1 00:00:06,199 --> 00:00:10,700 Good evening, everyone. 2 00:00:10,700 --> 00:00:12,280 Thank you for being here tonight. 3 00:00:12,280 --> 00:00:15,040 I would like to go ahead and start our program. 4 00:00:15,040 --> 00:00:17,160 We're right here at the top of the hour. 5 00:00:17,160 --> 00:00:20,240 And I want to welcome everybody. 6 00:00:20,240 --> 00:00:21,760 And thank you for being here in person. 7 00:00:21,760 --> 00:00:25,520 We do have a number of people attending on Zoom. 8 00:00:25,520 --> 00:00:28,380 And this meeting will also be recorded, so 9 00:00:28,380 --> 00:00:31,240 it will be available for viewing later by 10 00:00:31,240 --> 00:00:34,920 all of our members at a future time. 11 00:00:34,920 --> 00:00:37,960 So let me go ahead and introduce our speakers tonight. 12 00:00:37,960 --> 00:00:41,290 We have Jeff Brown, Dean of the Gies 13 00:00:41,290 --> 00:00:44,620 College of Business, and Wynne Korr, Emerita Dean 14 00:00:44,620 --> 00:00:46,840 of the School of Social Work. 15 00:00:46,840 --> 00:00:49,400 Dean Brown joined the Department of 16 00:00:49,400 --> 00:00:51,960 Finance in 2002, where he is the Joseph and Margo 17 00:00:51,960 --> 00:00:54,320 McConishock Professor of Business. 18 00:00:54,320 --> 00:00:56,840 He was appointed Dean in 2015. 19 00:00:56,840 --> 00:00:58,840 Dean Korr joined the faculty in the School 20 00:00:58,840 --> 00:01:00,840 of Social Work as a professor and dean in 21 00:01:00,840 --> 00:01:07,200 2002 and served in those positions until her retirement in 2017. 22 00:01:07,200 --> 00:01:09,539 I want to we're going to start with Dean 23 00:01:09,539 --> 00:01:11,880 Korr, who will present, and then we're going to 24 00:01:11,880 --> 00:01:15,160 hold questions until the end, and we'll have a Q&A session. 25 00:01:15,160 --> 00:01:16,160 So thank you. 26 00:01:16,160 --> 00:01:17,160 Let me get you. 27 00:01:17,160 --> 00:01:18,160 Are we going to get much slides? 28 00:01:18,160 --> 00:01:19,160 Yes. 29 00:01:19,160 --> 00:01:25,240 If I can manage to find the cursor here. 30 00:01:25,240 --> 00:01:29,240 There we go. 31 00:01:29,240 --> 00:01:30,240 And. 32 00:01:30,240 --> 00:01:31,240 Yep. 33 00:01:31,240 --> 00:01:32,240 Okay. 34 00:01:32,240 --> 00:01:33,240 Oh, no. 35 00:01:33,240 --> 00:01:46,240 And then we just need to do the slideshow again. 36 00:01:46,240 --> 00:01:58,640 Okay. 37 00:01:58,640 --> 00:02:13,640 Good evening, everyone. 38 00:02:13,640 --> 00:02:18,240 I know this first slide is a little blurry, so I'll read it to you. 39 00:02:18,240 --> 00:02:22,640 This is the wisdom from the world of the comics. 40 00:02:22,640 --> 00:02:24,880 Life is full of choices. 41 00:02:24,880 --> 00:02:27,820 Some are good and some are bad. 42 00:02:27,820 --> 00:02:30,640 They should all be labeled accordingly. 43 00:02:30,640 --> 00:02:32,000 Yeah. 44 00:02:32,000 --> 00:02:37,680 Unfortunately, we know that when we have to make choices, they aren't labeled. 45 00:02:37,680 --> 00:02:46,120 So we may end up in the world of having regrets about the choices we make. 46 00:02:46,120 --> 00:02:49,160 I want to begin with two caveats. 47 00:02:49,160 --> 00:02:55,320 One involves telling you a little bit about me, telling you what I am not. 48 00:02:55,320 --> 00:02:58,720 That reminded you that I was a dean for 15 years. 49 00:02:58,720 --> 00:03:04,880 I was a social work educator and research for many years longer than that. 50 00:03:04,880 --> 00:03:09,360 But I am not a licensed therapist. 51 00:03:09,360 --> 00:03:11,310 And I know that sometimes when we talk about 52 00:03:11,310 --> 00:03:13,260 things like regrets, whether they're personal 53 00:03:13,260 --> 00:03:16,840 or financial, we can start feeling not happy. 54 00:03:16,840 --> 00:03:20,069 Or we know others around us who are very 55 00:03:20,069 --> 00:03:23,300 worried to the point of needing some help. 56 00:03:23,300 --> 00:03:26,750 So for those of you here, there are some 57 00:03:26,750 --> 00:03:30,200 resource sheets out on the registration desk that talk 58 00:03:30,200 --> 00:03:34,920 about how to access mental health resources in general. 59 00:03:34,920 --> 00:03:37,780 And particularly brochures from the Faculty 60 00:03:37,780 --> 00:03:40,640 Staff Assistance and Wellbeing Program and 61 00:03:40,640 --> 00:03:42,520 from Family Service. 62 00:03:42,520 --> 00:03:45,699 For those of you on Zoom, information about 63 00:03:45,699 --> 00:03:48,880 Faculty Staff Assistance and Wellbeing was 64 00:03:48,880 --> 00:03:51,320 in the last issue of the annuitant. 65 00:03:51,320 --> 00:03:56,040 Or just use your search engine for campus and you'll find it. 66 00:03:56,040 --> 00:03:58,959 For health plans, many of us are retired 67 00:03:58,959 --> 00:04:01,880 and as we remember all too well are now on 68 00:04:01,880 --> 00:04:02,880 Aetna. 69 00:04:02,880 --> 00:04:09,200 Aetna does have a behavioral health benefit and a lot of it is at no cost to us. 70 00:04:09,200 --> 00:04:13,520 So you can look for that in your health insurance. 71 00:04:13,520 --> 00:04:16,000 And there's always a crisis line now. 72 00:04:16,000 --> 00:04:18,280 New, relatively new, less than a year. 73 00:04:18,280 --> 00:04:23,300 We have a national crisis number, which is 988. 74 00:04:23,300 --> 00:04:27,360 So wanted to be sure you had resources. 75 00:04:27,360 --> 00:04:35,140 The other caveat is despite the title of our presentations tonight, guess what? 76 00:04:35,140 --> 00:04:38,100 We cannot avoid all regrets. 77 00:04:38,100 --> 00:04:40,100 That's just not life. 78 00:04:40,100 --> 00:04:43,420 Doesn't quite happen that way. 79 00:04:43,420 --> 00:04:48,620 So one of the things that I've noticed and 80 00:04:48,620 --> 00:04:53,820 I've spent time in the last probably 18 months 81 00:04:53,820 --> 00:04:59,340 thinking a bunch about regrets and how we deal with them. 82 00:04:59,340 --> 00:05:04,500 And lots of people write about regrets. 83 00:05:04,500 --> 00:05:07,020 Poets do. 84 00:05:07,020 --> 00:05:11,580 Country music I think does a lot on regrets. 85 00:05:11,580 --> 00:05:13,660 Certainly novels, fiction. 86 00:05:13,660 --> 00:05:16,759 This is one that many a book club has read 87 00:05:16,759 --> 00:05:19,860 recently from the Midnight Library, the introduction 88 00:05:19,860 --> 00:05:21,360 by Matt Haig. 89 00:05:21,360 --> 00:05:23,100 Just read the bottom line to you. 90 00:05:23,100 --> 00:05:27,240 Would you have done anything different if 91 00:05:27,240 --> 00:05:31,380 you had the chance to undo your regrets? 92 00:05:31,380 --> 00:05:36,780 And that's certainly what keeps in many of our minds. 93 00:05:36,780 --> 00:05:38,300 Would we do anything different? 94 00:05:38,300 --> 00:05:41,420 How could we undo? 95 00:05:42,260 --> 00:05:44,360 It's not surprising for an old retired professor 96 00:05:44,360 --> 00:05:46,460 I returned to social science to see what social 97 00:05:46,460 --> 00:05:49,600 science was saying about the nature of 98 00:05:49,600 --> 00:05:52,740 regret and how we deal with it and what they are. 99 00:05:52,740 --> 00:05:56,019 Daniel Pink, who is actually a fairly 100 00:05:56,019 --> 00:05:59,300 popular author, as you can see has a book only last 101 00:05:59,300 --> 00:06:05,100 year called The Power of Regret, How Looking Backward Can Move Us Forward. 102 00:06:05,140 --> 00:06:12,420 And I'm just going to share one set of his insights based on the research. 103 00:06:12,420 --> 00:06:16,460 There are three common responses to regret. 104 00:06:16,460 --> 00:06:21,180 One, lots of us just plain ignore our regrets. 105 00:06:21,180 --> 00:06:24,500 My bet is that's the most common response. 106 00:06:24,500 --> 00:06:26,980 I'm like I can't do anything about it. 107 00:06:26,980 --> 00:06:27,980 It's happened. 108 00:06:27,980 --> 00:06:28,980 I feel bad about it. 109 00:06:28,980 --> 00:06:31,260 I'm going to ignore it. 110 00:06:31,300 --> 00:06:34,259 For some small percentage of people, as I 111 00:06:34,259 --> 00:06:37,220 suggested before, regrets can make you very 112 00:06:37,220 --> 00:06:40,460 sad to the point of despair. 113 00:06:40,460 --> 00:06:43,220 That's when we know you need professional help. 114 00:06:43,220 --> 00:06:46,860 Or if those around you are saying something's wrong, go get help. 115 00:06:46,860 --> 00:06:47,860 Do it. 116 00:06:47,860 --> 00:06:50,200 You know, we've all learned that stigma 117 00:06:50,200 --> 00:06:52,540 and mental health do not have to go together. 118 00:06:52,540 --> 00:06:54,980 Just get help. 119 00:06:54,980 --> 00:07:00,140 Or we can do thinking and doing. 120 00:07:00,140 --> 00:07:04,439 This last and often difficult approach 121 00:07:04,439 --> 00:07:08,740 leads to better decisions and deeper meaning. 122 00:07:08,740 --> 00:07:12,120 It led me to think about my own kind of 123 00:07:12,120 --> 00:07:15,500 model for understanding and reducing retirement 124 00:07:15,500 --> 00:07:17,180 regrets. 125 00:07:17,180 --> 00:07:19,740 So it kind of has three parts. 126 00:07:19,740 --> 00:07:22,159 First of all, we have some ideas in our head 127 00:07:22,159 --> 00:07:24,580 about what our goals are, what we think we're 128 00:07:24,580 --> 00:07:27,220 going to do in retirement. 129 00:07:27,220 --> 00:07:31,420 The next part is the part that I've been emphasizing a lot. 130 00:07:31,420 --> 00:07:34,639 You have to take time for reflection so 131 00:07:34,639 --> 00:07:37,860 that you're noticing where you have regrets and 132 00:07:37,860 --> 00:07:39,380 you're doing something about it. 133 00:07:39,380 --> 00:07:42,060 I will come back to that in a few minutes. 134 00:07:42,060 --> 00:07:45,680 And last but not least, hopefully you then 135 00:07:45,680 --> 00:07:49,300 readjust and build a much more resilient approach 136 00:07:49,300 --> 00:07:53,020 to everything you're doing. 137 00:07:53,020 --> 00:07:57,459 So a few years back, a friend of mine was 138 00:07:57,459 --> 00:08:01,900 about to retire and I thought, I've got to 139 00:08:01,900 --> 00:08:03,500 write something. 140 00:08:03,500 --> 00:08:04,500 And so I wrote it. 141 00:08:04,500 --> 00:08:06,380 This is actually, oh, sorry. 142 00:08:06,380 --> 00:08:07,780 I'm doing it in the wrong order. 143 00:08:07,780 --> 00:08:10,420 I am so out of practice on doing this. 144 00:08:10,420 --> 00:08:11,420 You'll have to forgive me. 145 00:08:11,420 --> 00:08:16,500 One of the joys of retirement was not having to do PowerPoints and talks. 146 00:08:16,500 --> 00:08:19,900 And of course, I'd never seen a hybrid meeting before I retired. 147 00:08:19,900 --> 00:08:24,100 So just be a little patient with me. 148 00:08:24,100 --> 00:08:25,100 Okay. 149 00:08:25,100 --> 00:08:27,940 Back one minute. 150 00:08:27,940 --> 00:08:31,460 Goals and ideas for retirement. 151 00:08:31,460 --> 00:08:32,620 What are they like? 152 00:08:32,620 --> 00:08:34,860 First of all, they can be vague or explicit. 153 00:08:34,860 --> 00:08:37,519 I suspect for most of us, most of our 154 00:08:37,519 --> 00:08:40,180 ideas about retirement as we were going into it 155 00:08:40,180 --> 00:08:45,660 were fairly vague, not particularly explicit. 156 00:08:45,660 --> 00:08:48,039 And they were often in terms of the 157 00:08:48,039 --> 00:08:50,420 personal domain, you know what they typically are. 158 00:08:50,420 --> 00:08:51,420 I'm going to travel. 159 00:08:51,420 --> 00:08:52,780 I'm going to see the kids more. 160 00:08:52,780 --> 00:08:53,780 I'm going to do gardening. 161 00:08:53,780 --> 00:08:55,260 I'm going to take OLLI classes. 162 00:08:55,260 --> 00:08:57,379 I have to mention that because we're in 163 00:08:57,379 --> 00:08:59,500 competition with the OLLI annual meeting tonight. 164 00:08:59,500 --> 00:09:00,860 I'm going to exercise. 165 00:09:00,860 --> 00:09:02,820 I'm going to volunteer. 166 00:09:02,820 --> 00:09:04,220 All right. 167 00:09:04,220 --> 00:09:08,540 Other people have goals for us as well in retirement. 168 00:09:08,540 --> 00:09:13,820 Our partner's spouses might, our children might. 169 00:09:13,820 --> 00:09:16,440 And many of my friends discovered very 170 00:09:16,440 --> 00:09:19,060 quickly that their children expected them to help 171 00:09:19,060 --> 00:09:21,980 with the grandchildren. 172 00:09:21,980 --> 00:09:25,320 And then of course, there are financial issues. 173 00:09:25,320 --> 00:09:29,460 For that, we turn to Jeff in a few minutes. 174 00:09:29,460 --> 00:09:32,900 Now I can go to what I backstepped from a minute ago. 175 00:09:32,900 --> 00:09:35,180 Yes, my friend was retiring. 176 00:09:35,180 --> 00:09:38,280 I wrote a prescription for retirement. 177 00:09:39,020 --> 00:09:40,880 And he gave me permission to share it with you. 178 00:09:40,880 --> 00:09:44,080 So I'll just read some of these. 179 00:09:44,080 --> 00:09:47,120 Be thankful for the privilege of retirement. 180 00:09:47,120 --> 00:09:50,600 We read and hear a lot these days about gratitude. 181 00:09:50,600 --> 00:09:53,360 And I think it's important. 182 00:09:53,360 --> 00:09:57,069 Pretty much my guess is everyone in here not 183 00:09:57,069 --> 00:10:00,780 only is able to retire, but do so with a pension. 184 00:10:00,780 --> 00:10:05,920 That is an enormous privilege in this world. 185 00:10:05,960 --> 00:10:08,700 And being grateful for that, even if we're 186 00:10:08,700 --> 00:10:11,440 worried about the adequacy of the cost of 187 00:10:11,440 --> 00:10:14,640 living increase or the switches in the health 188 00:10:14,640 --> 00:10:17,840 insurance, man, compared to generations before 189 00:10:17,840 --> 00:10:20,850 us and generations after us, we need to be 190 00:10:20,850 --> 00:10:23,860 thankful for this privilege of retirement 191 00:10:23,860 --> 00:10:26,120 with a pension. 192 00:10:26,120 --> 00:10:29,840 Enjoy being with your family and friends. 193 00:10:29,840 --> 00:10:34,240 One of my favorite points that I wrote, be a philanthropist. 194 00:10:34,280 --> 00:10:36,480 Be appreciative of your time and treasure. 195 00:10:36,480 --> 00:10:41,600 You all have ways to give back to your communities. 196 00:10:41,600 --> 00:10:44,639 And not surprisingly, the person from social 197 00:10:44,639 --> 00:10:47,680 work is going to emphasize that part of what 198 00:10:47,680 --> 00:10:52,880 I think we can have as our prescription for retirement. 199 00:10:52,880 --> 00:10:54,440 Be healthy. 200 00:10:54,440 --> 00:10:56,120 Reflect. 201 00:10:56,120 --> 00:10:57,120 Build resilience. 202 00:10:57,120 --> 00:11:01,640 Not surprisingly, I'm coming back to those two points from my model. 203 00:11:02,640 --> 00:11:05,040 Okay. 204 00:11:05,040 --> 00:11:08,280 So what's reflection? 205 00:11:08,280 --> 00:11:09,480 How to think. 206 00:11:09,480 --> 00:11:12,960 First of all, as I suggest, it's got to be deliberate. 207 00:11:12,960 --> 00:11:16,440 Give yourself a time each year to reflect. 208 00:11:16,440 --> 00:11:17,840 I chose my birthday. 209 00:11:17,840 --> 00:11:20,819 I very deliberately decided not to make it 210 00:11:20,819 --> 00:11:23,800 New Year's because New Year's is associated 211 00:11:23,800 --> 00:11:26,279 with those nasty things called New Year's 212 00:11:26,279 --> 00:11:28,760 resolutions, which nobody keeps beyond about 213 00:11:28,760 --> 00:11:30,640 a week. 214 00:11:30,640 --> 00:11:33,600 And they're often kind of whatever they are. 215 00:11:33,600 --> 00:11:39,520 So take some other time and stop and reflect. 216 00:11:39,520 --> 00:11:42,000 Reflection is a big tool in social work. 217 00:11:42,000 --> 00:11:44,039 You teach a student to go out and see their 218 00:11:44,039 --> 00:11:46,080 first clients or learn a new treatment model 219 00:11:46,080 --> 00:11:48,880 and you say, you know, a few weeks in, stop. 220 00:11:48,880 --> 00:11:51,720 Literally write your reflection on what you learned. 221 00:11:51,720 --> 00:11:56,560 So not surprisingly, I turned to reflection. 222 00:11:56,560 --> 00:11:58,120 But then what do you do? 223 00:11:58,120 --> 00:12:00,000 How do you do this task? 224 00:12:00,040 --> 00:12:02,080 How do you do the thinking? 225 00:12:02,080 --> 00:12:04,960 Well, I think like a researcher, a little 226 00:12:04,960 --> 00:12:07,840 bit like a social scientist, and I say, you 227 00:12:07,840 --> 00:12:10,560 have to have a theory. 228 00:12:10,560 --> 00:12:14,680 You thought you would be doing X and it isn't happening. 229 00:12:14,680 --> 00:12:15,680 Name some X. 230 00:12:15,680 --> 00:12:19,680 You thought you would be traveling and it isn't happening. 231 00:12:19,680 --> 00:12:20,760 Why? 232 00:12:20,760 --> 00:12:23,840 You got to look at it and say, why aren't you doing this? 233 00:12:23,840 --> 00:12:25,920 Maybe it was the wrong goal. 234 00:12:25,960 --> 00:12:30,760 Maybe as things actually played out, this wasn't such a priority for you. 235 00:12:30,760 --> 00:12:34,960 Or things beyond your control interfered. 236 00:12:34,960 --> 00:12:38,519 For someone like me who retired at the end 237 00:12:38,519 --> 00:12:42,080 of 2017, I wisely did a lot of travel in 2019, 238 00:12:42,080 --> 00:12:44,640 2020 happened. 239 00:12:44,640 --> 00:12:46,320 We all know what happened in 2020. 240 00:12:46,320 --> 00:12:49,800 We suddenly went into lockdown for a global pandemic. 241 00:12:49,800 --> 00:12:51,960 That's beyond our control. 242 00:12:52,000 --> 00:12:55,480 So anything that we thought we would be doing 243 00:12:55,480 --> 00:12:58,960 in 2020, we all very quickly found we weren't. 244 00:12:58,960 --> 00:13:01,279 Or another set of reasons why you don't do 245 00:13:01,279 --> 00:13:03,600 things is you didn't actually have the time 246 00:13:03,600 --> 00:13:07,280 or the money to do those things. 247 00:13:07,280 --> 00:13:09,640 But you got to kind of figure out this path. 248 00:13:09,640 --> 00:13:15,440 If you thought you were going to do X and it's not happening, what is it? 249 00:13:15,440 --> 00:13:19,520 And then you can think about readjusting. 250 00:13:19,560 --> 00:13:22,760 That's the act and change part. 251 00:13:22,760 --> 00:13:25,200 Based on your reflection about why you 252 00:13:25,200 --> 00:13:27,640 weren't doing what you thought you would do, what 253 00:13:27,640 --> 00:13:29,640 will you do differently? 254 00:13:29,640 --> 00:13:31,120 You want to throw that goal out? 255 00:13:31,120 --> 00:13:33,360 You want to set different ones amongst your goals? 256 00:13:33,360 --> 00:13:36,200 You want to shift your priorities? 257 00:13:36,200 --> 00:13:38,240 And oh, by the way, we're all aging. 258 00:13:38,240 --> 00:13:40,360 We all have health challenges. 259 00:13:40,360 --> 00:13:45,840 You know, we have to accommodate them and say, ah, all right. 260 00:13:45,880 --> 00:13:50,600 You know, I thought I would do a lot of hiking and go see every national park. 261 00:13:50,600 --> 00:13:54,400 I know somebody who's been trying to do that. 262 00:13:54,400 --> 00:13:59,360 And lo and behold, I don't have the physical stamina to do that. 263 00:13:59,360 --> 00:14:00,360 So what am I going to do? 264 00:14:00,360 --> 00:14:05,240 How am I going to readjust? 265 00:14:05,240 --> 00:14:11,240 The trick is not to feel too bad as you make those adjustments. 266 00:14:11,240 --> 00:14:14,560 That really is a big part of this. 267 00:14:14,560 --> 00:14:18,279 If you just, you know, that's going back 268 00:14:18,279 --> 00:14:22,000 to if you feel too sad about it, you can't 269 00:14:22,000 --> 00:14:24,480 move on and you're kind of stuck. 270 00:14:24,480 --> 00:14:26,680 That's the get help moment. 271 00:14:26,680 --> 00:14:29,440 But hopefully you can readjust. 272 00:14:29,440 --> 00:14:32,120 And that's the resilience part of this. 273 00:14:32,120 --> 00:14:37,400 It might be nice if I change the slide. 274 00:14:37,400 --> 00:14:38,400 Okay. 275 00:14:38,400 --> 00:14:39,960 So what's resilience? 276 00:14:39,960 --> 00:14:41,200 So who's my friend Carol? 277 00:14:41,200 --> 00:14:45,340 My friend Carol is a lifetime social worker, 278 00:14:45,340 --> 00:14:49,480 lives in L.A. and during COVID started running 279 00:14:49,480 --> 00:14:52,380 resilience groups for her synagogue. 280 00:14:52,380 --> 00:14:56,320 So I said to Carol, please tell me what's resilience. 281 00:14:56,320 --> 00:15:00,299 And she said, she tells people that it's the 282 00:15:00,299 --> 00:15:04,280 ability to come back after a crisis or difficult 283 00:15:04,280 --> 00:15:10,680 times when we come back differently, but still in a healthy manner. 284 00:15:11,160 --> 00:15:13,160 I've changed it just a tad. 285 00:15:13,160 --> 00:15:16,599 I write, it's finding the strength with the 286 00:15:16,599 --> 00:15:20,040 help of others to move forward in times of 287 00:15:20,040 --> 00:15:26,080 peril, fear, trauma, anxiety, or regret. 288 00:15:26,080 --> 00:15:29,560 It's finding that way to move on. 289 00:15:29,560 --> 00:15:34,240 Finding that thought and action that move you forward. 290 00:15:34,240 --> 00:15:40,520 So I'm going to end with a quote. 291 00:15:41,120 --> 00:15:45,080 When I retired, I need ritual. 292 00:15:45,080 --> 00:15:47,640 Ritual helps me a lot. 293 00:15:47,640 --> 00:15:52,640 And so I'll tell you about the two days after I retired. 294 00:15:52,640 --> 00:15:54,440 And then I'll read the quote to you. 295 00:15:54,440 --> 00:15:57,400 So I retired, my last day was a Thursday. 296 00:15:57,400 --> 00:15:59,800 Friday morning, where's my grocery? 297 00:15:59,800 --> 00:16:02,319 I was in the kitchen at Sinai Temple with 298 00:16:02,319 --> 00:16:04,840 that guy and a bunch of other people chopping 299 00:16:04,840 --> 00:16:06,760 vegetables for a Friday night dinner. 300 00:16:07,080 --> 00:16:10,480 And I was like, oh, thank God, somebody else is telling me what to do. 301 00:16:10,480 --> 00:16:12,120 I'm not responsible for anything. 302 00:16:12,120 --> 00:16:15,120 I'm, you know, I'm the dean part of me just retired. 303 00:16:15,120 --> 00:16:15,880 I'm done. 304 00:16:15,880 --> 00:16:18,520 I can do something else. 305 00:16:18,520 --> 00:16:21,139 Saturday, I went to services in my synagogue 306 00:16:21,139 --> 00:16:23,760 and I said, said to the rabbi, I need help. 307 00:16:23,760 --> 00:16:26,520 Help me make this transition. 308 00:16:26,520 --> 00:16:29,760 And this is the prayer he read to me. 309 00:16:29,760 --> 00:16:34,800 May you be blessed in your journey and every step you take. 310 00:16:34,840 --> 00:16:37,740 In the times when consequences are hidden 311 00:16:37,740 --> 00:16:40,640 from your eyes and in those moments when the 312 00:16:40,640 --> 00:16:44,339 path is clear, wherever you go, may you 313 00:16:44,339 --> 00:16:48,040 find success and be protected from all troubles 314 00:16:48,040 --> 00:16:49,920 and sorrow. 315 00:16:49,920 --> 00:16:53,480 May you journey in peace and may you 316 00:16:53,480 --> 00:16:57,040 arrive at your heart's fulfillment in peace. 317 00:16:57,040 --> 00:16:58,640 So thank you. 318 00:16:58,680 --> 00:17:05,400 And we're going to wait for questions until after Jeff. 319 00:17:05,400 --> 00:17:08,400 And I'm trying to make this go small. 320 00:17:08,400 --> 00:17:11,400 And small again. 321 00:17:11,400 --> 00:17:12,400 There we go. 322 00:17:12,400 --> 00:17:15,400 Boy, I managed to. 323 00:17:15,400 --> 00:17:16,400 Thank you. 324 00:17:16,400 --> 00:17:19,400 Oh, how come I thought I got rid of it? 325 00:17:19,400 --> 00:17:20,400 Debbie. 326 00:17:20,400 --> 00:17:21,400 It's okay. 327 00:17:21,400 --> 00:17:23,400 It's a nice, we'll just leave it up there. 328 00:17:23,400 --> 00:17:24,900 I don't have my own slides, so we can 329 00:17:24,900 --> 00:17:26,400 just leave that quote up there if you want. 330 00:17:26,400 --> 00:17:27,400 That's fine. 331 00:17:28,160 --> 00:17:30,160 Well, good evening. 332 00:17:30,160 --> 00:17:34,160 I first just want to thank you for inviting me here. 333 00:17:34,160 --> 00:17:37,160 But mainly I want to thank Wyn. 334 00:17:37,160 --> 00:17:39,160 I told somebody tonight, she's the reason I'm 335 00:17:39,160 --> 00:17:41,160 here, because if she asked me to do something, 336 00:17:41,160 --> 00:17:43,160 I say yes. 337 00:17:43,160 --> 00:17:45,160 She was a fantastic dean and she had been 338 00:17:45,160 --> 00:17:47,160 a very experienced dean when I was a brand 339 00:17:47,160 --> 00:17:49,160 new dean. 340 00:17:49,160 --> 00:17:52,160 And she was a really wise mentor to me. 341 00:17:52,920 --> 00:17:55,420 And she also was kind enough a number of years 342 00:17:55,420 --> 00:17:57,920 ago when I had a high school daughter thinking 343 00:17:57,920 --> 00:18:00,420 about social work, Wyn was nice enough to 344 00:18:00,420 --> 00:18:02,920 go to have a tea with her and talk to her. 345 00:18:02,920 --> 00:18:06,920 And she just graduated from social work a month ago. 346 00:18:06,920 --> 00:18:09,920 And she's very involved in the community and just a great friend. 347 00:18:09,920 --> 00:18:14,920 So thank you for allowing me to share the stage with you tonight. 348 00:18:14,920 --> 00:18:16,920 When she said we were going to talk about 349 00:18:16,920 --> 00:18:18,920 regret to this audience, my first thought 350 00:18:18,920 --> 00:18:20,920 was, oh, this is awesome. 351 00:18:21,680 --> 00:18:23,180 I thought, well, I should have a research 352 00:18:23,180 --> 00:18:24,680 paper about regret that uses data on the state 353 00:18:24,680 --> 00:18:27,180 university retirement system in Illinois 354 00:18:27,180 --> 00:18:29,680 with my late co-author, Scott Weisbrenner. 355 00:18:29,680 --> 00:18:31,680 And then I thought, no, that's not what I 356 00:18:31,680 --> 00:18:33,680 want to talk about, because that was a little 357 00:18:33,680 --> 00:18:35,680 too researchy and all that. 358 00:18:35,680 --> 00:18:38,680 So instead, I thought I would just talk 359 00:18:38,680 --> 00:18:41,680 about thinking about financial preparedness and 360 00:18:41,680 --> 00:18:44,680 so forth for retirement with the idea that 361 00:18:44,680 --> 00:18:47,680 a lot of people's regrets in retirement do 362 00:18:48,440 --> 00:18:50,440 have to do with money and how to manage it 363 00:18:50,440 --> 00:18:52,440 and what they thought about and didn't think 364 00:18:52,440 --> 00:18:54,440 about. 365 00:18:54,440 --> 00:18:55,940 It's a little bit of a challenging topic 366 00:18:55,940 --> 00:18:57,440 to talk about in a short amount of time with 367 00:18:57,440 --> 00:18:59,440 a diverse audience that includes people 368 00:18:59,440 --> 00:19:01,440 who have been retired a long time, people who 369 00:19:01,440 --> 00:19:03,440 have not yet retired in this system, people 370 00:19:03,440 --> 00:19:05,440 that were in the tier one system and people 371 00:19:05,440 --> 00:19:08,440 that came later, people that were in the 372 00:19:08,440 --> 00:19:11,440 traditional DV plan and those in the self-managed. 373 00:19:11,440 --> 00:19:13,940 But I'm going to try and talk about it at 374 00:19:13,940 --> 00:19:16,440 a high enough level that it will abstract 375 00:19:17,200 --> 00:19:20,200 away from some of that, and then obviously we can take some questions. 376 00:19:20,200 --> 00:19:22,200 So I want to start with one of my favorite 377 00:19:22,200 --> 00:19:24,200 questions when I talk about retirement-related 378 00:19:24,200 --> 00:19:26,200 issues, and it's going to seem like the 379 00:19:26,200 --> 00:19:28,200 easiest question you've ever been asked, which is 380 00:19:28,200 --> 00:19:32,200 why do we save for retirement? 381 00:19:32,200 --> 00:19:34,700 But I want you to really think about, like, 382 00:19:34,700 --> 00:19:37,200 what is the purpose of saving for retirement 383 00:19:37,200 --> 00:19:40,200 or of contributing to retirement plans and so forth? 384 00:19:40,960 --> 00:19:43,960 And I suspect that for most of you, when you 385 00:19:43,960 --> 00:19:46,960 really think about it, the answer has to do 386 00:19:46,960 --> 00:19:49,960 with you, after you leave the workforce, you 387 00:19:49,960 --> 00:19:52,960 want to be able to buy the goods and services 388 00:19:52,960 --> 00:19:55,960 to maintain a living standard, to have those 389 00:19:55,960 --> 00:19:58,960 experiences and so forth in retirement that 390 00:19:58,960 --> 00:19:59,960 you wanted. 391 00:19:59,960 --> 00:20:03,460 It seems obvious, but notice that what I 392 00:20:03,460 --> 00:20:06,960 did not say was that the goal of saving was to 393 00:20:07,720 --> 00:20:10,720 have a million dollars in the bank at age 65. 394 00:20:10,720 --> 00:20:14,220 Yet if you look at the retirement industry 395 00:20:14,220 --> 00:20:17,720 in the U.S. and the obsession about how much 396 00:20:17,720 --> 00:20:21,220 do I save and what's my number and my 397 00:20:21,220 --> 00:20:24,720 quarterly statements that talk about how much wealth 398 00:20:24,720 --> 00:20:27,720 I've accumulated, our retirement system is 399 00:20:27,720 --> 00:20:30,720 very based on wealth accumulation, even though 400 00:20:30,720 --> 00:20:35,720 that's just an intermediate step to what really, really matters. 401 00:20:36,480 --> 00:20:38,480 I won't spend a lot of time going into it, 402 00:20:38,480 --> 00:20:40,480 but I've done a lot of research about how 403 00:20:40,480 --> 00:20:43,480 to manage one's finances. 404 00:20:43,480 --> 00:20:47,480 And one of my big takeaways is that when 405 00:20:47,480 --> 00:20:51,480 you really define the problem in terms of what 406 00:20:51,480 --> 00:20:53,980 really matters, which is your ability to 407 00:20:53,980 --> 00:20:56,480 maintain your living standard, what we really care 408 00:20:56,480 --> 00:20:59,480 about more than wealth is income and having a 409 00:20:59,480 --> 00:21:02,480 secure source of income that lasts for life, 410 00:21:03,240 --> 00:21:06,240 that lasts as long as you do. 411 00:21:06,240 --> 00:21:11,240 And as Wynn said, many of the folks in this 412 00:21:11,240 --> 00:21:16,240 room are very fortunate that you happen to 413 00:21:16,240 --> 00:21:20,240 retire in a system that had a very generous, 414 00:21:20,240 --> 00:21:24,240 very good defined benefit plan in place that 415 00:21:24,240 --> 00:21:26,240 offers lifetime benefits. 416 00:21:26,240 --> 00:21:29,240 And I recognize that maybe not everybody took 417 00:21:29,240 --> 00:21:32,240 that, or some of you like me were in the self-manage 418 00:21:33,000 --> 00:21:35,000 or may or may not be an option and so forth. 419 00:21:35,000 --> 00:21:37,500 But I've actually spent a huge part of 420 00:21:37,500 --> 00:21:40,000 my research career studying annuitization. 421 00:21:40,000 --> 00:21:42,000 And this is an annuitant association. 422 00:21:42,000 --> 00:21:45,000 So how could I possibly say no to speaking here? 423 00:21:45,000 --> 00:21:48,000 Because if you frame the question in terms 424 00:21:48,000 --> 00:21:51,000 of how do you maintain your living standard 425 00:21:51,000 --> 00:21:56,000 after you've left the workforce, an annuity is like the perfect product, right? 426 00:21:56,000 --> 00:21:58,000 That's exactly what it does. 427 00:21:58,760 --> 00:22:02,259 It provides you that base level of income that 428 00:22:02,259 --> 00:22:05,760 you cannot outlive no matter how long you live. 429 00:22:05,760 --> 00:22:08,759 Now, the problem is, and we can get into that 430 00:22:08,759 --> 00:22:11,760 if you want, the industry as a whole doesn't 431 00:22:11,760 --> 00:22:13,760 really frame it that way. 432 00:22:13,760 --> 00:22:15,759 Now, my parents, we were talking about them 433 00:22:15,759 --> 00:22:17,760 a little bit earlier, were both high school 434 00:22:17,760 --> 00:22:18,760 teachers. 435 00:22:18,760 --> 00:22:20,759 And it was around the time that I was 436 00:22:20,759 --> 00:22:22,760 going to graduate school that they retired. 437 00:22:22,760 --> 00:22:25,760 And that was well over 30 years ago. 438 00:22:26,520 --> 00:22:28,519 And if they had followed the advice that was 439 00:22:28,519 --> 00:22:30,520 kind of standard at the time, which is, you 440 00:22:30,520 --> 00:22:33,019 know, just assume you're going to live to 441 00:22:33,019 --> 00:22:35,520 age 80 or 85 and kind of amortize your wealth. 442 00:22:35,520 --> 00:22:38,520 Well, they're thankfully both still alive at age 85. 443 00:22:38,520 --> 00:22:41,520 And by now, they probably would have run out of money. 444 00:22:41,520 --> 00:22:47,520 Now, that wasn't how they, they didn't annuitize though, against my advice. 445 00:22:48,520 --> 00:22:52,520 But they just lived frugally and in some sense, probably too frugally. 446 00:22:52,520 --> 00:22:55,520 And that has a cost of its own, right? 447 00:22:56,280 --> 00:22:58,779 And they probably decided to forego 448 00:22:58,779 --> 00:23:01,280 certain things that they might have enjoyed doing 449 00:23:01,280 --> 00:23:05,280 and so forth, because of the fact that they were afraid of running out of money. 450 00:23:05,280 --> 00:23:07,279 So given that, and they were great 451 00:23:07,279 --> 00:23:09,280 depression babies, you know, they learned how to save 452 00:23:09,280 --> 00:23:11,280 and they were careful with every penny. 453 00:23:11,280 --> 00:23:14,280 And my mom reuses aluminum foil many times. 454 00:23:14,280 --> 00:23:17,280 And I wore hand-me-down clothes. 455 00:23:17,280 --> 00:23:19,279 And that wouldn't have been a problem, 456 00:23:19,279 --> 00:23:21,280 except my older brother grew up in the disco era 457 00:23:21,280 --> 00:23:23,280 and I did not. 458 00:23:24,040 --> 00:23:28,040 And so, those are the kind of things that drew me into thinking about this. 459 00:23:28,040 --> 00:23:33,040 There were academic reasons to focus on longevity, risk and retirement. 460 00:23:33,040 --> 00:23:35,539 But it's also a very practical issue is that 461 00:23:35,539 --> 00:23:38,040 most of us don't know how long we're going to live. 462 00:23:38,040 --> 00:23:41,039 And if you think about it, we spend these 463 00:23:41,039 --> 00:23:44,040 days, given the increase in life expectancy, 464 00:23:44,040 --> 00:23:46,539 and particularly in our profession where people 465 00:23:46,539 --> 00:23:49,040 have the, what I would really consider a luxury 466 00:23:49,040 --> 00:23:53,040 in the modern age of retiring, it's still relatively young ages. 467 00:23:53,800 --> 00:23:56,299 It's quite possible that people will spend as much 468 00:23:56,299 --> 00:23:58,800 time in retirement as they spent in the workforce. 469 00:23:58,800 --> 00:24:01,799 In fact, my father, who's now 85, has spent more 470 00:24:01,799 --> 00:24:04,800 time retired than he spent as a high school teacher. 471 00:24:06,800 --> 00:24:10,299 And when you think about it that way, you 472 00:24:10,299 --> 00:24:13,800 really begin to understand that, you know, 473 00:24:13,800 --> 00:24:18,800 from a retirement system standpoint, we need to focus much more on income. 474 00:24:19,560 --> 00:24:23,059 For many of you, if you were in the CSRS 475 00:24:23,059 --> 00:24:26,560 traditional plan or the CSRS portable plan 476 00:24:26,560 --> 00:24:30,560 and you took the annuity, you've made a really wonderful decision. 477 00:24:31,560 --> 00:24:37,560 It is, through a whole bunch of frameworks and models that we can look at, 478 00:24:37,560 --> 00:24:40,059 it is a great source of retirement security 479 00:24:40,059 --> 00:24:42,560 because you are going to have that income for life. 480 00:24:42,560 --> 00:24:44,559 And hopefully your spouse, if you took a 481 00:24:44,559 --> 00:24:46,560 survivor benefit, will have that as well. 482 00:24:47,320 --> 00:24:49,319 And so I would simply say congratulations, 483 00:24:49,319 --> 00:24:51,320 and I hope you realize how fortunate you are, 484 00:24:51,320 --> 00:24:55,320 because not that many people really have that option anymore. 485 00:24:55,320 --> 00:24:59,320 Outside of the public sector, where defined benefit plans still are common, 486 00:24:59,320 --> 00:25:02,320 they are very rare in the private sector anymore. 487 00:25:03,320 --> 00:25:06,320 And even in the public sector, there's been a dramatic shift. 488 00:25:06,320 --> 00:25:10,320 Now, I recognize we have our funding problems in this state, 489 00:25:11,080 --> 00:25:15,080 but fortunately for everyone who's under the system, 490 00:25:15,080 --> 00:25:18,080 we have this non-impairment clause of the state constitution. 491 00:25:18,080 --> 00:25:21,080 So your benefits are, I would honestly go so far as to say, 492 00:25:21,080 --> 00:25:24,080 are the most secure retirement benefits in the world, 493 00:25:24,080 --> 00:25:27,079 despite the funding problems that we face in 494 00:25:27,079 --> 00:25:30,080 Illinois because of those legal protections. 495 00:25:30,080 --> 00:25:34,080 Now, if you haven't yet reached retirement, take the annuity. 496 00:25:34,840 --> 00:25:39,339 Unless, and the exception to this obviously is if you 497 00:25:39,339 --> 00:25:43,840 know something about your health that is unfortunate news. 498 00:25:43,840 --> 00:25:47,840 Now, that's usually the starting advice I give people, 499 00:25:47,840 --> 00:25:50,840 is if you want to have that guaranteed level of income for life, 500 00:25:50,840 --> 00:25:55,840 then you don't have to worry about reaching age 85 or 90 or 95 or 100. 501 00:25:55,840 --> 00:25:59,840 And that may seem to some people a remote possibility, but it's actually not. 502 00:25:59,840 --> 00:26:02,840 Especially if you have a married couple, say, at age 65, 503 00:26:03,600 --> 00:26:06,599 the probability that at least one of them is going to 504 00:26:06,599 --> 00:26:09,600 make it into their 90s is actually quite substantial. 505 00:26:09,600 --> 00:26:13,099 Having said all that, those longevity risks, while I 506 00:26:13,099 --> 00:26:16,600 think it is the largest risk that people face in retirement, 507 00:26:16,600 --> 00:26:18,600 it's not the only one. 508 00:26:18,600 --> 00:26:22,099 A second risk that I would talk about used to get no one's 509 00:26:22,099 --> 00:26:25,600 attention for the last 30 years that I've talked about it. 510 00:26:25,600 --> 00:26:29,600 Last two years, it's gotten a lot of attention. It's inflation. 511 00:26:30,360 --> 00:26:32,859 People had kind of forgotten what it was like 512 00:26:32,859 --> 00:26:35,360 to have inflation greater than 2 or 3 percent. 513 00:26:35,360 --> 00:26:38,859 And we know that if you have a fixed income stream, 514 00:26:38,859 --> 00:26:42,360 inflation can erode the purchasing power of that quickly. 515 00:26:42,360 --> 00:26:44,859 Again, you're fortunate in CSRS to have at 516 00:26:44,859 --> 00:26:47,360 least cost of living adjustments every year. 517 00:26:47,360 --> 00:26:50,359 They're not actually indexed to inflation, but they 518 00:26:50,359 --> 00:26:53,360 nonetheless protect against some of that decline in purchasing power. 519 00:26:54,120 --> 00:26:57,119 Social Security actually is an advantage on this 520 00:26:57,119 --> 00:27:00,120 line because it actually is indexed to inflation. 521 00:27:00,120 --> 00:27:03,119 And one of the things I recommend to people with 522 00:27:03,119 --> 00:27:06,120 Social Security is delay claiming until age 70, 523 00:27:06,120 --> 00:27:10,119 because it actually turns out that if you can, the 524 00:27:10,119 --> 00:27:14,120 ability to get a perfectly inflation indexed annuity, 525 00:27:14,120 --> 00:27:17,119 and it's the way they do the actuarial 526 00:27:17,119 --> 00:27:20,120 calculations, it's really advantageous to wait. 527 00:27:20,880 --> 00:27:24,880 It's like getting a 12 or 13 percent internal rate of return on your money. 528 00:27:24,880 --> 00:27:28,380 But that is important. And if you no longer have that option because 529 00:27:28,380 --> 00:27:31,880 you've already made a decision to do something else with the money, 530 00:27:31,880 --> 00:27:34,880 then I would certainly look at at least parking some of the 531 00:27:34,880 --> 00:27:37,880 money into things like inflation-linked bonds and so forth, 532 00:27:37,880 --> 00:27:41,880 because it really can be a problem over the long term. 533 00:27:41,880 --> 00:27:46,880 The other sort of 800-pound gorilla in the room is long-term care. 534 00:27:47,640 --> 00:27:50,640 That's something none of us really want to think about. 535 00:27:50,640 --> 00:27:53,140 I have several papers on long-term care 536 00:27:53,140 --> 00:27:55,640 insurance, and it's a tiny market in the U.S. 537 00:27:55,640 --> 00:27:59,140 Maybe only about 12 to 14 percent of people 538 00:27:59,140 --> 00:28:02,640 over age 65 have a long-term care insurance policy. 539 00:28:02,640 --> 00:28:09,140 And yet, the probability that as of age 65 that someone is going to need either home 540 00:28:09,140 --> 00:28:15,640 health care or assisted living or a nursing home before they die is on the order of 40 percent. 541 00:28:16,400 --> 00:28:20,400 And for many households, it can very quickly exhaust their wealth. 542 00:28:20,400 --> 00:28:25,400 It's a very expensive proposition, especially if you're in a nursing home. 543 00:28:25,400 --> 00:28:27,900 And while the probability that you're going to 544 00:28:27,900 --> 00:28:30,400 be in a nursing home for a very long time is low, 545 00:28:30,400 --> 00:28:34,400 it can happen, especially in cases of severe cognitive impairment. 546 00:28:35,400 --> 00:28:37,400 There are insurance policies out there to deal with it. 547 00:28:37,400 --> 00:28:40,900 They're not cheap, but that's because the benefits that 548 00:28:40,900 --> 00:28:44,400 it's providing are paying for something that's very expensive. 549 00:28:45,160 --> 00:28:48,160 And so that's another thing that I encourage people to think about. 550 00:28:48,160 --> 00:28:50,160 And it may not be right for everyone. 551 00:28:50,160 --> 00:28:54,160 A lot of it just depends on who you have as potential caregivers 552 00:28:54,160 --> 00:28:58,160 and what kind of understanding you have in your families and so forth. 553 00:28:58,160 --> 00:29:02,160 But that's another thing that I think is important to consider is how will 554 00:29:02,160 --> 00:29:06,160 you manage that risk in the unfortunate circumstance that it comes to that. 555 00:29:06,920 --> 00:29:10,920 And then finally, another topic that none of us like to 556 00:29:10,920 --> 00:29:14,920 think about is the risk of cognitive decline as we age. 557 00:29:15,920 --> 00:29:19,920 Wynn probably knows the numbers better than I do, but 558 00:29:19,920 --> 00:29:23,920 certainly the probability of some sort of cognitive impairment, 559 00:29:23,920 --> 00:29:28,920 whether it's Alzheimer's or something else like that, does rise with age. 560 00:29:29,680 --> 00:29:33,680 And one of the concerns that one wants to try to protect oneself 561 00:29:33,680 --> 00:29:37,680 against in advance of that is how am I going to manage my finances 562 00:29:37,680 --> 00:29:41,680 or who am I going to trust to manage my finances in the event that that happens. 563 00:29:41,680 --> 00:29:44,680 There's a reason that financial fraud rises 564 00:29:44,680 --> 00:29:47,680 with age and that people can be taken advantage of. 565 00:29:48,680 --> 00:29:50,680 Now, interestingly, this is another advantage 566 00:29:50,680 --> 00:29:52,680 of having lifetime income instead of wealth, 567 00:29:53,440 --> 00:29:57,440 because at least if you have that paycheck coming in literally every month, 568 00:29:58,440 --> 00:30:03,440 it limits how much sort of damage one can do to your 569 00:30:03,440 --> 00:30:08,440 finances as opposed to just having a nest egg that can be lost. 570 00:30:08,440 --> 00:30:12,440 So the bottom line is what I try to tell people 571 00:30:12,440 --> 00:30:16,440 is, look, we don't save for the sake of saving. 572 00:30:17,200 --> 00:30:20,200 We save because we want to have dignity and 573 00:30:20,200 --> 00:30:23,200 maintain our living standard in retirement. 574 00:30:23,200 --> 00:30:26,200 So having a level of income that you can count on is 575 00:30:26,200 --> 00:30:29,200 important, but so are protecting against some of these risks. 576 00:30:29,200 --> 00:30:32,200 And a lot of these risks are protected by insurance products. 577 00:30:33,200 --> 00:30:35,200 But insurance products are not perfect either. 578 00:30:36,200 --> 00:30:41,200 So they can cover the financial aspect of long-term care, for example. 579 00:30:41,960 --> 00:30:45,960 But that's a very different question from who is actually 580 00:30:45,960 --> 00:30:49,960 going to take care of some of your emotional and social needs. 581 00:30:49,960 --> 00:30:53,960 And the biggest advice I can give people along these lines to 582 00:30:53,960 --> 00:30:57,960 minimize the regret later is to not be afraid to have these conversations. 583 00:30:57,960 --> 00:31:02,960 They're tough topics to talk about, but if you want to avoid regret, 584 00:31:02,960 --> 00:31:07,960 the key is to have the conversations long before you're in these situations, 585 00:31:08,720 --> 00:31:11,720 to put it on the table with children, with spouses, with loved ones, 586 00:31:11,720 --> 00:31:13,720 so that they understand what it is that you're 587 00:31:13,720 --> 00:31:15,720 interested in, what you're not interested in, 588 00:31:15,720 --> 00:31:18,720 and so you make it comfortable for them to be 589 00:31:18,720 --> 00:31:21,720 willing to have these conversations with you as well. 590 00:31:21,720 --> 00:31:24,720 There's about a thousand other things I could talk about along these lines, 591 00:31:24,720 --> 00:31:27,720 but I think we'll just leave it at that and open it up for some Q&A. 592 00:31:32,720 --> 00:31:34,720 How do we want to do Q&A? 593 00:31:34,720 --> 00:31:37,720 I guess you probably need us to have a microphone for the people online. 594 00:31:38,720 --> 00:31:39,720 Okay. 595 00:31:41,720 --> 00:31:43,720 We get one too? Okay. 596 00:31:43,720 --> 00:31:44,720 That's what I wanted to make sure. 597 00:31:45,480 --> 00:31:46,480 Thank you. 598 00:31:47,240 --> 00:31:48,240 Thank you. 599 00:32:10,240 --> 00:32:11,240 He told me that. 600 00:32:12,240 --> 00:32:15,240 You better hope it's not the holy hand grenade. 601 00:32:17,240 --> 00:32:21,240 Jeff, I have a question for both of you, I guess. 602 00:32:23,240 --> 00:32:27,240 With the market declines, et cetera, there can be certain anxiety in people 603 00:32:27,240 --> 00:32:30,240 who are relying on the nest egg part. 604 00:32:31,240 --> 00:32:35,240 What do you do in that case, both in terms of managing the money 605 00:32:35,240 --> 00:32:40,240 and when in terms of dealing with the downer that one is facing? 606 00:32:40,240 --> 00:32:42,240 Do you have any thoughts about that? 607 00:32:43,000 --> 00:32:44,000 Yeah. 608 00:32:44,000 --> 00:32:47,000 So let's start, let's back up. 609 00:32:48,000 --> 00:32:53,000 And when somebody enters into retirement, it's really important to think 610 00:32:53,000 --> 00:32:57,000 about portfolio allocation differently, right? 611 00:32:58,000 --> 00:33:01,000 When you're young, you can take a lot of risk in the stock market 612 00:33:01,000 --> 00:33:04,000 because a tool that you have, if things go badly, 613 00:33:04,000 --> 00:33:07,000 is you always work a little bit longer and save a little bit more, 614 00:33:07,000 --> 00:33:09,000 have fewer years of retirement. 615 00:33:09,760 --> 00:33:13,760 Once you've exited the workforce and you've sort of got it all riding 616 00:33:13,760 --> 00:33:18,760 on this retirement nest egg, that's a time to really de-risk your portfolio. 617 00:33:19,760 --> 00:33:23,760 Now, that doesn't mean you have nothing in the stock market, 618 00:33:23,760 --> 00:33:25,760 but it means that what's in the stock market, 619 00:33:25,760 --> 00:33:27,760 you have to be willing to lose, right? 620 00:33:28,760 --> 00:33:32,760 And if it's money that you are really going to need and rely on, 621 00:33:32,760 --> 00:33:34,760 then that's probably not where it ought to be. 622 00:33:35,520 --> 00:33:37,520 If you find yourself in that situation, though, 623 00:33:37,520 --> 00:33:39,520 where you've got money that you need to live on 624 00:33:39,520 --> 00:33:42,520 and it's in the stock market and the market's not doing well, 625 00:33:42,520 --> 00:33:46,520 the mistake people often make is panicking and selling 626 00:33:46,520 --> 00:33:50,520 at exactly the wrong time, which is just as the market has taken a beating. 627 00:33:52,520 --> 00:33:55,520 And, you know, that's tough. 628 00:33:55,520 --> 00:33:59,520 So what I would say is, you know, the markets actually have been doing 629 00:33:59,520 --> 00:34:02,520 reasonably well over the last couple of years. 630 00:34:03,280 --> 00:34:06,280 I mean, it's been very volatile, but at the moment, 631 00:34:06,280 --> 00:34:08,280 they're in a pretty good spot. 632 00:34:08,280 --> 00:34:11,280 And if you're sitting on more risk than you probably should, 633 00:34:11,280 --> 00:34:14,280 this might actually be a really good time to reevaluate 634 00:34:14,280 --> 00:34:19,280 and to readjust that portfolio and, again, shrink the risky part of it 635 00:34:19,280 --> 00:34:21,280 down to something you can afford to lose. 636 00:34:21,280 --> 00:34:25,280 But, you know, if you have loss, just don't panic sell. 637 00:34:25,280 --> 00:34:27,280 That's the main thing. 638 00:34:27,280 --> 00:34:29,280 I've seen that happen way too many times to folks. 639 00:34:30,040 --> 00:34:33,040 So I'll let you refer to the emotional side. 640 00:34:33,040 --> 00:34:35,040 I'll try. 641 00:34:35,040 --> 00:34:40,040 So you just used one of the themes I had about, you know, reflect and readjust. 642 00:34:42,040 --> 00:34:46,040 But the other piece that I made explicit about the emotional side 643 00:34:46,040 --> 00:34:48,040 is you can get expert help. 644 00:34:48,040 --> 00:34:52,040 And, you know, this is an interface where the expert help that you need 645 00:34:52,040 --> 00:34:55,040 is probably on the financial side. 646 00:34:55,040 --> 00:34:59,040 And I can just tell you some of the things that I've heard. 647 00:34:59,800 --> 00:35:00,800 Some of the things that I did. 648 00:35:00,800 --> 00:35:03,800 I never had a financial planner until after I retired. 649 00:35:03,800 --> 00:35:07,800 It's a little bit of an embarrassment to say that, but, you know, 650 00:35:07,800 --> 00:35:10,800 I had a spouse who thought that everything went into CDs. 651 00:35:10,800 --> 00:35:13,800 And I knew it was not the best situation. 652 00:35:13,800 --> 00:35:19,800 So I very carefully interviewed financial planners to see one who understood 653 00:35:19,800 --> 00:35:24,800 my goals, like that thing about philanthropy was part of my goals and so on, 654 00:35:25,560 --> 00:35:29,560 and who I can turn to in that moment of panic and say, 655 00:35:29,560 --> 00:35:33,560 do I adjust my portfolio? What do I do? Do I, you know? 656 00:35:33,560 --> 00:35:39,560 And, you know, she sits down with me and calms me and taps me down 657 00:35:39,560 --> 00:35:41,560 and says, you know, gives me good advice. 658 00:35:41,560 --> 00:35:45,560 So that use of expertise is, to me, is huge. 659 00:35:45,560 --> 00:35:49,560 It's just know those moments when you need help from somebody 660 00:35:49,560 --> 00:35:51,560 who knows what they're doing. 661 00:35:51,560 --> 00:35:54,560 Or reading it from really, I also get a newsletter that I read 662 00:35:55,320 --> 00:35:58,320 from somebody who, on the financial side, helps me. 663 00:35:58,320 --> 00:36:00,320 Can I add one thing to that? 664 00:36:00,320 --> 00:36:03,320 While I agree with that, I want to add a caveat. 665 00:36:03,320 --> 00:36:08,320 There are fee-based financial planners that I would strongly recommend. 666 00:36:08,320 --> 00:36:12,320 And there are commission-based financial planners or brokers 667 00:36:12,320 --> 00:36:14,320 that I do not recommend. 668 00:36:14,320 --> 00:36:17,320 Because of the incentives that they face. 669 00:36:17,320 --> 00:36:21,320 There are some folks, if they earn their living based on commissions, 670 00:36:21,320 --> 00:36:23,320 they want to churn your portfolio and buy and sell. 671 00:36:24,080 --> 00:36:26,080 And that's not what you want. 672 00:36:26,080 --> 00:36:32,080 So there are lots of great fee-based, or if you were, I'm a trustee for TIA, 673 00:36:32,080 --> 00:36:35,080 so I need to disclose that before I say what I'm about to say. 674 00:36:35,080 --> 00:36:39,080 There are companies like TIA where if you are a participant or a retiree 675 00:36:39,080 --> 00:36:43,080 or annuitant from them, you can get some free advice from them. 676 00:36:43,080 --> 00:36:45,080 Which is also unconflicted. 677 00:36:45,080 --> 00:36:48,080 And so those are the things you want to be careful of. 678 00:36:50,080 --> 00:36:53,080 Well, this is a question mostly for you, Jeff. 679 00:36:53,840 --> 00:36:56,840 But also for Wayne. 680 00:36:56,840 --> 00:36:58,840 Is that Wayne right? 681 00:37:01,840 --> 00:37:04,840 Financial planners charge commissions. 682 00:37:04,840 --> 00:37:08,840 Financial planners probably, and this is a question, 683 00:37:08,840 --> 00:37:14,840 can't do any better than an S&P 500 index fund. 684 00:37:14,840 --> 00:37:17,840 So now you're paying money. 685 00:37:17,840 --> 00:37:22,840 And to suggest a very, very simple strategy, 686 00:37:23,600 --> 00:37:28,600 for everyone, and this is a question that I'd like your reaction to, 687 00:37:28,600 --> 00:37:32,600 simply, you know, don't put all your money in that. 688 00:37:32,600 --> 00:37:37,600 Maybe keep some in a money market fund or something like that. 689 00:37:37,600 --> 00:37:41,600 But most of it in an S&P 500 index fund. 690 00:37:41,600 --> 00:37:44,600 There's zero commissions. 691 00:37:44,600 --> 00:37:46,600 The costs are very limited. 692 00:37:46,600 --> 00:37:52,600 These funds normally do better than financial planners ever do. 693 00:37:53,360 --> 00:37:56,360 And what do you think about that? 694 00:37:56,360 --> 00:37:57,360 Well, and that's consistent... 695 00:37:57,360 --> 00:38:00,360 Oh, one other comment. 696 00:38:00,360 --> 00:38:05,360 As far as managing risk, this is widely diversified. 697 00:38:05,360 --> 00:38:10,360 I mean, the real, real risk of investing in individual stocks 698 00:38:10,360 --> 00:38:14,360 is they go down and you have to watch them, watch them, watch them, watch them. 699 00:38:14,360 --> 00:38:17,360 You've got to spend your life doing this. 700 00:38:17,360 --> 00:38:19,360 And I can name people who do that. 701 00:38:20,120 --> 00:38:27,120 But spread the risk by investing in S&P 500 index fund and then forget it. 702 00:38:27,120 --> 00:38:31,120 So, and that's consistent with the question I was also just handed. 703 00:38:31,120 --> 00:38:33,120 It was my take on hiring financial advisors 704 00:38:33,120 --> 00:38:36,120 if you don't feel equipped to keep up with the market, etc. 705 00:38:36,120 --> 00:38:37,120 This is a great question. 706 00:38:37,120 --> 00:38:41,120 Let me be clear. 707 00:38:41,120 --> 00:38:46,120 I am a finance professor and I don't trade in individual stocks. 708 00:38:46,880 --> 00:38:50,880 I have broadly diversified mutual funds, stocks and bonds. 709 00:38:50,880 --> 00:38:54,880 I think where a financial advisor is helpful 710 00:38:54,880 --> 00:38:57,880 is in understanding tax implications, 711 00:38:57,880 --> 00:39:00,880 required minimum distributions, 712 00:39:00,880 --> 00:39:04,880 helping you think about broad portfolio allocation. 713 00:39:04,880 --> 00:39:08,880 I would not recommend that you put 100% of your money in the S&P 500. 714 00:39:08,880 --> 00:39:12,880 That part of your portfolio that you want to put into stocks, 715 00:39:13,640 --> 00:39:17,640 S&P 500 index fund that's low fee is a great option. 716 00:39:19,640 --> 00:39:22,640 I pretty much have all my money with TIA and Vanguard. 717 00:39:22,640 --> 00:39:24,640 They're both low fee. 718 00:39:24,640 --> 00:39:26,640 They're not out there to get a profit. 719 00:39:26,640 --> 00:39:28,640 They're not out there to charge commissions. 720 00:39:28,640 --> 00:39:31,640 I'm able to kind of manage my own. 721 00:39:31,640 --> 00:39:33,640 But I understand that there's a lot of people, 722 00:39:33,640 --> 00:39:36,640 I mean, you're an economist and you're comfortable with this stuff as am I. 723 00:39:36,640 --> 00:39:38,640 A lot of people aren't, right? 724 00:39:38,640 --> 00:39:41,640 A lot of people are afraid of making mistakes. 725 00:39:42,400 --> 00:39:45,400 They don't understand what basis points are and what expense ratios are. 726 00:39:45,400 --> 00:39:49,400 A good financial advisor can kind of help 727 00:39:49,400 --> 00:39:53,400 with educating on the landscape. 728 00:39:53,400 --> 00:39:56,400 But if you're going to somebody and they're like, 729 00:39:56,400 --> 00:40:00,400 oh, we really need to put you into this stock here. 730 00:40:00,400 --> 00:40:02,400 You don't want that. 731 00:40:03,400 --> 00:40:06,400 But a really good financial advisor is going to talk to you, 732 00:40:06,400 --> 00:40:08,400 not just about portfolio allocation, 733 00:40:08,400 --> 00:40:10,400 they're going to talk to you about risk. 734 00:40:11,160 --> 00:40:15,160 Is there a role for long-term care in your situation, insurance? 735 00:40:17,160 --> 00:40:19,160 Depending on the, you know, 736 00:40:19,160 --> 00:40:21,160 if you're fortunate enough to have a large estate 737 00:40:21,160 --> 00:40:25,160 and you're worried about Illinois estate taxes, 738 00:40:25,160 --> 00:40:28,160 they might have expertise around ways 739 00:40:28,160 --> 00:40:31,160 that you can use life insurance products to manage that. 740 00:40:31,160 --> 00:40:34,160 So they do bring expertise to the table, 741 00:40:34,160 --> 00:40:35,160 but you got to find the right ones. 742 00:40:35,160 --> 00:40:37,160 And there's a lot of good ones out there. 743 00:40:37,160 --> 00:40:39,160 There's a lot of bad ones out there. 744 00:40:39,920 --> 00:40:42,920 And that's why what you said about interviewing a lot of people 745 00:40:42,920 --> 00:40:44,920 to see how they think about it, 746 00:40:44,920 --> 00:40:48,920 how well do they take the time to understand your goals, 747 00:40:48,920 --> 00:40:50,920 frankly, I would ask any one of them, 748 00:40:50,920 --> 00:40:52,920 how are you compensated? 749 00:40:52,920 --> 00:40:55,920 Those, I think, are important questions. 750 00:40:56,680 --> 00:41:00,680 The U.S. inflation-protected savings bonds 751 00:41:00,680 --> 00:41:02,680 have been a big hit recently. 752 00:41:02,680 --> 00:41:06,680 And to keep the question simple, assume the base is zero. 753 00:41:06,680 --> 00:41:12,680 So if you're investing in those bonds that are inflation-protected, 754 00:41:12,680 --> 00:41:15,680 if you start with a number, 755 00:41:15,680 --> 00:41:19,680 and you're investing in a number of those bonds, 756 00:41:19,680 --> 00:41:22,680 and you're investing in a number of those bonds, 757 00:41:23,440 --> 00:41:26,440 if you start with a number, 758 00:41:26,440 --> 00:41:29,440 let's just make one up, $200,000, 759 00:41:29,440 --> 00:41:31,440 at the end of 10 years, 760 00:41:31,440 --> 00:41:35,440 are you still within a few percent of $200,000? 761 00:41:35,440 --> 00:41:40,440 Or is the inflation index that they're using 762 00:41:40,440 --> 00:41:49,440 such that you really don't get the true inflation benefit? 763 00:41:50,200 --> 00:41:52,200 I guess I'm really asking, 764 00:41:52,200 --> 00:41:54,200 are these really what they purport to be, 765 00:41:54,200 --> 00:41:56,200 or are they a few percent off? 766 00:41:56,200 --> 00:42:02,200 So inflation-protected securities issued by the U.S. government, 767 00:42:02,200 --> 00:42:04,200 the easiest kind to invest in, 768 00:42:04,200 --> 00:42:07,200 and you can do it online through Treasury Direct, 769 00:42:07,200 --> 00:42:11,200 are what are called Series I savings bonds. 770 00:42:11,200 --> 00:42:13,200 And the I stands for inflation. 771 00:42:13,200 --> 00:42:19,200 And what's great about them is they're really simple to understand. 772 00:42:19,960 --> 00:42:21,960 It's kind of like just sticking money in a bank. 773 00:42:21,960 --> 00:42:23,960 The principle's guaranteed. 774 00:42:23,960 --> 00:42:26,960 But your interest rate is a fixed real interest rate 775 00:42:26,960 --> 00:42:28,960 plus whatever inflation is. 776 00:42:28,960 --> 00:42:30,960 And that inflation adjustment, I think, 777 00:42:30,960 --> 00:42:33,960 changes every six months based on a lag. 778 00:42:33,960 --> 00:42:35,960 If you were fortunate enough to buy these things 779 00:42:35,960 --> 00:42:37,960 back when they were first introduced 780 00:42:37,960 --> 00:42:39,960 back around the year of 99, 2000, 781 00:42:39,960 --> 00:42:42,960 you could lock in like a 4.5% real interest rate 782 00:42:42,960 --> 00:42:44,960 plus inflation. 783 00:42:44,960 --> 00:42:46,960 It was one of the best things going. 784 00:42:47,720 --> 00:42:49,720 It's like you're getting a teeny little real return, 785 00:42:49,720 --> 00:42:51,720 but you're still getting that inflation adjustment. 786 00:42:51,720 --> 00:42:54,720 So they were a wonderful investment over the last two years, 787 00:42:54,720 --> 00:42:57,720 because if inflation was running at 8.1%, 788 00:42:57,720 --> 00:43:02,720 you got whatever that guaranteed real return plus 8.1%. 789 00:43:02,720 --> 00:43:04,720 And you really do get it. 790 00:43:04,720 --> 00:43:06,720 I mean, it's based on the consumer price index. 791 00:43:06,720 --> 00:43:08,720 There's no haircut. There's no fees. 792 00:43:08,720 --> 00:43:10,720 Anything like that. 793 00:43:10,720 --> 00:43:12,720 Now, there's also something that are more like, 794 00:43:12,720 --> 00:43:14,720 rather than being savings bonds, 795 00:43:14,720 --> 00:43:16,720 they're just Treasury securities 796 00:43:17,480 --> 00:43:19,480 and like any Treasury security, 797 00:43:19,480 --> 00:43:21,480 as interest rates change, the value can go up and down. 798 00:43:21,480 --> 00:43:24,480 But if you hold them for the whole holding period, 799 00:43:24,480 --> 00:43:27,480 then yes, you will get perfect inflation protection 800 00:43:27,480 --> 00:43:29,480 plus your principal back. 801 00:43:29,480 --> 00:43:31,480 So they really are a good thing. 802 00:43:31,480 --> 00:43:33,480 And the Series I bonds are the easiest to understand. 803 00:43:33,480 --> 00:43:35,480 And they're also pretty easy to buy, 804 00:43:35,480 --> 00:43:37,480 because literally you just set up a little account 805 00:43:37,480 --> 00:43:39,480 at treasurydirect.gov. 806 00:43:39,480 --> 00:43:42,480 And I get no commissions for saying that. 807 00:43:42,480 --> 00:43:46,480 But yes, they are as reported. 808 00:43:47,240 --> 00:43:49,240 There's no hidden fees or anything like that. 809 00:43:49,240 --> 00:43:51,240 They also benefit from some... 810 00:43:51,240 --> 00:43:53,240 You don't pay taxes on the accruals 811 00:43:53,240 --> 00:43:55,240 until you sell the bonds. 812 00:43:55,240 --> 00:43:57,240 So there's some advantages there, too. 813 00:43:57,240 --> 00:43:59,240 Well, or you can go. 814 00:43:59,240 --> 00:44:01,240 You're in charge. 815 00:44:01,240 --> 00:44:03,240 You do what you want. 816 00:44:03,240 --> 00:44:10,240 My question is for Wynn as a social worker. 817 00:44:10,240 --> 00:44:15,240 And no matter what institution 818 00:44:16,000 --> 00:44:18,000 a person is in, 819 00:44:18,000 --> 00:44:22,000 they're limited in their freedom 820 00:44:22,000 --> 00:44:26,000 to go as they please. 821 00:44:26,000 --> 00:44:28,000 I think most of the people in this room 822 00:44:28,000 --> 00:44:30,000 are very autonomous, 823 00:44:30,000 --> 00:44:34,000 live their lives doing as they please. 824 00:44:34,000 --> 00:44:37,000 But once they are inside the walls, 825 00:44:37,000 --> 00:44:41,000 things are very limited for them. 826 00:44:41,000 --> 00:44:44,000 And I'm really concerned about that. 827 00:44:44,760 --> 00:44:46,760 It's a real concern. 828 00:44:46,760 --> 00:44:48,760 I remember many years ago 829 00:44:48,760 --> 00:44:50,760 reading a short story in The New Yorker 830 00:44:50,760 --> 00:44:55,760 about how one's life constricts over time. 831 00:44:55,760 --> 00:44:59,760 And the image they used was how, you know, 832 00:44:59,760 --> 00:45:01,760 we live in a big house. 833 00:45:01,760 --> 00:45:03,760 We have many rooms and our furniture 834 00:45:03,760 --> 00:45:05,760 and our books and our paintings. 835 00:45:05,760 --> 00:45:08,760 And steadily that space contracts. 836 00:45:08,760 --> 00:45:10,760 And then you can end up in a place 837 00:45:10,760 --> 00:45:12,760 where you have one room and one dresser 838 00:45:13,520 --> 00:45:15,520 and one bed. 839 00:45:15,520 --> 00:45:17,520 And I was frightened a long time ago 840 00:45:17,520 --> 00:45:21,520 about that image and the constriction in life. 841 00:45:21,520 --> 00:45:26,520 And I, you know, I'll go back to the way Jeff put it. 842 00:45:26,520 --> 00:45:28,520 We have to talk to our families 843 00:45:28,520 --> 00:45:30,520 and think long in advance. 844 00:45:30,520 --> 00:45:32,520 What do we want to do? 845 00:45:32,520 --> 00:45:34,520 How can we do this 846 00:45:34,520 --> 00:45:36,520 if we want to be more autonomous? 847 00:45:36,520 --> 00:45:38,520 And maybe we can't be. 848 00:45:38,520 --> 00:45:40,520 I mean, there are people we know 849 00:45:40,520 --> 00:45:42,520 who have severe cognitive decline 850 00:45:43,280 --> 00:45:45,280 who have a family caregiver 851 00:45:45,280 --> 00:45:48,280 who are going to need somebody to care for them. 852 00:45:48,280 --> 00:45:51,280 And they're not going to have much autonomy. 853 00:45:51,280 --> 00:45:53,280 And we pray that they aren't abused, 854 00:45:53,280 --> 00:45:55,280 that somebody is paying attention 855 00:45:55,280 --> 00:45:57,280 to the nursing home regulations. 856 00:45:57,280 --> 00:45:59,280 I have a granddaughter who's a nursing home inspector 857 00:45:59,280 --> 00:46:02,280 for a state to the west of us. 858 00:46:02,280 --> 00:46:04,280 Thankful there are such people. 859 00:46:04,280 --> 00:46:06,280 It's just awful. 860 00:46:06,280 --> 00:46:08,280 I don't know. 861 00:46:08,280 --> 00:46:10,280 I mean, there's not one answer to that. 862 00:46:11,040 --> 00:46:13,040 But having those conversations early. 863 00:46:13,040 --> 00:46:16,040 I mean, I too, I live alone in my home. 864 00:46:16,040 --> 00:46:18,040 My home, I could age in place. 865 00:46:18,040 --> 00:46:20,040 It's one story. 866 00:46:20,040 --> 00:46:22,040 I even have an elevator in the garage 867 00:46:22,040 --> 00:46:24,040 to make it up the two steps, 868 00:46:24,040 --> 00:46:26,040 which I needed when I had a husband in a wheelchair. 869 00:46:26,040 --> 00:46:28,040 You know, I could stay right there. 870 00:46:28,040 --> 00:46:32,040 I might be as restricted and non-autonomous there 871 00:46:32,040 --> 00:46:34,040 because I'm sitting there alone 872 00:46:34,040 --> 00:46:36,040 versus thinking about... 873 00:46:36,040 --> 00:46:38,040 I have a lot of... 874 00:46:38,800 --> 00:46:40,800 Quite a few people I know are buying into the new building 875 00:46:40,800 --> 00:46:42,800 going up at Clark-Lindsay 876 00:46:42,800 --> 00:46:46,800 because it provides an entry into that system. 877 00:46:46,800 --> 00:46:50,800 It provides, you know, a different way of doing... 878 00:46:50,800 --> 00:46:53,800 There's no easy answer to your question. 879 00:46:53,800 --> 00:46:55,800 But it's for real. 880 00:46:55,800 --> 00:46:58,800 I mean, I've been around institutional care 881 00:46:58,800 --> 00:47:01,800 of different forms throughout my professional life. 882 00:47:01,800 --> 00:47:03,800 I started out in working 883 00:47:03,800 --> 00:47:06,800 with deinstitutionalization for mental hospitals. 884 00:47:07,560 --> 00:47:09,560 So the question of loss of autonomy, 885 00:47:09,560 --> 00:47:11,560 loss of decision-making, 886 00:47:11,560 --> 00:47:14,560 has always been a real one in personal life 887 00:47:14,560 --> 00:47:17,560 as well as in research and policy thinking. 888 00:47:17,560 --> 00:47:19,560 And it's toughie. 889 00:47:19,560 --> 00:47:22,560 Or I know a lot of people who've dealt with aging relatives, 890 00:47:22,560 --> 00:47:26,560 aging parents, who have technical legal autonomy 891 00:47:26,560 --> 00:47:29,560 and are making really crappy decisions. 892 00:47:29,560 --> 00:47:31,560 And that's a problem too. 893 00:47:31,560 --> 00:47:33,560 And their kids go nuts. 894 00:47:33,560 --> 00:47:35,560 Like, what are we going to do? 895 00:47:36,320 --> 00:47:39,320 I wish there were an easy answer to that one. 896 00:47:39,320 --> 00:47:42,320 Talking about it, thinking about it in advance. 897 00:47:42,320 --> 00:47:44,320 You've got to try it. 898 00:47:44,320 --> 00:47:46,320 Yes? 899 00:47:46,320 --> 00:47:48,320 Of course it does. 900 00:47:48,320 --> 00:47:50,320 I try... 901 00:47:51,080 --> 00:47:53,080 Of course it does. 902 00:47:53,080 --> 00:47:55,080 I try... 903 00:48:09,080 --> 00:48:11,080 Yep. 904 00:48:21,080 --> 00:48:24,080 So then I think the alternative to think about is, 905 00:48:24,080 --> 00:48:28,080 are there ways that aging in place would work for you 906 00:48:28,080 --> 00:48:30,080 and keep that autonomy? 907 00:48:30,080 --> 00:48:34,080 And then how do you build in what you will need to have 908 00:48:34,080 --> 00:48:36,080 to be able to stay there? 909 00:48:36,080 --> 00:48:38,080 And that can... 910 00:48:38,080 --> 00:48:40,080 Some of that's financial. 911 00:48:40,080 --> 00:48:43,080 Some of that is paying attention to our physical environments. 912 00:48:43,080 --> 00:48:46,080 I've been discussing with a friend something as simple as, 913 00:48:46,080 --> 00:48:49,080 can I have an in-ground watering system? 914 00:48:49,840 --> 00:48:51,840 And how much is that going to cost? 915 00:48:51,840 --> 00:48:54,840 Because it's really tiring and hard for me to run hoses 916 00:48:54,840 --> 00:48:56,840 around my garden, which I love. 917 00:48:56,840 --> 00:48:58,840 I mean, it's weird practical steps. 918 00:48:58,840 --> 00:49:01,840 I now have two level entry showers in my house. 919 00:49:01,840 --> 00:49:03,840 So you can push a wheelchair in. 920 00:49:03,840 --> 00:49:06,840 You don't have to step over an entrance to get into your shower. 921 00:49:06,840 --> 00:49:08,840 It's how you... 922 00:49:08,840 --> 00:49:10,840 Think about it. 923 00:49:10,840 --> 00:49:12,840 Talk to your family. 924 00:49:12,840 --> 00:49:14,840 Because they're going to be there with you. 925 00:49:14,840 --> 00:49:16,840 Sometimes they aren't. 926 00:49:16,840 --> 00:49:18,840 I get it. 927 00:49:19,600 --> 00:49:21,600 This one is a three-hour drive. 928 00:49:21,600 --> 00:49:25,600 But asking the question is going to help. 929 00:49:25,600 --> 00:49:28,600 Trying to say to you, no, it isn't that way. 930 00:49:28,600 --> 00:49:30,600 I'm not crazy. 931 00:49:30,600 --> 00:49:32,600 Of course it's that way. 932 00:49:32,600 --> 00:49:36,600 It will restrict us if we have to go to places that are restrictive. 933 00:49:38,600 --> 00:49:42,600 We have a couple of questions from the online audience. 934 00:49:49,600 --> 00:49:51,600 Okay. 935 00:49:51,600 --> 00:49:53,600 I got another toughie. 936 00:49:53,600 --> 00:49:55,600 Boy, people are being... 937 00:49:55,600 --> 00:49:58,600 They're good questions, but they're somewhat unanswerable. 938 00:49:58,600 --> 00:50:02,600 What do you suggest to do when a loved one is retired, 939 00:50:02,600 --> 00:50:05,600 did a great job in the financial aspect, 940 00:50:05,600 --> 00:50:07,600 but has no desire to do anything 941 00:50:07,600 --> 00:50:10,600 which is making that person's health deteriorate? 942 00:50:10,600 --> 00:50:13,600 Any book or suggestions would be helpful. 943 00:50:13,600 --> 00:50:15,600 I'm not sure I have a book. 944 00:50:15,600 --> 00:50:17,600 I don't know if I have a book. 945 00:50:18,360 --> 00:50:20,360 Any suggestions would be helpful. 946 00:50:22,360 --> 00:50:26,360 In other words, how do you motivate an unmotivated person? 947 00:50:26,360 --> 00:50:28,360 It's not an easy task. 948 00:50:33,360 --> 00:50:36,360 Again, part of me says talk to some of the professionals 949 00:50:36,360 --> 00:50:39,360 who have ideas, who work in this area. 950 00:50:39,360 --> 00:50:42,360 Really, you can tell I'm an actual fan of expertise. 951 00:50:42,360 --> 00:50:46,360 It's hard to have been a professor and a researcher 952 00:50:47,120 --> 00:50:50,120 and not be a fan of using expert advice. 953 00:50:53,120 --> 00:50:58,120 Sometimes a starting place is just to have honest discussions, 954 00:50:58,120 --> 00:51:01,120 to say, begin with the word, I. 955 00:51:01,120 --> 00:51:03,120 I'm a big one to say. 956 00:51:03,120 --> 00:51:07,120 Any conflictual conversation, begin with I. 957 00:51:07,120 --> 00:51:09,120 Not, you aren't doing it. 958 00:51:09,120 --> 00:51:11,120 You're not motivated. 959 00:51:11,120 --> 00:51:13,120 You're not getting out of the house. 960 00:51:13,880 --> 00:51:16,880 I am worried when you don't get out of the house. 961 00:51:16,880 --> 00:51:18,880 I am concerned. 962 00:51:18,880 --> 00:51:21,880 I thought you would be doing other things. 963 00:51:21,880 --> 00:51:23,880 I worry. 964 00:51:23,880 --> 00:51:27,880 Start the discussion with the word, I, 965 00:51:29,880 --> 00:51:31,880 and see if that's a help. 966 00:51:34,880 --> 00:51:36,880 Back to the autonomy question. 967 00:51:36,880 --> 00:51:39,880 If the person not doing anything really has autonomy 968 00:51:39,880 --> 00:51:42,880 and is choosing to sit and do nothing, 969 00:51:43,640 --> 00:51:45,640 not going to work real well. 970 00:51:45,640 --> 00:51:47,640 Keep trying. 971 00:51:47,640 --> 00:51:51,640 Try to say, I'm going out to do X. 972 00:51:51,640 --> 00:51:53,640 You want to come? 973 00:51:53,640 --> 00:51:57,640 Or grab some friends of that person. 974 00:51:57,640 --> 00:52:00,640 I'm dealing with this with somebody in my family 975 00:52:00,640 --> 00:52:03,640 who's got some visual and motor impairments 976 00:52:03,640 --> 00:52:06,640 and coming out of COVID wasn't doing very much. 977 00:52:06,640 --> 00:52:10,640 We were trying to enlist old friends to come and say, 978 00:52:11,400 --> 00:52:15,400 we'll sit out back and talk about Charles Dickens. 979 00:52:15,400 --> 00:52:17,400 We'll talk about whatever. 980 00:52:17,400 --> 00:52:20,400 Enlist others to start the process 981 00:52:20,400 --> 00:52:22,400 of getting out of the house. 982 00:52:22,400 --> 00:52:26,400 Maybe it is just to the deck or the chairs in the garage 983 00:52:26,400 --> 00:52:29,400 with the door open or whatever. 984 00:52:29,400 --> 00:52:31,400 Those are my two thoughts. 985 00:52:31,400 --> 00:52:35,400 I and get others to help the person take the first step. 986 00:52:35,400 --> 00:52:37,400 And then get other help. 987 00:52:41,400 --> 00:52:43,400 This question is still wondering 988 00:52:43,400 --> 00:52:45,400 about how to choose a financial advisor. 989 00:52:45,400 --> 00:52:47,400 Some charge 1% to manage your money. 990 00:52:47,400 --> 00:52:51,400 Is that reasonable or is that the type you recommend against? 991 00:52:55,400 --> 00:52:59,400 As I said before, I think incentives are far better 992 00:52:59,400 --> 00:53:03,400 aligned when you're basically paying a fee for the service. 993 00:53:03,400 --> 00:53:06,400 In the same way that you do with lawyers 994 00:53:06,400 --> 00:53:08,400 and other professionals. 995 00:53:09,160 --> 00:53:13,160 To me it shouldn't depend on the size of your portfolio. 996 00:53:13,160 --> 00:53:16,160 It should depend on what kind of advice 997 00:53:16,160 --> 00:53:20,160 and how much time the person is spending with you. 998 00:53:20,160 --> 00:53:23,160 Personally, I wouldn't want someone 999 00:53:23,160 --> 00:53:26,160 choosing my portfolio for me and things like that. 1000 00:53:26,160 --> 00:53:29,160 My questions, because I'm comfortable with that, 1001 00:53:29,160 --> 00:53:32,160 would be around, I might have some tax questions 1002 00:53:32,160 --> 00:53:36,160 or can I transfer this type of an account into that? 1003 00:53:36,920 --> 00:53:39,920 I just want to pay them for their time. 1004 00:53:43,920 --> 00:53:46,920 If you have a million dollar portfolio, 1005 00:53:46,920 --> 00:53:49,920 do you really think you need to pay somebody 1006 00:53:49,920 --> 00:53:52,920 $10,000 a year to manage it for you? 1007 00:53:52,920 --> 00:53:55,920 Which is 1%? I'd say heck no. 1008 00:53:55,920 --> 00:53:58,920 Because really what they ought to be doing, 1009 00:53:58,920 --> 00:54:01,920 especially if you're at a stage in your life 1010 00:54:01,920 --> 00:54:04,920 where you're in early retirement and you're living off the money 1011 00:54:05,680 --> 00:54:08,680 Back to Walt's point, your money should probably 1012 00:54:08,680 --> 00:54:11,680 just be in some good old index funds and bond index funds. 1013 00:54:11,680 --> 00:54:14,680 There shouldn't be a lot of trading and a lot of activity. 1014 00:54:14,680 --> 00:54:17,680 Even as markets are going up and down, 1015 00:54:17,680 --> 00:54:20,680 you don't have to make that many adjustments. 1016 00:54:20,680 --> 00:54:23,680 What are they going to do to earn that money? 1017 00:54:23,680 --> 00:54:26,680 You don't want them churning your portfolio. 1018 00:54:26,680 --> 00:54:29,680 In general, I'm not a fan of that model. 1019 00:54:29,680 --> 00:54:32,680 If you've got a really complicated portfolio 1020 00:54:33,440 --> 00:54:36,440 or your needs are really complicated and it's not that big 1021 00:54:36,440 --> 00:54:39,440 and you can get somebody to do it for 1% of your assets, 1022 00:54:39,440 --> 00:54:42,440 maybe it's worth it, but they won't do it for that. 1023 00:54:42,440 --> 00:54:45,440 In general, I would go back to, I'd say, 1024 00:54:45,440 --> 00:54:48,440 if somebody says, I can develop a financial plan for you, 1025 00:54:48,440 --> 00:54:51,440 help you get it implemented, and here's how much 1026 00:54:51,440 --> 00:54:54,440 I'm going to charge you for it, then you know 1027 00:54:54,440 --> 00:54:57,440 what you're signing up for. 1028 00:54:57,440 --> 00:55:00,440 I really do believe that that's the best approach. 1029 00:55:01,200 --> 00:55:04,200 I have a lot of friends who disagree with me, 1030 00:55:04,200 --> 00:55:07,200 but that's because it's in their self-interest to do so. 1031 00:55:07,200 --> 00:55:10,200 Thank you very much. 1032 00:55:10,200 --> 00:55:13,200 If there aren't any more questions, I'll ask one last one. 1033 00:55:13,200 --> 00:55:16,200 This is related to technology and how it impacts our lives. 1034 00:55:16,200 --> 00:55:19,200 Sometimes it makes our lives easier in many ways. 1035 00:55:19,200 --> 00:55:22,200 For a lot of us, it makes our life more complicated 1036 00:55:22,200 --> 00:55:25,200 and we get frustrated with technology. 1037 00:55:25,200 --> 00:55:28,200 We've experienced that maybe even recently. 1038 00:55:28,960 --> 00:55:31,960 What would your advice be from a financial, 1039 00:55:31,960 --> 00:55:34,960 because technology makes financial fraud 1040 00:55:34,960 --> 00:55:37,960 and schemes a lot easier to execute 1041 00:55:37,960 --> 00:55:40,960 on the part of fraudsters. 1042 00:55:40,960 --> 00:55:43,960 Just from a happiness standpoint, 1043 00:55:43,960 --> 00:55:46,960 there are some times that technology gets in the way. 1044 00:55:46,960 --> 00:55:49,960 You're used to being able to call someone and get an answer, 1045 00:55:49,960 --> 00:55:52,960 and now you have to deal with other things. 1046 00:55:52,960 --> 00:55:55,960 How would you suggest people navigate that? 1047 00:55:56,720 --> 00:55:59,720 That's a really tough question. 1048 00:55:59,720 --> 00:56:02,720 As Wynn knows, I've been helping out my parents 1049 00:56:02,720 --> 00:56:05,720 over the last couple of weeks. 1050 00:56:05,720 --> 00:56:08,720 My dad came home from the hospital, 1051 00:56:08,720 --> 00:56:11,720 and five hours later my mom fell. 1052 00:56:11,720 --> 00:56:14,720 They were both dealing with this. 1053 00:56:14,720 --> 00:56:17,720 My mom was so frustrated because she has an iPhone, 1054 00:56:17,720 --> 00:56:20,720 and neither of them can see very well. 1055 00:56:20,720 --> 00:56:23,720 They got the font really big, 1056 00:56:24,480 --> 00:56:27,480 and they were both traumatized and frustrated. 1057 00:56:27,480 --> 00:56:30,480 Here was a tool that could be enormously useful 1058 00:56:30,480 --> 00:56:33,480 for entertainment, for reaching loved ones, 1059 00:56:33,480 --> 00:56:36,480 for emergency services. 1060 00:56:36,480 --> 00:56:39,480 It had just turned into this huge negative. 1061 00:56:39,480 --> 00:56:42,480 My mom is a very calm, nonviolent person, 1062 00:56:42,480 --> 00:56:45,480 but she wanted to throw the phone across the room. 1063 00:56:50,480 --> 00:56:53,480 I and other members of the family 1064 00:56:54,240 --> 00:56:57,240 were trying to figure out what we could do. 1065 00:56:57,240 --> 00:57:00,240 Let's strip off all the stuff that you don't need. 1066 00:57:00,240 --> 00:57:03,240 Let's try to set it up so it's optimized for you. 1067 00:57:03,240 --> 00:57:06,240 There were limits to what we could do. 1068 00:57:06,240 --> 00:57:09,240 We discovered they don't live here. 1069 00:57:09,240 --> 00:57:12,240 They live in another state. 1070 00:57:12,240 --> 00:57:15,240 I'm not sure who sponsors it, 1071 00:57:15,240 --> 00:57:18,240 but there's a service that my father's lost enough vision. 1072 00:57:18,240 --> 00:57:21,240 He's now legally blind. 1073 00:57:22,000 --> 00:57:25,000 I thought that was a wonderful service. 1074 00:57:25,000 --> 00:57:28,000 Maybe you know if those kind of services exist generally. 1075 00:57:28,000 --> 00:57:31,000 I'm a big believer. 1076 00:57:31,000 --> 00:57:34,000 I'm always an optimist when it comes to technology. 1077 00:57:34,000 --> 00:57:37,000 I see all this cool stuff coming out with AI and robotics 1078 00:57:37,000 --> 00:57:40,000 and self-driving cars. 1079 00:57:40,000 --> 00:57:43,000 I'm like, man, in 20 years, 1080 00:57:43,000 --> 00:57:46,000 it's going to be so much easier to be older 1081 00:57:46,000 --> 00:57:49,000 because I can still be independent 1082 00:57:49,760 --> 00:57:52,760 and I can have my car drive me around. 1083 00:57:52,760 --> 00:57:55,760 I don't need to depend on others. 1084 00:57:55,760 --> 00:57:58,760 But that's all dependent on the user interface 1085 00:57:58,760 --> 00:58:01,760 being optimized for a population 1086 00:58:01,760 --> 00:58:04,760 that maybe can't see as well 1087 00:58:04,760 --> 00:58:07,760 or isn't comfortable with the technology. 1088 00:58:07,760 --> 00:58:10,760 I don't think we spend enough time and energy on that. 1089 00:58:10,760 --> 00:58:13,760 I don't really have the answers 1090 00:58:13,760 --> 00:58:16,760 other than the fact that because our population is aging 1091 00:58:17,520 --> 00:58:20,520 and we're losing the people entering these later years, 1092 00:58:20,520 --> 00:58:23,520 my hope is the market is going to respond 1093 00:58:23,520 --> 00:58:26,520 and become better at doing that sort of thing. 1094 00:58:26,520 --> 00:58:29,520 I absolutely concur with the last. 1095 00:58:29,520 --> 00:58:32,520 Hopefully it will get better. 1096 00:58:32,520 --> 00:58:35,520 I don't know of services here 1097 00:58:35,520 --> 00:58:38,520 that directly help you with the technology use. 1098 00:58:38,520 --> 00:58:41,520 We do have Illinois Radio Reader through WILL 1099 00:58:41,520 --> 00:58:44,520 where if you're vision impaired 1100 00:58:45,280 --> 00:58:48,280 you can go to a local newspaper, 1101 00:58:48,280 --> 00:58:51,280 you can access Illinois Radio Reader, 1102 00:58:51,280 --> 00:58:54,280 or you can volunteer and do the inputting. 1103 00:58:54,280 --> 00:58:57,280 I know people who volunteer 1104 00:58:57,280 --> 00:59:00,280 and do the actual work behind it. 1105 00:59:00,280 --> 00:59:03,280 I think that we have a lot of student entrepreneurs 1106 00:59:03,280 --> 00:59:06,280 on campus who want to do things of social impact 1107 00:59:06,280 --> 00:59:09,280 to tell them they need to work on some of this. 1108 00:59:09,280 --> 00:59:12,280 I'm enough into the idea 1109 00:59:13,040 --> 00:59:16,040 of technology. 1110 00:59:16,040 --> 00:59:19,040 Several of us were talking outside. 1111 00:59:19,040 --> 00:59:22,040 I have my Apple Watch because Paula Kaufman got one first 1112 00:59:22,040 --> 00:59:25,040 and told me it has fall detection in it 1113 00:59:25,040 --> 00:59:28,040 and we both live alone and if you fall down 1114 00:59:28,040 --> 00:59:31,040 it's going to call somebody. 1115 00:59:31,040 --> 00:59:34,040 I get that part. It helps a lot. 1116 00:59:34,040 --> 00:59:37,040 I do an enormous amount of things on my various devices. 1117 00:59:37,040 --> 00:59:40,040 Also I'm helping with a family member 1118 00:59:40,800 --> 00:59:43,800 who is visually impaired who did the same thing. 1119 00:59:43,800 --> 00:59:46,800 Your parents got big type on it 1120 00:59:46,800 --> 00:59:49,800 and then you can't find the things on the phone 1121 00:59:49,800 --> 00:59:52,800 because the typeface is taking up the whole screen. 1122 00:59:52,800 --> 00:59:55,800 It's awful. 1123 00:59:55,800 --> 00:59:58,800 On the other hand he also discovered audio books. 1124 00:59:58,800 --> 01:00:01,800 He's a retired literature professor 1125 01:00:01,800 --> 01:00:04,800 so being able to have his audio books. 1126 01:00:04,800 --> 01:00:07,800 When he first retired and the vision impairment was happening 1127 01:00:08,560 --> 01:00:11,560 he was able to get a lot of help from Dr. Dres and CITL 1128 01:00:11,560 --> 01:00:14,560 on this campus to get them to come fix up his computer 1129 01:00:14,560 --> 01:00:17,560 with larger fonts and things that were more accessible. 1130 01:00:17,560 --> 01:00:20,560 It's a question worth asking 1131 01:00:20,560 --> 01:00:23,560 and maybe putting a story in the annuitant later 1132 01:00:23,560 --> 01:00:26,560 about what resources do we have 1133 01:00:26,560 --> 01:00:29,560 for technology. 1134 01:00:29,560 --> 01:00:32,560 I think it's a really good question. 1135 01:00:32,560 --> 01:00:35,560 Sure it can be helpful 1136 01:00:36,320 --> 01:00:39,320 but it's really hard to access what you actually need. 1137 01:00:42,320 --> 01:00:45,320 Either of you aware of much research 1138 01:00:45,320 --> 01:00:48,320 either here at the university or elsewhere 1139 01:00:48,320 --> 01:00:51,320 on the impact of the trend of banks 1140 01:00:51,320 --> 01:00:54,320 and institutions like the university 1141 01:00:54,320 --> 01:00:57,320 requiring that you do your transactions online. 1142 01:00:57,320 --> 01:01:00,320 You pay your tuition online. 1143 01:01:00,320 --> 01:01:03,320 If you want to have a credit card system 1144 01:01:04,080 --> 01:01:07,080 they will not send you a statement. 1145 01:01:07,080 --> 01:01:10,080 You've got to do everything online. 1146 01:01:10,080 --> 01:01:13,080 For many people that means on their phone. 1147 01:01:13,080 --> 01:01:16,080 The phone company changes 1148 01:01:16,080 --> 01:01:19,080 excuse me they update 1149 01:01:19,080 --> 01:01:22,080 to your advantage every few months 1150 01:01:22,080 --> 01:01:25,080 but they change some of the most basic locations 1151 01:01:25,080 --> 01:01:28,080 of information on the phone 1152 01:01:28,080 --> 01:01:31,080 or the computer program. 1153 01:01:31,840 --> 01:01:34,840 Is anybody looking at how that's affecting 1154 01:01:34,840 --> 01:01:37,840 people who are older 1155 01:01:37,840 --> 01:01:40,840 or don't have a computer? 1156 01:01:40,840 --> 01:01:43,840 Things of that nature. 1157 01:01:43,840 --> 01:01:46,840 I think we need legislation that says 1158 01:01:46,840 --> 01:01:49,840 at a minimum the phone companies 1159 01:01:49,840 --> 01:01:52,840 have to have 1160 01:01:52,840 --> 01:01:55,840 on their website somewhere 1161 01:01:55,840 --> 01:01:58,840 instructions on how to do all these things. 1162 01:01:59,600 --> 01:02:02,600 I don't think you should ask a question anymore 1163 01:02:02,600 --> 01:02:05,600 on a lot of these programs 1164 01:02:05,600 --> 01:02:08,600 unless you understand the terminology 1165 01:02:08,600 --> 01:02:11,600 the engineer who wrote the program used. 1166 01:02:11,600 --> 01:02:14,600 I don't know about the research 1167 01:02:14,600 --> 01:02:17,600 but I'll just answer from an advocacy position. 1168 01:02:17,600 --> 01:02:20,600 We do have AARP out here in Research Park 1169 01:02:20,600 --> 01:02:23,600 and one of the things they've been very active in 1170 01:02:23,600 --> 01:02:26,600 is picking up on policy questions like this 1171 01:02:26,600 --> 01:02:29,600 and I think of AARP in Roller Eyes 1172 01:02:29,600 --> 01:02:32,600 because you get inundated with 1173 01:02:32,600 --> 01:02:35,600 here's a magazine and here's what discount you could get. 1174 01:02:35,600 --> 01:02:38,600 They actually are very active in policy advocacy 1175 01:02:38,600 --> 01:02:41,600 and that's one where you might want to 1176 01:02:41,600 --> 01:02:44,600 figure out how to contact them and say 1177 01:02:44,600 --> 01:02:47,600 how are we going to advocate for people as they age 1178 01:02:47,600 --> 01:02:50,600 and with these weird technological changes 1179 01:02:50,600 --> 01:02:53,600 like having to do all your banking online. 1180 01:02:56,600 --> 01:02:59,600 Let me just add one thing to that real quick 1181 01:02:59,600 --> 01:03:02,600 and then we can close out 1182 01:03:02,600 --> 01:03:05,600 and it also ties back to the issue around financial fraud. 1183 01:03:05,600 --> 01:03:08,600 I think we're in an awkward time 1184 01:03:08,600 --> 01:03:11,600 in a lot of our technology right now 1185 01:03:11,600 --> 01:03:14,600 which is it has enormous capabilities 1186 01:03:14,600 --> 01:03:17,600 but it's still very dependent on 1187 01:03:17,600 --> 01:03:20,600 somewhat older ideas 1188 01:03:20,600 --> 01:03:23,600 of how to interact with that technology. 1189 01:03:23,600 --> 01:03:26,600 So a lot of stuff still needs to be touched 1190 01:03:26,600 --> 01:03:29,600 or typed or read 1191 01:03:29,600 --> 01:03:32,600 but the technology is moving quickly enough 1192 01:03:32,600 --> 01:03:35,600 that the ability to just talk to your phone 1193 01:03:35,600 --> 01:03:38,600 and tell it what you need is not that far away. 1194 01:03:38,600 --> 01:03:41,600 It kind of already exists but it's not the standard interface. 1195 01:03:41,600 --> 01:03:44,600 I think when that stuff starts to become more standard 1196 01:03:44,600 --> 01:03:47,600 we're going to be in a lot better place 1197 01:03:47,600 --> 01:03:50,600 but it's a bit of a race between that 1198 01:03:50,600 --> 01:03:53,600 because as it gets easier to interact 1199 01:03:53,600 --> 01:03:56,600 it also gets easier to commit fraud 1200 01:03:56,600 --> 01:03:59,600 and older people are more subject to fraud 1201 01:03:59,600 --> 01:04:02,600 especially financial fraud. 1202 01:04:02,600 --> 01:04:05,600 And so I hope we are 1203 01:04:05,600 --> 01:04:08,600 very soon going to be past 1204 01:04:08,600 --> 01:04:11,600 the era of passwords 1205 01:04:11,600 --> 01:04:14,600 and two-factor authentication that requires 1206 01:04:14,600 --> 01:04:17,600 emails and phones and just to things like biometrics 1207 01:04:17,600 --> 01:04:20,600 and things like that that will be a lot easier 1208 01:04:20,600 --> 01:04:23,600 that you can look at your phone, it knows it's you 1209 01:04:23,600 --> 01:04:26,600 you can then talk to your phone and tell it what you need 1210 01:04:26,600 --> 01:04:29,600 or it can read the email to you that says you got a bill from such and such 1211 01:04:29,600 --> 01:04:32,600 and so forth. But it is this race 1212 01:04:32,600 --> 01:04:35,600 between the security aspects and the ease of use 1213 01:04:35,600 --> 01:04:38,600 that is preventing us from getting 1214 01:04:38,600 --> 01:04:41,600 as quickly to solving some of these problems 1215 01:04:41,600 --> 01:04:44,600 but I think it's going to get better. 1216 01:04:44,600 --> 01:04:47,600 So over to you. 1217 01:04:47,600 --> 01:04:50,600 Thank you Jeff and 1218 01:04:50,600 --> 01:04:53,600 Wendy. This is really great. 1219 01:04:53,600 --> 01:04:56,600 You really shared some insights with us and provided some great advice. 1220 01:04:56,600 --> 01:04:59,600 Really appreciate it. 1221 01:04:59,600 --> 01:05:02,600 Thank you very much. So we're going to conclude 1222 01:05:02,600 --> 01:05:05,600 this with the formality of our 1223 01:05:05,600 --> 01:05:08,600 annual spring meeting which we have a couple of business items 1224 01:05:08,600 --> 01:05:11,600 to attend to so let me go ahead 1225 01:05:11,600 --> 01:05:14,600 and call to order the annual meeting 1226 01:05:14,600 --> 01:05:17,600 of the UIUC-SUA chapter meeting. 1227 01:05:17,600 --> 01:05:20,600 This will only take a few minutes, don't worry. 1228 01:05:20,600 --> 01:05:23,600 My first order of business is the presentation of the candidates 1229 01:05:23,600 --> 01:05:26,600 for the 2023 to 2026 positions 1230 01:05:26,600 --> 01:05:29,600 on the chapters executive committee. 1231 01:05:29,600 --> 01:05:31,099 Bill Williamson, a member of the 1232 01:05:31,099 --> 01:05:32,600 nominating committee, will make this presentation. 1233 01:05:32,600 --> 01:05:35,600 Give your microphone back. 1234 01:05:36,600 --> 01:05:39,600 The names of the people are in the program. 1235 01:05:39,600 --> 01:05:42,600 Hello. 1236 01:05:42,600 --> 01:05:45,600 Wynne Kaur and I were the nominating committee. 1237 01:05:45,600 --> 01:05:48,600 The four individuals we presented to the executive committee 1238 01:05:48,600 --> 01:05:51,600 were Bettina Francis, Tanya Gallagher, 1239 01:05:51,600 --> 01:05:54,600 and Dr. Paul Kemp. 1240 01:05:54,600 --> 01:05:57,600 We had a number of other people present 1241 01:05:57,600 --> 01:06:00,600 and we had a number of other people present 1242 01:06:00,600 --> 01:06:03,600 and we had a number of other people present 1243 01:06:03,600 --> 01:06:06,600 so I thank you all for being here today. 1244 01:06:06,600 --> 01:06:09,600 I'd like to introduce the nominees. 1245 01:06:09,600 --> 01:06:12,600 I'd like to introduce the nominees. 1246 01:06:12,600 --> 01:06:15,600 Tanya Gallagher, Michael Grossman, and Vera Mays. 1247 01:06:15,600 --> 01:06:18,600 The committee approved those candidates to be presented for the election 1248 01:06:18,600 --> 01:06:21,600 at this meeting. 1249 01:06:21,600 --> 01:06:24,600 I turn the program back to you for that election. 1250 01:06:24,600 --> 01:06:27,600 Are there any nominations from the floor? 1251 01:06:27,600 --> 01:06:30,600 Hearing none, 1252 01:06:30,600 --> 01:06:34,600 I'd like to move on to a few brief remarks that I would like to make. 1253 01:06:34,600 --> 01:06:38,600 I just want to thank some of our current and outgoing executive committee 1254 01:06:38,600 --> 01:06:41,600 members. 1255 01:06:41,600 --> 01:06:44,600 I'd like to thank John Marlin for serving as president for the last few 1256 01:06:44,600 --> 01:06:49,600 years and for his really going above and beyond during the Aetna CMS 1257 01:06:49,600 --> 01:06:54,600 crisis that we kind of dealt with last fall and bringing so many people 1258 01:06:54,600 --> 01:06:59,600 together and really kind of bringing to bear the power of the 1259 01:06:59,600 --> 01:07:04,600 organization in terms of how the state legislature was able to start 1260 01:07:04,600 --> 01:07:07,600 moving in the right direction in terms of procurement solutions that 1261 01:07:07,600 --> 01:07:10,600 might make this less of an issue going forward. 1262 01:07:10,600 --> 01:07:13,600 Thank you very much, John. 1263 01:07:13,600 --> 01:07:16,600 I also want to thank Debbie Kemp Hughes who has been our secretary for 1264 01:07:16,600 --> 01:07:19,600 the last few years and has been on the program committee and put this 1265 01:07:19,600 --> 01:07:23,600 whole thing together as well as many other things and I want to thank 1266 01:07:23,600 --> 01:07:27,600 Debbie for her work and also Carol Livingstone who is our communications 1267 01:07:28,600 --> 01:07:33,600 chair, handles the annuitant and has done such a great job of organizing 1268 01:07:33,600 --> 01:07:38,600 our meetings and our communication for her tenure. 1269 01:07:38,600 --> 01:07:42,600 So thank you to those outgoing committee members. 1270 01:07:42,600 --> 01:07:50,600 And I think we have a membership report that Bill would like to deliver. 1271 01:07:51,600 --> 01:07:54,600 The report is a familiar one. 1272 01:07:54,600 --> 01:07:57,600 If you're currently a member, I hope you're on payroll reduction and will 1273 01:07:57,600 --> 01:08:00,600 help us get new members. 1274 01:08:00,600 --> 01:08:03,600 You can see what page is that, page 10. 1275 01:08:03,600 --> 01:08:06,600 I'll help us recruit new members. 1276 01:08:06,600 --> 01:08:09,600 If you're not a member, join. 1277 01:08:09,600 --> 01:08:12,600 We have this brochure, Defenders of Your Faith. 1278 01:08:12,600 --> 01:08:15,600 I like that title when Linda Buckhart did, Defenders of Your Future, I 1279 01:08:15,600 --> 01:08:18,600 mean, and Your Faith. 1280 01:08:19,600 --> 01:08:22,600 So it has a membership application within it. 1281 01:08:22,600 --> 01:08:25,600 And I'm going to sneak in a second report. 1282 01:08:25,600 --> 01:08:28,600 I'm the chapter representative to the state foundation. 1283 01:08:28,600 --> 01:08:31,600 The foundation does a number of things. 1284 01:08:31,600 --> 01:08:34,600 The one that's of most interest to us is the scholarship program. 1285 01:08:34,600 --> 01:08:37,600 So if you have a grandchild, in most of our cases, that would be the 1286 01:08:37,600 --> 01:08:40,600 appropriate one. 1287 01:08:40,600 --> 01:08:43,600 Entering college or in college as we do in my household, feel free to 1288 01:08:43,600 --> 01:08:46,600 apply for one of those scholarships. 1289 01:08:47,600 --> 01:08:50,600 I just went through that. 1290 01:08:50,600 --> 01:08:53,600 I hope my being in the group may get me some insight. 1291 01:08:53,600 --> 01:08:56,600 Although I'm not optimistic about that. 1292 01:08:56,600 --> 01:08:59,600 The other interesting thing was this, what is this, bookmark. 1293 01:08:59,600 --> 01:09:02,600 I'm drawing a blank up here. 1294 01:09:02,600 --> 01:09:05,600 One of our other leaders decided it would be useful to provide 1295 01:09:05,600 --> 01:09:08,600 information. 1296 01:09:08,600 --> 01:09:11,600 That's one of the four tasks of the foundation. 1297 01:09:11,600 --> 01:09:14,600 And the critical information, especially for new members, is 1298 01:09:15,600 --> 01:09:18,600 the information you want to make sure SERS has about you. 1299 01:09:18,600 --> 01:09:21,600 That's the back side or the front side, whichever, of this bookmark. 1300 01:09:21,600 --> 01:09:24,600 I gave one to everyone here that I ran into. 1301 01:09:24,600 --> 01:09:27,600 If you didn't get one, I have them here. 1302 01:09:27,600 --> 01:09:30,600 If you're watching online, the information for this is on the 1303 01:09:30,600 --> 01:09:33,600 foundation website. 1304 01:09:33,600 --> 01:09:36,600 So you can find out how to get one. 1305 01:09:36,600 --> 01:09:39,600 And we'll get some more as well. 1306 01:09:39,600 --> 01:09:42,600 That's my presentation. 1307 01:09:42,600 --> 01:09:45,600 Those are my two reports. 1308 01:09:45,600 --> 01:09:48,600 Mr. President. 1309 01:09:48,600 --> 01:09:51,600 Thank you very much, Bill. 1310 01:09:51,600 --> 01:09:54,600 Unless there's any other announcements or new business, I'll declare 1311 01:09:54,600 --> 01:09:57,600 this meeting adjourned. 1312 01:09:57,600 --> 01:10:00,600 We're adjourned.