Your Retirement Elevated Podcast with Scott Dougan Scott Dougan

Are you prepared for the unexpected turns your retirement might take? In this episode of Your Retirement Elevated Podcast with Scott Dougan, we explore the surprising findings from a study by the Transamerica Center for Retirement Studies. The study reveals a stark contrast between pre-retiree expectations and retiree realities, and we're here to explore the nine most common retirement surprises that await.
One of the most comforting surprises is that many retirees worry less about money than they anticipated. It seems that once the retirement plan kicks into action, the stress over finances begins to wane. This is a heartening revelation for those lying awake at night fretting over their financial future.
The takeaway from our episode is clear: retirement requires planning, flexibility, and an open mind. Whether it's adjusting travel plans or having those tough financial conversations, being prepared for the unexpected is key to a fulfilling retirement.
 
Here are some of the questions we’ll tackle in this episode:
- Why do retirees worry less about money and how does planning play a role?
- What causes many to retire sooner than expected and how abrupt is the transition?
- How does the reality of travel in retirement differ from the expectation?
- Why is discussing finances still taboo and what impact does that have on legacy planning?
- Do most retirees wish they had saved more, and what can you learn from their experiences?
 
Resources for this episode:
The Retirement Manifesto’s 9 Retirement Surprises
https://www.theretirementmanifesto.com/9-retirement-surprises/
Transamerica Center for Retirement Studies
https://www.transamericacenter.org/
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Ever found yourself endlessly scrolling through options, unable to make a choice? You might be falling into the trap of FOBO: Fear of Better Options. It’s ​a ​psychological ​phenomenon ​where ​someone ​avoids ​making ​a ​decision ​out ​of ​the ​fear ​that ​there ​may ​be ​a ​better ​option ​out ​there. ​How ​can ​we ​identify ​it ​and ​work ​with ​it ​and ​make ​better ​decisions ​and ​actually ​get ​to ​the ​decision ​point? That’s what we want to discuss with Scott today.
 
Here are some of the questions we’ll tackle in this episode:
What is FOBO and how long has this behavior been around?
People can be divided into two groups when it comes to decision-making: maximizer or satisficers.
Commitment is the key when making financial and lifestyle decisions.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Are you ready to flip the switch from saving to spending as you approach retirement? Many people struggle with the transition and mindset shift that happens in retirement. In this episode, we’ll explore the delicate balance between money, happiness, and the art of spending wisely in your golden years. It's packed with insights on the psychological shift required to enjoy the fruits of your labor, the impact of past experiences on spending habits, and how to use money as a tool for a better life rather than a measure of status
 
Here are some of the questions we’ll tackle in this episode:
Money is a tool to live a better life and we all view it differently.
How influencers and marketers can play a huge role in our perception of money.’
People set out to make a strategy to achieve a better life but that turns into an ideology they’re beholden to.
How your childhood and early life can shape your view of money.
We want to use the money we’ve saved to enhance our lives and experiences.
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

On today's episode, we're going talk about scams and how they are more prevalent than you might think. In fact, just in 2022, there were more than 88,000 complaints of fraud that resulted in more than $3 billion in losses from people age 60+.
 
Here are some of the questions we’ll tackle in this episode:
Why are people aged 60 and over common targets?
The top five scams that constitute 65% of the complaints.
The ‘Can You Hear Me’ scam that is easy to fall for.
What steps can you take to protect yourself and increase your cybersecurity?
 
Additional resources: 
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults 
https://www.ncoa.org/article/how-older-adults-can-improve-their-personal-cyber-security
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.
 
Here's what we discuss in this episode:
What are we talking about when we say, “lazy money?”
The current interest rate landscape + why people end up with too much lazy money in their portfolio
Addressing excess lazy money by calculating a "war chest,” understanding your income plan, and fine-tuning investments
Achieving a “Goldilocks” allocation of assets that is just right for your financial goals
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724

Today's magic number is 65. You know, unlike older retired Baby Boomers, the majority of peak 65ers don't have pensions, which used to help fill that gap left by Social Security. Well, our current retirement system is obsolete. It's time for a new retirement security framework. These were the words of Jason Fitchner, an executive director at the ALI Retirement Income Institute, and it highlights a great conversation that we're going to dive into today.
 
Here are some of the questions we’ll tackle in this episode:
One of the concerning trends emerging right now is the lack of sufficient guaranteed income.
Why the reliable three-legged stool of retirement income isn’t as sturdy now.
The biggest concerns among this Peak 65 group when it comes to retirement.
Examples of planning discussions we have with clients to work through some of these issues.     
 
Want to connect with us?
https://listentoscott.com/
https://elevatemyretirement.com/our-team/scott-m-dougan/
913-393-4724