• The Humans vs Retirement Podcast

  • By: Dan Haylett
  • Podcast

The Humans vs Retirement Podcast By cover art

The Humans vs Retirement Podcast

By: Dan Haylett
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  • Summary

  • When it comes to retirement, many waste precious time by letting their emotions and behaviours overtake their dreams and desires. Humans are not wired for a modern retirement and are in a battle to ensure their life after work gives them freedom & joy. Each episode of The Humans vs Retirement Podcast contains expert opinions and real retirement stories that look at the emotional, behavioural and financial challenges of life after work, which will give you tools and tips to live a happy, healthy and wealthy retirement.
    ©️Dan Haylett 2023
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Episodes
  • How to experience TRUE WEALTH in retirement with Ken Honda

    How to experience TRUE WEALTH in retirement with Ken Honda
    Jul 30 2024

    Summary

    Money and happiness expert Ken Honda is a bestselling self-development author in Japan, with book sales surpassing eight million copies since 2001. His first English language book, “Happy Money: The Japanese Art of Making Peace With Your Money” (June 2019, Simon & Schuster), is an international bestseller. His new novel is “True Wealth – 9 Lessons From a Grandfather on Happiness and Abundance” (​​May 14, 2024, Hay House). Learn more at KenHonda.com.

    In this episode Ken Honda discusses the concept of true wealth, which goes beyond material abundance and includes intangible assets such as trust, bonding, love, and friendship. He emphasizes the importance of creating precious memories and highlights the need to redefine wealth as we approach retirement. Ken also explores the power of intuition in decision-making and shares three steps to tap into our intuition. He discusses coping with anxieties and fears around money and retirement, suggesting that facing fear head-on can lead to personal growth and new opportunities. Ken encourages listeners to find their Ikigai, their life purpose, and to make choices that align with their passions and values. He also emphasizes the importance of cultivating a positive relationship with money and using it as a tool to bring joy and happiness in retirement.

    Takeaways

    • True wealth goes beyond material abundance and includes intangible assets such as trust, bonding, love, and friendship.
    • Creating precious memories is more important than accumulating material wealth.
    • Facing fears and taking risks can lead to personal growth and new opportunities in retirement.
    • Finding your Ikigai, your life purpose, and making choices that align with your passions and values is crucial in retirement.
    • Cultivating a positive relationship with money and using it as a tool to bring joy and happiness in retirement is essential.

    Sound Bites

    "True wealth is something that you cannot see. It's invisible assets like trust, bonding, love, and friendship."

    "There's always some kind of guiding force to just take us to something very important."

    "If you can face your fear, you will be less afraid of taking more steps, taking more risks."

    Chapters

    00:00 Introduction and the Concept of True Wealth
    06:03 The Power of Intuition in Decision-Making
    09:25 Coping with Anxieties and Fears in Retirement
    15:30 Finding Your Ikigai in Retirement
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    49 mins
  • Repurposing Your Life in Retirement with Suzanne Campi

    Repurposing Your Life in Retirement with Suzanne Campi
    Jul 12 2024
    Summary Suzi is a certified co-active coach and has made it her mission to understand the process of personal and professional transitions and the challenges that come with them. She is passionate about working with clients to help see them through and make a pathway for the life the want to experience In our conversation Suzi encourages people planning for or already living in retirement to step back and reflect on who they are and what they truly enjoy, as well as the significance of having a positive attitude and choosing to thrive in retirement. We discuss the differences between men and women in retirement, particularly in terms of social connections and expectations, whilst also exploring why communication and setting expectations are crucial for couples transitioning into retirement. In Suzi’s opinion retirement is a multifaceted life transition that requires deep introspection and consideration of various aspects of life. Her retirement wheel is a tool that helps individuals visualize and address different areas of their life, including spiritual well-being, family and friends, partnership and love, health and fitness, and fun play and travel (a free download of this is available in the show notes). And finally, Suzi talks about why she believes it is important to approach retirement with curiosity and a sense of wonder, remaining open to new experiences and learning opportunities and how Retirement should not be seen as the finish line, but rather as a new beginning that requires ongoing adaptation and planning. Takeaways Retirement is an opportunity to repurpose one's life and find new meaning and purpose. Taking the time to reflect on who you are and what you enjoy is essential during the retirement transition.Having a positive attitude and choosing to thrive in retirement can lead to a more fulfilling experience.Men and women often have different challenges and expectations in retirement, particularly in terms of social connections.Communication and setting expectations are crucial for couples transitioning into retirement. Retirement is a time for deep introspection and consideration of various aspects of life.The retirement wheel is a helpful tool for visualizing and addressing different areas of life in retirement.Approach retirement with curiosity and a sense of wonder, remaining open to new experiences and learning opportunities.Retirement should be seen as a new beginning that requires ongoing adaptation and planning. Sound Bites "I love helping people to repurpose." "Retirement is an outdated concept." "Retirement is a chance to repurpose what life means." "It's a retirement wheel that can help people visualize all the pieces, because it's not just a financial piece as we have so declared here." "How are you in your spiritual peace and will you give yourself time for that peace?" "Retirement will evolve greatly. You can't pretend it's not going to." Chapters 00:00 Introduction and Background 03:27 The Changing Landscape of Retirement 06:01 Repurposing Your Life in Retirement 07:49 Choosing a Positive Attitude in Retirement 09:33 Preparing for Retirement: Mindset and Expectations 12:28 Thriving in Retirement: Shifting from Surviving to Thriving 15:16 Gender Differences in Retirement 24:17 The Retirement Wheel: Visualizing and Addressing Different Areas of Life 33:25 Retirement: A New Beginning Requiring Adaptation and Planning 36:42 Retirement as a Complex Problem Requiring Consistent Adaptation 39:20 Mourning the Ending and Having Gratitude for Your Career
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    52 mins
  • The Overlooked Risk of Regret in Retirement with David Blanchett

    The Overlooked Risk of Regret in Retirement with David Blanchett
    Jul 2 2024
    Summary David is Managing Director, Portfolio Manager, and Head of Retirement Research for PGIM DC Solutions. In this role, he develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. Prior to joining PGIM he was the Head of Retirement Research for Morningstar Investment Management LLC and before that the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company. In this episode David and I discuss retirement planning and income generation. He emphasizes the importance of understanding the cost of retirement and the need to start planning early. Retirement is a complex and individualized process, and the traditional concept of retirement is evolving, David suggests using the term 'financial independence' instead. He also challenges the 4% rule for retirement withdrawals, suggesting that a personalized approach is necessary because flexibility in retirement income planning is crucial, as it allows for adjustments in spending based on changing circumstances. He also talks about why holding cash can provide both economic and behavioural benefits in retirement portfolios. Other highlights of our conversation are where we discuss the need for advisors and coaches in retirement planning, the importance of understanding and addressing regret risk, the value of spending money on experiences and giving during retirement, the impact of longevity risk on retirement confidence, the benefits of guaranteed lifetime income in retirement planning and Davids famous Retirement smile concept. Takeaways Understanding the cost of retirement and starting planning early are crucial for financial security in retirement.The traditional concept of retirement is changing, and 'financial independence' may be a more appropriate term.The 4% rule for retirement withdrawals may lead to underspending and regret, and a personalized approach is necessary.Flexibility in retirement income planning allows for adjustments in spending based on changing circumstances.Holding cash in retirement portfolios can provide both economic and behavioral benefits.Advisors and coaches play a crucial role in retirement planning by providing accountability and helping individuals understand their blind spots.Regret risk, or the regret of not doing more during retirement, is an often overlooked risk that can impact the fulfillment of the second half of life.The fear of spending money in retirement and the transition from a savings mindset to a spending mindset can hinder individuals from enjoying their retirement and lead to inefficient spending.Longevity risk, or the risk of outliving one's savings, is a significant concern in retirement planning, and there is a need for greater longevity literacy.Guaranteed lifetime income can help address longevity risk and provide individuals with the confidence to spend money on experiences and give during retirement.The retirement smile, where real-time spending falls during the early years of retirement and may increase slightly in later life, challenges the assumption that spending increases with inflation every year. Sound Bites "Retirement is the most expensive purchase most people will ever make." "Retirement is radically changing for everyone, what it means to retire, what it means to keep working, how long you're gonna live, what your activity level is gonna be." "The 4% rule will lead people into a retirement of underspending and regret." "We are not the person that's receiving the advice or coaching, right?" "If we create one of those [retirement plans] that's got a hundred percent success rate, i.e. we're telling you that you're never going to run out of money. That to me is a hundred percent failure on living a fulfilled second half of life." "It's just really, really hard to spend down this pool of assets when you don't know how long you're gonna live, you know what the markets are gonna do and you don't wanna go back to work." Chapters 00:00 Introduction and Background of David Blanchett 03:02 Understanding the Cost of Retirement 08:12 The Changing Nature of Retirement 12:33 Challenging the 4% Rule for Retirement Withdrawals 19:49 The Benefits of Holding Cash in Retirement Portfolios 26:56 The Role of Advisors and Coaches 28:19 The Overlooked Risk of Regret 30:06 Overcoming the Fear of Spending 35:28 Understanding and Addressing Longevity Risk 39:39 The Benefits of Guaranteed Lifetime Income 47:01 The Retirement Smile: Challenging Assumptions
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    57 mins
Economics Personal Finance
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