The Humans vs Retirement Podcast

Summary Eric is the founder and CEO of BFG Financial Advisors a large financial planning business in Baltimore, USA that specialises in retirement planning. As well a writing his book Eric hosts a podcast by the same name and id a regular contributor to forbes.com and Sunday morning TV in Baltimore In this conversation Eric and I discuss the concept of retirement as a graduation and the need to redefine retirement as an opportunity for growth and exploration. Eric highlights the significance of having an abundance mindset and being open to reinventing oneself in retirement. Eric shares the three secrets to the happiest retirees: being debt-free, taking care of your health, and having a sense of purpose. Takeaways Retirement should be seen as a graduation and an opportunity for growth and exploration. Financial independence is key to a fulfilling retirement, and it is important to plan for it early in life. Having an abundance mindset and being open to reinvention can lead to a more fulfilling retirement. Financial literacy is crucial in achieving financial independence and making informed decisions. The fear of running out of money in retirement can be alleviated by working with a financial advisor and having a well-thought-out plan. The three secrets of the happiest retirees include embracing a second childhood, cultivating wisdom and mindset, and finding purpose and identity in retirement. Being debt-free or adverse debt-free is important in retirement to reduce anxiety and ensure a peaceful retirement. Taking care of your health is crucial, as it is easier to stay healthy than to get healthy. Having a sense of purpose gives retirees a reason to get out of bed every morning and brings fulfilment to their lives. Retirees should plan and have intention in their retirement to ensure a smooth transition and make the most of their time. Chapters 00:00 Introduction and Background 06:03 Redefining Retirement as a Graduation 09:25 Embracing a Second Childhood 14:10 Compounding Mindset and Wisdom 19:25 Finding Purpose and Identity in Retirement 23:21 The Emotional and Psychological Challenges of Retirement 28:20 The Importance of Financial Literacy 35:25 The Fear of Running Out of Money in Retirement 37:47 Achieving Financial Independence without Being Good with Money 42:56 The Three Secrets of the Happiest Retirees 43:05 The Three Secrets to the Happiest Retirees 44:05 Taking Care of Your Health 45:01 Having a Sense of Purpose 46:44 Debt and Financial Freedom 48:29 The Importance of Good Health 49:26 The Value of Purpose in Retirement 50:23 The Inflation Rate for Retirees 52:13 Planning and Intention in Retirement 53:10 Finding a Sense of Purpose in Retirement 54:08 What Financial Freedom Looks Like Episode Links & Resource Buy Eric's book Don't Retire… Graduate! Listen to Eric's Podcast Connect with Eric on LinkedIn WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary In this episode, Ed Coambs, a financial planner, and therapist, discusses the challenges couples face in managing money and planning for retirement. He shares his personal journey from being a firefighter to becoming a financial planner and therapist. Ed emphasizes the importance of understanding one's own relationship with money and how it impacts relationships. He introduces the concept of financial intimacy and explains how it can help couples navigate the complexities of retirement planning. Ed also highlights the role of attachment theory in understanding couples' dynamics around money. In this conversation, Ed and I discuss the challenges couples face when transitioning from work to retirement and how financial therapy can help. He emphasises the importance of creating a safe space for vulnerability and open communication. He also explores the influence of childhood experiences on money management and the challenge of spending money in retirement. Our conversation highlights the need for balance in money management and the role of financial therapy in helping couples live a happy and fulfilling retirement. Takeaways Understanding one's own relationship with money is crucial for successful financial planning and healthy relationships. Couples often have different expectations and visions for retirement, which can lead to conflicts and challenges. Financial intimacy, where both partners are actively involved in financial decision-making and have open and honest conversations about money, is essential for a harmonious retirement. Attachment theory can provide insights into individuals' behaviours and attitudes towards money and relationships. Couples often struggle to transition from work to retirement and may find it difficult to let go and enjoy the fruits of their labour. Creating a safe space for vulnerability and open communication is crucial for couples to navigate retirement successfully. Childhood experiences play a significant role in shaping individuals' attitudes and behaviours towards money. Spending money in retirement can be a psychological challenge, and finding a balance between spending and saving is essential. Financial therapy can help couples address their money-related issues and create a healthy and fulfilling retirement. Chapters 00:00 Introduction and Background 06:15 The Journey to Financial Therapy 10:35 The Healthy Love and Money Way 23:34 The Importance of Financial Intimacy 28:00 The Struggle to Transition from Work to Retirement 32:38 Creating a Safe Space for Vulnerability 35:12 The Influence of Childhood Experiences on Money 38:18 The Challenge of Spending Money in Retirement 44:07 The Importance of Balance in Money Management 51:08 The Role of Financial Therapy in Retirement Episode Links & Resources Go see Ed's Website Buy Ed's book The Healthy Love and Money Way Listen to Ed's Healthy Love and Money Podcast Check out Ed's Online Courses for Couples Connect with Ed on LinkedIn Connect with Ed on X WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary Have you ever herd of 'the sandwich generation'? Are you part of it? And if so, what challenges does it bring to your retirement? Well. In this episode I get to have a conversation with a guy that has literally wrote the book on the subject! Mark Bineham is one of Australia's top keynote speakers on retirement and the award-winning author of 'The Money Sandwich". Mark's goal has always been to help people live their very best life through positive mindset, promoting well-being and simply achieving financial freedom that much sooner, because in his words "we all deserve that, don't we?. In 2019, a turning point occurred in his life when he underwent open-heart surgery. Prompting a re-evaluation of his 30-year career as a financial advisor, including four years as the national president of the Association of Financial Advisers. While he always loved helping his own clients reach their goals and aspirations, he realised most people just couldn't afford help or advice, and that had to change. That's when he decided to pour all the knowledge he gained over his career into a book, which he proudly titled The Money Sandwich and subsequently setting up a family business with his Daughter Katherine by the same name which enables him to take this message out to the wider world through presentations, workshops and courses. In this thought-provoking conversation Mark and I discuss the challenges faced by the sandwich generation, who are responsible for supporting both their adult children and aging parents. Mark emphasizes the importance of having conversations about retirement and estate planning with your elderly parents and adult children. He also introduces the concept of the 'third act' as a more positive and fulfilling way to approach retirement and highlights the need for mindset shifts and an understanding of the emotional aspects of money in order to achieve happiness in retirement. Our conversation explores changing attitudes towards work and retirement, the negative connotations of money, the impact of financial stress on productivity and health, the importance of talking about money, the value that financial planning professionals add at this stage of life, and what financial freedom looks and feels like. Takeaways The sandwich generation faces the challenge of supporting both adult children and aging parents. Having conversations about retirement and estate planning with elderly parents is crucial to avoid future conflicts. The 'third act' is a more positive and fulfilling way to approach retirement. Understanding the emotional aspects of money is essential for achieving happiness in retirement. Younger generations are redefining work-life balance and are more focused on enjoying life. Financial stress is a major cause of anxiety, arguments, and relationship breakdowns. Financial stress negatively affects productivity in the workplace. Talking about money and seeking professional help can alleviate financial stress. Financial planning professionals can provide guidance and support in managing money and achieving financial freedom. Chapters 00:00 Introduction and Background 05:25 Unleashing Your Third Act 08:34 The Money Sandwich and the Sandwich Generation 14:30 Challenges of Supporting Adult Children 22:35 Challenges of Supporting Aging Parents 29:24 Reframing Retirement as the Third Act 38:44 Money Shifts for Happiness 45:31 Changing Attitudes Towards Work and Retirement 47:00 The Negative Connotations of Money 48:31 Financial Stress and its Impact on Productivity and Health 49:30 The Importance of Talking About Money 50:52 The Need for Financial Planning Professionals 53:51 What Financial Freedom Looks Like Episode Links & Resources Get Marc's brilliant book The Money Sandwich Listen to The Money Sandwich Podcast Visit The Money Sandwich website Connect with Marc on LinkedIn Connect with Marc on X WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary Christine is director of personal finance and retirement planning for Morningstar, Inc. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance. and I was honoured to be asked to be a guest on last year (link in the show notes). She is a prolific writer and her published Morningstar articles are must reads for anyone interested in retirement planning. In this episode, Christine and I cover a lot of ground! We discuss various aspects of retirement planning, including blind spots, sequence risk, inflation, the bucketing approach to income management, the importance of continuing to work, and lessons for a happy and successful retirement. Christine emphasizes the need to consider both financial and non-financial aspects of retirement and to make choices that align with personal happiness and purpose and also highlights the value of working with a financial planner to navigate the complexities of retirement planning. Takeaways Retirement planning should consider both financial and non-financial aspects, such as happiness, purpose, and social connections. Blind spots in retirement planning include sequence risk, inflation, and unexpected spending shocks. A bucketing approach to retirement income can help manage sequence risk and ensure liquidity for short-term needs. Continuing to work in retirement can provide financial security, social connections, and a sense of purpose. Spending in line with personal happiness and avoiding regrets are key considerations in retirement planning. Working with a financial planner can help navigate the complexities of retirement planning and ensure a successful retirement. Retirement planning is crucial for financial security in later years. Common mistakes in retirement planning include underestimating expenses and not starting early enough. Financial advisors can provide valuable guidance and expertise in retirement planning. Behavioural biases can negatively impact retirement planning decisions. Seeking outside help, such as financial advisors or experts, can help identify blind spots and provide a fresh perspective. Chapters 00:00 Introduction and Background 07:15 The Blind Spots of Retirement 13:38 Mitigating Sequence Risk and Inflation 17:47 Bucketing Approach to Retirement Income 25:26 The Importance of Continuing to Work in Retirement 35:37 Lessons for a Happy, Successful, and Wealthy Retirement 38:20 Spending to Optimize Happiness 40:26 Living Life with No Regrets 48:15 The Value of Working with a Financial Planner 10:32 Common Retirement Planning Mistakes 23:45 The Role of Financial Advisors in Retirement Planning 34:56 The Impact of Behavioral Biases on Retirement Planning 43:21 The Value of Seeking Outside Help 51:09 Blind Spots and the Importance of Outside Perspective Episode Links & Resources Pre-order Christine's book How to Retire: 20 Lessons For A Happy, Successful & Wealthy Retirement Read all of Christine's brilliant stuff on retirement and investing Subscribe to her podcast The Long View Listen to my appearance on The Long View Podcast Connect with Christine on LinkedIn Connect with Christine on X WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter