In this conversation, Chris and John of Prospect Wealth Advisors discuss the common concerns and misconceptions that prevent people from seeking financial advice. They emphasize the importance of starting the conversation and offer a transparent and pressure-free approach to financial planning. They also discuss the significance of estate planning and the consequences of not having a plan in place. The conversation concludes with a discussion about the potential costs of retirement and the increasing life expectancy of retirees. People are living longer, which means retirement savings need to last longer. The documentary 'Live to a Hundred Secrets of the Blue Zones' explores areas where people live longer and have a good quality of life. Wealthier people tend to be happier, but many retirees struggle financially. Lifestyle choices in retirement can be expensive, such as travel and hobbies. It's important to have a plan and budget for retirement. RMDs and taxes are a concern for retirees. Revocable living trusts are more common and can be changed, while irrevocable trusts are used for tax purposes. Saving 20% of earnings for retirement is a good strategy.

Reach out to Chris or Jon at 602-497-1322 or https://www.prospectwealthadvisors.com/

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