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 b ..read more

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 aro ..read more

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 ..read more

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 ..read more

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” allocati ..read more

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 ..read more

With inflation adjustments and the phased implementation of the SECURE Act 2.0, there are some important retirement planning changes to pay attention to this year. From potential tax implications on Social Security benefits to alterations in retirement account rules, higher Medicare expenses, increased IRA contribution limits, and shifts in required minimum distributions (RMDs), this episode offers a comprehensive overview of what lies ahead for retirees in 2024.   Here’s some of what we discuss in this episode: An increasing number of beneficiaries are expected to be liable for federal ..read more

Happy New Year! Today we’re tossing the old hat of resolutions out the window, opting for something with a little more staying power: systems. Say goodbye to the fleeting motivation of New Year's resolutions and embrace the profound impact of incremental habits for long-term success in health, wealth, and personal growth. This episode draws on the life-changing principles of Atomic Habits by James Clear and is filled with personal anecdotes, actionable advice, and a practical guide to cultivating a lifestyle of consistent progress.   Here are some of the questions we’ll tackle in this epi ..read more

What would you pay to have the freedom to do what you want, when you want, how you want? On today's episode, we're going to talk about the five types of wealth and why people chase only one at the cost of the others.   Here are some of the questions we’ll tackle in this episode: Why being a time billionaire might be better than being a dollar billionaire. The importance of protecting your time and what Scott has done to protect his. Physical health and mental wealth go hand in hand. Relationship wealth helps guard against the poverty of loneliness. How to become wealthy in skills and how ..read more

Get ready to rock to the rhythms of retirement wisdom in this week’s episode! We've put together the ultimate retirement planning playlist, featuring timeless lyrics that reflect various stages of the planning journey.   Here’s how we’ll craft the perfect mixtape in this episode:   Songs for the early stages of retirement planning, where having a dream is a good place to start. In retirement planning, having a financial professional and your loved ones by your side is crucial. Songs to remind you that, in retirement planning, consistency and patience are key. Songs that provide reas ..read more