Episode #123: “The Pre-Retirement Checklist: What to Do Before You Retire”-Listener Question Unpacked

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Transcript

Welcome And Listener Retirement Question

SPEAKER_00 0:05

Jordan State Week is we see the channel with the founder of Alchemy Wealth Management and author of your physical festival. Ryan Nelson, tune in to gain valuable entities and practical therapies as we simplify complex financial concepts into digestible license. From budgeting to retirement planning, this podcast is your go-to resource for mastering financial literacy.

Aaron Hoisington 0:33

Welcome everybody to this week's episode of the Fiscal Physical Podcast. My name is Aaron. I am here with Ryan Nelson, and uh we are going to uh share some uh you know some insight for you today, I suppose. And uh uh first off, I should probably remember my manners. And Ryan, how are you today? I'm doing well.

Ryan Nelson 0:51

How are you doing today?

Aaron Hoisington 0:52

I'm doing solid. Appreciate you asking there. You know, we are uh cruising along through the year 2026, and uh hope everybody's out there safe, healthy, doing their thing, and then really appreciate you guys tuning into this podcast. Uh without you, it'd just be uh me sitting here talking with Ryan. So um, and which kind of is in a way, but uh you guys now get to listen to those conversations and we uh we really appreciate it here. So um segueing that, we actually received a listener question here, Ryan. So this actually came via text. So I I can't play it out for our listeners, but I'll I'll read it to you and uh you in the audience, and then you can hopefully break it down a little bit here. So uh you ready to get started? Let's do it. All right, so a little bit of context. Question comes from a 64-year-old person who is think the getting ready or is getting ready to think about retiring, is how it was put. And I was like, all right, okay, we can do that. So um I'm gonna read this word for word here. So um thank you for all the insight in the thank you for all the insight in the physical in the physical physical podcast. Really love listening to your snappy banter. I have a question to pose for Ryan, as it seems like Aaron is just on the podcast for his rugged good looks. Kind of thought that was funny. And uh I'm a sixty-four year four-year-old individual who has been a teacher for 30 plus years. I have taught in multiple states, Idaho, Montana, Washington, as well as worked in the boat manufacturing business before before that, in my early 20s. I am getting ready to retire at the end of next year, May 2027, and I want to make sure I have all my ducks in a row. I have managed most of my finances myself, and I and I want to make sure I am diligent with my planning slash execution. What steps should I take to ensure I am setting myself up for success? Um, so that's the question. Uh there is a side note of we can't give financial advice to individuals on these kind of podcasts, but um I know that this individual would love to hear, you know, general tips, tricks, or checklists to go through at around this age. Um so I'm hoping, Ryan, that uh um you can, you know, kind of shed some light into this person's, I guess, general question, if you will, and kind of what to look for, what you know, uh it's funny because I I'm 35, so I think about like that's almost 30 years ahead of me right now. So I uh the conversations I have now versus like what I might have in 30 years, obviously gonna be a little different as far as those kind of planning things. So um I'll turn it over to you with that information and then kind of let you uh take it where you will.

Gather Pensions And Social Security Records

Define Retirement Goals And Spending

Ryan Nelson 3:14

Yeah, so so we got a 64-year-old who wants to retire in 12 months. Um, and basically the question is like, what are the best practices? And just so yeah, to your point, I don't know that we are prepared to give fine uh personalized financial advice here, but in general, for somebody who's in their mid 60s that's looking to retire in the next 12 months, um, there's definitely steps that honestly they should be starting to probably take and engage in now. Um and uh 12 months is not that long and it goes faster than we think, and it's gonna be here um before they know. So yeah, I'd say thanks for the question. Love that they listened to the podcast. And um, yeah, let's let's dive into kind of some some process um or like for lack of a better term, yeah, sure, maybe a checklist of sorts. Sure. So first I'd start with just data gathering. Um so there was a lot of moving parts there. Um there was what I so um multiple states, taught in multiple states, Idaho, Montana, and Washington, as well as um uh boat uh window manufacturing before that. So um that's at least three different states and at least four different jobs. So I would start with just gathering data um and be crystal clear on um kind of what your situation like looks like. Um so um, you know, is you know, are are the did you have three pensions when you were teaching at those three schools? Did you have three pensions? If so, are you vested in all three of those pensions or is two of them vested? One is not, you know, are they are they can you take any money out of them? Is it just gonna be set up where you get a monthly amount per month? Did you have anything from the boat manufacturing before, or is that not like relevant? Um were you paying into social security while teaching, or only when you were doing the boat thing? Right. Um when you were doing the boat thing, how long did you do it for? So how long did you pay into social security? Um, so these would be all the kind of the things. So just data gathering. Um, there can be a I I know from a lot of us, we just kind of we we put our heads down, we just grind like and we're we're really good workers, we work really hard, we put our heads down, we just keep working, and then next thing we know, we wake up and we're 64 years old and we're like, man, I I don't even I haven't looked at this Idaho thing for 30 years, or I haven't looked at you know, I I don't know. I did have an old retirement plan at when I used to work on boats, but I literally it's been 35 years since I since I last did that. I don't even know where it's at, right? So oftentimes there's this element of having to sort of get all your ducks in a row and that can take some time. Um so and you might have to call, you know, each of those three states, you might have to call three different departments and schedule meetings with them. Um, and so again, that's where 12 months can go by really fast, right? If you call one and you you get a meeting two weeks from now and then you have a follow-up question and that meeting again is two weeks later, it's like, well, there's a month gone just gathering one piece of information from one plan, right? Um, so that'd be one thing. The other thing, also sort of from a I don't know, data gathering, we'll keep it in data gathering, but it'd be get really clear about your goals. So, you know, in 12 months when we retire, what does retiring mean? Um when you retire in May of 2027, um, are you never making a penny again? Or is retiring to you working part-time? Um, you know, are like yeah, just sort of what does it mean to you? What you know, getting an idea of uh like how much you spend um is obviously really important, right? 95% of clients I talk to and I ask them how much they spend. Um it's hard, myself included, it's hard to know how much you spend. And we might have a rough idea, but it but often we don't have a ton of confidence. It's like I think I spent about this much, but I'm not really sure. And right. So really kind of you know, kind of buckling down, really rolling up the sleeves, doing a little bit of that hard work, and really kind of putting pen to paper and figuring out how much am I really spending. Um, so that'd be maybe the first step is just getting good information and data um before you can do anything else. Does that make sense? Absolutely does.

Aaron Hoisington 7:17

Yeah, I think that that and that really can be applied to honestly any age if you're exploring your finances. I think like that data gathering of like, hey, what do I spend? What are my you know, what's my income? What do I and I think that one of the things I'm gonna talk to you about this is like, you know, for retirement, w how much do you want to spend in retirement? Like I think that's a great question because that can really determine like cool, like if I want to spend, you know, six thousand dollars a month in retirement, okay, like what does that look like? Or do I do I think I'm gonna live pretty frugally and spend three thousand dollars a month? Am I gonna you know sell my house and live in you know an apartment or whatever it might be? So having that like plan, I guess, on what you want to do, your goals, I I I think is a big piece. And that's pretty much what you kind of just said. Like, cool, let's take the data and now how does that work with actually what I want to do, I suppose.

Ryan Nelson 8:06

Yeah, yeah, no, and you and I think you bring up a good point there that I didn't really touch on. And in and so it'd be, you know, yeah, figuring out how much you're spending now. So let's say it's six thousand bucks, right? Sh then can you just assume you're gonna continue to spend six thousand dollars a year moving forward? Or um or did you have a really long commute to work and you won't have to spend that gas money anymore and you're actually gonna be spending less in retirement? Sure. Or on the flip side, um, are you now um, you know, you're now you used to if you if you were still teaching, you used to to spend 40 hours a week teaching and now you'd like to replace that 40 hours a week teaching with golfing three days a week. Well, now we got to budget in how much does it cost to golf? So, you know, if if you originally spent six thousand dollars a month um while you're still working, now applying it to retirement and figuring out, yeah, what does my ideal retirement look like? Am I gonna need a little bit more money than my what I'm spending now so I can afford to golf three days a week? Right. Or am I gonna need a little less money because I'm not driving to the office every day and it's a it's a you know long commute. So yeah, I I think taking that extra step and really defining your goals and what retirement looks like um is a good step to this. Um and then as you're working through that, there'd be some things to to be thinking about. So um, you know, like one of the things that most people underestimate is healthcare costs. So prioritizing, you know, there there's some things that maybe, you know, you don't have the expense today, um, but you will at some point in your life probably have, you know, statistically speaking, healthcare costs go up as you age, absolutely. Right. Um, so those are the things you'd want to start thinking about. And, you know, these are the things that can be, you know, we just keep rattling off more and more things, and we've only just begun. Right, yeah. Uh so like this can feel a little overwhelming and and this transitioning into retirement for most people is a very, very it's a terrifying time, right? Like, like it's a really big decision and a scary decision. And so I don't want to like pile on all these things and make it like feel even scarier or more daunting. Um, but if you're able to do these things over the next 12 months, um, it does take some work to do them, but then you can actually transition into that retirement more confident and with less anxiety. Um, so these are the types of things that, yeah, on the front end you might be like, oh man, this is overwhelming. This is a lot of stuff I need to do. And the reality is, yeah, it might be a lot of stuff you need to do. Um, but as you start kind of knocking these tasks off one by one, so like it will slowly alleviate the anxiety and make you more confident in this decision to retire. Um, the other thing is like these are things you can outsource, right? You could outsource to a company like mine, and there's the you know, thousands of other amazing financial planners across the country. And so as we're going through this stuff, if you're like, yeah, this is a lot of stuff we need to be evaluating, and maybe I don't have all the tools to do everything, just know that this is something you can outsource as well. Um, so something to think about there.

Aaron Hoisington 10:53

Definitely. No, that's that's a good piece of like I think there's two two schools of thought with that. And I maybe they kind of go together, is like we've mentioned it, I and I I think it's really funny. I think you said like, how do you eat an elephant like one bite at a time? Like just to be like, okay, cool. You know, this week I am going to figure out what my social security is. Like by going to I it's like SSA.gov, like cool, awesome. I'm gonna go check this out, see what it is. Great, I got that. I kind of under I'm gonna verse myself in that. Next week I'm gonna call, you know, the state of Washington to see, like, okay, cool, is that pension invested? Do I have it? What how does that kind of work? Like, and if you you know, kind of set it up, because if you think about like for myself, if I think about doing one task a week, that really doesn't add too much onto my plate. But if I get down to the the wire, I'm like, holy smokes, I got 30 things to do this week, then I like start losing what little hair I have left, kind of piece of it. So it it is like making sure you kind of break it down and can kind of get that plan of all right, I got 12 months, I got you know 15 months, whatever it is, like let's make sure that's done. Or, like you mentioned, like outsourcing that assistance when needed. Like, is that with your CPA? Is that with your financial advisor? Like, is that what does that look like for you? Are you handling that all on your own? Like figuring out like where you can, and I'm a big efficiency guy, like how can I make this more efficient and sure it's done right? Because it's not my area of expertise for myself specifically. So um, but if you can find somebody that you trust and you and and knows this industry, like it can kind of make things a lot easier, I would I would assume when it comes to that. So it's a little column A, little column B with those kind of different, I guess, ways to look at it.

Build Your Retirement Income Map

Ryan Nelson 12:29

Yep. Um yeah, so perfect. So I'd gather all this information, right? Um learn more about your past retirement plans, whether that's 401ks, 403Bs, 457s, pensions, right? Kind of gather all that information, gather information about what your goals are, look into social security, right? So just kind of gather all of your information to have it in one place. I'd say that's kind of the first step is getting good information. The next step is I would build like an income plan. Um, so think of this as I I would I call it like an income map. So you'd be able to see where each dollar in retirement is supposed to come from. So if we said, hey, I need$6,000 a month, well, where is that coming from? Am I getting a thousand from Social Security, uh,$2,000 from my pension? Am I taking the rest from a brokerage account, from IRAs, from savings accounts, right? So just start to break out where am I taking this money from? So how am I generating income? Right? We're used to getting a paycheck, and that's what we've lived on. Now, when you transition into retirement, you effectively have to create your own retirement paycheck. So start to build out where am I where is this money coming in from? Where am I going to be receiving it, whether that's pension, social security, investment withdrawals, savings, right? Um, part-time work, sure, you know. So again, we mentioned fit kind of getting um more more definitive on that as well. Um, so I definitely want to know what the build out this income map. Um dive more into the social security. So we mentioned that you can go to SSA.gov, create a um username and password, and then you can download your social security statement. You can even call the Social Security Administration office and just again confirm things, um, make sure you're on the right track and you're understanding this. And you'd want to be evaluating when you should take social security. Big piece. So you could you could take it when you retire. You technically you could take it before you retire, you could take it when you retire, you could continue to delay it up to age 70, and you're gonna get different amounts for social security. And when you log into SSA.gov, you can see exactly how much you're expected to get at these different ages. So then that helps you build out your income plan. You can see, oh, okay, if I wait until this age, I'll get this much money, you know. And so you can start building out your investment or your income plan.

Aaron Hoisington 14:38

Like I said, you you mentioned that and like the the idea of like maybe for someone who's older, maybe not super well versed with technology, it's really they do make it pretty user-friendly. I I went on and like created actually one of the after one of the podcast episodes, you know, I was like, oh, I'm gonna go check this out or whatever. And it is really neat. They you can put like like okay, if I retire at I start taking social security at 63 and then compare it to 68, like it's really quite easy to do as well, and it really kind of gives you that at least for myself. I mean, I'm we're talking 30 plus years out at this point here, but for somebody who's like it's next year, it's like, oh, you probably have a relatively good idea of what that's gonna look like too. So um really, really encourage people just to go check it out just to get familiar with it, because it was a really cool tool that I honestly didn't know existed until we did this podcast. I was like, oh, I can just go and actually see all this information and such too. So kind of cool.

Check Portfolio Risk And Concentration

Taxes Medicare IRMAA And Insurance

Ryan Nelson 15:28

Yep. Yep. And then maybe I'll run through these next ones a little faster in the interest of time. But um, so I'd look at my investments. Um, so on the investment side, I'd take a look at all my accounts, kind of stop looking at them as like individual accounts and sort of looking at it holistically and see how much is my total stock exposure, how much is my total bond exposure, how much do I total have in cash reserves, et cetera. So you can start to get an idea of how you're invested holistically. Um, I'd also be taking a look and seeing, you know, did I end up accumulate do I end, you know, maybe I have more exposure in one or two companies than is ideal for me. So this happens a lot if it you work for a company and they give you stock. It also happens a lot naturally by the time you're transitioning into retirement. Maybe you started investing, you know, maybe you invested in 10 companies 35 years ago. Well, one of them might have got pay gone bankrupt. Maybe nine or eight of them did nothing much and one of them exploded. Well, now all of a sudden you look at your your investment portfolio and you're like, man, I have a I I did have a diversified portfolio one time, but now this one company just took off and exploded. Now they represent 90% of my investment net worth, right? That happens all the time. It's a great problem to have. Yeah. But are you prepared to go into you're you're taking more risk? Are you prepared to transition into retirement, taking that extra risk? So just analyzing your investments as a whole, making sure they they they look good and are aligned with your risk tolerant tolerance. Um next, I'd take a look at taxes. So I'd make a tax plan before I retire. I'd start to, I'd want to start figuring out like how much I'm going to keep be able to keep after taxes. So once you have your income plan built out, you can see where this money's coming from, you can see how each of those different buckets is taxed, and you start to figure out how much you're going to be taxed. Um, so you know, one of the things I always kind of joke about with clients is if you own a home, if if you go buy, let's make our math really easy. If you go buy a million dollar house and you'd get a$500,000 loan on it, what's your net worth on that?$500,000.$500,000, right? So we we have a million dollar asset, but we owe the bank$500,000. So we're left with$500,000, our net worth is$500,000. What's interesting though is most retirees who have a million-dollar um uh traditional IRA, they look at it and they say, hey, I have a million dollar net worth, which is true. That is how we define net worth. Um, but the reality is we know that traditional IRA needs to be taxed. So if you own if you own a million dollar house and you know you still have to give the bank$500,000, we think about it as owning$500,000. But for some reason, when we have a million dollars in our traditional IRA and we know we owe the the government, let's say$200,000, we still say, oh, we still have a million bucks. But it's like, well, do you have a million bucks? We know you owe a piece of that to the government, right? Um, and if you're not going through these like income planning to figure out where you're gonna be taking your money from, and then this tax planning to figure out how much of it's gonna be taxed, um, you could, you know, you may say, well, I have a million dollars. I'm gonna take out a thousand hundred thousand a year from my traditional IRA. Then you start doing it and you realize, oh, wait, but now I owe taxes on this. Oh, I don't have enough money left over for the lifestyle I thought, right? So just build out that tax plan, spend some time doing this. And again, you can start to see why, yeah, 12 months out, it's a long time in in one sense that I'm sure we want to retire sooner than the 12 months. In the other sense, it's like, wow, we got a lot of stuff we got to get figured out, right? And again, this can be a little overwhelming, I know. Um, there are tools out there. Again, like I get this is what we do for our clients, but like there's tools out there where you can outsource this, whether it's to a company or find an online tool yourself, just make sure you're using the tool correctly. Um, but some other things I'd say, again, I will I swear I'll try to try to go more rapid fire. But like healthcare, um, again, like I said, most people underestimate healthcare. So do you should do some healthcare planning around Medicare. There's something called IRMA income-related Medicare adjustment amount. Um so Medicare service basically is the same for everybody. Not everybody pays the same for Medicare. It depends on what your taxable income is. So you need to know once you do that income planning and then your tax planning, you can know what your taxable income is gonna be. You can know what your IRMA surcharges is gonna be. That's gonna circle back and tell you how much you're gonna have to pay for Medicare, which flows back into how much you're gonna need to live on, right? So it's sort of this iterative process. Um, you want to do some insurance. So I'd be reviewing every insurance policy. I'd sit down with your insurance.

Aaron Hoisington 19:45

Something I think that kind of gets missed sometimes is like the piece of like the insurance, like like you mentioned, like your house or your car and like these things that you're like, oh wait, like these are things things that are gonna continue to be expenses.

Estate Cash Reserves Ongoing Tracking

Ryan Nelson 19:57

Right. Yeah. And then uh as you're going through this, you know, it makes sense to go through like your estate plan. If you have a trust or a will, have it reviewed. If you have your powers of attorney, have them updated. Um, if you don't have the stuff, maybe that's a good time to set up your powers of attorney, things like that. I would take a look at my emergency savings, make sure I have enough retirement, like enough m cash in reserve. Um, that you know, if the market was to crash 20% next month, can I continue to make rational decisions? Right. Do I have enough money to continue to live on in cash that I can continue to make rational decisions with the rest of my money? Smart. Um, so make sure your emergency savings is up to snuff. Um uh I would um then I'd continue to track and monitor. So um this stuff with most of this stuff, it's not like a one and done thing. So you might spend a lot of time over the next 12 months setting this all up, but think about creating a system that you can track over time. Right, right. So tax laws aren't going to remain the same. So, so I uh I find a lot of clients think of retirement as the end goal. I almost think of it as the beginning. So as this client transitions into retirement in the next 12 months, cool, they might do all this work over the next 12 months, prepare themselves for retirement, and then retire. Well, it's like, well, we still need all this money to last them for the next 30 years, 35 years, maybe 40 years if they're lucky, right? Um, and so it's like, how are you gonna continue to monitor and track this over time? So if you're putting all this work in on the front end, you know, think about creating a system um or a structure in which you can, you know, continue to manage and monitor this on an ongoing basis so you don't have to like start from scratch every year, right? So creating some sort of tr traction, whether that's an Excel or like some sort of uh tracking mechanism, whether that's like an Excel spreadsheet or again, planning software or hiring a financial advisor, have some way of being able to keep up with this stuff. Um, and then we've been alluding to this throughout the whole time and and it's awesome that they're already reaching out. But I'd say you this is not something you want to wait until the last month and then say, like, okay, am I am I ready? Like As you can see, there's a lot more that goes into this, and there's a lot of information gathering, and then you know, there's this iterative process. So, you know, this is something that it's usually or should be in an ideal world, like a one to two year process of preparing for in transitioning into retirement. Um, so you know, I'd say the time to start is now. Sure. Um, don't, don't, uh let it, don't kind of put it off any further. Um, so what I'd say kind of in summary, if I had to kind of boil this down, um, I'd say know your spending, verify like your pensions, map out your income, review your investments, plan for your taxes, solve what your healthcare expenses will be, um, update any estate documents, um, build enough cash reserves, make sure your emergency savings is is large enough, um, and all of those things together, that would create a pretty decent little checklist to put you certainly in a if you go through all these steps, you'll be in a better spot than you were before. Right, definitely. Um, is this completely comprehensive? Not necessarily, right? And there could be things unique to each individual circumstance that I wouldn't even think to bring up here without them informing me of that. Absolutely. Um, but if you went at least through these steps, you'd be in a pretty good spot.

Aaron Hoisington 23:10

Yeah. No, I think that that's that's a a super it's funny, you you mentioned these things and like uh we mentioned like, oh, it's it can be daunting to think about because like people are like, oh, I'm just gonna retire. And I'm like, you know, before like maybe I in when I was younger, I I didn't really I was like, oh yeah, you just retire, just stop working. Right, yeah, yeah, yeah. I just have my savings and I'm just gonna use that or whatever. But it's like, oh no, like there's so many different things that you have to consider. Absolutely. I think like the healthcare piece of it is a huge one that I didn't really even think about. I was like, oh my gosh, like that is true. Like if I you know fall and break my hip, for example, like what does that look like? What's the coverage? What do I have? Like how much do I have to pay out of pocket? These different things of of of just preparing for the unknown as best you can. Right. Um and like also knowing that like, hey, this should be if you're retiring, hopefully it's on happy terms. Hopefully, this is like like you mentioned, I I thought it was super well said. It's the beginning of something else. It's almost like the beginning of like your third life, right? You were your last part of your life there. So um it it should be hopefully as as stress-free as possible. And if you use that careful planning and and you know, follow a checklist or or meet with a financial advisor to determine what the best way to do it for you is, hopefully it can be as stress-free as possible, and you can really just, for lack of better term, right into the sunset.

Roth Conversions And Planning Pitfalls

Ryan Nelson 24:25

Yeah, exactly. In in in the yeah, this is like one of the most stressful decisions most people make, but with preparation, you could it can be an exciting, yeah, an exciting, stress-free uh step of your life. Yep. But unfortunately, I do think a lot of people enter it unprepared. So it's just this uh almost uh it's just this these moments of anxiety, and like instead of it being this awesome, stress-free, like how we all picture retirement gallivanting, it's instead this very stressful, like, I don't know how much money I can spend. I I I feel guilty. If I go on a trip, I feel guilty because I didn't know if I had enough. And and then if I don't go on the trip, well, did I have the money and I'm just you know living like a pauper for no reason. Sure. So definitely something to be thinking about. And I would I would preface this by saying this would be the very, very basics. Like this is this would be no advanced planning. Right. Um really what you'd want to be doing is is figuring out like um, you know, how much money do you have in each of these different types of accounts? Can you do things like Roth conversions? But then if you do a Roth conversion, like that, you know, maybe you have one decision on when you want to take Social Security, but as you start doing Roth conversions, it might affect when you actually want to take Social Security because doing Roth conversions creates taxable income for you. Right. Um and so do you want to start taking if you're gonna do Roth conversions, do you want to start taking Social Security? Because you'd have in taxable income from Social Security and taxable income from your Roth conversions. Does if you're gonna do Roth conversions, it makes sense to push off social security a little bit? So you can do more Roth conversions. So you can see how these decisions like intertwine. And then like something like a Roth conversion, you're intentionally bringing tax burden into this year, increasing your taxable income. Well, if you hit a certain threshold, that could create an IRMA surcharge. So now you're paying more for Medicare. Well, was the Roth conversion worth it anymore, or are you paying more for for Medicare and did it offset it? Right. So you want to make sure that like that you have a good understanding of all these things play together. Too often I'll see a plan where somebody has like found something online and they're like, oh, I watched a YouTube video on Roth conversions, so I did a big Roth conversion, but unfortunately that Roth in what they they went gung ho, they said this is an amazing tool, and you could just go convert their entire account balance. Then what they don't realize, they get stuck with this huge tax implication. Right. They went into our very high tax brackets this year, triggered Irma surcharges. They were already taking Medicare, or I mean um Social Security, they should have had delayed that, right? So you just want to make sure you understand how all these pieces intertwine together and none of these decisions are like uh necessarily made in isolation. They all affect each other. Sure. And so more advanced again, what I just talked about today would just be very table stakes. This is just getting your this is just having basic information to know if you have enough money to live on. It's not optimizing your plan at all. Once you get this stuff, this is why I'd really say it's a 12 to 24 month process. Like once you get this stuff, then you'd want to start moving, getting more advanced, optimizing your plan. And that can account for seven figures over the course of your lifetime and tax savings. Um, so yeah, just know that it there can be more pieces above and beyond this. Um and so yeah, starting to do that due diligence well ahead of that retirement date is is kind of prudent.

Aaron Hoisington 27:36

Yep, exactly. I feel like if you can get in a routine or a habit, like it because it takes a while to like to form those kind of routines or habits, but if you start that early and you're like, okay, cool, like I'm very connected with this. I know what I should do. I've asked these questions, maybe to my financial advisor, and figured out what is the best move moving forward. You don't have to do it all at one time right at the end there. I mean, no offense to the the listener question whatsoever. I think it's a great question because like a lot of people find themselves in this kind of situation, but the more planning and the more you know prepared you can be for this, like I think it just is is is beneficial all around. So awesome. Well, thank you so much, Ryan. Really appreciate it. Thank you to the listener who sent that in. Yeah, really appreciate it. It really got it was a it was a good one. Stimulated lots of thoughts. Stimulating the this the thoughts were flowing to say the least, there. So um awesome. Everybody uh hang tight with us. We'll be right back on the other side of this.

SPEAKER_00 28:27

And now to put the personal in personal finance.

Aaron Hoisington 28:37

Still here with Mr. Ryan Nelson and uh Ryan, we're gonna get into this personal section here with my uh my question to you. Uh, what is your favorite color?

Ryan Nelson 28:47

Yeah, I I I don't even know that I'm like necessarily have a super favorite color. Sure. Um I think like the answer my answer to that question is blue. I don't know why it's blue. Uh I don't know that yeah, I I don't know. I I wear more blues and greens. Um I like the like color scheme of I mean I pick I like when I started Alchemy, I could pick any color I wanted for the logos, right? Um so I it I picked like um kind of greens and blues and teals, like that kind of color scheme or whatever. So I like that like the blues and greens and teals. Um so I'd say that kind of like area of colors. Um I like purple a lot. I feel like it's kind of in that same. I don't know if I saw color wheel, I don't know. I think they're all kind of in that same section, maybe, hopefully. Um but yeah, so I'd say kind of the the blues and greens and then purples would be right there too. Yeah. No, that's what about what about it?

Aaron Hoisington 29:40

Yeah, it it's a funny question because it well, there's there's two different anecdotes to kind of share here. One, I I almost liked the color blue growing up. I feel like it's a very common color that people like, I suppose. Like it's like, oh yeah, I like the color blue. Like I also like the you know, some of my favorite sports teams are also have a blue color to them, so I'm like, oh, I'm kind of naturally gravitate to that. But um, it is funny. So my I have a two and a half year old son who's gotten into like colors. He likes his colors, and like I I don't know, somewhere along the line, like I told him that my favorite color was yellow, because like just I I don't know what I was doing with it or whatever, and he like latched onto that. And so like every time we see something yellow, he says, Oh, dad's favorite color. And I'm like, I'm just committed now to liking yellow, like I'm just locked in at this point. Like you're the only person on the planet whose favorite color is yellow? I think I might be. I don't think I've ever asked anybody and they said yellow was their favorite, but like every time now, like and it it comes up like it's it's super funny. I could tell my kid to wash his hands before dinner a hundred times. He won't ever remember to do that. But if he sees something yellow, he says, Oh, dad's favorite color. Like, I'm just locked into yellow now. So I I I've really been coming around on yellow as well, too. So it's it's interesting. It's kind of funny. Like, I'm just like, okay, but his favorite color is blue. So I'm like, Makes sense. Man, like like how did we get to that kind of piece of it?

Ryan Nelson 30:57

Here's here's a little bit of uh uh on the spot trivia question for you. Love it. Um for for men, what are what on average, what's men's favorite color?

Aaron Hoisington 31:07

You know, based on I'm gonna have to go. You know what? I'm gonna make I'm going green. Green? I'm going with green.

Ryan Nelson 31:14

Okay, that's the second favorite. Oh, is blue number one? Blue, yeah. 42% of men like I'm just like I this is just something on some website who knows 42% of men like blue, 25% of men like green. What do you think number three is? Uh black. No. Uh uh uh let's go with uh yellow? No.

Aaron Hoisington 31:32

No, um orange. Nope. Purple?

Ryan Nelson 31:35

Yeah. Okay. That's interesting. I would yeah I thought I was kind of maybe alone on the purple. I mean, I guess people do like purple. But so yeah, 42% of men like blue, 25% green, 12% purple, and then it would go red, orange, then yellow with 5%.

Aaron Hoisington 31:49

I just kind of blacked out on red there. Yeah, yeah. Real quick, what do you think for women? Um gonna go with pink. No. Purple?

Ryan Nelson 31:58

Nope. Well, purple's number two. Purple numbers two. Is it blue again? Blue again? Blue again. So blue is blue's blue. 29% for women, 27 or purple's 27% for women, and green is third for women at 19. Um interesting. Yeah, that is interesting.

Aaron Hoisington 32:14

Yeah, that's just kind of how we gravitate to colors or what that kind of means, I guess. But anyway, fun stuff. Let us know what your guys' favorite color is. I'd be super curious. Like uh uh, I heard someone say the other day, like uh like black is like the absence of color. And I was like, what? I mean, it's just black, though, it's a color, right? Like, and it was just it kind of like it was one of those things where I'm just looking at the guy, he's looking at me, and I'm like, Alright, we're just gonna move on from this here. Like, I I don't I don't know what to do with this kind of information.

Ryan Nelson 32:45

So so black absorbs all the colors.

Wrap Up Resources And Disclaimer

Aaron Hoisington 32:47

Right, yeah. That's that was like the but he's there's two different ways to look at it. Some people say that black is every color, or the absence of color. And I was like, I just look at it as a color. Some of you say, What color is that? And like they would say black. And we're like, nope, there's no color at all in that. I'm like, all right, like that. Anyway, fun stuff. But awesome. Thanks everyone for tuning in, listening. Really appreciate it. Uh please uh like, subscribe, download, set your set your your watches to when this podcast drops on every Tuesday morning. And uh I'll uh turn it over to you, Ryan, to uh play us out today. As always, stay the course.

SPEAKER_00 33:19

Thank you for joining us for the Fiscal Physical Podcast. Until next time, happy listening. And as always, stay the course. If you have a question or topic suggestions, please email us at podcast at alchemywealth.com. If you enjoyed today's discussion, subscribe to the podcast to ensure you never miss an episode. And consider leaving us a rating and review on your favorite platform. This helps other listeners like you find this channel. For more resources, you can visit Alchemy Wealth Management's website at www.alchemywealth.com or find your physical physical the book on Amazon. We'd be remiss if we didn't mention the personal finances just then. First of all, please don't take anything we say as advised. The pre-titting content is for informational and entertainment purposes only. It's not an offer or a solicitation, nor should it be construed or relied upon for tax, legal, or investment advice. It doesn't consider your personal financial situation or objectives and may not be suitable for you.