Peter Dunn: [00:00:00] Breaking news. We have breaking news here on Kristen and Co. Hello, Dame. Hello, Kristen. Hello, Pete. Hello. Breaking news. Dame, this will mean something to you. Kristen, I sort of already shared the news with you today. Today is our colleague Ben's birthday and his team had a little, little shindig for him this morning here at the office, a little surprise.
And they brought donuts. They, as, as many listener knows, and by listener, I mean, I don't know how many we have these days. I went on Weight Watchers last week, last Monday was my first day on Weight Watchers two Mondays ago, I guess you would say. So I am now officially, what, 11 days into Weight Watchers, and I was presented with this.
I believe two dozen donuts of my liking today to say, would you like a donut last week on the show Dame? I expressed the general hangriness that existed in my soul and as I shared with Kristen and pre show Feeling pretty good down like nine [00:01:00] pounds. I looked at those donuts this morning. I'm like I'm good.
I'm fine. I passed on a donut. The breaking news is I passed on a donut. Were they longs? They were not longs. It's race weekend. So to get anywhere near longs is, I don't know if they like Ben that much. Yeah. But they're rise and roll. Is that what it's called? Yeah. So they're delicious. But I wouldn't know because I had overnight oats.
So, hello. Dave, we were in an all team meeting this week and I said, Dave, big plans this weekend. Cause in my mind, the ACD festival was this weekend. And then you looked at me like, whatever you're referencing, sir, is not happening. When is that festival?
Damian Dunn: That would
Peter Dunn: be Labor Day weekend. Oh, the confusion.
Yeah. Kristen, what are you doing this weekend? That's a memorial day.
Kristen Ahlenius: I think that I'm going to a greenhouse.
Peter Dunn: Is that a euphemism for like a cannabis store? You're going to Michigan. Yeah. Is that what I'm saying here?
Kristen Ahlenius: No, no, I need more [00:02:00] plants. Also
Peter Dunn: euphemistically. Yeah. Actually you bring it up and I, I was actually talking about this this morning.
I saw a story this week, daily marijuana. Use surpasses alcohol consumption. I saw that.
Kristen Ahlenius: How did they measure that?
Peter Dunn: I don't know. In dime bags, I believe. I, I don't, this is not a clear, not my world, right? Not, not my marijuana is not my thing. Apparently reading this article, it's like, what has happened is that people have been smoking marijuana, like cigarettes, like it's turned into a cigarette.
Yeah. style usage as not a recreational thing that you do occasionally, but it's, it's, it's a lifestyle now. And I'm like, well, I don't need a new hobby. So I think I'm okay. Yeah. You've got youth sports to think about. Oh Lord. I can't start with that this week. Maybe after the show. Hello. Scott. Sarah, the Rev, David, [00:03:00] Jason, Andy, and Big Rick Swink, the first one to the party this week.
Lovely. All right. This week's show might be good. It might not. But I want to admit something before we get started here. I dug deeper into the tool we have here at your money line, which is you run your entire financial life from this dashboard through your employer and you attach all of your accounts and it just tells you what's going on, right?
I, Kristen familiar with this.
Kristen Ahlenius: I am actually familiar with this. Yes.
Peter Dunn: Dame. Yeah. I've seen it once or twice. So I dug in cause for all sorts of reasons that don't matter. I guys the Dunn household of West Carmel is spinning a little too much on food these days.
Kristen Ahlenius: But you're on Weight Watchers now.
Peter Dunn: I know.
Okay, so that is a good thing because that'll, that'll change the dining out a little bit. But the spring was just a busy time for us and we saved time as we know [00:04:00] how convenience works. We carry out and these are, wow, we spent some money on food. So we are, we talked about it. We talked about it. I'm gonna be grilling out a lot this weekend.
Nice.
Kristen Ahlenius: You know, you're on weight watchers. Are your kids upset because now they have to suffer too? Because not only did you review your spending, but you're on weight watchers. So now they don't get carry out. That's a
Peter Dunn: great question. I maybe Mrs. Plinner is a different opinion on this. If I'm going to sacrifice or suffer or whatever that I don't make everyone else do it, like I I will either make myself something separate or just change the quantity, but we eat pretty healthy.
Like last night, random meal, grilled pork, tenderloin, Brussels sprouts and some wild rice like that was the meal. So that's normally how we eat dinner. Anyway, I don't know any who boy. No one cares. I was just like I was transitioning into the show to their for like just a second. Then I thought boy, literally, no one cares.
[00:05:00] Dame. We are roughly one month away. From the brand new studio. Yes. The brand new studio. We are moving out of our current offices, moving to different offices and the studio is being painted. I believe today I was over there yesterday and boy, oh boy, I don't know what it's going to look like yet.
Damian Dunn: Is it true that you've had zero input as to what your studio is going to look like? Who'd you hear that from Ben? It was either Ben or Oz or somebody.
Peter Dunn: I, I, I have some functional input. Like we're just going to do a wall mounted camera, some wall mounted lights. That that's there's that other than that.
I don't care. All right.
Kristen Ahlenius: Will you be orange in the new studio?
Peter Dunn: Good question. Boy, boy. No, apparently we're getting a new camera too. Nice. So it's very exciting. Here's what I don't know. The sound quality of the new, you know, the [00:06:00] old. dead? I don't know yet. I don't even know if there's carpet in the new studio for it's the polished concrete.
So
Kristen Ahlenius: you're going to have those foam things on the walls.
Peter Dunn: I might. Okay. Boy, am I just spinning tales that no one cares about today? That's what it feels like. Oh my Lord. It was pertinent to me. I appreciated it. Okay. Thank you. Okay. Let's do a show. I didn't hit the calculator when I pulled up the timer, so it might be a good one.
Thank you, Weight Watchers. But I did just log two points accidentally. No overnight oats. Overnight outs. Hey, let's go old man. In three, two, one this week on the Pete, the planner show, we answer your money questions. Here's how the show works. Email us. Ask Pete at Pete, the planner. com that's ask Pete at Pete, the planner.
com. And even later in this show, not to start, but later in this show, we will be answering a [00:07:00] question from a woman. I believe her name is Diane and she's in Naperville. I'm sorry. Hi, Kristen. Hello. Hi, Dame. Hey, Pete. A little squirrely today. No, I haven't had a ton of coffee. I'm just feeling very strange today, so who knows what's about to happen here on this show.
Great. It's the beginning of a three day weekend. You're feeling a little loose, a little, yeah, I can see that. All right. Here we go. At least we didn't make the show not evergreen by calling it a three day weekend, one minute into the show. Okay. Damn. You were doing a little reading this week about some economic data and I believe Americans opinions about our economy.
And, and, and you noticed maybe there's a difference between reality and perception. Am I understanding that correctly?
Damian Dunn: You're completely understanding that correctly. We're going to do a very special news segment in the very first part of the show today. So I'm going to read the story and we're going to make it a little bit of a guessing game.
And then we're going to talk about what [00:08:00] the heck is going on. Can we do anything about it? So you'd need to be an Olympic long jumper to bridge the gap between how well the public thinks the economy is doing and how well the economy is actually doing. According to a new Harris poll published yesterday by the guardian among the 2000 plus participants in the survey.
All right, Pete, here's the guessing game. This percent of the U. S. is currently experiencing a recession, according to, sorry, this percent of people think the U. S. is currently experiencing a recession.
Peter Dunn: Okay, I like this. Christy, have you read this? I actually have read this story. I'm the only guesser.
Unfortunately. So you guys will just judge how bad my guess is. Yes. My
Kristen Ahlenius: guesses would have been bad, if that makes you feel any better, which is no surprise to anyone who listens to this show.
Peter Dunn: You know what? To be fair, your guesses have gotten a lot better over time. It is true. I, you know, I, David put this in the Facebook live chat.
He put 63%, I was gonna say 65 to 70. I'm gonna go with 65% of people think we're in a recession right now. Yes. It's [00:09:00] actually 56% of you. Oh. Thinks we are currently experiencing a recession. 56%. Okay. That track. Yeah, that tracks that. That doesn't shocking, although it is certainly disappointing. It isn't shocking.
Damian Dunn: Okay. This percent believe inflation is going up.
Peter Dunn: I mean,
Damian Dunn: this
Peter Dunn: has got to be crazy high. I mean, this has got to be 95 percent of people.
Damian Dunn: Holy crap. Pete, the 72 percent believe inflation is going up, but do you think I was just a, you're way off or for context, it peaked around 9. 1 percent in 2022. And it's now hovering between three and 4%.
Okay. Okay.
Peter Dunn: But I just assume that again, people don't know. And for me, and I, maybe this is where you're getting with this, Dame, I feel like these questions are colored by people's political views. Right. Yeah, absolutely. They I don't know if it's [00:10:00] always been that way because you and I certainly although we are much older than Kristen, I don't think we've been around that long.
I don't know if it's always been this way, but I just assume everyone's view of the economy is political at this point.
Damian Dunn: I may not have. I may have been green enough to not realize or see that or read into it when I was 20 years younger, but It does seem like everything is politically tinged these days.
Peter Dunn: Before we move on, speaking of you being 20 years younger, could you please just once again send a hair pic of you to Kristen and I for the show? Okay. I always love a good hair pic of you. It'll
Damian Dunn: take me a little while to find one, but yeah, I'll get you one. Thank you. All right. This percent think the current unemployment rate is at a 50 year high.
Peter Dunn: Oh, no, what? Oh, I'm terrified to answer this one. I'm going to go very political bent here. I'm going to go 30 percent 49%.
Damian Dunn: What? By the way, for those of you playing along at [00:11:00] home, it's near a 50 year low.
Peter Dunn: 49 percent of people of the 2000 people surveyed over 2000 over you. Thank you. But not three because they would have said three, correct?
Yes. Okay. Good. 50 percent of Americans believe 49 percent that we're at a 50 year high on unemployment near a 50 year high. Yes. Okay. Kristen, how does this make you feel that you live amongst these folks?
Kristen Ahlenius: Well, sometimes when you see really jarring statistics or people say things that are really out of pocket, I think to myself, our votes are worth the same.
I
Peter Dunn: think the same. And here's the crazy part about that is it's not even necessarily someone you disagree with politically that has you feeling that way. Right. You know, it's not, it's just like, wait, if there are people who feel the same, I feel politically, but they believe we're at a 50 percent high on [00:12:00] unemployment, right?
That's so disappointing. It's
Kristen Ahlenius: concerning.
Peter Dunn: Damn. I feel like you were a person that just really felt strongly about like high school civics and just like understanding like what was going on. Are we, we don't want to blame high school English teachers here or econ teachers or English teachers. What is going on?
Why do people believe this? I don't know.
Damian Dunn: I might have been voted most likely to become president in my, in my senior class.
Kristen Ahlenius: He was on the debate team too, probably.
Peter Dunn: No, no. Wait, have we ever discussed senior superlatives on this show? Maybe in passing once, but I don't think we've ever really gotten into it.
Briefly. Dame, so you were most likely to be president of the United States. Okay. Any others? I don't
Damian Dunn: think so.
Peter Dunn: It's always embarrassing when someone is wins best couple with someone they're no longer with. That's always a fun one. But that's cool. Yeah, that's not me. Kristen, any senior superlatives or did they do that when you went to school?
Kristen Ahlenius: They did, but I don't remember. I don't think anything.
Peter Dunn: [00:13:00] Well it may or may not surprise you the two that I was selected as in the high school yearbook of which my children have seen recently biggest mouth
and class clown. There you go. And look at me now Dame, what else is in this report?
Damian Dunn: One more stat. This percent believe the S& P 500 is on the decline. When was the study again? Just, just, I want to understand. That's a fair question. I didn't get the date of the study, but it has to be fairly recently.
It's going to be 72%. 49%. And by the way, it's up around 12 percent this year. So,
Peter Dunn: man, that's, that's crazy. It's what, but here's the, to be fair, Kristen, we talk about in personal finance 2020 felt awful, but it was great. Right. So there is that right on end of dissonance between like, [00:14:00] like it felt awful, but it really was good.
Is that much different than this of doing the, the global economy or the national economy versus your own personal economy?
Kristen Ahlenius: I think the recession one is fair. I think people probably answer that based on how they're feeling about their dollar being squeezed. Not necessarily about our collective dollar, but the one that's more interesting to me or the inflation when I'm sorry, the one that's more interesting to me is the unemployment one.
Like, do you really are you looking around and you think that people you know, are having trouble finding jobs?
Peter Dunn: That's a great point. I think that was the one that shocked me the most to game walking through your town. There's hiring signs everywhere. Is there not? Yeah,
Damian Dunn: but not like there was probably two years ago, 18 months ago.
And I can say this is because we've had a little bit of construction, new businesses go up out by our, our highway. And so we, we've [00:15:00] got some, some new opportunities out there. So it's, I think it's very geographically focused on, on whether or not you think there are unemployment issues. And I think people are having a really hard time separating the micro from the macro.
They, they see their bills going up, they're getting squeezed at the grocery store, gas is expensive and they are. Trying to figure out how to make ends meet on a month to month basis. And then they hear everything's great and they're just frustrated.
Peter Dunn: Yeah, this is a disturbing segment. Thank you for starting the show this way.
I've lost faith in what 49 percent of Americans. All right, coming up after the break, your email questions right here on the pizza planner show. I'm Pete the planner. Actually, if 49 percent of people are wrong, I don't blame all of them. I blame like 39 percent of them because 10 percent of people, whatever.
You know what I mean? Like You can't expect it to be exactly right. What I think
Damian Dunn: is [00:16:00] really interesting is this is this an election year. And the last thing the media wants to put out there is that the economy is bad. The, the people are feeling like it's, it's really tough because that is. Not good for an incumbent and think what you will.
But I think the media definitely has somebody they would rather see in the White House than somebody else. And they're in this article, it says the media has something to do with it, with the messaging here. So,
Peter Dunn: okay, now I'm confused because if they're not wanting to put out there that it's bad, but everyone thinks it's bad, don't those conflict with each other?
Damian Dunn: No, they're saying that you think the media has something to do it because they are putting things out there. And so like the gas prices are, are Going to go up soon. I've heard that on the radio I've seen it in print that you expect 5 gasoline prices, which I mean you could say that's just an annual summer scare That happens every year but going into an election year.
It seems like it might be a little [00:17:00] little tough for incumbents this year. So I, it calls out the media saying they have something to do with it, or they have some culpability in this, but it's the guardian. So take it for what it's worth.
Peter Dunn: Isn't this like the whole quarterback thing though, Kristen, where the quarterback gets often blamed too much and then gets too much credit.
Or, or do you believe that like, as we look at the economy, we, we have to point to the person at the head of our political system to say it's because of them.
Kristen Ahlenius: I think it is like the quarterback metaphor, and I think that we should care a little bit more about people besides the quarterback.
Damian Dunn: I don't know.
I think the quarterback has way more to do with the outcome of their team's performance. And the president has to do with the outcome of the nation's Future president president gets way too much credit and way too much blame for everything that happens in the country.
Kristen Ahlenius: I thought that was what I was saying.
Peter Dunn: Yeah. Yeah, but I think Dane just pushed a little further. It's weird, but but in elite like [00:18:00] Here's the president is the head of our government clearly one of the branches. Yes. Yeah second rich I I am the head of our organization of which we work And Mike, I don't ever view my goal is to take my goal, frankly, is to take shrapnel, like to take blame so that our coworkers can continue to take risks and not feel like something has gone wrong.
And then try to serve off as much credit for what's going on to those people out taking the risk. That is, that is, I think, more of like a head coach. Absolutely. Then, then maybe a president sort of thing, but I just like, just give me the blame. No, that's on me. That's on me. Keep, keep going. I don't know.
It's strange. Okay, we did it. So that was one segment there. We, is there more in it?
Kristen Ahlenius: Well, we didn't. [00:19:00] Oh, no. Well, I thought that you wanted to do like the second half of it, which is like, what, like, what does all that mean? And like, what do you do? And how do you talk about it?
Damian Dunn: I, you know, I I was a little bit more Empathetic in my, my recorded news segment this morning before, before this saying that if, if you are one of these folks here's what you do, because I, as, as Andrea puts a points out in the comments, we're all in our own little bubbles.
We're experienced. Our, our personal finances are incredibly personal and our personal financial realities are whatever they are. And if you are struggling with finances Okay. I don't let anybody tell you that everything's okay if you are struggling. So
Peter Dunn: I think it's still about being objective. You can say I'm struggling, but everything else is okay and that that is not taken away from your own struggles.
Damian Dunn: Is everything okay? If you can no longer afford to do some of the stuff that you've historically done because costs are inflating [00:20:00] faster than your income is going up, but inflation is still not going up. I mean, you're still being objective. It's going up. It's just not going up as fast as it was.
Kristen Ahlenius: But it does.
And like, does that, could you really afford it before? That's the other thing too, is like, I just feel, nevermind giant can of worms.
Peter Dunn: Oh, well, I mean, this, this show is built on a can of worms. Okay. So inflation one, let's set that one aside. Unemployment that, that is not some, it's like, Oh, Hey, I don't have a job.
Therefore unemployment's at an all time high. Like. No one can get away with that logic.
Damian Dunn: I would think that would be a very tough position to defend right now. But I don't know all the pockets of thinking they would hit a substantial number of people on the survey in pockets that were experiencing higher unemployment seems.
unlikely to be sure. But yeah, I just, I read a report or a couple of news articles this week that said the grad or the job market for recent college graduates is going to be [00:21:00] average to below average.
Peter Dunn: Okay. I, I buy that. That's the other thing about unemployment though, is it's like, let's say the expectations for a recent college grads are a certain level of income in a certain industry at a certain job title.
There are still jobs, but they may not be to that level. And so therefore unemployment's not high.
Damian Dunn: That's fair. Maybe you were applying for jobs that you are, aren't really qualified for. And it was a stretch anyway. I, I'm not entirely sure, but I just going off of the articles. It says that you know, you, they were college graduates were making said hundreds of applications, which seems, it seems, it seems a little bit much, but they're trying to say they were, they're submitting hundreds of applications.
Well, that's because
Kristen Ahlenius: you guys, you don't have to walk into a business and fill out a paper application anymore. So that could be reality. Was that a boomer take on us? Yeah.
Peter Dunn: Let's get back to the
Kristen Ahlenius: show. [00:22:00]
Peter Dunn: All right. Can I go to this email from Diane? Diane. I saw, I saw
Damian Dunn: a popper in Kristen's background. It's adorable.
Peter Dunn: Oh, the pop, can I say T R E A T? No. No. Can you, can you bring her up on the show real quick?
Kristen Ahlenius: I, at the, can I at the end of the show? Yes. Because she has to be on the show right now. Because if she gets up here, she's not going to want to like lay back down.
Peter Dunn: Okay, here we go. In three, two back on the Pete, the planner show, Dame, I'm going into the, what some people call the email inbox.
Hi, Kristen company, Kristen and co first off, I would like to say that Pete's podcast recommendations have been on point lately. Thank you. I feel very settled in with my podcast, right? I had a smart lists and then one song have been my My recommendations recently. Do either of you have podcast recommendations that you want to put out there?
Damian Dunn: I just found one last night called deep cover the nameless man. [00:23:00] Whoa. It's kind of like a a murder, you know, kind of undercover trying to figure this out. This guy, apparently. How much do you want to know? I'll listen to it. Is it true crimey or not? Yeah. Yeah. Very much. So this guy apparently bragged when he was in high school that he killed somebody to try and get into this gang.
Same. It was in downtown Philadelphia. And at that point in time, there were a lot of unsolved murders in downtown Philadelphia and never really got followed up on. Eventually comes back to him and they try and figure it out.
Peter Dunn: Before I get back to this financial email, I can't hear the word Philadelphia.
Without immediately wanting a cheesesteak and that is still deep within me
Kristen Ahlenius: so many points
Peter Dunn: I am 43 and my spouse is almost 50, by the way, honey if mrs. Planner if you're listening I'm reading an email. This is not me [00:24:00] I am the winner of bread while my husband is a stay at home parent We have three school age kiddos.
My question is when couples are planning how much they need to reach financial independence, is each spouse calculating this number individually? Does a married couple need twice the assets to retire as a single person with the same goals, or do they base their needs and retirement on what they plan to spend as a whole household?
I am also confused if your retirement number should be different if you are different ages. Please discuss Diane in Naperville, Illinois.
Great question. Right? Like great, great question. Some of it I think is very easy to answer, but then I think the different ages thing is where it gets a little complicated. Kristen, you want to take your first swing at when calculating retirement, do you do it based on two people or how do you do this?
Kristen Ahlenius: I would suggest at the household level, [00:25:00] but what's so interesting is that we just had a conversation a few weeks ago, Pete and I did about retirement equality.
So how do you have retirement equality if one of you doesn't have access to a 401k? So it gets tricky really quickly, but I do think it should be calculated on the household level.
Peter Dunn: I think household level two, I think where, and this is where it gets awkward and it's where it got awkward a few weeks ago, in acknowledging that you want fail safes, you're acknowledging that a marriage can end.
In some capacity, right, even via death, right? You're saying, well, if so and so is not here to help complete the plan, I still want to make sure that, that as a single set of lungs here, I'm able to continue to breathe financially. That was weird. I told you it's going to be a weird day. I can feel it. Dan, where do you come down on this to start?
Damian Dunn: You're gonna have to explain retirement equal. Is [00:26:00] that what you were just talking about? Retirement equality is making sure assets are roughly divided in proportion so that each person could support their own retirement if failure occurs.
Kristen Ahlenius: Yes. So apparently Dame doesn't watch the show when he's on vacation.
He shouldn't watch it when he's on vacation. He's in paradise. No. So yes, that's exactly what it was. We talked about the, it was our session for women's history month and we talked about women who don't have earned income. What is, how do they ensure that they are still financially independent? And we've just reversed the gender roles here to say, okay, what does this emailers husband, what does the husband do as far as retirement equality?
Because If you don't have W 2 income, depending on their income level, there might not be enough dollar, there, the contribution limits might not be high enough to use a Roth for the husband's retirement savings. [00:27:00]
Damian Dunn: And a, a quadro isn't an appropriate solution for? Retirement equality, inequality ever
Kristen Ahlenius: a great question.
And we actually brought up a case study that you and I had worked through, which was the source of the funds in a quadro sometimes leads people to do things with those dollars that they wouldn't have otherwise done. And it's also about. Ensuring that you are working on your individual but also your joint financial literacy I we I understand that if this couple separates there could be a quadro 401k dollars or split But it's about being proactive about having assets and savings in your name, too
Damian Dunn: Is it the source of the incomers of the fact that the income in the current state goes down?
And so you start dipping into the quadro to supplement The income that was lost. You're listening to nerd talk, right?
Peter Dunn: You guys are going deep today.
Kristen Ahlenius: Wait a minute. Okay. Pause. Let's let rewind, rewrite, rewind because Diane doesn't want to know [00:28:00] about a quadro. We're not answering Diane's question.
Peter Dunn: That's fair.
That's fair. Sorry. We talking about Philly cheesesteaks during a financial segment here. Come on guys. Okay. Back up for a second. What, when I read this email the first time, which yeah, I actually read it before the show, which sounds very strange, but I did. The first thing that occurred to me, and I think about it from time to time, and this will resonate with young Dame, is that when you have two income earners, Boy, saving for retirement is so much easier.
Oh yeah. I mean, and it's not even about the amount of income. It's just the options of preparing for retirement are so much easier. Dame, I'm jealous.
Damian Dunn: Do you remember? First getting married, you're out of college, you really don't have any expenses to speak of. You've got a little house payment, you've got maybe a car payment.
We really didn't have cell phones too much back then. You've got two incomes and virtually no expenses and you're thinking, [00:29:00] well, people like you and me. I could live on one income and we could save almost all of that second income across
Peter Dunn: your mind. Yes. Yes. Kristen, how do you think about that? That a two income household, I mean, you, you talk to people that how you look at a two income household and their ability to save for retirement differently, despite the fact that they may not even make more than a one income household.
Kristen Ahlenius: See, that's so interesting because I don't. Is this a generational thing? Is this a gender thing? I don't, I don't think about it that way. I think about at the household level, we need to save X percent of dollars for retirement, not saying like, Okay, well, really, we're not using one income like I don't I don't even approach the equation from that perspective
Peter Dunn: well, I think what Dane was saying that might be generational oddly the the We live on one income and we save the other [00:30:00] I think that are you could argue That's an older way of thinking that I still would subscribe to but I think the question of From the mechanics of retirement planning and tax qualification, it's so much easier to save for retirement with two incomes.
Kristen Ahlenius: Yes, you are not wrong about that. Because if, especially in higher income earning situations, we max out qualified vehicles quicker. If there's income, especially if you have like two income households and maybe one person is a little bit lower of an income earner, it's easy to then supplement into a second 401k.
If it's, yeah, it's a totally different ballgame, I think.
Peter Dunn: Where this gets interesting in terms of age planning, and maybe this will take us in the next segment, or maybe Dame will talk about quadrats in the next segment is her husband will be eligible for social security seven years before she will.
And they could theoretically Look at that as save one income [00:31:00] and live on one income. They could take it at 62 and start to bank it, or they could keep on keeping on, wait till he reaches the higher paying out ages and, and bank that higher amount. And. And that's where it gets interesting. Let's pause. We have 20 seconds.
So you both opened your mouth like fish looking for fish food. And so I will sprinkle the flakes. And when we come back from the break, we will, I told you today was going to be weird. I don't know what's happened in my brain. Listen, here's the thing. We're going to be back with more financial answers, talks of cheese steaks, and maybe divorces right here on the pizza planter show.
I could feel the weirdness when I woke up this morning. I really could. Good. I really could. And it's not sometimes my energy is just like, that's why it's weird. I don't have crazy high energy right now. I just have a weird energy. Yeah. [00:32:00]
Kristen Ahlenius: Can I ask a question?
Peter Dunn: All right, Dame, what do you want to do? No, go ahead, Kristen.
Kristen Ahlenius: How does I would like to potentially talk about it in the segment, but I don't want I don't know how it wor I can't recall. I knew somewhere in my brain, but I can't recall off the top of my head. How would Social security work when the person with much fewer income earning year years is the older spouse.
How does that work? How does spouse like, if this person's not working, what social security benefit can they take?
Peter Dunn: Well, if they've worked 40 quarters, then they'll have some, but they wouldn't get a spouse. They can't get a spousal unless the other person has already started claiming social security.
Kristen Ahlenius: Okay, that's what I thought, but that's not, this person, I mean, I guess they could have, depending on what they did before, the children.
That's why I was like, I don't, what kind of benefit are we even talking about here?
Damian Dunn: Half of whatever the full retirement age benefit of the [00:33:00] higher earner is. But,
Peter Dunn: but Dame, that I think that's only true once that person has the younger that once the high earner has filed. That is true. Yes. Yeah. Sorry.
Damian Dunn: That's that's what I was saying. Is there a social security benefit until then? No. In fact, they may not be able to get. Diddley squat until
Peter Dunn: yeah, at age 50 though.
They've got school age children. So her husband had to have had some semblance of a career prior to that.
Kristen Ahlenius: Maybe he didn't. I've I've I have two cases that I'm thinking of where the wife worked in the husband did not.
Peter Dunn: Okay.
Kristen Ahlenius: Period. For children.
Peter Dunn: With that big of an age gap though?
Kristen Ahlenius: Oh, that I don't know.
Peter Dunn: Like, with that age gap and that achieved age, why are we not talking about this on the radio right now, by the way?
Kristen Ahlenius: Sorry. Well, because I couldn't remember how the spousal, oh my, social security worked, and I didn't want you to have to explain that to me on the air and take up that [00:34:00] time.
Peter Dunn: Rank these sandwiches. Okay? Mm hmm. Here are the sandwiches you have to rank.
Kristen Ahlenius: The point. Okay.
Damian Dunn: Okay. Yeah. By points or
Peter Dunn: by. No, no. By like your preference.
Okay. So let me get them out. And then you guys rank them. Okay. A Reuben, a Cuban, a Philly cheesesteak, a po boy.
And a, what's the one I'm missing?
Kristen Ahlenius: What's a po boy?
Peter Dunn: It's like in Louisiana, it's got like fried shrimp and less tomato. Okay, go ahead. What's the fifth one I'm thinking of? I don't know. Okay, so those four. That's what you got. What am I forgetting? Anyway, those four.
Kristen Ahlenius: Dame?
Damian Dunn: Philly, number one. Ruben Cuban, tie for second.
And po boy, four. What do you got, Kristen?
Kristen Ahlenius: I actually don't really like any of those sandwiches.
Peter Dunn: You know what? My wife and I don't argue [00:35:00] very much, and I think she's pretty great. She once told me, early in our marriage, that she's indifferent about sandwiches, and I thought it was over. I mean, I was like The look on my face was like, I've chosen you as my life partner and you've chosen me and we cannot be any, I have so many sandwich takes.
Kristen Ahlenius: I do too, but I don't like like beef sandwiches. What are
Peter Dunn: we even doing here? Oh, Italian beef was the fifth one.
Kristen Ahlenius: Number one.
Peter Dunn: That's the only one I like. Wait, you just said, I don't like beef sandwiches and Italian beef is number one. I said, generally we do like a BLT. Yes. I do like a BLT. Okay, now this is crossed over into, I might have to, to log points just for the discussion.
That's all right. By the way, the answer to this is Philly cheesesteak, Italian beef, Cuban, Reuben po'boy. That's, that's the answer. Okay, [00:36:00] what a weird show. Okay, let's try to get back into the segment. If not, I do have a follow up from the advisor question from last week that we can get into. Oh, I propose a vote to remove Kristen as head of this, co. Wow. Because I don't
Kristen Ahlenius: like Rubens?
Peter Dunn: No, you dismissed all sandwiches. Sandwiches, yeah. I
Kristen Ahlenius: didn't dismiss all sandwiches.
Peter Dunn: You're a sandwichist. Okay,
Kristen Ahlenius: three,
Peter Dunn: two, one back on the Pete, the planner show. Sorry, we, we sandwiched two segments with commercials here on the pizza planner show just talking about a question that came in prior to the break around a 43 year old woman and a 50 year old man, 50 year old man's a stay at home father.
43 year old woman's out there earning that dollar and talking about retirement planning and what you need to think about in regards to the age gap and where the questions started to get complicated [00:37:00] is should he can he 12 years from now when he reaches 62 if social security still exists in our world.
Could he theoretically begin to draw on the social security that He was eligible for it by the theoretical 40 quarters. He's worked some point in his life prior to being a stay at home. Dad discussed, I
Damian Dunn: appreciate the alarmist shout out you give there for will social security exist in 12 years when this man gets to social security age.
If you're wondering that, by the way. The answer is yes. Yes, it will. Now, will you get the full benefit? TBD, if Congress does what Congress likes to do, which is kick the can down the road, it might get a little dicey for a little while, but even if they don't do anything, you will get 75 to 80 percent of your promised benefit.
So it won't go completely bankrupt. You will get something. Moving on.
Kristen Ahlenius: Wow. Kristen. I, [00:38:00] I really appreciate it when you say things like that, that get dame all riled up.
Peter Dunn: I do. And I like, I like when it gets to it and Congress continues to kick the can down there, then you can really feel the dame that's there.
You're like, that's full throttle dame, right? Who in Congress.
Damian Dunn: Oh, here it goes. Now, 12 years from now, who's, who's going to pick up that flag and say, This is the hill I'm going to die on. And if I'm a one term person, one term or that it's, it's somebody that's going to, that's going to be their whole thing.
I'm here for one term. And this is my fixed by the dog. You know, I'm right. No, I'm right. Nobody's going to do anything about it because they want to keep their cushy job. Every conversation
Peter Dunn: that includes, you know, I'm right. Is a good one. Oh my goodness. Am I wrong? How about that? Kristen, if you are Mr.
Diane, would you draw Social [00:39:00] Security at 62?
Kristen Ahlenius: If I'm Mr. Diane, I would probably draw Social Security. I don't know that I would re enter the workforce, because school age, here's the thing, school age kids could be a pretty wide range of ages though.
Peter Dunn: Okay, but from a tax standpoint, if they've got a household income that's still substantial and then they take Social Security.
They're going to be paying at a higher rate because their household income, or is it, it's not based on the individual, right?
Kristen Ahlenius: No, it's based on their joint. So that's a good point.
Peter Dunn: School age children, 43. Let's say they started having kids at 30. I'm just making stuff up. All right. So they've got a 13 year old, a 10 year old and a seven year old.
The old three year gaps, right? Yeah. Seb's that's 14 years or the seven year old that it's 11 years until they're out of High school that puts the guy at 61
Kristen Ahlenius: 61, but what's he [00:40:00] what if your spouse is? If he's six, what do you, then what? If the kids are out of the house, what is like, he's raising three children, then what do you do?
Peter Dunn: And then I would argue as you're raising those children, it's a little different when they get into high school. Like the daily care just changes. You're a, you're a dad Uber at that point. This is fascinating, actually. Diane, I don't know if this is the direction you wanted us to go with and please understand that we are trying to respectfully.
Discuss. Things by making assumptions on top of that. But, but this is interesting that in any one income household where, when the justification and rightfully so of one person staying at home changes, how does that impact the plan for the family? I think that's the essence of this that we've turned it into.
Damn. No. Yeah. I
Damian Dunn: mean, that's a, it's a really interesting point because what [00:41:00] is. Being experienced right now is likely not going to be the way things always are for the remainder of the time period between now and the time either retirement age happens or the kids are out of the house, whatever it is.
And so you've got to figure out, okay, well, in the between now and then what's what's going to happen? How do I account for those changes? And what can we expect if they aren't? And this would be really, really. Interesting. I'd love to be a fly on the wall, but if if they could sit down with a financial planner and go through a financial plan, I, I think there might be options on the table that they aren't considering right now.
Kristen Ahlenius: I was just thinking that dame in all the emails that come to us in all the cases we see, is there ever a greater error? need or can we ever make a stronger argument for sitting down even if it's for a one time financial plan when we have a working spouse and a non income earning spouse? Because there are so [00:42:00] many other conversations.
I know we're talking about retirement, but there are so many other conversations that go alongside of that, that sometimes. Don't get addressed like life insurance, beneficiary stuff. Like, I mean, I think this particular situation, even if it's just a one time financial plan, probably the easiest argument to sit down with a planner that I could make.
Damian Dunn: We have conversations around this topic, not infrequently, where one spouse works, one stays home. The twist is is that it's the older spouse that's staying home right now. And there's a significant, what I would consider a significant age difference. In this context for the conversation, so it's not your everyday conversation or everyday scenario that we're talking about here.
So sitting down with an expert who can model these things out, take account for the assets that you've got at this point, how much you're adding to them on a yearly basis as well as well as what your needs are going to be in retirement and what your goals are, how much the college education you want [00:43:00] to pay for for those three kids.
Is that even on the radar at this point? Are you funding all the goals that you've got out there? Have you identified all the goals that you want? There's a lot of conversation that needs to go on here. And that very one unique twist to the situation, I think could be really important to their overall execution of a financial plan.
Peter Dunn: I know the trend that I do like about this topic. And Damian, I've been doing the show for a while prior to Chris and join us. And then I did it well before that is it was still somewhat novel. For a woman to be a bread earner and to have a stay at home spouse that was a man, I have to, I have to admit in a circle that I run in right now, like with couples, friends, right?
Those sorts of things of about 10 families within that 10 or 11. Six of them have a woman as the primary breadwinner. Six out of 10 or 11. In the circle I run it, that's [00:44:00] a high percentage. That is wild. Primary or only? Good question. Primary. Okay. Yeah. Seven out of 11. Primary but but significant primary.
Damian Dunn: I'm not trying to dismiss the this. This is I was just more curious on whether or not it was closer related to this situation that we're talking about. Or if it was there's two income earners.
Peter Dunn: I never consider that to this moment. Now I want to go home and talk to Mrs. Planner like seven out of 11.
What are you doing? No, Dave, what are you doing? I'm
Damian Dunn: I thought it was gonna be a really, really interesting Memorial Day weekend for you. It's not Memorial Day. Oh, you're right. Evergreen. Evergreen. Evergreen.
Peter Dunn: It is happy Memorial Day to people who may not be listening to this on Memorial Day. Dame is so good at pre show instructions.
All right, very quickly, before we go to the break last week, we got a question from our friend, Mary, who her advisor was about to leave his firm and go to another firm. [00:45:00] And we were saying, is this good? Is this bad? What does it mean? She didn't want to start over. And what, We were a little nervous about that because we're like, well, your investments will just roll over and just a new account, but they'll still be your investments.
Here's the piece of information she followed up with that make me feel perfectly fine about this. Number one, I think, I believe her advisor had been, he's a, he's a younger fella. Yeah. And so this is a move to like be more entrepreneurial and to go out on his own. Great. That's a, that's a good thing.
Number two the, the account will now just be a pass through account through Schwab. He's not working for Schwab, but that'll be the broker on it. So it's like, great. Things can come over in kind. You shouldn't have to change your investments at all. So therefore passes the sniff test. Everything is fine.
All right, let's do this coming back after the break. This literally might be the biggest waste of money in the 15 year history of the show. And Kristen and Dane will tell you how much it costs [00:46:00] next on the pizza planer show. Dane, are you trying to like, I'm just getting this new slim body. I don't want to have to go put it on the market.
Okay. Let's
Damian Dunn: Oh, man. It's for entertainment purposes only, Mrs. Planner. I cannot think My comment's not
Peter Dunn: Pete's
Damian Dunn: body.
Peter Dunn: of a less successful venture than me trying to attract the attention of a new partner. Like I can't, I, I was at the soccer That's not a
Kristen Ahlenius: compliment to your wife.
Peter Dunn: Well, no, it's, but I'm saying like, I, this is more about What I'm suggesting is like, the idea of like, easing into a relationship, I'm just like, at this point I'm a hot take machine in my life, like, I'm like, Hey!
You're not a hot take machine anymore, what are you talking about? No, I guess that's true, I
Damian Dunn: just like, I don't know. We can dig through the archives and get more hot takes [00:47:00] if you want. If you'd like. Yeah.
Peter Dunn: The Rev brings up something pretty great. Sarah says Sarah Renfro. Is Pete going to wear fashion camo on Memorial Day?
That's an amazing question. And Danza said, borrowed Valor, not stolen, just borrowed. You know, that's a good question. No, because you brought it up. I tend to forget, although I do have a pair of shorts that when I work in the yard are of a, it's sort of a, it is a fashion camo. And I won't wear them on Monday.
How's that?
Kristen Ahlenius: Maybe not
Peter Dunn: for the whole weekend, actually. I love that I said I have a pair of shorts I wear in the yard. What a dumb statement. I have one particular shorts that I wear in the yard and
Damian Dunn: What a moron. I would give you a pass to wear those shorts to the track if you're going this year. I'm not going to
Peter Dunn: go sit through that rain festival on Sunday.
It is just going to be racing pairs of animals around the track trying to [00:48:00] find the Ark. I'm not interested. That was a religious row. Okay, let's go. In, I got a, I got a meeting. Sorry, Jeremiah, not that. Sorry, Jeremiah three, two, one. This week's biggest waste of money of the week right here on the Pete, the planner show is the click bark air.
Bark air traveling with a canine companion can be a huge pain. Dog centric treat and supply brand Bark is looking to fix this by launching Bark Air. This new airline uses chartered Gulfstream jets to offer dog centric air travel. Travelers and their human companions arrive an hour before their flights with a smooth check in and security process that helps keep the furry customers calm, this is where it gets wild.
There's plenty of room to stretch out on board with amenities that include.
Kristen Ahlenius: [00:49:00] Oh no.
Peter Dunn: Fire hydrant. A drink of the dog's choice, time out. Time granted. What does a dog drink other than water? I have never in my 46 years considered that a dog will drink something other than water, whether it's out of the toilet, out of a bowl, out of a hole in the ground.
What in the world will a dog drink other than water? Other than water. I go to dog owner. Ladies and gentlemen, Miss Kristen Alenius.
Kristen Ahlenius: My dogs have preferences and type of water. That is true.
Peter Dunn: Okay, say more.
Kristen Ahlenius: So here at my house, I have city water and And they don't really drink all that much water. And if they go to my mom's house who has a well, they drink like three times the amount of water.
She runs it through a Berkey filter and they love it. It's an actual thing. So they apparently have water preferences.
Peter Dunn: I wonder if this Gulf Stream dame will have well water on board,
Kristen Ahlenius: run through a Berkey filter. Actually,
Peter Dunn: [00:50:00] I hate to tell you this cause we're in the middle of a financial show or not tell you this, but just bring this up.
Do you remember the first time you realized that there was a difference between city water and well water? And like as a kid and you're like, this is wild. And I like well water. It's, it's just so unique. But do you remember that? Do you remember like what anybody
Damian Dunn: a hundred percent? I, we There was a golf course close to me when I grew up and they had these little hand pump wells.
You could get water out of the best water I've ever had in my life. I
Peter Dunn: miss it to this day. Calming music, warm lavender scented refreshment towels and various bark branded treats and snacks served throughout the flight services launching with routes between New York city, Los Angeles and London with more routes to be added over the summer.
What is the beginning cost of a flight To give your dog the choice of water, lavender scented refreshment towels. And room to stretch out. Kristen?
Kristen Ahlenius: Can you remind me the destinations again?
Peter Dunn: New York, LA, and London. [00:51:00]
Kristen Ahlenius: It costs 6, 000.
Damian Dunn: Is, is this for you and your pet, or just the pet's, er, the, the pet portion of it?
I think it's the
Peter Dunn: companion, so it's you and, it's you and the pet. 25, 000. Ladies and gentlemen, someone has hit it right on the head. Someone has hit this. If this was the price is right. They think there's a siren, maybe that goes off Bob Barker, may he rest in peace, pulls a crisp 100 bill out of his pocket, I believe, and hands it to the person and their person receiving the virtual 100 bill today is none other.
Then dog owner herself, Kristen Lee, 6, 000. Dane, what is in the news this week?
Damian Dunn: We've all made an embarrassing typo at work. Well, I'm, well, I'm over here blushing about my latest apostrophe slip up city. Just agreed to pay 61. 6 million [00:52:00] pounds. That's about 79 million us dollars and fines, the UK regulators over traders, mistyped share sale order that caused a flash crash in European markets in 2022.
Listen to this, the trader meant to sell 58 million worth of shares. But accidentally punched in an order to sell 444 billion worth. P timeout granted. How does that happen? I mean, it was, what'd I say? 50, 58 million, 444 billion.
Peter Dunn: That's not a typo. That's let you drop your, your donut. You drop your scone on the keyboard.
Kristen Ahlenius: No, but it was two different units of measurement, right? Wasn't, didn't we go from shares to dollars
Damian Dunn: or No? Possibly it is $58 million worth of shares, but accidentally punched an order sell $444 billion worth of shares. Okay, man. So
Kristen Ahlenius: it [00:53:00] was the quantity of shares that they mistyped, they added a zero or something.
Damian Dunn: Well, that could be the, the city's city system blocked a good chunk of the order, but $189 billion worth made it through, causing a $1.4 billion. Erroneous sale before the trader canceled the order spurring a brief sell off across Europe.
Peter Dunn: Okay, so they're on this show. We have people who have put in equity orders before.
Yes, yes, it was a very long time ago for me. It was 14 years ago is the last time I put in a, an equity order. 12 years ago, I, I don't think I ever fat fingered it. I don't think I ever messed up that bad. Do you? Did you guys ever enter an incorrect order?
Damian Dunn: I'm sure I did at some level, but nothing that, I mean, even percentage wise, nothing that significant.
Kristen Ahlenius: I definitely did not. I used to call compliance and make them sit on the phone with me, and I would read it back and forth twice before I
Peter Dunn: That tracks [00:54:00] so, so well.
Kristen Ahlenius: I don't know if that's surprising to anyone.
Damian Dunn: Pete, it's Kristen again. Hold on. I got to talk her through this trade.
Peter Dunn: Oh my gosh. Compliance loved you.
Well, here's the thing about compliance. They probably loved it.
Kristen Ahlenius: Honestly, because I wasn't messing up. She didn't, she never had to correct anything for me ever.
Damian Dunn: Great. But I mean, you're taking up time out of their day to do a basic task in the
Peter Dunn: job. I mean, all right. I, one day on the show, maybe next week or next time we have a show we are going to do an entire, maybe show, but it definitely a segment on, Inside compliance, right?
I think we've got to because people don't understand like, unless you've been subject to compliance in the securities world, you don't even know. We're talking annual reviews and everything we're talking. We're Let's do a whole show. No one will care, but we will giggle for 56 minutes.
Damian Dunn: Can we have our, can we have listeners submit their compliance stories [00:55:00] too?
Sure. Dane, what else is in the news? I, I mentioned that little story the other week about FDIC chair, Martin Gruenberg being called the latest was it Weinstein and yeah. He's gonna resign after the investigation found widespread sexual harassment at his agency, but Hmm. Don't say but during a sexual harassment.
Thank you. Thank you. He won't step down until his successor is named, avoiding passing the reins to his Republican vice chair.
Kristen Ahlenius: What a
Damian Dunn: joke. This is guys, this is guys, this is serious. I know we've screwed up here, but I'm still going to play the political angle and I'm going to hang on just long enough to make sure that my successor can beat me.
Kristen Ahlenius: What else is in the news?
No patience.
Damian Dunn: 72%. That's the share of U. S. Adults who said that they were doing at least okay financially in 2023. According to the Fed [00:56:00] survey, that's down from 73 percent the prior year and 78 percent in 2021 when people were flush with cash from pandemic stimulus checks. Parents living with Children under the age of 18 felt worse.
Surprise was 64 percent Saying they were doing all right financially down from 69 percent in 2022 and 75 percent in 2021.
Peter Dunn: This is more about personal economies. So this actually tracks better than people's view on the national economy that was in the first segment. So I, I would buy that. I
Damian Dunn: think that's how they're conflating it.
People are viewing their personal economy as the economy overall, that they have to be able to separate the macro from the micro.
Peter Dunn: Yeah, I was a high school or pardon me, college econ major at one point before I did. Dropped that for business admin, and I will note that it took me a good two to three semesters to understand the difference between macroeconomics and microeconomics, which is why I didn't double major.
And now I have a radio show. [00:57:00] Okay. All right, Dame, do you have 22nd story left?
Damian Dunn: Live Nation and Ticketmaster are gonna have to split up. DOJ says so. Don't care, hate concerts, parking issues.
Peter Dunn: Kristen, will this matter? I hope so. I mean, like, will this save you money?
Kristen Ahlenius: If it, yes, it will, it will save me personally, a lot of money.
Peter Dunn: Is it just the fees? I always hear about like fees. Is that the deal?
Kristen Ahlenius: These are
Peter Dunn: ridiculous. I'll tell you a story about fees some other time. All right, everybody grab the ones that you love. And I don't know, I don't know that it's not our clothes. Hey, I'm sending you good vibes. Cause good vibes are all that's in the budget.
I'm Pete the planner. This is Pete the planner show. All right, bring that poppers up into the okay. Can I go full screen?
Kristen Ahlenius: Yes. Hold on. Hold on. Hold on. I have to, I have to grab one of them. No, wait, take me off the screen. Okay.
Peter Dunn: Sorry.
Kristen Ahlenius: They're sleeping. I got to wake them up. Hold on.
Peter Dunn: True.
Kristen Ahlenius: She
Peter Dunn: just closed her camera.
All right. So I'm going to, to go full layout for her here. Yeah, sure. Her, [00:58:00] her dogs are so cute. They are the one that was in do you think one will have a bandana on today? I don't know. Probably they tend to.
Kristen Ahlenius: Okay, here's
Peter Dunn: here's
Kristen Ahlenius: one. They were sleeping. They're very upset
Peter Dunn: locked by the microphone there.
Kristen Ahlenius: I know hold on.
Come here It's my walking my walking pads over here, and he doesn't like it. Come here This one's gray. Come here.
Peter Dunn: This is a great podcast. Okay. Let me describe this. I'll so ladies and gentlemen on the podcast, what you're seeing is a beautiful, beautiful dog. There too. Okay, great. That was great.
Okay. Wait, are we still, are we still gathering dogs? Who's this one?
Kristen Ahlenius: We can go. It's the same.
Peter Dunn: Same. The same. She's only got two of Pete. I don't know. I mean,
Kristen Ahlenius: I don't have to be on this list.
Peter Dunn: Okay, let's end the show. How about more of me? Everybody have a good weekend. It is Memorial Day weekend for podcasters.
It's podcast. It doesn't [00:59:00] matter. Stay getting money.
