Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

Ep 97: Interview with Retirement Researcher Dr. Michael Finke - Part 1

Dr. Michael Finke is a professor and chair of Economic Security Research at The American College of Financial Services. 
 
Listen to Kevin and Michael chat about a wide range of key retirement issues, the research behind them, as well as current topics: Life expectancy differences for average vs. wealthy people, what makes a retiree happy, why Social Security is such a good deal, how inflation impacts retirees differently than workers, why the current market environment contains much bad news for retirees, and much more. 
 
A big "thank you" to Dr. Finke for sharing his original research and wisdom. No doubt this is one of those episodes you may want to find yourself listening to twice. 
 
About our guest: https://www.theamericancollege.edu/our-people/faculty/michael-finke 
 
What we discuss in this episode: 
0:52 - Welcome in Michael
1:48 - Time as a food consumption researcher
4:24 - Delaying gratification
8:10 - Breaking saving habits in retirement
11:08 - What research has found
13:38 - Income and spending in retirement
17:56 - High income people
20:05 - What age to plan for
25:31 - Longevity predictions
28:24 - Future of Social Security
33:50 - Social Security strategies
39:30 - Inflation expectations
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 96: Rules Gone Awry, Part 5 - Retirement Healthcare Is Exorbitant

In this episode, Kevin turns the tables on a handful of common misconceptions about health care costs in retirement. Find out the truth about what health coverage and long-term care actually might cost and how you can factor them into your overall retirement plan.
This is the final part of this series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode:
1:40 - The rule we're discussing today 
3:33 - So Kevin isn't worried?  
5:37 - What we envision for the future of healthcare?  
10:37 - Longterm care coverage 
20:17 - Helping our clients make decisions 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 95: Rules Gone Awry, Part 4 - The 4 Percent Rule

You've perhaps heard the 4 percent rule, that if you take 4% out of your investment account each year, you'll never outlive your money. Kevin talks about where this idea came from, and pokes some holes in this strategy in this third installment of Rules Gone Awry.
This is the fourth of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode:
1:40 - What is the 4% rule?
4:00 - Why this rule became widely adopted? 
5:35 - Major problems with this rule
11:12 - What is the right answer?
14:53 - Example of someone we've worked with 
18:07 - Final thoughts
 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 94: Rules Gone Awry, Part 3 - The Rule of 100

There's a "rule" that says you should take 100, subtract your age, and the result tells you how much of your money you should invest in stocks. It would be awesome if retirement planning was that simple, but simple isn't always effective and that's the problem with the Rule of 100. Take a listen to find out about better ways to invest and plan for your financial future.
This is the third of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:40 - Today's rule  
5:29 - Measuring risk  
10:32 - Simple isn't always better 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 93: Rules Gone Awry, Part 2 - Take Social Security Early

There's an old school of thought that says you should take social security as early as you can so that you can get the most out of it. But this is another one of those retirement rules gone awry that we enjoy picking apart on the podcast. Kevin will tell us why this retirement "rule" needs to be scraped and give us the proper lens through which to view the social security problem.
This is the second of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:52 - Background on this Social Security rule
4:05 - The common approaches people take to SS
5:27 - 'I won't live long enough.' 
6:59 - 'I don't want to wait to spend money.' 
9:21 - Worry about SS funding issues 
14:29 - Different ways you can take SS
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 92: Rules Gone Awry, Part 1 - The 80% Spending Rule

Walter was being nosy recently and asking his mom about her retirement plans. When she told him she was planning on living off of 80% of her current income during her retirement years, it raised a red flag. How did she come to that figure?
You guessed it, she didn't really have an exact answer for why she picked that number.
So Walter turns to Kevin on this week's podcast to understand how that "80% Rule" worked its way into the retirement planning vernacular and why we'd all be wiser to ignore it.
This is the first of a five-part series we're revisiting on Retirement Rules Gone Awry. 
 
What we discuss in this episode: 
1:40 - Backstory on this topic
4:28 - How do you determine the amount?
6:03 - Where does it vary from person to person?
10:40 - Why this rule falls apart
15:07 - Building customized plans
17:13 - Final thoughts
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

Ep 91: What Retirees Want in a Home

Listen as Kevin completes the podcast series discussing the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. 
Should you stay or should you go...
While many Boomers intend to not move but age in place, an increasing amount are making a change.
Learn why many more Boomers are choosing to go and where they are going to in order to improve retirement satisfaction. 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode:
0:42 - Current market volatility
3:28 - Where will you call home?
5:23 - Book passage that ties into this discussion 
8:57 - Age in place or move?
10:48 - Reasons retirees decide to stay
12:53 - Where are people moving to?
17:03 - Retirement regrets
18:52 - Discussing this with clients
20:18 - Continuing Care Retirement Communities
24:41 - Closing thoughts
 

Ep 90: What Retirees Want in Time, Health & Relationships

What do retired Boomers say is the key to retirement happiness? Think about what you would say and then take a listen to learn this and more on the show.
Listen and learn as Kevin continues the podcast series, discussing the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. 
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
0:31 - Tom Brady retiring
1:34 - Recap on what we've discussed so far
3:25 - What makes us happy
5:50 - Stress in retirement
8:58 - The idea of leisure
12:28 - Top priorities for Boomers
18:33 - Retirement destinations
25:02 - Final thoughts and action plan
 

Ep 89: What Retirees Want: Work In Retirement?

Listen as Kevin discusses the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D. Learn why your expectations of how long you'll work will likely vary substantially from how long you'll actually work and why this matters.
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
1:50 - What we're focusing on today
4:31 - Survey found retirees leaving earlier than planned
6:43 - 3 reasons why expectations don't match reality
9:28 - Don't rely heavily on those later earnings
10:54 - Why people are still working in retirement
13:19 - Client story
14:18 - Giving back/mentorship
18:03 - Takeaways from this discussion
21:10 - Having a plan
 

Ep 88: What Retirees Want: An Overview

Listen as Kevin discusses the book What Retirees Want (WRW) by world-famous "Age Wave" expert Ken Dychtwald, Ph.D.
Learn how increasing wealth and longevity have transformed retirement and will continue to create more "Time Affluence."
Hear why Work, Leisure, Health, Home, Family, Finances, and Purpose are key zones impacted by this new idea of retirement and how to better think about and prepare for the softer side of retirement.
 
Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 
 
What we discuss in this episode: 
0:42 - Holiday recap
1:48 - Business growing
3:20 - The book we read
7:05 - The idea of retirement through history
11:52 - Retirees today
13:08 - My grandfather's retirement
16:14 - Time affluence and its influence
18:32 - Final thoughts