Money Buys Happiness, Income Inequality, Social Security Raise, and Cost of Insurance Kickbacks

On this episode of?Upticks, Cory and I take a new perspective on money and happiness. Do you think money can buy happiness?

We discuss income inequalities and the idea of hard work resulting in higher financial benefit. As well as a recent social security raise and potential impacts of insurance industry kickbacks on retirees.

Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at?[email protected]?and he’ll be sure to ask us to bring it up on the show!

Order ‘Retiring Right’ Today: https://a.co/d/geeSRDy

Read a summary of the conversation below:

Listener Suggestions

Jake and Cory kick off the episode by addressing listener suggestions. One listener brought up an interesting study about income inequality, which sparked a lively discussion. The study suggests that the more you work, the more skills you gain, and consequently, the more you earn. This perspective challenges the notion that income inequality is solely driven by external factors. Instead, it highlights the importance of personal effort and continuous improvement. Jake and Cory agree that while this view might be controversial, it underscores the value of hard work and skill acquisition.

Social Security Is Giving Retirees a 2.5% Increase, the Smallest Raise in Years

The conversation then shifts to Social Security and the recent announcement of a 2.5% increase in benefits, the smallest raise in years. Jake and Cory discuss the implications of this modest increase for retirees. While some people are disappointed, Jake points out that not everything grows at the rate of inflation. He emphasizes that Social Security should not be the sole source of income for retirees. Instead, a comprehensive financial plan that includes savings and investments is crucial. Cory adds that relying too heavily on Social Security can be risky, and it can be helpful to have a well-rounded financial strategy.

Source: Wall Street Journal | As of: 10/10/2024

Sen. Warren Says Insurance Industry ‘Kickbacks’ Cost Retirement Savers Billions

Next, Cory brings up a recent report by Senator Elizabeth Warren, which criticizes the insurance industry’s conflicts of interest. The report highlights how financial professionals are incentivized to sell products with high fees, often at the expense of their clients’ best interests. These “kickbacks” can cost retirement savers billions of dollars. Jake and Cory stress the importance of working with fiduciary advisors who prioritize their clients’ needs over sales commissions. They argue that retirement planning should not be transactional but rather a long-term relationship built on trust and transparency.

Money Buys Happiness, Even if You’re Already Rich

In a fascinating segment, Jake and Cory explore the relationship between money and happiness. They discuss a study that suggests even wealthy individuals experience increased happiness with additional income. This finding challenges the common belief that money doesn’t buy happiness. Jake shares a personal anecdote about feeling happier after discussing a potential raise, despite not needing the extra money. This leads to a broader conversation about the American dream and the cultural significance of financial success. Cory adds that while money can contribute to happiness, it’s also important to have a balanced perspective and not let financial gains solely drive one’s emotions.

Thank you for tuning in, we hope you have a great week!

Falcon Wealth Advisors is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC, member FINRA and SIPC. Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC. All information referenced herein is from sources believed to be reliable. Falcon Wealth Advisors and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Falcon Wealth Advisors and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Falcon Wealth Advisors and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Falcon Wealth Advisors and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.

Legal & Privacy | Web Accessibility Policy

Form Client Relationship Summary ("Form CRS") is a brief summary of the brokerage and advisor services we offer. HTA Client Relationship Summary HTS Client Relationship Summary

Securities offered through Hightower Securities, LLC, Member FINRA/SIPC, Hightower Advisors, LLC is a SEC registered investment adviser. brokercheck.finra.org

? 2024 Hightower Advisors. All Rights Reserved.