In this episode of Navigating Abundant Retirement Radio, host Carol Dewey explores the crucial topic of insulating your retirement from the unpredictable stock market. Through a compelling comparison of two retirees' lifestyles, Carol illustrates how a meticulously planned retirement lifestyle and legacy can provide peace of mind, financial security, and a lasting impact. She emphasizes the importance of predictable, tax-free income and offers strategies to create a retirement plan that remains unaffected by market fluctuations.

• Retirement shouldn’t be tied to the ups and downs of the stock market.
• A well-designed retirement plan includes predictable, tax-free, and rising income.
• It’s essential to consider both lifestyle and legacy when planning for retirement.
• John D. Rockefeller’s legacy serves as an inspiring example of how values, planning, and generosity can leave an indelible mark for generations.
• Retirement planning should focus on control, freedom, and ensuring your values are reflected in your financial and legacy plans.

• "Retire from worry, fear, and stress to peace of mind, security, and confidence." – Carol Dewey
• "It's not just your retirement, it's your legacy." – Carol Dewey
• "Rockefeller's legacy is not just money, but values passed on to the subsequent generations." – Carol Dewey

• (00:17) – The story of two retirees: Tied to the market vs. insulated from the market
• (02:20) – The impact of a stock market retirement lifestyle on everyday living
• (03:42) – The key elements of a strong retirement lifestyle plan
• (04:58) – Introduction to legacy planning
• (06:22) – John D. Rockefeller’s legacy and principles for success
• (07:33) – 10 key principles from Rockefeller's essays
• (08:48) – Charting your own legacy plan based on personal values
• (10:09) – Carol’s advice on taking control of your retirement

• Perpetual Wealth Financial
• Reach out via phone: (877) 434-6243
• Email: carol@perpetualwealthfinancial.com

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Episode Summary:

In this episode of Navigating an Abundant Retirement Radio, Carol dives into the importance of long-term care planning and flexible protection for a healthy retirement. She outlines common challenges retirees face and discusses strategies to ensure financial security without becoming a burden on family members.

Key Takeaways:

- Long-term care is a critical aspect of retirement planning, and Medicare generally does not cover these expenses.

- Flexible protection for a healthy retirement focuses on three key elements: protecting your family, your choices, and your financial assets.

- Hybrid insurance policies offer an alternative to traditional long-term care insurance, providing flexibility and additional coverage.

- A proactive conversation with family members about healthcare directives and long-term care options is essential.

Quotes:

- "You want to continue deciding where you live and what kind of care you receive as you get older."

- "It's more than a maybe that you'll need some kind of care—it's a probably."

- "Retirement success often comes down to creating as many options as possible."

Timestamps:

- (03:39) The importance of flexible protection

- (07:08) Long-term care insurance and ADLs

- (10:23) Home healthcare vs. nursing home care

- (14:51) Hybrid policies and underwriting process

- (16:54) Final thoughts on flexible protection

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- www.perpetualwealthfinancial.com

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Episode Summary:

In this episode of Navigating an Abundant Retirement Radio, Carol Dewey discusses the critical differences between controllability and responsibility in retirement. She explores how the modern retiree must navigate the shift from government and employer-sponsored retirement models to a more personalized responsibility for retirement security. Carol introduces the concept of being "Wealth Safe" (SAFE) and "Mindset Sane" (SANE) while sharing tips on controlling the elements you can to achieve peace, freedom, and confidence in your retirement.

Key Takeaways:

1. The historical evolution of retirement responsibility—from government and employer dependency to individual control.
2. The importance of separating controllable and uncontrollable factors in retirement planning.
3. A "Wealth Safe" (SAFE) plan focuses on protecting your finances from erosion, while a "Mindset Sane" (SANE) approach shields against negative exposure.
4. Retiring on your terms requires custom, comprehensive, and cohesive retirement strategies.
5. The 21-point Wealth and Lifestyle Assessment can help retirees identify gaps in their retirement plans and make informed decisions to enhance their lifestyle.

Quotes:

• "Retiring on your terms means you retire from a life on others' terms to a life on your terms."
• "To retire on your terms and fully enjoy peace, freedom, and confidence in retirement, we must separate the uncontrollables from the controllables."
• "Stay wealth safe, shielded against financial erosion, and mindset sane, shielded against negative exposure."

Timestamps:

• (01:15) Responsibility in Retirement: A Historical Perspective
• (08:20) The Shift from Employer-Based Plans to Individual Responsibility
• (13:45) Defining Controllability: What You Can and Can’t Control
• (15:00) The 10 Uncontrollables That Cause Financial Erosion

Referenced Links:

• Visit Carol Dewey’s website: www.perpetualwealthfinancial.com

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Episode Summary:

In this episode of Navigating Abundant Retirement Radio, Carol Dewey from Perpetual Wealth Financial dives into the implications of the Tax Cuts and Jobs Act of 2017 and its potential expiration at the end of 2025. Carol discusses the major tax changes introduced by the Act, including adjustments to tax brackets, the standard deduction, and estate tax exemptions. She also explores strategies for managing retirement withdrawals, including tax considerations and charitable donations from IRAs. Listeners are encouraged to consult with financial professionals to tailor strategies to their individual needs.

Key Takeaways:

• The Tax Cuts and Jobs Act of 2017 introduced significant tax changes, some of which are temporary and set to expire at the end of 2025.
• Tax rates and deductions may revert to pre-2018 levels if Congress does not act to extend or modify the legislation.
• Effective retirement withdrawal strategies can help manage tax implications, including avoiding early withdrawal penalties and considering Roth IRA conversions.
• Charitable donations from IRAs can be a tax-efficient way to meet Required Minimum Distributions (RMDs) and support charitable causes.

Quotes:

• "If you're in one of those brackets, your taxes will go up at the end of 2025 unless Congress takes additional measures."
• "You should closely monitor how Congress handles the legislation in the months before its possible expiration and review your financial strategy with your financial services professional."
• "Dedicating a portion of your retirement savings to an after-tax Roth IRA may help supply you with tax-free investment growth and tax-free withdrawals during your retirement."

Timestamps:

• (00:17) Overview of the Tax Cuts and Jobs Act of 2017
• (01:28) Detailed discussion on tax rate changes and deductions
• (04:11) Impact on the Affordable Care Act and estate taxes
• (05:23) Hypothetical scenarios and the importance of monitoring legislation
• (06:37) Tax strategies for retirement withdrawals
• (07:45) Early withdrawal penalties and RMDs
• (10:01) RMD age changes and tax strategies
• (11:14) Charitable donations and Roth IRAs
• (13:21) Further tax-saving strategies
• (14:17) Risks and considerations for Roth accounts
• (15:23) Investment tax considerations and charitable donations

Referenced Links:

• Tax Cuts and Jobs Act - Investopedia
• How to Pay Less Tax on Retirement Account Withdrawals - US News
• How to Donate to Charity from Your IRA - US News

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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

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

Connect With Carol:

• Website
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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

• Perpetual Wealth Financial
• LinkedIn