S2: Episode 8 – Seven Steps to Retirement Security, Part Two – with Guest Tom Hegna
Simplify Your Retirement
Following the steps that we outline in this podcast will help you retire happier. How? In this episode, Stephen Stricklin sits down with Tom Hegna, an international economist, as they continue their conversation about Tom’s seven-step process to retire not just comfortable, but happy. Tom shares the last 3 steps of this process and provides insight into his own personal use of them! In this episode, we discuss: What notable PhDs say about guaranteed income & happiness Why you need to focus on planning for long-term care How to use your home equity wisely The investment vehicle that can provide tax benefits, long-term care benefits, death benefits, and tax-free lifetime income And more! Tune in now to part two of the seven steps to a happier retirement with Tom Hegna! Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Tom Hegna | Tom Hegna’s Website | Seven Steps to Retirement Security Part One
Busting the Annuity Myths: My Interview with Tom Hegna (Part 2)
The Power Of Zero Show
If you have a history of premature death or cancer in your family you may still be a good candidate for an annuity. If your spouse has longevity it can still be a good option. Even if you’re not in the best health there are still annuity products with certain features that can still make sense. Some people always want to have control of their money, but they have to realize that an annuity is not giving up control, it’s about taking control over your risk. Annuities give you control over longevity risk, the risk of deflation, withdrawal and the sequence of returns risks. You’re simply taking key risks off the table. The people who buy annuities are the people that want to have control of their future. Annuities are not meant for all of everybody’s money. Most people should put 20% to 40% of their portfolio into annuities. If they did that it would solve most people’s retirement issues. Life insurance is a great bond substitute for younger people, once you’re 65 and above you can replace it with some time of income annuity. The way an income annuity functions inside a portfolio are like a triple A-rated bond with a triple C rated yield and zero standard deviation. This makes them a much better alternative to bonds. Most people don’t realize that they can lose half their money in a government bond because of the risk of interest rates rising, which is a risk that’s not present in life insurance and annuities. You aren’t getting any younger and you can’t take your money with you. This means you are supposed to spend your principal. If you have life insurance in place it allows you to spend your money guilt-free in a way where everyone wins. Annuities are ordinary income, but most people overestimate the amount of capital gains they are receiving. If you’re in a mutual fund or managed money account, a lot of the time it’s actually ordinary income because of the turnover within the fund. When it comes to the stepped-up cost basis the only area that applies is in unrealized capital gains. Most people think the stepped-up cost basis applies to their whole account but they actually paid for it in taxes for all the years they have it. It doesn’t matter whether it’s Republicans or Democrats, both parties spend like drunken sailors. Both parties are spending too much and borrowing to pay for everything. If you look at Modern Monetary Theory closely it only works as long as interest rates are low. Once interest rates start to rise they advocate for slashing spending very strictly which is the source of the problem. We are always willing to take the easy road (spending) but we’re not willing to do the hard things (cutting expenses). It’s hard to predict where the economy is headed over the next ten years because of the crazy amounts of unprecedented money printing recently. 1 out of every 5 dollars in America’s history were printed in the last 12 months. They can keep printing money in the short-term but they can’t do it indefinitely. Tom believes that at some point in the next ten years taxes will go, the market will crash, and there are good odds of another great depression-style event. People need to move from the mindset of building wealth to protecting wealth, and that’s what life insurance and annuities can do. Another interesting point is that in the state of Arizona, the money you put into annuities is protected from lawsuits. Protecting your wealth is more important than building your wealth. Mentioned in this Episode: For advisors interested in learning more about Tom's training materials, go to tomhegna.com/webinars
March 27, 2021 – Radio Retirement Series – Today with Episode 11! – Tom Hegna – 7 Steps to Retiring Happy! – Bucket O’ Listener Questions
More Than Money with Gene Dickison
Financial expert, author and speaker, Tom Hegna, joins Gene tomorrow morning for the newest edition to this exciting series. Tune-in for professional guidance from America’s foremost expert on retiring happy.Gene answers tons of listener questions:· They are not yet taking RMDs – can they still do Qualified Charitable Distributions from their IRAs?· She feels entitled to her inheritance, but . . . her father isn’t dead. Is she on the right track or out of bounds?· What is the best way to determine when to take social security benefits?· Should she be ok with her husband giving his inheritance to his brother?· Lots more listener questionsTwo New Free Services· Have your current life insurance policies analyzed to see if they fit you or could you do better· Have your current annuities analyzed to see if they fit you or could you do betterAdded to These Free Services· Social Security and Medicare Review with our SS/Med expert Mr. Mark Bacak· Long Term Care Review with our partner Mr. Mike Pompei· Reverse Mortgage Review with our partner Tiffany Shutta· Estate Planning Document Review with an attorney in our officeFree Second Opinion Meetings· Do you have questions about your financial situation?· Are you on track to reach your financial goals – particularly your retirement goals?· What should you be doing right now?Schedule a free second opinion meeting with a More than Money advisor? Call today (610-746-7007) or email (Gene@AskMtM.com) to schedule your time with us.
S2: Episode 7 – Seven Steps to Retirement Security, Part One – with Guest Tom Hegna
Simplify Your Retirement
Following the steps that we outline in this podcast can actually lead you to retiring happier. How? In part one of this two-part series, Stephen Stricklin sits down with Tom Hegna, international economist, and author, as they begin to dissect the first four steps of Tom’s seven-step process! Tom shares how he uses this process for himself and advises you about why it is beneficial in leading to better retirement security. In this episode, you will learn: The key to happiness & longevity in retirement How to get the most for the least in retirement What is a hybrid retirement? Why you should maximize your Social Security Protecting yourself against inflation And more! Tune in now for part one of this two-part series where we help you discover Tom Hegna’s seven-step process to retirement security! Resources: Wise Wealth | Simplify Your Retirement | Stephen Stricklin | Tom Hegna | TomHegna.com
Busting the Annuity Myths: My Interview with Tom Hegna (Part 1)
The Power Of Zero Show
Popular speakers in the financial and retirement space like Ken Fisher and Suzy Orman have made annuities rather unattractive. The major objection has to do with the supposed fees of the product, even though many of the annuity options are not actually fee-based products. Ken Fisher has high fees, just like other investment options like commodities, hedge funds, and real estate. Variable annuities have higher fees than mutual funds but they also come with guarantees, and he’s essentially convincing people to move from those guaranteed products to another high fee fund. People often say they want no fees, but if that was the case they would just put their money into a savings account. It’s not about the cost of the fees. Its about the value you’re getting in return for the cost. Life insurance and annuities are not a religion and don’t require your beliefs. They are both basically risk transfer vehicles. An annuity is essentially a guarantee that you will never run out of money as long as you live. With all the medical breakthroughs that have happened recently, people are living longer lives, which is only increasing the odds of falling prey to the number one risk in retirement. Tom believes that you should spend all your money and leave life insurance to your kids. Leaving your IRA to your kids is not a great vehicle to transfer your wealth. People have been programmed to spend their paychecks while they are working while not touching their 401(k)s and IRAs while they are working, but once they retire they have to switch their mindset. You should use your money to actually enjoy your retirement. Any money that you want for retirement is appropriate for an annuity, especially after the age of 59 and a half. Annuities are not meant for a down payment on a house or your children’s college education, but depending on your goals, annuities can be one of the best places to put your retirement money. If you’re young and want to save as much as possible without losing what you have, an annuity is a great option. It would be possible to purchase a significant stream of money by the time you’re retired and it wouldn’t be that painful if you spread it out over your working years. People need to start thinking about income, rather than accumulating a big pile of money by the time they retire. Tom owns eleven annuities but he has even more in cash-value life insurance. Tax-free income in retirement is going to be vital, and people are not prepared for how much taxes are going to go up in the near future. If taxes go up and the market crashes, there are going to be a lot of people who are going to suffer. Liquidity is not a one time event, it’s a lifetime event. When you buy additional lifetime income you are increasing your lifetime liquidity. Annuities are a long-term plan. That money is not for emergency expenses. The overall strategy is not all or nothing. You can’t put all your money into an annuity or life insurance, they are all part of a balanced portfolio. If you guarantee a portion of your income in retirement by way of an annuity, it will free up the money in your stock market portfolio to continue to perform for you. Life insurance and annuities are permission slips. They give you the ability to spend all of your money and invest more aggressively elsewhere. Tom has been a proponent of investing 1% of your portfolio in Bitcoin which fits right into his overall strategy. Having guarantees in your portfolio gives you that kind of option. In this low interest rate environment annuities are more efficient than normal because the interest rate matters less and less as you get older. You also have to compare the other options. Why be in the market when you can guarantee a 12% payout rate for the rest of your life? Mortality credits are extra money from the risk pool that you get paid the older you are and the longer you live. Because the insurance companies can predict mortality in a large group pretty accurately, they can price the plan differently and afford these kinds of payouts. Mentioned in this Episode: For advisors interested in learning more about Tom's training materials, go to tomhegna.com/webinars
Tom Hegna and Don Anders Presentation on Webinar Best Practices for Financial Advisors
Marketing For Financial Advisors
This is a recording of a live presentation that Tom Hegna and Don Anders did in 2021 on webinar best practices. Don Anders discusses webinar marketing and software best practices and the top marketing trends of 2021 for financial advisors. Tom Hegna discusses webinar presentation best practices. From what subjects to cover to how to give a great online presentation that will give you financial appointments. Afterwards, Don and Tom spend some time doing question and answers from the over 250 attendees. Resources:If you're interested in having Tom Hegna host a presentation, you can click here to talk to one of our teammates about that: https://calendly.com/advisorsplatform/tomhegnawebinarAttend one of our upcoming "Webinar Best Practices" webinars: https://event.webinarjam.com/register/503/vm78li5z
In this podcast Ed Greene and I interview Tom Hegna. In 12 minutes, Tom shares some key things to consider as you plan for retirement. Tom is an economist,author of five books including Paychecks and Playchecks,and public television host of Don’t Worry, Retire Happy! seen in 80 million homes.
8. How to Use Your Paychecks and Playchecks in a Pandemic with Tom Hegna
The Retirement Resource
Today Tom Hegna, best-selling author of ¨Paychecks and Playchecks,¨ breaks down the complexities and myths surrounding savings, annuities, and long-term life insurance, with practical pointers based on current maths and science metrics. In a time of great uncertainty, his fail-proof method of securing a risk-free retirement by covering your necessities with guaranteed life-income sidesteps flashy marketing gimmicks for solid steps that will weather future obstacles, and get your retirement back on track for 2021. Discussion Topics¨Lost Passwords Lock Millionaires out of Their Bitcoin Fortunes¨The benefits of opening a ROTH IRA for children and grandchildren.Important age milestones for your retirement journey. Get your retirement on track for 2021.Why you need to save and invest 20% of your earnings instead of 10%Why a 401K is not the best place to put your money. How to prepare for retirement as a young investor.Getting life basics covered with guaranteed lifetime income.Why long-term care is a 3-in-1 saver.Why you should spend all your money and leave your children life insurance. How to increase your savings right now. Resources:Buy: ¨Paychecks and Playchecks¨ by Tom HegnaBuy: ¨Don’t Worry, Retire Happy¨ by Tom HegnaWebsite: tomhegna.comYoutube channel: https://www.youtube.com/channel/UCZLVr1-144LsPDrWR1cyqWQSocial:Tom Hegna - FacebookTom Hegna - LinkedInBeau Henderson - FacebookBeau Henderson - LinkedInBeau Henderson - TwitterAbout Beau Henderson:Beau Henderson is a retirement consultant, money and business coach, best-selling author, radio host, and Founder of RichLife Advisors. He has helped over 3,000 clients to not just improve their relationship with money, but to live their unique definition of a fulfilled life with purpose. RichLife Advisors helps clients across the United States approaching retirement with a strategy to:Save more moneyPay less in taxesProperly address the 12 components of creating a successful retirementProtect the people and things that they care about the mostLive their unique definition of a RichLife in retirementThe Retirement Resource is produced by Crate Media.
Episode 167: Don’t Worry, Retire Happy with Tom Hegna
Not Your Average Financial Podcast™
In this episode, we ask: Who is Tom Hegna? What was Tom taught at a young age? What about savings? What about a Math Party? What’s the problem? What needs to change? What does retirement mean for Tom? Are you getting any younger? Can you take any of it with you? What does Tom think about annuities? What’s the stupidest thing someone can do? What’s the difference between variable and fixed indexed annuities? What about bonds? What about income annuities? What is retirement all about? Is guaranteed lifetime income possible? What about AUM (assets under management) fees? What do the retirement studies say? Do you have enough income for basic expenses in retirement? Is there a substitute for guaranteed lifetime income? Why do people rebel against the optimal? What are Tom’s books? What does AAA mean? What does CCC mean? What’s a mortality credit? What else do you need to learn? Would you like to work with us? See the job description here: http://bit.ly/worklg Tom Hegna, CLU, ChFC, CASL, is an economist, author, and retirement expert. He has been an incredibly popular industry speaker for many years and is considered by many to be THE Retirement Income Expert!.As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature “Paychecks and Playchecks” retirement approach, helping Baby Boomers and seniors retire the “optimal” way. He has condensed a large chunk of his considerable knowledge into 5 books.