Retirement Answer Man

Don't Skip This Step!

 

Sign Up for Friday's Webniar Here

One of the most heartbreaking things I've seen over 24 years advising families is a surviving spouse or family member dealing with an unorganized estate. Not having your affairs in order, puts a huge burden on your family and compounds the stress of there loss.

According to a recent survey, 61% of people don't have a will. Even those that have a will, have failed to organize their financial information to make it easy for their loved ones to act.  Don't be one of them.

Leaving a big mess of your affairs and estate plan will make life suck for your family when you die. A messy estate can take major financial and emotional tolls on your family.

Take the simple steps outlined this week and give a beautiful gift to those you leave behind.

Here Are Your Action Items for the Week

  • Listen to episode 50.  We discuss, the basics of organizing your estate.
  • Review these worksheets. These 3 worksheets will give you the basics to make things easier for your heirs:
    • 9 Important Estate Planning Steps
    • What Your Survivors Need to Know
    • What to Do When A Loved One Dies
  • Compete these to give your spouse or family the gift of an organized estate.
    • Organizing Your Financial Life
    • Create an I.C.E. Plan
    • Family Love Letter
  1. Ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.

Don't Miss Friday's Webinar

Don't forget to tune in to the Can Carl Retire? Results Webinar this Friday at 3:00 CST.

You'll watch live as Carl finds out whether he can achieve his ideal retirement.

Plus, you see live as I stress test Carl's plan against the most common worries in retirement:

  • Bad market returns
  • High inflation
  • Long-term care costs
  • Outliving his assets

 

Direct download: Retirement_Answer_Man_50.mp3
Category:Investing -- posted at: 8:42am CST

Risks can rob you from living a great life. Focus too much on them and you can miss out on a full life. Ignore risks and you can destroy your family's financial security. If you've started planning for retirement, you're probably overwhelmed with all the things you should worry about. This week, we'll address, head on, some of the biggest risks during retirement and help you assess  how to handle them.

 

Important Note: If you haven't listened to step 1 or 2 of Carl's Plan you'll want to start there:

  • Step 1 Imagine Your Ideal Retirement
  • Step 2 Identify and Organize Your Financial Resources

This week, you'll focus on identifying and managing some of the big risks we all face during retirement.

  • Longevity risk--Will you live to 100? Here's a calculator to estimate our chances
  • Inflation risk--What could the cost of living be 15 years from now? Find out here
  • Market risk
  • Tax risk
  • Health care risk
  • Long-term care risk
Here's Your Action Items for This Week
 
  1. Make sure to listen to the episode. I discuss each one of these retirement risks and provide some insights into how you can plan for them.
  2. Review Carl's health care cost estimates. This will give you some insight into what you can expect.
  3. Review worksheets. Review the Facing the Complexities of Medicare and Choosing Long-Term Care Insurance worksheets. These will give you the basics on how to address each area.
  4. Complete the Will I Live to 100? calculator. The odds might be greater than you think.
  5. Complete the Retirement Health Care Cost Estimator (optional). If you submit it, you'll receive a free personalized estimate of your retirement health care costs to help you plan for the future.
  6. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.
In week 4, we'll discuss how to organize your affairs and set a gifting strategy for those you  love.
 

Want Access to the Free Resources to Plan Along Side Carl?

It's Not Too Late to Create Your Ideal Retirement

Sign up (rogerwhitney.com) and  you'll receive:

  • All the retirement planning resources from week 1 and 2
  • This week's resources
  • Access to next week's webinar to find whether Carl is positioned to achieve his ideal retirement.
Direct download: Retirement_Answer_Man_49.mp3
Category:Investing -- posted at: 11:05am CST

Category: -- posted at: 11:17pm CST

Well, Were You Able to Dream Up Your Ideal Retirement? It can be hard to think big. Hopefully, you stretched yourself. No worries, if you're not finished. Your life is always a work in progress.

Important Note: Sign up late? If you'd like the resources from week one, replay and let me know.

This week, you'll focus on identifying and organizing your financial resources. In this step you'll create a clear snapshot of your current financial situation. This is a critical step. Don't get bogged down in getting every number right. You can fine tune things later on. Just focus on getting a read on your current financial picture.

For some, this can be hard to look at. If that's you, please relax. We've all walked a similar road (including me!). If you've made mistakes (maybe BIG mistakes), forgive yourself. The fact that you're receiving this e-mail proves, you are working to create the best life you can.

Here's Your Action Items for This Week
(To get assess to these resources sign up at rogerwhitney.com)
  1. Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."
  2. Review Carl's cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.
  3. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
  4. Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It's worth the effort. Your net worth statement will be the key document you use to track your financial life.
    • Estimate future retirement income sources
    • Build your net worth statement
    • Manage your current lifestyle and cash flow
  1. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. 
In week 3, we'll discuss some of the financial risks during retirement and ways to decide what to do about them.

It's Not Too Late to Create Your Ideal Retirement

Sign up (rogerwhitney.com) and receive weekly e-mails with all the resources we've covered.

Direct download: Retirement_Answer_Man_48.mp3
Category:Investing -- posted at: 11:10pm CST

Category: -- posted at: 10:59am CST

Are you ready to dream up your IDEAL retirement? This is week one of the Can Carl Retire? virtual retirement planning event.  If you signed up for the free resources, you should an e-mail with all the items you need to complete this first important step. Haven't signed up yet??? No worries, there's still time. Click here and learn how you can plan along with us.

Dream Up Your Ideal Retirement

In this episode, you'll listen is as I help Carl clearly defines his IDEAL retirement.

This is the week you get to think BIG about your future too. Don't worry about getting it all right. Your goals will change countless times. Focus on identifying what you care about right now. We'll discuss a process later, on how to adjust them as your life unfolds.

Your Action Items for This Week

  1. Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."
  2. Review Carl's Ideal Retirement Summary. This will give you a snapshot of what the end result can look like.
  3. Think BIG. Not thinking big enough could rob you of your dreams. Suspend your reasonable attitude and focus on what "having it all" might look like. There will be time later to see what is actually possible. For now, focus on creating your IDEAL.
  4. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
  5. If you're married, include your spouse. Each of us have our own dreams of the future. You're spouse's may be similar but different. Now is the time to hear each others dreams and to create dreams together. This way, the two of you will be in harmony about the future. This is crucial to a great marriage and a great retirement.
  6. Complete the worksheet. Start off using scratch paper and go crazy with your dreaming. No filters here. Then, identify the goals that truly mean something to you. Don't forget to rate them as described in the worksheet. This will be important later on.
  7. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply hit reply to the e-mail I sent you with the resources.

It's Not to Late to Plan Alongside Carl

 Click here 

Direct download: Retirement_Answer_Man_47.mp3
Category:Investing -- posted at: 10:37am CST

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