Avoiding the Un-Retirement Debacle: Preparation is Trickier than you Think

Seven percent of American retirees are returning to work—not from boredom, but because they can't afford to stay retired. That's 550,000 more people than last year facing this harsh reality. This episode breaks down the data behind un-retirement and provides actionable strategies to build a portfolio that can withstand retirement's financial pressures.

The primary culprit? Insufficient guaranteed income. Retirees with the lowest levels of guaranteed income from Social Security, pensions, or annuities face the highest un-retirement risk. But you don't necessarily need an annuity to avoid this fate—you need a strategic approach to income-focused investing combined with smart growth allocation.

KEY TAKEAWAYS:
• Cost of living drives 50% of un-retirements (vs. 15% from boredom)
• Retirees with highest guaranteed income rarely un-retire
• Income-focused portfolios can generate 6%+ yields vs. traditional 4% withdrawal rates
• A 6% yield requires only $850K for $50K annual income vs. $1.25M at 4%
• Early retirement equity allocation should be 20-40%, rising to 60-80% over time
• Starting income investing years before retirement compounds benefits significantly

CHAPTERS:

00:00:21 - Introduction: The Un-Retirement Crisis
The growing trend of retirees forced back to work and what the data reveals

00:01:11 - Why Retirees Return to Work
Breaking down the numbers: 50% can't afford retirement vs. 15% are bored

00:03:20 - The Growing Problem
7% of 55 million retirees planning to un-retire—that's Wyoming's entire population

00:04:39 - Who's At Risk?
Demographic factors and why guaranteed income matters most

00:06:10 - The Guaranteed Income Advantage
Social Security, pensions, and annuities: what the data shows about security

00:08:38 - Income-Focused Investing Strategy
Why traditional portfolios fail and how to build income-generating assets

00:23:21 - The Role of Growth Assets
Balancing sequence-of-returns risk with long-term portfolio growth (20-40% early, 60-80% later)

00:26:06 - Your Action Plan to Avoid Un-Retirement
Calculate realistic income needs, transition to income assets, consider timing advantages

Transcript

00;00;21;02 - 00;00;49;00
Brandon
You are listening to the Yield to Reason podcast, where we help you build a bulletproof retirement with a keen eye on investment income, because independent wealth hinges on your ability to pay the bills. We're dedicated to solving Retirement's biggest riddle how to turn your hard earned savings into spendable cash so you can enjoy the retirement you actually want, and make it the retirement you truly deserve.

00;00;49;02 - 00;01;11;23
Brandon
I am Brandon Roberts. Thanks so much for joining me today as we discuss a growing and very unpopular trend among retirees, a reality forced upon a number of people in their 60s and 70s that a lot of us assume could never happen to us. But the numbers tell us we shouldn't be so quick to dismiss the likelihood of it becoming our reality.

00;01;11;26 - 00;01;42;14
Brandon
We're talking about returning to work after retiring or in retirement, as it's now being called. Older Americans are returning to work. CNBC recently addressed this trend, and they're not breaking any news here. We've known this for a while. It's been going on. There's numerous surveys spanning several years now that have continuously identified that American retirees are planning or are in the process, or rather, they already have returned to work.

00;01;42;16 - 00;02;07;15
Brandon
And this is something that we actually talked about on the old tourism podcast last year when we addressed the fact that the the idea that there's kind of a standard or typical American retirement may be a fantasy. So not new, new territory here, but something that we needed to address because there are some insights from the data regarding on retirement that are worth noting for a couple different reasons.

00;02;07;16 - 00;02;39;22
Brandon
One, they give us a better understanding of what retirees are facing. But to also give us some glimpse into an action plan on things that you can do right now, even if you're not retired. To try and avoid this reality. So when we look at the survey data about UN retirement, the overwhelming reason people are identifying for their need to retire is cost of living.

00;02;39;24 - 00;03;20;09
Brandon
It comprises about 50% of all the individuals who are now on retired or are planning to soon on retire. And comparatively, boredom is in a very distant second place at roughly 15% of surveyed American retirees. So the motivation to return to work has a lot to do with the inability to meet expenses among retired Americans, and those who are deciding retirement really wasn't for them.

00;03;20;11 - 00;03;48;02
Brandon
They are in a very, very small minority of respondents who have chosen to go back to work. What's more, we're finding the number of people who are retiring specifically because they're having a hard time meeting expenses keeps rising each year that these surveys get conducted. As of this past year, 7% of retirees note their plans to UN retire or have already on retire.

00;03;48;03 - 00;04;15;13
Brandon
That's up from 6%. The prior year, which may not sound like a lot, but keep in mind there are roughly 55 million American retirees. So a 1% increase tells us that 550,000 more people have decided that they need to go back to work. That's that's basically the population of the state of Wyoming have made it to retirement. But decided, oh, darn, I really I can't afford to remain retired.

00;04;15;15 - 00;04;39;06
Brandon
The fact that people are retiring is noteworthy all on its own, but I, I get the headline reason of I can't afford to be this way retired. But I wanted to understand a little bit deeper what's driving this. So I set out to collect data that tries to find out why, in addition to just saying, hey, I can't pay the bills.

00;04;39;14 - 00;05;04;22
Brandon
People are in fact having to un retire. Now, there's a good amount of descriptive data here that shows us who is at risk of UN retirement. Mostly demographic in nature. So we do know that African-American females who are divorced are at the highest risk of UN retiring. We also know that there's a little bit of of higher tendency to UN retire if you don't hold a college degree.

00;05;04;26 - 00;05;34;16
Brandon
Now, that information is potentially useful from a policymaking perspective. This is not at all a policymaking podcast. We're going to stay in our lane and not not try to to sort out world problems from a policy perspective. We're going to stick with what you can do on an individualized basis to try and avoid this reality. So demographic information is useful to some people, but not particularly actionable for us at the old Terezin podcast.

00;05;34;18 - 00;06;10;24
Brandon
So I wanted to dig a little bit deeper and try to figure out, do we know what asset compositions are among those who are UN retiring or income sources are for those who are on retiring? And sadly, nobody really thought to collect that data when it comes to, these, these research, endeavors. So we don't really know, intimately what the overall asset breakdown or savings plan strategy was among Americans who are on retiring.

00;06;10;26 - 00;06;42;20
Brandon
With a couple of exceptions. What we do know is that those who UN retire tend to have the lowest, percentage of guaranteed income in retirement. And the inverse is certainly true. Those who are at lowest risk or generally not thinking about on retiring are or individuals with the highest level of guaranteed income. Now, this this guaranteed income comes from a couple of different sources.

00;06;42;23 - 00;07;08;17
Brandon
Social security is absolutely one of them. So people with higher Social Security benefits, or who are those who are in a position where Social Security just happens to comprise a much larger percentage of their kind of ongoing rigid income needs, are individuals who are at lower risk of, retiring. Not surprisingly, those who were fortunate enough to be part of a pension plan have a very, very low incidence of UN retiring.

00;07;08;24 - 00;07;42;23
Brandon
And then there is also a group of people who own annuities who seem to be at extremely low risk of on retiring. In fact, TIAA data shows us that there's a pretty sizable success that takes place among retirees who incorporate annuities into their investment portfolio plan. In, in sort of substitution of bonds. So the idea was, all right, if they if they opt for annuities versus using using bonds as a low risk component of a portfolio, do we see a difference in terms of of retirement security and success?

00;07;42;23 - 00;08;10;12
Brandon
And according to Tia. The answer is yes. That that does happen. And they also identified attitudinal among retirees surveyed that those who have bought an annuity note much greater degrees of feeling financially secure than those who did not buy an annuity. Now, okay, this raises an interesting question. Does this mean that in order to live securely, financially speaking, in retirement or avoid on retirement, I have to I have to go and buy an annuity.

00;08;10;14 - 00;08;38;11
Brandon
No, I don't I don't think the answer to that is, is yes. I think that you can totally consider an annuity. And I think the data is pretty obvious that it will create a certain degree of financial security and reduce potentially the risk of on retiring. But I also think that there are some other things that you can do that are not annuity related to accomplish some of the same things that annuities are doing for people that would put you in a place where the risk of retiring is substantially less.

00;08;38;14 - 00;09;17;09
Brandon
There are essentially two steps to this process. First and foremost, you have to understand your income needs in retirement. It's a task that you really should complete prior to retiring, and it should be a task that you complete several years prior to retiring. Having a good grasp of what your likely expenses are going to be in retirement is the single greatest, roadmap you can build for determining the likelihood of retirement success, but also understanding where you are on the track of achieving a successful retirement.

00;09;17;12 - 00;09;45;09
Brandon
Now, when it comes to income planning, it's going to break down broadly into two categories your non-negotiables and your negotiable. Your non-negotiables are things that are fixed expenses that are going to come up generally every month. They may have some other frequency like quarterly or yearly, but these are things that you simply cannot go without. So the groceries, utilities, property tax, insurance expenses, these are things that you you cannot cut.

00;09;45;10 - 00;10;15;00
Brandon
You may be able to manipulate them ever so slightly. Plus or minus. You could shop for better insurance rates. You could potentially sub out expensive groceries for less expensive groceries, but your utility bill, your property tax bill, those aren't going to change meaningfully for most people in retirement. Now, the negotiable side are things that are considered much more discretionary, things that are, we might argue, a little bit more fun things like vacations, gifts, entertainment, hobbies, things of that nature.

00;10;15;01 - 00;10;45;12
Brandon
Now, I want to be very clear about something this simplistic. Split or categorization isn't quite as neat and clean for most people as I'm making it sound, because there is going to be a divergence of opinion when it comes to negotiable and non negotiable income. Just because lifestyles differ. So there's some gray area here. There may be things that somebody says is a non-negotiable expense that others would look at and say, yeah, that that's totally negotiable.

00;10;45;14 - 00;11;25;01
Brandon
So be aware that that there is no hard and fast rule, for the most part, on what will ultimately be categorized in one bucket versus another. And there is this overlap. And that's totally okay, by the way. What I would encourage is that you kind of think about this overlapping gray area as something that you could sort of get, you could kind of transition, something that that in general may be a mostly negotiable expense, but in your eyes you would really prefer it to be considered non-negotiable.

00;11;25;03 - 00;11;47;28
Brandon
Maybe it's the case for you that that going on vacation. However frequently you want to and wherever you go is, is just something that that is very beneficial for your mental health. And so from your overall well-being perspective, it's really a non-negotiable expense that must be factored in and must be must be accounted for when it comes to your retirement income needs.

00;11;48;00 - 00;12;15;18
Brandon
But at the end of the day, if something happened and you simply needed to make cuts in the budget, you could do it. You wouldn't be happy about it, but you wouldn't die. That's, that's that's something that I would encourage you to think about in terms of some of those, perhaps generally regarded as negotiable. But in your eyes, you would like to account to, account them as non-negotiable items in your retirement income needs.

00;12;15;23 - 00;12;40;13
Brandon
And that's totally okay. As long as you understand that. All right. Instead of this or that category, it's kind of in the middle in this gray area. I'm going to make my best efforts to be able to afford this. But I do understand that it's an area that where I could, I could cut and would not be happy about it at all, but it would be something that would keep me, for example, from having to un retire.

00;12;40;16 - 00;13;13;02
Brandon
Now, unsurprisingly, you want to cover your non-negotiable items with guaranteed income, social security, pension, annuities, all great sources. But if you happen to be in the position where you don't want to buy an annuity, your Social Security income is not that high. You can, I would argue, use lesser guaranteed income focused style investments to cover your guaranteed needs with two very important rules in mind.

00;13;13;04 - 00;13;34;04
Brandon
One, you have to accept volatility possibilities because they exist. The income that you generate from something like, a dividend paying stock, a read, a closed end fund. Those are not going to provide the same guarantees that Social Security pension and annuities are going to offer. So we have to be aware of that volatility. And that brings us to step two.

00;13;34;07 - 00;13;59;12
Brandon
We should not take 100% of the income that we would generate from those style investments and just say, well, that covers my income needs. So for example, for example, if you happen to own assets in a portfolio that are, let's call it market, exposed things that do not have a guaranteed income, but they have a stable income.

00;13;59;14 - 00;14;26;06
Brandon
You should account for two thirds at most of that income for your guaranteed needs. So if that income comes out to $10,000 a month, $6,600 of it you could look at for for guaranteed purposes, I say two thirds, because that gives you a very good contingency for the possibility that distribution cuts could take place. You or you may not receive the same dividend from this asset throughout your entire retirement.

00;14;26;08 - 00;14;53;14
Brandon
And that may cause you to need to make adjustments. So if you only consider two thirds of it for your guaranteed needs, you've got wiggle room in the event distributions or dividends or whatever it is that you're receiving are reduced. And you now, don't have quite as much income as you once did. Now, ideally, you will receive the income that you are expecting from this asset.

00;14;53;16 - 00;15;16;27
Brandon
And I would take that remaining third and reinvest it because if you're in a position where you're retired, you have income and you have income that is in excess of your needs, then reinvesting is one of the greatest activities you can pursue to further reduce the risk of on retiring or just stretching your budget to a place where you're starting to get a little financially uncomfortable.

00;15;16;29 - 00;15;36;29
Brandon
And in general, even if you're going to follow the the roadmap here perfectly so guaranteed, or the non-negotiable expenses, those are going to be covered with Social Security, an annuity, for example, and the negotiable stuff we're going to we're going to have income producing assets and that's going to get covered. The negotiable income is going to be covered with the income producing assets that are more market exposed.

00;15;37;02 - 00;16;01;28
Brandon
I would still argue that you you should probably use something in the neighborhood of two thirds of, of your market exposed income to cover those negotiable expenses and still try to have a contingency of excess income that can be reinvested, because that will be the greatest, greatest way that you can ensure that you will have a stronger income producing portfolio.

00;16;02;04 - 00;16;29;24
Brandon
As time goes on and income needs might change, either because distributions change or because income, needs or excuse me, cost of living increases create higher income needs. Now, this raises a question people often ask when I have this conversation with them on an individual individualized basis, which is, well, which one is the better one? Like if you're telling me I can choose between them, why would I do one versus the other?

00;16;29;26 - 00;16;55;17
Brandon
Like if I don't necessarily need an annuity, why? Why buy one? And what would be the benefit to having it versus just going out and buying the market exposed income producing assets and using those instead. So annuities offer guarantees. There's there's no getting around that. They would very easily meet income needs, provided that you can can match the income at the outset to the specific fixed expense that is non-negotiable.

00;16;55;19 - 00;17;17;28
Brandon
That's that one's pretty clear and easy, and there's nothing that's going to go on that, is going to change, for example, the income that is produced by the annuity, they are contractually guaranteed from the outset so that income you can rely on. But there is a certain degree of, of forfeiting legacy value when you buy an annuity.

00;17;17;29 - 00;17;45;19
Brandon
So the yield that you can get per dollar going into an annuity is generally quite high. But it's going to come with the sacrifice of money that might be left over to your heirs. For example, if you use alternatively market linked assets that are producing income and following this two thirds rule, you have a much higher likelihood of having some residual value that you can bequeath to your your heirs, whoever they may be.

00;17;45;21 - 00;18;14;20
Brandon
And that may be of high interest to a number of people. And, you may be in a position where you leave the shares behind. So your kids, for example, receive, shares in these various assets that you own. And now they can just collect the income that it creates not to sell anything. For example, it's a it's a fairly attractive, model to follow when it comes to giving your children or grandchildren something that they will be able to benefit for many, many years of their life.

00;18;14;23 - 00;18;48;10
Brandon
And that is understandably one of the reasons people have some degree of attractiveness towards things that are more market exposed, but income producing versus an annuity, because ultimately the annuity will have very little, in most cases zero legacy value that will be left behind. But don't overlook the fact that you have to take care of yourself. So even though the annuity will not create, legacy benefits to any sizable degree, in most cases they will generally create higher degrees of income and certainly higher degrees of guaranteed income.

00;18;48;12 - 00;19;15;26
Brandon
Now circumstances they differ from person to person. You know, as a, as a really, really good for instance, you may have some non-negotiable income needs that will decline in retirement. Perhaps you you, you enter retirement with a mortgage, but it's only gonna last for, like, three years into retirement. That would absolutely be a non-negotiable income. But once it's gone, it's gone.

00;19;15;29 - 00;19;36;09
Brandon
And you can reallocate. Now, one way of approaching this is to just decide, well, there's going to be some, some income coming in from an annuity. And once the mortgage is is paid off, I'll just take that income and allocate it toward some of my more negotiable expenses, or I'll take that income and I'll reinvest it to further build my, my income producing capacity.

00;19;36;11 - 00;20;00;29
Brandon
But you might also look at this and say, well, because it's only going to exist for three years, I'm, I'm going to instead focus market linked, lesser guaranteed income on paying that mortgage because I evaluate the risk is pretty limited that I'm going to face a distribution cut that would put me in a place where I can't pay my mortgage, but I really, really don't think this ultimately is a one or the other kind of discussion.

00;20;01;01 - 00;20;41;08
Brandon
It really works best when we use both to maximize what both can bring to the table. The the benefits that you can get from guaranteed income are quite remarkable in largely understated in most circles, especially in the retirement planning and investment world. But I have seen from personal experience and the data shows us time and again that people rank guaranteed income very, very highly when it comes to financial security, peace of mind, as well as something that is a desirable goal to accomplish in retirement.

00;20;41;10 - 00;21;13;15
Brandon
But you can go too far with it. So there's there's a limited number of people who want everything guaranteed, and that's fine if that's your preference, that's who you are. And there's nothing wrong with that. But you are in the minority. There is a much greater number of Americans who would like a degree of guaranteed income, but they also want greater exposure to the market in general, or more flexibility with respect to what they might be able to accomplish.

00;21;13;17 - 00;21;35;05
Brandon
Asset growth wise in retirement, which you can do with income focused assets. But that gets us to another point here that we must address, because I think there may be a misnomer developing with the yield to reason podcast, in the sense that some people might be making the assumption that this is all about forgoing accumulation styled assets and instead starting to to invest heavily in income.

00;21;35;07 - 00;22;05;00
Brandon
And while I want to shift the focus in the direction of being mindful of income style investing, I do not for a second wish to forsake entirely growth style investments. And I also do not want to advocate for zero growth style investments in retirement. There is absolutely a benefit to owning growth focused assets in addition to income focused assets in retirement.

00;22;05;03 - 00;22;38;18
Brandon
But I do believe quite strongly the way you need to approach growth style assets in retirement differs then the traditional paradigm that gets used in retirement planning. So there's there's always been this discussion about the percentage of stocks that you should own at varying ages or varying points of your life. And there there tends to be an advocacy for higher equity exposure because you can benefit from the appreciation of the US stock market, and that can do some really great things.

00;22;38;18 - 00;23;21;02
Brandon
And even the data that, that that led to the 4% rule showed a pretty high percentage of equity exposure to take advantage of booms as they happen. And and note that, well, if we have a safer allocation, then that can kind of of hedge or minimize the impact of a of a major correction. There was research that was conducted by Michael Kitsis and Wade found a number of years ago now that looked at the right amount of equity exposure for retirees and thought about it a bit dynamically in the sense that we want to we want to balance the desire for growth against the negative consequences that can come along with the risks that you

00;23;21;02 - 00;23;42;26
Brandon
are exposed to with growth, chiefly, sequence of returns, risk. So what they ultimately landed on was an asset allocation to equities early on in retirement that was quite low. Some might even argue at laughably low because it range somewhere between 20 and 40% being the ideal composition of equities in your portfolio for the first several years of retirement.

00;23;42;26 - 00;24;16;19
Brandon
And the logic here is we know that sequence of returns risk is most dangerous in the first five years of retirement. Some might extend it out to ten years, but that 1 to 5 year range is like critically dangerous. And then 5 to 10 becomes moderately dangerous. So the recommendation here was if you limit your equity exposure to something like 20 to 40% in that first five to maybe ten years, but you also know or you also plan to ratchet up considerably your equity exposure.

00;24;16;19 - 00;24;48;03
Brandon
As time goes on, you will create the support for a substantially higher withdrawal rate from your portfolio, and you'll also create a higher overall legacy value generated by your your portfolio. And in fact, the the later years equity exposure got up to like 80% in their analysis, which is high, high enough to the degree that I think there'd be some resistance among a number of retirees just given the exposure of volatility that they might face.

00;24;48;03 - 00;25;36;13
Brandon
But their their models showed that this approach created, significantly higher support for higher withdrawal rates and growth of the portfolio, while minimizing very considerably the the favorable consequences of sequence of returns risk. So that's a really, really long way of saying do not overlook what growth focused investments can do for you. But please, please, please, please, please keep in mind that this is a a multi-pronged approach to retirement and income where focusing your efforts largely on income producing assets is the chief winning strategy that a lot of people are overlooking.

00;25;36;16 - 00;26;06;24
Brandon
But once you started to develop an appreciation and understanding for income focused investing, you can't go 100%. You've got to keep some degree of growth style assets in the portfolio because they will provide significant benefit as time unfolds in retirement. So let's talk about the best practices you can put in motion to avoid the consequences that lead to on retirement.

00;26;06;27 - 00;26;35;20
Brandon
First and foremost, you have to start thinking about what your income needs realistically are going to be in retirement. And furthermore, you have to understand what they're realistically going to be from a more than just superficial standpoint. So there's a lot of articles that have been written that will say something like, well, you take a percentage of your current income if you are, let's say, within ten years of retirement, and they'll give you a really good idea of what your income needs are going to be.

00;26;35;22 - 00;27;11;28
Brandon
That's okay. But you need to further break down what will be negotiable, what will be non-negotiable. And this isn't a super duper fun exercise, but it's an important exercise, and it's one that will give you a very solid understanding of where you stand with regards to retirement preparedness. And you might discover that you're not saving enough. And you need to make more effort to creating a bigger portfolio to accomplish your income needs in retirement.

00;27;12;01 - 00;27;42;22
Brandon
And that's a much better wake up call if it takes place 15 years before retirement than five years before retirement. Also, you need to be thinking about what you're going to do to create the income that will be necessary in retirement. So if you haven't already started transitioning your portfolio partly into income producing assets, it would be a good time to think about it, because you can compound yield over time.

00;27;42;25 - 00;28;11;13
Brandon
And there may be circumstances that exist just broader economic trend wise, that would make now or a year from now a better or worse time to start purchasing income style investments. Had you been thinking about income investing just a couple of years ago? There are a number of closed end funds in particular, that you could have bought at yields that had not existed in a long time, and I don't think will exist for some time in the future.

00;28;11;16 - 00;28;37;02
Brandon
And those yields haven't changed. The distributions have haven't changed. So you could have could have bought some very solid funds that have great track records for distribution stability at yields 100 or 200 basis points above their average. And yes, you can't buy them at that that yield now. But you bought them a while ago at that yield and you still have that yield.

00;28;37;02 - 00;28;58;19
Brandon
And arguably if you take those distributions and reinvest them, all you're doing is augmenting what you accomplished, which was already quite remarkable. You can't just do that. If you get to retirement, liquidate your position in A and an S&P 500 index fund and then try to buy up a bunch of yields at that moment, it doesn't quite work out that way as well that way.

00;28;58;22 - 00;29;20;20
Brandon
And you might want to look at annuities as well. You you can in most cases maximize some pretty good income benefits by buying an annuity just at retirement. It's a couple different strategies. You might actually want to employ two approach annuities versus just one singular purchase. But there are some that buying in advance would further enhance the income benefit, if you defer income for a few years.

00;29;20;26 - 00;30;00;25
Brandon
So there's some nuance to that approach that may be very beneficial. But understand that guaranteed or nearly guaranteed income will play a very pivotal role in your avoiding on retirement. Also, don't overlook the the strength of working for an extra year or two, because the data shows us people who do that, they kind of delay retirement by a year or two, have a pretty sizable impact on their overall, financial resiliency in retirement doesn't seem like it would add much, but it does tend to work out favorably for enhanced financial security.

00;30;00;27 - 00;30;41;20
Brandon
And also remember, growth style assets are still going to play a critical role in retirement, but you should probably limit your exposure much more significantly than traditional, financial advice tends to suggest doing these things together. It's going to be your best bet at minimizing what a lot of Americans are facing as a reality. The other thing you might discover if you start planning out income now is that you don't need quite as much money as you thought you did, so yes, it's possible that you might find that you're not quite on track to the degree you need to be.

00;30;41;22 - 00;31;14;10
Brandon
There's also a chance you might find your further ahead than you thought you are. You know, if if you are for example, planning a $50,000 your income from non social security sources in retirement, we're using very traditional advice of the 4% rule. That would mean you need $1.5 million to withdraw 4% and have a $50,000 income. But you might also find that you can get a 6% yield if you have a combination of income style assets, which would mean you only need roughly $850,000.

00;31;14;12 - 00;31;35;09
Brandon
It's actually less than that, but I'm rounding up. That's 400,000 fewer dollars that are necessary to create the same amount of income. If you do this exercise ahead of time, you might discover that you are in a better financial position than you thought, or you simply don't need as much money as you thought you were going to need to ultimately take the plunge into retirement.

00;31;35;12 - 00;31;48;12
Brandon
That's enough out of me for today. Thanks so much for joining us. We'll be back next week. In the meantime, check out the Yield to Rise in YouTube channel. And until next week, please, please remember real wealth doesn't just add up. It writes, checks.