put on disability. Im just fortunate that I had over 36 years of railroad service, therefore my disability pays almost as much as retirement. We have downsized and are able to get by. It has been a wild and uncontrollable journey, but I am loving life. We do a little traveling. And I now have more time for my hobbies, mostly hiking and photography.

I believe we can learn from other peoples experiences, so the recommendation to read the following articles comes from Smith and Keders testimonies.

5 Ways to Handle a Forced Early Retirement

What Retirement Will Look Like Without Savings

Be sure as you plan for retirement or continue to assess your needs in retirement that you factor in health care costs. Eighty-two percent of Baby Boomers underestimate the percentage of their income theyll need to pay for health care, according to the report from the Institute.

Medical costs for retirees still rising

Im interested in your experiences or concerns about retirement.

Did you retire early and if so, how did you do it?

Is retirement everything you hoped for?

Are you scared youll run out of money?

Sharing your storymight help others. So send your comments to colorofmoney@washpost.com. Please include your name, city and state. In the subject line put Retirement Rants and Raves.

Retirement bloggersI believe that wealth happens intentionally and that means for me reading as much as I can about all things financial, especially retirement.

In this section of the newsletter, Ill feature postings from various retirement blogs.

In Smiths testimony she mentioned that she used some calculators to determine if she and her husband would run out of money. The report from the Insured Retirement Institute found that only four in 10 Baby Boomers have tried to calculate how much they need to save to retire, and of these, only six in 10 included estimates of health care costs in their calculations.

Squared Away blogger Kim Blanton tested three retirement calculators. Try one or all of them. Cant hurt.

Read: Retirement Calculators: 3 Good Options

Newsletter comments policyPlease note it is my personal policy to identify readers who respond to questions I ask in my newsletters. I find it encourages thoughtful and civil conversation. I want my newsletters to be a safe place to express your opinion. On sensitive matters or upon request, Im happy to include just your first name and/or last initial. But I prefer not to post anonymous comments (I do make exceptions when Im asking questions that might reveal sensitive information or cause conflict.)

Have a question about your finances? Michelle Singletary has a weekly live chat every Thursday at noon where she discusses financial dilemmas with readers. You can also write to Michelle directly by sending an email to michelle.singletary@washpost.com. Personal responses may not be possible, and comments or questions may be used in a future column, with the writers name, unless otherwise requested. To read more Color of Money columns, go here.

If you are reading this newsletter online you can it automatically sent to your inbox. Sign up for Michelle Singletarys free newsletters: Your Retirement on Mondays & Personal Finance on Thursdays http://wapo.st/personalfinance

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How would you handle a forced retirement? - Washington Post

Seniors are working at the highest rates in 55 years, according to a recent U.S. jobs report. Sean Dowling (@seandowlingtv) has more. Buzz60

retirement plan label on document folder(Photo: cacaroot, Getty Images/iStockphoto)

Decades ago, saving for retirement was fairly easy. You set aside 10% of your income in a taxable account. But over the years its become especially complicated given the many ways we can now save for retirement.

In addition to taxable accounts, we now have traditional IRAs, Roth IRAs, traditional 401(k)s, Roth 401(k)s, health savings accounts or HSAs, and all sorts of annuities including, qualifying longevity annuity contracts (QLACs) and deferred income annuities. Plus, retirees can generate income from any number of resources, such as a reverse mortgage or cash value life insurance, when the time comes to fund their living expenses.

To be sure, many experts are focused on helping retirees determine the most tax-efficient way to generate income in retirement from their various accounts, investments, and products, in combination with other sources such as earnings, Social Security, and, for some, a defined benefit plan.

But experts are starting to help pre-retirees learn how to prioritize their savings, learn how to save in the most tax-efficient way possible given all the various accounts, products, strategies and tactics.

And the reason is simple. Some dollars given all the different ways you can save on a pre-tax and after-tax basis, given your marginal tax rate in the year you contribute to your retirement account and your withdrawal year tax rate are worth more than others in retirement.

For instance, you might need to set aside twice as much money in a taxable account as you would in an HSA to generate the same amount of income in retirement. Thats because money goes into a taxable account after taxes and distributions are taxed at the capital gains rate. By contrast, money goes into an HSA pre-tax, grows tax-free, and withdrawals used for qualified medical expenses are tax-free.

Unlike 401(k)s, HSAs are quadruple-tax advantaged, said Keith Whitcomb, director of analytics at Perspective Partners. There are no payroll taxes on employee contributions. The money contributed reduces taxable income. It grows tax-free. And withdrawals are tax-free as long as they're used for qualified health expenses. This means HSAs can have a big impact on long-term retirement savings.

Conventional thinking, however, is that HSAs are for high deductibles and that 401(k)s are for retirement, said Whitcomb. This approach can be costly because paying for retirement medical expenses with 401(k) funds may be more expensive than using HSA funds, he says. For example, to get the same after-tax spendable amount in retirement, for every $1 deferred into an HSA it could take $1.44 deferred into a 401(k).

There are, of course, some rules of thumb to follow when thinking about how best to prioritize your retirement savings. For instance, William Reichenstein, a professor at Baylor University and a principal with Social Security Solutions, says those choosing whether to save first in a Roth 401(k) or traditional 401(k) must compare their marginal tax rates in the contribution year and the withdrawal year.

Same marginal tax rate. If you have the same marginal tax rate in the contribution year and the withdrawal year it doesnt much matter if you save in a Roth or traditional 401(k), according to Reichenstein.

High current marginal, low withdrawal marginal. If, however, youll have a lower marginal tax rate in retirement then in your contribution year, the tax-deferred accounts (a 401(k), traditional IRA, SEP-IRA) is the better savings vehicle, says Reichenstein.

Low current marginal, high withdrawal marginal. If you will have a lower marginal tax rate in contribution year than the withdrawal year then the Roth is the better savings vehicle, says Reichenstein. The investor either pays taxes at this years (contribution years) tax rate or at the withdrawal years tax rate, he says.

So, for instance, a new 2017 grad may be in the 10% tax bracket this year and that represents, he says, a great opportunity to invest in the Roth 401(k) instead of the 401(k) or the Roth IRA instead of the traditional IRA.

The key comparison is the marginal tax rates in the contribution year and withdrawal year, notes Reichenstein. In the work years the contribution year the marginal tax rate will likely be the same as the tax bracket. But the marginal tax rate in the withdrawal year could be 50% or 85% higher than the tax bracket due to taxation of Social Security benefits.

Thus, he notes that a somewhat below-average to somewhat above-average income retiree would likely be in the portion of income where each additional dollar withdrawn from the tax-deferred account, a 401(k) or IRA for instance, causes an extra $0.85 of Social Security benefits to be taxed.

Retirement columnist Robert Powell(Photo: USA TODAY, USA TODAY)

For many taxpayers, they would be in the low end of the 25% tax bracket, says Reichenstein. Thus, withdrawing say an extra $100 from the 401(k) may cause an extra $85 of Social Security benefits to be taxed, so taxable income rises by $185.

Withdrawals from IRAS and 401(k) plans in retirement, which get taxed as ordinary income, could cause a wealthy investor to pay a higher Medicare Part b and D premium two years hence, which is effectively a tax on the wealthy, says Reichenstein.

In short, the withdrawal year marginal tax rate could be higher than the tax bracket, he says. So, someone who expects to be in the same tax bracket in the contribution year and withdrawal year should probably save in the tax-exempt Roth.

Reichenstein also notes that most preretirees have lots more money funds in tax-deferred accounts (TDAs) than in tax-exempt Roths. If tax rates are raised down the road, it will hit the TDA withdrawals, but not the Roth withdrawals, he says. As a type of tax diversification, this suggests investing in the Roth and paying taxes this year to reduce the negative consequences of potential higher tax rates in the future on our large amount of TDA funds. Given the huge deficits, a general tax rate increase is certainly possible even likely.

Of course, if have an HSA as well as a Roth and traditional 401(k), save there first. The HSA offers the best of both account types, says Reichenstein. Contributions to it reduce taxable income like a tax-deferred account and withdrawals from it are tax free if used for qualified medical expenses.

The right strategy. To be fair, the right savings strategy is based on ones personal financial goals, and not just tax rates, as well as which investments and accounts and products you have access to.

For instance, Empower Retirement recently sought to determine which is better: saving money after taxes in a Roth 401(k) or pretax in a traditional 401(k). And what they found is this: Most auto-enrolled participants are defaulted to pretax contributions. However, that may not be the ideal contribution type for many participants. Given the uncertainty of future tax rates, a personalized contribution strategy that considers age, income and earned income tax credit (EITC) is ideal for most participants because it reduces tax risk while improving retirement outcomes in most scenarios.

Get help. To be fair, few have modeled how best to prioritize retirement savings if you have to factor in the vast array of products and accounts that you could use in addition to HSAs, Roths, and traditional 401(k)s.

Given that, experts suggest working with a financial adviser to personalize a plan that works for you. For some, saving in an HSA and Roth and using a reverse mortgage might create the most after-tax income. For others, adding a QLAC to the mix might make sense. But finding the right mix and savings order will require some number crunching. And leaving it to chance or just winging it could leave you short of the necessary funds youll need to fund your desired lifestyle in retirement.

MORE POWELL:

Robert Powell is editor of Retirement Weekly, contributes regularly to USA TODAY, The Wall Street Journal, TheStreet and MarketWatch. Got questions about money? Email Bob at rpowell@allthingsretirement.com.

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Powell: Saving for retirement in the most tax-efficient manner possible - USA TODAY

While most people retire in their 60s or 70s, Britain's Prince Philip performed his last official engagement today at the age of 96.

The Duke of Edinburgh braved pouring rain today at Buckingham Palace to meet with Royal Marines, some of who participated in the Royal Marines Global 1664 Challenge -- 100 challenges completed over the course of 100 days.

Philip attended the Royal Marines' parade at Buckingham Palace to mark the end of the challenge. Queen Elizabeth was at Balmoral and missed the tribute, which included cheers and a rousing hip-hip hooray as Philip left his final engagement.

After today's event, Philip will no longer undertake royal engagements on his own, although he may still choose to attend certain events alongside Queen Elizabeth, 91, from time to time.

In a statement when his retirement was announced in May, Buckingham Palace said Philip "has the full support of the Queen."

Philip joked soon after the announcement was made with a well-wisher at an event who told him, "Im sorry to hear youre standing down."

Philip shot back, Well I cant stand up much longer.

Philip married then-Princess Elizabeth in 1947 and has been fulfilling his royal duties ever since.

He has completed 22,220 solo engagements since 1952 and given 5,496 speeches in his travels to more than 76 countries, according to Buckingham Palace. He has also authored 14 books, served as patron to 785 organizations and made 637 solo overseas visits.

Upon retirement, Philip is expected to spend more time at Windsor Castle.

He still is actively involved in carriage driving and is expected to carry on his association with the more than 750 charitable organizations for which he is royal patron. Queen Elizabeth has given up long-haul travel but still routinely attends more than 400 engagements a year and will continue to carry on her full schedule.

Younger members of the royal family, including Prince William, Prince Harry and Princess Kate, will also be stepping in and accompanying Queen Elizabeth to events that Prince Philip would have attended with her previously.

William, 35, completed his last shift as an air ambulance pilot last week. He and Kate, also 35, will live in London and take on royal duties full-time starting this fall.

The end of William's tenure as an air ambulance pilot coincides with his grandfather's retirement and plans for William's son, Prince George, 4, to attend school in London this fall.

Earlier today, the U.K.'s The Telegraph accidentally published an article announcing Prince Philip's death.

The news outlet published an inaccurate article today on its website that read, "The Duke of Edinburgh, the longest-serving consort to a monarch in British history, has died at the age of XX, Buckingham Palace has announced."

The Telegraph quickly issued an apology and removed the story from its website.

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Prince Philip, 96, attends final official engagement before retirement - ABC News