Retire With Purpose - The Retirement Podcast

Today, I'm speaking with Alex Murguia. Alex has worked to turn Dr. Wade Pfau's framework for retirement income planning into a quantifiable retirement income model, and the Retirement Income Style Awareness (RISA) Profile is the result of his hard work. Before creating the RISA® Profile, Alex graduated from George Washington University with a doctorate in Clinical Psychology and served as a research fellow for the National Institute of Health before pursuing a formal career in finance. He joined McLean Asset Management as a scientist-practitioner and launched a financial planning software company, but soon found himself disillusioned by the lack of tools individuals could use to chart a course to a successful retirement, leading him to where he is now. In today's episode, you'll find out how the RISA® Profile can help answer some of your most pressing questions when it comes to retirement, why we're biologically incapable of making sound financial decisions without a process in place, and why financial planning and retirement planning are not one and the same. In this podcast interview, you'll learn: The common questions from many retirees that inspired Alex, Dr. Wade Pfau, and Bob French to create the RISA® Profile. How to confidently do your own research when it comes to investing and retirement planning. How strategic planning helps protect you from biased and irrational decisions. When (and how) to assess your financial plan and asset allocation. Alex's response to one of our Weekend Reading subscribers looking for guidance as a conservative investor. Show Notes: Howardbailey.com/321 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

This week's retirement reading is from the Behavioural Investment blog titled, Learning to Be a Good Investor is Hard. Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/320. Show Notes: Howardbailey.com/320 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

This week's retirement reading is from the Humble Dollar blog titled, Ten Reasons to Claim. Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/319. Show Notes: Howardbailey.com/319 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

Today, I'm talking to Kerry Hannon. Kerry is a senior columnist at Yahoo! Finance and has been writing for decades about women's finance, the changing nature of retirement, and what the workplace will look like in the future. She is a workplace futurist and strategist on career transitions, entrepreneurship, personal finance, and retirement. You've likely seen her writing in the New York Times, MarketWatch, and Forbes, and she has appeared as a career and financial expert on all the major TV networks. In her newest book, In Control at 50+: How to Succeed in the New World of Work, Kerry gives her readers a guide to help them navigate the post-pandemic workplace and take an active role in their careers and financial future. In our conversation, Kerry and I explore how the pandemic has profoundly changed the workplace for people of all ages, how to conquer your fears and find work you love at any age, and the critical differences between how men and women manage their money. GET A FREE COPY OF KERRY'S BOOK, IN CONTROL AT 50+: HOW TO SUCCEED IN THE NEW WORLD OF WORK! Here's all you have to do... Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes. Step 2.) Text BOOK, that's B-O-O-K to 866-482-9559 for a link to our book request page, complete the form and we will ship you the book for free. It's that simple! In this podcast interview, you'll learn: How an aging population and fewer younger workers are creating a better workplace for people over 50. Why it's so easy to get stuck in a professional rut as you get older–and how to get the confidence you need to regain control of your working life. How to get the skills and education you need to make a career transition. How the COVID pandemic uniquely affected how women work. The best ways to navigate issues around money in long-term partnerships and marriages. Show Notes: Howardbailey.com/318 Rate & Review the Podcast: RetireWithPurpose.com/review Weekly Retirement Newsletter: RetireWithPurpose.com/weekend-reading

This week's retirement reading is from the Best Interest Blog titled, Should You Invest Your Emergency Fund? Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/317. Show Notes: Howardbailey.com/317 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

This week's retirement reading is from The Atlantic titled, All the Personal-Finance Books Are Wrong. Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/316. Show Notes: Howardbailey.com/316 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

In today's conversation, I'm joined by Cindy Hounsell. Cindy is the President of the Women's Institute for a Secure Retirement (WISER), a nonprofit working to help women secure retirement income and educate people about the inequities that disadvantage women when they retire. You may have encountered Cindy's amazing work in a wide variety of publications, including The New York Times, The Wall Street Journal, Forbes/PBS Next Avenue, Barrons, U.S. News and World Report, CNN, CNBC, and NPR's 1A, All Things Considered, Morning Edition and Marketplace. She's also been named as an Influencer in Aging by PBS-Next Avenue, received a lifetime achievement award by the Plan Sponsor Council of America, and been named by Money magazine as one of its 40 Money Heroes. In our conversation, Cindy and I dive into the major shifts in women's finances and retirement today. We discuss the pros and cons of saving for retirement as a woman, how things are changing in the era of stay-at-home parents of both sexes, and what all women should know about creating a financial plan. In this podcast interview, you'll learn: How Cindy's own experience at an airline that froze pensions inspired her to launch a career in retirement. What you can do for your children and grandchildren to help them become more financially literate. Why it's so important to get your paperwork in place, no matter how good your relationship (or life) seems right now. What you should know about the retirement-related bills currently moving through Congress. What Cindy would like to see happen in the years (and decades) to come to empower women when it comes to their own finances. Show Notes: Howardbailey.com/315 Rate & Review the Podcast: RetireWithPurpose.com/review Weekly Retirement Newsletter: RetireWithPurpose.com/weekend-reading

This week's retirement reading is from Advisor Perspectives titled, Five Things to Evaluate in a Tax-Managed Investment Strategy. Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/314. Show Notes: Howardbailey.com/314 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

This week's retirement reading is from The Best Interest blog titled, The Perfectly Imperfect Investor. Listen in as Casey Weade breaks down the article and shares what he thinks! Today's episode can also be accessed by visiting Howardbailey.com/313. Show Notes: Howardbailey.com/313 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

Today, I'm speaking with Chris Farrell. Chris is a leading expert on the subject of working into the years we once called traditional retirement. In his most recent book, Purpose and a Paycheck: Finding Meaning, Money, and Happiness in the Second Half of Life, he debunks the myth that aging populations are a burden on our economy–and demonstrates how "retirees" can create, innovate, and stay engaged. You may have encountered Chris's work as a journalist for PBS Next Avenue and the Star Tribune, a contributor to Bloomberg Businessweek, The New York Times, Kiplinger's, and other publications. Or perhaps as a commentator on Marketplace Morning Report, or as the host of Conversations on the Creative Economy on Minnesota Public Radio. I'm a big fan of his work and thrilled to chat with him today. In this conversation, Chris shares the story of how he went from being a merchant seaman to getting his graduate degree at the London School of Economics, why aging populations aren't dead weight, and how retirees can discover newfound purpose–and make a difference–while contributing to the economy later in life. One more thing before we get started. We've got a bunch of copies of Chris' book, Purpose and a Paycheck: Finding Meaning, Money, and Happiness in the Second Half of Life and we're going to send them out until they're all gone! Here's all you have to do... Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes. Step 2.) Text BOOK, that's B-O-O-K to 866-482-9559 for a link to our book request page, complete the form and we will ship you the book for free. It's that simple! In this podcast interview, you'll learn: What led Chris to become so interested in writing about retirement, happiness, meaning, and purpose. How an aging population and a low birth rate are fundamentally shifting our economy. Why more people in their 50s and 60s are starting businesses now than ever before–and why so many people who opt for traditional retirement "unretire" within just a few years. How retirees can pass on knowledge to younger generations and leave behind a personal and professional legacy. The importance of budgeting for health care coverage for retirees looking to bridge the gap when retiring before age 60. Show Notes: Howardbailey.com/312 Rate & Review the Podcast: RetireWithPurpose.com/review Weekly Retirement Newsletter: RetireWithPurpose.com/weekend-reading