Don't Get Cute with Your Retirement Investments

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Education, Investmentmanagement, Saving, Self-improvement, Careerplanning, Retirement, Business, Lifeplanning, Investing, Retirementplanning, Financialplanning, Retirementpodcast

4.6 • 1.2K Ratings

🗓️ 10 September 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

💬 Show Notes

In this episode of the Retirement Answer Man, Roger Whitney sits down with Peter Lazaroff, Chief Investment Officer at Plancorp, for a thoughtful conversation on the power of simplicity in retirement planning. Together, they unpack the common traps of overcomplicating investments and the cognitive biases that often lead us astray. Peter also offers valuable insights into private equity and other complex investment strategies—highlighting when they might help, and when they might hurt. Don’t miss this episode if you're looking to build a retirement plan rooted in clarity, confidence, and peace of mind.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00) Today Roger chats with Peter Lazaroff about bringing simplicity to retirement planning strategies.
(02:44) We tend to overcomplicate everything when it comes to retirement planning.
(04:09) Complexity makes us think something is better or more sophisticated.
(05:35) “Anything one needs to market heavily is either an inferior product or an evil one.”- Nassim Taleb

ROCKIN’ RETIREMENT IN THE WILD

(06:22) Todd shares reflections on why he travels in retirement.

INTERVIEW WITH PETER LAZAROFF

(10:16) Think of your assets that you need to rock retirement in their own bucket, if you have excess- put it in its own bucket.
(11:05) Complex investments are just active managers in a different wrapper.
(11:45) Peter Lazaroff joins Roger to discuss retirement investing and private equity.
(12:25) Peter discusses his books and announces that he has a new one coming out in 2026.
(15:00) The core intent of retirement planning is to have core confidence that you can live the life you want now, but also when you're ninety.
(15:51) Ultimately the goal in retirement planning is elegant simplicity.
(20:00) Peter reflects on the business of investing.
(23:02) Investing creates an illusion of control.
(26:38) Peter discusses the benefit of simplicity and how it helps living heirs when it is time to settle an estate.
(28:33) Roger chats about an executive order paving the way for private equity to become part of 401ks.
(30:08) Peter talks about the steps of the probabilistic decision framework.
(35:48) From 2020 to present, private equity has not added return over public equity.
(38:30) If the yield is high and you can’t find the risk, it doesn’t mean it's not there.
(42:08) Private investments are not inherently good or bad, but they are not necessary and can add complications.
(42:50) Peter shares an example of complexity that he would be more welcome to.
(47:25) If you don’t believe in traditional active management- you should be out on private investments.

SMART SPRINT

(48:00) In the next seven days, choose one area—retirement planning, investments, or any aspect of life you want to improve. Before adding anything new, ask: What can I remove or simplify first?

REFERENCES

BOOKS

Scarcity Brain- Michael Easter
Antifragile: Things That Gain from Disorder- Nassim Nicholas Taleb
Making Money Simple: The Complete Guide to Getting Your Financial House in Order and Keeping It That Way Forever- Peter Lazaroff

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Transcript

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0:00.0	Just because I was invited didn't seem like a good enough reason to attend.
0:05.6	Greg McEwen.
0:08.1	Welcome to the show dedicated to helping you not just survive retirement, but to have the confidence to lean in and rock it.
0:15.5	Welcome to the show.
0:16.5	My name is Roger Whitney.
0:18.7	We have a provocative title for today's show.
0:22.2	Don't get cute with your retirement investments.
0:26.4	I would say that is true for how you do your retirement planning as well.
0:32.0	And we have a lot of obstacles that get in the way of us not getting cute with these things.
0:39.4	The intent of the entire exercise of retirement investing or retirement planning is to give
0:46.1	you the confidence to lean in and rock retirement. Lean into your life. Where does confidence
0:53.1	come from? It comes from clarity. So the more we
0:57.7	complicate things, the less clarity we have, and the more that we have to manage on an ongoing
1:05.1	basis, the more work we create for ourselves. That's why we have the four pillars of building a retirement plan
1:13.6	in the order that they're in. First, vision, what do I want in my life going forward? Turning those
1:22.9	into goals. And then second, organizing your financial resources to identify, is this a feasible path for us to be able to create this life financially?
1:34.3	And then third, making it resilient so you have clarity on exactly how you're going to fund that life, especially in the near term.
1:45.2	Then we can get cute in optimization and look at how we can optimize it by trying to
1:52.6	just be a little bit smart with our money.
1:54.6	But that can be a slippery slope to get invited to participate in more complicated planning or more complicated investments.
2:04.9	And there can be some value there, but there are tools that shouldn't be pulled out as often
2:11.2	as you would think they should be pulled out. And that's why this topic is so important.
	...

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