Yield to Reason Podcast | Retirement Income Planning Insights

Brandon Roberts | Retirement Income Planning Expert
  • 5.0 (3)
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In an era where traditional accumulation strategies often fall short, I've made it my mission to guide you toward a more reliable and stress-free approach to retirement planning.​The reality is stark: nearly 51% of Americans worry about outliving their savings, and 70% of retirees wish they had started saving earlier. Furthermore, 55% of Americans worry they won't achieve financial security in retirement. These statistics highlight a pervasive unease about the future.​My strategy is simple and effective, by shifting the focus from mere wealth accumulation to generating consistent income we can alleviate these concerns. You can easily create a steady cash flow that aligns with your financial needs, offering tangible results and peace of mind.​Join us as we delve into strategies that prioritize income creation, challenge conventional financial wisdom, and empower you to take control of your financial destiny. Together, we'll explore how real wealth writes checks.

  1. 3D AGO

    Avoiding the Un-Retirement Debacle: Preparation is Trickier than you Think

    Send us a text Seven percent of American retirees are returning to work—not from boredom, but because they can't afford to stay retired. That's 550,000 more people than last year facing this harsh reality. This episode breaks down the data behind un-retirement and provides actionable strategies to build a portfolio that can withstand retirement's financial pressures. The primary culprit? Insufficient guaranteed income. Retirees with the lowest levels of guaranteed income from Social Security, pensions, or annuities face the highest un-retirement risk. But you don't necessarily need an annuity to avoid this fate—you need a strategic approach to income-focused investing combined with smart growth allocation. KEY TAKEAWAYS: • Cost of living drives 50% of un-retirements (vs. 15% from boredom) • Retirees with highest guaranteed income rarely un-retire • Income-focused portfolios can generate 6%+ yields vs. traditional 4% withdrawal rates • A 6% yield requires only $850K for $50K annual income vs. $1.25M at 4% • Early retirement equity allocation should be 20-40%, rising to 60-80% over time • Starting income investing years before retirement compounds benefits significantly CHAPTERS: 00:00:21 - Introduction: The Un-Retirement Crisis The growing trend of retirees forced back to work and what the data reveals 00:01:11 - Why Retirees Return to Work Breaking down the numbers: 50% can't afford retirement vs. 15% are bored 00:03:20 - The Growing Problem 7% of 55 million retirees planning to un-retire—that's Wyoming's entire population 00:04:39 - Who's At Risk? Demographic factors and why guaranteed income matters most 00:06:10 - The Guaranteed Income Advantage Social Security, pensions, and annuities: what the data shows about security 00:08:38 - Income-Focused Investing Strategy Why traditional portfolios fail and how to build income-generating assets 00:23:21 - The Role of Growth Assets Balancing sequence-of-returns risk with long-term portfolio growth (20-40% early, 60-80% later) 00:26:06 - Your Action Plan to Avoid Un-Retirement Calculate realistic income needs, transition to income assets, consider timing advantages

    32 min

  2. FEB 2

    Framework for Analyzing Closed-End Funds: Spotting Distribution Cut Risk

    Send us a text Learn to protect your retirement income by identifying vulnerable closed-end funds before they slash distributions. This episode breaks down five essential metrics every DIY investor should monitor to build a more resilient income portfolio. WHY THIS MATTERS FOR YOUR RETIREMENT Distribution cuts in CEFs trigger price drops, creating double trouble: lost income AND capital losses. Understanding these warning signs helps you avoid funds at risk and select more sustainable income investments for your retirement years. THE 5-METRIC FRAMEWORK 1. COVERAGE RATIO - Does the fund earn enough to pay what it promises? Above 100% means net investment income covers distributions. Below 100% isn't automatic panic, but demands investigation. Equity funds may show lower coverage due to capital gains not counted in NII. Fixed-income funds need tighter coverage. Quick proxy: rising NAV suggests healthy coverage. 2. LEVERAGE - Industry average is 33%. Moderate leverage amplifies returns; excessive leverage amplifies risk. Monitor trends—increasing leverage under pressure signals trouble ahead. 3. RETURN OF CAPITAL - Not inherently bad, but context matters. Equity funds may use ROC strategically. Fixed-income funds returning capital regularly face sustainability questions. Watch for persistent ROC trends. 4. UNDISTRIBUTED NET INVESTMENT INCOME - Cash reserves matter. Positive reserves provide distribution cushion. Negative reserves mean the fund lives paycheck-to-paycheck, vulnerable to any income disruption. 5. NAV PERFORMANCE vs DISTRIBUTIONS - Compare NAV growth to yield over multi-year periods. Fixed-income funds need NAV growth near or exceeding distributions. Equity funds have more flexibility due to unrealized gains. Red flag: distributions persistently outpacing NAV growth. THE BIG PICTURE No single metric screams "sell now." Analyze trends over 12-24+ months. Combine multiple deteriorating metrics to identify genuine risk. Your goal: spot problems early and build an income stream that survives market turbulence. CHAPTERS 00:00:20 - Introduction: CEF Analysis Framework 00:01:19 - Why Distribution Cuts Equal Capital Losses 00:02:23 - Metric #1: Coverage Ratio Explained 00:08:32 - Metric #2: Leverage and Industry Averages 00:12:46 - Metric #3: Return of Capital 00:21:56 - Metric #4: Undistributed Net Investment Income 00:23:03 - Metric #5: NAV Performance vs Distributions 00:24:13 - Fixed Income vs Equity Fund Differences 00:27:05 - Time Frames for Effective Analysis 00:29:25 - Putting All Five Metrics Together 00:30:25 - Closing Thoughts For more retirement income strategies, visit yieldtoreason.com or subscribe on YouTube. Remember: Real wealth doesn't just add up—it writes checks.

    31 min

  3. JAN 26

    Does High Investment Yield Mean High Investment Risk?

    Send us a text "When More Isn't Better: The Hidden Dangers of Chasing Yield" Episode Overview Does higher yield always mean better returns? In this episode, we tackle one of the most seductive—and dangerous—assumptions in income investing: that if a little yield is good, more must be better. The research tells a different story. We explore why chasing yield can become your financial undoing and provide practical frameworks to help you identify when a distribution is sustainable versus when it's a red flag signaling trouble ahead. For DIY investors building resilient retirement portfolios, understanding the difference between attractive yield and risky yield is essential. This episode gives you the analytical tools to evaluate income investments beyond the headline number, focusing on what really matters: sustainable, reliable cash flow that won't disappear when you need it most. Key Topics Covered The Risk Landscape Beyond Principal Loss (02:04) Understanding Yield Risk and Income Risk (04:15) Critical Yield Thresholds by Asset Class (09:22) REITs: The 5.5% Warning Line (11:55) Closed-End Funds: Leverage, NAV, and the 8% Ceiling (14:55) Covered Call ETFs: The 10% Reality Check (18:37) Master Limited Partnerships: Energy Infrastructure Complexity (21:46) Coverage Ratios: The Universal Metric (25:25) Terminal Funds: A Special Consideration (27:01) Critical Takeaways for DIY Investors The allure of high yield can override careful analysis, but sustainable retirement income demands discipline. Higher yields generally indicate higher risk, and understanding where yield crosses from attractive to dangerous is essential for building a portfolio that won't fail you in retirement. Each asset class has different risk characteristics and different sustainable yield ranges. A REIT paying 7% isn't the same as a covered call ETF paying 7%—the underlying mechanics are entirely different, and the sustainability implications vary dramatically. Context and asset class understanding matter more than the headline number. Return of capital isn't automatically disqualifying, but it demands investigation. For MLPs, some ROC is normal and expected. For REITs and CEFs, consistent high ROC percentages signal distributions exceeding what the investment actually earns, which is unsustainable. Your brokerage platform provides distribution breakdown information—use it to understand what you're actually receiving. Coverage ratios reveal the truth about distribution sustainability. If an investment consistently pays out more than it earns, the math inevitably catches up through distribution cuts or principal erosion. Temporary shortfalls in a single payment period might be manageable, but year-over-year patterns of distributions exceeding results should raise serious concerns. The income investor's primary risk isn't share price volatility—it's distribution cuts. While declining share values create reinvestment challenges, as long as your income stream remains intact and covers your expenses, short-term price movements matter less. However, a distribution cut hits you twice: reduced income and typically declining share prices, creating compounding problems that can undermine your entire retirement strategy.

    32 min

  4. JAN 19

    Why No One Follows the 4% Rule

    Send us a text Why the 4% Rule Failed (And What Actually Works) Episode Description: The 4% withdrawal rule has become retirement planning gospel—but here's the problem: almost nobody actually follows it. In this episode, we unpack why retirees consistently withdraw only 2% of their portfolios annually, despite decades of research validating higher withdrawal rates. More importantly, we reveal what the data shows does work: building portfolios with reliable income streams that give you permission to actually enjoy your retirement wealth. This episode delivers actionable strategies backed by real research. Key Topics Covered The 4% Rule: Origins and Evolution William Bengen's 1994 research establishing the "safe max" withdrawal rateHow the rule actually works (initial withdrawal + annual inflation adjustments)The critical distinction: 4% was the minimum worst-case scenario, not a ceilingSubsequent research validation (Trinity Study, Wade Pfau's international analysis)Morningstar's annual updates (ranging from 3.3% to 4% over the past five years)Bengen's own upward revisions over timeThe Decumulation Paradox Why retirees average only 2% withdrawal rates when 4%+ is considered safeThe psychology of loss aversion in retirement spendingReal-world behavior vs. theoretical modelsThe emotional weight of "spending down" versus "living on income"What the Data Actually Shows Research revealing retirees with guaranteed income sources withdraw and spend significantly moreThe psychological difference between "withdrawing principal" and "spending income"How income-producing assets change spending behavior and retirement satisfactionSocial Security as a foundational guaranteed income layerBuilding a Resilient Income Portfolio Multiple asset classes for generating reliable retirement income: Annuities - Guaranteed income contractsClosed-End Funds (CEFs) - Consistent distribution vehiclesCovered Call ETFs - Systematic income generation from broad market indicesMaster Limited Partnerships (MLPs) - Higher complexity, substantial income potentialBonds - Municipal bonds for taxable accounts, corporate bonds for tax-deferredStrategic allocation: balancing income-producing assets with growth investmentsKey Timestamps 00:00:57 - Introduction: The 4% rule's surprising failure 00:01:31 - Why Americans ignore proven withdrawal rate research 00:02:11 - William Bengen's original 1994 research explained 00:03:09 - How the 4% rule actually works (with inflation adjustments) 00:05:53 - Scientific validation and replication studies 00:06:59 - International market considerations (Wade Pfau's research) 00:08:07 - Morningstar's annual safe withdrawal rate updates 00:12:37 - The decumulation paradox: Why retirees withdraw only 2% 00:14:32 - Research on actual retirement spending behaviors 00:18:53 - The guaranteed income advantage: spending 3x more 00:23:51 - Actionable strategies: Building your income portfolio 00:26:50 - What to do if your income exceeds your needs 00:29:00 - Tax considerations across different account types The research is clear: Building resilient retirement portfolios isn't just about maximizing returns—it's about creating sustainable income streams that give you both financial security and psychological permission to enjoy what you've built.

    32 min

  5. JAN 12

    What is a Financial Advisor (and what is Not)?

    Send us a text Episode Description: Before you hire someone to help with your retirement portfolio, you need to know what you're actually hiring. This episode breaks down the four main categories of financial professionals—investment advisors, financial planners, brokers, and insurance agents—and explains what each one actually does, how they get paid, and which standard of care they follow. If you're a DIY investor considering professional guidance, or if you need specific products that require working with a licensed professional, this primer will help you understand who does what and avoid costly confusion. Episode Highlights [00:00 - 02:21] Welcome Back to Season 2 Introduction to the topic: hiring professionals for retirement planningWhy this matters even for DIY-minded investorsSome retirement income strategies require working with licensed professionals[02:21 - 05:14] What Is a Financial Advisor, Really? The confusion around the term "financial advisor"Four categories of financial professionals: investment advisors, financial planners, brokers, and insurance agentsWarning signs: titles like "financial professional," "financial representative," or "financial consultant" often aren't true financial advisors[05:14 - 08:25] Investment Advisors: The True Financial Advisors Legal definition and licensing requirementsHow they're compensated (typically 1-1.25% annual fee charged quarterly)Discretionary portfolio management authorityThe Fiduciary Standard: Must act in your best interestThe Suitability Standard: Only needs to be "suitable," not optimal (used by non-fiduciary professionals)[08:25 - 11:16] Financial Planners: Big Picture Guidance Focus on broader financial advice, not just investmentsServices include budgeting, debt management, major financial decisionsComprehensive planning using specialized softwareMay or may not hold investment licensesOften compensated through flat fees, hourly rates, or retainer arrangements[11:16 - 17:45] Brokers/Registered Representatives Transaction-based compensation modelFollow suitability standard, not fiduciary standardLoad mutual funds and commissioned productsIncreasingly being replaced by self-directed platformsOften work with employer 401(k) plans and prospect through workplace seminars[17:45 - 21:50] Insurance Agents: The Product Specialists Specialize in life insurance (term and permanent) and annuitiesCommission-based compensationFollow suitability standardProducts you can't easily buy on your own—you need a licensed agentGenerally lack deep investment or broader financial planning expertise[21:50 - 29:32] How to Choose the Right Professional Why one person rarely does everything wellFinancial advisors excel at portfolio management but may lack insurance expertiseFinancial planners excel at comprehensive planning but may not actively manage investmentsInsurance agents are product specialists but typically don't handle investmentsLook for teams of professionals or strong referral networksUnderstanding these distinctions prevents mismatched expectationsHost: Brandon Roberts, with nearly 20 years of experience in retirement and financial planning Subscribe: Available on all major podcast platforms YouTube: Yield to Reason YouTube channel Website: yieldtoreason.com "Real wealth doesn't just add up. It writes checks."

    30 min

  6. 07/21/2025

    There is No Such thing as the American Retirement

    Send us a text Episode Description In this eye-opening episode, Brandon challenges everything you thought you knew about retirement in America. Through historical context and current data, he reveals why the concept of "American Retirement" is actually a myth – and what that means for your financial planning strategy. Key Takeaways The average American retires at age 62 – not 65, 67, or 70 as commonly suggested by financial plannersNearly 40% of retirees return to work in some capacity, with 50% odds if you retire in your 50s30% of retirements are triggered by health issues rather than financial readinessRetirement income sources vary dramatically across Americans, with no single "correct" approachMost Americans have no formal retirement plan – they simply work with whatever resources they've accumulated Episode Outline Introduction Why we think of retirement as a single, defined life event when the data suggests otherwise Part 1: The Retirement Origin Story How retirement systems were created for political control, not individual benefitRoman military pensions to prevent soldier rebellionsOtto von Bismarck's 1889 German pension system to manage workforce transitionsThe rise and fall of the American pension systemThe shift to 401(k) plans and individual responsibility Part 2: The Age Retirement Begins Why Americans retire at 62 despite optimal ages being laterHistorical trend of retirement age increasing from 57 (1991) to 62 (today)The disconnect between financial planning advice and reality Part 3: Return to Work 40% of retirees eventually return to workEqual split between financial necessity and desire for social/intellectual stimulation16% of retirees find retirement more boring than anticipated Part 4: The "Typical" Retirement Massive variation in retirement timing, activities, and income sourcesTV watching as the dominant retirement activity (4+ hours daily)Social Security as the only near-universal income sourceEven split between traditional retirement accounts, general savings, real estate, and annuitiesMost Americans have no formal plan – "things just worked out that way" Conclusion: What This Means for You Focus on income replacement capability, not arbitrary savings targetsBuild flexibility rather than following rigid retirement templatesDevelop multiple income streams instead of relying on single sources

    24 min

  7. 07/14/2025

    The Dark Side of Income Investing - What Could Go Wrong With Your Retirement Plan

    Send us a text Ready for a reality check? While income-focused investing can be a cornerstone of retirement success, it's not the bulletproof strategy many believe it to be. In this eye-opening episode, host Brandon Roberts pulls back the curtain on the hidden risks that could derail your golden years. What You'll Discover The uncomfortable truth: There's no such thing as risk-free retirement investing. But knowledge is power, and understanding these risks is your first line of defense. Real-World Risk Scenarios That Hit Close to Home 🏢 The COVID Wake-Up Call Remember when everyone thought commercial real estate was doomed? Brandon breaks down how REITs weathered the work-from-home storm - and what income investors learned about sector risk versus interest rate risk. Spoiler alert: Those who panicked missed out on some serious opportunities. 💰 When Your "Safe" Investments Turn Against You Discover why bonds - traditionally considered the safest income play - can become your portfolio's worst enemy when interest rates shift. Brandon explains the mechanics behind bond price fluctuations and when holding to maturity might not be enough. 📉 The GE Dividend Disaster A cautionary tale that every income investor needs to hear. Learn how one of America's most trusted dividend payers became a case study in why individual stock concentration can devastate retirement plans. The Six Critical Risks Every Income Investor Must Navigate Share Price Volatility - Why your "stable" income investments still fluctuate in valueIncome Cuts - The warning signs that your dividends might disappearLiquidity Traps - Why income investments make terrible emergency fundsCounterparty Risk - When the companies paying you might not be able toInflation Erosion - How your "guaranteed" income loses buying powerGovernment Policy Shifts - The regulatory changes that can blindside your strategyYour Defense Strategy Toolkit Beyond Basic Diversification Brandon reveals advanced strategies including: How REITs can hedge against inflation (and when they can't)The leverage trap in closed-end funds and MLPsWhy cash isn't just king - it's your strategic weaponThe counterparty risk hierarchy: From bulletproof CDs to shaky corporate bondsThe Income Investor's Safety Net Learn why income-focused assets actually showed MORE resilience during recent market turmoil than high-flying growth stocks. It's not about avoiding risk - it's about choosing the RIGHT risks. The Bottom Line This isn't doom and gloom - it's preparation. Brandon's message is clear: "Real wealth doesn't just add up, it writes checks." But first, you need to understand what could stop those checks from coming. Perfect For: Pre-retirees building their income strategyCurrent retirees wondering if their plan is bulletproofAnyone who thinks income investing is "set it and forget it"Investors burned by recent market volatilityWarning: This episode will change how you think about "safe" investments. You'll never look at your dividend stocks, bond funds, or REITs the same way again. Subscribe to Yield to Reason wherever you get your podcasts, and join the community of investors building retirement plans that actually work in the real world.

    34 min

  8. 07/07/2025

    Best Strategies to Avoid Running out of Money in Retirement

    Send us a text The #1 Fear Every Retiree Faces (And How to Conquer It) What if your retirement savings could last forever? That haunting question—"Will I run out of money?"—keeps more retirees awake at night than any other financial concern. But what if there was a surprisingly simple solution hiding in plain sight? In this eye-opening episode of Yield to Reason, host Brandon Roberts reveals the counterintuitive secret that's helping his clients sleep soundly: Stop selling your assets. Real People, Real Results: Three Retirement Success Stories 💰 Jane's $55,000 Annual Income Miracle A widow with $800,000 in her 401(k) was terrified of outliving her money. Discover how Brandon transformed her nest egg into a $55,000+ annual income stream—without touching the principal. The twist? Her account balance is actually higher now than when she retired. 🛡️ The Couple Who Demanded Guarantees Rich and Barbara had $1.2 million but refused to risk a penny in the stock market. Learn how they created a bulletproof $109,000 annual income plan that rivals their pre-retirement earnings—with built-in inflation protection. 🎯 The Super Savers' Mind-Blowing Wake-Up Call Adam and Sarah were the poster children for extreme frugality. They hoarded every penny, lived in constant fear, and watched their relationship with money crumble. Then Brandon asked one simple question that changed everything: "What if you could make more money even after paying taxes?" The answer boosted their income from $8,000 to $34,000 annually. The Income-First Revolution: Why This Changes Everything Forget the 4% rule. Brandon's clients are generating income well above 4%—and they're not using 100% of their retirement assets to do it. Here's what makes this approach revolutionary: No asset sales required (goodbye, market timing anxiety)Income-focused investments weather market storms better than growth stocksMultiple strategies available: from dividend-focused ETFs to guaranteed annuitiesPeace of mind that frees up mental energy for actually enjoying retirementWho This Episode Is Perfect For ✅ Pre-retirees who want to build a bulletproof retirement income plan ✅ New retirees struggling with the transition from saving to spending ✅ Current retirees tired of worrying about market volatility ✅ Anyone who's ever wondered, "How much is enough?" The Bottom Line Promise By the end of this episode, you'll understand exactly how to position your retirement assets to generate reliable income without the constant fear of running out of money. No market timing required. No crystal ball needed. Just a proven strategy that's already working for retirees across America. Ready to stop worrying and start living? Hit play and discover why the solution to your biggest retirement fear might be simpler than you ever imagined. Disclaimer: Brandon Roberts is not an investment advisor. This podcast is for educational purposes only. Consult with a qualified financial professional before making investment decisions. 🎧 Listen now and take the first step toward a worry-free retirement.

    39 min
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About

In an era where traditional accumulation strategies often fall short, I've made it my mission to guide you toward a more reliable and stress-free approach to retirement planning.​The reality is stark: nearly 51% of Americans worry about outliving their savings, and 70% of retirees wish they had started saving earlier. Furthermore, 55% of Americans worry they won't achieve financial security in retirement. These statistics highlight a pervasive unease about the future.​My strategy is simple and effective, by shifting the focus from mere wealth accumulation to generating consistent income we can alleviate these concerns. You can easily create a steady cash flow that aligns with your financial needs, offering tangible results and peace of mind.​Join us as we delve into strategies that prioritize income creation, challenge conventional financial wisdom, and empower you to take control of your financial destiny. Together, we'll explore how real wealth writes checks.

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