The Humans vs Retirement Podcast

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

Paul Armson, founder of Inspiring Advisers and author of 'Enough?', shares his transformative journey in lifestyle financial planning after a personal wake-up call. He emphasizes prioritizing life experiences over mere financial gains, urging listeners to redefine what it means to be financially secure. Paul categorizes retirement motivations into three groups and advocates for a simpler, more fulfilling approach to financial independence. His insights inspire individuals to embrace their passions now, rather than deferring dreams for an uncertain future.

Summary Jonathan Clements is the founder and editor of Humble Dollar and brilliant free blog site that is dedicated to providing articles, guides and resources from some of the greatest thinkers in the world of finance. The goal of Humble Dollar is to tell you everything you need to know about money – all in one place without the hype and hollow promises that characterises so much financial writing. Jonathan was born and educated in England before moving to the states and prior to semi-retiring and launching humble dollar in 2014, Jonathan spent almost 20 years as The Wall Street Journal’s personal finance columnist and six years at Citi group where he was director of financial education for the banks US wealth management arm. He is also the author of 9 personal finance books. In this episode, Jonathan and I discusses the challenges and risks in retirement, both from a financial and human standpoint. He focuses on the need to have sense of purpose and identity in retirement, which he believes can be overcome by continuing to work in some fashion. Jonathan also explores the concept of embracing a second childhood, allowing for childlike curiosity and exploration. He emphasises the importance of experimenting in early retirement to discover what truly makes one happy. Jonathan also discusses his work with Humble Dollar and the ventures that provide him with a sense of purpose. Takeaways Longevity risk is a significant financial challenge in retirement, and individuals should consider guaranteed income options such as annuities. Investing in the stock market can help retirees combat inflation and grow their wealth over time. Working in retirement provides not only financial benefits but also a sense of purpose, identity, and social interaction. Retirees should focus on their own financial goals and avoid comparing themselves to others. Retirement can be a time of exploration and curiosity, allowing individuals to embrace a second childhood and pursue new interests and passions. Transitioning to retirement can be a unique experience depending on one's life circumstances. Early retirement is a period of experimentation to find activities that bring fulfilment. Financial stability and a sense of purpose are key factors in enjoying retirement. Chapters 00:00 Introduction and Background 04:05 Financial Challenges and Risks in Retirement 11:02 Investing in Retirement 21:28 The Importance of Working in Retirement 28:36 Generating Income in Retirement 38:02 The Importance of Identity and Purpose in Retirement 45:45 Avoiding Comparisons in Retirement 48:12 Embracing a Second Childhood in Retirement 48:30 Transitioning to Retirement 49:23 Experimenting in Early Retirement 50:35 Finding Fulfilment in Retirement 52:03 Humble Dollar and Jonathan's Work 53:16 Closing Remarks Episode Links & Resources Humble Dollar Jonathan’s book My Money Journey: How 30 people found financial freedom – and you can too Jonathan’s book From Here to Financial Happiness: Enrich Your Life In Just 77 Days Connect with Jonathan on LinkedIn Connect with Jonathan on X WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary In this episode of The Humans vs Retirement Podcast, I sit down with Jack Chellman, Chief Project Officer of the Global Returns Project a UK charity that is on a mission to create systemic change to fund the highest impact climate charities and make giving toward climate change as easy and accessible as possible. Jack and I discuss how charitable giving could and maybe should form part of every retirement plan. Jack also dispels many myths about giving and explains how the Global Returns Project makes charitable giving easy and transparent by selecting high-impact climate charities and providing rigorous monitoring and reporting. The portfolio of charities includes organizations that protect rainforests, enforce environmental law, conserve marine life, and restore forests. Jack emphasizes the need for increased philanthropy towards climate mitigation efforts and highlights the role of the Global Returns Project in making sustainable giving mainstream. He also discusses the integration of the project into financial planning and the options for donating. We explore the impact of climate change, individual actions to combat it, and the role of governments and corporations in addressing the issue. Our conversation highlights the importance of taking meaningful action to combat climate change and emphasizes the potential for positive change if everyone contributes. Takeaways Charitable giving can be an important part of a retirement plan, allowing individuals to make a positive impact on causes that matter to them. The Global Returns Project makes charitable giving easy and transparent by selecting high-impact climate charities and providing rigorous monitoring and reporting. The portfolio of charities recommended by the Global Returns Project includes organizations that protect rainforests, enforce environmental law, conserve marine life, and restore forests. Donating to climate charities is a way to address the urgent issue of climate change and its impact on other important causes. The Global Returns Project can be integrated into financial planning, allowing individuals to allocate a portion of their assets to charitable giving. Climate change is a pressing issue that requires immediate action. Individual actions, such as reducing carbon emissions and adopting sustainable practices, can make a significant impact. Investing in sustainable solutions is crucial for addressing climate change. Governments and corporations play a vital role in implementing policies and initiatives to combat climate change. Taking meaningful action collectively can lead to positive change and make a difference.   Chapters 00:00 Introduction to the Global Returns Project 03:21 Charitable Giving as Part of a Retirement Plan 09:36 Dispelling Myths about Charitable Giving 12:59 Making Charitable Giving Part of Asset Allocation 18:49 The Importance of Transparency and Impact Reporting 23:20 The Limitations of Sustainable Investing 26:45 The Portfolio of Charities and Their Impact 32:34 The Mechanics and Methodology of the Global Returns Project 40:02 Integrating the Global Returns Project into Financial Planning 49:05 How to Donate and Get Involved 05:00 Understanding Climate Change 15:00 The Impact of Climate Change 25:00 Individual Actions to Combat Climate Change 35:00 Investing in Sustainable Solutions 45:00 The Role of Governments and Corporations 51:12 Taking Meaningful Action Episode Links & Resources   The Global Returns Project WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter    

Summary In this episode, I get to have a great conversation with Bec Wilson, author of 'How to Have an Epic Retirement,' to discuss the key themes and pillars of retirement planning. Bec shares her journey into the retirement space and the inspiration behind her book. We discuss the importance of understanding lifespan and healthspan, as well as the financial confidence needed for retirement. Bec emphasizes the need for proactive health management and the role of exercise and diet in healthy aging. The conversation highlights the interconnectedness of time, money, and health in creating an epic retirement. We have a great discussion about the 5 pillars of retirement: time, money, health, happiness, and your home as you age. We delve into the importance of happiness and fulfilment in retirement, emphasising the need for social interaction and meaningful activities. Finally, Bec introduces the five big stages of retirement: pre-euphoria, adjustment, euphoria, post-euphoria, and frailty. Takeaways Social interaction and building relationships are crucial for happiness and fulfillment in retirement. Making informed decisions about housing can help minimize financial risks and maximize retirement enjoyment. The five big stages of retirement are pre-euphoria, adjustment, euphoria, post-euphoria, and frailty. Planning for retirement should include considerations for physical and mental health to maintain independence and minimize time spent in frailty. Chapters 00:00 Introduction and Background 03:00 The Six Pillars of Retirement 24:36 Time: Understanding Lifespan and Healthspan 32:48 Money: Financial Confidence and Planning 39:04 Health: Taking Care of Your Body and Mind 43:32 Pillar 4: Happiness and Fulfillment 47:41 Pillar 5: Your Home as You Age 57:15 The Five Big Stages of Retirement Episode Links & Resources Bec’s book How to have an Epic Retirement Bec’s Website https://epicretirement.com.au/ Bec’s Newsletter https://www.epicretirement.net/ Bec’s Podcast https://www.primetimers.net/ WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary In this episode, I get to sit down with David Jones from Dimensional about evidence-based investing and retirement planning. We discuss the challenges of the retirement transition, the importance of social connections, and the role of financial planning in retirement. We also explore the fear of spending money in retirement and the benefits of intergenerational wealth. Our conversation concludes with a discussion on the Japanese concepts of Kanreki and Ikigai in retirement and the secret of evidence-based investing. Takeaways Retirement transition can be challenging, and it is important to have a clear financial plan and structure in place. Social connections are crucial in retirement for mental and physical health. Investing in retirement should be based on evidence and academic research to mitigate risks and achieve long-term goals. Overcoming the fear of spending money in retirement requires open communication, financial planning, and understanding the purpose of wealth. Intergenerational wealth and gifting can be beneficial for both the giver and the receiver, and open conversations about money within families are important. Chapters 00:00 Introduction and Background 04:35 Dimensional's Evidence-Based Approach 07:43 The Lack of Academic Research in Investing 10:03 The Challenges of Retirement Transition 13:18 The Challenges of Retirement 16:21 The Importance of Social Connections in Retirement 18:01 The Role of Financial Planning in Retirement 19:37 Investing in Retirement with Evidence and Academic Research 28:55 Understanding Risk in Retirement 36:44 Overcoming the Fear of Spending in Retirement 43:28 The Importance of Financial Planning in Retirement 46:17 The Challenges of Spending Money in Retirement 48:30 Using Monopoly to Understand Intergenerational Wealth 55:16 Japanese Concepts of Kanreki and Ikigai in Retirement 01:06:37 The Secret of Evidence-Based Investing Episode Links & Resources My blog about the Japanese concept of Kanreki David’s Monopoly Money article WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter  

Summary Al Lyman discusses the importance of health and quality of life in retirement. He emphasizes the difference between lifespan and healthspan, highlighting the need to focus on the quality of years rather than just the number of years lived. Al shares personal anecdotes about his mother's health struggles and the impact it had on her and her family. He provides practical steps for boosting energy and health in retirement, including focusing on real food, reducing sugar intake, and incorporating exercise. Al also addresses the importance of strength training, maintaining muscle mass, and the enjoyment and achievement that come with taking control of one's health in retirement. The conversation explores the importance of health in retirement and the second half of life. Al emphasises the need to prioritize health over material possessions and accumulate wealth for the purpose of enjoying time and experiences. Al also shares his personal experiences and aspirations for his own second half, highlighting the importance of living a healthy lifestyle and creating meaningful memories with loved ones. Takeaways Material possessions lose their importance in the face of ill health. It is crucial to prioritize health in the 30-45 age group to prevent future difficulties. Accumulating wealth should be for the purpose of enjoying time and experience   Living stronger in the second half of life involves taking control of one's health and creating meaningful memories. Chapters 00:00 Introduction and Excitement for the Conversation 01:12 The Importance of Health in Retirement 03:03 The Difference Between Lifespan and Healthspan 07:42 The Quality of Years and Avoiding Chronic Disease 14:12 Practical Steps to Boost Energy and Health in Retirement 22:46 Being Intentional and Overcoming Fear in Retirement 36:30 The Importance of Strength Training and Muscle Mass 45:19 Enjoyment, Consistency, and the Truth in Aging 49:25 Material Possessions and Ill Health 51:10 The Importance of Health in the 30-45 Age Group 52:11 The Point of Accumulating Wealth 52:54 The Value of Health 53:35 Al Lyman's Second Half 57:16 Living Stronger in the Second Half 58:41 The Importance of Health in Retirement Episode Links & Resources Age Well & Feel Great by Al Lyman Al’s Website The Age Optimizer Newsletter Pursuit Athletic Performance WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter

Summary In this episode, Sonya Lutter discusses the intersection of financial wellbeing and mental health in retirement. She emphasises the importance of addressing money scripts and financial behaviours, as well as aligning spending with values in retirement. Sonia also explores the challenges that arise in marriage and relationships during retirement and highlights the significance of purpose in leading a happy and fulfilling retirement. Additionally, she discusses the value of working with a financial advisor in achieving financial satisfaction and relationship satisfaction in retirement. In this episode, Dan and Sonia discuss the key to happiness in retirement and the impact of financial planning on people's lives. They also explore Sonia's work and resources for individuals and couples preparing for retirement. The conversation concludes with a reflection on the importance of love in retirement planning. Takeaways Financial planning can lead to greater happiness and freedom in retirement. Sonia offers online courses, books, and research papers to help individuals and couples prepare for retirement Love should be prioritized over money when planning for retirement. Chapters 00:00 Introduction and Background 03:00 The Intersection of Financial Wellbeing and Mental Health 08:21 The Emotive Nature of Money 11:02 Money Scripts and Financial Behaviours 14:55 The Importance of Addressing Money Scripts in Retirement 19:06 The Challenge of Spending Money in Retirement 21:35 Aligning Spending and Values in Retirement 27:04 Navigating Changes in Marriage and Relationships in Retirement 30:47 Mental Health Challenges in Retirement 34:47 The Importance of Purpose in Retirement 38:55 The Value of Working with a Financial Advisor 47:01 The Key to Happiness 48:03 Sonia's Work and Resources 49:21 Love Comes First Episode Links & Resources Love & Money by Sonya Lutter www.sonyalutter.com www.enlite.world The Analog Advisor Podcast WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter  

Summary Lee Robertson, a former financial planner and co-founder of Octo Members, shares insights on the challenges and changes in retirement over the years. He emphasises the importance of planning for retirement, not just financially but also in terms of filling one's day and pursuing passions. Lee discusses the shift from traditional final salary (DB) pensions to defined contribution plans and the need for individuals to navigate retirement on their own. He encourages people to focus on creating memory dividends and living a fulfilled retirement. Lee also shares his personal journey of stepping away from a successful financial planning business to pursue his passion in setting up Octo Members. In this conversation, Lee discusses the importance of sleep and mental wellbeing in retirement. He shares his personal struggles with sleep and how it affected his transition from owning a financial planning business to starting a new start-up. Lee also recommends resources, such as Daniel Huberman's series and the Humans vs Retirement podcast, for people heading into retirement. Takeaways Retirement is a life transition that requires planning and preparation, both financially and in terms of filling one's day with meaningful activities. The challenges in retirement include concerns about financial security, finding purpose and identity, and adapting to a new lifestyle. Retirement has changed over the years, with the shift from traditional pensions to defined contribution plans and the need for individuals to take more responsibility for their retirement savings. Creating memory dividends and pursuing passions are important aspects of a fulfilling retirement. Following passion and purpose can lead to a more satisfying retirement, even if it means stepping away from a successful career or business. Chapters 00:00 Introduction and Background 03:11 Challenges in Transitioning to Retirement 07:05 The Changing Landscape of Retirement 13:11 Retirement Challenges Over the Years 19:23 The Importance of Planning and Creating Memory Dividends 23:49 The Modern-Day Retirement 29:24 Stepping Away from a Successful Business 37:32 Following Passion and Purpose 45:30 Doing More of What You Love in Retirement 45:55 Recommended Resources 46:24 Sleep and Mental Wellbeing 47:22 Resources for Retirement 48:23 Closing Remarks Episode Links & Resources Huberman Lab Podcast WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit www.humansvsretirement.com