"Only 5% of retirees say they’re living the dream and 19% are living the nightmare." says Deb Boyden in an article from Yahoo Finance. Deb provides three lessons to protect your future, which we dig into to see how it applies to your retirement:

Lesson 1: You’re Probably Not Saving Enough
Lesson 2: Expect the Unexpected
Lesson 3: Winging It Won’t Get You There

In our Listener Question segment, we talk about the pro rata rule and Roth conversions. It’s one of those areas that seems simple on the surface but trips a lot of people up once you start digging in, so we unpack what the pro rata rule really means and why, in most cases, an extra step at the point of retirement, and a bit of double-checking will keep things as clean and simple as possible.

Resource:

Article on Yahoo Finance from Deb Boyden: "Only 5% of retirees say they’re ‘living the dream’ and 19% are ‘living the nightmare.’ Here are 3 lessons to protect your future"

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

If you’ve saved more than a million dollars, that puts you ahead of 90% of your peers. Statistically, that makes you a super saver. But one of the biggest challenges super savers face is this: it’s hard to spend your own money.

In this episode, I share one exercise that can help break some of those old habits and open the door to a more fulfilling retirement.

A Practical Exercise

Think back over the last year or two and pick a trip that you really enjoyed. Itemize all the spending decisions you can remember:

• Where did you go?
• How did you get there?
• How long did you stay?
• What did you eat?
• What souvenirs did you buy?


Take each line item and triple it.

Then think of two or three ways you could possibly spend that new tripled amount.

Listen to the rest of the episode and learn how we can rewire our brains from saving mode to spending mode.

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

We’re taking another look at one of retirement planning’s sneakiest pitfalls — underestimating your own life expectancy.

We explore why smart people make short-sighted Social Security decisions, how psychological biases can distort your thinking, and why planning to live a long time isn’t pessimistic.

Then, our listener question covers the nuts and bolts of how to apply for Social Security (online, phone or in-person), a critical heads-up for widows who want to claim survivor benefits without accidentally locking in reduced retirement benefits, and what happens when spousal benefits enter the mix after one spouse files before the other.

Resources:

• The (F)Law of Averages: Episode 412
• Article by Rick Kahler of Advisor Perspectives: Underestimating Your Life Expectancy: Don’t Let Your Brain Shrink Your Retirement Benefits
• Applying for Social Security benefits: ssa.gov

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

We’re going inside the new tax rules for retirees.

From a brand-new $6,000 deduction for seniors to major changes in how charitable giving is handled, the One Big Beautiful Bill Act has reshaped key parts of the retirement tax landscape.

We’ll break down what’s changed, what’s just political spin, and what you can do right now to take advantage of these new rules.

After that, we answer a listener question: Have you ever wondered what the letters behind a Financial Advisor’s name mean?

Resources:

• John Manganaro article from ThinkAdvisor: How the New $6,000 Tax Deduction for Seniors Really Works
• Article from Fidelity Charitable: One Big Beautiful Bill (OBBB): Impact on charitable giving

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Nick Maggiulli’s latest article in Of Dollars & Data challenges one of the core ideas that drives personal finance blogs, podcasts, and even some of our own thinking — the belief that financial independence should be the ultimate goal.

We explore the surprising downsides of chasing early retirement, the difference between financial independence and financial freedom, and why something called “Coast FIRE” might be the real goal worth aiming for.

I also answer a listener question: What can retirees do to fight back against inflation? One listener asks how to protect their buying power as costs keep rising. We go over several practical, actionable ways to stretch your dollars and build an inflation-resistant retirement.

Resource:

Article by Nick Maggiulli in Of Dollars & Data: Why Financial Independence is Overrated

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

The (f)law of averages challenges a dangerous assumption we see far too often in retirement planning: The use of average life expectancy as a reliable planning target.

The question is: If you make it to retirement - are you already above average - and if that’s true, how do we use that in our planning?

I share six key takeaways from the article:

1. Life expectancy is an average, not a prediction
2. The mode — not the mean — may be more useful for planning
3. Life isn’t neat and tidy
4. Even “complete” life expectancy isn’t safe to use
5. Relying on life expectancy is a planning shortcut — and not a good one
6. The better tool is the survival curve

After that, I answer a listener question: Can you really self-insure for long-term care and use the tax code to make your dollars go further? One listener heard about using the medical expense deduction to offset the cost of care — and wants to know which types of care actually qualify. So, what does qualify?

Resource:

Article by Jeffrey Dellinger in Advisor Perspectives: Life Expectancy: The (F)Law of Averages

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Could heaven be an RV in a state park?

It is for Marian Barry, who became a traveling nurse after working in hospitals during the pandemic.

We share this story from a Business Insider article, pointing out that she lives on $2,972 a month in Social Security and is lovig life. "I literally live in heaven."

Key takeaways:

• Low-cost retirement living
• Lifestyle vs. possessions
• Community and mental well-being
• Flexibility in retirement
• Pursuit of happiness
• If any of this interests you - practice it first!

Then I share some of my thoughts from our Spring client meetings. I found some common threads from some our clients that seemed the most at peace - even during the reported "market turmoil".

Resource:

Article by Eliza Relman from Business Insider

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending.

⬇️ Upon entering retirement, households experience a median consumption decline of about 20%.

This drop is often viewed as a red flag in traditional financial planning models.

However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time.

☎️ Then on our listener question, we hear from a 34-year-old investor who’s been all-in on stocks since taking Dave Ramsey’s advice early in their career. Now, they’re wondering how and when to start easing into a more balanced portfolio with bonds.

We’ll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you.

Resource:

Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't: Blanchett

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement