In this episode, host James Matthews speaks with Tom Wall Ph.D, author of the international best-seller 'Permission to Spend.' They discuss the fears retirees face regarding spending, the shift from defined-benefit to defined-contribution plans, and the importance of understanding risks in retirement planning. Tom introduces the concept of a 'permission slip' that allows retirees to spend more confidently.The conversation underscores the need for a paradigm shift in how retirement is approached, with a focus on guarantees and risk management.

Key Takeaways

• Retirees often fear spending due to uncertainty about longevity and market risks.

• The shift from defined benefit plans to defined-contribution plans has placed the onus of retirement planning on individuals.
• Default options in retirement plans significantly influence investor behavior and choices.
• Sequence of returns risk is a critical factor that many retirees overlook.
• The concept of a 'permission slip' can help retirees feel more comfortable spending their savings.
• Retirement planning should focus on creating reliable income streams vs. accumulating wealth.
• Financial Professionals play a crucial role in guiding clients through retirement planning decisions.
• The definition of retirement is evolving, with many opting for continued work or engagement in different forms.

Resources

tomwalltalks.com

Permission to Spend: Maximize Your Retirement with the Best-Kept Secret in Personal Finance

Connect with Tom on LinkedIn

Chapters

00:00

Tom Wall's Journey in Financial Services

03:29

Understanding the Fear of Spending in Retirement

06:15

The Shift from Defined Benefit to Defined Contribution Plans

09:12

The Impact of Default Options on Retirement Choices

11:48

Key Risks in Retirement Planning

14:42

The Best Kept Secret in Retirement Income Planning

20:37

The Misunderstanding of Whole Life Insurance

24:38

The Concept of the Permission Slip in Retirement

33:54

The Evolving Concept of Retirement

This podcast is for informational purposes only and should not be considered tax, legal, or investment advice. Although the information has been gathered from sources that are believed to be reliable, please keep in mind that individual situations may vary. Therefore, the information should only be acted upon when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with, or endorsed by Park Avenue Securities, Guardian, Intelligent Retirement, or Consolidated Planning, and all views and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.

All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values. Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information. Dividends are not guaranteed. They are declared annually by Guardian’s Board of Directors.

James Matthews is a Registered Principal and Financial Advisor of Park Avenue Securities, LLC. Securities products and advisory services are offered throughPark Avenue Securities, member FINRA, SIPC. James Matthews is a Financial Representative of The Guardian Life Insurance Company of America, New York, NewYork. Park Avenue Securities is a wholly-owned subsidiary of Guardian. Consolidated Planning and Intelligent Retirement are not affiliates or subsidiaries of Park Avenue Securities or Guardian. 8023032.1 exp 06/2027.