The Retirement Wisdom Podcast
About the podcast The Retirement Wisdom Podcast
Retirement Planning Considerations for Women - Russ Thornton
What unique challenges do women face in retirement planning? We talk with Russ Thornton, an experienced retirement advisor who specializes in helping women prepare for retirement. And we cover several topics of interest to anyone who's planning for retirement. We discuss: The story behind why he specializes in retirement planning for women What he sees as the unique challenges women face in planning for retirement What’s different about planning for retirement today versus 10 to 20 years ago The key building blocks of a sound retirement plan What many people don’t know about retirement planning - but should The mistakes he sees people make in planning for retirement that can be avoided How his clients navigate the challenges that come with the transition to retirement How couples can get on the same page about retirement His approach at Wealthcare for Women The upside of life in retirement he sees his clients living today Russ joins us from Atlanta. _________________________ Bio Russ Thornton has been a retirement advisor for over 25 years and specializes in helping women retire confidently on their own terms to comfortable, fulfilling lives, at his retirement advisory firm Wealthcare for Women. Russ was selected as one of Investopedia's Top 100 Financial Advisors in 2019, 2020, and 2021. Prior to establishing his own firm, Russ was a Financial Advisor with Merrill Lynch. _________________________ For More on Russ Thornton Wealthcare for Women _________________________ Wise Quotes On Not Deferring Living "I like to always emphasize the idea that you can do things now and in retirement. You don't have to wait. And if you wait, you run the risk that you're not here. Tomorrow isn't promised. I'm sure we all have heard about, or maybe know, people that have planned to retire and for one reason or another, they never made it to retirement. Or they retired and in a year or two or three in something happened and they didn't even get to enjoy all the years they'd planned on. So, I think you need to think about how you can start enjoying your life today while still preparing for a comfortable and confident retirement ahead." On Planning for How You'll Invest Your Time "Clearly retirement planning revolves around making sure that you've got the financial pieces in place to support your life, no matter how long you live. But, I think it's worthwhile to also spend time thinking about how are we going to spend our time? And who are you going to spend your time with? What are you going to stop doing once you retired? Maybe that gives you the opportunity to eliminate some things in your life that by necessity that you're dealing with now related to work or other commitments." On Shifting from Saving to Spending "I find that it's often very difficult for people to make that mental shift from saving and accumulating to starting to spend, and as a result, I find a lot of people underspend - especially in the first few years of retirement. When in reality, if they're going to overspend, maybe they should actually overspend a little bit more early in retirement when they're younger, more mobile, want to travel, and want to do more things." __________________________ Podcast Episodes You May Be Interested In Retire Happy – Dr. Catherine Sanderson Why Retirement is About Much More Than Money – Ted Kaufman & Bruce Hiland Advice for Successful Career Women Transitioning to Retirement – Helen Dennis Ways to Retire on Less – Harriet Edleson The Future You – Brian David Johnson Who Will Take Care of You When You Are Older? – Joy Loverde The Key Decisions for Retirement Success – Wade Pfau _____________________________ About Retirement Wisdom Retirement is about much more than money. You haven’t worked this hard for so long to have a mediocre post-career life. It’s your time. Make it your best time. Take the first step toward your new life.
The Gift of Gratitude - Glenn Fox
Giving thanks is probably on your mind this week if you're here in the US. And there's a lot to be grateful for. There's science behind gratitude and how it can enhance your health and well-being. Dr. Glenn Fox from the University of Southern California joins us to chat about the research on gratitude and how to apply it in your daily life. We also touch base on how gratitude plays a role in high performance and what he's learned from his work with entrepreneurs and Navy SEALS. We discuss: The Science of Gratitude How gratitude is defined The benefits of gratitude What gets in the way of gratitude Why gratitude is a positive emotion and also a skill The practices he uses in his daily life to apply the research on gratitude How to start a gratitude practice Entrepreneurship How gratitude plays a role in high-performance among entrepreneurs What to consider before becoming an entrepreneur And...what he learned from being in Back to the Future 3 way back in the day Glenn joins us from California. ________________________________ Bio Dr. Glenn Fox is a faculty member at the University of Southern California's Lloyd Greif Center for Entrepreneurial Studies, in the Marshall School of Business. His current projects focus on neural systems for emotion regulation, high stakes training, and developing entrepreneurial mindset skills in founders and business leaders. Glenn received his Ph.D. in Neuroscience from USC, where he focused on the neural correlates of gratitude, empathy, and neuroplasticity. Following graduate school, he started a company, Ph.D. Insight L.L.C., which focused on providing data science consulting for small businesses and early-stage startups. Prior to joining Marshall as a faculty member, Glenn led the Performance Science Institute at USC where he worked with the United States Marine Corps, Army Research Laboratories, Seattle Seahawks, and numerous Olympic athletes and Fortune 500 companies to examine the role of mindset in business and high stakes pursuits. Currently, Glenn is the Director and Founder of the USC Found Well Initiative which aims to understand and promote entrepreneurial mindset in founders and business leaders. He also serves as a Principal Investigator at the USC Sensorimotor Assessment and Rehabilitation Training in Virtual Reality Center (SMART-VR) and a fellow of the Brain and Creativity Institute. Outside of USC, Glenn serves as the Chief Science Officer of the C4 Foundation, which serves to strengthen and protect Navy SEAL families. Glenn is also currently on the advisory board of the Flow Research Collective, where he works with Steven Kotler on projects related to gratitude, flow, and high performance. He consults regularly with companies and media outlets on topics ranging from small business management, gratitude, and high performance. Glenn is an avid maker and restorer of things old and metal. He lives in LA with his wife and son. __________________________ For More on Dr. Glenn Fox What Can the Brain Reveal About Gratitude? Practicing Gratitude Can Have Profound Health Benefits The C4 Foundation Follow on Twitter @glennrfox ________________________ Wise Quotes On Gratitude "Gratitude is a word we hear thrown around a lot, and I think that's a good thing. And we only begin to understand gratitude more. The more we begin to look for it. And as you start to look and observe gratitude, you realize that it's so much more than what people talk about. We hear the word gratitude, and we think about it as a synonym for happiness, a lot of the time, but this limits what I think gratitude really is - and what it really can do for people. It's more than happiness. It's more than just getting something nice. It is a framework. It's part of our moral compass for how we keep track of our relationships to others. It's part of our deepest motivational circuits." On Paying Attention
Retire happy - Dr. Catherine Sanderson
If you're planning for retirement, you're focusing on covering all your bases. But how about your happiness? When you're able to retire, will you be prepared to retire happy? Professor Catherine Sanderson joins us for a conversation about research from the field of positive psychology on happiness, and her practical recommendations on how to enhance your well-being. We discuss: How she become interested in positive psychology and in the study of happiness How our Mindsets influence us What predicts happiness If Eyerores can become Tiggers If money buys happiness Why linking happiness to external events isn't wise How we think about aging influences how we actually age How she applies the research on optimism and happiness in her daily life What gets in the way of happiness that we should avoid Practical tips to enhance your happiness Dr. Sanderson joins us from Amherst, Massachusetts. _________________________ Bio Catherine A. Sanderson is the Poler Family Professor and chair of psychology at Amherst College. She received a bachelor's degree in psychology, with a specialization in Health and Development, from Stanford University, and received both masters and doctoral degrees in psychology from Princeton University. Her research has received grant funding from the National Science Foundation and the National Institute of Health. Professor Sanderson has published over 25 journal articles and book chapters in addition to four college textbooks, middle school and high school health textbooks, as well as the Introduction to Psychology course for The Great Courses. In 2012, she was named one of the country's top 300 professors by the Princeton Review. Professor Sanderson has written trade books on parenting as well as how mindset influences happiness, health, and even how long we live (The Positive Shift). Her latest trade book, published in North America as Why We Act: Turning Bystanders Into Moral Rebels (Harvard University Press) and internationally as The Bystander Effect: The Psychology of Courage and Inaction (HarperCollins), examines why good people so often stay silent or do nothing in the face of wrongdoing. For a preview of the topics addressed in this book, watch Catherine’s TEDx talk on the Psychology of Inaction, which describes the factors that contribute to inaction and provides strategies we all can use to help people act, even when those around them are not. Professor Sanderson speaks regularly for public and corporate audiences on topics such as the science of happiness, the power of emotional intelligence, the art of aging well, and the psychology of courage and inaction. These talks have been featured in numerous mainstream media outlets, including The Washington Post, The Boston Globe, USA Today, The Atlantic, CNN, and CBS Sunday Morning with Jane Pauley. She also writes a weekly blog for Psychology Today - Norms Matter - that examines the power of social influence on virtually all aspects of our lives. Catherine lives with her husband, Bart Hollander, and three children - Andrew, Robert, and Caroline - in Hadley, Massachusetts. _________________________ For More on Dr. Catherine Sanderson Website The Positive Shift: Mastering Mindset to Improve Happiness, Health, and Longevity One Day University: The Science of Happiness The Art of Aging (Subscription required. Currently offering a Two Week Free Trial) __________________________ Wise Quotes On What Predicts Happiness "So about 50% of our happiness seems to be built in - in terms of our genes. And this means that some people have a genetic predisposition to feeling happier. Now it's not as simple as a happiness gene. There seems to be a constellation of different genes that predispose somebody to being, in part, more resilient when things don't go well, but also probably predisposed to seeing the bright side, finding that silver lining, no matter what happens.
Where Will You Live Next? - Ryan Fredericks
There are many decisions to make in planning for retirement and a big one is where to live. Are you interested in a retirement community or plan to age in place? Will you move to be closer to family members or downsize to a place with the "livability" factors you want? What will be the right place for you? Ryan Frederick, the author of the new book Right Place, Right Time joins us to share his insights. We discuss: Why he chose to live in a retirement community in his 20s - and what he learned from that Why Place is so important How the pandemic is changing how people think about where we choose to live A case study from his book and the lesson it highlights The key factors (like livability) that make a place the right place for someone The pros and cons to be aware of if you plan to age in place How Design Thinking can help people choose the right place to live next His advice for couples His personal experience in moving his family to Austin. The key trends shaping where - and how - we’ll be living in the future Ryan joins us from Austin. ___________________________ Bio Ryan Frederick is the Founder & CEO of SmartLiving 360 and the author of the new book Right Place, Right Time: The Ultimate Guide to Choosing a Home for the Second Half of Life. Ryan is focused on the intersection of healthy aging and the role of place, including housing. SmartLiving 360 helps institutions and individuals thrive in the Age of Longevity by providing consulting services, real estate development services, and consumer content. Ryan is recognized as a national thought leader and innovator in the real estate development and healthcare services industries and is a keynote speaker, instructor, author, and blogger. His work and insights have been cited in Forbes, The Washington Post, and Environments for Aging, among other outlets. His real estate development in Rockville, MD, The Stories at Congressional Plaza, is an age-friendly apartment community that has attracted national attention. Mr. Frederick is a member of the National Advisory Board for the School of Nursing at Johns Hopkins University, a member of the AgingWell Hub, a collaborative of leading innovative providers in the field of aging led by Phillips, and has been appointed to the Advisory Council of the Bipartisan Policy Center Health and Housing Task Force. He is a 2018-2019 Encore Public Voices Fellow. Mr. Frederick is a graduate of Princeton University and the Stanford Graduate School of Business. ______________________________ For More on Ryan Frederick Right Place, Right Time: The Ultimate Guide to Choosing a Home for the Second Half of Life Blog The University of Michigan Study on Purpose and Longevity mentioned on the podcast __________________________ Wise Quotes On the Importance of the Right Place "It makes it easier to be socially connected, be physically active, be financially secure for a longer life. And then it has a direct effect because in some cases you may be in a physical place that you might be emotionally connected to or not. Or you might have some physical limitations and you may find a place that may not be appropriate for you. So I think it's so important that Place should be on the same level as eating well, exercising, and financially planning for longevity. It's right up there as we think about planning for a longer life. And it starts with a vision of what you want your life to look like. And then how does Place help enable that to happen?" On Happiness and Longevity "When you look at the research of a longer life, and we don't hear this much in the media, but there's something called the U-shaped Happiness Curve based on people's self-reporting of their well-being and happiness. You're at a certain level in your 20s, then you kind of go down for a stretch. And then your late 40s, early 5os is the nadir in the US. I like to think it's correlated to having teenagers in the house...
The Retirement Roundtable
When you're learning something new, it's helpful to understand both theory and practice. Planning for retirement is no exception. What can we learn about life in retirement from those who planned well for retirement (and wrote excellent books about it) - and are now living it? In this new installment of a series of panel discussions with our most popular previous guests, we're joined by Fritz Gilbert, Dr. Barbara O'Neill, and Mark Shaiken (you'll find their bios below). We discuss: Their lessons learned about life in retirement so far How they're investing their time now versus their full-time working years What do they know now that they wished they did then What they learned about themselves by writing a book about retirement The ingredients for a Good Life today Their advice for pre-retirees who are planning for retirement now Dr. Barbara O'Neill joins us from Florida, Fritz Gilbert from Georgia, and Mark Shaiken from Colorado. __________________________ Bios Fritz Gilbert is the author of The Keys to a Successful Retirement. He retired after more than three decades in corporate America, where he progressed through the various levels of a multinational corporation serving the global aluminum industry. His award-winning blog “The Retirement Manifesto” is focused on people achieving a great retirement. Fritz and his wife, Jackie, live in a cabin in Blue Ridge, Georgia, an Appalachian Mountain town where they’re active in their local church and various local charities, including Jackie’s charity Freedom for Fido (FreedomForFido.com). When he’s not writing, Fritz enjoys spending his time outdoors and is an avid fly fisherman, mountain biker, hiker, camper, photographer, and fitness fanatic. He also cherishes his daily walks in the woods with their four dogs, who run the household. Fritz and Jackie also travel cross country in their RV to visit their daughter and her family in the Pacific Northwest. Previous Visits: The Keys To A Successful Retirement - Fritz Gilbert The Soft Side of Retirement – Fritz Gilbert, The Retirement Manifesto Website --- Barbara O’Neill, Ph.D, CFP®, CRPC®, AFC, CHC, CFEd, CFCS, CPFFE, is the author of Flipping the Switch: Your Guide to Happiness and Financial Security in Later Life. As the owner/CEO of Money Talk: Financial Planning Seminars and Publications, Dr. Barbara O’Neill, CFP®, AFC®, CRPC®, writes, speaks, and reviews content about personal finance. A Distinguished Professor Emeritus at Rutgers University, after 41 years of service as a Rutgers Cooperative Extension educator and personal finance specialist, Dr. O’Neill has written over 160 articles for academic publications and received more than 35 national awards and over $1.2 million in grants to support her financial education programs and research. Employed by Rutgers since 1978, she provided national leadership for the Cooperative Extension programs Investing For Your Future and Small Steps to Health and Wealth™ for over a decade. Part of her work time is bought out to provide personal finance training for military family service professionals (for the eXtension Military Families Learning Network) and for New Jersey financial educators as part of a state Department of Education contract. She is also the author of two trade books, Saving On a Shoestring and Investing On A Shoestring, and co-author of Money Talk: A Financial Guide for Women. She is a certified financial planner (CFP®), chartered retirement planning counselor (CRPC®), accredited financial counselor (AFC), certified housing counselor (CHC), and certified financial educator (CFEd). She also holds the CFCS (certified in family and consumer sciences) and CPFEE (certified personal and family finance educator) credentials from the American Association of Family & Consumer Sciences (AAFCS). Dr. O’Neill received her Ph.D. in family financial management from Virginia Tech,
Healthy Lifestyle Choices in Retirement - Glen Robison
Is it time to make the healthy lifestyle changes that perhaps you've been putting off? Our guest is Glen Robison, author of Healthy Dad, Sick Dad. The book's subtitle says it all: What Good Is Your Wealth If You Don't Have Your Health? We discuss: The story behind his two Dads - and what lessons he took from them How your lifestyle choices affect your health The most important lifestyle factors to zero in on The biggest changes he's made personally Yin and Yang foods - and how to achieve the optional balance His go-to recommend resources He joins us from Arizona. _________________________ Bio In Healthy Dad, Sick Dad, Dr. Glen N. Robison shares his personal journey with two very similar fathers who ended up in drastically different retirements. Determined to understand why, Dr. Robison studied his healthy father’s lifestyle and emulated it for fifteen years, with dramatic improvements to his own health. Now, he shares the secrets of living toward a long, healthy life. Dr. Glen N. Robison is Diplomate of the American Board of Multiple Specialties in Podiatry Board Certified in Primary Care in Podiatric Medicine. Dr. Robison is a Jin Shin Jyutsu practitioner and certified Myopractor, trained in releasing deep restrictions of motion in the body that resides at the root of our symptoms and ailments. Having applied the principles found in this book for over fifteen years, he has expanded his practice to include dietary approaches that address everything from fungal infections to diabetes. _____________________________ Wise Quotes On Adopting a Healthy Diet "I think part of the challenge here, at least it appears to me, is that medicine today is about how a pill makes a quick fix. Work takes a little bit of a long time, but perhaps is more sustaining over a course of a lifetime. Right out of my residency, I was in my first year in practice, and I was on the go, go, go. I was trying to pay off the student loans. I was starting a family. I was trying to pay down the debt. And so I was running on willpower. I was running on adrenaline. And so I gravitated to the social things of life, the quick energy, high-sugary food type things. And over a course of time, it really started to take a toll on me. And so when I couldn't get out of bed and because of my back was hurting so bad and I realized, man, being young in practice, I didn't have any health insurance. Nothing. I was like, what am I doing? And so surgery wasn't an answer for me. I didn't want to get cut on. I know my sick dad had back surgery. I didn't want to follow down his road. So I was directed to my healthy dad. And I remember when he worked on me and he made a comment: Man, you're like a dang bag of potatoes. You're so stiff. In order to really fully get you to where you need to be, you're going to have to change what you eat. And that didn't make sense to me. I said I'm just here for my back. I just need to get my back fixed. But it took a couple of years of him talking to me and telling me that you really have to change what you eat." On Emotions & Health "I've learned how to engage my emotions to hold me in check, meaning that anger, grief, frustration, resentment, all these things, have a direct effect on our health. Grief and worry are directly related to diabetes. And so I could tell you a story right there that I've experienced, I had with worry and grief, that can elevate your blood sugars. And so I've been more attuned to the emotions and have learned to just be more trusting, be more forgiving, be more loving, and not take in these harsh, emotional elements that I've incorporated into my life." ___________________________ For More on Dr. Glen Robison Healthy Dad Sick Dad: What Good Is Your Wealth If You Don't Have Your Health? Learn more at www.liveitlifestyles.com ____________________________ Podcast Episodes You May Be Interested In Take Charge of Your Well-Being – John La Puma, MD
The Key Decisions for Retirement Success
You'll face a myriad of decisions in planning for retirement. Wade Pfau has written a comprehensive guide to help you prepare well, financially and otherwise. He joins us to discuss how to fortify your retirement planning and decision-making. We discuss: How he became interested in studying retirement and retirement planning The key risks to manage in planning for retirement Why the traditional concept of retirement is increasingly unaffordable - and what to do instead His views on the 4% rule The roles that annuities and reverse mortgages can play in retirement planning The pros and cons of working longer What to consider in deciding where to live in retirement The non-financial aspects of transitioning to retirement - and special challenges for introverts How to assess your preparedness for retirement Wade joins us from Dallas. ______________________ Bio Wade D. Pfau, PhD, is Professor of Retirement Income in the Ph.D. in Financial and Retirement Planning program, Co-Director of the New York Life Center for Retirement Income, and RICP® program director at The American College of Financial Services. Pfau is a co-editor of the Journal of Personal Finance. He has spoken at national conferences of organizations for financial professionals such as the CFA Institute, FPA, NAPFA, AICPA-PFP, and AFS. He also publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog, and is a monthly columnist for Advisor Perspectives, a RetireMentor for MarketWatch, a contributor to Forbes, and an Expert Panelist for The Wall Street Journal. His research has been discussed in outlets that include print editions of The Economist, The New York Times, The Wall Street Journal, and Money Magazine. Pfau was a selectee for the InvestmentNews “Power 20” in 2013 and “40 Under 40” in 2014, the Investment Advisor 35 list for 2015, the IA 25 list for 2014, and Financial Planning magazine’s Influencer Awards. He is a two-time winner of the Journal of Financial Planning Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. Pfau holds a doctorate in economics and a master’s degree from Princeton University, and bachelor of arts and bachelor of science degrees from the University of Iowa. He is also a Chartered Financial Analyst® (CFA®). _________________________ For More on Wade Pfau Retirement Planning Guidebook: Navigating the Important Decisions for Retirement Success Retirement Researcher Website _________________________ One Day University At One Day University, you can watch hundreds of fascinating talks by the most popular professors from 150 top schools. A special offer for listeners of The Retirement Wisdom Podcast: learn more and start your two-week free trial at www.onedayu.com/wisdom Check out the video library to see what interests you. _________________________ Wise Quotes On Risks "Risks fall into a few different categories. Longevity risk is worth mentioning first, and it's a good thing in a way. You don't know how long you're going to live, and you might live a very long time, which is wonderful, but just on the financial side, it's expensive to live a long time. You have to fund your retirement for more and more years. So longevity risks really is the overarching risk, and you've got the different types of market risk and market volatility, interest rates that are changing, and so forth, just market-related risks and inflation could be part of that as well. But even a low inflation rate over a long retirement can really compound over time. And then everything else really falls into the category of spending shocks. Which is you may have a reasonable baseline budget that you anticipate,
Stupid Things I'll Never Do When I Get Old - Steven Petrow
Can learning from your parents' mistakes help you age gracefully? In his 50s Steven Petrow began a list of things he was observing that he vowed never to do when he became old. Now in his 60s, he has a different appreciation of his observations. Listen in to a fascinating conversation as Steven shares his humor and insights on making smarter choices to age gracefully. __________________________ Bio Steven Petrow is an award-winning journalist and book author who is best known for his Washington Post and New York Times essays on aging, health, and civility. He’s also an opinion columnist for USA Today, where he writes about civil discourse and manners. Steven's 2019 TED Talk, “3 Ways to Practice Civility” has been viewed nearly two million times and translated into 16 languages. Steven's new book is Stupid Things I Won’t Do When I Get Old. He is the author of five other books, the most recent of which is Steven Petrow’s Complete Gay & Lesbian Manners. He’s a much sought-after public speaker, and you’re likely to hear him when you stream NPR or one of your favorite — or least favorite — TV networks. Steven also served as the host and executive producer of "The Civilist," a podcast from Public Radio International and North Carolina Public Radio WUNC. __________________________ For More on Steven Petrow The Book: Stupid Things I Won't Do When I Get Old: A Highly Judgmental, Unapologetically Honest Accounting of All the Things Our Elders Are Doing Wrong Steven Petrow's Website How To Age Gracefully (The article mentioned by Jane Brody in The New York Times) __________________________ One Day University At One Day University, you can watch hundreds of fascinating talks by the most popular professors from 150 top schools. A special offer for listeners of The Retirement Wisdom Podcast: learn more and start your two-week free trial at www.onedayu.com/wisdom Check out the video library to see what interests you. __________________________ Wise Quotes On Being a Perrenial "There are many ideas that were good for a long time - and then they're not anymore. And then of course there are new ideas that come into vogue - and one of the new ideas that I talk about is this notion of being a perennial. So we're very divided by our generation. We have the Greatest Generation. We have the Boomers, Millennials, Gen X, Y, and Z. And in a way, those are divisions that keep us apart. And so I like this notion of being a perennial. Anybody can be a perennial, whether you're 25, 64 like we are, or 85. It's an attitude. And it's an attitude of being involved and curious and often having friends of different generations. So this is like a new behavior that we can start to adopt. That is very gratifying. I've had the experience several times, especially with multi-generational friends, but also I'm having younger folks really kind of keep me in the swim of what's happening in life. And I think that's important to all of us." On Adapting "The thing I saw most, especially I'll say with my Dad - and I think this is somewhat of a male condition. He was very independent, very stubborn. He always liked to do things his way, and he really did not want assistance in general. And he did not want his three kids to be providing any kind of help - I'll say it in air quotes. And we were very aware of the sort of family dynamic and the generational dynamic and did not want to be telling our father what to do. Both because we knew that that was futile and that that's really not how we were approaching these problems, especially when he was falling a lot. So we tried to give him tools and he rejected most of them. And then he continued to fall and he died. He died from a series of falls. And what really struck me was his own father had died from a series of falls. And my Dad had been trying to help his Dad not do that. So in a way, I feel like I have a greater awareness of these issues.
About the podcast The Retirement Wisdom Podcast