1
00:00:02,520 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:07,720 --> 00:00:12,240
Speaker 2: Out of the tree of Life, I just pick me plumb.

3
00:00:16,360 --> 00:00:25,680
Speaker 2: You came along and everything started into hum. Still it's

4
00:00:25,920 --> 00:00:29,680
Speaker 2: a real good bet. The best is yet to come.

5
00:00:31,480 --> 00:00:34,839
Speaker 1: Have you thought about retiring? Do you know what you'll do,

6
00:00:35,520 --> 00:00:39,479
Speaker 1: how you'll spend your time and income? I'm Barry Ridhelts

7
00:00:39,560 --> 00:00:43,200
Speaker 1: and on today's edition of At the Money, we're going

8
00:00:43,280 --> 00:00:48,199
Speaker 1: to discuss your retirement. To help unpack all of this

9
00:00:48,280 --> 00:00:51,640
Speaker 1: and what it means to you, let's bring in Christine Bens.

10
00:00:52,000 --> 00:00:55,720
Speaker 1: She is the director of Personal Finance and retirement Planning

11
00:00:56,160 --> 00:01:00,240
Speaker 1: at morning Star. She's published numerous books on the subjet,

12
00:01:00,560 --> 00:01:06,080
Speaker 1: most recently How to Retire Twenty Lessons for a Happy, successful,

13
00:01:06,680 --> 00:01:11,960
Speaker 1: and Wealthy Retirement. So let's start with the basics, Christine.

14
00:01:12,280 --> 00:01:15,880
Speaker 1: In your book you talk about you need to define

15
00:01:15,920 --> 00:01:18,280
Speaker 1: your purpose in retirement.

16
00:01:18,959 --> 00:01:23,640
Speaker 3: Explain purpose is super important to us throughout our lives,

17
00:01:23,800 --> 00:01:28,360
Speaker 3: very and that's true as we age. The problem is

18
00:01:28,360 --> 00:01:31,959
Speaker 3: is that a lot of people do receive some sense

19
00:01:32,000 --> 00:01:34,839
Speaker 3: of purpose from their jobs, and so when they step

20
00:01:34,880 --> 00:01:38,880
Speaker 3: away from work, they're stepping away from part of themselves.

21
00:01:39,440 --> 00:01:43,480
Speaker 3: So the idea is, as you approach retirement, make sure

22
00:01:43,520 --> 00:01:47,160
Speaker 3: that you're being super thoughtful about how you will replace

23
00:01:47,800 --> 00:01:50,560
Speaker 3: that sense of purpose that you derived from your work,

24
00:01:50,600 --> 00:01:55,120
Speaker 3: that you should kind of prepopulate your activities to find

25
00:01:55,200 --> 00:01:58,960
Speaker 3: some that do provide you a sense of purpose. Jordan Grummitt,

26
00:01:58,960 --> 00:02:01,680
Speaker 3: who is the last chapter of the book, has a

27
00:02:01,760 --> 00:02:05,360
Speaker 3: whole book about purpose called The Purpose Code, and his

28
00:02:05,480 --> 00:02:09,240
Speaker 3: point is that there's a lot of purpose anxiety out

29
00:02:09,280 --> 00:02:11,799
Speaker 3: there that you say you find a purpose and people

30
00:02:11,880 --> 00:02:15,160
Speaker 3: think really big. They think, oh, I need to write

31
00:02:15,200 --> 00:02:18,320
Speaker 3: a book or start a foundation, or climb everest or

32
00:02:18,320 --> 00:02:21,520
Speaker 3: something like that. And maybe you do things like that.

33
00:02:21,639 --> 00:02:24,360
Speaker 3: But his point, I think is really comforting, which is

34
00:02:24,360 --> 00:02:29,200
Speaker 3: that small pee purpose. He calls it like bird watching

35
00:02:29,480 --> 00:02:33,040
Speaker 3: or gardening, or you know, cooking meals for your family,

36
00:02:33,120 --> 00:02:36,480
Speaker 3: smaller things that bring you joy. Those are just fine

37
00:02:36,520 --> 00:02:39,560
Speaker 3: too well. So while you're trying to cook up what

38
00:02:39,600 --> 00:02:42,760
Speaker 3: your big pee purpose might be, just find those things

39
00:02:42,800 --> 00:02:46,200
Speaker 3: that bring you joy, that give you that animating force

40
00:02:46,240 --> 00:02:46,840
Speaker 3: for your days.

41
00:02:46,880 --> 00:02:50,440
Speaker 1: So daily goals and activities up film and not just

42
00:02:50,720 --> 00:02:56,520
Speaker 1: kill them. Onjaro. So let's talk a little bit about planning.

43
00:02:56,960 --> 00:03:00,400
Speaker 1: How important is it when should people start playing? Is

44
00:03:00,440 --> 00:03:03,799
Speaker 1: this something you do five months before you retire or

45
00:03:03,840 --> 00:03:06,280
Speaker 1: is this something you do fifteen years before you retire.

46
00:03:07,120 --> 00:03:10,600
Speaker 3: I've really concluded that this idea of retirement has a

47
00:03:10,600 --> 00:03:13,760
Speaker 3: hard stop where we're not really thinking about it except

48
00:03:13,760 --> 00:03:16,160
Speaker 3: for like the months leading up to retirement. It's a

49
00:03:16,280 --> 00:03:19,959
Speaker 3: terrible model. And I know why it happens that, you know,

50
00:03:20,080 --> 00:03:22,480
Speaker 3: the way we work in this society is so intense

51
00:03:22,560 --> 00:03:26,799
Speaker 3: that people show up in retirement totally depleted and they

52
00:03:26,840 --> 00:03:31,320
Speaker 3: haven't really been able to envision anything besides like Netflix

53
00:03:31,440 --> 00:03:34,160
Speaker 3: or traveling or whatever. And those things are all great,

54
00:03:34,760 --> 00:03:38,000
Speaker 3: but you should ideally start I think age fifty is

55
00:03:38,080 --> 00:03:42,480
Speaker 3: kind of a good marker, start thinking about this vision

56
00:03:42,640 --> 00:03:46,120
Speaker 3: for your later years. Perhaps you will continue working a

57
00:03:46,200 --> 00:03:49,280
Speaker 3: little bit longer. And I love the idea of people

58
00:03:49,760 --> 00:03:53,280
Speaker 3: at that life stage being super thoughtful and trying to

59
00:03:53,400 --> 00:03:57,720
Speaker 3: direct the work that they do, taking an inventory of

60
00:03:57,760 --> 00:04:01,080
Speaker 3: the things that you still enjoy, taking inventory of the

61
00:04:01,120 --> 00:04:04,040
Speaker 3: things you don't enjoy as much. I have a stop

62
00:04:04,120 --> 00:04:06,600
Speaker 3: doing list on my desk of things that I don't

63
00:04:06,680 --> 00:04:08,840
Speaker 3: enjoy as much that I have to remind myself to

64
00:04:09,560 --> 00:04:12,560
Speaker 3: stop saying yes to. But I think that that is

65
00:04:12,680 --> 00:04:16,279
Speaker 3: a great way to segue very gradually into retirement. So

66
00:04:16,320 --> 00:04:19,520
Speaker 3: that the complexion of your work is that you're doing

67
00:04:19,560 --> 00:04:21,919
Speaker 3: more things that you enjoy and you're shedding some of

68
00:04:21,920 --> 00:04:23,359
Speaker 3: those things you don't like as much.

69
00:04:23,800 --> 00:04:27,039
Speaker 1: So let's talk about income while you're in retirement. What

70
00:04:27,160 --> 00:04:30,320
Speaker 1: are some of the more common forms of retirement income.

71
00:04:30,920 --> 00:04:34,839
Speaker 1: We automatically think of stock diven ends or bond yields.

72
00:04:35,480 --> 00:04:39,480
Speaker 1: How do most people generate the sort of income they

73
00:04:39,520 --> 00:04:41,200
Speaker 1: need to enjoy a retirement.

74
00:04:42,160 --> 00:04:45,239
Speaker 3: I think it starts with non portfolio sources of income.

75
00:04:45,360 --> 00:04:50,920
Speaker 3: So being thoughtful about how you are maximizing social security potentially,

76
00:04:51,320 --> 00:04:53,680
Speaker 3: you know, I've warmed up to the idea of using

77
00:04:53,800 --> 00:04:58,000
Speaker 3: simple income annuities to augment what someone might get from

78
00:04:58,080 --> 00:05:01,160
Speaker 3: Social Security. So the idea is that you you're trying

79
00:05:01,160 --> 00:05:05,800
Speaker 3: to address your basic living expenses with those non portfolio

80
00:05:05,920 --> 00:05:08,720
Speaker 3: sources of income, then it just gives you a ton

81
00:05:08,800 --> 00:05:12,719
Speaker 3: more flexibility with your investment portfolio, and it puts you

82
00:05:12,760 --> 00:05:15,599
Speaker 3: in a better position to put up with what will

83
00:05:15,600 --> 00:05:20,200
Speaker 3: be the inevitable ups and downs in the market. You

84
00:05:20,320 --> 00:05:24,960
Speaker 3: mentioned bond income and dividend income ary and certainly retirees

85
00:05:25,560 --> 00:05:30,599
Speaker 3: love the idea of subsisting on organically generated income. I

86
00:05:30,600 --> 00:05:33,240
Speaker 3: think that that can be actually a huge trap. From

87
00:05:33,279 --> 00:05:37,120
Speaker 3: a portfolio construction standpoint. I can't tell you how many

88
00:05:37,160 --> 00:05:40,920
Speaker 3: weird looking portfolios I've seen that have been assembled in

89
00:05:40,960 --> 00:05:45,120
Speaker 3: the name of kicking off whatever amount of income someone wants.

90
00:05:45,640 --> 00:05:49,640
Speaker 3: I'm a big believer in assembling a total return portfolio

91
00:05:49,720 --> 00:05:53,400
Speaker 3: and then maybe annually taking a step back and saying,

92
00:05:54,040 --> 00:05:56,520
Speaker 3: what is the best source of funds for me in

93
00:05:56,600 --> 00:05:59,600
Speaker 3: this year. For the past few years, it has been

94
00:05:59,640 --> 00:06:03,000
Speaker 3: trimming large growth stocks, I think for a lot of retirees.

95
00:06:03,320 --> 00:06:06,040
Speaker 3: But the idea is that it's a dynamic approach. It's

96
00:06:06,160 --> 00:06:08,640
Speaker 3: not a one and done I'm going to source my

97
00:06:08,720 --> 00:06:11,599
Speaker 3: income through the portfolio and never think about it again.

98
00:06:12,160 --> 00:06:15,200
Speaker 1: I like the idea of the dynamic approach. We're going

99
00:06:15,240 --> 00:06:18,839
Speaker 1: to come back to portfolio organization in a moment. But

100
00:06:18,960 --> 00:06:24,040
Speaker 1: since you brought up social Security, I always get asked, Hey,

101
00:06:24,400 --> 00:06:27,760
Speaker 1: what's better. Do I start taking Social Security as soon

102
00:06:27,800 --> 00:06:30,680
Speaker 1: as I'm eligible, or if I could get by, do

103
00:06:30,800 --> 00:06:34,320
Speaker 1: I wait until I have to take it and generate

104
00:06:34,400 --> 00:06:38,240
Speaker 1: the maximum monthly income? How do you answer that question?

105
00:06:39,000 --> 00:06:43,040
Speaker 3: We had seen this steady trend toward people delaying over

106
00:06:43,080 --> 00:06:45,560
Speaker 3: the past several years, but that seems to have reversed

107
00:06:45,600 --> 00:06:48,360
Speaker 3: itself a little bit recently as some of the scary

108
00:06:48,400 --> 00:06:54,520
Speaker 3: headlines about potential adjustments to Social Security have been predominant,

109
00:06:54,960 --> 00:06:59,000
Speaker 3: And so delaying is a really good strategy for people

110
00:06:59,000 --> 00:07:01,719
Speaker 3: who can of for to do that, who can afford

111
00:07:01,839 --> 00:07:07,480
Speaker 3: to subsist on their portfolio income prior to social Security starting.

112
00:07:07,560 --> 00:07:10,560
Speaker 3: And everyone's heard the reasons, but you know, you get

113
00:07:10,600 --> 00:07:13,840
Speaker 3: a guaranteed pickup and benefits for every year that you're

114
00:07:13,880 --> 00:07:17,400
Speaker 3: able to delay past your full retirement age, and that

115
00:07:17,760 --> 00:07:20,880
Speaker 3: benefit is also inflation adjusted, so even if you haven't

116
00:07:20,920 --> 00:07:25,080
Speaker 3: yet claimed, the benefit that you eventually receive will be

117
00:07:25,200 --> 00:07:29,320
Speaker 3: inflation adjusted to reflect whatever inflation increases have come along.

118
00:07:29,800 --> 00:07:33,240
Speaker 3: So it's a terrific strategy, especially for the high earners

119
00:07:33,360 --> 00:07:37,000
Speaker 3: in a household. If you've been the main earning partner

120
00:07:37,120 --> 00:07:40,480
Speaker 3: or the high earning partner, it's often a great strategy

121
00:07:40,520 --> 00:07:43,680
Speaker 3: for you to delay in order to enlarge for the

122
00:07:43,680 --> 00:07:48,320
Speaker 3: whole household that social Security income. For a lot of couples,

123
00:07:48,320 --> 00:07:50,800
Speaker 3: that's maybe, you know, kind of divide and conquer, where

124
00:07:50,800 --> 00:07:53,400
Speaker 3: one claims it full retirement age and the other weights

125
00:07:53,480 --> 00:07:57,040
Speaker 3: until age seventy. I often recommend the open Social Security

126
00:07:57,080 --> 00:07:59,800
Speaker 3: tool is kind of a good basic and free tool

127
00:07:59,840 --> 00:08:00,440
Speaker 3: for people.

128
00:08:01,200 --> 00:08:05,000
Speaker 1: And since you brought up portfolios earlier, let's talk about

129
00:08:05,360 --> 00:08:09,560
Speaker 1: I do like the idea of being dynamic and flexible,

130
00:08:09,560 --> 00:08:12,960
Speaker 1: where you can look at, hey, we're up twenty percent inequities.

131
00:08:13,080 --> 00:08:16,240
Speaker 1: I could peel that off rather than draw something else down.

132
00:08:16,600 --> 00:08:21,320
Speaker 1: But how do you advise people organizing structure their investment

133
00:08:21,360 --> 00:08:24,680
Speaker 1: portfolios from maximum cash flow during retirement.

134
00:08:25,440 --> 00:08:28,480
Speaker 3: I've become a huge evangelist for the bucket approach to

135
00:08:28,560 --> 00:08:32,560
Speaker 3: retirement portfolio planning. I remember talking to Harold Dvinski, the

136
00:08:32,640 --> 00:08:36,320
Speaker 3: financial planner, probably twenty years ago, and I was asking

137
00:08:36,440 --> 00:08:39,080
Speaker 3: him how he sources cash flows for his clients, and

138
00:08:39,480 --> 00:08:43,040
Speaker 3: basically he said, I run a total return portfolio, and

139
00:08:43,080 --> 00:08:46,640
Speaker 3: I bolt on this cash bucket. And he noted that

140
00:08:46,840 --> 00:08:51,440
Speaker 3: having that cash ear marked for down markets really gave

141
00:08:51,480 --> 00:08:53,760
Speaker 3: his clients a ton of peace of mind with the

142
00:08:53,840 --> 00:08:57,920
Speaker 3: long term portfolio. They weren't bugging him about losses in

143
00:08:57,960 --> 00:09:00,800
Speaker 3: that portion of the portfolio because, as they knew, in

144
00:09:00,840 --> 00:09:03,800
Speaker 3: a down market, they could pull from the cash. So

145
00:09:03,880 --> 00:09:08,240
Speaker 3: I love that idea of having very liquid reserves, maybe

146
00:09:08,240 --> 00:09:11,640
Speaker 3: amounting to a couple of years worth of portfolio withdrawals,

147
00:09:12,040 --> 00:09:15,400
Speaker 3: then maybe fixed income assets accounting for another five to

148
00:09:15,440 --> 00:09:19,400
Speaker 3: eight years worth of portfolio withdrawals, and then the rest

149
00:09:19,440 --> 00:09:24,079
Speaker 3: of the portfolio in a globally diversified equity portfolio. I

150
00:09:24,120 --> 00:09:26,680
Speaker 3: think it's kind of a simple way to think about it,

151
00:09:26,720 --> 00:09:29,839
Speaker 3: and I always say, even for financial advisors who aren't

152
00:09:29,960 --> 00:09:34,440
Speaker 3: using buckets, it's a wonderful client illustration tool. My senses

153
00:09:34,520 --> 00:09:37,360
Speaker 3: that people really get it and they're on board with

154
00:09:37,400 --> 00:09:40,440
Speaker 3: the acid allocation. It doesn't seem so black boxy to them.

155
00:09:41,080 --> 00:09:43,960
Speaker 1: And just to clarify, when you say cash, in my

156
00:09:44,440 --> 00:09:48,720
Speaker 1: mind's eye, I immediately think money markets with just last

157
00:09:48,760 --> 00:09:53,960
Speaker 1: summer were paying over five percent some form of investment

158
00:09:54,000 --> 00:09:58,720
Speaker 1: grade corporates or treasuries. And then depending on the tax

159
00:09:58,800 --> 00:10:02,640
Speaker 1: bracket and the state people live in, munis, how do

160
00:10:02,679 --> 00:10:05,800
Speaker 1: you think about quote unquote cash.

161
00:10:05,880 --> 00:10:08,360
Speaker 3: So I would think of cash as being more or

162
00:10:08,440 --> 00:10:11,720
Speaker 3: less pure cash, money market fund, some sort of high

163
00:10:11,800 --> 00:10:15,400
Speaker 3: yield savings account. The idea is that you aren't monkeying

164
00:10:15,440 --> 00:10:19,160
Speaker 3: around with any potential losses. These are your cash flow

165
00:10:19,200 --> 00:10:23,920
Speaker 3: needs and so you don't want any volatility whatsoever. I

166
00:10:23,920 --> 00:10:28,520
Speaker 3: would put fixed income assets in that second bucket, and

167
00:10:28,559 --> 00:10:31,880
Speaker 3: I would kind of stair step at my risk level

168
00:10:31,920 --> 00:10:35,040
Speaker 3: where maybe I have very short term bonds, just kind

169
00:10:35,080 --> 00:10:40,760
Speaker 3: of a step beyond cash and then moving into intermediate

170
00:10:40,880 --> 00:10:46,400
Speaker 3: term bonds. MUNI certainly, if pulling from the taxable portfolio

171
00:10:46,880 --> 00:10:48,800
Speaker 3: is part of the equation, you would want to think

172
00:10:48,840 --> 00:10:52,560
Speaker 3: about them, especially for people in higher tax brackets. But

173
00:10:52,840 --> 00:10:55,280
Speaker 3: I'm kind of a purist about that cash bucket, and

174
00:10:55,320 --> 00:10:57,600
Speaker 3: I think of it as kind of a zero risk

175
00:10:57,720 --> 00:11:01,800
Speaker 3: portion of the portfolio, probably a federal money market fund

176
00:11:02,080 --> 00:11:05,320
Speaker 3: or maybe AMMUTI money market fund for higher income folks.

177
00:11:05,840 --> 00:11:11,960
Speaker 1: So we started out talking about what actually retirement is

178
00:11:12,000 --> 00:11:16,000
Speaker 1: and how people should define their purpose. What about those

179
00:11:16,040 --> 00:11:20,439
Speaker 1: who want to keep working part time? How does that

180
00:11:20,480 --> 00:11:24,079
Speaker 1: transition go from full time to part time or even

181
00:11:24,160 --> 00:11:28,080
Speaker 1: from full time to fully retired. It seems like that's

182
00:11:28,120 --> 00:11:29,760
Speaker 1: a challenging time period.

183
00:11:30,400 --> 00:11:33,600
Speaker 3: It's a beautiful model. What we see when we look

184
00:11:33,640 --> 00:11:36,600
Speaker 3: at the data is that working is really good for people.

185
00:11:37,120 --> 00:11:40,679
Speaker 3: That people who are able to work later in life

186
00:11:40,760 --> 00:11:43,400
Speaker 3: do tend to be healthier and wealthier, And of course

187
00:11:43,440 --> 00:11:46,360
Speaker 3: it's a little bit of a cause and effect puzzle

188
00:11:46,440 --> 00:11:49,560
Speaker 3: there that the healthier and wealthier people are probably able

189
00:11:49,640 --> 00:11:53,360
Speaker 3: to continue working longer. And it's important to note that

190
00:11:53,400 --> 00:11:56,880
Speaker 3: the spoils of being able to work longer are not

191
00:11:57,080 --> 00:12:01,920
Speaker 3: following equally in our population, that that wealthier people are

192
00:12:02,040 --> 00:12:05,199
Speaker 3: able to continue working longer and they need to less.

193
00:12:05,559 --> 00:12:09,000
Speaker 3: But it is a really great model for people who

194
00:12:09,120 --> 00:12:12,280
Speaker 3: like some aspects of their jobs. So, Barry, I think

195
00:12:12,320 --> 00:12:15,440
Speaker 3: you're probably a perfect example. I'm a good example of

196
00:12:15,480 --> 00:12:18,280
Speaker 3: this where I really like a lot of what I

197
00:12:18,400 --> 00:12:21,839
Speaker 3: do and want to continue doing it longer. Have that

198
00:12:21,960 --> 00:12:24,760
Speaker 3: conversation with your employer, and I realize it's kind of

199
00:12:24,760 --> 00:12:28,240
Speaker 3: a rarefied position to be in where you are able

200
00:12:28,280 --> 00:12:31,280
Speaker 3: to have an open dialogue. But older workers are good,

201
00:12:31,640 --> 00:12:34,400
Speaker 3: good workers, and I think people should realize the power

202
00:12:34,440 --> 00:12:37,559
Speaker 3: that they probably have if they've been in their positions

203
00:12:37,600 --> 00:12:38,200
Speaker 3: for a while.

204
00:12:39,000 --> 00:12:42,560
Speaker 1: The idea of retiring at sixty five or seventy is

205
00:12:42,600 --> 00:12:46,640
Speaker 1: an anathma to me. At the same time, what was

206
00:12:46,679 --> 00:12:49,560
Speaker 1: Warren Buffett when he announced he retired earlier this year

207
00:12:49,640 --> 00:12:53,880
Speaker 1: ninety four? That's like incredible. I don't know if I

208
00:12:53,920 --> 00:12:58,040
Speaker 1: got another thirty plus years in me, but he clearly

209
00:12:58,080 --> 00:13:01,200
Speaker 1: loves his job. If you're in a situation where you

210
00:13:01,240 --> 00:13:07,640
Speaker 1: can keep working, find it not only remunative but fulfilling

211
00:13:07,960 --> 00:13:10,680
Speaker 1: and bringing you some degree of purpose. Is there a

212
00:13:10,760 --> 00:13:12,640
Speaker 1: reason not to retire?

213
00:13:13,480 --> 00:13:16,160
Speaker 3: Absolutely not. I mean, you do want to check that

214
00:13:16,240 --> 00:13:18,880
Speaker 3: you are able to continue to do the job. I

215
00:13:19,000 --> 00:13:22,280
Speaker 3: was recently on a panel with Carollen McLanahan, who's an

216
00:13:22,400 --> 00:13:25,240
Speaker 3: MD and a financial planner. She made the point that

217
00:13:25,480 --> 00:13:30,760
Speaker 3: financial advisors should actually consent to take cognitive tests periodically

218
00:13:30,880 --> 00:13:33,040
Speaker 3: just to make sure that their acuity is where it

219
00:13:33,120 --> 00:13:35,520
Speaker 3: needs to be in order to do the job. And

220
00:13:35,520 --> 00:13:38,040
Speaker 3: you'd want to have a feedback mechanism in place so

221
00:13:38,080 --> 00:13:41,800
Speaker 3: that people could tell you if you're not really delivering

222
00:13:42,920 --> 00:13:45,960
Speaker 3: on the on the responsibilities of that job, there needs

223
00:13:46,000 --> 00:13:48,439
Speaker 3: to be something in place to help you step away

224
00:13:48,440 --> 00:13:51,640
Speaker 3: from that. So that's one kind of thing that I

225
00:13:51,679 --> 00:13:55,480
Speaker 3: think people should troubleshoot in advance. But it is a

226
00:13:55,520 --> 00:13:58,240
Speaker 3: beautiful model, you know, especially if people might say, well,

227
00:13:58,280 --> 00:14:00,560
Speaker 3: I like my job, I just don't like at forty

228
00:14:00,559 --> 00:14:04,360
Speaker 3: hours a week, and so maybe you can transition where

229
00:14:04,360 --> 00:14:08,760
Speaker 3: you're you know, taking Wednesday off at first, or you know,

230
00:14:08,800 --> 00:14:11,960
Speaker 3: maybe just just working three days a week, whatever days

231
00:14:11,960 --> 00:14:14,480
Speaker 3: it might be. It Yeah, yeah, exactly.

232
00:14:14,520 --> 00:14:15,439
Speaker 1: Three day weekends.

233
00:14:15,880 --> 00:14:17,400
Speaker 3: Move into it very gradually.

234
00:14:17,679 --> 00:14:20,760
Speaker 1: So to wrap up, like so much else involving our

235
00:14:20,800 --> 00:14:24,720
Speaker 1: financial life, Planning goes a long way. The sooner you

236
00:14:24,760 --> 00:14:29,160
Speaker 1: start planning, the better you have to think through where

237
00:14:29,160 --> 00:14:31,560
Speaker 1: your revenue is going to come from, what your spending

238
00:14:31,600 --> 00:14:35,080
Speaker 1: looks like. I like the idea of having a dynamic

239
00:14:35,160 --> 00:14:39,560
Speaker 1: portfolio that gives you flexibility and adaptability no matter what

240
00:14:39,640 --> 00:14:42,760
Speaker 1: the markets do or what inflation looks like. And then,

241
00:14:42,840 --> 00:14:47,920
Speaker 1: most importantly, organize your financial affairs and communicate it with

242
00:14:48,080 --> 00:14:52,800
Speaker 1: your immediate family. I'm Barry Ridults. You're listening to Bloomberg's

243
00:14:53,320 --> 00:14:53,720
Speaker 1: at the.

244
00:14:53,680 --> 00:15:02,120
Speaker 2: Money, The best is yet to come. Come the day

245
00:15:02,400 --> 00:15:06,720
Speaker 2: you mind, Come the day