In this 37th episode of Ideas by Mike Podcast, Mike Milligan, CFP® and Tom Hegna went for another one to discuss his newest book “Who Wants To Be a Millionaire?”.
They revealed these HUGE financial mistakes younger generation can avoid because these financial mistakes are stopping them from reaching their First Million mark on their professional careers.
Tom Hegna explains Why the First Million is the Hardest and the critical importance of patience in wealth building.
Learn the math behind the $10.8 million mistake couples make and the essential savings discipline: The 10/20/70 Rule. They both discuss how to use the SEC Savings Goal Calculator to hit your targets, and Tom’s secret to career success: Finding Riches by being the Best in your Niche.
This episode provides the mindset and the math for building wealth faster and helping you execute your One of a Kind Financial Plan.
Tom Hegna retirement income strategies are some of the most researched, proven methods to retire with security, peace of mind, and lasting wealth. In this episode of the Ideas by Mike™ Podcast, Mike Milligan, CFP®, sits down with Tom Hegna—renowned author of Paychecks and Playchecks and Don’t Worry, Retire Happy—to uncover his formula for creating guaranteed lifetime income, reducing taxes, and protecting family wealth. #TomHegna #RetirementIncomeStrategies #ideasbymike
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👤 About Our Guest: Tom Hegna
Tom Hegna is a world-renowned retirement income expert, economist, and author widely known as the “Retirement Income Guru.” With decades of experience as a financial industry executive, retirement strategist, and keynote speaker, Tom has helped thousands of individuals and advisors understand how to retire happy and secure.
– Why annuities must play a foundational role in retirement income.
– The truth about fake fiduciaries—and how to spot them.
– Strategies for Roth conversions and cash value life insurance.
– How to build a wealth floor with life insurance for your family.
– Why guaranteed income leads to happier, longer retirements.
– How to prepare for the long-term care crisis with hybrid solutions.
– The balance between short-term liquidity and long-term stability.
This conversation with Tom Hegna is packed with insights that every retiree and pre-retiree should hear. This conversation is a masterclass in building a plan that actually works—covering income, taxes, legacy, investments, and healthcare.
📖 Episode Chapters:
00:00 – Tom Hegna Retirement Income Strategies (Intro)
22:59 – Safe Withdrawal Rate vs. Lifetime Guarantees
24:14 – Building a Wealth Floor with Life Insurance
25:56 – Creating a Comprehensive Financial Plan
27:38 – Short-Term vs. Long-Term Balance in Retirement
28:53 – Which Tom Hegna Book to Start With
**We’d love to hear your thoughts! Subscribe for more Tom Hegna retirement income strategies, proven tax tips, and financial planning insights that help you build wealth and peace of mind.**
Ever faced a mountain and thought, “I can’t do this?” This episode serves as a way to combat this thought.
As the calendar turns to 2025, Mike Milligan recounts an incredible journey to Peru’s Rainbow Mountain and draws parallels to the journey of retirement planning. Learn how each individual step, supported by a trusted guide, can lead you to breathtaking highs in your financial life.
Mike shares the importance of personalized financial planning, exploring the value of having an experienced guide in crafting your unique financial path. With stories of breathtaking adventures and overcoming limits, he ties these experiences back to helping you achieve the retirement of your dreams.
Key discussion points include:
The significance of taking small, consistent steps in retirement planning (10:00)
Understanding how personalized plans can lead to unique financial experiences (14:59)
Get to know the team behind Ideas By Mike™ and how they contribute to crafting individualized plans (16:30)
The power of asking “What makes you one of a kind?” in developing a personal financial strategy (19:00)
