September 17, 2025 • 22 mins
This week on The Financial Huddle, we kick things off with football season energy, family updates, and even some half-marathon training mishaps—but the conversation quickly pivots to one of the biggest concerns we hear from clients: Will I run out of money in retirement?
It’s not just a casual worry. Studies show that the fear of outliving savings consistently ranks as the top financial concern among Americans—often above the fear of death itself. Whether you’re lower income, middle class, or high net worth, this question keeps people up at night. And the truth is, it’s not a simple yes or no.
In this episode, we break down:
- Why running out of money is the #1 retirement fear – and why it matters even for wealthy families.
- The stats you need to know from national retirement studies and surveys.
- Key drivers of the fear: longer life expectancies, rising healthcare costs, long-term care risks, and uncertainty around Social Security.
- Why college planning is a retirement issue—and how wealth transfers during your life can sabotage your retirement.
- The importance of planning your lifestyle—knowing not just what you’ve saved, but what you want your retirement to look like.
- Distribution planning essentials: how to draw income without draining accounts too quickly.
- Social Security timing decisions—when to take it, what it means for your income gap, and how taxes impact everything.
- Sequence of returns risk—why pulling money out during a market downturn can derail decades of work.
- The Bucket Plan strategy—segmenting your money into “now, soon, and later” to build confidence and avoid panic withdrawals.
- Why a one-size-fits-all plan doesn’t work—and how nuanced, personalized planning creates real peace of mind.
At the end of the day, it’s about more than numbers—it’s about confidence, security, and clarity. The best time to start planning was yesterday. The second-best time is today. Whether you’re 25 or 65, what you do now determines whether your retirement years are defined by stress and scarcity—or freedom and opportunity.
So grab your playbook, huddle up, and join us as we tackle the question on everyone’s mind: Will I run out of money? Spoiler—if you’ve got a smart plan, the answer doesn’t have to be yes.
Go Bucks, go Browns, and go into retirement with confidence.
----------------------------------------------------------------------
Disclosure: Information contained in this podcast is for entertainment and informational purposes only, and should not be considered as financial advice. Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Keystone Financial Group and PCA are separate, non- affiliated entities. PCA does not provide tax or legal advice.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Announcer (00:00):
The Financial Huddle does not provide tax, legal,
financial, or other professionaladvice.
Listeners are encouraged toconsult with their own advisors
in these areas.
All right, everybody, huddleup.
The play calls in.
This is The Financial
Ed Beemiller (00:12):
Huddle.
Ready, break.
Welcome back, everybody.
Welcome, our huddlers, to ournext episode of our podcast, The
Financial Huddle.
Huddle Nation.
Let's go, everybody.
Right back at you.
Let's
Brian Minier (00:25):
get after
Ed Beemiller (00:26):
it.
Yes.
But there's a certain smell inthe air.
It's that time of the year.
Uh-oh.
Favorite time, as you can seehere, I'm boasting my hometown,
Cleveland Brownies.
Reppin'.
Brian Minier (00:40):
Smells like football.
Ed Beemiller (00:42):
It smells, that's right.
Great time of year.
in Central Ohio and we got theBuckeyes and, you know, I'm
going to have to live through,I'm afraid, maybe the pain and
misery of the Cleveland Brownsagain this year.
Oh, this is the year.
This is the year.
It's always the year.
It is always the year.
Eight and eight.
(01:03):
Don't forget about our
Brian Minier (01:04):
Baldwin-Wallace yellow jackets.
Ed Beemiller (01:06):
Oh, yeah.
All right.
Shout out to Westside BW.
That's right.
There you go, buddy.
Your son's going to be seniorthis year, right?
Senior this year.
Both your boys.
Tied in.
Yeah, my boy, too.
that's right that's right mineare well through that process
but you know mine are at thepoint of I got I've been talking
about it before I got one downone to go right daughter married
Ryan Fleming (01:29):
let's go congrats man
Ed Beemiller (01:31):
paid for now son coming up here in a week or two
Ryan Fleming (01:35):
oof
Ed Beemiller (01:35):
so let me tell you one thing through this process
and all the planning you knowalthough I wasn't exactly
intimately involved with theplanning my role was to you know
take that plant pen and strokethat check
Ryan Fleming (01:50):
daddy warbucks
Ed Beemiller (01:51):
so you know it's gotten to a point where you know
i'm pulling out my pockets andlooking to see if i got anything
in there you're light i'mpulling out mothballs and not
quite sure what you're like if igot any money i gotta check my
accounts make sure i got anymoney left
Ryan Fleming (02:04):
you guys remember back in the day wendy's where's
the beef oh yeah
Ed Beemiller (02:09):
baby comes a
Ryan Fleming (02:09):
little
Ed Beemiller (02:09):
light yeah where's my money where's my money yeah
so hopefully this is just aone-time event right it happens
once
Ryan Fleming (02:16):
uh that would be,
Ed Beemiller (02:17):
that'd be excellent.
That's the perfect story.
Brian Minier (02:19):
That'd be excellent.
Yeah.
So, so what I hear you'resaying bank accounts a little
bit light, I'm a light, notnecessarily in the wallet, but
just energy.
So signed up for the nationwidehalf marathon.
And no, thank you.
Yeah.
And
Ed Beemiller (02:37):
so I say that many times.
Well, that wasn't very smart.
Brian Minier (02:41):
Yeah.
Well, that might've been Jamieand I doing this together and
for those If you don't know,Jamie's my wife, and we train,
and it is comical because we getout in the neighborhood, and
she's at the point where shejust dusts me.
And it's even better when theneighbors see it, and they're
driving by, and they're honkingand giving the old trucker
(03:03):
symbol, and when she is a good100 to 200 yards ahead of me.
And that's after she's comeback and said hi, and then she's
gone again.
Yeah.
The process has not been aswell as I would have hoped.
Ed Beemiller (03:18):
Yeah, sounds like you didn't have a great plan
leading up to the training.
Well, I had a plan.
It was the execution.
It's falling through on thatplan.
Brian Minier (03:26):
Wow, that makes sense.
Yeah, we followed through.
It's just, you know, we talkedmaybe a little bit about age and
knees and, you know, as you geta little bit older, it's
Ed Beemiller (03:37):
not as smooth as I would have liked.
The good thing about a plan,most plans, is you can actually
pivot and change, you know, asneeded.
So it sounds like maybe Youneed to step it up a little bit,
brother.
Either step it up or step downthe distance.
Or that or just run slower.
I mean, that's always somethingyou can do.
Ryan Fleming (03:53):
How about just don't run at all?
Ed Beemiller (03:55):
Or don't run at all.
Ryan Fleming (03:55):
I can't think of anything much worse than taking
on a half marathon.
No way.
But I give you credit, man.
I did it last
Brian Minier (04:06):
year.
I finished trying to do itagain.
We'll see what happens.
Ryan Fleming (04:09):
Yeah, him
Ed Beemiller (04:09):
and I will be on the sides clapping.
You're going to clap for me?
That's about it.
Brian Minier (04:12):
You're going
Ed Beemiller (04:13):
to clap for me?
That's what you're going toget.
I'll throw some water at you.
I appreciate that.
We'll see what happens.
Ryan Fleming (04:18):
Back when I was a younger whippersnapper, God made
me anaerobic.
Short, quick bursts.
Done.
I can't even imagine running amile, to be honest with you
right now.
90 feet, right?
That's all I need, brother.
90 feet.
What you're telling me isyou're kind of like the group
Jackson Brown, right?
You're running on empty.
You have no money.
You have no energy left.
That's a good song, by the way.
(04:38):
That is.
That's what I'm thinking aboutover here.
Or cartilage.
Yeah.
You're running low oncartilage.
Ha ha! Running on empty.
Oh, man.
All right.
Well, let's give the listenersat least some financial literacy
like we promised, right?
We get this question asked allthe time.
You may be thinking about this,whether you're driving down the
(04:59):
car or you're watching us heretoday.
There's a lot of research outthere, a lot of evidence, a lot
of statistical data thatconsistently shows that the
number one fear of pre-retirees,whether they're low-income,
low-asset or Or wealthy.
Pre
Ed Beemiller (05:17):
and retirees.
Ryan Fleming (05:18):
Absolutely.
Is running out of money.
Ed Beemiller (05:20):
Yep.
Will I run out of money?
Ryan Fleming (05:22):
I mean, that supersedes like even death in a
lot of cases.
And so, what we thought we'd dotoday is talk a little bit
about that.
And you know me, I like tobring a little statistical
analysis.
Stat man.
Ed Beemiller (05:33):
That comes from that baseball background.
Ryan Fleming (05:35):
Yeah.
You know.
Love the stats.
Ed Beemiller (05:37):
Love the stats.
Ryan Fleming (05:37):
Love the stats, right?
RBIs and war, war againstreplacement.
Those crazy stats.
Yeah.
But in all seriousness, this isa concern that really provides
a lot of worry to a lot of ourclients.
And it goes back to an episodewe did about the fiduciary
standard.
We have a fundamentalobligation by law to help ease
(06:00):
this worry for our clients.
And that's no easy task.
But just to give people alittle bit of an idea, studies,
reputable organizations likeTransamerica Center for
Retirement Studies, Gallup,they've all found variations in
this idea of running out ofmoney.
Back in 2023, Allianz Life,which is a global company, they
(06:26):
did a study that found that 61%of Americans' top retirement
worry was outliving theirsavings.
A year prior to that, in 2022,there was a survey done by
Insured Retirement Institute.
They reported that 7 in 10retirees feared depleting assets
more than they did dying.
There's been a lot of researchthrough Stanford Center on
(06:48):
Longevity, and they've done alot of things that show that
this fear is often intensifiedby things like living longer.
We all know that we're livinglonger, rising health care
costs, and an insidious riskthat faces so many people is
just like long-term care anduncertainty about social
security.
So these things are real.
The fear is widespread, and ittends to be a little bit more
(07:11):
intense on the lower income,lower asset.
But like I said, you could havevery high income, high net
worth, wealthy families that arefearing that too.
Long-term care, I think, reallyhits those people as far as the
fear of running out of money.
Ed Beemiller (07:26):
Even more so, kind of the middle income is really
the group that, if they're notworried about it, I hate to say
this, they should be.
Ryan Fleming (07:33):
100%.
And I would bet a lot of moneythat everybody that's listening
here today or watching us hasthought about that in some
capacity.
If they're serious about theirmoney It just has to be a topic.
I know it has been for me.
One thing the audience mightfind interesting is my entire
(07:54):
career, this is my 18th year inthis industry, I've focused a
lot on, as you guys know, thefinancial aid and admission
system, helping people, helpingfamilies navigate paying for
college and not having it backup into retirement.
I always say in my workshoppresentations that I don't think
you can plan for one withoutthe I don't think they're
(08:16):
mutually exclusive to eachother.
What you do today and how youplan to pay for your kid's
college education or how youinvest into that college
education has a directcorrelation on potentially your
retirement as an adult or thekid's retirement, right?
And so I always say thatcollege planning is a retirement
(08:36):
issue.
And one of the things that wehelp our clients do all the time
is avoid wealth transfers.
We talk about this.
And for our listeners outthere, if you don't know this, a
wealth transfer is money thatyou unknowingly or unnecessarily
give away throughout the courseof your lifetime.
And if we do that too manytimes in our lifetime, fellas,
we're going to have a lot lessmoney in retirement, much less
are we going to run out of moneyin retirement.
(08:58):
So with that being said, Ithought those stats were
interesting.
I think we probably struck achord.
But Brian, like we've saidbefore, you deal with a lot of
people that are staringretirement in the face right
now.
Do a lot of Social Securityplanning, taxes and retirement
(09:18):
planning.
And these people might be 62,65 years old, and they're ready
to take Social Security.
They've got all these assetsthey've accumulated, and they're
looking at you saying, am Igoing to make it?
Or
Ed Beemiller (09:29):
do I
Ryan Fleming (09:32):
have enough?
they need to be considering tomake sure they don't run out of
Ed Beemiller (09:47):
money.
Yeah.
How do we address and easethose fears?
Yeah.
Which everyone has.
Brian Minier (09:51):
Yeah.
And it's interesting.
You guys said it earlier,regardless of if you have a
little bit saved or if you havea lot, people that are good
savers have a fear of, man, canI spend what I work so hard?
Right.
We've seen this quite a bit.
Ryan Fleming (10:04):
Yeah.
Brian Minier (10:04):
Working with the people that we do.
And so people will ask, whatcan I do?
Can I retire?
Back to the question of, am Igoing to run out of money?
Yeah.
And so there's things that wetalk about.
First and foremost, you got toknow what you're going to spend
in retirement.
What's your lifestyle, right?
If you can't tell me what yourlifestyle is, I can't answer
that question for you.
Ryan Fleming (10:25):
Your desired
Brian Minier (10:26):
lifestyle.
Right.
Your desired lifestyle.
Can you have a desiredlifestyle or is your lifestyle
just going to be, I got to keepthe lights on?
I
Ryan Fleming (10:34):
have found that most people, they don't know how
to answer that question.
They don't.
A lot of people do not.
They're quiet.
They're like, I never thoughtabout that.
Ed Beemiller (10:42):
Well, and a lot of times though, Because people
are going back and looking attheir parents or grandparents
and thinking, okay, when Iretire, I'm not going to spend
nearly as much.
And the reality
Ryan Fleming (10:53):
is- It's a misnomer.
Ed Beemiller (10:54):
We live a much more active lifestyle if life
expectancies are going up.
Health and technology, medicaltechnology, people are living a
healthier lifestyle, which leadsdirectly into living a longer
life.
So guess what?
You're not going to spend 50%to 60% of your pre-retirement
(11:18):
income.
You're going to need, in mostcases, 80%
Ryan Fleming (11:22):
to 100%.
And for our listeners outthere, I think this is actually
a really practical question toask yourself.
And we ask our clients this allthe time.
As you think about this, youneed to be asking yourself, if
you could live the same standardof living that you are today,
adjusted for inflation, from nowuntil your retirement age and
from retirement to your lifeexpectancy would you want that
(11:44):
you know yes or no and that atleast puts a barometer it puts a
benchmark as to like where'sthe starting point yeah right
Ed Beemiller (11:51):
and and even more so i'm having more conversations
of hey i'm retiring i'm stillin good health i don't know how
long that's going to last i wantto i want to bump up over a
hundred percent because we wantit yeah we want to go go go do
Brian Minier (12:09):
stuff Yeah.
Go-go years versus the no-go
Ryan Fleming (12:11):
years.
So let's say you get to thepoint where, okay, you're
starting to distribute.
Yeah.
So first of all,
Brian Minier (12:17):
you have to understand what do you want?
Because what do you have inretirement that you didn't have
when you were working?
You got time, right?
You got neighbors that are alsoretired and they're like, you
know what?
We're going to go do thisthing.
Do you want to come?
I didn't think about that, butif you're going, of course I...
So you have to build that in.
You have to build the, what isyour dream?
What is the kind of the wantsthat you have in retirement?
(12:38):
Sure.
So when you start to figurethat out of, okay, here are the
wants, here are the vacations,here's the deck that I need to
build because now that I'm homeand I look at it every day, I
want to redo it.
Once you get those thingsfigured out, now you got to have
a plan, how do you do that?
So as you start to figure thosethings out, how do you put that
plan together?
You talked about socialsecurity.
(12:58):
So let's say social security,you got to figure out when do
you decide to file for that?
Do you do it early?
Do you do it for retirementage?
Do you wait?
Figuring that out and then whatis your income And just me
saying that, some people haveprobably got a little anxiety to
go, how do I figure out thatdistribution
Ryan Fleming (13:15):
plan?
Well, a lot of people don'teven think Social Security is
going to be there.
Yeah.
That's a whole other topic.
That's right.
We can do a couple episodes onthat.
We can do a
Brian Minier (13:22):
couple episodes, I think, especially for those in
that demographic I'm not worriedabout.
I think it'll be there.
But there's still, for mostpeople, an income gap.
How do you fill that income gapeven if you do file for your
Social Security?
How do you plan for taxes?
What people don't realize istaxes is the number one expense
you're going to have inretirement.
Ryan Fleming (13:42):
RMBs, the rising tax environment.
Yes.
Brian Minier (13:46):
And so that is the number one expense that a lot
of people don't realize.
When you think about it, it'slike, yeah, that's logical, but
people don't realize.
Ed Beemiller (13:52):
Taking distributions from all those
qualified pre-tax accounts thatyou built up over your lifetime.
Brian Minier (13:57):
Absolutely.
And then Social Security isgoing to be taxed and all of
those things.
So then when you figure outwhat do I need to take after my
Social Security, where do I takethose from?
Do I take it from this taxbucket and what kind of account
do i need to take it from one ofthe things that we talk to our
clients a lot about is thisthing called sequence of returns
(14:18):
risk what is sequence ofreturns risk that is taking
money from an account that haslost value because of a bad
market now some people don'tthink that's significant but
let's say you had a milliondollars and now the market
dropped 15 or 20 percent wellthat million dollars that you
had is now 850 or 800 That makesa big difference.
(14:41):
And they need it to bridgetheir income gap.
They need it to bridge theincome to what you said earlier,
to
Ed Beemiller (14:46):
not run out in those retirement years.
So when you're looking atretirement planning, it's really
two things.
It's talking about income anddistributions because it makes a
great deal.
A big factor is which accountdo I take the money out of?
Brian Minier (15:03):
Yeah.
And what do you always say, Ed?
What do you need in retirement?
Ed Beemiller (15:06):
One thing.
You can't retire without it.
Income.
Brian Minier (15:09):
Income.
So it doesn't matter what youraccount grew to or what the rate
of return is if you don'tactually take distributions from
that.
Right.
So there's this balancing actof I don't want to take from an
account that has lost money, butyet I still need a segment of
my money to grow over time.
And we talk about this,creating what we call a bucket
plan for our clients, especiallyas they're getting ready to
(15:32):
grow into retirement.
So you have a bucket thatsatisfies those now needs.
You have a bucket thatsatisfies satisfies upcoming
needs in the soon future.
And then you have those laterbucket assets where you can try
to go after more growth.
And what we have found by doingthat, we can create
distribution plans that reallymitigate the running out of
(15:53):
money in retirement.
Ryan Fleming (15:55):
That makes me think, you know, Ernst & Young
just put a white paper out notthat long ago.
You guys are familiar withthis.
You know, we can get this outto some of our listeners if you
haven't got your fingers onthis.
But, you know, they did tons ofdifferent iterations on how to
increase the likelihood ofpeople not running out of money.
What's the best way to increaseyour outcomes in retirement
(16:17):
with more confidence, certainty,and guarantees?
And it was really striking tome.
I mean, when they looked at allthe different various tools
that we could use for districtThey really kind of came down to
the cocktail of, you know, ifyou have about 30% of your
estate and cash value lifeinsurance, 30% of your estate
and a guaranteed lifetime incomepension annuity to quell
(16:40):
sequence of return risk, becauseyou can never run out of money
on that.
And it's not subject, notcorrelated to the market.
And then the other 30% can bemore equity driven.
That cocktail in that whitepaper seemed to provide the best
confidence and certainty.
team not running out of money,avoiding sequencer return risk.
Maybe we didn't touch upontaxation.
(17:01):
That could be something else wetalk about.
But fascinating white paperfrom one of the four largest
accounting firms in the entireworld.
Coming out with that evidencehas been really compelling.
Brian Minier (17:12):
Yeah, and I think for people, that's a good
guideline.
Maybe that doesn't work foreverybody, but I think the point
of it is the different types ofaccounts.
And you talk about this a lotof not just the diversification
in your market-based portfolioswith the diversification and
just the type of assets that youhave.
And that's important tounderstand what those things can
(17:34):
do.
So even if it doesn't come downto that specific recipe, it's
understanding what thosedifferent strategies could do so
that you can utilize andmitigate things like sequence of
return risk.
Right, exactly.
How do you create income?
And there's different ways youcan do it for different types of
people, but it is a differentmethodology than just take 4% of
the assets that I have
Ed Beemiller (17:54):
It's a
Brian Minier (17:55):
different methodology, and that's what we
tend to focus on with ourclients versus, hey, the 4%
rule.
Ed Beemiller (18:01):
Yeah, what you were talking about there is, I
say it all the time, our job isto mitigate or eliminate, and
Ryan, you say this all the time,unnecessary risk.
And when I talk about risk,this is another concept that
people don't understand.
There's asset class, andthere's true risk
(18:23):
diversification.
Asset class diversification iswhat 9 out of 10 people think
about risk.
It's, well, hey, I have allthese mutual funds in my 401k or
in this investment account.
One's a balance, and I got abalance in international high
growth, large cap.
Well, what do all of thosethings have in common?
Got some
Brian Minier (18:42):
market risk
Ed Beemiller (18:43):
associated.
They all have market riskassociated.
So, you know, we'rephilosophically, we're big
believers on, once again, goingback to that bucket planning,
having appropriate assets withinthose different buckets.
that have different levels ofrisk.
Brian Minier (18:57):
That's right.
Ed Beemiller (18:58):
That's right.
And one thing I'm hearingacross this whole conversation
is the term planning, right?
And we talk about this a lotwhen we meet with clients.
Clients will say, oh, I'm tooold or I've waited too long.
When's the best time to startplanning?
Brian Minier (19:19):
Yesterday.
Ed Beemiller (19:20):
Correct, right?
It's not...
You're never too old because ifyou want to retire and you
don't have a plan, it gets backto this question.
Will I run out of money?
Well, I don't know until we digin and dive into what your
financial picture is right nowand what your objectives are.
Ryan Fleming (19:41):
And I wanted to say something on that is that
there's a lot of gurus that areout there that their narrative
is trying to fit aone-size-fits-all box.
And the reality is, and thetruth is, is that every
financial plan, every income anddistribution plan has some
different type of nuance to it.
And so you've got to recognizethat as a consumer and make sure
(20:04):
you're conjoining yourself withplanners and advisors that
understand the nuances of a goodplan.
Because that's going to helpyou mitigate those risks.
It's not a one-size-fits-allnarrative that we hear a lot out
there in our culture.
So, yeah, we've got to We gotto make sure that as consumers
(20:25):
that we understand not only therisks, but also the nuances to
quell those risks.
And that comes with like whatEd's saying is it comes with
strategic planning and apartnership with somebody that
understands things like tax codeand social security trust fund
and things like this.
Yeah, the plan is
Brian Minier (20:42):
not just I am 60 years old, so I go into a
moderate type or a balancedportfolio, take 4%.
There is distribution planningwhen to take social security.
Correct.
How to take thosedistributions?
What order do you take thosedistributions?
And that's going to bedifferent for everybody.
And so that plan, as you said,is
Ed Beemiller (21:01):
really important.
Yeah.
And those, you know, if we canstart with a plan and you're 20
years old, phenomenal.
If you're 30 years old, hey,that's great too.
40, 50, 60.
As Brian said, the best time tostart a plan is yesterday.
Don't think, oh, I've waitedtoo long or I'm young enough.
I don't really need to plan.
You know, in fact, we can getstarted early.
(21:22):
It just makes the planning thatmuch easier, you know, in the
long run.
That's right.
From that standpoint.
That's right.
So, well, we're going to wrapthis one up, I believe, here,
fellas.
I think we've talked prettymuch everything and said
Ryan Fleming (21:37):
what
Ed Beemiller (21:37):
we can say about that.
At the end of the day, workingwith a financial professional,
having a plan is extremelyimportant to achieving long-term
objectives and success andbeing able to address and answer
that question.
Will I run out of money?
Brian Minier (21:55):
It will make you sleep better.
Yeah.
Don't put it off, people.
Ed Beemiller (21:58):
Exactly.
Peace of mind.
So, hey, appreciate everybodycoming out, listening in.
And we will see you next time.
And go Bucks and Brownies,right?
And BW.
Sorry.
And BW.
Have a good day, everybody.
Ryan Fleming (22:15):
See y'all.
The Financial Huddle does not provide tax, legal,
financial, or other professionaladvice.
Listeners are encouraged toconsult with their own advisors
in these areas.
All right, everybody, huddleup.
The play calls in.
This is The Financial
Ed Beemiller (00:12):
Huddle.
Ready, break.
Welcome back, everybody.
Welcome, our huddlers, to ournext episode of our podcast, The
Financial Huddle.
Huddle Nation.
Let's go, everybody.
Right back at you.
Let's
Brian Minier (00:25):
get after
Ed Beemiller (00:26):
it.
Yes.
But there's a certain smell inthe air.
It's that time of the year.
Uh-oh.
Favorite time, as you can seehere, I'm boasting my hometown,
Cleveland Brownies.
Reppin'.
Brian Minier (00:40):
Smells like football.
Ed Beemiller (00:42):
It smells, that's right.
Great time of year.
in Central Ohio and we got theBuckeyes and, you know, I'm
going to have to live through,I'm afraid, maybe the pain and
misery of the Cleveland Brownsagain this year.
Oh, this is the year.
This is the year.
It's always the year.
It is always the year.
Eight and eight.
(01:03):
Don't forget about our
Brian Minier (01:04):
Baldwin-Wallace yellow jackets.
Ed Beemiller (01:06):
Oh, yeah.
All right.
Shout out to Westside BW.
That's right.
There you go, buddy.
Your son's going to be seniorthis year, right?
Senior this year.
Both your boys.
Tied in.
Yeah, my boy, too.
that's right that's right mineare well through that process
but you know mine are at thepoint of I got I've been talking
about it before I got one downone to go right daughter married
Ryan Fleming (01:29):
let's go congrats man
Ed Beemiller (01:31):
paid for now son coming up here in a week or two
Ryan Fleming (01:35):
oof
Ed Beemiller (01:35):
so let me tell you one thing through this process
and all the planning you knowalthough I wasn't exactly
intimately involved with theplanning my role was to you know
take that plant pen and strokethat check
Ryan Fleming (01:50):
daddy warbucks
Ed Beemiller (01:51):
so you know it's gotten to a point where you know
i'm pulling out my pockets andlooking to see if i got anything
in there you're light i'mpulling out mothballs and not
quite sure what you're like if igot any money i gotta check my
accounts make sure i got anymoney left
Ryan Fleming (02:04):
you guys remember back in the day wendy's where's
the beef oh yeah
Ed Beemiller (02:09):
baby comes a
Ryan Fleming (02:09):
little
Ed Beemiller (02:09):
light yeah where's my money where's my money yeah
so hopefully this is just aone-time event right it happens
once
Ryan Fleming (02:16):
uh that would be,
Ed Beemiller (02:17):
that'd be excellent.
That's the perfect story.
Brian Minier (02:19):
That'd be excellent.
Yeah.
So, so what I hear you'resaying bank accounts a little
bit light, I'm a light, notnecessarily in the wallet, but
just energy.
So signed up for the nationwidehalf marathon.
And no, thank you.
Yeah.
And
Ed Beemiller (02:37):
so I say that many times.
Well, that wasn't very smart.
Brian Minier (02:41):
Yeah.
Well, that might've been Jamieand I doing this together and
for those If you don't know,Jamie's my wife, and we train,
and it is comical because we getout in the neighborhood, and
she's at the point where shejust dusts me.
And it's even better when theneighbors see it, and they're
driving by, and they're honkingand giving the old trucker
(03:03):
symbol, and when she is a good100 to 200 yards ahead of me.
And that's after she's comeback and said hi, and then she's
gone again.
Yeah.
The process has not been aswell as I would have hoped.
Ed Beemiller (03:18):
Yeah, sounds like you didn't have a great plan
leading up to the training.
Well, I had a plan.
It was the execution.
It's falling through on thatplan.
Brian Minier (03:26):
Wow, that makes sense.
Yeah, we followed through.
It's just, you know, we talkedmaybe a little bit about age and
knees and, you know, as you geta little bit older, it's
Ed Beemiller (03:37):
not as smooth as I would have liked.
The good thing about a plan,most plans, is you can actually
pivot and change, you know, asneeded.
So it sounds like maybe Youneed to step it up a little bit,
brother.
Either step it up or step downthe distance.
Or that or just run slower.
I mean, that's always somethingyou can do.
Ryan Fleming (03:53):
How about just don't run at all?
Ed Beemiller (03:55):
Or don't run at all.
Ryan Fleming (03:55):
I can't think of anything much worse than taking
on a half marathon.
No way.
But I give you credit, man.
I did it last
Brian Minier (04:06):
year.
I finished trying to do itagain.
We'll see what happens.
Ryan Fleming (04:09):
Yeah, him
Ed Beemiller (04:09):
and I will be on the sides clapping.
You're going to clap for me?
That's about it.
Brian Minier (04:12):
You're going
Ed Beemiller (04:13):
to clap for me?
That's what you're going toget.
I'll throw some water at you.
I appreciate that.
We'll see what happens.
Ryan Fleming (04:18):
Back when I was a younger whippersnapper, God made
me anaerobic.
Short, quick bursts.
Done.
I can't even imagine running amile, to be honest with you
right now.
90 feet, right?
That's all I need, brother.
90 feet.
What you're telling me isyou're kind of like the group
Jackson Brown, right?
You're running on empty.
You have no money.
You have no energy left.
That's a good song, by the way.
(04:38):
That is.
That's what I'm thinking aboutover here.
Or cartilage.
Yeah.
You're running low oncartilage.
Ha ha! Running on empty.
Oh, man.
All right.
Well, let's give the listenersat least some financial literacy
like we promised, right?
We get this question asked allthe time.
You may be thinking about this,whether you're driving down the
(04:59):
car or you're watching us heretoday.
There's a lot of research outthere, a lot of evidence, a lot
of statistical data thatconsistently shows that the
number one fear of pre-retirees,whether they're low-income,
low-asset or Or wealthy.
Pre
Ed Beemiller (05:17):
and retirees.
Ryan Fleming (05:18):
Absolutely.
Is running out of money.
Ed Beemiller (05:20):
Yep.
Will I run out of money?
Ryan Fleming (05:22):
I mean, that supersedes like even death in a
lot of cases.
And so, what we thought we'd dotoday is talk a little bit
about that.
And you know me, I like tobring a little statistical
analysis.
Stat man.
Ed Beemiller (05:33):
That comes from that baseball background.
Ryan Fleming (05:35):
Yeah.
You know.
Love the stats.
Ed Beemiller (05:37):
Love the stats.
Ryan Fleming (05:37):
Love the stats, right?
RBIs and war, war againstreplacement.
Those crazy stats.
Yeah.
But in all seriousness, this isa concern that really provides
a lot of worry to a lot of ourclients.
And it goes back to an episodewe did about the fiduciary
standard.
We have a fundamentalobligation by law to help ease
(06:00):
this worry for our clients.
And that's no easy task.
But just to give people alittle bit of an idea, studies,
reputable organizations likeTransamerica Center for
Retirement Studies, Gallup,they've all found variations in
this idea of running out ofmoney.
Back in 2023, Allianz Life,which is a global company, they
(06:26):
did a study that found that 61%of Americans' top retirement
worry was outliving theirsavings.
A year prior to that, in 2022,there was a survey done by
Insured Retirement Institute.
They reported that 7 in 10retirees feared depleting assets
more than they did dying.
There's been a lot of researchthrough Stanford Center on
(06:48):
Longevity, and they've done alot of things that show that
this fear is often intensifiedby things like living longer.
We all know that we're livinglonger, rising health care
costs, and an insidious riskthat faces so many people is
just like long-term care anduncertainty about social
security.
So these things are real.
The fear is widespread, and ittends to be a little bit more
(07:11):
intense on the lower income,lower asset.
But like I said, you could havevery high income, high net
worth, wealthy families that arefearing that too.
Long-term care, I think, reallyhits those people as far as the
fear of running out of money.
Ed Beemiller (07:26):
Even more so, kind of the middle income is really
the group that, if they're notworried about it, I hate to say
this, they should be.
Ryan Fleming (07:33):
100%.
And I would bet a lot of moneythat everybody that's listening
here today or watching us hasthought about that in some
capacity.
If they're serious about theirmoney It just has to be a topic.
I know it has been for me.
One thing the audience mightfind interesting is my entire
(07:54):
career, this is my 18th year inthis industry, I've focused a
lot on, as you guys know, thefinancial aid and admission
system, helping people, helpingfamilies navigate paying for
college and not having it backup into retirement.
I always say in my workshoppresentations that I don't think
you can plan for one withoutthe I don't think they're
(08:16):
mutually exclusive to eachother.
What you do today and how youplan to pay for your kid's
college education or how youinvest into that college
education has a directcorrelation on potentially your
retirement as an adult or thekid's retirement, right?
And so I always say thatcollege planning is a retirement
(08:36):
issue.
And one of the things that wehelp our clients do all the time
is avoid wealth transfers.
We talk about this.
And for our listeners outthere, if you don't know this, a
wealth transfer is money thatyou unknowingly or unnecessarily
give away throughout the courseof your lifetime.
And if we do that too manytimes in our lifetime, fellas,
we're going to have a lot lessmoney in retirement, much less
are we going to run out of moneyin retirement.
(08:58):
So with that being said, Ithought those stats were
interesting.
I think we probably struck achord.
But Brian, like we've saidbefore, you deal with a lot of
people that are staringretirement in the face right
now.
Do a lot of Social Securityplanning, taxes and retirement
(09:18):
planning.
And these people might be 62,65 years old, and they're ready
to take Social Security.
They've got all these assetsthey've accumulated, and they're
looking at you saying, am Igoing to make it?
Or
Ed Beemiller (09:29):
do I
Ryan Fleming (09:32):
have enough?
they need to be considering tomake sure they don't run out of
Ed Beemiller (09:47):
money.
Yeah.
How do we address and easethose fears?
Yeah.
Which everyone has.
Brian Minier (09:51):
Yeah.
And it's interesting.
You guys said it earlier,regardless of if you have a
little bit saved or if you havea lot, people that are good
savers have a fear of, man, canI spend what I work so hard?
Right.
We've seen this quite a bit.
Ryan Fleming (10:04):
Yeah.
Brian Minier (10:04):
Working with the people that we do.
And so people will ask, whatcan I do?
Can I retire?
Back to the question of, am Igoing to run out of money?
Yeah.
And so there's things that wetalk about.
First and foremost, you got toknow what you're going to spend
in retirement.
What's your lifestyle, right?
If you can't tell me what yourlifestyle is, I can't answer
that question for you.
Ryan Fleming (10:25):
Your desired
Brian Minier (10:26):
lifestyle.
Right.
Your desired lifestyle.
Can you have a desiredlifestyle or is your lifestyle
just going to be, I got to keepthe lights on?
I
Ryan Fleming (10:34):
have found that most people, they don't know how
to answer that question.
They don't.
A lot of people do not.
They're quiet.
They're like, I never thoughtabout that.
Ed Beemiller (10:42):
Well, and a lot of times though, Because people
are going back and looking attheir parents or grandparents
and thinking, okay, when Iretire, I'm not going to spend
nearly as much.
And the reality
Ryan Fleming (10:53):
is- It's a misnomer.
Ed Beemiller (10:54):
We live a much more active lifestyle if life
expectancies are going up.
Health and technology, medicaltechnology, people are living a
healthier lifestyle, which leadsdirectly into living a longer
life.
So guess what?
You're not going to spend 50%to 60% of your pre-retirement
(11:18):
income.
You're going to need, in mostcases, 80%
Ryan Fleming (11:22):
to 100%.
And for our listeners outthere, I think this is actually
a really practical question toask yourself.
And we ask our clients this allthe time.
As you think about this, youneed to be asking yourself, if
you could live the same standardof living that you are today,
adjusted for inflation, from nowuntil your retirement age and
from retirement to your lifeexpectancy would you want that
(11:44):
you know yes or no and that atleast puts a barometer it puts a
benchmark as to like where'sthe starting point yeah right
Ed Beemiller (11:51):
and and even more so i'm having more conversations
of hey i'm retiring i'm stillin good health i don't know how
long that's going to last i wantto i want to bump up over a
hundred percent because we wantit yeah we want to go go go do
Brian Minier (12:09):
stuff Yeah.
Go-go years versus the no-go
Ryan Fleming (12:11):
years.
So let's say you get to thepoint where, okay, you're
starting to distribute.
Yeah.
So first of all,
Brian Minier (12:17):
you have to understand what do you want?
Because what do you have inretirement that you didn't have
when you were working?
You got time, right?
You got neighbors that are alsoretired and they're like, you
know what?
We're going to go do thisthing.
Do you want to come?
I didn't think about that, butif you're going, of course I...
So you have to build that in.
You have to build the, what isyour dream?
What is the kind of the wantsthat you have in retirement?
(12:38):
Sure.
So when you start to figurethat out of, okay, here are the
wants, here are the vacations,here's the deck that I need to
build because now that I'm homeand I look at it every day, I
want to redo it.
Once you get those thingsfigured out, now you got to have
a plan, how do you do that?
So as you start to figure thosethings out, how do you put that
plan together?
You talked about socialsecurity.
(12:58):
So let's say social security,you got to figure out when do
you decide to file for that?
Do you do it early?
Do you do it for retirementage?
Do you wait?
Figuring that out and then whatis your income And just me
saying that, some people haveprobably got a little anxiety to
go, how do I figure out thatdistribution
Ryan Fleming (13:15):
plan?
Well, a lot of people don'teven think Social Security is
going to be there.
Yeah.
That's a whole other topic.
That's right.
We can do a couple episodes onthat.
We can do a
Brian Minier (13:22):
couple episodes, I think, especially for those in
that demographic I'm not worriedabout.
I think it'll be there.
But there's still, for mostpeople, an income gap.
How do you fill that income gapeven if you do file for your
Social Security?
How do you plan for taxes?
What people don't realize istaxes is the number one expense
you're going to have inretirement.
Ryan Fleming (13:42):
RMBs, the rising tax environment.
Yes.
Brian Minier (13:46):
And so that is the number one expense that a lot
of people don't realize.
When you think about it, it'slike, yeah, that's logical, but
people don't realize.
Ed Beemiller (13:52):
Taking distributions from all those
qualified pre-tax accounts thatyou built up over your lifetime.
Brian Minier (13:57):
Absolutely.
And then Social Security isgoing to be taxed and all of
those things.
So then when you figure outwhat do I need to take after my
Social Security, where do I takethose from?
Do I take it from this taxbucket and what kind of account
do i need to take it from one ofthe things that we talk to our
clients a lot about is thisthing called sequence of returns
(14:18):
risk what is sequence ofreturns risk that is taking
money from an account that haslost value because of a bad
market now some people don'tthink that's significant but
let's say you had a milliondollars and now the market
dropped 15 or 20 percent wellthat million dollars that you
had is now 850 or 800 That makesa big difference.
(14:41):
And they need it to bridgetheir income gap.
They need it to bridge theincome to what you said earlier,
to
Ed Beemiller (14:46):
not run out in those retirement years.
So when you're looking atretirement planning, it's really
two things.
It's talking about income anddistributions because it makes a
great deal.
A big factor is which accountdo I take the money out of?
Brian Minier (15:03):
Yeah.
And what do you always say, Ed?
What do you need in retirement?
Ed Beemiller (15:06):
One thing.
You can't retire without it.
Income.
Brian Minier (15:09):
Income.
So it doesn't matter what youraccount grew to or what the rate
of return is if you don'tactually take distributions from
that.
Right.
So there's this balancing actof I don't want to take from an
account that has lost money, butyet I still need a segment of
my money to grow over time.
And we talk about this,creating what we call a bucket
plan for our clients, especiallyas they're getting ready to
(15:32):
grow into retirement.
So you have a bucket thatsatisfies those now needs.
You have a bucket thatsatisfies satisfies upcoming
needs in the soon future.
And then you have those laterbucket assets where you can try
to go after more growth.
And what we have found by doingthat, we can create
distribution plans that reallymitigate the running out of
(15:53):
money in retirement.
Ryan Fleming (15:55):
That makes me think, you know, Ernst & Young
just put a white paper out notthat long ago.
You guys are familiar withthis.
You know, we can get this outto some of our listeners if you
haven't got your fingers onthis.
But, you know, they did tons ofdifferent iterations on how to
increase the likelihood ofpeople not running out of money.
What's the best way to increaseyour outcomes in retirement
(16:17):
with more confidence, certainty,and guarantees?
And it was really striking tome.
I mean, when they looked at allthe different various tools
that we could use for districtThey really kind of came down to
the cocktail of, you know, ifyou have about 30% of your
estate and cash value lifeinsurance, 30% of your estate
and a guaranteed lifetime incomepension annuity to quell
(16:40):
sequence of return risk, becauseyou can never run out of money
on that.
And it's not subject, notcorrelated to the market.
And then the other 30% can bemore equity driven.
That cocktail in that whitepaper seemed to provide the best
confidence and certainty.
team not running out of money,avoiding sequencer return risk.
Maybe we didn't touch upontaxation.
(17:01):
That could be something else wetalk about.
But fascinating white paperfrom one of the four largest
accounting firms in the entireworld.
Coming out with that evidencehas been really compelling.
Brian Minier (17:12):
Yeah, and I think for people, that's a good
guideline.
Maybe that doesn't work foreverybody, but I think the point
of it is the different types ofaccounts.
And you talk about this a lotof not just the diversification
in your market-based portfolioswith the diversification and
just the type of assets that youhave.
And that's important tounderstand what those things can
(17:34):
do.
So even if it doesn't come downto that specific recipe, it's
understanding what thosedifferent strategies could do so
that you can utilize andmitigate things like sequence of
return risk.
Right, exactly.
How do you create income?
And there's different ways youcan do it for different types of
people, but it is a differentmethodology than just take 4% of
the assets that I have
Ed Beemiller (17:54):
It's a
Brian Minier (17:55):
different methodology, and that's what we
tend to focus on with ourclients versus, hey, the 4%
rule.
Ed Beemiller (18:01):
Yeah, what you were talking about there is, I
say it all the time, our job isto mitigate or eliminate, and
Ryan, you say this all the time,unnecessary risk.
And when I talk about risk,this is another concept that
people don't understand.
There's asset class, andthere's true risk
(18:23):
diversification.
Asset class diversification iswhat 9 out of 10 people think
about risk.
It's, well, hey, I have allthese mutual funds in my 401k or
in this investment account.
One's a balance, and I got abalance in international high
growth, large cap.
Well, what do all of thosethings have in common?
Got some
Brian Minier (18:42):
market risk
Ed Beemiller (18:43):
associated.
They all have market riskassociated.
So, you know, we'rephilosophically, we're big
believers on, once again, goingback to that bucket planning,
having appropriate assets withinthose different buckets.
that have different levels ofrisk.
Brian Minier (18:57):
That's right.
Ed Beemiller (18:58):
That's right.
And one thing I'm hearingacross this whole conversation
is the term planning, right?
And we talk about this a lotwhen we meet with clients.
Clients will say, oh, I'm tooold or I've waited too long.
When's the best time to startplanning?
Brian Minier (19:19):
Yesterday.
Ed Beemiller (19:20):
Correct, right?
It's not...
You're never too old because ifyou want to retire and you
don't have a plan, it gets backto this question.
Will I run out of money?
Well, I don't know until we digin and dive into what your
financial picture is right nowand what your objectives are.
Ryan Fleming (19:41):
And I wanted to say something on that is that
there's a lot of gurus that areout there that their narrative
is trying to fit aone-size-fits-all box.
And the reality is, and thetruth is, is that every
financial plan, every income anddistribution plan has some
different type of nuance to it.
And so you've got to recognizethat as a consumer and make sure
(20:04):
you're conjoining yourself withplanners and advisors that
understand the nuances of a goodplan.
Because that's going to helpyou mitigate those risks.
It's not a one-size-fits-allnarrative that we hear a lot out
there in our culture.
So, yeah, we've got to We gotto make sure that as consumers
(20:25):
that we understand not only therisks, but also the nuances to
quell those risks.
And that comes with like whatEd's saying is it comes with
strategic planning and apartnership with somebody that
understands things like tax codeand social security trust fund
and things like this.
Yeah, the plan is
Brian Minier (20:42):
not just I am 60 years old, so I go into a
moderate type or a balancedportfolio, take 4%.
There is distribution planningwhen to take social security.
Correct.
How to take thosedistributions?
What order do you take thosedistributions?
And that's going to bedifferent for everybody.
And so that plan, as you said,is
Ed Beemiller (21:01):
really important.
Yeah.
And those, you know, if we canstart with a plan and you're 20
years old, phenomenal.
If you're 30 years old, hey,that's great too.
40, 50, 60.
As Brian said, the best time tostart a plan is yesterday.
Don't think, oh, I've waitedtoo long or I'm young enough.
I don't really need to plan.
You know, in fact, we can getstarted early.
(21:22):
It just makes the planning thatmuch easier, you know, in the
long run.
That's right.
From that standpoint.
That's right.
So, well, we're going to wrapthis one up, I believe, here,
fellas.
I think we've talked prettymuch everything and said
Ryan Fleming (21:37):
what
Ed Beemiller (21:37):
we can say about that.
At the end of the day, workingwith a financial professional,
having a plan is extremelyimportant to achieving long-term
objectives and success andbeing able to address and answer
that question.
Will I run out of money?
Brian Minier (21:55):
It will make you sleep better.
Yeah.
Don't put it off, people.
Ed Beemiller (21:58):
Exactly.
Peace of mind.
So, hey, appreciate everybodycoming out, listening in.
And we will see you next time.
And go Bucks and Brownies,right?
And BW.
Sorry.
And BW.
Have a good day, everybody.
Ryan Fleming (22:15):
See y'all.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.