WEBVTT - At The Money: Planning Your Retirement? 

0:00:02.520 --> 0:00:07.040
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:07.720 --> 0:00:12.240
<v Speaker 2>Out of the tree of Life, I just pick me plumb.

0:00:16.360 --> 0:00:25.680
<v Speaker 2>You came along and everything started into hum. Still it's

0:00:25.920 --> 0:00:29.680
<v Speaker 2>a real good bet. The best is yet to come.

0:00:31.480 --> 0:00:34.839
<v Speaker 1>Have you thought about retiring? Do you know what you'll do,

0:00:35.520 --> 0:00:39.479
<v Speaker 1>how you'll spend your time and income? I'm Barry Ridhelts

0:00:39.560 --> 0:00:43.200
<v Speaker 1>and on today's edition of At the Money, we're going

0:00:43.280 --> 0:00:48.199
<v Speaker 1>to discuss your retirement. To help unpack all of this

0:00:48.280 --> 0:00:51.640
<v Speaker 1>and what it means to you, let's bring in Christine Bens.

0:00:52.000 --> 0:00:55.720
<v Speaker 1>She is the director of Personal Finance and retirement Planning

0:00:56.160 --> 0:01:00.240
<v Speaker 1>at morning Star. She's published numerous books on the subjet,

0:01:00.560 --> 0:01:06.080
<v Speaker 1>most recently How to Retire Twenty Lessons for a Happy, successful,

0:01:06.680 --> 0:01:11.960
<v Speaker 1>and Wealthy Retirement. So let's start with the basics, Christine.

0:01:12.280 --> 0:01:15.880
<v Speaker 1>In your book you talk about you need to define

0:01:15.920 --> 0:01:18.280
<v Speaker 1>your purpose in retirement.

0:01:18.959 --> 0:01:23.640
<v Speaker 3>Explain purpose is super important to us throughout our lives,

0:01:23.800 --> 0:01:28.360
<v Speaker 3>very and that's true as we age. The problem is

0:01:28.360 --> 0:01:31.959
<v Speaker 3>is that a lot of people do receive some sense

0:01:32.000 --> 0:01:34.839
<v Speaker 3>of purpose from their jobs, and so when they step

0:01:34.880 --> 0:01:38.880
<v Speaker 3>away from work, they're stepping away from part of themselves.

0:01:39.440 --> 0:01:43.480
<v Speaker 3>So the idea is, as you approach retirement, make sure

0:01:43.520 --> 0:01:47.160
<v Speaker 3>that you're being super thoughtful about how you will replace

0:01:47.800 --> 0:01:50.560
<v Speaker 3>that sense of purpose that you derived from your work,

0:01:50.600 --> 0:01:55.120
<v Speaker 3>that you should kind of prepopulate your activities to find

0:01:55.200 --> 0:01:58.960
<v Speaker 3>some that do provide you a sense of purpose. Jordan Grummitt,

0:01:58.960 --> 0:02:01.680
<v Speaker 3>who is the last chapter of the book, has a

0:02:01.760 --> 0:02:05.360
<v Speaker 3>whole book about purpose called The Purpose Code, and his

0:02:05.480 --> 0:02:09.240
<v Speaker 3>point is that there's a lot of purpose anxiety out

0:02:09.280 --> 0:02:11.799
<v Speaker 3>there that you say you find a purpose and people

0:02:11.880 --> 0:02:15.160
<v Speaker 3>think really big. They think, oh, I need to write

0:02:15.200 --> 0:02:18.320
<v Speaker 3>a book or start a foundation, or climb everest or

0:02:18.320 --> 0:02:21.520
<v Speaker 3>something like that. And maybe you do things like that.

0:02:21.639 --> 0:02:24.360
<v Speaker 3>But his point, I think is really comforting, which is

0:02:24.360 --> 0:02:29.200
<v Speaker 3>that small pee purpose. He calls it like bird watching

0:02:29.480 --> 0:02:33.040
<v Speaker 3>or gardening, or you know, cooking meals for your family,

0:02:33.120 --> 0:02:36.480
<v Speaker 3>smaller things that bring you joy. Those are just fine

0:02:36.520 --> 0:02:39.560
<v Speaker 3>too well. So while you're trying to cook up what

0:02:39.600 --> 0:02:42.760
<v Speaker 3>your big pee purpose might be, just find those things

0:02:42.800 --> 0:02:46.200
<v Speaker 3>that bring you joy, that give you that animating force

0:02:46.240 --> 0:02:46.840
<v Speaker 3>for your days.

0:02:46.880 --> 0:02:50.440
<v Speaker 1>So daily goals and activities up film and not just

0:02:50.720 --> 0:02:56.520
<v Speaker 1>kill them. Onjaro. So let's talk a little bit about planning.

0:02:56.960 --> 0:03:00.400
<v Speaker 1>How important is it when should people start playing? Is

0:03:00.440 --> 0:03:03.799
<v Speaker 1>this something you do five months before you retire or

0:03:03.840 --> 0:03:06.280
<v Speaker 1>is this something you do fifteen years before you retire.

0:03:07.120 --> 0:03:10.600
<v Speaker 3>I've really concluded that this idea of retirement has a

0:03:10.600 --> 0:03:13.760
<v Speaker 3>hard stop where we're not really thinking about it except

0:03:13.760 --> 0:03:16.160
<v Speaker 3>for like the months leading up to retirement. It's a

0:03:16.280 --> 0:03:19.959
<v Speaker 3>terrible model. And I know why it happens that, you know,

0:03:20.080 --> 0:03:22.480
<v Speaker 3>the way we work in this society is so intense

0:03:22.560 --> 0:03:26.799
<v Speaker 3>that people show up in retirement totally depleted and they

0:03:26.840 --> 0:03:31.320
<v Speaker 3>haven't really been able to envision anything besides like Netflix

0:03:31.440 --> 0:03:34.160
<v Speaker 3>or traveling or whatever. And those things are all great,

0:03:34.760 --> 0:03:38.000
<v Speaker 3>but you should ideally start I think age fifty is

0:03:38.080 --> 0:03:42.480
<v Speaker 3>kind of a good marker, start thinking about this vision

0:03:42.640 --> 0:03:46.120
<v Speaker 3>for your later years. Perhaps you will continue working a

0:03:46.200 --> 0:03:49.280
<v Speaker 3>little bit longer. And I love the idea of people

0:03:49.760 --> 0:03:53.280
<v Speaker 3>at that life stage being super thoughtful and trying to

0:03:53.400 --> 0:03:57.720
<v Speaker 3>direct the work that they do, taking an inventory of

0:03:57.760 --> 0:04:01.080
<v Speaker 3>the things that you still enjoy, taking inventory of the

0:04:01.120 --> 0:04:04.040
<v Speaker 3>things you don't enjoy as much. I have a stop

0:04:04.120 --> 0:04:06.600
<v Speaker 3>doing list on my desk of things that I don't

0:04:06.680 --> 0:04:08.840
<v Speaker 3>enjoy as much that I have to remind myself to

0:04:09.560 --> 0:04:12.560
<v Speaker 3>stop saying yes to. But I think that that is

0:04:12.680 --> 0:04:16.279
<v Speaker 3>a great way to segue very gradually into retirement. So

0:04:16.320 --> 0:04:19.520
<v Speaker 3>that the complexion of your work is that you're doing

0:04:19.560 --> 0:04:21.919
<v Speaker 3>more things that you enjoy and you're shedding some of

0:04:21.920 --> 0:04:23.359
<v Speaker 3>those things you don't like as much.

0:04:23.800 --> 0:04:27.039
<v Speaker 1>So let's talk about income while you're in retirement. What

0:04:27.160 --> 0:04:30.320
<v Speaker 1>are some of the more common forms of retirement income.

0:04:30.920 --> 0:04:34.839
<v Speaker 1>We automatically think of stock diven ends or bond yields.

0:04:35.480 --> 0:04:39.480
<v Speaker 1>How do most people generate the sort of income they

0:04:39.520 --> 0:04:41.200
<v Speaker 1>need to enjoy a retirement.

0:04:42.160 --> 0:04:45.239
<v Speaker 3>I think it starts with non portfolio sources of income.

0:04:45.360 --> 0:04:50.920
<v Speaker 3>So being thoughtful about how you are maximizing social security potentially,

0:04:51.320 --> 0:04:53.680
<v Speaker 3>you know, I've warmed up to the idea of using

0:04:53.800 --> 0:04:58.000
<v Speaker 3>simple income annuities to augment what someone might get from

0:04:58.080 --> 0:05:01.160
<v Speaker 3>Social Security. So the idea is that you you're trying

0:05:01.160 --> 0:05:05.800
<v Speaker 3>to address your basic living expenses with those non portfolio

0:05:05.920 --> 0:05:08.720
<v Speaker 3>sources of income, then it just gives you a ton

0:05:08.800 --> 0:05:12.719
<v Speaker 3>more flexibility with your investment portfolio, and it puts you

0:05:12.760 --> 0:05:15.599
<v Speaker 3>in a better position to put up with what will

0:05:15.600 --> 0:05:20.200
<v Speaker 3>be the inevitable ups and downs in the market. You

0:05:20.320 --> 0:05:24.960
<v Speaker 3>mentioned bond income and dividend income ary and certainly retirees

0:05:25.560 --> 0:05:30.599
<v Speaker 3>love the idea of subsisting on organically generated income. I

0:05:30.600 --> 0:05:33.240
<v Speaker 3>think that that can be actually a huge trap. From

0:05:33.279 --> 0:05:37.120
<v Speaker 3>a portfolio construction standpoint. I can't tell you how many

0:05:37.160 --> 0:05:40.920
<v Speaker 3>weird looking portfolios I've seen that have been assembled in

0:05:40.960 --> 0:05:45.120
<v Speaker 3>the name of kicking off whatever amount of income someone wants.

0:05:45.640 --> 0:05:49.640
<v Speaker 3>I'm a big believer in assembling a total return portfolio

0:05:49.720 --> 0:05:53.400
<v Speaker 3>and then maybe annually taking a step back and saying,

0:05:54.040 --> 0:05:56.520
<v Speaker 3>what is the best source of funds for me in

0:05:56.600 --> 0:05:59.600
<v Speaker 3>this year. For the past few years, it has been

0:05:59.640 --> 0:06:03.000
<v Speaker 3>trimming large growth stocks, I think for a lot of retirees.

0:06:03.320 --> 0:06:06.040
<v Speaker 3>But the idea is that it's a dynamic approach. It's

0:06:06.160 --> 0:06:08.640
<v Speaker 3>not a one and done I'm going to source my

0:06:08.720 --> 0:06:11.599
<v Speaker 3>income through the portfolio and never think about it again.

0:06:12.160 --> 0:06:15.200
<v Speaker 1>I like the idea of the dynamic approach. We're going

0:06:15.240 --> 0:06:18.839
<v Speaker 1>to come back to portfolio organization in a moment. But

0:06:18.960 --> 0:06:24.040
<v Speaker 1>since you brought up social Security, I always get asked, Hey,

0:06:24.400 --> 0:06:27.760
<v Speaker 1>what's better. Do I start taking Social Security as soon

0:06:27.800 --> 0:06:30.680
<v Speaker 1>as I'm eligible, or if I could get by, do

0:06:30.800 --> 0:06:34.320
<v Speaker 1>I wait until I have to take it and generate

0:06:34.400 --> 0:06:38.240
<v Speaker 1>the maximum monthly income? How do you answer that question?

0:06:39.000 --> 0:06:43.040
<v Speaker 3>We had seen this steady trend toward people delaying over

0:06:43.080 --> 0:06:45.560
<v Speaker 3>the past several years, but that seems to have reversed

0:06:45.600 --> 0:06:48.360
<v Speaker 3>itself a little bit recently as some of the scary

0:06:48.400 --> 0:06:54.520
<v Speaker 3>headlines about potential adjustments to Social Security have been predominant,

0:06:54.960 --> 0:06:59.000
<v Speaker 3>And so delaying is a really good strategy for people

0:06:59.000 --> 0:07:01.719
<v Speaker 3>who can of for to do that, who can afford

0:07:01.839 --> 0:07:07.480
<v Speaker 3>to subsist on their portfolio income prior to social Security starting.

0:07:07.560 --> 0:07:10.560
<v Speaker 3>And everyone's heard the reasons, but you know, you get

0:07:10.600 --> 0:07:13.840
<v Speaker 3>a guaranteed pickup and benefits for every year that you're

0:07:13.880 --> 0:07:17.400
<v Speaker 3>able to delay past your full retirement age, and that

0:07:17.760 --> 0:07:20.880
<v Speaker 3>benefit is also inflation adjusted, so even if you haven't

0:07:20.920 --> 0:07:25.080
<v Speaker 3>yet claimed, the benefit that you eventually receive will be

0:07:25.200 --> 0:07:29.320
<v Speaker 3>inflation adjusted to reflect whatever inflation increases have come along.

0:07:29.800 --> 0:07:33.240
<v Speaker 3>So it's a terrific strategy, especially for the high earners

0:07:33.360 --> 0:07:37.000
<v Speaker 3>in a household. If you've been the main earning partner

0:07:37.120 --> 0:07:40.480
<v Speaker 3>or the high earning partner, it's often a great strategy

0:07:40.520 --> 0:07:43.680
<v Speaker 3>for you to delay in order to enlarge for the

0:07:43.680 --> 0:07:48.320
<v Speaker 3>whole household that social Security income. For a lot of couples,

0:07:48.320 --> 0:07:50.800
<v Speaker 3>that's maybe, you know, kind of divide and conquer, where

0:07:50.800 --> 0:07:53.400
<v Speaker 3>one claims it full retirement age and the other weights

0:07:53.480 --> 0:07:57.040
<v Speaker 3>until age seventy. I often recommend the open Social Security

0:07:57.080 --> 0:07:59.800
<v Speaker 3>tool is kind of a good basic and free tool

0:07:59.840 --> 0:08:00.440
<v Speaker 3>for people.

0:08:01.200 --> 0:08:05.000
<v Speaker 1>And since you brought up portfolios earlier, let's talk about

0:08:05.360 --> 0:08:09.560
<v Speaker 1>I do like the idea of being dynamic and flexible,

0:08:09.560 --> 0:08:12.960
<v Speaker 1>where you can look at, hey, we're up twenty percent inequities.

0:08:13.080 --> 0:08:16.240
<v Speaker 1>I could peel that off rather than draw something else down.

0:08:16.600 --> 0:08:21.320
<v Speaker 1>But how do you advise people organizing structure their investment

0:08:21.360 --> 0:08:24.680
<v Speaker 1>portfolios from maximum cash flow during retirement.

0:08:25.440 --> 0:08:28.480
<v Speaker 3>I've become a huge evangelist for the bucket approach to

0:08:28.560 --> 0:08:32.560
<v Speaker 3>retirement portfolio planning. I remember talking to Harold Dvinski, the

0:08:32.640 --> 0:08:36.320
<v Speaker 3>financial planner, probably twenty years ago, and I was asking

0:08:36.440 --> 0:08:39.080
<v Speaker 3>him how he sources cash flows for his clients, and

0:08:39.480 --> 0:08:43.040
<v Speaker 3>basically he said, I run a total return portfolio, and

0:08:43.080 --> 0:08:46.640
<v Speaker 3>I bolt on this cash bucket. And he noted that

0:08:46.840 --> 0:08:51.440
<v Speaker 3>having that cash ear marked for down markets really gave

0:08:51.480 --> 0:08:53.760
<v Speaker 3>his clients a ton of peace of mind with the

0:08:53.840 --> 0:08:57.920
<v Speaker 3>long term portfolio. They weren't bugging him about losses in

0:08:57.960 --> 0:09:00.800
<v Speaker 3>that portion of the portfolio because, as they knew, in

0:09:00.840 --> 0:09:03.800
<v Speaker 3>a down market, they could pull from the cash. So

0:09:03.880 --> 0:09:08.240
<v Speaker 3>I love that idea of having very liquid reserves, maybe

0:09:08.240 --> 0:09:11.640
<v Speaker 3>amounting to a couple of years worth of portfolio withdrawals,

0:09:12.040 --> 0:09:15.400
<v Speaker 3>then maybe fixed income assets accounting for another five to

0:09:15.440 --> 0:09:19.400
<v Speaker 3>eight years worth of portfolio withdrawals, and then the rest

0:09:19.440 --> 0:09:24.079
<v Speaker 3>of the portfolio in a globally diversified equity portfolio. I

0:09:24.120 --> 0:09:26.680
<v Speaker 3>think it's kind of a simple way to think about it,

0:09:26.720 --> 0:09:29.839
<v Speaker 3>and I always say, even for financial advisors who aren't

0:09:29.960 --> 0:09:34.440
<v Speaker 3>using buckets, it's a wonderful client illustration tool. My senses

0:09:34.520 --> 0:09:37.360
<v Speaker 3>that people really get it and they're on board with

0:09:37.400 --> 0:09:40.440
<v Speaker 3>the acid allocation. It doesn't seem so black boxy to them.

0:09:41.080 --> 0:09:43.960
<v Speaker 1>And just to clarify, when you say cash, in my

0:09:44.440 --> 0:09:48.720
<v Speaker 1>mind's eye, I immediately think money markets with just last

0:09:48.760 --> 0:09:53.960
<v Speaker 1>summer were paying over five percent some form of investment

0:09:54.000 --> 0:09:58.720
<v Speaker 1>grade corporates or treasuries. And then depending on the tax

0:09:58.800 --> 0:10:02.640
<v Speaker 1>bracket and the state people live in, munis, how do

0:10:02.679 --> 0:10:05.800
<v Speaker 1>you think about quote unquote cash.

0:10:05.880 --> 0:10:08.360
<v Speaker 3>So I would think of cash as being more or

0:10:08.440 --> 0:10:11.720
<v Speaker 3>less pure cash, money market fund, some sort of high

0:10:11.800 --> 0:10:15.400
<v Speaker 3>yield savings account. The idea is that you aren't monkeying

0:10:15.440 --> 0:10:19.160
<v Speaker 3>around with any potential losses. These are your cash flow

0:10:19.200 --> 0:10:23.920
<v Speaker 3>needs and so you don't want any volatility whatsoever. I

0:10:23.920 --> 0:10:28.520
<v Speaker 3>would put fixed income assets in that second bucket, and

0:10:28.559 --> 0:10:31.880
<v Speaker 3>I would kind of stair step at my risk level

0:10:31.920 --> 0:10:35.040
<v Speaker 3>where maybe I have very short term bonds, just kind

0:10:35.080 --> 0:10:40.760
<v Speaker 3>of a step beyond cash and then moving into intermediate

0:10:40.880 --> 0:10:46.400
<v Speaker 3>term bonds. MUNI certainly, if pulling from the taxable portfolio

0:10:46.880 --> 0:10:48.800
<v Speaker 3>is part of the equation, you would want to think

0:10:48.840 --> 0:10:52.560
<v Speaker 3>about them, especially for people in higher tax brackets. But

0:10:52.840 --> 0:10:55.280
<v Speaker 3>I'm kind of a purist about that cash bucket, and

0:10:55.320 --> 0:10:57.600
<v Speaker 3>I think of it as kind of a zero risk

0:10:57.720 --> 0:11:01.800
<v Speaker 3>portion of the portfolio, probably a federal money market fund

0:11:02.080 --> 0:11:05.320
<v Speaker 3>or maybe AMMUTI money market fund for higher income folks.

0:11:05.840 --> 0:11:11.960
<v Speaker 1>So we started out talking about what actually retirement is

0:11:12.000 --> 0:11:16.000
<v Speaker 1>and how people should define their purpose. What about those

0:11:16.040 --> 0:11:20.439
<v Speaker 1>who want to keep working part time? How does that

0:11:20.480 --> 0:11:24.079
<v Speaker 1>transition go from full time to part time or even

0:11:24.160 --> 0:11:28.080
<v Speaker 1>from full time to fully retired. It seems like that's

0:11:28.120 --> 0:11:29.760
<v Speaker 1>a challenging time period.

0:11:30.400 --> 0:11:33.600
<v Speaker 3>It's a beautiful model. What we see when we look

0:11:33.640 --> 0:11:36.600
<v Speaker 3>at the data is that working is really good for people.

0:11:37.120 --> 0:11:40.679
<v Speaker 3>That people who are able to work later in life

0:11:40.760 --> 0:11:43.400
<v Speaker 3>do tend to be healthier and wealthier, And of course

0:11:43.440 --> 0:11:46.360
<v Speaker 3>it's a little bit of a cause and effect puzzle

0:11:46.440 --> 0:11:49.560
<v Speaker 3>there that the healthier and wealthier people are probably able

0:11:49.640 --> 0:11:53.360
<v Speaker 3>to continue working longer. And it's important to note that

0:11:53.400 --> 0:11:56.880
<v Speaker 3>the spoils of being able to work longer are not

0:11:57.080 --> 0:12:01.920
<v Speaker 3>following equally in our population, that that wealthier people are

0:12:02.040 --> 0:12:05.199
<v Speaker 3>able to continue working longer and they need to less.

0:12:05.559 --> 0:12:09.000
<v Speaker 3>But it is a really great model for people who

0:12:09.120 --> 0:12:12.280
<v Speaker 3>like some aspects of their jobs. So, Barry, I think

0:12:12.320 --> 0:12:15.440
<v Speaker 3>you're probably a perfect example. I'm a good example of

0:12:15.480 --> 0:12:18.280
<v Speaker 3>this where I really like a lot of what I

0:12:18.400 --> 0:12:21.839
<v Speaker 3>do and want to continue doing it longer. Have that

0:12:21.960 --> 0:12:24.760
<v Speaker 3>conversation with your employer, and I realize it's kind of

0:12:24.760 --> 0:12:28.240
<v Speaker 3>a rarefied position to be in where you are able

0:12:28.280 --> 0:12:31.280
<v Speaker 3>to have an open dialogue. But older workers are good,

0:12:31.640 --> 0:12:34.400
<v Speaker 3>good workers, and I think people should realize the power

0:12:34.440 --> 0:12:37.559
<v Speaker 3>that they probably have if they've been in their positions

0:12:37.600 --> 0:12:38.200
<v Speaker 3>for a while.

0:12:39.000 --> 0:12:42.560
<v Speaker 1>The idea of retiring at sixty five or seventy is

0:12:42.600 --> 0:12:46.640
<v Speaker 1>an anathma to me. At the same time, what was

0:12:46.679 --> 0:12:49.560
<v Speaker 1>Warren Buffett when he announced he retired earlier this year

0:12:49.640 --> 0:12:53.880
<v Speaker 1>ninety four? That's like incredible. I don't know if I

0:12:53.920 --> 0:12:58.040
<v Speaker 1>got another thirty plus years in me, but he clearly

0:12:58.080 --> 0:13:01.200
<v Speaker 1>loves his job. If you're in a situation where you

0:13:01.240 --> 0:13:07.640
<v Speaker 1>can keep working, find it not only remunative but fulfilling

0:13:07.960 --> 0:13:10.680
<v Speaker 1>and bringing you some degree of purpose. Is there a

0:13:10.760 --> 0:13:12.640
<v Speaker 1>reason not to retire?

0:13:13.480 --> 0:13:16.160
<v Speaker 3>Absolutely not. I mean, you do want to check that

0:13:16.240 --> 0:13:18.880
<v Speaker 3>you are able to continue to do the job. I

0:13:19.000 --> 0:13:22.280
<v Speaker 3>was recently on a panel with Carollen McLanahan, who's an

0:13:22.400 --> 0:13:25.240
<v Speaker 3>MD and a financial planner. She made the point that

0:13:25.480 --> 0:13:30.760
<v Speaker 3>financial advisors should actually consent to take cognitive tests periodically

0:13:30.880 --> 0:13:33.040
<v Speaker 3>just to make sure that their acuity is where it

0:13:33.120 --> 0:13:35.520
<v Speaker 3>needs to be in order to do the job. And

0:13:35.520 --> 0:13:38.040
<v Speaker 3>you'd want to have a feedback mechanism in place so

0:13:38.080 --> 0:13:41.800
<v Speaker 3>that people could tell you if you're not really delivering

0:13:42.920 --> 0:13:45.960
<v Speaker 3>on the on the responsibilities of that job, there needs

0:13:46.000 --> 0:13:48.439
<v Speaker 3>to be something in place to help you step away

0:13:48.440 --> 0:13:51.640
<v Speaker 3>from that. So that's one kind of thing that I

0:13:51.679 --> 0:13:55.480
<v Speaker 3>think people should troubleshoot in advance. But it is a

0:13:55.520 --> 0:13:58.240
<v Speaker 3>beautiful model, you know, especially if people might say, well,

0:13:58.280 --> 0:14:00.560
<v Speaker 3>I like my job, I just don't like at forty

0:14:00.559 --> 0:14:04.360
<v Speaker 3>hours a week, and so maybe you can transition where

0:14:04.360 --> 0:14:08.760
<v Speaker 3>you're you know, taking Wednesday off at first, or you know,

0:14:08.800 --> 0:14:11.960
<v Speaker 3>maybe just just working three days a week, whatever days

0:14:11.960 --> 0:14:14.480
<v Speaker 3>it might be. It Yeah, yeah, exactly.

0:14:14.520 --> 0:14:15.439
<v Speaker 1>Three day weekends.

0:14:15.880 --> 0:14:17.400
<v Speaker 3>Move into it very gradually.

0:14:17.679 --> 0:14:20.760
<v Speaker 1>So to wrap up, like so much else involving our

0:14:20.800 --> 0:14:24.720
<v Speaker 1>financial life, Planning goes a long way. The sooner you

0:14:24.760 --> 0:14:29.160
<v Speaker 1>start planning, the better you have to think through where

0:14:29.160 --> 0:14:31.560
<v Speaker 1>your revenue is going to come from, what your spending

0:14:31.600 --> 0:14:35.080
<v Speaker 1>looks like. I like the idea of having a dynamic

0:14:35.160 --> 0:14:39.560
<v Speaker 1>portfolio that gives you flexibility and adaptability no matter what

0:14:39.640 --> 0:14:42.760
<v Speaker 1>the markets do or what inflation looks like. And then,

0:14:42.840 --> 0:14:47.920
<v Speaker 1>most importantly, organize your financial affairs and communicate it with

0:14:48.080 --> 0:14:52.800
<v Speaker 1>your immediate family. I'm Barry Ridults. You're listening to Bloomberg's

0:14:53.320 --> 0:14:53.720
<v Speaker 1>at the.

0:14:53.680 --> 0:15:02.120
<v Speaker 2>Money, The best is yet to come. Come the day

0:15:02.400 --> 0:15:06.720
<v Speaker 2>you mind, Come the day