Next time you want to learn more about retirement planning, try tuning in to an expert on the subject — instead of reading about it.
There are hundreds of personal finance blogs and books available to explain retirement strategies, and many of them are valuable. But podcasts, which are prerecorded audio sessions usually set up as an interview or monologue, are another resource, and they’ve gradually become yet another avenue to talk retirement.
Some retirement podcasts share tips and secrets to save more for retirement, while others discuss how to live comfortably in retirement. A few academic podcasts emphasize the context around our current retirement system, and the ways in which legislators, financial firms and individuals can improve it.
Financial advisers, economists, professors and everyday people create podcasts, with the hopes of sparking conversations and providing insight into how, when and why to retire. “They hark back to the day of radio,” said Angela Antonelli, executive director of the Georgetown Center for Retirement Initiative and host of “The State of Retirement” podcast. “Podcasts can be a really effective way to thoroughly listen and absorb ideas.” Podcasts exist on every topic imaginable, there are now 750,000 podcasts and 30 million episodes, according to Podcast Insights, citing Nielson data. https://www.podcastinsights.com/podcast-statistics/
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Not all Americans are prepared for retirement, possibly because they don’t think they can fit retirement saving into their budget right now or perhaps because they do not have the proper education around these complex financial products and strategies. Retirement can be overwhelming, and not everyone is mentally prepared to navigate through the thousands of online resources to find an adviser they trust, learn about the numerous accounts available or figure out what they want to do, and can afford to do, in retirement.
Roger Whitney started his podcast “Retirement Answer Man” five and a half years ago — or 289 weekly episodes ago — he said. The podcast was a way for him to learn more about the subject matter, but also to host a discussion for other individuals who were unsure of how to retire well. “Sometimes we can get too caught up in the numbers, and numbers are important but what people ultimately care about is a great life,” he said.
Podcasts aren’t just for those planning a retirement far off into the future. Benjamin Brandt, a financial adviser and host of “Retirement Starts Today Radio,” said 80% of his audience is over 50 years old, and 40% are over 60. He keeps his podcast actionable, for those who are starting to get more serious about their plans or heard about a friend or colleague who retired and now they want to get ready, too.
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These shows can act as a “trigger” to retirement planning, said Harris Stratyner, a media psychologist. Listening to these podcasts gets retirement into the heads of their listeners, and inspires consumers to learn more about whatever strategy or tip they heard. “Podcasts are becoming more and more influential, even with seniors,” he said. “They’re going to influence you to do more research, and maybe go home and speak to your adviser.” Of course, listeners tuning into a retirement podcast may already have retirement on the brain, and it’s those who are preparing for that next chapter who will be more likely to act on what they hear, Stratyner added.
But this format also allows the host to explain exactly what he meant by what he said, in a conversational manner — cutting through the noise and distractions online. People speaking on podcasts put the inflection and emphasis where they want it, compared with when readers are consuming a blog post or book and might misinterpret the writer’s intentions, Whitney said.
And unlike blogs and books, podcasts are great for the multitasker — the person who wants to learn about a subject, but needs to divvy up her time exercising, commuting or running errands. Joe Casey, host of “The Retirement Conversation,” used to listen to podcasts while training for a marathon. Now he runs one. “There are people we know who make it a part of their routine walking, running or driving,” he said. “They find ways to plug into it regularly.”
Many of the podcast hosts complement their shows with newsletters. Whitney has a weekly newsletter called “6-Shot Saturday,” which summarizes six points about the week’s episode and invites listeners to reply with questions and feedback. Steve Chen, host of “The NewRetirement Podcast,” created a Facebook group to engage with listeners.
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Experts aren’t the only interviews on these shows. Listeners also hear from real people about their hopes and dreams in retirement, or the struggles they had getting there. Casey’s podcast focuses on the nonfinancial side of retirement, such as how people found a new identity after retiring or started a business. Teresa Ghilarducci, a labor economist and director of The New School’s Schwartz Center for Economic Policy Analysis, interviews people about what they see and feel as they prepare for or live in retirement. She emphasizes that it is the system savers are in that needs to be fixed — not necessarily individuals’ approaches and strategies.
Those real stories let listeners know they’re not alone in whatever challenges they face, and provides actionable advice to get started or better at planning, regardless where they are right now. Many people don’t realize how dramatically their lives will change in retirement, and there can be very little preparation. “Retirement is unlike so many other parts of life where there is a road map,” Chen said. “People always retired, but now people are living longer and that transition to retirement is changing.”
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