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Episode Description

In this eye-opening episode, Brandon challenges everything you thought you knew about retirement in America. Through historical context and current data, he reveals why the concept of "American Retirement" is actually a myth – and what that means for your financial planning strategy.

Key Takeaways

• The average American retires at age 62 – not 65, 67, or 70 as commonly suggested by financial planners
• Nearly 40% of retirees return to work in some capacity, with 50% odds if you retire in your 50s
• 30% of retirements are triggered by health issues rather than financial readiness
• Retirement income sources vary dramatically across Americans, with no single "correct" approach
• Most Americans have no formal retirement plan – they simply work with whatever resources they've accumulated

Episode Outline

Introduction

Why we think of retirement as a single, defined life event when the data suggests otherwise

Part 1: The Retirement Origin Story

• How retirement systems were created for political control, not individual benefit
• Roman military pensions to prevent soldier rebellions
• Otto von Bismarck's 1889 German pension system to manage workforce transitions
• The rise and fall of the American pension system
• The shift to 401(k) plans and individual responsibility

Part 2: The Age Retirement Begins

• Why Americans retire at 62 despite optimal ages being later
• Historical trend of retirement age increasing from 57 (1991) to 62 (today)
• The disconnect between financial planning advice and reality

Part 3: Return to Work

• 40% of retirees eventually return to work
• Equal split between financial necessity and desire for social/intellectual stimulation
• 16% of retirees find retirement more boring than anticipated

Part 4: The "Typical" Retirement

• Massive variation in retirement timing, activities, and income sources
• TV watching as the dominant retirement activity (4+ hours daily)
• Social Security as the only near-universal income source
• Even split between traditional retirement accounts, general savings, real estate, and annuities
• Most Americans have no formal plan – "things just worked out that way"

Conclusion: What This Means for You

• Focus on income replacement capability, not arbitrary savings targets
• Build flexibility rather than following rigid retirement templates
• Develop multiple income streams instead of relying on single sources

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Ready for a reality check? While income-focused investing can be a cornerstone of retirement success, it's not the bulletproof strategy many believe it to be. In this eye-opening episode, host Brandon Roberts pulls back the curtain on the hidden risks that could derail your golden years.

What You'll Discover

The uncomfortable truth: There's no such thing as risk-free retirement investing. But knowledge is power, and understanding these risks is your first line of defense.

Real-World Risk Scenarios That Hit Close to Home

🏢 The COVID Wake-Up Call
Remember when everyone thought commercial real estate was doomed? Brandon breaks down how REITs weathered the work-from-home storm - and what income investors learned about sector risk versus interest rate risk. Spoiler alert: Those who panicked missed out on some serious opportunities.

💰 When Your "Safe" Investments Turn Against You
Discover why bonds - traditionally considered the safest income play - can become your portfolio's worst enemy when interest rates shift. Brandon explains the mechanics behind bond price fluctuations and when holding to maturity might not be enough.

📉 The GE Dividend Disaster
A cautionary tale that every income investor needs to hear. Learn how one of America's most trusted dividend payers became a case study in why individual stock concentration can devastate retirement plans.

The Six Critical Risks Every Income Investor Must Navigate

1. Share Price Volatility - Why your "stable" income investments still fluctuate in value
2. Income Cuts - The warning signs that your dividends might disappear
3. Liquidity Traps - Why income investments make terrible emergency funds
4. Counterparty Risk - When the companies paying you might not be able to
5. Inflation Erosion - How your "guaranteed" income loses buying power
6. Government Policy Shifts - The regulatory changes that can blindside your strategy

Your Defense Strategy Toolkit

Beyond Basic Diversification
Brandon reveals advanced strategies including:

• How REITs can hedge against inflation (and when they can't)
• The leverage trap in closed-end funds and MLPs
• Why cash isn't just king - it's your strategic weapon
• The counterparty risk hierarchy: From bulletproof CDs to shaky corporate bonds

The Income Investor's Safety Net
Learn why income-focused assets actually showed MORE resilience during recent market turmoil than high-flying growth stocks. It's not about avoiding risk - it's about choosing the RIGHT risks.

The Bottom Line

This isn't doom and gloom - it's preparation. Brandon's message is clear: "Real wealth doesn't just add up, it writes checks." But first, you need to understand what could stop those checks from coming.

Perfect For:

• Pre-retirees building their income strategy
• Current retirees wondering if their plan is bulletproof
• Anyone who thinks income investing is "set it and forget it"
• Investors burned by recent market volatility

Warning: This episode will change how you think about "safe" investments. You'll never look at your dividend stocks, bond funds, or REITs the same way again.

Subscribe to Yield to Reason wherever you get your podcasts, and join the community of investors building retirement plans that actually work in the real world.

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The #1 Fear Every Retiree Faces (And How to Conquer It)

What if your retirement savings could last forever?

That haunting question—"Will I run out of money?"—keeps more retirees awake at night than any other financial concern. But what if there was a surprisingly simple solution hiding in plain sight?

In this eye-opening episode of Yield to Reason, host Brandon Roberts reveals the counterintuitive secret that's helping his clients sleep soundly: Stop selling your assets.

Real People, Real Results: Three Retirement Success Stories

💰 Jane's $55,000 Annual Income Miracle

A widow with $800,000 in her 401(k) was terrified of outliving her money. Discover how Brandon transformed her nest egg into a $55,000+ annual income stream—without touching the principal. The twist? Her account balance is actually higher now than when she retired.

🛡️ The Couple Who Demanded Guarantees

Rich and Barbara had $1.2 million but refused to risk a penny in the stock market. Learn how they created a bulletproof $109,000 annual income plan that rivals their pre-retirement earnings—with built-in inflation protection.

🎯 The Super Savers' Mind-Blowing Wake-Up Call

Adam and Sarah were the poster children for extreme frugality. They hoarded every penny, lived in constant fear, and watched their relationship with money crumble. Then Brandon asked one simple question that changed everything: "What if you could make more money even after paying taxes?" The answer boosted their income from $8,000 to $34,000 annually.

The Income-First Revolution: Why This Changes Everything

Forget the 4% rule. Brandon's clients are generating income well above 4%—and they're not using 100% of their retirement assets to do it.

Here's what makes this approach revolutionary:

• No asset sales required (goodbye, market timing anxiety)
• Income-focused investments weather market storms better than growth stocks
• Multiple strategies available: from dividend-focused ETFs to guaranteed annuities
• Peace of mind that frees up mental energy for actually enjoying retirement

Who This Episode Is Perfect For

✅ Pre-retirees who want to build a bulletproof retirement income plan
✅ New retirees struggling with the transition from saving to spending
✅ Current retirees tired of worrying about market volatility
✅ Anyone who's ever wondered, "How much is enough?"

The Bottom Line Promise

By the end of this episode, you'll understand exactly how to position your retirement assets to generate reliable income without the constant fear of running out of money. No market timing required. No crystal ball needed. Just a proven strategy that's already working for retirees across America.

Ready to stop worrying and start living? Hit play and discover why the solution to your biggest retirement fear might be simpler than you ever imagined.

Disclaimer: Brandon Roberts is not an investment advisor. This podcast is for educational purposes only. Consult with a qualified financial professional before making investment decisions.

🎧 Listen now and take the first step toward a worry-free retirement.

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🎯 The Big Question Everyone's Asking

You've heard the heated debates. Financial advisors are split down the middle. Some call annuities the "worst financial product ever created," while others swear they're retirement game-changers. Meanwhile, Americans just bought over $434 billion worth of annuities in 2024 alone – that's nearly 50% more than a decade ago.

So what's the real story? Are annuities brilliant retirement tools or expensive mistakes waiting to happen?

💡 What You'll Discover in This Episode

The Fee Controversy Decoded

• Variable annuities can charge 3-5% annually – but here's why that might not matter
• The hidden truth about "fee-free" indexed annuities (spoiler: nothing's really free)
• When high fees actually make financial sense (this will surprise you)

Real-World Insider Perspective

As someone who's both sold and managed annuities, Brandon shares:

• The specific situations where annuities are absolute game-changers
• When you definitely DON'T need an annuity (even if agents say you do)
• How annuities can protect against elder financial abuse
• The optimization strategies most people never consider

🔥 The Bottom Line You Can't Ignore

Here's what the data reveals: Americans hate living off their savings. We're wired to want guaranteed income streams, not to withdraw from investment accounts. This psychological reality is reshaping retirement planning, whether we acknowledge it or not.

The question isn't whether annuities are "good" or "bad" – it's whether they fit your specific retirement income strategy.

🎧 Perfect For You If:

• You're within 10 years of retirement and worried about income reliability
• You're already retired but struggling with market volatility stress
• You've been told annuities are "terrible" but want the real story
• You're curious about guaranteed income but confused by conflicting advice
• You want to understand why teacher retirement plans work so much better than everyone else's

📊 Eye-Opening Stats That Will Change How You Think About Retirement:

• Education sector workers have 90% participation in retirement plans vs. 59% general population
• Retirees with annuity income report "significant reductions" in financial worry
• Upper-middle-class retirees increase spending by over 40% when annuities provide 60-80% of income

Ready to cut through the noise and get the straight truth about annuities? This episode delivers the unbiased analysis you've been searching for, backed by real data and real-world experience.

⚡ Quick Listen Stats:

• Episode Length: ~30 minutes
• Complexity Level: Beginner to Intermediate
• Takeaway Factor: High – You'll have clear action steps by the end

🔗 Resources Mentioned:

• American Council of Life Insurers research
• JP Morgan retirement income studies
• Blackrock annuity confidence research
• TIAA-CREF education sector data

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What if everything you've been told about Social Security timing is wrong?

The financial world has been singing the same tune for years: delay Social Security until age 70 for maximum benefits. But host Brandon Roberts is here to challenge that conventional wisdom with a reality check that might change how you think about your retirement strategy.

The Uncomfortable Truth About "Optimal" Planning

Sure, waiting until 70 gives you a guaranteed 8% annual increase in benefits. The math looks great on paper. But here's what those calculations don't account for: life doesn't follow spreadsheet formulas.

While you're busy optimizing for maximum monthly payments, you might be missing out on years of actual living. Brandon breaks down why the "perfect" financial strategy might not be so perfect after all.

What You'll Discover in This Episode:

The Real Breakeven Analysis - Why it takes 11.5 years to recover the income you forfeit by waiting, and what that means when the average nursing home entry age is 83.

The Retirement Spending "Smile" - Why Americans spend the most money at the beginning and end of retirement, and how this pattern should influence your Social Security strategy.

The Physical Reality Factor - What happens when your body and mind start declining just as your "optimized" higher benefits kick in? (Spoiler: money doesn't spend itself.)

Spousal Strategy Complications - For married couples, the decision becomes even more complex. Learn why the lower-earning spouse might be throwing money away by waiting, and how spousal benefits can completely change the equation.

The Intuition vs. Data Dilemma - Why most Americans instinctively avoid waiting until 70, despite what the experts say. (Hint: they might be onto something.)

The Bottom Line

This isn't just another Social Security explainer. It's a wake-up call about the difference between theoretical optimization and real-world living. Brandon challenges the one-size-fits-all approach and gives you permission to think differently about your retirement timeline.

Because at the end of the day, the "correct" age to start Social Security isn't necessarily the one that maximizes your total lifetime benefits—it's the one that maximizes your total lifetime satisfaction.

Ready to rethink everything you thought you knew about Social Security timing? This episode will give you the tools to make a decision that works for your actual life, not just your spreadsheet.

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Guest: Justin Snider - Government contractor from California, US Air Force veteran, and former Series 7 licensed trader who recently transitioned to income-focused investing just 3.5 months ago. Follow his journey at @401k_income on Instagram.

The Discovery and Transition

Justin's journey into income-focused investing began with a simple text message from a coworker recommending Steve Selengut's "Retirement Money Secrets." Despite his background as a Series 7 licensed trader, he had never heard of Closed-End Funds (CEFs), which initially made him skeptical of yields in the 8-11% range. His first reaction was "this seems too good to be true - what's the catch?" After extensive research on YouTube and the internet, he decided to make the leap, though interestingly his wife was more eager to go big with the transition than he was initially.

Game-Changing Realizations

The most striking aspect of Justin's experience has been the mental shift from accumulation to income thinking. He now views his CEF investing as "the world's easiest side hustle," comparing it favorably to real estate investing without the hassles of tenants, maintenance, or chasing rent payments. At 52 years old, this strategy has given him unprecedented clarity about his retirement prospects, allowing him to see exactly how much income he'll have rather than hoping his accumulated assets will be worth enough when he needs them.

Perhaps most remarkably, the capital gains from his CEF trading within his 401(k) are now exceeding his actual paycheck contributions, creating what he calls a "third match" beyond his salary and company contributions. This phenomenon has only developed over his brief 3.5 months of implementing the strategy, suggesting significant potential for long-term growth.

The Freedom Factor

Justin emphasizes that the biggest benefit has been freedom from market anxiety. During recent market downturns, including the tariff-related dip, his CEF portfolio outperformed his traditional mutual fund holdings. He no longer worries about checking the market daily or timing his retirement around market conditions. Downturns have become opportunities for rebalancing rather than sources of stress, and he can envision going on vacation without checking his portfolio for weeks.

The legacy implications have also transformed his thinking. Rather than planning to "spend down to zero" in retirement, he now sees his portfolio as enduring wealth that will generate income for his children indefinitely. This shift from viewing retirement savings as something to be consumed to something that produces ongoing income has fundamentally changed his retirement planning approach.

Sharing the Success

Justin has become something of an evangelist for income-focused investing, sharing his results on Instagram because he's discovered that virtually no one he talks to has heard of CEFs. With fewer than 1,000 people estimated to be actively pursuing this strategy, he sees an opportunity to educate others about an approach that's been "disruptive to everything you've learned over the course of your life" about investing.

Resources: Steve Selengut's "Retirement Money Secrets," CEF Connect for research, and the Retirement Money Secrets community for ongoing education and support.

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What if everything you've been told about retirement tax planning is wrong?

In this eye-opening episode of Yield to Reason, host Brandon Roberts tackles the sacred cows of retirement planning head-on. Spoiler alert: that fancy tax footwork everyone's raving about might not be the game-changer you think it is.

What You'll Discover:

The Roth Conversion Controversy 🔥

• Why the "heretical" truth about Roth conversions might shock you
• Real-world data showing modest benefits (hint: it's not the wealth preservation miracle you've been promised)
• Which retirees actually benefit the least from conversions (the answer will surprise you)

The Withdrawal Sequencing Myth

• The standard "taxable first, tax-deferred second, Roth last" approach—and why it's leaving money on the table
• How a married couple can withdraw $53,850 from their traditional IRA and pay just 4.43% in taxes
• The simple strategy that beats complex tax planning every time

The Brutal Truth About Tax Optimization

• Why all that sophisticated software and complex analysis falls short in the real world
• The fatal flaw that undermines every tax strategy study
• What actually moves the needle in retirement (hint: it's not what the "experts" are selling)

The Episode's Biggest Bombshell:

A solid income plan that increases your withdrawal rate from 4% to 6% delivers a 50% boost in annual income—dwarfing the measly 5% bump you might get from perfect tax planning.

Perfect For:

• Pre-retirees drowning in conflicting tax advice
• Current retirees wondering if they're missing out on tax strategies
• Anyone tired of complex solutions that promise the moon but deliver pocket change
• DIY investors ready to focus on what actually matters

Key Takeaway:

Stop obsessing over tax avoidance and start building bulletproof retirement income. Your future self will thank you for focusing on the strategy that actually creates wealth—not just preserves it.

Listen now to discover why the retirement planning industry's favorite tax strategies might be keeping you from the retirement you actually want.

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Guest: Steve Selengut, Author of "Retirement Money Secrets"
Host: Brandon Roberts

Episode Overview

In this episode, we dive deep into a retirement income strategy that most people have never heard of but could dramatically change your financial future. Steve Selengut, who managed over $100 million for clients as an investment advisor, shares how he built substantial retirement income using closed-end funds - investments that have been around for 200 years but are largely ignored by Wall Street.

Key Takeaways

• Income First: Focus on generating actual cash flow rather than just growing account balances
• 10%+ Yields Available: Current closed-end fund portfolios can generate over 10% income annually
• Tax-Free Options: Municipal bond closed-end funds currently yielding over 7% tax-free
• 200-Year Track Record: These aren't new, risky investments - they've been around since 1825
• Quality & Diversification: Each fund contains 50-300+ individual securities for built-in safety

Chapter Breakdown

Chapter 1: The Foundation - Learning Income Investing Early (0:00 - 7:00)

Chapter 2: The Four Pillars of Safe Investing (7:00 - 11:00)

Chapter 3: Discovering Closed-End Funds (11:00 - 18:00)

Chapter 4: Why Closed-End Funds Beat Traditional Bonds (18:00 - 24:00)

Chapter 5: Building the Universe - How to Pick Winners (24:00 - 32:00)

Chapter 6: Making the Transition - From Index Funds to Income (32:00 - 36:00)

Chapter 7: Current Income Opportunities (36:00 - End)

Resources Mentioned

• Book: "Retirement Money Secrets" by Steve Selengut
• Community: Income investing community with monthly fund updates
• Coaching: One-on-one transition coaching (discounted for community members)
• Course: College-level income investing program in Q&A format

Bottom Line

If you're approaching retirement and worried about generating enough income from your investments, this episode offers a completely different approach than the typical "save more and hope for 4%" advice. Steve's strategy focuses on generating 10%+ income right now, using investments that have been around for centuries but are largely ignored by mainstream financial advice.

The key insight: Instead of worrying about your account balance going up and down, focus on the actual cash income your investments generate each month. With current yields over 10% for diversified portfolios, you might find you need a lot less money saved than you thought to maintain your lifestyle in retirement.