The Prosperity Gap Podcast

With age comes mental decline. Because of this, retired folks are preyed on more by financial scammers than any other age group. Support the show (https://retirementriskadvisors.com)

Retirees find themselves helping family—children, grandchildren, and even their own parents as life expectancy increases. Well-planned retirement plans should take into consideration the chance of having to help family. Support the show (https://retirementriskadvisors.com)

Health Care NeedsIn retirement, folks typically spend $250,000-300,000 alone in medical expenses With scientific advances being made every day, life expectancy increases. Statistically speaking, the longer one lives, the more of a chance they are to experience medical needs—unpredictable and expected. Support the show (https://retirementriskadvisors.com)

Public policy has a huge impact on programs such as Social Security, Medicare, and Medicaid. If major changes are made within these public policies it could cause an increase in taxes, reduction in benefits. Uncertainty is detrimental to a safe and secure retirement.Support the show (https://retirementriskadvisors.com)

It is not secret that the Covid-19 pandemic has affected the economic climate and financial health of our world. Recovering from it will take many years. A lot of folks took advantage of the CARES Act early distribution relaxation to offset financial downturn. Support the show (https://retirementriskadvisors.com)

Retirees often only have a 401(k) as their investment vehicle in their portfolio, especially if they do not meet with an advisor to determine other options. Knowing the risks and how the ball is majorly in your own court will help you save for a secure retirement.Support the show (https://retirementriskadvisors.com)

Reverse mortgage allows for extra funds in retirement. This could be as a means to have for living or use for emergency or to supplement a loss with an economic downturn in retirement savings.Support the show (https://retirementriskadvisors.com)

Retirement is a new chapter of life. Going from an era of structure, be it from work or raising a family, to an era of almost zero structure is a gigantic life adjustment. It is important to tend to your retirement portfolio and your mental portfolio just the same.  Interesting Fact: 1 in 5 retirees experience poor mental health; 2 of 5 in care homes experience depression/poor mental health  Support the show (https://retirementriskadvisors.com)

Inflation is thought of in retirement planning, but most retirees do not consider how it will continue to increase even throughout their retirement. They say there is no rest for the wicked! For example, based on life expectancy, someone retiring between 65-70 should plan to life on average another 20 years. Assuming a rate of 3%, daily costs of living could potentially double within 20-24 years.  Support the show (https://retirementriskadvisors.com)

Debunking the Top 5 Annuity MythsSupport the show (https://retirementriskadvisors.com)

In this episode of the podcast we are digging deep. We are going to talk about the fears in retirement and how to be prepared. There can be a lot of fear when discussing retirement and we are breaking this down on a very a personal level. If you are not prepared it can cause problems, so it is all about putting a plan together and avoid the pitfalls that came in retirement. It is about having an enjoyable retirement. Support the show (https://retirementriskadvisors.com)

Medicare mistakes 9-16. Helping you avoid these mistakes before retirement. Support the show (https://retirementriskadvisors.com)

Dave covers 8 out of the 16 most costly mistakes when it comes to Medicare. Support the show (https://retirementriskadvisors.com)

Qualified Longevity Annuity Contracts - (QLAC) is a type of deferred annuity funded with an investment from a qualified retirement plan or an individual retirement account.Support the show (https://retirementriskadvisors.com)

It's time to really understand the importance of your Social Security in retirement. Support the show (https://cpaacademy.org)

Dave breaks down the highlights of the Secure Act 2.0Support the show (https://retirementriskadvisors.com)

Dave shares 10 tips on helping your retirement money last longer Support the show (https://retirementriskadvisors.com)

Dave breaks down how you can transfer from a traditional retirement account to an HSASupport the show (https://retirementriskadvisors.com)

The best of the best with Dave Hall. Dave answers retirement questions. Support the show (https://retirementriskadvisors.com)

Dave Hall breaks down the US financial situation and tax rate risk facing you in retirement. Support the show (https://retirementriskadvisors.com)

Dave Hall and Podcast Producer CR Thelin talk about "Retirement Statistics" and how to fix the issues we are constantly facing. Support the show (https://retirementriskadvisors.com)

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."Support the show (https://retirementriskadvisors.com)

Back Door Roth Conversions and Mega Back Door RothsRoth 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. Support the show (https://retirementriskadvisors.com)

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....Support the show

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.Support the show (https://retirementriskadvisors.com)

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 marketThe second one is current spending by the governmentThe third one is tax ratesSupport the show (https://retirementriskadvisors.com)

Support the show (https://retirementriskadvisors.com)

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.Support the show (https://retirementriskadvisors.com)

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. Support the show (https://retirementriskadvisors.com)

We are talking about the three "DO" Principles on today's show.Do the right thingDo it at the right timeDo it with the right people (or person)Support the show

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.Support the show (https://retirementriskadvisors.com)

Dave hall breaks down his must do's for a better retirement. Support the show (https://retirementriskadvisors.com)

David M Walker Author of America in 2040: Still a Superpower? A Pathway to SuccessI wanted to focus this episode on 5 recommendations he provides from a tax perspectiveabout the Fiscal Situation in America.Support the show (https://retirementriskadvisors.com)

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...Support the show (https://retirementriskadvisors.com)

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 dollarsNumber 10 - What will you do with your time now this is not a financial question?Support the show (https://retirementriskadvisors.com)

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. Support the show (https://retirementriskadvisors.com)

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....Support the show (https://retirementriskadvisors.com)

10 Retirement Tips To Help You On Your FIRE JourneySupport the show (https://retirementriskadvisors.com)

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 #socialsecuritySupport the show (https://retirementriskadvisors.com)

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.Support the show (https://retirementriskadvisors.com)

Dave Hall answers several questions all about social security, medicare and reverse mortgage.  CR Thelin Producer joins the show. Support the show (https://retirementriskadvisors.com)

I have received several requests from many of you regarding bad or incorrect information found online about retirement. So I have decided to tackle some of these issues head on in my recent podcast. "Debunk Week"To start I wanted to break down the article from the Financial Samurai entitled, "Disadvantages of a Roth IRA". There are a lot of great resources for financial information and my job is to make sure you get the best advice for you and your retirement. Support the show (https://retirementriskadvisors.com)

If you were to look at the retirement plans of most Americans, what you would find is that 95% of them are out of balance. 95% of these plans have the majority of their assets in the tax deferred bucket, which means the majority of their retirement is subject to tax rate risk. with federal spending skyrocketing and more baby boomers coming on to Social Security and Medicare each day. All we have to do is look at the math to realize taxes cannot stay where they are today. And America be able to continue to meet their debts and obligations. Which is why I believe if you are one of the 95% of Americans who has their retirement assets and traditional tax deferred accounts like 401 Ks and traditional IRAs, you're overdue for a rebalancing of your assets. And the power of zero paradigm retirement planning is as simple as the three bucket system, the taxable bucket, the tax deferred bucket and the tax free bucket. Very few people have the right amount of money in their taxable bucket, the rich, they almost always overfunded and the poor, well, they almost always underfunded, the bucket should be filled with liquid assets you can use to bail yourself out in case of an emergency. the appropriate amount you should have in this bucket when you reach retirement is about six months of basic living expenses.Support the show (https://retirementriskadvisors.com)

I want to talk about five things that I believe we all should be grateful for as we approach retirement.  The number one thing on my list for things that I believe we should all be thankful for, especially as we approach retirement, is the Social Security program. It may seem strange that I'm thankful for a government program, but when you look at it, it's been able to give a much better life to retirees, and it has been helping them live a more safe and secure life.  The program was brought about back in 1935 by Franklin Delano Roosevelt, and it was set up for two main purposes. The first one was to be an insurance against living too long as average life expectancy at that time was only 62, and you couldn't start getting benefits until age 65. The other one was to help alleviate poverty in retirement. At that time, about 50% of retirees were living below the poverty level, and so they put the program in place to hopefully help those individuals have a much better life....Support the show (https://retirementriskadvisors.com)

Support the show (https://retirementriskadvisors.com)

Proposed Tax Changes by Joe BidenEverything i'm talking about is a proposed change, it has not yet happened and some or all of it may never happen. Second, we don't have all the details on how some of the proposed changes will actually work. Support the show

A self directed Roth IRA is a retirement plan that allows for alternative investments for your retirement savings. Although this type of retirement plan has been around for decades, they've struggled to gain popularity. There are many reasons for this, but the biggest one is because the big brokerage firms that spend billions of dollars marketing retirement investments have nothing to gain.If you decide you want to do a self directed Roth IRA, self directed retirement accounts do come in various shapes and sizes. But I'm only talking about the self directed Roth IRA. I'm a strong believer that tax rates will have to be higher in the future, or the government will not be able to meet all of their liabilities. Therefore, it's in the best interest of most Americans to pay the taxes. Now, while we have historically low tax rate, rather than waiting until a time in the future, when tax rates could be double, and create major havoc on your retirement plan, it's important to know that self directed Roth IRAs are not for everyone. Support the show

I know so many of you are having issues with your retirement plans. I have decided that I'm going to be talking about why I believe you should get a prosperity advisor involved with your retirement. Support the show (https://retirementriskadvisors.com)

The longer your retirement lasts, the more risk your retirement will face. We call this situation longevity risk. longevity risk is any potential risks attached to the increased life expectancy of an individual.  Life is full of fears. But there's one that is outpacing any other when it comes to retirees. And that is the fear they're going to live too long. It was only a couple of years ago that their three greatest fears were death, taxes and public speaking. So why did things change? The reason is because of longevity. Retirees are realizing retirements going to be much longer than what they had originally prepared for. It's not uncommon for retirement to now last up to 35 or 40 years. As a result, 68% of retirees are afraid they're going to run out of money before they run out of retirement. And when a retiree runs out of money, it creates major issues. Support the show (https://retirementriskadvisors.com)

If there's a retirement product out there that has gotten a bad rap because of unmet expectations, it's the reverse mortgage. Therefore, it's my plan to help you better understand what you can expect from a reverse mortgage, so you can make a better decision on whether or not a reverse mortgage is the right product for your retirement. When you hear the word reverse mortgage, what comes to your mind? For many of you, it may be the thoughts that it's just a program created to steal your home. And then for others, you might be thinking how grateful you are for your reverse mortgage, because it has helped you have a more safe and secure retirement. Support the show (https://retirementriskadvisors.com)

In this episode I am going to be talking about rental real estate, and the top 5 reasons why I believe you should not own rental real estate in retirement if you're trying to get to a tax free and risk free retirement. And I will end the show today by sharing my best recommendation if you decide to go against everything I tell you today, and invest in rental real estate anyway. Support the show (https://retirementriskadvisors.com)