A few episodes ago, we covered Derek Tharp’s research suggesting that not everyone should delay until 70 — especially those with shorter life expectancies or limited assets.

This week’s headline brings the opposite perspective: Michael Finke argues that for higher-income retirees who expect to live longer, claiming early is almost always a mistake — and that fear-based decisions about Social Security’s solvency can cost retirees hundreds of thousands in lifetime income.

Plus, a listener asks about giving with warm hands vs cold hands - which is a euphemism for giving during life vs giving after death. How much can they give without fear of running out of money?

Resource:

• Michael Finke article on ThinkAdvisor: Why Advisors Should Never Recommend Social Security Claiming at 62

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Do lower-cost funds tend to outperform pricier ones over time?

Jeffrey Ptak analyzed fifteen years of performance data covering virtually every U.S. mutual fund and ETF. He divided them into five “cost buckets,” from the cheapest 10% all the way up to the most expensive 10%. He then compared each group’s average monthly return against its peers within the same category.

The result? A clean, almost perfect staircase of performance.

The cheapest funds outperformed the second-cheapest, which outperformed the middle, which beat the expensive ones — and so on — all the way up the ladder. The longer the time horizon, the wider the gap became.

That's from Jeffrey's Peak Substack piece “It’s So Simple: Fees Predict Performance", which we go through in this episode.

We also answer a listener question from Ray about a 5-year SPIA, continuing the listener question from the previous episode.

Resource:
Jeffrey Ptak article from Substack: It’s So Simple: Fees Predict Performance

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Vanguard Research put out a paper called "The Emotional and Time Value of Advice” (June 2025).

It claims that there are "emotional benefits and time-saving value that paid professional financial advice provides to clients."

In other words: The benefit isn't the portfolio or financial advice, but the emotional and time-saving value getting paid professional advice can provide.

Then for our listener question: Gary wants to know how his Health Savings Account (HSA) interacts with Medicare. Can you pay Medicare premiums from an HSA at a later date like you can with qualified medical expenses paid out of pocket? Great question!

Resource:
Vanguard Study: "The Emotional and Time Value of Advice" paper

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Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement