Posted On: 2007-02-12Length: 18:28
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Hello and welcome to on-demand radio with The Market Guys. This is A. J. Monte.
And this is Rick Swope, with The Market Guys. And today we're going to pick up on a topic that we actually started last week as we were recording our TV show for PBS, and on that show AJ, we had a couple of guests that we thought would make for a great topic for this week's radio broadcast, and that is the whole issue of working into retirement and managing your money into retirement. These folks that we had on our show, Howard and Marika Stone, actually, they are the founders of 2 Young 2 Retire, and what we wanted to talk about today were just some of the issues that were brought up that we think are relevant to our audience, really around the world as it relates to working through retirement and of course managing your money through retirement.
That's right, Rick. You know the U.S. Office of Person Management is a department that I didn't even know existed, and they really do a lot of hard work and study on the demographic trends with regard to people who are retiring or approaching the retirement age. Now a lot of these statistics come up and it's really hard to understand what the numbers are telling us, because as you know, as a statistician who really has studied the numbers in college itself, the numbers could tell any story you want. In fact, even Harvard has done studies on statistics, and I have a website up in front of me from Harvard Learning Center, and they talk about lying with statistics, whether on purpose or not, you could paint any kind of story you like. Even David Letterman has his own views on statistics and he came out one evening on his show, Late Night with David Letterman, and he came out and said "USA Today has come out with a new survey, apparently three out of every four people make up 75% of the population." Now, of course
That statistic won't be disputed.
So what do we do with these numbers? The fact is, people at every level in their lives are really far away from the idea of retirement planning, and you know we talk about making money in the market and we talk about how to profit by trading and even investing, but we don't really focus on a whole lot of strategy when it comes to retirement. What are we going to do with the money that we're making in our trading accounts? And how can we be smart about it?
Right. Well, you know, it's I'm going to start off with a quote here, it's David White, the poet and business consultant says "we spend the first half of our lives learning what we love. We should find a way to do those things the second half" and you know that really carries over to our investing also. We save, save, save and build up our retirement account, but we don't, we don't spend as much time planning, the point, for the point after which we kind of shift gears into the second half. Now, we kind of break up today's discussion into two parts. The first part is really talking about the idea of retirement...