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“The biggest risk we face in old age, or maybe the second biggest apart from healthcare costs, is longevity risk – out running our money.” – Laurence Kotlikoff
In this episode, Stephen Stricklin continues his conversation with Laurence Kotlikoff, a Professor of Economics at Boston University and best-selling author. They cover several more details about Laurence’s new book, “Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life”.
A large part of the discussion was around the 5 main risks to one’s living standard that Larry talks about in greater detail in his book. Those 5 risks are earnings risk, mortality risk, longevity risk, inflation risk, and investment risk.
- Chapter five of his book titled, Get House Rich.
- Moving out of his house in Boston to a “new” house in Rhode Island.
- Living Standard and mitigating several different risks.
- The 5 main risks mentioned in Money Magic.
- Laurence shares the importance of annuities and why they got one for his mom when she was 88 years old.
- Stephen and Paul end the episode talking about the importance of retirement plans that are specific to the individual.
Connect With Laurence Kotlikoff:
Connect With Stephen Stricklin:
- Simplify Your Retirement
- LinkedIn: Stephen Stricklin
- LinkedIn: Wise Wealth LLC
About Our Guest:
Laurence Kotlikoff is a Professor of Economics at Boston University, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, and President of Economic Security Planning, Inc, and a New York Times best-selling author. His columns, articles, and books cover personal finance, generational policy, climate policy, inequality, tax reform, Social Security, banking, robotization, growth, and much more.