Retirement Answer Man

Hey, it’s me, Roger Whitney - the Retirement Answer Man - and I’m here to help you not only plan for a happy and healthy retirement season but also to live a happier and healthier life now as you move toward retirement. On this episode we’re going to tackle the volatility in the markets as a result of the news that Great Britain has voted to leave the European Union.There are many things to consider having to do with lifestyle, investing, and retirement planning that you need to think through, and I’m going to help you do that on this episode of The Retirement Answer Man podcast.

BREXIT is in the news. A surprise vote that has turned the markets on their heads (if markets had heads).

As you probably know, the United Kingdom’s vote to leave the European Union was a surprise to almost everyone. Even the betting pools got this one wrong. And if there’s one thing the markets hate - no, they despise - it’s surprises of this nature. That’s why everything is in turmoil and why the financial commentators can’t stop talking about it. So what does it mean for you and your retirement planning? That’s what really matters to me, so I want to address some of the things I see on the horizon because of this vote and help you think through the issues that could most impact you.

 

Uncertainty may not sound like a financial term, but it impacts almost everything about financial planning.

Almost everything that financial experts and prognosticators do for their clients is aimed at culling uncertainty from their investment strategies. I think we can all understand that - we all want to know for sure that something good is coming our way - but the sad truth is that it simply doesn’t work that way. In light of that fact how should we view the issue of uncertainty in financial and retirement planning? I’m going to take on that subject on this episode to enable you to make wiser decisions with your overall investment and retirement planning strategy, on this episode.

In light of the uncertainty in the financial markets here are 5 things you can do to maximize your own retirement.

 

BREXIT is just one example of the kind of things that can happen to throw the financial markets into a tizzy at any moment. It’s those kinds of things that get us thinking seriously about the security and stability of our retirement funds. But it’s not only our retirement finances that we should be thinking about, this kind of uncertainty can point us toward wise planning in other areas of our lives as well. On this episode I walk you through the basics of a presentation I recently gave that encourages you to implement some SMART sprints in your life - small steps that make big impact - to prepare for retirement more wisely even in the face of uncertainty.

It pays more than ever to work part time during retirement.

Most people retire because they are ready to be done with the 9 to 5 rat race that they’ve been about for the past 30 to 40 years. But keeping a part time job that fits your particular criteria is actually one of the most logical and powerful things you can do to fuel a happy retirement. That may sound counterintuitive but if you stick with me through this episode I’ll show you exactly what I mean. It’s on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] My introduction to this episode and the topics discussed.
  • [1:30] How to get “6 Shot Saturday” from me.

WHAT DOES THAT MEAN? SEGMENT

  • [2:56] Today’s term, “Uncertainty.”
  • [5:16] How uncertainty impacts your employment.
  • [6:48] 90% of the financial industry capital is spent trying to avoid uncertainty.
  • [7:31] Why your advisor needs to quit trying to give you perfect clarity and instead help you manage it.

HOT TOPIC SEGMENT

  • [10:16] The United Kingdom voted to leave the European Union.
  • [12:15] Why did Britain vote to leave the EU?
  • [13:55] Why I say that the markets hate surprises like this.
  • [15:04] What happens now?
  • [16:57] What worries are coming up as a result?

PRACTICAL PLANNING SEGMENT

  • [18:57] 5 things the BREXIT means for your retirement.
  • [19:45] Why uncertainty is here to stay and we need to deal with it.
  • [20:22] SMART sprints where we can make changes.
    • [22:22] Focusing on the relationships in your life.
    • [24:30] Health is a second area for a SMART sprint.
    • [26:53] A SMART sprint in your professional life.
    • [28:49] The financial area needs a SMART sprint of its own.
  • [30:30] Why cash is now king.
  • [34:08] It pays more than ever to work part time during retirement.
  • [36:46] The European markets may be a great buy.
  • [38:14] How you manage risk could be impacted by BREXIT.

THE HAPPY LAB SEGMENT

  • [51:30] Who cares about the stuff?

TODAY’S SMART SPRINT SEGMENT

  • [53:00] Monitor your spending over the next week to assess your vanity level.

RESOURCES MENTIONED IN THIS EPISODE

The Cliff Ravenscraft Show

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

 

Direct download: RAM125.mp3
Category:general -- posted at: 6:00am CST

Today is a day to say “Yes” to something. I mean it. There are so many opportunities out there, so many experiences to enrich your life. What could happen if you took the time to say “yes” to one of those opportunities? You’ll only know if you do it. I’m so thankful you’ve joined me today. We’re going to cover some listener questions today about caring for a dependent adult child as retirement nears, combining retirement accounts, and taking distributions from retirement accounts when you’re blessed to retire before the normal retirement age. And of course, we’re going to talk about the power of saying, “yes.”

The term, “Brexit” is in the news lately. What is that all about?

You may have heard that the nation of Great Britain is considering a move away from the European Union, an economic affiliation of nations that use a shared currency, the Euro. The voters of Britain are set to vote this week as to whether their country will remain in the union. Today I’m going to cover a small bit of how this is impacting the markets and how I think we should all think about this event. That’s in my “What Does that Mean” and “Hot Topic” segments, so be sure to listen if you’re concerned about those issues (and even if you’re not).

I’m nearing retirement and have a developmentally delayed adult son. How do you recommend I think of retirement in light of that responsibility?

This real world question came from a listener to the Retirement Answer Man and I’m happy to give the answer my best shot. It’s a matter close to my heart because I once had a relative in the same situation, but it was back in the early to mid part of the previous century when people born with disabilities were often shuffled off to an insane asylum. But that’s not what happened in my family, I had a valiant grandmother who took on the responsibility of caring for that relative and it changed the lives of everyone in the family. I give my best, most heart-felt suggestions to this listener today and think there are some lessons to be learned for all of us regarding how we care of those we love even when we’re retired and beyond.

Can you combine your retirement accounts? And should you?

On this episode of The Retirement Answer Man a listener wrote in to ask if he should combine his retirement accounts. He’s near retirement and doesn’t believe he’ll be making any additional contributions to any of the accounts, so he’s curious if there are advantages or disadvantages to putting all of those funds in one pot. It’s a great question and I recommend that he does combine them, for a handful of reasons. You can hear what those reasons are and how I got to that conclusion on this episode of the show.

Retiring before the legal age for retirement account withdrawals? What do you do?

On today’s episode a listener asks what he can do to make withdrawals from his retirement accounts since he’s been blessed to retire before the age he can legally make withdrawals from those accounts. That’s a situation most of us have never even thought about. There are actually some legal ways to make withdrawals from retirement accounts in a situation like that, and I cover them on this episode. But I also throw another consideration into the mix and challenge this listener to evaluate the ways he can continue to add value to society and provide a greater amount of security for his retirement at the same time - all while remaining flexible and “retired” in ways that matter. Curious? Take some time to listen to this one.

5 benefits that come from saying, “Yes.”

There are two schools of thought on the issue of saying yes to things. Some people feel that they say yes to far too many things, stressing themselves out and overloading their schedules. Others, out of fear, don’t say yes to enough things, cloistering themselves away in a self-protective shell. As retirement nears, either one of these could happen and it really depends on your personality and background as to which you might do. On this episode I briefly tell of some of the great experiences I’ve gotten by saying “Yes” to things that I might not have normally said yes to. I end up with a challenge you won’t want to miss, so be sure you listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Welcome to this episode of The Retirement Answer Man.
  • [1:04] How you can get in on my Six Shot Saturday email resource.

WHAT DOES THAT MEAN? SEGMENT

  • [2:24] Understanding “Brexit,” a combination of “Britain” and “exit.”

HOT TOPIC SEGMENT

  • [3:47] Britain is set to vote about staying in the European Union or not.
  • [4:37] The primary concerns relating to Britain’s possible move.

PRACTICAL PLANNING SEGMENT

  • [6:01] Listener question: Caring for a disabled adult child as retirement nears, any thoughts?
  • [14:44] Listener question: 3 retirement accounts: I won’t be making any more contributions, can I combine all three?
  • [17:03] Listener question: Can I access retirement accounts if I retire before 55 ½?  

THE HAPPY LAB

  • [22:21] The power to say “Yes” and 5 great things that come from saying yes.

TODAY’S SMART SPRINT SEGMENT

  • [28:01] Say yes to something, even something you’re not quite sure about.

RESOURCES MENTIONED IN THIS EPISODE

Andy Traub’s Take Permission podcast

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



Direct download: RAM124.mp3
Category:general -- posted at: 6:00am CST

For as long as I’ve been aware of Social Security there’s been concerned that there won’t be enough funds to support future retirees. Well here we are in 2016 and the Social Security system is going along as it always has. Today’s guest is an expert on the topic, which is why I’ve invited her to be a part of this show. Emily Guy Birken is going to help us understand the changes that have happened in Social Security recently, why we should not put all our eggs in the SS basket, and what we can expect from the system for the next 75 years. It’s all on this episode.

The largest U.S. Pension fund cuts its retirees benefits.

When something like that happens it’s enough to make anyone a bit skittish about whether their own retirement funds are safe or not. And for me, it’s a lesson in why each of us need to be a bit more proactive in creating our own retirement rather than waiting on someone else (like a pension fund) to do it for us. On this episode I tell you what I think about the defunding of a pension fund, how Social Security feeds into the concerns surrounding it, and how I would advise one of my clients to view the situation. I hope you take the time to listen.

In the midst of writing a book about Social Security, the Social Security system changed.

Emily Guy Birken had just finished her book about the Social Security system and sent it off to her publisher when the announcement came that some major changes were being made to the way the Social Security system works for beneficiaries. She had to recall the book, make the needed changes, then resubmit it - all in time for her deadline. On this episode you’re going to hear about that testy time in her book writing career, how Emily has come to be one of the foremost experts on the Social Security system, and why she recommends that nobody depend on Social Security as their sole source of retirement income.

Isn’t Social Security there to help you retire comfortably?

The operative word in that sentence is “help.” My guest on today’s episode says that Social Security was never created to be a sole source of income for anyone. Instead, it’s supposed to serve as a safety net, a small stipend to ensure that nobody is going hungry during their retirement years, but it’s far from something you could or even should depend on. Emily has lots of advice on what you should do in light of the small role Social Security really plays in the retirement of most people, on this episode of The Retirement Answer Man podcast.

Are there more big changes ahead for Social Security?

According to Emily Guy Birken, the answer is, “Definitely, Yes.” Emily says that SS has some very serious problems still, and the powers that be over the Social Security Administration have already announced the issues that will be on the chopping block within the next few years. Some of them will have a significant impact on the benefits and income of retirees, so we should expect that. The main problem is that we don’t know when the changes are slated, and the SSA is not telling. All the more reason to have more control and more diversification in your retirement strategy, and we’ll cover that on this episode of the podcast.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] My introduction to this great episode.

HOT TOPIC SEGMENT

  • [2:12] The largest U.S. Pension cuts retirement benefits.
  • [3:54] What this news says to all of us who are in a pension fund.

PRACTICAL PLANNING SEGMENT

  • [4:26] My introduction to my guest, Emily Guy Birkin.
  • [5:20] Emily’s struggle to write the book given recent changes in Social Security benefits.
  • [7:17] The real purposes and uses of Social Security: a safety net.
  • [11:07] Why changes in Social Security show us that we need to make other plans as well.
  • [11:53] Things people do wrong when planning in light of Social Security.
  • [14:05] When some Social Security benefits could be taxed.
  • [15:59] Does it make sense to “spend down” assets in light of Social Security?
  • [17:50] Are more big changes in Social Security ahead?
  • [19:46] Should Baby Boomers be concerned about Social Security?
  • [21:14] Where you can find Emily’s book.

RESOURCES MENTIONED IN THIS EPISODE

Pension fund cuts link: http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-largest-us-pension-funds-set-cut-retiree-benefits

www.EmilyGuyBirken.com    

Emily’s book: Making Social Security Work For You

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

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

 

Direct download: RAM123.mp3
Category:general -- posted at: 6:00am CST

I invite you to engage with the audio on this page, for the sake of your future, your happy retirement, and your overall happiness in life. That’s because the Retirement Answer Man is not just about numbers and figures, it’s about building a life that you can be proud of and satisfied with once you do retire. On this episode I’m going to talk with a man who has spent a good deal of time alongside Chess Grandmasters to apply the lessons learned to their investment strategies. You’re going to get a fresh perspective - no doubt about that - so be sure you listen.

What do YOU think you’ll miss most relating to work after you retire?

That is a very interesting question, and one that was asked in a recent study and survey. Those who responded or not yet retired mentioned that one of the things they would miss, although a minor thing, would be the personal interactions with coworkers. By comparison, those who were actually retired already said that the personal interactions with co-workers was one of the things they missed most. What will it be for you? On this episode I give you a quick suggestion on how you can maximize relationships now, before you retire.

Investment strategy is more than thinking ahead.

How many people hear the words, “investment strategy” and immediately think of planning ahead? Doug Goldstein, today's guest, says that investment strategy is much more than thinking ahead. It’s looking at the overall picture, not just the individual components that make it up. On this episode Doug shares insight he discovered when researching for his new book, “Rich As A King, “ a comparison of the game of chess to the act of investing. You are going to want to take notes on this one because Doug has some great things to share.

Watch out for those things that initially look like great opportunities.

There are many great investment opportunities out there. But many times the things that sound like great opportunities are nothing but a trap in disguise. Doug Goldstein discovered this as he was researching for his new book that compares chess-playing and chess strategy to the act of investing. many of the promises are there in the world of investing are like an opponent’s feigned “mistake” on the chessboard. It’s a ruse to get you to commit, then you get in trouble. Find out more of Doug’s insights on this episode.

Have you signed up for my “Six Shot Saturday” list yet? Why not?

Every Saturday I send out a brief email outlining some of the main resources I’ve discovered, used, or recommended over the past week, including many that I never mention on the Retirement Answer Man podcast. I also allow recipients of that email to respond to me directly with any questions or scenarios and I respond personally. If you’d like to get on my Six Shot Saturday email list, you can find out how to do it on this episode of the show.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] My welcome to you! Thanks for listening.
  • [0:50] How you can get my “Six Shot Saturday” each week.
  • [1:48] My mindset about the resources I share on this show.

HOT TOPIC SEGMENT

  • [3:53] A study asking people about what they will miss most after retiring.
  • [4:45] The comparison between those respondents and actual retirees.

THE HAPPY LAB

  • [6:20] My personal experiment to build relationships.
  • [9:01] The will to be uncomfortable for the sake of building relationships.

WHAT DOES THAT MEAN? SEGMENT

  • [9:35] What does “strategy” mean?

PRACTICAL PLANNING SEGMENT

  • [11:57] My introduction to Doug Goldstein.
  • [15:25] Why strategy is more than thinking ahead.
  • [18:25] Looking at the whole board is a powerful way to look at investing.
  • [19:40] How chess mimics diversification and asset allocation.
  • [22:01] Why flexibility is a powerful tool for investments and chess.
  • [25:43] Watching out for the ruses and scams.
  • [29:35] The primary take aways from Doug’s book.
  • [30:48] 64 strategies to make you as rich as a king.
  • [31:16] How you can connect with Doug.

TODAY’S SMART SPRINT SEGMENT

  • [32:08] Write out your investment strategy - and sent it to me if you would like!

 

RESOURCES MENTIONED IN THIS EPISODE

www.RichAsAKing.com and www.GoldsteinOnGelt.com  

Doug’s BOOK: Rich As A King

BOOK: Half Time

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

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

Direct download: RAM122.mp3
Category:general -- posted at: 6:00am CST

Risk Management: It’s a boring topic most of the time, but not this time - I guarantee it! Welcome back to this episode of The Retirement Answer Man. I’m happy you’re here (I’m Roger Whitney, by the way). I hope that you’re ready for an important conversation today. And I mean that, it really is a vital conversation when it comes to safeguarding your assets and preparing you for retirement in a way that fits where you are at now and where you will be in the future. It has to do with risk management - which is the way in which you assess the amount of risk to your financial portfolio and life that exists, and what you’re going to do about it. Be sure you listen. This could save you thousands of dollars.

What exactly IS Risk Management?

The very term “risk management” sounds like an oxymoron. I mean, how can you really expect to manage all the risks that exist in life? When we talk about risk management we’re not saying that you can manage all the risks of life, what we ARE saying is that you should manage those that you ARE able to manage. So proper risk management begins with assessing what you actually have that is at risk in terms of assets - your financial portfolio, your health, your income, and other important things. On this episode we go deep into the subject but keep it at a level that you can easily digest, so make sure you stick around for this episode.

Why I’m talking with an insurance agent about risk management.

When it comes to managing the risk you have in terms of asset risk, you are either going to bear all of that risk yourself or you’re going to pay someone else to take on some of the risk. That’s where insurance, and a good insurance agent, comes into the picture. Today I’m chatting with Brian Certain. Brain is an experienced Allstate insurance agent in my neck of the woods and I haven’t met a person who’s a better resource for helping us understand this whole topic in layman’s terms. He brings it down to a level that anyone can understand on this episode so be sure you take the time to learn what you need to know about protecting your assets from the risks of life.

You probably know that your insurance needs will change over time, but do you know why?

Most of us understand that our insurance needs change as we go through life. For example, a married father of four needs a different type and amount of life insurance than a retired widower of 84. But there’s another reason insurance needs change that has to do with your assets. As you accumulate more and have more net worth in particular, you have more to lose if you were to be sued. That’s where having a great insurance agent in your corner is of paramount importance. Your insurance agent knows the details of risk management like nobody else, but also is able to help you assess your needs at the various stages of your life. On this episode we’re going to give you some great tips to help you assess whether your assets are adequately protected and the S.M.A.R.T. spring segment is going to give you a simple assignment that will help you take the first steps to making sure they are.

Are you risking hundreds of thousands of dollars over $100 a month?

On this episode of The Retirement Answer Man my guest is Brian Certain, an experienced insurance agent from the state of Texas. Brian said that he often hears people say something like this, “I don’t really like or trust my insurance agent but his price is $100 a month less than the closest competitor, so I stick with him.” Think about that reasoning for a minute as it relates to your homeowners insurance. Why are you willing to risk an investment of $200,000 or more for the sake of $100 a month by placing it into the hands of a guy you don’t trust? That doesn’t make much sense. You need an agent who you KNOW is giving you sound advice and on this episode we’re going to walk you through the “gotchas” you should look out for when dealing with agents and insurance.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:26] Roger’s introduction to this episode of The Retirement Answer Man.
  • [1:39] Roger’s experience with Brian Certain

WHAT DOES THAT MEAN? SEGMENT

  • [3:04] Today’s term: Risk Management.
  • [3:44] Identifying and prioritizing the risks in life (and in retirement).
  • [4:20] The key to the risk management process - mitigation.
  • [5:39] Transferring risk to others (companies).

HOT TOPIC SEGMENT

  • [8:02] Auto insurance rates are rising at rapid rates.
  • [8:30] How claims are driving costs up.
  • [10:13] The possibilities of insurance costs changing further.

PRACTICAL PLANNING SEGMENT

  • [10:50] Brian Certain’s approach to risk management and liability.
  • [12:42] Assessing where your assets are for the sake of risk management.
  • [14:30] How a normal person approaches auto insurance amounts.
  • [17:22] What is a personal umbrella policy and what is it for?
  • [21:16] What sort of “net worth” are we talking about when doing risk management?
  • [22:05] Understanding deductibles and why they are in place.
  • [22:50] Looking at additional forms of insurance.
  • [24:26] How to avoid the “gotchas’ when it comes to insurance.
  • [29:53] Why a trustworthy agent is such a vital piece of the decision-making process.

TODAY’S SMART SPRINT SEGMENT

  • [31:34] Connect with your insurance agent to assess your situation AND get some independent quotes.

THE HAPPY LAB

  • [32:42] How risk management has impacted happiness: a perceived overload of risk.
  • [34:04] The little things we can do to remain happy in dealing with risk.

 

RESOURCES MENTIONED IN THIS EPISODE

Brian Certain’s website: https://agents.allstate.com/brian-certain-arlington-tx.html

Texas Department of Insurance Comparison Tool

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




Direct download: RAM121.mp3
Category:general -- posted at: 6:00am CST

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