Your Retirement Elevated Podcast with Scott Dougan

The 3 Stages of Retirement

Retirement is a journey, and like any journey, it has its phases. Understanding these phases is crucial to ensure that you can enjoy your golden years without financial stress. In this episode, we’ll take you through the the essential stages of retirement planning: the go-go, slow-go, and no-go years.
Understanding these three stages will help you effectively manage your finances as you determine how much income you’re going to need along the way. This often overlooked dynamic of retirement planning will help ensure a comfortable and secure retirement so let’s take a closer look at each phase.
 
Here’s what we cover in this episode:
0:00 – Intro
3:30 – An overview of spending
8:19 – Spending by age data
15:40 – Longevity planning
19:18 – Rhino story
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724
 
Watch the show on YouTube: https://bit.ly/3RiT7Ky

Celebrating the Launch of our Brand New Book

The long process of writing a book has finally wrapped up for Scott and we’re excited to be rolling it out very soon. In anticipation of the launch of Exceptional Retirement: Tools and Strategies for Retiring On Your Own Terms, we wanted to share some background on the book, the chapters that we think you’ll like most, and the personal stories that influenced our approach.
Our approach is all about personalizing your retirement, which is why we emphasize that every individual has unique needs, desires, and challenges when it comes to retirement. The book addresses the four fundamental questions that haunt future retirees: When can I retire? Do I have enough money? Will my money last? And, am I going to be okay?
Join us for another episode of the show and find out everything you need to know about the book.
Here are some of the questions we’ll tackle in this episode:
Scott learned a lot about himself through this book-writing process.
Why he picked tools and strategies as the theme and focus of the book.
The book strives to answer four big questions people have about retirement.
The personal experiences he pulled from when writing the book.
The key chapters and takeaways we think readers will enjoy most.
 
Check out the book and get your free toolkit here: https://keap.page/bu413/toolkit-page-1715718291057.html 

Retirement Questions That Every Generation Should Be Asking

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions.
In today’s episode, we’ll share insights into the unique concerns that echo across different age groups. These are the retirement questions that every generation is asking.
 
Here’s some of what we’ll tackle in this episode:
Baby Boomers (1946-1964) are at or near retirement age and have many questions about how to best prepare.
Generation X (Approximately 1965-1976) is at a stage where retirement planning is becoming increasingly important.
Millennials (Approximately 1977-1995) are at various stages of their careers and find themselves navigating a range of retirement-related uncertainties, from saving strategies to the evolving landscape of retirement benefits.
Gen Z (Approximately 1996-2015) is at an early stage of the professional and financial journey, leaving many with questions on how to get started.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Embracing the Unexpected: 9 Retirement Surprises Unveiled

Are you prepared for the unexpected turns your retirement might take? In this episode of Your Retirement Elevated Podcast with Scott Dougan, we explore the surprising findings from a study by the Transamerica Center for Retirement Studies. The study reveals a stark contrast between pre-retiree expectations and retiree realities, and we're here to explore the nine most common retirement surprises that await.
One of the most comforting surprises is that many retirees worry less about money than they anticipated. It seems that once the retirement plan kicks into action, the stress over finances begins to wane. This is a heartening revelation for those lying awake at night fretting over their financial future.
The takeaway from our episode is clear: retirement requires planning, flexibility, and an open mind. Whether it's adjusting travel plans or having those tough financial conversations, being prepared for the unexpected is key to a fulfilling retirement.
 
Here are some of the questions we’ll tackle in this episode:
- Why do retirees worry less about money and how does planning play a role?
- What causes many to retire sooner than expected and how abrupt is the transition?
- How does the reality of travel in retirement differ from the expectation?
- Why is discussing finances still taboo and what impact does that have on legacy planning?
- Do most retirees wish they had saved more, and what can you learn from their experiences?
 
Resources for this episode:
The Retirement Manifesto’s 9 Retirement Surprises
https://www.theretirementmanifesto.com/9-retirement-surprises/
Transamerica Center for Retirement Studies
https://www.transamericacenter.org/
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Conquer FOBO: Making Decisions with Confidence

Ever found yourself endlessly scrolling through options, unable to make a choice? You might be falling into the trap of FOBO: Fear of Better Options. It’s ​a ​psychological ​phenomenon ​where ​someone ​avoids ​making ​a ​decision ​out ​of ​the ​fear ​that ​there ​may ​be ​a ​better ​option ​out ​there. ​How ​can ​we ​identify ​it ​and ​work ​with ​it ​and ​make ​better ​decisions ​and ​actually ​get ​to ​the ​decision ​point? That’s what we want to discuss with Scott today.
 
Here are some of the questions we’ll tackle in this episode:
What is FOBO and how long has this behavior been around?
People can be divided into two groups when it comes to decision-making: maximizer or satisficers.
Commitment is the key when making financial and lifestyle decisions.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

The Shift from Saving to Spending Money

Are you ready to flip the switch from saving to spending as you approach retirement? Many people struggle with the transition and mindset shift that happens in retirement. In this episode, we’ll explore the delicate balance between money, happiness, and the art of spending wisely in your golden years. It's packed with insights on the psychological shift required to enjoy the fruits of your labor, the impact of past experiences on spending habits, and how to use money as a tool for a better life rather than a measure of status
 
Here are some of the questions we’ll tackle in this episode:
Money is a tool to live a better life and we all view it differently.
How influencers and marketers can play a huge role in our perception of money.’
People set out to make a strategy to achieve a better life but that turns into an ideology they’re beholden to.
How your childhood and early life can shape your view of money.
We want to use the money we’ve saved to enhance our lives and experiences.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Practical Strategies for Protecting Retirees Against Scams & Fraud

On today's episode, we're going talk about scams and how they are more prevalent than you might think. In fact, just in 2022, there were more than 88,000 complaints of fraud that resulted in more than $3 billion in losses from people age 60+.
 
Here are some of the questions we’ll tackle in this episode:
Why are people aged 60 and over common targets?
The top five scams that constitute 65% of the complaints.
The ‘Can You Hear Me’ scam that is easy to fall for.
What steps can you take to protect yourself and increase your cybersecurity?
 
Additional resources: 
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults 
https://www.ncoa.org/article/how-older-adults-can-improve-their-personal-cyber-security
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.
 
Here's what we discuss in this episode:
What are we talking about when we say, “lazy money?”
The current interest rate landscape + why people end up with too much lazy money in their portfolio
Addressing excess lazy money by calculating a "war chest,” understanding your income plan, and fine-tuning investments
Achieving a “Goldilocks” allocation of assets that is just right for your financial goals
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Peak 65: Preparing for the Largest Retirement Surge Ever

Today's magic number is 65. You know, unlike older retired Baby Boomers, the majority of peak 65ers don't have pensions, which used to help fill that gap left by Social Security. Well, our current retirement system is obsolete. It's time for a new retirement security framework. These were the words of Jason Fitchner, an executive director at the ALI Retirement Income Institute, and it highlights a great conversation that we're going to dive into today.
 
Here are some of the questions we’ll tackle in this episode:
One of the concerning trends emerging right now is the lack of sufficient guaranteed income.
Why the reliable three-legged stool of retirement income isn’t as sturdy now.
The biggest concerns among this Peak 65 group when it comes to retirement.
Examples of planning discussions we have with clients to work through some of these issues.     
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Biggest Changes for Retirement in 2024

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024.
 
Here’s some of what we discuss in this episode:
An increasing number of beneficiaries are expected to be liable for federal income taxes due to the 8.7% increase in the cost-of-living allowance in 2023
Changes to retirement account rules, including 529 accounts, Roth 401(k)s and 403(b)s, and a 3.2% COLA for Social Security benefits
Rising Medicare expenses, including increased Part B rates, higher Part D premiums, and additional costs for higher-income individuals
The new IRA and Roth IRA limits for 2024 + changes in income limits for Roth IRA contributions based on filing status
The deadline to contribute to an IRA in 2023 and 2024
Changes in Required Minimum Distributions (RMDs) for retirement accounts in 2024 under the SECURE Act 2.0
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724