Bob Carlson: The Good & The Bad About Social Security in 2022

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welcome to fun with annuities with your

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[Music]

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welcome to fun with annuities i'm your

0:41
host stan the annuity man america's

0:43
annuity agent license in all 50 states

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we have a repeat guest on by back by

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popular demand i got

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a bunch of emails recently like where's

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bob what could bring bob back on and the

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bob i'm talking about is bob carlson who

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is uh just a superstar in our industry

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i'll have all this stuff on our site

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just like i did the last few times he's

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been with us but

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you know we have bob on when things are

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a little bit chaotic

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um first of all welcome back to fun with

1:10
annuities bob carlson how are you i'm

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good glad to be here stan excellent

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let's jump right in all right let's jump

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right into social security and i get so

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many questions bob about the financial

1:23
solvency and and you know all of that

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stuff and i know that the latest

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annual report from the trustees was

1:31
issued in june

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forget what everyone else says i want to

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hear what bob carlson says about that

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because you read it from cover to cover

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and

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you can put it into english for the rest

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of us out here so go

1:45
okay well the good news in the headlines

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is that the

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retirement trust fund is supposed to

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last a year longer

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in the 2021 report the trustees said it

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would last only through the year 2033

1:59
and when the report came out in june of

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this year they extended it a year to

2:03
2034.

2:05
so that that's the good news but you

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know this is a forecast it's based on

2:10
assumptions

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so you have to look at the assumptions

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there are

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a couple assumptions in there at least a

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couple that are kind of questionable

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one is inflation

2:21
uh you know the cola

2:23
for benefits in 2022 was i think 5.8

2:28
right and for some reason in this latest

2:30
report they estimated that the cola for

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2023

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be like three percent something like

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that very low lower than today's

2:40
inflation rate lower than the 2022 cola

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right and then they estimated it's gonna

2:46
quickly drop down to the mid twos and

2:49
and stay around two three two four

2:52
indefinitely

2:54
so

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you know we already know the chief

2:56
actuary uh gave a press conference when

2:59
the report was issued and said he's

3:00
already thinking that the 2023 call is

3:03
going to be eight percent

3:04
about twice

3:06
uh what's forecast in the report

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so we already know social security is

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going to pay more in 2023 and benefits

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than is in the report so that's going to

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reduce the the life expectancy of the

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retirement fund

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another factor in there is uh the birth

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rate as you probably know the birth rate

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in the u.s has been declining for a long

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time

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and for some reason in the assumptions

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last year and again this year they

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assumed it's going to go up

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and it's going to go up higher than the

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current rate

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and of course the way they've done it

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they expect this to happen overnight so

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it's not going to happen overnight and

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you know the way the birth rate helps

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the fund is it produces more future

3:51
workers who pay more taxes and make the

3:54
economy more productive

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so we're not going to reach the birth

3:58
rate that's assumed in the the report

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anytime soon

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so those are just two factors in there

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that make you question whether it's

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really going to last through 2034 as

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projected in this report

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and why did they do that bob i mean why

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would

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they know that people like you are going

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to read it

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and my listeners are going to listen to

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people like you

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so why would they do that

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it's kind of a mystery

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if you ask them they'll say well our

4:27
forecasts are done over a 75-year

4:30
horizon

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and we think this is reasonable

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over a 75-year horizon

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i think what probably actually happened

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is you know they kind of sat down and

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said well

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we've got to end up with a certain

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number in the end what do we have to do

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to get to that number

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but if you ask them they'll say over 75

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years we think these are reasonable

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assumptions that they'll be achieved

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who we're talking to is bob carlson he's

4:59
the founder of retirement

5:01
watch dot com all one word we'll have

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that link on our site if you don't have

5:05
it in your favorites it needs to be

5:07
immediately if you haven't subscribed

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you need to do immediately

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because he is a straight shooter with an

5:13
iq that's off the scale but he has the

5:15
talent to bring it down

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so that you understand it bob

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these inflation numbers um

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i was listening to a peter schiff

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podcast the other day and and some

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people like him some people don't like

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him you know me and you both know peter

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from our days of speaking at money shows

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and things like that

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um he just thinks that the inflation

5:35
numbers are actually double what what's

5:38
being reported what's your take

5:41
on real inflation at this point yeah

5:44
there are several ways people measure it

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uh one thing people like to point out is

5:49
back in

5:50
the 80s or the 90s

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they changed how several things were

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computed in the cpi uh particularly

5:57
housing

5:59
and some people have gone and recomputed

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today's data using the old methodology

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and say you know the cpi today would be

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significantly higher

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if we use that old measure instead of

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the current measure and that people

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brought the government changed that

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measure primarily to reduce things like

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the cola and social security and other

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benefit programs and then there's other

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measures

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uh people will say well you know it's

6:26
based on a basket of goods and services

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you buy a certain percentage of each

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good and service and

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you get the price increase of each of

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those when you come up with the final

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cpi so some people say

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the cola the basket of goods and

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services and real isn't really

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reflective

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of what a lot of people buy

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particularly the elderly there's a

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separate index they call experimental

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for the elderly uh which spends more on

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medicine and a few other things less on

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education

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and some other items and and that's

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always come in higher

7:03
than the the regular cpi so certainly

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people who are older

7:07
are facing a higher cpi than the one

7:09
that's published

7:11
so there are a lot of different people

7:12
who are you know tearing this data apart

7:15
and in forecasting are

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basically saying

7:19
that the reported cpi you see in

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newspapers each month or on the websites

7:24
you check

7:26
is really lower than what you're

7:27
probably experiencing

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do you see um

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do you see inflate do you see the fed

7:35
and what they're doing now is it do you

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think it will affect inflation or did

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they wait too long if bob

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carlson was fed czar during these last

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two years i'm assuming you have done

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things differently a what would you have

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done and b what they're doing now

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what do you think is going to be the

7:52
result

7:54
right a couple years ago i was telling

7:56
my readers to buy inflation hedges that

7:59
inflation was going to go up because of

8:01
all this money that's being printed and

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so forth

8:05
and so they obviously

8:07
the fed has its own economists who do

8:09
their own forecasts and

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they have a history of missing all the

8:13
key turning points in the economy

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letting inflation get too high and

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overdoing the efforts to bring it down

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and triggering a bigger recession than

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they needed to right uh so

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you kind of depend on that and back when

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all the fed people were saying this is

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transitory inflation uh i was among some

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of those people who are saying this it's

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not transitory there are certain things

8:36
baked in there and the fed's making it

8:38
worse by buying all this government debt

8:41
putting more money into the markets and

8:43
the economy and what the fed kind of

8:45
counted on

8:46
uh what's been happening for most of the

8:49
last 15 or 20 years is they do print a

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lot of money and put it out there

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but in the past it's basically gone into

8:57
the investment markets it's why stock

9:00
prices went up much faster

9:02
than economic growth

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and

9:05
and i guess they were counting on that

9:07
happening again where they would you

9:09
know push up housing and stock prices

9:11
and some other assets but not

9:14
goods and services that people buy but

9:16
they were wrong this time and people

9:19
finally stopped putting that money into

9:21
investments

9:22
started putting it into goods and

9:24
services and pushed up the prices of

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that you couple that with

9:29
the way supply chains shut down jinkovic

9:33
reduced the supply the labor supply

9:37
decrease so there's fewer people to hire

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you have to pay higher wages so it just

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started a big cycle

9:43
that's going to take really serious

9:45
efforts i think to break the cycle

9:47
they're going to have to really tighten

9:49
and do what economists call

9:51
demand destruction where they're going

9:53
to have to raise interest rates enough

9:55
and take enough money out of the economy

9:58
where people just stop buying so many

10:00
goods and services and that's going to

10:02
hurt a number of businesses where people

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cut back

10:06
but eventually that's what's needed to

10:08
bring down this kind of inflation

10:11
do you believe that the fed

10:15
will act autonomously like they should

10:18
and like they were designed to do

10:20
and continue with the rate hikes that

10:22
they have announced

10:24
or do you think they'll be bullied

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by the political party and

10:28
power you know and i'm not political

10:31
either way

10:32
um what's your prediction on how

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chairman powell will be handling this

10:37
going forward

10:39
yes so far in his tenure he's been uh

10:43
very much in line with who's ever

10:45
running the government yes um

10:48
and you know if he needs to take a

10:51
strong action as i suspect to really

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bring inflation down to their target

10:56
of two percent

10:57
i think he's going to give up part way

11:00
through

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they're going to get to say four percent

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give or take a percent and

11:06
joblessness is going to go up the

11:08
economy is going to be slowing down

11:10
and they're just going to announce that

11:11
they're going to accept a higher target

11:14
of inflation

11:16
stop tightening the money supply

11:17
somewhere in that three to five percent

11:19
inflation range

11:21
and start loosening it up to get people

11:23
back to work and and so now you're going

11:25
to have a new floor on inflation

11:28
and so it'll go up probably faster than

11:31
it did last time the way it's done

11:33
faster than it's done last 15 or 20

11:35
years

11:36
and so probably we're going to have some

11:38
level of higher inflation baked into the

11:40
economy

11:42
until they finally get to the point

11:44
where they're willing to accept the

11:46
amount of pain that's needed to

11:48
basically correct the errors they put in

11:50
place

11:51
bob you didn't mention mr putin good

11:53
friend of ours

11:55
from russia um because a lot of this

11:57
blame is uh politically is being placed

12:00
on him

12:02
who knows what what the war effort that

12:05
he's waging against ukraine is having

12:08
on a lot of things

12:10
but um

12:12
is that significant

12:14
it's a factor i wouldn't say it's

12:16
significant okay um the inflation was

12:20
rising

12:21
well before he announced plans to invade

12:24
uh it probably caused energy prices to

12:27
go up faster than they would have and

12:30
they've come down the last month or so

12:32
to be back

12:33
probably where they would have been

12:35
absent the invasion same with some of

12:37
the food and grain

12:40
commodities

12:41
that spiked earlier have come down some

12:44
recently or were still higher than they

12:45
were

12:47
so it's a factor some of that's

12:49
corrected but it's certainly not the

12:51
main factor because as i said inflation

12:54
was

12:55
rising pretty steadily before the the

12:58
war even happened

12:59
and there are a lot of things rising

13:02
in price that are just completely

13:04
independent particularly services in the

13:06
u.s

13:07
and that's a factor of a combination of

13:10
a shrinking labor force where businesses

13:12
can't hire

13:14
enough people so they have to keep

13:16
increasing wages to hire and retain

13:18
people

13:19
and also the high demand because so much

13:22
money was put out there

13:24
savings went up a lot

13:26
during the uh the covert pandemic with

13:29
all these stimulus programs

13:31
and also these wage increases the people

13:33
who are working and getting them they

13:35
have extra money to spend

13:37
so that's just pushing up the prices

13:40
do you think gas prices are kind of at a

13:42
new normal i mean i i just can't see

13:44
them going back down for a myriad of

13:46
reasons but hopefully i'm wrong

13:48
um

13:50
but for it just feels like we're we're

13:52
at a new normal with gas prices in that

13:54
three to five dollar range i guess

13:57
that's a big range but still

13:59
pretty darn expensive

14:01
yeah and one factor we haven't discussed

14:03
is uh the climate change policies and

14:06
these are global yeah and basically the

14:09
people supporting them want higher gas

14:11
prices because they want people to start

14:13
looking for

14:14
alternatives to gas and

14:17
related uh types of energy

14:20
so you know in addition to demand and

14:22
supply

14:23
uh we have these public policies around

14:25
the globe

14:26
that are determined to keep

14:28
those prices from going down

14:31
and a lot of those countries that have

14:33
been proactive with those policies

14:35
they're getting caught a little bit here

14:37
i believe germany would be a good

14:38
example of that

14:39
right um

14:40
so i think you know we have to tread

14:42
lightly yes we all want

14:44
you know a cleaner wonderful world

14:47
but i think reality gets in the way a

14:49
little bit but but with that being said

14:51
and not to get on political

14:53
um box here

14:55
but even if we are acting perfectly

14:58
environmentally we need china and india

15:00
and everyone else to act well as

15:02
um as

15:03
compatriots in the environmental

15:06
challenge or else it doesn't work at all

15:08
do you agree with that

15:10
right and that's been part of the

15:12
problem is the developed western nations

15:14
have been uh putting the policies in

15:17
place whereas the the other nations uh

15:20
are not willing to accept the

15:22
consequences of making those changes or

15:24
at least not on the same schedule that

15:27
developed nations are right and so

15:29
they're continuing to uh burn coal and

15:33
use other forms of uh of energy that are

15:36
considered to contribute to uh to global

15:39
warming and climate change so it's

15:41
it's a problem where the the west has

15:43
basically taken this burden on itself

15:46
and the others have not been willing to

15:47
cooperate

15:49
seems like that's uh kind of the way it

15:51
always is right

15:54
you sent me an email recently uh there

15:56
was a pew study and i kind of glanced at

15:58
it

15:59
it was about people

16:01
with their 401ks making mistakes

16:04
rolling it

16:06
to iras

16:08
after they leave their employer and i

16:10
wanted you to kind of go over the pros

16:12
and cons of

16:13
when a person is at that decision and

16:15
fork in the road of rolling their 401k

16:19
one of the reasons go to

16:20
retirementwatch.

16:22
sign up with for what bob

16:24
offers um these are the type of things

16:27
he addresses real world scenarios that

16:29
are solutions

16:31
that you can apply to your specific

16:33
situation can you talk about that in

16:36
detail

16:38
sure uh what the study did was it looked

16:41
at the consequences well first

16:44
the most common ira transaction is the

16:46
rollover

16:48
a lot of different rollovers one tax

16:50
expert went through the tax code and

16:52
said there's more than 30 different

16:53
kinds of rollovers

16:55
how many

16:56
more than 30.

16:58
why

16:59
there's there's a lot of things you

17:00
don't think of as rollovers that are

17:02
called rollovers for example when you

17:03
convert a traditional ira to a roth ira

17:06
in a tax code that's a rollover

17:09
but the most common rollover is when

17:11
someone leaves a job

17:14
they take their 401k account and have it

17:16
rolled over to either an ira or to their

17:19
new employer's 401k right

17:22
and uh so and i used to routinely say

17:24
well you should do that because most of

17:26
these 401k plans are inferior to iras

17:30
and what the pew study did is it looked

17:33
at uh stop for a second

17:35
stay hold up

17:37
when you say that

17:38
say

17:39
tell the people why you believe that is

17:41
it because the ira structure allows you

17:44
freedom of choice for investments as

17:46
opposed to the limitations within the

17:49
401k

17:50
well first that's what i used to say

17:53
it's not

17:54
always true now okay there were two

17:57
factors one is the investment

18:00
flexibility right and the other was

18:02
costs

18:03
gotcha um

18:05
ten or more years ago

18:07
most employers did not put a lot of

18:09
effort in their 401k plans it was just

18:12
something they felt they had to offer

18:14
and particularly the smaller mid-sized

18:16
businesses they'd go to a broker or an

18:18
insurance person and say set up a plan

18:20
for me and these plans would have a lot

18:22
of fees

18:23
and not great investment options

18:26
more recently a lot of the employers

18:29
particularly your larger employers but

18:30
also many mid-size and smaller ones i've

18:33
realized these are valuable benefits

18:35
yeah a lot of prospective employees will

18:38
look at the plan yeah before making a

18:41
decision whether or not to accept a job

18:43
offer

18:44
so you have good investment options in

18:47
many of these plans and low expenses

18:50
and that was what the pew study focused

18:52
on okay many of the 401k plans now offer

18:56
what they call the institutional shares

18:58
of mutual funds right explain that to

19:01
the people yeah

19:02
most mutual funds have what they call

19:04
different share classes

19:07
uh they all invest in the same fund they

19:09
have the same investments

19:11
but they have different

19:12
minimum investment amounts and in

19:15
particular they have different expenses

19:18
the institutional share classes have the

19:20
lowest expenses these are the

19:23
if a major pension fund or endowment

19:25
wants to invest in the fund they will

19:27
get the institutional shares

19:30
but typically you have to have a minimum

19:33
investment of a million dollars to get

19:35
into the institutional chair class

19:39
but many of the 401k plans are allowed

19:42
to

19:43
offer the institutional shares because

19:45
when you aggregate all their employees

19:47
together they're going to have a million

19:48
dollars or more in that fund

19:51
so they'll be allowed to have each of

19:53
the employees buy the institutional

19:54
shares even though they might only be

19:56
putting in 100 or so a month into a fund

20:01
now

20:02
if you roll over from your 401k to an

20:05
ira unless you have a really big 401k

20:08
you're not going to have access to the

20:10
institutional shares yep you're going to

20:12
have to buy the retail shares which have

20:15
the highest expenses

20:17
and the pew study

20:19
compared the cost difference over 25

20:22
years

20:23
between owning the institutional shares

20:25
and owning the retail shares

20:27
and it found out that many people if

20:29
they do a rollover are going to cost

20:31
themselves 20 000 or more i think it

20:34
looked at an average account balance of

20:36
two hundred and fifty thousand dollars

20:38
which is what people typically

20:40
accumulate in a 401k over a average

20:43
working career at an average salary

20:46
and so if you have an average 401k they

20:48
estimate it's going to cost you about 20

20:50
000

20:52
over your lifetime in your retirement

20:54
fund

20:55
to move from those institutional shares

20:57
to retail shares

20:59
so that's the that's the big issue when

21:01
you when you're leaving an employer

21:03
whether you're retiring or looking at a

21:05
new job you want to compare

21:07
the 401k

21:09
to your ira options or your new

21:11
employer's options because you have the

21:13
option to take that money roll it over

21:15
somewhere

21:16
tax free transaction

21:18
or

21:19
leave it in that 401k

21:22
and so you want to look at number one

21:24
investment options

21:25
does the current 401k have a

21:28
good diversified mix that's going to

21:30
have all these types of investments

21:32
you're going to want to invest in over

21:33
time

21:34
and number two is a low cost

21:37
you want to look first at the the shares

21:39
of the fund are you getting

21:40
institutional shares low cost shares

21:43
and then also look at any different

21:46
fees that are charged a lot of 401ks

21:48
charge you an annual

21:50
account maintenance fees

21:52
some will charge for different

21:54
transactions whereas an ira might not so

21:58
you want to look at all these factors

22:00
consider what you might do with that

22:01
money over time

22:03
and decide are you going to be better

22:05
off leaving that money in this 401 k or

22:07
rowing it over to an ira

22:10
sounds like also if you're a registered

22:13
investment advisor or master of the

22:15
universe what are you going to call it

22:16
it's also a fiduciary issue i'm assuming

22:19
correct

22:20
well this is the whole

22:22
whole another topic because

22:25
both both the sec and the department of

22:27
labor have been uh looking at rollovers

22:31
and rollover advisors for the last five

22:34
to ten years

22:35
they've issued different regulations the

22:38
obama administration issued a set of

22:40
regulations the trump administration

22:42
withdrew them and issued new ones

22:44
uh the biden people came in and issued

22:46
another set

22:48
uh but basically

22:50
advisors who advise on what to do with

22:53
your retirement account have a

22:56
new level of standards

22:58
that they have to comply with if they

23:00
want to give advice and not get in

23:02
trouble

23:03
and the larger firms have no trouble

23:05
with this but some of you your smaller

23:07
and medium-sized advisors have said i i

23:10
don't have the resources to generate all

23:13
this data that these regulations are

23:15
requiring so either of them

23:17
have just said i will not advise someone

23:20
on whether or not to do a roll over if

23:22
they do a row over

23:24
i'll be advising them and how to invest

23:26
and that sort of wow

23:27
whether or not to do the rollover i just

23:30
legally don't feel i can get involved

23:33
because you and i both know

23:34
rollovers is like chum in the water in

23:37
the financial business because it's

23:38
money in motion

23:40
as they say and um everyone's trying to

23:43
get in front of that from the standpoint

23:44
of managing it or whatever

23:47
but i think you're correct it doesn't

23:48
mean you have to move

23:50
the money

23:51
and from a competitive nature

23:54
these companies are making their plans a

23:56
lot more um

23:58
user friendly and you might want to stay

24:01
i i haven't really thought about that

24:03
until you sent me that that

24:05
email with the study i'm like well that

24:07
makes sense

24:09
um for them to try to keep it and try to

24:11
keep it in-house

24:13
and offer really good

24:16
choices and advisors got to be real

24:18
careful here they really do they get in

24:21
trouble really interesting how the

24:23
employees have changed over time as they

24:25
used to not pay any attention to it and

24:27
then someone pointed out to them in fact

24:29
they didn't want to deal with former

24:30
employees they were happy

24:32
to have the

24:33
former employees take the money away but

24:36
then it was pointed out if you keep that

24:38
money

24:39
you have a bigger plan you can drive

24:41
down costs correct and just make your

24:44
plan more attractive to employees

24:47
plus it's the right thing to do yeah

24:50
yeah throw everything away it is the

24:52
right thing to do let's pivot a little

24:54
bit i know that um

24:56
you have your red phone into dc and

24:59
you know the people in dc trust you and

25:02
what you write once again

25:03
retirementwatch.com

25:06
again retirementwatch.com all one word

25:09
we'll have that link on our site but

25:11
bob

25:12
has been doing this for a long long time

25:14
and i remember in the last

25:17
uh podcast we had it was eight or nine

25:19
months ago that me and you were together

25:21
we talked about the secure 2.0 act bob

25:24
and you said it's got

25:26
remember you'd say saying it's you know

25:27
it's got some potential

25:29
to be okay

25:31
but i don't think

25:33
i think it's become a little bit messy

25:36
between then and now

25:37
can you explain what's going on

25:40
in the mess that's incurred or occurred

25:44
since we've spoken

25:46
yeah it's it's been really interesting

25:48
that's uh as you recall the the original

25:50
secure act in 2019

25:53
uh passed the house in

25:55
may

25:56
with three or four dissenting votes and

25:58
then

25:59
was brought up in the senate late in the

26:01
year in december passed basically with

26:04
no dissenting votes in which the

26:06
president was signed

26:08
and i thought the same thing was going

26:09
to happen this time with secure act 2.0

26:13
i passed the house again in the spring

26:16
very few dissenting votes

26:19
but then it got to the senate and first

26:21
of all some outside people started to

26:23
complain they looked at number of

26:25
provisions in the in the bill and they

26:27
said you know

26:29
this all favors rich people you say it's

26:32
to help average people

26:35
save more for retirement but yeah

26:37
provisions we're looking at primarily

26:39
going to favor rich people and there's

26:41
just a little bit for

26:43
for average and poorer people surprise

26:45
surprise right bob i mean sometimes that

26:48
this kind of happens like that right

26:49
yeah when the financial service industry

26:51
is lobbying for something who do you

26:53
think they're going to lobby for

26:56
i agree

26:57
so they started to complain and also

26:59
there are some key senators who said

27:02
well you know last time

27:03
we just did what the house wanted just

27:05
to get something passed but this time

27:09
uh we have ideas

27:11
and they actually there was something

27:12
like a thousand different bills that had

27:14
put in to the senate the last two years

27:17
and they

27:18
they went through them all and picked

27:19
and chose you know which ones people

27:22
liked and so they've put together not

27:24
one but two

27:25
uh different bills in the senate okay

27:28
and those are still

27:30
not been voted on on the floor they're

27:32
hoping to do that perhaps this fall

27:35
uh but it's not clear

27:37
what'll make it into the final bill or

27:39
when it will be passed and then even

27:41
when that happens

27:43
it's going to differ from what passed

27:45
the house

27:46
and uh the house is going to decide are

27:49
we just going to accept the senate bill

27:52
or are we going to have to go to a

27:53
conference committee and trade back and

27:55
forth to get a final bill

27:58
uh so it's not going to roll through the

28:01
way secure act 1.0 did

28:04
there's still a lot of people supporting

28:07
it very little opposition to the idea

28:10
and most of the provisions in either

28:12
of these packages

28:15
but when it's going to get through and

28:16
what the final version is going to be is

28:19
it's very much up in the air

28:21
what's holding it up is it the volume of

28:23
changes is it

28:25
upcoming midterms or combination of

28:28
everything

28:29
but there's not a big difference between

28:31
all the versions going around but there

28:33
are differences

28:35
and you know each person

28:38
insists their version

28:40
is the best one of course

28:42
and

28:43
you know someone or

28:45
really there's so many different

28:46
provisions there's so many people

28:48
involved a bunch of people are gonna

28:49
have to say

28:51
all right we'll have yours and not mine

28:54
and so that's tough in dc bob yeah and

28:57
and so that's really what's going on is

28:59
just

29:00
really

29:01
disagreement about nuances for the most

29:03
part

29:04
i know ed slott has come out and if you

29:07
don't know who ed is he's a he's a

29:09
really smart dude just like bob and

29:12
focuses on

29:14
kind of the ira world wouldn't you say

29:16
that bob what it does

29:18
um and i don't think he's too thrilled

29:20
at all

29:22
about what's what's in there

29:24
yeah he's had uh criticisms of several

29:27
provisions and there's things he thinks

29:30
should be in there that are not there

29:33
um and

29:34
you know for the most part first of all

29:36
it's gonna complicate an already

29:38
complicated area of the tax code

29:41
and it's going to take people a while to

29:44
figure out what's going on and then the

29:46
irs and department of labor are going to

29:48
have to issue regulations so even though

29:51
a lot of these provisions are designed

29:53
to increase retirement savings

29:56
really no business is going to change

29:58
its retirement plan or its decision of

30:00
whether or not to offer a retirement

30:02
plan

30:03
until not only the law is passed but the

30:06
regulations are issued

30:08
so you're looking at a two to three year

30:12
time frame assuming the law passes this

30:15
year

30:16
before people really know what the rules

30:18
are going to be and what the benefits

30:20
and disadvantages are gonna be and the

30:22
problem with with all types of

30:24
legislation like this that comes out of

30:26
dc

30:27
is

30:28
there will be stories trickling out

30:30
about provisions that have yet to be

30:32
passed which then people call people

30:34
like me and you

30:35
and ask about taking advantage of it of

30:37
which i say it's not passed yet

30:39
so it creates a lot of confusion

30:42
um which is the reason i always say if

30:45
you're going to get those that type of

30:46
tax advice you need to be going to

30:48
retirementwatch.com reading that reading

30:50
bob stuff

30:52
working with your local cpn tax lawyer

30:54
because just because they're rumored to

30:56
pass it doesn't mean it's past which

30:58
means you shouldn't be planning around

31:00
something that's not passed

31:02
and i think that's the problem that's

31:04
what drives me crazy is

31:06
i really wish they wouldn't talk about

31:07
it until they just passed it but that's

31:09
not dc right and a lot of times once

31:11
it's passed uh

31:13
false stories go down about go out about

31:15
what's in there no doubt and and i'll

31:18
get contacted by people saying hey i

31:20
heard this passed how can i take

31:21
advantage of it

31:24
that's not in the law

31:27
yet maybe right

31:30
bob one of the things you specialize in

31:32
you and you you cover you socialize a

31:34
lot of things expert in a lot of areas

31:35
but one of the things i lean on you for

31:38
is just kind of looking at estate plans

31:40
estate planning

31:42
specifics one of the things that you and

31:46
i were recently talking about were

31:47
digital assets

31:50
first of all i want you to talk to the

31:51
people about what a digital asset is

31:54
they might not even know they have it

31:56
and then

31:57
how to include that digital asset

32:01
within their estate plan i know that um

32:04
i understand this pretty well because

32:06
i'm pretty well versed in intellectual

32:07
property

32:08
with a lot of the side things that i do

32:10
in my life other than being stan the

32:12
annuity man but

32:15
a lot of that does involve digital

32:16
assets can you cover that from an estate

32:18
planning standpoint because i think this

32:20
is fascinating blue water new ground for

32:23
people

32:23
to think about

32:25
yeah this is uh

32:27
really one of the

32:29
the leading edge issues in estate

32:31
planning

32:32
and even just 10 years ago

32:35
the law was way behind reality

32:38
and

32:39
only recently of the state started to

32:41
enact

32:42
provisions where you could actually

32:45
reasonably

32:47
provide for digital assets in your

32:49
estate plan

32:51
but now the key is you have to do that

32:54
digital assets are much broader category

32:57
than people realize

32:59
uh you know basically there's a federal

33:01
privacy law and a lot of state laws that

33:04
say you can't access someone else's

33:06
digital assets or accounts

33:09
uh it's a federal crime

33:12
and so you have to authorize people to

33:14
do that what are digital assets give the

33:16
people the 30 000 foot view of what

33:19
those are you start with your cell phone

33:22
your email accounts uh any websites or

33:25
social uh social sites where you have

33:28
accounts on them

33:29
uh those are the you know the first

33:32
layer of them not that you own the sites

33:34
that you have accounts at the sites

33:36
right right right

33:39
basically any kind of electronic either

33:41
website

33:43
or asset

33:45
that's password protected

33:47
by you

33:48
that's a digital asset so a footprint

33:50
whatever your footprint is digitally

33:53
right you need to think of you need to

33:55
think about protecting it right right

33:57
and that's the first layer of digital

33:59
assets another layer

34:01
are accounts

34:03
like your financial accounts

34:05
many people access them online

34:08
passwords and usernames

34:10
uh under the old law you know if you're

34:12
a state executive or even a family

34:14
member if they had your password and

34:16
they went to uh do a transaction in your

34:18
account as a federal crime

34:20
yeah

34:21
even if you told them and put in your

34:23
will you could do that

34:25
so that's another layers all your

34:26
financial accounts that have some kind

34:28
of online access that's protected

34:31
then also a lot of people you have your

34:34
automatic payments

34:35
whether it's drawn from your checking

34:37
account put on your credit card done

34:39
some other way wow that's a digital

34:42
asset someone has to be first of all

34:44
wants to know about it and then you have

34:46
to authorize them to shut it off

34:49
and so there's a wide range of these

34:50
assets you know it starts with your cell

34:53
phone because with many of these

34:54
accounts now they have the two-factor

34:56
authentication

34:58
so you not only have your password to

35:00
get on it online right and they send

35:02
another password to your phone they text

35:05
it to your phone and you've got to enter

35:06
that

35:07
so

35:08
people have to be able to access your

35:10
cell phone

35:11
and then actually access your other

35:13
accounts but how's that part of the

35:15
estate plan bob well you have to put in

35:18
your will or your living trust who can

35:21
access these assets holy mackerel that

35:25
so

35:27
there's an addendum to the estate plan

35:29
that you're saying that people need to

35:31
revisit that has these passwords

35:35
that's in the in the estate plan in the

35:38
trust that you give the authorization of

35:41
who to ask

35:42
ask like like an executor of a will or

35:45
executor of a trust it would be executor

35:48
of

35:49
digital assets

35:50
yeah the law that was passed by those

35:52
states recently

35:54
says that the executor automatically is

35:58
legally allowed to access certain types

36:00
of accounts

36:02
but it's a short list

36:05
but many of the other types of accounts

36:07
it's silent about so you have to

36:08
specifically authorize access to those

36:11
as well

36:13
and then so that's the easy part the

36:15
easy part is putting in your will or

36:17
trust language that says

36:19
my executor can access these assets or

36:22
you can make it broad and say can access

36:24
all my digital assets and accounts some

36:27
people don't want to do that they want

36:28
to separate it they want only a family

36:30
member

36:31
they trust to access their email

36:34
and then forward to the executor

36:36
anything financially related what if

36:38
they don't do that does does digital

36:40
assets go through probate

36:43
they don't particularly go through

36:45
probate because most of them aren't

36:47
really worth anything

36:49
but

36:50
you have to authorize someone to access

36:53
it if you don't then

36:56
basically someone has to contact the

36:58
provider

36:59
wow of that asset which is a mess they

37:02
will have their own rules and what some

37:04
people used to do before this new law

37:07
is they would have to hire techies

37:10
to break into the accounts

37:12
right

37:14
so that you know it's all messed so the

37:15
first rule is

37:17
put the language in your will or living

37:19
trust about who can access your digital

37:22
assets but that's only the first step

37:24
because the important step is

37:27
people have to know which digital assets

37:29
and accounts you have

37:32
you have to write down

37:34
your accounts

37:35
the access information

37:38
uh the automatic payments that's a big

37:40
issue because some of these automatic

37:42
payments they're annual they're not

37:43
monthly you can't just go through your

37:45
monthly checking account or credit card

37:48
bill and remember it you might forget

37:50
about the january so i need to i need to

37:53
stop for some because i need to have

37:54
people people need to take a breath

37:56
because

37:58
this is one that everybody listening is

38:01
going huh

38:02
and you're thinking about it just a

38:04
personal note i'm obsessive compulsive

38:07
so i do this immediately you know i have

38:10
a 20 to 25 page

38:13
um printed password thing that i put in

38:17
the safe and i update it and tear the

38:19
other one up and shred and put in the

38:20
safe

38:21
but i don't have the automatic payments

38:23
on there so i've got to do that

38:25
but i also haven't included that i've

38:28
done that from the standpoint of hey if

38:30
i die here's the password but i do think

38:32
it's important for

38:34
um people to have access you tell who

38:38
has access to it and then i own websites

38:40
and things like that and domain names

38:42
and all kinds of stuff

38:43
i think going forward i think people's

38:45
digital assets will be

38:47
more and more and you're not even

38:48
talking about non-fungible tokens and

38:50
all kinds of nonsense like that you're

38:52
talking about

38:53
day-to-day digital life that we all have

38:56
regardless of how non-techie or techie

38:58
you are right correct

39:02
yeah and uh wow

39:04
even people who

39:05
consider themselves non-techie

39:08
they have a lot more of these digital

39:10
assets than they realize

39:13
you know even non-technical people most

39:15
of them have cell phone they have some

39:16
automatic payments

39:19
social media to some extent email

39:21
account

39:23
so you know you really need to

39:25
to sit down and list these many people

39:28
you know they it's hard they don't have

39:30
an organized

39:32
list of of their

39:34
websites and passwords that you know

39:36
they can really access they count on

39:37
memorizing it uh maybe using the same

39:40
password for multiple which isn't a good

39:43
idea and memorizing is not a good idea

39:45
because there's been hundreds of

39:46
millions of dollars worth of bitcoin

39:48
going poof because people couldn't

39:49
remember remember their their pass code

39:52
i think that

39:54
the task of the day for the listeners

39:56
and viewers of this podcast is if you

39:59
have an estate planning lawyer if you

40:00
don't go get one but if you have one

40:03
lob that call and go hey i'd like to put

40:06
together a meeting because i was

40:07
listening to bob carlson from retirement

40:09
watch and he said

40:10
that we need to do an addendum to the

40:12
trust on the digital assets and just

40:14
shut up and see what they say yeah yeah

40:18
now most most of the estate planners are

40:20
well aware of this and uh really right

40:23
anxious to get people doing it uh but

40:26
the first step is you need an inventory

40:29
of what your digital assets are yes

40:32
all the access information so that

40:34
someone

40:35
basically you need to set it up so

40:36
someone off the street

40:38
can walk in and access these accounts if

40:41
they have your inventory

40:44
so that

40:45
you know it'll be easy to do they won't

40:47
have to hire some techie to do it for

40:49
them

40:50
and then you can go to the lawyer and

40:53
say i want my executor to have access to

40:55
all these or

40:57
you might say i want only my spouse to

41:00
be able to access these insurance record

41:02
access votes

41:04
that's personal decisions so people will

41:06
do it different ways a lot uh but the

41:08
first step there is make that inventory

41:11
and it might take you a while because

41:13
there are things out there you're

41:14
probably going to forget

41:16
and maybe an automatic payment's not

41:18
going to show up for a few months or

41:20
there's something a website perhaps you

41:23
only visit occasionally and you realize

41:26
yeah i've got that i've got to add to

41:28
the list

41:29
well i also think too not to get

41:31
morbidly

41:35
but

41:36
you know we're all looking at cognitive

41:38
decline eventually

41:40
and it's just another reminder of trying

41:42
to be proactive and getting in front of

41:44
that

41:45
that puck going down the ice and getting

41:48
all of this tied up in a nice bow the

41:50
lawyers are going to love it because

41:51
you're going to have to see them more

41:53
like every year just to make sure that

41:55
all the things are updated but

41:57
but that's a really neat way

42:00
to when you pass away that there's no

42:02
issues that you know you know where

42:04
everything is and from a peace of mind

42:06
standpoint looking at money and estate

42:08
planning

42:10
you know it makes sense i always tell

42:12
people that even when you retire with 10

42:14
000 baby members hitting age 65 every

42:16
single month

42:17
or every single day excuse me

42:20
part of your part-time job are these

42:22
types of items that bob just mentioned

42:25
you've got to get your arms around

42:27
so

42:28
that's phenomenal do you have any neat

42:30
stories about digital asset

42:33
stuff

42:34
that you've seen or

42:36
anecdotes that you've heard

42:38
uh

42:39
the main thing is before they put the

42:42
the recent law changes into effect was

42:45
that

42:47
two things would happen one is uh

42:50
the the executor would contact

42:53
you know someone like facebook or a

42:56
website and say hey my dad died

43:00
i need to shut down his page or i just

43:02
need access to his account and maybe say

43:05
you know sorry there's a federal law

43:07
that says only the owner of that account

43:09
can access it and we can't give you

43:12
anything

43:13
and then from there people would

43:16
basically try to hire techies to break

43:19
into the account or they'd you know

43:21
search through the house

43:23
looking for where the password was

43:25
written down

43:27
if they could find it um

43:30
you know so that this is a great favor

43:32
this is how you decide how much you love

43:34
your family is

43:35
are you are you going to take the time

43:37
to sit down

43:39
and write this stuff down

43:41
or are you going to leave them a big

43:42
electronic mess

43:44
that's going to take a lot of time and

43:46
effort to resolve and and might not

43:49
eventually be resolved there might be

43:50
missing assets

43:52
or you might have a lot of difficulty

43:54
shutting off some automatic payments

43:56
because no one's been authorized to do

43:58
it well the other thing too in the world

44:00
that we live in now it's hard to get

44:02
people on the phone can i get a

44:04
hallelujah on that

44:06
so to have the digital at access to the

44:09
accounts allows you to you know do what

44:12
you need to do without

44:13
trying to get somebody on the phone and

44:15
that somebody on the phone even if you

44:16
get them they might not be from here it

44:18
could be really hard

44:20
but i think that is um

44:22
that's one of the best pieces of

44:24
information that there might be people

44:26
listening to this or viewing this that

44:27
go oh i knew that stan come on where you

44:30
been

44:31
um

44:32
but i'm pretty techy

44:34
you know and i've got a you know my team

44:36
is pretty well teched

44:39
but

44:40
when you live in that world you don't

44:41
really think about it you know it's kind

44:43
of like the mechanic driving the car

44:45
that's beat up because they know that if

44:46
it breaks down they can just fix it

44:49
but you got to think about

44:51
if you're savvy technology-wise probably

44:53
your heirs are not or your spouse is not

44:56
or whoever's going to be executive if

44:57
not

44:58
bob would you see executor of the will

45:01
and executor of digital assets could

45:04
that be i mean

45:05
could could that be two different people

45:08
uh it could be uh

45:10
basically it's

45:12
it's wide open for you to do what's ever

45:14
comfortable for you

45:17
uh but keeping in mind of course that

45:20
you know the executor who's processing

45:22
most of the estate

45:25
uh there's probably digital assets he or

45:27
she needs access to or needs authority

45:30
over

45:31
in order to settle the estate but there

45:34
might be other things you have

45:37
you know some people for example are

45:38
running a website based on a hobby that

45:41
you have right perhaps the executor

45:44
doesn't need access to that you would

45:46
just want to give that to someone

45:48
who also has an interest in it might

45:50
want to continue it

45:52
some people they don't want to give

45:54
their executive access to their email

45:56
because there might be things in there

45:58
they they want only a spouse or

46:01
someone else to see and and they just

46:03
count on that person to follow any

46:05
financial really interesting good he has

46:07
to be racist

46:09
so it's it depends on how complicated

46:11
your life is

46:14
what kind of nefarious sites you go to

46:17
what type of logins you have i know it

46:19
might might under some things that you

46:21
don't want to unearth might make you

46:22
think

46:23
twice but uh

46:25
that's really interesting what else is

46:27
new out there by what i mean you get up

46:29
every day and you slay it you're

46:30
fantastic at what you do but

46:33
you know you've forgotten more than most

46:35
people ever know so what's new out there

46:37
that's that that kind of is getting your

46:39
attention or is there anything new

46:44
well you know

46:45
going with with the things you will you

46:47
talk about there's a lot of interest in

46:50
the various annuities uh

46:52
you used to be uh

46:54
you know people didn't have a lot of

46:56
interest in them the stocks were going

46:59
up 20 a year

47:01
uh but now you know with bonds going

47:03
down stocks going down

47:05
one thing i've told my readers

47:08
is basically any kind of bond or fixed

47:11
income investment you've had in your

47:13
portfolio you should get rid of it

47:15
because it's going down in value and you

47:16
should put the money

47:18
into some kind of annuity whether it's a

47:21
miga or just yeah well

47:23
yeah we don't mention we don't mention

47:25
companies obviously here but um

47:27
but the bond you know people just need

47:29
to understand what the bonds you know

47:30
interest rates you know go up and the

47:32
bond valuations go down that's just

47:33
basic stuff that you need to know and

47:35
people also need to know that bonds can

47:37
go down in value

47:39
and at the time of this type and current

47:40
interest rates do lean you toward migas

47:43
which are fixed rate annuities the

47:44
industry annuity the annuity industry's

47:47
version of the cd and we certainly have

47:48
that on my site at the annuityman.com i

47:50
don't want to go in some annuity rabbit

47:52
hole here but

47:54
um

47:55
there the rates are at a point where

47:57
it's starting starting to make sense

47:59
again bob and when when almost a decade

48:01
where

48:02
fixed rates weren't attractive but um

48:05
you know now now they're getting to the

48:07
point

48:08
where people can start

48:10
thinking about living off some of that

48:12
interest and not touching the principle

48:14
which is

48:15
which is really good um i'm not going to

48:18
make you predict interest rates here

48:20
but um

48:23
do you think do you think we're going to

48:25
keep going up over the next year like

48:27
they said or do you think my predictions

48:29
i think chairman powell has one or two

48:31
left bullets left in the gun and then

48:33
they're going to take the gun away

48:36
yeah most likely they're going to do one

48:38
or two more and then see what the

48:40
effects are yeah

48:42
but you know one thing i see a lot of

48:44
research on that surprises a lot of

48:46
people is you know your standard

48:47
investment portfolio is 60 stocks 40

48:51
bonds right

48:52
and you know that's said to be

48:54
diversified and when the stocks are

48:56
going down the bonds will be steady or

48:59
even go up plus they're generating

49:00
interest sure

49:02
and and that's been true for 20 or so

49:05
years when they've been what they call

49:06
uncorrelated they go in different

49:08
directions

49:09
uh but this year they've both been

49:12
highly correlated both stocks and bonds

49:15
are going down at the wrong time at the

49:16
same time

49:18
so people who were in these balanced

49:20
portfolios thinking they had some

49:22
protection from the bonds if the stocks

49:25
went down

49:26
they don't have that though

49:28
the bonds in many cases are down almost

49:31
as much as the stocks uh depending on

49:33
which you own of the two different asset

49:35
classes which particular

49:37
types of stocks and bonds uh but you

49:40
know this is uh people just kind of

49:43
thought stocks and bonds are

49:44
uncorrelated if i own some of each i'm

49:47
always protected but things change over

49:49
time and we're in a different

49:50
environment

49:52
with inflation going up and interest

49:54
rates going up both stocks and bonds are

49:56
going down at the same time and people

49:58
need to rethink

50:00
what is a diversified portfolio and

50:02
what's going to protect me

50:04
uh in tough times

50:07
yeah i i've taken a lot of heat i've had

50:10
on crypto because i've had some people

50:12
on and and we kind of poo pooed it at 60

50:15
000 we poo pooed it at 50 and we kind of

50:17
triple poopooed it at 40. and it's

50:19
probably going to go to a million and

50:20
i'm going to be wrong

50:23
but

50:24
um

50:25
what scares me about that or the people

50:26
that are buying it aren't sophisticated

50:28
and they don't know really know what

50:29
they're buying

50:30
any thoughts and insights on the whole

50:32
crypto situation here bob because you've

50:34
seen you're like me you've been around a

50:36
long time you've seen it all

50:40
yeah the uh

50:42
you know people say crypto like it's all

50:44
just one thing i know like annuities

50:47
right yeah right and it's a lot of

50:49
different things yeah even when you just

50:52
look at the

50:53
currencies there are a lot of different

50:54
ones with definitely different things

50:56
behind them 20 000

50:58
at that time of this typing 20 plus

51:00
thousand uh but you know the real thing

51:02
to keep in mind is it's not necessarily

51:05
a particular cryptocurrency but what's

51:08
making us go is the blockchain

51:11
technology correct that's behind it and

51:14
for the future

51:16
bitcoin and the other currencies they

51:19
might or might not last they might make

51:21
you some money but what you really need

51:24
to look at if you're interested in this

51:26
area

51:27
are how is the blockchain technology

51:30
being used

51:32
what are the different companies out

51:33
there that have some innovative ways to

51:36
profit from it to make it part of

51:37
people's everyday lives correct and look

51:40
at that

51:41
rather than what the headlines are about

51:44
how bitcoin and the others are doing i

51:47
agree

51:48
look at the companies how they're using

51:50
this technology is it going to work

51:52
going forward

51:54
probably one of the biggest issues

51:56
for blockchain technology is

52:00
it uses a lot of energy because it

52:02
involves a lot of people using computers

52:05
it it basically involves a bunch of

52:08
people checking on each other

52:10
online uh verifying their different

52:13
numbers

52:14
and that's been one of the criticisms

52:16
about it is that it uses a lot of energy

52:19
contributes to the climate change and

52:21
all that so it's going to be interesting

52:22
going forward

52:24
how is the legislation effect about

52:27
climate change and things going to

52:29
affect how people can use

52:32
blockchain technology

52:34
i agree with that i agree with that

52:36
totally and i know that the healthcare

52:38
sector the transportation sector you can

52:40
find companies that are utilizing the

52:42
blockchain technology from the

52:44
standpoint of tracking and etc etc my

52:47
conspiracy theory is

52:49
the the treasury will come out with

52:51
their own

52:52
form of cryptocurrency and then that's

52:53
how we'll be taxed real time on a daily

52:55
basis and there won't be any more april

52:58
15th i do know that

53:01
the annuity life insurance side is

53:04
looking at that from the standpoint of

53:06
trackability

53:07
um and just the the transparency

53:10
nature of the the blockchain technology

53:13
i think it's the future and i think

53:14
you're correct i think people are

53:16
getting

53:17
caught looking at crypto and bitcoin and

53:20
ethereum and all those names and you

53:22
just wait a minute stop it's kinda like

53:23
remember when the web came out web stuff

53:26
and there was myspace and aol.com those

53:29
people really aren't players anymore but

53:31
the web is

53:32
so you need to look at it similar bob

53:34
we're coming up on the kind of the end

53:36
of this thing as i always do and i'm

53:37
going to do this again with you

53:38
is our mic drop moment which i'm going

53:40
to ask you to say something

53:43
unbelievably poignant

53:46
and to the point where the people walk

53:48
away and go wow that that was fantastic

53:51
so no pressure at all of course

53:54
so with that being said

53:56
bob carlson mike drop moment go

54:00
well most of the things i discuss in

54:02
retirement watch and my other work it's

54:04
it's the finances of your retirement

54:06
and when most people think of retirement

54:08
they think their finances their

54:10
investments and so forth

54:12
but that's really one of the least

54:14
important factors in deciding whether or

54:17
not you have a successful retirement

54:20
because

54:21
you know how being financially secure

54:23
and independent that's fine that's kind

54:25
of the baseline thing but

54:28
after a point the money doesn't matter

54:30
and and

54:31
surveys of retirees show that that point

54:34
is lower than many people realize yeah

54:36
it is so what matters is whether you

54:38
have a satisfying retirement

54:41
and for that you look at non-financial

54:43
things and that's the most neglected

54:46
part of retirement planning as many

54:48
people focus on the financial part

54:51
and not the non-financial part which is

54:53
going to be the main factor you need

54:55
several things you need a purpose in

54:57
retirement it doesn't you know many

54:59
people their jobs it was their purpose

55:02
it's what they're tied up in

55:04
you need a new purpose and it doesn't

55:06
have to be one purpose it doesn't even

55:08
have to be big things yeah but things

55:10
like you know making taking care of your

55:12
yard having good relationships it's work

55:16
to have and establish and maintain good

55:18
relationships uh things like that so you

55:21
know many people think well i have this

55:23
long list of activities i'm going to do

55:25
in retirement

55:26
and that lasts for a while you have what

55:29
they call the retirement honeymoon it

55:31
might be a few months might be a few

55:32
years yep but after a while you've gone

55:35
through that list and you're in the

55:36
day-to-day routine that's right and

55:39
that's where many people kind of lose it

55:41
in retirement it's why if you uh if you

55:44
do a web search for things like

55:46
depression

55:47
substance abuse suicide among 65 and

55:50
older

55:52
for most of these you'll find that

55:53
they're more prevalent in 65 and older

55:56
and it's increasing

55:58
and it's because they go into retirement

56:00
without a plan

56:02
for the non-financial life

56:05
and they just get bored and depressed

56:07
and they fall into bad habits and things

56:10
of that nature

56:11
and what people who've studied this have

56:13
found is one of the critical things is

56:16
that you have a lot of social contacts

56:19
you should have three or more people

56:21
other than your spouse with whom you

56:23
have a close relationship

56:25
and you should on a regular basis

56:28
have contact uh in different social

56:30
groups whether it's going to church or

56:32
clubs or playing golf or tennis with

56:35
friends

56:36
uh you need to have these things on your

56:38
schedule so when you're approaching

56:40
retirement

56:42
you need to consider

56:44
what is my typical day going to be what

56:46
is my typical week going to be you know

56:48
when you're working

56:50
most of your time is determined for you

56:52
and it's scheduled

56:54
you stop working

56:55
you have all this time to fill it

56:57
commuting time the time at work

57:00
uh you know basically your weekdays were

57:03
filled or determined by work you have

57:05
your weekends

57:07
uh where you did a lot of things you

57:08
couldn't do during the week but

57:10
you retire and you have all this extra

57:13
time

57:14
and initially that's going to be really

57:16
great for you but eventually it's going

57:18
to be something where you have to work

57:20
to determine

57:21
what makes you happy what makes you

57:23
fulfilled what gives you a purpose in

57:26
retirement other than just being

57:28
financially secure

57:29
and that's bob carlson take take

57:31
inventory your finances and take

57:33
inventory of your life

57:35
definitely bob i appreciate you joining

57:37
us we'll definitely have you on once

57:39
again i want to thank everyone on all

57:41
the major podcast platforms to listening

57:43
to fun with annuities and the people

57:44
that are watching us on the fun with

57:46
annuities youtube channel i will see you

57:49
next week

57:54
thanks for listening to fun with

57:56
annuities please hit the subscribe

57:58
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58:00
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58:03
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58:06
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58:08
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58:11
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58:13
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58:16
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58:18
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58:21
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58:23
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58:26
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58:28
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58:31
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58:34
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58:36
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58:38
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58:43
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58:44
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58:48
[Music]

58:59
you