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025: Factoring Longer Lifespans into Retirement Security – and Fun!
Episode 259th November 2022 • Retirement Equals Freedom • Josh Bretl
00:00:00 00:29:06

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Actuarially speaking, death these days isn’t really a downer! As Host Josh Bretl highlights with data points on this episode of Retirement Equals Freedom, the average human life span has stretched way out beyond previous generations.

The good news is, that means more years to enjoy! But that positive headline also comes with a word to the wise: You’re going to want to do some planning to ensure you’ve got enough fuel in the tank to enjoy all the days of your life!

Josh and his co-host, Dave Schmidt, are looking at “the hierarchy of dreams, strategies and tools” we can leverage to create a sustainable retirement. Think of it this way: When done right, retirement really does = freedom! It’s a permission slip to stop worrying, start spending and keep on enjoying a wisely invested portfolio that will keep paying dividends to keep you worry-free year after year!

Disclaimer: There are lots of great strategies out there, but please be warned that s’more chocolate chip cookie sundaes are neither correlated with nor a recommended predictor of health and longevity. 

As always, we’re loving our Cometeer Coffee. If you’d like to brew it at home, click here to get $25 off your first order. 

Transcripts

Josh Bretl:

Death is going to happen to all of us, but it's

Josh Bretl:

getting pushed back farther and farther and farther.

Josh Bretl:

And the good news is it's not just life expectancy, but

Josh Bretl:

it's also the quality of life.

Josh Bretl:

If you're going to live longer, healthier, happier, you need to

Josh Bretl:

have the assets there to support you for longer in your life.

Dave Schmidt:

:

Actuarily speaking.

Dave Schmidt:

:

Death these days isn't really a downer.

Dave Schmidt:

:

The average human lifespan, has stretched way beyond

Dave Schmidt:

:

previous generations.

Dave Schmidt:

:

The good news?

Dave Schmidt:

:

More years to enjoy!

Dave Schmidt:

:

But that positivity also comes with a word to the why.

Dave Schmidt:

:

You're going to want to do some planning to ensure you've

Dave Schmidt:

:

got enough fuel in the tank to enjoy all the days of your life.

Dave Schmidt:

:

And I'm not referring to that soap opera.

Dave Schmidt:

:

When done right, retirement truly does equal freedom.

Dave Schmidt:

:

It's a permission slip to stop worrying, start spending,

Dave Schmidt:

:

and keep on enjoying a wisely invested portfolio that

Dave Schmidt:

:

will keep paying dividends to keep you worry free.

Dave Schmidt:

:

Year after year, after year, after year, after

Dave Schmidt:

:

year, after year after year.

Dave Schmidt:

:

This is The Retirement Equals Freedom Podcast.

Dave Schmidt:

:

Your host, Josh Bretl, is the owner of FSR Wealth Strategies.

Dave Schmidt:

:

For the last two decades, he has been helping fine folks like

Dave Schmidt:

:

you thrive in their retirement.

Dave Schmidt:

:

Me?

Dave Schmidt:

:

Well, I'm Dave.

Dave Schmidt:

:

Josh's longtime friend, co-host of the podcast, and

Dave Schmidt:

:

fan of Angry Beaver t-shirts.

Dave Schmidt:

:

I'm here to keep the show lighthearted and to keep

Dave Schmidt:

:

Josh from going on long, technical, boring rants.

Dave Schmidt:

:

So now let me let you let me, end this introduction

Dave Schmidt:

:

so you can enjoy the show.

Dave Schmidt:

:

FSR Wealth Management is a registered investment advisor

Dave Schmidt:

:

located in Elmhurst, Illinois.

Dave Schmidt:

:

Information and opinions contained in this audio

Dave Schmidt:

:

have been arrived at by FSR Wealth advisors.

Dave Schmidt:

:

All information herein is for informational purposes

Dave Schmidt:

:

and should not be construed as investment advice.

Dave Schmidt:

:

It does not constitute an offer, a solicitation or recommendation

Dave Schmidt:

:

to purchase any security.

Dave Schmidt:

:

FSR is not providing legal, tax, accounting, or financial

Dave Schmidt:

:

planning advice in this audio.

Dave Schmidt:

:

These views are as of the date of this publication

Dave Schmidt:

:

and are subject to change.

Dave Schmidt:

:

I often wonder what my life would be like as a cowboy.

Dave Schmidt:

:

Think I'd make it?

Josh Bretl:

I don't think you'd make it one night.

Dave Schmidt:

I don't think so either.

Dave Schmidt:

I'm looking at you, you're looking me

Dave Schmidt:

like we're both tired.

Josh Bretl:

It was a late night last night too.

Dave Schmidt:

It was a late night.

Josh Bretl:

Of client events.

Dave Schmidt:

Your hair is getting messy, so I can

Dave Schmidt:

tell you're getting tired.

Josh Bretl:

My hand's through my hair.

Dave Schmidt:

Last night, Josh, there was another

Dave Schmidt:

great client event.

Dave Schmidt:

We referenced this in the last episode.

Dave Schmidt:

It was all about estate planning and all that.

Dave Schmidt:

Of course, we've touched on this topic on the podcast

Dave Schmidt:

because we highlight all very relevant topics.

Dave Schmidt:

And at one point during a Q & A session, one of

Dave Schmidt:

your clients asked, " Is this going to be recorded?

Dave Schmidt:

I want to re-watch it."

Dave Schmidt:

Did you hear my response?

Josh Bretl:

You said, " It better be.

Josh Bretl:

Otherwise, I'm out of a job."

Dave Schmidt:

Josh is a good friend of mine.

Dave Schmidt:

But if I mess up even once, you'll no longer hear from me.

Dave Schmidt:

Same thing with this podcast.

Dave Schmidt:

I feel like I have to be on my A game, Josh, or

Dave Schmidt:

next episode, you're going to have a new cohost.

Josh Bretl:

I'm a little worried because we had some

Josh Bretl:

funny emails that we talked about before, one from Doug

Josh Bretl:

who was giving you a hard time.

Josh Bretl:

We have my sister's in-laws, Dave, who likes to fast

Josh Bretl:

forward to the content, to the meat of episode.

Josh Bretl:

I thought, "Oh man, maybe Dave and I's back and forth

Josh Bretl:

isn't everyone's cup of tea."

Josh Bretl:

And well, last night actually, both people came up and said,

Josh Bretl:

"Dave really adds a lot.

Josh Bretl:

The show wouldn't be the same without him."

Josh Bretl:

I don't know what you did, what you said, or how you

Josh Bretl:

paid them, whatever it was.

Dave Schmidt:

Puddin' Cakes and coffee.

Josh Bretl:

We've acquired the Cometeer.

Josh Bretl:

The Cometeer is in our office.

Josh Bretl:

You've converted me to a Cometeer lover.

Josh Bretl:

We've still not acquired Puddin' Cakes.

Dave Schmidt:

I wonder if it's because the

Dave Schmidt:

shipping is outrageous.

Dave Schmidt:

You have to spend 70 bucks just to get them here for free.

Dave Schmidt:

I'm not saying that those Puddin' Cakes go to waste.

Dave Schmidt:

We would certainly eat them all.

Josh Bretl:

That's the problem too.

Josh Bretl:

Actually, last night as I was presenting, my cell phone was

Josh Bretl:

blowing up with text messages.

Josh Bretl:

They were from our friends.

Josh Bretl:

It was a text string that you and I are both on.

Josh Bretl:

It was the text string that middle-aged 40 year old

Josh Bretl:

men, apparently, who are all feeling overweight and...

Dave Schmidt:

Balding.

Josh Bretl:

Balding, the kids stress, and all that fun stuff.

Josh Bretl:

The conversation turned to being accountability partners

Josh Bretl:

for weight loss and all that stuff, which is not the

Josh Bretl:

conversation that would've happened five years ago.

Dave Schmidt:

Or even five months ago.

Josh Bretl:

You can tell where everyone's at mentally

Josh Bretl:

as we go back to school and do all that stuff.

Dave Schmidt:

Are you suggesting that maybe Puddin'

Dave Schmidt:

Cakes is not the best for us?

Josh Bretl:

I would suggest that we don't bring Puddin'

Josh Bretl:

Cakes into the office.

Dave Schmidt:

Here's what I'm going to say.

Dave Schmidt:

I think everything in moderation.

Dave Schmidt:

Once we get the new studio built, how about we

Dave Schmidt:

celebrate with Puddin' Cakes?

Josh Bretl:

The Puddin' Cake studio.

Dave Schmidt:

The Puddin' Cake studio.

Josh Bretl:

So Dave, on our last episode, we

Josh Bretl:

went super technical.

Josh Bretl:

I had to go back and research tax code.

Josh Bretl:

Erin actually printed up a tax schedule for me.

Josh Bretl:

That was a lot.

Dave Schmidt:

That took a toll.

Josh Bretl:

So today I'm going to go something that is actually

Josh Bretl:

near and dear to my heart, something I care a lot about.

Josh Bretl:

And it's a topic that I think is totally

Josh Bretl:

under-discussed, underutilized.

Josh Bretl:

It's not talked about enough and taken into consideration enough.

Dave Schmidt:

Eighties sitcoms?

Josh Bretl:

Eighties sitcoms, no, that is not it.

Josh Bretl:

You were singing something last week too

Josh Bretl:

from an eighties sitcom.

Dave Schmidt:

I sing lots of eighties sitcoms.

Josh Bretl:

That is true.

Josh Bretl:

But this actually has to do with the fact that our population

Josh Bretl:

is living longer and healthier.

Dave Schmidt:

:

That's a good thing.

Josh Bretl:

That's a great thing.

Josh Bretl:

It's fantastic, it changes the mentality of a retiree.

Josh Bretl:

think about their parents and they think about what

Josh Bretl:

they watch, what they know, what their experiences are.

Josh Bretl:

That's in their mind.

Josh Bretl:

They get that, " When I hit X age, I'm not going

Josh Bretl:

to be here anymore."

Josh Bretl:

Death is going to happen to all of us, but it's

Josh Bretl:

getting pushed back farther and farther and farther.

Josh Bretl:

In fact, when I give a social security conversation

Josh Bretl:

with people, I always talk about when social security

Josh Bretl:

first started in 1935, the average life expectancy of

Josh Bretl:

an American male was 62.

Josh Bretl:

The average American didn't live to Social

Josh Bretl:

Security age, which is 65

Dave Schmidt:

Right.

Dave Schmidt:

It's a scam.

Josh Bretl:

Which is kind of crazy.

Josh Bretl:

Social security is a different spot now, so life expectancy

Josh Bretl:

has drastically changed.

Josh Bretl:

And the good news is it's not just life expectancy, but

Josh Bretl:

it's also the quality of life.

Josh Bretl:

You hear the terms that 60 is the new 50, 70 is the new

Josh Bretl:

60, things along those lines.

Josh Bretl:

People are active, people are doing things with their life.

Josh Bretl:

Now here comes the financial part of that.

Josh Bretl:

If you're going to live longer, healthier, happier, you need to

Josh Bretl:

have the assets there to support you for longer in your life.

Josh Bretl:

That's what I want to dive into a little bit today.

Dave Schmidt:

You don't want to be in Josh's position

Dave Schmidt:

where I don't plan for enough money, and I have to

Dave Schmidt:

move in with you and Missy.

Dave Schmidt:

That would just be awful for you.

Josh Bretl:

It would be awful for one of us, that's for sure.

Dave Schmidt:

I guess you and I would have lots of fun.

Dave Schmidt:

Josh, help me pull up my pants.

Josh Bretl:

I can see Missy now.

Dave Schmidt:

I know.

Josh Bretl:

"We're going to have to have a talk.

Josh Bretl:

He's going to have to go."

Dave Schmidt:

"He's got to go."

Josh Bretl:

"He's going to have to go."

Dave Schmidt:

"But, Missy, he's been here three hours."

Dave Schmidt:

"I had enough."

Josh Bretl:

He ate all the s'mores Pop Tarts.

Dave Schmidt:

Ooh, s'mores.

Josh Bretl:

Dave and my wife both have a fascination

Josh Bretl:

of all things s'mores.

Josh Bretl:

I forgot to mention this to you.

Josh Bretl:

One night last week, she brought home a dessert

Josh Bretl:

for her and I to share.

Josh Bretl:

And you know those giant chocolate chip

Josh Bretl:

cookies that Jewel has?

Dave Schmidt:

Oh yeah.

Josh Bretl:

They took one, cut it into smaller pieces, and

Josh Bretl:

made it into a s'mores topping.

Dave Schmidt:

No.

Josh Bretl:

Oh my God.

Josh Bretl:

It had graham crackers and marshmallows over the top and a

Josh Bretl:

little bit of chocolate syrup.

Dave Schmidt:

What?

Josh Bretl:

Both her and I were blown away at how good this was.

Dave Schmidt:

Jewel?

Josh Bretl:

Jewel.

Josh Bretl:

Jewel Food Stores.

Dave Schmidt:

My birthday is June 4th.

Josh Bretl:

June 4th.

Dave Schmidt:

Christmas, Thanksgiving, Halloween, I'll

Dave Schmidt:

take one at every holiday.

Josh Bretl:

It was out of this world.

Dave Schmidt:

Wow.

Dave Schmidt:

Did you put down the whole thing?

Josh Bretl:

Not in one night,

Dave Schmidt:

But you put down the whole thing.

Josh Bretl:

But in two nights, we did.

Josh Bretl:

It wasn't the whole cookie though whole.

Josh Bretl:

It was just a part of the cookie.

Dave Schmidt:

I'm kind of surprised I

Dave Schmidt:

didn't get a message.

Josh Bretl:

I am too, actually.

Dave Schmidt:

Maybe next time.

Josh Bretl:

But it was delicious.

Josh Bretl:

Do you know what's not going to help me live longer?

Dave Schmidt:

S'mores cookies.

Josh Bretl:

And you living in my house.

Josh Bretl:

Let's talk about life expectancy a little bit.

Dave Schmidt:

Sure.

Josh Bretl:

There's all sorts of different life

Josh Bretl:

expectancy statistics.

Josh Bretl:

Each "government agency" with an acronym has their own

Josh Bretl:

statistics and round numbers.

Josh Bretl:

A male born today, life expectancy comes

Josh Bretl:

in at 78 years old.

Josh Bretl:

For a female, it's 82.

Josh Bretl:

Life expectancy though includes infant mortality and

Josh Bretl:

all the bad things that can happen to you along the way.

Josh Bretl:

This sounds crazy, but the older you get, the longer

Josh Bretl:

your life expectancy is.

Dave Schmidt:

I've heard that.

Josh Bretl:

Every single year you get older, the longer your

Josh Bretl:

life expectancy pushes out.

Josh Bretl:

I don't have the exact numbers on that one, but Erin dug

Josh Bretl:

into for us some of the life insurance actuarial tables.

Josh Bretl:

Actuaries are an interesting breed.

Josh Bretl:

They study statistics and all giant data patterns.

Josh Bretl:

I always tell people a life insurance company is never

Josh Bretl:

going to tell you when you're going to die, but they can

Josh Bretl:

tell you the odds of you dying every single year.

Dave Schmidt:

Oh, wow.

Josh Bretl:

That's because they have the statistics

Josh Bretl:

as to what age people die.

Josh Bretl:

What they're saying is, and it's based on health, if you are 65

Josh Bretl:

years old today, a non-smoker with excellent health, the

Josh Bretl:

males they expect to live to 88, the females to age 90.

Dave Schmidt:

I think the key word is "excellent health."

Dave Schmidt:

That's pretty...

Josh Bretl:

Excellent health is, but they have a

Josh Bretl:

pretty broad spectrum to the definition of excellent health.

Josh Bretl:

That's you don't have cancer, you don't have heart disease.

Dave Schmidt:

:

Preexisting issues.

Josh Bretl:

But high cholesterol, high blood

Josh Bretl:

pressure, that's normal.

Josh Bretl:

They take that without any issues here.

Dave Schmidt:

Winning for us.

Josh Bretl:

Now life insurance companies can't

Josh Bretl:

take this into consideration.

Josh Bretl:

It's against the law.

Josh Bretl:

But the higher income people who have access to better

Josh Bretl:

healthcare live longer.

Dave Schmidt:

Naturally.

Josh Bretl:

People who live closer to good hospital

Josh Bretl:

systems live longer.

Josh Bretl:

Actually, there's something goofy because people on the

Josh Bretl:

East and West Coast tend to actually live longer.

Josh Bretl:

A lot of it has to do with access to food and healthcare.

Josh Bretl:

But it's kind of an amazing topic here.

Josh Bretl:

The life expectancy keeps getting pushed out farther

Josh Bretl:

and farther and farther.

Josh Bretl:

If you look at social security statistics...

Dave Schmidt:

That's one of my joys in life.

Josh Bretl:

You do, you come in every day and you're going,

Josh Bretl:

"Did you see the latest social security But social security as

Josh Bretl:

a program that's designed to pay out for the rest of your life.

Josh Bretl:

But they look at 65 year olds as their median age.

Josh Bretl:

What they say is that a third of everyone who's 65 today

Josh Bretl:

will live to be 90 years old.

Dave Schmidt:

Wow.

Josh Bretl:

That is crazy.

Josh Bretl:

I also love to listen to other podcasts, not just ours.

Josh Bretl:

Believe it or not, I listen to other people.

Dave Schmidt:

But you do listen to ours?

Josh Bretl:

I do listen to ours every time it comes out,

Josh Bretl:

sometimes multiple times because my kids want to listen to it.

Josh Bretl:

It's a funny thing, I listen to it and I forget

Josh Bretl:

what we talked about.

Josh Bretl:

Someone will come up to me and be like, "I love that podcast

Josh Bretl:

on this, this, and this."

Josh Bretl:

I'm like, " What did I say?"

Dave Schmidt:

And yet our wives have never listened to it.

Josh Bretl:

No.

Josh Bretl:

As my wife says, "I listen to you enough.

Josh Bretl:

I don't need to listen to you more."

Josh Bretl:

But in addition to living longer, people are actually

Josh Bretl:

living healthier too.

Josh Bretl:

The health advances have been so extreme that we have

Josh Bretl:

enough information that you can be 75, 80 years old and

Josh Bretl:

be as active as someone who was 65 a few short years ago.

Josh Bretl:

That's a great thing to be out there.

Josh Bretl:

But as we're doing it, you got to plan for it.

Josh Bretl:

You have to take that into consideration.

Josh Bretl:

We, as a default,, we'll use age 90 for people as we're planning.

Josh Bretl:

Some people will push out to 100.

Josh Bretl:

We do get a few people who say, "No, I'm going to die at 80.

Josh Bretl:

It's just not my cards."

Josh Bretl:

It's kind of sad, but hey, they know it.

Josh Bretl:

That's there.

Dave Schmidt:

Why do they say that?

Dave Schmidt:

They're just maybe not healthy to begin with.

Josh Bretl:

Usually one of two reasons.

Josh Bretl:

They know they're not healthy, or both parents never made

Josh Bretl:

it past a certain age.

Dave Schmidt:

Family history.

Josh Bretl:

Things along those lines.

Josh Bretl:

Sorry, I'm getting back to listening to other podcasts.

Josh Bretl:

Every time we make fun of our wives, I lose my train

Josh Bretl:

of I listen to a gentleman by the name of Peter Diamandis.

Josh Bretl:

Peter Diamandis runs a podcast called Exponential Wisdom.

Josh Bretl:

He's a futurist.

Josh Bretl:

He created the X Prize.

Josh Bretl:

He was big into the future in healthcare.

Josh Bretl:

He talks a lot about the different technologies that

Josh Bretl:

are being developed out there.

Josh Bretl:

He's in the front line of all those new technologies.

Josh Bretl:

A lot of it is in healthcare that's right there.

Josh Bretl:

With data and everything of what they're doing, they now have

Josh Bretl:

systems in place that they can scan your entire body, do this

Josh Bretl:

giant data analysis, and they can catch a cancer that hasn't

Josh Bretl:

even grown yet in your body.

Josh Bretl:

They They can say, "This is their DNA.

Josh Bretl:

This is how everything's working."

Josh Bretl:

They compare it to 10,000 other people and they can say, "The

Josh Bretl:

odds of X, Y, Z are higher.

Josh Bretl:

Watch out for this."

Josh Bretl:

The technology is so good that we will just have to...

Josh Bretl:

It's almost like if we have that choice, we'll

Josh Bretl:

be able to live longer.

Josh Bretl:

That's out there.

Dave Schmidt:

Have you seen Big Hero 6?

Josh Bretl:

I have seen it on in my house as my kids watch

Josh Bretl:

it, but I have not seen it.

Dave Schmidt:

I wonder if Baymax has sued this Peter Diamandis

Dave Schmidt:

as for that technology.

Dave Schmidt:

Baymax is the big inflatable robot.

Dave Schmidt:

He scanned somebody and knows instantly

Dave Schmidt:

what's wrong with them.

Dave Schmidt:

He came up with it first.

Josh Bretl:

Or was it Star Trek?

Josh Bretl:

I don't know if you watched Star Trek as a kid, but they

Josh Bretl:

had that little scanner that...

Josh Bretl:

And they went, "Oh, appendicitis."

Dave Schmidt:

Really?

Josh Bretl:

Yeah.

Dave Schmidt:

Captain Kirk had appendicitis?

Josh Bretl:

I have no idea.

Dave Schmidt:

"Beam me up, Scotty.

Dave Schmidt:

I got appendicitis."

Dave Schmidt:

How about that?

Dave Schmidt:

Shout out to Baymax.

Josh Bretl:

Shout out to Baymax.

Josh Bretl:

I'll have to watch that with my children.

Josh Bretl:

But a follow up here, if you're living longer, you're

Josh Bretl:

living healthier, you want to have that money to spend.

Josh Bretl:

The counterpart to this is there's also at the same time

Josh Bretl:

a reduction in income, where social security isn't covering

Josh Bretl:

as much of our income, pensions are all but gone for people,

Josh Bretl:

and people aren't thinking about that guaranteed income

Josh Bretl:

source, that somebody's going to cover you for as

Josh Bretl:

long as humanly possible.

Josh Bretl:

If you think about that pile of money that you've built up,

Josh Bretl:

it's no good for you unless it becomes income to you.

Josh Bretl:

You want to make sure you have that income source

Josh Bretl:

that's going to last you the rest of your life.

Josh Bretl:

It needs to probably last way longer and for more

Josh Bretl:

money than you originally thought and planned for.

Dave Schmidt:

Is there a magic number where if a

Dave Schmidt:

client comes in and says, "You think I'm going to die

Dave Schmidt:

at 80," you'd be like, "Let's plan for 85," or "Let's

Dave Schmidt:

plan for Do you over-plan?

Dave Schmidt:

Did you say 90 years old earlier?

Josh Bretl:

We use 90 as a default.

Josh Bretl:

That's a good question.

Josh Bretl:

There has to be an end point.

Josh Bretl:

The joke is that you want to spend your last penny

Josh Bretl:

with your last breath, and the last check bounces.

Josh Bretl:

But that's not the reality.

Josh Bretl:

What you really want to do is plan for a few

Josh Bretl:

more years than that.

Josh Bretl:

Most people aren't planning to spend down to zero.

Josh Bretl:

They don't want to see that zero You plan for the longer term.

Josh Bretl:

If it's 80, if it's 90, whatever it might be,

Josh Bretl:

that's the very real thing.

Josh Bretl:

Does that answer your question?

Dave Schmidt:

It answered my question.

Dave Schmidt:

It was riveting.

Dave Schmidt:

I just drew pen all over my arm.

Josh Bretl:

You were so excited.

Dave Schmidt:

I was so into it, I didn't realize I was

Josh Bretl:

It's a hard discussion to have with people

Josh Bretl:

because people look at you like you're crazy, " I'm

Josh Bretl:

not going to live longer.

Josh Bretl:

My mom died at 85," whatever it might be.

Dave Schmidt:

Right.

Josh Bretl:

I think that's fear that talks a little bit.

Josh Bretl:

They see what an 85 year old looks like, and they

Josh Bretl:

think someone who's in bad shape or can't live the

Josh Bretl:

life that they want to live.

Josh Bretl:

But I think what the bigger risk financially is you are capable

Josh Bretl:

at that age to travel and do the things you want to do.

Josh Bretl:

If you don't have the wherewithal to do it

Josh Bretl:

financially, it hurts.

Josh Bretl:

With a little bit of planning earlier on, it's a much

Josh Bretl:

more feasible thing to do.

Dave Schmidt:

Josh, we've talked a lot about

Dave Schmidt:

your role as an advisor.

Dave Schmidt:

You see the highs and lows in people's lives.

Dave Schmidt:

How do you approach this as an advisor if you see that

Dave Schmidt:

somebody is on the wrong path or not planning for enough money?

Josh Bretl:

That's a good question.

Josh Bretl:

Of course, you asked it.

Josh Bretl:

Remember a couple episodes we talked about the hierarchy, the

Josh Bretl:

dreams, strategies, and tools?

Josh Bretl:

If I can get somebody or a couple to really dig

Josh Bretl:

into their dreams, and get excited for them, and feel

Josh Bretl:

that big excitement for what's to come into the

Josh Bretl:

future, we can often get them thinking really long term.

Josh Bretl:

When someone retires and loses a purpose, loses

Josh Bretl:

the ability, the health follows quickly thereafter.

Josh Bretl:

But people who have that purpose and those dreams that

Josh Bretl:

are out there, they start focusing more on that than

Josh Bretl:

they do on the finances.

Josh Bretl:

They ask us for our help.

Josh Bretl:

A lot of times, we're looking for more

Josh Bretl:

guaranteed income sources.

Josh Bretl:

We're looking for, how do we maximize social security?

Josh Bretl:

We're looking for, are there other spend down assets

Josh Bretl:

we can find guaranteed?

Josh Bretl:

Is there an annuity that fits in the right spot?

Josh Bretl:

When we can increase that guaranteed income, it

Josh Bretl:

gives them this permission slip to live their life.

Josh Bretl:

We have some wonderful clients.

Josh Bretl:

I'm not going to mention them by name, but they moved out West.

Josh Bretl:

They were from Chicago.

Josh Bretl:

They moved out West to their dream home.

Josh Bretl:

They moved out prior to the pandemic.

Josh Bretl:

All of a sudden, we would have these Zoom calls with them.

Josh Bretl:

You could see the smile on their face just beam

Josh Bretl:

because they moved out there.

Josh Bretl:

They go bike riding every single day.

Josh Bretl:

They will ride 25, 30, 40, 50 miles sometimes.

Josh Bretl:

They always finish at one of the local breweries.

Josh Bretl:

They love to have a beer after they ride a bike, which if

Josh Bretl:

you're riding that far, great.

Josh Bretl:

They will take vacations to Europe.

Josh Bretl:

They'll bike around France or whatever it might be.

Josh Bretl:

They don't spend a ton of money but we were able to give

Josh Bretl:

them enough guarantees built into their system that, and

Josh Bretl:

they said this to us in the call, they felt this relief.

Josh Bretl:

They had this permission that they were allowed to go, live,

Josh Bretl:

and experience their life.

Josh Bretl:

They will have the ability to do that pretty much for

Josh Bretl:

the rest of their lives.

Josh Bretl:

You can see the inner smile as that comes in there.

Dave Schmidt:

I think I know who you're talking about because

Dave Schmidt:

they said, "Dave, once you fulfill your dream of having

Dave Schmidt:

an arcade, they will bike all the way from wherever they

Dave Schmidt:

live to where my arcade is."

Josh Bretl:

You'd have a lot of fun with them.

Josh Bretl:

They really like good local beer too.

Dave Schmidt:

Yeah.

Dave Schmidt:

At your recent workshop where I gave the introduction,

Dave Schmidt:

and it was a stellar introduction, by the way.

Josh Bretl:

Stellar.

Dave Schmidt:

You talked about the whole

Dave Schmidt:

dream strategies tools.

Dave Schmidt:

You touched on it.

Dave Schmidt:

You were going through and asking for examples of dreams.

Dave Schmidt:

I was just hoping you would've called me out for

Dave Schmidt:

my dream of having an arcade.

Dave Schmidt:

But you didn't, and I felt so sad.

Josh Bretl:

I forgot.

Josh Bretl:

Next time I'll do that for you.

Dave Schmidt:

I appreciate it.

Dave Schmidt:

Thank you.

Josh Bretl:

Next time I'll do Dave, I think we've

Josh Bretl:

talked about longevity here.

Josh Bretl:

I think it's time for something a little bit different here.

Dave Schmidt:

Yeah.

Dave Schmidt:

Hey Mr.

Dave Schmidt:

Josh, let's take a break.

Dave Schmidt:

You've been talking for so long and my ears are sore.

Dave Schmidt:

Let's not make them snore.

Dave Schmidt:

Listening shouldn't be a chore.

Dave Schmidt:

Let's get to know Josh and Dave and watch their ratings soar.

Dave Schmidt:

See the bird soaring?

Dave Schmidt:

It is your turn, Mr.

Dave Schmidt:

Josh.

Dave Schmidt:

You picked that card.

Josh Bretl:

This card made me smile.

Josh Bretl:

I want to see what your answer is to this because

Josh Bretl:

you're a pretty modern person.

Josh Bretl:

You like new toys as much as I do.

Josh Bretl:

Here's the question.

Josh Bretl:

What antiquated invention do you still use?

Dave Schmidt:

So I'm going to chat a little bit, because

Dave Schmidt:

you mentioned I buy shiny new things all the time.

Dave Schmidt:

How about shoes and clothes?

Dave Schmidt:

Does that count?

Josh Bretl:

It does.

Josh Bretl:

It's an old intervention.

Josh Bretl:

Nothing's changed in it.

Dave Schmidt:

My style has not changed at all, ever.

Dave Schmidt:

I don't buy new clothes.

Dave Schmidt:

I wash them, but I don't buy new ones.

Josh Bretl:

I'm going to do my usual.

ALF:

Why must you needlessly complicate everything?

Josh Bretl:

I think when you hear my story, you will see

Josh Bretl:

why shoes and clothes are okay.

Josh Bretl:

Watching our kids in school, I love to see what they're

Josh Bretl:

studying and how they're doing it, things like that.

Josh Bretl:

When I was their age, I loved science class

Josh Bretl:

and all things science.

Josh Bretl:

One of my favorite topics was simple machines, the wheel,

Josh Bretl:

the incline plane, the wedge, things along those lines.

Josh Bretl:

I remember having to write this whole thing of how they

Josh Bretl:

take in simple machines and turn them into tools that

Josh Bretl:

we use every single day.

Josh Bretl:

One of my favorite things to do is to cook.

Josh Bretl:

I love...

Josh Bretl:

It's a stress reliever for me.

Josh Bretl:

Sunday afternoons, I'll make a big dinner for

Josh Bretl:

family and stuff like that.

Josh Bretl:

My antiquated invention is simply just a simple machine,

Josh Bretl:

the wedge that is my knife.

Dave Schmidt:

Oh, my.

Josh Bretl:

It's my knife because all it is is a

Josh Bretl:

wedge that they've ground down so I can chop things

Josh Bretl:

and do stuff like that.

Josh Bretl:

I try and tell that story to my kids and get them all excited

Josh Bretl:

about simple machines, and they don't care one bit whatsoever.

Dave Schmidt:

They will.

Josh Bretl:

Someday.

Dave Schmidt:

Wow.

Dave Schmidt:

That was such a...

Josh Bretl:

Terrible, horrible story.

Dave Schmidt:

No, it was very...

Dave Schmidt:

I don't know, elegant and deep.

Dave Schmidt:

Deep thoughts by Josh Bretl.

Dave Schmidt:

Good for you, good question.

Josh Bretl:

Dave, I'm going to see what you got here.

Dave Schmidt:

Dave relates to retirees.

Josh Bretl:

this is a tough one.

Josh Bretl:

I'm curious as to where you're going to go with this.

Dave Schmidt:

The episode, the theme of it, you play

Dave Schmidt:

it off as it was going to be kind of fluffy, like the

Dave Schmidt:

dreams, strategies, and tools.

Dave Schmidt:

Not a super uplifting, upbeat topic, so it is a

Dave Schmidt:

little bit of a struggle.

Dave Schmidt:

But I'm going to say this.

Dave Schmidt:

This is how I can relate to retirees.

Dave Schmidt:

I talk a lot about high school in the nineties.

Dave Schmidt:

We all know that, I talk basketball in my glory days.

Dave Schmidt:

Seeing Landon play basketball, he's pretty darn good.

Dave Schmidt:

I don't know if I told you, the other day, he dropped

Dave Schmidt:

22 points back to back.

Dave Schmidt:

I love watching him.

Dave Schmidt:

Wow, he's a combination of me and Carla.

Dave Schmidt:

I want to live long enough to see him score more than

Dave Schmidt:

25 points in a high school game, which is my career high.

Dave Schmidt:

That's what I want to do.

Dave Schmidt:

Is that okay?

Josh Bretl:

Yeah, that's a goal.

Dave Schmidt:

We're assuming, of course, he

Dave Schmidt:

chooses to play basketball.

Josh Bretl:

We've talked about this before in a very

Josh Bretl:

early episode, you love to keep stats for games,

Josh Bretl:

and you had ridiculous stats for your own game.

Josh Bretl:

I think even for us, you would keep stats

Josh Bretl:

somehow during the game.

Josh Bretl:

You're already keeping stats for your six year

Josh Bretl:

old, seven year old.

Josh Bretl:

Sorry, Landon, if you're seven now.

Dave Schmidt:

He's seven.

Josh Bretl:

Which is funny.

Dave Schmidt:

To the point where I corrected his coaches.

Dave Schmidt:

They're like, "Landon had 18."

Dave Schmidt:

I'm like, "No, he didn't."

Josh Bretl:

I apologize to any of Landon's

Josh Bretl:

coaches in the future.

Dave Schmidt:

It was against Glenbard West by the way,

Dave Schmidt:

where I dropped 25 at home.

Josh Bretl:

He's seven.

Josh Bretl:

In 10 years, he will be in high school and have the chance

Josh Bretl:

to play varsity basketball.

Josh Bretl:

10 years from now, you'll be in your early fifties.

Dave Schmidt:

Yup!

Josh Bretl:

I'm a little curious.

Josh Bretl:

I'm going to encourage our clients to live into their

Josh Bretl:

nineties or their hundreds, this happy, healthy life.

Josh Bretl:

Where I'm going to take this is actually back to the freedom

Josh Bretl:

mentality, where you have the ability to do what you want

Josh Bretl:

to do when you want to do it.

Josh Bretl:

Right now, you are so driven by watching your kid do something

Josh Bretl:

you love, which is awesome.

Josh Bretl:

I totally get that with you.

Josh Bretl:

I love doing that myself.

Josh Bretl:

But there will be a point when you're going to want

Josh Bretl:

to do something else.

Josh Bretl:

Finding that purpose is going to be a key.

Josh Bretl:

After Landon graduates from high school...

Dave Schmidt:

At the ripe age of 54.

Josh Bretl:

He blows your record out of the water.

Josh Bretl:

That's not an easy thing to do, coming up with that new

Josh Bretl:

purpose, that new mentality.

Josh Bretl:

But when you have it and combine it with some excellent

Josh Bretl:

planning, you can enjoy living longer, healthier, with enough

Josh Bretl:

money, and have that purpose.

Dave Schmidt:

Full House music.

Dave Schmidt:

You talking now, I maybe want to revisit my answer

Dave Schmidt:

to the card because there is something that is old that I

Dave Schmidt:

still love dearly, arcades.

Josh Bretl:

You do.

Dave Schmidt:

Good old retro pinball and good

Dave Schmidt:

old 8-bit video games.

Dave Schmidt:

There you go.

Josh Bretl:

Man, Dave.

Dave Schmidt:

But I wouldn't have been able

Dave Schmidt:

to do that without your Full House moment, Josh.

Josh Bretl:

I'm glad I could provide some sort of value here.

Dave Schmidt:

You always provide value.

Josh Bretl:

You mentioned the episode was a little

Josh Bretl:

Debbie Downer-ish.

Josh Bretl:

I apologize for that.

Dave Schmidt:

We're going to have it.

Dave Schmidt:

It's going to happen.

Josh Bretl:

But I actually think it's really cool,

Josh Bretl:

it's an important thing, and it's something that,

Josh Bretl:

again, with a little bit of work, it can be the best

Josh Bretl:

thing that happens to you.

Dave Schmidt:

Then that ends on a positive note.

Dave Schmidt:

I'm also thinking in the future, we're going to have Puddin'

Dave Schmidt:

Cakes eventually in the office.

Dave Schmidt:

I'm going to hold you to it, new studio, new snacks.

Josh Bretl:

Think we can talk Market Day into lowering

Josh Bretl:

their minimum for shipping?

Josh Bretl:

It's doubling down on the cost of Puddin' Cakes.

Dave Schmidt:

Or just get one of our kids' schools to actually

Dave Schmidt:

have Market Day there again.

Dave Schmidt:

I don't know why they don't do that anymore.

Josh Bretl:

Seriously.

Dave Schmidt:

That was the best.

Josh Bretl:

I don't know.

Josh Bretl:

Dave, for this episode, I was going to hope people could go

Josh Bretl:

to Apple Podcast and give us a rating and some comments.

Josh Bretl:

That helps our podcast grow, it helps other people find

Josh Bretl:

our show, and it makes us get inspired to bring more

Josh Bretl:

wonderful episodes like this.

Dave Schmidt:

I agree.

Dave Schmidt:

Also, I want to let people know you do not have

Dave Schmidt:

to type out a review.

Dave Schmidt:

You can simply just leave a star review and hit submit.

Dave Schmidt:

You do need to have an Apple ID to do it, but most people do.

Dave Schmidt:

But yes, please, that helps us out a lot.

Dave Schmidt:

Plus more people that review it, Apple's like, "Oh, Josh and

Dave Schmidt:

Dave, let's show their podcast's up in the featured list.

Dave Schmidt:

More people are going to want to hear this."

Josh Bretl:

who wouldn't want to hear this?

Dave Schmidt:

Let's be real, Missy and Carla.

Josh Bretl:

That's our wives.

Dave Schmidt:

What?

Dave Schmidt:

Oh, man.

Dave Schmidt:

So Deb, I hope you're doing well.

Dave Schmidt:

We wanted to end this episode with a special note to you.

Dave Schmidt:

It goes something like this.

Dave Schmidt:

Bye.

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