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The Stacking Benjamins Show

Why Are Boomers Running Through Money So Quickly (and what should YOU do about yours?)

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Personal Finance, Financial Planning, Education, Retirement, Investing, Cfp, Business, Money

4.42K Ratings

🗓️ 24 July 2024

⏱️ 60 minutes

🧾️ Download transcript

Summary

A new study shows that baby boomers are tapped out. On today's show we dive into the reasons why this is the case and explore a TON of ways that you can ensure that you aren't running out of money before you run out of life. We'll explore lots of areas, like:

  • Health care costs
  • Automatic savings plans
  • Better investing to increase returns
  • Avoiding common pitfalls

...and lots more.

In our TikTok minute we explore estate planning. What happens when dad is about to die and he tells his son, "Just put me in my boat and let the sea take care of me." The reply from the son may not be what you'd expect. We also take a call from Stacker Eric, who's wondering if he should keep pumping money into his HSA even though he has a significant amount saved already. What if he doesn't need that money?

Of course, we also save time for Doug's trivia AND we avoid celebrating "old joke day."

FULL SHOW NOTES: https://stackingbenjamins.com/running-out-of-money-in-retirement-1550

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201

Enjoy!


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Transcript

Click on a timestamp to play from that location

0:00.0

I look out my window and I see my neighbor.

0:04.0

Doug. Poor, lazy, deplorable Doug.

0:09.0

Live from Joe's Mom's Basement, it's the stacking Benjamin's show.

0:32.9

I'm Joe's mom's neighbor, Doug, and why are so many baby boomers burning through their savings?

0:40.4

We'll share three reasons, maybe a few more, plus what you can do to not be included in that group.

0:45.9

Plus, plus, we'll feature a TikTok minute all about real estate planning.

0:48.8

What do you need to know about your prized possessions?

0:50.1

We'll share guidance. And plus, plus, plus, we'll answer a question from one stacker who thought, you know, I'd better call Saul.

0:57.8

See, hi, and OG.

0:59.4

And then I'll share some crazy trivia because it's old joke day.

1:04.4

And now two guys who might be old and I'm not joking, it's Joe.

1:09.6

Oh, and, oh,

1:11.1

or J-J-J-J-J-J-G.

1:18.2

Oh, he's so funny.

1:21.2

Funny guy, huh?

1:22.4

How are you, old man, OG?

1:24.8

I'm still quite sprightly compared to YouTube.

1:28.3

So I don't know.

1:29.3

Easy.

1:30.3

Come on.

1:31.3

He's calling old.

1:32.3

Man.

...

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