Retirement Answer Man

Want to retire a year earlier? Maybe have a bigger lifestyle budget for travel? You might be able to if you change your relationship with your car.

 "According to Edmunds.com, the average monthly payment on a new vehicle is $479. Considering your existing car is trouble-free, saving that $479 per month means an annual savings of $5,748 by postponing the purchase of a new vehicle" (bankrate.com).

In this episode I talk with James Kinson from Cash Car Convert. James is on a mission to change how people think about and buy cars. 

  • What to look for when you're buying a used car.
  • The value of buying used
  • The dangers of long car loans
  • How to buy a used car
  • The value of buying a used car from a new car dealer
  • How long a car can last (and still look great)
  • Why you should do all the schedule maintenance

In the Market for a Car?

Connect with James and learn how to do it right

Bill and Sally Want to Retire

Based on your feedback from January's Can Carl Retire series, I've created a case study for us to work through in the month of March.

Meet Bill and Sally :BillSally Profile Pic
  • Bill is 58 years old. Sally is 59
  • They've been married for 13 years (their 2nd marriage)
  • Both work outside the home
  • Each has an adult child from a previous marriage
  • Neither has a pension
  • Both started saving later in life (early 40's)
  • Bill is very worried about the markets and world economy

Sign up and plan alongside Bill and Sally and get access to an exclusive retirement planning webinar

rogerwhitney.com/billsally

Direct download: Retirement_Answer_Man_54.mp3
Category:Investing -- posted at: 10:28pm CST

Okay, you're planning for retirement, but what exactly are you planning for? I don't think most of us think about this. We work and save and work and save, but spend little time figuring out what we'll actually do when we retire. 

In this episode, I interview Tom Schwab of Goodbye Crutches and Inbound for eCommerce.  Tom is a great example of someone that overcame a potentially devastating business set back to build a build a business that he can enjoy well into retirement. There are a lot of great lessons we can learn from his story. Such as:

  • How your lifestyle choices can set the tone for your entire life
  • Why we're created to serve
  • The importance of focusing on people and experience rather than things
  • How to organize your life to stay engaged well into "retirement"
  • How to think intentionally about your career
Direct download: Retirement_Answer_Man_53.mp3
Category:Investing -- posted at: 6:55pm CST

I'm still amazed at the level of engagement and transparency "Carl" has had throughout the process of creating his retirement plan on the show. I'm just as amazed at how much the series has resonated with you, the listener. Your questions, comments, suggestions and thank you's made the series better.

In this episode, you'll get to hear directly from Carl and Jane as we discuss the Can Carl series, retirement, planning, investing and where they go from here. Recently, while on a business trip, I had the privilege of spending an evening with Carl and Jane at their home. After a great dinner (thank you Jane), we sat together and I recorded our conversation. Lots of pearls of wisdom here, so it's worth a listen.

A Personal Reflection on “Can Carl Retire”…. 

On September 5th, 2014 a listener to The Retirement Answer Man wrote the following email to Roger:

Roger, 

New to you, impressed. Spent 30 mins in your library today - well done. Wondered if you'd be interested in doing a "deep profile" as a blog? I could share all my detail, you could use as a case study for a blog (keeping me anonymous, preferably?). I'm 51, manage my own $, have ~ $1.8 M net worth and pension, looking to sell house to downsize to cabin (2nd home at the moment),  have a detailed tracking of actually spending by month. Question: Out by 54, 55, or 56?  How much "cushion" is worth the extra time being a corporate rat vs pursuing our dream of RV'ing and working seasonal jobs in National Parks. I could share any level of detail you'd ask for to build an interesting case study. Interested?

That listener was me, who you all now know as Carl.

Three nights ago I had the wonderful experience of sharing dinner in my home with Roger and my wife (who you know as Jane), and found it to be a perfect celebration of success. Success via an innovative podcast series which grew from that seed of an idea first planted in that email 5 months ago.  It’s personally very rewarding to have conceived of an original idea and participated as the idea grew to a beneficial fruition, and I’d challenge all of you to seek similar opportunities. So…..

……What worked?

  1. Beneficial:  To me (free retirement review), The Retirement Answer Man (interesting podcast fodder) and The Listener (education and free resources).  Find something that brings value to folks beyond yourself.
  1. Mentally Stimulating: The podcast recording sessions with Roger were a blast.  I’ve been 100% “Self Studied” until now, having the opportunity to banter with a pro was stimulating.  Find something that stimulates your mind.
  1. Assuring:  Having a professional review of this critical question (Can You Retire?) goes a long way in steading nerves as you approach perhaps the most important decision in your working career. Find something that answers that “nagging question” in your life.
  1. Relationships:  They’re important, and a new relationship was built between Carl and Roger that I am confident will continue for years to come.  Find ways to build relationships.

To close:  Carl didn’t do anything extraordinary.  He came up with an idea (case study), identified the right platform (podcast), then approached the right person for the concept (The Retirement Answer Man).  Any of you can do the same, and I hope this series encourages you to try.

 

Your Feedback

[feature_box style="2" only_advanced="There%20are%20no%20title%20options%20for%20the%20choosen%20style" alignment="center"]

From Dave 

"After living through the dot com downturn in 2000-2001, I never really recovered in my ability to deal with the market volatility and staying the course in downturns.  As a result, I have generally stayed out of the market for many years. I know that inflation risk is an issue so I am slowly getting back into the markets.  I would like to see you cover a case study or set of recommendations / strategies that would address these issues."

From Kevin

"I’ve been enjoying your blog & podcast for the last three months, your content is interesting especially for finance geeks like me.  I would be interested in either another real world example or case study of a plan you've previously worked on that does not include a large pension."

From Ken

"I really enjoyed the podcast series with Carl.......I would like for you to do another with someone that isn't perhaps as well off financially and much closer to retirement... I think this would prove beneficial to all age groups."

 

 You Get to Help Me Answer: Can Bill and Sally Retire?

 

Starting March 4th, I'll start a new series with a fact set based on your feedback. And the best part is, this time, YOU GET TO HELP. 

Just like last time, you'll have the chance to sign up to plan along side Bill and Sally and attend a live webinar at the end of the month.

Unlike last time, this will be a pure case study (no live subject) and you'll get to help build the plan for Bill and Sally. Each week, as we walk through each step of process, I'll ask you to brainstorm solutions to help Bill and Sally get close to their IDEAL retirement. 

I'm still working out some of the details but here are the basic facts:

  • Bill is 56, Sally is 57
  • Married 13 years (2nd marriage)
  • Both work and their household income is $180k
  • 2 children, age's 20 and 25 (one his, one hers)
  • No pension 
  • Started saving late (late 30's)
  • Worried about the markets and economy

More Details Soon (I think this is going to be great!)

 

 

 

Direct download: Retirement_Answer_Man_52.mp3
Category:Investing -- posted at: 5:57am CST

WOW, your response to the Can Carl Retire? series in January and last Friday's results webinar were off the charts. I received so many kind comment and sharp questions from you. In today's episode, I'll answer a portion of your questions and will work to get to the rest of them in next week's episode. Please keep them coming. If you're wondering, no doubt thousands of others are too.

Want to Watch the Webinar Replay?

The webinar replay will remain available until Sunday, February 8th (11:59 pm). You can watch it by clicking below.

rogerwhitney.com/webinar

Listener Questions Answered in This Episode

  1. From Ken "I didn't see you mention an emergency fund, why is that?"
  2. From Ken "What provision is made to pay for taxes on his 401(k) plan when required minimum distributions are required since most of his wealth is in tax-deferred plans?"
  3. From Randy "Quicken sells software, called "WillMaker Plus", to create "a Will, Health Care Directive, Durable Power of Attorney for Finances and other essential documents".  Do you have an opinion on the value of such software?"
  4. From Joe. "I appreciate the webinar yesterday; helps me in thinking thru retirement planning.  The question came up around pensions and taking a lump sum vs. taking annuity payments.  You said something to the effect of "99% of the time it's better to take the annuity." That's one of my central planning questions, as I have a company pension that I will eventually be drawing from.
  5. From Ken. (Ken was getting into this) "I just listened to the replay and thought it was very informative and provided a nice example of the process. As you mentioned during the webinar, given Carl is lucky enough to have a healthy pension which is rare these days, it would be interesting to know what the equivalent lump sum in current investable assets would need to be to get him to the same answer if he did not have the pension."
  6. From Dave. Good podcast and interesting information about Carl's situation.  I am wondering whether your estimated returns for Carl were too aggressive.  Where the estimated returns (8+%) that you were showing after tax returns?  It just seems, while the portfolio would be a nice blend, that the return estimates were higher than I have been estimating in my personal returns.  Regards, Dave

Question for You: What do you want next?

The Can Carl Retire? series really resonated with most of you. It's been exciting to see you participating and asking question.

What would you like me to focus on next:

  • Another real world example?
  • Case studies of plans I've worked through (good and bad)
  • What to do if you're behind on savings?
  • More webinars?  If so, on what? Social Security Maximization, goal planning or understanding market returns are some topics that come to mind

Click here and let me know

Direct download: Retirement_Answer_Man_51.mp3
Category:Investing -- posted at: 8:50am CST

WOW, your response to the Can Carl Retire? series in January and last Friday's results webinar were off the charts. I received so many kind comment and sharp questions from you. In today's episode, I'll answer a portion of your questions and will work to get to the rest of them in next week's episode. Please keep them coming. If you're wondering, no doubt thousands of others are too.

Want to Watch the Webinar Replay?

The webinar replay will remain available until Sunday, February 8th (11:59 pm). You can watch it by clicking below.

rogerwhitney.com/webinar

Listener Questions Answered in This Episode

  1. From Ken "I didn't see you mention an emergency fund, why is that?"
  2. From Ken "What provision is made to pay for taxes on his 401(k) plan when required minimum distributions are required since most of his wealth is in tax-deferred plans?"
  3. From Randy "Quicken sells software, called "WillMaker Plus", to create "a Will, Health Care Directive, Durable Power of Attorney for Finances and other essential documents".  Do you have an opinion on the value of such software?"
  4. From Joe. "I appreciate the webinar yesterday; helps me in thinking thru retirement planning.  The question came up around pensions and taking a lump sum vs. taking annuity payments.  You said something to the effect of "99% of the time it's better to take the annuity." That's one of my central planning questions, as I have a company pension that I will eventually be drawing from.
  5. From Ken. (Ken was getting into this) "I just listened to the replay and thought it was very informative and provided a nice example of the process. As you mentioned during the webinar, given Carl is lucky enough to have a healthy pension which is rare these days, it would be interesting to know what the equivalent lump sum in current investable assets would need to be to get him to the same answer if he did not have the pension."
  6. From Dave. Good podcast and interesting information about Carl's situation.  I am wondering whether your estimated returns for Carl were too aggressive.  Where the estimated returns (8+%) that you were showing after tax returns?  It just seems, while the portfolio would be a nice blend, that the return estimates were higher than I have been estimating in my personal returns.  Regards, Dave

Question for You: What do you want next?

The Can Carl Retire? series really resonated with most of you. It's been exciting to see you participating and asking question.

What would you like me to focus on next:

  • Another real world example?
  • Case studies of plans I've worked through (good and bad)
  • What to do if you're behind on savings?
  • More webinars?  If so, on what? Social Security Maximization, goal planning or understanding market returns are some topics that come to mind

 Let me know if the form below

Direct download: Retirement_Answer_Man_51.mp3
Category:Investing -- posted at: 8:50am CST

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