When you think about it, isn't the concept of retirement just ABSURD!?
It's absurd to think that making a growing segment of our population LESS productive (through forced or expected retirements), that there will somehow be more for everyone.
It's absurd for 95% of Americans to believe they can work and save for 40 years, then expect to live off of their savings and investments – in the manner to which they've become accustomed – for another 20, 30, even 40 years.
We know that for most Americans, the math just doesn't work out. They can't save enough and earn on their investments to counteract the effects of inflation. And if their nest eggs are tucked away in qualified retirement plans where they'll pay (likely) increasing income taxes before they can spend what they've saved, they'll be in worse shape than they may realize.
As an advisor, how can we address the retirement debacle? People come looking for “help” in retiring, but do you ever feel like they're chasing the wrong goals, or just not willing to accept inconvenient financial probabilities such as rising inflation, tax burden, and increased longevity?
Kim D. H. Butler is a financial advisor (or “Prosperity Economics Advisor”), my wife, and an author who is equally concerned about this dilemma. And she has just released an updated and revised edition of her book, Busting the Retirement Lies, which features computations and screen shots from the Truth Concepts calculators:
- Financial calculators
- Cash Flow calculator
- Future Requirements calculator
- Life Expectancy table
- Qualified Plan calculator (in depth analysis with screenshots and explanations)
(Hint: the book can be used as a Truth Concepts study guide or even shared with clients as a third-party confirmation of concepts you may be sharing with them.)
Busting the Retirement Lies is much more than a book about retirement planning. It tackles what's wrong with the concept of retirement, from both a financial and a life purpose perspective. (As Kim is fond of saying, “Who wants to be ‘taken out of service'!? Not me!”)
The book also gives several examples of role models who are doing “retirement” differently, pursuing businesses, new careers, and meaningful volunteer work beyond the age when many people have confined themselves to an easy chair. And its seven chapters give the steps to living prosperously as you age:
- Getting better, not just older… to 100 years or beyond! Move past self-imposed and societal limitations of aging to live a full and healthy life. This chapter presents wise advice from active centenarians.
- Match your purpose with your prowess. Learn tools and resources to help you figure out your innate calling or “soul purpose.”
- Find work (or volunteer opportunities) you love. Don't work a job you hate! Discover how to enjoy your work while making a contribution.
- Strategize how to keep doing meaningful work for a lifetime. It makes little sense to simply cease productivity because we're 65. Instead we can do work we love throughout our lives, combined with meaningful sabbaticals, rest, and travel.
- Save 20 percent of your income. Most Americans are drastically under-saving, not realizing the effect that taxes and inflation will have on their spendable income!This chapter features screen shots of several Truth Concepts calculators demonstrating how people will be impacted by inflation, the difference between actual and average returns, and more.
- Understand the Reality of Retirement Plans. In this chapter, the Qualified Plan calculator gets a workout! As one of our first reviewers commented,
“The 401(k) illustrations are a real eye-opener and make you realize how many hands are in what we think is ours.”
Chapter 6 also gives a review of Kim's 7 Principles of Prosperity and the CLUE concept, both which lead the reader to realize they have other investment options than just 401(k)s and IRAs.
- Live and Share with Passion. Whether you work, volunteer, or “retire,” focus your life on the things that make it meaningful!
I'm so fortunate to have such a talented wife who shares MY passion for telling the “whole truth” about money! And even if I wasn't married to Kim, I'd be so proud to have my work featured in such a compelling and inspiring book.
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Help us Bust the Retirement Lies!
We appreciate your sharing the book with others, and we believe it will motivate your clients to think more creatively, to save more, to consider why they shouldn't have all of their eggs in the 401(k) basket, and to live full, prosperous, meaningful lives.