In this episode of Navigating Abundant Retirement Radio, host Carol Dewey delves into the importance of having a comprehensive, integrated wealth plan that evolves with changing circumstances and tax laws. She highlights the necessity of regular updates and strategic planning to maintain and grow wealth, sharing insights from Warren Buffet's wealth management philosophy. Carol also recounts the story of Hedy Lamar, an actress and inventor, to illustrate the critical difference between making money and securing a lifetime income.

• Wealth Planning: A one-size-fits-all approach to wealth planning is ineffective. Regular updates and a deep understanding of individual needs are crucial.
• Warren Buffet's Rules: Warren Buffet's two rules of wealth management are foundational: "Don't lose money" and "Don't forget rule number one."
• Importance of Preparation: Proper wealth management requires not just building wealth but also having a strategy to maintain and grow it.
• Historical Insights: The story of Hedy Lamar underscores the necessity of planning for long-term financial security.
• Comprehensive Financial Advice: Many clients do not receive truly comprehensive financial advice, which is essential for a secure retirement.

• "There is no one-size-fits-all wealth plan."
• "Rule number one: Don't lose money. Rule number two: Don't forget rule number one."
• "Getting wealthy and staying wealthy are two totally different challenges."
• "Having lots of money is totally different than having a plan to secure your lifestyle for a lifetime."
• "Don't be scared, be prepared."

• 01:24 - Warren Buffet's wealth management philosophy
• 02:34 - The importance of updating wealth plans
• 03:44 - Comprehensive financial advice vs. second opinions
• 04:50 - Story of Hedy Lamar and financial planning
• 06:07 - Historical anecdote about radar detection at Pearl Harbor
• 08:30 - Importance of a custom integrated comprehensive wealth plan
• 09:51 - Invitation for a 21-point retirement lifestyle assessment

• Perpetual Wealth Financial

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Episode Summary:

In this episode of Navigating an Abundant Retirement Radio, Carol Dewey delves into the intricacies of maximizing your Social Security benefits. She covers essential strategies and key elements to help you harness the power of Social Security, ensuring a more financially secure retirement. Carol also explores spousal, ex-spousal, and survivor benefits, as well as the impact of working during retirement and potential future changes to the Social Security program.

Key Takeaways:

1. Maximizing Social Security Benefits: Strategies to maximize your Social Security benefits by understanding the system, working longer, and delaying filing.
2. Spousal and Ex-Spousal Benefits: Eligibility and benefits available for spouses, ex-spouses, and widows/widowers.
3. Working During Retirement: The impact of working while receiving Social Security benefits and how it affects your payments.
4. Future of Social Security: Potential changes and the importance of preparing for a possible reduction in benefits.

Quotes:

• "Harnessing the power of Social Security means fully preparing yourself for retirement."
• "Be your own best advocate and know your worth."
• "Retirement is your reward for decades of hard work, careful planning, and financial discipline."

Timestamps:

• (01:23) Importance of Social Security in Retirement
• (02:28) Elements of Harnessing the Power of Social Security
• (04:45) Full Retirement Age and Benefits
• (07:09) Spousal, Ex-Spousal, and Survivor Benefits
• (11:19) Working During Retirement and Social Security Taxation
• (13:06) Future of Social Security and Potential Changes

Referenced Links:

• Perpetual Wealth Financial

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Connect With Carol:

• Website: Perpetual Wealth Financial
• LinkedIn: Carol Dewey

Episode Summary:

In this episode of Navigating an Abundant Retirement Radio, Carol Dewey discusses the concept of "Achilles choice" and reveals the number one key to a successful retirement. She emphasizes the importance of having a clear vision of the life you want to live in retirement and the legacy you want to leave. Carol shares insights on regret minimization, the significance of having a well-defined retirement plan, and the pitfalls of relying on generic financial advice.

Key Takeaways:

1. Achilles Choice: The importance of making conscious life choices that align with your desired legacy.
2. Regret Minimization: Using Jeff Bezos' regret minimization framework to make life decisions.
3. Clear Vision: The necessity of having a detailed picture of your retirement goals, including the lifestyle and legacy you want.
4. Custom Planning: The drawbacks of one-size-fits-all financial products and the benefits of custom, comprehensive planning.
5. Eisenhower Matrix: Prioritizing activities that matter most for a fulfilling retirement.
6. Retirement Transformation: Transitioning from the old way of life to a new, abundant way of life in retirement.
7. Comprehensive Planning: The importance of managing side effects and tactical interactions in critical retirement areas.
8. 21-Point Assessment: The value of a thorough assessment to identify and address potential obstacles to your dream retirement.

Quotes:

• "At the end of my life, will I regret not having done this?" - Carol Dewey
• "Wealth is the ability to fully experience life." - Henry David Thoreau
• "If it's not important to you, it won't be important to me." - Carol Dewey

Timestamps:

• (01:18) Discussion on Achilles choice and the number one key to a successful retirement
• (02:26) Jeff Bezos' regret minimization framework
• (03:34) Matthew Emmons' Olympic story and the importance of having a clear bullseye
• (04:43) Issues with generic retirement planning
• (07:05) The importance of rigorous assessment of your financial plan
• (08:42) Transitioning to an abundant retirement lifestyle
• (09:53) Three critical components of a retirement plan: Vision, Priorities, Goals
• (12:19) Overview of the 21-point retirement lifestyle assessment

Referenced Links:

• Perpetual Wealth Financial

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In this episode of Navigating an Abundant Retirement Radio, host Carol Dewey from Perpetual Wealth Financial discusses the importance of rainy day protection and how to prepare for unexpected financial challenges, particularly in retirement. She delves into strategies like long-term care insurance, emergency funds, and common financial mistakes to avoid.

• Rainy Day Protection: Preparing for financial challenges as you age, especially concerning healthcare and long-term care costs.
• Emergency Funds: Establishing an emergency fund for unexpected expenses like healthcare, home repairs, or helping family members.
• Long-term Care Insurance: Utilizing life insurance policies with long-term care benefits to provide flexibility and protection.
• Financial Mistakes to Avoid: Avoiding common pitfalls like unnecessary spending, relying too much on credit cards, and overextending on mortgages.
• Budgeting and Savings: Keeping track of spending, managing subscriptions, and living within your means to build financial resilience.

• "You can't stop the rain, but you can stay dry."
• "If you never need the money, it will go to your kids or other named beneficiaries."
• "Opening your financial strategy umbrella so you don't get drenched by interest is some seriously good rainy day protection."
• "Building a good financial strategy has nothing to do with denying yourself the things that make life enjoyable. It's simply about balance."

• (01:26) Rainy Day Protection Explained
• (02:25) Importance of Emergency Funds
• (03:34) Uses for Emergency Funds
• (04:38) Life Insurance with Long-term Care Benefits
• (05:33) Avoiding Common Financial Mistakes
• (06:16) Spending on Non-essentials
• (08:18) Managing Subscriptions and Memberships
• (09:09) Smart Use of Credit Cards
• (10:03) Buying Gently Used Vehicles
• (10:59) Right-sizing Your Home Purchase
• (12:48) Home Equity and Refinancing
• (13:50) Avoiding Living Paycheck to Paycheck
• (15:18) Effective Budgeting and Saving

• Perpetual Wealth Financial

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In this episode of Navigating an Abundant Retirement Radio, Carol Dewey continues the discussion on the 12 little-known wealth myths, focusing on the final three myths and offering valuable insights and advice. Carol shares the inspiring story of Jim Rohn and his journey from losing his fortune to rebuilding it, emphasizing the importance of strategic planning and seeking smart advice for a well-designed retirement.

• Jim Rohn's journey highlights the importance of recovering from financial setbacks with professional advice and strategic planning.
• A well-designed retirement involves becoming the person you want to be, doing what you love, being with people you care about, making a difference, and insulating yourself from life's uncertainties.
• The search for a magic bullet solution is a myth; strategic planning and managing side effects and interactions are crucial.
• Media often misleads, and it’s important to be wary of advice that appeals to fear, greed, and envy.
• Misguided loyalty to advisors can be costly; upgrading advisors as your wealth grows is essential for comprehensive and strategic planning.

• "We all have two choices. We can make a living or we can design a life." - Jim Rohn
• "Tactics without strategy is the noise before defeat." - Sun Tzu
• "Don't let your learning lead to knowledge or you'll become a fool. Let your learning lead to action and you can become wealthy." - Jim Rohn
• "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." - Carol Dewey

• (03:56) Jim Rohn's lessons and quotes
• (05:03) The five pillars of a well-designed retirement
• (06:05) Wealth Myth #10: The Search for the Magic Bullet
• (10:07) Wealth Myth #11: The Media is Here to Help You Stay Wealthy
• (12:23) Wealth Myth #12: The Misguided Loyalty Myth
• (17:05) Offering the 21-point retirement lifestyle assessment

• Perpetual Wealth Financial

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In this episode of Navigating an Abundant Retirement, host Carol Dewey continues the discussion on the 12 little-known wealth myths. In part two, Carol explores myths seven through nine, shedding light on how these misconceptions can negatively impact retirement planning. She emphasizes the importance of understanding these myths to avoid costly mistakes and outlines a path to a 120% retirement lifestyle.

Key Takeaways:

• Wealth Myth #7: The 80% reduced retirement lifestyle myth can lead to a life of lower standards if followed. Retirement should be about abundance, not reducing your lifestyle.
• Wealth Myth #8: The 401(k) binge myth encourages excessive or uncontrolled indulgence in 401(k) plans, potentially leading to higher taxes and lost capital gains benefits.
• Wealth Myth #9: The lower tax bracket later myth is based on the false assumption that you will always be in a lower tax bracket in retirement. Rising federal debt might lead to increased tax rates, impacting retirees' financial security.

Quotes:

• "Retirement should be a life of more than enough. I believe you should retire 120%."
• "Every unnecessary dollar you surrender to the IRS needlessly is one less dollar you have for your lifestyle and your legacy."

Timestamps:

• (01:27) - Discussion on myths and their implications on retirement
• (03:47) - The impact of new forces on retiree confidence
• (07:01) - Explaining the 120% retirement concept
• (08:16) - Importance of reliable and tax-free income for retirement
• (09:27) - The risks of a stock market-based retirement lifestyle
• (10:50) - The drawbacks of excessive reliance on 401(k) plans
• (12:16) - Discussing tax bracket assumptions and their impact on retirement planning
• (14:45) - Impact of federal government spending and potential tax rate increases
• (18:25) - Description of the 21-point retirement lifestyle assessment

Referenced Links:

• For more information about the show, visit Navigating an Abundant Retirement Podcast.
• Give us a call at (877) 434-6243 or email Carol at carol@perpetualwealthfinancial.com to schedule your 21-point retirement lifestyle assessment.

Connect With Carol Dewey:

• Website: Perpetual Wealth Financial
• LinkedIn: Carol Dewey on LinkedIn

In this episode of Navigating an Abundant Retirement Radio, Carol Dewey discusses the first six myths out of twelve that can affect your retirement planning. She explores common misconceptions about wealth and retirement, illustrating how these myths can impact your financial security and freedom. Carol shares personal stories and real-world examples to emphasize the importance of comprehensive planning for a successful retirement.

• Myth #1: "What Got You Here, Won't Get You There." Carol discusses the three wealth phases and emphasizes the need to adjust wealth plans as you move into retirement.
• Myth #2: "The Tax Code is Not Your Friend." Carol highlights how understanding the tax code can lead to significant tax reductions and even elimination.
• Myth #3: "Good Advice vs. Bad Advice." She shares a real-life story of how bad advice led to financial loss and family conflict, demonstrating the importance of having well-informed advisors.
• Myth #4: "The Financial Superstar Myth." Carol examines the unrealistic expectation that people should be experts in both their careers and wealth management.
• Myth #5: "The DIY or Semi-DIY Myth." She explains why acting as your own wealth advisor may not be the best approach, especially during retirement.
• Myth #6: "The Dear Occupant Gold Myth." Carol discusses the dangers of one-size-fits-all financial products and the need for customized wealth planning.

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• "Wealth is more than money. It's what is valuable to you, what is worth fighting to protect, and what is worth passing on."
• "The tax code is a roadmap to tax reduction and tax elimination. It's full of gold mines for those with advisors trained to take advantage of every tax-saving opportunity."

• (00:16) Overview of the First Six Myths
• (01:17) Defining Wealth and Retirement
• (02:17) Myth #1: "What Got You Here, Won't Get You There"
• (05:41) Myth #2: "The Tax Code is Not Your Friend"
• (07:58) Myth #3: "Good Advice vs. Bad Advice"
• (11:08) Myth #4: "The Financial Superstar Myth"
• (14:07) Myth #5: "The DIY or Semi-DIY Myth"
• (15:17) Myth #6: "The Dear Occupant Gold Myth"

• Please leave us a rating and a review on Apple Podcast.

• Perpetual Wealth Financial Website
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In this episode of Navigating an Abundant Retirement Radio, host Carol Dewey delves into the potential impact of the 2024 presidential election on finances. Drawing on data and historical trends, Carol addresses common concerns and misconceptions about how election outcomes may affect investment portfolios and retirement plans. While acknowledging widespread anxiety among investors, Carol emphasizes the importance of staying informed, maintaining a long-term perspective, and working closely with financial professionals to navigate economic uncertainties.

Key Takeaways:

1. Historical data suggests that presidential election outcomes have minimal impact on market performance.
2. Maintaining focus on long-term financial goals and strategies is crucial during periods of economic volatility.
3. Working with a financial services professional can provide valuable guidance and perspective in navigating market fluctuations.
4. Relying on data and historical trends rather than emotions or gut instincts can lead to more informed investment decisions.
5. Building a diversified investment portfolio and staying patient during market fluctuations are essential for long-term financial success.

Quotes:

1. "Presidential elections occur every four years whether we like it or not, and the data is clear that the winner of those elections isn't going to change your portfolio much."
2. "Building the kind of savings and retirement income you need to achieve your retirement goals comes down to trust and patience."
3. "There's real power in relying on data and historical trends rather than your emotions or gut instincts."

Timestamps:

(01:59) Overview of election-related financial concerns

(06:05) Analysis of historical trends and market performance during election years

(08:35) Examination of investor sentiments and anxieties

(11:11) Impact of election-related anxiety on retirement planning and investment strategies

(14:44) Strategies for avoiding emotion-based investing during economic uncertainty

(17:55) Conclusion and encouragement to stay focused on long-term financial goals

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