Your Retirement Elevated Podcast with Scott Dougan

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

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?

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

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.

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

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?

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

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?”

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

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.

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

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

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

Happy New Year! Today we’re tossing the old hat of resolutions out the window, opting for something with a little more staying power: systems. Say goodbye to the fleeting motivation of New Year's resolutions and embrace the profound impact of incremental habits for long-term success in health, wealth, and personal growth. This episode draws on the life-changing principles of Atomic Habits by James Clear and is filled with personal anecdotes, actionable advice, and a practical guide to cultivating a lifestyle of consistent progress.

Here are some of the questions we’ll tackle in this episode:

• Progress over perfection will win out over time.

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

What would you pay to have the freedom to do what you want, when you want, how you want? On today's episode, we're going to talk about the five types of wealth and why people chase only one at the cost of the others.

Here are some of the questions we’ll tackle in this episode:

• Why being a time billionaire might be better than being a dollar billionaire.

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724

Get ready to rock to the rhythms of retirement wisdom in this week’s episode! We've put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey.

Here’s how we’ll craft the perfect mixtape in this episode:  

• Songs for the early stages of retirement planning, where having a dream is a good place to start.

Want to connect with us?

https://listentoscott.com/

https://elevatemyretirement.com/our-team/scott-m-dougan/

913-393-4724