WEBVTT 00:00:00.652 --> 00:00:02.610 Earlier this year, we had a post on our website 00:00:02.610 --> 00:00:04.440 that talked about the ostrich effect, which 00:00:04.440 --> 00:00:06.960 is the psychological tendency to avoid 00:00:06.960 --> 00:00:10.170 negative financial information by simply trying to ignore it. 00:00:10.170 --> 00:00:12.810 Kind of like how an ostrich - when its senses danger, 00:00:12.810 --> 00:00:14.820 sticks its head in the sand hoping that if it 00:00:14.820 --> 00:00:16.149 doesn't see the danger anymore 00:00:16.149 --> 00:00:18.370 It is therefore not in danger anymore, 00:00:18.370 --> 00:00:20.970 which is not necessarily the case. 00:00:20.970 --> 00:00:24.570 So while if thinking about your retirement planning process 00:00:24.570 --> 00:00:26.940 fills you with anxiety, you might 00:00:26.940 --> 00:00:28.740 try to ignore it altogether. 00:00:28.740 --> 00:00:31.270 In the long run, it's understandable. 00:00:31.270 --> 00:00:33.060 But it's not really ideal for your present 00:00:33.060 --> 00:00:33.990 or your future self. 00:00:33.990 --> 00:00:36.240 So this episode is going to be focused 00:00:36.240 --> 00:00:38.760 on helping you understand where to start when thinking 00:00:38.760 --> 00:00:40.158 about retirement income. 00:00:40.158 --> 00:00:41.700 So if you're getting overwhelmed when 00:00:41.700 --> 00:00:43.658 thinking about your retirement and complaining. This 00:00:43.658 --> 00:00:47.460 episode is going to go through 5 step by step instructions 00:00:47.460 --> 00:00:49.350 for you to take to help you overcome 00:00:49.350 --> 00:00:50.940 that overwhelming feeling you might 00:00:50.940 --> 00:00:59.780 get when you think about retirement income planning, enjoy!. 00:00:59.780 --> 00:01:05.787 Welcome to after the Paycheck 00:01:05.787 --> 00:01:07.370 the series dedicated to helping people 00:01:07.370 --> 00:01:10.220 to and through their retirement process I'm your host Adam Blye. 00:01:10.220 --> 00:01:12.530 This week I am here with Sam Liang 00:01:12.530 --> 00:01:15.590 great to be here CEO and managing partner here 00:01:15.590 --> 00:01:16.170 at Rubino. 00:01:16.170 --> 00:01:17.538 And Wealth Partners. 00:01:17.538 --> 00:01:19.080 Somebody said, I had too many titles. 00:01:19.080 --> 00:01:20.100 Once to say it. 00:01:20.100 --> 00:01:22.280 We'll cut them down. 00:01:22.280 --> 00:01:25.880 It's just Sam the man just Sam just Sam I Am. 00:01:25.880 --> 00:01:29.090 I've been reading Daphne green eggs and ham every night. 00:01:29.090 --> 00:01:31.950 You can go whenever you like because we know, guys, I mean, 00:01:31.950 --> 00:01:35.060 somebody is thinking of me because they always are always 00:01:35.060 --> 00:01:37.190 thinking about you Sam. 00:01:37.190 --> 00:01:40.110 This episode is going to be based on. 00:01:40.110 --> 00:01:42.710 So we've gotten some feedback from other articles 00:01:42.710 --> 00:01:44.130 that we posted earlier this year. 00:01:44.130 --> 00:01:44.797 And one of them. We did was 00:01:44.797 --> 00:01:46.430 called the ostrich effect 00:01:46.430 --> 00:01:50.340 and the Ostrich effect is when people are afraid of something, 00:01:50.340 --> 00:01:52.320 or they don't want to face something head on. 00:01:52.320 --> 00:01:54.307 They kind of stick their head in the sand 00:01:54.307 --> 00:01:55.390 just like an ostrich does. 00:01:55.390 --> 00:01:56.500 So we've done it too. 00:01:56.500 --> 00:01:57.320 Exactly right. 00:01:57.320 --> 00:01:59.100 If there's I'm guilty of it myself. 00:01:59.100 --> 00:02:01.550 I procrastinate when I know it is a hard challenge 00:02:01.550 --> 00:02:03.710 and I'm not sure how it's going to go. 00:02:03.710 --> 00:02:05.370 I kind of tend to drag my feet. 00:02:05.370 --> 00:02:07.490 You know maybe turn away and try to avoid it. 00:02:07.490 --> 00:02:09.740 But we've learned, especially with retirement planning 00:02:09.740 --> 00:02:11.630 that might not be the best thing to do. 00:02:11.630 --> 00:02:12.713 Not a good solution right. 00:02:12.713 --> 00:02:14.880 If you know that you need to address your retirement planning 00:02:14.880 --> 00:02:15.660 solution. 00:02:15.660 --> 00:02:17.240 But you're just kind of hoping Oh the day 00:02:17.240 --> 00:02:19.240 I retire I'll just be able to look at everything and 00:02:19.240 --> 00:02:20.120 figure it out. 00:02:20.120 --> 00:02:21.960 That might be too late. 00:02:21.960 --> 00:02:23.480 So for this episode, we figured we'd 00:02:23.480 --> 00:02:26.050 go through step by step instructions 00:02:26.050 --> 00:02:28.580 to kind of help you overcome that that overwhelming feeling 00:02:28.580 --> 00:02:31.500 of anxiety you might have towards retirement planning 00:02:31.500 --> 00:02:32.000 good. 00:02:32.000 --> 00:02:32.480 Let's do it. 00:02:32.480 --> 00:02:33.147 All right, cool. So 00:02:33.147 --> 00:02:35.000 the first thing we have on this list 00:02:35.000 --> 00:02:37.340 is number one, a mental mind shift 00:02:37.340 --> 00:02:40.467 is moving away from that that multitasking. 00:02:40.467 --> 00:02:42.300 I got to do a whole bunch of things at once. 00:02:42.300 --> 00:02:44.240 And everything is on my plate into just really 00:02:44.240 --> 00:02:47.660 focusing on what needs to be directly in front of you 00:02:47.660 --> 00:02:48.560 at that moment. 00:02:48.560 --> 00:02:49.460 Task at hand. 00:02:49.460 --> 00:02:50.300 Task at hand. 00:02:50.300 --> 00:02:50.870 Right right. 00:02:50.870 --> 00:02:54.530 And what is a way that we can do that, at least for me 00:02:54.530 --> 00:02:55.520 for myself. 00:02:55.520 --> 00:02:58.550 I tend to perform better when I write things down or at least 00:02:58.550 --> 00:02:59.960 remember what I'm supposed to do. 00:02:59.960 --> 00:03:02.390 Yep so you know every day and probably a lot of people 00:03:02.390 --> 00:03:03.240 can relate to this. 00:03:03.240 --> 00:03:06.110 You've got to work you make a to do list for today. 00:03:06.110 --> 00:03:08.562 So when it comes to retirement planning write it down. 00:03:08.562 --> 00:03:10.520 You know think I can't tell how many times I've 00:03:10.520 --> 00:03:11.978 heard people say, Oh, you know I'll get around 00:03:11.978 --> 00:03:14.990 to figure out how to save more and spend less. 00:03:14.990 --> 00:03:17.680 Right Well you know it just doesn't happen by itself 00:03:17.680 --> 00:03:19.640 is not on everyone's to-do list right. 00:03:19.640 --> 00:03:21.770 I mean, speaking a to do list. 00:03:21.770 --> 00:03:24.570 So when you write things down. 00:03:24.570 --> 00:03:27.620 I assure everybody can agree it gets done right. 00:03:27.620 --> 00:03:30.890 So you have a day where at home the computer doesn't work. 00:03:30.890 --> 00:03:31.730 Find out. 00:03:31.730 --> 00:03:34.250 We need new batteries for the mouse. 00:03:34.250 --> 00:03:35.720 I don't know if it's double or AAA 00:03:35.720 --> 00:03:38.130 but whatever it was we didn't we had every other battery. 00:03:38.130 --> 00:03:38.930 But that. 00:03:38.930 --> 00:03:40.290 So I made a list. 00:03:40.290 --> 00:03:43.260 And I'm like, I batteries and I said, Oh, you know, 00:03:43.260 --> 00:03:45.080 I'm going to CBS guys, what do you need. 00:03:45.080 --> 00:03:46.310 And I started writing this you know laundry 00:03:46.310 --> 00:03:47.630 detergent this and that. 00:03:47.630 --> 00:03:51.260 And of course, I got to CBS and forgot the list at home right. 00:03:51.260 --> 00:03:54.540 So I literally bought everything everything that's on sale. 00:03:54.540 --> 00:03:56.930 I got the mouthwash two for one I 00:03:56.930 --> 00:03:58.830 get home like I got everything. 00:03:58.830 --> 00:04:00.240 But the battery batteries. 00:04:00.240 --> 00:04:02.030 Yep so write it down. 00:04:02.030 --> 00:04:05.930 I think it goes and sort of really all aspects of life. 00:04:05.930 --> 00:04:08.210 But especially when it comes to sort 00:04:08.210 --> 00:04:11.240 of getting the thing that you maybe you have can do better 00:04:11.240 --> 00:04:12.560 or how do you get there. 00:04:12.560 --> 00:04:14.852 But when it comes to retirement planning write it down. Yeah 00:04:14.852 --> 00:04:17.089 everyone has their own technique for water. 00:04:17.089 --> 00:04:18.500 I know that a lot of people are going digital 00:04:18.500 --> 00:04:20.125 for like task list and stuff like that. But 00:04:20.125 --> 00:04:21.995 Christine makes fun of me because I 00:04:21.995 --> 00:04:24.620 still to this day, if I start to feel overwhelmed like you just 00:04:24.620 --> 00:04:26.430 saying I make that to do list. 00:04:26.430 --> 00:04:29.290 And I write it on Post it notes for the same thing. 00:04:29.290 --> 00:04:29.790 I write it. 00:04:29.790 --> 00:04:30.620 And I put in my wallet. 00:04:30.620 --> 00:04:31.950 And then when I get wherever I need to go. 00:04:31.950 --> 00:04:32.533 I pull it out. And I 00:04:32.533 --> 00:04:35.188 will physically cross off whatever the task is. 00:04:35.188 --> 00:04:37.730 And then I get to throw away the post it note when it's done. 00:04:37.730 --> 00:04:40.700 And I feel so accomplished absolutely the day like, OK, I 00:04:40.700 --> 00:04:42.120 wish I had a productive day 00:04:42.120 --> 00:04:44.620 if I'm able to throw this away at the end of the day totally agree. 00:04:44.620 --> 00:04:48.140 Yep and I think that your brain is 00:04:48.140 --> 00:04:50.525 able to kind of I don't know. 00:04:50.525 --> 00:04:51.650 It feels more accomplished. 00:04:51.650 --> 00:04:53.150 I don't know what the psychology is behind. 00:04:53.150 --> 00:04:55.670 Sure there's definitely a psychology behind that work. 00:04:55.670 --> 00:04:56.840 When you get that done. 00:04:56.840 --> 00:04:58.010 It works out well. 00:04:58.010 --> 00:05:00.710 So so what you should be doing right now actually 00:05:00.710 --> 00:05:02.737 is maybe write down the rest of these steps. 00:05:02.737 --> 00:05:04.070 So that way you know what to do. 00:05:04.070 --> 00:05:05.112 I hear kind of stuff too. So 00:05:05.112 --> 00:05:07.935 it comes out to that number two is think about where 00:05:07.935 --> 00:05:08.810 you're going to live. 00:05:08.810 --> 00:05:11.430 So before we start to do the rest of these steps here. 00:05:11.430 --> 00:05:14.390 It's really location, location, location 00:05:14.390 --> 00:05:16.372 like some people say, Yeah why is 00:05:16.372 --> 00:05:18.830 understanding or thinking about where you're going to live. 00:05:18.830 --> 00:05:22.485 Important as I get immediate thought process 00:05:22.485 --> 00:05:23.610 you have a retirement plan. 00:05:23.610 --> 00:05:26.020 So I mean, this is not a retirement strategy. 00:05:26.020 --> 00:05:28.230 But certainly goes to part of like howto 00:05:28.230 --> 00:05:29.850 prepare for retirement. 00:05:29.850 --> 00:05:32.535 So how many times have we heard more 00:05:32.535 --> 00:05:34.410 when we're talking to somebody over the phone 00:05:34.410 --> 00:05:37.270 or this is like the first phone call. 00:05:37.270 --> 00:05:39.420 Hey, I'm going to downsize I might not 00:05:39.420 --> 00:05:42.670 have I might have 60% of my expenses, 00:05:42.670 --> 00:05:44.070 or it could be vice versa. 00:05:44.070 --> 00:05:45.430 You know once in a while. 00:05:45.430 --> 00:05:48.343 We've actually found people instead of downsizing 00:05:48.343 --> 00:05:49.510 they go the other direction. 00:05:49.510 --> 00:05:50.960 And their expenses get higher. 00:05:50.960 --> 00:05:51.990 Right right. 00:05:51.990 --> 00:05:54.620 So I think we talk about it a lot. 00:05:54.620 --> 00:05:57.780 You make sure they have enough income to pay the expenses. 00:05:57.780 --> 00:06:00.420 Well if we're going to project out the expenses if they're 00:06:00.420 --> 00:06:02.580 going to be less say, two years from now 00:06:02.580 --> 00:06:04.960 after you downsize we want to make sure that we're 00:06:04.960 --> 00:06:06.210 working with the right number. 00:06:06.210 --> 00:06:07.470 Right right. 00:06:07.470 --> 00:06:09.540 Had a conversation with the client who 00:06:09.540 --> 00:06:11.680 was also a good friend of mine. 00:06:11.680 --> 00:06:13.830 He is 60. 00:06:13.830 --> 00:06:15.440 He's got a few years left. 00:06:15.440 --> 00:06:17.790 And they he's a banker. 00:06:17.790 --> 00:06:19.780 He does everything like a banker. 00:06:19.780 --> 00:06:20.690 He does it right. 00:06:20.690 --> 00:06:22.440 They've always say, you know at this house 00:06:22.440 --> 00:06:24.180 that we've raised the kids in it's 00:06:24.180 --> 00:06:26.590 too big we don't need it swim in the pool, 00:06:26.590 --> 00:06:28.590 you know twice a year is a waste of money. 00:06:28.590 --> 00:06:30.340 Sick and tired of dealing with our leaves. 00:06:30.340 --> 00:06:31.090 And this and that. So 00:06:31.090 --> 00:06:34.500 they actually instead of retiring and then 00:06:34.500 --> 00:06:36.570 downsizing they made the motions and went 00:06:36.570 --> 00:06:39.870 through all the steps they found this great townhouse. 00:06:39.870 --> 00:06:41.190 It's you know big enough. 00:06:41.190 --> 00:06:43.230 It's got a two car garage and all this. 00:06:43.230 --> 00:06:45.940 So they did the numbers they sold their house. 00:06:45.940 --> 00:06:47.910 They bought this new townhouse they actually 00:06:47.910 --> 00:06:50.760 pocketed $400,000. 00:06:50.760 --> 00:06:51.840 Wow so that's great. 00:06:51.840 --> 00:06:55.450 This is I got four and $1,000 a 5% return. 00:06:55.450 --> 00:06:57.493 I can spend this much more. 00:06:57.493 --> 00:06:59.160 But now they're into the house, and they 00:06:59.160 --> 00:07:04.380 realize I'm not spending nearly as much because I'm not 00:07:04.380 --> 00:07:08.850 paying $10,000 a year for the landscaper and the guy that 00:07:08.850 --> 00:07:10.470 shoveling the snow. 00:07:10.470 --> 00:07:12.810 His taxes went down from whatever 00:07:12.810 --> 00:07:15.137 the number is to a much smaller number 00:07:15.137 --> 00:07:16.470 because the house is worth less. 00:07:16.470 --> 00:07:17.820 Right and he's like, wow, you know 00:07:17.820 --> 00:07:20.112 I don't have to pay for the pool guy to clean the pool. This and that 00:07:20.112 --> 00:07:22.433 is what they all added up was. 00:07:22.433 --> 00:07:24.100 Then he said Sam, you know this is going 00:07:24.100 --> 00:07:25.308 to sound like a lot of money. But I'm 00:07:25.308 --> 00:07:28.590 spending like five and $50 a month on my condo fees 00:07:28.590 --> 00:07:29.340 and I'm like, wow. 00:07:29.340 --> 00:07:30.570 That's pretty good. 00:07:30.570 --> 00:07:32.490 No Yeah but what you don't understand 00:07:32.490 --> 00:07:36.810 is that includes my insurance that includes my water bill. 00:07:36.810 --> 00:07:38.340 So Robin now just runs the water. 00:07:38.340 --> 00:07:40.570 She doesn't care about it. 00:07:40.570 --> 00:07:42.700 But it includes hours a day. 00:07:42.700 --> 00:07:43.680 And so on. 00:07:43.680 --> 00:07:46.440 On that note, when he was figuring out 00:07:46.440 --> 00:07:49.690 his retirement sort of projection it wasn't just, 00:07:49.690 --> 00:07:51.480 hey, I got an actual phone $1,000 00:07:51.480 --> 00:07:53.400 that I can use as an investment live off 00:07:53.400 --> 00:07:58.020 of but I'm actually spending substantially less than I 00:07:58.020 --> 00:08:00.060 was because I've downsized. 00:08:00.060 --> 00:08:05.040 Right So that's where do you want to live. 00:08:05.040 --> 00:08:07.770 Has a lot to do lifestyle you want to be closer to the kids. 00:08:07.770 --> 00:08:10.710 They want to move to the Midwest cost 00:08:10.710 --> 00:08:11.890 the standard cost of living. 00:08:11.890 --> 00:08:14.322 Last but you ride far away from everybody. 00:08:14.322 --> 00:08:15.780 But a lot of times people just want 00:08:15.780 --> 00:08:17.823 to stay locally, but downsize and put 00:08:17.823 --> 00:08:18.990 a few bucks in their pocket. 00:08:18.990 --> 00:08:21.930 Right and that's not a good not a bad thing 00:08:21.930 --> 00:08:24.180 to go through when you go through that exercise right. 00:08:24.180 --> 00:08:25.830 And it's all personal preference. 00:08:25.830 --> 00:08:27.925 Like you said your friend situation is, hey, 00:08:27.925 --> 00:08:28.800 the house is too big. 00:08:28.800 --> 00:08:29.350 We don't need it. 00:08:29.350 --> 00:08:30.880 So they downsize and like you just said, 00:08:30.880 --> 00:08:32.260 there might be some people who are like, 00:08:32.260 --> 00:08:34.950 hey, I either want to stay where I am because house is paid off 00:08:34.950 --> 00:08:36.570 and maybe their expenses will go down 00:08:36.570 --> 00:08:38.945 because the mortgage is finally paid off and they get it. Just 00:08:38.945 --> 00:08:40.502 living the rest of this or life. 00:08:40.502 --> 00:08:42.460 And then there's the people that might want to. 00:08:42.460 --> 00:08:44.340 You're saying that they kind of go 00:08:44.340 --> 00:08:46.200 into the luxury condos right. 00:08:46.200 --> 00:08:49.170 But before we can do any of the rest of those calculations 00:08:49.170 --> 00:08:50.670 and figure out what you're going to need in retirement 00:08:50.670 --> 00:08:52.260 you need to kind of understand or have 00:08:52.260 --> 00:08:54.628 an idea of where you want to be, because that number 00:08:54.628 --> 00:08:55.420 is going to come back. 00:08:55.420 --> 00:08:59.230 100% I'd say probably more often than not, 00:08:59.230 --> 00:09:02.470 people when they go into retirement, 00:09:02.470 --> 00:09:06.840 they're spending less for like housing costs. 00:09:06.840 --> 00:09:09.130 We had a conversation with a client the other day, 00:09:09.130 --> 00:09:13.800 and they live in a nice town, but they have this much smaller 00:09:13.800 --> 00:09:14.940 home down the Cape. 00:09:14.940 --> 00:09:16.020 But they love the Cape. 00:09:16.020 --> 00:09:17.790 That's like their slice of heaven. 00:09:17.790 --> 00:09:20.943 Is like I just sold my house and moved to the Cape full time. 00:09:20.943 --> 00:09:21.610 So there you go. 00:09:21.610 --> 00:09:24.450 You go from having tubules two of everything to one just one. 00:09:24.450 --> 00:09:28.350 Yeah So it's a nice way to make sure 00:09:28.350 --> 00:09:30.960 that you can sustain your lifestyle in retirement. 00:09:30.960 --> 00:09:35.760 Nice So let's move on to the next step 00:09:35.760 --> 00:09:38.080 in this process, which is calculating expenses. 00:09:38.080 --> 00:09:40.710 And this is where I understand you write that down to three. 00:09:40.710 --> 00:09:41.252 That's right. Write it down. 00:09:42.000 --> 00:09:42.907 Write it down first. 00:09:42.907 --> 00:09:45.490 Think about where you're going to live and think about, again, 00:09:45.490 --> 00:09:46.865 roughly where that's going to be. And then 00:09:46.865 --> 00:09:52.110 you can calculate your expenses in retirement. 00:09:52.110 --> 00:09:52.610 All right. 00:09:52.610 --> 00:09:55.068 Took to the point, we were just talking about this example, or downsizing. 00:09:56.070 --> 00:09:58.860 I mean, there's really two types of expenses. 00:09:58.860 --> 00:10:00.530 There's the central expenses. 00:10:00.530 --> 00:10:03.270 OK That's your housing costs. 00:10:03.270 --> 00:10:07.080 That's your food that's your health care. 00:10:07.080 --> 00:10:10.560 That's sure maybe your car payment, your maintenance. 00:10:10.560 --> 00:10:13.080 But then there's lifestyle expenses right. 00:10:13.080 --> 00:10:15.930 You know, we all want to not just sit home 00:10:15.930 --> 00:10:19.050 and watch TV every day when we I want to do things right. 00:10:19.050 --> 00:10:21.700 So that could be your entertainment expenses, 00:10:21.700 --> 00:10:23.010 your travel expenses. 00:10:23.010 --> 00:10:26.280 Right which probably down this year. 00:10:26.280 --> 00:10:26.780 This year. 00:10:26.780 --> 00:10:27.720 But I don't know. 00:10:27.720 --> 00:10:28.800 They'll be gone back up. 00:10:28.800 --> 00:10:29.520 We have. 00:10:29.520 --> 00:10:30.470 I like the golf ball. 00:10:30.470 --> 00:10:32.280 So maybe I play more rounds of golf right. 00:10:32.280 --> 00:10:36.090 Maybe you like to play different sports and you like to skiing. 00:10:36.090 --> 00:10:38.760 You want to not just ski up in New Hampshire. 00:10:38.760 --> 00:10:41.275 But go to the West go to Colorado 00:10:41.275 --> 00:10:42.650 and ski. That's going to ask you one more. 00:10:42.650 --> 00:10:44.850 Yeah so we want to make sure that we 00:10:44.850 --> 00:10:48.870 have a good handle and a good grasp on the expenses. 00:10:48.870 --> 00:10:51.870 Truly important to not only know it, but write it down. 00:10:51.870 --> 00:10:54.940 Right and this doesn't mean like because Oh, hey, 00:10:54.940 --> 00:10:57.270 we're trying to fit have you calculate your expenses. 00:10:57.270 --> 00:10:58.140 You don't have to. 00:10:58.140 --> 00:11:01.140 Right now again, if this is your first step towards overcoming 00:11:01.140 --> 00:11:04.577 that retirement anxiety retirement planning anxiety 00:11:04.577 --> 00:11:06.660 you don't need to know down to the last penny what 00:11:06.660 --> 00:11:08.070 those courses are right now. 00:11:08.070 --> 00:11:10.200 But again, the idea is, again, no one understand 00:11:10.200 --> 00:11:10.950 where you're going to live. 00:11:10.950 --> 00:11:12.390 Number two once you kind of figure out 00:11:12.390 --> 00:11:13.650 what those essential expenses are 00:11:13.650 --> 00:11:15.030 going to be now that you know where you're going to live 00:11:15.030 --> 00:11:16.488 and what your other bills are going to be 00:11:16.488 --> 00:11:18.390 those lifestyle expenses like you 00:11:18.390 --> 00:11:22.540 said, if you want to travel or if you have a hobby. 00:11:22.540 --> 00:11:24.300 If you're retired you might do that hobby 00:11:24.300 --> 00:11:26.880 more now than you are when you currently work. 00:11:26.880 --> 00:11:29.088 Yeah you said, you're not golfing less in retirement, 00:11:29.088 --> 00:11:30.547 you're probably going to golf more. It's one 00:11:30.547 --> 00:11:31.200 thing. 00:11:31.200 --> 00:11:32.783 And this might I may be jumping ahead, but 00:11:32.783 --> 00:11:34.670 I think a lot of times when people say 00:11:34.670 --> 00:11:36.337 and they come in and talk to us and say, hey, 00:11:36.337 --> 00:11:39.330 are we on track how much money do we have to save. 00:11:39.330 --> 00:11:40.448 Well I'm not much. 00:11:40.448 --> 00:11:42.490 I have no idea how much money you going to spend. 00:11:42.490 --> 00:11:43.290 All right. 00:11:43.290 --> 00:11:45.600 So really kind of working backwards really 00:11:45.600 --> 00:11:47.920 helps people understanding. 00:11:47.920 --> 00:11:51.480 And in many cases like we talking about the anxiety. 00:11:51.480 --> 00:11:53.620 Well you know you're going to spend $5,000, 00:11:53.620 --> 00:11:56.720 and you know you have this much money saved. 00:11:56.720 --> 00:11:59.770 And we can show you that even if we back 00:11:59.770 --> 00:12:02.170 in like taxes and inflation. 00:12:02.170 --> 00:12:05.170 And we test that number that $5,000 number 00:12:05.170 --> 00:12:09.120 against what you've saved by taking $5,000 a month out. 00:12:09.120 --> 00:12:12.502 And we can actually show you after we've mathematically test 00:12:12.502 --> 00:12:13.960 the hey, you know what your money's 00:12:13.960 --> 00:12:15.700 in the last day, whatever 90 years old. 00:12:15.700 --> 00:12:16.555 Right right. 00:12:16.555 --> 00:12:17.930 That anxiety is going to go down. 00:12:17.930 --> 00:12:18.710 Exactly right. 00:12:18.710 --> 00:12:21.110 And that actually is step number four I guess, 00:12:21.110 --> 00:12:23.440 which is calculating your income in retirement 00:12:23.440 --> 00:12:27.663 and there's different avenues or revenue streams that people 00:12:27.663 --> 00:12:28.580 can have in your time. 00:12:28.580 --> 00:12:30.010 And we've talked about some previous episodes. 00:12:30.010 --> 00:12:31.552 Yeah just to kind of recap for people 00:12:31.552 --> 00:12:33.052 that are watching for the first well there's many 00:12:33.052 --> 00:12:34.700 ways of getting income. 00:12:34.700 --> 00:12:36.850 You know there's can invest in money 00:12:36.850 --> 00:12:38.920 and just pay take money out. 00:12:38.920 --> 00:12:40.030 That's income. 00:12:40.030 --> 00:12:41.680 You could put money in. 00:12:41.680 --> 00:12:43.240 I have some dividend paying stocks. 00:12:43.240 --> 00:12:45.140 I see that Deb and I know exactly what it is. 00:12:45.140 --> 00:12:45.723 Every quarter. I get 00:12:45.723 --> 00:12:46.540 the check. 00:12:46.540 --> 00:12:48.750 I know what it's going to be some people use 00:12:48.750 --> 00:12:52.180 real estate rental income right at the end of the day. 00:12:52.180 --> 00:12:56.380 You want to make sure that you have as many income sources as 00:12:56.380 --> 00:12:57.050 possible. 00:12:57.050 --> 00:12:58.900 Right and if they could be guaranteed that 00:12:58.900 --> 00:13:00.160 would be a fantastic thing. 00:13:00.160 --> 00:13:03.730 Right you know, you look back in the day, how sort of my parents 00:13:03.730 --> 00:13:04.800 retired. 00:13:04.800 --> 00:13:06.640 We have this term here at the company 00:13:06.640 --> 00:13:08.240 called Three Legged stool. 00:13:08.240 --> 00:13:10.580 Mm-hmm And the Three Legged stool 00:13:10.580 --> 00:13:11.870 was more like 1 and 1/2 legs. 00:13:11.870 --> 00:13:12.370 These days. 00:13:12.370 --> 00:13:14.770 But the Three Legged stool used to be. 00:13:14.770 --> 00:13:16.930 Well most people had a pension because they 00:13:16.930 --> 00:13:18.460 worked for one employer. 00:13:18.460 --> 00:13:21.310 Right that most employees had a pension. 00:13:21.310 --> 00:13:23.950 They had social security and then 00:13:23.950 --> 00:13:26.290 if they needed additional moneys they 00:13:26.290 --> 00:13:29.170 could take that make a withdrawal from their savings. 00:13:29.170 --> 00:13:32.403 Right Well today pensions. 00:13:32.403 --> 00:13:34.070 I don't want to say a thing of the past. 00:13:34.070 --> 00:13:36.150 But very few people we know right 00:13:36.150 --> 00:13:39.130 have pensions and then so security. 00:13:39.130 --> 00:13:41.920 You know, that's a whole different league itself. 00:13:41.920 --> 00:13:45.220 You've got to make sure that you have a strategy to maximize 00:13:45.220 --> 00:13:46.130 your social security. 00:13:46.130 --> 00:13:48.580 But now on the flipside there's a buzz 00:13:48.580 --> 00:13:51.230 and this talk about Social Security running out, 00:13:51.230 --> 00:13:54.575 especially with the new all the money all 00:13:54.575 --> 00:13:56.200 the stimulus money that's been going in 00:13:56.200 --> 00:13:58.330 and people being unemployed. 00:13:58.330 --> 00:14:01.690 So security is mostly funded by payroll taxes. 00:14:01.690 --> 00:14:03.910 So there's those people work working this. 00:14:03.910 --> 00:14:06.670 Well So down the road they're projecting 00:14:06.670 --> 00:14:09.820 that Social Security benefits that you were expecting 00:14:09.820 --> 00:14:13.900 is going to get cut by about 25 27% So we need to know that. 00:14:13.900 --> 00:14:14.770 Right right. 00:14:14.770 --> 00:14:19.480 And then which really puts a lot of strain 00:14:19.480 --> 00:14:21.797 essential on that last leg, which is the savings. 00:14:21.797 --> 00:14:23.380 So that's why it's really so important 00:14:23.380 --> 00:14:26.700 to make sure that your money is designed and put 00:14:26.700 --> 00:14:28.200 in the right places, et cetera. 00:14:28.200 --> 00:14:29.960 Right if I am. 00:14:29.960 --> 00:14:33.740 Let's say 60 years old, and I am again on my first, 00:14:33.740 --> 00:14:36.370 I'm just starting to figure out what my income is 00:14:36.370 --> 00:14:37.550 going to be in retirement. 00:14:37.550 --> 00:14:39.508 And I'm like, Oh social security like, how do I know 00:14:39.508 --> 00:14:42.110 what I'm again, it might change, 00:14:42.110 --> 00:14:44.740 but how do I know what I'm owed in social security or what. 00:14:44.740 --> 00:14:48.610 Very easy federally get funded that you ask. 00:14:48.610 --> 00:14:52.900 So I went on social just little print outs just 00:14:52.900 --> 00:14:54.460 to actually look at my own stuff. 00:14:54.460 --> 00:14:58.390 Yeah and back in the day, they would send it to once a year. 00:14:58.390 --> 00:14:58.937 I think. 00:14:58.937 --> 00:15:00.520 I don't know if they still do you have 00:15:00.520 --> 00:15:02.550 to opt in to get a paper copy. 00:15:02.550 --> 00:15:06.020 But if anybody's watching this and you haven't done it. 00:15:06.020 --> 00:15:08.530 I would strongly encourage you to do that. 00:15:08.530 --> 00:15:11.402 It's SS. 00:15:11.402 --> 00:15:13.610 OK And then if you don't have an independent account, 00:15:13.610 --> 00:15:14.860 you have to create an account. You know 00:15:14.860 --> 00:15:18.130 all the private information. 00:15:18.130 --> 00:15:19.578 But for a variety reasons. 00:15:19.578 --> 00:15:21.370 One, you want to make sure that you checked 00:15:21.370 --> 00:15:23.010 to see there's no errors. 00:15:23.010 --> 00:15:25.790 OK Just like, you should check your credit report. 00:15:25.790 --> 00:15:29.440 Yep well I checked my credit report two years ago. 00:15:29.440 --> 00:15:32.050 I actually, I checked my credit report all the time. 00:15:32.050 --> 00:15:34.670 But two years ago, I checked my wife's credit report. 00:15:34.670 --> 00:15:36.640 And I literally did one of these because there 00:15:36.640 --> 00:15:38.660 was an outstanding mortgage. 00:15:38.660 --> 00:15:39.160 It's lit. 00:15:39.160 --> 00:15:41.570 It was literally my wife's first name, 00:15:41.570 --> 00:15:44.470 middle name Lessing same exact person lived in Lynn 00:15:44.470 --> 00:15:45.850 I lived in Bedford. 00:15:45.850 --> 00:15:48.220 Wow and it was like a $40,000 mortgage. 00:15:48.220 --> 00:15:50.470 I'm like, where I come from. 00:15:50.470 --> 00:15:52.840 And I was I look when I tell you talk about anxiety. 00:15:52.840 --> 00:15:56.370 I literally started to sweat like instantly. 00:15:56.370 --> 00:15:58.080 And it wasn't one of those horror stories 00:15:58.080 --> 00:16:00.720 that it took me two years to get there. 00:16:00.720 --> 00:16:02.310 It was literally. 00:16:02.310 --> 00:16:04.813 Same person same exact name. 00:16:04.813 --> 00:16:06.480 And they had their mortgage on my wife's 00:16:06.480 --> 00:16:09.030 but so I play it up like that. 00:16:09.030 --> 00:16:12.960 But when you log into social it shows all of your earnings 00:16:12.960 --> 00:16:15.540 for the last 20 years, 30 years. 00:16:15.540 --> 00:16:17.370 Listen mistakes happen. 00:16:17.370 --> 00:16:20.250 Right So if you made $100,000 and they only gave you 00:16:20.250 --> 00:16:24.060 credit for $50,000 you shortchange yourself 00:16:24.060 --> 00:16:25.620 on that Social Security pin. 00:16:25.620 --> 00:16:28.320 Right So you want to show, number one 00:16:28.320 --> 00:16:31.350 that all of your social security earnings are accurate. 00:16:31.350 --> 00:16:33.390 Right but number two, it gives you 00:16:33.390 --> 00:16:38.400 a sort of a pretty good picture to the budget. 00:16:38.400 --> 00:16:40.210 So my 62 number and me. 00:16:40.210 --> 00:16:42.150 So I could take the glasses to look at this. 00:16:42.150 --> 00:16:45.390 So you can start taking social security at age 00:16:45.390 --> 00:16:47.090 as early as age 62. 00:16:47.090 --> 00:16:48.100 Again if I did that. 00:16:48.100 --> 00:16:49.140 I'm 55. 00:16:49.140 --> 00:16:49.930 So seven years. 00:16:49.930 --> 00:16:56.070 And now I'm eligible for $2,200 a month at full retirement age. 00:16:56.070 --> 00:16:58.240 I'm eligible for 30 150 a month. 00:16:58.240 --> 00:17:01.550 And if I prolong that to maximum age 70. 00:17:01.550 --> 00:17:04.200 And these numbers grow by 8% every single year. 00:17:04.200 --> 00:17:07.440 I can get almost 4,000 documents like 39 change. 00:17:07.440 --> 00:17:09.660 Wow so I just did some quick numbers. 00:17:09.660 --> 00:17:12.300 And I said, if I took my money at 62 00:17:12.300 --> 00:17:14.940 because I feel like I should get my hands on it 00:17:14.940 --> 00:17:17.800 and you multiply that number by 20 years. 00:17:17.800 --> 00:17:21.900 I would have received over my lifetime about $530,000. 00:17:21.900 --> 00:17:23.192 So I half a million bucks. 00:17:23.192 --> 00:17:24.359 Wow which is a ton of money. 00:17:24.359 --> 00:17:26.205 Yeah but if I didn't need that. 00:17:26.205 --> 00:17:28.830 And I strategically and you had you were working with a planner 00:17:28.830 --> 00:17:30.330 and you had a written retirement plan 00:17:30.330 --> 00:17:31.590 and you know, hey, you know what. 00:17:31.590 --> 00:17:33.882 Let the Social Security grow because you can take money from elsewhere. 00:17:34.800 --> 00:17:38.670 And I started taking a 70 and I do the same 20 years. 00:17:38.670 --> 00:17:40.380 Right that's a totality of. 00:17:40.380 --> 00:17:43.140 That's a total number of 940 grand chief. 00:17:43.140 --> 00:17:45.600 That's a difference of $410,000 just 00:17:45.600 --> 00:17:48.358 by delaying it just by making 00:17:48.358 --> 00:17:49.650 sure that you make the right choice. 00:17:49.650 --> 00:17:51.540 Right So that's a really important thing 00:17:51.540 --> 00:17:53.520 to sort of keep in mind because once 00:17:53.520 --> 00:17:54.733 you turn on social security. 00:17:54.733 --> 00:17:55.650 You can't turn it off. 00:17:55.650 --> 00:17:57.230 Right like when you start collecting 00:17:57.230 --> 00:17:58.605 you know that's a trick question. I 00:17:58.605 --> 00:18:01.450 Oh, I don't believe you can. 00:18:01.450 --> 00:18:03.600 Right why would you. 00:18:03.600 --> 00:18:06.050 You know, there was other strategies 00:18:06.050 --> 00:18:07.650 to stop and suspend back in the day. 00:18:07.650 --> 00:18:09.442 But those things have changed a little bit. Right 00:18:09.442 --> 00:18:12.810 but in Egypt my point is make sure 00:18:12.810 --> 00:18:14.130 that you make the right choice. 00:18:14.130 --> 00:18:17.818 Right and don't take it just not to take it. 00:18:17.818 --> 00:18:18.360 Exactly Yeah. 00:18:18.360 --> 00:18:20.150 Just because it's available to you doesn't mean, 00:18:20.150 --> 00:18:21.220 it's the right time to take it. 00:18:21.220 --> 00:18:22.370 That's a very that's a very good. 00:18:22.370 --> 00:18:24.620 I mean on the flip side, a call the other day without. She's 00:18:24.620 --> 00:18:26.450 not a client prospective client 00:18:26.450 --> 00:18:28.060 loved a job still working. 00:18:28.060 --> 00:18:31.300 She was 72 and she start collecting social security. 00:18:31.300 --> 00:18:32.950 So I said, well, you're not going 00:18:32.950 --> 00:18:35.090 to like get more on a Weller. 00:18:35.090 --> 00:18:36.680 Yeah so I actually did some research. 00:18:36.680 --> 00:18:38.830 And she can go back and retro back 00:18:38.830 --> 00:18:40.670 and they owe her six months. 00:18:40.670 --> 00:18:41.170 Oh cool. 00:18:41.170 --> 00:18:43.073 But she didn't collect for two years. 00:18:43.073 --> 00:18:45.490 So I think she lost a year and a half's worth of benefits. 00:18:45.490 --> 00:18:49.600 I think so that's you do want to make that mistake. 00:18:49.600 --> 00:18:50.290 Exactly right. 00:18:50.290 --> 00:18:51.540 So that's why it is important. You said SSH 00:18:51.540 --> 00:18:54.310 is where you can go to kind of calculate 00:18:54.310 --> 00:18:55.360 what that would be. 00:18:55.360 --> 00:18:57.655 But this kind of leads into number five or step number 00:18:57.655 --> 00:19:00.280 five, which is making sure that your portfolio is well balanced 00:19:00.280 --> 00:19:02.945 because like you said, if you see at 62 00:19:02.945 --> 00:19:05.320 you can get x amount of money and you just think that you 00:19:05.320 --> 00:19:07.690 need that money right away because you haven't done 00:19:07.690 --> 00:19:09.065 your due diligence and figure out what your 00:19:09.065 --> 00:19:12.110 other income streams are in retirement and hey, 00:19:12.110 --> 00:19:13.370 if I take security. 00:19:13.370 --> 00:19:17.150 Now I'm missing out on 8% growth for the next couple of years 00:19:17.150 --> 00:19:20.420 taken turn around and put in the bank and pay taxes on it. 00:19:20.420 --> 00:19:22.610 And then earn and then 0.5. 00:19:22.610 --> 00:19:24.810 Right and that's not a good bank right. 00:19:24.810 --> 00:19:26.560 Yeah, that's a very good point. 00:19:26.560 --> 00:19:29.682 So this again, leads us into interest to tip number five 00:19:29.682 --> 00:19:31.390 or step number five, which is making sure 00:19:31.390 --> 00:19:33.133 your portfolio is well balanced. 00:19:33.133 --> 00:19:35.050 And again, this is something that we've talked 00:19:35.050 --> 00:19:36.175 about in previous episodes. So 00:19:36.175 --> 00:19:38.900 if you don't have a well balanced portfolio. 00:19:38.900 --> 00:19:43.720 What are some things we could be exposed to a lot of. 00:19:43.720 --> 00:19:45.920 So I mean, the market. 00:19:45.920 --> 00:19:49.460 I mean, think about just this past year everything 00:19:49.460 --> 00:19:51.380 was chugging along great. 00:19:51.380 --> 00:19:54.900 Come February you hear this pandemic thing 19. 00:19:54.900 --> 00:19:57.270 And this and that you like it's boom. 00:19:57.270 --> 00:20:00.820 All of a sudden come and March, beginning of April. 00:20:00.820 --> 00:20:02.780 You know people weren't prepared. 00:20:02.780 --> 00:20:08.660 Right So a lot of people panicked and in most accounts 00:20:08.660 --> 00:20:11.090 payable went down some double digits. 00:20:11.090 --> 00:20:13.230 I can't imagine how many people said, 00:20:13.230 --> 00:20:15.870 I'm not going to let this be another 2080 00:20:15.870 --> 00:20:19.130 and I've learned my lesson and they took everything out. 00:20:19.130 --> 00:20:21.630 And it's been sitting in cash since well, 00:20:21.630 --> 00:20:22.680 what's happened since. 00:20:22.680 --> 00:20:24.555 I mean, the market's been cranking and crazy. Yeah 00:20:24.555 --> 00:20:27.270 so at the end of the day, nobody 00:20:27.270 --> 00:20:29.508 knows what the future holds. 00:20:29.508 --> 00:20:31.800 Market volatility is going to be here forever and ever. 00:20:31.800 --> 00:20:35.070 Right and that's why when you say having a well balanced well 00:20:35.070 --> 00:20:38.500 balanced savings plan a portfolio for somebody. 00:20:38.500 --> 00:20:41.630 It's 35 right is a lot different than somebody 00:20:41.630 --> 00:20:44.190 that's 62 and ready to go out in two years. 00:20:44.190 --> 00:20:46.680 Right So the things that could really 00:20:46.680 --> 00:20:50.280 hurt that person in my opinion, that the biggest 00:20:50.280 --> 00:20:51.480 thing can hurt somebody. 00:20:51.480 --> 00:20:52.938 And we've talked about this impasse episodes 00:20:52.938 --> 00:20:56.640 is the sequence of returns risk right 00:20:56.640 --> 00:20:59.460 which simply means nothing more than you 00:20:59.460 --> 00:21:01.657 have too much of your money going like this. 00:21:01.657 --> 00:21:03.240 And then all of a sudden, you're paid. 00:21:03.240 --> 00:21:04.120 You stop working. 00:21:04.120 --> 00:21:04.750 You retire. 00:21:04.750 --> 00:21:05.400 Here we go. 00:21:05.400 --> 00:21:08.860 I mean enjoy life and you start withdrawing money. 00:21:08.860 --> 00:21:11.100 But instead of doing this your portfolio 00:21:11.100 --> 00:21:12.330 is doing more of this. 00:21:12.330 --> 00:21:14.070 It is a double whammy because you're 00:21:14.070 --> 00:21:15.710 losing value all by itself. 00:21:15.710 --> 00:21:18.175 But then you also pull money out right. 00:21:18.175 --> 00:21:20.300 And that's not a good way to start your retirement. 00:21:20.300 --> 00:21:23.050 You know it's kind of like a recipe for disaster. 00:21:23.050 --> 00:21:24.960 And we have all these studies what happens 00:21:24.960 --> 00:21:26.530 if you go back last 20 years. 00:21:26.530 --> 00:21:28.380 And this happened versus that happened. 00:21:28.380 --> 00:21:33.590 So when you talk about a well-balanced portfolio. 00:21:33.590 --> 00:21:37.140 And, sort of at our firm between John my partner 00:21:37.140 --> 00:21:39.130 and Ryan, my other partner and the three of us, 00:21:39.130 --> 00:21:41.290 we have sort of three brains working together, 00:21:41.290 --> 00:21:45.540 putting Paul these strategies together for clients and really 00:21:45.540 --> 00:21:47.580 what it comes down to is having money 00:21:47.580 --> 00:21:49.770 designed for specific purposes. 00:21:49.770 --> 00:21:52.780 Right you know money in the bank for liquidity to buy, 00:21:52.780 --> 00:21:56.220 make sure that you have six to 12 months worth of expenses 00:21:56.220 --> 00:21:58.620 in liquid savings. 00:21:58.620 --> 00:22:01.590 We're not going to complain about how little interest we're 00:22:01.590 --> 00:22:04.500 getting because that's not the that's not the reason why 00:22:04.500 --> 00:22:05.250 the money's there. 00:22:05.250 --> 00:22:08.580 Right then we want to ask absolutely have money in growth 00:22:08.580 --> 00:22:11.880 oriented items investments. 00:22:11.880 --> 00:22:14.850 I have money in a fidelity account. 00:22:14.850 --> 00:22:18.300 Fairly aggressive yet you goes up and down. 00:22:18.300 --> 00:22:19.500 And I expect that. 00:22:19.500 --> 00:22:22.660 Right but I don't want to draw from that 00:22:22.660 --> 00:22:23.868 if it's going down right 00:22:23.868 --> 00:22:25.577 now. I don't need to because I'm still working like 00:22:25.577 --> 00:22:26.980 I'm getting a paycheck. 00:22:26.980 --> 00:22:29.938 So for those that are near retirement or are in retirement 00:22:29.938 --> 00:22:32.230 you need to have that third bucket, which is the income 00:22:32.230 --> 00:22:34.510 bucket and you need to make sure that that's 00:22:34.510 --> 00:22:37.780 going to give you at a minimum, the essential expenses 00:22:37.780 --> 00:22:38.800 that we talked about. 00:22:38.800 --> 00:22:40.420 No, no, no matter what happens, we 00:22:40.420 --> 00:22:42.850 know if we need you know $3,000 a month 00:22:42.850 --> 00:22:45.020 to pay the essential expenses. 00:22:45.020 --> 00:22:47.290 This amount of money in this third bucket 00:22:47.290 --> 00:22:49.040 is going to give us that. 00:22:49.040 --> 00:22:51.040 And then maybe you can get some additional money 00:22:51.040 --> 00:22:53.370 from the growth bucket for those lifestyle expenses. 00:22:53.370 --> 00:22:57.820 Right So that's why working with a financial advisor 00:22:57.820 --> 00:23:01.080 is a good idea because they help you again, create that or not 00:23:01.080 --> 00:23:01.580 create that. 00:23:01.580 --> 00:23:03.705 But make sure that you have that balanced portfolio of 00:23:03.705 --> 00:23:07.420 100% You know our firm is a Fool Wealth Management company. 00:23:07.420 --> 00:23:09.410 I deal with most of the safe stuff. 00:23:09.410 --> 00:23:11.670 I'm a I'm that old dinosaur that you 00:23:11.670 --> 00:23:14.890 know thinks hey safety is paramount 00:23:14.890 --> 00:23:17.470 and you need somebody on that team. 00:23:17.470 --> 00:23:18.170 Right right. 00:23:18.170 --> 00:23:19.660 And we have John and Ryan help you 00:23:19.660 --> 00:23:22.338 decide you know, hey, this is how we take out some risk. 00:23:22.338 --> 00:23:23.380 These are the portfolios. 00:23:23.380 --> 00:23:24.430 You can put together. 00:23:24.430 --> 00:23:29.770 So having a financial team that is really focused 00:23:29.770 --> 00:23:31.570 on helping people retire. 00:23:31.570 --> 00:23:33.500 Right I mean, I don't know say it's better. 00:23:33.500 --> 00:23:35.450 But you should think about having that, 00:23:35.450 --> 00:23:37.972 especially if we are watching this because you're 00:23:37.972 --> 00:23:38.680 worried about it. 00:23:38.680 --> 00:23:40.480 Yes my anxiety about retirement planning. 00:23:40.480 --> 00:23:43.832 Right you took the words right out about the whole purpose 00:23:43.832 --> 00:23:45.790 of this episode was again, here is step by step 00:23:45.790 --> 00:23:47.170 that come over that anxiety. 00:23:47.170 --> 00:23:49.600 And if you're still feeling anxious talk to a professional 00:23:49.600 --> 00:23:51.732 and someone that you can have that trust with, 00:23:51.732 --> 00:23:53.440 and that is working in your best interest 00:23:53.440 --> 00:23:55.190 because they're taking a look and it's not just someone 00:23:55.190 --> 00:23:57.130 that's like, Oh, hey, I'm 00:23:57.130 --> 00:23:58.300 to help you make more money. 00:23:58.300 --> 00:23:58.883 Exactly right. 00:23:58.883 --> 00:24:00.383 Someone that's going say, hey, let's take a look 00:24:00.383 --> 00:24:02.360 at where you're going to be living. 00:24:02.360 --> 00:24:06.460 What your income is what your expenses are in a whole outlook 00:24:06.460 --> 00:24:08.710 at your entire situation. 00:24:08.710 --> 00:24:10.980 And we have some great tools on the website. 00:24:10.980 --> 00:24:11.480 We do. 00:24:11.480 --> 00:24:11.940 Yeah Yeah. 00:24:11.940 --> 00:24:14.190 And that's I was just going to drive people there Sam. Thank 00:24:14.190 --> 00:24:15.450 you so much. 00:24:15.450 --> 00:24:17.158 You should have wrote it down should have you do 00:24:17.158 --> 00:24:18.670 you do the exit here. 00:24:18.670 --> 00:24:20.630 Yeah, if you do that, if you aren't already 00:24:20.630 --> 00:24:22.520 after the Paycheck right now. 00:24:22.520 --> 00:24:23.480 Head over there. 00:24:23.480 --> 00:24:24.760 And on the right side, there's a little link 00:24:24.760 --> 00:24:26.080 that says helpful worksheets. 00:24:26.080 --> 00:24:26.750 Click on that. 00:24:26.750 --> 00:24:28.000 And you can actually download. We 00:24:28.000 --> 00:24:30.250 have an income gap calculator worksheet. 00:24:30.250 --> 00:24:32.110 We have a monthly budget worksheet. 00:24:32.110 --> 00:24:34.030 These are all tools that are designed to go 00:24:34.030 --> 00:24:35.322 in line with this episode here. You can 00:24:35.322 --> 00:24:37.330 download and fill out that information 00:24:37.330 --> 00:24:39.705 that goes along with what we were just talking about that helps you 00:24:39.705 --> 00:24:43.420 again, start to see the situation in overcome 00:24:43.420 --> 00:24:45.870 that anxiety that comes with retirement planning. 00:24:45.870 --> 00:24:47.870 Again if you're someone like the ostrich effect. 00:24:47.870 --> 00:24:50.140 Exactly that you don't want to be like me don't 00:24:50.140 --> 00:24:52.180 have the anxiety that I have. 00:24:52.180 --> 00:24:53.370 Sam thank you very much. 00:24:53.370 --> 00:24:55.090 Going to be I'm always sort of fun. 00:24:55.090 --> 00:24:57.910 This was a really good episode, I feel to really, again address 00:24:57.910 --> 00:25:00.392 those people that are if you're already in retirement, 00:25:00.392 --> 00:25:02.600 it's a good episode to kind of reaffirm those things. 00:25:02.600 --> 00:25:05.320 But if you are nearing retirement and you 00:25:05.320 --> 00:25:06.710 have not taken these steps yet. 00:25:06.710 --> 00:25:09.310 I would highly recommend you at least 00:25:09.310 --> 00:25:12.190 start to look at these things write things down calculate 00:25:12.190 --> 00:25:14.870 those expenses until next time. 00:25:14.870 --> 00:25:16.880 Pick your.