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Retire Hoppy Podcast

Ted Carr: Retirement Blogger & Podcaster

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Retire Hoppy Podcast

Retire Hoppy Podcast

Ted Carr: Retirement Blogger & Podcaster

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Retire Hoppy Podcast

Latest Episodes

RH 036 FW 003 Live from FinCon 2019

Show Notes This episode was recorded live atFinCon 2019from the Washington DC Hilton September 2019. The show features 8 short interviews with: Dragon Guy andDragon Gal fromDragons on FIRE Joanne fromMoneyGodmotherBlog Steven fromRxforFIRE Claudia fromMsEngineeredWealth Becky fromTwentyFree Dryden fromSacredMoneyStudios Kathe Kline fromRockYourRetirement Bob Wheeler fromTheMoneyNerve Hop Stop There is no beer tasting with this episode.

24 MIN2019 NOV 8
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RH 036 FW 003 Live from FinCon 2019

RH 035 Episode FW 002 of FIREwalkers

Show Notes Our guests are Doc G and Paul Thompson from theWhat’s Up Next Podcast Our topic is: Can Anyone Achieve Financial Independence We discuss: How Doc G and Paul teamed up Whether there is a minimum level of income in order to achieve FI Doc G provides examples of people who have done so with very little income and observes that many wealthy people do not achieve FI According to Doc G and Paul, mindset is the most important factor for FI Having a positive mindset is empowering The journey to FI is not about sacrifice Minimalism is valuing what is important to you Frugality is getting those things you want, at the lowest cost Service and paying it forward are part of the journey Privilege is relative and no doubt is an advantage Claire talks about her parent’s journey from China to the US and their savings and investing habits She mentions how her parents made her save something from her allowance Hop Spot To listen to our beer tasting go to: FW 002 Show Notes

23 MIN2019 OCT 21
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RH 035 Episode FW 002 of FIREwalkers

RH 034 Introducing FIREwalkers and Urban Art

Show Notes Retirement Segment We are introducing a new podcast called FIREwalkers in lieu of doing season 3 of Retire Hoppy Click RetireHoppy.com/firewalkers for more information The idea for FIREwalkers came from our desire to improve financial literacy and our belief that the FIRE movement is a great fit I became aware of the FIRE (Financial Independence Retire Early) movement shortly after I joined Twitter in November 2017 We attended FinCon 2019 in September which reinforced our intention of doing a podcast about financial independence Episode 034 contains the introduction to FIREwalkers which will eventually be released as FW 001. To get a better idea of what FIREwalkers is about, I recommend listening to episode FW 002 "Can Anyone Achieve Financial Independence" when it becomes available in mid-October 2019. It features our guests Doc G and Paul Thompson from the excellent What’s Up Next Podcast. I will release the first 3 episodes using the Retire Hoppy RSS feed and also on a new RSS feed for FIREwalkers. The RSS feed is how podcast apps such as iTunes pick up the show. Starting with FW 004, FIREwalkers will only be available from the FIREwalkers RSS feed. So it will be necessary to subscribe to FIREwalkers no later than episode FW 003. The new FIREwalkers home page will contain links to subscribe. In the introduction to FIREwalkers we talk about what the show is about, who we are and who the show is for. Beer Segment Our beer selection is from The Beer Research Institute, Mesa AZ The beer is a NE style IPA called Blackberry Urban Art. 5% ABV and 50 IBU New England style IPA brewed with lactose, fermented with London Fog yeast and dry hopped with Citra and Denali. Color is hazy and looks kind of purplish Smooth and flavorful

19 MIN2019 SEP 18
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RH 034 Introducing FIREwalkers and Urban Art

RH 033 Retirement Down the Road and Tower Station

Show Notes Retirement Segment Our guest is Jacob Merrill, 65, married with 2 kids Has an engineering degree and moved to Phoenix for a job Plans to retire within the next couple of years As retirement gets closer he is doing more research into getting ready for retirement Uses a financial planner for part of his portfolio His planner was especially helpful in managing his parent’s finances One of his retirement role models is his grandmother. She lived below her means and got rid of most of her material possessions. His other role model was his parents – in terms of how not to do it. His mother had over 30 credit cards and lived in her house way past her ability to manage it. Jake intends to take the honeymoon path after he retires. His biggest concerns about retirement are unexpected medical bills and the stock market crashing. His contingency planning is continuing to work. His final thought is that it’s important to keep money invested in stocks Beer Segment The beer segment begins at 10:40. Mother Road Brewing, Flagstaff, AZ Named after Route 66 The beer is their flagship IPA – Tower Station Tower Station and U Drop Inn opened in Shamrock, TX in 1936 It is now a gift shop and visitor center 7.3 ABV and 70 IBUs, unfiltered Beer Advocate rates it as outstanding

14 MIN2019 AUG 22
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RH 033 Retirement Down the Road and Tower Station

RH 032 Advertising Disruption and a Beer Battle

Show Notes Retirement Segment Summary of Retire Hoppy podcast episode 32 Rick’s career was selling broadcast (TV and radio) advertising Worked about 40 years There were many signs that the industry was undergoing massive restructuring. His job went away in July Nov 2016 and he moved to Scottsdale in Nov from Chicago Lots of Chicago influences in Phoenix Started investing early with IRA contributions. Eventually they broadened his investments into more funds Was pleased with their financial situation when they moved to Arizona His money is managed by the private bank of Chase back in Chicago When Rick saw that he job was going away, he sought work with competitors but didn’t find anything he liked. He felt that he still had more to contribute His adjustment to retirement went smoothly He enjoys golf and pickle ball Rick’s advice to young people starting out is if you don’t like a job don’t stay in it because it becomes work. Rick’s first job was to run a molding machine for his dad. The Interstate Commerce Commission paid a visit and discovered he was only 14 told him he couldn’t work there. Rick pays attention to the material that Chase bank sends him He is satisfied with their results Beer Segment The beer segment begins at the 12:10 mark. Rick had his first beer at age 14 (don't turn him in) He got into craft beer because he lived near Goose Island Brewing For anyone who has an interest in beer Rick recommends reading: Barrel Age Stout and Selling Out – The Story of Goose Island and An Bush and How Craft Beer Became Big Business. Also a good read on business Today we compare two IPAs, one from Goose Island another from Ballast Point. Goose Island IPA Chicago, IL Style: English India Pale Ale (IPA) Alcohol by volume (ABV):5.90% Availability:Year-round IBUs 55 From Goose Island: "Our India Pale Ale recalls a time when ales shipped from England to India were highly hopped to preserve their distinct taste during the long journey. The result is a hop lover’s dream with a fruity aroma, set off by a dry malt middle, and long hop finish." Ballast Point Sculpin San Diego, CA Style: American IPA Alcohol by volume (ABV):7.00% Availability:Year-round IBUs 70 Originally named Northstar IPA. Debuted in 2005. Ballast Point was more flavorful and less bitter It was declared the winner Beer Advocate agrees awarding Ballast Point Sculpin a 4.38 (out of 5) and Goose Island IPA a 3.7

21 MIN2019 JUL 26
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RH 032 Advertising Disruption and a Beer Battle

RH 031 Craft 64

Show Notes Retirement Segment Recorded on location at Craft 64 in Old Town Scottsdale Scott Hagen is one of 4 co-owners. He is originally from Scottsdale. The building is an adobe house built in 1937. It’s one of the original buildings on Main St. Prior to starting up Craft 64, Scott had a 20 year career in negotiating government contracts for Honeywell, Northrop Grumman and Electronic Data Systems in Phoenix and Washington DC. After receiving an inheritance, Scott, recently divorced, decided to retire early in order to focus on raising his kids. Scott manages his money with help from his father who retired at 60. He favors Vanguard index funds in part due to low fees. After a year his kids asked why he didn’t work (and he was ready for a change), so he began to look for something new to do. He connected with friends who were looking to open a brewery and Craft 64 was born. The name refers to the fact that when Craft 64 was opened, there were 64 breweries in AZ. There are now 110. Scott says quality is the key to success. Quality of ingredients, service and people. Building on the success of Craft 64 in Scottsdale, they’ve opened a second location in Chandler AZ Scott has a business background and shortly after opening he realized that he isn’t in the restaurant business. He’s in the happiness business which includes many factors such as quality, ambiance and food. A lesson learned. Restaurants are very difficult and not a good way to supplement income. Scott's investment risk was mitigated because he could absorb a loss. Fortunately that was not an issue. Couple of things he carried over from his business background are management style, the importance of retaining good staff and how to price. Scott doesn’t believe that financial intelligence depends on a person’s age. People of all ages make good and bad financial decisions. They do not brew on site. They use a contract supplier who follows their recipes in terms of procurement and brewing. Beer Segment The beer segment begins at 11:30. Craft 64 We tasted all eight of Craft 64’s beers in 2 flights of four. Here are the first 4 beers. The first is a mango Shandy A Shandy is a combination of lemonade and beer The ABV is no more that 4.5% It's very easy to drink a lot of! You get a little bit of beer on the back end but it really tastes like lemonade with a little bit of mango The second beer is their flagship beer – Crafty Blonde It's a blonde lager (conditioned at low temperatures) Most craft beers are ales in part because they take less time to brew. Ales take 2 ½ to 3 ½ weeks whereas lagers take twice as long. It’s 5% ABV The third beer is a hefeweizen. It started as an American wheat ale that they decided to convert to full-on hefeweizen. Scott is a fan of German hefeweizens which have notes of banana and/or spice. He prefers banana so this beer is brewed to bring that out. The fourth beer is an amber Scott thinks it’s the best beer they have on draft It’s lighter than traditional ambers You get some breadiness on the back end Scott requires all servers to become Cicerone trained First level Cicerones should understand how beer is made; the different styles and they should be able to direct customers to make an informed selection. Next up is the second flight of 4 beers. The first beer is Dubbel Trouble which is a Belgium dubbel. ABV = 6 ½ % The mouth feel is like bourbon. Very smooth and flavorful. No bitterness.

25 MIN2019 JUN 25
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RH 031 Craft 64

RH 030 Countdown to Retirement and Magic Hat #9

Show Notes Retirement Segment Our guest is recent retiree Lee Walsh of Raleigh NC Lee is a former telecom engineer Our topic comes from an AARP article about what you should do 5, 3 and 1 year - a countdown to retirement 5 years away See where you stand financially. This is a good time to use a high level summary retirement calculator like Vanguard’s Nest Egg. You can apply the rule of 25 X. Take your annual expenses and multiply them by 25.That’s how much you should have saved – at minimum. Pad your nest egg. Maximize contributions to employee sponsored plans such as a 401 k Pay down mortgage Paying more interest can help with taxes Invest conservatively but not too conservatively Stay invested in stocks to guard against longevity risk and as a hedge against inflation Avoid getting fired 47% end up retiring sooner than planned Make yourself valuable – take on extra assignments Mentor younger workers Have a rainy day fund to cover you if you have to job search 3 years away Use a detailed retirement calculator to customize results to your situation Update it annually It’s important to budget and the key to budgeting is documenting what you spend Check up on your Social Security Have a strategy for when to start benefits, i.e. early reduced benefits at 62 vs. full benefits at full retirement age vs. increased benefits (by 8% a year) if you delay receiving benefits beyond full retirement age Outliving one’s savings is the number one risk of retirees. Social Security is an insurance program. The longer you wait to start benefits, the more you reduce your longevity risk. Be sure to apply for Medicare at age 65 1 year away Test drive your budget - try living on your retirement budget for 6 months. Consolidate accounts – move any 401 k or IRA accounts from previous employers’ plans into your brokerage account for better control and more options. Take advantage of health insurance – get things taken care under your employer sponsored health insurance before you leave. Beer Segment The beer segment begins at the 17:00 mark. The beer selection came from our guest Lee – Magic Hat #9 The Magic Hat brewery is in Burlington, Vermont Each bottle cap contains a saying – sort of like a beer fortune cookie. They produce 175,000 barrels annually Magic Hat is owned by Florida Ice and Farm Company which itself is headquartered in Costa Rica ABV is 5.1 with 20 IBUs. Available year round. Our bottle caps read: Milk a cow until it says wow; I love a hoppy ending; and Imagination is more valuable than money. Thin head, floral, hazy Good aroma, kind of floral and fruity Can definitely taste the apricots Lee’s into fruity beers and considers #9 a treat Roy and I would drink it once in awhile Overall impression is that it’s a good beer

23 MIN2019 MAY 23
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RH 030 Countdown to Retirement and Magic Hat #9

RH 029 Benefits of Exercise and Bell’s Oberon

Show Notes Retirement Segment If you stop exercising, it is very difficult to work yourself back to where you were. The benefits of exercise include lowering stress levels, better health, longer life, weight control, lower risk of heart disease and diabetes and lower risk of mental decline. Bill enjoys mountain biking and hiking which he says is a great way to lower life’s frustrations. Regardless of age, you can regain muscle mass which is critical to maintain mobility and being able to perform the basics. Roy enjoys running as does Ted. It's a form of meditation. Bill spends summers in Ohio and Michigan. His recreational options are limited. One challenge of exercising as we age is that there’s always something bothering us physically. The reality is that a day will come when we’ll have to modify our exercise routine. The key is to keep moving. According to our retirement survey, 30% are exercising. It takes only 150 minutes a week to get the benefits of exercising. Be sure to take some time off to rest and recover. Beer Segment The beer segment begins at 10:30. Bill is an accomplished home brewer. He started with a home brewing kit which is the way everyone starts. Bill talks in depth about brewing. It took him years to reach brew a beer that made him feel that he had taken home brewing to another level (he used Sierra Nevada’s recipe for their Celebration Ale). Bill entered a Scottish Ale in the Ohio state fair and won! He overcame many problems in the brewing process and almost decided against entering it. Bill’s beer choice is Bell’s Oberon which is an American wheat ale which is brought out in the summer. ABV is 5.8%, IBUs 26 with a 6 month shelf life. Bell's ferments Oberon with their signature house ale yeast, mixing a spicy hop character with mildly fruity aromas. The addition of wheat malt lends a smooth mouth feel, making it a classic summer beer.

23 MIN2019 APR 23
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RH 029 Benefits of Exercise and Bell’s Oberon

RH 028 The 6 Stages of Retirement and Goose Island

Show Notes Retirement Segment I’ve produced an article and video presentation on the 6 Stages of Retirement. It is the most popular subject I have ever produced. At the time of this posting, theYouTube video has over 8,300 views. The 6 Stages were developed in 1975 by Gerontology Professor Richard Atley. Pre-retirement Retirement Disenchantment Reorientation Retirement Routine Termination of Retirement We didn't discuss pre-retirement because I have covered both the financial and non-financial aspects in previous posts and podcasts. Note that I consider the 5 years prior to retirement, regardless of when, to be the pre-retirement stage. What defines it as a stage is the conscious effort to link actions and preparations to a planned retirement date. Stage 2 is retirement and is further subdivided into 3 paths that retirees take. Honeymoon (I took this path which is the most common) Immediate retirement routine (Roy took this path) Rest and relaxation Stage 3 is disenchantment where some experience regrets about retiring I experienced disenchantment while Roy did not. Stage 4 is reorientation. It applies to those who experience disenchantment and those who took retirement path 3 because eventually you need to do something purposeful in retirement. In order to reorient my retirement (Retirement 2.0) I started by taking an inventory. I asked myself a series of questions such as did I miss work, did I miss my paycheck and did I miss feeling productive. Ultimately I determined that my disenchantment wasn’t tied to work-related issues but to a life-long personal issue that resurfaced now that I had more personal time. In March 2012 I read a book called Forgiveness is a Choice: A Step by Step Process for Resolving Anger and Restoring Hope by Robert Enwright. I worked all the exercises. Through that process I was able to effectively deal with the issue that was affecting my retirement satisfaction. Stage 5 is retirement routine where life is comfortable. In fact, I wrote one of my favorite articles about my retirement routine: Live for Today - Routinely. Stage 6 is termination of retirement. No further explanation offered or needed. The 6 Stages helps us understand what is normal. It helps prepare us for what is coming. Beer Segment The beer segment begins at the 13:10 minute mark. Our beer is Goose Island Bourbon Barrel Aged Imperial Stout from 2017 meaning it has been aged for over an additional year. GI was a pioneer using bourbon barrels to age beer. They use barrels that have aged bourbon for 8 years and then they age their beer between 8 – 12 months in those barrels. The process takes place in a non-climate controlled environment in Chicago to allow the barrels to expand and contract. Each barrel is used only once. Beers that have short shelf lives are not good candidates for aging. Dark beers such as porters and stouts are good candidates for aging. Aging doesn’t make a beer better just different. The ABV is 14.1% and the IBUs 60. The aged beer is extremely dark, smooth and with no bitterness. Flavor notes of bourbon, coffee and caramel. Excellent! A great way to experience aging beer is to buy two bottles and drink one immediately and take notes to compare with the eventual aged one.

19 MIN2019 MAR 20
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RH 028 The 6 Stages of Retirement and Goose Island

RH 027 Stock Market Declines and Hop Rising

Show Notes Retirement Segment 2018 was the worst December since the Great Depression. The DOW was down -5.6% and the S&P 500 -6.2%. For reference the DOW lost -34% and S&P 500 -37% during the 2008 financial meltdown. Additional factors that increase investor anxiety Most market volatility since 2008 Recency bias – the tendency to think what’s been happening will continue Loss aversion – people prefer avoiding losses vs. acquiring equivalent gains For more on investment biases check out: Our Biases Hurt How We Invest 3 Scenarios Roy’s situation Doesn’t have a pension Is not eligible or has not opted to receive Social Security Relies on their IRA and/or after tax investments for income Is not old enough to qualify for Medicare Sufficient cash reserves - not dependent on selling securities to meet living expenses Retiring into a declining market Sequence of returns risk Scenario 1 Roy’s investments are 100% managed by his financial advisor Roy was feeling considerable anxiety as his paper losses mounted in 2018 He lost the equivalent of his outstanding mortgage His advisors apparently rebalanced his portfolio which considerably slowed down his losses which allowed Roy to “relax” Scenario 2 This is essentially my case. Our investments are grouped (logically) into buckets. So our paper losses occurred in money that was sitting 10 years out. In this scenario, it’s more about perspective and being prepared. Put 2018 into perspective. In 2017 the DOW rose +25% and the S&P 500 +19%. This exceeds the historic average annual return of 7.8% for the DOW and 9.8% for the S&P 500. Both the DOW and S&P 500 pay dividends. The DOW ETF (DIA) is currently yielding 2.25% and the S&P 500 ETF (SPY) 2.04%. The receipt of dividends reduces the impact of capital losses. On average, markets are up 3 out of 4 years. So over time, the trend is up but it is not linear. Portfolio diversification and rebalancing can reduce your losses. Consider using a bucket strategy which separates investment types into time-based “buckets”. Scenario 3 Sequence of returns risk means the order in which good and bad years occurs can have a powerful impact on how long retirement assets will last. Affect is greater for people who have to rely on withdrawing money from their stock market accounts vs. someone who can meet their expenses through pensions and SSA Ensure that retirement planning includes contingency Structure income to cover non-discretionary expenses. This can include pensions, SSA benefits, bond ladder and annuities. This has the added benefit of lowering the volatility of your portfolio and thus sequence risk. Dial down spending and reduce expenses to lower withdrawal rate Consider delaying retirement, i.e. the one more year effect Change SSA or pension election options Search for income opportunities Beer Segment The beer segment begins at the 11:20 mark. Squatter’s Hop Rising Double IPA Squatters Pub Brewery opened in downtown Salt Lake City on September 5, 1989 Salt Lake Brewing Company now operates 5 brewpubs, a wine and ale house and employees over 500 “A mighty hop-lover's dream. Hop rising adds malty backbone to an intense Imperial IPA. This insanely smooth dry-hopped ale has everything: 9% ALC/VOL, 72 IBUs” Available in 19 states mostly in the west but also in Wisconsin, Nebraska, Rhode Island and MA

17 MIN2019 FEB 19
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RH 027 Stock Market Declines and Hop Rising

Latest Episodes

RH 036 FW 003 Live from FinCon 2019

Show Notes This episode was recorded live atFinCon 2019from the Washington DC Hilton September 2019. The show features 8 short interviews with: Dragon Guy andDragon Gal fromDragons on FIRE Joanne fromMoneyGodmotherBlog Steven fromRxforFIRE Claudia fromMsEngineeredWealth Becky fromTwentyFree Dryden fromSacredMoneyStudios Kathe Kline fromRockYourRetirement Bob Wheeler fromTheMoneyNerve Hop Stop There is no beer tasting with this episode.

24 MIN2019 NOV 8
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RH 036 FW 003 Live from FinCon 2019

RH 035 Episode FW 002 of FIREwalkers

Show Notes Our guests are Doc G and Paul Thompson from theWhat’s Up Next Podcast Our topic is: Can Anyone Achieve Financial Independence We discuss: How Doc G and Paul teamed up Whether there is a minimum level of income in order to achieve FI Doc G provides examples of people who have done so with very little income and observes that many wealthy people do not achieve FI According to Doc G and Paul, mindset is the most important factor for FI Having a positive mindset is empowering The journey to FI is not about sacrifice Minimalism is valuing what is important to you Frugality is getting those things you want, at the lowest cost Service and paying it forward are part of the journey Privilege is relative and no doubt is an advantage Claire talks about her parent’s journey from China to the US and their savings and investing habits She mentions how her parents made her save something from her allowance Hop Spot To listen to our beer tasting go to: FW 002 Show Notes

23 MIN2019 OCT 21
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RH 035 Episode FW 002 of FIREwalkers

RH 034 Introducing FIREwalkers and Urban Art

Show Notes Retirement Segment We are introducing a new podcast called FIREwalkers in lieu of doing season 3 of Retire Hoppy Click RetireHoppy.com/firewalkers for more information The idea for FIREwalkers came from our desire to improve financial literacy and our belief that the FIRE movement is a great fit I became aware of the FIRE (Financial Independence Retire Early) movement shortly after I joined Twitter in November 2017 We attended FinCon 2019 in September which reinforced our intention of doing a podcast about financial independence Episode 034 contains the introduction to FIREwalkers which will eventually be released as FW 001. To get a better idea of what FIREwalkers is about, I recommend listening to episode FW 002 "Can Anyone Achieve Financial Independence" when it becomes available in mid-October 2019. It features our guests Doc G and Paul Thompson from the excellent What’s Up Next Podcast. I will release the first 3 episodes using the Retire Hoppy RSS feed and also on a new RSS feed for FIREwalkers. The RSS feed is how podcast apps such as iTunes pick up the show. Starting with FW 004, FIREwalkers will only be available from the FIREwalkers RSS feed. So it will be necessary to subscribe to FIREwalkers no later than episode FW 003. The new FIREwalkers home page will contain links to subscribe. In the introduction to FIREwalkers we talk about what the show is about, who we are and who the show is for. Beer Segment Our beer selection is from The Beer Research Institute, Mesa AZ The beer is a NE style IPA called Blackberry Urban Art. 5% ABV and 50 IBU New England style IPA brewed with lactose, fermented with London Fog yeast and dry hopped with Citra and Denali. Color is hazy and looks kind of purplish Smooth and flavorful

19 MIN2019 SEP 18
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RH 034 Introducing FIREwalkers and Urban Art

RH 033 Retirement Down the Road and Tower Station

Show Notes Retirement Segment Our guest is Jacob Merrill, 65, married with 2 kids Has an engineering degree and moved to Phoenix for a job Plans to retire within the next couple of years As retirement gets closer he is doing more research into getting ready for retirement Uses a financial planner for part of his portfolio His planner was especially helpful in managing his parent’s finances One of his retirement role models is his grandmother. She lived below her means and got rid of most of her material possessions. His other role model was his parents – in terms of how not to do it. His mother had over 30 credit cards and lived in her house way past her ability to manage it. Jake intends to take the honeymoon path after he retires. His biggest concerns about retirement are unexpected medical bills and the stock market crashing. His contingency planning is continuing to work. His final thought is that it’s important to keep money invested in stocks Beer Segment The beer segment begins at 10:40. Mother Road Brewing, Flagstaff, AZ Named after Route 66 The beer is their flagship IPA – Tower Station Tower Station and U Drop Inn opened in Shamrock, TX in 1936 It is now a gift shop and visitor center 7.3 ABV and 70 IBUs, unfiltered Beer Advocate rates it as outstanding

14 MIN2019 AUG 22
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RH 033 Retirement Down the Road and Tower Station

RH 032 Advertising Disruption and a Beer Battle

Show Notes Retirement Segment Summary of Retire Hoppy podcast episode 32 Rick’s career was selling broadcast (TV and radio) advertising Worked about 40 years There were many signs that the industry was undergoing massive restructuring. His job went away in July Nov 2016 and he moved to Scottsdale in Nov from Chicago Lots of Chicago influences in Phoenix Started investing early with IRA contributions. Eventually they broadened his investments into more funds Was pleased with their financial situation when they moved to Arizona His money is managed by the private bank of Chase back in Chicago When Rick saw that he job was going away, he sought work with competitors but didn’t find anything he liked. He felt that he still had more to contribute His adjustment to retirement went smoothly He enjoys golf and pickle ball Rick’s advice to young people starting out is if you don’t like a job don’t stay in it because it becomes work. Rick’s first job was to run a molding machine for his dad. The Interstate Commerce Commission paid a visit and discovered he was only 14 told him he couldn’t work there. Rick pays attention to the material that Chase bank sends him He is satisfied with their results Beer Segment The beer segment begins at the 12:10 mark. Rick had his first beer at age 14 (don't turn him in) He got into craft beer because he lived near Goose Island Brewing For anyone who has an interest in beer Rick recommends reading: Barrel Age Stout and Selling Out – The Story of Goose Island and An Bush and How Craft Beer Became Big Business. Also a good read on business Today we compare two IPAs, one from Goose Island another from Ballast Point. Goose Island IPA Chicago, IL Style: English India Pale Ale (IPA) Alcohol by volume (ABV):5.90% Availability:Year-round IBUs 55 From Goose Island: "Our India Pale Ale recalls a time when ales shipped from England to India were highly hopped to preserve their distinct taste during the long journey. The result is a hop lover’s dream with a fruity aroma, set off by a dry malt middle, and long hop finish." Ballast Point Sculpin San Diego, CA Style: American IPA Alcohol by volume (ABV):7.00% Availability:Year-round IBUs 70 Originally named Northstar IPA. Debuted in 2005. Ballast Point was more flavorful and less bitter It was declared the winner Beer Advocate agrees awarding Ballast Point Sculpin a 4.38 (out of 5) and Goose Island IPA a 3.7

21 MIN2019 JUL 26
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RH 032 Advertising Disruption and a Beer Battle

RH 031 Craft 64

Show Notes Retirement Segment Recorded on location at Craft 64 in Old Town Scottsdale Scott Hagen is one of 4 co-owners. He is originally from Scottsdale. The building is an adobe house built in 1937. It’s one of the original buildings on Main St. Prior to starting up Craft 64, Scott had a 20 year career in negotiating government contracts for Honeywell, Northrop Grumman and Electronic Data Systems in Phoenix and Washington DC. After receiving an inheritance, Scott, recently divorced, decided to retire early in order to focus on raising his kids. Scott manages his money with help from his father who retired at 60. He favors Vanguard index funds in part due to low fees. After a year his kids asked why he didn’t work (and he was ready for a change), so he began to look for something new to do. He connected with friends who were looking to open a brewery and Craft 64 was born. The name refers to the fact that when Craft 64 was opened, there were 64 breweries in AZ. There are now 110. Scott says quality is the key to success. Quality of ingredients, service and people. Building on the success of Craft 64 in Scottsdale, they’ve opened a second location in Chandler AZ Scott has a business background and shortly after opening he realized that he isn’t in the restaurant business. He’s in the happiness business which includes many factors such as quality, ambiance and food. A lesson learned. Restaurants are very difficult and not a good way to supplement income. Scott's investment risk was mitigated because he could absorb a loss. Fortunately that was not an issue. Couple of things he carried over from his business background are management style, the importance of retaining good staff and how to price. Scott doesn’t believe that financial intelligence depends on a person’s age. People of all ages make good and bad financial decisions. They do not brew on site. They use a contract supplier who follows their recipes in terms of procurement and brewing. Beer Segment The beer segment begins at 11:30. Craft 64 We tasted all eight of Craft 64’s beers in 2 flights of four. Here are the first 4 beers. The first is a mango Shandy A Shandy is a combination of lemonade and beer The ABV is no more that 4.5% It's very easy to drink a lot of! You get a little bit of beer on the back end but it really tastes like lemonade with a little bit of mango The second beer is their flagship beer – Crafty Blonde It's a blonde lager (conditioned at low temperatures) Most craft beers are ales in part because they take less time to brew. Ales take 2 ½ to 3 ½ weeks whereas lagers take twice as long. It’s 5% ABV The third beer is a hefeweizen. It started as an American wheat ale that they decided to convert to full-on hefeweizen. Scott is a fan of German hefeweizens which have notes of banana and/or spice. He prefers banana so this beer is brewed to bring that out. The fourth beer is an amber Scott thinks it’s the best beer they have on draft It’s lighter than traditional ambers You get some breadiness on the back end Scott requires all servers to become Cicerone trained First level Cicerones should understand how beer is made; the different styles and they should be able to direct customers to make an informed selection. Next up is the second flight of 4 beers. The first beer is Dubbel Trouble which is a Belgium dubbel. ABV = 6 ½ % The mouth feel is like bourbon. Very smooth and flavorful. No bitterness.

25 MIN2019 JUN 25
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RH 031 Craft 64

RH 030 Countdown to Retirement and Magic Hat #9

Show Notes Retirement Segment Our guest is recent retiree Lee Walsh of Raleigh NC Lee is a former telecom engineer Our topic comes from an AARP article about what you should do 5, 3 and 1 year - a countdown to retirement 5 years away See where you stand financially. This is a good time to use a high level summary retirement calculator like Vanguard’s Nest Egg. You can apply the rule of 25 X. Take your annual expenses and multiply them by 25.That’s how much you should have saved – at minimum. Pad your nest egg. Maximize contributions to employee sponsored plans such as a 401 k Pay down mortgage Paying more interest can help with taxes Invest conservatively but not too conservatively Stay invested in stocks to guard against longevity risk and as a hedge against inflation Avoid getting fired 47% end up retiring sooner than planned Make yourself valuable – take on extra assignments Mentor younger workers Have a rainy day fund to cover you if you have to job search 3 years away Use a detailed retirement calculator to customize results to your situation Update it annually It’s important to budget and the key to budgeting is documenting what you spend Check up on your Social Security Have a strategy for when to start benefits, i.e. early reduced benefits at 62 vs. full benefits at full retirement age vs. increased benefits (by 8% a year) if you delay receiving benefits beyond full retirement age Outliving one’s savings is the number one risk of retirees. Social Security is an insurance program. The longer you wait to start benefits, the more you reduce your longevity risk. Be sure to apply for Medicare at age 65 1 year away Test drive your budget - try living on your retirement budget for 6 months. Consolidate accounts – move any 401 k or IRA accounts from previous employers’ plans into your brokerage account for better control and more options. Take advantage of health insurance – get things taken care under your employer sponsored health insurance before you leave. Beer Segment The beer segment begins at the 17:00 mark. The beer selection came from our guest Lee – Magic Hat #9 The Magic Hat brewery is in Burlington, Vermont Each bottle cap contains a saying – sort of like a beer fortune cookie. They produce 175,000 barrels annually Magic Hat is owned by Florida Ice and Farm Company which itself is headquartered in Costa Rica ABV is 5.1 with 20 IBUs. Available year round. Our bottle caps read: Milk a cow until it says wow; I love a hoppy ending; and Imagination is more valuable than money. Thin head, floral, hazy Good aroma, kind of floral and fruity Can definitely taste the apricots Lee’s into fruity beers and considers #9 a treat Roy and I would drink it once in awhile Overall impression is that it’s a good beer

23 MIN2019 MAY 23
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RH 030 Countdown to Retirement and Magic Hat #9

RH 029 Benefits of Exercise and Bell’s Oberon

Show Notes Retirement Segment If you stop exercising, it is very difficult to work yourself back to where you were. The benefits of exercise include lowering stress levels, better health, longer life, weight control, lower risk of heart disease and diabetes and lower risk of mental decline. Bill enjoys mountain biking and hiking which he says is a great way to lower life’s frustrations. Regardless of age, you can regain muscle mass which is critical to maintain mobility and being able to perform the basics. Roy enjoys running as does Ted. It's a form of meditation. Bill spends summers in Ohio and Michigan. His recreational options are limited. One challenge of exercising as we age is that there’s always something bothering us physically. The reality is that a day will come when we’ll have to modify our exercise routine. The key is to keep moving. According to our retirement survey, 30% are exercising. It takes only 150 minutes a week to get the benefits of exercising. Be sure to take some time off to rest and recover. Beer Segment The beer segment begins at 10:30. Bill is an accomplished home brewer. He started with a home brewing kit which is the way everyone starts. Bill talks in depth about brewing. It took him years to reach brew a beer that made him feel that he had taken home brewing to another level (he used Sierra Nevada’s recipe for their Celebration Ale). Bill entered a Scottish Ale in the Ohio state fair and won! He overcame many problems in the brewing process and almost decided against entering it. Bill’s beer choice is Bell’s Oberon which is an American wheat ale which is brought out in the summer. ABV is 5.8%, IBUs 26 with a 6 month shelf life. Bell's ferments Oberon with their signature house ale yeast, mixing a spicy hop character with mildly fruity aromas. The addition of wheat malt lends a smooth mouth feel, making it a classic summer beer.

23 MIN2019 APR 23
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RH 029 Benefits of Exercise and Bell’s Oberon

RH 028 The 6 Stages of Retirement and Goose Island

Show Notes Retirement Segment I’ve produced an article and video presentation on the 6 Stages of Retirement. It is the most popular subject I have ever produced. At the time of this posting, theYouTube video has over 8,300 views. The 6 Stages were developed in 1975 by Gerontology Professor Richard Atley. Pre-retirement Retirement Disenchantment Reorientation Retirement Routine Termination of Retirement We didn't discuss pre-retirement because I have covered both the financial and non-financial aspects in previous posts and podcasts. Note that I consider the 5 years prior to retirement, regardless of when, to be the pre-retirement stage. What defines it as a stage is the conscious effort to link actions and preparations to a planned retirement date. Stage 2 is retirement and is further subdivided into 3 paths that retirees take. Honeymoon (I took this path which is the most common) Immediate retirement routine (Roy took this path) Rest and relaxation Stage 3 is disenchantment where some experience regrets about retiring I experienced disenchantment while Roy did not. Stage 4 is reorientation. It applies to those who experience disenchantment and those who took retirement path 3 because eventually you need to do something purposeful in retirement. In order to reorient my retirement (Retirement 2.0) I started by taking an inventory. I asked myself a series of questions such as did I miss work, did I miss my paycheck and did I miss feeling productive. Ultimately I determined that my disenchantment wasn’t tied to work-related issues but to a life-long personal issue that resurfaced now that I had more personal time. In March 2012 I read a book called Forgiveness is a Choice: A Step by Step Process for Resolving Anger and Restoring Hope by Robert Enwright. I worked all the exercises. Through that process I was able to effectively deal with the issue that was affecting my retirement satisfaction. Stage 5 is retirement routine where life is comfortable. In fact, I wrote one of my favorite articles about my retirement routine: Live for Today - Routinely. Stage 6 is termination of retirement. No further explanation offered or needed. The 6 Stages helps us understand what is normal. It helps prepare us for what is coming. Beer Segment The beer segment begins at the 13:10 minute mark. Our beer is Goose Island Bourbon Barrel Aged Imperial Stout from 2017 meaning it has been aged for over an additional year. GI was a pioneer using bourbon barrels to age beer. They use barrels that have aged bourbon for 8 years and then they age their beer between 8 – 12 months in those barrels. The process takes place in a non-climate controlled environment in Chicago to allow the barrels to expand and contract. Each barrel is used only once. Beers that have short shelf lives are not good candidates for aging. Dark beers such as porters and stouts are good candidates for aging. Aging doesn’t make a beer better just different. The ABV is 14.1% and the IBUs 60. The aged beer is extremely dark, smooth and with no bitterness. Flavor notes of bourbon, coffee and caramel. Excellent! A great way to experience aging beer is to buy two bottles and drink one immediately and take notes to compare with the eventual aged one.

19 MIN2019 MAR 20
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RH 028 The 6 Stages of Retirement and Goose Island

RH 027 Stock Market Declines and Hop Rising

Show Notes Retirement Segment 2018 was the worst December since the Great Depression. The DOW was down -5.6% and the S&P 500 -6.2%. For reference the DOW lost -34% and S&P 500 -37% during the 2008 financial meltdown. Additional factors that increase investor anxiety Most market volatility since 2008 Recency bias – the tendency to think what’s been happening will continue Loss aversion – people prefer avoiding losses vs. acquiring equivalent gains For more on investment biases check out: Our Biases Hurt How We Invest 3 Scenarios Roy’s situation Doesn’t have a pension Is not eligible or has not opted to receive Social Security Relies on their IRA and/or after tax investments for income Is not old enough to qualify for Medicare Sufficient cash reserves - not dependent on selling securities to meet living expenses Retiring into a declining market Sequence of returns risk Scenario 1 Roy’s investments are 100% managed by his financial advisor Roy was feeling considerable anxiety as his paper losses mounted in 2018 He lost the equivalent of his outstanding mortgage His advisors apparently rebalanced his portfolio which considerably slowed down his losses which allowed Roy to “relax” Scenario 2 This is essentially my case. Our investments are grouped (logically) into buckets. So our paper losses occurred in money that was sitting 10 years out. In this scenario, it’s more about perspective and being prepared. Put 2018 into perspective. In 2017 the DOW rose +25% and the S&P 500 +19%. This exceeds the historic average annual return of 7.8% for the DOW and 9.8% for the S&P 500. Both the DOW and S&P 500 pay dividends. The DOW ETF (DIA) is currently yielding 2.25% and the S&P 500 ETF (SPY) 2.04%. The receipt of dividends reduces the impact of capital losses. On average, markets are up 3 out of 4 years. So over time, the trend is up but it is not linear. Portfolio diversification and rebalancing can reduce your losses. Consider using a bucket strategy which separates investment types into time-based “buckets”. Scenario 3 Sequence of returns risk means the order in which good and bad years occurs can have a powerful impact on how long retirement assets will last. Affect is greater for people who have to rely on withdrawing money from their stock market accounts vs. someone who can meet their expenses through pensions and SSA Ensure that retirement planning includes contingency Structure income to cover non-discretionary expenses. This can include pensions, SSA benefits, bond ladder and annuities. This has the added benefit of lowering the volatility of your portfolio and thus sequence risk. Dial down spending and reduce expenses to lower withdrawal rate Consider delaying retirement, i.e. the one more year effect Change SSA or pension election options Search for income opportunities Beer Segment The beer segment begins at the 11:20 mark. Squatter’s Hop Rising Double IPA Squatters Pub Brewery opened in downtown Salt Lake City on September 5, 1989 Salt Lake Brewing Company now operates 5 brewpubs, a wine and ale house and employees over 500 “A mighty hop-lover's dream. Hop rising adds malty backbone to an intense Imperial IPA. This insanely smooth dry-hopped ale has everything: 9% ALC/VOL, 72 IBUs” Available in 19 states mostly in the west but also in Wisconsin, Nebraska, Rhode Island and MA

17 MIN2019 FEB 19
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RH 027 Stock Market Declines and Hop Rising

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