This is a monumental week for The Invested Dads, as today’s podcast marks their 100th episode published! Oh how time flies! Join Josh and Austin as they dive into the reasons for the increased life expectancy, what that means for your finances, and the importance of living with purpose in retirement. Tune in now – as this is one you don’t want to miss, happy 100th!
Main Talking Points
[2:20] – How Long am I Going to Live?
[5:57] – Why Does Life Expectancy Matter?
[8:08] – What is the Best Approach?
[11:47] – Claiming Social Security
[13:46] – Other Factors to Consider
[16:19] – Dad Joke of the Week
[17:10] – Why Are People Living Longer?
[23:29] – Should You Invest in This?
[25:29] – Living with Purpose in Retirement
Links & Resources
How Living Longer Will Impact Your Retirement – US News
045: Do You Need Disability Insurance? – The Invested Dads
092: Retirement Stepping Stones (ft. Tony Hixon) – The Invested Dads
Invest With Us – The Invested Dads
Free Guide: 8 Timeless Principles of Investing
Social Media
Full Transcript
Intro:
Welcome to The Invested Dads Podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments. Here are your hosts, Josh Robb, and Austin Wilson.
Austin Wilson:
All right, hey, hey, hey. Welcome back to The Invested Dads Podcast, a podcast where we take you on a journey to better your financial future. Today, we are feeling a little long in the tooth, little old, little gray, little less hair maybe. This is our…
Josh Robb:
How come you looked at me every time you said every single one of those.
Austin Wilson:
Haha, no comment, but this is our hundredth episode.
Josh Robb:
Yeah. A Hundred episodes.
Austin Wilson:
That’s a lot.
Josh Robb:
Back to our very first trailer we launched in January 2020. Man! I feel like walking uphill in the snow.
Austin Wilson:
The trailer may have been, even in December of ‘19.
Josh Robb:
It might have been.
Austin Wilson:
Woo, pre-COVID. There wasn’t even a pandemic on the radar. It was different.
Josh Robb:
So, we’re old from a podcast standpoint.
Austin Wilson:
I mean, and we’re… is that veterans?
Josh Robb:
Is it like dogs? Like it’s seven, every seven podcasts is like a year in podcasting world.
Austin Wilson:
Maybe that explains the gray hair.
Josh Robb:
Yes.
Austin Wilson:
So yeah, a hundred episodes. You are way older than me.
Josh Robb:
That’s true.
Austin Wilson:
But it’s all good.
Josh Robb:
More episode experience.
Austin Wilson:
But we made it, we made it all the way to episode 100.
Josh Robb:
Yes.
Austin Wilson:
So what’s that make us want to talk about today?
Josh Robb:
Let’s talk about…
Austin Wilson:
A hundred?
Josh Robb:
Living to a hundred. If we podcast live to a hundred episodes…
Austin Wilson:
Do the math on that. How many podcast episodes would we have?
Josh Robb:
Oh man. So if we do one a week, 52 weeks, times a hundred years…
Austin Wilson:
You don’t have a hundred years. You only have like 60 more.
Josh Robb:
Oh, I thought you meant, if the podcast lived to be a hundred years old, cause that’s easy.
Austin Wilson:
I mean, yeah. Yeah.
Josh Robb:
Just add some zeros on the end of that.
Austin Wilson:
We don’t even need to get into the math.
Josh Robb:
5,200.
Austin Wilson:
But the age. Yeah. Longevity and age is really the question we’re talking about today.
Josh Robb:
Yes.
Austin Wilson:
So the question everyone wants to ask is how long am I going to live?
Josh Robb:
Yes.
Austin Wilson:
And that has a big impact when it comes to finances and planning. And we’re going to about that today, as well as we’re going to break down why that is even a thought. Because that wasn’t a thought, unless you’re you know, Adam or Methuselah.
Josh Robb:
Yeah.
Austin Wilson:
But now it…
Josh Robb:
Methuselah lives a long time.
Austin Wilson:
Little bit. He has a little bit of a long life.
Josh Robb:
Yeah.
[2:20] – How Long am I Going to Live?
Austin Wilson:
So yeah. Lets kind of break down, “How long am I going to live?”.
Josh Robb:
Yeah, and why that matters? Like you said, because 100 it’s a nice round number, but it’s an arbitrary number when it comes to that standpoint. But people look at that as a century, that’s a long time to live. That’s, you can see a lot of change during that timeframe to look hundred years.
Austin Wilson:
That’s right.
Josh Robb:
And so yeah, what that matters to though from a financial planning standpoint it’s a big deal.
Austin Wilson:
Oh yeah.
Josh Robb:
How long you live has a big impact on your ability to have a successful retirement. So, let’s first start with some stats. I know you like statistics.
Austin Wilson:
I love them.
Josh Robb:
Alright. So this is from an article from US news, which will link in the Show Notes, but they are using data from the Social Security Administration.
Austin Wilson:
Gotcha.
Josh Robb:
All right. And so they, and the reason why this matters, and we’ll talk about this in a little bit, but actuarial tables, those are just mathematical formulas that takes large groups of people and says “okay, what’s the average life expectancy for this group”. And then different companies apply that for whatever they’re doing. So an insurance company needs to know that, to know how much to charge you for life insurance because they want to know how long or do you have statistically living.
Austin Wilson:
Statistically how long you’re going to live, yeah.
Josh Robb:
And so these are important stats and numbers, but let’s look at that. So a 65-year-old today can be expected to live another 19 to 21 and a half years. Why the range?
Austin Wilson:
Male and female.
Josh Robb:
Men and women. Women tend to live longer than men, but somewhere around 20 years. So if you’re 65, we’re looking right around 85, that’s kind of the life expectancy, according to this Social Security Administration. But with that, they know that’s the average. So some people live longer and shorter. If we say, okay, let’s look at that, about a third of 65-year-olds will actually hit 90. Those are pretty good stats right there.
Austin Wilson:
Absolutely.
Josh Robb:
And then one in seven will live beyond age 95. That’s getting to that 100.
Austin Wilson:
Exactly.
Josh Robb:
Those numbers point out how important it is to plan for that. And age, race, location meaning what country are you in, your family history, wealth actually plays into that as well because of your ability to access healthcare and those types of things. So all that factors into where you land on this, genetics is a piece of that. Let’s look back that’s not always been that case. In 1960, the Social Security Administration said for a 65-year-old man the life expectancy was 13 years as opposed to 19.
Austin Wilson:
Yeah. That’s a big, six year change in-
Josh Robb:
The six year change-
Austin Wilson:
60 years.
Josh Robb:
Yep. And then a 65-year-old woman, their life expectancy was another 17 years. So again, that’s that we’ve seen it extend outward, and apparently men have gotten a little bit longer because maybe we’re just not making so many dumb choices
Austin Wilson:
I was thinking the difference between men and women is because those extra four years back in 1960 or the extra couple years now, the women’s lives are a lot less stressful.
Josh Robb:
Do you think so? Yeah. Sure yeah, we’ll go with that. I think it has a lot to do, if you think about the 60s, it was more of a male-dominated workforce. And if you think about the workforce, there was smoking in the office, you’re probably exposed to a lot more health hazards.
Austin Wilson:
I’m going to talk about that later. Don’t go too far with that.
Josh Robb:
But I’m saying the 60s, that’s why men have made a longer extension of their life expectancy than the women that’s cause they’ve cleaned up their habits better. Women didn’t have those bad habits necessarily as much as.
Austin Wilson:
They were super polite.
Josh Robb:
They were just smarter. That’s what it is.
[5:57] – Why Does Life Expectancy Matter?
Austin Wilson:
That’s absolutely true. So yeah, I guess we should probably let’s discuss why this matters because on paper and logically speaking, living longer can only be a good thing. And so, therefore, we shouldn’t have to worry about it, right?
Josh Robb:
Yeah. In theory, yeah. The longer you live cool, the more years to experience life and accomplish things. And we’ll talk about this at the very end, but if you have a purpose, more opportunity to fulfill that, but how you live in those later years matters. And so if you plan for living to age 85, because that’s what the Social Security Administration says and you actually live to be 100, those 15 years if you don’t have the money will not be very enjoyable. If you’re in poverty and you’re not able to do and live in the places you want to.
Austin Wilson:
Or afford care to be healthy and…
Josh Robb:
Yeah. So that’s why it matters. And so when you’re planning, really the main purpose of retirement planning is to help you determine how long do you need to work? How much do you need to save while you’re working? And then how long do you need a plan for those funds to last? So really those three big high-level pieces are what a good financial planner is factoring in because those are the ones you have the most control over. Notice how I didn’t talk about returns in the market or anything you don’t have control over that. The market does is what the market does. But you have control over how much you spend, you have control over how much you save, and you have a pretty good amount of control over how long you work now, there’s health and other foreseeable unforeseeable things that could show up. But in general, you at least have that decision, to have an income earned for the most part. Those are the ones you need to focus on because those are the things you can adapt and adjust to.
How long you’re going to live matters, because that spending is huge, if you save a million dollars and you’re only going to live five years, you know how much you can spend each year to make that work. But if the unknown, which is everybody’s life is “if I have a million dollars, I don’t know how long I need to make this last. I need to find something that’s sustainable. Regardless of that timeframe”, that’s where the retirement planning comes.
[8:08] – What is the Best Approach?
Austin Wilson:
So there are really two ways to look at this. You could not have enough money and then run out of money and live longer than you are expecting. Or the other way around, you could have plenty of money and leftover money and not live as long as your retirement plan would then be built for. Which way is a better way to approach it? When I think that’s a rhetorical question, but go ahead and go into why you think planning for the worst is maybe the better option. Not the worst, that’s a bad way to put it.
Josh Robb:
The worst-case scenario for a plan is you live a long time.
Austin Wilson:
Exactly.
Josh Robb:
That’s good for everybody around you and your loved ones.
Austin Wilson:
It costs a lot more money.
Josh Robb:
It costs more. Healthcare costs you more. Your rent, your utilities, your food, everything you have, it costs a lot more. And when you’re planning, you need a plan for at least the higher frequency events. A lot of planners are using somewhere between 90 and 100 right now because that’s again, one and seven are going to get there. So it’s not like you’re going to, everybody you’re planning for is going to get there, but there’s a chance, and so we got to plan for it. And then the other piece of it too, is when you look at your assets, if you have a pension or some sort of income, that’s going to go the rest of your life, then you can adjust those plans accordingly because you know you at least have that baseline.
Social security is another example of that social. Security’s going to last your whole life. Now there’s we can debate all that on whether social security will still be around, but in general, it’s set up for, it’s not going to stop after X amount of years, it’s going to pay out your whole life. So you can have that as kind of your baseline, “that’s the minimal income I’m going to have if I have a pension that on top of it”, or anything like that, rental income, anything like that.
But then everything else you got to say, okay, how long do I want to assume I’m going to need these assets for? Sometimes you may plan for not touching certain assets. For instance, you may have a home, and you may have it paid off by the time you get to retirement. Which is a lot of people’s goal is to be debt-free and retirement. That’s an asset with a value that maybe you don’t plan for at all in your retirement. Worst case scenario at the end, there’re ways of getting equity out of your home that you could use to prolong your ability to spend. Those are in general, the better way to plan is to plan for long life, because the worst-case scenario in that instance is you have leftover money that you can then designate for legacy, for giving, for whatever you want. So that’s not a bad situation to be in for your family.
Austin Wilson:
Gotcha.
Josh Robb:
That’s retirement planning. We want to make sure we factor at least. So why don’t I do 150 just to be safe? Well…
Austin Wilson:
It’s really safe…
Josh Robb:
At that point, you’re leaving on the table, probably, a lot of money you could be spending or working a lot longer than you need to for a very, very low probability. It really just factors in, okay, what’s my family history look like? How do I feel? Do I have any underlying conditions that maybe would impact my longevity? And you just have to decide, what gives me the most peace of mind? What target should I shoot for? Maybe it’s a hundred. Who knows? A lot, like I said, a lot of 95 seems to be kind of the standard, because again that 1 in 7, get to that 95 ish piece. I should point out we’re talking about statistics. A married couple, when you combine the two and you look at as what if just at least one of you makes it, you actually have a higher probability of one of the two making it, again going back to just how statistics work. Either one of you combined has a better chance of one of you making it. So again, you want to be a little more conservative that way.
Austin Wilson:
Exactly.
Josh Robb:
So that’s retirement planning.
Austin Wilson:
Oh it’s the best.
[11:47] – Claiming Social Security
Josh Robb:
It’s good. But that’s huge because it affects how long you want to work. What do you have to save all that? The other piece of it is when it comes to claiming social security, having an estimate or guess on how long you think you’re going to live helps in determining when you should claim it. Because the way social security works is at 62, and this is current law because they can always change or adapt this. But at 62, is the minimum age you can claim social security. At that point, you’re actually claiming a reduced social security amount, meaning a lower social security amount than what you’ve actually earned.
At your full retirement age, which is currently at 67 for most people, it’s based on your birthdate is what your full retirement age is. They are actually slowly moving that upward because that’s one of the pieces they’re doing to social security to help stretch it out. But at your full retirement age, you get the total amount that you’ve contributed in based on their formula. That’s your full social security amount at that full retirement age. If you decide not to claim it then, you can wait up till age 70, which is again, the current tax law, up to 70, you actually get in a bonus or an increase in your social security payment. So well why doesn’t everybody do that? Well because you’re delaying those monthly payments from 62 to 70, there’s an eight year window in there. Anytime you claim in there every year you wait, you have to in a sense, catch up for the unreceived amount, but since you’re getting a higher amount, you will catch there.
What is that age? And that’s kind of the breakeven age to say, is it worth waiting because going to get more total by waiting. And so most people, if you wait till age 70, instead of claiming full retirement age, you have to get into your 80s to make that worthwhile. So going back to the social security, there’s a reason why that works, the Social Security Administration knows the average life expectancy is the mid 80s. So they’re just kind of playing those numbers to kind of give people an incentive to say, “Hey, if you think you’re above average in life expectancy, you may want to wait. You’re going to get more money”.
Austin Wilson:
We all know you’re above average Josh.
Josh Robb:
You know, on life expectancy who knows…
[13:46] – Other Factors to Consider
Austin Wilson:
So what’s a couple more factors after social security that really go into why planning for longer life expectancies matter?
Josh Robb:
Yeah. So the other one which I touched on briefly is healthcare.
Austin Wilson:
Oh yeah.
Josh Robb:
So the long…
Austin Wilson:
We talk about it, like every episode.
Josh Robb:
Oh yes. It’s a huge cost, especially when it comes to retirement plan. And now there’s Medicare is for anybody 65 and older. That’s not free, you have to pay for portions of Medicare and does not cover everything, so you have to get supplemental insurance. Those are costs that even retirees are facing and the longer you live, the more those cost and statistically speaking again, the older you are, the more portion of your overall spending is towards healthcare. Just as your body’s getting older, there’s more and more issues you have to take care of. And so that’s one piece that’s longer you live, the more costs will be there.
The other aspect is long-term care, meaning not healthcare, but if I need to be in a facility or have someone there to help take care of me, that’s on top of your healthcare. In fact, Medicare really does not cover long-term care expenses. They have some things built in for rehabilitation and stuff, but there’s really not long-term care.
Austin Wilson:
It’s more on the Medicaid side.
Josh Robb:
Medicaid, and Medicaid only kicks in if you’ve depleted all your other assets, that’s kind of the safety net piece. But yes they do have long-term care coverage there. But long-term care is expensive and the longer you live, the higher probability, you’re probably going to use it at some point because at certain ages you just have a hard time taking care of yourself and you need help. So those are the pieces you have to factor in as well, that “the longer I’m going to live, there’s maybe a better chance I’m going to need some sort of planning to help take care of those expenses”. There is long-term care insurance out there that you can buy, there’s all different types. I think we did an episode on some of that. And so those are all things that you can look into, there’s now hybrid ones, all this fun stuff. Or if you’re self-funding, you make sure you have enough money kind of earmarked for long-term care and set aside for that matter.
Austin Wilson:
So you mentioned …
Josh Robb:
Cost lot.
Austin Wilson:
That we probably have an episode about that.
Josh Robb:
Yeah.
Austin Wilson:
Probably being the key because now that we’ve done a hundred they’re all kind of running together.
Josh Robb:
Yes.
Austin Wilson:
So we’re hitting on things we’ve hit on before and we’re going to continue to do this forever.
Josh Robb:
Forever.
Austin Wilson:
Forever. So Josh, while you’re confirming that, I know we do have a long-term care episode.
Josh Robb:
I’m sure we…
Austin Wilson:
Some disability…
Josh Robb:
We did disability.
[16:19] – Dad Joke of the Week
Austin Wilson:
I think we did that too. We’ll link that in the Show Notes if that is the case, but I have a dad joke of the week for you.
Josh Robb:
Alright.
Austin Wilson:
Are you ready?
Josh Robb:
I’m ready.
Austin Wilson:
It’s r/dadjokes. Reddit cracks me up.
Josh Robb:
That’s your thing.
Austin Wilson:
Alright. Why are bakers so rich?
Josh Robb:
They have a lot of dough.
Austin Wilson:
Yeah. They make so much dough.
Josh Robb:
Oh man. I saw…
Austin Wilson:
They make a lot, but you know, they, knead even more.
Josh Robb:
That would…
Austin Wilson:
Get it.
Josh Robb:
We were just on a trip and there was a food truck…
Austin Wilson:
K-N-E-A-D.
Josh Robb:
And the food truck, it was a pizza food truck.
Austin Wilson:
Okay.
Josh Robb:
And it said buy our pizza. We need the dough.
Austin Wilson:
Ah! K N E A D.
Josh Robb:
Yeah, we need the dough, but they also need the dough.
Austin Wilson:
It’s so good.
Josh Robb:
It’s just a spelling thing it’s hilarious.
Austin Wilson:
Oh man. Puns are great. So they adds your dead joke of the week brought to you by Reddit.
Josh Robb:
Nice.
[17:10] – Why Are People Living Longer?
Austin Wilson:
This is where I get a little nerdy. Okay. We’ve talked about people are living longer and people are expected to live longer. That is the key there, but we should probably explain why people are living longer. And there’s a number of reasons, there’s actually a ton of reasons and I’m going to name a handful that we’re going to talk about. So number one, hygiene is a big difference of why people are living longer than they used to and really longer than they really ever have in modern history anyway.
So number one hand washing, it has increased greatly since the 18 hundreds and especially in the medical field. And that has decreased the chances of infections stemming from unwanted germs, during medical procedures or specifically from births, that’s how a lot of the infant deaths occurred. In older history, 18 hundreds or before is when children were being born, they were not being, the doctors were not super clean now that is not the case. Yes. It’s high standards for that. And that early age deaths has brought up the life expectancy averages as well, that’s a factor in that.
Another one is clean drinking water. That’s something that’s become more common around the world. We take it for granted here, but it’s becoming more common around the world and unclean water or often contains parasites and such that can be really detrimental to your health. It’s a big problem in third world countries, it’s a huge problem in places like Africa. So that is something that it’s on the rise around the world, which is great. But we’ve been blessed to have that for a long, long time here.
Josh Robb:
Yep. And you talked about, being born and the longer you live the longer your life expectancy is, which sounds counterintuitive. But an infant born here in the United States, their life expectancy is only in the 70s just because you take early dust into count during that. But if you get to your 60s, then your life expectancy is 85. So if you can get through certain periods, they actually extend your life expectancy.
Austin Wilson:
There’s probably like a peak, right?
Josh Robb:
Yeah. And again, but if you get to 85, your life expectancy is moved forward. So that’s kind of how it works.
Austin Wilson:
Absolutely.
Josh Robb:
Which just weird to think about, by the way.
Austin Wilson:
Another factor is running water, building on the water theme. So running water, flushing, toilets they’ve become commonplace, one of the key things that does not to be TMI, but that removes human solid waste. And human solid waste contains microbes and those microbes cause disease. So if you’re doing your business into a pit and all that microbe stuff get in the air, that’s not great..
Josh Robb:
Or into water.
Austin Wilson:
It’s not great. Yeah. Or in the streets, sewage used to be in the streets and stuff like that. It’s not the case anymore.
Josh Robb:
Gross.
Austin Wilson:
It’s a great thing. It’s it used to be gross, it’s less gross… Still gross. Bonus I read this somewhere. If you flush the toilet with the lid down, you actually cut down even further on the microbes entering the air and it’s by like 50% or 70%.
Josh Robb:
That’s a big deal, close that lid.
Austin Wilson:
Close that lid. Another reason people are living longer is genetic studies. So as of 2003, we have a pretty good understanding of human genetics. The Human Genome Project started in 1990, wrapped up in 2003 and now allows experts to understand how humans work and just the human genome more than ever. And that is allowing us to make great advances in the medical field.
Another one is an increased focus on health and fitness, people are going to the doctor for routine exams more frequently, not just here in the United States, but around the world. And this allows things like cancer to be caught more early, and treated earlier before it gets too bad or spreads too far. That’s a big difference than how it used to be. A lot of those things’ life expectancy issues from the early 1900s or the 1800s or before. These people could have been dying from cancer or whatever, we had no idea we were just dying, so this is a big difference.
Another one is people are just interested in being more active. So from 2000 to 2019, the number of gym memberships in the United States doubled from 32.9 million to 64.2 million, according to Statista. So big interest in that, and that has changed a little bit by going to subscriptions and doing it on TV or a Peloton or whatever since the pandemic started, but it still has increased a lot.
Another big factor is that less people smoke. You mentioned that a little bit earlier. Yeah. We’ve all seen Mad Men, and if you haven’t, you should, it’s a great show. But yeah, that was an example of the office environment in the 60s.
Josh Robb:
They’re probably all mad because there was always smoke in the office.
Austin Wilson:
They were all mad, everyone was smoking and drinking all the time.
Josh Robb:
I would have to dry clean my jacket all the time.
Austin Wilson:
So, less people smoke. It’s no secret that smoking kills and shortens lifespans and the numbers are getting better, they’re not great, some people still choose to do that. In 2005, 21% of the population smoked. In the 50s and 60s that was way higher than that.
Josh Robb:
Kids smoking history.
Austin Wilson:
They’re like born smoking, but now it’s down to 14%. So that’s 7% in 15 years or so. That’s working in the right direction and that’s helping people live longer because the statistics for smoking individuals versus non-smoking individuals, it’s huge at life expectancy end of lifetimes.
Another factor is that people are focusing on healthy eating. Everyone’s definition of “healthy” and using air quotes in a podcast is different. That’s, everyone has their own opinion on that, but in general, the FDA, the Food and Drug Administration, they’ve greatly increased the ingredient and nutrition fact label requirements on foods over time. And they’re pretty robust now, you can pick up anything and see what’s in it, which helps people to be able to choose what they believe are healthier options in a lot of instances and have more well balanced meals.
Josh Robb:
Speak of a well-balanced meal, when we were, my wife and I were just travel we were in Austin, Texas.
Austin Wilson:
Great name, great name.
Josh Robb:
Yes. And there was restaurant and they had bread pudding, which is good. Bread pudding is good. They made the bread pudding with this town’s called round rock. They have donuts there that are in my opinion, better than Krispy Kreme donuts. But the same time, those real nice…
Austin Wilson:
Super, the yeast…
Josh Robb:
That really light and fluffy dough, but they made the bread pudding out of the round rock donuts.
Austin Wilson:
And?
Josh Robb:
Oh man, it’s good.
Austin Wilson:
You didn’t bring me back any.
Josh Robb:
You didn’t get it.
Austin Wilson:
It wouldn’t make it.
Josh Robb:
It didn’t make it out. And there was no leftovers.
Austin Wilson:
That sounds delicious.
Josh Robb:
Yes. So well balanced meal.
Austin Wilson:
Well balanced, mostly heavy on the donuts and yeah, so those are the kind of, a lot of the main reasons that people are living longer. A lot of it just goes to healthcare around the world has just in the last a hundred years, we’ve learned so much. We can treat things so much better and prevent things. So everything’s working in the right direction there. But the question you might ask me, Josh…
[23:29] – Should You Invest in This?
Josh Robb:
I want to ask you this question.
Austin Wilson:
How…
Josh Robb:
How should they invest in this?
Austin Wilson:
Well should, is relative.
Josh Robb:
Should.
Austin Wilson:
That’s a different question, but…
Josh Robb:
You’ll ask me that way.
Austin Wilson:
I’m going to say… No, I’m just going to go ahead and hit the nail on the head now.
Josh Robb:
Okay.
Austin Wilson:
None of these are coming up our recommendations of what you should buy because everyone’s situation and goals are different. Talk to your advisor about the situation. If you don’t have one, Hey, you can talk to us. We would be happy to talk to you. There’s an invest tab on our website. Can talk to Josh, the famous Josh Robb about your situation. But specific companies there’s our ETFs and stuff in some of these spaces, but I’m looking at specific companies in some of these industries we talked about. There is an ETF for clean water and it’s a first trust ETF. It’s pretty cool.
There’s a company called Middlesex Water Company which is a Northeast United States clean water company. That’s a kind of like utility going on to different theme. Illumina is a company that focuses on genetic sequencing and that’s a healthcare company that does a lot of innovation there. Focusing on the fitness side of things, you got Planet Fitness, Peloton, and Apple. They focus on health and fitness thinking about food – Amazon owns Whole Foods, so Amazon’s a stock there. Kroger sells a lot of that. Costco and Walmart, they sell a lot of healthy options, healthy foods. And kind of going to your long term care discussion. There’s a real estate investment trust called Well Tower, and that Well Tower REIT is a company that focuses on long-term care facilities, kind of elderly focused places. That is a unique…
Josh Robb:
Stay on the properties that these facilities are at.
Austin Wilson:
Yeah, that are not necessarily handling the medical side of it, but they’re handling the real estate out of it.
Josh Robb:
Interesting.
Austin Wilson:
And yeah, that’s an interesting option there. So again, none of those are recommendations. Talk to your advisor.
Josh Robb:
All right. So talked about why it matters in retirement.
Austin Wilson:
Oh it matters.
[25:29] – Living With Purpose in Retirement
Josh Robb:
We talked about why investing in it could make sense based on your situation, your goals. And one final thing is when we’re talking about this living longer, and specially having a longer retirement period, because that’s really what’s happening here people are still retiring about the same timeframe, but they’re living longer.. Is you need to have a sense of purpose. And that’s really what drives… Research has shown that in retirement, you need to keep your body and your mind active to have a healthy and successful retirement.
We just recently had a podcast where Tony Hixon, one of the founders of the firm we work at, he had just written a book and his book focuses on having purpose in retirement. So, I strongly encourage you to check that podcast out. If you haven’t listened to it yet, check that one out. It’s a really good one. And then you check his book out. It is available now for purchase. You can get any information you tonyhixon.com. We’ll also link that in our Show Notes as well. But that’s just one thing to think about. Austin, your turn, how can people help us…
Austin Wilson:
Changing it up…
Josh Robb:
I know.
Austin Wilson:
So first of all, we would love it if you would subscribe, because we put out episodes every single Thursday and we’d love if you would listen to those because we haven’t missed one yet. We have a hundred in. And number two, if you listen to us on Apple Podcasts, as most of our listeners do leave us a review on apple podcasts that really helps us to show up in search results. And we’re hoping to get onto some of those recommended pages one of those days that’d be great. Number three, email us any ideas that you have for episodes that you would like us to talk about, things you would, questions you’ve got, topics you’d like discussed email hello@theinvesteddads.com. And we would love to hear from you. We do read every email that is sent in.
Josh Robb:
Even if it is spam.
Austin Wilson:
Even the spam ones. Yeah.
Josh Robb:
I don’t know why I do.
Austin Wilson:
Those get deleted but we do read them.
Josh Robb:
I don’t know why I read them, but I do read them.
Austin Wilson:
Yep. Number four, if you know someone who is asking, “Hey, how long should I plan for retirement?”
Josh Robb:
Or if you know somebody who is 100…
Austin Wilson:
If you know someone who is 100…
Josh Robb:
And listen to podcast…
Austin Wilson:
Then this is a great niche for them. But yeah, share this episode with anyone that you feel like would enjoy it or benefit from it. Well Josh, until next Thursday, we’re going to sign off…
Josh Robb:
With 101…
Austin Wilson:
With 101 next week and we’re going to keep chugging these things along. So thanks for being here. Thanks for joining us. And we talk soon. Bye.
Outro:
Thank you for listening to The Invested Dad’s Podcast. This episode has ended, but your journey towards a better financial future, doesn’t have to. Head over to theinvesteddads.com to access all the links and resources mentioned in today’s show. If you enjoyed this episode and we had a positive impact on your life, leave us a review, click subscribe, and don’t miss the next episode. Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management all opinions expressed by Josh, Austin or any podcast guest, are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that the statements, opinions or forecast provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would curve fees and expenses, which would reduce returns. Securities investing involves risk, including the potential for loss of principle. There is no assurance that any investment plan or strategy will be successful.
