Resources & Blog

Oct 2 Show: Roger Stone, Trump Insider & Political Operative

Roger Stone, Trump confidant, Trump insiderWere you shocked when Donald Trump was elected President of the United States? Are you wondering what comes next and will this truly change the game? What’s really going on behind the scenes? Is America experiencing a revolution?

Sept 25 Show: Nelson Nash, Infinite Banking Visionary (Part2)

Nelson Nash, Infinite Banking, banking alternativesAre you frustrated with financial system in this country and looking for alternatives? Do you sometimes wonder how the central banking establishment came about in this country, and what you can do to regain a measure of control and freedom in your finances?

Will You REALLY Be Able To Retire?

By Teresa Kuhn, JD, RFC

According to a 2015 report by the United States General Accounting Office (GAO), over half of all Americans had nothing saved for retirement.  By this I mean literally NOTHING; no pensions, no 401(k)’s, no permanent life insurance, no jars full of silver quarters.

Worse still, at least in my opinion, is that the few Americans who have scrimped and saved and put away money have, on average, accounts worth only about $104,000.  To put this in perspective: that $104,000 nest egg, even with prudent investment, will only yield around $300 per month at retirement.  Often times I find people with these plans are deceived into thinking that the monthly payments will magically grow and be enough to ensure a good retirement.  That just isn’t possible.

It’s no surprise to me that financial news media reports indicate nearly 70% of Americans will not be able to retire comfortably.  At least they won’t be retiring to lives like those pictured on the glossy brochures of conventional retirement vehicles.

The marketing departments of big retirement planning companies continue to push the idea of retirement as lazy, warm days on the beach, walking hand-in-hand as the sun sets, going water skiing, playing golf, enjoying life to it’s fullest.

Americans have no trouble buying into the fantasy of a comfortable, enjoyable post-work life.  After all, many of us have looked on with envy as our Greatest Generation and Baby Boomer parents and grandparents have been able to enjoy exactly what the brochures promised.

The sobering truth about retirement in the 21st Century, however, is that more of us may be living in poverty than enjoying a comfortable, satisfying life.  Many will find themselves in the unfortunate position of needing public assistance, or having to borrow money from friends and family.  That dream house may actually be a run-down apartment in the worst part of town, a room in a relative’s house, or even a shelter.

So, why is this happening in the United States and what, if anything can be done to alleviate the problems faced by those facing retirement?

Debt Is Not The Only Player – Life Has Gotten More Expensive

Debt is always a concern, particularly as a person nears retirement.  And, it is definitely a wise idea to make debt elimination a priority.  However, debt isn’t as much of a factor in Americans’ inability to save as you might think.  Much more relevant is the fact that most of us have little to nothing left after we pay our bills. For example, the cost of food has gone up nearly 5% in just the last year with some staple items rising even more.  Facing such increases and the fact that wages are stagnant, many people find they spend every dime just to survive.

Elimination Of Traditional Pensions and Post-Retirement Benefits

Days before completion of it’s $150 billion merger with Dow Chemical, corporate giant DuPont offered 9,500 vested employees under the age of 62 lump sum payments in an attempt to decrease it’s looming pension gap.  The offer allows employees who aren’t old enough to start collecting their pensions (usually age 62.5) the chance to get a one-time payout.

Sounds great, doesn’t it?  I mean, after all, a bird in the hand is always worth 2 in the bush, right?  For most of those who opt for this lump sum, the results will probably not be so positive.  Some pension experts say that in cases where employees settle for lump-sum payouts, nearly one third of them will have spent the money BEFORE reaching retirement age.

Last year, DuPont announced that in 2018, it will no longer contribute to active employees’ pension plans, a move that saves money but puts over 13,000 employees’ retirements in jeopardy.  Additionally, DuPont will cease to provide medical insurance for many of its’ retirees.

DuPont’s actions are the new normal as large corporations seek new ways to bolster sagging profits and eliminate debt.  More and more companies will replace their pension plans entirely with 401(k)’s, which, as I have written about before, are nowhere close to living up to the hype of the companies that sell them.

Increased Health Care Costs For Retirees

Not only are old school pensions becoming rarer and rarer, but post-retirement medical benefits are also on the wane.  This means seniors, even those on Medicare, are footing more of the costs of keeping themselves healthy.

Even with good medical care and a healthy lifestyle, 50% of all Americans will spend at least some time in a nursing home.  According to Genworth, one of the country’s largest producers of Long Term Care Insurance, only 5% of Americans have long term care policies in place.

The average nursing home stay is just over 892 days (2.5 years) while Medicare only covers about 100 days of nursing home stays.  With nursing home costs running anywhere from $4,000-$9,000 per month, it’s easy to see how a family’s entire savings could be wiped out.

401(k)’s and Other Retirement Schemes Aren’t Working As Planned

According to journalist Timothy Martin in his January, 2017 article in the New York Times, early architects of what are now called “401(k)” plans are having a lot of second thoughts.  Writes Martin:

“Many early backers of the 401(k) now say they have regrets about how their creation turned out despite its emergence as the dominant way most Americans save.  Some say it wasn’t designed to be a primary retirement tool and acknowledge they used forecasts that were too optimistic to sell the plan in its early days.

Others say the proliferation of 401(k) plans has exposed workers to big drops in the stock market and high fees from Wall Street money managers while making it easier for companies to shed guaranteed retiree payouts.”

While not everything is wrong with 401(k)’s, there are enough problems to warrant caution on over-reliance on them as a primary retirement vehicle, especially since there are no hard caps on the management fees that can eat into your retirement money.

Can Bank On Yourself® Help Make Retirement Possible?

The good news in all of this is that by partnering with a highly trained Bank on Yourself® Authorized Advisor, you can create a more streamlined, tax-advantaged method of growing your wealth safely and sanely without exposing it to unnecessary risk.  A Bank on Yourself® Authorized Advisor will look at your current retirement plan, help you find money you didn’t know you had, and show you realistic ways to create a stream of income that you won’t outlive.

Even if you currently have a trusted financial planner, partnering with a Bank on Yourself® Authorized Advisor ensures that you have every base covered and have created a sound blueprint for the future that allows you use, liquidity, and control of your own money.

Call us today at 1-800-382-0830 for a no-cost consultation or to request our free information packet.

Sept 18 Show: Nelson Nash, Infinite Banking Visionary (Part1)

Nelson Nash, Infinite Banking, banking alternativesHave you ever gotten a loan for something and cringed over how much money you were pouring down the drain as interest payments? Have you ever tried to get financing for a home or other major expense only to find an endless cycle of hurdles and obstacles? More and more people are realizing the centralized financial system in this country doesn't work for them. But what can we do about it? Is it possible to opt out of the banking system entirely?

Sep 11 Show: Financial Planner, Adam Taggart

Adam Taggart, banks are evil, financial healthDo you struggle to get ahead, but it seems like you never can? Do you sometimes wonder why the cost of living is so high and prices just keep climbing? Is “middle class” now starting to feel the same as lower class? Whatever your income, are you having to work harder and harder to just stay in the same place? What’s going on? Who is to blame, and what can we do about it?

Sept 4 Show: Cryptocurrency Pioneer, Stan Larimer

stan larimer, cryptocurrency, cryptonomexAre you interested in BitCoin and other cryptocurrencies? Have you ever kicked yourself for not jumping in sooner and making a fortune on the rise in value over the past few years? What about the recent fork? Is cryptocurrency here to stay? There are so many questions about this exciting alternative, and so many possibilities! But where do you start?

Aug 28 Show: Financial Wellness Coach, Whitney Morrison

Whitney Morrison, financial wellness, Living Wealthy FinancialAre you the budgeting type, or could you use a little help managing your personal finances? Do you have a specific plan or strategy in place to achieve your financial goals, or are you just hoping and praying it will all work out?

Aug 21 Show: Surgeon Who Cured Cancer Naturally, Dr. Lorraine Day

Dr. Day, cure cancer naturally, Lorraine DayHave you or someone you know ever struggled with cancer? What would you do? Many choose to do absolutely nothing, believing the so-called “treatments” are worse than the disease. Others go through surgery, radiation, or chemo, and sometimes they beat it – for a while. But often the cancer comes back. And even if it doesn’t, the so-called “treatments” cause lasting harm to their body in the process. But what if there were a better way to handle disease? What if you could improve your health and longevity naturally?

Aug 14 Show: Master Negotiator, Herb Cohen

Herb Cohen, negotiations, how to negotiateCould you use more power of persuasion in your professional dealings? Do you sometimes feel like it’s not easy getting a potential client, employee, or partner to say ‘yes?’ No matter what area of life – from personal relationships to investments to your career – everything is a negotiation. And if we understand the nature of negotiations and how to get from ‘no’ to ‘yes,’ our lives could be enriched in so many ways.

Aug 7 Show: T-Tapp Workout Founder, Teresa Tapp

Teresa Tapp, T-Tapp, fitnessHave you been trying to lose a few pounds but can’t seem to get the momentum going? Are you frustrated by a slowing metabolism, your body type, or conflicting diet tips? Staying fit and healthy is an important aspect of a balanced and fulfilled life. But not everyone has the time or discipline for long, strenuous workouts. What can you do to get back in shape or tone up?

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