We’re in the midst of what many call a retirement crisis, with too many saving too little, too late. How do we turn this challenge into an opportunity to create financial security and personal fulfillment for millions of people? Co-hosted by retirement experts Don Ezra and Common Wealth, LIFE TWO offers in-depth, insightful conversations with the world’s best thinkers on the trends and ideas that are driving change in the retirement security field. The 10-part pilot series also features lessons from Don’s newly released book on how to plan and think about life after full-time work, helping to make this daunting topic more approachable and empowering for everyone.
What does it mean to retire in the 21st century? Pensions and a full-stop retirement are becoming things of the past, and global retirement systems are struggling to keep up with the changing trends. In this special double-interview episode, we speak to Chris Battaglia (VP/Group Publisher, Pensions & Investments) and Jeremy Cooper (Chairman, Retirement Income, Challenger Limited) about what needs to be fixed and which countries are doing retirement right. Even as individuals are increasingly left to manage their own financial future, later in the show we explain why retirement, or what we call Life Two, is potentially the peak time of life: the most enjoyable and the most rewarding.
00:00 | Opening
01:50 | Intro to Chris Battaglia: his background
04:50 | Global retirement challenges: longevity, what is retirement, investments, coverage
09:40 | Crisis? Successes and desirable improvements
20:10 | Why education hasn’t been successful
26:20 | Technology is helping to fill the gap
32:50 | The retirement transition, at the personal level
40:50 | Intro to Jeremy Cooper: the Cooper Review
47:40 | A tumultuous time in Australia
52:30 | “My super” as a simple (if imperfect) default
1:02:00 | Four criteria for evaluating change
1:08:00 | People continue to save in retirement
1:21:40 | Defaults for decumulation are manifestly more difficult
1:31:10 | Thoughts on personal retirement
1:35:40 | Don’s personal touch: Reframe retirement as Life Two, truly the best time of life
1:45:40 | End
Retirement, or what we call Life Two, is one of life’s biggest expenses, and with people working and living longer, traditional retirement planning is becoming more costly and complicated. Jonathan Clements (former personal finance columnist for The Wall Street Journal) of HumbleDollar draws on his experience and observations to tell us what goes into a good retirement plan, and later in the show, we break down an individual’s five financial stages and determine where you are in your retirement planning.
00:00 | Opening
01:30 | Intro to Jonathan Clements: his background
04:30 | The key to financial success is great savings habits
09:40 | Our whiny current self versus the needs of our future self
11:50 | Put retirement first
16:10 | The human side of money
23:40 | Investment and financial strategy in the next stage
26:10 | Visualize retirement, identify what matters to you
34:40 | Financial risks in retirement: don’t over-complicate things
43:00 | Paternalism helps retirement readiness
46:30 | Where the financial services industry can add value
52:10 | Personal feelings today
54:50 | Jonathan’s website and further reading
58:40 | Don’s personal touch: Three action steps for you to take, what to avoid, and mindsets to adopt
Just the thought of retirement planning can be daunting for many, so getting started is often the hardest step. Individuals not only have to overcome financial issues, but also psychological barriers. David John (Senior Strategic Policy Advisor, AARP Public Policy Institute) describes the challenges people face and the approaches for a successful retirement. Later in the show, we take you through the first stage of retirement planning, identifying the minimum, successful and exceptional standards.
00:00 | Opening
01:30 | Intro to David John: his background
04:00 | What hinders people from starting?
08:40 | Automatic and behavioral finance solutions
13:30 | Specific examples: Oregon and California
18:20 | Saving for emergencies
22:20 | People on lower and moderate incomes
29:00 | Personal stories!
32:50 | Motivation to take action
39:40 | Learn from other countries
43:30 | You don’t need numerous savings accounts for different purposes
47:40 | Trust (but verify)
53:10 | Where to find David’s work
56:10 | Don’s personal touch: the minimum standard, success and the gold standard in the early years
1:05:50 | End
How much do I need to save for a comfortable retirement? It’s the million dollar question – maybe even a bit more. It depends on a number of factors, making it all the more overwhelming for individuals to tackle retirement saving. We speak to author Fred Vettese (former chief actuary at Morneau Shepell) who has researched and written about what people can do. And later on the show, we discuss getting serious and building your financial base for a good Life Two.
00:00 | Opening
01:30 | Intro to Fred Vettese: his background
04:30 | How much do you need to save for retirement?
07:50 | How do you know if you’re on track?
12:00 | The ant and the grasshopper
16:30 | Learn the basics about investment
19:20 | The balance between individual responsibility and paternalism
24:20 | Staying on track: calculators, misleading commentary
28:50 | Efficiency: how to get more bang for your savings buck
35:40 | Annuities and life expectancy
40:20 | Fred’s own experience of retirement
47:00 | Focus on the individual’s quality of life
58:20 | Don’s personal touch: Some of your current expenditures will stop before you retire; three phases of post-retirement spending; the minimum standard, success and the gold standard in this “get serious” stage
1:06:35 | End