The Hidden Myths That Could Shrink Your Retirement Lifestyle
I shared with you 5 Wealth Myths over the past month
Myths (if undetected) lead to mistakes. Costly Mistakes.
That’s why myths are critical to identify and quantify their impact.
In times of uncertainty, informed action is your best ally.
There are NEW forces at work in the economy and financial markets that are multiplying the negative effects on retirement security, like pouring gasoline on a fire.
The result is retiree confidence is at its lowest level in a decade.
According to the latest Retirement Confidence Survey, three in four retirees (73%) are NOT “very confident” that they will “will have enough money to live comfortably” throughout their retirement years.
That’s disappointing. Retirement should NEVER be “just enough.”
Retirement should be a life of more than enough.
It should be a time of abundance. Peace. Freedom. Joy. Making the difference you want to make.
I call it Retiring on YOUR TERMS.
Let’s continue our understanding of Wealth Myths.
Wealth Myths are little-known money myths that threaten your financial security and freedom. They can come from many places – parents, family members, friends, and business colleagues… all who only retire ONCE!
In the world today, the Super Spreader of Wealth Myths is the Media (when I say media, I include the internet).
These unchallenged Wealth Myths can lead to Money Mistakes. Mistakes that can cost you…
Worse than the money loss, these mistakes can lead to a lifetime of never retiring from worry, fear, and stress.
Here are the Myths we have covered so far:
· Wealth Myth #1: The What Got You Here Myth
· Wealth Myth #2: The Tax Code Is NOT Your Friend Myth
· Wealth Myth #3: The Good Advice/Bad Advice Myth
· Wealth Myth #4: The Financial Super Star Myth
· Wealth Myth #5: The DIY or Semi-DIY Myth
Here are the next two myths...
Wealth Myth #6: The Dear Occupant Goals Myth
The large financial product companies (you know many of them) that dominate the retirement planning landscape create one-size-fits-all products. As you know, with $1 million or more in investable monies, you are in the top 5% of wealth holders in the U.S.8
In 1956, Earl Nightingale (see his story next time), shared that at age 65: 1 is rich; 4 are independent; 5 are still working; 36 are dead and 54 are dead broke.9
Some things never change.
The large financial product manufacturers create their products for the 95%. Assembly-line, mass marketed products for one-size-fits-all retirements and “dear occupant” goals.
You know those personalized letters you get addressed to: Dear Occupant,
They hire large numbers of product salespeople, and they call them: “financial planners” or “retirement advisors.” They are trained employees paid to be “product-first.”
It’s a fine approach (I guess) until you reach $1 million or more, when you deserve (and need) a fully custom, comprehensive, integrated wealth plan.
86% Promised But Not Receiving Comprehensive, Integrated Wealth Planning
In a recent J.D. Power Survey…
According to J.D. Power, “Of those clients “promised” comprehensive wealth planning by the giant wealth managers, 86% are NOT receiving comprehensive financial advice.”10
Here’s the reality: If your present wealth plan is Off-The-Shelf, or Semi-Custom, it means that you may be missing out on significant tax reducing and lifestyle enhancing options.
I believe YOU deserve a fully customized, integrated, comprehensive wealth plan.
An Wealth Plan that includes tax elimination, lifestyle enhancement, cash flow enrichment, risk defense, investment choreographing, health care protection, and legacy creation.
An Wealth Plan for success in the Wealth Living AND Wealth Leaving Phase.
Wealth Myth #7: The 80% Reduced Retirement Lifestyle Myth
How much will you need in retirement?
You’ve probably read, heard, and been told that you can retire on 80% of your final pay.
You can retire on 80% of your final pay… IF!
IF…
… You want to dial down your lifestyle and stop doing 20% of the things you do now…
… You want to live a no-frills, tighten-the-belt retirement…
… You never want to do those things you promised yourself (and others) you would do WHEN you retire!
Is that what you always dreamed of?
I believe you should Retire 120%.
Imagine you are living your life to the fullest. Doing all the things you want to do.
What does an average week look like? Where are you going? What are you doing? Who are you with?
Do you see yourself dialing your lifestyle DOWN 20%?
Retire Abundantly Quote
"It is not that we have a short time to live, but that we waste much of it.” – Seneca
