Latest / The Jon Sanchez Show / Same Marriage, Different Retirement: Are You And Your Spouse On The Same Retirement Page?
Transcript
- Jon G. Sanchez: Good Friday afternoon, Tio. Welcome to the John Sanchez Show on News Talk 780KOH. It's a pleasure to be with you this Friday, T G I F. Challenging week. Challenging week, but we made it through. We're all standing still. What a great day we had today, though. And unfortunately, still let us finish the week a little bit in negative territory, nothing major by any means. But yeah, nice rally today. Going to tell you all about it. What happened today, why it happened, and then we're gonna move into a a fun Friday topic. I'm going to lay off the financial side just a little bit for you. And I've titled today's show, Same Marriage, Different Retirement. Are you and your spouse on the same page? Folks, I can't tell you how many times when I sit down to help people plan their retirement. And the husband wants, or let me rephrase it. The husband has one idea of what he wants for his retirement. The wife has another idea of what she wants for her retirement. And somehow we've got to come together and meet it in the middle. So they're both happy and they both can live the financial life in retirement that they want. But there's much more than the financial side. I've shared the story a million times. I'm gonna do it a million one. I remember when I was a brand new broker, my dad retired. And my mom, who was always a stay-at-home mom, I said, Mom, how do you like dad's you know, he was like two weeks into retirement. I said, How do you like that? She goes, I hate it. I said, Whoa, what what do you mean you hate it? She goes, He's completely screwed up my routine. Cause this woman, you know, same time every day she put the laundry in, she didn't do the dishwasher, she had a set routine. And my dad disrupted it, right? So that was my introduction into, yeah. You can you can have common financial goals, but it do you have different lifestyle goals when it comes to retirement? So I thought it'd be a fun topic again. Nothing too heavy for our Friday. We're all tired. It's been a long, hot week. And yeah, let's go something again, kind of on the fun side. So let me get the stock market side going for you, and then we'll move over into that topic. So we didn't have any economic reports on the calendar today. What we wanted to see, as I mentioned yesterday, was a follow through, right? We had a, you know. Obviously, a very, very significant sell-off in the in the market yesterday when the the Dow lost over 700 points, 704 to be exact. The NASDAQ yesterday was down 264. SP lost 67. The culprit yesterday, rising oil prices, rising bond yields. Again, Treasury Secretary Bassent came out yesterday for the second time and said, Hey, we're gonna accelerate this. we can make it bigger, I should say, not accelerate, but make it bigger. This bond buying program he announced the day before of you know, going in and buying basically 20 and 30 year bonds, some of the tens a little bit. and then I told you, you know, both days, yesterday and the day before, the street didn't like it. And they still don't like it. So today was a real test to see how much they didn't like it. and I'll say we didn't pass the test because bond yields went up again. What was different this time around, the stock market didn't go the opposite direction. And you know, frankly, we had a lot of reasons to. Luckily, oil, which was up earlier in the day, finished down with about a dollar eight loss. But you know, if you look at the bond yield side of things, like I said, if that's the number one concern of institutional investors, they brushed it aside today because bond yields did move up right across all the maturities, but the stock market also went up. So nice, nice little fail of that test there. I like failing those kind of tests, right? so let me tell you how we finished and then I'll Build up to what the heck actually happened. So we finished with a gain of 518 on the Dow, 0.98% to a close of 53,277. The Nasdaq rose 114 points, 0.44% to close at 26,180. And the SP rose 33 points or 0.43% to finish the day at 7,674. And I'm going to throw the Russell 2000 in. It had a nice gain for the small caps up 0.85% or 25 points to a close there of 3,017. So you know, again, overall a pretty strong day. Obviously, we didn't make back what we lost in the Dow yesterday. Still missed that by a couple points, a couple hundred points, but but definitely a step in the right direction. So the financial sector day offered a nice boost. crypto-related stocks did very well as the White House yesterday, you know, is really pushing for basically institutions to be more welcoming to cryptocurrency. So we saw, you know, we've seen this week a big run up in crypto prices. we saw the likes today of companies that deal with those a lot, like Robinhood today jumped 14%, Coinbase up about 8%, so on so forth. So, you know, so we had some some pretty decent pockets of strength. but you know, when when it was all said and done, of course, we have to look and see how we really finished as far as the tone of the market. So there's a lot of jitteriness out there. I can use that slang word there. A lot of jitteriness. People are very concerned. They don't know what's going on. Institutions, like I said, I've never seen this. I made this point yesterday. I want to make it again today. I have never seen in my career Wall Street firms coming out, and especially with Trump, and basically completely disagreeing with him. And he's blaming, you know, the streets blaming him because, of course, Scott Basent, the Treasury Secretary, works for the president, quote quote. so the street's not happy with it. There's been like I said, a tremendous amount of criticism. Ever since that news was announced on Wednesday of the accelerated bond buy program. Because again, you know, once again, yeah, he's not a quote politician, but he's a politician. He's gonna he's gonna say what this what he thinks the street's gonna, you know, wants to hear. And the street's too smart for that, right? The street's like cause they they really pitched this to the US public. I'll I'll back up for those not not sure really kind of what happened. They kind of pitched this whole accelerated bond buying program as a great way to bring down interest rates without the Federal Reserve having to bring down interest rates, which we know they're not in any big hurry to do that. But they also pitched it as a a way to decrease the the the the government's debt, the country's debt, which we know is now forty trillion basically. Well the street's like, no, that's not what you're doing whatsoever. All you're really doing is a bond's maturing, you're turning around and buying another one. That's all you're doing. And you know, instead of doing the normal, you're doing, you know, again, two to four billion dollars. so so the street came out and it, like I said, really said, look it, don't try to pull the wool over our eyes. We're not that stupid, and we don't like this. So that's why you you had yields moving up today because the street is still, you know, very very unconvinced that this is going to be the right move. Many are saying, Essentially what you've done now, Mr. Bissent, is you are now pitching the Treasury against the Federal Reserve. You're you're you're supposed to work together, but that's not the case in in the street's eyes. And so no one, like I said, I I've yet to see one comment from any major Wall Street firm or strategist saying, hey, this was a great move by the government this week. But it, you know, you saw the result yesterday. The street, if if it does not like something, it will find any reason and every reason in the world to to begin you know selling things off. as one strategist, chief strategist at KBRA said. background here is very unforgiving at the moment. There's this cocktail of a concern that has risen up regarding the credit and the bond or KBRA, by the way, is a credit and bond rating agency, but regarding this topic. So, like I said, I I could spend the end, you know, numerous hours going through all the details, but you get my point that it was not very well received by the street. All right, so now let's go to today. What happened today? One nice thing, because I know many of you own gold, it was a nice surge in gold prices today. $110 and fifty cent rise, close at four thousand six eighty ten. So we saw our local Newmont mining doing very well today up three point zero nine percent, three dollar and ninety-four cent gain to one hundred-one fifty-eight. freeport Mac Moran up five dollars and forty-five cents, seven point six five percent rise to seventy-six sixty-five. by the way, I should mention this that it just in the month of August, we've seen well, nearly six hundred dollar increase in in gold prices per ounce. Pretty pretty substantial. Silver added about two point one percent today to sixty-nine fifty-six an ounce. Now let's go to another big story of the week, which was the announcement a couple days ago with Moderna, indicating that you know, they along with Merck have really made some excellent cancer vaccine strides with a new drug that they are working on. They haven't filed for FDA yet. Stock had a huge member, it had a what a hundred and seventy one point or a hundred and seventy one percent gain. On Wednesday, gave a little bit back yesterday. Today Martinro moved back up eleven dollars and eighty-one cents, eight point eight six percent to a price of one forty-five thirteen. let's see. I want to mention Tesla, because this is kind of a local story in a sense. It's a state of Nevada. this Tesla moved up today. let's see, final move was $17.73 gain of 5.14% to $362.86, because down south in Vegas, Nevada has approved robo taxi services in Clark County. So that was a major one for for that. Raw stores, big earnings number on the upside this morning. They were a nice move. $10.05 gain, 4.39% to $239.04. Google, pretty quiet over in the tech space. $3.55 gain. Meta was up $4.07. Nvidia lost a little bit today, down $2.09, 0.96% loss to $214.76. All right. Now that we got another week under our belt, where do we set on a year-to-date basis? Here's where your major averages are for the year. The Dow's up 10.9%. NASDAQ is higher by 12.6. The SP is up 12.1. And the Russell 2000 performing so much better. It was not nearly as volatile as the major averages. Russell 2000 today, or excuse me, year to date up 21.6%. So world still loves small caps, even in a rising interest rate environment, which normally they don't, right? Young companies have to borrow a lot of money to grow. And normally you see small caps begin to sell off in a fear of a rising interest rate environment. Well, we don't have just a fear. I'll tell you when we come back, it is happening. But small caps being very, very resilient. Welcome back to the John Sanchez Show on New Stock 780 KOH. Happy Friday to all of you. Here is how we finished up when the dust finally sell it at one o'clock. As I said, a 518 gain on the Dow. The NASDAQ rose 113 and the SP up 33. All right, let's go to the commodities. Also, as I'd mentioned, a dollar eight decline in oil today. Thank goodness. 8707 a barrel. Gold rose 110.50 an ounce, 4,680 ten. And the ever so important 10 year treasury, again, edged up as I've been hinting. we had a four basis point increase on the 10-year. To a close of four point seven four percent. Ouch. And on the weekly basis, kind of again got lucky on this side of it. On the weekly basis, we're up four basis points on the the 10 year. do want to mention though, some of the other maturities, the the two year up six basis points for the week. Same with the three and the five. And then the third year ended up only being up one basis point for the week. But today it closed at a yield of five point two eight percent. Market started having problems earlier in the week when we hit around Five point two nine, five point three right around there. So that's kind of our our line in the sand that we have to see how the the market's gonna react if we if we hold there. All right, you're up to date on the market. Let's get down to our fun Friday real estate topic. But before I do, I want to give you a little reminder. Next Wednesday, every other Wednesday, we do this, and next Wednesday it is coming up. I want you to join me for my next educational webinar for the estate planning business, specialized trust in estate plans. We're titling it. The estate planning checkup. It's going to be at 6 p.m. next Wednesday, August the 26th. You know, you wouldn't go 10 years, let's say, without seeing a doctor. You wouldn't go 10 years without seeing your dentist. So why do so many people go that long, if not longer, without looking at their estate plan? You see, your plan isn't something that you set up once and you forget it. Over the years, your family changes, your assets change, the laws change right along with them. Plan that fit your lifestyle perfectly, say five or 10 years ago when you had the trust originally created, can quietly drift out of step. And you usually don't want to find out until it's too late to fix. Well, usually you're not going to find out. Your family's going to find out. So in this webinar, we're going to give your estate plan a checkup. We're going to walk through the pieces that matter the most. Your trust, your beneficiary designations, your powers of attorney, and how your assets are owned, and show you how to tell whether they still work together the way you intended, or maybe not. I want you kind of think of this as a physical for your estate plan. A little attention now can absolutely save your family a great deal of frustration later. So again, 6 p.m. next Wednesday, just go to my website, specializedrust.com, and you'll see the sign-up banner right at the top of the website. All right, let's get down to today's topic. Once again, it's gonna be a fun one. Same marriage, different retirement. Mm-hmm. Those of you that don't know what I'm talking about, well, you're in for a treat. Because this is real life stuff I'm bringing you. You know, you spent decades saving for retirement with your spouse. But have you ever asked your spouse what they actually want retirement to look like? What if you want to travel, but they want to stay home? You want to move and they refuse to leave. Well, today I'm going to be talking about the conversations every couple should have before retirement. And again, this isn't going to be on the financial side. This is about a little marriage counseling here for you. So imagine you've been married, let's say 30 years. You've raised your kids, you built your careers, you paid your mortgage, you paid your bills, you saved in your 401k, you did everything right. And for decades, both of you have been saying the exact same thing. Someday, someday, we're gonna retire. That's fantastic. But here's my question: Have you actually asked each other what retirement means? Let me repeat that. Have you ever actually asked each other what retirement means? Maybe the husband's retirement is a 40-foot motorhome with a big trailer behind it and traveling the country for the next six months. The wife's retirement is boy, I can vouch for this one, I'll share some stories. Grandchildren, gardening, and never ever sleeping anywhere that does not have room service. He's thinking about moving to Florida. She already told the kids that you're gonna have to carry me out of this house. I'm not going anywhere. She wants three international trips a year. He's excited that he'll finally have enough time to reorganize his shop. Again, financially, they're completely, completely prepared for retirement. But there's one little problem. They've prepared for two completely different retirements. So let me start my first segment on this. What does retirement look like to you? Now, this is the first question that couples should ask each other. Not how much money do we have together? Instead, what do you actually want our life to look like? Have you ever done that? I I bet I can count on one hand how many couples over my career have ever done this. So this conversation is again, what do you actually want our life to look like in retirement? Things like, where do you want to live? Do you want to travel? If so, how often? Do you want to work at all? What time do you imagine getting up each and every day? What hobbies do you want to do? How involved do you want to be with the grandchildren? Do you want to do some volunteer work? Do you want a second vacation home? What does an ordinary, I don't know, Tuesday, Wednesday, Thursday look like for you? And this last one is one of my favorites. Forget the Mediterranean cruise. What are the two of you doing on a random Tuesday in the month of February? That's retirement, folks. That's reality. Notice I'm not saying, again, anything about money. I'm talking about just getting along. Been married for 30 years, but this is a new chapter. You both are going to be together 24 hours a day, seven days a week. You wonder why there's a high divorce rate in this country and the you know the the the gray divorce, they call it? This is one of the reasons. People just are not used to being together in retirement. But I'm hoping to solve that. So, my next segment. I love this one that I've titled, Wait a minute, you're gonna be home every single day? Kinda what I said, the story about my mom and my dad. And here's why I say this. For 30 years, husband leaves at seven o'clock in the morning. The wife has her routine. I'm referring to my mom here. Or vice versa. Then suddenly, good morning, honey. It's Monday. Good morning. Tuesday. It's good morning. Wednesday. The wife looks at you and says, Why are you still here? Retirement can completely change the rhythm. You like that word? The rhythm of a marriage. And then again, as I said, suddenly you're together all day, all night, seven days a week. But you need to further your discussion and talk about the following. What's my personal space? How much can this person give me? Meaning my spouse. Separate hobbies. Rarely, rarely do I ever come across a couple that has the same hobbies. Rarely. You need talk about friends. Usually by this phase of life, you've really narrowed your list of friends down to probably five or so that are really truly close that you spend time with. But does he have his own set of friends? Does she have her own set of friends? Do you have common friends? How are you going to devote your time to them? What's our routine going to be? You're going to go from getting up at the crack of dawn for the last 30 years to sleeping into nine o'clock in the morning? Well, you need to talk about it. What Is each of yours individual interests. Remember, as I always say, what's your reason for getting out of bed in retirement? What's your interest? And then one other thing is, are you going to have any time apart? Now there's nothing wrong with, you know, one of you going off for two or three days to whatever, go visit family, go fish it, whatever the reason is. There's nothing wrong with that. doesn't show a weak marriage. We need to talk about that. Because one of you may say, I don't want to be apart from my spouse. I want to be involved in everything that he does or she does. And your spouse may be going, wait a minute, time out, dude. Or dudette. I need my personal space, right? I I need I I love you, but I'm with you 247. I need some personal space here. So yeah, I'm gonna go see the grandkids in, you know, Utah and you can stay home here in Reno for two or three days and fend for yourself. Because remember this you never retire from an individual. Never retire from an individual. And also, a successful retirement doesn't necessarily mean you have to spend 24 hours a day together. You have to find that balance. And that's again one of the big transition points in retirement. Not only is it the financial transition, but it's also the time with your spouse. All right, when we come back, we're finally going to go see the world. Tell you about that one in just a moment. Welcome back to John Sanchez show on Newstock 780 KOH. Bit of a down week, but a nice day today. Finished up five eighteen on the Dow, but now stock rose 113 and the SP five hundred higher by thirty-three. All right, same marriage, different retirement. Are you and your spouse on the same page? Let me continue on. Let's talk little bit about travel. So one spouse says, Huh, finally, we're both retired. We're finally gonna go see the world. By the way, that would be my my spouse, my wife. I hate airports. That would be me. Travel expectations completely different. One wants to go to Europe, cruises, the other wants RVs, national park, six-week trips, the other wants a weekend in Tahoe, stay home on Sunday. So compromise. Maybe one spouse takes a certain trip with friends, maybe shorter trips, maybe family trips. I see that a lot. Maybe one major trip annually instead of four. So travel, as you will find in retirement, is one of the largest discretionary expenses during the early retirement years. Clients tend to love to go take the cruises, the big trips, or you know, across the across the world during those first few years of retirement. Typically, what they'll tell me is, hey, I want to do this now, A, while I have the money, and B, while I have my health, that I can do it. I don't want to wait till later. But generally, again, rarely do you see both couples love to travel or both people love to travel. Again, I wrote that based upon my wife and I, as I've made it very clear, I absolutely hate to travel. I hate airports, I hate everything about traveling. I want to sleep in my own bed or in my own RV or on my own boat. I don't want to be in a hotel. I don't care how fancy it is. I don't care what great room service. I just don't like it. I don't like it. My wife, on the other hand, just again, bring me the room service, bring me the nice room. She could stay anywhere. But again, this is a very common problem. Next point. Big question. Where in the heck are we gonna live? Yeah, again, I'm gonna talk from personal experience here in a second. Husband says, you know what? I've had enough of this place. I'm gonna I'm a big fisherman. I'm gonna move to Florida. So I have great offshore fishing. So we're gonna sell this place in Reno. We're gonna move somewhere, quote, cheaper. The wife says, no, we're not. We are not going anywhere. Husband says, but really? We should downsize, save some money. Wife says, no, we should stay in the family home. Wife says we need to be closer to our children. Husband says maybe we need to be farther away from our children and grandchildren. Warmer climate, lower taxes, smaller property, age 55 plus community. You name it. Condo, you know, second home. You name it. There's an emotional issue that financial planning software cannot quantify. And that is this major asset that we call. Or home. One spouse says, Hey, look at this. And this would be me. We've got a nine hundred thousand dollar asset. We've got seven hundred thousand dollars in equity. The other spouse, usually the wife, says, But honey, this is where we raised our children. Well, neither one of you are wrong. Both of you have important issues. Until we get to number five. You've heard me refer to them as the magnet. Grandchildren, I'm referring to, and grandchildren can change everything. Everything. Maybe, you know, before the grandbabies were born, you did plan to downsize and move out of the area to somewhere cheaper. As soon as those beautiful little gods of angels appear, life completely changes. The grandbabies arrive. Suddenly you're gonna find men. Grandma isn't going anywhere. I don't care w how you try to negotiate, I don't care how much money you throw her away. I don't care how big or whatever it takes to entice her, she is not going to leave those grandchildren. I have run across this one myself. You know, I've got a what almost 20, yeah, 20 month, almost 21 month-old granddaughter, my grandson, about six months old. And my wife has made it very clear. We will never move away from the grandchildren. We moved them out to the ranch, matter of fact. That's how bad it is. So we get to see them every day. But I see this all the time. I've I've shared stories with you where I've seen, again, clients who are we have, you know, they've done the work. I've guided them, but you know, paid off the house, went into retirement, debt free, all kinds of assets, everything is great. And then they get the phone call. Hey, Dad, I just took a job in Kansas. Well, congratulations, son. But Dad, we're leaving. When are you leaving? Yeah, in a month. And I assume you're taking the grand babies? Of course I am, Dad. You turn to your wife and say, honey, the kids and the grandkids are moving to Kansas. And she will look you straight in the eye and say, When are we moving? That's moving the magnet. It's real life. If you're young and you're listening to me about this, you may be going, yeah, right. I'm telling you, I've seen it. I can't tell you how many times in my life with my clients, but now I am living it myself. I will never be able to move away from my grandchildren. Because of my I could do it. I mean, I'm a grandfather. I love my you know, they're beautiful. I love them. But if I wanted to really move somewhere, it'd like okay, I can, you know, see ya. I know it sounds kind of cool, but hey, you know what? If I'm in retirement, this is kind of my time. Grandma, no way in heck. No way in heck. She is not gonna leave this. She's made it very clear. And the other fun thing about the the magnet, as I'll call it, grandma probably wants to have no problem, she has no problem spending her free time doing what? Babysitting. If you went into my living room right now, because we have the grandkids right now as we speak, it's a disaster. Now I'm a clean freak. I'm an organizational freak. But I've learned when the grandchildren are over, I keep my mouth shut, let her be, and she's called Momo. I let her be Momo. I'm Papa. And I just sit back and just love on the kids and like, you know what? She'll clean the house when the kids are gone, but they're the grandkids are gone. But she loves babysitting. Loves, loves babysitting. We both love helping our kids, their parents. Of course, your time's gonna be consumed going to various athletic events, soccer games, football, baseball, et cetera. The family dinners, can't beat them. Love doing that. But then dad says, you know what? I didn't work 40 years to become a full-time babysitter. Guess what, buddy? You're gonna lose that battle too. Because you're not gonna be able to negotiate how much time grandma spends with the grandbabies babysitting and doing everything she she can do. Just just accept it. Just please accept it. It is not worth the argument that you're going to lose. I'm telling you, I've seen it way too many times. And I'm living it myself. I just I've learned to keep my mouth shut. And you know, that's pretty hard for me. So maybe you can negotiate and say, you know what, do you have to babysit every day, honey? you know. Luckily, what I have found, at least with my wife, is grandmas get tired, especially when they're very young as my grandchildren are. And so, yeah, after like the other day she had a babysitter all day long, she was beat. And I always look at her and I say, That's why God made it so younger women can have children, and not older one, because we just don't have the energy the older we get. But you know, you you gotta talk about it. And then of course, you start having the the financial discussions about these beautiful grandbabies, and you go. Hey, well, I just felded this one the other day. I've got two step grandchildren and and and two, you know, blood grandchildren, but the two step grandchildren. they're in sixth grade and fourth grade. Well, of course, they just went back to school. What does grandpa do? Of course, you guys need some money for clothes shopping, you know, to hand over a thousand bucks. Go shopping. So you're always willing to help out the grandchildren. Then of course you get into the bigger picture. Who's paying for college? Are we saving anything for them? So on and so forth. Vacations, cars, down payments. Again, are the adult kids kids party or your your retirement plan with that? You're realizing it? I bet they are. And there's nothing wrong with that. There's nothing wrong with that. Just know it. And like I've said many times also, don't be surprised when your old adult children, especially if they have your beautiful grandchildren, because they use those grandchildren as a as a bargaining chip, by the way. If you haven't seen that yet. And they'll realize that, hey, mom and dad are retired now. That means they got some bucks. So, you know, I'm not gonna hesitate to maybe ask mom and dad to help me out with that car payment or, you know, this or that expense. Because they know now that you have grandchildren, you're not gonna say no. Because what goes to your mind as a grandparent is. Of course, they're having you know, they're a young couple, they're having a hard time. Yeah, let me help them with the with rent this month or with their car pimp or something. Because if not, my gosh, they're gonna fight and that's gonna be bad for my grandchildren. See, everything comes back to their grandchildren. They are the most incredible bargaining chip ever created by God. But we love them more than life itself. When we come back, we'll talk about what happens if one of you are a spender, the other one is not. Welcome back to the John Sanchez show on New Stock 780K. I hope you've enjoyed today's topic. Same marriage, different retirement. Now let's move on to my next point. One wants to spend, the other one is terrified to spend. So now we gotta bring a little bit of money into the conversation. But we're gonna bring in money from an emotional standpoint. Two people can look at the same, I don't know, million, two million dollar portfolio. One says, financial freedom. The other says, huh, this is my life savings. It's my security. Don't you dare touch it. The spender says, hey, we can afford that trip. The saver says, What if we live to 100? We'll run out of money if we start blowing money on trips. And often the saver is not being irrational. They've spent 40 years. being rewarded for not spending their retirement money. Then one day we tell them, Guess what? Congratulations. Start spending your money. You're in that chapter of life. Psychologically, that's very difficult for some people. I've also said a lot of the upbringing that you have has a lot to do whether you're that spender or that saver. If you were raised by your parents, grandparents, etc., I bet if you look back, you're gonna have a lot of the same money management skills, both good and bad. So I should say skills and bad habits that your parents or grandparents. I I remember again, like it was yesterday, early in my career, I had this young gal, she was in her 30s. And she became a new client and you know, we sat down and went through all the normal questions, your risk, tolerance, your goals, et cetera. And I could not convince this woman for the life of me at 30 years old to invest, and I remember it wasn't a big portfolio, probably like five, ten grand or something, to invest into the stock market. She wanted CDs. And I I I I just could not figure it out. So I dug a little bit deeper. Well, come to find out, she was raised by her grandparents. Her grandparents were depression era babies. They're telling her as she's growing up and you know developing her own thinking, bury your money in the backyard. Don't trust banks, don't trust Wall Street, don't trust anybody. Keep that money safe and secure. And that's carried over into her adult life. Sometimes retirement planning, folks, is not about giving someone, quote, permission to retire. It's giving them permission to enjoy what they spent their lifetime building. And the reason I threw that in is because retirement planning is an art. It is not a science. Every one of you are different people. You have different risks. You have different dreams, different goals. But I'll tell you one commonality all of you have, if you're in retirement or going to be in retirement, and that is you're going to die at some point. Challenge is as retirement planners, we don't know when you're gonna die. We have to plan for worst-case scenario. Meaning you could live to be 100 years old. And that money needs to last you. But at the same time, life is short. We don't know when we're gonna, you know, not wake up one day. So we have to find that balance between enjoying life in retirement, not doing stupid things with our money, but also making sure that money's gonna last. Because no one wants to go back to work at 75 years old. But at the same time, enjoying and rewarding. That's something that retirement planning many times forgets about. Rewarding yourself for a lifetime of sacrifice. So there's not one clear formula I can tell you. It's a matter of trial and balance. You have to figure out what is it going to take to make you happy and spend a little bit and enjoy it, but not spend too much. Pretty basic. My next area. What if one of the spouses does not want to retire? Come across this many times. One spouse says, you know what? It's Monday morning. I'm done. I'm turning in my my 30-day notice. I'm done. I can't do this anymore. I'm tired. I'm bored. There's other things in life I want to do. Let's see what else do I hear? I don't want to adapt to new technology, i.e. I mean, there's a million you know reasons. The other spouse says, Wait a minute, what do you mean you're done? I love my job. So why in the world should they both retire simultaneously? Maybe one works another year, three years, five years, maybe part-time, maybe they consult. I've shared with you my stories with that. And this creates another relationship issue. And boy, I need to do a show on this one. One spouse is free, in other words, retired. The other says, no, no, no, I can't take that trip. No, I can't extend it into a three-day weekend. Why? Because I have meetings, I have deadlines, I have travel, I've got work responsibilities. The retired spouse says, Wait a minute. I wanted to go to Italy for a month. The working spouse says, wait a minute, I've got a job. So retirement doesn't have to happen simultaneously, but I always encourage my clients if you can make it happen and you both want to, it is so much more enjoyable and so much easier to both retire at the same time. So there it is. Same marriage, different retirement, different dreams, goals. Bottom line, it comes down to this. And we all know this as adults communicate with your spouse, find that happy medium. And enjoy the hell out of retirement life. God bless. Have a great afternoon. We'll see you tomorrow Monday on the John Sanchez show.