The Prosperity Gap Podcast

Dave Hall and Podcast Producer CR Thelin talk about "Retirement Statistics" and how to fix the issues we are constantly facing. 

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Dave Hall and Podcast Producer CR Thelin talk about "Retirement Statistics" and how to fix the issues we are constantly facing. 

"More than 22% of Americans had less than $5,000 saved for retirement and 15% had no retirement savings."

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Back Door Roth Conversions and Mega Back Door Roths

Roth IRAs are becoming more popular , but some people do not qualify to contribute in to these accounts....But there is a work around and that is what I am going to talk about today.

1- Back Door Roth IRA - What you have to do to make this happen.
2- Mega Back Door Roth Conversion - Yes, there is another opportunity to get even more money into a Roth account. 

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When we look at our 401k plans, there's a lot of things we understand. Most of us understand the limits that go into those. But what we don't understand is how a lot of the inner workings of a 401(k). Today I'm going to cover various aspects of these 401 K's to help you better understand some of the things that you could do to maximize your benefit from these plans. 

First one I want to talk about here is the employee Your contribution, most companies are going to have some type of contribution that the employer is going to put in on your behalf. Some of them are 100% of a percentage of revenue, some or maybe 50% of a percentage or revenue for a given percentage....

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Want to retire early? 4 things to look into 

Number one - If you already have 35 high years of earnings that you can use for yourself security benefits. Many people wait to retire because they want to be able to maximize their Social Security benefit...

Number two - If you are in a situation where you need to do large Roth conversions, because you've got too much money in your tax deferred bucket, and you would like to get those done before it increases your Medicare premiums...

Number three - If you are willing to contemplate a reverse mortgage, I do teach classes on reverse mortgages, I do believe that for a right segment of the population, they can be a great thing....

Number Four - For those of you who may be in a health position, that you want to have a few good years that you can go out and travel and do things with yourself friends or spouse.

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There's three main areas that I have concerns with when I talk to people on a daily basis. 
I see that many of them are not concerned at all but if it were to happen it would have a major impact on future retirement. 

I want to talk about each of those and what we can do to help prepare ourselves if these events were to happen. 

The first one is the stock market
The second one is current spending by the government
The third one is tax rates

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Dave spends this episode talking from the heart after the loss of his brother. He talks about retirement, planning and things we need to do to help make sure the loved ones we leave behind are taken care of.

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Dave hall breaks down a Social Security article, "Three great reasons to take Social Security benefits at age 62".  Find out which two are true and what item is a lie. 

You know that the right time for most people to take their social security benefits is at age 70. Not for everyone, but for most people. Although most people do end up taking their benefits at age 62. It's not the right decision for them. So let's break this down. 

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We are talking about the three "DO" Principles on today's show.

Do the right thing

Do it at the right time

Do it with the right people (or person)

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