5 Questions to Answer Before Retiring Early

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Thank you for being with us for another

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episode of Something More with Chris Boyd.

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I'm here with Jeff Perry and Russ Ball.

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We are of the AMR team at Wealth

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Enhancement and glad to have you.

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And our topic today is if you're thinking

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about early retirement, there's a few questions you

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want to ask yourself before you get started.

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And before we get started, I just want

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to give one more reminder.

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We have a great webinar coming up on

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September 9th and we've talked about it on

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some of our past episodes, so I won't

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go too much detail, but how to avoid

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leaving a digital mess.

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You know, we have all these digital assets,

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not necessarily cryptocurrency, though it could be that,

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but our online banking, our social media, our

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purchases that we have that maybe have a

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digital footprint.

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There's things to be planning for, and you

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might want to, or did I say social

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media?

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All of these things.

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You may want to make sure you have

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a good game plan for how to deal

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with these for those you leave behind.

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And, you know, in the event that you

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pass your, when you pass.

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Who's going to get my airline miles?

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That's what I want to know.

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Well, that's a great example.

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Those points on your credit card.

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Yeah.

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So in any case, tune in.

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We've got a great topic, a great speaker,

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and register now.

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We're going to leave the link in the

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show notes if you'd like to register.

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You can pause this and do that right

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now if you want to.

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Complimentary.

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No strings attached.

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No strings attached.

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All right.

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So let's jump right in.

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This came from an article you found, I

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think it was Kiplinger.

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And where should we begin?

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Brian?

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Jeff.

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Someone said Brian.

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When people come in, Chris, to, you know,

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if they haven't been a client for a

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long time, and maybe they're coming in because

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they want to know, can I retire early?

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Right?

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Yeah.

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Don't you find it's one end or the

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other of the spectrum?

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Like they are so solid.

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They have, they've done a lot of, they've

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done a great job preparing.

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Very well prepared.

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Based on their lifestyle and their needs and

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their debt and their goals and all that,

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they have that number, what's my number?

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And they have that, they've reached that number.

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So that's category A, category F, if you

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will.

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It's like, I don't think you're ready.

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I just don't think you're ready.

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You have not prepared.

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You haven't thought about some of the basics

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and you don't have enough money.

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There are some pretty big issues that can

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be relevant if you retire early that we

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need to be planning for.

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Health insurance is an example.

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Longevity though, is I think the one that

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people are least prepared to consider.

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They just think, wow, I'm not going to

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live that long.

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And with that comes additional costs as well.

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So yeah, let's talk about some of these

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kind of challenges that people run into.

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So if you're thinking about it, I mean,

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it's appealing.

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I don't know.

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I'm sure everybody some days wakes up and

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be like, ah, that's it.

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I'm ready.

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I don't feel like it today.

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So are you ready?

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What's required?

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Let's go through some of the things that

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you need to be thinking about to be

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well-prepared.

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And candidly, most people probably should not consider

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retiring early because there's a lot of need.

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If you think, oh, well, I'm going to

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retire 20 years into my work life.

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I'm 45.

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No, wait, I'm going to wait 30 years.

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I'm 55.

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Okay.

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Well, how long are you going to live?

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Well, you could live 30 or 40 years.

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Or more, right?

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Potentially.

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Not be unusual.

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Yeah.

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30 to 40 years for you to be...

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So have you been saving that much to

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be ready to retire as long as you

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worked, as an example?

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That's hard to do.

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And so it requires a lot of planned,

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dedicated effort to be prepared for that.

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And you can do that if you've prepared

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for it.

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But go into this wide-eyed and with

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a realistic view of this.

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And these are a few things you can

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think about as it may be relevant to

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you.

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But as always, we're going to say, get

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a good financial plan going.

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We run into people who say, I did

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some stuff on my own.

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They have some planning.

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I don't know what software.

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We talked to someone recently.

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Well, geez.

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I mean, it hasn't been that long ago

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since I came into your office and said...

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I mean, I knew you from politics and

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from friendship and just knowing you from the

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community.

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That's right.

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And I had my own plan.

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I came in with Quicken Reports.

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That's how we track everything.

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And I thought I had a good handle

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on things and for our plan.

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But I came to you to say, am

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I correct?

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Meaning, what am I missing, right?

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Because that's the thing.

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Yeah, you're looking for a little backup on

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this, right?

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Just to validate it.

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If you think you're ready, why not get

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a second opinion?

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Because in most cases, this is...

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Of course, you can go back to work

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part time.

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But if you've had a career and you're

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at the peak of your earnings, which most

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people are when they're getting close to retirement,

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they're at the peak of their earnings life,

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their accumulation phase.

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Once you make that decision, you really can't

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go back usually to where you were.

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Maybe you can, but not when you find

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out about back end.

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That's right.

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Oh, darn.

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I retired too soon.

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I guess I'm saying if you retire at

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55 and you're 10 years into it and

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you haven't kept up on the technology and

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the connections and all those things that resulted

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in you being at the peak of your

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career, and you're making $150,000 a year

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and all this, to go back to find

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a position to get that income again, it's

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very unlikely.

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Right, right.

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All right.

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Let's go into this.

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Definitely get a financial plan, talk to a

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qualified financial professional, someone who is a fiduciary,

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preferably a CFP or something similar, and someone

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who is going to give you what's called

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dispassionate advice, not because they have an agenda,

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and can help you figure out does this

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plan work in the process, get a little

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help in the process.

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That's where I was going to.

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Sometimes people have spreadsheets, some people have software.

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These can be helpful, but sometimes there might

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be more nuance and some other things to

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consider that might be helpful.

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Who was going to just say that?

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Someone was about to chime in.

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Russ?

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I was going to say, for example, with

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a spreadsheet, you can say, all right, well,

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I'm getting 4%, let's say, on my money

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market account, or 4% of my cash.

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All right, if I extrapolate that over the

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rest of my life, 30 years, 4%, then

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I can do that.

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That makes sense.

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But that's not accounting for interest rates going

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down.

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You're not going to have that 4%

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forever, necessarily.

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The range of possible movement of that rate,

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as an example.

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Yeah, that's the other thing.

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If you say, well, based on my portfolio,

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I'm going to get 6% a year,

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and every year I'm going to get 6%,

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then my retirement works.

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It's perfect.

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But that's not really how the market works.

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It's not as predictable as that 6%.

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It's not as pretty as that.

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You might average 6%.

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But what if you had a bunch of

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bad years at the start, and then it

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works out to average to 6%, but you

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had some erosion right at the outset?

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That's a good example of something that can

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go wrong.

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This is not uncommon to us, the idea

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of Monte Carlo simulation, but the idea of

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looking at standard deviations and the variation of

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possible outcomes, which takes into account those kinds

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of things like sequencing of returns and the

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range of possible performance consequences for good and

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bad.

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That's an important thing that's maybe a little

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different than a spreadsheet.

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Yep, definitely.

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So Russ, here we go.

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Here's the first question for you.

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What is the hardest question to answer for

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a client when they're thinking about their financial

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plan and forecasting for the future?

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What do you spend?

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What are your expenses?

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Exactly right.

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Bing, bing, bing.

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Bing, bing, bing.

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That is...

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Oh, wait.

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Yeah.

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Thank you.

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Nicely done.

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Nicely done.

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So it can be difficult to know that

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most...

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This is not unique.

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It is commonplace.

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Most people come in, don't have a really

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clear handle on what they spend.

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Now, we do run into people who are

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very good about it and do their tracking

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and so forth, but it is much more

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common.

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So don't feel bad if you fall into

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this category.

279
00:10:37,920 --> 00:10:41,220
You're not alone, but this is an essential

280
00:10:41,220 --> 00:10:46,060
insight to thinking about how does your forecast

281
00:10:46,060 --> 00:10:48,320
for the future project?

282
00:10:48,720 --> 00:10:52,300
How accurate will we be is knowing, getting

283
00:10:52,300 --> 00:10:54,020
a clear handle on what are we spending?

284
00:10:54,020 --> 00:10:54,780
Yeah.

285
00:10:54,840 --> 00:10:58,160
That's especially true when people have a little

286
00:10:58,160 --> 00:11:00,480
or a lot excess cash.

287
00:11:00,740 --> 00:11:03,760
So meaning that what they're bringing in with

288
00:11:03,760 --> 00:11:05,860
their income, it's meeting their needs.

289
00:11:06,920 --> 00:11:09,280
They're on automatic savings with work.

290
00:11:10,020 --> 00:11:11,940
They're all on bill pay, whatever.

291
00:11:12,260 --> 00:11:13,780
And it's always fine.

292
00:11:13,920 --> 00:11:15,540
Their cash flow is always fine.

293
00:11:15,880 --> 00:11:17,420
And they buy what they want and they

294
00:11:17,420 --> 00:11:18,180
do what they want.

295
00:11:18,960 --> 00:11:20,680
And therefore, they have no...

296
00:11:20,680 --> 00:11:22,020
They're not even looking at their bills.

297
00:11:22,220 --> 00:11:22,360
Right.

298
00:11:22,980 --> 00:11:23,500
Yeah.

299
00:11:23,500 --> 00:11:24,820
So it's working.

300
00:11:25,220 --> 00:11:26,440
They don't need to worry about it.

301
00:11:26,660 --> 00:11:26,880
That's right.

302
00:11:27,300 --> 00:11:27,660
That's right.

303
00:11:27,720 --> 00:11:29,820
So it's like they have a vague sense

304
00:11:29,820 --> 00:11:35,380
generally, but it's basically, well, we're spending about

305
00:11:35,380 --> 00:11:37,460
or we're spending less than what's coming in.

306
00:11:37,720 --> 00:11:38,060
Whatever.

307
00:11:38,320 --> 00:11:40,300
They have this kind of vague awareness, like

308
00:11:40,300 --> 00:11:40,620
I said.

309
00:11:40,840 --> 00:11:42,480
And that's fine.

310
00:11:42,780 --> 00:11:43,960
That's not a judgment.

311
00:11:44,240 --> 00:11:44,860
That's just...

312
00:11:44,860 --> 00:11:45,740
Oh, there's no judgment.

313
00:11:45,880 --> 00:11:48,760
When we try to figure out what can

314
00:11:48,760 --> 00:11:51,680
we expect for the future, well, we kind

315
00:11:51,680 --> 00:11:53,220
of need to put a number to it.

316
00:11:54,020 --> 00:11:57,420
And what's your number?

317
00:11:57,680 --> 00:11:58,580
What's your number?

318
00:11:59,160 --> 00:12:00,080
When the client...

319
00:12:00,520 --> 00:12:01,380
The income apples, right?

320
00:12:01,520 --> 00:12:01,800
Right.

321
00:12:02,180 --> 00:12:04,300
When the person comes up with a number,

322
00:12:04,580 --> 00:12:07,700
it is almost always understated.

323
00:12:08,840 --> 00:12:09,120
Yes.

324
00:12:09,440 --> 00:12:11,260
And there are things we will add to

325
00:12:11,260 --> 00:12:12,780
it relating to goals.

326
00:12:13,020 --> 00:12:15,920
Well, we'll talk about one of those in

327
00:12:15,920 --> 00:12:18,340
just a second that we add into the

328
00:12:18,340 --> 00:12:18,580
mix.

329
00:12:18,580 --> 00:12:20,820
But we do think in terms of goals,

330
00:12:21,180 --> 00:12:23,740
like, oh, we probably need to buy a

331
00:12:23,740 --> 00:12:24,940
car from time to time.

332
00:12:25,460 --> 00:12:26,840
We might want to travel.

333
00:12:26,940 --> 00:12:28,100
We might need some home improvement.

334
00:12:28,280 --> 00:12:29,920
Whatever the topic area is.

335
00:12:30,120 --> 00:12:32,080
Things that might be a little outside the

336
00:12:32,080 --> 00:12:37,340
realm of the ordinary cash flow number.

337
00:12:37,840 --> 00:12:40,600
Let's go on to one other thing.

338
00:12:40,640 --> 00:12:42,180
And that's kind of related to this.

339
00:12:43,860 --> 00:12:46,720
And one of the numbers that we add

340
00:12:46,720 --> 00:12:50,540
to our planning relates to the cost of

341
00:12:50,540 --> 00:12:51,120
health care.

342
00:12:51,780 --> 00:12:54,380
And that's another one of these things that

343
00:12:54,380 --> 00:12:57,760
what will health care cost and what will

344
00:12:57,760 --> 00:12:58,480
you pay for that?

345
00:12:58,580 --> 00:13:03,220
And if you retire early, there's a particularly

346
00:13:03,220 --> 00:13:05,240
important element of this, right?

347
00:13:05,400 --> 00:13:10,840
Prior to your Medicare calculation, maybe you're paying

348
00:13:10,840 --> 00:13:12,720
for COBRA for a little while or maybe,

349
00:13:13,000 --> 00:13:14,780
you know, let's say if you retire at

350
00:13:14,780 --> 00:13:18,700
60, you have five years before you're on

351
00:13:18,700 --> 00:13:21,140
the Medicare premium structure.

352
00:13:21,520 --> 00:13:24,320
And whether you use an HMO approach or

353
00:13:24,320 --> 00:13:27,060
whether you use an indemnity supplemental plan, there's

354
00:13:27,060 --> 00:13:29,440
some additional cost you might incur there.

355
00:13:29,560 --> 00:13:32,460
But putting those things aside, you need health

356
00:13:32,460 --> 00:13:33,040
insurance.

357
00:13:33,300 --> 00:13:33,800
Right.

358
00:13:34,420 --> 00:13:36,740
And for one or two or however, you

359
00:13:36,740 --> 00:13:38,440
know, depends on the dynamics of your family

360
00:13:38,440 --> 00:13:39,040
and so forth.

361
00:13:39,620 --> 00:13:40,980
But what's that going to be?

362
00:13:40,980 --> 00:13:45,300
That's another thing people underestimate, you know, they

363
00:13:45,300 --> 00:13:47,140
see the deduction coming out of their paycheck

364
00:13:47,140 --> 00:13:50,280
and don't realize that it's only 20 percent

365
00:13:50,280 --> 00:13:50,960
of the premium.

366
00:13:51,340 --> 00:13:51,620
Yeah.

367
00:13:51,860 --> 00:13:53,480
I think employers paying a big chunk of

368
00:13:53,480 --> 00:13:53,600
it.

369
00:13:53,700 --> 00:13:53,800
Right.

370
00:13:53,960 --> 00:13:54,220
That's right.

371
00:13:54,380 --> 00:13:54,780
That's right.

372
00:13:54,940 --> 00:13:57,360
Health care is not only we can get

373
00:13:57,360 --> 00:13:59,300
into this later, but not only for those

374
00:13:59,300 --> 00:14:01,240
years that you retire before you're on Medicare,

375
00:14:02,720 --> 00:14:05,600
but for the cost of health care in

376
00:14:05,600 --> 00:14:06,700
retirement itself.

377
00:14:07,340 --> 00:14:09,850
Meaning, you know, you think about the growth

378
00:14:09,850 --> 00:14:13,550
of health care costs if you're healthy and

379
00:14:13,550 --> 00:14:16,930
you're 60 or 65 and you think, well,

380
00:14:17,310 --> 00:14:18,890
health insurance will cover.

381
00:14:19,830 --> 00:14:21,930
It's always covered most of it, you know,

382
00:14:21,930 --> 00:14:23,710
I have a five hundred dollar deductible or

383
00:14:23,710 --> 00:14:24,050
whatever.

384
00:14:24,750 --> 00:14:27,870
But as you age, things come up that

385
00:14:27,870 --> 00:14:31,570
are not covered by traditional health insurance programs.

386
00:14:32,210 --> 00:14:32,330
Yeah.

387
00:14:32,510 --> 00:14:33,330
Give me an example.

388
00:14:33,510 --> 00:14:36,630
We've run into a lot is people get

389
00:14:36,630 --> 00:14:38,970
hearing aids and they may get some help

390
00:14:38,970 --> 00:14:40,330
from that, but there's a lot of out

391
00:14:40,330 --> 00:14:41,130
of pocket cost.

392
00:14:41,690 --> 00:14:41,790
Right.

393
00:14:42,090 --> 00:14:44,050
Oh, I need a tooth implant.

394
00:14:44,290 --> 00:14:44,490
Yeah.

395
00:14:44,490 --> 00:14:46,870
The dental thing is so many people run

396
00:14:46,870 --> 00:14:47,390
into that.

397
00:14:47,690 --> 00:14:47,950
Right.

398
00:14:48,190 --> 00:14:49,870
You know, there's a lot of cost that

399
00:14:49,870 --> 00:14:50,870
is out of pocket.

400
00:14:51,570 --> 00:14:53,590
Those are a couple of, you know, big

401
00:14:53,590 --> 00:14:55,910
ticket kind of examples that we've run into

402
00:14:55,910 --> 00:14:56,550
often.

403
00:14:57,270 --> 00:14:58,710
I don't know if there's others that come

404
00:14:58,710 --> 00:14:59,870
to your mind, but those are the big

405
00:14:59,870 --> 00:15:01,010
ones that I see.

406
00:15:02,670 --> 00:15:06,730
So health care, we've got the premium for

407
00:15:06,730 --> 00:15:09,990
maybe that pre Medicare eligibility.

408
00:15:10,370 --> 00:15:12,030
That's a big cost, big ticket.

409
00:15:12,130 --> 00:15:13,130
We got a plan for that.

410
00:15:13,550 --> 00:15:18,070
When we get into retirement age, this 65

411
00:15:18,070 --> 00:15:22,610
and older with Medicare, we do often make

412
00:15:22,610 --> 00:15:26,110
some assumptions about we've kind of used some

413
00:15:26,110 --> 00:15:29,690
national average in our calculations that we add

414
00:15:29,690 --> 00:15:35,510
to your, you know, costs because, you know,

415
00:15:35,570 --> 00:15:37,690
we think it's better to inflate that at

416
00:15:37,690 --> 00:15:38,970
a higher rate of inflation.

417
00:15:39,810 --> 00:15:41,630
We want to assume, you know, we don't

418
00:15:41,630 --> 00:15:43,090
want to under assume we want to over

419
00:15:43,090 --> 00:15:43,950
assume essentially.

420
00:15:44,530 --> 00:15:48,410
So we make some use of those numbers,

421
00:15:49,110 --> 00:15:51,890
but those can be Medicare premium considerations.

422
00:15:51,890 --> 00:15:54,870
Those can be what else?

423
00:15:54,990 --> 00:16:01,410
Things like copays and deductibles and some of

424
00:16:01,410 --> 00:16:02,950
the things that aren't covered, maybe.

425
00:16:03,150 --> 00:16:03,410
That's right.

426
00:16:03,630 --> 00:16:03,770
Yeah.

427
00:16:05,670 --> 00:16:08,870
So and then, of course, late in life,

428
00:16:08,870 --> 00:16:11,130
there can be a lot of extra costs

429
00:16:11,130 --> 00:16:13,310
that we need to think about in a

430
00:16:13,310 --> 00:16:15,970
distinct way and that when we stress test

431
00:16:15,970 --> 00:16:17,470
the plan is what if we have a

432
00:16:17,470 --> 00:16:19,630
long term care expenditure?

433
00:16:20,790 --> 00:16:20,890
Right.

434
00:16:21,090 --> 00:16:23,030
How does that affect the plan?

435
00:16:23,510 --> 00:16:26,910
You know, and when we do our financial

436
00:16:26,910 --> 00:16:29,830
planning, we like to do there's a feature

437
00:16:29,830 --> 00:16:31,830
on the the point the program we use

438
00:16:31,830 --> 00:16:33,370
that has some stress test.

439
00:16:34,330 --> 00:16:36,250
And there's a variety of things that we

440
00:16:36,250 --> 00:16:38,610
look to look at your financial plan and

441
00:16:38,610 --> 00:16:40,770
say, well, how does that what happens if

442
00:16:40,770 --> 00:16:43,850
what happens if inflation is higher?

443
00:16:43,970 --> 00:16:46,390
What happens if health care costs are higher?

444
00:16:46,550 --> 00:16:48,650
What happens if taxes are higher?

445
00:16:48,730 --> 00:16:51,270
What happens if our returns are lower?

446
00:16:51,390 --> 00:16:53,310
We live longer, et cetera, et cetera.

447
00:16:53,390 --> 00:16:54,890
There's a whole variety of things we can

448
00:16:54,890 --> 00:16:55,390
look at.

449
00:16:55,930 --> 00:16:57,790
But these kind of things you don't always

450
00:16:57,790 --> 00:16:59,910
do when you do it on your own.

451
00:17:00,490 --> 00:17:02,730
And if you're particularly if you're thinking about

452
00:17:02,730 --> 00:17:05,510
an early retirement, make sure you've done a

453
00:17:05,510 --> 00:17:07,690
lot of these stress tests to think about

454
00:17:07,690 --> 00:17:09,150
what ifs.

455
00:17:09,329 --> 00:17:09,450
Yeah.

456
00:17:10,230 --> 00:17:13,030
One other that I was just thinking of

457
00:17:13,030 --> 00:17:15,349
is like, if you retire early, you're probably

458
00:17:15,349 --> 00:17:17,230
going to want to take Social Security earlier

459
00:17:17,230 --> 00:17:20,210
than you might ideally take Social Security.

460
00:17:20,410 --> 00:17:21,829
There's sort of an opportunity cost there.

461
00:17:21,910 --> 00:17:23,710
That's not something you can count.

462
00:17:24,329 --> 00:17:26,349
That's that's one of the points, isn't it?

463
00:17:27,130 --> 00:17:28,650
Do you want to set that up?

464
00:17:28,670 --> 00:17:29,150
We'll come back.

465
00:17:29,310 --> 00:17:31,190
Let's talk about that part for a minute

466
00:17:31,190 --> 00:17:31,570
or two.

467
00:17:31,570 --> 00:17:33,730
This notion like, you know, if you retired

468
00:17:33,730 --> 00:17:34,230
60.

469
00:17:35,290 --> 00:17:37,170
You don't even have Social Security as an

470
00:17:37,170 --> 00:17:37,930
option, do you?

471
00:17:38,310 --> 00:17:38,710
That's right.

472
00:17:39,130 --> 00:17:41,050
So the question is, how do you fund

473
00:17:41,050 --> 00:17:43,570
retirement before your Social Security kicks in?

474
00:17:43,850 --> 00:17:45,870
And we're not suggesting by that question that

475
00:17:45,870 --> 00:17:47,210
Social Security is going to pay for all

476
00:17:47,210 --> 00:17:47,890
of your retirement.

477
00:17:48,050 --> 00:17:48,210
Right.

478
00:17:48,710 --> 00:17:52,310
But until you get that supplement full retirement

479
00:17:52,310 --> 00:17:56,090
age for people born early, you know, like

480
00:17:56,090 --> 00:18:00,950
1960 is the cutoff is 67 right now.

481
00:18:01,050 --> 00:18:02,570
If it's before that, it's 66.

482
00:18:03,070 --> 00:18:05,970
So and then, of course, we encourage people

483
00:18:05,970 --> 00:18:08,930
when it's appropriate to consider waiting until 70

484
00:18:08,930 --> 00:18:12,050
to get the extra kicker for those 8

485
00:18:12,050 --> 00:18:14,050
% a year right after that age.

486
00:18:14,210 --> 00:18:17,030
But if you're going to take it to

487
00:18:17,030 --> 00:18:18,210
Russ's point, if you're going to take it

488
00:18:18,210 --> 00:18:20,390
at 62, you're going to be taking a

489
00:18:20,390 --> 00:18:23,510
reduced benefit not only between 62, 67, and

490
00:18:23,510 --> 00:18:25,770
70, but between 62 and the rest of

491
00:18:25,770 --> 00:18:26,210
your life.

492
00:18:26,270 --> 00:18:28,570
Your check is going to be less than

493
00:18:28,570 --> 00:18:30,070
it would have been if you were able

494
00:18:30,070 --> 00:18:30,490
to wait.

495
00:18:33,070 --> 00:18:34,230
That was kind of where you're going.

496
00:18:34,370 --> 00:18:35,390
Anything to add to that?

497
00:18:37,010 --> 00:18:37,210
No.

498
00:18:38,670 --> 00:18:43,310
I think just the idea that you're going

499
00:18:43,310 --> 00:18:45,290
to be, even if it's not ideal, if

500
00:18:45,290 --> 00:18:46,830
you retire early and you're starting to feel

501
00:18:46,830 --> 00:18:49,910
the pinch of that income that you're used

502
00:18:49,910 --> 00:18:51,790
to having not coming in, you're going to

503
00:18:51,790 --> 00:18:54,530
feel inclined to dip into Social Security early.

504
00:18:54,670 --> 00:18:57,810
We have those conversations with clients where the

505
00:18:57,810 --> 00:19:01,650
plan is showing the optimal time mathematically is

506
00:19:01,650 --> 00:19:04,370
later on 67, 70, whatever it may be.

507
00:19:05,930 --> 00:19:09,810
But that anxiety about no income can make

508
00:19:09,810 --> 00:19:11,370
you make a decision that might not be

509
00:19:11,370 --> 00:19:11,730
ideal.

510
00:19:12,130 --> 00:19:16,770
And it has lasting consequences that, again, how

511
00:19:16,770 --> 00:19:17,490
long are you going to live?

512
00:19:19,650 --> 00:19:21,690
We math becomes a lot easier.

513
00:19:22,230 --> 00:19:26,350
But generally, we really want to encourage people

514
00:19:26,350 --> 00:19:28,590
to think in terms of at the very

515
00:19:28,590 --> 00:19:31,990
least for the primary breadwinner in a couple

516
00:19:31,990 --> 00:19:34,510
to wait till full retirement age.

517
00:19:35,130 --> 00:19:39,070
And really give serious consideration to age 70

518
00:19:39,070 --> 00:19:41,670
if you think there's a chance you could

519
00:19:41,670 --> 00:19:43,750
live well into your 80s.

520
00:19:45,010 --> 00:19:48,830
There's some mathematical benefit to having delayed.

521
00:19:49,090 --> 00:19:51,310
Now, because one of the two of you

522
00:19:51,310 --> 00:19:53,990
can live that long, you'd like to have

523
00:19:53,990 --> 00:19:55,990
that amount to be the one that carries

524
00:19:55,990 --> 00:19:56,170
on.

525
00:19:56,430 --> 00:19:56,930
The larger one, right.

526
00:19:57,190 --> 00:19:59,190
Now, everyone's situation is different.

527
00:19:59,550 --> 00:20:01,510
And how much of a benefit or a

528
00:20:01,510 --> 00:20:03,450
difference can really vary.

529
00:20:03,890 --> 00:20:06,310
And we had an interesting conversation where we

530
00:20:06,310 --> 00:20:08,450
went through some of this and it really

531
00:20:08,450 --> 00:20:10,950
can be different in different circumstances.

532
00:20:11,170 --> 00:20:13,410
So we really want to put the numbers

533
00:20:13,410 --> 00:20:16,770
together to see, well, what happens if this?

534
00:20:16,870 --> 00:20:18,070
What happens if that?

535
00:20:19,910 --> 00:20:25,290
And that can influence someone's inclination if they

536
00:20:25,290 --> 00:20:26,570
say, I really want to start it sooner.

537
00:20:26,970 --> 00:20:28,850
And we can look at, well, how much

538
00:20:28,850 --> 00:20:29,830
impact does it make?

539
00:20:30,230 --> 00:20:32,250
And if it's on the margins and the

540
00:20:32,250 --> 00:20:35,690
probabilities of success are really quite similar or,

541
00:20:36,270 --> 00:20:38,010
hey, they're both a good outcome.

542
00:20:38,490 --> 00:20:42,130
This one's a little better, but maybe you're

543
00:20:42,130 --> 00:20:47,030
willing to forego that because it's more of

544
00:20:47,030 --> 00:20:48,410
a priority to get started sooner.

545
00:20:48,750 --> 00:20:50,850
We had someone who was talking about the

546
00:20:50,850 --> 00:20:54,690
idea of maybe starting it sooner, but investing

547
00:20:54,690 --> 00:21:00,850
it for a decade or more, or whatever,

548
00:21:01,010 --> 00:21:02,570
62 to 70 kind of thing.

549
00:21:02,750 --> 00:21:03,830
They don't need it.

550
00:21:03,890 --> 00:21:05,310
They're not going to stop working for a

551
00:21:05,310 --> 00:21:06,690
while, but let's turn it on sooner.

552
00:21:08,270 --> 00:21:10,470
Well, okay.

553
00:21:10,570 --> 00:21:14,470
That's an equation that's a little more worthy

554
00:21:14,470 --> 00:21:15,950
of closer scrutiny.

555
00:21:16,650 --> 00:21:18,550
And that's not what most people do.

556
00:21:19,250 --> 00:21:23,830
Most people turn it on, spend it, and

557
00:21:23,830 --> 00:21:25,990
don't invest it more.

558
00:21:25,990 --> 00:21:26,310
That's right.

559
00:21:26,510 --> 00:21:28,710
So if we're really going to say, oh,

560
00:21:28,730 --> 00:21:30,470
no, I'm going to turn on, but I'm

561
00:21:30,470 --> 00:21:32,890
really going to invest that money and I

562
00:21:32,890 --> 00:21:37,470
don't need to spend it, well, because I'm

563
00:21:37,470 --> 00:21:38,730
continuing to work or something.

564
00:21:38,870 --> 00:21:41,310
Well, how much you're making becomes relevant if

565
00:21:41,310 --> 00:21:42,230
you start at 62.

566
00:21:42,810 --> 00:21:43,070
Right.

567
00:21:43,070 --> 00:21:44,110
You don't want to be in a position

568
00:21:44,110 --> 00:21:47,170
where we undermine the benefit of added taxation.

569
00:21:47,310 --> 00:21:48,190
Because of taxes, right.

570
00:21:48,470 --> 00:21:48,710
Right.

571
00:21:48,950 --> 00:21:51,850
But you can do some equation to say,

572
00:21:51,950 --> 00:21:53,270
okay, I'm not going to touch that.

573
00:21:53,690 --> 00:21:55,970
That might be a slightly different calculation than

574
00:21:55,970 --> 00:21:56,470
the norm.

575
00:21:57,010 --> 00:21:58,770
Most people, if they start early, it's because

576
00:21:58,770 --> 00:21:59,670
they want to spend it.

577
00:21:59,850 --> 00:22:00,190
Right.

578
00:22:00,970 --> 00:22:05,110
This topic and the previous one have a

579
00:22:05,110 --> 00:22:07,530
theme of a common mistake that people make

580
00:22:07,530 --> 00:22:10,230
that might be 60, 62, whatever the age

581
00:22:10,230 --> 00:22:10,490
is.

582
00:22:10,610 --> 00:22:13,150
And they're doing their math about, can I

583
00:22:13,150 --> 00:22:14,030
afford to retire?

584
00:22:15,110 --> 00:22:17,370
So hopefully they come up with a legitimate

585
00:22:17,370 --> 00:22:18,990
expense number.

586
00:22:19,250 --> 00:22:21,290
And then they say, where's my income coming

587
00:22:21,290 --> 00:22:21,690
from?

588
00:22:22,470 --> 00:22:24,990
And let's say for the sake of this

589
00:22:24,990 --> 00:22:27,190
example, that they figure it out, whether it's

590
00:22:27,190 --> 00:22:30,410
Cisco Social Security at 62 or Pension or

591
00:22:30,410 --> 00:22:30,710
whatever.

592
00:22:31,410 --> 00:22:34,990
And they are cashflow positive at that moment

593
00:22:34,990 --> 00:22:35,730
of 62.

594
00:22:36,250 --> 00:22:36,550
Yeah.

595
00:22:37,150 --> 00:22:40,590
And they know about inflation.

596
00:22:40,930 --> 00:22:43,130
They think about inflation, especially after these last...

597
00:22:44,170 --> 00:22:44,390
Yeah.

598
00:22:44,470 --> 00:22:46,350
2022 was a tough experience.

599
00:22:46,930 --> 00:22:52,730
But they don't do the long-term projection

600
00:22:52,730 --> 00:22:54,550
of how much...

601
00:22:54,550 --> 00:22:56,330
They think about two or 3% inflation.

602
00:22:56,530 --> 00:22:56,730
Okay.

603
00:22:56,850 --> 00:22:57,830
I can handle that.

604
00:22:58,030 --> 00:23:00,950
But the long-term compounding impact of inflation

605
00:23:00,950 --> 00:23:03,930
over, for example, a 30-year time period.

606
00:23:04,390 --> 00:23:05,190
And what...

607
00:23:06,870 --> 00:23:11,250
And not just inflation on your expenses, but

608
00:23:11,250 --> 00:23:16,910
how is your income going to increase to

609
00:23:16,910 --> 00:23:18,230
keep up with inflation?

610
00:23:18,630 --> 00:23:19,990
The other side of that.

611
00:23:20,810 --> 00:23:21,610
Yeah.

612
00:23:21,630 --> 00:23:24,350
Because the lower Social Security amount...

613
00:23:24,350 --> 00:23:24,450
Right.

614
00:23:24,690 --> 00:23:28,390
Social Security might go up, but your pension

615
00:23:28,390 --> 00:23:29,030
might not.

616
00:23:29,570 --> 00:23:31,910
You might have certain fixed resources.

617
00:23:31,910 --> 00:23:33,750
You might have an annuity that's a certain

618
00:23:33,750 --> 00:23:36,710
number or wherever your income is coming from.

619
00:23:38,710 --> 00:23:41,190
So I think that's a super common mistake

620
00:23:41,190 --> 00:23:44,290
for DIYers, the do-it-yourselfers, is they

621
00:23:44,290 --> 00:23:45,170
come up with a number.

622
00:23:45,490 --> 00:23:46,450
They come up with good numbers.

623
00:23:46,530 --> 00:23:47,830
They put a lot of effort into it.

624
00:23:48,070 --> 00:23:49,830
And it looks good for the beginning and

625
00:23:49,830 --> 00:23:51,670
the foreseeable future, but they don't...

626
00:23:52,910 --> 00:23:55,670
The meaningful impact of inflation over three decades

627
00:23:55,670 --> 00:23:56,550
is tremendous.

628
00:23:56,550 --> 00:23:57,230
Yeah.

629
00:23:57,390 --> 00:24:01,190
It's not, well, you're in your 60s and

630
00:24:01,190 --> 00:24:03,350
70s that we're worried about with that.

631
00:24:03,610 --> 00:24:03,770
Right.

632
00:24:03,870 --> 00:24:06,410
It's the compounded on the back end that

633
00:24:06,410 --> 00:24:07,790
is in this vein.

634
00:24:08,270 --> 00:24:10,470
And it can be deteriorating wealth.

635
00:24:11,750 --> 00:24:11,850
That's right.

636
00:24:11,850 --> 00:24:13,870
Because it's just to maintain your spending.

637
00:24:14,550 --> 00:24:14,750
Yeah.

638
00:24:14,810 --> 00:24:16,410
That raises an interesting point, Jeff, too.

639
00:24:16,470 --> 00:24:21,510
We often show people their projections in today's

640
00:24:21,510 --> 00:24:21,970
dollars.

641
00:24:22,310 --> 00:24:26,310
We translate it into what's that mean and

642
00:24:26,310 --> 00:24:29,470
what you'd have in spending values in today's

643
00:24:29,470 --> 00:24:32,150
dollars, as opposed to the future dollars.

644
00:24:32,250 --> 00:24:34,250
Because in future dollars, it looks like big.

645
00:24:35,190 --> 00:24:37,190
But if you say, well, what's that buy

646
00:24:37,190 --> 00:24:37,810
you today?

647
00:24:38,250 --> 00:24:40,970
Well, it's an inflation adjustment.

648
00:24:41,450 --> 00:24:43,630
Oh, that's not quite as big.

649
00:24:43,630 --> 00:24:44,070
No, it isn't.

650
00:24:44,070 --> 00:24:44,830
That kind of thing.

651
00:24:44,950 --> 00:24:45,050
Right.

652
00:24:46,010 --> 00:24:47,990
And in that theme, they also forget...

653
00:24:47,990 --> 00:24:49,510
They have a good...

654
00:24:49,510 --> 00:24:51,750
In this example, they have a good handle

655
00:24:51,750 --> 00:24:53,350
on their cash flows and actually what they're

656
00:24:53,350 --> 00:24:54,590
spending on a regular basis.

657
00:24:54,890 --> 00:24:57,110
But they don't realize that in 15 years,

658
00:24:57,210 --> 00:24:58,510
they need a new roof, or in 10

659
00:24:58,510 --> 00:25:01,770
years, they need a new car, or would

660
00:25:01,770 --> 00:25:03,870
they like to help their granddaughter go to

661
00:25:03,870 --> 00:25:06,530
college or all these things, or the long

662
00:25:06,530 --> 00:25:07,450
-term cares you mentioned.

663
00:25:07,650 --> 00:25:10,030
And that's the benefit of having a dynamic

664
00:25:10,030 --> 00:25:14,670
professional financial plan that puts your goals in

665
00:25:14,670 --> 00:25:17,810
there, the things you want to do.

666
00:25:17,910 --> 00:25:19,870
And then stress tests is it for those

667
00:25:19,870 --> 00:25:21,590
things that maybe you don't want to do,

668
00:25:21,770 --> 00:25:21,950
but...

669
00:25:21,950 --> 00:25:22,950
Or you might not think of.

670
00:25:23,010 --> 00:25:24,130
Could happen to you too.

671
00:25:25,330 --> 00:25:25,770
Yeah.

672
00:25:25,770 --> 00:25:27,790
We'll use another sound effect for that one.

673
00:25:30,790 --> 00:25:31,230
Yeah.

674
00:25:31,230 --> 00:25:34,870
I guess I get the less favorable sound

675
00:25:34,870 --> 00:25:35,190
effect.

676
00:25:35,710 --> 00:25:40,050
No, it's the scenario you depicted.

677
00:25:40,050 --> 00:25:40,370
That's right.

678
00:25:40,410 --> 00:25:40,850
That's not you.

679
00:25:43,950 --> 00:25:47,630
But no, I think the point is there's

680
00:25:47,630 --> 00:25:50,850
oftentimes things we do think about, but there's

681
00:25:50,850 --> 00:25:53,030
also these variables that we don't always think

682
00:25:53,030 --> 00:25:53,350
about.

683
00:25:53,930 --> 00:25:54,690
And if we're not...

684
00:25:56,330 --> 00:25:59,610
It's easy to miss something in your planning

685
00:25:59,610 --> 00:26:03,470
that can make you feel more confident than

686
00:26:03,470 --> 00:26:03,770
maybe...

687
00:26:04,390 --> 00:26:04,650
Yes.

688
00:26:05,150 --> 00:26:06,770
Is appropriate at times.

689
00:26:07,010 --> 00:26:07,170
Yeah.

690
00:26:07,210 --> 00:26:08,810
You're doing this once if you're doing it

691
00:26:08,810 --> 00:26:09,250
yourself.

692
00:26:09,590 --> 00:26:11,230
How about some help from somebody who does

693
00:26:11,230 --> 00:26:11,870
it every day?

694
00:26:12,730 --> 00:26:13,010
Right.

695
00:26:13,770 --> 00:26:16,390
So it'd be worth spending a few minutes

696
00:26:16,390 --> 00:26:17,590
with some help on that.

697
00:26:17,910 --> 00:26:19,850
I've got a big question for you.

698
00:26:20,070 --> 00:26:20,410
Okay.

699
00:26:20,590 --> 00:26:20,930
What's that?

700
00:26:20,950 --> 00:26:23,030
That a lot of people don't think about.

701
00:26:23,390 --> 00:26:26,270
They might spend days or weeks putting together

702
00:26:26,270 --> 00:26:29,690
a financial projection, but they don't consider this.

703
00:26:29,970 --> 00:26:31,690
What are you going to do with your

704
00:26:31,690 --> 00:26:32,130
time?

705
00:26:33,110 --> 00:26:34,690
That is so good.

706
00:26:34,770 --> 00:26:36,030
Such a great question.

707
00:26:36,730 --> 00:26:38,050
I'm going to travel more.

708
00:26:39,450 --> 00:26:39,890
Okay.

709
00:26:40,110 --> 00:26:41,390
So you're going to travel what?

710
00:26:41,670 --> 00:26:42,750
Eight weeks a year?

711
00:26:42,890 --> 00:26:43,810
That's a lot, right?

712
00:26:44,130 --> 00:26:44,870
That's a lot.

713
00:26:45,010 --> 00:26:45,650
That's a lot.

714
00:26:46,070 --> 00:26:47,710
What about the other 44 weeks?

715
00:26:53,650 --> 00:26:54,910
I'm going to do this one.

716
00:26:55,130 --> 00:26:55,310
Yeah.

717
00:26:55,430 --> 00:26:55,850
Hmm.

718
00:26:55,910 --> 00:26:57,030
What will I do with that?

719
00:26:57,110 --> 00:26:59,010
I'm going to spend more time with family.

720
00:26:59,630 --> 00:27:00,070
Okay.

721
00:27:00,990 --> 00:27:01,970
That's a couple of hours a week.

722
00:27:02,830 --> 00:27:05,430
Well, I mean, you can't help but think

723
00:27:05,430 --> 00:27:06,730
of cats in the cradle too, right?

724
00:27:06,850 --> 00:27:09,670
I've been hearing that song recently, but it's

725
00:27:09,670 --> 00:27:11,670
like, well, they have time because now they're

726
00:27:11,670 --> 00:27:12,610
adults and so forth.

727
00:27:12,750 --> 00:27:15,790
Oh, well, maybe I'll take care of the

728
00:27:15,790 --> 00:27:16,270
grandchildren.

729
00:27:16,750 --> 00:27:17,610
I love that's an option.

730
00:27:17,770 --> 00:27:18,250
That's possible.

731
00:27:18,750 --> 00:27:20,850
That could be a reality.

732
00:27:21,290 --> 00:27:23,750
For some people, that's a real motivation and

733
00:27:23,750 --> 00:27:24,630
that's legitimate.

734
00:27:24,910 --> 00:27:25,010
Yeah.

735
00:27:25,010 --> 00:27:25,590
Absolutely.

736
00:27:25,990 --> 00:27:27,790
So you have to be thinking about what

737
00:27:27,790 --> 00:27:31,150
is that time variable going to be?

738
00:27:31,450 --> 00:27:33,510
And does it give you energy?

739
00:27:33,650 --> 00:27:34,670
Does it give you purpose?

740
00:27:38,110 --> 00:27:44,570
We want to have an ideal retirement gives

741
00:27:44,570 --> 00:27:47,990
us something that we're passionate about.

742
00:27:48,250 --> 00:27:49,810
We're excited about.

743
00:27:50,050 --> 00:27:53,270
We have energy around, right?

744
00:27:54,130 --> 00:27:57,350
So that could be things like family, like

745
00:27:57,350 --> 00:27:58,110
you're talking about.

746
00:27:58,270 --> 00:27:58,510
Yes.

747
00:27:58,650 --> 00:28:00,190
Could be some travel.

748
00:28:00,450 --> 00:28:02,290
But your point is a good one.

749
00:28:02,390 --> 00:28:06,690
If if we've got now, no, no work

750
00:28:06,690 --> 00:28:07,830
per se, right?

751
00:28:09,710 --> 00:28:11,670
That's a lot of time each week that

752
00:28:11,670 --> 00:28:13,170
we're going to fill, right?

753
00:28:13,270 --> 00:28:16,230
How many how many hours a day we're

754
00:28:16,230 --> 00:28:17,630
going to sleep a few, right?

755
00:28:17,790 --> 00:28:19,890
Maybe we got eight of those going to

756
00:28:19,890 --> 00:28:20,270
sleep.

757
00:28:20,890 --> 00:28:22,010
But there's more than that.

758
00:28:22,190 --> 00:28:24,090
It's like think about your work history and

759
00:28:24,090 --> 00:28:28,370
how much of your friendships or entertainment or

760
00:28:28,370 --> 00:28:30,690
events you went to or trainings or conferences,

761
00:28:30,890 --> 00:28:32,830
whatever your work life meant.

762
00:28:33,190 --> 00:28:35,590
But how much of that was related to

763
00:28:35,590 --> 00:28:37,710
the people that, you know, the things that

764
00:28:37,710 --> 00:28:41,010
you had to do for work and despite

765
00:28:41,010 --> 00:28:44,630
people's best efforts, best, best, not best efforts,

766
00:28:44,790 --> 00:28:46,610
best intentions on that last day of work

767
00:28:46,610 --> 00:28:47,870
and say, we're going to keep in touch,

768
00:28:47,930 --> 00:28:50,150
let's do lunch, let's, you know, and you're

769
00:28:50,150 --> 00:28:51,050
walking out the door.

770
00:28:52,190 --> 00:28:54,670
Statistically, that does not happen.

771
00:28:55,730 --> 00:28:56,790
You know, you might keep in touch with

772
00:28:56,790 --> 00:28:58,910
a couple of people, but you lose that

773
00:28:58,910 --> 00:29:03,610
common, common center of interest, common topics, common

774
00:29:03,610 --> 00:29:05,410
issues that you were connected on.

775
00:29:05,670 --> 00:29:06,750
And yeah, good point.

776
00:29:07,510 --> 00:29:09,710
So it's more than the eight hours you

777
00:29:09,710 --> 00:29:14,590
have, you know, additional social connections.

778
00:29:15,070 --> 00:29:15,550
Absolutely.

779
00:29:15,770 --> 00:29:18,890
Or some of that interaction, have something that

780
00:29:18,890 --> 00:29:20,210
stimulates your mind.

781
00:29:21,450 --> 00:29:24,230
Uh, you know, that there's a limit to

782
00:29:24,230 --> 00:29:29,130
how much, uh, television news and, uh, game

783
00:29:29,130 --> 00:29:31,650
on my iPad, you know, uh, there's, those

784
00:29:31,650 --> 00:29:34,150
can be helpful, but you know, you want

785
00:29:34,150 --> 00:29:37,330
other, you want other types of stimulus to

786
00:29:37,330 --> 00:29:45,030
keep you mentally engaged, physically aged, um, active.

787
00:29:45,810 --> 00:29:48,550
Um, so what's that, what's that plan for

788
00:29:48,550 --> 00:29:48,770
you?

789
00:29:48,810 --> 00:29:48,990
Right.

790
00:29:49,090 --> 00:29:51,730
You just, it's not, it's not to say,

791
00:29:51,850 --> 00:29:53,290
uh, there's a right answer.

792
00:29:53,650 --> 00:29:56,350
It's what's that very unique, but it's something

793
00:29:56,350 --> 00:29:58,090
you need to have a plan for, or

794
00:29:58,090 --> 00:30:01,030
your days will just be watching reruns of

795
00:30:01,030 --> 00:30:01,950
Hollywood squares.

796
00:30:06,810 --> 00:30:11,590
We've had some, uh, recent, um, uh, interviews

797
00:30:11,590 --> 00:30:13,950
with, on our show with, uh, people who

798
00:30:13,950 --> 00:30:15,230
are helpful in this topic.

799
00:30:15,230 --> 00:30:17,450
We had the purpose code author on not

800
00:30:17,450 --> 00:30:18,130
long ago.

801
00:30:18,590 --> 00:30:20,910
Um, and I was speaking with Roger Landry

802
00:30:20,910 --> 00:30:24,390
recently, um, like to have him back on

803
00:30:24,390 --> 00:30:27,230
the program and I think we'll, we'll look

804
00:30:27,230 --> 00:30:28,850
at sometime in the fall.

805
00:30:29,470 --> 00:30:31,590
So, you know, I mean, these are things

806
00:30:31,590 --> 00:30:32,750
that we'll come back to.

807
00:30:32,930 --> 00:30:35,870
Then we've probably attempted to provide, um, our

808
00:30:35,870 --> 00:30:39,730
audience with some good, uh, resources to think

809
00:30:39,730 --> 00:30:41,990
about this issue in your retirement.

810
00:30:42,190 --> 00:30:44,530
But your point at Jeff is a really

811
00:30:44,530 --> 00:30:47,810
valuable one that, um, you have to give

812
00:30:47,810 --> 00:30:50,710
thought to it's, you know, there's a, there's

813
00:30:50,710 --> 00:30:54,610
a certain mode of vacation when you start

814
00:30:54,610 --> 00:30:55,310
retirement.

815
00:30:55,710 --> 00:30:56,510
Hey, I'm on vacation.

816
00:30:56,850 --> 00:30:58,310
We had a client come in and be

817
00:30:58,310 --> 00:31:00,130
like, I feel like I'm late for something,

818
00:31:00,510 --> 00:31:02,110
you know, like, I feel like I should

819
00:31:02,110 --> 00:31:03,310
be somewhere by now.

820
00:31:03,470 --> 00:31:06,210
You know, like there's a sense of like,

821
00:31:06,210 --> 00:31:09,970
um, uh, easiness initially with it because you're,

822
00:31:10,010 --> 00:31:11,090
it's like you're on vacation.

823
00:31:11,230 --> 00:31:12,970
Then it's like, that's normal though.

824
00:31:13,010 --> 00:31:15,790
It's been 40 years, 30 years that you've

825
00:31:15,790 --> 00:31:16,610
been doing this.

826
00:31:16,650 --> 00:31:18,130
It's, it's a big adjustment.

827
00:31:18,850 --> 00:31:22,230
So, you know, there's that initial phase and

828
00:31:22,230 --> 00:31:23,990
that can be different lengths of time for

829
00:31:23,990 --> 00:31:24,450
different people.

830
00:31:25,070 --> 00:31:26,270
Um, you would agree, I forgot what the

831
00:31:26,270 --> 00:31:26,970
name of the book was.

832
00:31:27,030 --> 00:31:28,230
It was a great book you shared with

833
00:31:28,230 --> 00:31:28,590
me.

834
00:31:28,830 --> 00:31:31,410
Um, somewhat related to this for business owners.

835
00:31:32,130 --> 00:31:33,670
Uh, Arthur Brooks was it?

836
00:31:34,470 --> 00:31:36,970
Oh, from, uh, good to great.

837
00:31:37,650 --> 00:31:39,570
Yeah, I think that was it.

838
00:31:39,630 --> 00:31:42,370
And it was, um, you know, just that

839
00:31:42,370 --> 00:31:44,490
notion of like there's anyway, this was one

840
00:31:44,490 --> 00:31:45,530
with some of the things that you have

841
00:31:45,530 --> 00:31:49,050
different seasons of things and you have different

842
00:31:49,050 --> 00:31:50,910
strengths at different times of life.

843
00:31:51,370 --> 00:31:55,210
And there's some opportunity to like really embrace

844
00:31:55,210 --> 00:31:58,870
this in terms of saying, okay, uh, I

845
00:31:58,870 --> 00:32:01,350
have opportunity now that I never had before

846
00:32:01,350 --> 00:32:03,930
with some freedom of time.

847
00:32:04,150 --> 00:32:05,710
How am I going to use that?

848
00:32:05,750 --> 00:32:08,130
And all of us, our time is limited

849
00:32:08,130 --> 00:32:09,790
on in life.

850
00:32:10,630 --> 00:32:14,050
So how do we maximize what we want

851
00:32:14,050 --> 00:32:16,430
to get out of this phase of, of

852
00:32:16,430 --> 00:32:17,630
life in retirement?

853
00:32:18,110 --> 00:32:21,630
So it's an opportunity, how you spend your

854
00:32:21,630 --> 00:32:23,590
free time and you get to create it.

855
00:32:23,710 --> 00:32:25,570
So don't view it as a negative view

856
00:32:25,570 --> 00:32:26,330
it as a positive.

857
00:32:26,430 --> 00:32:28,210
What are those things that you've always wanted

858
00:32:28,210 --> 00:32:28,870
to do?

859
00:32:29,110 --> 00:32:33,330
Um, whether they be charitable, spiritual, um, whatever

860
00:32:33,330 --> 00:32:35,730
they are and you get the opportunity to

861
00:32:35,730 --> 00:32:36,370
create it.

862
00:32:37,370 --> 00:32:39,410
So there's all, as we've talked about, just,

863
00:32:39,550 --> 00:32:41,510
uh, there's plenty of great resources to help

864
00:32:41,510 --> 00:32:45,230
people navigate this, but in any case, um,

865
00:32:45,310 --> 00:32:47,750
you know, big picture, uh, there's a lot

866
00:32:47,750 --> 00:32:51,810
to think about and, um, maybe you'd benefit

867
00:32:51,810 --> 00:32:54,370
from some professional help along the way when

868
00:32:54,370 --> 00:32:57,370
thinking about your financial considerations and some of

869
00:32:57,370 --> 00:33:00,190
these other elements of your considerations.

870
00:33:00,190 --> 00:33:03,990
Um, we're certainly here to help if you

871
00:33:03,990 --> 00:33:05,610
need a hand in that process.

872
00:33:06,170 --> 00:33:09,870
So, uh, don't try to do it alone.

873
00:33:09,870 --> 00:33:13,110
I think, you know, uh, there's, there's a

874
00:33:13,110 --> 00:33:14,850
tendency where we think, oh, I can do

875
00:33:14,850 --> 00:33:17,010
this, you know, and, and maybe you can,

876
00:33:17,150 --> 00:33:19,810
but there's probably value found in getting a

877
00:33:19,810 --> 00:33:21,930
second opinion, just to make sure you're on

878
00:33:21,930 --> 00:33:22,530
the right path.

879
00:33:23,130 --> 00:33:23,250
Yeah.

880
00:33:23,750 --> 00:33:26,370
Don't forget to register for the webinar we

881
00:33:26,370 --> 00:33:27,210
have coming up.

882
00:33:27,590 --> 00:33:29,370
Just check the show notes for that.

883
00:33:29,730 --> 00:33:31,950
And until next time keeps driving for something

884
00:33:31,950 --> 00:33:32,350
more.

885
00:33:33,850 --> 00:33:35,810
Thank you for listening to something more with

886
00:33:35,810 --> 00:33:38,390
Chris Boyd, call us for help, whether it's

887
00:33:38,390 --> 00:33:42,190
for financial planning or portfolio management insurance concerns,

888
00:33:42,190 --> 00:33:44,610
or those quality of life issues that make

889
00:33:44,610 --> 00:33:47,410
the money matters matter, whatever's on your mind,

890
00:33:47,510 --> 00:33:50,230
visit us at something more with chrisboyd.com

891
00:33:50,230 --> 00:33:54,450
or call us toll free at 866-771

892
00:33:54,450 --> 00:33:59,870
-8901, or send us your questions to amr

893
00:33:59,870 --> 00:34:02,370
-info at wealthenhancement.com.

894
00:34:02,530 --> 00:34:04,470
You're listening to something more with Chris Boyd,

895
00:34:04,510 --> 00:34:07,110
financial talk show wealth enhancement, advisory services, and

896
00:34:07,110 --> 00:34:09,250
Jay Christopher Boyd provide investment advice on an

897
00:34:09,250 --> 00:34:10,550
individual basis to clients.

898
00:34:10,550 --> 00:34:12,690
Only proper advice depends on a complete analysis

899
00:34:12,690 --> 00:34:14,110
of all facts and circumstances.

900
00:34:14,110 --> 00:34:16,210
The information given on this program is general

901
00:34:16,210 --> 00:34:18,250
financial comments and cannot be relied upon as

902
00:34:18,250 --> 00:34:19,870
pertaining to your specific situation.

903
00:34:20,070 --> 00:34:22,010
Wealth Enhancement Group cannot guarantee that using the

904
00:34:22,010 --> 00:34:24,010
information from this show will generate profits or

905
00:34:24,010 --> 00:34:25,130
ensure freedom from loss.

906
00:34:25,330 --> 00:34:27,489
Listeners should consult their own financial advisors or

907
00:34:27,489 --> 00:34:29,610
conduct their own due diligence before making any

908
00:34:29,610 --> 00:34:30,510
financial decisions.