Episodes

  • Purpose vs purpose: An interview with Doc G, Ep #382

    Purpose vs purpose: An interview with Doc G, Ep #382
    Jan 6 2025
    What does it mean to live a life of purpose? I talk with Jordan Grumet, aka Doc G, host of the Earn & Invest podcast, about how his work as a hospice doctor shaped his understanding of purpose and regret. His new book, “The Purpose Code,” offers insights on how to live with intention and meaning. We talk about the difference between "Big P" and "Little P" purpose and why focusing on grand goals often leads to frustration. Jordan shares how the terminally ill reflect on their lives, emphasizing the courage it takes to prioritize what truly matters. This conversation is about using time, money, and energy to create a fulfilling life. Whether you’re planning retirement or redefining your goals, Jordan’s perspective can help you focus on what lights you up and brings you joy. Outline of This Episode [1:42] Purpose and Regret: Lessons from terminally ill patients[3:40] The Purpose Paradox: Tackling anxiety in finding purpose[5:50] The Role of Courage: Overcoming barriers to meaningful living[8:40] The Trap of “Enoughness”: When financial goals fall short[14:00] Winning Life: Filling your calendar with what matters[17:10] The Purpose Code: A guide to living intentionally Resources & People Mentioned The Retirement Podcast NetworkBook: The Purpose Code (Available January 7th, 2025)Podcast: Earn and InvestBook: Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life Connect with Jordan Grumet Jordan Grumet’s Website: jordangrumet.com Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterDive deeper into retirement planning with Ben at www.RetirementIncome.University Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
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    20 mins
  • 5 Expenses Retirees Wish They Spent More Money On (Rebroadcast)

    5 Expenses Retirees Wish They Spent More Money On (Rebroadcast)
    Dec 30 2024

    Originally aired February 2024:

    There are two ways to mess up retirement: run out of money or die with regret. Oftentimes, people in the retirement space only focus on the running out of money part.

    In an effort to help you live an even better retirement, today’s retirement headline discusses the regret part. Join me to learn five expenses that retirees wish they had spent more money on so that you can learn from their mistakes.

    Stick around to hear the answer to our listener question: Is there one person who can help develop a comprehensive retirement plan? Or do you need to have an investment advisor, a financial advisor, a tax advisor, and an estate planning attorney? Find out the answer by pressing play.

    For more information, visit the show notes at https://retirementstartstodayradio.com/5-expenses-retirees-wish-they-spent-more-money-on-rebroadcast

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    23 mins
  • 8 Ways to Become Poor in Retirement (Rebroadcast)

    8 Ways to Become Poor in Retirement (Rebroadcast)
    Dec 23 2024

    Originally aired March 2024:

    There are many ways that could threaten your financial security in retirement. Knowing the common issues can ensure that you don’t fall into the traps.

    Today’s financial headline comes from Yahoo Finance and is called 8 Ways Baby Boomers Become Poor in Retirement. Listen in to learn what they are so that you don’t drive yourself into the poorhouse.

    For more information, visit the show notes at https://retirementstartstodayradio.com/8-ways-to-become-poor-in-retirement-rebroadcast

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    22 mins
  • The 4 Phases of Retirement (Rebroadcast)

    The 4 Phases of Retirement (Rebroadcast)
    Dec 16 2024

    Originally aired April 2024:

    It may be easy to define success in your working career, but defining success in retirement can be more difficult. What does success look like in retirement? What will you do daily or weekly to get the most out of your retirement?

    In this episode of Retirement Starts Today, we’ll explore a TEDx talk about the 4 phases of retirement that many (but not all) experience. Click play to hear how you can squeeze the most juice out of your retirement.

    For more information, visit the show notes at https://retirementstartstodayradio.com/the-4-phases-of-retirement-rebroadcast

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    20 mins
  • Using Guardrails For The 4% Rule [Rebroadcast]

    Using Guardrails For The 4% Rule [Rebroadcast]
    Dec 9 2024

    Originally aired February 2024:

    You’ve heard of the 4% rule, and if you’ve listened to this podcast before, you’ve heard of Guyton’s guardrails strategy. But have you ever heard of using them together? Today’s retirement headline explores this idea.

    Overall, the article highlights the importance of considering sequence-of-returns risk in retirement planning and adopting flexible strategies, such as guardrails, to ensure financial security throughout retirement.

    Listen in to learn more about this combination of strategies as well as my opinion on the matter. Then stick around for the listener question segment where Bret and I answer the question: Do I need a will if I want to split my assets evenly between my two children?

    Outline of This Episode

    (02:11) Sequence of returns risk is the greatest risk to your retirement
    (14:49) Should I have a will to split my assets evenly between my kids?

    For more information, visit the show notes at https://retirementstartstodayradio.com/using-guardrails-for-the-4-rule-rebroadcast

    Connect with Benjamin Brandt
    • Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com
    • Follow Ben on Twitter: https://twitter.com/retiremeasap
    • Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter

    Pre-order Benjamin's book by January 7, 2025:
    Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

    Subscribe to Retirement Starts Today on
    Apple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
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    23 mins
  • Is the 4% Rule Too Safe? [Rebroadcast]

    Is the 4% Rule Too Safe? [Rebroadcast]
    Dec 2 2024
    Originally aired June 2024: The 4% rule is the “golden rule” of retirement planning. Everyone is familiar with it and it’s easy to work out for some quick, back-of-the-napkin math. Since it is so easy to calculate and implement, many use it as their retirement withdrawal rule. However, this approach may be overly conservative. While using a significantly higher withdrawal rate may go too far, the 4% rule may be too cautious. Listen in to hear the limitations of sticking with this overly simplistic rule of thumb. Outline of This Episode (2:25) Is the 4% rule too safe?(11:16) Does it make sense to spend more in the early years while awaiting full retirement age? The pitfalls of the 4% rule Oftentimes, people fail to take into account other income sources when calculating the 4% rule. Social Security and pensions may provide a base income floor which means you could use a higher withdrawal rate from your portfolio. My biggest problem with the rigid 4% rule is that it isn’t flexible enough. The 4% rule doesn’t allow for spending flexibility and ignores spending adjustments that could be made on actual needs and circumstances. Another reason to avoid this stringent rule is that it doesn’t fully evaluate outcomes. The probability of success should be viewed as a spectrum. This approach will help measure the total amount of the goal achieved each year providing a more nuanced understanding of retirement readiness. What to do instead of relying on the 4% rule Incorporating more realistic metrics, such as goal completion and spending flexibility can lead to higher optimal spending levels. Based on this updated perspective, a 5% withdrawal rate may be more appropriate for the average retiree over a 30-year retirement period. However, the ideal rate depends on various factors, including the retiree’s specific circumstances and goals. Recent research introduces guided spending rates, where the withdrawal rate adjusts based on an individual’s flexibility and retirement duration, ranging from 10 to 40 years. Increasing the withdrawal rate from 4% to 5% may seem modest, but it represents a 25% increase in potential income, offering retirees more discretionary funds earlier in retirement when they are more active. Finding the right withdrawal rate is about balancing safety and practicality. A more dynamic approach that reflects individual circumstances and the ability to adjust spending is essential for effective retirement planning. In conclusion The 4% rule is a great rule of thumb based on a worst-case scenario, however, it isn’t comprehensive enough to create a fully-fledged retirement plan. Your retirement income plan needs to be adjusted based on your spending level, market performance, and inflation. To simply set your income source one day at the beginning of retirement and never look back is a foolhardy endeavor. There is no way that you could accurately plan the next 30 years of your life. Flexibility is key for planning your spending in retirement. Resource Mentioned Think Advisor article Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.comFollow Ben on Twitter: https://twitter.com/retiremeasapSubscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Pre-order Benjamin's book by January 7, 2025:Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Subscribe to Retirement Starts Today onApple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
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    22 mins
  • The Four Unique Risks in Decumulation [Rebroadcast]

    The Four Unique Risks in Decumulation [Rebroadcast]
    Nov 25 2024

    You’ve been accumulating your savings your entire life, but when the time comes to draw down your investments, there are new risks. In this episode, we’ll discuss four risks that come with the decumulation phase of retirement.

    Press play to learn how to avoid these risks in retirement.

    Are you looking for a new advisor? One of our listeners is looking for a checklist to help him hire a retirement advisor. While answering that question I went ahead and made my advisor checklist available to all of you to download here.

    Outline of This Episode

    [1:47] Understand effective strategies for the decumulation phase
    [11:20] Do I have a checklist to use to hire a retirement advisor?

    Resources Mentioned

    • The Retirement Podcast Network
    • Questions to ask a retirement advisor
    Connect with Benjamin Brandt
    • Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com
    • Follow Ben on Twitter: https://twitter.com/retiremeasap
    • Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter

    Pre-order Benjamin's book by January 7, 2025:
    Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

    Subscribe to Retirement Starts Today on
    Apple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
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    21 mins
  • Navigating the Complex World of Inherited Wealth with Myra Salzer, Ep #375

    Navigating the Complex World of Inherited Wealth with Myra Salzer, Ep #375
    Nov 18 2024
    Ready to learn how to make a lasting and meaningful legacy for your loved ones? I had an in-depth conversation with Myra Salzer from the Wealth Conservancy. Myra brings a unique perspective as a financial advisor who specializes in helping clients navigate life after inheriting significant wealth. We explore not just the financial implications but the deeply personal challenges that can come with inheriting a fortune. Myra shows us how inheritors are similar to retirees in that both are financially independent, yet they differ significantly in their experiences. Unlike retirees who have worked, saved, and planned, many inheritors have never experienced earning and managing money themselves. This usually leads to a lack of control over their finances, emotional challenges, and pretty complex social relationships. We also get into the importance of transparency and avoiding surprises when planning an inheritance. Myra shares invaluable advice on how wealthholders can communicate with beneficiaries to build trust and strengthen relationships. For those of us planning to leave a financial legacy, this conversation is a must-listen to ensure that our wealth becomes a true blessing for future generations. Outline of This Episode [0:20] Meet Myra Salzer[1:18] Myra’s specialty[3:05] Inheritors’ limited control[4:48] Differences between inheritors and retirees[6:00] Social challenges where inheritors often struggle[8:20] Avoiding surprises in inheritance planning[14:00] The value of smaller, meaningful gifts Resources & People Mentioned The Retirement Podcast NetworkBook: Die with Zero Connect with Myra Salzer Myra’s Website - The Wealth ConservancyMyra’s YouTube ChannelThe Inheritor’s Sherpa Connect with Benjamin Brandt Become a Client: www.retirementstartstoday.com/startGet the Retire-Ready Toolkit: http://retirementstartstodayradio.com/Follow Ben on Twitter: https://twitter.com/retiremeasapJoin the newsletter: https://retirementstartstodayradio.com/newsletterGo deeper into retirement planning with Ben at www.RetirementIncome.University Pre-order Benjamin's book by January 7th:Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Subscribe to Retirement Starts Today onApple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
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    19 mins