Retirement Answer Man

It’s that time of the week again - time for another episode of The Retirement Answer Man featuring your very own Retirement Answer Man, Roger Whitney (that’s me). On this episode I’m going to introduce you to the concept of what is being called the “sharing economy” (in case you didn’t know what it was already), and give you some tips about how you can take the steps to utilize the various aspects of the sharing economy in your retirement years. I think you’re going to find this episode to be chock full of great, actionable stuff that you can use. So be sure you take the time to listen.

The sharing economy is here. Are you willing to be a part of it?

Do you know what the sharing economy is? It’s the idea that people with excess resources (like a spare room, an empty garage, or even an extra seat in your car) make those resources available to others who have a need for that resource on a temporary basis. I believe that there are many, many opportunities for those moving into their retirement years to supplement their retirement income and build a better life. If you’re curious what’s possible in your situation, you’ll be surprised by the things I chat about with my friend Glenn, from the Casual Capitalist.

 

You could get income from things you already have that you’re not using.

One of the big concerns for those who are moving into retirement is whether they will have adequate income for the expenses it will take to live a comfortable and happy life. Today’s episode is focused on ways that retirees can utilize the sharing economy to build new avenues of income using things they already own or possess. You could rent out your car, a spare room in your home, extra storage space, or even drive people around your area for a fee. You can find out about many of the opportunities out there on this episode of The Retirement Answer Man.

The sharing economy could help you stay connected to people during retirement.

While more and more Baby Boomers are working within the sharing economy to build their income, many of them are finding an unexpected benefit: they are enjoying the relationships they are having with people they serve. It’s a surprising way that many are keeping themselves engaged in society and out of their homes, avoiding the danger of becoming isolated and lonely. Today’s guest on The Retirement Answer Man is Glenn, from the Casual Capitalist and he’s got loads of great information to share about what the sharing economy is, how it works, and what you can do to get involved for the sake of increasing your income and even building new relationships during your retirement years. Interested? Be sure you listen.

Would you like some simple, actionable retirement tips sent to your inbox every Saturday?

I’ve recently put together a new offering that’s absolutely free, designed to help you discover ways to make the most out of your retirement years and build a great life even though you’re out of the workforce. The things I share are not shared anyplace else, so I encourage you to sign up for my “6 Shot Saturday” emails to get practical help every, single week. If that sounds of interest to you, go to www.RogerWhitney.com and sign up today!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] Roger’s introduction to this episode.
  • [0:46] The Retirement Answer Man has just broken the Top 10 in iTunes!
  • [2:00] How you can get your 6-shot Saturday episodes.

THE HAPPY LAB

  • [3:26] What do you do when you haven’t been doing the things that bring you enjoyment.
  • [5:15] THE CHALLENGE: Identify the things that make you happy and figure out how to do them.

HOT TOPIC SEGMENT

  • [5:38] How Baby Boomers are moving into the cities from the suburbs.
  • [7:22] Why older folks are moving into the cities: My ideas.

WHAT DOES THAT MEAN? SEGMENT

  • [9:24] What is “the sharing economy?”
  • [10:25] An example of the sharing economy in action.

PRACTICAL PLANNING SEGMENT

  • [12:48] Roger’s introduction to Glenn Carter from The Casual Capitalist - and this topic.
  • [13:50] What Glenn means when he talks about “The sharing economy.”
  • [15:57] How can the sharing economy be an opportunity for Baby Boomers?
  • [18:30] How the sharing economy helps meet a fundamental need for Baby Boomers.
  • [20:52] Income averages for people who are “sharing economy workers.”
  • [21:58] Examples of sharing economy platforms.
  • [34:27] Tips for using the various platforms that exist.
  • [35:40] How you can use the quiz Glenn offers.

TODAY’S SMART SPRINT SEGMENT

  • [36:57] Check out the sharing economy websites so you can learn how they work and what they are.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

www.TheCasualCapitalist.com/DigitalSenior  - Glenn’s website and his offer for you.

www.AirBNB.com - Housing

www.AirDNA.co - Housing reviews and needs

www.Uber.com - Driving and transportation

www.TaskRabbit.com - Handyman or task based services

www.WiseAnt.com - tutoring and teaching
www.Upwork.com - freelancers or virtual assistants

Direct download: RAM120.mp3
Category:general -- posted at: 6:00am CST

Welcome back to another episode of The Retirement Answer Man podcast, I am Roger Whitney, your host. In a financial climate like the one we are currently living in, when interest rates are low, how should you think about those fixed-income investments in your portfolio such as bonds? On this episode of the show I am going to take a deep dive into bonds of various sorts the help you navigate the treacherous waters of fixed-income investing.

One of the ways I’ve noticed that people are happier about their investing?

When it comes to people who actually take the time to invest as they should there are two types of investors I have met over the years. The first are the ones who entrust their investing to an advisor and don't bother to ask him out the details very much at all, and the second are people who have at least an elementary knowledge of their investment strategy and understand why they're doing what they're doing. In my experience the second group of people are the ones who tends to be happier overall and are actually a bit more successful in their investing as well. On this episode I want to encourage you to be this type of investor.

Do you really understand what a bond is?

Most people have at least an elementary understanding of what a bond is when it comes to government issued bonds. But did you know there are other types of bonds as well? And do you really know how bonds work? When this episode of the podcast I am taking a deep dive into the issue bonds and talk about why you should still invest in them when interest rates are so low as they are now, and how you should go about doing that in a wise and prudent manner. It's all on this episode of The Retirement Answer Man podcast.

The major risks of investing in fixed income investments (like bonds).

Most financial advisors recommend that every investment portfolio contains fixed income investments, like bonds. But one of the more obvious risks to this kind of investment is that when interest rates are low they don't typically get a very good return for the investor. On this episode of the podcast I'm going to walk you through some strategies that can help you mitigate those risks and feel better about the fixed-income investments in your own portfolio. It may not sound possible, but I assure you that it is.

When is the last time you assessed your fixed income strategy?

On every episode of The Retirement Answer Man podcast I walk you through what I call my “Smart Sprint” segment where you are encouraged to take small, actionable steps to advance your retirement goals. On this episode my challenge surrounds your fixed-income strategy and how you're managing it in your current portfolio. It's time to a set, it's time to make those small adjustments that can make a big difference. I'm going to walk you through it on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] Roger’s intro to the show.

THE HAPPY LAB

  • [1:50] Those who are engaged in some way with their investment strategy and the “why” behind it tend to be happier.

HOT TOPIC SEGMENT

  • [3:10] The recent bad news from the FED, and whether rates will rise in June.
  • [4:30] What’s the outlook on equity shares in light of this news?

WHAT DOES THAT MEAN? SEGMENT

  • [7:03] What exactly IS a bond?
  • [7:50] The unique terms and structures related to bonds.

PRACTICAL PLANNING SEGMENT

  • [12:26] The major risks of investing in “fixed income” (bonds).
  • [21:30] A listener question about cash “buckets” available for retirement.
  • [25:00] The other possibilities for retirement “cash reserves.”
  • [26:30] The wrong options for cash reserve strategies.
  • [27:40] How can I invest in bonds when they don’t seem profitable?
  • [29:57] Why the pure science of asset allocation is not enough.
  • [31:28] Things you can do to mitigate the risks.
  • [35:02] The strategy of using “floating rate” bonds.
  • [36:56] What about a “bond ladder?”
  • [39:15] Roger’s thoughts about a “barbell” approach to bonds.

TODAY’S SMART SPRINT SEGMENT

  • [40:50] Today’s challenge: Assess your fixed income investments.

 

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Marketwatch article mentioned in the show

Direct download: RAM119.mp3
Category:general -- posted at: 6:00am CST

If you want to learn how to maximize both your preparation and enjoyment of retirement, you’ve found the best way to do that. It’s here on The Retirement Answer Man podcast. This episode is focused on a very important issue - understanding the Social Security system (which is no small task). I’ve got a great guest on the show today - Devin Carroll - who is one of the best sources of understanding on this issue of anyone I know and you’re going to get some very actionable things you can do to not only understand your Social Security benefits but also to make the most of them now and in the future.

Do you worry too much?

As we grow older we begin to move into a time of life where we naturally understand less and less about the world and the way things are going. It’s a time when worry can start to creep in and get the best of us. But worry is never, ever a good idea. In fact, it’s been shown to be one of the most detrimental internal behaviors. On this episode I’m going to lead you through a few questions to help you assess your level of worry and adopt a mindset to help you offload your worry and get into a healthier mental place. Ready? Let’s do it!

Complexity can be the enemy of wise retirement planning.

It befuddles me to no end when I see financial advisors come up with retirement plans that are hundreds of pages long. What in the world?!!! There’s no reason for a retirement plan to be that complex. Complexity is our enemy because it keeps us from looking at the simple, bare facts of a situation and taking correspondingly wise action. On this episode I’m going to show you how you can adopt a simpler, easier to understand approach to your retirement planning so that you not only understand what you should do to plan for retirement, but can actually do it.

How to navigate the complex Social Security System.

If you go to either of the Social Security websites you’ll find over 10,000 pages of content having to do with what the system is and how it works. Even experts on the system, like my guest today, Devin Carroll, have to refer back to those sites over and over in their lifetimes. On this episode Devin and I chat about the 3 most important things that you can do in order to make sure you’re getting the most out of your Social Security benefits. Talk about simplicity, this conversation is aimed at being exactly that!

If you need help with your Social Security benefits, Devin’s the man!

My friend Devin Carroll has devoted a good deal of his life to understanding the Social Security system and has positioned himself to help everyday Americans utilize the benefits of the SS system that was created for their benefit. If you have a Social Security related issue (disability, survivor benefits, or retirement benefits) that you need help with, I recommend you contact Devin and his team. You can find out how to do that on this episode of The Retirement Answer Man as we talk about 3 ways you can maximize your Social Security benefits.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] Roger’s introduction to this episode of the show.

THE HAPPY LAB

  • [2:24] The question of the day: “Do you worry too much?”
  • [3:42] The power of “Cest La Vie”
  • [4:22] The benefit of letting stuff roll off of you: saving your mental and emotional energy.

HOT TOPIC SEGMENT

  • [5:07] Warren Buffett’s annual shareholder meeting.
  • [9:00] How Warren Buffett sees the manner in which Wall Street makes money.

WHAT DOES THAT MEAN? SEGMENT

  • [9:46] Today’s term: Complexity.

PRACTICAL PLANNING SEGMENT

  • [14:13] Roger’s conversation with Devin about maximizing Social Security.
  • [15:45] Survivor benefits and disability benefits.
  • [16:57] The process of getting qualified for Social Security disability.
  • [18:35] 3 things to do regarding your Social Security benefits.
  • [21:54] How you can check your SS earnings every year.
  • [24:00] Will Social Security be around in years to come?
  • [29:08] Understanding how Social Security is taxed and why it’s important.

TODAY’S SMART SPRINT SEGMENT

  • [33:52] Register and get your Social Security earnings history.

 

RESOURCES MENTIONED IN THIS EPISODE

www.SocialSecurityIntelligence.com - Devin’s website.

Set up your own SSA account: https://secure.ssa.gov/RIL/SiView.do

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM118.mp3
Category:general -- posted at: 6:00am CST

Retirement Planning is what thisshow is about, and I’m glad you’re here to be a part of theconversation. I’m Roger Whitney, The Retirement Answer Man and thisis the show where I seek to guide you through my years ofexperience as a retirement planner into not only planning for theretirement of your dreams but toward living the life of your dreamsnow. On today’s episode I want to chat a bit about the #1 regretpeople have when they are coming to the end of their lives - and Iwant to do it so that you can think about the kind of life you’reliving and make course corrections now so that you can be true toyourself.

What does it mean to live a life that is true toyourself?

Many people have dreams anddesires when they are young about what they want to do and bethrough the course of their lives. But things come up -expectations, responsibilities, needs, tragedies, and the course oflife gets reshaped over time. On this episode we’re going to lookinto the question of what it would mean to live a life true to whoyou are and discover some ways that you could be living to pleaseothers instead of living out the purpose for which you are on theplanet. Sounds a bit deep, but trust me - it is a conversation thatcould reshape the way you think about retirementplanning.

Life is meant to be lived, not tiptoedthrough.

It is vitally important in lifeto care about people. You might even say it’s the reason we’re onthe planet in the first place. But sometimes caring out what peoplethink of us and the things we are doing in life can lead us down apath of “people pleasing” instead of doing what we are meant to do.On this episode I’m going to dig into some of the expectations thatare placed on us during the seasons of our lives and how each ofthem could prevent us from living out our true calling, if we’renot careful. I think you’ll have some great food for thought fromthis episode.

Retirement Planning is all about positioning yourselfto truly live.

Many people approach retirementplanning as a sort of exercise in fear-avoidance. They plan aheadto avoid the pitfalls and fears that could happen during theretirement years. That’s great, and well worth doing - but you’rebeing underserved if all you’re being advised to do is stockpilethings so that you can be comfortable during your retirement years.I think it’s wise to approach retirement planning with a view towhat you want to be doing in the later years of your life that willallow you to continue being a blessing and contributor to theworld. When you have that kind of larger view, a world ofpossibilities open up. Do what you can to make some time to listento this episode. You’ll be glad you did.

Maybe, just maybe the economy is on therise.

Many companies are beginning topost their earnings right here after the first quarter of 2016, and74% of them are posting gains. That’s good news for the Americaneconomy overall, but there are some very interesting things withinthose numbers that give a bit of concern. For example, for thefirst time in 9 years, Apple computer posted a loss for the firstquarter with iPhone sales being down significantly. What does itmean for the economy? I’ve got some thoughts about it (as you mighthave guessed) and I’m going to share them with you on this episodeof the podcast.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWERMAN

  • [0:24] Roger’s introduction to this episode andwhat you can get from “Six Shot Saturday.”

THE “BE HAPPY” SEGMENT

  • [2:43] The biggest regrets of those about todie: a summary.
  • [4:35] Many people say, “I wish I’d lived trueto myself, not what others expected.”
  • [9:34] What are the expectations YOU are tryingto live up to?
  • [12:32] How retirement planning enables you tobe true to yourself and the life you are meant to live.
  • [14:50] The courage to let others bedisappointed in us.

TODAY’S SMART SPRINT SEGMENT

  • [15:41] What are you doing based on others’expectations?
  • [16:32] How can you extract yourself from thosethings?

HOT TOPIC SEGMENT

  • [16:54] 74% of companies are showing earningshigher than expectations.
  • [18:00] Apple Computer is down for the firsttime in 9 years.

WHAT DOES THAT MEAN? SEGMENT

  • [19:14] What is a benchmark?
  • [21:00] Why benchmarks can be misleading and abad source for good decisions.

PRACTICAL PLANNING SEGMENT

  • [23:28] John asks about creditor protectionwhen rolling over funds.
  • [24:47] A recent Supreme Court ruling regardingIRA protection against creditors.
  • [25:23] How do widower benefits for SocialSecurity work?
  • [26:45] A young listener asks about hisinvestment strategy.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learningcenter: www.RogerWhitney.com/learn

The Retirement Answer ManFacebook page: www.Facebook.com/RetirementAnswerMan

Happy Lab link: http://www.theguardian.com/lifeandstyle/2012/feb/01/top-five-regrets-of-the-dying 

Hot topic Link: http://www.factset.com/websitefiles/PDFs/earningsinsight/earningsinsight_4.29.16

What’s That Mean link:http://www.investopedia.com/terms/b/benchmark.asp

www.SocialSecurityIntellegence.com

 

Direct download: RAM117.mp3
Category:general -- posted at: 6:00am CST

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