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Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
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Now displaying: 2022
Dec 30, 2022

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Dec 26, 2022

2050 seems like a long way away, however, it is closer than we think. In this week’s retirement headline, I share an article from Richard Archer at FinanceInsights.net which explores the future of retirement and the impact that technology has had on the past, present, and future of retirement.

In the listener questions segment, I help Bruce with a question about using individual bonds vs bond funds in retirement. 

You only have a couple of weeks left to answer our annual listener survey. It only takes about 3 minutes of your time to state your opinion and make your voice heard!

Outline of This Episode

  • [2:02] Will retired life be better in the future?
  • [6:40] Technology can help retirees stay independent longer
  • [11:08] Individual bonds or bond funds in retirement?
  • [17:40] Using the portfolio immunization strategy

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Dec 19, 2022

Are you fed up with paying state income taxes? Before you pack your bags and move to a no income tax state you’ll want to listen to this episode. Moving to a different state to save money on taxes could cost more than you think. 

After listening to the retirement headline, make sure to stick around to hear Doug’s question about where to save extra money for retirement–my response may surprise you. 

Outline of This Episode

  • [1:22] Don’t move to save on income tax
  • [6:33] Should I invest additional money in my tax-deferred 457B account?

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Dec 12, 2022

Jim is only 3 weeks away from retiring and wants to know my top tips for someone approaching retirement. If you are on the countdown to retirement, make sure to listen to the listener's questions to hear what they are. 

In the retirement headlines segment, we’ll explore the benefits of using a bucket withdrawal strategy for investments. You may be surprised to hear what the actual benefit of using the bucket strategy is. Listen in to hear what the bucket strategy can do for your retirement. 

Outline of This Episode

  • [1:22] Do bucket withdrawal strategies work well in retirement?
  • [6:35] 3 Practical tips for someone retiring in 3-5 weeks

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Dec 5, 2022

What does a good night’s sleep have to do with retirement planning? Listen to this episode to find out. 

Today we’ll explore an article from Andrea Peterson over at the Wall Street Journal titled, To Get a Better Night’s Sleep, First Fix Your Day. After discussing how to apply her advice to retirement, we’ll tackle Bill’s questions. Since he has a few questions I’m trying something new and answering them in a lightning round style. Stick around until the end to discover if this method worked or if it was a flop. 

Outline of This Episode

  • [1:22] Findings from pandemic related sleep problems
  • [6:45] How journaling can help you sleep better
  • [11:00] When should Bill take Social Security?
  • [11:55] Should he take the lump sum or the lifetime annuity?

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Nov 28, 2022

Deciding whether to delay filing for Social Security is a hefty decision. Waiting to collect Social Security until age 70 will increase your monthly benefit by 32%, but that doesn’t mean much if you don’t live long enough to reap the rewards of being patient. 

In today’s retirement headlines segment, I’ll share an article written by Jeffrey Levine from Kitces.com that discusses a workaround to the seemingly all-or-nothing decision of whether to collect Social Security benefits at full retirement age or to delay filing until age 70. If this decision has been weighing heavily on your mind, you won’t want to miss this episode. 

Outline of This Episode

  • [1:22] If you are a do it yourself investor you are your own financial advisor
  • [5:30] Retroactive payments are granted as a lump sum payment
  • [7:03] Use the nudge strategy
  • [9:00] Drawbacks to the 6-month nudge strategy
  • [12:48] Using QLACs and MYGAs to enhance a bucket strategy

DIY investors need plenty of tools in their retirement planning toolbox

Jeffrey Levine, the author of Getting Comfortable Delaying Social Security with Six Month Reversible Delays, has a way of explaining complex financial concepts by breaking them into understandable bites. You can follow him on Twitter @CPAPlanner if you are looking for another go-to financial resource. 

Although today’s retirement headline was written for financial advisors, it contains valuable information for the do-it-yourself investor. As a DIY investor, you need to recognize that you are your own financial advisor. Kitces.com offers a wealth of information and is one of my favorite retirement planning resources. 

Nudging your Social Security claiming decision can lessen the worry of making the wrong choice

The biggest question that you probably have about Social Security is how big will your benefit be? The answer hinges on two factors: your earnings history and when you choose to take your benefit. 

By the time you get ready to retire, there isn’t anything you can do about your past earnings history, but you can control when you decide to collect your benefit. The longer you wait to collect, the larger your monthly check will be. Each year that you choose to wait your payment will increase by 8%. 

With lifespans continually increasing it can make a lot of sense to delay filing for Social Security. However, not everyone will live long enough to reap the rewards of delaying their monthly benefit. 

Many people see the decision to delay taking Social Security until age 70 as an all-or-nothing endeavor, but that is not the case. In fact, as Jeffrey Levine explains, this decision can actually be broken up into a series of 8 smaller decisions. 

By using the strategy of nudging the decision forward every 6 months, you can break this seemingly all or nothing choice into 8 separate, independent, reversible decisions which will lessen the fear of an all or nothing approach.

Challenges to using the every 6-month nudging approach

As with every financial strategy, there are drawbacks to using the nudge approach every 6 months. The most obvious is that if you happen to die during your wait, you won’t be able to collect the benefits. The author makes an important side note for married couples to consider this drawback. Listen in to hear what it is. 

Another downfall is that retroactive applications can reduce your lifelong benefits. Something else to consider is that if you file retroactively, you will receive retroactive benefits in a lump sum which could lead to a spike in your marginal tax rate for the year. 

Breaking down the decision of when to claim your retirement benefits into many smaller, less drastic decisions can give peace of mind to the decision-maker especially when they understand that the decision is reversible. 

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Nov 21, 2022

Do you wish that there was a list of what to do and what not to do in your retirement? I recently discovered an article from MorningStar.com written by Sheryl Rowling titled 8 Financial Do's and Don'ts for the 7-Figure Retirement, and I thought it would be perfect to share with my listeners. You'll learn several tips that you should consider when planning your retirement.

After we analyze the article’s do’s and don’ts, we’ll turn to Debbie’s question about taking Social Security early in order to protect beneficiaries. 

Outline of This Episode

  • [1:42] 8 Financial Do's and Don'ts for the 7-Figure Retirement
  • [4:11] Boredom is a 4 letter word in retirement
  • [6:25] Don’t take Social Security too late
  • [10:19] Don’t write checks to charity
  • [12:07] Consult a financial professional
  • [13:45] Should Debbie take Social Security early?

8 Financial tips for a successful retirement

Don’t retire too early. Retiring too early can be detrimental to both your psyche and your savings. If you have to retire early or sooner than expected, make sure that you retire to something rather than away from something. Creating a purpose in retirement can ensure that you don’t get bored. Boredom is a four-letter word in retirement. 

For every year that you retire early, you have one less year of savings and one more year of spending. Do the math to learn what that could mean for your portfolio.

Do watch your taxable income level. This may sound odd, but it often makes sense to pay more taxes now in order to pay significantly less later. Retirement is one time in your life when you have control over the taxes you pay. Implementing careful tax planning strategies can save you over the course of your retirement.

Don’t take Social Security too early or too late. When to take Social Security is a complex question, and the answers vary depending on the individual. It’s usually best to wait until full retirement age to start taking benefits and it’s often even better to delay until age 70 especially if you’re married. Listen in to hear what I usually recommend to my clients.

Do consider Roth conversions. If you have the opportunity to convert your IRA to a Roth you should even though you must pay tax on the amount converted. Remember that since these are after-tax dollars, the income they provide is never taxed.

Do consider retirement stages and safe withdrawal rates when determining your budget. Spending more in the early years of retirement makes sense as long as you consider several factors. You’ll need to ensure that you have a safety net in place and that you have a plan to reduce your spending over time or whenever the market becomes uncooperative.

Don’t lock yourself into financial commitments or expensive payments. Long-term expenses like leasing a luxury car can lock you into financial commitments that you can’t free yourself from. Becoming the Bank of Mom and Dad can not only ruin your kids’ chances of financial independence, but it can also ruin your relationship and your own financial security in retirement. 

Don’t write checks to charity. Instead of writing checks to charity, consider contributing appreciated stocks. This way of charitable giving can save you more in taxes. One way to utilize this strategy is by creating a donor-advised fund (DAF) which could be likened to a charitable IRA.

Do consult a financial professional. Obviously, I agree with this tip. Consider consulting a CPA as well as a financial advisor so that you can ensure that you are considering every angle in your retirement plan.

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Nov 14, 2022

Have you been wondering how to best prepare for the end of the tax cuts coming up in 2026? One of our listeners is and they would like to know how Roth conversions should factor into planning for the end of those tax cuts. You might be surprised by my response to her question, so don’t miss out on the listener questions segment today to hear my answer.

If you are Medicare aged you’ll want to pay attention to the Retirement Headlines segment today as we discuss Medicare’s open enrollment period. You’ll learn what changes to pay attention to and why. Make sure to press play to hear what you need to know about Medicare’s open enrollment period, how to plan for the tax cut sunset, and a special announcement regarding the show.

Outline of This Episode

  • [3:02] What’s new for Medicare open enrollment
  • [8:52] How to prepare for the 2026 tax code changes

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Nov 7, 2022

What a difference 18 months makes in the housing market! Many who bought their homes at the peak of the real estate boom are beginning to regret their decision. A recent article from BuzzFeed tells stories of remorse experienced by several homeowners who are now in over their heads. 

In this episode, we’ll explore the homeowners’ stories, and compare expert opinions. Finally, I’ll close the segment with my own thoughts. Make sure to stick around until the end to hear my observations about clients’ spending patterns once they reach retirement. 

Outline of This Episode

  • [1:22] Many who have bought a house in the past 2 years now regret it
  • [5:39] Advice from different financial advisors
  • [9:02] My takeaways
  • [11:33] My interesting observations about clients’ spending patterns

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Oct 31, 2022

There’s big news in the world of retirement. The news is so big that we have 2 articles from mainstream media sources to check out in this week’s retirement headlines segment. If you’ve been wondering how inflation will affect Social Security benefits you won’t want to miss out on this episode. 

Stick around for the listener questions segment to hear how to transition from biweekly paychecks to monthly portfolio withdrawals in retirement. This transition is trickier than you might think, so you won’t want to miss my tips for making the adjustment.

Outline of This Episode

  • [2:02] The average Social Security beneficiary will increase by $140 per month
  • [4:52] What is COLA?
  • [9:20] Will you get the increase if you delay filing for Social Security?
  • [10:21] How to manage a monthly payday
  • [13:54] How to get extra credit from your portfolio

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Oct 24, 2022

Have you been wondering if the 4% rule still applies with a bear market and high inflation? Many financial pundits may have you questioning the validity of this so-called retirement rule of thumb. 

In the retirement headlines segment, I share a recent article from Financial Advisor Magazine that highlights quotes from the creator of the 4% rule, William P. Bengen. After sharing the retirement headline, I’ll chime in with my own thoughts on the validity of the rule. 

Stick around until the end of the episode to hear whether Social Security benefits increase each month that you delay filing until age 70 or each year. 

Outline of This Episode

  • [1:52] William Bengen doesn’t believe that it is necessary to adjust spending to 3%
  • [5:24] Where the 4% rule is helpful
  • [9:20] Do Social Security benefits increase each month you delay filing until age 70, or each year?

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Oct 17, 2022

Have you ever thought about purchasing stocks for purpose of generating dividend income? If that is part of your retirement plan, then you won’t want to miss this episode. Today we’re taking a look at a retirement headline from MarketWatch that highlights three considerations to be aware of before jumping into this strategy. 

Stick around for the listener questions segment to hear the answer to Jerry’s question about increasing his retirement spending until it’s time to collect Social Security.

Outline of This Episode

  • [1:22] 3 tips for buying stocks to produce dividends in retirement
  • [5:01] Use a Swiss Army Knife portfolio
  • [7:25] On increasing retirement spending before Social Security

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Oct 10, 2022

Why don’t more people maximize their Social Security benefits? As a financial advisor, I often wonder at the surprisingly low percentage of people who choose not to optimize their Social Security benefit. 

Today’s retirement headline dives into that question in further detail by analyzing a study with plenty of data. Listen in to learn when many people choose to take Social Security and their reasons for making their decision. 

Outline of This Episode

  • [1:42] When people plan to take Social Security and why
  • [7:26] 55% didn‘t think they would be able to replace three-quarters of their last paycheck amount in retirement income
  • [10:40] How should a new retiree fill their cash reserve bucket when stocks and bonds are down?

If you know someone who could benefit from the information we cover in this show, share it with them. You may end up encouraging them to consider retirement planning in a new way and improving their life.

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Oct 3, 2022

Envisioning what your retirement will look like can often be a challenge, so it may be helpful to hear some examples of people in similar situations. In this week’s retirement headlines segment, we’ll explore a WSJ article from Veronica Dagher and Anne Tergesen that interviews 4 retirees who saved enough for a comfortable retirement. Listen in to hear how they spend their time and money. 

Make sure to stick around until the end to hear the answer to Donna’s question about changing her husband’s variable annuity to a less expensive option. 

Outline of This Episode

  • [2:02] What a $2 million retirement looks like in America
  • [12:45] How to move a variable annuity to a less expensive option

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Sep 26, 2022

When we envision retirement, we think more about the things we’ll do to enjoy our time than about the person that we’ll become. My guest today encourages us to change that to spend more time thinking about who we want to be in the future. 

Dr. Benjamin Hardy is an organizational psychologist, speaker, and author, in addition to being my coach. I have been involved in Dr. Hardy’s coaching mastermind group for 8 months and I’m excited to extend his teaching to all of you. Make sure to stick around until the end of the episode to hear how you can receive a FREE copy of his new book, Be Your Future Self Now

Outline of This Episode

  • [2:49] What are the benefits of learning about who we’ll become in the future?
  • [5:02] How to assess the softer goals
  • [8:20] How to future set your goals when your life expectancy is shorter 
  • [17:48] How to balance our future self with the present
  • [25:52] Retirement Starts Today Super Book Giveaway details

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Sep 19, 2022

Have you been considering a change of scenery in retirement? Before you pack up the house, make sure to listen to today’s episode. 

In the Retirement Headlines segment, we’ll check out an article from Harriet Edelson at MarketWatch.com which discusses 6 considerations before moving in retirement. This informative article lists statistics and anecdotal examples that can help you make the relocation decision easier.

I was really excited to see today’s listener question as I have been researching retirement calculators. Stick around until the end to discover 2 helpful calculators that could help you understand when you have enough to retire. 

Outline of This Episode

  • [1:22] Why people choose to move in retirement
  • [3:43] 6 things to think about before moving in retirement
  • [11:06] Recommendations for public websites to understand whether you are close to your retirement goals

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Sep 12, 2022

I’m sure you have heard the news about the recent Inflation Reduction Act, but what will this Act mean to you as a retiree? We’ll explore this question by examining an article written by Kelly Anne Smith over at Forbes

If politics isn’t your thing, don’t worry, it’s not mine either. I scour the internet looking for the most neutral, least political articles that I can get my hands on. So, if you are interested in only the facts and how they apply to you, then don’t miss out on the retirement headlines segment today to hear what the Inflation Reduction Act could mean for you. 

In the listener questions segment, I have a 3-part question from a listener survey respondent. I’ll answer whether you should convert a 401k or traditional IRA to a Roth IRA first, the pros and cons of converting 401Ks and IRAs, and whether there is any rush to convert 401Ks to Roth IRAs.

Outline of This Episode

  • [3:02] What the Inflation Reduction Act means for you
  • [11:32] On converting to Roth IRAs from 401K or IRA

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Sep 5, 2022

The decision of when to take Social Security is one of the biggest that you will face in retirement. Many people turn to Social Security break-even calculators to help them make the decision, but my guest today insists that this shouldn’t be your only deciding factor.

Social Security expert, Devin Carroll from  SocialSecurityIntelligence.com  joins me today to discuss all things Social Security. We’ll touch on the break-even math, including where it works and where it doesn’t, cost of living adjustments, the possibility of the Social Security system going bankrupt, and how Congress could fix the Social Security funding problem. 

Since Social Security is such an important part of retirement planning you won’t want to miss this episode. 

Outline of This Episode

  • [1:22] The break-even calculator has been used for years to help people decide when they should file
  • [5:36] An example of how the break-even calculator could work
  • [8:02] Why very few people wait until 70 to file
  • [8:50] What’s next for the cost of living adjustment
  • [12:42] Will Social Security go bankrupt?
  • [16:08] How could the government fix Social Security problems?

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Aug 29, 2022

You may have seen the news about tennis superstar, Serena Williams' upcoming retirement. In a recent interview, Serena expresses her heartache about her decision. In our retirement headlines segment, we’ll explore an article from MarketWatch that compares Serena Williams’ feelings with those of many retirees upon their decision to retire. 

Afterward, we’ll check out a question from our recent listener survey about whether one listener should move to be closer to family in retirement. This answer to this question is tricky and not the same for everyone, so make sure you stay around until the end to hear my thoughts. 

Outline of This Episode

  • [1:32] Serena Williams feels no happiness upon retirement
  • [7:45] My thoughts on combatting depression in retirement
  • [10:04] What are the benefits and pitfalls of moving closer to the children in retirement?

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Aug 22, 2022

Have you ever considered taking a sabbatical from work? If you did take one, would it ruin your career and financial goals? Most companies in the United States don’t offer paid sabbaticals like some in Europe, so doing so would require extensive planning. Jake Northrup at Kitces.com recently wrote an article that could help financial planners and DIYers plan how to take a sabbatical without destroying their financial future. 

If taking a mini-retirement appeals to you, make sure to listen in to hear how it could affect your financial goals. You’ll also discover loads of resources that could help you make the most of your financial planning for such an endeavor. Make sure to stick around until the end of the episode to hear my response to whether I think Social Security is doomed. 

Outline of This Episode

  • [2:22] The idea of traditional retirement is being challenged
  • [6:02] An example of how one couple planned their sabbatical
  • [9:20] How taking time off could affect your long-term goals 
  • [13:26] Will Social Security be eliminated by the Supreme Court?
  • [17:04] How to secure your benefit against possible reductions in Social Security

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Aug 15, 2022

Have you considered moving to a new city in retirement? If you work in the tech industry you may find a city willing to pay you to move there. 

In today’s retirement headline segment, we’ll dive into an article written by Christopher Mims at The Wall Street Journal which explores towns that provide incentives to lure highly paid tech workers away from Silicon Valley.

Don’t miss out on the listener question segment especially if you have or are considering an annuity. I’ll explain the various fees, benefits, and drawbacks to these insurance investment products. 

This is the last week to complete our annual listener survey, so if you haven’t filled it out yet, then please do so that you can voice your opinions and help direct the future of this show. 

Outline of This Episode

  • [1:22] Some towns are offering moving incentives to remote tech workers 
  • [5:14] How could this improve your retirement?
  • [6:34] How variable annuity fees are calculated
  • [8:40] Annuities can provide many options
  • [12:56] My thoughts on annuities
  • [16:30] Don’t forget to fill out our annual listener survey

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Aug 1, 2022

Nobody likes to think about their own death but to save your loved ones from the headache of trying to navigate your digital accounts without your passwords, you’ll need to set them up for success now. If you don’t take steps to share your accounts after your death, gaining access to your data could be a lengthy and challenging process.

I recently found an excellent article from Dalvin Brown at The Wall Street Journal which discusses How to Pass On Your Passwords When You Die. This article gives tips on what to do with our digital lives when we pass away. 

Make sure to stick around until the end of the episode to hear a question about Roth conversions and taxes. And if you haven’t done so yet, please take 3 minutes and fill out our 5th Annual Listener Survey to help me improve the show for you.

Outline of This Episode

  • [2:52] How to pass on your passwords
  • [7:35] Using a password manager
  • [10:15] Using passkeys makes sharing challenging
  • [13:42] Roth conversions and taxes

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Jul 25, 2022

 Many of us have financial goals that extend beyond ourselves to include friends and family. Doing so can be an enormous help to those you love, but it is important to consider your own financial well-being in conjunction with that of the ones you want to help. Today, we’ll look at an article that explores how to intentionally offer financial support to your loved ones without deviating from your financial goals.

The article that we’ll look at comes from Sophia Bera at GenYPlanning.com and it takes a different approach to a timeless topic. Approaching issues from a different angle can give you a new perspective.

In the listener questions segment, we’ll discuss two questions: one about inverse ETFs and another about the specific mechanics of doing a Roth conversion. Make your voice heard by completing our annual listener survey!

Outline of This Episode

  • [3:12] Money is a team sport
  • [10:54] Create healthy boundaries
  • [13:24] My thoughts on inverse ETFs in a declining market
  • [16:54] Should Dave rebalance first before making a Roth conversion?

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Jul 18, 2022

Have you ever tried tax loss harvesting? With the markets down across the board, now is a good time to learn to utilize this tax-saving tool. I found a great article about this from Barrons.com that I share in the retirement headline segment. The article explores the traps that can befall someone trying to use this strategy.

Afterward, in the listener questions segment, we’ll dive into the question: do I need life insurance in retirement? You may be surprised to learn that there is no one size fits all answer to this question. 

If you have been a long-time listener of Retirement Starts Today, you may remember that I use our annual listener survey to improve the show each year. Now is the time to make your voice heard. Please take a few minutes to fill out this mostly multiple-choice survey so that we can ensure that we are bringing you the most relevant content to help guide you on your retirement journey.

Outline of This Episode

  • [2:17] Tax loss harvesting can be more sizzle than steak
  • [3:44] 7 Tips for tax loss harvesting
  • [15:29] How much life insurance does Jim need in retirement?

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Jul 11, 2022

If you are like many retirees and soon-to-be retirees, you may be rethinking your entire investing strategy. Stocks are down, interest rates are up, and inflation is eating away at your purchasing power. 

One listener wonders, with everything going on in the world, should they shift their investments into commodities? In the listener question segment, I discuss what commodities are, how to invest in them, and share my thoughts on whether investing in commodities is a good idea.

Before the listener questions, we’ll explore a retirement headline written by Eleanor O’Sullivan at Rethinking65.com which examines what life might look like if more people live to age 114.

Join me on this episode of Retirement Starts Today as we explore the effects of technology on longevity and whether you should jump ship from your sinking stock portfolio to invest in commodities.

Outline of This Episode

  • [1:32] Planning to live to 114?
  • [3:15] Cell phones improve access and democratize healthcare
  • [7:53] Technology can help in every aspect of our lives
  • [11:03] Is it time to invest in commodities?
  • [13:08] How to invest in commodities
  • [17:55] My thoughts on investing in commodities

Resources & People Mentioned

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