The conversation discusses the psychological phases of retirement, as described in the book 'The Four Phases of Retirement' by Riley Moynes. The four phases are: the vacation phase, the feeling lost phase, the trial and error phase, and the reinvent and rewire phase. Weston Lindeman also explores ancient wisdom from Roman and Greek philosophers and how it relates to retirement planning. The key takeaways include the importance of preparation, self-knowledge, preserving wealth, and prioritizing retirement goals.

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Roberts Wealth Management

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Weston Lindemann discusses retirement planning using football analogies. He emphasizes the importance of starting to save early, making halftime adjustments to the retirement plan, and executing a two-minute drill to prepare for retirement. He also talks about the play-action pass, which involves leveraging assets effectively, and the need for field position and making the right decisions in retirement. The conversation then shifts to the psychological shift from working to retirement and the challenges that come with it.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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Weston Lindemann discusses the habits of highly effective retired people, drawing inspiration from Stephen Covey's book. The first habit is being proactive, which means taking a forward-looking approach to retirement planning and being intentional about addressing challenges. The second habit is beginning with the end in mind, which involves preparing for all phases of retirement and accounting for factors like inflation. Other habits discussed include putting first things first, thinking win-win, seeking to understand before being understood, synergizing, and sharpening the saw.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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Navigating market volatility and protecting retirement savings is crucial. Diversifying investments across asset classes is key to mitigating risk. The recent market volatility caused by the Japanese yen carry trade highlights the importance of diversification. Having a cash reserve for emergencies and taking advantage of buying opportunities during market downturns is essential. Maximizing Social Security benefits requires careful consideration of factors like life expectancy and tax implications. Employer-sponsored retirement plans, personal investments, real estate, and annuities all play important roles in a comprehensive retirement plan. In this conversation, Weston Lindemann discusses various topics related to retirement planning.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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Weston discusses various aspects of retirement planning. He touches on topics such as income planning, market volatility, diversified income streams, healthcare costs, tax planning, and longevity risk. He also highlights the need to adapt retirement strategies to the changing world and not rely on outdated approaches. Weston discusses the importance of taking strategic action and working with competent advisors to navigate financial obstacles. He emphasizes the benefits of small wins and the snowball effect of progress.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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Weston Lindeman discusses the historical impact of financial crises and what we can learn from them to better prepare for retirement. He explores the similarities between the Great Depression and the Great Recession, emphasizing the importance of planning to avoid losses and mitigate downside risk. He also discusses the potential changes to Social Security and the need for a comprehensive retirement plan that accounts for legislative risk.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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A study commissioned by the Ali Retirement Income Institute highlights a looming retirement crisis for baby boomers, particularly those set to retire between 2024 and 2030. That’s the opening focus of the podcast with Weston Lindeman. The study shows that two-thirds of this group are struggling to maintain their current lifestyle post-retirement, with over half of them having assets of $250,000 or less. Inflation is a major factor affecting retirees' ability to maintain their lifestyle, with a 6% inflation rate leading to a doubling of income needs every 12 years. The changing tax code and potential changes to Social Security also pose challenges for retirement planning. Weston also breaks down Fixed indexed annuities which can be a useful tool for building income in retirement, providing guarantees against loss and offering growth potential through indexing.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

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Financial health is becoming increasingly important, just like physical health. The awareness around financial health has grown, thanks in part to social media. Financial health and physical health are linked, as financial strain can impact mental health. Weston Lindeman reminds that to achieve financial health, it is important to have a written plan, avoid financial double talk, and manage debt effectively. Debt can be a major burden in retirement, so it is crucial to pay it off before retiring. Education and partnering with a financial advisor can help improve financial health. Annuities can provide stability and guaranteed income in retirement.

Reach Roberts Wealth Management at 800-891-8680.

Roberts Wealth Management

See omnystudio.com/listener for privacy information.