5 signs it is time to retire

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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, financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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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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Welcome to the program and thanks for being

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with us for another episode.

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I'm Chris Boyd.

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I'm here with Jeff Perry.

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We are the AMR team at Wealth Enhancement.

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So appreciate that.

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Um, Jeff, we wanted to talk a little

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bit about the signs of when it's time

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to retire and, uh, there might be some

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things to consider.

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Some, um, as you know, our listeners probably

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know this, but we tend to work mostly

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with people who are either in or near

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retirement.

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So this is the kind of topic that's

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near and dear to our, uh, experience with

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our clientele and the kind of things we

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deal with routinely and helping people navigate, uh,

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some of the things to be mindful about.

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There was a good Kiplinger article that we're

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going to maybe make some reference to, but,

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uh, where should we begin today?

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I think we should start with that.

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The decision to retire, isn't just the random

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number that you throw out there and say,

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I'm going to retire at age 60, 65,

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70, never, you know, whatever people kind of

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come up with the old, it's so interesting

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how people decide it's time to retire, right?

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Some people it's I'm working toward my number,

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you know, uh, that they have the right

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amount of assets is in mind, which of

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course changes the number changes if you retire

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earlier or later, or, you know, how much.

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It's not the same number.

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If you want to retire at 50, then

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it would have been a 65, which believe

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it or not, some people don't get that,

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but yeah.

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And so, so that's one, one thing.

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The other thing is sometimes people just go,

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I'm done.

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I retired.

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Right.

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And they're like, well, do you think it'll

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work?

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Uh, you know, that's sort of an afterthought.

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Well, how's this going to play out?

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I'm just going to have to work, you

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know?

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They're going to make it work, you know?

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So, and sometimes it's retirement's forced on you.

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Let's, you know, that's not a pleasant thing,

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but, um, you know, maybe some federal employees

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lately are getting some notices, you know, maybe

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they're in their early sixties and they're still

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working or whatever, and they've been thinking, Oh,

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when am I going to retire?

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I don't know.

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But, you know, they get a notice that

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says your job is eliminated.

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Not just the federal government.

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I'm just, this is the kind of thing

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that can happen.

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It happens.

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Uh, particularly, you know, workers who are, um,

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in their certain age range can really find

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it difficult then to get back into the

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workforce, especially at the salary that they were

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making.

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Right.

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Yeah.

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Yeah.

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So it may be that they, uh, decide,

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okay, I guess I'm retired.

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Maybe they'll do some part-time work or

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whatever, but it may be a challenge.

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So that's one time.

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Sometimes it's just this decision, or in this

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case, you're talking about a forced decision, but,

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uh, sometimes there are other things that people

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think about that sort of draws them in

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to say, Oh, I think I might be

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ready.

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Yeah.

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And that's the focus of our conversation today

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and the focus of the Kiplinger's article, which

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I can throw in the show notes if

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people want to read the whole thing, but

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these are signs, right?

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Signs that maybe the universe is telling you.

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Um, kind of joking there, but maybe not.

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So when you are, or not ready, right.

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I used to be thinking about like, maybe

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you're not thinking about retirement, but if these

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things resonate with you, maybe, maybe you should

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be.

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So the number one thing doesn't have anything

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to do with money, Chris.

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It has to do with emotions.

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You're emotionally ready.

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You know, you kind of like, yeah.

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Well, I gotta say, Jeff, I talk to

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people all the time.

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It might be emotionally ready, but it's only

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one part of it.

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You can't just say, I would listen to

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this podcast with these financial guys.

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And they said, when I'm emotionally ready, no,

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this is just one.

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This is just one part of it.

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Right.

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Well, I do think that, you know, I

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think sometimes people feel burnt out.

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And that can be a driver for them

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to be thinking about, I need to change.

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And, um, that that's a valid, uh, consideration.

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Sometimes it's, I'm ready for a new, uh,

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adventure, a new opportunity.

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Sometimes it's, um, uh, other, uh, other ways,

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health.

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I need something, you know, less physically demanding

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or whatever it might be.

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So it can be a variety of things

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that can lead to that.

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I'm ready.

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Kind of emotions, physical, right.

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I mean, people are, it depends on the

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type of job you have.

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If you have a job that's difficult on

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your body, you know, you're out there on

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a roof or you're landscaping or, you know,

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something that's really strenuous.

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Obviously.

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That could be a physical thing that gets

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you like, I just can't do this anymore.

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Right.

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Um, what we're really talking about is something

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more of a psychology, emotional.

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Yep.

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Yeah.

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And the notion of what's the alternative, like,

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you know, I mean, it's, you talk about

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this from time to time, that notion that

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it's okay, so now what, what are you

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actually going to do?

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Yeah, that's important.

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There's a little bit of vacation.

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Sensibility.

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We had a client in not too long

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ago and recently retired, and he was talking

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about that notion.

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It's like, yeah, I get up and I

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don't have to do anything.

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I don't have to be anywhere.

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And this sort of sense of freedom that

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comes with that is liberating, you know, or,

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or anxiety ridden, like, I feel like I'm

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supposed to be somewhere, you know, that kind

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of thing.

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Right.

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I think when people think about that, they

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thinking about really short term, they may not

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be saying that, but the thing, yo, I

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won't have to do this.

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I won't have to do that.

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It's going to be, I'm going to go

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on vacation.

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And, you know, it's like, that's retiring.

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We talk about this, but I think in

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this context, we should dig in a little

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bit.

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That's that reminds me of people saying I'm

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retiring from something.

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I'm retiring from the stress, from the, maybe

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a toxic work culture, maybe, you know, whatever.

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Yeah.

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But what are you retiring to?

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Right.

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Yeah.

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It's a great point.

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And you got to think of it in

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both directions.

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There can be reasons where, you know, you

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do want that retiring from mindset.

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Totally get that.

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On the other hand, you really want to

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have a sense of clarity of what you're

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retiring to.

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We, you can't just be saying, I'm going

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to be a couch potato all day in

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retirement.

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You got to have something you're doing, you're

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moving toward.

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You have, you're energized by, you are enthusiastic

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to participate in or whatever.

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You need something that's going to really give

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you purpose and energy that you're moving toward,

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not just saying, oh, I don't, we don't

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have to do that anymore.

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Yeah.

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I think the key word there is purpose,

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right?

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And it's, it's different for different people's, you

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know, the study show it's different for different

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genders, you know, women are much better at

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retirement and shifting into a new, making new

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social connections, activities, men struggle with that a

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bit.

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So, but either way, have something that you

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want to do that, you know, write it

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down, make a plan.

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I've seen some of the suggestions and stuff

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that I've read, having to do with making

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a calendar, not a day by day calendar,

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but like maybe a week by week calendar.

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What would I do over the next few

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weeks?

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What would I do over the next few

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months?

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Just to give yourself a vision of what

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am I going to be doing?

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And it is an opportunity to do what

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you want to do.

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Could be a hobby, could be a charity.

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We've talked about this with some guests as

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well, and there are some good episodes that

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we've had.

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If you haven't, Dr. Landry, you've interviewed a

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couple of women about, I forget the, the

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future of you or something like that, right?

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Yep.

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Nan and Lisa.

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Yep.

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Yep.

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And the notion that, you know, sometimes there's

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00:09:53,940 --> 00:09:58,640
it's hard to imagine what you might do

274
00:09:58,640 --> 00:10:00,400
if you have difficulty with that.

275
00:10:00,560 --> 00:10:04,320
Sometimes it's perhaps helpful to have a, a

276
00:10:04,320 --> 00:10:05,960
helping hand in that process.

277
00:10:06,240 --> 00:10:06,340
Sure.

278
00:10:07,120 --> 00:10:09,480
But it's an, it's an opportunity that you

279
00:10:09,480 --> 00:10:12,960
don't want to squander, you know, to sort

280
00:10:12,960 --> 00:10:16,620
of be thinking about this stage of life

281
00:10:16,620 --> 00:10:19,620
where you think in terms of financial freedom

282
00:10:19,620 --> 00:10:23,660
that you can then say, what do I

283
00:10:23,660 --> 00:10:25,700
want this time to be about?

284
00:10:25,700 --> 00:10:27,840
How am I going to make some, the

285
00:10:27,840 --> 00:10:29,780
most of that time with something that will

286
00:10:29,780 --> 00:10:33,660
be meaningful to me, you know, whatever that

287
00:10:33,660 --> 00:10:33,940
is.

288
00:10:34,420 --> 00:10:36,200
So what are some of the other things

289
00:10:36,200 --> 00:10:37,160
that you need to think about?

290
00:10:37,480 --> 00:10:38,700
Well, perfectly timed.

291
00:10:38,840 --> 00:10:40,900
Number two, you know, number one is you're

292
00:10:40,900 --> 00:10:41,680
emotionally ready.

293
00:10:41,820 --> 00:10:43,780
Number two is I've saved enough.

294
00:10:44,320 --> 00:10:47,140
So back to your thing that we say

295
00:10:47,140 --> 00:10:49,560
frequently, what's my number, right?

296
00:10:49,860 --> 00:10:50,580
Yeah, right.

297
00:10:50,580 --> 00:10:53,640
I think, you know, this is very much

298
00:10:53,640 --> 00:10:58,540
dependent in part on knowing two things, beginning

299
00:10:58,540 --> 00:10:59,660
date and ending date.

300
00:11:00,220 --> 00:11:02,660
Unfortunately, we don't necessarily know both of those

301
00:11:02,660 --> 00:11:05,000
all the time, but, you know, we don't

302
00:11:05,000 --> 00:11:07,880
know how long we'll live to, how much,

303
00:11:08,000 --> 00:11:09,900
how long those funds will be needed for.

304
00:11:10,140 --> 00:11:13,620
We don't necessarily know, as you've described, you

305
00:11:13,620 --> 00:11:15,760
know, exactly when we'll need to start.

306
00:11:15,760 --> 00:11:21,380
Sometimes people have unexpected changes in their retirement

307
00:11:21,380 --> 00:11:25,300
plan due to a layoff or something like

308
00:11:25,300 --> 00:11:25,480
that.

309
00:11:25,600 --> 00:11:28,160
So, you know, I think these are key

310
00:11:28,160 --> 00:11:28,720
ingredients.

311
00:11:29,080 --> 00:11:31,940
We can make some adjustments based on assumptions

312
00:11:31,940 --> 00:11:34,160
of what is going to be inflation and

313
00:11:34,160 --> 00:11:35,080
how are we going to get rate of

314
00:11:35,080 --> 00:11:35,460
return?

315
00:11:35,720 --> 00:11:37,160
What are we going to spend?

316
00:11:37,860 --> 00:11:40,920
But all of these have variables that we

317
00:11:40,920 --> 00:11:42,760
have to, you know, be a little bit

318
00:11:42,760 --> 00:11:47,120
prepared for variation in some of these considerations.

319
00:11:47,560 --> 00:11:50,480
But that can be done.

320
00:11:50,620 --> 00:11:52,940
You can get a fair sense of, all

321
00:11:52,940 --> 00:11:54,980
right, at what point do I have that

322
00:11:54,980 --> 00:11:56,780
expectation of financial freedom?

323
00:11:57,400 --> 00:11:57,780
That's right.

324
00:11:57,840 --> 00:11:59,380
And that goes right into the next one.

325
00:11:59,440 --> 00:12:01,360
These two are, I guess, could have been

326
00:12:01,360 --> 00:12:04,980
put in the same category, but it talks

327
00:12:04,980 --> 00:12:06,380
about your retirement plan.

328
00:12:06,620 --> 00:12:07,840
And, you know, we've talked a little bit

329
00:12:07,840 --> 00:12:11,460
about purpose, but I also interpret what's your

330
00:12:11,460 --> 00:12:15,380
retirement plan is to really, really do a

331
00:12:15,380 --> 00:12:18,880
deep dive about the conditions, the things that

332
00:12:18,880 --> 00:12:20,420
could happen in your retirement.

333
00:12:20,960 --> 00:12:22,260
You know, have you saved enough?

334
00:12:22,480 --> 00:12:23,260
That's your number.

335
00:12:23,360 --> 00:12:26,100
That's just like thinking about if I don't

336
00:12:26,100 --> 00:12:27,780
have a pension or if I do, how

337
00:12:27,780 --> 00:12:29,040
much is that cash flow?

338
00:12:29,180 --> 00:12:30,740
That is how much is my social security?

339
00:12:30,860 --> 00:12:32,360
I think people think about this and then

340
00:12:32,360 --> 00:12:35,000
they think about withdrawing from the assets that

341
00:12:35,000 --> 00:12:37,880
they've accumulated and they just get this number

342
00:12:37,880 --> 00:12:39,380
as we're talking about.

343
00:12:39,940 --> 00:12:42,160
So I need eight thousand dollars a month,

344
00:12:42,320 --> 00:12:44,520
for example, to live the lifestyle that I

345
00:12:44,520 --> 00:12:44,800
want.

346
00:12:44,940 --> 00:12:46,940
And they do the math and they say,

347
00:12:46,960 --> 00:12:48,820
OK, I can do that right now.

348
00:12:48,920 --> 00:12:50,780
So that's that's kind of have I saved

349
00:12:50,780 --> 00:12:51,120
enough.

350
00:12:51,340 --> 00:12:53,960
But just continuing on that, I'd like to

351
00:12:53,960 --> 00:12:55,020
get your thoughts on.

352
00:12:56,460 --> 00:12:58,840
What can mess up, right?

353
00:12:58,960 --> 00:13:00,280
Yeah, there's variables.

354
00:13:00,600 --> 00:13:02,220
I mean, a couple of things.

355
00:13:02,320 --> 00:13:05,000
One is, OK, I can do that today,

356
00:13:05,000 --> 00:13:07,860
but what will I need in the future?

357
00:13:08,240 --> 00:13:12,400
How will inflation factor into my cash flow

358
00:13:12,400 --> 00:13:13,520
demands over time?

359
00:13:14,520 --> 00:13:16,900
Am I spending principal or am I only

360
00:13:16,900 --> 00:13:18,180
living off of earnings?

361
00:13:19,480 --> 00:13:22,760
And that, you know, how am I defining

362
00:13:22,760 --> 00:13:23,200
earnings?

363
00:13:23,360 --> 00:13:24,000
How much?

364
00:13:24,280 --> 00:13:24,480
Right.

365
00:13:24,800 --> 00:13:27,360
Markets don't only move in one direction when

366
00:13:27,360 --> 00:13:30,300
it comes to market volatility, as we talked

367
00:13:30,300 --> 00:13:31,020
about recently.

368
00:13:31,900 --> 00:13:34,420
Everyone's aware right now of all the volatility

369
00:13:34,420 --> 00:13:36,180
we're enduring.

370
00:13:37,560 --> 00:13:39,820
So, you know, those are things you need

371
00:13:39,820 --> 00:13:40,680
to be mindful of.

372
00:13:40,740 --> 00:13:43,340
There are other things like, well, am I

373
00:13:43,340 --> 00:13:44,620
going to buy a car from time to

374
00:13:44,620 --> 00:13:44,740
time?

375
00:13:44,860 --> 00:13:46,260
Where's that money going to come from?

376
00:13:46,380 --> 00:13:46,660
That's right.

377
00:13:47,520 --> 00:13:47,620
Travel.

378
00:13:48,140 --> 00:13:51,320
Are there going to be new additional expenses?

379
00:13:51,580 --> 00:13:53,300
Are we going to have occasionally do some

380
00:13:53,300 --> 00:13:56,500
renovations to the home or update the bathroom

381
00:13:56,500 --> 00:13:58,340
or whatever it might be?

382
00:13:58,400 --> 00:14:00,800
Or the roof needs a new shingles.

383
00:14:01,760 --> 00:14:05,260
That is one of those categories, those items

384
00:14:05,260 --> 00:14:08,100
that you've referenced is I mean, it's they're

385
00:14:08,100 --> 00:14:11,180
simple to think about, but so many people

386
00:14:11,180 --> 00:14:13,240
do not include them when they're doing their

387
00:14:13,240 --> 00:14:14,420
cash flow projections.

388
00:14:14,560 --> 00:14:17,300
And it can really take a dent in

389
00:14:17,300 --> 00:14:18,200
some of the numbers.

390
00:14:18,360 --> 00:14:20,640
And as you know, one of the ones

391
00:14:20,640 --> 00:14:24,020
that can be most unexpected and damaging isn't

392
00:14:24,020 --> 00:14:25,880
any of these considerations.

393
00:14:25,880 --> 00:14:29,940
But the unexpected, I have family who needs

394
00:14:29,940 --> 00:14:30,300
something.

395
00:14:31,820 --> 00:14:35,960
I have someone who maybe a child who

396
00:14:35,960 --> 00:14:37,820
maybe maybe you have children and you think

397
00:14:37,820 --> 00:14:39,080
they're all set and then all of a

398
00:14:39,080 --> 00:14:40,580
sudden one of them has a job loss

399
00:14:40,580 --> 00:14:43,380
or a divorce or the grandkids come along

400
00:14:43,380 --> 00:14:44,380
and you want to help there.

401
00:14:44,700 --> 00:14:47,900
Or, you know, the list is really endless.

402
00:14:48,260 --> 00:14:50,720
Or maybe a daughter who wasn't going to

403
00:14:50,720 --> 00:14:52,440
get married gets married and you want to

404
00:14:52,440 --> 00:14:57,300
have a wedding or a divorce or whatever.

405
00:14:57,300 --> 00:15:03,200
Or, you know, and I like to remind

406
00:15:03,200 --> 00:15:05,880
clients when they think, oh, you know, I'm

407
00:15:05,880 --> 00:15:07,800
70 or whatever, nothing else is going to

408
00:15:07,800 --> 00:15:08,060
happen.

409
00:15:08,140 --> 00:15:08,920
Everything's settled.

410
00:15:09,700 --> 00:15:12,080
Just, you know, I say, think about your

411
00:15:12,080 --> 00:15:12,420
friends.

412
00:15:12,540 --> 00:15:14,240
What stories are your friends telling you?

413
00:15:14,280 --> 00:15:15,820
Or just think back 10 years.

414
00:15:16,020 --> 00:15:18,120
What has come up in your financial life

415
00:15:18,120 --> 00:15:20,540
that you didn't that you didn't see?

416
00:15:20,720 --> 00:15:21,000
Right.

417
00:15:21,680 --> 00:15:23,500
And that gets them thinking.

418
00:15:23,660 --> 00:15:25,840
And so it's not just cash flow.

419
00:15:25,840 --> 00:15:27,960
Like, what are my expenses this month times

420
00:15:27,960 --> 00:15:30,240
12 times 20 years or however long you

421
00:15:30,240 --> 00:15:31,100
expect to live?

422
00:15:31,500 --> 00:15:31,660
Right.

423
00:15:31,940 --> 00:15:35,100
It's really thinking about and this is where

424
00:15:35,100 --> 00:15:37,260
when you work with when you work with

425
00:15:37,260 --> 00:15:39,440
us, I'll say that or someone else who

426
00:15:39,440 --> 00:15:41,800
operates a business like you do.

427
00:15:43,020 --> 00:15:45,680
When we we spend a lot of time

428
00:15:45,680 --> 00:15:49,180
getting to know our clients, understanding where they

429
00:15:49,180 --> 00:15:51,040
are, you know, where they want to be

430
00:15:51,040 --> 00:15:55,240
in their personal situations and their challenges and

431
00:15:55,240 --> 00:15:58,280
ask them these questions in person, because sometimes

432
00:15:58,280 --> 00:16:01,060
people are so focused on I'm retiring, getting

433
00:16:01,060 --> 00:16:03,820
out of I'm retiring from something.

434
00:16:03,920 --> 00:16:05,420
I can't wait to be home.

435
00:16:05,520 --> 00:16:06,880
And I met my number.

436
00:16:07,120 --> 00:16:10,360
They don't really dig into these what ifs,

437
00:16:10,360 --> 00:16:11,040
we call them.

438
00:16:11,880 --> 00:16:13,720
And then when you get to the big

439
00:16:13,720 --> 00:16:16,480
what if, I guess, is what if I

440
00:16:16,480 --> 00:16:17,600
need some help at home?

441
00:16:17,600 --> 00:16:21,080
What if I need, you know, what if

442
00:16:21,080 --> 00:16:24,940
health to, you know, chronic illness or health

443
00:16:24,940 --> 00:16:27,260
deterioration or death of a spouse, there is

444
00:16:27,260 --> 00:16:30,240
a cost of death of a spouse where

445
00:16:30,240 --> 00:16:31,780
that can change the cash flows.

446
00:16:32,980 --> 00:16:34,520
All of these are variables.

447
00:16:34,620 --> 00:16:35,820
You got to do some of these stress

448
00:16:35,820 --> 00:16:37,180
test kind of scenarios.

449
00:16:38,220 --> 00:16:40,180
What if I live longer than I expect?

450
00:16:41,080 --> 00:16:43,140
What if, what if, what if, right?

451
00:16:43,140 --> 00:16:44,660
You got to kind of look at some

452
00:16:44,660 --> 00:16:48,680
of these variables and say, how does that,

453
00:16:49,040 --> 00:16:51,260
is there enough cushion in the plan that

454
00:16:51,260 --> 00:16:54,000
I can I can make it work?

455
00:16:54,500 --> 00:16:54,820
Right.

456
00:16:55,520 --> 00:16:57,760
So it's not so tight.

457
00:16:58,640 --> 00:17:00,160
There are times when we'll run a plan

458
00:17:00,160 --> 00:17:01,860
and be like, oh, we've got a plan

459
00:17:01,860 --> 00:17:02,320
that works.

460
00:17:03,140 --> 00:17:05,319
And then we say, what if you had

461
00:17:05,319 --> 00:17:07,900
to spend a thousand dollars a month more?

462
00:17:08,540 --> 00:17:08,800
Right.

463
00:17:09,020 --> 00:17:11,240
You know, it's more, but it's not like

464
00:17:11,240 --> 00:17:12,520
outrageously more.

465
00:17:13,140 --> 00:17:14,680
But of course, it's not a thousand a

466
00:17:14,680 --> 00:17:15,000
month.

467
00:17:15,160 --> 00:17:16,400
It's a thousand a month now.

468
00:17:17,160 --> 00:17:17,260
Right.

469
00:17:17,380 --> 00:17:19,680
But then inflation, I guess we should talk

470
00:17:19,680 --> 00:17:21,420
about that part too, inflation.

471
00:17:22,460 --> 00:17:22,599
Yeah.

472
00:17:22,660 --> 00:17:25,240
And the impact can be devastating, not devastating

473
00:17:25,240 --> 00:17:27,420
always, but it can be like they just

474
00:17:27,420 --> 00:17:29,400
can totally change the outcome of the plan

475
00:17:29,400 --> 00:17:31,580
as to is this a viable plan or

476
00:17:31,580 --> 00:17:31,920
not.

477
00:17:32,380 --> 00:17:34,560
So, you know, in some instances could be

478
00:17:34,560 --> 00:17:36,440
very narrow in some instances that could be,

479
00:17:36,480 --> 00:17:39,360
you know, very large before it disrupts the

480
00:17:39,360 --> 00:17:39,680
plan.

481
00:17:40,140 --> 00:17:41,740
But my point is, you know, these are

482
00:17:41,740 --> 00:17:44,000
things you need to be paying attention to

483
00:17:44,000 --> 00:17:46,480
and then it can really be that much

484
00:17:46,480 --> 00:17:48,960
more important if you're in that scenario that

485
00:17:48,960 --> 00:17:52,040
you have to be, you know, perpetually updating

486
00:17:52,040 --> 00:17:54,140
the plan to say, how's it going?

487
00:17:54,380 --> 00:17:57,600
How am I responding to inflation is one

488
00:17:57,600 --> 00:17:58,080
example.

489
00:18:00,500 --> 00:18:04,960
And if the numbers are so tight, what

490
00:18:04,960 --> 00:18:06,880
would be the impact of another year of

491
00:18:06,880 --> 00:18:09,620
work or a part time job or, you

492
00:18:09,620 --> 00:18:11,840
know, some of these other possibilities that might

493
00:18:11,840 --> 00:18:13,620
move the needle a little bit.

494
00:18:14,020 --> 00:18:17,180
In some cases, you know, the best of

495
00:18:17,180 --> 00:18:22,920
circumstances, people have an abundance and there's more

496
00:18:22,920 --> 00:18:24,220
than sufficient resources.

497
00:18:24,480 --> 00:18:26,140
It's really a question of how does it

498
00:18:26,140 --> 00:18:27,420
affect the next generation?

499
00:18:28,100 --> 00:18:31,920
Not so much for their charitable intentions or

500
00:18:31,920 --> 00:18:32,600
something like that.

501
00:18:32,600 --> 00:18:36,980
It's not so much a hardship, but it's

502
00:18:36,980 --> 00:18:38,540
different in all different circumstances.

503
00:18:38,540 --> 00:18:41,040
So we need to think about these issues.

504
00:18:41,600 --> 00:18:41,700
Yep.

505
00:18:41,760 --> 00:18:44,800
And just a plug for people who are

506
00:18:44,800 --> 00:18:48,600
not at retirement right now, but people maybe

507
00:18:48,600 --> 00:18:50,340
five years out or something.

508
00:18:50,460 --> 00:18:52,380
That's the time to go in and have

509
00:18:52,380 --> 00:18:58,760
your plan really crafted or revised because small,

510
00:18:58,860 --> 00:19:02,520
small differences, you know, working one more year

511
00:19:02,520 --> 00:19:03,840
or whatever.

512
00:19:04,140 --> 00:19:05,380
Or how much you're saving at that point,

513
00:19:05,540 --> 00:19:08,740
you know, a little more set aside could

514
00:19:08,740 --> 00:19:11,920
make a big impact because, you know, that

515
00:19:11,920 --> 00:19:15,960
could mean you're not drawing down more from

516
00:19:15,960 --> 00:19:19,660
certain places or, you know, when to turn

517
00:19:19,660 --> 00:19:21,620
on Social Security could make an impact.

518
00:19:23,020 --> 00:19:25,120
If I don't turn on Social Security when

519
00:19:25,120 --> 00:19:27,700
I retire, where does that, where am I

520
00:19:27,700 --> 00:19:29,200
going to draw from to spend money?

521
00:19:29,200 --> 00:19:32,360
Yeah, that's one that people often get wrong.

522
00:19:33,060 --> 00:19:37,060
How much I have in tax diversification, like

523
00:19:37,060 --> 00:19:40,240
am I all in IRA type money from

524
00:19:40,240 --> 00:19:40,880
all my money?

525
00:19:41,000 --> 00:19:42,700
Well, if that's the case, a third of

526
00:19:42,700 --> 00:19:44,660
that or whatever the number really is.

527
00:19:44,780 --> 00:19:46,460
But, you know, a chunk of that isn't

528
00:19:46,460 --> 00:19:46,740
yours.

529
00:19:46,860 --> 00:19:48,800
It's Uncle Sam's, so to speak.

530
00:19:49,840 --> 00:19:52,000
So the thoughts of, oh, I'm going to

531
00:19:52,000 --> 00:19:52,840
spend so much.

532
00:19:53,380 --> 00:19:57,040
Well, you may be spending that plus a

533
00:19:57,040 --> 00:19:58,220
third, you know, whatever.

534
00:19:58,600 --> 00:19:58,960
All right.

535
00:20:00,000 --> 00:20:03,780
So you're emotionally ready, you've saved enough and

536
00:20:03,780 --> 00:20:06,020
you have a retirement plan in place that

537
00:20:06,020 --> 00:20:08,980
not only helps with your cash flow projections,

538
00:20:09,180 --> 00:20:12,860
but, you know, does some planning on longer

539
00:20:12,860 --> 00:20:13,660
term things.

540
00:20:14,100 --> 00:20:14,260
Yeah.

541
00:20:14,360 --> 00:20:16,320
Stress test is it for the what ifs,

542
00:20:16,920 --> 00:20:20,580
all those, a solid, comprehensive financial plan in

543
00:20:20,580 --> 00:20:22,360
place that supports that you can.

544
00:20:22,720 --> 00:20:24,600
Now, if you retire at 65, just to

545
00:20:24,600 --> 00:20:25,840
use that number, a lot of people are

546
00:20:25,840 --> 00:20:30,100
retiring earlier, but you have a likelihood and

547
00:20:30,100 --> 00:20:31,880
it's not a small one of living into

548
00:20:31,880 --> 00:20:32,660
your 90s.

549
00:20:33,180 --> 00:20:35,840
And so inflation, think about how much things

550
00:20:35,840 --> 00:20:39,520
cost 25 years ago and think about what

551
00:20:39,520 --> 00:20:41,140
they're going to cost 25 years from now.

552
00:20:41,260 --> 00:20:46,560
So to have all these components accurately included

553
00:20:46,560 --> 00:20:49,160
in your financial plan and testing it for

554
00:20:49,160 --> 00:20:49,880
the long term.

555
00:20:51,240 --> 00:20:53,860
The next one that they talk about is

556
00:20:53,860 --> 00:20:56,240
signs you might be ready for retirement.

557
00:20:56,480 --> 00:20:59,100
Are you OK with watching your money deplete?

558
00:21:00,480 --> 00:21:03,260
Because some people, you know, you go through,

559
00:21:03,420 --> 00:21:05,640
you start, you get your first serious job

560
00:21:05,640 --> 00:21:09,000
when you're in your mid-20s, you started

561
00:21:09,000 --> 00:21:11,480
putting money away, you've been a diligent, savvy

562
00:21:11,480 --> 00:21:14,600
investor, you're piling, piling cash, as you say,

563
00:21:15,160 --> 00:21:18,960
you're a prudent investor and you've developed this

564
00:21:18,960 --> 00:21:21,120
nest egg that gives you the opportunity.

565
00:21:21,340 --> 00:21:24,200
I call it, it's not my quote, it's

566
00:21:24,200 --> 00:21:26,900
not my word, but Bob Frank is critical

567
00:21:26,900 --> 00:21:27,300
mass.

568
00:21:27,380 --> 00:21:29,180
You have the critical mass to live the

569
00:21:29,180 --> 00:21:30,440
retirement that you earned.

570
00:21:31,280 --> 00:21:35,900
And then people struggle with withdrawing money and

571
00:21:35,900 --> 00:21:37,940
watching those numbers go down.

572
00:21:38,900 --> 00:21:41,880
Yeah, there's a certain, I think, you know,

573
00:21:41,900 --> 00:21:47,100
people all come to their money issues with

574
00:21:47,100 --> 00:21:52,300
different experiences, particularly people who've been through scarcity,

575
00:21:53,460 --> 00:21:58,720
are very much aware of the risks of

576
00:21:58,720 --> 00:22:03,420
asset depletion and the anxiety that comes with

577
00:22:03,420 --> 00:22:04,520
that possibility.

578
00:22:05,580 --> 00:22:07,700
So, you know, when we think about it,

579
00:22:07,800 --> 00:22:10,380
as we were just saying, sometimes you have

580
00:22:10,380 --> 00:22:11,720
money in different places.

581
00:22:13,380 --> 00:22:16,000
And so when you're talking about bank accounts

582
00:22:16,000 --> 00:22:18,240
or, you know, some of these monies that

583
00:22:18,240 --> 00:22:20,480
might be depleting, they might not be all

584
00:22:20,480 --> 00:22:25,360
of the resources, but it may be the

585
00:22:25,360 --> 00:22:29,840
most impactful for that sense of security.

586
00:22:32,500 --> 00:22:35,180
So in any case, this notion of if

587
00:22:35,180 --> 00:22:36,900
you're even if you're just talking about your

588
00:22:36,900 --> 00:22:40,420
net worth, you know, not just the bank

589
00:22:40,420 --> 00:22:42,580
account per se or whatever it might be,

590
00:22:43,280 --> 00:22:48,560
that anxiety of seeing that get spent to

591
00:22:48,560 --> 00:22:50,560
some extent, you know, I think it becomes

592
00:22:50,560 --> 00:22:52,640
really important to have clarity of what's my

593
00:22:52,640 --> 00:22:58,260
plan, you know, is the plan to have

594
00:22:58,260 --> 00:22:59,980
money left over for others.

595
00:23:00,920 --> 00:23:03,240
That could be an important driver for many

596
00:23:03,240 --> 00:23:03,660
people.

597
00:23:03,660 --> 00:23:09,960
But for others, it's really about, well, I

598
00:23:09,960 --> 00:23:11,800
just want to don't want to run out

599
00:23:11,800 --> 00:23:13,200
over while I need it.

600
00:23:13,700 --> 00:23:19,320
So does the does the balance going down

601
00:23:19,320 --> 00:23:23,980
on the net worth disrupt one's sense of

602
00:23:23,980 --> 00:23:24,700
comfort zone?

603
00:23:25,340 --> 00:23:27,280
It's really normal to bother people.

604
00:23:27,400 --> 00:23:29,080
I mean, that's because you think about it,

605
00:23:29,080 --> 00:23:31,640
you spent your entire adult life building.

606
00:23:32,800 --> 00:23:35,400
It's not natural to think even if you

607
00:23:35,400 --> 00:23:37,060
cognitively know it, right?

608
00:23:37,460 --> 00:23:40,240
Yeah, it's not natural to think that that

609
00:23:40,240 --> 00:23:41,540
number is going to go down.

610
00:23:41,680 --> 00:23:42,860
You're going to switch directions.

611
00:23:43,300 --> 00:23:45,320
It's almost like, you know, snap your fingers

612
00:23:45,320 --> 00:23:47,340
and now you're going to be depleting your

613
00:23:47,340 --> 00:23:49,840
assets for the reasons that you saved them

614
00:23:49,840 --> 00:23:50,140
for.

615
00:23:51,000 --> 00:23:52,780
Nicely done with that snap of the fingers.

616
00:23:52,900 --> 00:23:53,520
Yeah, thank you.

617
00:23:53,800 --> 00:23:54,280
Thank you.

618
00:23:54,340 --> 00:23:55,380
That was not a sound effect.

619
00:23:55,500 --> 00:23:56,180
That was real life.

620
00:23:56,280 --> 00:23:56,980
Yeah, that was good.

621
00:23:58,580 --> 00:23:59,120
It's true.

622
00:23:59,120 --> 00:24:00,840
I think one of the things that oftentimes

623
00:24:00,840 --> 00:24:03,040
we see is not just that notion of

624
00:24:03,040 --> 00:24:07,980
the assets going down, it's people develop a

625
00:24:07,980 --> 00:24:10,660
comfort zone that they're willing to spend within.

626
00:24:12,840 --> 00:24:16,720
And they may have ample resources to spend

627
00:24:16,720 --> 00:24:22,320
more, but they don't have a comfort zone

628
00:24:22,320 --> 00:24:26,020
of spending more because they've become accustomed to

629
00:24:26,020 --> 00:24:31,740
a certain lifestyle model that even though they

630
00:24:31,740 --> 00:24:34,200
might have the ability and the resources and

631
00:24:34,200 --> 00:24:39,320
the permission, as you talked about, they just

632
00:24:39,320 --> 00:24:42,600
aren't comfortable with that at times because it's

633
00:24:42,600 --> 00:24:45,740
this anxiety that it will lead to scarcity.

634
00:24:46,720 --> 00:24:48,740
Yeah, I just have one follow up on

635
00:24:48,740 --> 00:24:49,200
scarcity.

636
00:24:49,560 --> 00:24:51,140
It's just a note for people.

637
00:24:51,730 --> 00:24:56,920
Some people have not lived scarcity, had scarcity

638
00:24:56,920 --> 00:25:00,020
in their lives, in their adult life, but

639
00:25:00,020 --> 00:25:02,140
they could have experienced it as a child

640
00:25:02,140 --> 00:25:06,940
and that can have equally or even greater

641
00:25:06,940 --> 00:25:09,320
impact on how you look at these things.

642
00:25:09,720 --> 00:25:12,220
So having somebody to talk it out and

643
00:25:12,220 --> 00:25:15,140
having that, not to be super repetitive, but

644
00:25:15,140 --> 00:25:18,440
having that financial plan in place and going

645
00:25:18,440 --> 00:25:20,320
back to it, you know, like we get

646
00:25:20,320 --> 00:25:22,800
clients in at least once a year, sometimes

647
00:25:22,800 --> 00:25:25,560
more if they need it, but at least

648
00:25:25,560 --> 00:25:27,160
once a year we want them to sit

649
00:25:27,160 --> 00:25:30,360
down or virtually meet with us and say,

650
00:25:30,560 --> 00:25:31,520
all right, let's look at your plan.

651
00:25:31,600 --> 00:25:34,020
How are you doing, you know, projecting it

652
00:25:34,020 --> 00:25:34,280
out?

653
00:25:34,900 --> 00:25:36,400
How's the projections look?

654
00:25:37,040 --> 00:25:38,400
You know, anything new, of course.

655
00:25:38,400 --> 00:25:41,240
And that really should add, I think it

656
00:25:41,240 --> 00:25:45,720
does, from my experience with clients, increases that

657
00:25:45,720 --> 00:25:50,220
ability that they have to say, OK, my

658
00:25:50,220 --> 00:25:50,960
plan's here.

659
00:25:51,260 --> 00:25:53,360
I'm allowed to do this, allowed permission.

660
00:25:55,060 --> 00:25:56,980
You know, I have I have this travel

661
00:25:56,980 --> 00:26:00,060
to Europe in my budget every five years

662
00:26:00,060 --> 00:26:02,260
and it's the fifth year so I can

663
00:26:02,260 --> 00:26:02,680
go.

664
00:26:03,080 --> 00:26:04,460
It's not going to mean I'm going to

665
00:26:04,460 --> 00:26:04,660
go.

666
00:26:04,660 --> 00:26:06,540
You know what it is, though, Jeff?

667
00:26:06,680 --> 00:26:08,880
I mean, I think we're we're trying to

668
00:26:08,880 --> 00:26:14,200
provide people intellectual rationale and a lot of

669
00:26:14,200 --> 00:26:16,660
this stuff is what hits you on an

670
00:26:16,660 --> 00:26:17,700
emotional level.

671
00:26:17,920 --> 00:26:22,820
That is, it's not necessarily a rational decision

672
00:26:22,820 --> 00:26:25,860
as much as a feeling, you know, the

673
00:26:25,860 --> 00:26:28,920
comfort or discomfort that people have.

674
00:26:28,920 --> 00:26:33,440
And so sometimes the that that rational, oh,

675
00:26:33,500 --> 00:26:36,380
here's the evidence, you know, can can overcome

676
00:26:36,380 --> 00:26:36,840
that.

677
00:26:36,900 --> 00:26:39,140
But at other times it's just this is

678
00:26:39,140 --> 00:26:41,280
where I'm comfortable and that's where I'm going

679
00:26:41,280 --> 00:26:41,700
to stay.

680
00:26:41,760 --> 00:26:42,900
You know, that kind of mindset.

681
00:26:43,600 --> 00:26:47,360
But ultimately, these are things you need to

682
00:26:47,360 --> 00:26:49,340
I think what we really want is to

683
00:26:49,340 --> 00:26:51,760
make sure that people are tuned in if

684
00:26:51,760 --> 00:26:54,700
there's a risk of depleting assets, right, that

685
00:26:54,700 --> 00:26:57,980
they are prepared for how to navigate that

686
00:26:57,980 --> 00:27:02,120
and not to have it happen too quickly

687
00:27:02,120 --> 00:27:03,620
as it relates to their lifespan.

688
00:27:04,340 --> 00:27:06,140
You know that it may be part of

689
00:27:06,140 --> 00:27:07,700
the plan that you're going to spend through

690
00:27:07,700 --> 00:27:10,660
some of your resources by design.

691
00:27:11,180 --> 00:27:12,000
And that's OK.

692
00:27:12,320 --> 00:27:13,960
That's you know, some people want that, some

693
00:27:13,960 --> 00:27:14,480
people don't.

694
00:27:14,580 --> 00:27:15,980
So it's really a matter of what you're

695
00:27:15,980 --> 00:27:16,660
trying to do.

696
00:27:17,180 --> 00:27:20,720
But you have to be, I think, vigilant

697
00:27:20,720 --> 00:27:26,580
around making sure that it's not perpetuating decline

698
00:27:26,580 --> 00:27:27,340
too quickly.

699
00:27:27,900 --> 00:27:28,300
You know, right.

700
00:27:28,620 --> 00:27:30,840
It's like I use I have the vision

701
00:27:30,840 --> 00:27:33,300
when I'm talking about this is you're driving

702
00:27:33,300 --> 00:27:36,060
a large ship across the ocean to a

703
00:27:36,060 --> 00:27:39,240
destination retirement, you know, the end of your

704
00:27:39,240 --> 00:27:39,780
retirement.

705
00:27:40,060 --> 00:27:42,400
And if you get off course and you

706
00:27:42,400 --> 00:27:43,880
know about it, you can make a small

707
00:27:43,880 --> 00:27:44,460
correction.

708
00:27:44,840 --> 00:27:45,200
Right.

709
00:27:45,660 --> 00:27:47,680
You know, enough time in advance.

710
00:27:47,820 --> 00:27:50,560
You get an easy time, but if you're

711
00:27:50,560 --> 00:27:52,920
wrong, you're going to hit the shore or

712
00:27:52,920 --> 00:27:53,940
you're going to miss your mark.

713
00:27:54,320 --> 00:27:56,000
Or it's going to take a lot more

714
00:27:56,000 --> 00:27:58,700
to try to get that course correction can

715
00:27:58,700 --> 00:28:00,560
be difficult to do.

716
00:28:02,400 --> 00:28:05,280
So, yeah, I think these are so ultimately

717
00:28:05,280 --> 00:28:07,820
that what these are metaphors we're talking about.

718
00:28:08,040 --> 00:28:09,680
But, you know, what does that mean?

719
00:28:09,760 --> 00:28:11,720
It means you need to review your plan,

720
00:28:11,820 --> 00:28:14,560
you know, with some frequency because it's not

721
00:28:14,560 --> 00:28:15,060
static.

722
00:28:15,400 --> 00:28:17,480
And you need to say, oh, well, in

723
00:28:17,480 --> 00:28:19,040
this case, we've had a couple of years

724
00:28:19,040 --> 00:28:19,780
of great markets.

725
00:28:20,000 --> 00:28:21,160
How does that change the plan?

726
00:28:21,700 --> 00:28:22,900
Oh, we've had bad markets.

727
00:28:23,060 --> 00:28:24,540
How does that change the plan or does

728
00:28:24,540 --> 00:28:26,080
it in these instances?

729
00:28:26,500 --> 00:28:28,460
Yeah, probably not as much as people think.

730
00:28:28,760 --> 00:28:28,900
Right.

731
00:28:29,240 --> 00:28:29,500
Right.

732
00:28:30,600 --> 00:28:33,820
And so or, hey, we had some unexpected

733
00:28:33,820 --> 00:28:34,440
expenses.

734
00:28:34,880 --> 00:28:36,840
We had we didn't have some of the

735
00:28:36,840 --> 00:28:38,940
things we planned to do that we didn't

736
00:28:38,940 --> 00:28:41,340
do, et cetera.

737
00:28:41,660 --> 00:28:43,660
And, you know, this gives you some sense

738
00:28:43,660 --> 00:28:45,700
of, oh, you can reassess what we want

739
00:28:45,700 --> 00:28:49,480
to do now, you know, and or maybe

740
00:28:49,480 --> 00:28:51,400
what we have to do now, you know.

741
00:28:51,480 --> 00:28:53,060
And there's things that we can that you

742
00:28:53,060 --> 00:28:54,680
may not have thought about that we, you

743
00:28:54,680 --> 00:28:56,340
know, talk to clients about all the time

744
00:28:56,340 --> 00:28:58,460
that they, you know, they think they either

745
00:28:58,460 --> 00:29:01,520
got to cut their spending drastically or they

746
00:29:01,520 --> 00:29:04,200
have to, you know, get a job.

747
00:29:04,260 --> 00:29:04,480
Right.

748
00:29:04,540 --> 00:29:06,400
And there's there's things that we talk about

749
00:29:06,400 --> 00:29:09,300
with clients, you know, that downsizing your house,

750
00:29:09,360 --> 00:29:09,940
for example.

751
00:29:10,100 --> 00:29:10,280
Yeah.

752
00:29:10,380 --> 00:29:11,920
A lot of this comes back to accuracy

753
00:29:11,920 --> 00:29:14,740
of the information, the data, which is a

754
00:29:14,740 --> 00:29:15,300
challenge.

755
00:29:15,540 --> 00:29:17,800
But we have this very conversation to your

756
00:29:17,800 --> 00:29:21,940
point with clients very recently where, you know,

757
00:29:21,960 --> 00:29:25,240
they retired and their numbers at the outset

758
00:29:25,240 --> 00:29:28,420
look good, but then a review didn't look

759
00:29:28,420 --> 00:29:29,020
so good.

760
00:29:29,400 --> 00:29:30,840
And well, how could this happen?

761
00:29:30,980 --> 00:29:33,460
Well, you're spending a lot more than you

762
00:29:33,460 --> 00:29:34,620
said you were going to spend.

763
00:29:35,020 --> 00:29:35,440
All right.

764
00:29:35,480 --> 00:29:36,440
Let's let's evaluate.

765
00:29:36,560 --> 00:29:38,040
Is this an ongoing thing or are these

766
00:29:38,040 --> 00:29:38,440
one off?

767
00:29:38,500 --> 00:29:38,720
Yeah.

768
00:29:38,740 --> 00:29:39,380
Is it temporary?

769
00:29:39,640 --> 00:29:39,800
Right.

770
00:29:39,980 --> 00:29:40,340
You know.

771
00:29:40,460 --> 00:29:40,700
Yeah.

772
00:29:40,700 --> 00:29:42,800
So we can we can evaluate that.

773
00:29:42,800 --> 00:29:44,720
And if we know that it's not a

774
00:29:44,720 --> 00:29:47,920
perpetual thing, OK, where where's how's that adjust

775
00:29:47,920 --> 00:29:48,260
plan?

776
00:29:48,740 --> 00:29:49,860
How do we adapt?

777
00:29:50,020 --> 00:29:52,860
You know, if not, then we're going to

778
00:29:52,860 --> 00:29:54,340
take more significant action.

779
00:29:54,520 --> 00:29:56,200
What are we going to do to course

780
00:29:56,200 --> 00:29:56,580
correct?

781
00:29:57,180 --> 00:29:57,380
Right.

782
00:29:57,720 --> 00:29:57,880
Right.

783
00:29:59,240 --> 00:30:01,200
So we've been talking a lot about we

784
00:30:01,200 --> 00:30:04,080
started with behavioral and then we, you know,

785
00:30:04,120 --> 00:30:06,520
went into the number and your plan and

786
00:30:06,520 --> 00:30:07,960
watching your money go down.

787
00:30:08,020 --> 00:30:09,600
Now we're going to go back to I

788
00:30:09,600 --> 00:30:10,760
don't know if it's behavioral or not, but

789
00:30:10,760 --> 00:30:15,280
it's certainly behavioral, emotional is have you talked

790
00:30:15,280 --> 00:30:17,980
to your spouse and, you know, are you

791
00:30:17,980 --> 00:30:18,840
ready for retirement?

792
00:30:19,300 --> 00:30:20,440
Have you talked to your spouse?

793
00:30:20,540 --> 00:30:22,400
Are you guys on the same page about

794
00:30:22,400 --> 00:30:23,380
what that means?

795
00:30:23,460 --> 00:30:24,920
Both of you are retiring at the same

796
00:30:24,920 --> 00:30:25,400
time.

797
00:30:25,500 --> 00:30:26,600
If not, is that OK?

798
00:30:26,940 --> 00:30:28,700
And what do you want to do in

799
00:30:28,700 --> 00:30:29,100
retirement?

800
00:30:29,200 --> 00:30:31,140
How many times have we heard, Chris?

801
00:30:31,200 --> 00:30:33,260
Usually the scenario is one of the one

802
00:30:33,260 --> 00:30:35,780
of the say the wife had a professional

803
00:30:35,780 --> 00:30:38,380
career where she was traveling a lot and

804
00:30:38,380 --> 00:30:40,200
the husband maybe worked in a, you know,

805
00:30:40,340 --> 00:30:43,440
in a certain geographical area all the time,

806
00:30:43,520 --> 00:30:45,620
maybe went to the same office building or

807
00:30:45,620 --> 00:30:48,180
the same factory or the same location.

808
00:30:49,120 --> 00:30:51,940
And so the wife wants to retire and

809
00:30:51,940 --> 00:30:53,020
go nowhere.

810
00:30:53,180 --> 00:30:54,420
She wants to nest.

811
00:30:54,660 --> 00:30:57,420
She wants to be at home and be

812
00:30:57,420 --> 00:30:59,520
involved in the community for having dealt with

813
00:30:59,520 --> 00:31:01,600
all that stuff, all that business travel.

814
00:31:01,600 --> 00:31:03,660
And the husband who hasn't really seen much

815
00:31:03,660 --> 00:31:07,020
of the world, he's been, you know, sedentary

816
00:31:07,020 --> 00:31:09,140
in that one kind of spot or one

817
00:31:09,140 --> 00:31:10,440
geographical area.

818
00:31:10,540 --> 00:31:12,720
He has this dream of traveling the country

819
00:31:12,720 --> 00:31:16,020
and things like I'm using the extreme example,

820
00:31:16,160 --> 00:31:16,380
of course.

821
00:31:16,520 --> 00:31:18,340
But have you talked to your spouse?

822
00:31:18,420 --> 00:31:19,680
Are you guys on the same page?

823
00:31:19,840 --> 00:31:21,460
Do you have the same mindset about what

824
00:31:21,460 --> 00:31:22,560
retirement looks like?

825
00:31:22,720 --> 00:31:23,980
I want to move to Florida.

826
00:31:24,000 --> 00:31:25,300
I don't want to move to Florida.

827
00:31:25,560 --> 00:31:28,460
All these different things that come up, get

828
00:31:28,460 --> 00:31:30,100
on the same page and spend the time

829
00:31:30,100 --> 00:31:32,220
as you're thinking about all these other things,

830
00:31:32,420 --> 00:31:33,540
financial things, perhaps.

831
00:31:34,420 --> 00:31:37,280
Talk about the lifestyle, not just on what

832
00:31:37,280 --> 00:31:40,140
you want, but with your significant other, a

833
00:31:40,140 --> 00:31:42,640
spouse or family, however you would define it.

834
00:31:45,060 --> 00:31:46,780
Yeah, I totally get your point.

835
00:31:46,880 --> 00:31:48,840
I think it's it's a partnership.

836
00:31:49,160 --> 00:31:51,280
You've got to both be on a similar

837
00:31:51,280 --> 00:31:51,940
page.

838
00:31:52,340 --> 00:31:54,100
Or how are we going to adapt?

839
00:31:54,280 --> 00:31:58,000
How, you know, that said, I mean, there

840
00:31:58,000 --> 00:32:01,620
are couples I know where it's very much

841
00:32:01,620 --> 00:32:03,660
that notion that one does and one does

842
00:32:03,660 --> 00:32:04,840
not like to travel.

843
00:32:05,880 --> 00:32:09,640
And so they they find a workaround.

844
00:32:09,800 --> 00:32:11,320
Oh, I'm going to travel with my sister

845
00:32:11,320 --> 00:32:14,320
or, you know, whatever it might be that.

846
00:32:14,440 --> 00:32:16,000
Yeah, half the half the time I'll go

847
00:32:16,000 --> 00:32:18,080
with friends or a friend or a kid

848
00:32:18,080 --> 00:32:21,140
or some something where they get the opportunity

849
00:32:21,140 --> 00:32:22,560
to do what they want to do.

850
00:32:23,600 --> 00:32:26,680
But it's just, you know, it's and everyone's

851
00:32:26,680 --> 00:32:27,900
placated in a sense.

852
00:32:28,000 --> 00:32:30,060
Everyone gets to do what their comfort zone

853
00:32:30,060 --> 00:32:30,400
is.

854
00:32:31,180 --> 00:32:33,100
There's more than one way to do things,

855
00:32:33,100 --> 00:32:34,140
you know what I mean?

856
00:32:34,280 --> 00:32:37,260
So if one wants to and one doesn't,

857
00:32:37,460 --> 00:32:38,840
you can find a way to make that

858
00:32:38,840 --> 00:32:39,180
work.

859
00:32:39,840 --> 00:32:43,480
You know, if it's otherwise, you know, it's

860
00:32:43,480 --> 00:32:45,400
like, well, I'd be interested in going here

861
00:32:45,400 --> 00:32:47,540
and look, OK, we'll do that trip together,

862
00:32:47,860 --> 00:32:49,140
you know, that kind of thing.

863
00:32:49,580 --> 00:32:50,980
And it's not a right or wrong.

864
00:32:51,080 --> 00:32:52,900
There's no value judgments in any of this.

865
00:32:52,920 --> 00:32:55,980
It's just things to reflect on and think

866
00:32:55,980 --> 00:32:59,060
about and deal with before you make this

867
00:32:59,060 --> 00:33:00,300
decision to retire.

868
00:33:00,520 --> 00:33:02,580
Make sure that these items and, you know,

869
00:33:02,620 --> 00:33:03,960
everybody has unique things.

870
00:33:04,160 --> 00:33:07,840
But I think the biggest challenge when it

871
00:33:07,840 --> 00:33:11,860
comes to spouses and, you know, this communication

872
00:33:11,860 --> 00:33:17,280
between spouses, when you have very different experiences,

873
00:33:18,020 --> 00:33:23,580
behaviors that, you know, abundance and scarcity kinds

874
00:33:23,580 --> 00:33:26,720
of mindset, when you're not on the same

875
00:33:26,720 --> 00:33:29,680
page, it can be very frustrating and challenging

876
00:33:29,680 --> 00:33:33,860
for each other to navigate that.

877
00:33:34,020 --> 00:33:36,240
In one instance, someone's a planner and a

878
00:33:36,240 --> 00:33:42,240
saver and, you know, trying to avoid that

879
00:33:42,240 --> 00:33:45,700
scarcity concern and somebody else is saying, oh,

880
00:33:45,720 --> 00:33:47,020
we got abundance, we got plenty.

881
00:33:47,300 --> 00:33:49,860
Let's go, you know, they're a shopper or

882
00:33:49,860 --> 00:33:50,620
whatever it might be.

883
00:33:50,620 --> 00:33:53,260
And, you know, you can get into this

884
00:33:53,260 --> 00:33:56,380
scenario where it's like you're kind of bumping

885
00:33:56,380 --> 00:33:58,380
heads a little bit and it can create

886
00:33:58,380 --> 00:33:59,840
tensions and frustration.

887
00:34:00,120 --> 00:34:02,940
So there has to be good communication around

888
00:34:02,940 --> 00:34:04,700
these issues.

889
00:34:05,080 --> 00:34:07,040
And a lot of times what you find

890
00:34:07,040 --> 00:34:11,940
is when there's not more of a shared

891
00:34:11,940 --> 00:34:15,239
objective, it's very difficult to communicate around these

892
00:34:15,239 --> 00:34:15,679
issues.

893
00:34:15,679 --> 00:34:22,920
And it's really defining as to how things

894
00:34:22,920 --> 00:34:24,340
will play out over time.

895
00:34:24,940 --> 00:34:28,320
We don't have the skills as a marriage

896
00:34:28,320 --> 00:34:31,400
counselor or, you know, or whatever it is,

897
00:34:31,440 --> 00:34:35,020
you know, at the same time, it does,

898
00:34:35,159 --> 00:34:36,719
you know, there are, you do have these

899
00:34:36,719 --> 00:34:39,340
issues where you have very different preferences and

900
00:34:39,340 --> 00:34:41,659
issues going on where we have to somehow

901
00:34:41,659 --> 00:34:44,480
sometimes help people navigate a little bit of,

902
00:34:44,900 --> 00:34:46,320
well, how are we going to find some

903
00:34:46,320 --> 00:34:48,000
consensus on what we're going to do?

904
00:34:48,960 --> 00:34:52,560
And but that's part of the virtue, I

905
00:34:52,560 --> 00:34:55,520
think, of planning is there's an opportunity to

906
00:34:55,520 --> 00:34:57,320
air some of these things in a way

907
00:34:57,320 --> 00:35:01,900
that's healthy and deliberative as opposed to, you

908
00:35:01,900 --> 00:35:05,440
know, just coasting along and not necessarily addressing

909
00:35:05,440 --> 00:35:08,120
some of these things and finding that it

910
00:35:08,120 --> 00:35:09,580
can be frustrating at times.

911
00:35:09,580 --> 00:35:10,460
Exactly.

912
00:35:10,880 --> 00:35:13,620
Have a good process usually has a good

913
00:35:13,620 --> 00:35:13,980
outcome.

914
00:35:14,280 --> 00:35:16,980
That's the way I usually think about it.

915
00:35:17,060 --> 00:35:18,960
You have a good process in decision making,

916
00:35:19,480 --> 00:35:21,340
your decision is likely going to be the

917
00:35:21,340 --> 00:35:22,880
correct one for you and your family.

918
00:35:23,600 --> 00:35:26,240
Well, good article, definitely check it out.

919
00:35:26,600 --> 00:35:29,260
And Jeff, once again, we are a little

920
00:35:29,260 --> 00:35:32,500
longer than we intended for our our conversation.

921
00:35:32,940 --> 00:35:36,720
But, you know, listen, our listeners, if you

922
00:35:36,720 --> 00:35:39,360
are in need of a little bit of

923
00:35:39,360 --> 00:35:41,960
help in thinking about, you know, your retirement

924
00:35:41,960 --> 00:35:46,660
readiness, better to prepare, have the conversation, do

925
00:35:46,660 --> 00:35:48,560
some of these steps if you need help

926
00:35:48,560 --> 00:35:49,200
in the process.

927
00:35:49,200 --> 00:35:51,540
If you're not doing it on your own,

928
00:35:51,980 --> 00:35:54,820
best case is, you know, you do a

929
00:35:54,820 --> 00:35:55,840
little bit on your own, but get a

930
00:35:55,840 --> 00:35:57,780
little bit of help along the way and

931
00:35:57,780 --> 00:35:59,820
you will have a good outcome.

932
00:36:00,360 --> 00:36:02,120
If we can be a resource to you

933
00:36:02,120 --> 00:36:04,840
in that process, don't hesitate to reach out

934
00:36:04,840 --> 00:36:05,800
to us here.

935
00:36:06,300 --> 00:36:09,440
You can find us, the easiest way is

936
00:36:09,440 --> 00:36:12,520
go to our web page that can be

937
00:36:12,520 --> 00:36:15,180
found by the name of the show, Something

938
00:36:15,180 --> 00:36:16,320
More with Chris Boyd.

939
00:36:17,100 --> 00:36:18,940
And you can always give us a call

940
00:36:18,940 --> 00:36:19,760
or send us an email.

941
00:36:19,960 --> 00:36:21,940
With that in mind, until next time, everybody

942
00:36:21,940 --> 00:36:24,000
keeps striving for something more.

943
00:36:25,660 --> 00:36:27,540
Thank you for listening to Something More with

944
00:36:27,540 --> 00:36:28,260
Chris Boyd.

945
00:36:28,520 --> 00:36:30,720
Call us for help, whether it's for financial

946
00:36:30,720 --> 00:36:34,640
planning or portfolio management, insurance concerns or those

947
00:36:34,640 --> 00:36:36,680
quality of life issues that make the money

948
00:36:36,680 --> 00:36:37,780
matters matter.

949
00:36:38,100 --> 00:36:41,380
Whatever's on your mind, visit us at SomethingMoreWithChrisBoyd

950
00:36:41,380 --> 00:36:44,600
.com or call us toll free at 866

951
00:36:44,600 --> 00:36:50,140
-771-8901 or send us your questions to

952
00:36:50,140 --> 00:36:54,100
AMR-info at WealthEnhancement.com.

953
00:36:54,260 --> 00:36:56,220
You're listening to Something More with Chris Boyd,

954
00:36:56,260 --> 00:36:58,820
financial talk show, Wealth Enhancement Advisory Services and

955
00:36:58,820 --> 00:37:00,960
Jay Christopher Boyd provide investment advice on an

956
00:37:00,960 --> 00:37:02,520
individual basis to clients only.

957
00:37:02,720 --> 00:37:04,680
Proper advice depends on a complete analysis of

958
00:37:04,680 --> 00:37:05,860
all facts and circumstances.

959
00:37:06,160 --> 00:37:07,960
The information given on this program is general

960
00:37:07,960 --> 00:37:09,980
financial comments and cannot be relied upon as

961
00:37:09,980 --> 00:37:11,540
pertaining to your specific situation.

962
00:37:11,780 --> 00:37:13,740
Wealth Enhancement Group cannot guarantee that using the

963
00:37:13,740 --> 00:37:15,760
information from this show will generate profits or

964
00:37:15,760 --> 00:37:16,860
ensure freedom from loss.

965
00:37:17,060 --> 00:37:19,240
Listeners should consult their own financial advisors or

966
00:37:19,240 --> 00:37:21,340
conduct their own due diligence before making any

967
00:37:21,340 --> 00:37:22,160
financial decisions.