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Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches.

0:04 Show intro, Broncos talk, Mad Men, and settling in

2:02 Retirement as the biggest lifetime expense

2:47 State-run retirement plans and auto-enrollment

3:47 Who really pays for “free” state plans

4:09 Why Roth-style saving makes sense

6:25 OregonSaves fees and State Street target-date funds

8:07 Limited investment choices in most retirement plans

9:24 Florida has no state savings plan

9:33 WSJ article on purpose and meaning in retirement

11:12 “Mattering” and being needed after retirement

12:19 Longevity after age 65

14:30 Retirement without a plan vs. needing structure

15:36 Depression and suicide risks in older retirees

16:52 Caller: “Fiduciary” selling indexed annuity

17:40 Why annuity pitches violate fiduciary duty

20:20 Knowing yourself before retiring

21:18 Caller: Helping widowed mother invest safely

22:33 When CDs and Treasuries make sense

23:47 Using brokerage CD ladders

26:34 Sports updates and listener mail

27:36 Old 401(k)s and consolidation

30:43 Listener saved $100K/year in advisory fees

31:47 AUM vs hourly vs flat-fee advisors

34:47 Subscription advisors and limited portfolios

35:51 Why advice matters more in retirement