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
Pre-order Benjamin's book by January 7, 2025:
Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement
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Apple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
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.
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 on
Apple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
In this episode, we step away from our usual financial discussions to share personal stories from our military service. Why? To give listeners a glimpse of who we are beyond our roles as financial advisors—so we opened up about how our time in the service shaped our lives.
Bret shares his experience working in logistics and on the flight line in the Air Force, while I discuss my years as a combat engineer in the Army National Guard. We both reflect on how those experiences influenced our paths and continue to impact our work today.
Bret talks about his five years of active duty and four years in the reserves, highlighting memorable assignments from Korea, Guam, and Germany, and sharing humorous tales about managing logistics and hazardous materials.
I share stories of my time in Iraq, from conducting mine detection patrols to the lessons learned during long days in a tent. Our service stories illustrate how those years instilled lessons that we now apply to our roles as financial planners.
We close the episode with some actual advice on how to give financial gifts to loved ones in a tax-smart way. This special Veterans Day episode honors the holiday by sharing how our military experiences have shaped us and reminding listeners of the lasting impact service can have.
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 on
Apple Podcasts, Spotify, Pocket Casts, TuneIn, Podbean, Player FM, or iHeart
Investing in health can lead to a more vibrant, enjoyable retirement. In this episode, I share the personal health investments I've made, like sleep tracking and working with a health coach, each designed to enhance well-being and longevity. Prioritizing health alongside wealth allows us to fully embrace retirement.
I detail four key health tools, each with its own costs and benefits. From the Whoop Strap for monitoring sleep quality to MyFitnessPal for tracking nutrition, these tools help create a healthier lifestyle. My biggest investment was a full-body MRI, providing peace of mind and preventive insights—sometimes, the best financial choice is a health choice.
To finish, Brett and I answer a listener's question on Roth conversions, covering the best timing to optimize tax efficiency and avoid penalties. This episode offers practical advice for a health-focused, financially savvy retirement.
Subscribe to Retirement Starts Today on
Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify