Retirement Answer Man

Dealing with failure is never an easy thing. We all have things we regret, wish we could do over, or would like to have never done in the first place. This episode of The Retirement Answer Man is filled with YOUR feedback to this show - over 220 responses you sent in at my request, responses to my annual listener survey. And you didn’t hold back! There was lots of great advice for making the show better and a few criticisms that I have to admit stung a bit. But I’m not going to take it personally - I’m making the choice to deal with the potential failures revealed in your feedback as exactly that - feedback. I’m going to use it to become better! I hope you listen in.

The Retirement Answer Man 2016 Listener Survey - the results are in!

I am one of the few podcasters I know who actually does a listener survey each year - and I do it for a very specific reason. I honestly feel that the podcast is about you. I want to talk about the things that YOU feel will be most helpful to you, so I need to hear how the things I’m doing are impacting you on a practical level. As a result of the excellent feedback I received this year, I have some changes to announce and some promises to make about the show going forward. If you want to know what’s coming on the RAM show in the next year, take a listen to this episode!

Could you use some practical case studies of real-life retirement issues?

Apparently, all of you who listen to The Retirement Answer Man show are a practical bunch. The listener survey reveals that you want me to do more case studies - you know, the practical stuff that helps you apply retirement strategies and principles to real-life situations. And because you asked for it, that’s exactly what I’m going to do in 2017. In addition to my annual “Retirement Plan Live” (which is coming up after the first of the year), I’m going to do a few more case studies of various sorts throughout the year. I want the show to be as helpful to you as possible, so thanks for letting me know what you want!

Do you feel like a failure when it comes to your retirement planning?

Many people wait far too long to start planning for a happy and healthy retirement. It takes time to build up the funds needed for a secure retirement and you know, time has a way of sneaking up on us all too quickly. If you’re feeling fearful about your retirement I want to encourage you that it’s never too late to start. There are some important things you can begin to do today to mitigate the damage of procrastination and get moving in the right direction. Don’t worry about what’s coming in the future. Start focusing on what you can do now to make your future better.

These are the top fears people have when it comes to retirement.

The 220 participants in my 2016 Listener survey were very clear and honest when it came to expressing their top fears relating to retirement. Would you like to hear what they said? Number one on their list of fears was the rising cost of healthcare. That makes complete sense because our senior years are often years of rising medical costs. A close second on the list is a related issue in a sense, and that is that they will run out of funds to live on before they run out of life! What can you do to offset your fear and ensure that they never come true? One thing you can do is listen to The Retirement Answer Man podcast. Each week I’m aiming at helping you prepare for the happy and healthy retirement of your dreams. You could learn a lot by listening.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] The quote I’ve learned to live by and how we need to think about failure and feedback.
  • [1:15] A personal example of my first major failure: debate class.

HOT TOPIC SEGMENT

  • [3:20] The responses I received from 220 of you on my annual listener survey!
  • [7:15] Your most enjoyed segments of the show!
  • [8:31] The things you want to see more of on this podcast.
  • [9:15] What excites you most about retirement - survey responses.
  • [10:35] The things you are most worried about when retirement comes.
  • [11:34] Your comments and ideas about how the show can become better.
  • [15:51] The changes you can expect for the 2017 version of The Retirement Answer Man.

PRACTICAL PLANNING SEGMENT

  • [21:20] The end of the road map personal planning option I’ve been providing and the advent of something new.
  • [24:58] Book recommendations from listeners like you!
  • [30:30] How you can leave a book review.

TODAY’S SMART SPRINT SEGMENT

  • [30:43] Your 7 day goal for this week: Make a commitment to take a step back and not worry.

RESOURCES MENTIONED IN THIS EPISODE

BOOK: Bounce Back: Overcoming Setbacks in Business and Life

BOOK: Winning the Loser’s Game

BOOK: Outwitting the Devil

BOOK: Living Forward

Roger(at)wwkllc.com - reach out to Roger if you want to be on retirement plan live.

www.RicherSoul.com - Rocky’s site.

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: RAM150.mp3
Category:general -- posted at: 6:00am CST

You may not even know what “hyperbolic discounting” is. But it’s something we all fall prey to numerous times, at least weekly. It’s the temptation to do something now that you know is not the best long-term. On this episode, I tell the story of how I bought a set of noise canceling headphones even though I knew that the money spent on them could have been invested more wisely in other ways. It’s an example of hyperbolic discounting that I use to show you how you and I need to be careful that we’re not making decisions today that will come back to bite us tomorrow.

Is your retirement fund really going to be there when you need it?

As human beings we have this amazing capacity to convince ourselves that the decisions we’re making are the best decisions we could make, when in fact, they simply aren’t. It’s called self-deception and it’s part of being human. One of the ways we do that is by giving in to the temptation of hyperbolic discounting - justifying a choice that’s a short-term gain at the expense of a bigger long-term payoff. It’s why we eat the cookie now rather than “being good” for the sake of reaching that ideal level of fitness that we really want. On this episode, I’m talking about the role that hyperbolic discounting plays in retirement planning and why it’s important to have the outside perspective and help of a qualified advisor. I hope you’ll take the time to listen - for the sake of your long-term goals.

My 3rd annual Retirement Plan LIVE will begin in February. Do you want in?

One of the most popular and helpful things that I do on The Retirement Answer Man podcast is the annual Retirement Plan LIVE. It’s where I take a real-life person (maybe you) and work through their financial situation alongside them to devise a plan toward the things they want to have in place when they reach retirement. But I can’t do it alone. I need someone who’s willing to be the subject of the plan. Is that you? You can find out who I’m looking for and whether you’d be a good fit on this episode of The Retirement Answer Man!

Anytime an advisor makes recommendations before he understands your situation, you should run!

A listener wrote to me to ask what the difference is between annuities and a whole life insurance policy. It turns out her questions stem from a conversation she’s been having with an insurance advisor who’s encouraging her to look into the possibility of whole life insurance instead of annuities. I don’t know enough about her situation to say that he’s giving her bad advice but I do know this: Anytime and advisor begins to point you in a certain direction without having assessed the entire situation, you need to be very, very careful. Find out why I’m so cautious, on this episode.

One way you can avoid hyperbolic discounting is by taking a small step of immediate action.

Hyperbolic discounting is when you choose a small benefit today at the expense of a larger benefit later. It’s the opposite of practicing delayed gratification. On my smart sprint segment of this podcast episode I give you a simple, easy plan to increase your retirement contributions that you won’t even feel month to month but that will enable you to avoid the temptation of doing nothing at all to increase your retirement. You can find out what it is on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] The struggle with temptation we all face and the cost they can have on life..

HOT TOPIC SEGMENT

  • [3:00] Beginning 2/1/2017 - The 3rd annual Retirement Plan LIVE begins!
  • [5:00] What it takes for YOU to be my RPL subject for this year!

WHAT DOES THAT MEAN? SEGMENT

  • [8:30] What is Hyperbolic discounting?

PRACTICAL PLANNING SEGMENT

  • [12:37] How should you evaluate your insurance needs in light of current insurance plans?
  • [17:05] Why a second opinion on issues is important.
  • [19:40] QUESTION: How should you evaluate annuities VS insurance solutions?
  • [21:38] QUESTION: What should I do with extra money each month?

TODAY’S SMART SPRINT SEGMENT

  • [25:33] Go to your retirement accounts and review your allocations, then increase your contributions by 1%.

THE HAPPY LAB SEGMENT

  • [26:21] The importance of having little conversations all through life - and why you need more positive things to keep you on track.

RESOURCES MENTIONED IN THIS EPISODE

Roger’s email: Roger(at)wwkllc.com - submit yourself for Retirement Plan LIVE

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

TWEETS YOU CAN USE TO SPREAD THE WORD

#149 - How The #Temptation of #HyperbolicDiscounting Can Bite You In the End

Is your #RetirementFund really going to be there when you need it?

My 3rd annual #RetirementPlan LIVE will begin in February. Do you want in?

Anytime an #advisor makes recommendations before he understands, you should run!

One way you can avoid #HyperbolicDiscounting is by taking a small step of immediate #action

Direct download: RAM149.mp3
Category:general -- posted at: 6:00am CST

You want to get the most out of your Social Security benefits, right? I’m with you, maximize Social Security as much as you can! But there’s a lot of conflicting advice out there about what you should do to make that happen. Some advisors are saying you should take early but reduced benefits in view of life expectancy while others are saying the early benefit is wise because social security is not a very stable system and it may not be around by the time you can take the increased benefits. What should you do? On this episode I’m going to walk you through the outline of a presentation I gave on this very subject, so grab your thinking cap and let’s get to work!

Why are more retirees taking their early, reduced social security benefits?

It’s more common than ever in recent years that people who qualify for taking social security are doing so at the earliest possible moment. It’s totally legal and OK to do, but when you do you get a reduced rate of benefit - and you’re locked into that rate for the rest of your retirement years. If you get less money, why are more people doing it? On this episode of The Retirement Answer Man, I’m going to explain it to you and even walk you through a few scenarios of what the numbers look like if you take the early benefit VS waiting. I think you’ll be surprised at the difference!

Is social security even going to be around when you reach your maximum benefit age?

There are many people who take the early but reduced benefit on their social security because they are not confident that the social security system is stable enough to last until their full benefit age. I get that. There’s been lots of scary prognosticating surrounding the viability of social security that’s made the rounds over the years. Coupled with that is the sentiment many people have that they’ve worked hard all these years to fill their social security fund so the minute it’s available, they want it! On this episode, I’m going to give you my opinion about whether or not the good old SS administration will be around for very long. I hope you listen.

Before you decide to take your social security benefits at the earliest date, think of your family.

I totally get the eagerness many people have to tap into their social security benefits the moment they can legally do it. But when you do so you need to realize that the decision you make will not only impact you, it will also impact your spouse and possibly your surviving children. On this episode of The Retirement Answer Man, I’m going to walk you through a scenario or two to show you what could happen by taking your benefits early and give you some things to consider about whether it’s the best move or not.

If you want to maximize social security maybe you should work some during early retirement.

I know, it sounds crazy to work during retirement. But on this episode, I’m going to show you the huge financial difference it could make if you simply work a small amount during the earliest years of your retirement. It will not only help you maximize social security for your own benefit but will also dramatically change the quality of life you enjoy during the later years of your retirement. Interested? I think you will want to hear this perspective.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:21] My introduction of this episode about maximizing your social security benefits.

HOT TOPIC SEGMENT

  • [4:04] Michael Hyatt’s “Your Best Year Ever” course and why I’m promoting it!

PRACTICAL PLANNING SEGMENT

  • [6:04] My whirlwind tour of Texas, speaking to CPAs.
  • [8:08] Something important to consider about social security.
  • [10:55] Why you need to review your SS earnings statements.
  • [13:15] How some people take a reduced rate on Social Security benefits.
  • [15:40] Calculating the “break even” age to decide if a reduced rate makes sense.
  • [17:00] How longevity statistics impact the decision.
  • [20:00] Why the decision is not only about your life but those of your family members too.
  • [22:05] Why working during early retirement is making more sense all the time.
  • [24:55] How it could be a bad decision to take early, reduced Social Security benefits.
  • [27:04] A quick example of what could happen in either case.

TODAY’S SMART SPRINT SEGMENT

  • [33:18] Choose a word to guide you in making decisions this coming year.

THE HAPPY LAB SEGMENT

  • [34:36] What I did yesterday that made me very happy! I didn’t get out of bed until 1 PM - and I didn’t guilt myself out!

RESOURCES MENTIONED IN THIS EPISODE

Michael Hyatt’s Best Year Ever Course

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: RAM148.mp3
Category:general -- posted at: 6:00am CST

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