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Welcome to personal finance for long-term investors, where we believe Benjamin Franklin's advice that an
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investment in knowledge pays the best interest both in finances and in your life. Every episode teaches you personal
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finance and long-term investing in simple terms. Now, here's your host, Jesse Kramer. Hello and welcome to
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episode 106 of Personal Finance for Long-Term Investors. My name is Jesse Kramer. Today, we're going to take a
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deep dive on a cool 2023 survey called retirement perspectives and attitudes. It shines an an awesome light in the
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minds of about 1,700 people who participated in the study, about half of whom are retired and the other half are
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planning on retiring soon. And we're going to learn some lessons and compare
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and contrast. and I think come away what you know no matter what stage of your financial life you're in whether
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retirement is still decades in the future or you've been retired already for a number of years I still think
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there's some really interesting things we can learn from this study before we
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dive into it we'll do our customary review of the week thank you so much everyone for leaving ratings and reviews
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on Apple Podcast or Spotify this one's from Apple podcast a five-star review
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from CD Stewart who wrote in and said fantastic podcast I've been listening to
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Jesse for the last year or so and I absolutely love this podcast Jesse is fantastic at breaking down complex
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topics into easily digestible pieces along with the use of great metaphors. I like that he discusses the mindset and
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emotional side of finance while also providing practical nuts andbolts information that I can act on. I
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recommend this podcast to beginners and money nerds alike. Well, CD Stewart, thank you very much for the kind words.
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Drop me an email to [email protected] and I will get you set up with a super soft bestinest
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t-shirt. As I was alluding to you before, today we're going to dive deep on this retirements and perspectives
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study. About half of the people who responded to the study have already been retired and the other half are planning
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on retiring soon. Of the retirees, about half have been retired for two or fewer
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years. So, we're talking about retirees who are just dipping their toe into retirement for the first few months or
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for the first year. And then of the pre-retirees, about half of them are planning on retiring in the next two
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years. So in other words, there are a lot of people in the study who can speak to that final glide path into retirement
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and then what the initial touchdown and again up for the study 90% of the respondents were between ages 50 and 75.
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So again a lot of pre-retirees and a lot of post-retirees. The survey uncovers their perspectives, their preparedness,
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their expectations and their major concerns when it comes to retirement planning. Another fantastic takeaway is
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to see how these two major cohorts of pre and postretirees how they tend to either change their minds over time or
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how they thought one thing and then they realized retirement actually had a different a different way about it. You
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know, in other words, that the major concerns of some of the pre-retirees end up being different than the major
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concerns for that of the post-retirees. The people who are retired, the retirees
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have a benefit of been there, done that, while the pre-retirees can only imagine
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what the future holds in store for them. And that difference is vital. We're all
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naturally uncomfortable with the prospect of an unknown future, but it's so helpful to hear from such a large
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cohort of people actually living that future already. So, first a little bit about the authors themselves because
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they deserve all the credit for putting this study together. Fritz Gilbert, who some of you might recognize from episode
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62 of Personal Finance for Long-Term Investors. Fritz is the founder of the Retirement Manifesto, a personal finance
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blog dedicated to helping individuals achieve a fulfilling retirement. His writing emphasizes both the financial
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and the personal aspects of retirement planning. Fritz spent 30 years in corporate America, primarily in the
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aluminum industry before retiring at age 55. And now postretirement, he and his wife moved to a cabin in the Georgia
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mountains where they enjoy community involvement and charity work. The other co-author of the study, Eric Wigel, is
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the founder of Retire with Possibilities, a retirement coaching firm aimed at helping individuals design
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their journey into retirement. He holds an MBA from the University of Chicago and has extensive experience in
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investment management. And the way I want to go through this particular podcast episode is to present a certain
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finding from the study, discuss the differences, if they exist, between the pre and the post retirees, and then add
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some of my own color based on my opinions or based on the clients I work with. the stories I've heard from them.
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So, I'm not going to cover every single question from the study, but instead I'm
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kind of handpicking or cherrypicking the ones that I found to be the most interesting to dive into. The first
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topic to dive into, I think, is uh the question that the survey asked, which is, how would you rate yourself in terms
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of finding the perfect home and environment to spend your retirement years? 75% of the results of the study
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were positive, 20% were neutral, and 5% were negative. So, in general, people are happy with their home choices or the
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places they choose to live, their environments. But that said, there was a big difference in how the two major
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cohorts of pre and post-retirees, how they responded. The pre-retirees make up fewer of the happy respondents and make
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up more of the negative respondents. And I think this makes sense. If you're
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still a few years out from retirement, you might be a little anxious about where you'll end up and if you'll like
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it there. You know, will you downsize your home? How stressful is that process going to be? The the process of moving
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and finding a new place. Are you going to move to where your grandkids are, to where your kids are, where they're
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living? Is that going to be what you want? And is it also going to be what what they want, what your kids and
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grandkids want? Are you going to snowbird to somewhere warmer? Can you afford to do that? There are all these
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questions and it's really hard to figure out what the ideal answers are. And it's
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hard to know for sure if you're going to enjoy those choices once you're actually
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in retirement. But that's the thing. Once you're in retirement, you have at
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least some of your answers. And if you don't like your answers, you have the
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time and the flexibility to move or to plan or to think about it and to ultimately do something about the fact
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that you aren't enjoying where you're living. So my takeaway from this is if
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you're concerned about your perfect home or your perfect environment where you're
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going to spend your retirement years, I think you can relax a little bit because
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even if your situation isn't perfect on day one of retirement, you will still
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have time to figure out your plan from there. Again, I'm going to skip around
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the survey a little bit here. And the next question I want to tackle is the question of how would you rate yourself
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in terms of continuing to work on new meaningful goals. Now, interestingly, people who were more than 2 years before
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retirement, they rated themselves the highest in this dimension. Conversely, people who have been retired for more
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than 2 years, they had the lowest self-ratings. And another finding from this study is simply that many retirees
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struggle to find a purpose and meaning, especially in the first couple years after retirement. So what can we do to
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ensure that we have purpose and meaning throughout our life especially in retirement? The big thing is to stay
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connected. Loneliness really is the silent killer of retirement and it's not
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just uh loneliness isn't just a psychological or a mental thing. It really has physical ramifications too on
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our physical health. So that's brings us actually I mean I don't want to cut this
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question off too soon this part of the study but it does bring me to the next question worth pondering in the study
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and the question was how would you rate yourself in terms of the closeness and the quality of your relationships? 25%
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of the study's respondents self-reported that they longed for deeper social connections. So, what do we do about
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this? Especially, what do we do about this in retirement? Well, I think of routine social habits. I think we need
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to make socializing part of our bakedin routine. I think of I have a friend here
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in Rochester who's uh despite being I think he's 80 or 81 right now. He's
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still sharp as attack. He's still very active. He plays squash four or five mornings a week. And you know, I'm
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usually joining in one or two mornings a week on the double squash court. And he's just extremely active, whether it's
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volunteering, networking, going out to breakfast for lunch with friends who he's trying to keep in touch with,
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physically, playing squash, going for walks. He's just he's always doing
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something. And it's routine, right? He his social interactions really are baked
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into his lifestyle routine. I think of a relative of mine who is very active in knitting and quilting groups in her
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retirement. It's one or two days a week and it's the same groups of people, but
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everybody gets together and they're sitting there knitting or quilting or whatever it may be and they're sharing
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stories and they're asking each other how they are. It's a weekly thing,
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right? It's built into the routine. I also think of a cafe here in Pittsver, a
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local cafe that I've, you know, will go to sometimes for my morning coffee meetings. And there's this rotating
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group of like 10 older men and you know, sometimes it's these seven guys are here
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one day and those eight guys are here the next day, but kind of get used to the same characters. But they're in
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there every morning or at least every morning that I'm there. There's always a
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group of these older men, retired men, getting coffee together, hanging out, chatting. Another a client of mine, she
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talks to me about going on these regular walks. You know, she tries to go on a walk every single day. And as much as
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she can, she tries to invite different people to join her on a walk. So, you know, sometimes it's routine where it'll
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be every Friday she walks with Nancy. And then, you know, Wednesdays it's every other Wednesday it's Lucy or Betty
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and blah blah blah. You you guys get what I'm saying? The whole idea is it's
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there's a routine. So maybe it's a book club, a church group, gardening,
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whatever. And a bonus thought here because it can be hard, especially if we're not particularly outgoing or you
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know the idea of of reaching out and what if they say no. And and one thought and this is a cool piece of advice I I
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recently heard is to don't try to find a best friend, right? You don't have to go
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out and try to find a best friend, but just try to be a friend. I think relationships really do blossom from
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that simple place. And I was listening to Vanessa Van Edwards recently who's a
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a very cool public speaker when it comes to kind of social interactions and relationship building and and a few
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different things that I personally find interesting. And she cited a study and the study was about basically why are
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likable people likable? Like what is that trait that makes people likable? Is it that they're funny? Is it that
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they're good-looking? Is it some form of like physical subconscious athleticism
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that we notice in them? And the number one thing that all likable people have in common is that their list of people
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who they like is long. In other words, right, the most likable people in our lives, they tend to be the people who
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they see the world and they just find lots of people who they like. They just, you know, I almost say it as they see
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humanity through rosy colored glasses. They see people who maybe are a little boring or a little quiet or a little
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plain and they're like, you know what, I I I like that person. There's something
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I like them. The more you like other people, the more those other people will like you back. So, my takeaway there is
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to, you know, we have to be pretty intentional about baking socialization into our routine. If we're seeking out
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new relationships or if we're trying to forge new friendships because maybe we
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left a lot of friendships behind when we retired, when you go out and meet someone, it's find something to
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genuinely like about them because if you can convince yourself that you like people, a lot of those people are going
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to like you back. Now, the next question from the study that I want to dive into
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is, "How would you rate yourself in terms of adhering to a healthy lifestyle?" 22% of the study's
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respondents had a negative answer to this question, but the study does point out that where we fall along the work to
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retirement spectrum is probably immaterial to the healthy lifestyle choices we have in our life. Lifestyle
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habits, they really are habits. They're sticky and they're ingrained somewhere
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into our subconscious. And there's probably not a huge difference between people who are working and people who
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are retired in terms of adhering to a healthy lifestyle. But it does kind of beget a a bigger question we need to ask
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ourselves, which is what's the point of retirement at all if you're not healthy
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enough to enjoy it? I've had this conversation through the blog, through the podcast, here through work with
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clients before. People who spent decades saving diligently, they've built their
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wealth, they've planned wisely, and now great, they've crossed the retirement
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finish line. Like good for them, but something's missing. And what's missing
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is certainly not money. They have plenty of money. They have plenty of time freedom. The thing that's missing really
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is vitality. And it's not because they didn't care about their health per se. I
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mean, in some cases, maybe it is. But it's mainly because maintaining your health just gets harder and harder as
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you age. It's just biology. Dr. Peter Aia, who some of you might have heard of, the author of the book Outlive, he's
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like the go-to voice on longevity and aging. And he has a couple interesting concepts. One's called Healthspan. One's
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called the centinarian decathlon. And and the idea there is it's not just about living longer. It's not just
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about, you know, instead of dying at 75, I want to die at 90. It's about living
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better for longer, right? It's about being strong enough and mobile enough and sharp enough to do the things that
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bring you joy into your 70s, into your 80s, even into your 90s. In other words, retirement shouldn't be about not
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working. It should really be about living. Living to the fullest. playing on the floor with your grandkids, hiking
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the trails that you always wanted to hike, dancing at your grandchildren's weddings, those kind of things. But what
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Dr. Aia points out is that those things don't happen by accident. They take work, hard physical work a lot of the
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times, just like saving for retirement took work. Dr. Aia points out that by the time you're 60, you're 65, you're
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already in a race against the clock. Your muscle mass is declining pretty quickly. Your balance gets worse.
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Chronic disease risk increases. So the time to prepare isn't really when you
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retire. It is the kind of thing where this you got to start preparing today. I'm not a doctor, right? This is not
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medical advice. I'm certainly not here to hand out your workout plan or go to
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tell you to uh drink some kale smoothies or whatever that is. But I will say this, I've never heard a retiree or an
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older person say that they regret taking care of their body. Retirement is a a season of life that's supposed to be
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full of joy and purpose and connection, but without your health, it's almost
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like you've been given this front row seat to the concert of your dreams and
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you forget your hearing aids. And actually, I don't know. I don't know how
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hearing fits into this, but that that's a separate conversation. The whole point
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is to take care of yourself now so that your future self can live life to the fullest. Here's a quick ad and then
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we'll get back to the show. Did you know my written blog, The Best Interest, was
00:13:25
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00:13:30
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00:13:36
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bestinterest.blog. Again, the web address is bestinterest.blog. Check it out. The
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next question I want to dive into from the study is, how would you rate yourself in terms of having a clear
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vision and a plan for your life in retirement? a clear vision and a plan for your life and retirement. This
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question, it got the lowest proportion of self-reported strong or good responses of all the questions in the
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study. And that was specifically true for people who are yet to retire. So on the one hand, I hear that and I think
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well maybe the future is just too foggy for all of us to say we have a clear vision for retirement or perhaps many
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people do they don't want a rigid vision and a plan for retirement. But we don't
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want to wing it. We don't want to go into retirement with no vision at all. And it's a good reminder that retirement
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again, it's not a financial event. Yes, finances are part of it, but retirement
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really is a life transition. And so, if you are struggling with a vision or struggling with a plan or simply if you
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want to start putting your vision and plan together, I think that's probably
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the best place to start. If you're already retired, hopefully that's something you've been doing or you've
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been working on it. I still think these exercises I'm about to go through will
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be helpful for you, but especially if you're a pre-retiree and you feel like
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you don't really have good vibes when it comes to having a clear vision or having
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a clear plan for your life in retirement. Here are three really interesting exercises that I think will
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help you. The first one is called the perfect day exercise. The goal of this exercise, as the name probably implies,
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right, is to create some sort of vivid picture of what your ideal retirement day will look like. And then you can
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work backward to build a life that supports that idea. Prompt would be imagine you wake up in your ideal
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retirement life. What time are you waking up? Where are you? Who are you with? And then what do you do next? And
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then what do you do next? And then what do you do next? And who are you with for
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that? And who are you meeting up? And what's the weather like? What kind of activities are you doing? What are you
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eating? What are you drinking? How are you spending your time? So, it's answering all those important, you know,
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who, what, when, where, why, and how questions to build yourself an ideal day, soup to nuts of the entire schedule
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from your morning coffee to your bedtime, including as much detail as you can possibly muster, sights and smells
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and people and activity, your dog, this walk, whatever it may be, playing this instrument, going to see this concert,
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going to play pickup basketball, whatever it may be. Every single thing, as much detail as possible. And the
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whole idea is that we want to move the idea of retirement from vague to vivid. We want as much vivid detail as we
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possibly can. And the idea is once you can see that vivid image of your ideal day, you will be more motivated to build
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it. You will start to go through piece by piece. And I I recommend writing this down because it is the kind of thing
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where for at least maybe it's way my brain works is I want to write it down and I want to break it up into chunks
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and I want to say well for this part of my day, how do I build a life that gets me that? For that part of my day, how do
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I build a life that gets me there? You know, going back to a couple other previous questions, where do I need to
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live to be able to execute this perfect day? How healthy do I need to be to execute this perfect day? What's the
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financial component involved of executing this perfect day? But again, if we can go from vague images of
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retirement to this vivid image of an ideal day, you will be motivated to go out and build it. The second cool
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exercise is called the icky guy map. And now icky guy, it's one of those things
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where if you've heard of it, I feel like you probably think it's way overused. If
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you haven't heard of it, okay, I'll define it for you. It's a Japanese word
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loosely translates to reason for being. And it's often shown and drawn using
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these four overlapping circles in a ven diagram. And the four overlapping circles are labeled what I love, what
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I'm good at, what the world needs, and what I can be useful for. Again, this
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what I love, what I'm good at, what the world needs, and what I can be useful
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for. And the goal of this exercise is to try to align your retirement activities
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with some sort of deeper sense of purpose and fulfillment. Again, what I would do is I would take a 8 by11 sheet
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of paper. I would make these four circles, make this ven diagram. Or you can just Google it. You can Google the
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word icky guy and find this ven diagram in about 2 seconds. And then start filling in each circle. And especially
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think about the intersections, right? Think about that intersection in the middle. Are there activities that you
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love and you're good at, but also that the world needs and that you can be useful for? Now, that last one, what I
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can be useful for, I will say I think there are versions of this icky guy map where they say what you can be paid for.
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I mean, now that you're retired, you probably don't need to be paid for it,
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but it is the kind of thing where it's hopefully someone else in the world appreciates the fact that you're doing
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it. And depending on which circles are overlapping with water, I really I guess the way I should say it is depending on
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where your activities fall in this ven diagram, you'll see, you know, the combination of what you're good at and
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what you love is a passion. The combination of what you love and what the world needs, well, that might be a
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mission. The combination of say what you're good at and what you can be paid
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for or what what you can be useful for, that might just be a profession or something like that. But if all four of
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these things get fulfilled at once, that would be your icky guy as they say. And
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that's something to really focus on because we want to think beyond just keeping busy and we definitely want to
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move toward feeling useful and feeling alive. And then the last exercise of these three exercises is the rocking
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chair test. And the goal here is to clarify what really matters in the long run. And I always find these things
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challenging. I'm I'm curious if you guys find them easier where someone says, you
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know, picture yourself in 20 years. Picture yourself in 30 years. But that is the nature of this exercise is to
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picture yourself 20 or 30 years from now sitting down on your porch in your favorite chair looking back on your
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retirement or again if you're not retired yet again it's picture yourself
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at age 80 or age 85 looking backward on what your retirement has been and what do you want to be proud of if you're
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sitting in that chair 30 years from now what do you want to be proud of what do you want to have experienced what do you
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want to have contributed or learned how do you want to spend your time again so this exercise works because it flips the
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script from the short-term wants of right now, of this week, of this month, and it zooms out to longer term meaning.
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It encourages intentionality, not just activity. It reminds me of some of the exercises we talked before with Doc G on
00:19:39
this podcast when it comes to some of the lessons that he learned when people are at end of life. Some of the lessons
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when when people are right, they're in hospice, they're on their deathbed, and
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what are their biggest regrets or what are the things that they cared most about in life. And what you often find
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is like it's basically a version of don't sweat the small stuff and that
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there are certain big factors in life that matter a lot more. And so I think if we use this rocking chair test and we
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think about ourselves in 20 or 30 years or we think about ourselves as this old person sitting contentedly in their
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rocking chair, what do you want to be proud of in that moment or what do you want to have experienced in that moment?
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And that exercise, this rocking chair test exercise, I think can help us shape exactly what we want our vision and plan
00:20:20
for retirement to be. Here's a quick ad and then we'll get back to the show.
00:20:25
Serious question. Why do podcasters constantly ask for ratings and reviews? Yes, they do help highlight our shows to
00:20:32
new listeners. They help strangers find us on Apple Podcast and Spotify. It's
00:20:36
totally true and a good reason to ask for ratings and reviews. But I have something more important, at least more
00:20:42
important to me. I want to know if you like this stuff. I want to know if you like my podcast episodes, my monologues,
00:20:48
my guests, the information I share with you and the stories I tell. I want to improve and make your listening more
00:20:54
enjoyable in the process. So yeah, I would love to read your reviews. And sure, if you throw a rating in there,
00:21:00
too, that's great. If you like what I'm doing, please share it with me. It's
00:21:04
such a great feeling to read your feedback. I'd love to read your review or see a rating on Apple Podcast or
00:21:10
Spotify. Thank you. Next, I want to pivot a bit to the the last section of the study where the authors Fritz and
00:21:16
Eric, they specifically call out the biggest differences between the pre and the postretirees. I think a huge part of
00:21:22
this section, a huge takeaway is essentially is that people think retirement is this particular way, but
00:21:28
it turns out that it's actually that particular way. And having those preconceived notions kind of turned on
00:21:34
their head is a really big takeaway that we can all take from the study. Now, for
00:21:38
starters, the study found that pre-retirees are less worried than post-retirees about their health, about
00:21:44
family crises, about economic and political turmoil. Instead, pre-retirees are much more worried about outliving
00:21:51
their savings and rising health care costs. The post-retirees aren't nearly as worried about those things. So, in
00:21:57
other words, pre-retirees are worried most about the financial aspect of retirement. Post-retirees, those who
00:22:03
have actually walked the walk, those who have actually been there and done that,
00:22:06
post-retirees are much more likely to worry about the non-financial aspects of retirement. I think that's a huge
00:22:12
takeaway. If you're a pre-retiree and you're really worried about your finances, I mean, listen, get those
00:22:17
finances in order. That's kind of why we're here in the first place. That's a
00:22:19
big thing that we talk about here. But you also have to realize that most of the people who have walked this path
00:22:24
before you, maybe they were worried about finances too when they were your age. But now that they're actually in
00:22:29
retirement, they are much more likely to worry about non-financial aspects of retirement. Okay. Hey, I want to hone in
00:22:35
on the work and career section of this part of the study because when it comes to your workplace, most pre-retirees
00:22:42
still working, when they think about retirement, they don't feel like they're
00:22:46
going to be very concerned about their social interactions from work and the fact that they really won't have those
00:22:51
anymore in retirement. They're not really concerned about the mental stimulation they get from work and the
00:22:56
fact that that might disappear in retirement. And they're not really concerned about the sense of identity
00:23:00
that they get from their career and their from their work. they figure out, you know, they think something's going
00:23:04
to replace that once they get to retirement. But most postretirees reported all three of those
00:23:11
concerns much more severely. In other words, it's not until your career ends
00:23:16
and you actually retire that you realize how much you will miss your social interactions at work. That's when you'll
00:23:22
realize how much you'll miss the mental stimulation of work. And retirement is
00:23:26
also when you'll realize that you've lost your sense of identity or some
00:23:30
sense of identity that you had tied to being a professional. In other words, there's a decent chance that many of you
00:23:36
listening right now might think to yourself, eh, I'll be good without work. I'll replace the social interactions. I
00:23:42
don't need work to define my identity. And some of you might be right. But many
00:23:45
of you will end up being wrong. So my takeaway is to not underestimate those things. The social interactions you get
00:23:51
from work are huge and most likely you'll need to replace them in some way in retirement. The mental stimulation
00:23:57
you get from work, right? It's 40 hours plus every single week. You'll need to
00:24:01
replace that somehow in retirement. And then the sense of identity that we get from work. A lot of people out there are
00:24:06
proud to have been an engineer, a teacher, a firefighter. I get great sense of identity from sitting here
00:24:12
thinking to myself, I'm a financial planner. I write a blog. I produce a podcast. I like that as part of my sense
00:24:17
of identity. And for that just to disappear overnight, I'm probably gonna need to replace it somehow. I mean, I
00:24:23
can't even really picture that myself. So anyway, that's something huge and and
00:24:27
it's again a big lesson that we can take away where the pre-retireye assumptions
00:24:31
do not line up well with the reality of retirement. But perhaps there's no better overall takeaway than this final
00:24:38
question that I'll review today. The question posed in the study is the transition to retirement was or will be
00:24:45
smooth. So again the question is the transition to retirement either was or will be smooth. 75% of the pre-retirees
00:24:53
still working they responded in a positive manner to this question and 20% responded in a neutral manner. Only 5%
00:25:00
of the people still working believed that their transition to retirement would not be smooth and responded in a
00:25:06
negative manner. But for the postretirees about half respond positively 25% respond negatively and
00:25:13
25% respond in a neutral manner. So, my simple takeaway is that many people assume their transition to retirement
00:25:19
will be smooth and they end up being wrong. I suppose this entire podcast episode can be boiled down into that.
00:25:26
Many people assume their transition to retirement will be smooth and they end up being wrong. So, my my advice to you
00:25:32
is to do your best and to do what you can to make sure that that is not you. We want a smooth transition into
00:25:38
retirement. I think one of the most powerful things we can do, especially as planners, as DIYers, as people who care
00:25:44
about our own future financial plan, our own retirement, is to listen. If we really try to hear from folks who have
00:25:50
already crossed that retirement threshold, what will they tell us? It's very often different, as we've seen
00:25:55
today, it's different from what we would expect as pre-retirees. It's different
00:25:58
from what we might assume as pre-retirees. Before retirement, we imagine freedom and flexibility. No more
00:26:04
meetings, no more alarm clocks. That's a nice one. And hey, some of that is true.
00:26:08
But the retirees that I talk to at work, the retirees in this study, they share something deeper, something more honest.
00:26:14
They say, "You know what? I underestimated how much of my identity came from work. I didn't realize how
00:26:19
quickly I'd have a reason to get up in the morning. No one warned me how lonely
00:26:23
this could feel over and over again. I wish I had taken my health more seriously and earlier in my life because
00:26:29
it's not just about the time when you retire. It's not just about the money.
00:26:32
It's about having the energy, the vitality to enjoy the life that you built. Social connections too, right?
00:26:37
They fade faster than we expect. The casual relationships of the office, maybe it's the banter, the camaraderie,
00:26:43
they matter more than we give them credit for. Without a plan to replace those relationships, retirement can feel
00:26:48
and often does feel surprisingly isolating. So, the takeaway is not just to prepare your portfolio or your tax
00:26:55
planning, but to prepare your life, to craft a vision, to build good habits, to nurture friendships, to prioritize your
00:27:01
body and your brain. Because the people who tend to thrive in retirement, they aren't just lucky. It didn't just
00:27:06
happen. They're intentional about it. They didn't just retire from something,
00:27:11
their career. They retired to something. And that makes all the difference. So, thank you again to Fritz Gilbert and
00:27:17
Eric Wigel and the couple thousand people in their audiences who participated in the study. Listeners, if
00:27:23
you want to go check out that study for yourself, we are going to throw a link for you in the show notes. Thank you
00:27:27
again for listening and we will talk to you next episode. Thanks for tuning in to this episode of Personal Finance for
00:27:33
Long-Term Investors. If you have a question for Jesse to answer on a future episode, send him an email over at his
00:27:39
blog, The Best Interest. His email address is [email protected]. Again, that's
00:27:47
[email protected]. Did you enjoy the show? Subscribe, rate, and review the podcast wherever you listen. This
00:27:53
helps others find the show and invest in knowledge themselves, and we really appreciate it. We'll catch you on the
00:27:59
next episode of Personal Finance for Long-Term Investors. Personal Finance for Long-Term Investors is a personal
00:28:06
podcast meant for education and entertainment. It should not be taken as financial advice and it's not
00:28:11
prescriptive of your financial situation.