15. Dustin Wilder

Dr. Debi Lynes talks with Dustin Wilder about finances for any stage in life

(Duration: 33 minutes 5 seconds)

Dustin Wilder

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Takeaways

Don’t be afraid to call. Don’t be afraid to ask questions and certainly don’t be intimidated by professionals. Dustin is very easy to talk to and I think we all learned a lot about saving at any stage in life.

Transcript

Debi Lynes (00:03): Hi and welcome to aging in place for every stage in life. What if you could visit or have a home that would accommodate anyone at any age, any physical ability at any time? How cool would that be? That’s what we’re doing here at aging in place. Why me? Because I’m a doctor of psychology and I specialize in physical spaces in health and wellness. Also, I love designing with intent at any age. Why now? Because we the baby boomers want to age in place gracefully and we want our families around us as much as we can and why you the audience? Because we want you to experience what it’s like to have a home that’s safe, aesthetically pleasing, and that you can live in at any age with any ability at any time. I’d like to introduce you now to Aging in Place Podcast for every stage in life.

Hi and welcome to aging in place for any stage in life. I’m here today with Dustin Wilder from Raymond James. Dustin, thank you so much for joining us.

Dustin Wilder (01:15): Thanks for having me, Debi.

Debi Lynes (01:16): I’m really excited about doing this today. I feel like if there’s one area that I feel naive in and the more I talk to people, I think there are many of us who are not secure with aging in place and really understanding from a financial point of view what we need to be doing. One of the things I love about the podcast is we’re talking about for any stage in life with grandchildren and then young adult children and then moving into old age. I would love to take our time today and talk about some different things that we could do at different stages in life. And I think to do that, I’d like to start backwards and I’m at 66 years old. I’d like to talk a little bit about things that I can do to plan for getting older. Before we start there, Dustin, I would love to chat a little bit about you, talk to us a little bit about you and about Raymond James and what you do.

Dustin Wilder (02:16): Great. Thanks Debi. It’s really almost hard to call this work because I have the privilege of coming into the office every day and I get to help people. Okay. I help people solve challenges, problems, if you will, with money. Okay. So for somebody who’s in their sixties, you know, one of the things we’re constantly talking about is longevity planning and today somebody might live into their mid-nineties, so if you’re retiring, it’s 60 or 65 years old, you’re talking about 35 plus years of retirement and living on that income and having enough saved. And we have some just amazing technology and great software that helps us solve those problems when we factor in things like inflation or taxes and how that will apply or impact these dollars is we fast forward in time. And you know, one of the things that we do is we run a plan called GPM goal planning and monitoring and it’s almost what I would consider to be GPS for financial planning. Yeah. One of the biggest obstacles we find is that people have not really saved enough for retirement in the later years. Shat I mean by that is aging in place. You know, today it’s taken on a whole new shape or format and that many people, you know, desire to stay at home or stay in the community where they have you know grown up and raise the kids and they don’t you know, perform to what.

Debi Lynes (03:57): Right. We don’t necessarily want it. Exactly. We don’t necessarily want to go into assisted living or into another place. We want to live near our families or in the home that we grew up in.

Dustin Wilder (04:12): That’s exactly right. And it all costs money and you know, things that, that we have done as a firm we’ve taken some major leaps to really help us as advisors better understand what our clients are feeling and what they’re going through. In fact, years ago we partnered with MIT in something they have called the AgeLab. In the AgeLab, we actually had several advisors and several of the higher-ups in our firm spend a day at MIT and they put us through this whole orientation, if you will, to go through what it’s like to be someone aging in place. And let me give you an example. One of the things they did, they put the participants in these uniforms that looked like they were a hazmat clean up or something, but it ended up they had restrictive bands on the elbows and on the knees. So it’s harder to move. Okay. And they had them simulate going to a grocery store and reaching to the top of the shelf to get the can of peanut butter or beans or whatever is on that top shelf. And to feel what it’s like to have that struggle. And that pain. They also put them behind the wheel, a steering wheel of a car, a simulated car that had slower reactions. So they put them in a simulator and had them drive through traffic with these delayed reactions. And then the other thing they have is, are these goggles that you wear that actually simulate cataracts. And having visible impairments. So it was quite a day for the staff and for, you know, several of the folks at Raymond James. But what it helped them is really understand and relate to just, you know, going out to the grocery store and what an effort and what a challenge it is. And at the takeaway of this was, was somewhat simple but profound. And the three most important takeaways from this study were to answer these three questions, “who will help me change my light bulbs?” You think about that just a simple task, but it involves climbing up on a ladder, possibly balancing the, you know the act of actually removing the old ball, putting the new one in without dropping it or breaking it and then putting the ladder away. But who’s going to help you if you live alone in your aging in place? Who is going to do that?

Debi Lynes (06:44): What’s interesting about that is we just talked to a firefighter and guess what? Guess who gets called?

Dustin Wilder (06:51): The firefighter.

Debi Lynes (06:53): Interesting.

Dustin Wilder (06:53): That’s crazy that you would never would think that. And I have a friend who was a higher up at the Kroger company and they used to years ago, they were very early in the delivery of groceries and they couldn’t figure out what the delays were associated with this. But these, the baggers would get to the person’s house, deliver the groceries and they say while you’re here, can you help me hang this curtain or this drape? and you know, they were having them do these daily chores and it’s really an obstacle. So these are one of this is what just one of the things we have to help our clients plan for them. We’re seen a shift is clients’ age in place and no longer are they concerned about buying things and stuff now spending money on services.

Debi Lynes (07:36): Correct? Yes, exactly. Even I have my I’m 66 and have my 91-year-old father with me and it is interesting. His, his money output now is definitely not on buying stuff. It is 100% on services and I never really thought about it. I’m certainly paying attention. What a gift to have him here cause like paid attention a lot more. As I’m getting older to things I would never have considered right until I need it. Right? So the first question was who will change the light bulbs? What was the second question?

Dustin Wilder (08:11): The second question is, “how will I get an ice cream cone?” Again, something that sounds very simple, right? But it’s the concept of, you know, going out physically, getting into a car, having someone take you there, having companionship to take you there. And it’s an event. It’s not about the ice cream cone. It’s not about the cost of the ice cream cone. It’s about the experience. And again, you know, there are some great technological advances out there, things such as Uber and things such as delivering your groceries at home. But if you’re living by yourself, you’re probably not going to want to do everything by yourself.

Debi Lynes (08:59): Well, isolation is the biggest cause of depression and frankly early deaths with people who are aging in their aging in place. But all alone.

Dustin Wilder (09:12): You’re exactly right. And you know, I think a great example of this is you know, Sun City is right here in our backyard and it’s, you know, 9,600 rooftops or whatever. And it is a community in itself. But one of my favorite things about that community, every time I drive through the security gate there, I feel like I have entered a college campus for retirees, pickleball, tennis, we sponsor a men’s and women’s softball team there. I tell you what it is like one of the most popular events on Tuesdays and Thursdays there the streets are lined with golf carts. People come out for hot dogs and corn dogs and beers and sodas. And it’s just a community affair. It’s a great event. And we love sponsoring this because we love seeing how active this community is, how they get out. And we even have a sponsorship sign out in the outfield.

Debi Lynes (10:09): Oh, that’s so cool.

Dustin Wilder (10:10): Great way to, you know, see that this, this community is active. Exactly. Yeah. The ice cream cone analogy is more about being active, being with other people and avoiding that isolation.

Debi Lynes (10:26): So our third question, sir,

Dustin Wilder (10:29): Third question is “who will I have lunch with?” So again

Debi Lynes (10:37): That isolation piece. Yeah.

Dustin Wilder (10:39): Yeah. It’s so important. I mean, if you’ve ever been on the road or traveled, you can relate that it’s pretty depressing to sit there and eat a meal by yourself and your people watch and you see other people interacting together and you know, families together and you kind of get lonely. And that’s just, you know, one or two nights if you’re on the road traveling. But if you’re that way because of no choice of your own, either through death or maybe divorce of a spouse or just whatever circumstances may be, and you find yourself alone, “who will I have lunch with?” becomes a big deal. And it’s not just getting to the location, but it’s who will you…

Debi Lynes (11:16): Yeah. who will you interact with? You know, with that said, in these three questions asked, I think it’d be, we’re going to take a quick break, Dustin, and we’re going to come right back. And I would love to hear how you and Raymond James can really help us as we’re aging in place, deal with some of these basic questions financially. Stay with us. We’ll be right back here on aging in place.

Hi, I’m Dr. Debi Lynes. Design elements are psychologically and physically supportive and conducive to health and wellness. To learn more about what Lynes on Design can do for you for more information, on certified aging in place, and facilitative and supportive design, look for us at lynesondesign.com. That’s L-Y-N-E-S on design dot com.

Henrik de Gyor (12:03): For more podcast episodes, links, information and media inquiries, please visit our website at Aging in Place Podcast.com as we transition through life with comfort and ease you deserve. Discover how you can create a home that will adapt to you as you journey through life and the changes it will bring. Please follow us on Facebook, Twitter, and Instagram as our host Debi Lynes and her expert guests discuss relevant topics to creating a home for all decades in life. Don’t miss our weekly episodes of Aging in Place Podcast. For every stage in life.

Debi Lynes (12:40): We are back here on aging in place. Once again, we’re here with Dustin Wilder from Raymond James.

Dustin Wilder (12:47): I can be reached at (843) 836-3320 my website is www.coastalstateswealthmanagement.com

Dustin Wilder (13:03): It’s been fascinating listening to what you all have done around aging in place. Let me ask you a question about what Raymond James can do, not to help the process of aging in place, but I look at you all as peace of mind. Is that a fair way to describe you?

Dustin Wilder (13:22): You know, it’s a great way to describe it. Sometimes you feel like a financial psychiatrist and it’s just helping clients kind of reason through questions that they may be asking and you help, you know, bring sense to that by, you know, putting it on paper for them and showing them that, Hey, you do have enough to support this dream or big decision or idea that you have for retirement. Because let’s face it, retirement today is, is a lot different than it used to be. And a lot of that is, is what we coined the phrase of longevity planning. And in that planning phase, you know, we have to take into consideration things such as longterm care and you know, that has such a negative connotation to it. If we can address it and show here’s how we would pay for that if something did happen or if your desire was to stay at home and age in place, here’s how we would pay for or arrange for someone to come in and install the bars on the shower and to make the house.

Debi Lynes (14:27): Yeah. So here’s what would help me. I am a 66-year-old woman who walks into Raymond James and says, just that a Dustin, I’m very, I’m hopeful that I am going to be able to age in place. I’ve worked all my life as self-employed just as an example and haven’t really had the opportunity to save a lot of money. Could you take me through some steps of things I might consider and then creative ways that I can financially manage it. And, Oh, by the way, Dustin, I’m a little intimidated and embarrassed to talk about finances. Does that sound like any kind of client that you’ve ever dealt with?

Dustin Wilder (15:08): Absolutely. And you know, it’s statistically proven that a majority of the wealth in this country is managed by women. And a lot of times it’s just assumed that the man or the male in the relationship will make the financial decisions. And you know, demographics have changed over the years. Things have changed over the years in the workplace where females are out-earning men. And you know, it’s, it’s a wonderful thing, but it’s also forcing us to, to really take some bold steps in showing someone, you know, who walks into the office for the first time, what our capabilities are. But I think a lot of that is just putting someone at ease and sitting down having a coffee, just a casual conversation, not a hard sell, not talking about what we call charts or statistics or anything like that. A lot of time it’s just, you know, understanding what’s on a person’s heart and then if you can take that and put that in the form of a financial plan. But again, keep it simple enough where you know, you can show someone on one piece of paper or one page that Hey, you have enough and you’re not going to run out of money. Or it might be wait a minute. Even if it’s inconvenient to say you don’t have enough, you may want to think about working a few more years mean a little bit. Yeah. More and not turning on your social security just quite yet as tempting as it may be, because we have the ability to show and illustrate things such as, you know, when it’s most efficient to take social security benefits either at full retirement age or waiting until the very end at 70 and a half. And then couple that with, you know, taking distributions from IRAs and the different taxes may apply. But what we really try to do, Deb is to simplify it down to one page where we show someone they’re probably ability of success. And that, that factors in taxes, inflation, longevity, living into your mid-nineties. And we want to find that, you know, a successful plan involves you having money in the bank, still at the end of that plan. So you’re not bouncing, bouncing that last check so to speak. You know, if you have heard that phrase bouncing the last check, going to the cemetery, not a good successful plan and it’s, it’s also not successful for me to call you at 86 and say, okay Deb, time to brush off that resume, you need to go back to work. You know, we want to make sure that we’re if anything we err on the side of caution.

Debi Lynes (17:45): Okay, so let’s say this, I call you and I say, I am going to come in. How can I be a better consumer and really help you do the best you can do for me? What do I need to bring in? What do I need to be armed with? What kind of questions do I need to be prepared for?

Dustin Wilder (18:06): Well, really good question. So a lot of that is just organization, you know, bringing in statements or a knowledge of your budget. And a lot of people cringe when they hear that word budget. But you know, just if you could bring the checkbook and we could go through it together and look at the last month, what your average expenses were, but really understanding what the needs are from a cashflow standpoint and then identifying all the different sources of income that you may have, whether it be pensions or social security withdrawals from investments or IRAs, that sort of thing. And then, you know, we factor that with just a regular standard cost of living adjustment. On average, they cost about 2% a year. But when you factor things like healthcare into the mix, healthcare has a rising cost of inflation of nearly 11%, prescription drugs even higher at 13%. So we have to incorporate that in the plan. And how will be, you know, you’re active and you’re not going to get sick, but let’s face it, a lot of times, you know, that’s something that a lot of people don’t budget for. So we have to, you know, look at how that might be affected if Medicare, Medicare part B did not cover everything. 

Dustin Wilder (19:15):  Right now, many adult parents provide financial help to their adult children. It just in some way in some aspect could be, you know, monthly it’s not going to be in some cases, you know, I’ve seen the sandwich effect where a mom and dad were ready for retirement and their daughter was divorced and moved in with their single daughter and the mother-in-law moved in because she needed help. They age in place and you know, talk about the sandwich effect. They had it at both ends. Well, it’s in their retirement plan by like 7 years.

Debi Lynes (20:12): Well that’s funny because my parents moved in three years ago at 89 and my mom passed away. But my dad’s still living with me at 91. And it is interesting because I had never in my wildest dreams ever thought that that would happen. And yeah, I see exactly what you’re saying. And when one of your kids then says, okay, well I’m moving back to the area, can you help me out for a couple of months until I get my feet on the ground? That’s what you’re calling. Yeah, the sandwich effect.

Dustin Wilder (20:42): And you would do anything that’s family, you do anything to help them. With technology and the advancements in medicine and you know, we’re much more health conscious today and what’s going into our bodies. And as far as staying physically active, I mean, it’s just amazing. 

Debi Lynes (21:16): So are we, so are my kids more financially savvy than I am? It seems as though my father, my 91-year-old father, they were raised in an era of saving. Okay. I think at 66 I was more in that baby boom of living, working hard. But as far as saving, we were infallible. You know, we were just, and now I’ve got my kids in their thirties and forties and do savings patterns change over time? or investment financial planning?

Dustin Wilder (22:03): It’s both really. And if you think about it in your father’s generation life expectancy, he’s through the through the roof, I mean chartwise.

Debi Lynes (22:13): Oh yeah. Yeah true.

Dustin Wilder (22:14): Because the average life expectancy back then was probably mid to late sixties and back then workers had pensions in defined benefit plans. Today, less than 23% of workers are offered a pension plan. Now we have other means of savings, like vehicles, like 401ks and Roth IRAs and that sort of thing. But it puts a lot more on us on the individual to save and put it away rather than maybe earning less and having a pension benefit. They’re waiting for you when you do retire, why changed completely because of longevity, because of the fact that people are now into their nineties.

Debi Lynes (22:53): What is the advantage of going to a Dustin Wilder and a Raymond James? What is the, what is the, it seems to me like, because I’m a psychologist and I’ve been a designer, I believe in going to professionals. I don’t have to be an expert. I just have to find the expert.

Dustin Wilder (23:12): Sure great, great question. Yeah, I get it. And you know, there, there are a lot of do it yourself or is out there. There’s a lot of millennials that, you know, favor doing it themselves and they’re, they’re pretty tech-savvy. Okay. And when, when we meet them and we’re impressed with how much they can do with technology, but there comes a point in time where it’s always good to get an objective opinion and you think about, you know, some of the best athletes in the world, you know why does Phil Mickelson have a coach? You know, he could probably go out and beat any one of us any given day in golf. But the reason he has a coach is to get that objective opinion, to get that view or that angle that he’s not seeing. And you know, a lot of times we just partner with our clients and play with our relationships. So from that aspect it’s, it’s not intimidating and you know, it’s like I said, I am blessed and that everyday I get to come to work and help people.

Debi Lynes (24:10): And what’s interesting to me about that is I would think that your industry is a dynamic and fluid. And while I might be very tech-savvy to begin with, my assumption is if it’s not my profession, it’s not going to be my priority to keep up with what is trending and what is really going on. And I would think that would be another reason to trust a professional. It is your job and passion. Okay. To keep up with everything that’s going on.

Dustin Wilder (24:47): Absolutely. And you know, just with tax law changes alone, there’s a lot of advantages and benefits that a lot of people may not even be aware of. So one example would be longterm care and how it’s changed over the years. It used to be you bought a policy and you paid annual premiums every year and if you know, God forbid you got hit by the old proverbial bus, that money was gone, right and you wasted all that money on all those premiums. All those years. Now the insurance companies have said, wait a minute, we realized not everybody you know, is going to benefit from this insurance. So let’s make it so that it pays them premium back to the family. So now you have return of premium longterm care policies or you have life insurance policies with long-term care riders that cover the family. Either way, in the event of an unfortunate death or in the event of longterm care, you can start to deplete the death benefit tax-free to pay for longterm care expenses and that longterm care, it can be at home care, it can be reimbursement of a hospital bed or expenses that are associated with aging in place.

Debi Lynes (25:55): So there again, I don’t have to be the professional to know what is new, innovative and available for me. I have to be with you to know all that and count on you.

Dustin Wilder (26:07): Absolutely. You know, it’s, it’s one of these things that we want to bring to our clients attention and you know, in that realm of things to have that we’re talking about is, is another program that we use for our clients called Everplans. And Everplans is just a really great software program. It’s what I consider to be a personal wealth organizer, but it’s information that is important that should be shared and it’s there for your loved ones in the event they ever need to know something such as where is a copy of the will, Oh where is the healthcare or living will does mom or dad have a do not resuscitate? What is, you know, they’re an intention with this money and what do they want their funeral to look like? Or is it burial or is it cremation or you know, it’s all of these different things and a lot of people don’t want to talk about. But it was a program that was designed by Abby Schneiderman out of New York and she was planning her own wedding and she noticed and planning her own wedding. There’s these great sites like Pinterest and all these different ideas and you know, it was fun planning her wedding but is a financial planner. That was her role. She also was aware there’s great tools for planning for college and for retirement. But the thing is not everybody retires. Not everybody goes to college and not everybody gets married. But everybody dies.

Debi Lynes (27:35): So ending or end of life is huge.

Dustin Wilder (27:39): And it puts all of this important information on the cloud so that you can share it with your family and you can even designate what you want to share with them. When you want to share it. It’s non-transactional. So you know, everybody says, what if it got hacked? Well, if somebody hacked it, you know, they might find out if you want burial versus cremation. We’re not putting account numbers on it, we’re not putting routing numbers on it. It’s non-transactional. So it’s just, it’s what I consider to be breadcrumbs for the loved ones. You’re leaving a trail, you’re leaving information. Here’s where I keep the key to the safety deposit box. This is what you’re going to find in the content. And here’s why I selected you as the trustee to settle the estate. You know, compared to the rest of the family or the siblings. And here’s what I hope you do with this money and here’s what I wanted to instill on the next generation of grandkids, you know, so on and so forth. But it captures all of that and it puts it on a cloud so that they can access it within three seconds by clicking on a PDF.

Debi Lynes (28:37): So what I hear from you, okay, what I hear you saying is you really become an integral part of the family team at you. I mean that you really are part of this theme as I age in place, which means that I have a relationship with you that we really, like you said, it’s so well, I, I hear you, we become partners in this and you as the coach, advisor, whatever you want to say, can help guide me and provide me guidelines, not just for myself in aging in place, but for my for really to sick of my family.

Dustin Wilder (29:20): I couldn’t have said it better.

Debi Lynes (29:22): Wow. This is, you know, again, you don’t know what you don’t know. And I think, and I think many of us, I’m just being very transparent tend to be intimidated. But in talking to you, I feel the opposite. I feel as though part of your role and you said it probably best is coaching and educating me. Yes,

Dustin Wilder (29:47): Absolutely. So I truly believe when you become educated, you’re empowered and when you’re empowered, you’re going to make an informed and good decision. And if we can partner with you to make good decisions through your retirement or your parents’ retirement and aging in place, then I think there’s tremendous benefits is the best.

Debi Lynes (30:08): And before we go, I would love to know at what age do you recommend folks initially come to see you at Raymond James, Dustin?

Dustin Wilder (30:20): So, you know, it’s never too early to start and it’s never too late to start. I can honestly tell you in 20 years of doing this stuff, I’ve never had anybody come to me and say, “gosh, I wish I didn’t save so much for retirement.”

Debi Lynes (30:34): Good point. Yeah.

Dustin Wilder (30:35): It’s, it’s never too late. But you know, obviously, if you can start accumulating wealth and you’re, as you’re a working professional in your thirties and forties, you know, becomes a little easier in your late forties, by the time the kids are, you know, out of college, then you can really start saving. And, and that’s about the same time where you have aging parents that either need help or maybe need support. So you know, there’s always going to be life. There’s always going to be noise, distractions, challenges. But you know, by having a plan in place, even if you have to go with a plan B or C, that’s okay, but because at least we can help you develop a foundation and I, our average client is about 65 years old and that’s just because of demographically where we live in Hilton Head, South Carolina. If we were, you know, in Charlotte, I’m sure that age is going to be closer to 45.

Debi Lynes (31:26): So fascinating. I really appreciate you taking time out of your schedule. I know it’s a busy day for everyone. I want to thank you again, a Dustin Wilder from Raymond James and I want to thank all of you for listening to aging in place for any stage in life. Thanks again.

Dustin Wilder (31:44): Thank you.

Debi Lynes (31:46): I’d like to introduce you to a friend of mine, Tracy. Tracy is naturally curious and always creative. And when we were doing the aging in place podcast, she said, there are so many quick tips that I can think of offhand. My response, who knew. She’s going to be with us every week, giving us a quick tip and to hint that is a practical application.

Tracy Snelling (32:14): Thanks Debi. Learn to say yes. We need to remind ourselves that allowing others to help us does not mean we are incompetent. If they do not want to help, they would not ask if you need it. Even if your child asks to help dust and you know that you will have to do it ‘your way’ afterwards, let them dust. I actually bought my kids real sweepers when they were toddlers. Why buy a toy sweeper when they can actually clean without thinking about it being a chore. So the next time someone asks you, you need anything from the store, hand over that shopping list. Learn to say yes. Who knew life can be made a little more simple by saying such a small word.

Debi Lynes (32:58): I really enjoyed our interview today with Dustin Wilder from Raymond James and I got quite a few takeaways. I think the most important thing I learned, don’t be afraid to call. Don’t be afraid to ask questions and certainly don’t be intimidated by professionals. Dustin was very easy to talk to and I think we all learned a lot about saving at any stage in life. Thank you for joining us here on aging in place for any stage in life.

Henrik de Gyor (33:28): Aging in Place Podcast is hosted by Debi Lynes and produced by Henrik de Gyor. If you have any comments or questions, send an email to debi@aginginplacepodcast.com we would love to hear from you.

If you’re interested in advertising or sponsoring this podcast, email us at pr@aginginplacepodcast.com. Thank you for listening to Aging in Place Podcast.

3. Emily Johnson

Dr. Debi Lynes interviews Emily Johnson about financial planning for every stage in life.

(duration: 34 minutes 27 seconds)

Emily Johnson

 

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Takeaways

It’s never too late to manage your finances. More importantly, hire someone who can help you demystify your finances. Don’t be intimidated by the talk of money, savings or investment no matter what stage of life you’re in.

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Transcript

Debi Lynes:                   00:03                Hi and welcome to aging in place for every stage in life. What if you could visit or have a home that would accommodate anyone, at any age, any physical ability, at any time? How cool would that be? That’s what we’re doing here at aging in place. Why me? Because I’m a doctor of psychology and I specialize in physical spaces and health and wellness. Also, I love designing with intent at any age. Why now? Because we the baby boomers want to age in place gracefully and we want our families around us as much as we can. And why you the audience? Because we want you to experience what it’s like to have a home that’s safe, aesthetically pleasing, and that you can live in at any age, with any ability, at any time. I’d like to introduce you now to Aging in Place Podcast for every stage in life.

Debi Lynes:                   01:04                Hi and welcome to the Aging in Place Podcast for any stage in life. I’m here with my friend today, Emily Johnson from Polaris. She is a financial planner and a dear friend and an expert in her field. And when we talk about aging in place, you don’t really think finances until you go see Emily. And you’ve taught me a lot in the past three or four years. And really, aging in place is something that is, what we say, for any stage in life. I know I’ve got nine grandchildren and three kids and we are all at such different ages, but we all have different wants and needs. And I think the older I’ve gotten, the more, the more imperative planning for my future seems to be catching up with me. So I’m really excited to have you here today. What I’d love to do is introduce you to our listeners and let them learn a little bit about you.

Emily Johnson:              02:00                Okay. Well first of all, Debi is ageless. My name is Emily Johnson and I founded a company called Polaris Capital Advisors 10 years ago now. Now it makes me feel old, I guess. And when it comes to aging in place, the way that that comes up in my business is when we put together financial plans for people and they’ll come in our office looking for all different things. We’re different things for different people. For some individuals, we do investment management. For others, we do retirement planning. For others, we’ll assess 401k planning for business owners. It really just sort of depends what the needs are of the client.

Debi Lynes:                   02:44                Well, let me ask you a question even to that, to that statement. When I come in, you say financial plan and can you give me an overview about what some of the things are at different stages in life? What’s important?

Emily Johnson:              02:56                Sure. So again, I mean, it’s different for everybody which is what makes the job so fantastic. So, it’s really more psychology with a little bit of finance thrown in than it is finance as the core. So let’s say, you know, plain vanilla would be, of course, you know, younger individuals if they actually do come to seek out the advice with financial planner, which is my hope and prayer because really that’s really what makes a great launch and plan is starting early.

Debi Lynes:                   03:25                My son and daughter in law are like, “we don’t really have any assets. We don’t need to come and see Emily.” And I’m like, “Oh my gosh, yes”

Emily Johnson:              03:31                Yes, definitely.” And, and that’s, that’s sort of the key is learning how to develop assets. And I don’t know that. It’s basically you have income, you have expenses, you have future objectives and those objectives are always going to change, but I know in the case that you’re talking about, there’s grandchildren that are involved, they have some small children, they have objectives for those kids and things are gonna happen fast and furious. So the earlier you can actually get comfortable with money talk and the earlier that you can start working towards those goals, the better. Because really my job is pretty easy. I can put a plan in place for somebody. It’s executing on it that’s hard. And giving people that comfort level to be able to talk about money and to talk about their goals and their fears. Sometimes there’s, you know, there’s embarrassment, sometimes there’s, you know, a concern about school debt that they don’t want to talk about or you know, a former spouse that there’s something that’s gone on. I mean, there’s a lot of stuff that, you know, sort of sits in the back of people’s minds when it comes to talking about money.

Emily Johnson:              04:31                So I’m at different stages in life and I don’t care how much money clients have. There’s always some emotional hangup around their finances, planning, planning for themselves, for their kids, for their grandkids. And it’s very interesting. So when it comes to what people are looking for when they come to me, it might be that they’re looking to start a, a simple IRA, just a very simple IRA, setting aside $50 a month. Fantastic. You’d be amazed at how fast that actually adds up and it’s really empowering. It’s not so much the dollar amount as much as it is the confidence level that you start to develop and gain on as you start taking control of that. And I’m not talking about you have to have conversations every night around the dinner table more just, you know, more just maybe a once a month, once a quarter type check-in. And that’s, it gives you a lot of comfort.

Debi Lynes:                   05:21                Are your consumers more educated now than they used to be? Number one. And number two, one of the things you taught me is I don’t have to even know what an IRA is. I can be completely naive to finances. No, and that’s the truth. And I don’t have to be embarrassed or shy because I don’t know.

Emily Johnson:              05:37                Exactly.

Debi Lynes:                   05:37                I think that a financial planner and an excellent professional like you and many others around the US I think are able to walk us through plans, walk us through what we need. When you talk about vanilla or just doing basics, what are some basic, what do you like me or any of come armed with? What would help you? Well, from a paper standpoint, it’s ideal if he could come armed with existing statements.

Emily Johnson:              06:07                If you don’t have existing investments then you know, statements for your credit cards for your mortgage, for, you know, whatever other, if there’s student loans, things like that. Tax return is ideal. Existing W2’s. To be quite honest though, if you actually come with a yellow notepad and you have these things handwritten out, that’s good enough, that means that you’ve actually taken a look at it. Or at least you have some idea of where things are and you’ve jotted it down. It might be that you do everything online and so it’s easier to do it this way, whatever it might be. I’m just coming with some basic idea of what your income, what’s your expenses are. Nobody likes that. I don’t like that. I just, you know, nobody likes doing a budget. It’s definitely four letters, you know, without questions.

Emily Johnson:              06:53                But having some idea of what your inflow and outflow is what’s your assets and liabilities are and then what your objectives are. And that is really, that’s the fun part. And especially when you’re dealing with couples or people that have gone through a lot of transition, if you ask them what their objectives are sometimes they just don’t know or sometimes they don’t agree.

Debi Lynes:                   07:15                I’m just going to ask and I’m cross talking and over-talking but because, what our objectives, what does that even mean? Is it I want to save for retirement or I want to go on vacation. I mean, how do I know what an objective is?

Emily Johnson:              07:27                And it’s so hard for people to define it which is what part of the fun is, is helping them define it, but on their own terms, and knowing full well that it’s going to change because life changes. So we do the best that we can at, what’s the saying? “Man plans. God laughs” and so true. But at least when you have that initial plan, that initial objective and you’re working towards it, it gives you the power to look at it and to be able to pivot at some point in the future if you need to. So, so some basics. I have a almost 13 year old daughter. So of course being the type-A that I am, I started setting up a 529 for her as soon as she was born.

Debi Lynes:                   08:02                And 529 is?

Emily Johnson:              08:04                College savings plan and there’s lots of different ways to skin the cat, but that’s one, you know, one thing. So younger people might be setting up their first IRA. They might have an employer that has a 401k plan or something similar. So they might come to me and say, how should I invest these funds? So very sort of just getting started. Dollar amounts don’t matter. Again, it’s just the consistency. It’s like dieting. It’s doing something consistent all the time.

Debi Lynes:                   08:29                A habit. It’s developing a habit.

Emily Johnson:              08:31                Exactly. And automating it. Automate it as much as you possibly can. So those are some basics.

Debi Lynes:                   08:37                And automate it means?

Emily Johnson:              08:38                Automate it means a withdrawn from your paycheck. If you can have it withdraw automatically from your checking account, if you can. Just basically, it’s money that doesn’t exist. Okay. It’s probably a terrible way of saying it, but that’s what automating it meaning and there’s lots of ways to do it. So then you know, starting to save for retirement of course is also paramount. The earlier that you can get started with that, the better because time and time value of money and the ability to save is really the biggest benefit that we have.

Debi Lynes:                   09:07                When you were talking about saving for retirement, again, is that an IRA? What does that look like? Are those investments, is that CD, I mean, how do you even begin to know where to begin?

Emily Johnson:              09:16                Okay, so, if we’re talking about saving for retirement, then we have to assume that a few other buckets are already filled. Okay. So the first bucket is going to be that, that classic rainy day fund, the, Oh my gosh, something hit the roof or my, you know, my transmission went out type fund. So that’s going to be the first bucket. So you should start filling that bucket. Rule of thumb for that is you want to have somewhere between 3 to 12 months of your expenses in that. And the idea is three months if you have a steady W2-type paying job, 12 months if you’re self-employed. Okay, so that’s a big number and that’s a big nut. So trying to move towards that is a goal. So you don’t have to have that there before you start saving for retirement, but there should be some money directed towards that objective to just sit in a very exciting 2% yielding savings account, which 2% awesome these days, for what it’s worth. Then the next one…

Debi Lynes:                   10:10                So that is bucket one. I love buckets.

Emily Johnson:              10:11                I love buckets too. And you’re not seeing this, but we have lots of buckets and cans in front of us right now. They’re doing fake buckets. So bucket number two is going to make sure that you’re paying down debt. So you, you want to be accumulating some savings while at the same time paying down debt. And this is a common question of which do I do first? And the answer is you kind of want to do all three assuming that your debt is not eating up everything. It’s not 17% debt. Then you sort of, you want to be allocating funds towards each if you can.

Debi Lynes:                   10:45                Can we take a quick break? She took a breath and we’re going to take a break. We’ll be right back to continue filling our bucket. Stay with us on aging in place.

Henrik de Gyor:             10:54                Hi, I’m Henrik, the producer of Aging in Place Podcast. If you’d like more information and transcripts of this podcast, visit aginginplacepodcast.com. And now, back to Debi Lynes with the next segment of Aging in Place Podcast. For every stage in life.

Debi Lynes:                   11:14                We are back on the Aging in Place Podcast. We’re with Emily Johnson and we’re talking about buckets because we can. But these buckets are going to contain very important resources when you need them. So bucket one was something that kind of blew me out of the water. And that is as someone’s self employed, I should have a bucket full of enough emergency funds.

Emily Johnson:              11:39                And this, yes, this is buckets, you know, for getting started planning, but it’s also buckets for every portion of your life when it comes to your financial plan. So we’re really simplifying, but by simplifying it just makes it so much more real and you can apply it to all different stages of your life. So having that emergency fund is something that you do want to have as bucket number one to get started. Making sure that your debt is paid down is another bucket that you want to make sure that funds are going into that bucket to pay down student debt, credit card debt, sort of the debt that is not particularly helpful. Even though student debt is considered helpful, but credit card debt, definitely not. So those would be two buckets or places that you’re, you know, if you have $1,000 of income coming in that you’d want to put a few hundred dollars here, a few hundred dollars there, just dividing it up.

Debi Lynes:                   12:29                And you can kind of decide exactly how many of those dollars we’re going to put in which bucket.

Emily Johnson:              12:35                Oh, Absolutely. So the third bucket…And we’re always dealing with three buckets, you can complicate this as much as you want, but I tend to just focus on three and you can always change the, sort of, structure of the three and how big the three are. But so then the third bucket is going to be saving for future. So it might be saving for future education for a child, that might be saving for retirement for yourself, which that’s a definition that’s constantly changing. So these different buckets, those are the three buckets that we always need to be looking at regardless of what stage in life we’re starting.

Emily Johnson:              13:03                And the catch-22 is when we start talking about financial plans. It’s so much fun to see people get a light in their eye of this is actually something I can actually do. I feel good about taking control of my funds. And then they say, well, you know, of my thousand dollars that is coming in this month, I’d like to put $900 towards each of these 300 here, 300 here and 300 there. And then you’ll usually have the spouse look at them and say, well now honey, how do we pay for food and the mortgage and the kids’ school? So the catch-22 is always wanting to save and then making it work for your cash flows. The reality, right? So my basic advice when it comes to trying to allocate to each of these buckets is you want to allocate enough to each of them on a steady basis that it hurts just a little.

Emily Johnson:              13:52                Because if it hurts just a little, then you actually feel like you’re doing something. It’s like exercise. You know, getting back to the same analogy, you know, if it hurts a little, you’re thinking, okay, I’m making a little progress here and you’re, and you’re cognizant of it.

Debi Lynes:                   14:05                But I can still continue to do it. Just because it hurts little.

Emily Johnson:              14:08                If it hurts too much and you’re finding yourself in a constant cash negative or you’re building up credit card balances or your spouse is upset at you or whatever it might be, then that’s where you’re going to change the plan. And if you change the plan, then you’re no longer moving in the direction that you have, that I have helped you set up according to what you’re saying your goals are. So we want it to hurt just enough so that you feel like you’re doing something meaningful but not so much that you take a step back and, and negate the plan altogether.

Debi Lynes:                   14:40                Is there a time when you should be more risk taking than others? Like I am 66 versus my daughter at 32?

Emily Johnson:              14:47                Okay. So I have two answers to that. One is yes, when you’re younger you have more time. So therefore you should be able to take more risks. That’s the reason that you see, you know, whether it’s on TV or on the internet or with other financial advisors saying that when you’re younger you can take more risks, therefore have more funds and equities. So that’s, that’s one simple answer. The other though is the sleep-at-night factor. And if you’re 37 years old, but you are extremely risk averse because you saw your parents go through a really difficult time financially or because you know you want to change careers or something like that, then you don’t need to take that extra risk. I don’t care how old you are.

Emily Johnson:              15:22                So I mean what you need to realize is that everything is a trade-off. So if you’re taking additional risks early on, history would show that you are going to, over time, achieve higher returns. You could have a few bad years, however, and if you can’t stomach those bad years. And again, with married couples, this is even more complex because it has two personalities. Exactly. So, and when it upsets the home life, chances are the plan’s going to change if they aren’t really in unison on that risk tolerance. So yes, over time if you take more risk in theory, you should actually have higher returns and therefore you benefit if you’re younger by taking more risks. However, if again, it’s, you’re going to be taking so much risk that you can’t stomach it and you’re going to stop the plan altogether, then don’t do it, then dial it back to a level that you can actually sleep at night. And that might mean putting more money in the cash bucket because you know that you can dig into it. It might mean taking less risk overall in your portfolio. And there’s lots of ways you can measure that, that are way more boring than this talk here. You know, so, so I think those are two really important gauges. One is age and one is the sleep at night factor.

Debi Lynes:                   16:31                Well, let me ask you a question about your profession as a whole. Why is it so important that I have someone to help me navigate through this? And I mean, I can give a testimonial. I think for me it was being with someone objective who was also a professional in the field and knew all the nuances and that to me was worth its weight in gold. But I would love to hear your opinion on why is it really helpful to have someone?

Emily Johnson:              16:58                Well, first of all, I just absolutely love my profession. So I’m a certified financial planner. I was an investment banker before that. And I can say I love this part of the job in finance a heck of a lot more than I enjoyed that part of the job.

Debi Lynes:                   17:10                You said that there’s a lot of psychology to it and listening.

Emily Johnson:              17:15                There’s so much to know and it’s just like any other field. I mean, if I have physicians as clients, you know, I don’t know everything that they’re doing. I go to a doctor for a reason.

Debi Lynes:                   17:24                That’s right.

Emily Johnson:              17:24                You know, same thing with my engineer clients, you know, I certainly, I can’t change the oil in my car, let alone any of the things that they could do. So, but they come to me because this is what I do all day, every day and I love all of the little nuances and the little changes that constantly happen. That’s what I do all day and every day and I’ve seen it now over the last however many years in so many different forms and iterations. So I think that’s number one is this is my trade, this is what I do. But the other is, you know, finding somebody that you feel really comfortable talking to about your finances, about your fears, about your insecurities, about your goals about the son in law that you don’t like, but you know, you want to make sure that there’s money there for the grandkids. I mean, it’s things like this and also somebody that you don’t worry about asking questions of. You don’t feel like, Oh, if I ask what an IRA is, is that going to show that somehow I’m going to be taken advantage of? Or something like that. So being open and able to ask those questions. So finding the person that you can do that with is really important.

Debi Lynes:                   18:26                Is the professional really fluid and dynamic? Are things oftentimes changing? Markets are volatile and money. I mean it’s just a chaotic world in many ways.

Emily Johnson:              18:35                It’s definitely fluid, but really, you know what the market’s doing. Yes, that’s sort of the sexy part of the job. And that’s what the news focuses on. But if you look at statistics, actual your allocation and what you are actually invested in only I think I want to say it drives about 3% of your overall success in achieving your goals. So if you look at all of the factors that allow you to, let’s just say you want to retire with $1 million, there’s your standard that you see on TV. You retire with $1 million. So if you start saving when you’re 25 years old and you assume that retirement is 65 then your success and achieving that goal is derived about 97% just from your ability to actually save.

Debi Lynes:                   19:18                Wow.

Emily Johnson:              19:19                And time value of money. So the actual the other percent that’s there, the 3% that’s there, a portion of it is allocation. And a portion of it is what you’re actually invested in. So all these arguments about mutual funds versus ETFs versus individual stocks, whatever. That’s what sells advertising, right? And that’s what sells TV. And that’s what sells CNBC. And that’s where the big money is because saving is not sexy. Saving is boring. But that’s really what drives the success in a plan. So it’s why I think that a plan is so important because it brings you back to looking at what you can do and what is within your control because the market’s outside of your control. You do the best that you can to manage the risk so that you can sleep at night. But what’s within your control is the saving.

Debi Lynes:                   20:05                We’re going to take a quick break, Emily and we’re going to come back and we’re going to talk about the aging in place market over 50 and if we’ve been afraid or haven’t done as well as we should as we’ve gotten older, we’re going to talk a little bit about that, so stay with us. We’ll be back on aging in place.

Debi Lynes:                   20:22                Hi, I’m Dr. Debi Lynes. Design elements are psychologically and physically supportive and conducive to health and wellness. To learn more about what Lynes on Design can do for you, for more information on certified aging in place and facilitative and supportive design. Look for us at lynesondesign.com. That’s L Y N E S on design dot com.

Debi Lynes:                   20:47                We’re back here on aging in place and Emily and I are talking about as we get older, what is it that we all really want to know? Well, of course, everyone wants to know something different. But I think what probably is important for the folks who are 50 and over who really want to get serious now, Oh my gosh, I just had a big birthday and I want to make sure… I’m 66 I want to make sure that at least I have a fighting chance of, if not retiring, at least not being a burden to my kids. So how do you begin to really counsel someone or take someone through the process of getting older and beginning to fill those buckets, if you will?

Emily Johnson:              21:30                So the first part is just asking a whole lot of questions and really trying to get a good feel for if you say you don’t want to be a burden, do you mean that you want to stay in your own home? Do you already anticipate that you have one child that you know you’ll be moving closer to them because that’s just the way that’s going to be. So questions like that just to get a better feel for you, for your family dynamics and things like that. So we start with that. And then of course the next part is going to be asking questions about all of your assets. So very rarely do people think of their home and the equity in their home as something that they can use towards retirement. And there’s lots of different ways to do that. You know, you might have longterm care insurance, which is first a question.

Debi Lynes:                   22:14                I was just going to say, do you have life insurance?

Emily Johnson:              22:16                Life insurance is an interesting one, especially for folks that are, I would say over 60 because life insurance is a new investment and I’m sorry to all the insurance agents that are out there that hear this, but life insurance as a in general as an investment at this point in time where interest rates are, is not necessarily a fabulous investment. However, back in the day when interest rates were a lot higher and whole life insurance was sold in abundance, it was a heck of a great investment vehicle. And if you’ve had it for a really long time, then it’s a great investment vehicle and chances are you have a lot of cash in it. And rarely do people actually look at. And another thing I find interesting about it is people have 15 policies. They bought one from their son’s soccer coach. They bought one from their brother-in-law. They bought another one when they moved in and got a new job. Some are term and some are whole life. But they’ll have a boatload of it and there’s a lot of cash in there. And unless they actually have a state issues, tax issues, you know, different things. and then we won’t even get into any of that. Most families don’t. That’s just suffice to say most families don’t. So unless you have an emotional tie to that insurance for some reason, there’s oftentimes a lot of cash sitting in those policies that can be a great resource to people in retirement. You can take notes from that and better used because it’s sitting there. So we’ll ask about all different assets. Even if it seems like, wow, why are they asking about that?

Emily Johnson:              23:40                That doesn’t make sense. Because when you pull it all together, the idea is trying to make sure that pie stays as large as it possibly can for as long as possible. And the two biggest problems that we have keeping that going is taxes and interest rates. And so because interest rates are really low, fortunately taxes are historically low too right now, but they’re still higher than interest rates. So trying to manage where different funds come from so we keep as much invested as possible and minimize taxes is a key. So those are two big things, you know, trying to get a better feel for the individual, the family dynamics, all of that is paramount. And then number two is okay, if that’s what we have as sort of our environment, you know, what are the tools that we have within that environment to make it hopefully right.

Debi Lynes:                   24:28                Oh, it’s a little overwhelming isn’t it?

Emily Johnson:              24:31                So you basically, if you break it down, so I’m a checklist person, Okay?

Debi Lynes:                   24:33                And actually I’ve actually seen that.

Emily Johnson:              24:37                And I find that, you know, if you started having these conversations very wide open, but then if it becomes overwhelming trying to put things down as sort of an order of operations, sometimes it’s more info gathering as the next step. Sometimes it’s again, budgeting. Nobody likes that. You know, sometimes it’s really having to have the heart to heart with yourself or your spouse or your kids about what your plan is. And earlier on, like when you are 50, that’s probably not even considered. I mean, that’s, you know, that’s right. Yeah. but, but some, for some people it isn’t, especially now with the definition of retirement changing so much and people having multiple jobs throughout their life, you know, 50 might be when they’re actually starting a new career.

Debi Lynes:                   25:18                It’s funny, I’m 66 and when you were saying, Oh, it’s 65 at retirement, Oh, I missed that.

Emily Johnson:              25:23                And I think there are a lot of people that are offended that the idea that 65 is retirement. I mean, I, you know, I’m 42 and I look at that and I think, I don’t know what I’ll do with myself. I mean I do not even have any hobbies now, but it’s probably because I have a kid and a career, but I’m good with that, but still I think because the definition of the workforce and your job progression and the idea of retirement is changing. Yeah. So the whole idea of financial planning is changing too because setting up a plan that says, “Okay, I’m 42 years old and I’m going to set up a plan that says I want to retire when I’m 60 and this is what I think I’m going to do.” Who the heck knows? I’m doing the best I can and I’ll set that up and then I’ll have a game plan, but I know darn well that between now and then, life’s going to happen. And it will allow me to be able to make those changes.

Debi Lynes:                   26:19                Well, talk to me about things that I never thought I’d be asking about. Like social security, reverse mortgages, all of these fun things. Medicare, it’s really like, Oh.

Emily Johnson:              26:30                I know, and they all seem like black boxes. So one thing I want to say from the very, very beginning is that every tool that’s there, whether you call it a product, an investment, a policy, a contract, whatever it is, every tool has its place. So don’t let anybody tell you that what you have in your portfolio is bad or wrong or terrible or whatever, because everything has its place. So you’ll hear people say, Oh, reverse mortgages are terrible. Well, you know what, for who? It might be for you, it might be for your brother-in-law who just told you that it’s terrible, but that’s in a vacuum. If you look at it in your particular scenario, it might be that that’s the best scenario or the best tool to achieve whatever it is that you’re trying to achieve. So, you know, if you’re talking to the folks on your tennis team or you’re forcing the ball, you cannot apply the same logic that somebody else does to your plan.

Debi Lynes:                   27:25                So it is like medical care to me. Everybody’s different. Everybody has different tolerance.

Emily Johnson:              27:32                Same thing when it comes to investment tolerance and that type of thing. So you know, definitely look at everything. What is it they say? Trust, but verify. So you know, definitely consider the opinions that you hear and consider, you know, the different products and solutions that are out there, but verify that that particular opinion at that particular product solution, whatever is right for your scenario.

Emily Johnson:              27:56                And the only way to do that is to really look at your comprehensive plan. It’s like putting together a color palette. You know, if you know that you like blues and greens. You know, that you like blues and greens, but your tennis partner tells you that the latest thing is going to be bright, cherry pink and you say, okay, well let’s put bright cherry pink in here because that’s the thing. It looks terrible with your color. It might look great depending on what you think. Maybe it’s great for you, but the point is that it really needs to fit into your palette. So definitely, you know, listen to other’s opinions about things, become educated, but just consider it as one point of reference. You can work into your plan, take that piece of information to your financial planner, to your financial advisor and say, “Hey, you know, I heard about such and such. Would that work for me?” It just might, it might be something that’s outside the box that they hadn’t considered. It might be, you know, something new. So definitely bring it to your advisor and see if it’s something that fits. If it’s not something that fits, then ask them why it doesn’t fit so that you can at least, you know, you feel that you’ve verified it.

Debi Lynes:                   29:00                Is there a rule of thumb about how often you like to see a client or how often you like to at least touch base or accessibility, things like that.

Emily Johnson:              29:10                Sure. It’s probably better to ask the clients that, right? Because each client is so different. So from my younger side…

Debi Lynes:                   29:20                Some of us are hand holders. Need some handholding.

Emily Johnson:              29:22                I know exactly who’s going to call when the market’s down 360 points and I tried to preempt that. And you know, and I know, you know who we need to deal with at year end for charitable gifting. I mean, you know, I know all of those things, but I think that it’s different for each person. So I think that the best is, you know, if we can actually ideally meet to discuss things twice a year, that would be ideal. because really quarterly, even though that’s the, people will say that’s rule of thumb for a lot of people, that’s too much. It’s if you see my phone call coming in, you’re probably thinking, gosh, if it gets to that point then we’re definitely doing it too much. So I’d say, you know, every six months because things can change every six months and also just making sure that people are opening their statements and things. So that’s, that’s a good general rule of thumb.

Debi Lynes:                   30:14                Well, it has been such a treat to have you here today. I’m always a little intimidated when I talk to you as a financial planner because I think, I think it can be, like you said, there’s this element of mystery for a lot of people.

Emily Johnson:              30:32                The key about a really good financial plan is removing the mystery from it and not trying to address it in using words that are made to sound like foreign or lingo or jargon or whatever. But words that actually apply to your situation. I have a client that likes to use the word money market for different things and I know exactly what she means. Is it a money market? No, but I know exactly what she’s talking about when she’s talking.

Debi Lynes:                   30:57                Exactly. Emily, it’s a, it’s a real treat to see. I want to thank you. I want to thank you all for joining us this week on aging in place for any stage in life.

Emily Johnson:              31:06                Thank you very much, Debi, for having me here today. My name is Emily Johnson of Polaris Capital Advisors. If you have any questions about anything that we have discussed today or have anything that is lingering in your mind financially, please give me a call. Our number is 843-686-2425 shoot me an email at emily@polariscapitaladvisors.com or just check us out on Instagram, Facebook. We look forward to seeing you soon.

Erin Lentz:                    31:33                For podcasts, links, information and media inquiries, please visit our website at aginginplacepodcast.com. Follow us on Facebook, Twitter, and Instagram as our host Debi lines and her expert guests discuss relevant topics for creating a home for all decades in life. Don’t miss our weekly podcast on aging in place for every stage in life. Transition through life where you are with the comfort and ease you deserve. Discover how you can start creating a home that will adapt to you as you journey through life and the changes that will bring.

Debi Lynes:                   32:05                I’d like to introduce you to a friend of mine, Tracy. Tracy is naturally curious and always creative and when we were doing the Aging in Place Podcast, she said there are so many quick tips that I can think of offhand. My response, who knew she’s going to be with us every week, giving us a quick tip and to hint that is a practical application.

Tracy Snelling:              32:34                Thanks Debi. A cool selfie with a refrigerator helps your grocery shopping become a little easier. Like I know I have six bottles of salad dressings, but what were they? Is my milk half empty or is it half full? And don’t forget to snap a picture of your freezer too to make sure you have room for that gallon of ice cream. If you like taking pictures when you empty your bottle or jar, snap a picture of it. It comes in handy if you send your teenagers to the store and they don’t really know which brand you like. And if they’re like my kids, they always would buy the cheap stuff anyway because they always got to keep the change. Who knew pictures of food would be so popular. Days don’t think so? Just check out social media. I know what my friends eat almost every day by their posts.

Debi Lynes:                   33:20                Wow. My head is exploding with everything that Emily taught us today on this episode of aging in place. All right, here’s the bottom line for me and the takeaway. It’s never too late to manage your finances. More importantly, hire someone who can help you demystify your finances. Don’t be intimidated by the talk of money, savings or investment no matter what stage of life you’re in. Again, it’s been wonderful having you here with us on aging in place.

Henrik de Gyor:             33:56                Aging in Place Podcast is hosted by Debi Lynes, marketing by Erin Lentz and produced by Henrik de Gyor. If you have any comments or questions, send an email to debi@aginginplacepodcast.com We would love to hear from you. If you’re interested in advertising or sponsoring this podcast, email us at PR@aginginplacepodcast.com. Thank you for listening to Aging in Place Podcast.