The Prosperity Blog

Shifting the Retirement Paradigm: Why 87 is the New 65

“The key is not to turn off the jets, but turn them down into a new orbit and equilibrium..”

Ron Suber
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How much do you know about your own retirement? How much has been painstakingly planned out, even if it’s 30 years away? The unfortunate problem with the concept of retirement is that people think they know what to expect. They intent to be on a beach in their golden years, with plenty of money to live the life they’ve always wanted to. 

No one wants to find themselves unable to enjoy these years. And yet, few people plan for a future that doesn’t go exactly how they want it to. Many retirees don’t have sufficient cash reserves for a retirement that could theoretically last from age 65 to age 100…or beyond. Fewer still have a real game plan for disability, illness, or injury.

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Activating Lifelong Service: The Cornerstone of Partners for Prosperity

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In both my personal and professional life, I’ve committed to discovering my purpose (with the help of my sister, Tammi Brannan). Through her program, The Blueprint Process, we’ve identified who I am and what I’m about. In other words: my Purpose. 

The reason is so that my business is a reflection of my Purpose—otherwise, who am I serving? Certainly not the people I’m meant to serve: the ones who want and can benefit from my message.

In this process of discovery, we distilled my purpose down to this phrase: “activating lifelong service.”

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Retirement Income Streams: Guarantees, Promises And Contracts

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What’s the best approach for ensuring a steady stream of retirement income? Discussions of this question inevitably come down to the two primary options: group plans and individual contracts. Fewer people talk about how to make your money work smarter before retirement.

Knowledge of all your options and what they entail is essential if you want an optimized retirement strategy (including a more purpose-filled life).

Table Of Contents

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Understanding the “Real Cost” of Financial Decisions Takes Some Imagination

One of the most typical methods of assessing the desirability of a particular financial decision is to evaluate the “benefits and associated costs.” Yet what is the true cost of a financial decision? Even in the simplest transaction, the cost isn’t just the amount that leaves your checking account. You must also consider the opportunity cost.

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University of Washington professor Paul Heyne (1931-2000) was the author of a noted introductory level economics textbook titled The Economic Way of Thinking. Heyne defined opportunity cost as “the value of sacrificed opportunities.”

Money spent on one item is money that can’t be used to buy something else. If you choose to spend $10 on a pizza, that’s $10 that can’t be spent on something else, like gas in the car. And, what if you spend $10 on a pizza and then learn that another pizza shop is offering 2-for-1 deals.

In theory, this is a practical way of prioritizing financial decisions. Yet few typical financial planners will actually account for opportunity cost. Even fewer know how to calculate it.

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Are Americans Saving More Money?

Where You Stand Today May Determine
Where You End Up Tomorrow

While the financial crisis that originated with the subprime mortgage sector in 2007 is over, the last year has been one of challenge (and innovation). Join us as we assess two of the outcomes of the last year: one surprising, and the other not-so-much.

One thing is for sure: the use of credit, and the business of borrowing, lending and saving are in for a change.

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Whole Life Insurance: A Unique Asset Class

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“Don’t put all your eggs in one basket.”

This old saying reflects a common-sense approach to long-term asset accumulation. Even if current returns from a particular investment are quite profitable, there’s wisdom in not putting too much of your savings into a single financial asset or product, whether it’s in the stock market, real estate, certificates of deposit, or countless other items.

Since each class of financial asset possesses unique characteristics, a diversified financial portfolio typically includes a mix of asset types. Some may be valued for their guarantees or liquidity, while others may be prized for their steady income or potential for long-term appreciation. 

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