Retirement Answer Man

The 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles.

America’s practice of peaceful transition of power enables a healthier economy.

In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times.

Did you know that financial stress can make you feel older?

It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life.

If you want to insulate your finances from market volatility, here are some tips for you.

It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode.

There will always be financial ups and downs. Should they dictate your happiness?

One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:34] My thoughts about our current election and some thoughts from what I’ve read this week.
  • [1:26] The election of 1828 between John Quincy Adams and Andrew Jackson.

WHAT DOES THAT MEAN? SEGMENT

  • [5:23] What is a peaceful transfer of power?
  • [6:17] The U.S. holds the record for the longest running peaceful transfer of power.
  • [6:53] How this practice impacts financial planning.

HOT TOPIC SEGMENT

  • [8:30] How financial stress can make you older.

PRACTICAL PLANNING SEGMENT

  • [12:04] What can you do to insulate your investments from market downturns?
  • [14:42] The reality of market turmoil and the need for insulating your finances.
  • [15:09] How do markets react during an election cycle?
  • [17:50] What happens internationally during U.S. election cycles?
  • [19:07] What happens in emerging markets during U.S. Presidential election cycles?

TODAY’S SMART SPRINT SEGMENT

  • [23:23] Look at your taxable investment assets and identify your realized gains for the year so you can offset gains if you need to do so.

THE HAPPY LAB SEGMENT

  • [26:46] How we do some fun things for Halloween and my remote control fart machine.
  • [29:40] Why it’s good to be goofy as you grow older.

 

RESOURCES MENTIONED IN THIS EPISODE

Market Watch article on financial stress and aging: http://www.marketwatch.com/story/stress-about-money-can-make-you-look-older-2016-10-24

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

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: RAM142.mp3
Category:general -- posted at: 6:00am CST

I love putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen.

Financial planning is good, but is it the only kind of retirement planning you need to do?

When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.”

How is longevity going to affect your retirement?

If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode.

Are you still living in a 3-stage approach to life?

In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode.

Retirement is about the experiences of life as much as it is the financial security.

I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and I’d even say it’s not the most important consideration. What’s more important? Let me get to it by asking you a question… What good would it do you to be financially secure in retirement but to have a life that’s not very enjoyable or that you feel is being wasted? It’s more important that the quality of your life is what it needs to be - and what you want it to be - than the amount of money you have to fall back on. The younger generations are getting this one right in a lot of ways. They are buying experiences and finding ways of making meaningful contributions more than working to accumulate wealth. I don’t believe it’s an either-or thing, but I do think we’re a bit out of balance on this one. You can learn more about how I see the issue on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] Reasons it was easier for our parents and previous generations to retire.
  • [1:40] One of my biggest beef to financial and retirement planning.
  • [2:32] The story of “Who Moved My Cheese?”

HOT TOPIC SEGMENT

  • [6:20] Is there a retirement crisis in the United States? Recent reports say there is.

WHAT DOES THAT MEAN? SEGMENT

  • [8:49] Today’s term: Thrive - what does it mean for today in this retirement environment?

PRACTICAL PLANNING SEGMENT

  • [10:25] Why the “paint by numbers” approach doesn’t work - and the reason I invited author Andrew Scott to be on the show.
  • [12:40] Is it a bit scary to you to think of living 100 years or more?
  • [14:10] Learning to live all of life fully instead of shooting for retirement as your goal.
  • [16:09] What’s wrong with a 3-stage model of life (education - work - retirement) in this new age we live in?
  • [18:20] How the concept of retirement is changing and the implications it has on how you plan for it.
  • [21:40] Why the 3-stage model of life can become a curse in today’s world.
  • [26:38] Why the 40s are a great time to reassess and re-strategize for retirement.
  • [29:43] How younger generations are learning a better approach to life, work, and retirement.
  • [31:02] Be aware that there’s more to consider regarding retirement than finances.

TODAY’S SMART SPRINT SEGMENT

  • [32:24] Read: “Who Moved My Cheese?” - Think about it from the standpoint of what has moved on you.

THE HAPPY LAB SEGMENT

  • [33:22] My 26th wedding anniversary celebration - my lesson learned from not reading the card carefully - and the importance of laughter and giving grace.

 

RESOURCES MENTIONED IN THIS EPISODE

Email Roger your book recommendations: roger(at)wwkllc.com

BOOK: Who Moved My Cheese?

BOOK: The 100 Year Life

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

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

Direct download: RAM141.mp3
Category:general -- posted at: 6:00am CST

When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go.

Find a way to live a life of courage. It will keep you young longer.

My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode.

The Social Security Administration has changed a few things, and you may not like it.

There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage!

What’s the real value of having a financial advisor?

When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey.

Should I take my pension or a lump sum amount?

This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] My Paint-by-Number story, and how it applies to this episode about courage.

WHAT DOES THAT MEAN? SEGMENT

  • [3:22] What is “courage” anyway?

HOT TOPIC SEGMENT

  • [5:56] Your reminder to get 6 shot Saturday.
  • [7:42] Why you may experience a decrease in your Social Security benefits.

PRACTICAL PLANNING SEGMENT

  • [9:40] Listener question from Howard: What is the value of an advisor?
  • [16:23] Question from Jack: Should I take my pension or a lump sum amount?
  • [25:32] Bob’s question: Can my wife do profit sharing, etc. as a freelancer?
  • [28:33] Another Bob asks another question: Should I add bonds to specific accounts within my portfolio?

 

RESOURCES MENTIONED IN THIS EPISODE

Get 6 shot Saturday by texting “Planning to “33444”

Street article about SS amounts changing.

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

Direct download: RAM140.mp3
Category:general -- posted at: 6:00am CST

When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions.

What IS dementia, anyway?

On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode.

Every single one of us needs to deal with the possibility of losing our minds.

None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid.

The primary way to avoid losing your mind: DIET.

You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years.

Happiness is forged one day at a time.

If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:50] My introduction to this episode’s topic: The biggest fear people have.

WHAT DOES THAT MEAN? SEGMENT

  • [3:40] What IS dementia?
  • [4:52] Symptoms of dementia & forms of dementia.

HOT TOPIC SEGMENT

  • [6:34] Dementia facts and figures.

PRACTICAL PLANNING SEGMENT

  • [8:34] My guest today, Maggie Moon, and the prevention of dementia.
  • [12:20] What is the M.I.N.D. diet and why is it important for mind health?
  • [14:02] How Maggie started researching brain and mind health.
  • [18:12] The importance of whole grains in the diet.
  • [20:12] How to understand and implement proper serving sizes.
  • [21:33] The easiest way to make meal planning work for you.
  • [23:36] The intimidation of the kitchen and how to get past the fear.

THE HAPPY LAB SEGMENT

  • [25:55] You create a happy life one day at a time.

TODAY’S SMART SPRINT SEGMENT

  • [28:03] The challenge to keep a food log.

 

RESOURCES MENTIONED IN THIS EPISODE

BOOK: The Mind Diet Book

www.MindDietMeals.com

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: RAM139.mp3
Category:general -- posted at: 6:00am CST

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