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The Year of Profit podcast, hosted by Joe Shortridge, is your go-to resource for transforming every aspect of your life. As a seasoned life and financial coach, Joe brings a unique blend of personal development and financial wisdom to each episode. This podcast is designed for anyone looking to improve their mindset, boost productivity, manage stress, and achieve financial success. Whether you're striving to overcome personal challenges, build better habits, or enhance your financial literacy, The Year of Profit offers actionable strategies to help you reach your goals.

Joe’s expert advice covers a wide range of topics, from mental wellness and time management to wealth-building techniques and entrepreneurial mindset. Each episode provides listeners with practical steps they can immediately apply to their daily lives, leading to long-term growth and fulfillment. Through relatable stories and proven strategies, Joe empowers you to take control of your life, create positive change, and maximize your potential.

If you're ready to take your life to the next level and start living with purpose, The Year of Profit podcast is the perfect place to begin. Tune in each week for new insights, motivation, and inspiration to start your journey toward lasting success and well-being.

 

Show Transcript

 Don't rely on Social Security as your sole source of income in retirement—it won't be enough.

    Investing only up to the match on a 401(k) isn't enough for retirement. Set yourself up for success by putting away 15% of your income each year.

    Many people plan on working through retirement, but only a small percentage actually do.

    Medicare doesn't cover all health expenses—especially deductibles, copays or any long-term care.

    It's never too late to start saving for retirement, and you should do it with the help of an investment pro to give you confidence that you’re heading in the right direction.

Its ok to ask for help

I have a fanatical advisor for my retirement.

Find Your Pros

Listen, we all want to build wealth and have the retirement of our dreams. But it’s not going to happen if we’re getting sidetracked by all the naysayers and the misinformation swirling around.

Get expert money advice to reach your money goals faster!

There are myths about retirement everywhere. Maybe your angry broke uncle thinks “the little man can’t get ahead” or your buddy shared some sketchy financial “advice” on social media (stick to funny dance videos, TikTok). No matter where they come from, those myths and lies could keep you from taking the steps you need to take to secure your retirement future.

 

So, get ready, because today we’re going to bust the top six retirement myths so you can start building the retirement of your dreams—right now.

Myth #1: I’ll Live Off Social Security Income

This is a common one . . . but relying on the government to take care of you in retirement is dumb with a capital D. Here’s the reality: Living off Social Security will only lead to social insecurity.

The problem is, there’s a huge gap between what future retirees think they’re going to receive from Social Security and what they’re actually going to get.

Right now, retirees receive an average monthly income of $1,918 from Social Security.1 That’s about $23,000 per year. That’s barely enough to keep the lights on and put food on the table, let alone actually enjoy a comfortable retirement! And yet, a recent poll found that nearly 1 out of 5 Americans (17%) don’t expect to have any source of retirement income beyond Social Security.2 Yikes.

And the news gets worse for those who aren’t retiring for a while, because the latest projections show that Social Security benefits will be slashed by more than 20% in 2033 unless Congress takes action.3

 

Do you really want the quality of your life to be dependent on how the Senate votes? If you want to travel the world, start that business, or pursue your dreams in retirement, this is your wake-up call. Social Security just isn’t going to cut it. It’s time to take matters into your own hands and start taking steps to secure your retirement future—today.

Your retirement is your job—not the government’s.

Myth #2: If I Invest Up to My 401(k) Match, I’ll Have Enough to Retire

First of all, if your company offers you a match on your 401(k), take that match! It’s a fantastic place to start investing. But stopping at the 401(k) match is like running a marathon and stopping a quarter of the way into the race. We hate to break it to you, but you don’t get a medal for stopping at mile seven!

If you really want to build a solid nest egg, you need to invest 15% of your income into retirement. And that means you have to invest beyond the match.

Sound scary? Not if you’ve built a solid foundation for your finances first! When it comes to wealth building, we believe in the Baby Steps. And investing for retirement doesn’t happen until Baby Step 4.

So, what are the first three steps? Before you start investing, you need to pay off all your debts (except your mortgage) and save up an emergency fund of 3–6 months of expenses. That frees up your most important wealth-building tool—your income. With no debt and a full emergency fund, you’ll have