Latest / The Jon Sanchez Show / 10 Things Nobody Tells You About Retirement Until You Get There
Transcript
- Jon G. Sanchez: good Friday afternoon to you. Welcome to the John Sanchez show on News Talk 780 KOH. Pleasure to be with you, TGIF. We made it through another one. And hey, this is our last Friday of August. How do you like that one already? My goodness, where'd the time go? Where has it gone this year? As I was joking this morning with Ross Mitchell and the stock updates, it's gonna be yeah, before we know it, we're gonna wake up and it's gonna be Thanksgiving and then Christmas and then the year is gonna be over. It's it is flying by. Flying by. All right. Thanks again so much for joining me. Can you believe those temperatures too? out because it's given those temperatures. I'm like, are you serious? Yeah, we're in the 60s from being nearly 100. the weather's as finicky as the stock market by all means. Speaking of the stock market, let me tell you what I have lined up for you this Friday afternoon. It's been a long week for everybody. So I thought I'd do something a little bit light for you after I get through my stock market recap because got some heavy things to talk to you about on the stock market side of things today. I've titled today's show 10 Things Nobody Tells You About Retirement Until you get there. You know, I I think I've done a terrible disservice to you or for you because, you know, at least twice a week, I try to do it on Mondays and Fridays. I always try to touch on something, you know, investment slash retirement related. Wednesdays are always estate planning, Tuesdays and Thursdays or real estate, right? But I was thinking when I made this topic up today, I'm thinking, you know, I've never really educated people that are coming up on retirement. What nobody tells you about, right? It's great to sit here and talk about the monetary side. You need X amount of money and you withdraws and watch your cash flow and all the things I've I've touched on for so many years. But again, there's so many questions, right? Retirement is it can be the most wonderful time period or it can be the most miserable. It just depends upon a number of factors. How you have prepared for it, you know, obviously your financial situation, your health situation. if you, you know, find a reason to get out of bed, as I like to say, there's a lot of factors. But wouldn't it be great if before you retire, you were able to talk to somebody that's been retired as you know, for a number of years, and they can sit there and go, Hey, kid, I know you're 65 or whatever you are to retire. Hey, kid, let me tell you I what I wish somebody would have told me. And that's kind of what I've put together for you. I'd I've kind of gone back and thought, you know, what's some of the things that you know, our clients that are retired share with me. And I thought that would be a great Friday topic for you. It's not too heavy. It's gonna be, you know, some laughter and and really insightful bits of information. So looking forward to it. Again, gonna be a nice light way to to to wrap up the week. But first we got to get heavy. Let's roll up our sleeves and talk about what happened today. As I've been saying all week long, the big focus at the end of the week today was Kevin Warsh's speech at the Jackson Hole Economic Symposium. Everybody was talking about this. he's going to say something dramatic. He's going to worry the market, or he's not going to worry the market. You know, and as I said a couple times this week on the both my stock updates as well as the show, I said, you know, rarely does a Federal Reserve chairman say something to jar the markets, either for the good or the bad, at the Jackson Holt's symposium. last time was Bernanke, he did surprise the market, and I can't even remember what year it was, but he he did do it at that point. So We come into the meeting, starts at started at 7 a.m. Pacific Standard Time today. And I think the first thing on Kevin Worsh's mind, hopefully, who knows, was he needed to regrain regain some street cred, some street credibility. Because at his July press conference after the Federal Reserve interest rate decision, the street was very unhappy with him. And that's why we've seen so much gyration in the bond market. And then the Treasury Department, you know, not on not under his auspices, but you know, Scott Besent, the Treasury Secretary, you know, a couple days ago talking about this massive bond buying program the Fed's gonna be or the treasury's gonna be doing and yeah, all these things, right? The market's just been very confused, and that's why we've seen a lot of volatility in the interest rate side of things. So he had to come into this meeting. Basically, first goal, calm things down. Second goal, tell the street, you know, give them a little bit better idea. Of what the Fed's next move is going to be, so everybody can start to plan for it. So those were the goals and I'd say the objectives, not only of the chairman, but also of the audience. That's what they wanted to walk away with, a little bit more clarity after he muddied the waters back in that July news conference. So at this Jackson Hole speech this morning, he really gave a a more hawkish reading of the economy than he did in July. He said elevated prices needed to be in the Fed's main focus. And he described financial conditions as not being broadly restrictive, meaning interest rates aren't too high, which was a change, by the way, from his July news conference where he hinted the Fed was in a restrictive. Policy stance. And they were somewhat uneven. Now remember, he did that while swiping back at his critics and insisting that his policy of deliberate ambiguity about Fed policy is here to stay. In English, what he's saying is: I am going to be different than all of my predecessors that have had this job. I'm not going to be quite so forthcoming with news and information and hints and all these games. So That again is something new that the street is still trying to get used to. You have a chairman. Now, now remember, Jerome Powell did a lot of great things, a few bad things, not bad like he intended, but things that didn't quite work out, like inflation's transitory. but but one thing you can say about Jerome Powell, he was very transparent, right? He's the one that started the news conference after the Fed gave their interest rate decision, which again turned out to be a phenomenal event, right? We gain gained more information from the news conference by all means than you know from the the release of the the Fed interest rate decision. So that was a good thing. But he was also quite transparent you know in when he testified in front of Congress and various you know dinner, breakfast, lunch speeches and so on and so forth. Pretty easy to read the guy. Kevin Wars doesn't seem to be that way. Younger, more aggressive. and laser focused on bringing inflation down. Warsh said the following He said we can be held accountable for delivering on our remit, the only true test of our credibility. And he said this basically dismissing wildly echoed critiques that he has come across as not being credible from that July news conference. Now remember, the Fed will not meet. obviously, August is over. There was no meeting this month. They're not going to meet till mid-September. And he said he didn't explicitly, or I should say, he didn't explicitly say how the central bank would handle interest rates, but he dived into several of the critics. That recently made fun of him. Now, one of the harshest focuses on Walsh's description of how he sees the Fed's core mission of assessing and responding to inflation. The Fed has formally committed, as we all know, trying to keep inflation to 2% over the long term as measured by the personal consumption expenditure, the PCE price index. Now remember, that's north of 3% right now. So actually about a point three and a half percent to be exact. So some economists interpreted Walsh's w Warsh's muddled answers to reporters' questions last month as saying he may want to change that target, even as inflation remains elevated. Pardon me, it's not three and a half, it's three point seven memory slip there. So yeah, PCE's at three point seven, Fed wants it at two. That's a long way to go. Okay. But at this conference today, he did recommit to maintaining the two percent PCE goal, calling it firm fixed target. And then he went further He gave examples of how he uses multiple measures of inflation to reach the conclusion that elevated prices are a concern. He referred to the underlying components of the PCE inflation, saying 54% of the components of the PCE had been above 3% annualized inflation in the past 12 months, while 49% were 3% in the past six months. Hmm, so that tells you there's some problems there, right? He went on to describe those figures as being lower than. Than the recent pandemic inflation, but still above the long-term trend, an indication he believes the Fed may need to raise rates. He also referred to another gauge of inflation, the consumer price index, the CPI, which is running at 3.4%. He said none of these measures are perfect, but they all tell a similar story. Inflation is running above our 2% target. No kidding. So He said a good majority of my colleagues and I thought the wiser course was to wait for new information in the intermediate period. Yeah, okay, we know that also. He also addressed another critique of his performance in July that he wouldn't turn quickly to interest rates to fight inflation. Now, Trump, who had made it clear his desires to, of course, do lower rates, picked Warsh. Remember that. At Jackson Hole, Wars was unambiguous. He said short-term interest rates are the predominant tool. To achieve the dual mandate. And the minute those words came out of his mouth, we saw the short-term Treasury rates skyrocket. And then all the other rates began to move up after those comments. So that's how important this was. So just to give you a prime example on the interest rate side of things, the two-year today shot up 12 basis points. Now, remember the two-year Treasury, that is the one that is most sensitive. To where the street and the bond traders feel interest rates are going. So it's obvious. 12 basis point increase in one day. 12 basis point increase in one day brought the yield to 4.35. Wasn't long ago, folks. We had the 10-year treasury yield at 4.35. And that 12, that two-year, by the way, finished the week up 12 basis points. So now you see where the street is focusing. The street is believing for the most part that. we're the next move in September is going to be a quarter percent increase. Matter of fact, I was monitoring the the Fed futures contract throughout the day. This morning we're at a 35.4% probability of a quarter percent cut at the September meeting. After Mr. Worsh's speech today, that 35.4% shot up to fifty seven point five percent. So pretty substantial. Now, of course, that changes day by day, you know, hour by hour, basically. But not to bore you on a Friday, but the bottom line is overall, the street said, okay, Walsh is hinting based upon today's speech as well as what he, you know, said at the press conference back in July, that the next move by the Fed is going to be an interest rate increase. And that's when we saw yields go up. We saw the stock market immediately reverse. And we kind of finished on a on a lackluster fashion on the stock market. The numbers that I'll share with you when we come back weren't all that bad for the day. We kind of finished up for the week slightly. But it's where we were prior to his speech beginning. So I'll give you those details when we return. Back the John Sanchez Show on New Stock 780K, which happy Friday to all of you. All right, here's how we finished after the big Kevin Warsh speech today. Like I said, gave up our gains. Dow finished lower by just a mere nine points, but again, it's where we were. NASDAQ, though, not only did we come down off the highs, but we finished down 0.52%. That was 139-point loss on the NASDAQ to a close of 26,402. Dow, by the way, closed at 53,559. And the SP 500 for the day, also a quarter percent loss, down 19 points, finished the day at 7,711. On the commodity side, been very quiet this week in oil, down 23 cents today, 8338 a barrel. gold fell $135.90 to $4,528.40. Again, all related to movements and interest rates and so on and so forth. And the 10-year treasury, as I said, up five basis points to a yield of 472. For the week, however, the 10-year treasury was down two basis points. So looking at that weekly number didn't feel all that bad. How do we do in the markets for the week? The SP gained a half a percent. NASDAQ rose nine tenths of a percent, and the Dow was also higher by half a percent for my by the way, the first winning period in three weeks on the on the weekly basis. So yeah, we've been been having a little bit of a tough time. Now, where do we sit on a excuse me, on a year to date basis? Let's start off with the Dow, speaking of which we're up 11.4% for the year. SMB is higher by 12.7. NASDAQ has risen 13.6%. And the Russell 2000 still leading the pack with a 19.8% increase. Some of the movers in today's action: Amazon had a heck of a day up $10.17, 3.97% gain $266.43. Google, Alphabet up $5.17, a 1.53% rise to $3.42.88. Apple also had a good day. Rising $5.12, 1.63% to $319.70. Microsoft up $8.47, 1.68% to $5.13.58. Nvidia, though, yeah, you know, we had that big run-up after the earnings release on Wednesday, but we were a little soft on the stock yesterday and definitely today. Nvidia gave up $10.50, a 4.61% loss to finish at $217.48. Marvel technology, down $24.83. 10.28% loss to 216.62. They had a quarterly earnings report that came out, and yeah, it wasn't a good number. Workday was solid up $11.15, 5.3% rise to $204.72. And poor PayPal. Stock had been on a nice tear on a rumor. Well, I'll tell you that rumor is squashed now. PayPal lost $12, excuse me, $12.71%, $7.81 to $53.66. It was the worst performing stock in the SP $500 today, by the way. Earlier this morning, Bloomberg reported that Advent and Stripe consortium abandoned the plan leverage buyout valued at more than $50 billion, although the companies could resume discussions at a later date. So yeah, that was pretty much it in a nutshell. Those are your big movers. Like I said, a little bit of profit taking going on on the technology side. Nothing major, nothing fundamentally broke down. All right. Well, that said, you're now up to date. I've accomplished that. Now let me get to my next area of accomplishments I want to do for you, and that is talk to you about retirement. Something I love talking about. 10 things nobody tells you about retirement until you get there. You know, most retirement advice, as I said at the beginning of the show, focuses on getting you to retirement. And I'm there. Like I said, I have failed you. I've never touched on this subject. I should have. I'm going to do it more often because I want to get you there. But I need to also talk about some things that are not, you know, in the quote text, but so again, everybody's focused on getting you to retirement. You got save. You to max out your 401k. You to pay down debt. You got to decide when to take Social Security. You have to build the income plan. Well, all of that is very important. Otherwise, I wouldn't be talking to you about it all the time. But then one day something happens that we've spent almost no time preparing for. You actually retire. Monday morning comes. There's no alarm clock. Nobody needs you at the office or on the job side. You have no meetings on the calendar. You have no commute you have to make. Don't have to make your lunch. You don't have to rush out the door at, you know, 6:30 in the morning to be at work. You have no deadlines. And for the first couple of weeks, you think, my God, this is exactly what I've dreamed of for, you know, the last 35 to 40 years of my working life. This is everything that I wanted. This thing called retirement is awesome. Then Tuesday morning rolls around. And let's say it's three months later. Okay. You've already cleaned the garage twice. You watched every Favorite show that you ever wanted to binge watch on Netflix. Your spouse is wondering why you're still following her around the house. And then you start thinking, wait a minute here. Is this really retirement? Is this what I've worked so hard for? So again, today I'm going to be talking to you about 10 things I wish somebody had told you before you retired. Not just about the money, but about the life side of retirement. And if you're already retired, I want you keeping score. Think about what I'm gonna talk about, which one of these I got right, and which one you would love to add. And if you want to add them, give me a call. 852 Talk. It's really simple. All right. So when I come back, we're gonna start down our list of 10 things nobody tells you about retirement until you get there. Hmm. Back to John Sanchez show on News Talk 780K. All right, gonna get into our topic once again. 10 things nobody tells you about retirement until you get there. But first, a quick recap of today's activity. Again, big speech by Kevin Warsh, our new Federal Reserve Chairman out of Jackson Hole. And Street took it away that the Fed's really starting to lean a little bit more towards the side of the next move being a quarter percent interest rate increase at the September meeting. so the street ran up bond yields, stock market came down. Dow lost just nine points, but again, we were much higher before the speech began. NASDAQ gave up 139 and the SP down 19 points. All right, let's go easy now. It's Friday afternoon. You guys are tired. I'm tired. Let's talk about some fun things. Again, 10 things no one tells you about retirement. All right, let's start with number 10. I'm gonna go in reverse order. What the heck? Retirement doesn't feel like a permanent vacation. You know, we all dream about retirement. What's it gonna entail? Golf, travel, travel, One of my favorite fishing, sleeping late. Nah, I'm not gonna do that in retirement. No, you know, 45 or 60 minutes for lunch and take long lunches. You have no alarm clock. That's a vacation. But retirement, retirement is life. What do I mean? Well, guess what? You still gotta go help out and do some grocery shopping, still gotta clean the house, still have bills to pay, still gotta go to doctor's appointments, still gotta do laundry. Still got to fix things around the house. You're still gonna sit in traffic, just not on a commute. Bottom line, in retirement, you're still gonna have bad days. But the difference is this. Work no longer provides the framework around everything else that you do. Right? As we work, we only have a few hours each day, and then maybe a weekend if you're lucky, to catch up on all these things. In retirement, obviously, we don't have that job. So we have all day to do these things. You know what I tend to see happen with clients, however? It's very interesting. I find that not everybody, but a few that come to mind, and they'll admit this, they've actually gotten lazy in retirement. Meaning when they were working and they had a limited time to get things done, they got it done. Right? The honeydews around the houses, I like to call them. But in retirement, since they don't have to go to work on Monday, what they normally would get done on the weekends, now they're like, I can get to that next week. I can get to that next month. Well heck, maybe even next year, because there's no deadlines. So they say, I s I've I've really gotten lazy. I'm sleeping in. I'm staying up late and I'm not getting things done. That's not good for the mental health. So remember, a vacation when we're working is enjoyably or is is is is enjoyable, I should say, because you're taking a break from the norm, from the daily routine, the grind, the work and all the house chores, et cetera. But retirement, it requires you to build something new, right? So that's a it's completely different. So if you go in, I see this all the time, people go into into retirement thinking it's a 24-hour day, seven-day a week vacation. It really isn't. From that standpoint. Again, you're you're you got to build something new, and there's gonna be a lot of changes. Like the next one. Number nine, you may miss work more than you expect. Again, hear this one all the time. But it's not necessarily the job that you miss, right? You you you left that job if you left on your own fruition because you didn't enjoy it anymore, right? You you you woke up one day and you said, That's enough. I I just don't enjoy it for whatever the reason is. So you're probably not gonna miss the boss. Or if you're no business owner, you're not gonna miss the employees or the customers. You're not gonna miss the commute, you're not gonna miss the meetings, the deadlines. But what would you miss? Well, you may miss the people that you associated with, whether it was employees, clients, customers, so on and so forth. People, right? We love being around people. We learned that during COVID. We as a society, we do not do well when we can't talk to other people and be around other people. We're pack animals. May find you miss the routine. That's the fear that I have when when and if I ever retire. I am routine oriented. And man, you screw up my routine. Not good. The other one I'm fearful of, just to bleed my heart to you, and I know a lot of men are out there this way, the fear of being needed, right? We love to be needed. We really do by our family, our friends, our clients, so on and so forth. We also are going to miss solving problems. And especially if you were in a line of work that was your whole day. If you were an engineer, again, if you were in management or an owner of a business, all day long you're doing nothing but solving other people's problems. And people miss that. Accomplishment, this one strikes home with me too. I like to accomplish things each and every day. I love to set short-term goals, long-term goals, and I love to achieve them. So you have to shift your mindset. You know, no longer is your goal to You know, advance up the corporate ladder, or if you're in small business to make a certain amount of money, what's going to be your accomplishment goals when you're retired? Status. I'm going to get to that one in more detail, but you where I'm going with that one. A lot of us have status in the positions that we have. And we have identity, right? It's not right, but it's human nature. We identify with what we do for a living. I'm this, I'm that, you know. I'm a firefighter, I'm a teacher, I'm a business owner, financial advisor, I'm an engineer, a contractor, whatever it may be. Then when you're retired, people say, Hey, you know, John, what do you do? Well, I'm retired. And you kind of see them like, okay, big deal. So's a million other people. That hurts a man's ego usually. Women, not so much. Man's ego gets hurt. So if you're here's a question I have for you. If your career disappeared tomorrow, how much of your identity would disappear with it? Let's go number eight. I love this one. Your spouse already has a life. my goodness. All right, men, you retired on Friday today. Monday morning rolls around. You wake out of, get up out of bed, you have no alarm, but you still get up early and you turn to your wife and you go, Hey honey, hey, you you know, like the little kid pulling on the mom's dress. Hey, honey, what are we gonna do today? She looks at you and she goes, What are we gonna do today? We aren't doing anything. I'm going to my Pilates class. Then I have lunch with the girls at one o'clock. And then I'm gonna go see my grandchild at four. well, can I tag along on some of those? You know what I'm going with that? She's already has her life, or vice versa, right? If the man's been a stay-at-home husband and father, same type of thing. She retires. Hey honey, what are we gonna do today? Bottom line, you're gonna screw up your spouse's routine. You really are. So she says, you know, we aren't doing anything. I'm going to my Pilates class and, you know, go figure it out on your own. Imagine telling that to somebody who, again, had hundreds of people answering to him and routine and a powerful position, and now he can't even go spend the day with his wife. Because for years, both of you have developed your own routines, right? Friends, activities, responsibilities, hobbies. Then one of you retires and assume, great, now we get to be together for 24 hours a day, seven days a week. But maybe your spouse didn't receive that memo. Remember this, retirement does not mean you need to become your spouse's full-time hobby. Please do not do that. Because in a healthy retirement, there's things that you obviously want to do together. And as I've said a few times on this topic, I love it when both husband and wife get to retire at the same time. Or one's maybe has always worked at home or you know, managed the household. Now you know the other gets to finally come home and retire. They get to go do things together. But remember, the key to successful retirement is yes, doing things together. But the key also to success are doing things separately. Sure, you have friends together. You should also have friends that are separate. And please give each other some personal space. I've seen more people become miserable in retirement when they crowd each other, they screw up the other's routine and They're trying to be together 24-7. And then one of the spouse whispers to me, it's like, he's just bugging the, you know what, out of me. He's around all the time. John, can you talk to him about getting a hobby or doing something? That's facts. Number seven, you may spend more money at first, not less. And folks, let me tell you, I've counsel counseled you on this for years. Wall Street says the opposite. You're going to spend 70 to 80% of your retirement or of your Working income in retirement. BS. I've done this for 36 years. You don't. You spend a whole bunch more. 100, 110, 120% is what we see with our clients for the first couple of years. Then it gets back down to normal. Now, why is that? Because people say, I'm going to spend less when I retire. But really, what happens? Suddenly you have seven Saturdays a week. Do you tend to more spend more money on the weekend than during the week? I know I do. But guess what? You're retired. Now every day is a weekend. So what do you tend to do? You travel more, you play golf, you go to go out to eat more. you know, if you got treated yourself to new RV when you retired, you got fuel, you got travel costs. The grandchildren, well, I'm learning that one. They are not cheap. Entertainment, we're gonna go out to the ACES baseball game, we're gonna go do this, we're gonna go do that. Much more than when you're working. And hobbies. Hobbies are not cheap for in most cases. So finally you have time to do everything you've spent the last 40 years postponing and dreaming of. So those first few years of retirement may be quite active and potentially expensive. And remember that honeydew list that's been building up, you know, the windows that need to be replaced, the flooring that needs to be replaced, on and on and on. Now you're gonna go, huh, I've got the time to do it now. Do you go spend the money and do it? That's why these first few years of retirement, because it's so new, you travel much more, you spend more money, bottom line on all kinds of things. Well, when you, you know, you need to plan for that when you build the retirement and the income plan, plain and simple. Number six, I'll come back. Travel is wonderful, but you may not want to travel forever. Welcome back to the John Sanchez Show on News Talk 780KOH. All let's wrap things up. 10 things nobody tells you about retirement until you get there. I'm on number six. I know I'm going backwards. Travel's wonderful, but you may not want to travel forever. Because, see, in retirement, you picture, I'm going to Italy, France, Alaska, that dream cruise, whatever it is, RV across the country. Fantastic. I hope you do it. But after several years, hmm, airports get old. Packing gets old, hotels get old, being away from home for six weeks can get really old. And also let's not forget, your physical ability can change. That's why I like to think about retirement in stages. Let's break that down. Early retirement. You're probably going to be most active here. That's when you do travel, go for life experiences, adventures. Later in retirement, Potentially more home centered. You're gonna spend more time with family, friends. Want to be comfortable, sit in front of the fireplace instead of going up to the ski resort. That's typically what happens. So it's really important to not automatically postpone everything you've dreamed of doing until someday. Because that someday may not happen. And I see it all the time with clients. Yeah, they they wait, they want to save, save, save, save, save. They don't want to go out and do that cruise or whatever that activity they've dreamed of doing. we'll we'll do it, you know, five years, 10 years into retirement. And then lo and behold, here comes a health problem. And they never get around to doing it. that breaks my heart. Number five, your social circle can shrink. Now, in my opinion, this one is not discussed enough. You see, a huge percentage of someone's social interaction may come from their coworkers, again, clients, customers, industry friends, business lunches, meetings, conferences, so on and so forth. Then here comes retirement. Those relationships, yeah. They don't necessarily disappear, but many of them are going to change. Now, maintaining friendship requires intentional effort, right? You're not going to be able to just walk to your favorite buddy's cubicle and say, hey, good morning, GA, what are you doing this weekend? You want to go fishing? You want to go, you whatever you want to do? Nope. It's going to require some intentional effort. Stay in touch with your core group. You need them. Again, we're pack animals. So the relationship, I want you to keep in mind on this. A $4 million, $5 million, $10 million portfolio doesn't guarantee a fulfilling Tuesday afternoon. Your friends do. But make the effort to stay in touch, be active with them. Number four, you need something to retire to. I don't love the classic question, when do you want to retire? I instead want to ask my client, what are you retiring to? If the answer is, I don't know. I just don't want to work anymore. I hate my job. Okay, cool. I understand that. That's a reason to leave work. But it's not yet a retirement plan. Again, as I've said a million times, you have to ask yourself, what is going to get you out of bed each and every morning? What is your new purpose in life? Maybe it's your grandchildren, travel, golf, fishing, volunteering, mentoring, teaching, starting a small business, whatever it is. Have that purpose. Because retiring from something is easy. Retiring to something, that takes a little bit of effort and a little bit of planning. Number three, you may have trouble spending the money. wait a minute. You just got to tell me I'm going spend more in my first couple of years. Yep. But then what did I say? You're going to get it a few years after retirement, and things are going to kind of get back to norm from the From the the spending standpoint. This surprises a lot of people. Cause again, you spent 40 years saying, I gotta save, I've got to save, I gotta save. Don't touch the 401k, don't touch the savings account. Then you retire, and now you start spending it. And your brain says, wait a minute, are you crazy? This isn't the way we're brought up. This feels unnormal. I I can't I can't go take $10,000 out and go take a trip or, you know, go do whatever I want to do. Because for discipline savers, again, it's embedded in your mind, right? You've been doing this, have the same mindset since probably you're a young adult and you've been saving. So for the discipline savers, the transition from accumulation to distribution can be psychologically damaging. Even though your financial plan may say, hey, take the trip, buy the car. You know how many times I taught clients into buying new cars when they go into retirement or again an RV or something? Enjoy some of the money. You can't take it with you. There's a balance. But many of you, of course, have enough money accumulated that you can have money, plenty of money to live for the next 30 35 years, but enjoy it. Number two, health becomes more valuable than money. I can't go into details. I'm running out of time. And then number one, Retirement goes a heck of a lot faster than you think. At 40, retirement seems forever away. At 60, it's coming. At 65, it's here. Then suddenly you're 70, 71, 75, and someone says, Where'd the time go? Please, folks, plan for your retirement, but most importantly, enjoy it. You deserve it. God bless. Have a great afternoon. We'll see you on Monday on the John Sanchez Show.