Episode 025:
Factoring Longer Lifespans into Retirement Security – and Fun!


Episode 025 Summary:

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.

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Baymax. Rampage. Wedge.

Talking Points

Is moderation a thing? In lieu of hiring accountability partners, Josh and Dave consider the possibility of limiting their Ne-Mo's Chocolate Chocolate Puddin' Cake consumption.

Our aging population is living longer and healthier, which is a great thing. But it alters the landscape and has to factor into long-term retirement financial goals and planning.

Did you know that the older you get, the longer your life expectancy becomes?

Life insurance actuaries project that among 65-year-old non-smokers in excellent health, males are expected to live to an average age of 88 and females to age 90.

Based on a median age of 65, Social Security projects a third of everyone who lives to 65 will live to the age of 90. More about life expectancy state by state is available here.

In addition to living longer, people are living dramatically healthier lives due to advances in health care and data-driven technologies.

The downside of all this great longevity? Resources are finite. Social security and other available income are impacted as time marches on.

It’s critical to develop resources that are going to keep generating income well into extended old age. Few people get to – or want to see – a zero bottom line.

What you don’t want to have happen? Find yourself in great health and ready to go, but lacking the resources necessary to keep on pursuing the things you love.

About the “hierarchy of dreams, strategies and tools” and using the prospect of an exciting future to motivate smart planning and ways to maximize income.

Get to Know Josh & Dave (and watch the ratings soar): What antiquated invention do you still use?

  • Dave: Shoes and clothes (eventually everything comes back into fashion!)
  • Josh: The Wedge – Check it out! It’s a thing!

Dave Relates to Retirees: We all know about his high school basketball glory days, but now Dave has a son who is showing similar talent and one day wants to see him exceed his dad’s 25-point career high. That’s a longevity goal! Josh is projecting ahead, using his actuarial wizardry, and he believes not only is that goal realistic but that there’s room to enjoy many more exciting chapters – with the right vision and financial planning.

Dave Circles Back: Arcades and old-school video games are also among his antiquated favorites – worthy of respect and worth sticking around for well into old age!

Quotable Quotes

“Josh is a good friend of mine but if I mess up even once, you’ll no longer hear from me.” ~Dave

“Last night (two) people came up and said, ‘You know, Dave really adds a lot and the show wouldn’t be the same without him.’ So I don’t know what you did or said or how you paid them, but …” ~Josh

“Death is going to happen to all of us, but it’s getting pushed back farther and farther and farther.” ~Josh

“It’s not just life expectancy but also the quality of life … People are active and doing things with their lives!”

“If you’re going to live longer, healthier, happier, then you need to have the assets there to support you.” ~Josh

“The technology is so good that if we have that choice we’ll be able to live longer.” ~Josh

“If you think about that pile of money that you built up, it’s no good for you unless it becomes income to you. You want to make sure you have that income source that’s going to last you the rest of your life.” ~Josh

“Most people aren’t planning to spend down to zero, (but) they don’t want to see that zero.” ~Josh

“When we can increase that guaranteed income, it gives (retirees) a permission slip to live their life.” ~Josh

“Deep thoughts by Josh Bretl. Good for you!” ~Dave

Episode Extras

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.

Standard Disclaimer:
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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