Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Evan (00:06):
Should I use a
robo-advisor for my retirement
planning?
Hey folks, welcome back toRetirement Roadmap with Master
Plan Retirement.
My name is Evan, with me, asalways, Mark Fricks, so we have
kind of a funny topic today.
I asked AI to give me theweirdest retirement plans
possible and I've got a listthat we're going to go through
today and see how valid they are.
(00:27):
Now they start really weird.
I will say, and I progressivelysay okay, now make it more
practical.
Now, let's make it a little bitmore practical.
And so we get to some actualpretty interesting topics.
We have a lot of clients whohave a lot of really interesting
plans in retirement as far ashow they want to live where they
want to live, how they want tolive where they want to live,
which some of these actuallyreminded me of some of our
(00:47):
clients.
Mark (00:47):
Some of them, I hope, are
never our clients but we'll see
when we get to those or we cancorrect them.
Yeah, exactly.
So let's walk through these,Mark, I'm looking forward.
So we did not have a pre-radioshow meeting today.
No, no, Evan said I'm going tospring this on you and we're
just going to take off with it.
So this should be fun.
So I hope you hang around.
Evan (01:02):
So this is skipping the
boring 401k, Roth, IRA talk.
This is strictly what are theweirdest retirement plans that
we can come up with.
The number one is starting acult of hobbies.
So what if you retired andstarted a cult based on knitting
, salsa dancing or, conspiracytheory, gardening?
Do you think you have to beextra charismatic for that one?
Mark (01:25):
Well, that helps you have
to have people like you and
trust you.
I don't know what to say aboutthat, so I'm trying to imagine a
cult of gardeners.
We almost have something likethat up the road from here.
Yeah, we sure do.
Evan (01:37):
There's a community garden
yeah beautiful place.
Mark (01:41):
Lots of people that work
there.
I don't think they're a cult.
Not accusing them of that.
I would love to participate, bythe way, but yeah, just as long
as they don't bring Kool-Aid.
So really weird.
Evan (01:50):
Yeah, really weird out of
the gate with the first one.
The second one I actually kindof like, so bear with me.
Retire in a haunted house, Okay.
So why do all retirees go toFlorida?
Let's talk about moving into aspooky Victorian mansion and
turning it into an Airbnb withghost tours.
Mark (02:07):
That's actually not a bad
idea.
I mean it's not a retirementplan, but it's a retirement
destination and that type ofthing, but I kind of like that.
Yeah, I mean, you know it woulddo really well to Halloween,
but I think it'd do great.
All year long they have theseshows, you know, poltergeist and
ghost chasing and all that kindof good stuff.
So would you have to make upsome stuff or just let it
(02:27):
naturally happen, is thequestion.
Evan (02:29):
Well, that's a good point,
because if you go somewhere
like Charleston or Savannah orsomeplace, pretty much
everything's haunted.
Mark (02:34):
I think Savannah is
supposed to be one of the most
haunted places.
I don't know, you know, if youbelieve in that or not believe
in that.
I know that certainly there areother things going on around us
that we don't know about.
So yeah, who?
Evan (02:43):
knows Not a bad idea, and
I like that Some of these are
kind of combining business anddomicile, which actually I don't
mind at all.
Mark (02:52):
Well, what's interesting?
We had a show not too long agoand we talked to our clients
about this as well.
What are you going to be doingin retirement?
We just add this to our list.
Evan (03:09):
Yeah, Some of these.
I'll put a little check marknext to Now.
This next one, I feel like, isa little bit self-serving.
Speaking to AI, they saidAI-powered retirement.
Could you retire and let an AIlive your life?
Auto posts on socials, AIfriends, even AI investing.
I don't know what that means atall, so sorry.
Mark (03:17):
AI.
It sounds like you just sit ina sofa and just kind of let AI
run your life.
What's that?
Evan (03:21):
There's a movie with Bruce
Willis where, basically, he's
in a capsule and everyone's AIin the metaverse, which brings
us to the next one retiring inthe metaverse and buy digital
land.
I don't know what that is,digital mansion, host school lan
parties with virtual grandkids.
That sounds terrible.
Weird, but maybe that's thedirection we're going.
Okay, two strikes on AI onthose two.
(03:42):
I like this next one's kind ofinteresting.
I don't know if I like it formyself, but it's interesting.
Extreme nomad retirement.
So sell everything, buy a camelright across the Sahara or do
van life in Antarctica.
Well, so we have.
Mark (03:58):
You're getting a little
more familiar, we do have some
clients that retire in RVs andjust travel the rest of their
lives, or many, many years.
I mean, it's not a camel andI'm not sure if an RV would work
in places that have a lot ofsand.
What was the second part ofthat after the camel?
Evan (04:13):
Van life in Antarctica,
which understandably can't work.
However, I did know someonewhen I was younger, in my 20s, a
friend of mine.
He's a photographer and helived in Antarctica on a base
for a while just taking picturesfor a project.
Oh wow, I don't know if youwant to retire there.
Mark (04:30):
Well, I was just reading
about this group of scientists
that are at a base, you know,totally enclosed, almost like
you're on the moon.
You almost can't, you know, getout some, but not a lot.
But apparently there's somebody, one of the scientists or,
beginning to go a little weirdand start to threaten other
people and even sexually harassthem, and they can't get, they
can't get to them.
So it's, yes, it's, and I guessit was a matter of time before
(04:55):
that happened, either in spaceor under the ocean, or I hope
you trust the guy you're in thespace station I think it's 12 of
them up in this base here, soweird dynamics, and I'm sure
they put them through all kindof psychological tests.
But yeah, this next one's cool,I don't know.
Evan (05:09):
Again, this isn't really a
retirement plan but time
capsule living.
So retire and pretend it's theyear 1972 again.
No smartphones, only vinyl.
Bell-bottoms required.
Mark (05:26):
There's a store in my
community.
They sell all the hippie stuff.
You know, the weird Mexicanskeletons, sugar skulls, yeah,
these macrame vests.
There's always incense burningand the store is full of stuff.
So you can go there and justload up, right and just take it
(05:47):
back.
Get rid of all the you know,get you one of those TVs I used
to watch when I was a kid thatyou know had the antennas.
Evan (05:53):
Yeah, I could do without
the plastic couches.
Mark (05:56):
Yeah Well, get a big bean
bag there you go.
Not bad.
And posters, fluorescentposters, poster oh, those were
long Black lights.
Evan (06:06):
I think the no smartphones
is the thing that I really like
about that one.
Mark (06:10):
Yeah, I think yeah.
No email, no Facebook.
Evan (06:13):
All that good stuff.
Mark (06:14):
So this next one also hits
a little too close to home.
Are these surprising you too?
Yeah, a little bit.
Evan (06:20):
So doomsday retirement.
Go full prepper mode,Underground bunker, Hydrophonic
excuse me, Hydroponic.
Hydrophonic would beinteresting.
Go full prepper modeunderground bunker, hydroponic
tomatoes and a library ofsurvival books.
I feel like that's not as faraway as it seems.
Mark (06:37):
There's probably some
people doing that.
Evan (06:38):
Well, we live near Dallas
Georgia and if you guys want to
Google bunker in Dallas Georgiafrom a couple years ago, it's
something really interesting,that big warehouse downtown.
You remember that?
Mark (06:46):
Well, I know some of the
things they're doing nowadays.
I mean, they're really nice andthey're very expensive, but I
gotta have sunlight, that typeof thing.
Now, if I thought we were indanger and had that kind of
money, sure, but to retire there, for, oh, you're not allowed to
leave.
Evan (07:02):
Oh, I don't know, are you
cosplaying or is there actually
a reason that you're down there?
You know they sell these reallytop-of-the-line bunkers now
that I've seen on Facebook andother socials, even with booby
traps and stuff.
Really, yes, I'd be too nervousthat I'd do that to myself in
the dark.
Mark (07:19):
There was a bunker show
that would come on, kind of like
you know, Bunker Living orwhatever, and they would show
them constructing it and all thethings in it.
And again, very expensive,Aren't they taking ICBM silos
and making them into apartmentbunkers?
I?
Evan (07:37):
have seen some of that
before.
I don't know if it's a trend,but they've definitely done it.
Mark (07:41):
Wow Okay.
Evan (07:42):
All right.
So I've got one more on thislist because a couple of them
are just too ridiculous to evenmention.
Last one is kind of interestingRevenge tour, retire and visit
every person or place thatwronged you and calmly say I
turned out fine, thanks, allright.
So we see that, okay.
The next thing I did was Idon't know how many people
(08:02):
listening have used AI, but it'skind of interesting.
You can take them on littletangents and narrow it down.
So the next thing was I saidokay, that's good, thank you for
those answers, but let's try tomake them a little bit more
practical.
Okay, so the next series are alittle bit more practical, or
we'll be the judge, okay, and ifwe need to throw in some
discussion about Rothconversions, just so we're on
(08:23):
topic a little, bit more.
Mark (08:24):
We can do that.
Well, this is all.
This is retirement.
Evan (08:29):
I mean it fits the genre.
Maybe it will inspire youlistener to think outside the
box.
That's right.
This one's not so weird.
Actually, buy a decommissionedschool bus and convert it.
Live the rest of your days in afully tricked out bus, complete
with a composting toilet, solarpanels and a spice rack that
rattles ominously on dirt roads.
So it's like a level above thePartridge family A little bit,
(08:51):
but that's actually huge r ightnow there are whole communities
that convert school buses and dofestivals and stay together and
camp at grounds and stuff likethat.
My cousin was RVing with hisfamily for a year.
They did the same thing yourparents, so it's not uncommon.
We have clients who RV as well.
It's not bad at all, just aslong as you make sure that
(09:11):
you've got your stream of incomewhere you need it to be.
And I would think that theolder you get, you start to have
to think a little bit moreabout health care.
Mark (09:19):
Yeah, there is that, and
even I don't want to get too
much in the weeds as far asplanning, too much in the weeds
as far as planning.
But if you travel a lot, whatabout your documents like your
healthcare directive and yourfinancial power?
You have a nned for one in 50states?
Evan (09:40):
Yeah, do you want those
physical ones?
How wise is it to have aphysical document on board with
you.
Mark (09:42):
Would it be better to have
digital?
I suppose I don't know, butthere are people that do that a
lot.
We actually have a client thatis having a 1969 Volkswagen van
converted back to a hippie vanNew engine, new everything and
she's going to use that totravel across the US.
Is it one of the camperversions?
I'm not sure if it's got theelevated roof or not, but it's
(10:06):
just her.
Evan (10:11):
And she has that free
spirit.
I don't know.
You have to tell me after I'mnot sure.
Uh, number two start a petsitting empire, but for weird
pets specialize in parrots,iguanas, sugar gliders and
emotional support tarantulascharge premium rates become the
go-to.
Mark (10:26):
I like that one.
I actually saw a lady on anairplane that had a support
rooster, really yes.
Evan (10:35):
I guess anything's legal
if you try hard enough.
If you have the rightdocumentation.
Mark (10:39):
They have pushed it to the
limits, that's for sure, but we
should sit here for a minuteand think of other weird animals
, let's not?
Evan (10:46):
no, let's not.
Uh, number three, actually thisisn't too far off.
Uh well, we'll get to this.
So retire into a theme park jobfor perks, so work part-time as
a character actor or a tramdriver at disney or universal
free park entry plus healthinsurance, plus churros weirdly
genius that's that's actually.
Mark (11:06):
I have a friend that I
went to high school with.
He was a teacher and in thesummers he would go to Disney
World in Florida and work.
But now that he's retired hegoes down there for like six
months and works and he's not acharacter, but he does whatever,
I don't know, Walks around andhe may work in a shop or
whatever.
A lot of people do that.
Evan (11:27):
A lot of retired folks in
Florida do that I think if I was
a character, I'd want to be inthe off season, so I wasn't
sweating so much.
Mark (11:33):
There's a lot of water
weight I'd pass out.
Yeah, but actually I think myparents, when they lived in
Florida for a while in thewinter, would work some
part-time work, or at least tryto, so that's not unusual at all
.
Evan (11:46):
Well, you had an interview
a couple months back with a
couple of our clients who donational park tours and live and
volunteer and work on thenational park grounds and they
get free room and board, work 20hours a week and they become
like family.
Mark (12:03):
If you want to see that
episode, it's about six weeks
old, so it's going to be on ourwebsite, which happens to me be
masterplanretirecom.
If you go under episodes,you'll see 40, 50, 60 episodes I
think 75 now, if I remembercorrectly.
Podcasts are there.
(12:25):
Youtube videos of these radioshows are there as well.
But if you'll go back about sixweeks, we interview that couple
about what they do each summerand just how they become a
community with the people thatare there volunteering as well
as the people that work there.
It just really is a cool thingto do.
But back to the website,masterplanretirecom, under
episodes.
But, more importantly, there'sa little button that says
schedule a meeting.
Why would you want to schedulea meeting?
(12:46):
Well, one of the things we loveto do is run a series of
reports for folks complimentaryto see where you're at and see
what kind of stumbling blockscould be ahead of you in
retirement, because that's whatyou want to address.
So take advantage of that.
Our calendar pops up.
You're able to choose a timedate, zoom, face-to-face phone
call, whatever works, but takeadvantage of masterplanretirecom
(13:09):
.
Or you can give us a call,whatever works, but take
advantage of masterplanretirecomor you can give us a call
770-980-9262.
Evan (13:16):
So this next one.
We also know someone who's donesomething similar to this.
So live on a cruise ship or acargo ship.
Now, actually, I have a greatuncle who did that with his wife
for a while.
Instead of a cruise around theworld, they stayed on a cargo
ship, which takes like three tosix months to come across right
right book back-to-back cruisesfor less than the cost of a
nursing home, especially thecargo ships, or hitch a ride on
(13:39):
working vessels for crew memberambience well, we actually.
Mark (13:42):
There are people that
spend 365 a year on a cruise
ship.
They'll be on one for two weeks.
Get off that and, at the sameport, have the, the next one,
get back on it and really, ifyou do, you know more of the
bargain suites.
Your food's taken care of, Someof your drinks are taken care
of.
You have medical care availableon board.
I don't know if I need to saythis or not.
(14:05):
They actually have a morgue onboard.
By the way, that's anothertopic for another show.
But, yeah, you got.
You got desserts, you get allthis kind of stuff and somebody
you know people to keep an eyeon you.
You have a swimming pool andI've heard less than certainly
less than like an assistedliving or a nursing home or
something like that.
For sure.
Evan (14:25):
All right, so I'm going to
do one more on this topic
before I go to the next group.
This one's interesting too.
Create a retirement communewith friends, buy land together,
build many houses, share chores, invent your own holiday
traditions like Taco Wednesdayand Passive, aggressive Game
Night.
I don't know about the games.
Well, we talk about doing thatas a family of three generations
(14:48):
doing something like that.
Mark (14:50):
But a retirement community
would be interesting because
you're all the same age, sameinterest.
It's called the Villages, bythe way.
Evan (14:55):
Yeah right, that exists
right outside of Orlando.
Mark (14:59):
A few more people than
what we're talking about, but
that's kind of cool and youcould share.
You know, maybe internet andthat kind of stuff as well.
Evan (15:07):
So yeah, make sure it's
driving the business.
Mark (15:08):
As long as it doesn't get
weird.
Evan (15:10):
Well, that's the problem
with some of these is, I think
they're.
Let's move on the opportunitiesfor strangeness are there.
They have potential.
Okay, so I narrowed this alittle bit more.
Weird but smart retirementmoves for 2025's economy.
So let's see how well AI did onthis one.
Okay, this is similar to thelast one Co-housing with other
(15:33):
retirees or young renters.
Rising housing costs Offsetthem by converting your home
into a retirement house share.
Each person gets private space,but shares kitchen utilities,
netflix, et cetera.
Bonus of one roommate's techsavvy and helps with online
banking.
I think it's a great idea Ifyou could stand it.
(15:53):
Here's the one thing.
Before you move on, just thinkabout the retirees we know: how
many of them want to haveroommates?
Mark (16:01):
Well, the ones that are
good friends.
They've recommended they'regood friends, so those four
would fit together nicely.
But can you find four more orsix more or whatever, because
you are in the same house andyou have separate bedrooms?
Because I'm aware of asituation similar to this the
caretaker lives in the basement,otherwise everybody's upstairs,
they share meals, they taketurns cooking, doing laundry.
(16:23):
But again there is that youknow, as we get older and I'm
getting older, so I can attestto this we tend to get a little
more cranky, a little bit lesswilling to deal with other folks
and their intrusion.
So it would have to be theright group of folks, but I
wouldn't mind that.
Evan (16:39):
So this next one is a real
conversation that I've had with
a couple of folks.
Retire to a country with lowercosts of living but with remote
income Places like Portugal,mexico, parts of Southeast Asia
are more affordable.
So combine that with remotefreelance gigs editing, teaching
, english, consulting and youstretch your dollars way further
.
Mark (16:59):
We have a client that
lives on the beach in Panama.
Every time we meet via Zoom,she turns her little laptop
around and shows me the beachand the ocean and she's living a
lot less and, yes, yes, we'regoing to great for her.
I actually subscribe tointernational living.
I did it for one year.
I just wanted to see what itwas about.
I could talk to my clientsabout it, things like that.
(17:20):
I've heard Costa Rica's great,although it's beginning to get a
little more expensive.
But there are dozens ofcountries and yet.
But you have to look at severalthings.
Number one is safety.
Number two is there's manycountries like Costa Rica that
are not in the hurricane funnelor whatever you want to call it
track.
They've not been hit by ahurricane for hundreds of years.
So that's important.
(17:41):
Insurance, how's theirhealthcare?
A lot of things to consider,but a lot of folks are doing
that.
Evan (17:47):
Something else to consider
.
If you are taking income from aretirement account, there's
potential.
It's different for everycountry.
There's potential for it to betaxed in America as well as
wherever you live.
Mark (17:59):
Yeah, that's something you
want to consider, because I
would not want to do that.
But again, some of thesecountries we've mentioned are
very friendly toward Americans.
They like us coming out andspending our money right and
things like that.
They get jobs, you know,servicing restaurants, whatever.
So, yeah, very popular.
Evan (18:16):
Yeah, very popular.
This next one seems like itwould just be an aspect of the
commune that we were puttingtogether for our clients
Barter-based living or timebanking.
So join a local time bank orskill trade community, offer
babysitting, tutoring, repairs,et cetera, etc.
In exchange for groceries,rides or services.
Beats spending cash.
Again, this is communitydependent could you do that?
Mark (18:38):
like in a?
Like a small 55 and oldercommunity, we have separate
houses.
I have so many ideas that if Ijust had the funding for i-
we're not legally selling stock,by the way we do not have a
prospectus on that, so pleasedon't ask live-in property
caretaker or house sitter.
Evan (18:56):
People with second homes
need security and maintenance.
You get free rent in sometimesamazing places in exchange for
watching a house and maybewalking a dog.
Mark (19:05):
Some even pay a stipend
I've done that on short-term
trips, like for a week.
Go take care of a friend's uhhome or whatever, and walk their
dogs and lay by their pool.
So it's a good gig.
Fridge was full, wine cabinetwas full, all that kind of good
stuff.
Evan (19:20):
The next one we kind of
touched on a little bit already.
But split retirement works,seasonal gigs half the year, so
think Amazon Camper ForceNational Park Work we spoke
about that Campground Host taxprep gigs work three to six
months, then chill the rest.
Keeps income flowing andbenefits your social security
timeline.
Mark (19:38):
And we do have a couple of
folks that do the tax thing.
They'll work January throughApril and sometimes they'll need
to maybe come back in Octoberto do some.
You know the extended filing,but they don't have to.
It's got to look for them.
So rest of the time you cantravel, do your retirement stuff
.
We have so many ideas for ourclients and we add new ones
almost every day.
Just like some of this stuff isnot that far off In fact some
(20:00):
of it makes sense but thingsthey can do, whether it be three
days a week or three months outof the year, you know whatever
works for them.
We have that discussion withalmost every client when we get
close to retirement.
Evan (20:11):
That's one of the fun
things about the job is everyone
is so different, comes from acompletely different background,
as we all know.
Every retirement plan and needis different, but some of the
ideas and the things that wehear clients do are envious.
They're really cool ideas.
This next one is interestingbecause it's also really great
for younger folks too.
But invest in a duplex, live onone side, rent the other Beats
(20:34):
a nursing home or apartment.
Keeps you in control of yourspace.
The rent from the other sidehelps cover retirement costs
Well, probably covering themortgage more than anything else
.
Starting out at least, or housea younger family member to help
out.
Mark (20:47):
I was just going to say
maybe somebody a niece and their
husband or vice versa that willbe able to drop in on you Not
full-time care, but drop in,keep an eye out, things like
that.
That's a great idea.
I like that, which is similarto parents living in a basement
of their kids or something aswell, but a little bit closer
proximity.
I like that.
Evan (21:06):
So the next one convert a
hobby into income with an
inflation-proof angle.
Let's see what AI thinks.
That is Gardening, sellmicrogreens or herbs at a
farmer's market.
Sewing, upcycle thrift storeclothing for Etsy cooking, host
small private dinners.
Post-pandemic supper clubs aretrending again, apparently.
These keep costs low and havehigh margin potential.
Mark (21:29):
Yeah, one of my favorite
places to go is our antique flea
markets or antique markets, andso you have like 200 booths
inside this big building andevery booth is a different
person runs it and they paymaybe $200 a month to rent the
booth and they bring in stuffthey find all over the place and
it's not full-time.
They'll drop in on maybe Sundayafternoon, fix up the booth a
(21:50):
little bit.
They don't have to be therethough.
Evan (21:52):
great little gig yeah yeah
, retire to a college town.
I think this is also veryspecific on the personality of
the retiree.
But you have have access toculture, affordable health care
via teaching hospitals Again, Idon't know if I want to do that
or not but often lower cost ofliving.
You can even audit classes andstay sharp.
Offer cheap or free.
Mark (22:12):
Yep, yep, we talk to our
clients all the time.
Go take a class, it doesn'tcost you a thing.
In Georgia, maybe, many placesthat's true.
You don't get credit, but youcan take a cooking course or a
literature course or a writingcourse or whatever and just
enjoy it, and even if you failit doesn't matter.
Evan (22:28):
Yeah, utilize state and
local programs aggressively.
So there's a lot more programsout there that are available for
retirees.
If you just do a little digging, many people overlook senior
property tax exemptions,low-income energy assistance,
public transit passes, freerecreational classes, et cetera.
In this economy, every $100saved counts.
Mark (22:49):
Well, I know this area.
We have so many senior centerswhere they can go and get all
kind of.
You know they have games andfellowships and parties and all
that kind of stuff, interestgroups, all sorts of things like
that.
And hopefully they're addingpickleball soon, you know so.
Yeah, I think that's going tohappen for a while.
A pickleball community?
Evan (23:06):
Yeah, there you go Last
one and again this is kind of
we've talked about this a littlebit downsides to multi-use RV
or tiny home Park strategically.
Fuel is expensive but you cango semi-nomadic, stay put on a
cheap long-term lot or liveseasonally in different
affordable areas Think Arizonain winter, michigan in summer.
Off-grid solar makes this superreliable.
Mark (23:28):
I think I could live in a
tiny house.
I think I could.
Evan (23:31):
I totally could Apartment
living.
I miss that actually.
Mark (23:33):
Well, actually, when you
lived in New York, you were in a
tiny house a couple times, butyou only buy what you need.
You don't buy this junk andstuff like that.
I love your list.
I love using AI to put thattogether.
I know some of them were sillyyou left out the most silly ones
but love the ideas, so that wasa fun show.
(23:54):
We are glad you joined us.
Hope we'll see you next timeAgain.
Lots of episodes on the website, but in the meantime, until we
see each other again, plan welland prosper.
Take care.
This was Retirement RoadmapRadio with Mark Fricks of Master
Plan Retirement Consultants.
To schedule a complimentaryconsultation, go to
masterplanretirecom or call770-980-9262.
(24:20):
Thanks for listening andremember plan well and prosper.
We'll see you next time.