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These 3 Wealth Myths That You May Have Missed May Be The Costliest…
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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
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