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.

In this episode of the Intelligent Retirement Podcast, renowned retirement speaker and author Jamie Hopkins joins host James M. Matthews to discuss the various risks associated with retirement, emphasizing the importance of adaptability, planning, and execution. They explore longevity risk, health care costs, family legacy planning, and the impact of public policy on retirement security. The conversation highlights the need for a shift in mindset from accumulation to decumulation, focusing on sustainable income and the importance of having difficult conversations about end-of-life planning.

Key Takeaways

• Risk in retirement is fundamentally different from accumulation risk.
• Longevity risk can exacerbate other financial risks.
• Adaptability is crucial for successful retirement planning.
• Health care costs are unpredictable and should be planned for.
• Family and legacy planning are essential components of retirement.
• Behavioral and cognitive changes can impact financial decision-making in retirement.
• Public policy changes can significantly affect retirement income planning.
• Execution and follow-through are critical to effective retirement planning.
• Retirement planning should focus on trade-offs rather than binary success or failure.
• Self-insuring every risk can lead to a subpar retirement experience.

Chapters

00:00 Introduction and Background

11:59 Understanding Longevity Risk

19:03 Health Care and Long-Term Care Risks

24:10 Navigating Medicare and Healthcare Costs

30:50 The Dynamics of Social Security

32:28 Understanding Market, Inflation, and Tax Risks

34:05 The Risk of Inaction in Financial Planning

36:22 Rewirement: Shifting Mindsets for Retirement

38:31 Living a Meaningful Retirement

44:27 Investment Insights for a Secure Future

Resources

The 18 Risks Faced in Retirement

⁠Bryn Mawr Trust⁠

⁠Jamie Hopkins on X⁠

⁠Jamie Hopkins LinkedIn⁠

⁠ReWirement: Rewiring the way you think about retirement⁠

⁠Consolidated Planning⁠

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.

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. 8015344.1 exp 06/27.

In this episode of the Intelligent Retirement Podcast, James M. Matthews is joined by marriage and family therapist, Ashley Quamme. The conversation delves into the complexities of identity shifts within relationships, particularly during transitional phases, like retirement. It highlights the psychological layers involved in the transition into retirement and the importance of communication in navigating these changes.

Key Takeaways

• Communication within families may lack a roadmap during transitions.

• Identity shifts during life transitions can affect both individuals and couples.
• Understanding who we are in new phases of life is crucial to navigating change.
• Psychological layers play a significant role in identity changes.
• Couples may experience shifts differently based on their circumstances.
• Identity change can lead to questions about partnership roles.
• Navigating these changes requires open dialogue.
• Support systems are essential during identity transitions.
• Recognizing individual and shared identities is important.
• Embracing change can strengthen relationships.

Chapters

00:00 Introductions

06:30 The Think, Feel, Do Model in Therapy

09:02 Transitioning into Financial Therapy

12:07 Navigating Retirement Transitions

14:18 Identity Shifts in Retirement

17:08 Common Familial Disputes During Retirement

19:49 Legacy Planning and Communication

21:38 The Importance of Ongoing Conversations in Legacy Planning

25:27 Navigating Family Dynamics and Financial Conversations

31:32 Challenges in Blended Families and Estate Planning

34:44 Embracing Flexibility in Retirement Planning

38:23 Finding Meaning and Joy in Retirement

Resources

Beyond the Plan

Planning and Beyond Podcast

The Wealthy Marriage

Ashley Quamme on LinkedIn

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. James Matthews is a Registered Principal and Financial Advisor of Park Avenue Securities, LLC. Securities products and advisory services are offered through Park Avenue Securities, member FINRA, SIPC. James Matthews is a Financial Representative of The Guardian Life Insurance Company of America, New York, New York. 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. 7981006.1, exp 05/2027.

In this episode, Alex Murguia, Ph.D., discusses the complexities of retirement planning, focusing on the psychological barriers that prevent individuals from making financial decisions. He introduces the Retirement Income Style Awareness (RISA) framework, which helps identify different retirement income styles and emphasizes the importance of implementation in financial planning. The conversation explores consumer awareness, financial literacy, and the role of behavioral finance in shaping financial decisions.

Key Takeaways

• Many people struggle with decision-making in retirement planning due to analysis paralysis.
• Understanding one's retirement income style can facilitate better financial decisions.
• Implementation is as crucial as identifying financial preferences in retirement planning.
• Consumers often lack awareness of the various retirement income strategies available to them.
• Behavioral finance plays a significant role in how clients approach financial decisions.

• The transition from human capital to invested capital defines the essence of retirement.

Chapters

00:00 Introduction to Retirement Planning and Background

05:55 Exploring Retirement Income Preferences

08:28 Understanding the RISA Framework

11:02 The Importance of Implementation in Financial Advice

13:32 Behavioral Finance and Client Relationships

15:50 Addressing Common Financial Biases

18:39 Numeracy vs. Financial Literacy

20:55 Advisor Usefulness and Client Self-Efficacy

23:09 Identifying Client Types in Financial Planning

25:52 The Role of Advisors in Client Education

30:59 The Value of Collaboration in Client Relationships

32:13 Adapting Service Models for Diverse Client Needs

32:32 Transparency in Financial Advice

35:00 Understanding Client Preferences in Financial Planning

36:22 Red Flags When Choosing Financial Advisors

37:20 The Need for Transparency in Business Models

39:13 Exploring Behavioral Finance in Retirement Planning

43:06 Defining Retirement: Freedom and Human Capital

Resources

Retirement Income Beliefs and Financial Advice Seeking Behaviors

Advice That Sticks by Dr. Moira Somers

McLean Asset Management

Retirement Researcher

Retirement Income Style Awareness (RISA)

This podcast is for informational purposes only, andshould 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. James Matthews is a Registered Principal and FinancialAdvisor of Park Avenue Securities, LLC. Securities products and advisory services are offered through Park Avenue Securities, member FINRA, SIPC. James Matthews is a Financial Representative of The Guardian Life InsuranceCompany of America, New York, New York. 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. 7946839.1 exp 05/ 2027.

In this conversation, Robert Puelz discusses the concept of life cycle economics and its application in financial planning, particularly in the context of retirement. He emphasizes the importance of considering taxes, estate planning, and personal preferences when making financial decisions. The discussion also explores the importance of longevity and risk management in retirement planning, as well as personal reflections on retirement and the future of financial education.

Key Takeaways

• Life cycle economics involves comprehensive decision-making for financial planning.
• Households should have a cap spend number to guide savings.
• Tax implications are crucial in financial planning decisions.
• Incorporating estate planning is essential for a comprehensive approach.
• Understanding longevity is vital for retirement planning.
• Financial advisors should facilitate discussions about legacy preferences.
• Maximizing the value of resources is a key goal in financial planning.
• An integrated team of financial professionals enhances client outcomes.
• Flexibility in retirement can lead to continued engagement in work.

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Chapters

00:00 The Journey to Academia and Financial Planning

07:43 The Role of Technology in Financial Planning

25:29 Investment Strategies and Risk Management

26:03 Investment Strategies and Living Standards

30:12 Understanding Human Capital and Economic Balance Sheets

34:00 The Role of Financial Literacy in Economic Outcomes

39:39 Integrating Taxes and Estate Planning in Financial Decisions

45:18 Personal Reflections on Retirement and Future Plans

Resources

Finplan, LLC Substack

Personal Finance Economics Book

SMU Cox School of Business

Maxifi Planner

Consolidated Planning

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, endorsed by Park Avenue Securities, Guardian, [pauseweak] 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.

James Matthews is a Registered Principal and Financial Advisor of Park Avenue Securities, LLC. Securities products and advisory services are offered through Park Avenue Securities, a member of FINRA, SIPC. JamesMatthews is a Financial Representative of The Guardian Life Insurance Company of America, New York, New York. 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. 7946121.1 exp 05/2027.

In this episode of the Intelligent Retirement Podcast, James M. Matthews discusses the realities of retirement planning, emphasizing that retirement is an inevitable outcome rather than a goal. He highlights the importance of being prepared for retirement, addressing the complexities of financial planning, and avoiding common pitfalls associated with traditional retirement advice. Matthews advocates for a smarter approach to retirement income, grounded in empirical evidence rather than guesswork, to help individuals maximize their living standards in retirement.

Key Takeaways:

• Everyone has a plan for retirement, whether by design or default.
• Retirement is an inevitable outcome, not just a goal.
• More than half of people retire earlier than planned.
• It's crucial to have a clear spending strategy for retirement.
• The day you stop earning a paycheck is the riskiest day of your life.
• Retiring smarter involves investing in your wealth, health, and relationships.
• Most traditional retirement advice is based on guesswork.
• A successful retirement comes down to avoiding common pitfalls.
• There are alternative approaches to retirement income planning.
• The podcast aims to help listeners retire with confidence and clarity.

Chapters

00:00 The Inevitable Reality of Retirement

05:02 Understanding Retirement Planning

07:21 The Pitfalls of Traditional Retirement Advice

08:50 A New Approach to Retirement Income

Resources:

Transamerica Study

Retirement Researcher

myintelligentretirement.com

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.

James Matthews is a Registered Principal and Financial Advisor of Park Avenue Securities, LLC. Securities products and advisory services are offered through Park Avenue Securities, member FINRA, SIPC. James Matthews is a Financial Representative of The Guardian Life Insurance Company of America, New York, NY. 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 . 7833408.1 Exp. 04/27