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Safe Money Radio with Brad Pistole
Safe Money Radio host Brad Pistole is a nationally recognized Financial Professional who specializes in planning that protects principal from stock market volatility and creates guaranteed lifetime income. Listen here to receive insights from Brad and hear what he has to say regarding retirement income planning.
Safe Money Radio with Brad Pistole
American College of Financial Services (Horizons Conference): Part 4
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Social Security headlines push a lot of smart people into costly snap decisions, and the most common one is racing to claim at 62 out of fear. We sit down at the American College Horizons Conference with Dr. Jason Fichtner, former deputy commissioner at the Social Security Administration and a leading voice on retirement security, to separate rumors from reality. Social Security is not “going bankrupt,” but the trust fund timeline matters and it changes how we should think about claiming, spousal protection, and building a paycheck that can last.
From there, we get practical about retirement income planning. If fewer workers have pensions, the burden shifts to your 401(k) and IRA to produce reliable income while also managing market volatility and sequence of returns risk. We talk about why “income is the outcome,” how annuities can be used as a bridge to delay Social Security, and why this is rarely an all-or-nothing choice. The point is to match the tool to the need: essential expenses, flexibility, and peace of mind.
Then Dr. Michael Finke challenges the idea that retirement success is only financial, breaking satisfaction into three pillars: money, relationships, and health. Finally, Dr. David Blanchett weighs in on the 4% rule, longevity risk, and a simple baseline approach: cover essentials with lifetime income, then decide how much liquidity and risk you truly need using a “liquidity waterfall” mindset.
If you want clearer Social Security strategy, smarter retirement spending, and a more durable retirement plan, subscribe, share this with a friend, and leave us a review. What part of your retirement plan needs the biggest upgrade right now?
To learn more about Brad Pistole and the Ozark Retirement Group, please visit www.ozarksretirement.com
The Safe Money Promise
SPEAKER_02When the market goes up, you gotta go up. When the market goes down, you don't go down. Safe Money Radio.
SPEAKER_00Welcome to Safe Money Radio with your host, Brad Pistol. Brad is a retirement income and tax planning certified professional, primarily serving clients in the Midwest, but he's sought after nationally for his expertise in helping people secure their retirements. Mr. Pistol is a licensed life insurance professional in approximately 20 different states, and he specializes in working with people who are near retirement and those who have already retired with wealth management, income planning, and asset protection strategies using life, health, long-term care, and annuity insurance products. And now, here to talk with you about securing your retirement, it's your host, Brad Pistol.
Horizons Series And All Star Guests
SPEAKER_04Well, hello, everyone. Thank you so much for joining us today. This is part four in a series that we've been doing for the last month where we've had 13 different financial planning experts on the show as guests. I was blessed to attend the second annual Horizons Conference with the American College, which is for financial planning individuals, professionals, groups. It was sold out for the second year in a row. Now, the first year was in California, this year was in Orlando, next year is going to be in Texas and San Antonio. And I was blessed to be there last year interviewing experts this year again. And so if you've joined us the last three weeks, we've had some pretty incredible people on the show. Jean Chatski from the Her Money Podcast. She's a best-selling author. She's written for the New York Times and for the Wall Street Journal. She has an incredible new book that's coming out in September, The Forever Paycheck. We got to listen to Lindsay Lewis, who is the managing director for the Center of Women at the American College. We heard from Heather Schreiber, a registered social security analyst and a reoccurring guest on the show. We also heard from my good friend America's IRA expert Ed Slott. Jeffrey Levine, a CPA and a CFP. We heard from John Manganero, a senior reporter at the Daily Upside in New York. And then on another show, we got to hear from a lot of authors. Jamie Hopkins, CFP and CHFC, C-L-U-R-I-C-P has a brand new book, a great book. Dr. Wade Fowl has a best-selling book. David McKnight has a brand new book. The Secret Order of Millionaires, Seven Principles for Building Tax-Free Wealth. Don Graves has a brand new book. We had all four of those speakers and authors on the show. And now we have one more show to wrap up this series. And I hope if you've been listening either in the Ozarks locally, I hope you realize how blessed you are. There's not another show in the country that's had these guests on the show all at the same time. This is the all-star group of financial planners and financial economists. And so I'm I'm just super blessed to be able to bring this type of material to you and this information to you every week. And these guests that are coming up as we, you know, we save the best for last. We have Dr. Jason Fickner. He's the executive director for the Retirement Income Institute. He was number two in command of the Social Security Administration, the deputy director under George Bush and Obama. He is a genius when it comes to Social Security planning. We have Dr. Michael Finka. We have Dr. David Blanchett. And so it's just been an incredible journey to be colleagues and to rub elbows with and to interview and to talk to and share ideas with these kind of people and then to put this all together and bring it to you right here in the Ozarks. Or if you're listening to the podcast, you might be listening from anywhere in the United States. I worked with a family this morning from Arizona. Yesterday I worked with a family from North Carolina. And ironically, not only did I work with a family from North Carolina, but later in the day I had someone come in for a first-time interview and I said, What I will always say to someone, hey, how did you learn about us? Where did you hear about us? And he said, Well, actually, I was in the military in North Carolina when I first heard your radio program. And then I found your podcast and I listened to you for years. And then when we moved here to Springfield, I thought, I want to go meet him in person. So it was another North Carolina person that heard us through the podcast. And so we have clients in about 25 states. We're thankful for all of you who listen, who who subscribe, whether it's radio or the podcast or watching on YouTube, we're thankful for you. So with all that being said, we want to jump right in today with someone who's been a reoccurring guest on the show. When it comes to Social Security Planning, there are two people on the planet who know more than anyone else about Social Security Planning. That's my good friend Heather Schreiber, who's a reoccurring member of our team, a reoccurring guest on the show. You'll see her on our website, on local billboard. She is the guru of Social Security Planning. But that's second to none other than my good friend, our next guest, Dr. Jason Fickner. So I just want to read this. He is the executive director of Limra Retirement Income Institute. And like I said previously, he was the deputy director, number two in command of the Social Security Administration under Bush and Obama. And so there's no one that knows more about Social Security than Jason Fickner. He's from Washington, the District of Columbia. He serves on all kinds of pension boards. You'll hear what he does because I asked him at the beginning of this interview. So coming to you from Horizons from the American College, sold-out event in May of 2026, here's my good friend, Dr. Jason Fickner.
Jason Fickner On Gen X Risks
SPEAKER_04Well, here we are back at the second annual Horizons conference with the American College in the worst time of the day, right after lunch, Jason. You know, they say that's when everyone wants to take a nap. All those, you know, the food and the calories get in there, and it's time to zone out, but not with our guest today. Dr. Jason Fickner, thank you for joining us. Thanks for having me and make it lively as always. We're going to. You know, there's some ambiance, there's music in the background, there's still some people coming in and out, but they're all heading off on excursions right now. I think we've fried their brain a little bit too much this morning, and they need a break, and then we'll come back together for a full day tomorrow. But you still have an afternoon session today. What are you going to be talking to people about this afternoon?
SPEAKER_08So I'm talking about a variety of things that affect Generation X, which is basically me. We're the generation coming up behind the baby boomers. And we've talked before about the peak 65 and 4.1 million Americans are turning 65 every year, 11,200 a day. Right behind them, two generations are the millennials, which are a larger generation than the baby boomers. And in between is me. And me. We're Gen X. That's right. So we're into our 50s and we're looking at what returnments could be now. Five, ten, fifteen years out, we really gotta start planning for that gap in income we're gonna have in retirement. Because Social Security is not everything for us. Social Security is facing some financial troubles. And how do you talk, how do advisors talk to Gen X about the need for protective income? And how do they basically get to the point where someone who's Gen X says, you know what? I don't need the newties sold to me, but I want to buy one.
SPEAKER_04That's good. Well I'll tell you what, let's do then. So that you people that are listening can know what your background is. What is it that you you've got background with social security, not just an opinion here and there. What did you do with Social Security Administration?
SPEAKER_08So I was the deputy commissioner of Social Security and the first ever and only chief economist at Social Security, but my specialty was retirement security issues. And so I ran the Financial Literacy Initiative. We're the ones under me that got rid of the breakeven analysis, and now when you go into a claims representative and you talk about when to retire, we make it a personal decision. We don't say, well, if you take it at 62, you're ahead for 14 years, and then never tell them if you live past 76, you're behind for the rest of your life. Right. So it really is more information, more educational, more personal. And we answer questions about how this could impact you and your spouse, and if you need it, you're survivors. And so it became research-driven about how we should do policy and how we should talk to claimants and the public. And that's carried over in my time now working for the Alliance for Lifetime Income, which has been adopted by Limbera. So now it's the Limber Retirement Income Institute, and I'm their executive director.
SPEAKER_04So there's not very many people on the planet, in my opinion, that know more about lifetime income. You know all about Social Security Planning, you know what about a nudi, income rider planning, longevity pensions. You aren't you on a board of a pension fund?
SPEAKER_08I I have a variety of hats. So besides being uh the executive director of the Limba Retirement Income Institute, which includes fellows like Wade Fow, Mike Ofinkel, Finka, David Blanchett are all fellows with us. Yes. Um I'm the chair of the Puerto Rico Pension Reserve Trust, which is a reserve trust for the pension system in Puerto Rico for their government employees. I'm also on the board of directors for the FINRA Foundation, which is the educational arm of FINRA, uh, trying to help prevent fraud amongst savers and seniors.
SPEAKER_04So what you're saying is you don't have a lot of free time. Well, let me ask you this: being Gen Xers and all the things we hear every day, all the all the shop talk, the 19th whole talk about Social Security is gonna go bankrupt, 2034, the trust fund's gonna be depleted, I'm gonna go out and file for Social Security at 62 and stick it to the government. We hear this all the time, and and when I'm sitting there as a fly on the wall, I'm like, are you sure you want to do that? Who'd you hear that from? Because you might want to have a more factual-based opinion.
SPEAKER_08So, what what are your thoughts about that?
Social Security Solvency Facts And 78%
SPEAKER_08So, this is where the first thing I will tell everybody is Social Security is not going bankrupt. So repeat after me, it is not going bankrupt. Does it have financial challenges? And the answer is yes. And that is the trust fund for Social Security scheduled to be depleted. Right now it's 2034, 2033, Congressional Budget Office says 2032. Uh the new report should be coming out probably in June, 26 report. So let's just say it's 2032, which of course is a nice short six years away. Yes, it is. So you've got to start planning. What would happen if Congress does nothing before then?
SPEAKER_01Yeah.
SPEAKER_08Social Security cannot borrow on its own. So it can only pay out in benefits what it collects in revenues. And at trust fund depletion, there'd be enough to pay about 78% of benefits that are promised. So if Congress does nothing, there would be an across the board cut. But do we think Congress is going to do nothing and let seniors have a 20%? No, I don't think we have to. Hopefully not. Hopefully not. So there are some options that Congress would likely have to do, but they'd have to take action. Yes. They could borrow from the disability trust fund, which would give them one year of funding for retirement while still paying disability benefits. That would give them time to do a commission or some sort of action to do longer-term planning for Social Security Solvency like we did in 1983, the last time we had major reforms to the program. Right. So people were saying, well, I'm going to take it at 62, long because I'm afraid it won't be there for me. The odds are it's there for you in some way, shape, or form. And you're not sticking to the government, because if you live longer, that's the best way to stick it to the government, you'll get more back. That's it. And what I tell people is if they're worried about the benefit cuts, do you really want a 23% benefit cut on a minimum monthly benefit you get at 62? But you call it the permanently reduced benefit. I love it when you're. Anything before age 70 is a reduction in your benefits. It's a penalty. Yes. And just to remind people, if your forward primary age, like for us at Gen Gen Xers, is 67, if you were going to get like $1,000 a month at 67, that's $700 at age 62. It's a 30% reduction that lasts for the rest of your life. And no one wants to sign up for a permanent pay cut. Correct. And if you wait till 70, you'd get $1,240. That's a 24% increase. Yes. Now the quick math between that age 62 and 67 is a 77% difference. Where you're going to get a 77% increase, what is now your retirement paycheck, you're not going to get anywhere else except for delaying Social Security. So if you can afford to wait,
Delaying Benefits And Bridging Income
SPEAKER_08you should.
SPEAKER_04That brings up a very interesting scenario because you I know you love annuities, I love annuities, I own eight annuities. And I talked to people about the three-legged stool that you're always teaching. And so one of those legs in the stool could be annuity income that you take some of your dollars out of an IRA, a 401k, do a rollover, and you establish your own pension that's there from that. Why is that possibly really important to defer your Social Security and start taking income from an annuity center?
SPEAKER_08Well, I'm glad you brought this up because we need to like rethink the three-legged stool. The metaphor is still important, but the three-legged stool, again, is social security is one leg. You're defining, but the pension plan is second and then savings is third. But most people don't have a DB plan anymore, right? They're basically relying on DC. Yes. And the idea was thinking about the phrase, think about the word, the phrase, income is the outcome. That's where our retirement plan is. We now need a retirement income plan. And so with Social Security, it's designed to replace about 40% of your income retirement for the average American. Your DB plan was supposed to make up the difference for an advisor who says you need 70 or 80% replacement rate in retirement. You got 40% of Social Security, you got 30% from your DB plan, which is again a paycheck in retirement, and you had some savings on the side you needed to repair your roof or get a new car or something else. Now you've got to rethink that DB portion. And now you've got the DC plan, which has assets in it. Now, how do you convert that into your personal pension? And that's the importance of an annuity. And I think it's important to realize, and it's important to talk to an advisor. This is not an all-or-nothing zero-one option. You can do it, there's so many products out there. Do you want something that's lifetime? Do you want something that's just for a few years that could bridge you to help to facilitate delayed claiming Social Security? Right. Do you want a rider on there for investments? There's so many options, death benefits. But the important thing is to sit down with an advisor and go through an income plan, see what you need, what you have, and then figure out from there how you can fill the gaps.
SPEAKER_04I love it. As you know, there's so many different types of annuities. So when someone calls and says, Hey, I know you're an annuity specialist, I want an annuity, and I'll go, Great. What kind of annuity? Well, what do you mean? Well, there are migas, there are Diaz, there are FIAs, there's FIGs, there's B, and you just go through all of them. And people are like, Whoa, whoa, whoa, I just I just I just thought it was one thing. So it's good to have this information. And I I'll say to everyone that's watching, I know we're about out of time, we're gonna talk to the next person here, but in my office on the wall, I've got all these posted notes from these great minds, and one of them is from Jason Fickner, and it's a reminder every day that income is the outcome. I tell it to every single person. So thank you so much for what you do and for sharing all this with all of our viewers.
SPEAKER_08Glad to hear that. Thank you so much. Appreciate it. Always a pleasure.
Free Social Security Report Offer
SPEAKER_04I tell you, friends, Dr. Jason Fickner speaks so fast sometimes it makes my head spin, and he can throw out all kinds of incredible research and information. He's the person who really created the concept of aging into Social Security and Medicare, something we call Peak 65. You've heard him talk about all these people who are turning 65 every single day. And so we're grateful for having him on the show as a guest. If you need our help with Social Security Planning, remember our team, myself and Kinsley, we are registered Social Security Analysts through the National Association of Registered Social Security Analysts. Just contact us. We'll do a free customized Social Security Planning report for you. You can call us anytime at 866-780-7233. Or just go to Ozarksretirement.com and click on the contact us button. We'll get back in touch with you and schedule a free financial consultation for you. Ozarksretirement.com. Click on contact us. Since I have to take a break, now would be a great time to call me for a complimentary copy of my best-selling book, Bulletproof, the Safe and Secure Retirement Income Plan. And I'll also give you a copy of my Safe Money Kit. My number is 866-780 SAFE. That's 866-780-7233. Isn't it time to stop exposing your retirement to market risk? You're listening to Safe Money Radio with Brad Pistol.
Ads And Safe Money Elevator Pitch
SPEAKER_05Hey, it's Glenn Beck. Can you feel it? America's pride is on the rise again. And right here in the Ozarks, the same pride lives on in how we protect our families and plan for the future. That's where Brad Pistol, president of the Ozarks Retirement Group, comes in. Brad's a certified financial fiduciary, and most importantly, a trusted neighbor who's helped countless Ozark families find financial independence. Call Brad Pistol from the Ozarks Retirement Group at 417-581-9222. That's 417-581-9222 or Ozarksretirement.com.
SPEAKER_04This is Brad Pistol, the host of Safe Money Radio, right here in the Ozarks for the past 15 plus years. And I'm so excited to announce the formation of the Ozarks Retirement Group right here in Ozark, Missouri. This team of advisors and financial professionals can cover all of your retirement income needs. We have financial experts who can help you with your Medicare, your Social Security planning, your investment planning, tax planning, and of course, your safe and secure guaranteed lifetime income plan. We've been located in the same office complex for the past two decades, just one block east of Lambert's behind Simmons Bank. And no matter what your need is, we can help you. We are retirement income and tax planning certified professionals through the American College of Financial Services. Call us today for a free financial consultation. Our number is 866-780 SAFE. We are the Ozarks Retirement Group, and we are here to assist you with all of your retirement planning needs. Our number again is 866-780-7233, and there's always someone standing by to take your call.
SPEAKER_00Since you'll probably start another retirement account at your new job, why not ensure your old account provides you principal protection, the opportunity to participate in the market with locked-in accumulation, and a guaranteed lifetime income? We can help you roll over the retirement account from your previous employer and identify products that provide the potential of index-linked credited interest while limiting market risk. Did you know that if you're age 59 and a half, you may be able to use money out of your employer's plan even if you're still working there? Call us now and ask about bonus options on your retirement money with a fixed indexed annuity. Imagine putting your money on an elevator that only goes up. It might stop on a few floors on the way up when the market index goes down, but you won't go back to visit the lower floors. Our phone number is 866-780 SAFE. That's 866-780-7233. You can get your complimentary copy of Brad's best-selling book, Bulletproof, the Safe and Secure Retirement Income Plan, by calling us now. That number is 866-780 SAFE. That's 866-780-7233. Do you own an annuity? Do you understand what it does, how it works, and if it's right for your retirement plan? Some annuities have fees that might not be justified by their benefits. Some annuities are exposed to significant market risk. Worse yet, if an annuity was sold without proper planning, it can cause unintended consequences for your retirement. If you own an annuity, it's probably a good idea to find out more about how it works and if it's right for you. It's time to give Brad Pistol a call now at 866-780 SAFE. That's 866-780-7233. Brad will help you review the features and benefits of annuities you currently own without any obligation. Once again, you can call Brad now at 866-780 SAFE. That's 866-780-7233. Now back to more Safe Money Radio with your host, Brad Pistol.
SPEAKER_04Hi, this is Brad Pistol, a retirement income certified professional. And if you're wanting to learn how to keep your money safe and to last the rest of your life, you're listening to the right show. We are Safe Money Radio right here in the Ozarks. Now let's get back to the show.
Michael Finke On Retirement Satisfaction
SPEAKER_04Well, welcome back, everyone. We're so grateful now to share with you the interview that I did with Dr. Michael Finka. He's just one of the smartest people I've ever met, especially when it comes to retirement income planning. So I want to share this. He's an investment and retirement professor and Frank M. Ingall, Chair of Economic Security at the American College. He's a researcher and a speaker on the science of living well in retirement. You've probably read articles that he's done with our next guest, David Blanchett. He lives in the greater Philadelphia area. So with no further ado, let's listen to the interview that I recently did with Dr. Michael Finca. Well, hey everyone. Thank you for joining us. We're here with Dr. Michael Finca at the American College Horizons Conference Part 2. You're sold out here for the second year in a row, and we're grateful to have you join us on the show today.
SPEAKER_07Well, thanks for having me on the podcast, Brad.
SPEAKER_04And you've been on before several times. We've had a lot of fun. So tell everyone kind of what your role is with the American College and what it is that you do.
SPEAKER_07I'm a professor of wealth management at the American College. So that's say three days a week. I'm a professor of wealth management. I run the wealth management certified professional program at the college, also teach in the master's program. And then one day a week, I I am the head of the Granham Center at the College. So the Granham Center funds a lot of research and funds an annual meeting that we have every year. And I'm also the Frank M. Engel Chair of Economic Security at the College. So I spend about one day a week on policy-related issues.
SPEAKER_04So what do you do in your free time?
SPEAKER_07Well, I uh I chair the investment committee of the Pension Reserve Trust of Puerto Rico, and uh I'm also a fellow at the Limera Retirement Income Institute.
SPEAKER_04So you have a lot going on, and to say that you know a thing or two about retirement income planning is probably safe to say that.
SPEAKER_07Um I hope so. I'm always learning things though.
SPEAKER_04Well, I do know this. It doesn't matter who I talk to, where they're from, what event I'm at, they've read your research, they've followed you, they've seen your podcast and different things that you're on, and so we're all so appreciative in the industry of all your research and all your hard work. Well, thank you for saying that. Yeah, it's um great to have you here on the show. And so let's do this. I know that I was saying last night I was watching a podcast with one of your colleagues who's gonna be on with us tomorrow, David Blanchett.
SPEAKER_07Oh, yeah.
SPEAKER_04And he has uh his podcast, The Life and Longevity Podcast.
SPEAKER_07It's not as good as my podcast, is it?
SPEAKER_04It's and it's not even close. Oh, okay, yeah. But we do we don't want him to know that. So, because tomorrow he has, you know, he's the only interview tomorrow. So he thinks the whole day was set apart for him. Right.
SPEAKER_01So, you know, we have to think he's keep it in check.
SPEAKER_04Yeah. So, but in in that, you know, you talked about the three pillars of retirement satisfaction. And I found it fascinating. So why don't you tell us about the three pillars of retirement satisfaction?
SPEAKER_07A few years ago, I was head of the retirement planning and living center at Texas Tech University.
SPEAKER_04Okay.
SPEAKER_07And I had a graduate student who was interested in studying retirement satisfaction. So there's a series of variables in a data set called the Health and Retirement Study, which uh is one of the few useful things to have come out of the University of Michigan. I say that as an Ohio State grad. Um it's it's this data set that starts in 1994 and it follows retirees all the way up to the present day. Hopefully, we're gonna continue to fund the HRS. It's incredibly important in understanding life in retirement in the United States. But there are these series of questions that help us evaluate how satisfied people are in their retirement. Uh and he wanted to study what are the predictors of life satisfaction. So, of course, I was thinking, well, of course, it's money. You know, that's that's we in especially in financial planning, we kind of think well, as long as you have enough money that you're going to be successful at retirement. And when we run the analyses, um, what we found was that there were really three clusters of variables that predicted life satisfaction. So the good news for those who have saved a lot of money is that money was one of those predictors of life satisfaction.
SPEAKER_04Okay.
SPEAKER_07Uh and we talk a little bit about, you know, the form of wealth that predicts life satisfaction, because that's something that David and I have done a little bit more research in. It's not just wealth, it's kind of how you use it and how you spend it. Um, and also relationships. So relationships are an important predictor of life satisfaction. Uh, we find that especially the relationship, the quality of the relationship you have with your spouse is incredibly important as a predictor of life satisfaction. But also with your friends, but we we didn't find that the kids predicted life satisfaction so much. So when you're planning a retirement, it's important to think about maintaining those relationships that are gonna have the biggest payoff in retirement. And the third one was health.
Health Relationships Money As Investments
SPEAKER_07Um and obvious it seems obvious that if you're in better health, you're gonna have a better retirement, but I think what is less obvious is that both or that health and relationships and money are all investments. And what is an investment? This is something that I have taught in my graduate class in investments uh for a long time. And investment is anything where you sacrifice in the present in order to live better in the future. And so oftentimes we think of investments as money. And of course, you know, investment in money means that you could have spent the money today, but instead you invest it, and then in the future you spend it.
SPEAKER_01Yeah.
SPEAKER_07Maybe, uh, which we can talk about also. A lot of people don't. Um or you know, with your health, you can make an investment today, you can exercise, you can eat well, and the payoff is that you're going to live better in the future. So health is an investment just like saving money as a relationship. So, you know, relationships take time and effort and money in some cases to travel, to maintain relationships with friends that you can draw on that relationship and retirement. Um, but both require, or all three require some foresight. And I think when we're planning for retirement, uh, you know, Brad and I, you were we're in our 50s, and so we're kind of feeling like we see horizon retirement on the horizon, and we're thinking about all right, how can we have a better retirement? We're saving money, right? But maybe we're not spending as much time with our friends as we should, and maybe we're not making some of those investments in the health that we should. You know, these these are all trade-offs. And sometimes making more money is a trade-off with maintaining friendships or um uh you know maintaining our health, which you know is always a challenge, I think.
SPEAKER_04These are great things because I think about you know, one of the newest pieces of research that's come out is the one of the fastest growing divorce rates is among people in their 60s.
SPEAKER_07Yes.
SPEAKER_04And so you go, okay, if you weren't taking care of that relationship during your working years because there wasn't communication or you were gone or you weren't sharing, then you can it can affect the other things. It can affect your health and it can affect your finances. Because one of the quickest ways to become bankrupt is to go through a divorce and lose half of everything, and then that's going to affect your health, and there's all the spin-offs to that. So I love how tied together all those are. It makes perfect sense that that would be the things that that determine the satisfaction in reality.
SPEAKER_07And and I would tell you that another thing to be aware of, especially if you're a man, and this is maybe using some stereotypes, but the data bears this out. Men tend to have friendships at work, and oftentimes when they retire, they lose some of those friendships, they have a hard time creating new friendships. And uh I was on one of those retirement social media sites the other day, and there was a woman who was complaining about the fact that her husband just, you know, sat and watched TV all day long and it suddenly become far more negative. And I thought she said, you know, I thought my husband was gonna be more fun in retirement, but in fact, he's less fun. Uh and I feel again, you know, it's we have to think about how we spend our time, and people can get sort of sort of sucked into this negativity vortex, and there's a whole psychology on that, how we're we're attracted by negative stimuli, we're sort of evolved to focus on negative things. And if if we get sucked into that in retirement, that can affect a lot of other aspects of our life, like our relationships.
SPEAKER_04And it's natural inclination. They say there's nine personality types, six of the nine are driven toward the negative. It's gonna catch the negative, a new news announcement, or whatever, that's what they're gonna focus on. And so you have to fight that for sure. I mean, Dr. Wade Fowl says a lot about the non-financial aspects of retirement planning and losing those friendships and that sense of purpose, it can really be something that people don't think about and they need to think more about it before they retire.
SPEAKER_07They do. And um, I mean the other question is like, do you want to retire? Yeah. I feel like for many of us who are savers, yeah, uh, the reason that we save is so that we can have a lot of money at retirement age.
SPEAKER_01Yeah.
SPEAKER_07But we don't get a lot of thought to whether or not we're actually going to want to retire. Uh, you know, and I look around this conference and what I see is a lot of people who are at or maybe past traditional retirement age, right? Who are still working because they enjoy what they're doing. Um, and I hate to pick on Steve Parris as an example of this, but Steve, you know, retired from his my main job probably about 10 years ago.
SPEAKER_01Yeah.
SPEAKER_07And he continues to teach at the college, he continues to maintain his knowledge of tax planning and advanced financial planning. And he does it because he loves it. You know, it's his hobby.
SPEAKER_01Yeah.
SPEAKER_07And it's okay if you get paid for your hobby. You know, look at Ed Slott. Like Ed is, I feel like he loves getting in front of a stage and talking about this stuff. Loves it. He's getting paid for his hobby. Maybe he doesn't need the money as much, but the money is a, you know, it's a very sincere approval for the providing value to the rest of us, which is of course something that he does. Um, and I think you know, when we're thinking about retirement, we don't have to step away from our job completely, and it just gives us more autonomy. I I feel like what retirement should be is the ability to control our own time and what we do, but that ability may mean that we continue to work when we're doing things that we really enjoy.
SPEAKER_04I love it. Well, let's talk about one more thing.
Why Retirees Struggle To Spend
SPEAKER_04Uh, because you've done a lot of work on license to spend, you've done a lot of work on looking at a pot of money versus having an income stream. What's more important, the 500 grand sitting in an IRA or $3,000 a month that's coming in and is in in income? Do you think part of people's hesitancy to retire might be because they don't truly know how to spend money? They're used to making it, right? Accumulating it. And if they stop, then what does that mean? They actually have to start turning the accumulation bucket on, the water faucet, and having money come back out.
SPEAKER_07I mean I I was talking to an acquaintance of mine at a conference a couple weeks ago, um, and he was in this retirement space for his entire career.
SPEAKER_03Yeah.
SPEAKER_07And uh he has had sort of a neutral attitude about things like annuities and retirement, and he didn't have a pension, so he's got into retirement. Wait, he did he does have a little pension, so that that adds to the story. He retired and he has this little pension, has no trouble spending the pension. Okay, but the rest of his investments, he's like, you know, you you never really understand until you're in retirement how difficult it is to spend down your investments until you get there.
SPEAKER_01Yeah.
SPEAKER_07And I've seen this, you know, I I I saw it in my own mother that she saw her IRA as being something that she wasn't allowed to spend until RMDs kicked in. But the rest of her money, she had a pension. Fortunately, she had a generous pension, which allowed her to live a pretty good lifestyle. But today's retirees, and I I should say, especially younger baby boomers and Gen Xers like myself, we don't have pension income. So we're going to have to get accustomed to this idea that we have to spend our money down in retirement. And I just don't feel like we've built a system, especially in the defined contribution world, where retirees kind of have any idea how much they can spend from their savings. And in the absence of having any idea about their savings, you can do one of two things. Like you can just blow it and then not have enough to live on in your 80s and 90s, or you spend too little, which is what most people who have a lot of money do, because they're, you know, people who have a lot of money are used to saving. And then they get to retirement, and a lot of them feel like they're supposed to continue saving, or at least they're supposed to continue to seeing their nest egg get larger. Um, in fact, we we saw a consumer say today on one of these retirement panels at the in the morning at the conference that she just wants her advisor to make her pot grow bigger. But I feel like what she doesn't want to have is a conversation about the fact that she's not gonna live forever. And, you know, if she doesn't spend down that money, then it's going to go to her kids, which may be what she wants. Yeah. But why don't you be deliberate about it? Like you part of your money is gonna go to your kids, maybe, and part of your money is gonna get spent. How much of your nest egg do you want to spend? How much of it do you want to pass on to your kids? So, what we found in our research is that um people who had, like my mom who had a pension, uh, spent far more, twice as much, as people who had an equivalent amount of wealth. Now, what does an equivalent amount of wealth mean? So, someone like my mom, let's say that it's you know, she's getting $2,500 from a pension, which is about $30,000 per year. Um, if you compare that to someone who has an extra $500,000 in their IRA, the person with the pension is going to spend twice as much money, despite the fact that you could have just bought an annuity that paid $2,500 a month with that $500,000. So you had an opportunity to turn it into income. You didn't, and subsequently, because of that, you're spending half as much money in retirement.
SPEAKER_04I love it. It's such good information. And of course, if they let it sit there and build and get bigger and bigger and bigger, if it's tax deferred, they may not give it all to their kids because Uncle Sam's gonna have a much bigger piece of that pie.
SPEAKER_07That's that's right, you know, and Steve Parrish will tell you like he's come to the conclusion you should spend down all of your traditional qualified assets one way or another before RDs kick in because you do not want to pass those uh assets to your kids after you die. And oftentimes your kids are in their peak earning years when they inherit that money and they've got this huge, you but you're basically creating a huge tax problem for them, and that means a big chunk of that is going to go, especially if they're higher earners, it's gonna go to the IRS.
SPEAKER_04That's why I love the tax planning certified professional program at the American College that focuses on these kind of things to talk about how to decumulate and how to get the Uncle Sam monkey off your back. So thank you so much for taking the time to join us today, Dr. Michael Finka. We appreciate you.
SPEAKER_07My pleasure, Brad.
SPEAKER_04Thank you.
Free Consultation And Contact Options
SPEAKER_04Well, friends, before we take a quick break, I just want to share this information with you. If you need our help, just go to our website, Ozarksretirement.com, click on contact us. You can send me a personal message. You can say, Hey, Brad, I would love to come in and sit down with you and do a free financial consultation. So go to Ozarksretirement.com or call us anytime at 866.7807233. There's always someone standing by to take your call. This is Brad Pistodole, your host of Safe Money Radio. I'll be right back after this informative message. This is Brad Pistodole, the host of Safe Money Radio, right here in the Ozarks for the past 15 plus years. And I'm so excited to announce the formation of the Ozarks Retirement Group right here in Ozark, Missouri. This team of advisors and financial professionals can cover all of your retirement income needs. We have financial experts who can help you with your Medicare, your Social Security planning, your investment planning, tax planning, and of course, your safe and secure guaranteed lifetime income plan. We've been located in the same office complex for the past two decades, just one block east of Lambert's behind Simmons Bank. And no matter what your need is, we can help you. We are retirement income and tax planning certified professionals through the American College of Financial Services. Call us today for a free financial consultation. Our number is 866-780 SAFE. We are the Ozarks Retirement Group, and we are here to assist you with all of your retirement planning needs. Our number again is 866-780-7233, and there's always someone standing by to take your call.
SPEAKER_05Hey, it's Glenn Beck. Can you feel it? America's pride is on the rise again. And right here in the Ozarks, the same pride lives on in how we protect our families and plan for the future. That's where Brad Pistol, president of the Ozarks Retirement Group, comes in. Brad's a certified financial fiduciary, and most importantly, a trusted neighborhood who's helped countless Ozark families find financial independence. Call Brad Pistol from the Ozarks Retirement Group at 417-581-9222. That's 417-581-9222, or Ozarksretirement.com.
SPEAKER_00Do you think the market is going up or going down? Or is that even the right question to be asking? Here's a better question. When the market goes up, do you get to lock in your gains? What if you never had to worry about the market going up or down? Here's another question. Do you have a plan to never outlive your retirement money? What if the market crashes when you need to start using your money for retirement? Taking withdrawals from your retirement account can have devastating consequences due to sequential rate of return risk. If you don't know what that is, you should call us to find out. Brad's best-selling book, Bulletproof, the Safe and Secure Retirement Income Plan, and his Safe Money Kit can show you how to limit market risk and guarantee a lifetime of income. So pick up the phone and call us now at 866-780-SAFE. That's 866-780-7233.
More Promos And Market Risk Warnings
SPEAKER_00Now back to more Safe Money Radio with your host, Brad Pistol.
SPEAKER_04Hi, this is Brad Pistol, a retirement income certified professional. And if you're wanting to learn how to keep your money safe and to last the rest of your life, you're listening to the right show. We are Safe Money Radio right here in the Ozarks. Now let's get back to the show. Well, friends,
David Blanchett On Successful Retirement
SPEAKER_04here we go. We're finally at the last interview of 13 interviews. We've been doing this show over the past month. We've had four different special shows regarding all the people who were there as keynote speakers and breakout session leaders at the American Colleges Horizons event. And we saved one of the best for last, Dr. David Blanchett. He's been on the show many times over the years. I've had the blessing and the privilege of interviewing him on many different occasions. David is the head of retirement research for Prudential Financial and a portfolio manager for PGIM. He's from Lexington, Kentucky, and now we're going to hear directly from Dr. David Blanchett. Well, hello, everyone. We're so glad that you're joining us here today for the last day of Horizons with the American College 2026. Sold-out event, and we saved the best for last. David Blanchett is here with us. Thank you so much for joining us. Great to be here. Great to be back from I was with you last year too. Yes, and so I tell you what, as we get started, tell everyone a little bit about what you did.
SPEAKER_06Sure, so I'm the head of time of research for prudential. I'm a portfolio manager for PJ. So uh doing thought leadership on retirement, on investing, helping build portfolios, just kind of a lot of different things that intersect retirement.
SPEAKER_04Well, I just want to say thank you from this standpoint. You know, I was with a lot of your colleagues and friends yesterday. Wade Powell interviewed with us when we talked to him and Michael Finka and Jason Fickner, and you're also gracious with your time and with your expertise. And so this will get viewed by tens of thousands of people or great. Millions, I'm sure. Millions. That's right, that's right. And so we're but we're thankful for taking the time today. I know you're a busy man. Sure. So let's start off with this. How would you define a successful retirement?
SPEAKER_06So I think that that that that definition is going to be different for everyone. I mean, part of me feels like it's doing the best with what you've got. Um, you know, a lot of Americans don't have a ton of money saved for retirement. You can still have a great retirement if you're if you're social, if you're healthy, if you're active, if you've got a lot saved, it's making sure that you actually utilize it. I think that, you know, people often define like a successful retirement in a financial plan as like, is not going broke while you're alive, but then there's this question of did you do everything you could have done while you were still living? So I think it's just, it's just it's just fulfillment. And I think that's where advisors can help people achieve that better outcome. Very
The 4% Rule And Longevity Reality
SPEAKER_06good.
SPEAKER_04I know that we've talked a lot about the 4% role over the years, and there's been a lot of fun stuff with it. Does it work? Does it not work? Is it higher? Is it lower? But what are some of the most pressure-tested things that have taken place regarding the 4% roll?
SPEAKER_06You know, I think the one thing that a lot of folks get wrong is just the longevity component, right? I mean, and I'm a huge fan of Bill Bingham and the research, it was it was groundbreaking, I think it still is, but you know, for a lot of people that have money safe for retirement, it's gonna last 30, 35, 40 years. And I think I think how we think about creating strategies for retirement that could last that long is different than one that might only last 25 or 30 years.
SPEAKER_04Yeah, and a big part of that, of course, is a Social Security component. It's one of the three three-legged stool parts. Yep. So you've got all these options, 62, full retirement age, 67, maximizing at 70. How does someone decide when to file for retirement?
SPEAKER_06So most Americans, when they file, they file when they retire. Um, I mean, it's at least two-thirds. So, you know, if you retire before 62, you claim it's 62, if you're retired at 65, you claim at 65. I think that, you know, for those that have an appropriate level of savings, there can be a significant benefit towards waiting to claim until say up to age 70. So I think that it's important to think about your economic situation, but it really is a, I hate to call it an investment because it's not, but it is a really, really good investment for retirement, right? You get inflation adjusted, tax-advantaged, lifetime income with a spousal benefit. And so I think that, you know, we people want it, you know, when I talk to everyone, everyone's like, I want, you know, I've been working for 40 years, I've been paying for this thing, I want it now. And I'm like, I get that you want it, but but really think about the benefits of waiting until like age 70, especially if like you're the higher earner and there could be a spousal benefit involved.
SPEAKER_04I love it. Talking with Jason yesterday, he said, you know, if you went up to someone and said, hey, I'd like to offer you something and it's going to be reduced permanently, would you want it? And of course not, but a lot of people they don't realize when they trigger at 62, they're choosing and electing a permanently reduced benefit.
SPEAKER_06It's the maximum penalty age, that's right.
SPEAKER_04It is, it is. That's good, I like that. So let's say that someone meets with someone who is a specialist, they are able to nail down what they think in their specific situation is the maximize Social Security for them and their family. How do they determine what they should use as an income source to pay their daily expenses, the things that they go through every day, especially if maybe they're, let's say they're they're volatile, they don't have a big stomach for volatility, they're adverse to risk.
SPEAKER_06Yeah, so my my rule of thumb is that like every American should have at a at a minimum, minimum's a keyword here,
Social Security Claiming And Spousal Value
SPEAKER_06all their essential expenses covered with lifetime income. It's just an easy button on how to how to do things in retirement, right? Because I think what that does is there's different reasons. Like one, like, you know, as I'm sure you've put others, you've mentioned Wade and Michael and others talk about, like, like it's more economically Efficient to pool that risk with a large group of people. There's also a lot of behavioral benefits. It better allows you to, I think, access your savings to fund retirement, and then it's kind of up to you, right? I think that there'll be a lot of retirees that want to, beyond that, you know, just have the money in a portfolio. Others may say, you know what, I want all of it covered because I don't want to have to worry about it.
SPEAKER_04So making sure it's coming from something that is more of a guaranteed lifetime source is a good thing.
SPEAKER_06It is, I mean, I think that people, you know, I think we've been a bit blessed, you know, the stock market is up like over 11% over the last like 20 years now. And so I think people have a have kind of this like, this jaded, there's this wrong perception about what you can get out of markets long term. And so I think I think there's less of a focus on protection than I think there will be if or when the market's correct.
SPEAKER_04Very good. Well, when it comes to retirement planning, there's, you know, you've got all these options, there's volatility, there's flexibility, having access to the money, all these different things. How does someone decide how to prioritize what's the most important when they're going to retire and pull the trigger on income sources?
SPEAKER_06Yeah, I mean, so I think I think they're all important, right? But you know, one important point I think is that you don't probably need liquidity for all of your money, right? There's like a liquidity waterfall where if you've got a million dollar safe for retirement, well, we don't need to have access to all of it tomorrow. Right. Right? And so I think it does make sense thinking about, like, you know, it can I can I invest this or do something with this to earn a higher rate of return, knowing that I don't have full access. And so I think people, you know, people don't like things where you give up permanent control, but a lot of products and solutions aren't like that. It might require some kind of provision where you can't access it for let's just say five years or if you lose a pin, but I think that that's okay. I think as long as you kind of demonstrate it as like a like a waterfall or like a layer cake, I think it becomes more palatable to maybe invest in things you might not otherwise, if you didn't understand kind of where it all falls.
SPEAKER_04I like that. And of course, no one knows how long they're gonna be retired. It could be five years, it could be 30, you said 35, which is true. So how do you, I mean, does it change? Does your volatility versus your liquidity, is it gonna change based on whether or not it's a five year or 20 year, 25 years? If you've been retired for 20 years now, does it change how you start to look at for the?
SPEAKER_06It does and it doesn't, because as you move through retirement, like your outcome kind of becomes more certain to some extent, right? Either you're, either you're gonna,
Cover Essentials With Lifetime Income
SPEAKER_06either you're gonna be in great shape, or you know, if you retire and the markets just plummet and things happen. So I think you have a better sense of where you're gonna be at the end of retirement. Obviously, that kind of finish line is just moves every year that you live, you could live another year longer. But I think it gives you a better sense of like, like, you know, the markets have done this, this has happened to me and my spouse and our health. So I think you just, you know, like you evolve through retirement, and that'll kind of drive the other decisions you make.
SPEAKER_04I like it. So you have to kind of continually monitor and adjust based on what happens, life circumstances happen, and maybe that changes the way you're taking withdrawals and what you're doing with your funds from that, from that standpoint on.
SPEAKER_06Yeah, I mean, like retirement, I mean, like it's dynamic, and I think that's like there's like a gap in how we model retirement and how retirement actually happens. Like, if you meet with someone in retirement, then you're gonna come back every year and kind of think about well, all these things have happened that we you couldn't have planned for. Let's make adjustments, and I think that's real life. That's not always how we think about things happening in a financial plan.
SPEAKER_04Well, our world is changing very quickly right now. I'm gonna go to, I've only got to go to two classes this week because of all the interviews, but I'm gonna go to one on AI here in a minute. Yep. And so life is changing so quickly, and I know it's impossible to say where the industry will be, where retirement will be in five years, but what kind of changes do you think people need to be planning for when they think about a 25 or 30 or 35-year retirement into the future?
SPEAKER_06Well, I mean, again, I think like the biggest risk when it comes to retirement is longevity. Well, what's interesting is if you if you look at people, that's the risk that they talk about the most. You know, so the American College just ran a poll and you know they found inflation, healthcare risk, and then uncertainty around government benefits are the three means that are top of mind, followed by longevity risk effectively. So I think that you know, at least for people like me, like I talk about longevity risk all the time, but the risks that people focus on when it comes to retirement aren't often the ones that I think matter the most. And so like it's creating strategies and solutions that kind of both work for consumers, but also really address the key risks they face in retirement.
SPEAKER_04Well, I know you're about to literally walk off the stage and go right into a classroom, so what are you going to be talking to everyone here at Horizons about here in just a minute?
SPEAKER_06So I've got two sessions today. Okay. Um, one is on retirement spending, um, how does it evolve over time? Talking about some reason I did over a decade ago on the retirement spending SMILE. Another session focused on retirement investing. So, kind of like two of my like my great topics will talk about, you know, like how does how does spinning evolve over time and how do we build portfolios to achieve better outcomes?
SPEAKER_04So that was a question on Jeopardy today, your SMILE analogy, and Jamie Hopkins got it correct. Well, good for Jamie, I love it. All right. So, hey, thank you so much for joining again. Seriously, there's so many people in the industry, myself included, people who are watching, consumers and financial professionals who rely on your research. I get up every day, I very first thing this morning saw your research, I found it fascinating. So we appreciate you always being so giving to all of us regarding the retirement income planning world. So thank you. So do you guys have a great day. Well, there you have it,
Liquidity Waterfall And Dynamic Retirement
SPEAKER_04friends. Four straight weeks of shows. I hope it's blessed you to hear from all the different financial planning experts and economists from all across the country who were all assembled at the 2026 Horizon sold-out event for financial planning groups, financial planning advisors from all across the country. It took place in Orlando, Florida. And for the second year in a row, like I said, it was sold out. There were people on a waiting list hoping to get in. And I'm just so blessed to not only be able to attend, but to be asked to be there to interview all these leading financial experts. And then to bring it back and package it together, put it on radio for all of you who are listening in the Ozarks, and then for all of you who are listening all across the country to be able to listen to the podcast. This truly was a group of all-stars. It's like going to a sporting event, and everywhere you turn, there's a superstar there, and that's what it was like. So I'm thankful to all the guests that joined us Gene Chatsky, Lindsay Lewis, Heather Schreiber, Dr. Jason Pictor, Dr. Michael Finca, Dr. David Blanchett, Jeffrey Levine, America's IRA expert Ed Slott, John Manganero from the Daily Upside, Senior Reporter, Jamie Hopkins, Dr. Wade Powell, David McKnight, and my good friend Don Graves. I hope you've been blessed by these interviews. If you missed any part of the show, just know. You can go to YouTube and watch the videos of the interviews. You can also just go on YouTube and type in Brad Pistol, Safe Money Radio, and you can subscribe to the podcast and listen to all this. That way you can pause, rewind, listen to anything that they had to say. A lot of great authors, people that are involved in the truly the cutting-edge information regarding financial planning in the United States. And friends, I just want to say thank you. It's such an honor to talk to you every single week. I've been hosting Safe Money Radio for almost two decades now, more than 800 episodes. I love what I do. To be in personal practice and to work with you as clients and individuals who are trying to set up a safe and secure retirement income plan. And that's why I wrote the book, The Bulletproof. The Safe and Secure Retirement Income Plan, showing you exactly how to do this. And that's why my good friend, America's IRA expert Ed slot, wrote the forward to that book. We want to talk to you about the tax tumors that exist inside your 401ks and your IRAs and your TSPs, your 403Bs. We want to be forward-thinking planners who talk to you about the things that are going to happen way on down the road. We don't want you to be surprised. So if we can ever help you in any way, just call us 866 780 7233. That's 866-780 SAFE. Or you can always go to our website, Ozarksretirement.com, click on contact us and ask for a free copy of my book, a free financial planning consultation. We'll be more than happy to schedule that for you, and I will personally reach back out to you. Ozarksretirement.com. Well, I'm about out of time, and I would like to thank you for listening to Safe Money Radio. If you're serious about your financial future, give me a call, and together we'll get your retirement savings on the fast track to accumulation while reducing exposure to market losses. Thanks for listening, and until next time at the same time, I'm Brad Pistol, reminding you to stay safe so you can step into a secure future.
SPEAKER_00You've been listening to Safe Money Radio with your host, Brad Pistol. Find out how to contractually
Series Wrap Up And Next Steps
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