The Prosperity Gap Podcast

Dave Hall breaks down the changing world of retirement : Talking about some old paradigms, as they relate to how we used to work and how we used to save, especially when we go back to our parents and grandparents, and how we're doing it today and what you can do to help better prepare yourself for a safe and secure retirement.

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Dave hall breaks down his must do's for a better retirement. 

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David M Walker Author of America in 2040: Still a Superpower? A Pathway to Success

I wanted to focus this episode on 5 recommendations he provides from a tax perspective

about the Fiscal Situation in America.

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This episode is one we're going to talk about some of these mistakes we make when preparing for retirement.  To start out we are talking about under estimating your life expectancy. This has become a very Big problem. For many people, we think we're going to live a lot shorter period of time than we are. Part of that could be the government's problem, government tells us that our average life expectancy is going to be somewhere around 78, or 79. And that is correct if you include infant mortality if you include accidents that happened during your working years. But once you get to retirement, those dates change, because we take all those early deaths off the table...

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As we look forward to our future retirement, what we find is that we're looking at one of the longest self imposed periods of unemployment that we will ever have in our lifetime. 

Today I want to do is go through 10 questions that you should ask yourself to test how ready you are for retirement. And if you're heading down the right path to get you to a safe and secure retirement. 

Number 1 - Are you struggling to pay current bills? 

Number 2 - Do you have high levels of debt? 

Number 3 - Have you put together a plan for future major expenses?

Number 4 - Do you know what your Social Security benefit will be? 

Number 5 - Do you have a current monthly financial plan?

Number 6-  Do you have a long term financial plan? 

Number 7 - Have you taken into consideration inflation?

Number 8 - Have you considered the cost of medical care? 

Number 9 - Are you maximizing your investment dollars

Number 10 - What will you do with your time now this is not a financial question?

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As you get into retirement and the years leading up to it, it is very important that you start protecting a portion of your assets. Start getting those put aside so that you know that as you get into retirement, you're going to have a set amount of money coming from these asset.  If the market tanks, if you've got sequence of return issues, you're not going to end up losing all those assets you work so hard for during your working years. There is a mathematical calculation that many advisors use. I will talk about this in todays episode. Then I will talk about the benefits that come from these principal protection products that I like to use in my planning. 

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When we talk about life insurance retirement plan, it is something that we want to last forever, I would never recommend for anyone to get into a life insurance policy for a short period of time, because it's going to turn out to be a very bad investment. 

Many people will look at life insurance retirement plans and say, Hey, they're too expensive, you should never put these plants together, there are better options. But when we look at it for what it is, if we look at it as something that we're going to have for the rest of our lifetime, what we find is that we can get them into a fee structure that will work. But before we get into those details, let me talk about some great things that life insurance retirement plan offers....

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10 Retirement Tips To Help You On Your FIRE Journey

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In Episode 38 Dave Hall is joined by Producer CR Thelin for a 30 minute conversation about what it takes to get ready for retirement. The question asked, "Am I ready for retirement?" We are all on a different journey to retirement, but the short answer to this question is, "Yes". You are ready for retirement. You just have to start.

Don't rely on social security alone to get you through, or your 401(k) from work. It takes much more than that. In fact if you really want to get ready you to need to make sure you are following the 3 bucket system. #retirement #401k #socialsecurity

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Dave Hall shares his favorite Christmas stories that have been a big part of his life. Since Episode 37 airs on Christmas Day, it is only appropriate to rethink and prepare as we look to the new year.

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