Ben Green discusses macro challenges and opportunities for building & preserving Black Wealth.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-ben-green-co-founder-of-ready2retire-discussing-preserving-black-wealth/
Ben Green highlights the importance of this topic by citing “The Road to Zero Wealth Report” published by Prosperity Now and the Institute for Policy Studies which predicts that African American (Black American) median wealth will fall to zero ($0) by 2053 if current trends continue.
Ben Green also emphasizes the impact of AI on the economy and job prospects for all Americans, indicating that advancements and the implementation of AI technology will significantly impact almost all industries and markets. The interview emphasizes the importance of understanding this trend and its potential effects on the economy.
The graying of America is a significant trend currently taking place, with approximately 10,000 people in the United States turning 65 and entering retirement every day. This demographic shift has implications for retirement, Medicare, Social Security, and long-term care needs.
The increasing number of retirees poses challenges for retirement planning. As more people retire, there will be greater demand for retirement benefits and financial resources to support a comfortable lifestyle during retirement. This can strain retirement savings and requires that individuals carefully plan and manage their finances to ensure they have enough to sustain themselves throughout their retirement.
Similarly, the graying of America raises questions about the sustainability of Social Security. As more individuals retire and rely on Social Security benefits as a source of income, concerns may arise about the long-term viability of the program. The increasing number of retirees will place a greater burden on the Social Security system, potentially necessitating changes to ensure its continued viability. These changes could negatively impact Social Security beneficiaries.
Finally, the graying of America highlights the need for long-term care planning. As individuals age, there is an increased likelihood of requiring long-term care services, which can be costly and financially devastating to retirement plans. Planning for long-term care needs becomes essential to ensure individuals are prepared and have the necessary resources to cover these expenses.
Overall, the episode emphasizes the importance of being aware of these challenges and understanding their potential impacts. By being aware of these trends and challenges, individuals can better prepare themselves and take appropriate actions to navigate and potentially capitalize on the opportunities that may arise.
Ben said: “55% of the people that die on Mount Everest die coming down the mountain. Successfully arriving at the top of your retirement mountain isn’t enough… you need to be able to safely navigate down the mountain of retirement too. Ready2Retire
exists to make sure you enjoy your retirement, while also avoiding pitfalls like Running out of money and having to “un-retire”, paying too much on taxes or financial fees, not factoring in the rising costs of health insurance and long-term care, failing to plan for inflation, and failing to plan for volatility in the markets.”
About Ben Green
A native of Columbia, SC, Ben is Co-Founder & President of Ready2Retire, the leading retirement planning firm for people who want to retire with confidence. Ben greatly appreciates the importance of customer service and client satisfaction, honed from over 20 years of experience, and is recognized nationwide as a top retirement, insurance, Medicare, and Social Security planner.
He has over 2,000 clients and has educated over 10,000 people. Ben is also President and COO of Insurance Advantage, an employee benefits agency he co-founded 14 years ago. Ben has previously served as COO of a human resources staffing firm and as Vice President of Asia and Europe for an American software company.
Ben has extensive experience in economic development and consulting and worked as a Business Recruiter for South Carolina. Since Ben opened the Japan office in 2012, South Carolina has received over $2.2 billion in investment. In 2014, he was hired to write The Strategic Plan for the State of South Carolina.
Based on ten years working overseas in Japan, Brazil, & Spain, he wrote the Amazon Best Seller “The Global Superstar: How Your Students Can Develop an Advantage over Global Competition” to help students prepare for careers in this changing economy. He holds a Bachelor’s degree in Finance from Morehouse College, an International MBA from The University of South Carolina, and certificates from UNC and Temple University.
He’s conversant in Japanese, Portuguese, and Spanish. He has served on numerous boards, including the South Carolina Independent Colleges and Universities Association, the SC Chamber of Commerce, and the Columbia (SC) Chamber of Commerce. He’s a member of the Nashville City Club and the Nashville Kiwanis Club.
