Podcast appearances and mentions of michael finke

Michael Finke, PhD, CFP® speaks with Scott Lincicome, JD of the Cato Institute about the market uncertainty spurred by recent shifts in tariff policy, including the pros and cons of tariffs historically and their potential impacts on businesses, financial professionals, and consumers. They explore how tariffs may have unintended consequences for protected industries, as well as other important information advisors should know when talking with clients. Find all episodes now at TheAmericanCollege.edu/Shares.

What are the three predictors of retirement happiness? Dr. Michael Finke, CFP® from the American College of Financial Services tells us what his research shows. He also shares his insights on the four percent rule for retirement withdrawals and whether there is anything we can do to stave off the effects of aging on our cognitive abilities. That's today on Your Money, Your Wealth podcast number 523 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Joe and Big Al do some retirement spitballing: can Jon in Pennsylvania retire early at age 56, and would it be better for him to take his pension monthly or as a lump sum? Steve and his wife in Colorado are 48 and 54 and have $3 million saved. When can they retire? Eager Eagle and his wife in Washington state have $2 million saved at ages 61 and 63. Can they retire next year? Free financial resources & episode transcript: https://bit.ly/ymyw-523 DOWNLOAD The Retirement Lifestyles Guide  DOWNLOAD The Social Security Handbook WATCH: Social Security Basics You Need to Know: Common Social Security Questions Answered on YMYW TV  WATCH/LISTEN: What's Your Retirement Income Style?  ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter

Michael Finke, PhD, CFP® joins Jean Chatzky for a conversation on how financial professionals can specifically tailor their client approach to suit women at any stage of life, including planning with their spouse, as single individuals, or in divorced or widowed situations. In addition, they examine how making financial planning more personable and making client goals central to the planning process can create better outcomes for both advisors and clients while building more trusting planning relationships. Find all episodes at TheAmericanCollege.edu/Shares.

This is episode 75! And I'm thrilled to introduce my guest today. He is a true pioneer in the field of behavioural finance, Dr. Greg Davies. Greg is the Head of Behavioural Finance at Oxford Risk and has spent his career shaping how we understand investor psychology, financial decision-making, and the emotional complexities that come with managing money—especially in retirement. In this episode, we'll explore the behavioural traps that retirees often fall into, how to build financial resilience, and why understanding your own psychology is just as important as having a well-structured portfolio. Throughout our conversation, Greg and I explore the multifaceted aspects of retirement planning, emphasizing the importance of guaranteed income and its psychological benefits. We discuss how behavioural finance plays a crucial role in spending habits during retirement, the impact of inflation on purchasing power, and the distinction between risk and volatility in investment strategies. We also touch on future trends in retirement planning, particularly the potential need for and benefits of health insurance and a shift in focus from bequest to spending during retirement. Key Takeaways Greg Davis shares his journey from economics to behavioral finance. Behavioral finance combines psychology, economics, and finance. The importance of practical applications of behavioral science in finance. People often make poor financial decisions due to cognitive biases. Simplifying complex financial concepts is crucial for better decision-making. Emotional comfort plays a significant role in financial decisions. Retirement planning today is more complex than in previous generations. Technology can help simplify financial decision-making processes. Understanding personal values is essential for effective retirement planning. The removal of guaranteed income streams complicates retirement planning. Financial advisors often overlook the emotional aspects of retirement planning. Guaranteed income can alleviate fears of running out of money. Behavioral finance significantly influences spending habits in retirement. People with guaranteed income tend to spend more comfortably. Inflation poses a significant risk to retirement savings. Understanding the difference between risk and volatility is crucial for investors. Many retirees are too conservative with their investment strategies. Health insurance will become increasingly important in retirement planning. The focus of retirement planning is shifting from bequest to spending. Planning for retirement should consider both financial and emotional factors. Chapters 00:00 - Introduction to Greg Davis and His Journey 01:22 - The Intersection of Behavioral Science and Finance 05:45 - Building a Behavioral Finance Team at Barclays 10:53 - Understanding Behavioral Challenges in Retirement 21:57 - Navigating Retirement in a Complex World 29:50 - The Emotional and Financial Aspects of Retirement Planning 32:04 - The Role of Guaranteed Income in Retirement 36:16 - Behavioral Benefits of Guaranteed Income 40:05 - Real-Life Impacts of Guaranteed Income 44:23 - Inflation and Its Impact on Retirement Planning 48:37 - Understanding Risk vs. Volatility in Investments 57:27 - Future Trends in Retirement Planning Books & Authours Mentioned Nudge by Richard Thaler Misbeahving by Richard Thaler Thinking, Fast and Slow By Daniel Kahneman Research & Papers Referenced "A License to Spend" by David Blanchett, Michael Finke, and Wade Pfau The Jam Study (Choice Overload Study) by Shenna Lyengar and Mark Lepper Other Things to Note Oxford Risk Connect with Greg on LinkedIn Humans vs Retirement The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement

Joe sits down with Michael Finke, PhD, from the American College of Financial Services, to explore how retirees can shift their mindset from saving to spending and embrace a fulfilling retirement. They discuss the importance of guaranteed income, social connections, and maintaining health as key pillars of retirement happiness. Michael shares actionable strategies for overcoming emotional barriers to spending, planning for cognitive decline, and creating goal-based retirement plans that maximize enjoyment.   Read the full show notes and find more information here: EP 126 Show Notes

In this very fun episode, Michael and I meet at Riggs Brewery for a great conversation. We discuss how his life's changed since the last time we chatted, the current Illini team, and which style of basketball we each prefer. Then we have an Illini draft where we each draft 8 players from 1990-present. Finally, the owner of Riggs Brewery, Matt Riggs, hops on to discuss our plans to continue pods from his awesome establishment. Great, fun episode. ENJOY.

Awesome episode with former Illini Michael Finke. He discusses his quickly approaching fatherhood, his upbringing in Champaign, playing with his brothers growing up, his time at Illinois, his recruitment to other colleges, what led him to Grand Canyon as a transfer and how close was to going to another college, his time playing overseas, and what he's up to now. GREAT stories throughout, and he participated in “Stevie's stumpers,” where my son Stevie asks him a question. Great time talking with Michael Finke. ENJOY.

David McKnight looks at a recent study on retirees that seems to tell a different story compared to what many people in the U.S. tend to believe.  Americans often view guaranteed lifetime income annuities skeptically – they're perceived as a drag on the growth of their stock market portfolio. According to the study by retirement researchers David Blanchett and Michael Finke, retirees with guaranteed lifetime income spend about twice as much as their counterparts who rely on stocks and bonds alone for income in retirement. Those who rely purely on investments alone in retirement end up spending less because they fear running out of money in advance of life expectancy. David explains that “retirees with annuities spend more, not because they are wealthier, but because they have a form of wealth – a guaranteed income – that encourages them to spend.” Comparing two couples, a risk-averse couple with a risk-tolerant couple, Blanchett and Finke's study found a 1.1% difference in them taking an annual withdrawal rate from their portfolio. David couldn't have been any clearer: “If you want to spend more in retirement, taking an investment-only approach is usually the worst way of going about it.”     Mentioned in this episode: David's upcoming book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com David Blanchett Michael Finke

Jack Martin speaks with Michael Finke, Co-Founder of IncomePath and wealth management professor & researcher at the American College of Financial Services. The post Permission to Spend: Next Level Retirement Income Planning with Michael Finke (Ep. 76) first appeared on Simplicity InsurMark.

Today, I'm talking to Dr. Michael Finke. Michael is the Professor of Wealth Management at the American College of Financial Services. His research is focused on retirement income planning, retirement spending, life satisfaction, cognitive aging, and investor behavior. He's published over 50 peer-reviewed articles, and I'm thrilled to have him back on the podcast today. One aspect of retirement that many retirees struggle with is spending money that they've saved. It's a mental block for many who have focused on saving money, even for those who have saved enough to live comfortably and enjoy their retirement years. For some, spending money on leisure and enjoyment seems like an irrational financial decision. In our conversation, we explore the link between human nature and finance and why the fear of death and running out of money prevents us from making rational financial decisions. We also discussed the pros and cons of annuities and how retirees are often happier with guaranteed income versus a larger nest egg. In this podcast interview, you'll learn: How Dr. Finke's early research into food consumption led him to a career as a finance professor. Reasons why so many people are uncomfortable spending down in retirement–and how to restructure your finances to shake common misconceptions.  The benefits of spending more in your 60s and 70s–even if you plan to live to 100.  The advantages of annuities and guaranteed income in early retirement years. The psychology behind how using guaranteed income for spending leads to increased happiness.  The key factors that determine happiness for countless retirees all over the world.  Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register. Show Notes: RetireWithPurpose.com/468 Rate & Review the Podcast: RetireWithPurpose.com/review

Michael Finke, PhD, CFP® joins Alan Gassman, JD, LLM, AEP® — one of the many thought leaders from The College's new Tax Planning Certified Professional™ (TPCP™) Program — for an in-depth discussion of tax law and planning, as well as the impacts tax can have on all stages of a client's life. They examine the connections between taxes and family expenses, small business growth, retirement and legacy planning, and more to show how tax-informed planning can take your practice to the next level. Find all episodes now at TheAmericanCollege.edu/Shares.

Tune in to hear:From Michael's vantage point, what did he observe during this recent market downturn?How can those nearing retirement overcome the tendency to have knee jerk responses to major negative market events?How can we better inoculate people against volatility before it happens?During a significant financial downturn is it more effective for advisors to be proactively counseling their clients or should they wait for their clients to make the first move?Why is mean reversion such a powerful force, particularly in US markets in recent years?What has Michael's research taught him about tracking and how has it refined the more popular, simplistic conception of tracking?LinksMichael Finke on LinkedInThe American College of Financial ServicesConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion's PodcastsPower Your Growth with OrionThe Advisor Academy is Orion's free, continuing education platform for advisors where you can get CE credits on the go. To sign up for the platform, click here.Compliance Code: 2332-OAT-9/11/2024

Tom Wall has spent the entirety of his 21-year career positioning whole life insurance and competing against his alternative. Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership. In those roles, he developed into a renowned storyteller and product expert at perennial company conferences and firm meetings nationwide. Tom's Ph.D. is in retirement income planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academic integrity and decades of sales experience combine to make him a uniquely credible and inspirational voice in the life insurance space. Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and has published his first book titled Permission to Spend: Maximize Your Retirement with the Best Kept Secret in Personal Finance, a Wall Street Journal Best Seller and Amazon International Best Seller. Listen to this insightful RIA episode with Tom Wall about educating advisors for a better financial future. Here is what to expect on this week's show: - How advisors face challenges due to opaque fee structure and misinformation surrounding whole life insurance, making it difficult to convey benefits. - Why the financial industry's lack of academic research on whole life insurance adds to advisors' difficulties in building trust and credibility with clients. - How the spread of misinformation poses a significant challenge for advisors trying to educate clients about the value of whole life insurance. - How Whole Life Mastermind connects advisors with industry experts, enhancing their knowledge and providing practical solutions for clients. - How Whole Life Mastermind aims to revive the culture of actuarial science and planning, offering comprehensive support for advisors in the whole life insurance sector. Connect with Tom: Links Mentioned: wholelifemasterminds.com LinkedIn linkedin.com/in/tomwall Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Finke's research shows that the trifecta of a happy and fulfilling retirement incorporates: Money Health Social Connection Most financial advisors know the money part. But how can you incorporate the other health and social connection parts into a financial plan to help your clients live a happy and fulfilling retirement? Fortunately, Michael Finke is … Read More Read More

Summary Today's conversation is with retirement investing, income planning and life satisfaction expert, Michael Finke  Michael is a professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services.   He received a doctorate in consumer economics from the Ohio State University in 1998 and in finance from the University of Missouri in 2011. He leads the O. Alfred Granum Center for Financial Security at the American College and is a research fellow at the Retirement Income Institute, and a member of the Defined Contribution Institutional Investment Association Academic Advisory Council.   He is an internationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging. He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine.  In this conversation, Michael and I discuss the importance of mindset and positivity in retirement planning. We explore the correlation between health and financial behaviours among retirees and the role of positivity in driving savings and spending behaviour. We also discuss the benefits of annuities as a way to ensure a guaranteed income in retirement and how the psychological impact of spending from income versus spending from assets is often a licence to spend for many retirees. The conversation emphasizes the need to align money with values and goals to maximize happiness in retirement.  Takeaways There is a strong connection between health behaviors and money behaviors, as both involve making decisions to defer gratification and invest in a better future. Retirement income planning should involve considering both spending and legacy goals, and giving oneself the agency to choose how much of their savings to spend and how much to pass on to others. It is important to recognize and accept our own mortality when planning for retirement, and to design a plan that allows us to spend the money we've saved for the purpose of enjoying a better lifestyle. Retirement should be viewed as an opportunity to bring forward the ability to give money to loved ones and causes we care about, rather than waiting until the end of life. Spending money in retirement can bring more happiness and satisfaction than simply accumulating wealth, and it is important to prioritize experiences and social interactions that provide joy. Designing a retirement plan should involve envisioning the future and creating a financial structure that supports the desired lifestyle, rather than solely focusing on numbers and spreadsheets. Mindset and positivity play a crucial role in retirement planning. Health and financial behaviors are correlated among retirees, and positivity drives savings behavior. Annuities provide a license to spend and allow retirees to spend more from income than from assets. Aligning money with values and goals can lead to greater happiness in retirement. Sound Bites "What is wealth? Wealth is a store of future spending. It is a store of future happiness." "The goal is lifestyle. That's why you save the money in the first place. Let's design a structure so that you can have the lifestyle that you want to live." "Recognize that you had a choice and your choice was: Do I want to spend the money that I've saved that I've sacrificed to be able to build or am I going to be happier passing it on to someone else?" "How we view retirement and how positive we are about our years going forward is going to shape the way we want to spend our money." "People who think that life is going to be more pleasurable in their 80s are more motivated to ensure that they still have income in their 80s." "Annuities give you the ability to spend more every year and never feel bad about it." Chapters 00:00  Introduction and Background 03:23 The Connection Between Retirement, Health, and Wealth 07:58  Balancing Spending and Legacy Goals in Retirement Income Planning 11:25   Recognizing Mortality and Designing a Plan for a Better Lifestyle 15:37  Bringing Forward the Ability to Give in Retirement 24:15  Envisioning the Future and Designing a Retirement Plan 26:45 The Role of Mindset and Positivity in Retirement Planning 28:12 The Correlation Between Health and Financial Behaviors in Retirement 35:10 The Benefits of Annuities as a License to Spend 42:20 Aligning Money with Values and Goals for Greater Happiness in Retirement Links License to spend whitepaper Michael Finke Website

For more than a decade, savings accounts offered little to no interest, making it near impossible to keep up with inflation. But in recent years, the tides have turned, if you know where to look.If you have extra cash on hand and want to start an emergency fund or a nest egg—a high-yield savings account can be a great option, providing an easy way to build your savings, with virtually no risk.Hi, my name is John Gigliello and you are listening to Invest in Knowledge, a podcast about all things financial. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money. Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life. Today, I am going to talk about high-yield savings accounts and how you can take advantage of the relatively high interest rates of the past two years.The content for this podcast episode was derived, in part, from a recent Wall Street Journal article on this subject.High-yield savings accounts have been providing some of the best returns on cash in years, and with inflation still above the Federal Reserve's 2% target, savers should have at least a few more months to enjoy generous interest rates, the Journal reported. But the bounty won't last forever. When the Fed starts cutting its benchmark federal-funds, rates on savings accounts should decline as well. Wall Street observers now expect rate cuts to begin in September or later. Until recently, the prevailing idea was that cuts would begin early this summer.Even though good rates are available now, many savers continue to earn meager returns. The average savings account pays just 0.45%, according to the Federal Deposit Insurance Corp.—but with a little legwork you can do far better. Some savings accounts offer an Annual Percentage Yield (APY) as high as 5%, a rate that's especially appealing considering inflation is hovering around 3%.Taking advantage of higher rates could mean as much as $500 a year for every $10,000 you have saved, Michael Finke, professor of wealth management at the American College of Financial Services told the Wall Street Journal, adding. “If you're not paying attention, you're leaving a lot of money on the table.”Choosing the best savings account for your needs involves looking at more than just the advertised rate, though. You need to consider how you plan to use the account, how you prefer to bank and how much you plan to keep in savings.

Why does whole life insurance have such a negative reputation when it offers incredible value? For years, this financial tool has been misunderstood, leading many of us to overlook its potential benefits.   But what if I told you that whole life insurance could be the key to securing our financial future and ensuring we leave a lasting legacy?   Many of us have dismissed it without truly understanding how it works or the risks it helps to mitigate. The truth is, whole life insurance is a powerful tool that guarantees not only financial security but also peace of mind, knowing our loved ones will be taken care of.   Are we aware of the risks we might face in our retirement years, such as market volatility or unexpected expenses? Have we considered how whole life insurance could play a crucial role in protecting our assets and providing a reliable source of income?   In this episode, speaker, author, and coach to financial advisors Tom Wall joins me to discuss the concept of whole life insurance, why we should consider it in our retirement plans, and his personal take on its value.   Whole life takes the risk off the table. -Tom Wall   Three Things You'll Learn In This Episode    -Take risk off the table This powerful financial tool provides a stable, reliable way to build wealth while ensuring that your loved ones are taken care of, no matter what happens in the markets.   -IUL vs. whole life Is IUL more complex to understand than whole life? Which one will benefit us more in the long run?   -The volatility buffer concept What exactly does the volatility buffer concept mean? How can it benefit us? Guest Bio   Tom Wall has spent the entirety of his 20-year career positioning whole life insurance and competing against his alternative.  Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership.  In those roles, he developed into a renowned storyteller and product expert at perennial company conferences and firm meetings nation-wide.   Tom's Ph.D. is in retirement income planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academic integrity and decades of sales experience combine to make him a uniquely credible and inspirational voice in the life insurance space.   Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and has published his first book titled “Permission to Spend: Maximize Your Retirement with the Best Kept Secret in Personal Finance.”  Tom lives in the greater Boston area with his two sons age 12 & 9, and is an avid golfer and traveler.   Visit https://www.permissiontospend.com/  Find Tom on LinkedIn @Tom Wall Follow Tom on Instagram @tomwalltalks Visit https://www.wholelifemasterminds.com/    About Your Host   From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is currently founder of The Money School™, and Money Mentor for The Money Multiplier.   His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works.   Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans delivering the financial knowledge that fuels lasting freedom.  

Welcome back to our much-anticipated June 2024 edition of “Retirement Planning Headlines,” where we save you the hassle of combing through endless financial articles. Sometimes even our listeners chime in with topics for our deep-dive discussions. https://youtu.be/v182Ah4aRPA Articles Discussed in this Episode Lessons From Another ‘Faux-tirement' Christine Benz on using her sabbatical six weeks to see what retirement might be like The Money Habits I Learned From My Parents—for Better or Worse Learning by watching Unlearning some lessons "Money Scripts" - Klontz Quiet Compounding Stories of a country bumpkin with no education and a low-wage job to save tens of millions Their entire financial universe was contained to the walls of their home, which allowed them to play their own game and be guided by nothing other than their own goals. That was their superpower. It was their only financial skill, but it's the most powerful one of all. People become so nervous about what other people think of their lifestyle and investing decisions that they end up doing two things: Performing for others and copying a strategy that might work for someone else but isn't right for you. Two ways to use money. Tool to live a better life The yardstick of success is to measure yourself against other people What does quit compounding mean? Emphasis on internal vs. external benchmarks Acceptance of how different people are, and a realization that what works for me might not work for you and vice versa A focus on independence over social dunking Focus on long-term endurance over short-term comparison Don't Be a Victim: Financial Abuse of Seniors - How to Spot Scams & Protect Yourself From Sandy Adams, whom we know from Michigan FPA Good guidelines for seniors A Bucket List for Our Retirement? No Thanks I Would rather revisit places I have already been and reconnect with people I knew long ago Will You Need Permission to Spend in Retirement? Consider an annuity Research from David Blanchett and Michael Finke suggests that retirees who hold a higher percentage of their wealth in guaranteed income spend more than retirees whose wealth consists of non annuitized assets Tilt portfolio toward current income production Tie portfolio withdrawals to portfolio performance Plan for spending to trend down Ask an Advisor to Dole it Out Tightwads and spendthrifts: An interdisciplinary review Everyone experiences the pain of paying People who don't experience enough pain- Spendthrifts People who experience too much pain - tightwads Neither are happy with how they handle money Here's the deflation breakdown for June 2024 — in one chart Conclusion Have you come across any articles you have questions about or would like to hear us discuss? Send them our way at info@srbadvisors.com Remember to subscribe and follow our podcast for monthly updates packed with practical advice to guide you through your financial future with clarity and confidence. Stay tuned and stay informed!  

In this episode recorded on the floor of AICPA Engage 2024, host Michael Finke, PhD, CFP® welcomes fellow College professor and former podcast co-host David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® to the hot seat for a discussion on one of their favorite topics: comparing what's good and bad about various retirement income planning strategies. Listen as they explore the differences between fixed and flexible approaches, and the best ways to address risks. Find all episodes at TheAmericanCollege.edu/Shares.

We're hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you'll enjoy it, and we'll be back with a fresh episode next week.Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor's degrees in humanities and biology from the Massachusetts Institute of Technology.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America's Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today's Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds and Retirement“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.Allan Roth“TIPS Ladder Funds Don't Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.Investing in Retirement“What's a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation

In this episode recorded on the floor of AICPA Engage 2024, Michael Finke, PhD, CFP® engages thought leaders and financial professionals in attendance to discuss the impact of The College's upcoming Tax Planning Certified Professional™ (TPCP™) Program. He talks specifics about the content of the program and dives deeper into the value of specialized tax planning knowledge for advisors in all areas of financial services. Find all episodes at TheAmericanCollege.edu/Shares.

In Deutschland ist vor allem die Automobilindustrie Wachstumstreiber für Robotik. Hier kommt fast die Hälfte der in Deutschland befindlichen Industrieroboter zum Einsatz. In den kommenden Jahren dürfte sich das Wachstum aber auch auf andere Branchen verlagern. Nicht zuletzt aufgrund der Weiterentwicklungen in der Robotik: Kollaborative / Leichtbau Roboter, humanoide Roboter oder mobile Roboter, die in professionellen Einsatzfeldern wie z. B. für Inspektionszwecke in der Landwirtschaft, in der Bauwirtschaft oder im Public Environment Sektor in Aktion treten, versprechen der Robotikindustrie Wachstum. Host Christoph Burseg spricht mit Dr. Ralph Lässig, Leiter des Center for Digital Machinery bei der Boston Consulting Group und Michael Finke von Mitsubishi Electric, dem weltweit größten Robotik-Hersteller mit Milliardenumsätzen. Ralph und Michael erklären die Entwicklungen der letzten Jahre und geben fundierte Einschätzungen, wie sich die Robotik mittel und langfristig entwickeln wird. Wie funktioniert der Robotikmarkt und welche Potenziale und Regulierungen gibt es? Welche Fähigkeiten haben Roboter heute und welche erwarten uns in den kommenden Jahren? Welchen Einfluss hat generative künstliche Intelligenz auf die Entwicklung von Robotik? Welche Sicherheitsbedenken gibt es? Welche Branchen werden als erstes von Robotik Entwicklungen profitieren? Wann sollte man in welche Robotik Technologien investieren? Werden die Entwicklungen in der Robotik zum Verlust von Arbeitsplätzen führen, oder löst sie vielmehr das Problem des Fachkräftemangels?

What does it mean to be financially independent? How do you know that you have enough to retire so that you can enjoy today? Is it really okay to take that vacation? In this episode of Get Your FILL, Financial Independence & Long LIfe, Tom Wall - who coaches financial advisors - answers these questions and more. Learn more About Tom Wall, Ph.D., MBA, MSFS, CLU, ChFC: Tom Wall has spent the entirety of his 20-year career positioning whole life insurance and competing against his alternative.  Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership.  In those roles, he developed into a renowned storyteller and product expert at perennial company conferences and firm meetings nation-wide.  Tom's Ph.D. is in retirement income planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academic integrity and decades of sales experience combine to make him a uniquely credible and inspirational voice in the life insurance space.   Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and has published his first book titled “Permission to Spend: Maximize Your Retirement with the Best Kept Secret in Personal Finance.”  Tom lives in the greater Boston area with his two sons age 12 & 9, and is an avid golfer and traveler.

In celebration of Tax Day, we commemorate the occasion with an episode dedicated to all things taxes – including one of the top minds in tax planning today. Join our host Michael Finke, PhD, CFP® and Jeffrey Levine, CFP®, CPA, PFS, CWS, AIF, RICP®, ChFC®, BFA™, Chief Planning Officer at Buckingham Wealth Partners, for a detailed conversation on what financial advisors get right and wrong when thinking about tax planning, as well as key strategies to help your clients keep more of their hard-earned money. Learn more and find all episodes at TheAmericanCollege.edu/Podcasts.

Tamiko Toland and Michael Finke join us today as founders of Income Path. Income Path is a tool that visualizes retirement income paths and the impact of annuities on that journey. A conversation with Bill Sharpe in 2018 provided the spark for this new venture. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. It allows individuals to modulate their annuity allocation and equity allocation to create the desired income path. The target audience for Income Path includes financial professionals and institutions, and the tool can be used throughout retirement to evaluate and adjust income plans. Takeaways Income Path is a tool that visualizes retirement income paths and the impact of annuities on those paths. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. Individuals can modulate their annuity allocation and equity allocation to create the desired income path. Income Path is targeted towards financial professionals and institutions and can be used throughout retirement to evaluate and adjust income plans. Chapters 00:00 Introduction and Guest Introductions 01:05 Genesis of Income Path 05:29 The Modeling of a Variable Annuity 06:52 The Value of Income Path and Annuities 07:22 Shifting the Narrative from Fear to Positive Outcomes 08:15 Coming Together to Create Income Path 09:18 Shifting the Perception of Annuities 10:12 The Flexibility and Offensive Role of Annuities 12:45 Visualizing Retirement Income Paths 14:17 Shifting Mindsets and Behavioral Inputs 21:43 The Impact of Annuities on Longevity Risk 23:08 Considering Healthcare Costs in Retirement 25:38 Target Audience and Launch Strategy 28:04 Inspiring Visualization and Flexibility 29:37 The Impact of Income Path on Advisors and Annuity Sales 32:47 Bringing Visual Tools to the Market 33:33 Closing Remarks and Thank You

In a recent episode of his own podcast, financial guru Dave Ramsey touted an 8% withdrawal rate for assets as his advice to those at or near retirement – and decried those who might disagree as “goober supernerds.” To assess the validity of Ramsey's claims, our host Michael Finke, PhD, CFP® assembled The College's resident retirement supernerds – adjunct professor of wealth management David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® and professor of practice Wade Pfau, PhD, CFA, RICP® – to discuss their printed response to Ramsey, optimal withdrawal rates, sequence of returns risk, and best-practice retirement planning. Learn more and find all episodes at TheAmericanCollege.edu/Podcasts. Any views or opinions expressed in this podcast are the hosts' and guests' own and do not necessarily represent those of The American College of Financial Services.

According to David, Ken Fisher's hate toward annuities is visible in what can be considered “one of the most successful attacks on any financial product in history”. David discusses why, in his opinion, Ken Fisher sees annuities as the perfect marketing tool to build his own asset management firm. There are two things annuities can do that no other financial product can – David explains what they are. Academic studies that go back to the early 1960s seem to suggest that annuities are the best way to maximize retirement income. There appears to be a massive information gap facing a generation of retirees who are unaware of the value annuities can play in helping them spend more income in retirement. David shares an example by Dr. Michael Finke, one of the foremost experts on the benefits of guaranteed lifetime income. David touches upon whether what Ken Fisher is doing can be considered illegal.     Mentioned in this episode: David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free 3-part video series) @mcknightandco on Twitter  @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com Ken Fisher Richard Thaler's New York Times articles Peter Diamond “Ken Fisher Can't Have It All” by Dr. Michael Finke

Podcast: The Rational Reminder Podcast (LS 56 · TOP 0.5% what is this?)Episode: Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream TeamPub date: 2024-01-25Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!   Key Points From This Episode:   The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey's 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)   Links From Today's Episode:   Michael Finke — http://www.michaelfinke.com/home.html Michael Finke on X — https://twitter.com/finkeonfinance Michael Finke on Facebook — https://www.facebook.com/mfinke The American College of Financial Services — https://www.theamericancollege.edu/ David Blanchett — https://www.davidmblanchett.com/ David Blanchett on X — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ PGIM DC Solutions — https://www.pgim.com/dc-solutions/ Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast Wade Pfau — https://retirementresearcher.com/wade-pfau/ Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/ Wade Pfau on X — https://twitter.com/WadePfau McLean Asset Management — https://www.mcleanam.com/ Retire With Style Podcast — https://risaprofile.com/retire-with-style/ Alliance for Lifetime Income — https://www.protectedincome.org/ Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao ‘Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/ RISA profiler — risaprofile.com/rationalreminder ‘Quasi-empirical bootstrap sampling paper' — Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/ ‘The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/The podcast and artwork embedded on this page are from Benjamin Felix & Cameron Passmore, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

Podcast: The Rational Reminder Podcast (LS 56 · TOP 0.5% what is this?)Episode: Episode 289 - Retiring Retirement Income Myths with the Retirement Income Dream TeamPub date: 2024-01-25Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!   Key Points From This Episode:   The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey's 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)   Links From Today's Episode:   Michael Finke — http://www.michaelfinke.com/home.html Michael Finke on X — https://twitter.com/finkeonfinance Michael Finke on Facebook — https://www.facebook.com/mfinke The American College of Financial Services — https://www.theamericancollege.edu/ David Blanchett — https://www.davidmblanchett.com/ David Blanchett on X — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ PGIM DC Solutions — https://www.pgim.com/dc-solutions/ Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast Wade Pfau — https://retirementresearcher.com/wade-pfau/ Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/ Wade Pfau on X — https://twitter.com/WadePfau McLean Asset Management — https://www.mcleanam.com/ Retire With Style Podcast — https://risaprofile.com/retire-with-style/ Alliance for Lifetime Income — https://www.protectedincome.org/ Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao ‘Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/ RISA profiler — risaprofile.com/rationalreminder ‘Quasi-empirical bootstrap sampling paper' — Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/ ‘The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/The podcast and artwork embedded on this page are from Benjamin Felix & Cameron Passmore, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

Flutter Entertainment, the owner of FanDuel, entered the New York Stock Exchange with impressive revenue growth. But, what's driving it? (00:21) Ricky Mulvey and Jim Gillies discuss: - What to watch as big tech companies report. - Concentration in the Magnificent Seven. - Questions about Flutter Entertainment's share count and debt load. - The switching incentives in sports betting. Plus, (15:26) Robert Brokamp continues his conversation with Michael Finke, a professor of wealth management and the Director for the Granum Center for Financial Security at The American College of Financial Services. They discuss the key factors for a happy retirement. Epic Bundle Discount: www.fool.com/epic198 Gillies post on X: https://twitter.com/JimPGillies/status/1751713645816365089 Companies discussed: AAPL, MSFT, FLUT Hosts: Ricky Mulvey, Robert Brokamp Guests: Jim Gillies, Michael Finke Engineers: Dan Boyd, Rick Engdahl Learn more about your ad choices. Visit megaphone.fm/adchoices

Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!   Key Points From This Episode:   The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26) Unpack the holes in Dave Ramsey's 8% claim. (0:09:48) How important sequence of return risk is for retirement planning. (0:15:08) Discover if investing in bonds is risky for a retiree. (0:17:57) Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55) Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04) Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10) They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23) Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28) Alternative approaches to spending money from a riskier investment portfolio. (0:40:06) Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01) Explore other financial products, like annuities, for retirement planning. (0:50:05) Mindset hurdles and adjusting expectations for financial planning. (0:58:46) Dissect the concept of delaying government pensions and its impact on investors. (1:02:24) Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52) Final words of wisdom the guests have for listeners. (1:09:30)   Links From Today's Episode:   Michael Finke — http://www.michaelfinke.com/home.html Michael Finke on X — https://twitter.com/finkeonfinance Michael Finke on Facebook — https://www.facebook.com/mfinke The American College of Financial Services — https://www.theamericancollege.edu/ David Blanchett — https://www.davidmblanchett.com/ David Blanchett on X — https://twitter.com/davidmblanchett David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/ PGIM DC Solutions — https://www.pgim.com/dc-solutions/ Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast Wade Pfau — https://retirementresearcher.com/wade-pfau/ Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/ Wade Pfau on X — https://twitter.com/WadePfau McLean Asset Management — https://www.mcleanam.com/ Retire With Style Podcast — https://risaprofile.com/retire-with-style/ Alliance for Lifetime Income — https://www.protectedincome.org/ Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89 Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137 Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254 The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao ‘Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/ RISA profiler — risaprofile.com/rationalreminder ‘Quasi-empirical bootstrap sampling paper' — Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/ ‘The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653 Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

One of the biggest shows on cable is leaving for streaming. (00:21) Ricky Mulvey and Bill Mann discuss:  - Netflix's $5 billion deal with the WWE.  - Proctor & Gamble's quarter and write down of Gillette.  - Why Schwab's deposit flight isn't quite breaking the bank. Plus, (16:12) Robert Brokamp kicks off a two-part interview series with Michael Finke, the Director for the Granum Center for Financial Security at The American College of Financial Services. In part one, they discuss what to consider when planning a withdrawal rate for retirement. Companies discussed: NFLX, TKO, PG, SCHW Hosts: Ricky Mulvey, Robert Brokamp Guests: Bill Mann, Michael Finke Producer: Mary Long Engineers: Dan Boyd, Rick Engdahl Learn more about your ad choices. Visit megaphone.fm/adchoices

Podcast: The Long View (LS 54 · TOP 0.5% what is this?)Episode: Dan Haylett: Retirement Planning = Life PlanningPub date: 2023-12-05Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“How to Become a ‘Retirement Rebel' for a Higher ‘Return on Life,'” by Dan Haylett, humansvsretirement.com.“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.Identity and Purpose“Retiring With a Bang: Harvard's 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.Psychology of Spending“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.Other“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.Mitch AnthonyPaul ArmsonThe podcast and artwork embedded on this page are from Morningstar, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

Podcast: The Long View (LS 55 · TOP 0.5% what is this?)Episode: Dan Haylett: Retirement Planning = Life PlanningPub date: 2023-12-05Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“How to Become a ‘Retirement Rebel' for a Higher ‘Return on Life,'” by Dan Haylett, humansvsretirement.com.“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.Identity and Purpose“Retiring With a Bang: Harvard's 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.Psychology of Spending“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.Other“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.Mitch AnthonyPaul ArmsonThe podcast and artwork embedded on this page are from Morningstar, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

The Art Thief: A True Story of Love, Crime, and a Dangerous Obsession by Michael Finke (2023)

In this episode, The Annuity Man and Michael Finke discuss:  Annuities are more attractive today  Protecting your future lifestyle  Cutting little slices on the birthday cake There's no perfect product to solve for inflation   Key Takeaways:  At the time of this episode's taping, near-retirees can lock in 5.2% on five-year MYGAs for the next five years; however, it may go up or down.  When buying an annuity, you're essentially buying yourself a minimum standard of living forever, no matter how long you live. You have to choose if you want to shoulder the risk or transfer it. Your future lifestyle is at stake.  It's not going to be easy, but you must first recognize that you're not going to live forever. You have to decide how you could spread out your savings to accommodate your lifestyle until you die or if you want to spend more money to have less worry.  If you can be more flexible, then inflation's impact won't be that big of a deal. Also, there's no perfect product to solve for inflation. There are options that could help you have some stability through it, like social security and I Bonds.    "If we model out 1000 different potential retirements, the ones who will have an annuity will, on average, be happier, but the ones with an investment portfolio might have a slightly higher probability of success. But there is no information about what failure means." —  Michael Finke.    Connect With Micheal Finke: Website: http://www.michaelfinke.com/  LinkedIn:  https://www.linkedin.com/in/michael-finke-8134808/  Facebook: https://www.facebook.com/mfinke  Twitter: https://twitter.com/FinkeonFinance    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!

Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“How to Become a ‘Retirement Rebel' for a Higher ‘Return on Life,'” by Dan Haylett, humansvsretirement.com.“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.Identity and Purpose“Retiring With a Bang: Harvard's 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.Psychology of Spending“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.Other“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.Mitch AnthonyPaul Armson

Our guest on the podcast today is syndicated personal finance columnist and author Scott Burns. Burns began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Burns has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor's degrees in humanities and biology from the Massachusetts Institute of Technology.BackgroundBioCouch Potato InvestingThe Coming Generational Storm: What You Need to Know About America's Economic Future, by Laurence J. Kotlikoff and Scott BurnsSpend ‘Til the End: Raising Your Living Standard in Today's Economy and When You Retire, by Laurence J. Kotlikoff and Scott BurnsBonds and Retirement“Do Bonds Have a Future?” by Scott Burns, scottburns.com, May 14, 2022.“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, The Dallas Morning News, July 20, 2023.Allan Roth“TIPS Ladder Funds Don't Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.“Is America Hitting Peak Consumption?” by Scott Burns, scottburns.com, Oct. 12, 2023.“The Pudding Report, 2022,” by Scott Burns, scottburns.com, Jan. 15, 2023.“Examining the Tax Deferral Gift Horse,” by Scott Burns, scottburns.com, April 8, 2023.Investing in Retirement“What's a Safe Withdrawal Rate Today?” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, SSRN, Jan. 15, 2013.“The High Cost of Immortality,” by Scott Burns, scottburns.com, Dec. 18, 2022.“Making a Plan to Retire Now, Not Later,” by Scott Burns, scottburns.com, April 25, 2022.“Is Homeownership Bigger Than It Should Be?” by Scott Burns, scottburns.com, Nov. 14, 2020.“Is Downsizing in Retirement Actually Possible?” by Scott Burns, scottburns.com, Nov. 21, 2020.OtherPortfolio VisualizerCenter for Retirement Research at Boston CollegeEmployee Benefit Research InstituteKaiser Family Foundation

Michael Finke and David Lau explore the unique challenges faced by retirees and the critical need for financial security in their golden years. Michael's extensive research sheds light on the powerful behavioral benefits that annuities offer, emphasizing how these financial tools provide retirees with peace of mind by guaranteeing a steady income stream. The conversation also delves into practical best practices for financial advisors, highlighting the importance of customizing annuity solutions to align with clients' individual goals and risk profiles. This podcast is an invaluable resource for both advisors and retirees seeking to navigate the complexities of retirement planning. Listen to this podcast to gain a comprehensive understanding of the role annuities play in addressing retirees' psychological concerns, dispelling misconceptions about these financial instruments, and implementing effective strategies that blend annuities into a diversified retirement income plan. Michael Finke and David Lau provide actionable insights that can help financial advisors empower their clients to achieve financial security and peace of mind in retirement. Key Takeaways: [00:00 - 01:12] - Introduction to the podcast and guest, Michael Finke. [01:12 - 04:20] - Michael Finke's background and expertise in retirement planning and financial services. [04:20 - 07:15] - Discussing the psychological challenges retirees face and the need for financial security in retirement. [07:15 - 09:58] - The impact of behavioral biases on retirement planning and decision-making. [09:58 - 13:25] - The role of annuities in addressing retirees' psychological concerns. [13:25 - 17:40] - Discussing common misconceptions about annuities and their role in a retirement portfolio. [17:40 - 21:05] - Best practices for incorporating annuities into a retirement income strategy. [21:05 - 25:00] - Addressing the concern of liquidity when using annuities and the importance of a diversified approach. [25:00 - 28:45] - Michael Finke's insights on the evolving landscape of retirement planning and the role of financial advisors. [28:45 - 30:00] - Closing remarks and gratitude to the guest, Michael Finke.

There is a science to retirement, and if we do it with purpose it can turn out very well. Ever wonder how to make the most of your money, work, and time as you age? There is data out there about this and we will dive into it. Today we talk with professor Michael Finke about finding the happy medium between these three, the meaning of money and the impact of work. Michael Finke, Ph.D. is a Professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services and an expert on all things related money, retirement satisfaction and the psychology of retirement.Knowing that various 'asset classes' like relationships, health, and intellectual curiosity can provide both immediate and long-term rewards, we explore opportunities to  balance finances while still pursuing these other joy-forward assets. We also talk about the struggle of transitioning from a saving to a spending mindset in retirement - and where people often go wrong-which involves the limbic system of the brain and how it conflicts with our pre-frontal cortex. Thank you to our sponsors: Timeline Nutrition — our favorite supplement for cell support and mitochondrial function. Listeners receive 10% off your first order of Mitopure with code AGEIST at TimelineNutrition.com/ageist. InsideTracker — the dashboard to your Inner Health. Listeners get 20% off on all products at InsideTracker.com/AGEIST.LMNT Electrolytes — our favorite electrolytes for optimal hydration. Listeners receive a free 8-serving sample pack with their purchase at DrinkLMNT.com/AGEIST. Key Moments:“Now, I have found in my research that having more money is associated with greater life satisfaction. It is, but you know why? If it's just dots on a computer screen, why does it make you feel good?”“And in retirement, money facilitates. It's an avenue towards activities that actually do make you happy.”“It's the spending of the money on the right kind of things that make you happy.”“People feel differently about spending money from savings than they do spending money from income… Well, people spend more when they have $35,000 of income versus having $500,000 in savings. That's an example of how using your money the right way can actually help you get more satisfaction.”Get in touch with Michael FinkeWebsiteTwitter (X)Facebook Contact

Questions From the Flight Deck: What do we do with large retro/bonus checks? Is a cash balance plan any good?   Meat of the Mission: Never spend more than they make. How? Habit Patterns... What type of spend Spend money on fun stuff; Leisure, fun, travel Don't spend money on stuff that does not add value – cut it out. YNAB, EveryDollar, or other apps. https://www.iwillteachyoutoberich.com/ Amelie Riendle Podcast (Flight #44 and Flight #27) Prepare more, plan more... What do you want to do in retirement? You can only sit on the beach or play golf so much. The #1 thing people do in retirement is watch television! Michael Finke. Know your retirement needs...it's expensive! Start a financial plan now to know your “number” for how much to save to meet your retirement financial goals. Don't let it be a lingering question. Simulate (software), practice...take some time off and live on the retirement budget. Deliberation, Planning, and Intention in and of themselves make people happier in retirement: (Michael Finke) E.g., Those that retire in accordance with their plan vs. Forced retirement. Both experience happiness, but forced retirement is a delayed happiness (3- 4 years). E.g., Those that move after retirement...not b/c they move but because they had a deliberate plan with intentionality. Control vs. Out of Control??? Michael Finke says “Invest in Imagination” Never compromise their health: exercise and eat right. Exercise not only helps you feel better in retirement but also helps mental capacity and cognitive health. Flight #58 Exercise and the Brain: The Neuroscience of Fitness Explored. “Exercise stimulates neurogenesis – the creation of new neurons – primarily in the hippocampus, influencing memory and learning while increasing key mood-regulating neurotransmitters. It also enhances brain plasticity, essential for recovery from injury and aging, and improves cognitive functions such as attention and memory.”  Estimated that average couple will need $315k to cover medical expenses in retirement, excluding LTC (https://institutional.fidelity.com/app/item/RD_13569_42402/retirement-planninghealth-care-costs.html) Invest more in their relationships and always work to build new connections. (Michael Finke) “Dude...you're not as good at retirement as the women are.” Invest in relationships outside of work. Strongest predictor of life satisfaction during retirement: Relationship with your spouse – huge impact, good and bad. Highest statistical significance. Marital counseling to prepare...? (Valuable investment)  Friends – Second highest statistical significance. Your kids – not as significant...statistically and FB comments online.  Takeaway – Invest in your marriage...invest in friendships outside of work.  Plan, prepare for taxes...it is a large (frustrating) expense What are the financial AND emotional costs of paying too much taxes in retirement? RMDs – when not needed? Legacy planning: Roth, 529, Brokerage account. Practical side: HSA, Roth, Cash, Taxable Brokerage The right mindset – what is money? It does not make you happy... Money is paper or numbers on a computer screen...E.g., bricks to build a house. Pre-Retirement: Don't allow money to make you miserable... Examples of how money ALONE has made people miserable By chasing after it too much...like a trophy Airlines are great b/c fly more = more pay. BUT... Money is a tool to reduce stress and increase your enjoyment...there are other tools! Post-Retirement: It's okay to spend your retirement money on frivolous stuff... Example, people spend from pensions but not on IRAs, 401ks. Defined Contributions versus Defined Benefit. Finke example: Mom has a pension and spends every dollar happily, but refuses/hates to draw from her IRA Understand what truly DOES make you happy in retirement – you must invest in these three things: Finances Health Relationships Realize there are things that you cannot control – Realize that you have more control (of other areas) than you realize: Example – Short-term stock market gyrations versus your own personal inflation. Example – Our country's debt crisis – saving more to prepare. Example – Higher inflation and taxes in the future – save more to prepare. If things go really badly – you'll be glad you prepared, saved, etc. Example – MGP “bad timing” scenario – 2008-type retirement for airline pilots at age 60. Be an Ant during working years and be a Grasshopper in retirement (up to a point). Though Aesop's fable is regarded as a lesson in thriftiness, “grasshoppers” are likelier to smooth their spending over their lifespans. Don't wear thriftiness as a badge of honor- you saved to consume later- hint, it is now later! (https://www.aaii.com/journal/article/grasshoppers-and-ants-in-retirement)  Don't compare (especially finances) – live someone else's values. Comparison is the thief of joy! From this article: “Feelings of jealousy, frustration, and hopelessness emerge if comparisons continue. If left unaddressed, chronic anxiety and depression can stem from such behavior.” Avoid comparing other peoples' "outsides" to your own "insides"  When, if ever, is it okay to compare yourself to someone else? How to prevent comparison from limiting your success and peace of mind? Even if we do not want to think about it, our mortality is real. Should we spend the money today or wait until tomorrow? How many pieces should I cut “the financial cake” into not knowing how many years we shall be here. Very few get to spend the last dollar at the last second of life. How do we create a good retirement under so much uncertainty? Consider your legacy not “at the end of life” but 50 years from now. Helps to consider mortality and legacy that you want to leave financially.

BIO: Tom Wall holds a Ph.D. in Retirement Income Planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders: Wade Pfau, Michael Finke, and Stephen Parrish.STORY: Tom got pulled into the Bitcoin frenzy in 2018 and made huge gains. He had also invested in an NFT performing really well and made 15X his investment. Tom took his investment from the NFT and invested the money in Bitcoin. Then Bitcoin's value dropped, and Tom lost almost half of his investment.LEARNING: If you make some money, sell, or at least take half off the table. Have a piece of your portfolio that is continually growing but also accessible. “If you make any gain, take back your original investment, and let your gain ride.”Tom Wall Guest profileTom Wall holds a Ph.D. in Retirement Income Planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders: Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academics and selling from a place of integrity comes from a 20-year career of positioning whole life insurance and competing against its alternatives.Recently he published Permission to Spend: Maximize Your Retirement with the Best-Kept Secret in Personal Finance. Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office sales and marketing leadership roles.Tom has been a well-known storyteller at nationwide perennial company conferences and firm meetings. Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and authors multiple original thought leadership pieces, books, and other content.Worst investment everIn 2017/18, Tom's friends started texting him about this thing called Bitcoin. He had heard about it before but dismissed it because he couldn't find it anywhere or buy it. But when his friends started talking about it, he got interested and decided to invest in it. At the time, Bitcoin was at $2,000. Tom invested $10,000, and in just a year, Bitcoin's value was $20,000. Tom made some really good money.Then the NFT craze started, and there was one in particular that Tom believed in, and he bought it. The NFT went up about 15 times his investment. Tom was pleased. Then he decided to move the NFT winnings to Bitcoin, but unfortunately, Bitcoin had started going down at the time. Tom lost over half the value of his gains.Lessons learnedIf you make some money, sell, or at least take half off the table.A bird in the hand is absolutely worth two in the bush.Have a piece of your portfolio that is continually growing but also accessible.Andrew's takeawaysIf you make some gains, take 50% off the table, and keep the other 50%.No.1 goal for the next 12 monthsTom's number one goal for the next 12 months is to add value to as many people as possible and be the voice of reason in the insurance space.Parting words “Go out there and take those risks. Just make sure you do it responsibly and take those gains off the table when you get them.”Tom...

Today, I'm talking to Dr. Michael Finke, Professor of Wealth Management and the Frank M. Engle Distinguished Chair in Economic Security at the American College. He's the Director of the Granum Center for Financial Security, and he's been my professor a few times throughout my career.  I've always been a huge fan of his academic, unbiased approach, and you've undoubtedly seen Michael's work featured here in our Weekend Reading for Retirees email series over the years. He's published over 50 peer-reviewed articles and is widely quoted in many leading consumer publications.  In 2021, he co-authored a research paper titled, Guaranteed Income: A License to Spend with David Blanchett, a previous guest of the show, and also co-hosts the Wealth, Managed podcast with David as well. He's been a tremendous resource to me and many others, and I'm thrilled to talk to him today. In our conversation, Michael and I talk about how our eating and investing habits are so intertwined, how to find true happiness and your purpose in retirement, and how risk factors into your income planning, regardless of your risk tolerance. In this podcast interview, you'll learn: How Michael's first career as a food consumption researcher influenced his economic perspective–and the correlation between healthy eating and investing. Why our society gets so distracted by outliers in economics and politics. How risk aversion influences everything we do in investing and retirement. Why annuities are being used more and more for wealth accumulation instead of lifetime income–and how this is changing the perception of annuities. Why so many people can't stand to see the numbers in their bank accounts get smaller in retirement–even if they're overfunded.  Show Notes: RetireWithPurpose.com/371 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

Tune in to hear:- Do certain people have a natural proclivity for deferring gratification for a greater reward at a later date (e.g. exercise and saving) or can this also be learned?- Is whether or not you are more forward-thinking or present-oriented hardwired in you from a young age?- What are some of the things that those who “get retirement right” might know that those who “get retirement wrong” don't?- Why is working in retirement important for many people and how might this look different from working pre-retirement?- What are the three pillars of retirement satisfaction and what can we do to prepare ourselves for the non-financial ones that are often overlooked?- What are some ways that we can spend money, smartly, that may make us happier?- How does Michael live his life differently based on the research he has done on retirement?http://www.michaelfinke.comCompliance Code: 1148-OAS-4/24/2023

Today on the BetterWealth show I'm interviewing Tom Wall, who holds a Ph.D. in Retirement Income Planning with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. Tom believes whole life insurance is the best-kept secret in financial planning and shares his research and data to back that claim! Guest BioTom holds a Ph.D. in Retirement Income Planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academics and selling from a place of integrity come from a 20-year career of positioning whole life insurance and competing against its alternatives. Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership. He has been a well known storyteller at perennial company conferences and firm meetings nation-wide. Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and is authoring multiple pieces of original thought leadership, books, and other content.Guest Links and ResourcesConnect with Tom - https://www.tomwalltalks.com/Buy Tom's Book - https://www.tomwalltalks.com/permissiontospendTom's Social Media -https://www.instagram.com/tomwalltalks/https://www.tiktok.com/@tomwalltalksEpisode Links and ResourcesGet FREE Access to our Overfunded Whole Life Insurance Masterclass - https://bttr.ly/vault Get Your Questions Answered by one of our Life Insurance Experts - https://bttr.ly/aaclarity #BetterWealth Free 15 Minute Clarity Call: https://bttr.ly/ytclarity The And Asset Book: https://bttr.ly/book BetterWealth Quiz: https://bttr.ly/quiz AndAsset.com: https://bttr.ly/andasset BetterWealth Youtube - https://bttr.ly/bwyoutube Financial Advisor, Agent or Coach: https://bttr.ly/advisor

In this special edition of the Rainmaker Multiplier On-Demand podcast, Coffee Break with C2P, Jason L Smith is joined by two representatives from The American College of Financial Services. Michael Finke, PhD, CFP®️, Professor of Wealth Management, and Vice President Of Business Development, Steve Prew, discuss career advancement and professional growth, including courses and examinations to propel advisors forward.

In this special episode, Wade and Alex introduce and welcome Michael Finke, Ph.D. to our RISA® Professional Advisory Board. We also speak with him on his recent article, Forget What You Know about Stock Returns   (https://www.advisorperspectives.com/articles/2022/08/22/forget-what-you-know-about-stock-returns), where we discuss the frequency (or lack thereof) in which retirees can be expect stocks to outperform bonds. We also provide alternate ways investors can capture other premiums for retirement income. Listen to this episode to learn more!   To sign up for the Retirement Income Masterclass where we discuss how you can use the RISA® for your practice; Sign up here: https://risaprofile.pages.ontraport.net/2-Day-Masterclass (This Masterclass is intended for Financial Professionals) This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this episode, The Annuity Man and Michael Finke discuss:  Annuities are more attractive today  Protecting your future lifestyle  Cutting little slices on the birthday cake There's no perfect product to solve for inflation   Key Takeaways:  At the time of this episode's taping, near-retirees can lock in 5.2% on five-year MYGAs for the next five years; however, it may go up or down.  When buying an annuity, you're essentially buying yourself a minimum standard of living for ever, no matter how long you live. You have to choose if you want to shoulder the risk or transfer it. Your future lifestyle is at stake.  It's not going to be easy, but you must first recognize that you're not going to live forever. You have to decide how you could spread out your savings to accommodate your lifestyle until you die or if you want to spend more money to have less worry.  If you can be more flexible, then inflation's impact won't be that big of a deal. Also, there's no perfect product to solve for inflation. There are options that could help you have some stability through it, like social security and I Bonds.    "If we model out 1000 different potential retirements, the ones who will have an annuity will, on average, be happier, but the ones with an investment portfolio might have a slightly higher probability of success. But there is no information about what failure means." —  Michael Finke.    Connect With Michael Finke: Website: http://www.michaelfinke.com/  LinkedIn:  https://www.linkedin.com/in/michael-finke-8134808/  Facebook: https://www.facebook.com/mfinke  Twitter: https://twitter.com/FinkeonFinance    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator! 

For those of us in the business, it feels like interest rates have been rising every two weeks. Fixed rates and guaranteed income have gone up. However, other competing fixed income options have risen as well. How does this new environment reshape how we evaluate recommendations for our clients? We explore this topic and more with Michael Finke, Professor at The American College and David Blanchett, Head of Retirement Research at PGIM.  Links mentioned: https://www.linkedin.com/in/david-blanchett-b0b0aa2/ https://www.linkedin.com/in/michael-finke-8134808/ https://podcasts.apple.com/us/podcast/wealth-managed-with-michael-finke-and-david-blanchett/id1533084522

Today's guest is Michael Finke, Wealth and Retirement Professor, and Frank M. Engle Chair of Economic Security at The American College. Not only is he an expert in the world of retirement income, but he will also be a keynote speaker at our upcoming sales symposium in Dallas Texas on Feb 22nd-24th. We wanted to share how he and others are helping financial professionals tell the story of guaranteed income. It is more important than ever before, for people to plan for income in retirement. Here is some of what you'll learn in this episode: How Michael got started in the financial industry. (2:12) Ways to introduce annuities to those that don't understand them. (3:17) How emotions factor into the marketplace and building a portfolio. (19:26)   Learn About FIG: https://www.figmarketing.com

This week, professor and expert in retirement investing, income planning, and life satisfaction Michael Finke highlights how advisors can help retirees manage their spending and maximize their investments without outliving their assets. Michael also shares how advisors like you can support clients navigate their retirement income planning during inflationary periods.  The post Your 2022 Playbook for the New Retirement Realities with Dr. Michael Finke (Ep. 36) first appeared on InsurMark.

“At the end of the day, the pain of staying becomes bigger than the pain of leaving.” - Tom WallIn this episode, Claudio and Bernadette welcome Tom Wall, Speaker, Author, Economist, PhD, and Dad; and share their conversation about career pivoting and retirement planning.Tom holds a Ph.D. in Retirement Income Planning, with original research on Whole Life as a Fixed Income Alternative under the advisement of industry thought leaders Wade Pfau, Michael Finke, and Stephen Parrish. His focus on academics and selling from a place of integrity come from a 20-year career of positioning whole life insurance and competing against its alternatives. Starting in college as an award-winning advisor with Northwestern Mutual before moving his practice to MassMutual, he subsequently grew his career in prominent home office roles in sales and marketing leadership. He has been a well known storyteller at perennial company conferences and firm meetings nation-wide. Tom now coaches and consults with financial advisors, hosts the Whole Life Masterminds study group, and is authoring multiple pieces of original thought leadership, books, and other content.Tom distills decades of experience into simple language, concepts, and thought leadership that advisors can immediately take to their clients. He believes whole life insurance is the Best Kept Secret in financial planning, and has refocused his career on driving organizational growth and inspiring a cultural shift among investment oriented advisors. Tom lives in the Boston area with his two boys aged 11 & 8, and wants nothing more than to make a profound impact on your team.Connect with Tom Wall:Website: https://www.tomwalltalks.com/Instagram:https://www.instagram.com/tomwalltalks/ LinkedIn: https://www.linkedin.com/in/tomwall/This show is sponsored by GFG Solutions: https://gfgsolutions.com/GFG Solutions was created to bring peace of mind, clarity, and happiness to our clients who own and manage businesses. We help businesses with their financial responsibilities, including tax prep, bookkeeping, payroll, and much more. And through our consulting services, we help businesses align their business decisions with their financial goals.Follow GFG: https://www.instagram.com/gfgsolutions/Follow Bernadette: https://www.instagram.com/the.band.tee.ceo/

Our guest on the podcast today is Wade Pfau. He is professor of retirement income in the Ph.D. in financial and retirement planning program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and RICP program director at the American College. Pfau has written several books, including his most recent, Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog and is a regular contributor to Advisor Perspectives, MarketWatch, and Forbes. 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.BackgroundBioRetirement Planning Guidebook: Navigating the Important Decisions for Retirement Success, by Wade PfauWade Pfau booksWade Pfau blogs posts on Retirement ResearcherRetirement Income StrategiesAlex Murguia“Selecting a Personalized Retirement Income Strategy,” by Alejandro Murguia and Wade Pfau, Retirement Management Journal, Dec. 1, 2021.“Determining Your Retirement Income Style,” by Wade Pfau, financialplanningassocation.org, 2021.“Two Philosophies for Retirement Income Planning Part One: Probability-Based,” by Wade Pfau, forbes.com, Dec. 18, 2019.“What Is a Safety-First Retirement Plan?” by Wade Pfau, retirementresearcher.com.“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Wade Pfau and Alex Murguia, kitces.com, April 20, 2022.Inflation and Other Risk Factors“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.“Inflation, Deflation, Confiscation & Devastation—The Four Horsemen of Risk,” by Wade Pfau, retirementresearcher.com.“Wade Pfau: TIPS and Annuities Good Bets When Inflation Is High,” by Ginger Szala, thinkadvisor.com, March 31, 2022.“The Changing Risks of Retirement,” by Wade Pfau, retirementresearcher.com.“The Four Approaches to Managing Retirement Income Risk,” by Wade Pfau, papers.ssrn.com, Dec. 31, 2019.“Don't Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.Withdrawal Rates“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View Podcast, Morningstar.com, April 29, 2020.“Retiring Soon? Why the Popular 4% Withdrawal Rule May Be a Bad Idea,” by Greg Iacurci, cnbc.com, April 13, 2021.“What Is the ‘Retirement Spending Smile?'” by Wade Pfau, retirementresearcher.com.Annuities“Retirement Income Strategies With Annuities,” by Wade Pfau, retirementreseacher.com.“Wade Pfau Takes a Balanced Look at a Retirement Product Some Advisors Love to Hate,” by Ed McCarthy, thinkadvisor.com, July 22, 2022.“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.“Are Annuities Too Expensive?” by Wade Pfau, linkedin.com, July 2, 2021.Long-Term Care“Costs and Incidence of Long-Term Care,” by Wade Pfau, retirementresearcher.com.“Managing Long-Term Care Spending Risks in Retirement,” by Wade Pfau and Michael Finke, lecp.naifa.org, Jan. 7, 2020.“Hybrid Long-Term Care Insurance Policies,” by Wade Pfau, retirementresearcher.com.Other“Laura Carstensen: ‘I'm Suggesting We Change the Way We Work,'” The Long View podcast, Morningstar.com, Sept. 14, 2021.

In today's episode, retirement expert and The American College of Financial Services Wealth Management Professor Michael Finke shares an economist's perspective on retirement income planning. In addition to his role in the classroom, Michael also serves as Director for the Granum Center for Financial Security and the Frank M. Engle Distinguished Chair in Economic Security at The American College. He is focused on advancing knowledge in the emerging field of retirement income planning and preparing the next generation of practitioners to think more broadly about this topic. You can find show notes and other information at CarsonGroup.com/Framework.Carson Group is committed to advancing financial literacy. Our coaches work with thousands of FPA members. Schedule a consultation to learn how Carson can help you help your clients and grow your business.Investment products contain risk and may lose value. There is no guarantee that an investment product will be successful in achieving its objectives. Investors should consult their investment professional prior to making an investment decision.This podcast is brought to you by Carson Group and PIMCO, who are unaffiliated entities. This material contains the opinions of the speakers and not necessarily of Carson Group or PIMCO and such opinions are subject to change without notice. This podcast may include discussions of investment strategies. These discussions are for illustrative purposes only and may not be appropriate for all investors. The discussions are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. Individuals should consult with their own financial advisors to determine the most appropriate allocations for their financial situation, including their investment objectives, time frame, risk tolerance, savings and other investments. Pimco does not provide legal or tax advice.  Further, this seminar is not intended to provide specific legal, tax, or other professional advice. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness.  Any tax statements contained herein are not intended or written to be used, and cannot be relied upon or used for the purpose of avoiding penalties imposed by the Internal Revenue Service or state and local tax authorities. Individuals should consult their own legal and tax counsel as to matters discussed herein and before entering into any estate planning, trust, investment, retirement, or insurance arrangement.           

This week we're pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.Background“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.Karsten Jeske's blog, Early Retirement NowKarsten Jeske's bioDavid Blanchett's bio“David Blanchett: If You're Retiring Now, You're in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.Inflation“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.Safe Withdrawal RatesThe Trinity Study“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.“What's a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.Retirement Portfolio Construction“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.“Inflation at 7%! Here's Why I'm Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Christine Benz's model bucket portfoliosHarold EvenskyWhat Is a Monte Carlo Simulation?Guaranteed Income and Social Security“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.Open Social SecurityOther“Laura Carstensen: ‘I'm Suggesting We Change the Way We Work,'” The Long View podcast, Morningstar.com, Sept. 14, 2021.“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular' Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020.

Wade and Alex invite Michael Finke for an encore episode where they discuss the research surrounding spending trends in retirement. As you start thinking about how you will spend down your assets, you'll want to know what you should expect. This episode is sponsored by McLean Asset Management http://mcleanam.com/  

In episode 125 of the WCIA 3-in-1 Pod: Bret Beherns chats with former Centennial, Illinois and Grand Canyon basketball player Michael Finke about his time as a pro overseas so far and what he remembers most about playing for the Illini.

In this episode, we discuss with Michael Finke, his research with Wade about the potential benefits to having protected income in your retirement plan. We discuss why advisors and individuals need to understand this individual preference before they can begin to create a retirement income plan. This episode is sponsored by McLean Asset Management https://mcleanam.com/ 

When it comes to retirement planning, it's not just about saving enough money for the future but ensuring income streams are stable to last the rest of one's lifetime. Join MarketWatch's retirement reporter Alessandra Malito and Michael Finke, Retirement Income Institute Research Fellow at the Alliance for Lifetime Income, as they explore when annuities are appropriate, why they may be misunderstood and how to find the right one. 

Micha, der sportliche Leiter von Sterkrade 72, gibt einen tollen Einblick über den Verein und sorgt mit seinen Anekdoten für diverse Lacher auf Kick and Quatsch Seite. Wie die 72er auf der Platzanlage mit den Sportfreunden 06 zurechtkommen und wie die Aufstiegsparty gewesen ist, erfahrt ihr in der neuen Folge!

In this business, we have all heard about the ability of annuities to create a guaranteed income in retirement. Today, Michael Finke, investments/retirement professor and Frank M. Engle Chair of Economic Security Research at The American College joins us  to bring the actual numbers into sharper focus. Also, do you want to get regular updates on news about guests of our show? Go to https://thatannuityshow.com and subscribe to our newsletter. We hope you enjoy the show. Links mentioned today: https://www.linkedin.com/in/michael-finke-8134808/ https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=57590 https://www.thinkadvisor.com/author/profile/michael-finke/ http://www.michaelfinke.com

Dr. Michael Finke is a professor and chair of Economic Security Research at The American College of Financial Services.    Listen to Kevin and Michael chat about a wide range of key retirement issues, the research behind them, as well as current topics: Life expectancy differences for average vs. wealthy people, what makes a retiree happy, why Social Security is such a good deal, how inflation impacts retirees differently than workers, why the current market environment contains much bad news for retirees, and much more.    A big "thank you" to Dr. Finke for sharing his original research and wisdom. No doubt this is one of those episodes you may want to find yourself listening to twice.    About our guest: https://www.theamericancollege.edu/our-people/faculty/michael-finke    What we discuss in this episode:  1:05 - Shiller PE Ratio 5:01 - Behaviors  6:44 - Spending habits 11:01 - Tax rate risks 11:55 - Cognitive impairment 15:25 - Women vs men 16:36 - RMD jail  20:46 - Final thoughts   Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

David Blanchett, Managing Director and Head of Retirement Research for PGIM DC Solutions, and Michael Finke, Professor, Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security Research at The American College of Financial Services, explain what we know about how retirees save and spend their money, what information, tools, and solutions can be of the greatest help to retirees to plan for their needs in retirement, and the role lifetime income solutions can play in enhancing the quality of life in retirement. One of their more recent research papers, "Guaranteed Income: A License to Spend" was selected by the Georgetown Center for Retirement Initiatives, with the generous support of the Berggruen Institute, to highlight as part of its virtual 2021 Policy Innovation Forum held November 2-3, 2021. 

Dr. Michael Finke is a professor and chair of Economic Security Research at The American College of Financial Services.    Listen to Kevin and Michael chat about a wide range of key retirement issues, the research behind them, as well as current topics: Life expectancy differences for average vs. wealthy people, what makes a retiree happy, why Social Security is such a good deal, how inflation impacts retirees differently than workers, why the current market environment contains much bad news for retirees, and much more.    A big "thank you" to Dr. Finke for sharing his original research and wisdom. No doubt this is one of those episodes you may want to find yourself listening to twice.    About our guest: https://www.theamericancollege.edu/our-people/faculty/michael-finke    What we discuss in this episode:  0:52 - Welcome in Michael 1:48 - Time as a food consumption researcher 4:24 - Delaying gratification 8:10 - Breaking saving habits in retirement 11:08 - What research has found 13:38 - Income and spending in retirement 17:56 - High income people 20:05 - What age to plan for 25:31 - Longevity predictions 28:24 - Future of Social Security 33:50 - Social Security strategies 39:30 - Inflation expectations   Read more and get additional financial resources here: https://www.truewealthdesign.com/podcast/ 

In this episode, The Annuity Man and Michael Finke discuss:  Delaying your decision to claim  Insulating your income from volatility  Inflation is personal  Consequences of not annuitizing   Key Takeaways:  If you have a good reason to expect that you're not going to live as long as an average American, then it makes sense to claim early. Unless, you have a spouse who can continue to receive your benefit.  Anybody who's using stocks to compare the present value of future guaranteed income is insane. Insulate a portion of your income stock-market volatility, that's just the right thing to do both mathematically and psychologically.  Inflation is personal. It affects each person differently. When you're planning for retirement, pay attention to what percentage of your expenses are subject to increases in inflation and what are “stable nominal expenses”.  Stocks will be more volatile, and bonds less volatile. Either way, there is a lot of probability and risks involved.    "Essentially what you're doing when you're delaying social security is that you are buying more of a government-provided, inflation-protected, annuity." —  Micheal Finke    Connect With Micheal Finke: Website: http://www.michaelfinke.com/  LinkedIn:  https://www.linkedin.com/in/michael-finke-8134808/  Facebook: https://www.facebook.com/mfinke  Twitter: https://twitter.com/FinkeonFinance    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today - https://www.stantheannuityman.com/annuity-calculator! 

In this episode, The Annuity Man and Michael Finke discuss:  Two choices in retirement  The worst case scenario in retirement Thrift is good until it isn't  Difference between annuities and investments    Key Takeaways:  There's only two things you can do with your money in retirement - spend the money and live better or pass it on. Focus on what a product will do, more than what it might do. You need a steady income guarantee at the minimum in order to enjoy your retirement.  The scenario you want to avoid is, for example, you live until 85 or 90 and you won't have any money to spend to continue living. Without an annuity, you'll be forced to cut your savings and investments into small little pieces for it to last.  People don't feel comfortable spending money, so the tendency is that they don't live as well as they should have while they could. We've been conditioned to believe thrift is good and it is, but accumulating without enjoying it would be a waste of life.  Annuities and investments are two very different things and serve two very different purposes. Never get them confused. The goal with investment is growth, while annuities provide a steady income stream and risk-transfer.    "The best way to approach it is, what are you gonna use the money for? Because money is just green paper... why not begin with how you wanna live in retirement and what sort of legacy you want to lead…" —  Michael Finke    Connect with Michael Finke: Website: http://www.michaelfinke.com/  LinkedIn:  https://www.linkedin.com/in/michael-finke-8134808/  Facebook: https://www.facebook.com/mfinke  Twitter: https://twitter.com/FinkeonFinance    Connect with The Annuity Man:  Website: http://theannuityman.com/  Email: Stan@TheAnnuityMan.com  Book: Owner's Manuals: https://www.stantheannuityman.com/how-do-annuities-work YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g  Get a Quote Today - https://www.stantheannuityman.com/annuity-calculator! 

David Blanchett, Head of Retirement Research at $1.5-trillion AUM, PGIM (Prudential) and Dr. Michael Finke, Ph.D., Professor of Wealth Management, The American College, join us for a deep dive discussion into the challenges facing retirees, new ways of thinking about retirement and longevity, and new solutions advisors can use to help their clients optimize funding retirement income liabilities in this low rate, low yielding, & historically sky-high equity valuation environment. They answer the question, What are some of the newer ways retirees can approach this conundrum?The concurrence of demographic waves, economic and market conditions, equity valuations and bond yields, have culminated in a situation that leaves many investors nearing or at retirement, cornered by a limited number of effective, and not-so-effective, investment income generating options, ranging from moderately risky, to highly risky. There's a great deal to consider, and we get into a profound look at all of the considerations, and some options may be considerably more useful and less risky than others from all angles given the current investment climate.Where to find David Blanchett and Michael Finke:David Blanchett on LinkedinMicheal Finke, Ph.D. on LinkedinWealth, Managed PodcastGuaranteed Income: A Licence to Spend Where to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.com*****"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie MungerWelcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

David Blanchett and Michael Finke's research found that annuities may give retirees a psychological “license to spend” their savings in retirement. The post How to Enjoy a Guilt-Free Retirement appeared first on Retirement Income Center.

It's clear that when putting together a successful retirement plan, managing wealth is only one component. A successful plan includes discovering what you intend to spend your money on, how you will maintain your social network, and ideas for investing in personal relationships. After years of researching the key to real retirement happiness, Michael Finke, of the American College of Financial Services, discusses his important findings in this podcast from the Your Life Your Wealth archives. The result of this conversation reinforces the fact that real retirement happiness cannot be found exclusively through money or wealth. Listening Time: 25 minutes

This week on the One Minute Retirement Tip podcast, I'm talking about the 3 things you need to get right for a happy, meaningful, and fulfilling retirement.  So far this week, I've been talking about the 3 things according to The University of Michigan Health and Retirement Study, a longitudinal study of retirees starting in 1994 that surveys a representative sample of approximately 20,000 people in America. What did they find out about happiness in retirement? That you need to have a combination of 3 things for real, lasting happiness - money, health, and relationships.  Today, I'm talking about things that are commonly associated with happiness in retirement but are not actually strong contributors to happiness according to the research findings.  Michael Finke, one of the researchers in the study, said: “The one relationship that does not provide greater life satisfaction in retirement is the relationship you have with your children. This is a bit surprising. The frequency of contact with your children is not a source of greater life satisfaction. Even the depth of the relationship is not a source of life satisfaction as it is with your spouse and as it is with your friends. I see a lot of retirees thinking they're going to spend a lot more time with their children, and that relationship is going to deepen in retirement, when the reality is there's not a whole lot of data to back that up.” What about that Porsche GT3 or the beach house you've been dreaming about? Will any of these make you happy in retirement? According to Finke, the answer is...it depends.  He says: “If you buy a sports car and it gives you entrée into a new social group, if it becomes a hobby that increases your probability of interactions with other people who are interested in the same kind of thing and that you enjoy talking with, then that's worth doing,” Finke said. But simply buying the sports car or the RV or the vacation home is not going to lead to happiness and satisfaction” He continued: “The problem with the working years is we want to get away from social interactions because we get enough of it during our weekdays, but in retirement we can easily become more socially isolated to the point where we actually crave more of those types of social interactions,” he said, and suddenly that beautiful beach cottage is a detractor. “We're not very good at imagining what's going to make us happy in the future. Very often what we do is we look at what makes us happy today, but retirement is different. And what makes us happier is a new lifestyle, a new lifestyle that gives us the opportunities for social interaction, for living a more meaningful life.” The insights from this long-term study on so many retirees is incredibly valuable, because you can take these common predictors of happiness in retirement and use it to invest now in these areas that will bring lasting happiness, as well as have a guide for designing your lifestyle in retirement, based on what's most likely to bring YOU meaning and fulfillment in retirement.  That's it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip podcast.  ---------- >>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP >>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs >>> Visit the podcast page: https://truenorthra.com/podcast/  ---------- Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It's a good problem to have, but it's still a problem:  Research shows that many retirees are spending a lot less than they could be.  Michael Finke, a professor at The American College of Financial Services, tells Yahoo Finance that people seem to be afraid to spend down their nest egg! Hear Steve explain how at times he has to give his clients a "license to spend." Steve also explains how having lifetime income can help eliminate the fear of running out of money and outspending your retirement savings! 

David has been there, done that, gave away the T-shirt, met the Muppets, and now he's with us to talk about this reassemblage of a Gershwin classic. Topics include: operettas and 1930s-40s movie musicals, not getting theatre internships, Fynsworth Alley, and DIANA: THE MUSICAL! David Levy בלעק לײַװס מעטער on Twitter! Album Produced By... by Bruce Kimmel Fynsworth Alley on Discogs LIVE STREAM The Evolution of (Henry) Mann at American Theater Group Featured recordings: Girl Crazy - Studio Cast (1990) • Godspell - 2000 Off-Broadway Cast Recording (2000) • Girl Crazy - Mary Martin (1951) DO YOU LIKE MOVIE MUSICALS? DO YOU LIKE SONDHEIM? Then you will love our PATREON podcast The Original Cast at the Movies because 2021 is all about Sondheim Movie Musicals!! This month it's CAMP with Robbie Rozelle and Michael Finke! Patreon • Twitter • Facebook • Email

Dan is probably most well known to music theatre fans as the book writer of 13 (coming soon to Netflix). But he's also a lyricist, YA novelist, and an accomplished musician. And he's here for an amazingly deep, 2-LP collection from the First Lady of Song. Topics include: discovering Richard Rodgers, Lorenz Hart's words, working with JRB and Doug Cohen, knowing what you're good at, and yes I forgot about The Boys from Syracuse I'm sorry I'm sorry I'm sorry please don't @ me. Dan Elish Dot Com American Theater Group presents The Evolution of (Henry) Mann; music and lyrics by Douglas J. Cohen, book and lyrics by Dan Elish; October 14-24, 2021 Featured recordings: Ella Fitzgerald Sings the Rodgers & Hart Song Book - Ella Fitzgerald (1956) • Once Upon a Summertime - Blossom Dearie (1958) • The Evolution of Mann - Original Off-Broadway Cast Recording (2018) DO YOU LIKE MOVIE MUSICALS? DO YOU LIKE SONDHEIM? Then you will love our PATREON podcast The Original Cast at the Movies because 2021 is all about Sondheim Movie Musicals!! This month it's CAMP with Robbie Rozelle and Michael Finke! Patreon • Twitter • Facebook • Email

Perhaps one of the best and most rewarding conversation topics we can have with clients is, “You should spend more.” This isn't the advice they were expecting. In fact, for most clients, it's a real mind shift to go from saving, saving, saving to spending! But it's truly a rush! Today, we're going to call out the real fears people have with spending, along with reasons why you should spend more (we promise … there are some!). In Yahoo! News, Michael Finke, a professor of retirement at the American College of Financial Services, says research he conducted found that 80% of retirees are uncomfortable watching their nest egg get smaller. “To an economist, that's a mystery,” he said. “Why did you save in the first place?”

 Do annuities give retirees a different attitude towards spending in retirement? In this week's retirement headlines, we'll examine an article that discusses the psychological benefits that retirees who shift their assets from savings to lifetime income enjoy. This group of retirees has more of a license to spend attitude and ends up gaining more enjoyment from their retirement savings.  Make sure to stick around until the end of this episode to hear my thoughts on the article. You'll also hear me compare the advantages and disadvantages of using Cobra instead of the ACA before Medicare.  Outline of This Episode [2:42] 3 need to know bullet points about annuities [6:52] What do I think about using annuities? [12:12] Cobra or the ACA? Are you spending less than you should in retirement? Are you having a hard time loosening the purse strings in retirement? If so, you are not alone. Many retirees find it challenging to shift from a savings mindset to a spending mindset, so they find it difficult to spend their hard-earned savings even on the things they most enjoy. As a result, many retirees end up spending far less in retirement than they could. David Blanchett and Michael Finke at ThinkAdvisor.com recently wrote an article about the shift in mindset that annuities can provide.  Why do people purchase annuities? The biggest question in retirement is how much you can safely spend. Retirees are always at the risk of outliving their savings if they spend too much or they end up living a less enjoyable life if they spend too cautiously. For this reason, many decide to transfer the risk of an unknown lifespan to an insurance company that provides guaranteed income.  Do annuities provide a shift in the spending mindset? The authors of the article reference a study that discovered that people don't spend more simply because they are wealthier, instead they spend more based on the form of wealth that they hold.  Households that hold more of their wealth in guaranteed income end up spending significantly more each year than those which hold a greater share of their wealth in investments. Retirees end up spending twice as much each year when they have guaranteed income. Every dollar of assets converted to guaranteed income results in twice the equivalent spending compared to the money that is left invested in an investment portfolio.  Are annuities the only way to shift your spending mindset? However, you don't necessarily need an annuity to change your spending mindset. Behavior management and accountability are the most important aspects of retirement planning. If you can hold yourself accountable and adjust your spending habits when necessary you can come up with a successful retirement plan.  To achieve that, you need a plan that you can have confidence in. If you can create a financial plan in retirement that you feel confident in then you will be able to spend with confidence. One way to increase your confidence in your retirement income is to defer Social Security for as long as possible. By waiting until age 70 you can increase your benefit amount by 32%. What are you doing to create a successful retirement plan? Listening to this podcast can help you gain the knowledge and confidence you need to successfully plan your retirement. Resources & People Mentioned Boomer Benefits - Don't miss out on the FREE 5 Easily Avoidable Medicare Mistakes download Boomer Benefits on Facebook Boomer Benefits on YouTube Think Advisor article on annuities Health and Retirement Study Guyton and Klinger original article Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com/ Follow Ben on Twitter: https://twitter.com/retiremeasap Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

As a growing percentage of Baby Boomers prepare for retirement, they are confronted with the uncomfortable prospect of record stock and bond valuations. Even the most optimistic capital market assumptions suggest the 60/40 portfolio is unlikely to deliver the returns many nest eggs have been built for. To help us get a clearer picture of the challenges and opportunities faced by retirees in the coming decade, we had the pleasure of speaking with Michael Finke (Professor of Wealth Management) and David Blanchett (Managing Director and Head of Retirement Research at QMA). Topics included: The crucial importance of updated and realistic capital market assumptions Lifespan, “healthspan” and the prospects of retirements that last well over 30 years Why ‘probability of success' is no longer an adequate yardstick for retirement planning How to prepare if we are indeed stuck in a perpetually low interest rate environment The fundamental dynamics of sequence of returns Guaranteed incomes, utility and nuance – true outcome vs probability of failure The difference between a TIPS ladder and an annuity Longevity annuities and optimal spending rates Purpose Investment's Longevity Pension Fund – combining a tontine, an annuity and a balanced portfolio Analyzing other tailored products We also discussed how any tool, no matter how sophisticated, is still bound to the ‘GIGO (Garbage In, Garbage Out) problem', why these problems are not limited to retail investors, a highly effective cake analogy to describe solutions to longevity risk, and much more. Thank you for watching and listening. See you next week. This is “ReSolve's Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Michael Finke, PhD, CFP®, a nationally renowned researcher focuses on the value of financial advice, shares his insights and tips on the current investment environment and tax efficient investing with asset location strategies. GE-3474411 (03/21) (Exp. 03/23) Guest: Michael Finke

As pandemic restrictions evaporate and the U.S. economy looks to fully reopen, many 401k-focused advisors are predicting big things for the rest of 2021 as plan sponsors and participants refocus on retirement-related issues.And they’re not the only ones focused on retirement issues this year, as lawmakers in Washington D.C. continue to build momentum toward passing more significant retirement reform legislation looking to build on 2019’s SECURE Act.For expert insight on advisor opportunities this year and the most impactful regulatory changes likely to impact 401k plans, we talk with renowned retirement expert Michael Finke, Ph.D., Professor of Wealth Management at The American College of Financial Services.Finke hits on topics like why we’re entering a new stage of “Retirement 2.0” in terms of QDIAs, the need to develop higher-quality in-plan retirement income solutions, why SECURE 2.0 might actually become law before the end of this year and how the RMD provision helps its chances, and a quick “review” of new-look Social Security statements.Sponsored by John Hancock Investment Management. To get more information on the John Hancock “State of the Participant 2021” white paper click here.

Songs: 0:02:18 - “The Best Imitation of Myself” - music and lyrics by Ben Folds (1995) 0:07:35 - “Perspective” - music by Jerry Bock, lyrics by Sheldon Harnick from She Loves Me (1963) 0:14:09 - “I’m Happy as Can Be” - music and lyrics by Patrick Flynn, from How I Learned to Stop Worrying and Love the Frog! (2020), sung by Alex De Bard 0:19:47 - “I Wish I Could Go Back to College” - music and lyrics by Robert Lopez & Jeff Marx from Avenue Q (2003) 0:24:27 - "America's Next Top 20 Something" - music and lyrics by Michael Finke (2017), sung by Alex De Bard 0:28:46 - "Everybody Says Don't" - music and lyrics by Stephen Sondheim from Anyone Can Whistle (1962) 0:32:45 - "I Don't Want to Live on the Moon" - music and lyrics by Jeff Moss (1986) Recorded 8/31/2020. Video available on YouTube!   Subscribe to What is Love Actually?!! DO YOU LIKE MOVIE MUSICALS? Join us on PATREON to get our patrons-only podcast The Original Cast at the Movies! December closes out our epic covering of all 4 versions of A Star is Born with 2018’s edition starring Lady Gaga & Bradley Cooper. Patreon • Twitter • Facebook • Email

Johns interviews Michael Finke, PhD and Professor at Texas Tech University and The American College of Financial Services about the challenges and opportunities for retirees today. With such low yields, increasing longevity and health care costs and potentially rises taxes, retirees faces a unique set of challenges, which can at times feel very daunting. Fortunately, given his extensive research, Michael shares a number of helpful insights for those looking to better invest and spend their money.  During the episode, Michael talks about: Income replacement rates, or how much a pre-retiree should actually be trying to accumulate based on their spending patterns in their working years Safe withdrawals rates for retirees so they balance spending money from their investments without running amount of money  Retirement happiness and ways in which spending can increase or decrease our happiness throughout life  At the end, Michael also talks about how we should be vigilant about our aging parents, or even ourselves as we get older, since we often experience a lot of cognitive decline but rarely feel any loss of confidence in our old age.  A big thank you to Michael for joining John on the show!  For more information, you can check out https://www.theamericancollege.edu/our-people/faculty/michael-finke and https://www.thejohnchapmanshow.com/.  See omnystudio.com/listener for privacy information.

Music theatre writer Michael Finke is here for Bill Finn’s song cycle about death. . . It’s not as much of a bummer as it may sound. Topics Include: Hell’s Kitchen, Joe Papp, Jack Eric Williams, 14 Dwight Ave (Natick, MA), how anything can be a musical, and Michael’s forthcoming album! Michael Finke Music Dot Com Featured Recordings: Elegies - A Song Cycle (2003) • Songs from Inside My Locker - Robbie Rozelle (2020) LTD presents The Original Cast podcast LIVE MERCH! T-shirts! Totes bags! BASEBALL SHIRTS! ETCETERA! DO YOU LIKE MOVIE MUSICALS? Join us on PATREON to get our patrons-only podcast The Original Cast at the Movies! This month is the Village People movie Can’t Stop the Music (1980) with Robbie Rozelle and Robert W. Schneider. And it is ALL the things. Patreon • Twitter • Facebook • Email

Former Illini and GCU basketball player Michael Finke joins The Party! Michael chats about his experiences playing in The Basketball Tournament for House of 'Paign, and what it was like to play in a quarantine "bubble". We get an update on Finke's professional career, his stops in Poland and Estonia, and what's next for the Big Man. We talk recruiting, how he ended up at Illinois and GCU respectively. Michael gives us his favorite and least favorite places to play in the Big Ten, his favorite teammates and players to compete against, and some great stories about his college coaches, John Groce and Dan Majerle. Stick around after the interview for another edition of Maloney's Money Line! Ryan and I are back and scorching hot from last week! After our 11-2 finish we are here again with some BIG announcements and more winners!Support the show (https://www.buymeacoffee.com/thebrewparty)

Our guest on the podcast today is Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown's research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He's a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master's in public policy from Harvard.BackgroundJeffrey Brown bioJeffrey Brown C.V. Jeffrey Brown publications and working papers  Defined Contribution (DC) PlansDefined contribution plan definition Defined benefit plan definition “A Brief History of the 401(k), Which Changed How Americans Retire,” by Kathleen Elkins, CNBC.com, Jan. 4, 2017.“The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers,” by Barbara A. Butrica, Howard M. Iams, Karen E. Smith, and Eric J. Toder, Social Security Bulletin, Vol. 69, No. 3, 2009.“What Killed Pensions,” by Mary Beth Franklin, Kiplinger, Oct. 6, 2011.“Public Pensions Are Still Marching to Their Death,” by Jeffrey Dorfman, Forbes.com, Sept. 11, 2014.“House Passes SECURE Act to Ease 401(k) Compliance, Promote Savings,” by Stephen Miller, SHRM.org, May 23, 2019.“How the SECURE Act Would Impact Your 401(k),” by Simon Moore, Forbes.com, June 25, 2019.“Annuities in 401(k)s Won’t Solve the Retirement Crisis. Here’s Why,” by Mary Romano, Barron’s, June 28, 2019.“What Does It Mean to Annuitize?” by Justin Pritchard, Thebalance.com, Jan. 21, 2019.“Crash Course Needed: Four Out of Five Americans Fail When Quizzed on How to Make Their Nest Eggs Last,” by The American College for Financial Planning, Dec. 3, 2014.“401(k) Nudges and Course Corrections,” by Kimberly Blanton, Squared Away blog, Oct. 24, 2017.“Thank Richard Thaler for Your Retirement Savings,” by Ben Steverman, Bloomberg, Oct. 10, 2017.“Plan Quality Varies Significantly by Industry,” by John Manganaro, PlanAdviser, March 20, 2017.“Corporate Profits and 401(k) Plan Performance Go Hand in Hand: T. Rowe Price,” by Michael S. Fischer, ThinkAdvisor, Sept. 17, 2018.“The Conundrum of State-Run Retirement Plans,” by Terry Dunne, InvestmentNews, May 8, 2017.“Reasons to Be Wary of State-Run Retirement Plans,” by Jeffrey Brown, Forbes.com, Feb. 10, 2014.Multiple Employer Plan (MEP) definition“How Hard Should We Push the Poor to Save for Retirement?” by Andrew G. Biggs, The Journal of Retirement, Spring 2019.Thrift Savings Plan  Annuities“Use Annuities to Protect Yourself from Yourself,” by Jeffrey Brown, Forbes.com, May 22, 2014.“Income Annuities Provide Retirees Longevity Protection,” by Wade Pfau, Investment News, Sept. 28, 2019.“Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle,” by Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel, National Bureau of Economic Research, January 2008.Variable annuity definitionEquity-indexed annuity definitionDeferred payment annuity definition“The Main Types of Annuities Made Easy,” by Clair Boyte-White, Investopedia, July 27, 2019.“Annuities and Inflation Risk,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Sept. 3, 2011.“Lifetime Income for Women: A Financial Economist’s Perspective,” by David F. Babbel, Wharton Financial Institutions Center Policy Brief, Aug. 12, 2008.“Jeff Brown Tackles Tough Annuity Questions,” by Michael Finke, ThinkAdvisor, Sept. 29, 2014.“Annuities and Individual Welfare,” by Thomas Davidoff, Jeffrey Brown, and Peter Diamond, The Center for Retirement Research at Boston College, May 2003.“Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, Olivia S. Mitchell, and Anya Samek. National Bureau of Economic Research, Oct. 11, 2019.Intertemporal choice definition  Long-Term Care“Does Medicare Cover Long-Term Care?” Medicare.com"Insuring Long-Term Care in the U.S.," by Jeffrey Brown and Amy Finkelstein, National Bureau of Economic Research, September 2011.“The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,” by Jeffrey R. Brown and Amy Finkelstein, National Bureau of Economic Research, October 2004.“Can Increasing The Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.Long-Term Care Financing Project“Hybrid Long-Term Care Policies,” by Wade Pfau, Forbes.com, Jan. 21, 2016.“Is the LTC Cost Guarantee of Today's Hybrid Life/LTC or Annuity/LTC Insurance Policies Just a Mirage?” by Michael Kitces, Nerd’s Eye View, Oct. 16, 2013.“Life-LTC Hybrid Sales Level Off: LIMRA,” by Allison Bell, ThinkAdvisor, July 22, 2019.  Social SecuritySocial Security Trustees’ Summary Report, 2019.“How Would You Fix Social Security?” The Center for Retirement Research at Boston College.“How the Latest Report on Social Security’s Solvency Changes Your Retirement Plan,” by Bob Carlson, Forbes.com, May 24, 2019.

Our guest on this week’s episode of The Long View podcast is nationally renowned retirement researcher Dr. Michael Finke. Michael is Professor of Wealth Management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He joined the College in June 2016 having served since 2006 as a professor and PhD coordinator in the department of personal financial planning at Texas Tech University. From 1999 through 2006, he served as the Director of Graduate Studies at the University of Missouri. Michael has published more than 50 peer review articles with a focus on the value of financial advice, financial planning regulation, investments and individual investor behavior. He was named to the 2012 Investment Advisor IA 25 list and the 2013 and 2014 Investment News Power 20. His research conducted with Wade Pfau, questioning the 4% rule was published in the Journal of Financial Planning and won the 2014 Montgomery-Warschauer award for the most influential article in the publication. He had previously won the award with Thomas Langdon in 2013. He was also selected to present his research on financial literacy and aging at the 2015 MIT Center for Finance and Policy Conference.BackgroundMichael Finke, PhD, CFP bio Finke CV 2013 Investment Advisor IA 25 profile 2013 Investment news Power 20 profileMontgomery-Warshauer AwardWithdrawal Rates“The 4% Rule is Not Safe in a Low-Yield World” by Michael Finke, Ph.D., CFP; Wade D. Pfau Ph.D., CFP; David M. Blanchett CFP, CFA; Journal of Financial Planning; June 2013“Determining Withdrawal Rates Using Historical Data” by William ​Bengen; Journal of Financial Planning; October 1994 “Low Bond Yields and Safe Portfolio Withdrawal Rates” by David Blanchett, CFP, CFA; Michael Finke, Ph.D., CFP, and Wade Pfau, Ph.D., CFP; Morningstar Investment Management; January 2013“Reduce Retirement Costs with Deferred Income Annuities Purchased before Retirement” by Michael Finke, Ph.D., CFP and Wade Pfau, Ph.D., CFP; Journal of Financial Planning; July 2015 “Why Advisors Should Use Deferred-Income Annuities” by Michael Finke, Ph.D., CFP; Advisor Perspectives; November 2015“Retirement Income for Life; Here’s a New Way to Get It” by Michael Finke, Ph.D., CFP; Bottom-line Personal; July 2016“Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA) Focus on Decumulation and Rollover”; Written Testimony of Michael Finke, Chief Academic Officer, The American College of Financial Services; 2018 ERISA Advisory Council, August 2018 Health and Cognitive Decline“Old Age and the Decline in Financial Literacy” presented by Michael Finke at the MIT Center for Finance & Policy; September 2015 “Health and Retirement Study”; National Institute on Aging, Social Security Administration; University of Michigan’s Institute for Social Research “Managing Long-term Care Spending Risks in Retirement” by Michael Finke Ph.D., CFP and Wade Pfau Ph.D., CFP; 2017 “Old Age and the Decline in Financial Literacy” by Michael Finke, Ph.D., CFP, John Howe, Sandra Huston; Management Science; August 2011 “Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations” by Hannes Schwandt; American Economic Journal; October 2018>Retiree Spending“Spending, Relationship Quality, and Life Satisfaction in Retirement” by Michael Finke, Nhat Ho, Sandra J. Huston; 2018 Academic Research Colloquium for Financial Planning & Related Disciplines; September 2017 “Spending in Retirement: Determining the Consumption Gap” by Chris Browning, Ph.D., Tao Guo, Ph.D., Yuanshan Cheng, and Michael Finke, Ph.D., CFP; Journal of Financial Planning “Estimating the True Cost of Retirement” by David Blanchett, CFP, CFA; Morningstar Investment Management; 2013Asset Allocation in Retirement“An Old Friend: The Stock Market's Shiller P/E” by Cliff Asness; AQR; November 2012 Daily Treasury U.S. Real Yield Curve Rates; U.S. Department of the Treasury “Reducing Retirement Income Risk with a Rising Equity Glide-Path” by Wade Pfau and Michael Kitces; SSRN; September 2013 “The Effect of Advanced Age and Equity Value on Risk Preferences” by David Blanchett, Michael Finke, and Michael Guillemette; Journal of Behavioral Finance; January 2018 Equity risk premium data; website of professor Aswath Damodaran; Stern School of Business at New York University Other“The Impact of the Broker-Dealer Fiduciary Standard on Financial Advice” by Michael Finke, Ph.D., CFP, and Thomas P. Langdon, J.D., LL.M., CFP, CFA; Journal of Financial Planning; July 2012

With Dr. Michael Finke, Director of Retirement Planning & Living at Texas Tech University

Our guests for the latest installment of "The Long View," Maria Bruno and Joel Dickson, are both veterans of investment behemoth Vanguard.  Bruno is the head of U.S. wealth planning research at Vanguard, leading a team responsible for conducting research and analysis on a wide range of retirement, wealth planning, and portfolio construction topics. She also contributes to the oversight of the investment philosophy, methodology, and wealth management strategies supporting Vanguard's advisory products and services. Bruno is a Certified Financial Planner, and she's a fount of wisdom on many subjects, but especially retirement planning.  Dickson has worn many hats at Vanguard during his long career there. In his current position as Vanguard's global head of advice methodology, he oversees all investment methodology development for Vanguard's advice programs whose end consumers are individual investors.  The transcript for this podcast can be found here. Background Information Maria Bruno bio Joel Dickson bio  "The Planner and the Geek" podcast series Vanguard Research and Commentary Archive How Retirement Savers Can Play Catch-Up "It's the 'how much?' But then also how do you actually direct those savings?" (1:30-2:56) "It's such an idiosyncratic or individual sort of consideration from a planning standpoint; there are plenty of people that have little wealth but high income." Whether traditional tax-deferred accounts are automatically better than Roth for people playing catch-up on retirement savings. (2:57-5:53) "It's a little bit simpler when you're younger and accumulating." How basic savings and investing habits, combined with plan defaults, make the accumulation period much simpler than decumulation. (5:54-8:24) 'Off-Label Uses': Ways Supersavers Can Maximize Their Investments Aftertax 401(k): What it is and how heavy savers can take advantage of it. (10:41-12:55) After-Tax 401(k), Bogleheads Wiki entry "Should You Make Aftertax Contributions to Your 401(k)?" Morningstar.com article "Aftertax 401(k) vs. Taxable Account? Evaluating Options for High-Income Savers," Morningstar.com article "Heavy Savers, Meet the Mega-Backdoor Roth," Morningstar.com article Backdoor Roth IRA: How it works, who should consider, and potential pitfalls to be aware of. (12:56-16:34) "IRA Insights: The Benefits of a Backdoor Roth," Vanguard research "Backdoor IRAs: What You Need to Know," Morningstar.com article "There's more and more focus on minimizing income taxes during one's life than there is about avoiding estate taxes." Using a 529 as an additional tax-advantaged savings vehicle. (16:35-21:26) Navigating College Savings episode from The Planner and The Geek podcast Decumulation "How do I meet my goals today but then also make sure that I'm protecting myself down the road?" Why setting spending rates can be so tricky. (21:27-24:26) "Determining Withdrawal Rates Using Historical Data," research paper by William Bengen  William Bengen bio "How to Put a Dynamic Retirement Spending Strategy in Place," Vanguard research "Spending Trends Boost Safe Withdrawal Rate for Retirees," Morningstar.com video "The 4 Percent Rule Is Not Safe in a Low-Yield World," research paper by Michael Finke, David Blanchett, and Wade Pfau "We're telling people to, on average, oversave and underspend." Balancing longevity, sequence risk with spending and quality of life. (24:27-28:35) "Is There an Upside to Sequence of Return Risk?" Morningstar.com video  Exploring the Retirement Consumption Puzzle, research paper by David Blanchett  "At the end of the day you still kind of get to the same end result." How bucket portfolios may not look very different from traditionally allocated retirement portfolios. (28:36-31:30) "The Bucket Approach to Retirement Portfolio Allocation," Morningstar.com article "Retirees could be overexposed to equity risk." Whether retirees aren't derisking their portfolios. (31:31-32:41) "Best Practices for Portfolio Rebalancing," Vanguard research paper "Generations: Key Drivers of Investor Behavior," Vanguard research paper "The rules of thumb just don't work as well." Why managing taxes during retirement is necessarily an individualized process. (32:42-36:24) "Spending from a Portfolio: Implications of Withdrawal Order for Taxable Investors," Vanguard research paper "Here you're actually looking at strategies that could accelerate income taxes." How the post-retirement/pre-RMD years are a prime time to control future tax bills. (36:25-39:41) • "An IRA Conversion Sweet Spot," Morningstar.com video  • "Age Is Just a Number: Start Thinking About RMDs Now," Vanguard blog post • "Strategies for Annual Roth Conversions," Vanguard research • "But What If I Don't Want My RMD?," Vanguard research • "What to Do With RMDs You Don't Need," Morningstar.com article  Building Portfolios "You have human capital risk at the same time you have investment risk." How investors should think holistically about risk when building their portfolios. (39:42-44:37) "Vanguard ETF Strategic Model Portfolios," Vanguard research paper "Global Equity Investing: The Benefits of Diversification and Sizing Your Allocation," Vanguard research paper "Focus on the things that you can control." What to do if investment returns are muted in the future. (44:38-46:23) "What Fed Projections May Mean for Longer-Term Stock Returns," Vanguard research "Vanguard Economic and Market Outlook for 2019: Down but not Out," Vanguard research "Experts Forecast Long-Term Stock and Bond Returns: 2019 Edition," Morningstar.com article ETF Landscape "Investors that were more likely to trade chose the ETF." Are ETFs being used for long-term investing or trading? (46:24-49:28) "ETFs: For the Better or Bettor?," Vanguard research paper "Morningstar's 2018 Fee Study Finds That Prices Continue to Decline," Morningstar.com article "98% of the DNA is the same." Whether the benefits of ETFs relative to traditional index funds been overstated. (49:29-51:27) "ETFs Versus Mutual Funds: A Comparison," Vanguard research "Traditional Index Fund vs. ETF Cage Match," Morningstar.com article Vanguard's Personal Advisor Service "The most important part of the financial planning process is the goal discovery." Why Vanguard's service offers a combination of human and automated advice. (51:28-56:17) "Helping Vanguard Personal Advisor Service Clients Understand the Anatomy of Our Methodology," Vanguard research The Robo-Advice Market Is Growing, but Changing, InvestmentNews article    About the Podcast: The Long View is a podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research for Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas. To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com

Listenwell: A Lovewell Podcast Episode 26: Lovewell Spotlight- Michael Finke, 2019 We sat down with everyone's favorite person, Michael Finke, to talk about his musical theatre songwriting career, his most personal Lovewell experiences, and his debut album. If you are interested in supporting Michael as he makes his debut album (let's face it, you're totally interested), then please support his project on Kickstarter or by clicking the link: https://www.kickstarter.com/projects/michaelfinkemusic/michael-finkes-debut-album?fbclid=IwAR0c1STuS_xRVrRB86kmF2XwkGdxnyPQgoEfOFQUXZvg0C06cJEkXyBcoxI Listenwell Theme Song Lyrics by Nathan Tysen, Music by Nils-Petter Ankarblom. Additional music used with permission from Audioblocks.

Have you ever actually been alone for any real length of time? No smartphones, no internet, nobody in the apartment next door. Just you and miles of wilderness. Would you be willing to endure that kind of alone-ness and solitude for a day? A week? A month?How about 27 years?One man knows exactly what this means.There's something about being alone, especially alone in the woods, that starts you thinking in a brand new way. You may begin with fear and apprehension, startled by every sound in the brush. If you're afraid of snakes or bears, or bears with snakes for arms, these things will have a growing presence in your consciousness. You'll start to see and hear signs of them everywhere.Beyond fear, though, being alone in the wilderness can often bring a sense of peace. When you’re away from the noise of civilization, alone with only your own thoughts for company, you become aware of some greater force. Maybe it’s God, or maybe it's just the presence of nature. Your own filters and bias can decide. But it's there. You may not believe it, but when you're out there all on your own, you will feel it.Just ask the North Pond Hermit.Christopher Thomas Knight got his nickname the hard way: He lived it for nearly three decades, out in the woods beside North Pond Maine, alone. By himself. No human contact.For 27 years.Some of us can’t go a full day without checking in on Facebook, but Chris Knight managed to abandon humanity entirely for half his life, wandering into the woods at 20 years old and not emerging and rejoining society again until he was 47 years old.Well … sort of.Turns out, during that 20 years in the woods, though Knight really was utterly alone, speaking to no one and in fact having no human contact whatsoever, he hadn't entirely removed himself from human society. He held on to a tether, of sorts.During those 27 years in the woods, Knight managed to survive by breaking into local cabins and even a camp for disabled kids, all during the offseason. He would raid pantries and cupboards and walk-in freezers for as much food as he could carry back to his camp. He would swipe clothing and sleeping bags, plastic tarps and propane tanks, and anything else he might need.And books—he stole a lot of books. Plus handheld videos games, a small black-and-white television, even a twin-sized mattress.He stole what he needed from the people who lived or owned property around North Pond, and he did it hundreds of times over three decades. He may actually turn out to be the most successful serial robber in history.Knight would lug this ill-gotten bounty back with him, pushing into the thick, impossible woods that ride the edge of North Pond, somehow managing to haul it all through the brambles to a clearing he'd made for himself.The clearing was something of a miracle itself.Throughout his 27 years in the woods, Knight had swept the grounds, removed stray branches and stones, and made a space for himself. But he hadn't stopped there. He went on to lining and leveling the ground with bundles of stolen National Geographic Magazine—favored for its glossy pages, which helped to keep water moving rather than soaking in. He created a subfloor with bricks of magazines, and then built on top of it. Layering tarps and tents and other materials, Knight built the ultimate grownup blanket fort, capable of keeping out rain and snow, insects and animals. A cozy little place to spend a life alone.It wasn't perfect. Not like having a tiny cabin in the woods. The cold, sometimes dipping as low as -25˚F (-32˚C), still crept in, bypassing any attempt to keep it at bay and threatening to end him every winter.Knight survived by fattening himself up, the same way bears and other mammals might, and sticking to a strict discipline of getting up early, around 2 AM each morning, moving and performing tasks to get his blood flowing. While people slept in warm beds and heated cabins just a few hundred feet from him, Chris Knight intentionally struggled against the Maine Winter, literally stomping it out as he performed chores in his camp.He never managed to keep his feet warm, though. Layers of socks, hot water bottles, piles of blankets and sleeping bags, and without fail his feet were freezing by morning anyway. Such is the life of a hermit in the woods of Maine.To keep himself hidden, Knight committed to some extreme methods, and even more extreme discipline. He never left his clearing when there was snow on the ground, for example, because there was no way to avoid leaving tracks. He never lit a fire, because someone might see the smoke or the flames. He learned to walk on the stones and tree roots of his woods, so there could never be a trace of him even if someone came looking.For 27 years, the North Pond Hermit plagued (some would say “terrorized”) locals, finding ways to break into their vacation homes, taking whatever he needed, absconding with food and alcohol and clothing, and with any and all candy he could find. He had something of a sweet tooth.The North Pond Hermit became a local legend, like Maine's version of Sasquatch or the Jersey Devil. Some doubted his existence. Some were afraid of him. No one, however, ever saw him or spoke to him for almost thirty years. The most anyone had in the way of evidence for his existence were some game camera photos and a bit of security camera footage. And a lot of missing stuff, of course.Here's the thing—Chris Knight lived an existence entirely apart from human interaction for three decades, surviving in one of the harshest regions of the US (Maine winters are brutal), and getting by more or less on the refuse and leavings of humanity, all while living only a few hundred feet from civilization.The woods that Knight called home were situated in an area that had a light permanent population but a sizeable seasonal vacation presence. From his clearing, he could hear activity on the lake, from fishermen to motorboats. And he was just a short walk from the cabins he robbed on a regular basis.Somehow, Christopher Thomas Knight, the North Pond Hermit, had pulled off the near-impossible feat of disappearing in plain sight. And if he hadn’t finally been caught and arrested while breaking into that camp for disabled children, in 2013, it’s possible he would have lived a lifetime and died a peaceful death right among the local population, without anyone ever knowing he was there.A quiet, unremarkable, unknown death. Just as he would have wanted.If you’ve read any of my fiction, you know that I have a great fondness for resourceful, autonomous, independent characters. I love the idea of someone being able to withdraw from society, if they have to, and get by on their wits and intelligence. I write characters who primarily look at the modern world as a cookie jar of resources and are unafraid to take what they need when they need it.Christopher Knight wasn't quite identical to any given character I've written, but at heart, he is exactly who I have in mind.I discovered Knight through Michael Finke’s book The Stranger In The Woods, and I found myself (over and over) identifying with him. Maybe it was a romanticized sort of thing, I can cop to that. I don’t exactly have an urge to live in the woods, secluded from everyone, too afraid to so much as light a fire to keep warm or cook a meal. But that impulse to walk away from the world and rely on my own character and strength and resourcefulness? Oh yeah. That attracts me.My version of this was to do things like selling the house my wife and I lived in for four years and buy an RV, traveling the country while I wrote and produced podcasts and attended author conferences. And now that we're back to a "home base," I find myself lingering on ideas like trading my pickup for a camper van, or maybe just putting a camper shell on the truck and lighting out for parts unknown.The other parallel for me is my tendency to do things like choose a city and fly there, just to spend a week walking its streets, alone, checking out all the hidden corners. As I write this, I'm doing that very thing, wandering the streets of Seattle. I don't shy away from either the ritzy heights or the impromptu tent villages of the homeless people. I check out the touristy stuff, and I duck into the things that buttress the city's real culture and personality.On trips like this, I'll sometimes skip the hotel in favor of wandering on foot for a day and a night, catching quick naps in coffee shops and bookstores and libraries, sleeping in a rental car if I have one. My version of roughing it.But the thing is, I can always get a hotel. I can hop on a plane home, whenever I want. I can take out my iPhone and get an Uber to an AirBnB. I have a backup plan.Chris Knight had none of that, and he didn’t want it. He left society behind, not because he was angry or afraid or bitter but because …Well, honestly, even Knight himself doesn’t know. There was no reason. He had no reason for leaving.We find that impossible to accept.“Everything has a reason.” That’s our mantra. It’s what our entire culture and society are built on. But the truth, the real truth, is that sometimes there isn’t a reason. Sometimes we decide to grab soup instead of a sandwich, or a table by the window instead of one by the fireplace, or a red scarf instead of a blue scarf, and we just have no justification for any of it. And sometimes we decide to park our car, toss the keys on the dash, and walk into the woods forever, with nothing motivating us beyond the idea of it.Being alone can change who you are. It can be both damaging and healing. It can be an expression and a silence, a protest, and an acceptance. Did Chris Knight have any of this in mind, at any time from the start to finish of his life in the woods? Maybe. Maybe not. But looking at what he did and how he lived, it’s inspiring. We can learn from it, even if there was no lesson intended.If you enjoyed this little tale …You might enjoy a good thriller novel. And I happen to write thriller novels. Find something to keep you up all night at KevinTumlinson.com/books

The Key to Real Retirement Happiness My guest Michael Finke, Chief Academic Officer of the American College of Financial Services, has been researching the elements of true retirement happiness for years.  His findings indicate that there are three strong predictors, the first two are money and health.  The third, perhaps equally as important to the first two, is the nurturing of personal and social relationships, especially the quality of your relationship with your spouse. We go in-depth discussing his findings and focus, as we so often do, on the all-important life side of retirement. Our guest reinforces the fact that true happiness in your retired years can not be found exclusively through money or wealth. Program Length: 26 minutes

With Dr. Michael Finke, Director of Retirement Planning and Living at Texas Tech University

With Dr. Michael Finke, Director of Retirement Planning at Texas Tech University

Listenwell: A Lovewell Podcast Episode 13: Lovewell Rewind- About Face, 2007 Featuring audio from the original performance, and behind the scenes interviews with creators Michael Finke and Helena Sund. Listenwell Theme Song Lyrics by Nathan Tysen, Music by Nils-Petter Ankarblom. Additional music used with permission from Audioblocks. Got a question you want answered on Listenwell? Send an email to our "Mail Bag" at tyler@lovewell.org and we'll try to answer it on our next episode.

The Tyler Grimes Show (Season 1, Episode 7) "The Tyler Grimes Show Holiday Pageant" Featuring performances and music by Nils-Petter Ankarblom, Jared Corak, Michael Finke, Carrie Gilchrist, Don Grimes, Tyler Grimes, Kimmi Johnson, Krissi Johnson, Angela Miller, Andrew Singer, Shelbie Rassler, Austin Tedesco, Bianca Tedesco, Ambar Torres, and Ferguson Collins. Special Thanks to Audioblocks, Dominick the Donkey, and you!

- Dr. Michael Finke, Director of Retirement Planning & Living at Texas Tech - Please call 1-800-388-9700 for a free review of your financial portfolio

In episode #258, Michael Finke, professor and director of retirement planning at Texas Tech University, discusses a number of new trends in longevity and why this is such an important part of retirement planning. He also reviews what the research tells us about what makes retirees happy and talks about the implications of cognitive decline on wealth and well-being.  

- Dr. Michael Finke, Professor and Dir. of Retirement Living and Planning at Texas Tech University - Please call 1-800-388-9700 for a free review of your financial portfolio

- Do large swings in equity values change risk tolerance? Dr. Michael Finke, Professor & Director of Retirement Planning and Living at Texas Tech University shares his research. - Please call 1-800-388-9700 for a free review of your financial portfolio.

This week, David is joined by John Little to discuss an important topic. David and John talk about a recent published study titled "The 4 Percent Rule is Not Safe in a Low-Yield World." The study argues that advisers make a grave mistake in basing their clients retirement plans on historical returns that may be an anomaly. Some highlights from the study:Investment companies often include in their disclosures that "past returns do not guarantee future results" but to the study's co-author, Michael Finke, says that's not just rhetoric. "We're trying to acknowledge what present reality looks like and apply that reality to the retirement income plan", Finke says. There is no reason to believe that the market for assets in the 21st century is going to look like the market for assets in the 20th century. "Most planners take some comfort in knowing that the 4% inflation-adjusted withdraw rate wouldn't cause a retiree to run out of money in a 30-year retirement. Previous studies that supported the 4% rate used historical yield data that don't look anything like what new retirees are facing today." The study concludes that the probability of a retiree running out of money is very real and many financial planners are setting up their clients to run out of money. Recomended Reading: (Access the articels below by going to "Extras" from your David Lukas Show Iphone or Android App.  Advisor One: 4% Reitrement Rule is DeadMarketwatch: Stocks dead, bonds deader till 2022: PimcoChicago Tribune: Study Urges Caution With Retirement Funds You can reach David and John at: 501-218-8880 or online at: InfiniteFinancialServices.com