Retirees Focus on the Wrong Thing
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Episode 017 Summary:
Hiyeee! Josh Bretl, founder of FSR Wealth Strategies, and his Retirement Equals Freedom sidekick Dave Schmidt are back to regale you with everything from a Fleetwood Mac cover to eating Cheerios off the floor to some great news: You’re probably under-dreaming when it comes to what you can afford to enjoy in retirement.
How do you get there? By looking at all three tiers of the multi-pronged financial planning approach that Josh is sharing. You’ll find out the difference between Tools, Strategies and (most fun of all) Dreams. Once you’ve got your snapshot and go-forward framework in place, the world opens up. For Josh it’s the best part of his job: Helping people realize that they’ve got the retirement savings a) not to be fearful and b) to go out and follow their bliss, whether through first-class travel, paying for grandkids’ educations or stocking up the freezer with an infinite amount of favorite snack treats!
And, finally, please always remember: “Thunder only happens when it’s rainin’. Players only love you when they’re playin’.” Tune in and it’ll all make sense! Sort of.
Visit our main podcast page to learn more about or listen to previous episodes of The Retirement Equals Freedom Podcast. And don’t forget to sign up for the show’s new weekly email at the bottom of this page, or join the conversation at our new private Facebook group, which you can find here.
Hello? Nu Crepes? Watch this space for great PR and promotional value-add!
Sports Headlines: After a long sabbatical, Dave picks up a basketball and confronts the reality of his physical fitness. The gauntlet has been thrown down!
Let’s Get to Know Josh and Dave with today’s question from Josh: Have you ever eaten food off the floor?
- Dave: Absolutely! This morning! Three seconds, three minutes.
- Josh: He has no problem with it, and illustrates with a colorful Cheerios-related anecdote.
Getting down to business: Josh introduces today’s topic, which includes three tiers of retirement planning.
The Lowest Level: Tools. A lot of people get focus too much on these vehicles for retirement planning, which are NOT the most important element:
- Social Security
- Cash in the bank
- Mutual Funds
- Stocks, Bonds
The Middle Level: Strategies. These are the elements that sound financial plans must deploy in concert:
- Maximizing income
- Helping with asset allocation
- Minimizing risk/volatility
- Managing taxes and offsetting gains
More Sports: Josh uses his golf game (such as it is) to illustrate the difference between Tools and Strategies.
The Top Level: Dreams, which are differentiated by their uniqueness. Everyone has the same Tools and Strategies – but each of us harbors our own retirement dreams, which can include things like:
- Entrepreneurial ventures.Funding college education for grandkids
- Leaving an inheritance
Tools are important but the strategies are what make dreams realizable. It’s key to:
- Define your dreams and what they will cost.
- Understand where you are and the strategies necessary to secure your dream.
Something Josh loves: Coming to a point in his financial planning relationships where he can free up clients to dream big and relish the future! (Sorry, Dave, it’s strictly illegal for you to become the recipient of excess retirement funds.)
The “Freedom” component of The Retirement Equals Freedom Podcast is all about opening a pathway dreams – those bucket list items we’ve imagined and wished for, saved for and now get to live out!
Dave Relates to Retirees. Yah! Dave has a dream: Infinite Cometeer coffee, a freezer stocked with a bottomless supply of Puddin’ Cakes and an indoor basketball court/penny arcade. Is it doable (without Josh paying for it all)? Yes, but an astute financial advisor will have to help Dave come up with the snapshot and strategy to get there.
Please visit our podcast page to listen to previous podcasts and sign up for The Retirement Equals Freedom club email list, which includes updates and other fun stuff.
“Strategies and tools are not unique. You have access to the same tools everybody else has. Strategies are not unique to you. But dreams are unique to you, the retiree.” ~Josh
“Your dreams decide which strategies you use.” ~Josh
“When we talk about this hierarchy, where most people focus is on the tools … (but) focusing on strategies is infinitely more important. And the last thing you have to be concerned about is whether those strategies’ fit to your dreams.” ~Josh
"One of my favorite things as an advisor is when someone comes back and they realize that the fear is gone. They no longer worry about survival. We then get to start talking about their bigger dreams. What else can they do?" ~Josh
“It doesn’t really matter how much money you have when you retire. You have to figure out what you want to do and how much (money) you need to do it.” ~Dave
“Most people are very realistic and actually under-dreaming. Most people we talk to don’t think they can do enough. They don’t think big enough.” ~Josh
“If I can help someone execute on their dreams with the strategies that come into place, man! What a good feeling.” ~Josh
"I have a dream that, when I retire, my freezer will be full of Cometeer Coffee and Puddin' Cakes, and that I'll have a full blown arcade in my basement." ~Dave
About your Co-Hosts
A certified public accountant, Josh Bretl has spent the past two decades growing FSR Wealth Strategies into a firm that specializes in tax-focused retirement planning. Because taxes have the single biggest impact on how much you can spend in retirement, Josh is dedicated to developing individualized financial plans that extend and grow his clients’ retirement savings. Based in Elmhurst, Illinois, FSR Wealth strategically preserves and maximizes resources through tax-efficient strategies designed to fulfill retirement dreams.
Apart from producing and co-hosting The Retirement = Freedom Podcast, Josh's longtime friend Dave Schmidt is a content production and marketing adviser to local businesses and nonprofits. He’s also an advocate for t-shirts, all things 90s (especially the music), short walks and long naps. A serial “wallet forgetter,” Dave nonetheless swears that he has picked up the check on at least one or two meals with Josh over the years. Evidence pending.
FSR Wealth Management is a registered investment advisor located in Elmhurst, Illinois. Information and opinions contained in this audio have been arrived at by FSR Wealth advisors. All information herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, a solicitation or recommendation to purchase any security. FSR is not providing legal, tax, accounting, or financial planning advice in this audio. These views are as of the date of this publication and are subject to change.
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