That Annuity Show
Dementia presents a growing risk for all of us as we age. Research shows that even mild cognitive impairment makes it hard for people to manage their money on their own. Today we speak with Marti DeLiema, Naomi Karp, and Steve Vernon about a project designed to help. It’s called the Thinking Ahead Roadmap. It’s free on the web and intended to start important planning conversations today.
Links mentioned in the show:
https://thinkingaheadroadmap.org/
https://www.linkedin.com/in/marti-deliema-95323535/
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Episode Transcript
The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.
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[paul_tyler]: this is paul tyler and welcome to
another episode of that annuity show and think
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[paul_tyler]: again we have a great returning guest
along with colleagues of his who looking to
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[paul_tyler]: solve a very very interesting pressing problem
for a lot of people which is how
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[paul_tyler]: do you actually plan
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[steve_vernon]: yeah
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[paul_tyler]: for the use of your retirement money
later in life you know later it’s as
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[paul_tyler]: hard as it is to save sometimes
it gets even much even harder if you’re
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[paul_tyler]: uh as you get older but also
as you have
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[ramsey_d_smith]: oh
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[paul_tyler]: parents who may be getting older so
bruno welcome good to
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[bruno_caron]: thank
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[paul_tyler]: see you
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[bruno_caron]: you
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[paul_tyler]: great and ramsey can you actually do
the introductions and maybe a little better color
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[ramsey_d_smith]: i would
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[paul_tyler]: on a topic
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[ramsey_d_smith]: i would be
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[paul_tyler]: today
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[ramsey_d_smith]: happy to you first of all very
excited to have steve vernon back on after
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[bruno_caron]: yah
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[ramsey_d_smith]: think it’s probably been a year since
the last time he was on for those
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[ramsey_d_smith]: of you don’t know steve is the
founder
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[paul_tyler]: oh
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[ramsey_d_smith]: of rest of life communications prior to
that he was at the stanford longevity center
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[ramsey_d_smith]: for for
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[paul_tyler]: oh
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[ramsey_d_smith]: many years and has been a leading
light in the space of longevity
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[paul_tyler]: m
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[ramsey_d_smith]: of his colleagues from the stanford longevity
center
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[paul_tyler]: oh
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[ramsey_d_smith]: are here today and they’ve been spear
heading really a new effort that we wanted
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[ramsey_d_smith]: to bring the light and i’m going
to introduce each of them now so first
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[ramsey_d_smith]: marty delima
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[paul_tyler]: m
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[ramsey_d_smith]: who is a ph d at the
university of minnesota and has er ph d
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[ramsey_d_smith]: in jerantology is joining us as well
as naomi carp who is a lawyer and
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[ramsey_d_smith]: independent consult focused on aging law and
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[paul_tyler]: oh
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[ramsey_d_smith]: policy and you know one of the
things that was really striking to me about
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[ramsey_d_smith]: the project and were looking forward to
hearing about each of you as well as
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[ramsey_d_smith]: what led you to um to this
project is that one that it’s not for
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[ramsey_d_smith]: profit and to it is very focused
on helping consumers final find the right path
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[ramsey_d_smith]: not just the not just the financial
part in and of itself but finding the
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[ramsey_d_smith]: right path the right way to organize
themselves ahead of ahead of preparing for retirement
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[ramsey_d_smith]: and that’s that’s that’s an extraordinary tant
function so thanks thank you for doing that
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[ramsey_d_smith]: but we’d love to hear from each
of you about about your experiences and in
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[ramsey_d_smith]: particular tell us a little bit about
what brought you to this particular project so
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[ramsey_d_smith]: marty why don’t we start with you
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[marti_deliema__phd]: so i’m really excited to share more
about the thinking ahead road map which is
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[ramsey_d_smith]: oh
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[marti_deliema__phd]: really a tool to help adults identify
someone in their life who they trust to
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[marti_deliema__phd]: help them with money management as they
age
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[ramsey_d_smith]: m
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[marti_deliema__phd]: so you know we often think about
you know i were in a car accident
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[marti_deliema__phd]: if something happened to me and i
was in the hospital would i designate to
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[marti_deliema__phd]: make my health care choices for me
and make medical decisions what we often fail
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[marti_deliema__phd]: to consider is who will help pay
my bills who will help make sure that
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[marti_deliema__phd]: my assets are managed properly as i
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[ramsey_d_smith]: yeah
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[marti_deliema__phd]: get older
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[ramsey_d_smith]: kay
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[marti_deliema__phd]: yet we live in a society where
we
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[ramsey_d_smith]: m
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[marti_deliema__phd]: don’t like to talk about money not
with family not with friends so really this
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[marti_deliema__phd]: tool that we developed is to help
aging adults start having those conversations with family
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[marti_deliema__phd]: members identify someone
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[ramsey_d_smith]: oh
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[marti_deliema__phd]: who can be their financial advocate authorize
that person to get set up as their
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[marti_deliema__phd]: agent under a power of attorney and
to help them as they age to keep
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[marti_deliema__phd]: their money safe
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[ramsey_d_smith]: got it and so what what led
you to to pursue a career in ngerentology
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[steve_vernon]: yes
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[marti_deliema__phd]: well i
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[ramsey_d_smith]: m
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[marti_deliema__phd]: am a financial exploitation and fraud researcher
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[ramsey_d_smith]: thank
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[marti_deliema__phd]: and i used to sit in on
meetings of adult protective service workers and law
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[marti_deliema__phd]: enforcement
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[ramsey_d_smith]: but
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[marti_deliema__phd]: and they would always say time and
time again if someone had just stepped in
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[marti_deliema__phd]: and helped manage this person’s money before
they started experiencing dementia before they started having
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[marti_deliema__phd]: these health problems they wouldn’t have lost
you know fifty two thousand dollars in a
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[marti_deliema__phd]: scan so i got me to think
you know if we start engaging in earlier
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[marti_deliema__phd]: planning for ourselves and for our family
members we can actually prove a lot of
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[marti_deliema__phd]: the major financial losses in later life
that are simply due to not having
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[ramsey_d_smith]: my
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[marti_deliema__phd]: someone involved in overseeing our finances and
our financial decisions
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[ramsey_d_smith]: we
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[paul_tyler]: no me tell us tell us about
your background you’re coming from a very different
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[paul_tyler]: direction the legal side of planning and
taking care of legal issues in later age
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[naomi_karp]: ah yes that’s right although i have
to say when i decided to become a
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[naomi_karp]: lawyer it was because i wanted to
work in the public sector and then on
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[naomi_karp]: profit sector
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[paul_tyler]: oh
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[naomi_karp]: and i started my legal career representing
low income and older
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[ramsey_d_smith]: yeah
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[naomi_karp]: adults so um now we’re
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[ramsey_d_smith]: m
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[naomi_karp]: going back
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[steve_vernon]: yeah
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[naomi_karp]: you know thirty plus years i started
out in the field and then over time
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[naomi_karp]: i moved more into advocacy policy and
research and have ted a variety of non
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[naomi_karp]: profits including a r p in the
american bar association um and finally worked as
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[naomi_karp]: a a federal
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[paul_tyler]: m
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[naomi_karp]: employee at the relatively new consumer financial
protection bureau which had an office specifically to
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[naomi_karp]: protect the finances of older adults but
overall of this time i’ve worked a lot
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[naomi_karp]: on issues around advanced planing cognitive decline
and how do we protect the most vulnerable
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[naomi_karp]: older adults
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[steve_vernon]: yeah
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[naomi_karp]: and so i’ve been thinking about these
issues and i think already expressed it well
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[naomi_karp]: that
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[ramsey_d_smith]: yeah
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[bruno_caron]: m
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[naomi_karp]: we have a lot of visibility on
health care decision making and less so financial
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[naomi_karp]: decision making and the need to plan
for the fact that someone might have to
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[naomi_karp]: step into your shoes and do that
and finally i’ll also just mention that my
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[naomi_karp]: mother about to turn ninety eight i
am her financial advocate i am her agent
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[ramsey_d_smith]: m
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[naomi_karp]: under power
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[ramsey_d_smith]: m
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[naomi_karp]: of attorney she has
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[paul_tyler]: oh
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[naomi_karp]: had
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[ramsey_d_smith]: yeah
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[naomi_karp]: advance to mention has had
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[paul_tyler]: yeah
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[naomi_karp]: a stroke so i’m living this every
day and
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[paul_tyler]: yeah
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[naomi_karp]: so i’ve seen it both from the
point of view of the older adult and
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[naomi_karp]: um that next generation wherever that trusted
person is who has to step in
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[steve_vernon]: yeah
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[naomi_karp]: and i know the challenges of doing
that job so i want to help people
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[naomi_karp]: from that standpoint as well
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[ramsey_d_smith]: all right steve
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[steve_vernon]: yeah
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[ramsey_d_smith]: steve you
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[steve_vernon]: m
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[ramsey_d_smith]: you had you had a long career
in this space and then retired and you’re
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[paul_tyler]: m
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[ramsey_d_smith]: back in it
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[paul_tyler]: uh
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[steve_vernon]: yeah
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[bruno_caron]: yeah
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[ramsey_d_smith]: you are
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[steve_vernon]: right
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[paul_tyler]: uh
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[ramsey_d_smith]: you were fully
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[paul_tyler]: oh
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[ramsey_d_smith]: committed
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[paul_tyler]: oh
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[ramsey_d_smith]: hales talk to us
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[steve_vernon]: says you know i’ve worked long in
retirement
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[paul_tyler]: m
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[steve_vernon]: income strategies and retirement decision
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[ramsey_d_smith]: m
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[steve_vernon]: making and that was the focus of
my research at the stanford center longevity and
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[steve_vernon]: like naomi my wife and i had
each gone through this with our own parents
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[steve_vernon]: and we
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[ramsey_d_smith]: m
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[steve_vernon]: were flying by the seat of our
pants trying to help them manage their finances
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[steve_vernon]: and when marty
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[ramsey_d_smith]: m
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[steve_vernon]: when we were working together at the
stanford sitter in longevity she was just down
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[steve_vernon]: the hall when i heard about this
project it took me about ten seconds to
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[steve_vernon]: say marty i want to help
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[ramsey_d_smith]: m
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[steve_vernon]: because i see that as this as
a retirement planning issue which is right in
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[steve_vernon]: my bailiwick of what i’ve been working
on
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[paul_tyler]: oh
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[steve_vernon]: and i recognized
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[paul_tyler]: oh
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[steve_vernon]: the need
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[ramsey_d_smith]: a
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[steve_vernon]: having like naomi having gone through this
with our parents and so that’s really what
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[steve_vernon]: got me gladly working with martian naomi
on this project
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[ramsey_d_smith]: yea
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[bruno_caron]: i think that’s remarkable and the power
of actually
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[ramsey_d_smith]: ah
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[bruno_caron]: doing it plus you know obviously the
the text book and the the rest the
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[bruno_caron]: way to think about it
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[steve_vernon]: oh
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[bruno_caron]: i think that’s a very a very
powerful combination and to no surprise that brings
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[ramsey_d_smith]: oh
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[bruno_caron]: very strong results with everything that you’ve
you’ve achieved
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[ramsey_d_smith]: oh
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[bruno_caron]: including the the thing ahead rodematwebsite and
that tool that you have developed you want
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[bruno_caron]: to expand a little more about that
how how that that can help people don’t
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[bruno_caron]: necessarily uh
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[steve_vernon]: m
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[bruno_caron]: talk
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[ramsey_d_smith]: oh
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[bruno_caron]: about that topic like like you all
do on a daily basis
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[paul_tyler]: and one ad on question is there
any
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[steve_vernon]: yeah
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[paul_tyler]: particular piece of research any book any
article steve you wrote that uh is actually
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[steve_vernon]: oh
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[paul_tyler]: you know giving fuel
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[ramsey_d_smith]: m
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[paul_tyler]: to the to the tool we’re looking
at today
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[steve_vernon]: well uh thanks bruno for that and
and paul being an actual let me throw
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[steve_vernon]: out a statistic you
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[ramsey_d_smith]: yeah
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[steve_vernon]: know that
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[bruno_caron]: oh
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[steve_vernon]: influences us as
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[paul_tyler]: oh
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[steve_vernon]: in
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[bruno_caron]: yeah
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[steve_vernon]: our so it’s just for people to
know people age seventy five to seventy nine
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[steve_vernon]: about one and five
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[bruno_caron]: oh
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[steve_vernon]: have some form of mild cognate empironment
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[bruno_caron]: yes
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[steve_vernon]: and that gets up to one and
two
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[bruno_caron]: ye
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00:09:06,018 –> 00:09:09,924
[steve_vernon]: for people in their eighties it doesn’t
mean ere fully dimension outsimers
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00:09:09,544 –> 00:09:09,565
[ramsey_d_smith]: m
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00:09:09,984 –> 00:09:15,213
[steve_vernon]: it just means there’s some kind of
mild empaironment and even without mild impairment you’re
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[steve_vernon]: getting into your later years you’re prone
to making mistakes it’s not necessarily fraud it
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00:09:20,121 –> 00:09:25,696
[steve_vernon]: might be is making a mistake um
and so the risk
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[bruno_caron]: yeah
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[steve_vernon]: is real and
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[bruno_caron]: yeah
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[steve_vernon]: in the retirement business we’re all talking
about risks ramsey bruno and paul you know
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[steve_vernon]: you that’s a big issue
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[ramsey_d_smith]: yeah
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[steve_vernon]: and so making mistakes and losing that
hard earned money that you’ve saved all your
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[steve_vernon]: life for
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[bruno_caron]: yeah
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[steve_vernon]: or being subject to fraud or exploitation
that’s a risk and so that’s what we
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[steve_vernon]: want to emphasize and marty has been
the leader of this project mary if you
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[steve_vernon]: want to talk about that website that
would be terrific
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[paul_tyler]: oh
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[ramsey_d_smith]: can i just interject
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[marti_deliema__phd]: yes
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[ramsey_d_smith]: with one quick thing first it should
be striking to
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[paul_tyler]: yeah
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[ramsey_d_smith]: everybody listening to this that three leading
lights of the in this space when confronted
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00:10:08,685 –> 00:10:12,051
[ramsey_d_smith]: with this with their own parents you
know find it difficult
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00:10:11,880 –> 00:10:12,630
[paul_tyler]: yeah
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[ramsey_d_smith]: because it’s really really
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[bruno_caron]: oh
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[ramsey_d_smith]: a hard
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[steve_vernon]: hm
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00:10:13,453 –> 00:10:16,178
[ramsey_d_smith]: problem it’s really a hard problem for
everybody
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00:10:16,440 –> 00:10:17,700
[paul_tyler]: oh
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00:10:16,859 –> 00:10:19,684
[ramsey_d_smith]: and so we should you know we
should we should all be humbled by it
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00:10:19,744 –> 00:10:19,944
[ramsey_d_smith]: i guess
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[bruno_caron]: oh
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[ramsey_d_smith]: is my main
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[steve_vernon]: m
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[ramsey_d_smith]: point but any kay sorry
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00:10:22,502 –> 00:10:22,667
[steve_vernon]: oh
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00:10:22,688 –> 00:10:23,269
[ramsey_d_smith]: for interrupting
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[steve_vernon]: ah
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[ramsey_d_smith]: marty
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[bruno_caron]: h
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[ramsey_d_smith]: excited to hear what you’re
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[steve_vernon]: ye
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[ramsey_d_smith]: what
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[bruno_caron]: m
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00:10:25,893 –> 00:10:26,594
[ramsey_d_smith]: you’re about to tell us
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[marti_deliema__phd]: so we did several pieces of research
to inform the thinking ahead road map and
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[marti_deliema__phd]: the steps that people need to engage
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00:10:36,330 –> 00:10:36,552
[paul_tyler]: oh
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00:10:36,487 –> 00:10:41,696
[marti_deliema__phd]: in to be fully prepared and one
of them was focused groups we did focus
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[marti_deliema__phd]: groups with
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00:10:42,445 –> 00:10:42,665
[ramsey_d_smith]: oh
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00:10:43,770 –> 00:10:49,179
[marti_deliema__phd]: lower income older adults or middle income
and as well as kind of higher middle
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00:10:49,259 –> 00:10:54,287
[marti_deliema__phd]: income we also did a focus group
with hispanic latino older adults and panic with
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[marti_deliema__phd]: black african i can older adults and
a lot of the findings we we
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[paul_tyler]: ah
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[marti_deliema__phd]: got across those four focus groups
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[steve_vernon]: oh
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00:11:01,069 –> 00:11:08,804
[marti_deliema__phd]: are really similar one people just are
so resistant to believing that they might experience
277
00:11:08,924 –> 00:11:14,093
[marti_deliema__phd]: cognitive impairment they really you know some
people said i’d rather just drop dead before
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[steve_vernon]: ye
279
00:11:14,173 –> 00:11:18,483
[marti_deliema__phd]: i need any care but that’s just
not the reality how the world works
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00:11:18,475 –> 00:11:18,495
[ramsey_d_smith]: m
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00:11:19,025 –> 00:11:23,109
[marti_deliema__phd]: many of us will age into our
late eighties and nineties i just want to
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00:11:23,269 –> 00:11:27,234
[marti_deliema__phd]: say something to emphasize what steve said
it turns out that
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00:11:27,184 –> 00:11:27,205
[ramsey_d_smith]: m
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[marti_deliema__phd]: managing money and financial decision making
285
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[paul_tyler]: oh
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[marti_deliema__phd]: is the first area
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[paul_tyler]: yeah
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00:11:32,350 –> 00:11:38,162
[marti_deliema__phd]: of cognitive functioning to be impacted by
the aging process i’m not even talking about
289
00:11:38,202 –> 00:11:41,108
[marti_deliema__phd]: disease pathology and all comers and mild
cognitive comparement
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00:11:40,855 –> 00:11:41,605
[ramsey_d_smith]: yeah
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00:11:41,999 –> 00:11:42,519
[marti_deliema__phd]: majority
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00:11:42,332 –> 00:11:42,495
[steve_vernon]: ye
293
00:11:42,579 –> 00:11:44,081
[marti_deliema__phd]: of older adults who’ve reached
294
00:11:44,185 –> 00:11:44,426
[ramsey_d_smith]: yeah
295
00:11:44,542 –> 00:11:50,659
[marti_deliema__phd]: late eighties and nineties are experiencing issues
with making sound financial decisions that’s why we
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00:11:50,584 –> 00:11:50,605
[ramsey_d_smith]: m
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00:11:50,759 –> 00:11:55,004
[marti_deliema__phd]: need an advocate we need a family
member a friend or an attorney or financial
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00:11:55,044 –> 00:11:55,764
[marti_deliema__phd]: advisor someone
299
00:11:55,675 –> 00:11:55,695
[ramsey_d_smith]: m
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00:11:55,804 –> 00:11:59,608
[marti_deliema__phd]: who we trust who has our best
interests at heart to help manage our money
301
00:12:00,539 –> 00:12:02,143
[marti_deliema__phd]: also did a two week long
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[steve_vernon]: oh
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00:12:02,704 –> 00:12:03,747
[marti_deliema__phd]: online discussion
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00:12:03,782 –> 00:12:04,862
[steve_vernon]: oh
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00:12:03,867 –> 00:12:06,353
[marti_deliema__phd]: for him with around a hundred and
twenty older
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00:12:06,290 –> 00:12:06,350
[paul_tyler]: so
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00:12:06,393 –> 00:12:08,077
[marti_deliema__phd]: adults from all different backgrounds
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00:12:08,245 –> 00:12:08,509
[ramsey_d_smith]: oh
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00:12:08,659 –> 00:12:09,220
[marti_deliema__phd]: and a lot of
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00:12:09,182 –> 00:12:09,932
[steve_vernon]: oh
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00:12:09,280 –> 00:12:09,360
[marti_deliema__phd]: the
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00:12:09,404 –> 00:12:09,445
[ramsey_d_smith]: ah
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00:12:09,420 –> 00:12:11,303
[marti_deliema__phd]: same things heard a lot of horror
stories
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00:12:11,263 –> 00:12:11,405
[steve_vernon]: yeah
315
00:12:11,684 –> 00:12:15,310
[marti_deliema__phd]: of families who didn’t name someone to
be their power of attorney and how that
316
00:12:15,410 –> 00:12:16,812
[marti_deliema__phd]: worked out for them as a family
317
00:12:17,199 –> 00:12:17,220
[paul_tyler]: m
318
00:12:17,293 –> 00:12:21,994
[marti_deliema__phd]: all the disagreements between adults siblings and
who’s taking over as a financial
319
00:12:21,843 –> 00:12:21,965
[steve_vernon]: yeah
320
00:12:22,075 –> 00:12:23,284
[marti_deliema__phd]: exploitation and fraud
321
00:12:23,282 –> 00:12:23,504
[steve_vernon]: yeah
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00:12:24,309 –> 00:12:27,514
[marti_deliema__phd]: and ultimately they were like yeah we
need some guidance we need to know how
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00:12:27,554 –> 00:12:29,377
[marti_deliema__phd]: to start these conversations with our family
324
00:12:29,221 –> 00:12:29,282
[steve_vernon]: ah
325
00:12:29,458 –> 00:12:34,626
[marti_deliema__phd]: members how to get into kind of
the nittygritty how to set up your financial
326
00:12:34,807 –> 00:12:39,115
[marti_deliema__phd]: inventory so that naomi and steve’s jobs
as they were saying taking over of their
327
00:12:39,155 –> 00:12:42,602
[marti_deliema__phd]: parents is easier because ultimately one of
the driving
328
00:12:42,510 –> 00:12:43,260
[paul_tyler]: yeah
329
00:12:42,812 –> 00:12:44,361
[steve_vernon]: ye
330
00:12:43,123 –> 00:12:46,763
[marti_deliema__phd]: reasons why older adults want to do
this work i don’t want to be a
331
00:12:46,823 –> 00:12:52,199
[marti_deliema__phd]: burden we essentially design this tool to
help other adults meet that goal you know
332
00:12:52,259 –> 00:12:55,868
[marti_deliema__phd]: making it easy giving their family members
a runway to take over for them
333
00:12:56,541 –> 00:12:56,921
[paul_tyler]: interesting
334
00:12:56,908 –> 00:12:56,989
[ramsey_d_smith]: ah
335
00:12:56,941 –> 00:13:00,067
[paul_tyler]: yeah marty i think this is great
i think we’ve all done this i mean
336
00:13:00,087 –> 00:13:04,073
[paul_tyler]: my my mother had dementia for eight
years so naomi
337
00:13:05,239 –> 00:13:05,420
[naomi_karp]: yeah
338
00:13:05,355 –> 00:13:06,738
[paul_tyler]: i ampathized with where you
339
00:13:06,835 –> 00:13:06,855
[ramsey_d_smith]: m
340
00:13:06,858 –> 00:13:14,631
[paul_tyler]: are labels important for invest getting investors
for attracting people do you consider this to
341
00:13:14,691 –> 00:13:19,499
[paul_tyler]: be a technology solution or do you
look at s a solution to better spark
342
00:13:20,060 –> 00:13:23,168
[paul_tyler]: conversation s between people and trusted advisors
343
00:13:25,729 –> 00:13:30,477
[marti_deliema__phd]: more of a conversation starter tool and
a planning tool i think a lot of
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00:13:30,517 –> 00:13:31,358
[marti_deliema__phd]: this can move into
345
00:13:31,292 –> 00:13:31,475
[steve_vernon]: oh
346
00:13:31,418 –> 00:13:36,787
[marti_deliema__phd]: the technology space i think a lot
of the decisions can be documented using technology
347
00:13:36,685 –> 00:13:37,525
[ramsey_d_smith]: oh
348
00:13:37,228 –> 00:13:37,889
[marti_deliema__phd]: and a lot of the way
349
00:13:37,855 –> 00:13:38,157
[ramsey_d_smith]: oh
350
00:13:37,969 –> 00:13:43,898
[marti_deliema__phd]: we store financial information and monitor someone’s
financial well being can be done through technology
351
00:13:44,999 –> 00:13:49,931
[marti_deliema__phd]: ultimately it comes down to people and
we really guide people in the thinking ahead
352
00:13:49,991 –> 00:13:54,081
[marti_deliema__phd]: road map and making the right choice
like don’t just pick child who is the
353
00:13:54,222 –> 00:13:58,713
[marti_deliema__phd]: oldest in the family don’t pick the
child who you think would feel left out
354
00:13:58,793 –> 00:14:02,139
[marti_deliema__phd]: if they weren’t chosen pick the person
who you think would do the best job
355
00:14:02,279 –> 00:14:03,241
[marti_deliema__phd]: at managing your money
356
00:14:03,118 –> 00:14:03,385
[bruno_caron]: yeah
357
00:14:03,621 –> 00:14:07,408
[marti_deliema__phd]: someone who manages their own money well
someone who will always put your interest first
358
00:14:08,089 –> 00:14:13,284
[marti_deliema__phd]: so i think there’s a huge human
element in this that we can’t solve with
359
00:14:13,404 –> 00:14:14,307
[marti_deliema__phd]: just technology
360
00:14:14,851 –> 00:14:15,815
[naomi_karp]: can i can i jump
361
00:14:15,735 –> 00:14:17,225
[bruno_caron]: and like a
362
00:14:18,159 –> 00:14:18,179
[naomi_karp]: i
363
00:14:18,218 –> 00:14:18,439
[bruno_caron]: please
364
00:14:18,239 –> 00:14:18,359
[naomi_karp]: was
365
00:14:18,540 –> 00:14:18,902
[bruno_caron]: please please
366
00:14:18,800 –> 00:14:23,708
[naomi_karp]: i was just going to jump in
and add um those converse those decisions and
367
00:14:23,768 –> 00:14:24,830
[naomi_karp]: those conversations
368
00:14:24,962 –> 00:14:25,127
[steve_vernon]: ye
369
00:14:24,990 –> 00:14:31,020
[naomi_karp]: to get someone on board as your
financial advocate those are really important but part
370
00:14:31,080 –> 00:14:31,862
[naomi_karp]: of it also
371
00:14:31,833 –> 00:14:31,997
[steve_vernon]: yeah
372
00:14:32,122 –> 00:14:38,232
[naomi_karp]: is to help people communicate their preferences
and values so we help guide people into
373
00:14:38,312 –> 00:14:46,045
[naomi_karp]: additional conversations and we even have on
the tool we have a little quiz people
374
00:14:46,145 –> 00:14:50,713
[naomi_karp]: can take to help them sort of
come up with answers about you know what
375
00:14:50,773 –> 00:14:54,319
[naomi_karp]: is their philosophy about how they want
to if in the
376
00:14:54,293 –> 00:14:54,494
[steve_vernon]: yeah
377
00:14:54,379 –> 00:14:58,787
[naomi_karp]: future and how they want their money
used what are their priorities you know do
378
00:14:58,847 –> 00:15:02,312
[naomi_karp]: they want to preserve all the money
to leave it for their airs or do
379
00:15:02,373 –> 00:15:05,638
[naomi_karp]: they want to make themselves more comfortable
do they want to give gifts to the
380
00:15:05,678 –> 00:15:09,605
[naomi_karp]: grant oldrin even when they can’t do
it themselves and that sort of thing so
381
00:15:09,685 –> 00:15:12,509
[naomi_karp]: we raise a lot of provocative questions
and help people
382
00:15:12,722 –> 00:15:12,922
[steve_vernon]: oh
383
00:15:13,030 –> 00:15:14,352
[naomi_karp]: convey that information
384
00:15:13,966 –> 00:15:14,106
[ramsey_d_smith]: ah
385
00:15:14,473 –> 00:15:17,558
[naomi_karp]: to others the other thing is that
we do also want
386
00:15:17,519 –> 00:15:17,601
[ramsey_d_smith]: ah
387
00:15:17,618 –> 00:15:19,902
[naomi_karp]: to infer there’s a legal aspect to
this
388
00:15:20,372 –> 00:15:20,674
[steve_vernon]: oh
389
00:15:20,463 –> 00:15:23,488
[naomi_karp]: if you don’t give that person legal
authority they
390
00:15:23,522 –> 00:15:23,765
[steve_vernon]: oh
391
00:15:23,548 –> 00:15:27,554
[naomi_karp]: won’t be able to do your banking
they won’t be able to handle your investments
392
00:15:27,655 –> 00:15:31,381
[naomi_karp]: they won’t be able to manage your
debts they won’t be able to open new
393
00:15:31,461 –> 00:15:35,568
[naomi_karp]: accounts and won’t be able to manage
your real estate and all of that so
394
00:15:36,189 –> 00:15:37,431
[naomi_karp]: you know unfortunately
395
00:15:36,715 –> 00:15:37,504
[ramsey_d_smith]: ye
396
00:15:37,571 –> 00:15:42,199
[naomi_karp]: people don’t necessarily want to go to
lawyers or see it as expensive but we
397
00:15:42,279 –> 00:15:45,083
[naomi_karp]: do think they need a little bit
of legal help to put the right
398
00:15:44,995 –> 00:15:45,116
[ramsey_d_smith]: oh
399
00:15:45,663 –> 00:15:48,748
[naomi_karp]: documents in place which can be pretty
simple actually
400
00:15:50,868 –> 00:15:55,115
[bruno_caron]: and do you have any any tips
and tricks on like easy things that that
401
00:15:55,215 –> 00:15:58,821
[bruno_caron]: can be done like you know a
pension check or an annuity
402
00:15:58,862 –> 00:15:59,002
[steve_vernon]: ye
403
00:15:58,902 –> 00:16:04,391
[bruno_caron]: check you know getting directly the positive
somewhere else where you know you
404
00:16:04,315 –> 00:16:05,785
[ramsey_d_smith]: yeah
405
00:16:04,451 –> 00:16:07,676
[bruno_caron]: can cut some of those those teps
that could you know
406
00:16:07,744 –> 00:16:07,765
[ramsey_d_smith]: m
407
00:16:07,857 –> 00:16:14,187
[bruno_caron]: potentially ease the process and that that
actual burton or anything else for that matter
408
00:16:14,428 –> 00:16:14,750
[bruno_caron]: yeah
409
00:16:15,352 –> 00:16:15,553
[steve_vernon]: well
410
00:16:15,930 –> 00:16:16,214
[paul_tyler]: yeah
411
00:16:16,013 –> 00:16:18,057
[steve_vernon]: and now yes those those
412
00:16:17,910 –> 00:16:18,437
[paul_tyler]: ye
413
00:16:18,097 –> 00:16:22,144
[steve_vernon]: are good ideas and we have some
tips on the website for that about how
414
00:16:22,224 –> 00:16:22,304
[steve_vernon]: to
415
00:16:22,530 –> 00:16:23,220
[paul_tyler]: oh
416
00:16:22,584 –> 00:16:25,389
[steve_vernon]: set up your money and your sources
of retirement income
417
00:16:25,264 –> 00:16:25,285
[ramsey_d_smith]: m
418
00:16:26,090 –> 00:16:30,381
[steve_vernon]: to have more pre action um so
that’s a good idea but there’s a lot
419
00:16:30,501 –> 00:16:36,415
[steve_vernon]: more to it than that and so
we are covering that uh and hopefully and
420
00:16:36,776 –> 00:16:38,059
[steve_vernon]: paul to answer your question
421
00:16:37,890 –> 00:16:38,670
[paul_tyler]: yeah
422
00:16:38,159 –> 00:16:43,830
[steve_vernon]: to technology is enaenabler but the heart
of this is people helping people
423
00:16:43,932 –> 00:16:44,610
[paul_tyler]: okay
424
00:16:44,672 –> 00:16:49,700
[steve_vernon]: and nowadays for example if your financial
advocate is living far away they
425
00:16:49,624 –> 00:16:49,645
[ramsey_d_smith]: m
426
00:16:49,760 –> 00:16:52,284
[steve_vernon]: can still do a lot of help
remotely
427
00:16:52,140 –> 00:16:52,950
[paul_tyler]: oh
428
00:16:53,186 –> 00:16:56,974
[steve_vernon]: um so it’s an en abler but
we really have to have helping
429
00:16:56,764 –> 00:16:56,785
[ramsey_d_smith]: m
430
00:16:57,055 –> 00:16:57,859
[steve_vernon]: people on this one
431
00:16:58,910 –> 00:17:00,813
[paul_tyler]: yeah well just to follow stephen
432
00:17:00,664 –> 00:17:00,685
[ramsey_d_smith]: m
433
00:17:01,254 –> 00:17:05,501
[paul_tyler]: and marty and this this is really
an international problem it’s not just here in
434
00:17:05,541 –> 00:17:11,270
[paul_tyler]: the u s we had another really
interesting conversation with dr eros bell and
435
00:17:11,762 –> 00:17:13,172
[steve_vernon]: yeah
436
00:17:11,851 –> 00:17:16,800
[paul_tyler]: in israel i’m not sure if you
know where i’ve met her uhreligiy discussion round
437
00:17:16,840 –> 00:17:16,980
[paul_tyler]: world
438
00:17:16,924 –> 00:17:16,945
[ramsey_d_smith]: m
439
00:17:17,000 –> 00:17:20,786
[paul_tyler]: do you call it age tech are
you call it long jevatech
440
00:17:20,797 –> 00:17:22,708
[bruno_caron]: m yeah
441
00:17:21,728 –> 00:17:22,749
[paul_tyler]: you know which is the broad
442
00:17:22,504 –> 00:17:22,525
[ramsey_d_smith]: m
443
00:17:23,150 –> 00:17:24,131
[paul_tyler]: label if we had to
444
00:17:24,439 –> 00:17:24,662
[naomi_karp]: yeah
445
00:17:24,772 –> 00:17:26,193
[paul_tyler]: put a label put you put your
446
00:17:26,185 –> 00:17:26,486
[ramsey_d_smith]: oh
447
00:17:26,433 –> 00:17:29,797
[paul_tyler]: site in a in a box what
would you call this what it’s part of
448
00:17:29,917 –> 00:17:30,057
[paul_tyler]: what
449
00:17:30,057 –> 00:17:30,219
[ramsey_d_smith]: say
450
00:17:30,177 –> 00:17:30,518
[paul_tyler]: movement
451
00:17:31,832 –> 00:17:31,852
[steve_vernon]: m
452
00:17:32,794 –> 00:17:32,815
[ramsey_d_smith]: m
453
00:17:33,139 –> 00:17:33,159
[marti_deliema__phd]: m
454
00:17:33,694 –> 00:17:33,715
[ramsey_d_smith]: m
455
00:17:37,859 –> 00:17:38,140
[marti_deliema__phd]: well i
456
00:17:38,222 –> 00:17:38,504
[steve_vernon]: oh
457
00:17:38,240 –> 00:17:41,731
[marti_deliema__phd]: do think that aging and longevity can
be flip sides of the same coin
458
00:17:41,815 –> 00:17:42,177
[ramsey_d_smith]: oh
459
00:17:41,972 –> 00:17:45,140
[marti_deliema__phd]: there there you know terms that we
often
460
00:17:45,145 –> 00:17:45,165
[ramsey_d_smith]: m
461
00:17:45,200 –> 00:17:48,764
[marti_deliema__phd]: throw around we oftentimes you don’t want
to age but we do want to achieve
462
00:17:48,824 –> 00:17:49,404
[marti_deliema__phd]: longevity
463
00:17:49,110 –> 00:17:49,412
[paul_tyler]: oh
464
00:17:49,408 –> 00:17:49,509
[bruno_caron]: it’s
465
00:17:49,555 –> 00:17:50,103
[ramsey_d_smith]: yeah
466
00:17:50,125 –> 00:17:51,006
[marti_deliema__phd]: so so
467
00:17:50,907 –> 00:17:50,927
[steve_vernon]: i
468
00:17:51,066 –> 00:17:51,346
[marti_deliema__phd]: it’s kind
469
00:17:51,355 –> 00:17:51,657
[ramsey_d_smith]: my
470
00:17:51,386 –> 00:17:52,247
[marti_deliema__phd]: of a euphemism for
471
00:17:52,200 –> 00:17:53,400
[paul_tyler]: oh
472
00:17:52,367 –> 00:17:57,267
[marti_deliema__phd]: aging i think this fits you know
pretty squarely in
473
00:17:57,519 –> 00:17:57,540
[paul_tyler]: m
474
00:17:57,688 –> 00:18:00,293
[marti_deliema__phd]: the you know planning space
475
00:18:00,420 –> 00:18:00,602
[paul_tyler]: ye
476
00:18:01,135 –> 00:18:05,532
[marti_deliema__phd]: i think it needs to fit along
with many types of retirement planning and income
477
00:18:05,572 –> 00:18:11,638
[marti_deliema__phd]: strategy planning tools that people might consider
and use as they enter into older age
478
00:18:12,809 –> 00:18:13,290
[marti_deliema__phd]: are gaining
479
00:18:13,045 –> 00:18:13,267
[ramsey_d_smith]: yeah
480
00:18:13,052 –> 00:18:13,072
[steve_vernon]: m
481
00:18:13,350 –> 00:18:13,930
[marti_deliema__phd]: longevity
482
00:18:14,640 –> 00:18:15,510
[paul_tyler]: yeah
483
00:18:14,792 –> 00:18:14,972
[marti_deliema__phd]: um
484
00:18:15,025 –> 00:18:15,371
[ramsey_d_smith]: oh
485
00:18:15,392 –> 00:18:19,218
[marti_deliema__phd]: but at the same time this is
really about
486
00:18:19,539 –> 00:18:19,560
[paul_tyler]: m
487
00:18:20,969 –> 00:18:25,596
[marti_deliema__phd]: planning and families it is not just
this is not you know a tool for
488
00:18:25,696 –> 00:18:31,067
[marti_deliema__phd]: just monitoring using machine learning to monitor
assets to make sure there’s no fraud and
489
00:18:31,127 –> 00:18:36,520
[marti_deliema__phd]: abuse certainly a conversation that families can
have to implement those tools to help them
490
00:18:36,620 –> 00:18:39,347
[marti_deliema__phd]: do their job as a p or
a financial advocate
491
00:18:39,505 –> 00:18:39,869
[ramsey_d_smith]: oh
492
00:18:40,129 –> 00:18:44,255
[marti_deliema__phd]: but you know some one needs to
understand your values like nam
493
00:18:44,374 –> 00:18:44,395
[ramsey_d_smith]: m
494
00:18:44,476 –> 00:18:48,304
[marti_deliema__phd]: saying in your financial goals the algorithm
is not going to figure
495
00:18:48,152 –> 00:18:48,172
[steve_vernon]: m
496
00:18:48,344 –> 00:18:51,855
[marti_deliema__phd]: that out for you you need to
have a conversation with someone who is going
497
00:18:51,895 –> 00:18:52,697
[marti_deliema__phd]: to be your advocate
498
00:18:53,393 –> 00:18:53,853
[steve_vernon]: say paul
499
00:18:54,073 –> 00:18:54,174
[ramsey_d_smith]: so
500
00:18:54,615 –> 00:18:54,715
[steve_vernon]: to
501
00:18:55,165 –> 00:18:56,455
[ramsey_d_smith]: oh
502
00:18:55,676 –> 00:18:59,803
[steve_vernon]: follow on to that let me put
it in terms that is circulating in the
503
00:18:59,843 –> 00:19:06,034
[steve_vernon]: financial industry lately is longevity risk and
there’s a lot of focus on longevity risk
504
00:19:06,154 –> 00:19:10,040
[steve_vernon]: and there’s a narrow focus which is
on outliving your money and that’s you know
505
00:19:10,080 –> 00:19:14,328
[steve_vernon]: buying annuities and soul security all that
but i think it’s a broad risk if
506
00:19:14,368 –> 00:19:19,175
[steve_vernon]: you take a broad view of longevity
risk it anything that can go wrong with
507
00:19:19,295 –> 00:19:22,800
[steve_vernon]: living a long time and when you
think about that as longevity
508
00:19:22,435 –> 00:19:22,796
[ramsey_d_smith]: oh
509
00:19:22,770 –> 00:19:23,550
[paul_tyler]: yeah
510
00:19:22,880 –> 00:19:23,100
[steve_vernon]: risk
511
00:19:23,550 –> 00:19:23,710
[paul_tyler]: yah
512
00:19:23,992 –> 00:19:25,515
[steve_vernon]: this is right in there
513
00:19:25,779 –> 00:19:25,800
[paul_tyler]: h
514
00:19:25,816 –> 00:19:25,936
[steve_vernon]: so
515
00:19:26,019 –> 00:19:26,101
[ramsey_d_smith]: ah
516
00:19:26,698 –> 00:19:27,601
[steve_vernon]: if you want to put a label
517
00:19:27,715 –> 00:19:28,036
[ramsey_d_smith]: oh
518
00:19:27,721 –> 00:19:27,921
[steve_vernon]: on it
519
00:19:27,871 –> 00:19:27,952
[paul_tyler]: to
520
00:19:28,403 –> 00:19:31,230
[steve_vernon]: it’s just one very important aspect of
longevity risk
521
00:19:32,044 –> 00:19:39,015
[ramsey_d_smith]: m so how are you thinking about
you know getting this tool in front of
522
00:19:39,075 –> 00:19:43,843
[ramsey_d_smith]: people so i know you were your
research was supported by a r p and
523
00:19:44,023 –> 00:19:45,345
[ramsey_d_smith]: a society of suaries
524
00:19:46,357 –> 00:19:46,378
[bruno_caron]: m
525
00:19:46,387 –> 00:19:51,636
[ramsey_d_smith]: are are they also part of your
sort of call it your guess your distribution
526
00:19:51,716 –> 00:19:55,021
[ramsey_d_smith]: process how are you going about your
going on podcasts
527
00:19:55,112 –> 00:19:55,434
[steve_vernon]: oh
528
00:19:56,264 –> 00:19:56,324
[ramsey_d_smith]: as
529
00:19:56,389 –> 00:19:56,590
[naomi_karp]: my
530
00:19:56,424 –> 00:20:00,751
[ramsey_d_smith]: well but how are you thinking about
getting this valuable tool in front of as
531
00:20:00,812 –> 00:20:01,833
[ramsey_d_smith]: many people as possible
532
00:20:03,649 –> 00:20:04,730
[marti_deliema__phd]: that’s a great question
533
00:20:04,345 –> 00:20:05,005
[ramsey_d_smith]: yeah
534
00:20:04,851 –> 00:20:08,657
[marti_deliema__phd]: and something that we’re working on now
we are you
535
00:20:08,700 –> 00:20:09,390
[paul_tyler]: yeah
536
00:20:08,717 –> 00:20:14,006
[marti_deliema__phd]: know seeking sponsorships in order to disseminate
it more broadly one thing that we developed
537
00:20:14,035 –> 00:20:14,477
[ramsey_d_smith]: oh
538
00:20:14,106 –> 00:20:16,611
[marti_deliema__phd]: recently is series of
539
00:20:16,646 –> 00:20:16,747
[ramsey_d_smith]: ah
540
00:20:16,772 –> 00:20:18,937
[marti_deliema__phd]: materials for presenters
541
00:20:19,255 –> 00:20:19,501
[ramsey_d_smith]: yea
542
00:20:19,869 –> 00:20:25,178
[marti_deliema__phd]: individuals who might work at work at
a senior center or members of a religious
543
00:20:25,258 –> 00:20:31,348
[marti_deliema__phd]: congregation can actually teach the thinking ahead
road map to their members so we have
544
00:20:31,709 –> 00:20:33,131
[marti_deliema__phd]: representations there
545
00:20:33,115 –> 00:20:33,135
[ramsey_d_smith]: m
546
00:20:33,231 –> 00:20:37,438
[marti_deliema__phd]: we have work sheets that the participants
can fill out and we both have a
547
00:20:37,599 –> 00:20:40,664
[marti_deliema__phd]: one hour version and a three hour
half day workshop version
548
00:20:41,158 –> 00:20:42,688
[bruno_caron]: oh
549
00:20:41,485 –> 00:20:43,228
[marti_deliema__phd]: to try to train the trainer
550
00:20:43,294 –> 00:20:43,315
[ramsey_d_smith]: m
551
00:20:43,629 –> 00:20:45,257
[marti_deliema__phd]: disseminate this to their communities
552
00:20:45,909 –> 00:20:47,190
[naomi_karp]: and just to add to that
553
00:20:47,507 –> 00:20:47,527
[ramsey_d_smith]: m
554
00:20:48,252 –> 00:20:48,412
[naomi_karp]: which
555
00:20:48,454 –> 00:20:48,475
[ramsey_d_smith]: m
556
00:20:48,552 –> 00:20:49,012
[naomi_karp]: i’m really
557
00:20:48,955 –> 00:20:49,885
[ramsey_d_smith]: oh
558
00:20:49,113 –> 00:20:53,677
[naomi_karp]: hoping is going to help get this
out there because you know you build it
559
00:20:53,757 –> 00:21:02,366
[naomi_karp]: but then have to come so know
it also goes beyond those senior centers and
560
00:21:02,426 –> 00:21:05,250
[naomi_karp]: those um you know faith communities
561
00:21:05,875 –> 00:21:06,463
[ramsey_d_smith]: ye
562
00:21:05,911 –> 00:21:14,386
[naomi_karp]: it can be for employers employee assistant
plant and give these um it can banks
563
00:21:14,546 –> 00:21:20,736
[naomi_karp]: and brokers that have you know especially
banks that have brick and mortar spaces
564
00:21:20,335 –> 00:21:20,497
[steve_vernon]: by
565
00:21:20,916 –> 00:21:26,486
[naomi_karp]: where they actually present programs for all
the adults can deliver it elder law attorneys
566
00:21:26,626 –> 00:21:27,588
[naomi_karp]: can facilitate
567
00:21:27,625 –> 00:21:27,806
[ramsey_d_smith]: oh
568
00:21:27,748 –> 00:21:29,851
[naomi_karp]: these kinds of programs in their community
569
00:21:29,548 –> 00:21:29,630
[ramsey_d_smith]: ah
570
00:21:30,052 –> 00:21:32,636
[naomi_karp]: so there are just so many potential
571
00:21:33,214 –> 00:21:33,235
[ramsey_d_smith]: m
572
00:21:33,457 –> 00:21:36,147
[naomi_karp]: intermediate who can bring this program out
573
00:21:36,154 –> 00:21:36,175
[ramsey_d_smith]: m
574
00:21:36,228 –> 00:21:37,674
[naomi_karp]: to the people who really need it
575
00:21:39,805 –> 00:21:40,070
[ramsey_d_smith]: yeah
576
00:21:41,000 –> 00:21:44,005
[bruno_caron]: so through all this i know you’ve
spoken a lot
577
00:21:44,102 –> 00:21:45,812
[steve_vernon]: oh
578
00:21:44,105 –> 00:21:53,341
[bruno_caron]: to to regulators various various different different
branches how how are they how are
579
00:21:53,490 –> 00:21:53,654
[paul_tyler]: ye
580
00:21:53,962 –> 00:22:00,693
[bruno_caron]: how receptive are they to to the
message how quote quote easy is
581
00:22:00,729 –> 00:22:00,749
[steve_vernon]: i
582
00:22:00,773 –> 00:22:07,705
[bruno_caron]: it to you know convey that message
and and try to try to implement either
583
00:22:08,486 –> 00:22:12,433
[bruno_caron]: either programs or policies how is that
584
00:22:12,424 –> 00:22:12,587
[steve_vernon]: yeah
585
00:22:12,553 –> 00:22:15,987
[bruno_caron]: avenue going right now oh
586
00:22:17,511 –> 00:22:18,032
[naomi_karp]: well if i can
587
00:22:18,001 –> 00:22:18,101
[paul_tyler]: men
588
00:22:18,092 –> 00:22:18,272
[naomi_karp]: just
589
00:22:18,141 –> 00:22:18,362
[paul_tyler]: maybe
590
00:22:18,492 –> 00:22:18,673
[naomi_karp]: just
591
00:22:18,804 –> 00:22:18,945
[paul_tyler]: yeah
592
00:22:19,374 –> 00:22:22,880
[naomi_karp]: yeah i was just i’m in washington
d c and having
593
00:22:23,925 –> 00:22:24,088
[steve_vernon]: okay
594
00:22:24,422 –> 00:22:24,603
[naomi_karp]: been
595
00:22:24,475 –> 00:22:25,495
[ramsey_d_smith]: oh
596
00:22:24,480 –> 00:22:25,440
[paul_tyler]: oh
597
00:22:24,663 –> 00:22:27,788
[naomi_karp]: a former fed at a federal financial
598
00:22:27,600 –> 00:22:28,290
[paul_tyler]: oh
599
00:22:27,848 –> 00:22:30,072
[naomi_karp]: break tory agency i think there
600
00:22:30,030 –> 00:22:30,750
[paul_tyler]: yeah
601
00:22:30,272 –> 00:22:35,320
[naomi_karp]: is a lot of concern in a
number of agencies about the number of people
602
00:22:35,361 –> 00:22:40,709
[naomi_karp]: who are being financially exploited and scamed
and there’s also a lot of learn about
603
00:22:40,730 –> 00:22:45,878
[naomi_karp]: the fact that people are just living
so long and their health care and financial
604
00:22:46,159 –> 00:22:51,407
[naomi_karp]: needs are really increasing when they get
up into the eighties nineties and then even
605
00:22:51,487 –> 00:22:55,694
[naomi_karp]: all the cent arians we have now
um so i think there’s a lot of
606
00:22:55,815 –> 00:22:58,559
[naomi_karp]: receptivity to this kind of thing i
607
00:22:58,562 –> 00:22:58,846
[steve_vernon]: oh
608
00:22:58,699 –> 00:23:03,467
[naomi_karp]: don’t think that it in any way
runs a fowl of any concerns of any
609
00:23:03,608 –> 00:23:04,429
[naomi_karp]: regulator that
610
00:23:04,382 –> 00:23:05,012
[steve_vernon]: yeah
611
00:23:04,489 –> 00:23:09,918
[naomi_karp]: i’ve seen um when i was at
the consumer financial protection bureau we were also
612
00:23:10,058 –> 00:23:14,205
[naomi_karp]: thinking along these lines and we were
thinking about how do we help those people
613
00:23:14,786 –> 00:23:19,474
[naomi_karp]: who manage someone else’s money when the
person can’t do it themselves and we actually
614
00:23:19,554 –> 00:23:23,921
[naomi_karp]: had put out a set of guides
called managing someone else’s money and it was
615
00:23:24,022 –> 00:23:29,351
[naomi_karp]: just to help those people understand their
fiduciary duties and the practical things they have
616
00:23:29,411 –> 00:23:33,698
[naomi_karp]: to do so i think there’s a
great fit between the thinking ahead road map
617
00:23:34,118 –> 00:23:39,327
[naomi_karp]: that helps people get up to that
point of doing the planning and having that
618
00:23:40,309 –> 00:23:45,043
[naomi_karp]: sherry or that advocate who’s going to
step into their shoes and then making sure
619
00:23:45,104 –> 00:23:51,216
[naomi_karp]: that once they do do it right
and that people are protected you know through
620
00:23:51,256 –> 00:23:52,259
[naomi_karp]: the rest of their lives
621
00:23:53,142 –> 00:23:53,202
[paul_tyler]: he
622
00:23:53,222 –> 00:23:53,242
[naomi_karp]: i
623
00:23:53,283 –> 00:23:53,504
[paul_tyler]: wasn’t
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00:23:53,302 –> 00:23:53,723
[naomi_karp]: think there’s
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00:23:53,545 –> 00:23:53,706
[paul_tyler]: weep
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00:23:53,783 –> 00:23:54,866
[naomi_karp]: a good energy there
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00:23:55,138 –> 00:23:55,485
[bruno_caron]: yeah
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00:23:55,490 –> 00:23:58,756
[paul_tyler]: totally totally agree and we will do
our part we will put the link in
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00:23:58,856 –> 00:23:59,357
[paul_tyler]: show notes
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00:23:59,532 –> 00:23:59,795
[bruno_caron]: no no
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00:23:59,858 –> 00:23:59,878
[paul_tyler]: i
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00:23:59,897 –> 00:23:59,978
[bruno_caron]: no
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00:23:59,938 –> 00:24:02,442
[paul_tyler]: know we’re right at the end of
our time ramsey
634
00:24:02,398 –> 00:24:02,680
[bruno_caron]: oh
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00:24:04,085 –> 00:24:04,646
[paul_tyler]: what do you think
636
00:24:06,477 –> 00:24:12,688
[ramsey_d_smith]: i’ve always said that i think that
that the challenge of retirement is part financial
637
00:24:13,249 –> 00:24:17,916
[ramsey_d_smith]: maybe twenty five or thirty per cent
and then the other vast majority of it
638
00:24:17,976 –> 00:24:20,741
[ramsey_d_smith]: really comes down to behavioral issues um
639
00:24:20,612 –> 00:24:20,855
[steve_vernon]: yes
640
00:24:21,983 –> 00:24:26,991
[ramsey_d_smith]: personal challenges trust all those sorts of
things and so tools that actually take a
641
00:24:27,052 –> 00:24:32,260
[ramsey_d_smith]: wholistic approach to addressing those issues addressing
the broader issue i think are super important
642
00:24:32,401 –> 00:24:36,828
[ramsey_d_smith]: so thank you for that and marty
i’m just i’m just fascinated by this this
643
00:24:36,948 –> 00:24:40,394
[ramsey_d_smith]: this idea that just came out of
you know your experience in the enforcement space
644
00:24:40,740 –> 00:24:41,123
[paul_tyler]: uh
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00:24:41,195 –> 00:24:41,495
[ramsey_d_smith]: uh and
646
00:24:41,469 –> 00:24:41,509
[bruno_caron]: m
647
00:24:41,555 –> 00:24:42,697
[ramsey_d_smith]: brought you to this direction so
648
00:24:42,779 –> 00:24:42,840
[paul_tyler]: ah
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00:24:43,158 –> 00:24:44,039
[ramsey_d_smith]: you know you saw
650
00:24:44,047 –> 00:24:44,068
[bruno_caron]: h
651
00:24:44,079 –> 00:24:47,303
[ramsey_d_smith]: a very clear pain point and you
created a tool to fix it so thank
652
00:24:47,240 –> 00:24:47,420
[paul_tyler]: yeah
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00:24:47,343 –> 00:24:47,723
[ramsey_d_smith]: you for that
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00:24:48,141 –> 00:24:52,929
[paul_tyler]: yeah hey listen thank you marty naomi
steve great to have you steve thanks for
655
00:24:52,989 –> 00:24:54,452
[paul_tyler]: coming back we didn’t scare away
656
00:24:54,572 –> 00:24:54,978
[steve_vernon]: my
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00:24:54,772 –> 00:24:55,874
[paul_tyler]: and we’ll
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00:24:55,774 –> 00:24:55,795
[ramsey_d_smith]: m
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00:24:55,858 –> 00:24:55,879
[naomi_karp]: m
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00:24:55,914 –> 00:24:57,537
[paul_tyler]: put the links to your program will
661
00:24:58,232 –> 00:24:58,453
[steve_vernon]: oh
662
00:24:58,518 –> 00:25:00,882
[paul_tyler]: promote this as much as we can
and love to have you back
663
00:25:01,114 –> 00:25:01,135
[ramsey_d_smith]: m
664
00:25:01,283 –> 00:25:06,411
[paul_tyler]: in maybe a couple of months and
see how it’s how the tools progressing how
665
00:25:06,612 –> 00:25:12,823
[paul_tyler]: how well it’s where and where it’s
being received so thank you so much bruno
666
00:25:12,903 –> 00:25:16,952
[paul_tyler]: ramsey thanks and for all the listeners
join us again next week the same time
667
00:25:17,513 –> 00:25:19,838
[paul_tyler]: for that annuity show thanks
668
00:25:21,699 –> 00:25:22,026
[naomi_karp]: thank you
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