Retirement With/On Purpose

Trevor interviews Kerri Patrick, a geriatric social worker and therapist at Kildaire Counseling in Cary, to explore the emotional side of retirement, including the loss of structure, identity, and social connection that work once provided. Patrick explains why the early excitement of retirement can give way to an “is this it?” letdown, and how grounding yourself in your values can guide what comes next, whether that’s phased retirement, mentoring, volunteering, or lifelong learning through programs like OLLI at NC State. She shares why a flexible daily routine and strong social ties matter (one study equates social isolation to smoking 15 cigarettes a day), and offers guidance for couples with different visions for retirement, from mapping out shared goals to giving each other space and considering couples counseling. Shifting to financial readiness, Lawson breaks down a recent Morningstar article by Christine Benz on dental care, one of the most overlooked retirement expenses since it falls outside of Medicare. He walks through the three main ways to cover it (standalone dental insurance, Medicare Advantage, and self-funding) along with the tradeoffs of each.

Link to article: https://www.morningstar.com/retirement/retirement-expense-you-may-be-missing

Trevor interviews Chad Royster, a nurse practitioner at UNC Rex Hospital, to discuss how lifestyle medicine can prevent, slow, and even reverse the chronic conditions that threaten independence in retirement. Royster outlines the six pillars of lifestyle medicine (nutrition, physical activity, avoidance of risky substances, sleep, stress management, and social connection), explains why nutrition matters most and why breakfast is the easiest place to start, and makes the case that your genes are not your destiny. He also connects a sense of purpose to longevity through lessons from the world's blue zones. Shifting to financial readiness, Lawson analyzes Fidelity's latest retiree health cost estimate, which shows a 7.5% jump in projected lifetime healthcare expenses, with the average 65-year-old retiring in 2026 now needing $185,500 (and couples $371,000). That makes planning for healthcare costs within a retirement income plan more important than ever. 

Trevor interviews dietician Shelly Wegman to discuss how tailored nutrition sustains energy, mobility, and mental clarity as metabolic needs evolve. Wegman highlights the importance of countering age-related muscle loss by evenly distributing protein and high-quality carbohydrates throughout the day, avoiding late-day calorie spikes, and working with professionals when utilizing GLP-1 medications or supplements. Shifting to financial readiness, Lawson analyzes the 2025 Milliman Long-Term Care Index, emphasizing that a 65-year-old needs an estimated $135,000 set aside for future care costs—a burden amplified by Medicare's limited coverage and rising inflation.

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor interviews licensed clinical psychologist Nancy Herrera to explore the psychological and emotional transitions of life after work. Herrera shares how reconnecting with childhood passions—such as yard work, hospital volunteering, and structured community activities—helped overcome the disorienting "entropy" of early retirement by establishing vital external accountability. Reflecting on her journey, she emphasizes the importance of setting boundaries, prioritizing personal health, and nurturing intergenerational relationships. Concluding with insights from a Scientific American study, Lawson highlights how simple acts of everyday kindness systematically boost mood and foster connection, offering retirees a practical framework for finding lasting fulfillment.

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor introduces a new format by interviewing retired North Carolina clerk of court Susan Hicks to explore the emotional and practical transitions of life after work. Susan shares firsthand insights on the challenge of shifting from a rigid career schedule to managing an open slate of retirement time, emphasizing that finding purpose can come from simple, flexible daily goals and community service rather than a job title. Transitioning to technical planning, Trevor revisits recent financial data to break down personal inflation rates versus the standard Consumer Price Index (CPI), guiding listeners through three crucial questions regarding spending habits, inflation-adjusted income sources like Social Security, and how early-retirement price spikes compound sequence of returns risk.

References: https://www.morningstar.com/retirement/how-much-should-retirees-worry-about-inflation

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor Lawson addresses the complex financial and emotional challenges of passing down real estate, particularly cherished vacation homes, to the next generation. With approximately $25 trillion in real estate expected to transfer to heirs by 2048, Trevor outlines five essential strategies to minimize capital gains taxes and avoid family conflict. Key insights include the benefits of a step-up in basis over lifetime gifting, the use of Limited Liability Companies (LLCs) and trusts to shield heirs from personal liability, and the importance of drafting clear operating agreements to define usage rights and buyout provisions. The discussion also highlights the necessity of endowing trusts with liquid assets to cover ongoing upkeep and insurance, ensuring that a family legacy remains a source of connection rather than resentment.

References:
https://www.cnbc.com/2025/08/23/real-estate-wealth-transfer-family.html

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

How do retirees optimize tax-deferred growth and portfolio longevity? Host Trevor Lawson evaluates three distinct approaches for 2026: delaying withdrawals until year-end to maximize tax-deferred compounding , taking distributions early in the year to eliminate penalty risks and facilitate Roth IRA conversions , or utilizing a systematic monthly or quarterly "installment" method to mitigate market volatility. By analyzing hypothetical scenarios and the "surgical" rebalancing of appreciated assets, Lawson provides a comprehensive guide for retirees and DIY investors to move beyond the year-end rush and align their IRA withdrawal strategies with their long-term financial goals.

Reference:
https://www.morningstar.com/retirement/retirees-should-you-take-rmds-early-year-or-wait

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor Lawson tackles a timely and often expensive issue for retirees and business owners: the surge in underpayment penalties for estimated taxes. With penalty rates nearly doubling since 2021, Lawson explains how taxpayers with non-withholding income—such as investment gains, self-employment earnings, or Roth IRA conversions—can inadvertently trigger interest-based charges by failing to pay taxes quarterly. The discussion outlines essential "safe harbor" strategies to avoid these costs, including paying 90% of the current year’s tax or 100-110% of the prior year’s tax in equal installments. Lawson shares a pro tip for retirees: using late-year IRA withdrawals with high tax withholding to satisfy annual liabilities, as the IRS treats these withheld amounts as if they were paid evenly throughout the year.

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor Lawson explores flexible alternatives to the traditional 529 plan for families wary of tying up funds exclusively for higher education. While acknowledging the 529's tax advantages and new provisions for Roth IRA rollovers, Trevor evaluates the pros and cons of taxable brokerage accounts, Roth IRAs, custodial accounts (UGMA/UTMA), and cash-value life insurance. The discussion emphasizes the importance of balancing education funding with personal retirement security, noting that while students can borrow for college, retirees cannot borrow for their later years. Ultimately, the episode provides a framework for selecting a savings vehicle that aligns with a family's specific needs for financial aid eligibility, tax efficiency, and long-term flexibility.

References:
Four Alternatives to '529' Plans for College

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.

Trevor Lawson revisits one of the most critical technical threats to a stable retirement: sequence of returns risk. By examining the work of retirement specialist Dr. Wade Pfau, the episode breaks down how the timing of market downturns—specifically in the years immediately surrounding one's retirement date—can have a more profound impact on portfolio longevity than average long-term returns. Lawson outlines four specific techniques to combat this risk: spending conservatively through tools like bond ladders, adopting flexible spending habits, reducing overall portfolio volatility via "bucket" strategies, and utilizing "buffer assets" like cash, home equity, or life insurance to avoid selling investments at a loss during market lows.

References:
4 Ways To Beat Sequence of Returns Risk

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Branch phone: 919-546-0400.