September 29, 2021

The B.O.S.S. Retirement Blueprint: Ryan and Tyson Thacker

As you near the end of your career, you shouldn’t have to become a retirement planner to ensure you get to enjoy peace of mind during retirement. You’ve diligently saved your entire life but now you need an expert guide to help you avoid costly pitfalls, protect your money, grow your assets, and leave an inheritance for future generations.

Tyson Thacker, Ryan Thacker, and their team have helped thousands of families successfully navigate retirement and now they’re ready to help you do the same. The B.O.S.S. Retirement Blueprint delivers the simplicity, clarity, and confidence you need to get to and through retirement.

If you want to spend retirement enjoying yourself instead of worrying about your finances, Tyson and Ryan and their team can help you make great decisions with confidence.

Welcome to the Author Hour Podcast, my name is Benji Block and today I have the honor of speaking with Ryan and Tyson Thacker, together, they’ve authored a new book, The B.O.S.S. Retirement Blueprint: Your Guide to a Secure and Independent Retirement.

Guys, welcome to Author Hour.

Tyson Thacker: Thanks so much, Benji, great to be here.

Ryan Thacker: Benji, great to spend some time with you today.

Benji Block: Guys, so privileged to have you on the show. Would you just take a minute for listeners who may be unfamiliar with some of your work and provide some context for us, tell us a little bit about yourselves?

Ryan Thacker: Absolutely. We are brothers and we actually own a retirement company. We’ve been branded as the retirement brothers— we actually did share a bedroom together so we have a long experience of working together.

Actually, our first business that we opened was on the playground in elementary school, we’d buy atomic fireballs. We’d buy them for five cents, turn around and sell them for 10 cents, and every once in a while, we’d get a little frustrated and we’d eat our inventory. That was the beginning. Tyson, why don’t you tell about where we’re at right now?

Tyson Thacker: Yeah, we own a retirement planning firm called B.O.S.S. Retirement Solutions and Advisors and we’re very fortunate to be able to have helped thousands of people to retire successfully. We’ve got a firm of about 40 individuals that support us. We’ve got a great team and we just love what we do. Every day, we are passionate about making sure that we can help people to and through retirement with confidence and clarity, which has become a lot more complicated over the last few years and that’s really why we wrote the book in the first place.

Benji Block: How long has this project been in the works? And talk a little bit more about what pushed the book to be released right now?

Ryan Thacker: Absolutely. I think any author when they write a book, it’s a labor of love. This is actually our fourth book that we’ve written and what we’ve done is we’ve taken the very best of what we put together over the last couple of decades and, as Tyson mentioned, helping thousands of families get to retirement.

Leonardo DaVinci said this, “simplicity is the ultimate in sophistication.” Really, what The B.O.S.S. Retirement Blueprint book is, it’s the simple guide to helping you get to retirement with confidence and being able to focus on what moves the needle the most. So, we’ve just poured our hearts into this. This is a process that has now taken us— this last book over two years to put this together and we’re just really excited to release the book and have families have a better vision of a bigger, brighter future of what retirement can look like.

Thinking Beyond Social Security

Benji Block: Yeah, that’s great. As you’re working on this project, who do you specifically have in mind? Is there an age range, is there – what’s that kind of demographic for this book? Who is your ideal reader?

Tyson Thacker: Yeah, great question, Benji. It’s really for somebody who is 50 to 70 years old who is starting to think every day about, “Man, retirement’s getting a little bit closer. How do I know the questions to ask? What are the things that I need to start thinking about and specifically, doing, taking action on?” And then all the way through as they retire, if they still have questions, we want to help them to really clarify.

In fact, the book is set up in two halves to really help people. It’s first, here’s the problem and then here’s the solution. It really becomes something that becomes a how-to-guide, not a do-it-yourself project but really, a guide. We’re the guides that take them through to help them understand what the steps are to get to and through retirement.

Ryan Thacker: Benji, one thing I would say too is so many people, you’ve worked in your career for 20, 30, maybe even 40 years and then all of a sudden, you get to this thing called retirement and you’re suddenly supposed to be a retirement expert. When people really look at it and they understand how complicated it is to take their social security benefit that they paid into since the very first paycheck that they received as a kid, how do they manage their investments? Where do they get the income after their paycheck goes away?

The good news is, you don’t have to be a retirement expert. I mean, do it yourself projects are great for things around the house but they’re not necessarily great for the retirement money that it’s going to need to get you all the way from where you are today— whatever age that is, if you’re 60 years old or 65 years old— all the way to when you pass away. We’re living longer than ever before. So the good news is, for those of you who are listening, you don’t have to do this by yourself and that’s the purpose of this book, is to help you realize there are resources, there’s help so that you can make sure that you have a plan.

We like to say, we want your investments to be boring so that your retirement can be interesting. So many people reverse that and they make their investments really interesting but they’re complicated, they’re confusing and they cause a lot of stress. This guide will help you focus on those things that are most important and you’ll see that in the book and it’ll give you great clarity.

Benji Block: We touched on the fact that there’s clearly a problem and the first half of the book is addressing that. You give this stat that 40 percent of Americans are at risk of going broke during their retirement years. That number was staggering to me. Then you say, “Did you know that whether you’ve saved a little or saved a lot, that percentage could still very well include you?” That’s a problem. How are you guys seeing that play out?

Tyson Thacker: Yeah, absolutely, great question, Benji. It really does bring up a good point that there really first and foremost, is a foundation to all of this, there needs to be a plan in place. Too many people are flying by the seat of their pants and 401(k)s are not that old of an invention. It used to be that everybody had a pension. That really took care of most retirees. They worked for the same company throughout their entire life. They would then have a retirement party, get a gold watch, and have 10 to 20 years of a happy retirement.

Things have now totally changed. 401(k)s were created in the early 80s as a replacement for a pension and Ryan mentioned that people are expected now to be retirement experts. Well, the reality is, that most people don’t know how to invest or life happens and they don’t have the money to invest. That’s why that 40 percent are at risk of going broke during retirement.

The second piece is because they don’t have a plan, they also don’t know how much they’re spending, or they’ve really thought about some myths that we call in the book, for instance, one of those is, you’ve got a magic number that you can save your way to retirement. Without a plan, it doesn’t matter how much you’ve saved, you’re at risk of really going broke because you don’t have the expertise, nor the knowledge to do this. Then third— Ryan, why don’t you talk about how people are living longer and how that’s a risk as well?

Ryan Thacker: We had a recent couple that came in, they’d saved 2.3 million dollars for retirement and they felt pretty good. You could see the husband, he was very confident and he’s proud of what he had saved and he was thinking there was not any problems.

After we did the analysis— just like you’ll see in the book— where we measured his income, we measured his risk that he was taking in his investments, and then we measured taxes. He almost fell out of his chair when we ran the scenario and showed him that he was going to run out of money at 73.

Now, you think I’ve got millions and millions of dollars, and this couple is in their late 50s. They’re so used to earning this high income and they thought, 2.3 million, that’s easily going to get us all the way through retirement. We have to remember, that you have not paid taxes yet on what you save for retirement for most families if it’s in your IRAs or 401(k)s. So keeping their same lifestyle, combined with all of the taxes, and then you add in inflation that we’re seeing right now. They were shocked. We are living longer and so they realize very quickly, “Hey, we need help,” and The B.O.S.S. Retirement Blueprint is going to be a really good resource for you, just to open up your eyes. What is the problem? And then the good news is, what can you do about it and what are the ways you can solve that?

Benji Block: Okay, let’s say someone’s listening right now and they’re going, “I have a retirement income plan. My plan is social security.” They haven’t thought really beyond that.

What’s the issue with that type of thinking?

Tyson Thacker: Here’s the problem. In most cases, social security only covers somewhere between the third or a little bit more of their retirement. They’ve got to have other sources of income that they can draw from in a systematic way, not only 10 years but now 20, 30, and in some cases, 40 years down the road. The reality is we don’t want to have somebody be 85 years old, full of life, and flat broke because they didn’t have a plan and then only be able to live off of social security.

Then you’ve got this issue that Ryan mentioned just briefly, which is inflation. There’s inflation this year is worse than it’s been in 30 years and it could continue to get worse. So, you’ve got to have a plan for inflation and make sure that you’ve got enough money saved, that you’ve got enough money to draw from, you’ve got enough money to not pay in taxes as well as you mentioned social security. The cost of living adjustment that the social security administration uses this year as an example, is 1.3 percent.

That’s not what real inflation has been. So far this year, at the time of this recording, it’s been over 6 percent. There’s a lot of issues that you have to plan for and that’s what The B.O.S.S. Retirement Blueprint really does a great job is to help educate people to understand where they’re at because we believe if we show good people where they’re at, that together, we can make some great decisions and have some great solutions together for them.

Benji Block: What are some of those, maybe reoccurring excuses you guys encounter when it comes to actually having someone sit down and create a retirement blueprint? Are there some common themes that you hear? Some common apprehensions?

Ryan Thacker: I think one thing right now is complacency. We’re in a time period where the stock market has been going up for 13 consecutive years. They started by just making automatic contributions to the 401(k) and then all of a sudden, they wake up one day and they’re 60 years old and they realize they’re five years out from retirement and they’re like, “Oh my gosh, I don’t really have a plan.” Complacency is one.

The second thing that I would say is, it’s just not a fun thing to talk about. Most people don’t like to talk about their death and retirement— the word ‘retirement’ actually means, to be put out of use. I think subconsciously, a lot of people know that when they retire, it’s going to be different. They’re not going to maybe have the prestige in the title that they were working in the company and they don’t want to be put out of use. I think that’s one of those things that families may spend more time on planning their vacation than they do on their retirement. If you really just boil it down to it, retirement is permanent unemployment. If you’ve ever had the unfortunate experience of losing the job, you realize you can be a retirement planner very quickly. You look at how much money is in the bank and if you have $30,000 in the bank and you spend $5,000 a month, you can afford to be retired for six months. Well, retirement is just permanent unemployment for the next 20, 30, 40 years and you need to have a plan.

The B.O.S.S. Retirement Blueprint gives you the tools to understand what are the issues, shows you how you can go get the test and analysis run so that you are not in that situation where Tyson said earlier, you are 85 years old full life and flat broken.

Your Retirement Is Something You Can Control

Benji Block: That’s good. Yeah, so often we don’t approach it correctly, right? Planning is self-care. We would go on a vacation for self-care, we would spend money on all sorts of things to treat ourselves, yet retirement, which is years and years of our life, the planning that we don’t put into that can really, really come back and bite us. It’s so crucial to analyze that and remember that our planning is our self-care.

You guys play myth-buster to three common myths that are often perpetuated by the media and by financial gurus. One that I thought that would be worth talking about is this idea that high risk equates to a high reward. Why is this such a perpetuated idea and then give us a better way to think about it?

Tyson Thacker: Yeah, there are so many talking heads out there on CNBC or any of these financial newspapers or magazines that all perpetuate these myths because there’s this general rule of thumb that everybody wants to be able to have. We talk about in the book that all the time people talk about these average rates of return and how if you have an average rate of return you’re going to be okay. In fact, there’s all of these different websites you can go to and you can start calculating, “If I have this average rate of return then you’re going to be okay.” In the book, we talk about how if you actually look at an average rate of return that you have a problem. Let’s say that you got a $100,000 that you’ve got invested in the market and you have a really great return one year and it goes up by 100 percent. Now obviously these numbers are really simple just to show the example. Benji, what have you got? You got $200,000 after year one, right?

Then year two happens and it goes down by 50 percent and so if you go down by 50 percent year two, you’re back at $100,000. Year three, it goes up by 100 percent again, you are back to $200,000, and then year four, you go down by 50 percent and it goes down back to $100,000. Well, if you average that rate of return the way that most people look at it after four years, you’d be able to say, “Well, I have a 25 percent rate of return.” But in real dollars, we’re not even including what the fees would look like on this, but you are still at $100,000.

You could go to a barbecue at your neighbor’s house until somebody got a 25 percent return. In other words, it’s not as it seems and again, that’s why you’ve got to go back to a plan to ensure that your money lasts as long as you do.

Benji Block: That’s good. You guys talk about how this isn’t a one size fits all approach but instead, you give some buckets, several areas that we need to consider and we need to get honest with ourselves about. Touch on, what are some of these buckets that we need to honestly assess?

Ryan Thacker: When you look at a retirement plan, I think most people think first about their investments. They think “Am I properly diversified?” Well, there are different types of diversification. For example, if we look at The B.O.S.S. Retirement Blueprint there is five buckets that are on the blueprint. The first one is a cash bucket, the second one is an income bucket, the third one is a growth bucket, the fourth bucket is a tax bucket because there is a bucket load of taxes coming down the road for most Americans and the last one is the legacy bucket.

What we like to do is with this buckets approach, we like you to think about what you saved and invested in one of those buckets. For example, it is easy to think about the cash bucket. It is the money you have in the bank. The income bucket is where it starts to get a little bit confusing there, Benji, and that is if you sit there today and think about your 401(k)— if you stopped working how much income would your 401(k) pay you every two weeks just like your paycheck today? If you just stopped working?

For most Americans, they think that is their retirement but really what it is, is it’s not in the income bucket currently. It sits in the growth bucket meaning you’re just hoping that the market goes up and you’re happy if it does and you open your statement and you see you got some good returns, not so happy when it goes down, but you haven’t really converted that into income.

The way that you retire— in the book is the three most important words are income, income, income. That income bucket, you can retire successfully when you have enough reliable retirement income that pays for your lifestyle. Retirement is really not any more complicated than that. So, this bucket approach that you see in the book and on The B.O.S.S. Retirement Blueprint helps you match your money with its purpose.  Working with thousands and thousands of families, what we know is most people do not think in income, they think in growth and that’s the mistake that people make when they take far too much risk with their growth investments and they don’t have any income. Then they become reliant on social security or maybe they’ve got a little pension but that’s typically not going to allow them to do everything and anything they wanted to do in retirement.

Building Your Legacy Now

Benji Block: Ultimately, the work of the blueprint goes beyond just financial peace of mind in this moment, it is about legacy building. As we kind of start to wrap up our time together, I want to read another quote here. You say that “You build your legacy day by day, making small deposits in your legacy bank, the more time you spend with those you love and doing what you all love to do. The process of living your life on your terms and based on what matters most to you creates your legacy. The B.O.S.S. Retirement Blueprint gives you the vision to help you create the legacy you want even after you pass away.” Is that really what keeps you guys motivated after all of these thousands of people you work with? I mean, clearly, this is important work but speak to the importance and the power of legacy.

Ryan Thacker: Benji, when we first started thinking about all of these principles ourselves, we looked at — as Stephen Covey says, “You begin with the end in mind,”— and we looked at the end of what we wanted to accomplish as individuals. We also looked at what our parents had accomplished and the amazing people that they are and continue to be and what their legacy continues to grow with.

As you mentioned in that quote, we really do see The B.O.S.S. Retirement Blueprint as the vision that gives people simplicity.  Leonardo da Vinci said, “simplicity is the ultimate in sophistication.” So, The B.O.S.S. Retirement Blueprint with that legacy gives people a one-page summary instead of 100 pages worth of gobbledy goop that a lot of other financial advisory firms if they even do create a plan for them, gives somebody, which causes confusion, and gives complexity. Really what Leonardo da Vinci is talking about when he says simplicity is the ultimate sophistication is that the reality is that there’s too much complexity in every area of our lives.

We want to be able to— when we sit down with a client and we show them the blueprint that at the end of our time, together they really do have a vision for the next 20, 30, 40 years of what their retirement is going to look like. In fact, one of the questions that we ask them— one of our mentors, Dan Sullivan, created what we call an “our factor question” which we use in each one of our client meetings. We tell the client, “If we are sitting here three years from today looking back on today, what would have happened to you for you to have been happy both personally and professionally?”

It really helps them to reflect on what they want their legacy to be just like when we started our business that we wanted to have a vision for what that looked like. When we started our business, we wanted to help a million people to successfully retire and we’re well on our way. We’ve got a lot of people to still help, that’s why we wrote the book, but we want that to be our legacy. To be able to help others to be able to create that vision and legacy for generations to come and really have a ripple effect throughout the next generation after generation after generation.

Benji Block: That’s great. Yeah, I have heard it said, “Without a vision, the people perish,” and helping people have that vision and that clarity is so vital especially when it can seem far away and then all of a sudden retirement sneaks up on you. Thank you guys so much for the work that you’re doing and how practical this tool and this resource is addressing the problem and providing a solution all in this B.O.S.S. Retirement Blueprint.

If readers are going to take away one to two things— we just talked about vision— clearly, they’re going to walk away with a blueprint if they go through the entire process but what’s the feeling that you want the reader to walk away with? What’s that feeling that they are going to get once they have completed their retirement blueprint?

Tyson Thacker: I love this question. The feeling that we want is confidence. There are so many things with what’s going on right now in this country and in the lives of all of us as we have been through COVID-19. There has just been a lot of confusion and it seems like people are like, “Who you believe? What’s right?” and the good news is we believe the best is yet to come. When you finish this book, our desire is that you will feel confident that there is a lot of things that you can’t control but your retirement is something you can control.

Retiring successfully doesn’t happen by accident. It starts with a plan and that plan here we call in the book, The B.O.S.S. Retirement Blueprint. We just invite you to pick up the book and read it and feel some of that confidence. You may not be confident right now just by yourself but remember there’s teams of people that can help you accomplish this. It is not a do-it-yourself project, you don’t have to do this alone and we’re here to help.

Benji Block: That’s great. You guys have a ton of great resources for those looking for the next step in their planning. Where can people find you online? What’s the best way to stay connected?

Ryan Thacker: Yes, we invite you to go to getmorewithboss.com and at getmorewithboss.com actually, you can get actually a quick snapshot blueprint and within less than two minutes. You can see how you could maximize what you save for retirement.

Very, very fun great resource and tool, and then we can connect you with the team.

Benji Block: Great. Well, I know completing a book is a massive undertaking so congratulations.

Ryan Thacker: Thank you.

Tyson Thacker: Thank you, Benji.

Benji Block: Absolutely and thanks for coming on the Author Hour today and talking to us about your book. This is going to be such a helpful guide for so many and so thanks for your work.

Ryan Thacker: Thanks for your great questions today, Benji, and we really do hope that it changes a lot of people’s lives.

Benji Block: Awesome, guys, thank you so much.