"Unretired" & Inspired - A Retirement Planning Podcast

Caleb and Riley discuss retirement timing. In other words, what does the research say about the best age to retire. There tends to be a lot of negativity around retiring late; perhaps people feel they have failed if they don’t retire early. Retiring late however can be a winning a strategy, take Warren Buffet for example, still working at age 91. There are many benefits to retiring later and they aren’t just financial, so let’s get into it! Learn more about: Walter Orthmann, who holds the Guinness world record for having the longest career at the same company and just turned 100 years old last month. The financial, health and Psychological benefits of delaying retirement Trends in retirement timing from semi-retirements to multiple retirements Memorable Quotes: “Working longer is associated with lower mortality, depression, and diabetes risk for both men and women using linear regression models.” “The U.S. and Canadian workforces experienced the highest levels of daily stress globally in 2020. Employees in these countries reported stress levels of 57%” “Turns out humans are notoriously bad at predicting what will make us happy. We make our decisions about the future based on our past experiences, and on our present priorities and ways of thinking, and then by the time that future happens, it ends up being much different than we predicted.” Resources: You’re Likely to Live Longer If You Retire After 65 Working later in life can pay off in more than just income How Does Delayed Retirement Affect Mortality And Health? Here’s how much more money you’d have if you delayed retirement until 70, according to Stanford researchers Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing the wide spectrum of financial advice and in particular what investors should expect to pay for financial advice. Financial advisors and financial planners can offer a wide range of services from tax planning to portfolio management, there can also be a wide range of fee’s for these services. In this episode we talk about what is and isn’t worth paying for (yes, some advice is not worth paying for) and how to get the biggest ‘bang for your buck’. Learn more about: What type of financial advice are worth paying for, and the research that backs it up The different ways financial advisor and planners charge fee’s and what fee’s are worth paying Which types of financial services are most worth paying for and when Memorable Quotes: “John Bogle famously said, ‘In investing, you get what you don't pay for'. This should make financial advisors uncomfortable. Essentially John Bogle is saying the less you pay me the better the advice that your getting. So why not pay zero? Here's why and we first have to differentiate between investment advice and planning advice.“ “I think the advice needed to make the financial decisions during the retirement transition is one of the most valuable services a financial planner can provide in todays world. It hasn’t always been this way though.“ Resources: Morningstar - Alpha, Beta, and Now... Gamma Vanguard - Advisor Alpha Envestnet - Capital Sigma: The Advisor Advantage Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing how to make a retirement more robust with guaranteed income. Research has shown that having a certain amount of guaranteed income in retirement allows you to maximize your spending while reducing the chances of running out. Essentially you can transfer the risk of ‘living too long’ to someone else! Learn more about: What is guaranteed or ‘pension-ized’ income and where do I get it? How the right amount of guaranteed income can move retirees closer to a robust retirement Case studies where guaranteed income made sense and where it didn’t make sense Memorable Quotes: “It’s not whether I should or shouldn’t have it, its a question of how much should I have. Think Zinc, everybody needs to have a little bit of Zinc in their diet, talk to a dietician or someone who talks about nutrition and they will say yeah everyone needs some. Zinc is measured in milligrams, and if you don’t have any for months and months your body will be deficient in it, but if you give yourself a whole spoonful all of a sudden it will kill you.” Resources: Annuitized Income and Optimal Asset Allocation Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing how to squeeze the most income from your retirement accounts, specifically RRSP and RRIF accounts. There are many misconceptions about how to use these accounts and rules of thumb that may not work well for everyone. Use this episode as your guide when considering when and how to draw from these accounts. Learn more about: The proper way to think about RRSP’s and RRIF’s and when to use them (and not use them) 5 questions to ask yourself when considering when to withdraw funds from a RRSP or RRIF account Common misconceptions about RRSP accounts in retirement Memorable Quotes: “RRSP’s are the worst! My returns in RRSPs were always garbage”. My friend who made this statement obviously had no idea how an RRSP account works. “It’s easy to lose the biggest benefit of using an RRSP if the refund is not reinvested. Many people overestimate the size of their RRSP by forgetting that up to 47% of it could go to taxes.” Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing inflation and practical tips of what retirees can do to manage inflationary periods during retirement. Fidelity conducted a study and determined that 56% of Canadians nearing retirement age said the rising cost of living was holding them back from retiring. This is not very 'awe-inspiring' so let's change this! Learn more about: Using inflation to your advantage instead of your detriment. How to include inflation assumptions appropriately in your financial planning The ways you can ‘inflation proof’ your retirement plan Memorable Quotes: “I’m here today to tell you that Inflation can be navigated. There are intentional decisions we can make today, to preserve our purchasing power tomorrow.” Resources: Why is inflation rising right now? Brace yourself, inflation could create a ‘giant wealth transfer’ from lenders to borrowers Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing the newly released 2022 Federal Budget, specifically those updates that are relevant for retirees to cruise through retirement with a game winning plan to maximize tax savings. Learn more about: The proposed tax changes most likely to effect pre-retirees and those already retired Long standing tax saving tips that you may be missing out on when filing your tax return Which tax credits and deductions you should be taking advantage of at tax time Memorable Quotes: “There are certain deductions 'made for' the retiree. Sometimes they are just little bit, but when you add them together it can be something substantial.” “A key takeaway for me is that taking advantage of the available tax credits or tax deductions doesn’t have to be stressful. I use to think it was, just in terms of knowing them all and knowing which apply to me to make sure I am not missing anything. Know which tax savings CRA has designed for people in your situation, and skip the rest.” Resources: PWC Federal Budget Highlights Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are identifying how the landscape of work is changing, and how those that are approaching retirement may actually be able to capitalize on current employment trends to have a more successful transition into retirement, or perhaps, work longer by finding workplaces that are aligned to their needs. Learn more about employment workplace trends affecting the pre-retiree: Multigenerational Workplace - Multiple generations in the workplace provide opportunities for mentorship and reverse mentorship Employer Upskilling - Employers looking to train up their senior workforce to in technology or other skills that may be lacking Voluntary Benefits - Canada's top small/medium-sized employers and how they are capitalizing on unique benefits to benefit the pre-retiree Memorable Quotes: “Retirement can be re-defined. It doesn’t necessarily have to mean you are working or not working...if someone were to say I'm retired and they’re still working, I would believe them if they told me that they are getting a lot of meaning from their workplace still and it’s a great fit”. “There’s a way to still find a great fit working, to do that is to take advantage of the employment trends that you may feel are a threat but are actually opportunities in disguise to use it to benefit yourself, to find inspiration while working and still get a robust retirement without having to be forced into a position where you have to leave your workplace”. Resources: Canada’s Top Small & Medium Employers 2022 show remarkable agility in adapting to change Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley talk about how to have realistic expectations for when you will actually retire. Data shows that we are bad at predicting when we will retire. To help us not over or underestimate how long we discuss how pre-retirees can apply the “Rule of 61” and adjust their plans accordingly. Learn more about: History/trends in retirement timing over the past 100 years Why we are bad at predicting how long we will work and what that means for our financial plans How to apply Blanchett’s Rule of 61 to better predict our future retirement age Alternative retirement ideas such as mini-retirements and phased retirements Memorable Quotes “The research doesn’t paint a great picture: 50% of people retire earlier than they want to. This means they likely won’t have enough savings to support their retirement, and on average they will be 30% less happy! Ouch! This is the fast lane to a rubbish retirement.“ Resources The Impact of Retirement Age Uncertainty on Retirement Outcomes 2019 EBRI Retirement Confidence Survey Part-Time Retirement Programs Are on the Rise Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are discussing common retirement mistakes and setbacks that they have seen clients make over the years. Caleb shares three stories from real people and their retirement situations, and what they could have done to better prepare themselves.  Learn more about: Estate equalization and what to consider when dividing up your net worth among your beneficiares  How to properly vet a Financial Advisor before deciding to do business with them The dangers of retiring early without a plan   Memorable Quotes “I love talking about failures. They are life's way of showing us the biggest lessons that we need to learn, and sometimes we learn a lot of wisdom, patience, and humility from these life failures that happen to us” Resources https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/retirement-pensions/retirement-pensions-5/2.html https://info.securities-administrators.ca/disciplinedpersons.aspx https://info.securities-administrators.ca/nrsmobile/nrssearch.aspx Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts

Caleb and Riley are talking about the pros and cons of owning rental properties in retirement. While it might seem that owning real estate is a good opportunity at any point in time, there are additional things to consider when you are entering retirement age.  Learn more about: Why real estate is appealing and potential downsides Investing vs owning a rental A real estate investors quiz to help determine if owning a rental in retirement is the right plan for you Retiree Real Estate Investor Quiz How comfortable are you having debt and using debt/leverage to invest? How active and involved do you want to be in managing your investments? What percentage of your assets does/will your rental property account for? Have you maximized your registered accounts (RRSP and TFSA)? How knowledgeable and comfortable are you how to screen rental applications, how to manage tenants, how to file for eviction, and a hundred other micro-skills? How taxing are tenant demands, drama, potential evictions, collecting rent on you? How confident are you that the real-estate market you own in will have high returns in the future, even outpace the stock market over time? Is cashflow better or worse than average? Are their any other extenuating circumstances like family living there, or long term tenants, etc. Resources Book: Doing Good Better Effective Altruism The 1% Rule Hosted by Caleb Miller and Riley Anderson of InvestorDNA Meet Caleb and Riley Book a Call Subscribe on Apple Podcasts Subscribe on Spotify Subscribe on Google Podcasts