Retirement Answer Man

 

Economic growth is always a hot topic when election year rolls around.

The candidates make it sound like a lack of growth is the worst thing that could ever happen during any President’s term. But is that true? And furthermore, are there actually benefits to having times of economic slowdown or even recession? On this episode of The Retirement Answer Man, I’m answering a handful of listener questions and one of those asks this exact question, “Is economic growth always best for the country?” If you want to hear why I think this listener could be onto something, you’ll have to listen to this episode of the podcast.

Nature isn’t always in growth mode, why should the economy always be in growth mode?

Part of my philosophy about what we should look for in a healthy economy has to do with the natural cycles that happen all around us. I don’t see many really good things that are always in a state of incredible growth. Every year the seasons change and most plants and even some animals go dormant for a season. It’s a time to refresh, rest up, and reset for a period of rapid growth ahead. Is it possible that a healthy economy is going to have those same up and down times? If so, why should we be so concerned about it? On this episode, you’ll get to hear me wax philosophical about such things and give you some mindsets you can carry into those less than optimal economic times.

What to be careful of when combining IRA accounts

As most of you know an IRA is a type of investment account that’s referred to as a “qualified plan.” It means that the government has qualified it as an investment you can do where the growth it experiences is tax deferred. It’s a benefit to you in many ways - but that’s not the issue I’m addressing at the moment. Right now I want to point out that if you move money that’s already in an IRA into a different IRA, you need to be careful how you do that. If you don’t you could cause yourself some tax consequences that you didn’t expect and definitely don’t want. I’m going to walk you through it in this episode - including some new guidelines from the IRS that make it a bit easier for you.

Should you quit a job you hate or wait it out for the sake of your pension?

Most of us know what it’s like to feel stuck in a job that makes you feel miserable. But one of my listeners has it really bad because she’s only a handful of years away from retirement, which would provide a fully vested pension. But she’s not sure if she wants to endure more years of a job she really hates. How should you make a decision like that? As you might suspect I’ve got some thoughts on the situation - and I share them on this episode of The Retirement Answer Man.

How would it impact your life if you could invest in deep work?

One of the things I’ve been learning lately is that I can be a pretty distracted guy. My smartphone notifications, email sounds, computer pop-ups - all of them contribute to me being “off task” more than I would like. Toward that end, I’ve been reading a book called, “Deep Work” by a guy named Cal Newport, and it’s challenged me to rethink the priority that I give to insignificant little things like smartphone notifications. On this episode, I want to share my thoughts with you about how we can get out of the “Pavlov’s dogs” cycle of responding to every notification and focus more on the things that matter.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] What should we be thinking about a slowing economy?  

WHAT DOES THAT MEAN? SEGMENT

  • [3:10] What is an “IRA Rollover?”
  • [4:05] The importance of understanding the tax “gotchas” relating to rollovers.

HOT TOPIC SEGMENT

  • [6:20] New IRS guidelines for IRA rollovers.

PRACTICAL PLANNING SEGMENT

  • [8:53] QUESTION ONE: What are the issues to consider when dealing with a job we don’t love?
  • [12:26] QUESTION TWO: Is it always best for us to have economic growth?
  • [15:03] QUESTION THREE: Should I combine all of my IRAs?
  • [17:48] QUESTION FOUR: Should my wife and I have different financial planners?
  • [19:49] A love-hate relationship I have with writing and publishing (and my upcoming book).
  • [21:10] How you can get my “6 shot Saturday” emails (and give your ideas for titling my new book).

THE HAPPY LAB SEGMENT

  • [21:36] What IS deep work?

TODAY’S SMART SPRINT SEGMENT

  • [23:08] A day challenge: Turn off the notifications on your smart device so you can focus on what’s important.

 

RESOURCES MENTIONED IN THIS EPISODE

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

BOOK: Positive Intelligence

www.CareerPivot.com

BOOK: Deep Work

Direct download: RAM134.mp3
Category:general -- posted at: 6:00am CST

Economic growth is the hot button topic during this election.

Have you noticed? When politicians, analysts, and talking heads on the news use that term “economic growth” - what do they really mean by it? It’s easy to make assumptions and easy to get lost in the verbiage because it sounds like something we all want. But what if everyone who’s using the term is not meaning the same thing by it? On this episode, I’m going to clue you in on what economic growth really means, how it’s measured year by year, and whether or not we’re in as bad a situation as the politicians are making it out to be. I think you’ll get a lot out of this one.

Does a slow period of economic growth make investments more risky?

It kind of seems like it would, but is it true? Some very reputable organizations out there do very careful analysis of these kinds of things, taking many different variables and factors into account. On this episode, I’m going to walk you through the findings of one of those outfits to give you an idea of whether or not your investment strategy should change during a time like this when everyone is decrying the poor economy. You might be surprised by what they say. ;)

Productivity during retirement is one thing - but I want to enjoy my retirement!

I got a little bit of push-back this week from a listener who has heard me talk a lot about being purposeful during retirement as an antidote to a non-enjoyable life. But he’s coming back at me with a different perspective. He actually LIKES being a bit more uninvolved and laid back because he worked so many years non-stop. You might be interested to hear this little one sided exchange as I reply to his reply about my emphasis. Does that make sense? I think you’ll get it so be sure to listen.

Should you keep some cash on the side to buy stocks during down times in the market?

I think one of my listeners has me confused with somebody else. :) He thought he heard me say that having some cash on hand during bad economic times so that you could buy up underperforming stocks was a good idea. Honestly, I can’t even IMAGINE that I’d say such a thing and am pretty sure I never have. That’s because I don’t feel that having that cash on hand is a good idea - at least not for those reasons. So listen in to my response to this listener so you can know what to do with your cash during down economic times - like this one.

 

I don’t have any trouble setting aside 20% for savings, but where should I put it?

I’m very proud of this listener. He’s got no problem living on 80% and saving 20% - he’s just a bit unsure what to actually DO with the 20% he’s setting aside. It’s a great problem to have and an even better question - and I’m going to answer it in a number of ways on this episode. So be sure you listen to learn some of the options for those savings that allows it to be liquid enough for you to access when needed but not so liquid that it’s not doing anything for you. It’s in this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] My introduction of this episode of the podcast.

WHAT DOES THAT MEAN? SEGMENT

  • [2:52] What does “economic growth” or “GDP” actually mean?

HOT TOPIC SEGMENT

  • [4:22] How is the GDP doing in the United States?
  • [5:50] The reasons why interest rates are low and stimulus packages are a topic of discussion.
  • [6:40] The impact of slow economic growth on the markets.

 

PRACTICAL PLANNING SEGMENT

 

  • [8:42] QUESTION ONE: How realistic is it to talk with family about “personal values” and how can you state them openly without setting yourself up for failure? And what about contentment in retirement instead of staying busy?
  • [12:39] QUESTION TWO: A listener correction to one of my answers to a listener question about retirement qualifications.
  • [14:06] QUESTION THREE: Is keeping cash on the side in order to buy stocks really a good idea? Isn’t that cash losing more than it’s potentially going to gain?
  • [19:12] QUESTION FOUR: Where do we put the extra 20% we’re saving? It’s hard to know where to allocate it.
  • [21:39] QUESTION FIVE: I only have a bit over 2 years before retirement but I really don’t like my job. Any ideas?

THE HAPPY LAB SEGMENT

  • [26:21] Making the life that you want because life doesn’t come to you.

TODAY’S SMART SPRINT SEGMENT

  • [28:04] The 7 day challenge: brainstorm one area of your life (an area that’s frustrating you) and figure out what YOU can do to improve the quality of your life in that area.

 

RESOURCES MENTIONED IN THIS EPISODE

Text “planning” to “33444” to get 6 shot Saturday

What does that mean resource: http://www.investopedia.com/terms/g/gdp.asp

Hot Topic resource: http://www.cnbc.com/2016/07/29/gdp-us-economic-growth-is-close-tozero.Html

Work with Roger: http://rogerwhitney.com/work-with-me/

 

Direct download: RAM133.mp3
Category:general -- posted at: 6:00am CST

Personal values are really important. Do you know what yours are?

It’s easy to respond immediately to the question with a “Sure, I know what my personal values are.” But do you really? I didn’t until I was challenged by my life coaches - Robert Mallon and Bill Watkins - to write down my top 10 personal values. It was HARD, but so helpful. The reason it’s important to write them down is because you don’t know what you’re aiming at if you don’t clearly identify it. But you’ll also tend to live inconsistently from what you truly believe deep down if you don’t clarify the personal values that matter the most to you. On this episode I’m going to walk you through a way that you can identify and establish your top 10 core values and begin to shape your life around them. It will benefit you personally and set you up for a greater sense of happiness as you enter retirement.

My early adult years were not lived congruent with who I wanted to be.

From early on as a young adult I would have told you that I wanted to be bold, brave, compassionate, loving, a family man, and many other virtuous sounding things. But my wife and kids can tell you that even though I said those things, I didn’t do a very good job at living them out. In fact, I was quite a jerk to the people I loved the most. It took some hard knocks to my hard head to wake me up to the fact that I was not living in congruence with my inner personal values. One of the main reasons was because I hadn’t defined them. On this episode you’ll get to hear the story of my earlier years and what made the difference in the way I see and live my life. And more importantly I’m going to share how YOU can make the changes needed in your life to live in greater congruence with your own set of core values.

Why do you do what you do?

It’s an important question. It’s one I hadn’t given much thought to until my coaches challenged me to answer it - specifically. When I dug deeper to discover the things that motivated my actions I didn’t like everything that I saw. That’s because I wasn’t always acting in a way that was congruent with my core beliefs. So let me ask you again, why do YOU do what you do? If you would like some help in getting to the bottom of that question this episode of The Retirement Answer Man should prove helpful. If you follow through with the suggestions I make on this episode I believe you’ll come away satisfied and more purposeful for the years ahead.

Which is first on your list of personal values, your money or your family?

It may sound ludicrous to even ask the question (I hope so) but you don’t really know the answer until you take the time to decide. Many of us work all of our lives to accumulate money and stuff and leave the relationships in the dust. By our actions someone looking on could easily come to the conclusion that we care more about the money than we do the people. If that sounds “off” to you, it should - and on today’s episode I’m going to give you access to a fillable PDF that you can use to determine and write down your top 10 personal values so that you can be SURE you’re living consistent with what you really want out of life.

There are lots of things I value in life. But these are my top 10.

It may sound a bit artificial to prioritize the top 10 things I value in life - but I did it - and I did it at the suggestion of a couple of life coaches who are helping me get my living (actions) aligned with my beliefs (personal values). On this episode of The Retirement Answer Man I decided to share the results of my “top 10” list with you - not because I have the perfect list of personal values… in fact, yours should be very different than mine - but because my list may serve to help you think through your own list so that YOU can live more congruently with what you truly care about. And I believe that will enable you to live a much happier retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Why many retirement conversations include “Who do I want to be for the rest of my life?”

HOT TOPIC SEGMENT

 

  • [4:10] The distaste for both major candidates in the Presidential race.
  • [5:59] Do these two candidates best represent who WE are as individuals?

WHAT DOES THAT MEAN? SEGMENT

  • [6:36] Todays term: CONGRUENCE: The state achieved by coming together.
  • [7:35] Why congruence in life is so important to a happy life.

THE HAPPY LAB SEGMENT

  • [10:33] What happens if you start to live a life more congruent with your beliefs and values.

PRACTICAL PLANNING SEGMENT

  • [12:44] Why personal development is a focus of this podcast - and why you should focus on it as part of your journey.
  • [15:05] The first steps I took to come into alignment with my own personal values.
  • [16:43] My top 10 personal values (Maybe my example will resonate with you).

TODAY’S SMART SPRINT SEGMENT

 

RESOURCES MENTIONED IN THIS EPISODE

www.rustylionacademy.com/answerman

Stacking Benjamins

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

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

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

Direct download: RAM132.mp3
Category:general -- posted at: 6:00am CST

Burnout may not be top of mind for you when you’re thinking about retirement.

But maybe it should be. After all, you won’t be as productive in your pre-retirement years if you’re subject to job related burnout all along the way. Toward helping you think about your retirement planning in a healthier and more productive way I’ve asked Dr. Clark Gaither to join me. He’s known as “Dr. Burnout” and has studied and become an expert on the topic of burnout. He’s going to help us think through the causes, symptoms, and prevention of burnout and get us on the right track.

What IS burnout anyway?

Dr. Clark Gaither is an expert on the subject of burnout and says that it comes into our lives often when we are overworked, unsatisfied in our work, and a variety of other things. But what is it, really? It’s that sense of lethargy or weariness you feel - on a chronic basis - that keeps you from being your most productive. On this episode we’re going to dig into the causes of burnout and I’m going to challenge you to check yourself carefully to assess whether or not you’re at risk of burning out anytime soon. And if so, we’ll give you some ideas for what you can do about it.

What are the reasons for burnout? Are you experiencing any of them?

When I asked Dr. Gaither about the reasons for burnout he walked me through a handful of things that most of us experience at some time or another in our lives. But burnout sets in when they gang up on us and we experience many of them at once. On this episode we’re going to talk through all of Dr. Gaither’s reasons for burnout and I bet you find some of them present in your life right now. If so, what can you do about it? You’ll find out as you listen to Dr. Clark Gaither’s sound advice.

What can you do if you’re on the verge of burnout (or smack dab in the middle of it)?

Experiencing burnout can be one of the most frustrating and difficult things we go through in life. When you get to that place you’ve definitely got to do something about it - and quick. My guest today, Dr. Clark Gaither is known as “Dr. Burnout,” and he’s got a great set of suggestions for how you and I can address the burnout issues we’re facing and how to put some prevention steps in place to keep burnout at bay and provide a greater sense of satisfaction in our lives. Are you ready? Let’s find out together.

Here’s a very practical thing you can do over the next 7 days to assess your level of burnout.

On this episode Dr. Gaither shares some of the primary symptoms that people feel when they are experiencing burnout. On my SMART sprint segment of the show today I give you a very practical thing you can do to assess whether or not you are experiencing burnout so that you can have a better idea about what can be done to get relief and experience a fuller life as you head toward retirement. It’s not a hard homework assignment, so make sure you listen and find a way to fit it into your schedule this week.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:39] My introduction to this week’s topic: Burnout - and my special guest.

WHAT DOES THAT MEAN? SEGMENT

 

  • [2:11] What is burnout?

 

HOT TOPIC SEGMENT

  • [4:06] The top 10 most stressful jobs and the 5 LEAST stressful jobs.

PRACTICAL PLANNING SEGMENT

  • [7:01] Dr. Clark Gaither: who is he and why is he a specialist on the topic of burnout?
  • [8:00] How Dr. Gaither discovered his own level of burnout and what he did to help.
  • [13:07] Job related burnout symptoms you should know about.
  • [16:20] The things people do to “act out” when they are experiencing burnout.
  • [17:45] The good news and bad news with job related burnout.
  • [19:23] The 6 main causes for job related burnout.
  • [22:43] How to reignite yourself if you’re facing job related burnout.
  • [30:27] How to learn more about Dr. Gaither.

TODAY’S SMART SPRINT SEGMENT

  • [32:25] Today’s challenge: For 7 days, write down what burnout symptoms you have.

THE HAPPY LAB SEGMENT

  • [31:13] Self care is important to prevent burnout… what can you do?

RESOURCES MENTIONED IN THIS EPISODE

www.DrBurnout.com - Dr. Gaither’s website

Dr. Gaither’s BOOK: Powerful Words

Burnout Inventory

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: RAM131.mp3
Category:general -- posted at: 6:00am CST

Retirement age is approaching faster than most of us want to admit.

It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years.

A huge pension insurer is now broke! What now?

Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode.

What is YOUR ideal retirement age?

So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen.

SIPC insurance? FDIC insurance? What the heck does that mean?

On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen.

Regular conversations and adjustments make for a more secure retirement.

The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:32] The issue of security during retirement: more than dollars and cents.
  • [2:59] Today’s episode will cover insurances, etc. to help you be secure during retirement.

HOT TOPIC SEGMENT

  • [4:11] A huge pension insurer is now broke. Liabilities are 27% over assets. Ouch!
  • [6:15] The implications and consequences of the news.
  • [8:20] The possibility of a government bailout (or a combination of various options).

WHAT DOES THAT MEAN? SEGMENT

  • [10:24] Today’s term: SIPC Insurance (Securities Investor Protection Corporation).
  • [13:20] Examples of how SIPC protection might be protected.

PRACTICAL PLANNING SEGMENT

  • [14:44] Three listener question.
  • [15:00] QUESTION ONE: Can you explain the limits on FDIC insurance? Should I break up my accounts for the sake of insurance?
  • [23:02] QUESTION TWO: Social security benefits for spouses when one takes the benefit early and the other spouse passes away?
  • [24:40] QUESTION THREE: Can my wife access her 401K now that she’s 55 even though she lost that job at age 54?

THE HAPPY LAB SEGMENT

  • [26:03] My happiest clients are the ones who make adjustments as they go.

TODAY’S SMART SPRINT SEGMENT

  • [27:52] Get out your calendar and schedule a series of conversations with your spouse or yourself about what you’re trying to accomplish.

 

RESOURCES MENTIONED IN THIS EPISODE

www.FDIC.org

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: RAM130.mp3
Category:general -- posted at: 6:00am CST

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