Financial Myths That Will Ruin Your Retirement Dreams

Introduction

Preview

The Five Main Myths

Preview

Learning Outcomes

Preview

The Spreadsheets (free)

Personal finances: Why do people simply believe what they are told?

Myth 1. If I had $1,000,000 I Could Retire

The 70% rule

Debunking the 70% Rule

Meet the Harts

Hart family expenses: now and in retirement

From myth to reality: other income sources

You don't need to maintain the fund at $1.4 million until the day you die

Social Security Normal Retirement Age

Myth 2. RRSPs, IRAs and 401(k)s are the Holy Grail of Retirement

What's really important: retirement savings or net worth

Demo of net worth calculator

Retirement savings vs paying down debt

Demo of retirement savings vs pay down debt calculator

Advantages of paying off debt vs retirement savings

The scale of life - savers vs spenders

Net Worth Calculator Spreadsheet

Retirement Savings vs Pay Down Debt Calculator

Myth 3. Don't worry about your investments; you'll be fine in the long run

The stock market (Canada)

The stock market (U.S.)

Your personal rate of return (PRR)

Required investment disclosure (Canada)

Required investment disclosure (U.S.)

Demo of personal rate of return calculator

You try the PRR calculator

DOL 401(k) disclosure info model chart

PRR Calculator Spreadsheet

PRR Calculator You Try Results

Myth 4. Income taxes are the enemy

Taxes (yuck!)

Myth 5. Buy Permanent Life Insurance to Secure Your Financial Future

Life insurance basics

Life insurance types

Chart of term life vs universal life

Disadvantages of universal and whole life

Term Life CPA Select IP annual rates

Critical illness insurance

Long-term care insurance

The Retirement Optimizer

Lower-income Canada example introduction

Demo of Retirement Optimizer Canada - lower income

Lower-income Canada example results

Higher Income Canada example introduction

Demo of Retirement Optimizer Canada - higher income

Higher income Canada example results

US example introduction

Demo of Retirement Optimizer US

U.S. example results

Now it's your turn

Retirement Optimizer Canada Spreadsheet

Retirement Optimizer US Spreadsheet

Behavioral economics

The basics

The details and how to use them to your advantage

Conclusion

You're done!

Demo of Retirement Optimizer Canada - higher income

Financial Myths That Will Ruin Your Retirement Dreams The Retirement Optimizer

By: David

3 minutes

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