Patience Pays: The Power of Delayed Gratification

The Income For Life Show

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards…

We’re excited to be back with you as we kick off the 2024 season of the podcast! As usual, we’ll answer some fun getting-to-know-you questions and share a few great quotes to start the show. Along with our discussion on delayed gratification in financial planning, we’ll also take a look at an interesting article from Barron’s, titled, “Americans’ Retirement Thinking Is Stuck In The Past.”

For this week’s mailbag question, Howard from Vermont asks if he should start taking Social Security earlier than planned because of an unexpected health diagnosis. For this week’s Retirement Ride Along segment, we’ll talk about the trip to New York that Matt surprised Sam with for New Year’s Eve.

Here’s some of what we discuss in this episode:

• Reflecting on the last few months and traveling over the holidays (4:24)
• Get-to-know-you questions: Small things, time travel, favorite ages, and more! (7:45)
• Quotes of the week from John Jacob Astor and Chris Brogan (21:35)
• Barron Article: “Americans’ Retirement Thinking Is Stuck In The Past. How To Fix It.” (23:20)
• Main topic: The Power of Delayed Gratification (34:34)
• Mailbag: “I just received a medical diagnosis that will almost certainly shorten my life. I had planned to wait until 70 to start taking Social Security, but now I think I should start it now. Do you agree?” (49:40)
• Retirement Ride Along: A surprise trip to New York for New Year’s Eve (54:38)

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Links From Today’s Show:

Barron’s Article

https://www.barrons.com/articles/retirement-savings-social-security-pensions-cd9d916d

Robert NYC

https://robertnyc.com/

Superfine Restaurant

https://www.superfine.nyc/

Sparks Steak House

https://sparkssteakhouse.com/

Blue Note New York

https://www.bluenotejazz.com/nyc/