Marcia Mantell: Lasagna Style Income Planning

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welcome to fun with annuities with your

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host me stan the annuity man america's

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annuity agent can annuities be fun can

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contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities with no sales

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pitches or high pressure nonsense just

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the brutal and factual annuity truth

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which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start right now

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[Music]

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welcome to fun with annuities i'm your

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host stan the annuity man america's

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annuity agent licensed in all

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50 states

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got a great guest today her name is

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marsha mantell she typically works with

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advisors to make them smarter which is

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like

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showing paintings to blind people

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sometimes i would think she would agree

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with that

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but i want to um i want to welcome every

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single person out there listening to us

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on all major podcast platforms and the

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um aggressive people out there that are

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watching us on the fun with annuities

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youtube channel where you can see marcia

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and i interacting laughing and making

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fun of each other with with our facial

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expressions as we speak so

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without further ado marcia welcome to

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fun with

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annuities stan i am so happy to be here

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thank you for inviting me on and yes we

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will have fun

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absolutely

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when we're talking about retirement and

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social security and medicare and

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annuities and all that stuff yeah um i

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typically go through the bio and read

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read read and uh i'm not going to do

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that this time i'm going to let you tell

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people your elevator speech

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from 30 000 feet and then we're going to

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take the plane down from there so tell

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the people who you are why you're here

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what motivates you to do what you do and

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wake up every morning with a passion to

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educate

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go marcia i would be happy to well hello

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everyone

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i am

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if i had to sum it up in just a couple

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of words i would say i am a translator

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of the retirement laws

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and if you're thinking what the heck is

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she talking about i will tell you that

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everything we're doing for retirement is

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based in and written in the law and it's

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nothing but complicated

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so i spend lots of time reading i don't

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know if you can see them back here my

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medicare

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law books i have my social security law

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books over on this other bookshelf

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and it's crazy so

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i spend the time doing that so you don't

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have to thank you for that thank you

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great fun 30 years 30 years doing this

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stand

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so no one wakes up in the morning marcia

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and says you know what

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i'm going to read all kinds of legal

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stuff and and follow medicare and like

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what brought you to the fork in the road

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and why did you pick it up

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that is such a fun question it turns out

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yeah i did not grow up i was not an

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eight-year-old you know pirouetting

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around the neighborhood thinking oh i'm

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going to be a social security guru

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that doesn't happen but what did happen

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was i worked at fidelity investments for

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13 years

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all in the retirement space which was

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wonderful but then i went off on my own

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to figure out what i was going to do for

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retirement consulting

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and a colleague of mine called one day

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and asked what turned out to be the key

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question for my business and her

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question was

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marcia i'm turning 62 next year but i'm

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going to keep working

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so

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i know social security's open to me how

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about if i just take social security i'm

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not going to spend it i'm going to

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invest it but i'll just keep working and

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i'm going to collect social security

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because i can

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do you think that's a good idea

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well i didn't know

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and at this time now this is 2005. so

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yeah there's some stuff on the internet

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about social security but not that much

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you really have to dig back then yeah

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and it turns out no one could answer

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that question

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and that led me

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but either fortunately or unfortunately

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into the law itself

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and if you want the quick answer the

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answer is no you while you can collect

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and work you can only make a little bit

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of money

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and in her case she was going to make

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way over the limit the earnings limit

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test

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and so sure she could collect but she

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just wouldn't get anything

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not really what she was hoping for so

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that's how i got started in this that

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there was no one out there who could

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answer these questions and then from

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social security it went to medicare

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ms marsha you know people are 10 000

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baby boomers hitting age 65 every single

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day actually it's more than that but i

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just rounded

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down um

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and a lot of these people are making

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that transition to retirement that's

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that's kind of a

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if i had to pick a category that that

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broad base that you specialize in it's

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that

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what are some of the um

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pitfalls or things people need to be

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aware of as they are making that

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transition to retirement or if they've

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already made it

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what are those check boxes they need to

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continually look at

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stan there are so

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many

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trip wires that we get into i'm a boomer

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myself i'll be 61 in july so this is not

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only something i do every day but i

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think about it personally every day

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and what i what i'm finding is happening

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for the poor boomers who either have

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already retired they've made their

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decisions and generally they're

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irrevocable so you know let's say once

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you're in the pool

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you're swimming

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um

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we get tripped up at the interconnection

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of everything and i it was funny i

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talked to a couple last night we did a

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zoom

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and they just had a bunch of questions

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about medicare and halfway through

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the the wife said to me but marsha why

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i'm so confused is

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all of our friends and neighbors have

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told us we really need to do part a

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medicare part a but you're telling us we

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shouldn't

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how can it be so different

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and you know friends and neighbors

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they're not your friends when it comes

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to retirement decision making exactly

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all completely personal so now is it

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based in the law but then it depends on

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everything for an individual or a couple

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who are they working for how big is the

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employer what options do they have when

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do they want to retire

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and they have no idea that there's such

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a

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closely knitted

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relationship amongst in between all

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these laws

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and then they make decisions and they

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get themselves into tax trouble

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and that's always you know just a real

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downer when you're trying to have fun in

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retirement

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medicare and social security are these

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big

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hurdles that seem you know they just

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seem

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so complicated a lot of times

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how do people simplify those those two

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monsters and make good choices what

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would you tell people

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how to approach that

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the best thing you can do for yourself

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is start really early

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i like to do two things stand when i can

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you know it doesn't always work out this

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way with real people you know we're busy

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we're doing other stuff but i like to

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anchor

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clients and

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regular people who will become retirees

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at age 50.

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50 is a really big birthday and at that

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point i think it's critical that

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everyone lay out what i call your

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baseline retirement income plan like

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where's the money going to come from

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whenever you retire and whenever you

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retire isn't really always in your

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control so you know this your ideal case

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when you decide there's the case where

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your employer shows you the door and

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then there's the worst case which is you

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get sick

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so

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it's all coming at us really fast so

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starting early is the key if you missed

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50 don't worry about it start with

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wherever you're at today but get that

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baseline plan

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and then i

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like to do checklists i'm a big list

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maker i have every color of post-it note

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sitting on my desk

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color-coded calendars you know the whole

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nine yards

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because this is not a weekend

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project you know you don't go to home

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depot and get your gazebo whip it up in

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the weekend and then you're ready to

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retire the stuff is too hard it's too

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complicated so i think the best thing we

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can all do

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is take ownership we have to understand

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social security to make good decisions

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and we have to understand medicare

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and

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it will take a while so get a book

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you know you can go to the websites

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they're they're they're actually

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excellent both ssa.gov and medicare.gov

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but they are somewhat daunting if this

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is your first trip to taking a look at

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these two

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um

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you know baseline pieces of your

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foundation

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so you know get the dummies books or

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aarp

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and just start somewhere

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then of course it's find a really good

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advisor a financial advisor who is an

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expert in retirement income you know

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this is not like

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should you invest in your 401k

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contribute to your 401k of course and

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then let's invest it a certain way or

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hear your iras let's invest them a

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certain way

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this is at some point you get to the top

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of the cliff

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and you're looking down into that water

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and you're gonna jump

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you know and it might take seven seconds

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to hit that very beautiful blue water

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down there and all those seven seconds

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seem like seven years you're going what

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have i done

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right but at the top of the cliff you

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have what you have so

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it's different on the way down

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and it's important

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to come up with something either you

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know

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i do things i call it i have a cooking

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up your retirement plan

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um

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discussion guide and workbook

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they're just there's a logic to this

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if you will take the time

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to go through it but sadly what i often

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run into is people who lose their jobs

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unexpectedly

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you know 58 62 you know they weren't

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ready because you know they didn't have

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that baseline plan or it's

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people who just decide they've had

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enough

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and so they'll call me today and they're

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retiring at the end of july

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you know that's that's not enough for

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this 30-year window called retirement

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we are speaking with marsha mantell and

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she is the

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owner and founder of mentel retirement

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consulting we'll have all those links on

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my site

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she's kind enough to join us because

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this is a consumer podcast but she gets

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paid the big bucks by the industry to

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train and properly educate financial

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advisors and and fee planners and people

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like that

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on how to speak with people about

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medicare and social security and

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retirement income planning and those

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type of things

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one of the things i i found interesting

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on your site marcia was that

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you have a book called um what's the

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deal with re

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with retirement planning for women it's

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it's a as you put it short snappy

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engaging book i would agree with that

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now as my wife says all the time man the

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male species is flawed and i'm assuming

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that's the reason you wrote it for women

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am i right about that

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i'm gonna go with

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i really like your wife

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and i'm not a guy

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so i have a hard time

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with men telling me what to do because

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they so fundamentally understand me yes

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and i have a hard time telling my

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wonderful husband of 39 years well i

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have not a hard time telling him what to

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do but he certainly doesn't listen

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um so i i greatly buy into and

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appreciate the gender differences

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and

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women

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are are just different we relate to

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things differently stop right there you

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gotta stop i'm gonna have to agree with

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you wholeheartedly on that statement

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women are different women are different

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yes indeed you know definitely and our

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industry doesn't

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sort of embrace that

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which i totally agree with you 100

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percent

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and it was interesting i talked to a

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woman advisor the other day

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and she was saying but marcia aren't the

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questions the same

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you know should i have x fund or x

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product and

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i mean technically yes you know isn't

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social security the same for everyone

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it's gender agnostic you just need your

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social security number

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yeah the questions technically are the

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same right

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but the vantage point from which each of

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us starts

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is so dramatically different

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so i wrote this book

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and it's funny you mentioned that book i

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just on friday just in two days i'm

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submitting the revised version to my

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publisher so um i've got three new

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chapters still short and snappy but

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three more chapters coming in

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and some updates to the book

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um and it and it is for women in our

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language it is the way we talk about

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things you know opening the wall street

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journal is not our favorite thing to do

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for most women but boy give me a people

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magazine and a candy bar and i'm set for

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the day

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you know well and we're going to have

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this link um on our site you know all of

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our celebrity guest

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hosts have a permanent page on the

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annuityman.com where we have links to

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their site and links to buy their book

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and things like that but i like what

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mary beth franklin said about the book

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it's the rosetta stone for

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advisors to connect with women i would i

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would agree with that i do think there's

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an evil plot in the world

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marcia that women outlive men and we can

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we can go down that rabbit hole if you

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want to but it is true and the men out

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there are nodding their heads aren't you

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men

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and the ladies are smirking and smiling

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but i think that this book addresses

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that reality

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and i think it's i think i think women

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need to

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need to read that book because like like

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you said it is in a language that is

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this isn't condescending it is just

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factual that they need to think about

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what happens when he's not here right

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absolutely

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sometimes that's a really fun

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conversation by the way you know i

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i very often have to kill dan in my

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examples now i'm having fun with it dan

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not so much

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but we do we we have to start to be more

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upfront about the realities of what life

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is all about

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and it only goes in one direction for

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all of us

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you know we talk about things in our

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industry stan as you know very well the

15:12
unexpected

15:13
you know you need an estate plan because

15:15
of the unexpected right it is not

15:18
unexpected that we're all going to die

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i mean if there's anything that's

15:22
definitely not unexpected

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it's we know we have an end to this

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merry-go-round

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we just don't like to talk about it we

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don't like to think about it it's

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uncomfortable it's certainly

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uncomfortable for a lot of advisors you

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know hey dan and marcia great to meet

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you that's right when do you think dan's

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going to die

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you know

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i always laugh because i got a good

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friend that is uh the life insurance

15:47
expert that we send people to when

15:48
people need life insurance and he's he's

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very deadpan and very very smart and he

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always says the following motivational

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comment

15:56
uh stan one of one of us is going to die

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i'm like thanks a lot tony robbins

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you're you're helping us out a lot

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but you are correct one of the things i

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like about your site and i want people

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to go there we'll have that link is you

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do have a

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you know boomer retirement briefs blog

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which kind of gives some stories and

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it's kind of like you sitting around the

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kitchen telling the stories

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about

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some of the things that you run across

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with your interactions with advisors in

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the pro and the uh in the

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retirement profession what are some

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unique stories that's happened recently

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that you'd like to share with the

16:29
listeners and viewers

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well one of my favorites

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so i have this phrase there are things

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that set my hair on fire

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and every march is women's history month

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and

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this year my hair was on fire over the

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401ks

16:48
and and the the imbalance the power

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imbalance

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that happens

16:54
um

16:55
between married couples between the

16:57
people in a marriage

16:59
that what ends up happening a very often

17:01
and especially for boomers

17:03
one of you typically the husband was the

17:05
big bread winner

17:07
and he has the big 401k and then you

17:09
know she might have worked and done

17:11
things on and off and i caught the

17:12
popcorn career um you know you're in and

17:14
out and doing everything else oh yeah

17:16
and holding down a job um and she's got

17:18
a little 401k

17:20
and that's all well and good right

17:22
until i want that money stan

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and then i have a problem because let's

17:29
say dan has a million-dollar ira uh 401k

17:32
and i have a hundred thousand dollars

17:34
but i'm i'm ready to spend dan's million

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i can't have it

17:41
under the law we're back to those dang

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laws

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i have absolutely no rights to that

17:47
money whatsoever

17:50
in this marriage even though we share

17:52
everything else jointly we do everything

17:54
dan would tell you i do everything

17:56
jointly take all of his um it's stunning

18:00
when you think about these this

18:02
imbalance that and then once he rolls it

18:04
to his ira that i do have to sign off

18:07
and agree that he can roll it over but

18:10
really what what wife isn't going to

18:12
agree of course we agree it's like yeah

18:13
honey whatever you need

18:15
um and then you lose

18:16
all death benefit rights to that money

18:20
and so for me that was one of the really

18:22
hot hot hot topics i am still on that

18:24
there is the

18:26
um

18:27
there's a senate committee on

18:30
retirement and pensions um

18:33
murray ms murray patty murray is the

18:36
head of that right now isn't she from

18:37
like the state of washington washington

18:40
yeah yes yes and she's just very

18:44
on top of retirement

18:47
funding issues good because back to your

18:49
comment that women live longer

18:52
you know we need to first of all we

18:53
actually don't have to control that

18:55
money we need to understand it we need

18:57
to know how much is coming into the

18:59
checkbook you know or if we want to do

19:01
something extra

19:03
will that hurt us

19:05
if we're going to spend that money but

19:06
the fact that

19:07
you can't have it you can't even the the

19:10
companies that

19:12
manage the 401k

19:14
they can't even talk to me about dan's

19:16
401k

19:18
they can't where did that roll come from

19:20
i mean how did that even get started

19:23
yeah that is the way the 401k is right

19:25
they are truly individual arrangements

19:28
and individual means we don't care that

19:30
you're married

19:32
um it is it is outrageous to me and

19:34
actually the funny part of this story

19:36
stan is that it actually is opposite in

19:39
our house i have the bigger 401k and

19:41
i've asked dan to go and he has all

19:44
rights to my iras we've set everything

19:46
up you know we can get in and do

19:48
whatever we need with each other's

19:49
accounts we don't

19:51
willy nilly do it this is mainly because

19:53
i'm more lazy about this than dan is and

19:56
so one day i said to him could you

19:58
please get away in my 401k and sell some

20:00
of fund x and buy something else we had

20:03
agreed that's what we were going to do

20:05
and a couple days later i said hey did

20:06
you finish that did you sell what we

20:08
needed to and you know fix up my 401k

20:12
and he said i couldn't get in

20:14
of course you could get in i set you up

20:17
as an authorized user

20:18
well son of a gun was i wrong i hate to

20:22
be wrong stan

20:23
he couldn't

20:24
you've only been wrong i think what four

20:26
times oh

20:28
maybe maybe that's what i'm thinking

20:30
that's the research we did we we haven't

20:32
really i understand you know what's

20:35
funny about this comment is i wrote down

20:37
i wrote down as you were saying this

20:38
that

20:39
you know with married couples you're

20:40
always like you never want to have

20:42
something hidden you don't want to have

20:43
the slush fund from your from your wife

20:45
or your husband what you're saying is we

20:47
all have one

20:48
we all have one

20:50
yeah the hidden slush fund the slush

20:53
fund that you can't get it get a hold of

20:55
the dollar the million dollar slush fund

20:57
yes

20:59
so it is

21:00
it is enraging there are a couple of

21:02
academics on this um the team at wiser

21:06
women a non-profit organization

21:09
um cindy hansell she has been all over

21:12
this like i said in the senate i mean

21:14
elizabeth warren um our our senator

21:17
senior senator here

21:18
in massachusetts i mean

21:20
it's not unknown

21:22
but until it hits you until you see that

21:26
right and that you are no longer equal

21:30
in the marriage it's like well no wonder

21:32
women don't get involved in money

21:35
you know we've been told forever we

21:36
can't have then finally you know some

21:38
laws open up along the way we can have a

21:40
bit of this a little bit of an estate oh

21:42
honey you can have a credit card now

21:44
but you can't have the million dollar

21:46
ira access

21:48
unless we get divorced and then i get

21:51
half

21:52
so

21:54
how does that work stan it it boggles

21:56
the mind anyway that's one of the things

21:58
putting my hair on fire

22:00
i hear

22:01
i have a happier story i want to hear

22:03
happy yeah because you've become quickly

22:05
one of my favorite people ever because

22:08
if i ever feel down i'm just gonna call

22:09
you because you seem like a walking

22:12
glass half full and i need that because

22:14
i'm a pessimistic realist oh oh that's

22:18
that's quite a term exactly yeah well

22:20
the happy story is about boomers and

22:23
millennials

22:25
i have two daughters dan and i have two

22:26
daughters they are

22:28
phenomenal how old are these daughters

22:30
these daughters are 26 and soon to be

22:33
31. i have a 25 and a 23 year old so we

22:36
are in the same

22:38
category so go absolutely so once

22:40
getting her phd in neural engineering

22:42
the other is a computer scientist and

22:44
data security guru they're amazing these

22:47
girls

22:48
however

22:50
not so interested in investments

22:52
so i wrote a column for this

22:55
march

22:56
women's history month again and i found

23:00
some amazing things going on among

23:02
boomer women

23:04
that we are actually talking to our

23:07
girls our millennial daughters

23:09
about all things money

23:12
and i i just you know kind of cast a

23:14
wide net see who would send in their

23:16
pearl i called pros of wisdom

23:18
what are you talking to your girls about

23:20
now some of the moms immediately said to

23:22
me well i also talked to my son

23:25
okay duly noted but it was women's

23:27
history month and it was sort of

23:29
featuring the girls side of the equation

23:31
right but i was so happy

23:34
to see that so many boomer women not all

23:37
in financial services or anything um

23:40
they're they're really helping their

23:42
millennial daughters

23:44
navigate this crazy system we have out

23:46
there everything from building good

23:48
credit to how to save for your mortgage

23:50
and build your emergency fund that came

23:52
up a lot

23:53
don't touch your 401k you know that is

23:56
lockbox money for for 40 years from now

23:59
trust me on this

24:01
and

24:02
one of my one of the people who sent in

24:04
a thing um

24:06
had a phrase she used that was um

24:10
take it like a man or a man up ladies

24:13
man up ladies okay yes and that was

24:16
around negotiating for a better salary

24:19
or for a promotion at work or even if

24:21
it's a lateral move if it's something

24:22
else you want to do as you're building

24:24
your career

24:25
so i was just

24:27
delighted to see how much conversation

24:31
is going out around the kitchen table

24:33
between boomer moms and their millennial

24:35
daughters so that was a happy

24:37
happier story and i think that's key you

24:39
know my story quickly was my parents

24:42
never invested and we lived in rural

24:44
north carolina and one of the reasons

24:46
i'm in the financial business that have

24:47
been since day one out of college is i

24:49
was trying to figure out how everyone

24:50
else had money and we didn't you know

24:53
why were people investing in we didn't

24:54
as a family and and that has brought me

24:56
to this 30-year career of where i

24:58
totally understand it my girls

25:00
understand it everyone understands it

25:01
but it also makes me reflect and

25:04
and and

25:06
know why there's such a gap between

25:09
people with and without money it's it's

25:11
a you have to teach people how to do

25:14
this and i think it's an educational gap

25:16
that's another

25:17
podcast all together but um you know a

25:19
lot of people think advise all advisors

25:21
come for money

25:22
i think the really good ones don't

25:24
because the really good ones

25:26
look at money differently because we

25:28
didn't have it for so so long and it's

25:30
still we still have what i call scars of

25:32
the lower middle class and those scars

25:35
like i always tell the story is

25:37
going to mcdonald's with my father

25:40
and trying to order the large fry and

25:42
you would thought that i had cussed out

25:44
loud because he looked at me like what

25:45
are you doing i'm like

25:47
you know it was that type of shaming

25:49
about money

25:51
and those scars continue but enough

25:53
about me let's talk about you hey one of

25:55
the one of the things i was reading

25:56
about you

25:58
oh and i'm calling you

26:00
marsha

26:02
well how did i

26:03
me i was going to do a nostradamus play

26:06
so marcia man

26:08
tell adamus

26:10
how about that

26:11
in december of last year you had some

26:14
insight on inflation and i'm looking at

26:17
you as the guru that you should be

26:18
looked at on a pedestal

26:22
marcia you were talking about inflation

26:24
why everything was so expensive in

26:25
december

26:26
of 2021 here we are marcia hey put that

26:30
into context a little bit

26:33
um and kudos for being so right

26:36
wow thanks

26:38
well i track a number of it's come broad

26:42
economic

26:44
trends to see what's going on because i

26:47
i believe i have a couple of

26:48
philosophies stan one is that every

26:51
financial decision

26:52
one makes is a retirement decision

26:56
so you decide to buy a house well you've

26:58
actually made a retirement decision it

27:00
might be a really good one or might sink

27:02
you because you've overbought

27:05
and another

27:06
big philosophy is

27:08
don't get so excited

27:10
like stop with the hype and hoopla of

27:12
all the headlines out there

27:14
um and so when inflation started ramping

27:16
up and everyone was hysterical it's like

27:21
did y'all not live in the 1970s the late

27:24
70s in the early 80s this is not

27:26
inflation this is

27:28
some discomfort

27:30
um so i think it's super important to

27:34
have perspective and always have a

27:36
historic a historical outlook so i go

27:39
back to 1960

27:41
well conveniently i was born in 1961 and

27:44
so i'm sort of interested what has

27:46
happened over my lifetime and you see

27:48
what real inflation is and it was in the

27:51
late 70s and early 80s interestingly

27:53
also an energy situation

27:55
um

27:57
but it's a time there's always

28:00
going to be

28:02
bumps and in this case it's a bigger

28:04
bump it's not a speed bump but this is

28:06
pretty significant for most families to

28:09
have to pay so much more for gas and

28:11
food

28:11
um

28:13
but we have to just take this time to

28:15
reset you reset everything when there's

28:18
an economic

28:21
issue an economic unfortunate situation

28:24
so

28:25
go back to your budget you know it goes

28:27
back to do you have a plan

28:29
this baseline plan that you can run with

28:32
and say oh shoot i was planning on

28:35
whatever it was 200 a month for

28:37
groceries 300 a month for groceries now

28:40
it's 400

28:42
the money doesn't grow on trees so you

28:44
do have to you know

28:46
beg and borrow and steal from all of

28:48
your other discretionary dollars

28:51
and it is an exercise we should all do

28:54
i also grew up with

28:57
very very little and i agree with you

28:59
stan that it does completely

29:02
set our foundation for how we look at

29:05
and respect money absolutely

29:07
it just it doesn't grow on trees you

29:10
have to manage it you have to

29:12
negotiate with it and there are times

29:15
where inflation is going to be rough but

29:18
the last time was 40 years ago

29:20
what did we all expect

29:22
why are we so upset about this

29:25
unless you're in the poorest

29:27
you know economic situation then i get

29:29
it but for the haves like

29:32
just rejigger your budget maybe you have

29:35
to work a year longer or two years

29:36
longer it's okay

29:39
and you may know i track inflation via

29:42
ice cream

29:43
so

29:44
this is a great indicator i mean it's

29:46
that's that's one of the leading goldman

29:48
sachs indicators

29:50
is the ice cream indicator yeah

29:52
i think see because i do work with

29:55
consumers a lot as well like who really

29:57
wants to look at my groovy chart my

29:58
multi-colored chart from 1960 forward

30:01
with the inflation

30:02
mountain in there um

30:04
so it's pick a few things so what are my

30:06
favorite things they're chocolate

30:08
well who doesn't make that number one um

30:11
coffee big number

30:13
two

30:14
and ice cream

30:15
and so what i like about ice cream is it

30:18
gives you a really good look at lots of

30:20
pieces of the economy all rolled into

30:22
one product it's not just eggs yep

30:25
they're in ice cream it's not just milk

30:27
yep they're an ice cream it's not just

30:29
sugar but yep that's an ice cream your

30:31
fruit is in there your chocolate's in

30:33
there and there's a manufacturing

30:35
component to it

30:37
and so to watch this yes it went up you

30:40
know that inflation

30:42
not last year at this time it actually

30:43
was staying the same but then over

30:47
the the

30:48
rest of last year and into this year it

30:49
is speaking up a bit

30:51
but the metrics are all with the same

30:56
um

30:56
volume you know it's a half a gallon of

30:58
ice cream is what's tracked and looked

31:00
at and it does give you a really good

31:02
insight as to where things are heading

31:04
and

31:05
and it puts it in your kitchen

31:08
because that's where we first feel and

31:10
see

31:11
the impacts of inflation

31:13
so you can still buy ice cream you know

31:15
maybe you don't go to the fancy

31:17
dairy store

31:18
you might have to just buy a different

31:20
brand or you eat a little less

31:23
never a bad thing shame on you for

31:25
saying that i know it's like

31:27
heaven forbid but it helps you

31:30
rethink what you're doing with your

31:32
money in your household

31:34
now my research team who gets paid

31:36
handsomely to find out things about you

31:38
that you don't want to know

31:40
almost came back and said something

31:42
about the minnesota golden gophers can

31:44
you please because i have a i i i have a

31:48
connection with them so i want to know

31:50
what your connection is with the

31:51
minnesota university of minnesota if you

31:54
live in twin cities they call it the you

31:57
yes okay so the minnesota golden gophers

32:00
what is that about off topic

32:02
um

32:03
on topic as far as i'm concerned okay

32:05
minnesota golden gophers and marsha

32:08
mantel got together in 1983.

32:11
i spent my last semester of college

32:14
at the university of minnesota because

32:17
soon-to-be husband dan

32:19
was getting his phd in chemistry at

32:22
the u

32:23
the u

32:24
yes so we were students he was a grad

32:27
student and you we could get very cheap

32:30
tickets to the golden gopher football

32:32
team the marching band is my favorite

32:34
part of the golden gophers and now we

32:36
have a friend my one of my very dear

32:39
girlfriends who still lives in minnesota

32:41
her nephew

32:42
just graduated but he was on the u's

32:45
hockey team men's hockey team

32:47
so we are big time golden gopher fans

32:49
and both of my girls are living in the

32:52
twin cities younger one has her computer

32:55
science degree from the university of

32:56
minnesota and older one is getting her

32:58
phd at none other than the university of

33:01
new york and just just fun fact about

33:04
fun fact about the university of

33:05
minnesota as i put myself through

33:07
college playing college basketball i

33:09
used to work summer camps to make money

33:11
in the summer and one of the places i

33:12
always worked for

33:14
was jim dutcher he was head coach at the

33:15
university of minnesota we worked there

33:17
me and a friend of mine and really loved

33:20
the you love minnesota the other fun

33:22
fact is my ceo and director of

33:24
operations she

33:26
is from

33:27
the twin cities and um so you know she

33:30
is

33:31
she runs the annuity men

33:33
llc the big huge

33:35
operations center operations center in

33:38
las vegas nevada which is where we're

33:40
based

33:41
and um she's yeah she's from the twin

33:43
cities and we we have a satellite office

33:45
there as well so

33:46
that's cool but the other thing that i

33:48
want to ask you and this is one that

33:51
that tweaked my interest marcia because

33:53
you you obviously are looking at life

33:55
through a different lens than most which

33:57
i like i like that

34:00
you talk about if you can make lasagna

34:03
then you can create a retirement income

34:05
plan now let's stop right there and let

34:07
me go on record that lasagna is one of

34:10
my favorite foods of all time and i am

34:12
expecting that when i

34:14
hit your town soon there will be a pan

34:16
of it waiting for me

34:19
i consider it done exactly absolutely

34:22
stem

34:23
love lasagna oh gosh

34:26
when i

34:27
present out you know back in the old

34:29
days when we could go out and present in

34:31
front of big crowds

34:32
i would ask an audience of many

34:34
consumers

34:36
typically boomers who here knows how to

34:38
make lasagna and with every couple at

34:40
least one hand goes up

34:42
and then i would ask who makes the best

34:45
lasagna in the room

34:47
and twice as many hands all of a sudden

34:48
would go up nice and i'd always said

34:51
great

34:52
and my

34:53
point there was twofold

34:56
the first is i think it's very important

34:58
to understand

34:59
baby boomers we are the ones who are

35:01
retiring right now and we are the ones

35:03
with all the money you know except for a

35:05
few really wealthy gen xers and

35:07
millennials but and they're gonna and

35:08
they're gonna blow it marcia we you know

35:10
we we both know they're not mature

35:11
enough to hang on so that's right so

35:15
we're carrying a big load here exactly

35:18
so

35:19
we've got

35:20
not only this money but we're not well

35:24
understood in many facets and one of the

35:27
things that anchors us as a generation

35:29
is by and large like it or not women did

35:32
all the cooking

35:33
um we were in the kitchen we feed our

35:35
families it's good god three meals a day

35:38
those children do nothing but eat stand

35:40
exactly so we have this common ground

35:43
which is what i try to establish when

35:45
i'm working with groups of consumers so

35:47
we establish that they do in fact know

35:49
how to make lasagna and the reason i

35:51
picked that and not something chocolate

35:53
is because i picture my counter when i'm

35:55
making lasagna and it is covered with

35:58
ingredients right okay you got your big

36:00
pan you got your

36:01
cooking spray or your olive oil you've

36:04
got your ricotta you've got

36:07
exactly you've got your mozzarella you

36:09
got your pasta noodles that hopefully

36:11
you haven't overcooked in the water you

36:13
made your sauce you got your mushrooms

36:16
and your onions and

36:17
all these ingredients

36:19
and they're all over your counter and

36:21
that is not a lasagna as you know that's

36:23
just a bunch of ingredients

36:25
that is like

36:27
all the money stuff you have going into

36:31
retirement you got an ira over here dan

36:34
has his roth over there this one 40k is

36:36
at 401k that one 403 b

36:38
set by array you know a taxable account

36:42
a trust account barriers and layers

36:45
layers and layers

36:46
so until

36:48
you start putting it all together in

36:50
that 13x9 pan

36:53
all you have are ingredients

36:55
but with the retirement income plans you

36:57
got all those ingredients all over your

36:58
worksheet

36:59
now you start to layer it and there is

37:02
an order you know if you don't put the

37:04
ricotta on the bottom you got to put the

37:06
noodles down first that's true so

37:08
there's an order to approaching

37:10
retirement income planning and

37:12
and if you can make a lasagna you

37:13
actually can figure out this retirement

37:15
income stuff i love it and i got the

37:17
additional correlation so of course you

37:19
know marketing brains rolling as you're

37:21
saying that i'm like you can't overcook

37:23
it you got to pull it out of the oven

37:25
and put it somewhere safe to cool off

37:27
meaning you can't call all in in the

37:29
markets when you are retired

37:32
marcia we have to package this somehow

37:35
and sell it to the baby boomers the

37:37
retirement income lasagna plan

37:40
um i like it i like it a lot except for

37:43
the onions you lost me there marshall

37:45
really you can't oh my god lasagna and i

37:48
i'm telling you i have people driving

37:50
down the road and on treadmills that are

37:52
yelling you're right stan

37:54
you're right where is this woman from to

37:57
put onions and lasagna in your sauce

38:00
you know what that's the equation i mean

38:02
putting onions in lasagna is like is

38:05
like trading options in retirement

38:09
cryptocurrencies absolutely no sense or

38:11
yeah it just makes absolutely no sense

38:12
it doesn't it doesn't feel right it

38:14
doesn't taste right no i'm kidding

38:20
i i make what i call vegetarian lasagna

38:22
i use um zucchini to make the noodles

38:25
because i now have this gluten issue

38:27
nothing like getting old and so i make

38:29
vegetarian lasagna with sausage my

38:32
family i loved i love that my my

38:34
daughter

38:35
made me become a vegan for three years

38:37
it was a horrific three years

38:39
and i and i vowed after i got my health

38:43
back together that i'm not doing that

38:45
again okay

38:46
um

38:47
because you can't substitute noodles for

38:50
zucchini or they talk they call them

38:52
what do they call them zoodles well a

38:54
zoodle is not a noodle

38:56
no now we're getting off track here but

38:58
i do like the correlation of making

39:00
lasagna retirement plan it is a layered

39:02
process it is a plan that has to be in

39:05
place you can't randomly do it

39:08
um and it's got this myriad of

39:10
ingredients

39:12
you know because every one of our

39:13
account types is different we got tax

39:15
free we've got text deferred we've got

39:16
rmds on some things we inherit things

39:18
you know it's this hodgepodge

39:21
but there's really a recipe here

39:24
and there's an order to it and yeah so

39:26
anyway that's that's what i came up with

39:27
and and then all the women in the

39:29
audience knew they made the best lasagna

39:30
and by golly if you can get people

39:32
thinking they're doing the best

39:34
they're gonna play along with you right

39:36
they're gonna work on this retirement

39:38
income plan

39:39
marcia

39:41
another really good

39:42
question from stanley nudie man one of

39:44
the top

39:46
podcasts in the country growing by leaps

39:48
and bounds because i ask questions like

39:49
this

39:51
what does adopting a cat have to do with

39:53
retirement

39:56
i did my research marcia you did i'm

39:59
very impressed um i guess out on my

40:02
boomer retirement briefs facebook page

40:04
today are my two cats mr whiskers and

40:08
his little sister sky

40:10
um is that sky with two y's

40:13
no just one why why not actually like i

40:16
love sky s-k-y-e

40:18
okay

40:19
they're my little scottish kitty cats

40:21
brother and sister that we adopted from

40:22
a local animal shelter cat shelter here

40:25
in massachusetts okay and it turns out

40:27
june is

40:28
national adopt a cat month because after

40:31
the litters happen in the spring

40:33
the shelters are often overrun with the

40:36
little sweet kitty cats so

40:39
it's just one of those national things

40:40
and i try to do a fair amount on twitter

40:43
and facebook and such so in honor of my

40:46
little kitty cats i posted out there so

40:48
how do we correlate that to retirement

40:51
planning can we do that can can i can i

40:54
just can you wing that one for me

40:56
absolutely okay it's um

40:59
be involved

41:00
you can volunteer in retirement at any

41:03
kind of shelter you know animals are

41:05
your thing you can adopt dogs or cats

41:08
um and it

41:10
helps with this era if you don't have a

41:13
really good plan you know there's the

41:15
money side we often focus on the money

41:17
side i do an equal amount on the time

41:20
side what are you going to do stan when

41:23
you got nothing but 80 new hours a week

41:25
to fill

41:27
like

41:28
i mean that's an easy that's an easy

41:29
answer for me i mean i go on tour with

41:31
my rock band and you know

41:33
i mean that's that's what we do

41:35
so you should not have a pet because we

41:37
don't want to leave them home there's

41:38
only one problem i don't have a rock

41:40
band yet but that is the plan that's the

41:42
that's the master plan going forward

41:44
yeah

41:44
no no why would that why would that get

41:46
in the way for goodness sake actually

41:50
yeah so it is it's looking for volunteer

41:52
things and you know important things

41:54
areas of responsibility i don't like

41:56
this loneliness epidemic that we deal

41:59
with in older age

42:00
um that is really a problem again women

42:04
live longer and sometimes much longer

42:06
than their husbands

42:08
and this loneliness and

42:11
feeling abandoned you know is it is a

42:14
real thing

42:15
cova did not help

42:17
yeah and that's that's an unfortunate

42:18
part of retirement but we can avoid that

42:22
yeah money does not solve problems and i

42:25
tell all of my clients and all my

42:27
listeners have heard this before but you

42:29
probably have too but there's no u-hauls

42:30
behind hearses and if you see one take a

42:32
picture and send it to me

42:34
and i do that's that is kind of one of

42:36
my goals in life is at when i finally

42:39
retire

42:40
is to buy a hearse pimp it out with all

42:42
kinds of with all kinds of stereo

42:44
systems also and have a u-haul behind me

42:46
and just drive across the country

42:49
i don't know why i want to do that but i

42:51
do i'm sure my wife will not join me but

42:54
no no i think she might be game she's

42:56
something she's a pretty awesome wife

42:57
she's she has put up she has put up with

42:59
a lot there is no doubt about it

43:01
um

43:03
but

43:04
um

43:05
so

43:06
i'm interested with a person like you

43:08
who's so vibrant and fun and smart and

43:11
you've done so much and you you really

43:13
have given a lot

43:14
to the financial services business and

43:16
have been named to every single list

43:18
ever

43:19
and you've done this for three decades

43:21
what makes you get back up in the

43:22
morning and do it again what's the

43:24
passion why are you doing this marcia

43:27
i'm doing this because

43:30
others can't

43:32
they're not ready they're not equipped

43:34
they don't have that foundation

43:36
but they're still gonna retire

43:39
and almost every morning not every

43:41
morning but almost every morning i got

43:43
up and the first thing i do is i play on

43:45
twitter i check twitter really to see

43:48
has anything moved in congress

43:51
has anyone done anything good for our

43:54
elderly

43:55
is there any

43:56
new idea out there that's helping our

44:00
older americans

44:02
or is it just the same old crap and then

44:04
i've got to be there to help them

44:07
interpret what's going on and explain

44:10
why

44:11
things are the way they are and this is

44:13
what we have to deal with today

44:15
but i'm ever hopeful

44:17
stan i

44:19
you know like like this week or last

44:21
week where we yeah late last week the

44:23
social security trustees report came out

44:26
and of course and i just i just lay in

44:28
wait it's like oh let's see all the

44:30
hysterical headlines coming back out

44:33
because i have to then turn around and

44:34
tamp all that down both for our industry

44:37
and for real people it's like please

44:40
people

44:41
read beyond the headlines

44:43
the headlines just want to catch you you

44:45
shouldn't stop reading at that point

44:48
and these are big decisions they make a

44:50
difference they make a difference when

44:52
you're 85 when you're 89 when you're 98

44:55
my mother-in-law just turned 98 my

44:57
father-in-law 99. wow you know

45:00
it they're just it's amazing

45:03
this last chapter and it's long it's 30

45:06
years long

45:08
i get up every day so i can see what's

45:10
next

45:12
we're going to have links to marsha's um

45:15
blog which is called boomer retirement

45:17
briefs and it's really cool you need to

45:19
go there to get her inside etc i i'm

45:22
sorry i didn't mention your other book

45:23
which i thought was great as well it's

45:25
called what's the deal with social

45:26
security for women

45:29
that that pairs with you know what's the

45:30
deal with retirement planning for women

45:32
so she's done that but i would encourage

45:34
you to visit her site a lot again we're

45:36
gonna have her um

45:38
her link on our site that you can go and

45:40
look because she answers questions that

45:42
are in everyone's mind like you know

45:44
will i have enough money to last

45:45
throughout my retirement or should i

45:47
claim social security early to to get it

45:50
before it's gone or

45:52
how will i be able to afford health care

45:54
costs once i'm on medicare the things

45:56
that don't that's on everyone's mind

45:59
marsha is succinctly hammering that

46:02
factually

46:04
within her materials or books and her

46:05
blogs and all that stuff we're just

46:07
we're just honored that she brought it

46:09
down to our level at the consumer level

46:12
and not talking to the financial

46:13
advisors because i think it's important

46:14
for people to know

46:16
the brains behind the financial advisors

46:19
getting the information from you and

46:21
this is good for the consumers to know

46:23
who that person is

46:25
um and that's you um

46:28
so you started i mean you you're coming

46:30
up on the 20-year and a couple years of

46:33
men tell retirement consulting

46:36
i am

46:37
it has been you on quite a journey

46:40
yeah quite a journey you know and i quit

46:42
working at fidelity so i could see my

46:44
kids you know my kids were just my older

46:47
one was just going in high school and my

46:48
younger one was in fourth grade and i

46:50
never saw them and it's like this can't

46:52
happen

46:53
so i didn't have a grand plan i just

46:55
knew i needed to be home for dinner

46:58
and

46:59
i am

47:01
stunned yeah i'm coming year 17 on july

47:04
first good for you so

47:06
yeah two more two more questions because

47:07
we got to wrap it up we could talk with

47:09
you forever and and certainly hope

47:12
that you will be back on um the podcast

47:14
and and and enlighten us with some new

47:17
things and things that are on your mind

47:18
and and other retirement recipes so to

47:21
speak

47:22
um

47:24
what's what's the new stuff that's

47:27
getting your attention right now i mean

47:29
you you've forgotten more than most

47:30
people will ever know

47:32
in your space but what's the new things

47:34
that are saying wait a minute this is

47:36
this is peaking my interest is there

47:38
anything

47:39
that's new for you

47:43
while there's not a lot new

47:45
i will say there's a new experience i

47:48
was a

47:50
um a greeter for the aarp tax foundation

47:54
this past tax season okay

47:57
aarp among other groups but aarp is one

48:00
of the largest they do for free tax

48:02
filing for seniors yes

48:05
and the

48:07
1040 sr which is the seniors

48:11
1040 form um is in much bigger print

48:14
which i love like stop with the eight

48:16
point type people you know i need 20

48:18
point type now um it was absolutely

48:22
amazing to see

48:24
older americans men and women

48:27
how utterly frustrated and confused they

48:30
are over our tax system yeah that's true

48:33
so i'm i'm kind of hot on the whole tax

48:35
thing i mean good god can we make it

48:37
easier

48:38
um that's that's new for me

48:41
what else is new um

48:43
[Music]

48:44
you know it is it is hard to have new oh

48:48
no you know what i'm wrong my other new

48:50
hot thing is

48:52
the medicare part d which is the

48:54
prescription drug plan right

48:56
seems like it's so helpful to have some

48:59
assistance with your prescription drugs

49:01
but i've done i started and i

49:03
did one county here plymouth county in

49:06
massachusetts to see how much the the i

49:08
call them the designer drugs you know

49:10
the ads that you see on tv

49:12
20 times a day

49:14
all those designer drugs cost money

49:16
well how much

49:18
and the things that i've uncovered

49:21
were just stunning

49:22
stan that

49:24
if you now again i think of the 85 year

49:26
old grandma right who needs a particular

49:29
drug to keep her healthy she walks two

49:31
blocks down to her favorite drug store

49:34
and she pays a thousand dollars for that

49:36
drug for the year right because she

49:38
didn't know if she could just drive two

49:41
miles to the east

49:43
at a different pharmacy it would cost

49:45
her 12

49:47
for the year

49:48
and i find that kind of

49:51
hidden

49:52
i'm a big custer but i won't swear here

49:55
um

49:56
that kind of shenanigans

49:59
to be

50:00
utterly

50:01
awful that this is how americans are

50:04
treating

50:06
yeah it's hideous it's absolutely

50:07
hideous i agree with that and they're

50:10
they're targets

50:12
senior citizens are targets voluntarily

50:15
and involuntarily

50:16
i get mad at both i mean you just talked

50:19
about an involuntary one that it's just

50:21
more of an educational thing and shame

50:24
on the

50:25
whoever's in charge i guess we all are

50:27
for not for not helping with that one

50:30
last question this is the one that i

50:31
never tell my guest that i'm gonna ask

50:35
and it's a good one and what i do marcia

50:38
is i do what's called the mic drop

50:40
moment and i'm going to hand you the mic

50:42
and in about

50:43
one to three minutes your call you're

50:46
going to say something so profound in

50:48
such a walk away that you're going to be

50:49
able to drop the mic walk away

50:51
and strut away from the microphone and

50:54
podcast so people go not only was that a

50:56
great podcast but she left everything on

50:58
the floor and that was a great comment

51:00
so five four three two one go

51:04
the most important thing i've ever done

51:07
is be a mom

51:09
and i think we as an industry

51:13
do not

51:14
give moms enough credit

51:17
we don't help these women we don't

51:19
respect their journey we generally don't

51:22
even know she had a journey

51:24
and where it comes to fruition for me

51:27
stan

51:28
is when

51:29
at-home moms in particular get to that

51:32
cliff that retirement cliff and we say

51:34
download your most current social

51:35
security statement and let's look and

51:37
see how many

51:38
benefits you're going to get in

51:40
retirement

51:41
and she downloads a statement

51:44
and says this can't be right

51:46
can it

51:47
it's all zeros

51:49
and then she finds out

51:51
oh it's zeros for her but since she's

51:54
married she'll get half of his

51:58
but she looks at that after all those

52:00
years

52:01
raising those kids petting the kitties

52:04
cleaning the litter box making 95 000

52:06
freaking dinners

52:08
and she's worthless

52:10
and i think that's another one of those

52:12
areas that is just

52:15
a wrong that is so wrong i don't have

52:18
words for it

52:19
that the lack of respect we have for

52:22
at-home moms and the jobs moms do

52:26
is unacceptable

52:28
i i totally agree and that person you

52:31
just heard if you didn't enjoy this

52:32
podcast you're not breathing that person

52:35
is marcia mantel i really really

52:37
appreciate you being here and i

52:38
appreciate every single person that

52:40
joined us for this podcast on all major

52:42
podcast platforms and the fun with

52:44
annuities youtube channel i will see you

52:47
next week

52:53
thanks for listening to fun with

52:55
annuities please hit the subscribe

52:57
button and make sure to go to my site at

52:59
the

53:00
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53:02
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53:12
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53:17
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53:20
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53:22
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53:25
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53:27
specific situation it will be the best

53:30
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53:33
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53:35
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53:37
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53:42
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53:43
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53:47
[Music]

53:58
you