Derek Coburn

They don't feel the way they thought they were going to feel and they're going back to work. And so I'm just trying to get the attention of people well before this point to help them realize that as long as you don't hate what you do, if you can find some work that you enjoy doing, ideally, you're going to do it longer than you think.

They don't feel the way they thought they were going to feel and they're going back to work. And so I'm just trying to get the attention of people well before this point to help them realize that as long as you don't hate what you do, if you can find some work that you enjoy doing, ideally, you're going to do it longer than you think.

And because of that, you don't have to save as much, which means you now have more money and more time that you get to spend right now on the people and things that are most important to you.

And because of that, you don't have to save as much, which means you now have more money and more time that you get to spend right now on the people and things that are most important to you.

One of my favorite books of all time is called Stumbling on Happiness by a Harvard professor named Daniel Gilbert. This came out 15 years ago, and I don't think he's written anything else since. Essentially, what he's saying is that we all just do a terrible job of predicting what our future selves are going to want.

One of my favorite books of all time is called Stumbling on Happiness by a Harvard professor named Daniel Gilbert. This came out 15 years ago, and I don't think he's written anything else since. Essentially, what he's saying is that we all just do a terrible job of predicting what our future selves are going to want.

And if you think about the assumptions that go into planning for retirement, that everything you just mentioned about inflation is true. And that's one component. We also have to accurately predict what the tax rates are gonna be every single year for the next 25 years. What's your pre-retirement rate of return is going to be in your portfolio.

And if you think about the assumptions that go into planning for retirement, that everything you just mentioned about inflation is true. And that's one component. We also have to accurately predict what the tax rates are gonna be every single year for the next 25 years. What's your pre-retirement rate of return is going to be in your portfolio.

Each year, probably what your what your post retirement average rate return is going to be, among other things, including what year are you going to die? What year is your spouse going to die? If you're married, are your parents in good financial shape and good health? All of these things that we have, it's akin to like picking a 10 game parlay on Fandle. Right. And yet people are walking around.

Each year, probably what your what your post retirement average rate return is going to be, among other things, including what year are you going to die? What year is your spouse going to die? If you're married, are your parents in good financial shape and good health? All of these things that we have, it's akin to like picking a 10 game parlay on Fandle. Right. And yet people are walking around.

living their lives on a daily basis, like they're going to nail it. And they're making all these choices about how to spend their money and how to spend their time based on all of these things coming true. And we're going to be wrong about every single one of them.

living their lives on a daily basis, like they're going to nail it. And they're making all these choices about how to spend their money and how to spend their time based on all of these things coming true. And we're going to be wrong about every single one of them.

Yeah, you know, I think I always like to start from the money angle because I think people just really do not understand how much flexibility this frees up for them in the short term. There are so many people walking around that know deep down that they're not going to stop retiring. And there's even people – or stop working. And there's even some people that know that –

Yeah, you know, I think I always like to start from the money angle because I think people just really do not understand how much flexibility this frees up for them in the short term. There are so many people walking around that know deep down that they're not going to stop retiring. And there's even people – or stop working. And there's even some people that know that –

consciously that they're never gonna stop working, but they're still kind of living their lives based off the idea that they're gonna have this traditional retirement, that they need to save a certain amount of money. Like when they meet with their financial advisor every year, they're not saying, I'm gonna work forever.

consciously that they're never gonna stop working, but they're still kind of living their lives based off the idea that they're gonna have this traditional retirement, that they need to save a certain amount of money. Like when they meet with their financial advisor every year, they're not saying, I'm gonna work forever.

They're just going along with the idea that they have to save this amount of money. So I share a story about a hypothetical guy named Tony in my book. And I say, Tony is 45 years old. He makes $150,000 a year and he has $150,000 saved up for retirement. And if Tony wants to retire at 65, using all of the basic assumptions in our industry, 3% inflation, 7% return.

They're just going along with the idea that they have to save this amount of money. So I share a story about a hypothetical guy named Tony in my book. And I say, Tony is 45 years old. He makes $150,000 a year and he has $150,000 saved up for retirement. And if Tony wants to retire at 65, using all of the basic assumptions in our industry, 3% inflation, 7% return.

on his assets until retirement, 6% after, and have him passing away at 95. If he wants to stop at 65, he has to save $2,400 a month in order to get there, which is about 20% of what he's making, which is a non-starter for most people. If Tony says, I'm going to work until I'm 75 instead of 65, that number goes from $2,400 a month down to $110 per month. It goes down by 96%.

on his assets until retirement, 6% after, and have him passing away at 95. If he wants to stop at 65, he has to save $2,400 a month in order to get there, which is about 20% of what he's making, which is a non-starter for most people. If Tony says, I'm going to work until I'm 75 instead of 65, that number goes from $2,400 a month down to $110 per month. It goes down by 96%.