S3E27 – Retirement Planning Headlines – June 2024

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Welcome back to our much-anticipated June 2024 edition of “Retirement Planning Headlines,” where we save you the hassle of combing through endless financial articles. Sometimes even our listeners chime in with topics for our deep-dive discussions.

Articles Discussed in this Episode

Lessons From Another ‘Faux-tirement’

• Christine Benz on using her sabbatical six weeks to see what retirement might be like

The Money Habits I Learned From My Parents—for Better or Worse

• Learning by watching
• Unlearning some lessons
• “Money Scripts” – Klontz

Quiet Compounding

• Stories of a country bumpkin with no education and a low-wage job to save tens of millions
  • Their entire financial universe was contained to the walls of their home, which allowed them to play their own game and be guided by nothing other than their own goals. That was their superpower. It was their only financial skill, but it’s the most powerful one of all.
• People become so nervous about what other people think of their lifestyle and investing decisions that they end up doing two things: Performing for others and copying a strategy that might work for someone else but isn’t right for you.
  • Two ways to use money.
    • Tool to live a better life
    • The yardstick of success is to measure yourself against other people
• What does quit compounding mean?
  • Emphasis on internal vs. external benchmarks
  • Acceptance of how different people are, and a realization that what works for me might not work for you and vice versa
  • A focus on independence over social dunking
  • Focus on long-term endurance over short-term comparison

Don’t Be a Victim: Financial Abuse of Seniors – How to Spot Scams & Protect Yourself

• From Sandy Adams, whom we know from Michigan FPA
• Good guidelines for seniors

A Bucket List for Our Retirement? No Thanks

• I Would rather revisit places I have already been and reconnect with people I knew long ago

Will You Need Permission to Spend in Retirement?

• Consider an annuity

Research from David Blanchett and Michael Finke suggests that retirees who hold a higher percentage of their wealth in guaranteed income spend more than retirees whose wealth consists of non annuitized assets

• Tilt portfolio toward current income production
• Tie portfolio withdrawals to portfolio performance
• Plan for spending to trend down
• Ask an Advisor to Dole it Out

Tightwads and spendthrifts: An interdisciplinary review

• Everyone experiences the pain of paying
• People who don’t experience enough pain- Spendthrifts
• People who experience too much pain – tightwads
  • Neither are happy with how they handle money

Here’s the deflation breakdown for June 2024 — in one chart

Conclusion

Have you come across any articles you have questions about or would like to hear us discuss? Send them our way at info@srbadvisors.com

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