Retirement Answer Man

This episode of Retirement Answer Man is the second in the Market Correction Fire Drill series. After listening to the previous episode you know that a market correction is inevitable and how to measure your risk tolerance to help you become prepared for every eventuality. On this episode, we discuss how to rebalance your portfolio. Are you wondering why all of this is important to your retirement planning? Listen to this episode so that you fully understand how important rebalancing your asset allocation is to your portfolio, being prepared for the market correction, and your future lifestyle.

Apply your risk tolerance to your portfolio

Last week we discussed how to measure your risk tolerance and how to connect that tolerance to the life you want to live. On this episode, I cover how to implement what you learned in the Market Correction Fire Drill Step 1. Hopefully, you have been able to analyze your risk tolerance and discover how much risk you are comfortable with and match that risk accordingly to the life that you desire. When you listen to this episode, you will learn how to rebalance your portfolio to match the risk level that you have set for yourself. Listen to this episode to hear how regularly rebalancing your portfolio can help you keep in line with your risk tolerance.

What does rebalancing mean?

I know you are wondering what I mean by rebalancing your portfolio. Rebalancing means adjusting your portfolio to reflect the risk level that you have intentionally set for yourself. The better your stocks are faring the more off balance your portfolio can become, which means that you may be taking on more risk than you are comfortable with. As with all of your investment strategies, always keep your future retirement lifestyle in mind. Listen in to the full episode to hear examples so that you can truly understand what a rebalanced portfolio looks like.

How often should you rebalance your portfolio?

Remember to rebalance according to your retirement goals. If you don’t rebalance your assets could be out of balance and set up for more risk than you want. As the markets rise your assets can get out of balance. When your investments grow you’ll need to step back and analyze your portfolio. That way you can adjust your asset allocation so that you can get back on track and back into your comfort zone. The questions of when and how often you should do this can be challenging. While it might be different for each individual, if you listen in to this episode I’ll give you a good rule of thumb about when to do this and how often.

Rebalancing can be harder than you may think

It is hard to sell when you are doing well in the markets, sometimes you just want to ride the wave. When we rebalance regularly we ensure that you are thinking about how far you want to ride each particular investment. This can be very counterintuitive. We tend to want more of the good and less of the bad. But rebalancing regularly helps ensure that you sell high and buy low, which is what investing is all about. Listen to this episode to hear more detailed advice on how and when you should be buying and selling.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:56] Rebalancing your portfolio
  • [5:52] How often should you rebalance
  • [7:02] Rebalancing can be harder than you may think

PRACTICAL PLANNING SEGMENT

  • [10:26] How can a portfolio of pure stocks have a probability of success so close to a 50/50 stocks/bonds
  • [13:54] Is there a benefit to paying your January mortgage in December?
  • [14:59] How do you decide between an annuity and a lump sum?

THE HAPPY LAB SEGMENT

  • [18:02] What is the key to a Merry Christmas?

TODAY’S SMART SPRINT SEGMENT

  • [20:23] Rebalance your asset allocation that is tied to your goals

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM201.mp3
Category:general -- posted at: 6:00am CST

Talking about a market correction can either seem scary or far-fetched in this economic climate. But it is important to understand that a market correction will happen. And it is important is to know what to do when the market correction does happen. On this episode, we will go over how to prepare for when the market correction happens. This episode explains step one of a multi-step process. You will want to make sure to listen to this episode and all the episodes in this series to help you prepare for the impending market correction. Don’t let the market catch you off guard!

What are the most important things to do to help prepare your portfolio for any eventuality?

How do we fortify our investments when the market correction happens? If you are near retirement assessing your risks is one of the most important things you can do to prepare yourself for retirement. On this episode, we go over two important questions to have in mind to see if you are really prepared for any eventuality. As you get closer and closer to retirement age you need to reassess your risks and their connection to how you hope to live in your retirement. Listen to this episode to find out which questions you should be asking yourself to prepare yourself for the inevitable market correction.

How do you measure your risk tolerance?

Have you really thought about your risk tolerance when it comes to your retirement investments? This episode will make you think again. You need to make sure you know how much risk you are taking in your investments. The investment industry maximizes your risk tolerance, but the last time you thought about risk may have been some time ago. Sign up for 6-Shot Saturday to get the PDF tables that I have created to help you really analyze your risk. You’ll want to listen to this episode to understand how to ensure that you are taking the right amount of risk for your comfort.

Is your risk tolerance tied to the life that you want to live?

Make sure your risk tolerance is actually tied to the life that you want to live in retirement. Sometimes the risks you can tolerate may have no actual connection to the lifestyle that you hope to live in retirement. Take some time to this week to really analyze the risks that your portfolio is set up to take. Are these the risks that you are willing to withstand, and how could these potential risks affect your retirement? You can use the PDF models that I will send out in 6-Shot Saturday to help you analyze your risk tolerance. Be sure to listen to the full episode to find out what else you should be thinking about to prepare for the market correction.

Find your balance

As you begin to move from the accumulation phase to the distribution phase of your investing your risk-taking behaviors may need to be tweaked. Finding the right balance that you are looking for is the first step in preparing for a market correction. The PDF models that I use will really help you get a grasp of your risk tolerance and help you visualize your chances of success with different planning models. These models will help you strike the balance that you are looking for in your investments. Make sure you listen to this episode to hear how mitigating your risk can help you prepare for any market correction and be sure to sign up for 6-Shot Saturday to get the free PDF model to help you make the right choices for your investments.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] A market correction hasn’t happened for eight years, how will you handle the next one?

HOT TOPIC SEGMENT

  • [4:52] What to do when the market correction will happen
  • [9:20] Let’s learn about risk tolerance

PRACTICAL PLANNING SEGMENT

  • [18:47] I answer questions on health insurance costs
  • [21:50] What are some book recommendations for retired people

THE HAPPY LAB SEGMENT

  • [26:11] On self talk becoming your reality

TODAY’S SMART SPRINT SEGMENT

  • [28:21] Understand how much investment risk you are taking and analyze whether that is the risk you are willing to take

Resources Mentioned In This Episode

 BOOK- Essentialism by Greg McKeown

BOOK- The Slight Edge by Jeff Olsen

BOOK - Investing for a Lifetime by Dr. Richard Marston

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center 

The Retirement Answer Man Facebook Page

 

Direct download: RAM200.mp3
Category:general -- posted at: 6:00am CST

What can we control in life? How can we identify factors beyond our control? The trouble with retirement planning is that so much of it relies on factors beyond our control. Join me today as I discuss the impending force of a market correction and answer some listener questions from our Retirement Plan Live Webinar. We must learn to accept that there are things beyond our control. Once we do that and we learn to only worry about the things that are within our power to change we begin to feel much freer. So listen in to today’s episode to find out how to identify forces that are within your control to free yourself of inner turmoil about your retirement.

Market corrections may not be all that scary

Vanguard published a report recently stating that there is a 70% chance that there will be a stock market correction. I’m here to tell you that that’s not true, there is a 100% chance of that happening! Unfortunately, no one can accurately predict when this will happen. There is so much concern that head of Goldman Sachs feels unnerved by things going on in the stock market. Listen in to hear what his 8 reservations are. As scary as market corrections are, they can be healthy, similar to a forest fire. They help to burn off the excess, weaker growth in the markets. Find out what I mean by this by listening to this episode of Retirement Answer Man.

What can we control?

We know a correction is going to happen but not when or how extensive it will be. So, knowing all this, what do we do with this information? We can’t control or predict when a market correction will happen, but we can control how we allocate our assets to work towards a life that we want. Right now is the best time to discover how to control your balance sheet and make sure that your financial plan is fully in order. Listen in as I discuss how to financially weather a market correction and what you should be doing to prepare yourself for the inevitable market correction.

How do taxes affect your retirement plan?

Are you curious as to how to apply what you learned in the Retirement Plan Live Webinar to your own retirement plan? You guys chimed in with some incredible questions about our Retirement Plan Live webinar. On this episode, I address some listeners’ questions and make things clearer on how we can take Lori and Bruce's situation and apply it to you. Listen in as I answer some fantastic listener questions about taxes and retirement. We discuss state income tax and when to contribute to a Roth IRA. Listen to the Q&A portion of the show to find out to what extent the planning tool takes taxes into account and how moving states can affect your retirement plans.

What you can do to raise your confidence level in your retirement plan

Are you concerned about confidence levels in your own retirement plan? One listener is. Listen to this show as I address this question. You may feel concerned that your money could run out. But what can you do to up your confidence level in your retirement plan? Think of the all the levers you could pull; work longer, spend less in retirement, save more, take more risk. What could you do to become more confident in your retirement? I get down to the heart of this question so listen in to hear my thoughts on this matter and discover why is an 80% confidence level ok when talking about retirement. We must make smart, balanced choices to live a great life today but be confident about tomorrow.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Today I discuss market corrections and answer some questions from listeners

HOT TOPIC SEGMENT

  • [3:36] Vanguard says there is a 70% chance for a stock market correction
  • [4:42] The 8 worries that the head of Goldman Sachs has for the stock market
  • [8:42] What can we control in the market?

PRACTICAL PLANNING SEGMENT

  • [12:52] Listeners comments and questions about Lori and Bruce
  • [13:52] Listener questions about taxes
  • [20:10] Confidence scores in retirement

THE HAPPY LAB SEGMENT

  • [27:56] On Christmas decorating and allowing yourself to fully celebrate events

TODAY’S SMART SPRINT SEGMENT

  • [30:02] Make a list of events to celebrate at a higher level than in the past

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM199.mp3
Category:general -- posted at: 6:00am CST

This may surprise you, but there are youngins out there that we can learn from! My guest today is only 34 years old, but he knows quite a bit about retirement. Deacon Hayes is the author of a new book called You Can Retire Early and he has a fantastic website full of resources that can help you start planning your early retirement. Don’t let his age fool you, Deacon is full of great retirement advice. Listen to today’s show to hear about some innovative ways to prepare for your retirement.

Find your why

It’s not just me! I’ve been telling you guys all along that you need to find your why. Deacon Hayes agrees that finding your why is so important. Deacon advocates early retirement, but having a reason to get out of bed and have a goal is important to everyone. Whether you're 35 or 65 you need to focus on your why to help you stick to your financial goals. Without your why behind you, it’s easy to lose focus and get off course. Listen to this conversation to hear Deacon’s point of view on finding your why.

Retire towards something, not away from something

Do you have antiquated ideas about retirement? Just like workplaces, retirement is evolving. These days retirement doesn’t mean that you stop working and sit on your couch watching the news for the rest of your life. Like me, Deacon feels that retirement is an opportunity to live your life with purpose. He says that you should retire towards something, not away from something. Deacon shares with me a wealth of excellent information on today’s show about how retirement is changing and the traditional way of spending our golden years may be a thing of the past. I think you’re going to like what he has to say, so listen in to hear more!

 

Do you really need millions of dollars in the bank to retire?

So now that we know that you won’t be spending your retirement the same way that your parents and grandparents did, how will you fund this new form of retirement? Maybe you don’t need to have millions of dollars saved up in your 401k. I love talking to Deacon since he really thinks outside the box. Listen to this discussion to hear about some innovative ways of making money in your twilight years.

How to deal with life outside the paycheck

Since Deacon advocates early retirement and finding different ways of making money, how does he deal with the instability of not having a steady paycheck? It’s tricky when you are living life outside of the box, but by diversifying your income streams you can find a bit more stability when hard times hit one sector. Listen to our discussion to find out how to handle your finances without a biweekly paycheck. Deacon has some great strategies that you can use to transition into a life without a steady paycheck.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Welcome Deacon Hayes

HOT TOPIC SEGMENT

  • [2:44] The webinar replay is available, email me your questions and comments

PRACTICAL PLANNING SEGMENT

  • [4:03] Let’s meet Deacon Hayes
  • [4:32] How does Deacon define retirement
  • [11:32] Build a nest egg but also build skill set
  • [12:01] What will Deacon’s retirement look like?
  • [13:29] How do you deal when you don’t have a consistent income
  • [17:12] Understanding the choices that we make that impact your long-term financial goals

THE HAPPY LAB SEGMENT

  • [22:58] Turn things off and be with the people you love

TODAY’S SMART SPRINT SEGMENT 

  • [23:54] Sit down and write 5 things that you are going to stop doing in 2018

Resources Mentioned In This Episode

Deacon’s website - WellKeptWallet.com

BOOK - You Can Retire Early! By Deacon Hayes

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center


The Retirement Answer Man Facebook Page

Direct download: RAM198.mp3
Category:general -- posted at: 6:00am CST

Many people love to travel, as a matter of fact, it is at the top of just about everyone’s list of things to do when they retire. Usually, when we think of travel we think of stays in 4 or 5-star resorts and all-inclusive hotels. But what if you could find a deeper meaning to travel? Chris Niemeyer joins me today as we discuss meaningful travel. On this show, Chris and I discuss how you can create more meaningful experiences through travel. When you travel with focus and meaning you can incorporate my favorite acronym -- FOR, family, occupation, and recreation all in one fantastic experience. If you are looking for some insider secrets on how to incorporate meaningful travel into your retirement then listen in to this show to get the scoop.

What is voluntourism?

Is it possible to have a mission trip and a vacation all in one? Is voluntourism only for Christian missionaries? The answers to these questions and more are on this show! My guest, Chris Niemeyer, specializes in voluntourism. Chris is the founder of Mission Travel, a website that helps people find real travel volunteer opportunities all over the world. Would you like to find out how to incorporate helping others into your next trip? Listen to this conversation to find out some excellent insider tricks to plan how to volunteer to help others on your next vacation.

How to plan a multigenerational trip

Have you ever thought about traveling with your family? Enjoying travel with grandkids creates an incredible common bond with them that no Christmas toy ever will. Would you like your family to discover and learn about different cultures all while helping others? My guest, Chris Niemeyer, founder of Mission Travel, helps people do just that. As a matter of fact, he has taken his four young children all over the world to learn about and experience different cultures all while assisting those in need. Find out some fantastic ways to plan your next multigenerational travel experience by listening to my interview with Chris.

Live like the locals

Have you ever wondered what it would be like to live like the locals whenever you travel abroad? Travel expert, Chris Niemeyer, gives me some excellent ideas on how to travel and learn more about local cultures by actually living like them. Chris teaches us how we can expand our comfort zones to go deeper and have a richer travel experience. Chris describes how connections with locals have been the best part of his travels. Listen in to our conversation to understand how traveling like a local can provide you a more authentic experience

How can you save money when you travel

Are you looking for some money saving ideas for your next vacation? Travel expert, Chris Niemeyer, gives me some insider tips on how to do just that! Listen to the show to find out how traveling during ‘shoulder’ seasons can save you money and give you a richer experience on your next vacation. Find out which websites and apps are helpful to saving money by listening to my chat with Chris.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:58] Register for the free webinar on Monday to hear how I walk through Lori and Bruce’s retirement plan

HOT TOPIC SEGMENT

  • [4:08] What do you want in your pretirement and retirement years
  • [5:02] FOR - what does this stand for

PRACTICAL PLANNING SEGMENT

  • [7:12] How can we combine family occupation and recreation through travel to create meaningful experience
  • [13:48] How can you travel more like a local
  • [17:58] Experience of missions
  • [20:52] How can you find purposeful travel
  • [22:53] Multigenerational travel
  • [26:02] Chris’s mission podcast

THE HAPPY LAB SEGMENT

  • [27:03] Living up to our values

TODAY’S SMART SPRINT SEGMENT

  • [28:54] Play a game with someone

Resources Mentioned In This Episode

Mission Travel Podcast

Mission Travel Website

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM197.mp3
Category:general -- posted at: 6:00am CST

This is my third episode of the Retirement Plan Live case study. Over the past few weeks, we have gotten to know Lori as she has shared many details of her finances, lifestyle, and how she and Bruce have begun to prepare for retirement. Today we continue our journey by delving deeper into their finances and learning how they have prepared for the unexpected. Listen to hear how Lori and Bruce have prepared for some major retirement risks and to see if you have considered these risks when planning your own retirement.

How much money does the average American retiree live on? The answer may surprise you!

Some of you have emailed me with concerns that Lori and Bruce may not be the best examples to use as my case study. Many feel that this couple doesn’t best represent the average American retirees. On this episode I address these concerns, we discuss how much money the average American retiree lives on, and we discuss how to manage retirement risks. You’ll want to listen to this episode since you may be surprised by some of the answers. You also need to listen to find out how to register for the live webinar where I break down the details of Lori and Bruce’s retirement so that you can learn how to do this to plan your own retirement. 

Have you planned for the financial surprises that can pop up in retirement?

What lessons can we learn from Lori and Bruce? I realize that they may not represent what Your financial situation looks like. But regardless, we Can learn something from them. You can use their situation to consider your needs vs wants. Everyone’s financial profile is unique, and each situation is different, so use this information to help you decide what is best for you. Listen in to hear how Lori handles the little extra financial surprises as well as how they plan for the big surprises. Do you plan for the car breaking down? How about major illness? Listen in to hear about these and other retirement risks that are important for everyone to consider.

How well do you track your spending?

It is important to track your spending well. You must really pin down your spending numbers to accurately plan your retirement. Since Lori and Bruce have such a low overhead I drill Lori on the details, how they track their budget, how they have their money invested, and whether or not they still have life insurance. Listen in to find out all the small details you need to be keeping track of when planning your retirement budget.

What are the three biggest risks to your retirement?

Do you need to continue a life insurance policy after the rates go up? Have you thought about this? I ask Lori about their insurance policy and if they are financially prepared for long-term specialized care. These are important things to consider when planning retirement. Listen in to today’s podcast so you can discover the three major risks to your retirement and how to prepare for them. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] I read a few emails I have received about whether Lori and Bruce are good examples of the average American retirees

HOT TOPIC SEGMENT 

  • [5:32] What is the average retirement cost for the average American couple
  • [9:32] Needs vs. wants when it comes to retirement
  • [11:52] Make sure you register for the webinar

PRACTICAL PLANNING SEGMENT 

  • [13:39] I ask Lori about the details of how they live on 24k a year
  • [19:53] We discuss inflation and how that may impact their retirement plans
  • [20:45] How Lori invests her money
  • [24:35] We discuss the major risks to Lori and Bruce‘s retirement

THE HAPPY LAB SEGMENT

  • [34:02] On being grateful

TODAY’S SMART SPRINT SEGMENT

  • [35:10] Write a sentence describing these 3 risks to retirement

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeove

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Try the online Rubik's Cube simulator! Set up a random scramble then try to figure out the solution!

Direct download: RAM196.mp3
Category:general -- posted at: 6:00am CST

No matter how much money you may have, worrying about money is part of human nature. We all worry that we may not have enough no matter what our tax bracket is. Even though that is the case, I still say money does not come first when planning retirement. When planning out your financial resources to prepare for retirement, first think about the life you want, then think about the money. This is the second episode in a four-part series where I use Lori and Bruce as a case study to help you to discover how to plan your own retirement. You will want to make sure that you listen in to the full series to understand how to plan your retirement.

Do you have a net worth statement?

On this episode, I discuss what a net worth statement is and why you need one. Make sure you listen so that you can find out how to prepare one for yourself. This tool is indispensable when tracking your financial resources. You definitely want to make sure that you have one of these prepared when you begin thinking about retirement. A net worth statement is a financial dashboard that lists all your assets and debts so that you can understand your worth and work towards planning a great retirement. Are you curious as to what a net worth statement is and how to build one? Listen in today to find out how to use this invaluable tool to help you plan your retirement.

What is the next step of Your financial plan for retirement?

On this episode, I continue my discussion with Lori and we move on to the next step of her and Bruce’s plan for retirement. Last week we discussed what their ideal retirement lifestyle would look like and in doing so we talked about Family, Occupation, and Recreation. This is the FOR part of my acronym FORM. Today is we get to the M part -- Money. Lori discloses her financial resources so that we can get a better feel for how well they are prepared for their impending retirement.

How are you preparing your life for retirement?

Find out how Lori and Bruce downsized their life in preparation for retirement. They used to have the large house and dual incomes and decided that they needed to start preparing for retirement by downsizing their house. Lori gives us the nitty-gritty about their financial resources so that we can discuss their financial plans for retirement. Lori also tells us how she got started as a virtual assistant and how this has been like a pre-tirement phase in her life.  If you've been thinking of having a transition period between full-time employment and retirement, you will want to listen to this episode as we discuss Lori and Bruce's preparations for full retirement.

Have you thought about at what age you would like to retire?

Will you wait until age 65, or retire a bit early? Do you need to wait a bit longer? These questions cannot be answered entirely until you have a full grasp of your financial resources. The first step in understanding your financial resources is to have a net worth statement. Make sure you listen in to this show to hear the case study of Lori and Bruce and to learn what a net worth statement is and how and why you need to prepare one.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:02] Money doesn’t come first

HOT TOPIC SEGMENT

  • [2:57] Nobody feels like they have enough money
  • [3:57] FORM- Family, Occupation, Recreation, and lastly, Money
  • [5:32]  What is a net worth statement
  • [7:02] The difference between a use asset and a productive asset
  • [8:56] Six shot saturday is where you can find the tools to help you build a net worth statement

PRACTICAL PLANNING SEGMENT

  • [9:39] Lori explains how they downsized their life to prepare for retirement
  • [13:56] We discuss the possibility of full retirement at the age of 66 for both of them
  • [19:15] We discuss their assets
  • [21:52] Lori discusses how she got started as a virtual assistant

THE HAPPY LAB SEGMENT

  • [29:03] Find a way to reach out to someone that may need some help, however little

TODAY’S SMART SPRINT SEGMENT

  • [31:50] Create a net worth statement

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM195.mp3
Category:general -- posted at: 6:00am CST

On today’s show, I interview Lori and we begin to plan her ideal retirement. There is no one size fits all retirement plan out there. Everyone’s ideal retirement will look different since we all have different priorities and financial goals. Listen in on this show to find some excellent resources to plan your own retirement. You’d be surprised to hear where the challenges are in planning this important stage of your life. Planning is the first step in ensuring that you are not left in the dark for what may be a thirty to forty year period. Listen in for important tips today as I walk Lori through the first steps that I take with my clients as we begin the retirement planning process.

What are the barriers to retirement?

There are many out there who claim that retirement is dead. This doesn’t have to be true. It’s important to have a plan in place so that you can enjoy this time of your life without the worry that you’re overspending. Planning for retirement can be a daunting process. There are a few challenges that we face when retirement planning that you need to pay attention to. Listen in to today’s show to learn what the obstacles to planning a sound retirement are and how to address them. You don’t want to get stuck on the last barrier when planning your retirement!

It’s OK to dream big when planning your retirement!

When planning your retirement it’s important to think of your needs, your wants, and then your wishes. Dreaming and wishing for things to do in your retirement is OK! But first, you must plan what you need. What are your basics for everyday living? After you get that down then you can start thinking bigger. Listen in on today’s story to hear how we can plan your retirement step by step. You’ll learn what the acronym F.O.R. is for and how thinking about it can help you with your planning process.

How will you spend your retirement?

We met Lori on last week’s episode, and this week we delve into her needs and wants to try and learn how best to prepare her and Bruce for the next thirty years. One of the problems they had when planning their ideal retirement was thinking big. They have lived frugally for so long that dreaming big didn’t come naturally to them. How about you? Do you have trouble thinking of big ways to spend your retirement? Listen in today to find out how I helped Lori think big when planning her golden years.

Are healthcare fears preventing you from retiring early?

Have you thought about healthcare if you plan on retiring before the age of 65? Is this stopping you from retiring early? Retiring before 65 can happen, but healthcare is a big priority when planning your retirement. Find out the creative way that Lori and Gene have discovered to cover their health insurance needs by listening to today’s episode. If you are at all considering retiring before the age of 65 you will really want to listen to Lori’s solution to this important issue.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] The benefits of enrolling in 6 Shot Saturday

HOT TOPIC SEGMENT

  • [4:20] Barriers to retirement
  • [11:38] How do we get over those barriers

PRACTICAL PLANNING SEGMENT

  • [18:14] Lori's ideal perspective of retirement
  • [21:54] What Lori and Bruce's basics are
  • [26:56] Insurance needs
  • [31:52] Their wants and needs

THE HAPPY LAB SEGMENT

  • [39:46] Define and envision your future

TODAY’S SMART SPRINT SEGMENT 

  • [40:29] Define your needs, wants, and wishes for retirement in the worksheets from 6 Shot Saturday

Resources Mentioned In This Episode

Roger’s Kindle Book Rock Retirement

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM194.mp3
Category:general -- posted at: 6:00am CST

Planning for the future has many challenges and you may not know what could be a threat to your retirement. There’s something you may not have thought about when planning your retirement. Over the next four weeks, we’ll be learning about Lori and Bruce in my Retirement Plan Live case study. By studying them you will gain great insight into how to prepare for your own retirement. Listen today as I introduce Lori and we discuss marriage and how a healthy marriage can lead to a healthy retirement.

Investing in your marriage is an investment in your retirement.

You may not think about this as a threat to your retirement, but divorce, especially when you are close to retirement age, can have a huge impact on how you retire. You’d be surprised by how many people get divorced in their fifties and sixties. Why would this be a threat to your retirement? What are some great tips for a healthy marriage? Listen in on this episode of Retirement Answer Man to find out how a healthy marriage can help ensure a financially healthy retirement.

Have you ever thought of investing in your marriage?

What are the 3 phases of life in which people think about divorce? I’m no expert, but I have noticed that there are three seasons in life where couples begin to contemplate divorce. I have Ted Lowe, a Real marriage expert, and author of Your Best Us, here with me to see if we can come up with some everyday ideas that you can use to invest in your marriage. Many people have thought about divorce at times, even in a healthy marriage. However, they may not think about how divorce affects their finances and how that could affect their retirement. Listen in on my discussion with Ted Lowe as we talk about how to invest in a strong marriage. 

Is fun an important part of marriage?

What marriage tips and strategies can you learn from Ted Lowe? Ted gives us some wonderful advice on how to maintain a great relationship each day so that you don’t have those big blow-ups that can lead to divorce. Does your wife want to be heard or helped? This can be a challenging question, and knowing when she wants help is important. Do you think fun an important part of marriage? Listen to what Ted Lowe has to say about these questions and other fantastic tips on marriage on this episode of Retirement Answer Man.

Words don’t lead to connections, connections lead to words.

We all think about ourselves, that’s natural, but should we bring the “Me” mindset into marriage? Connection is a huge part of marriage and Ted gives us some great advice for learning how to connect with our spouse during the different seasons of marriage. Listen now to hear how you can make real connections with your spouse. A stronger marriage can lead to a stronger place in retirement. I gained so much insight in my chat with Ted Lowe, I can’t wait to implement his suggestions in my own marriage!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • {00:05] Investing in your marriage
  • [00:30] Reasons for NOT getting a divorce in your 50’s and 60’s

HOT TOPIC SEGMENT

  • [3:15] All about Retirement Plan Live case study to learn how to help yourself
  • [5:43] Let’s meet Lori
  • [7:32] We discuss longevity and life quality
  • [9:20] What Lori and Bruce will be excited about in retirement

PRACTICAL PLANNING SEGMENT

  • [13:32] Let’s discuss marriage and divorce
  • [17:00] Meet my guest, Ted Lowe, author of Your Best Us
  • [23:10] How can we diffuse difficult situations in marriage
  • [27:30] How can we manage our marriage through the stages of life
  • [32:30] Where will our connections lead us

THE HAPPY LAB SEGMENT

  • [40:51] What can we do to make each other happy

TODAY’S SMART SPRINT SEGMENT

  • [41:53] Sign up for Six Shot Saturday and start thinking about your retirement

RESOURCES MENTIONED IN THIS EPISODE

Ted Lowe

Your Best Us: Marriage is Easier Than You Think by Ted Lowe

The Slight Edge by Jeff Olson

Ask a question

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3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM193.mp3
Category:general -- posted at: 6:00am CST

My grandmother lived through the great depression. She was 10 years old when it started and remembers the struggle. What she went through during those years has shaped her decision-making process. She is very frugal. I can remember her saving small bits of wrapping paper when I would have thrown them out. For many of us, we have been affected similarly by the Great Recession and make decisions based on that experience. Many of you might be asking the question, “Is another crash just around the corner?” Tune in to this episode of the Retirement Answer Man to find out.

 

Focus on what you can control, not on what you can’t.

 

The ever-present question looms in the back of our minds, “Will the markets crash again?” No one knows the answer to this question. Many financial forecasters are very vocal about their opinions warning about the impending crash. Some people are making extreme future decisions based on those forecasts. How smart is that? Should we rest our future on such forecasts? Maybe the best plan is to worry about what we can control, not stress about the things we can’t.

 

Insurance premiums are rising, what should I do?

 

As the market changes many people are falling victim to the ever-rising premiums of Long Term Care policies. On this weeks show a listener writes in with this very concern and wants to know what options they have. They could always drop the plan. But then they would have to self-insure. They could lower their coverage to keep their lower premium which might leave them without needed coverage. Or they could suck it up and pay the higher premiums. It’s a tough decision. Listen in to this episode to hear my thoughts.

 

My House is Leaking!

 

Nichole walked into her home the other day to find water soaking her closet. Her AC system had sprung a leak and soaked a hole through her ceiling. Her in-laws came to visit and help fix the damage. Family in the house can be uncomfortable at times but they can often line a huge helping hand. It’s often good to live near family to have a support network. If you live with or near family and often find it challenging, take time this week to look for the good in the situation.

 

Could the data breach cost me my house?

 

With this Equifax data breach, our imaginations can run wild with possibilities our information could be used maliciously. It’s possible someone could steal your identity and take out a loan on your home causing you to possible lose it. There is a service being advertised that monitors the title of your house for any fraudulent filings and notifies you. While this might seem like an easy hands-off way of staying proactive, it could be just as easy to check on your title yourself. Make sure to catch this episode to hear more.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] My grandmother lived through the Great Depression

[1:37] Nowadays many of us have lived through the Great Recession and it has laid the foundation for our decision making.

[2:00] Is another recession just around the corner?

 

HOT TOPIC SEGMENT

[4:17] We are in the 2nd longest Bull market in S&P 500 history.

[6:30] Are you asking the question, “Is another crash on the horizon?”

[8:54] Making extreme decisions on forecasts is not the wisest move.

[10:38] What do we do?

[10:50] Focus on what you can control not on what you can’t.

[14:00} What investment actions can we take?

 

PRACTICAL PLANNING SEGMENT

[17:11] Listener questions with Nichole.

[17:15] Our new voice coach.

[20:11] I am self-employed. Should I set up a company 401k plan?

[27:20] The premiums on my long-term care plan are going up. Should I continue to pay the premiums or should I lower my coverage?

[33:18] Is Title Lock Insurance worth the investment?

 

THE HAPPY LAB SEGMENT

[37:22] Nichole’s house is leaking!

[37:30] It’s great to live around family and have them as a support network.

 

TODAY’S SMART SPRINT SEGMENT

[39:16] Take the time this week to check your title and see in anything has been filed against it.

[40:00] The subject for Retirement Answer Man Live has been chosen. Sign up for Six Shot Saturday to receive all the details.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Ask a question

 

Work with Roger

 

3-Video Series: 5 Minute Retirement Makeover

 

Roger’s retirement learning center


The Retirement Answer Man Facebook page

Direct download: RAM192.mp3
Category:general -- posted at: 6:00am CST

I’ve been married to my wife for 27 years. That’s a long time! I have noticed that there has been a rhythm within our relationship over the years where, as we have become more comfortable with each other, we begin to become disengaged. Not disengaged in a spiteful way but simply not as focused as a team. This happens in any relationship whether it be a parent and a child, the relationship between spouses, or even between you and your advisor. Listen to this episode of Retirement Answer Man to hear my tips for staying on track in your relationships and keeping your advisor on the same page.

An advisor in Colorado Springs has allegedly stolen millions from clients.

This financial advisor seemed like a great person. There was no past history of dishonesty or crime and no red flags seemed to pop up. It seems very easy to be fooled into a bad relationship like this one. Are there ways you can stay on top on the relationship and catch the red flags if they arise? There certainly are and I will outline 4 steps you can take in your relationship with your financial advisor to keep the relationship healthy.

Pursuing purpose in retirement

On this episode of Retirement Answer Man, I’ll interview a friend of mine, Jeff McManus, who is turning his passion into an income stream he can benefit from during retirement. Jeff is the director of Landscape services to the University of Mississippi. He has a wealth of horticultural knowledge and has found joy in applying it to his career. Now, as he is nearing retirement and thinking of the future he is applying that knowledge in unique ways to grow opportunities for himself in retirement. Listen to this episode to hear his story.

Don’t wait for Retirement to pursue your joy, start now!

My books are finally here!! I’ve been working on my book for about 4 years and I just got the call that it is ready. Since I contractually have to buy 2500 copies I decided to have them all sent to my house so I could see what that many books looked like. I didn’t rationalize it, I just dove in and ordered them. They arrived on 2 pallets and have taken over a room of my house. It's been so fun looking over them and signing them for friends and family and even for the delivery lady. Is there something you think will bring you joy? Are you waiting for the perfect moment? Are you waiting for retirement? Don’t! Jump in now and experience the joy, don’t wait until it is too late. Tune in to this episode to hear all about the book delivery.

This time of year is a great time to get on the same page with your financial advisor.

As we near the end of the 4th quarter a great opportunity to refocus is presented. Take the chance to have a quarterly meeting with your advisor and refocus on your goals and make sure you both are on the same page. Trust me, you don’t want to begin the new year without being unified on your savings and the direction of your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:33] It’s easy to become disengaged after many years of marriage.
  • [1:00] Constant vigilance is needed to keep a good relationship of any kind.
  • [1:40] The same goes for your relationship with your advisor.

HOT TOPIC SEGMENT

  • [3:25] An advisor in Colorado Springs has allegedly stolen missions from clients.
  • [4:00] The longer a relationship continues the more likely you are to become disengaged and draw apart.
  • [6:00] If you have quality meetings with your advisor you will have a better idea of what is happening with your money.
  • [6:30] Keep it formal.
  • [7:00] Have an agenda.
  • [7:50] Have an agreed upon plan.
  • [9:30] Make sure your goals are mutually agreed upon and addressed in order of importance.

PRACTICAL PLANNING SEGMENT

  • [12:05] One baby boomer is making a change and living his dream!
  • [14:50] We all want some measure of control and freedom in our life.
  • [17:00] Cultivate a culture of teamwork and collaboration and grow a mutual passion.
  • [19:27] Setting up a passion and source of income you can devote yourself to during retirement.
  • [23:19] A vision for retirement.
  • [25:19] Get your foot in the door of your passion.

THE HAPPY LAB SEGMENT

  • [28:15] My book is finally here!!
  • [29:11] Hear about the delivery ladies response in Six Shot Saturday
  • [29:30] What can you do that may not be practical but will bring you joy.

TODAY’S SMART SPRINT SEGMENT

  • [29:54] It’s nearing the end of the 4th Quarter. Make sure you have a 4th Quarter meeting to stay on track.

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Get Jeff’s book here on Amazon

Direct download: RAM191.mp3
Category:general -- posted at: 6:00am CST

Several years ago I participated in an Ironman Triathlon. I didn’t win, not even close. I finished in the 77th percentile. Turns out, the winner could have started 6 ¼ hours after me and still beat me. So was this experience a failure? It depends on how you look at it. I enjoyed the experience, I loved the cycling and felt refreshed by the countryside surroundings. So for me, this was definitely not a failure. Comparison is important to keep us on track with our goals but when we put all of our focus on our performance v.s. someone else's performance...we often become unhappy. Regardless of where you are in life or how much you have saved for retirement, comparison could be the death of joy. Listen to this week’s episode to hear my thoughts on how to stay on track without letting go of your joy.

 

A Fidelity study shows exactly how much you should have saved for Retirement

 

A recent Fidelity study lays out exactly how much you should currently have in savings for retirement based on your age. They say that by age 30 you should have 1x your annual income in savings, 3x at age 40 and 7x at age 55. For some of us on the journey to retirement that may feel like a daunting task. Many of us don’t start saving as early as we should, I know I didn’t. But are these numbers really where we need to be? Can we make it work with less? Join me this week on the retirement Answer Man show to hear my thoughts.

 

Are my assets safe in the hands of my advisor?

 

Recently a financial advisor absconded with over 1 million dollars of their client's money. The advisor had no history of fraud and seemed to be a good person. If anyone can snap and steal from us, how can we trust our advisor? In this episode, I’ll dive into a few things to look for in your advisor to help you decide whether or not they are trustworthy. I’ll also outline some red flags that signal something fraudulent might be happening with your money. If you want to make sure your advisor can be trusted with your money, listen to this episode of Retirement Answer Man.

 

How should I allocate my 401K contributions to provide future security?

 

A listener called in with a question. He is making contributions to his 401K and wants to know how he should allocate his assets. Of course, I can’t give him specific advice but I can give guidelines of how you should think of your contributions based on your retirement goals. Make sure you catch this episode to hear my advice.

 

Life is full of changes. Go along for the ride and have fun.

 

Fall has come to Texas. It’s not as unbearably hot and pumpkins are selling in all the stores. I love the change of seasons, the change of pace and the excitement. Life, like the earth, often has many seasonal changes as we get older and they can be exciting as or sometimes challenging. Whether or not you are ready for the next season of life remember that there is nothing you can do to stop it so you might as well go along for the ride and focus on being happy.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0.28]  Several years ago I participated in an Ironman Triathlon
  • [3:29]  I finished behind many. But was it a failure?

HOT TOPIC SEGMENT

  • [6:38] Fidelity study shows what you should have saved for retirement.
  • [7:50] Regardless of where you are, you compare yourself to others.
  • [9:01] By age 50 you should have 6x your annual salary saved for retirement.
  • [11:57] Many of us start saving late.
  • [12:00] Many of us make bad savings and investing decisions.
  • [13:50] Comparison can be the death of joy.

PRACTICAL PLANNING SEGMENT

  • [14:33] Listener questions with Nichole.
  • [16:04] How safe is my money with a financial advisor?
  • [20:00] How can I verify an advisor’s trustworthiness?
  • [27:00] Be wary of private investment opportunities.
  • [28:01] How should I allocate my 401k contributions?
  • [32:08] I have 80% of my 401K in stock. How can I balance my investments?

THE HAPPY LAB SEGMENT

  • [37:57] Fall has come to Texas
  • [38:39] The seasons are changing. Whether you like it or not, try to enjoy the ride.

TODAY’S SMART SPRINT SEGMENT

  • [39:22] Look at all of your investment assets and see, based on Fidelity’s study, where you are based on your age.

 

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM190.mp3
Category:general -- posted at: 6:00am CST

Indexes are comprised of many companies. Yet only the top few companies drive the index. What happens if we hit a rocky patch in the markets and those companies falter? On this episode of the Retirement Answer Man, I dive into the pros and Cons of investing passively v.s actively and what might happen if a Bear Market does indeed come.

Bear Markets might be bad news for your Retirement.

A Bear Market is a self-sustained drop of the market and if one of these shifts does happen, it might impact your ability to retire. Passive based investing becoming very popular nowadays, but if the majority of your strategy is comprised of these kinds of investments you might be in for trouble if a Bear Market shift happens before or during your retirement. A shift like this would affect the big companies in the major indexes, causing the index to drop. A drop like this could negatively affect your investments. You could always wait for things to stabilize but you may not have the luxury of waiting. In this episode of Retirement Answer Man, I’ll give you a rundown on what you can expect in a Bear Market and how you can act wisely to mitigate your risk.

Passive based investing is sweeping the nation.

What is passive based investing? Well, whatever it is it makes us more than %40 of the nation's investments. In this episode of Retirement Answer Man, I’ll dissect the differences between active and passive based investing and which one might be the best for you and your retirement. I also talk about how a market downturn affects them and what steps you can take to be safe.

Should I use my raise to pay off debt or add to my investments?

A raise can make your year! Not only does it say “good job” it gives you options to change aspects of your lifestyle, investment strategy or even the lives of someone you know. There are many things we could do with a raise.  You could spend it, invest it, pay down debt to free up future cash, or even give a gift to someone in need. In this episode of Retirement Answer Man, I’ll expound on the options a raise make possible and give you a framework for deciding what is the financial priority in your life.

I’m looking to work with a retirement advisor, what red flags should I look for?

On this week’s episode of Retirement Answer Man a listener writes in with a question about an advisor he is looking to work with. The advisor has worked for many firms and not stayed long at any one. Is this a red flag? Should he be worried? Tune in to this episode to hear my thoughts and get tips for asking your advisor the right questions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

[0:26]  Would you like to place a wager against Warren Buffett?

[2:00] Should we all switch to passive investments?

HOT TOPIC SEGMENT

[2:59] Passive based investing is taking over the investing world.

[4:47] Does passive make the market more or less efficient?

[5:33] Passive investing is driven by the “hot” sectors of the market.

[6:50] Jim Rogers says Bear Market is coming!

[8:50] We are down to the wire in Retirement, there is no more time to wait.

PRACTICAL PLANNING SEGMENT

[12:27] Should I allocate my raise into my investments?

[14:50] What should I do with a raise?

[17:50] How does unstable politics affect my investment strategy?

[19:58] Ed’s question about advisor research.

[24:40] Think of an advisor as an investment. How can you have the best returns?

[28:50] Should I pay off debt or fund a 401K?

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

 

Work with Roger

 

3-Video Series: 5 Minute Retirement Makeover

 

Roger’s retirement learning center

 

The Retirement Answer Man Facebook page

Direct download: RAM189.mp3
Category:general -- posted at: 6:00am CST

Have you ever had your identity stolen? I have. It’s not fun. It can leave you feeling helpless and frustrated as you try to prove who you are and undo the false financial claims against you. In this modern era data is everything. Your life is wrapped up in one 9 digit code, your Social Security Number. If someone were to get that number they could open credit cards in your name, access your life savings, and even take out a mortgage. While the dangers are high, there are effective ways to protect yourself and your assets. I will outline some of the most effective ones in this episode of the Retirement Answer Man.

Equifax has been breached by hackers

Equifax has been breached by hackers. Almost 60% of the American population’s cyber data is in the wind. For many of us, this is a fearful thing. We have spent our whole lives planning for our future. As we draw near to retirement we can see the light at the end of the tunnel as all our hard work starts to pay off. Identity theft could put a serious damper on those retirement plans and could take years to recover from. Luckily, you are not at the mercy of these hackers. There are steps you can take to ensure that your data stays safe. Listen to this episode of Retirement Answer Man to hear my simple steps to guard your identity.

5 simple steps to guard your identity

With the daily increase of cyber threats facing our modern world, it is essential that you know what to do if your information is compromised. Over 100 Million Americans were affected by the Equifax breach. Odds are you are probably one of them. It’s never too early to take offensive steps to make sure your credit is monitored and you will be alerted to any suspicious activity.

Is new technology all it’s cracked up to be?

Apple has just announced the release of a few new devices, an Apple watch that can be used as a cell phone and the new I Phone X. The ads for these devices portray them as just what you need to fill the technology gap in your life. Having the new I Phone will make your life easier, safer, and on the cutting edge. Are these claims true? Think back to the last time you got a new device. It feels great and it’s exciting, but after a few days or a week, the excitement fades away. It becomes normal. Did it really bring you joy? We might be better off searching for joy in an area that doesn’t put a dent in our bank account.

Don’t let your identity fend for itself.

I’ve created a Free Credit Breach Protection Plan that you can find on my website. It gives simple instructions to help you take steps to protect yourself, your assets and your loved ones. Don’t wait until it’s too late, be proactive and protect what you have worked so hard for. Don’t miss this episode of the Retirement Answer Man.




OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] Have you ever had your identity stolen?
  • [1:50] It can be difficult to regain your footing after an id breach.

HOT TOPIC SEGMENT

  • [3:47] Hackers infiltrated the Equifax database.
  • [4:20] The information of 60% of the American population has been compromised
  • [5:49] There's a way you can know if you have been affected by this breach.
  • [6:00] What does this mean for me?

PRACTICAL PLANNING SEGMENT

  • [8:24] Protecting yourself without becoming a cybersecurity expert.
  • [9:18] Credit Protection Action Plan
  • [9:50] 5 Basic ways to protect your cyber data.
  • [14:24] The best ways to respond to this data threat.

THE HAPPY LAB SEGMENT

  • [21:39] The new Iphone X
  • [22:08] The “new” is overrated

TODAY’S SMART SPRINT SEGMENT

  • [23:45] Download the Free Credit Breach Action Plan
Direct download: RAM188.mp3
Category:general -- posted at: 6:00am CST

My listeners have been asking great retirement questions, and this podcast episode is focused on giving answers to some of those. I’m excited today to bring on my awesome sidekick, Nichole, to play the part of the listener and ask the questions. One really important question is whether your financial advisor should have access to your 401(k), including your username and password. While this can be convenient for you and for your advisor, it’s not a good idea and is typically not allowed. Listen to today’s episode to find out why.

Important differences in spending cycles for single and two-person households

Spending habits change for people, depending on age and household size. The changes in spending habits are important for each household to understand, because they affect planning for retirement. In the Hot Topic section of this episode, I explain why the changes are quite different for single and two-person households, and how each needs to consider how this affects their retirement planning. Listen to find out how spending cycles might affect your household and hear answers to other retirement questions, and then follow up with today’s Smart Sprint and get clear about your financial needs in retirement.

Should I lower 401(k) contributions to build up my emergency fund and college savings?

Bill is 59 ½ and has all his savings in his 401(k). He puts in 9% with an employer match of 3% and has a son going to college. His retirement question is whether he should lower his contribution to 6% to start building his emergency fund. On this episode, I explain several reasons why it would be a good idea to lower his contributions even further to give him more flexibility in how he makes financial decisions, and Nichole and I have a conversation about whether or not parents should cover college expenses from their retirement account and what other options might be available.

When thinking about jobs for pre-tirement, be sure to consider the work environment

Mark Miller at careerpivot.com sent in a helpful comment about pre-tirement jobs. He suggests that people carefully consider the physical aspects of the job, such as whether their body can handle walking on cement floors all day. There is also a concern for retirees working in retail environments where the schedules are not given with advanced notice, which creates problems for the time-freedom someone might be expecting in pre-tirement. On this episode, you can hear the details about these considerations, and also get answers to other retirement questions.

Listener ideas for pre-tirement

Quite a few listeners have chimed in with comments or questions about the pre-tirement episode a few weeks ago. On this episode, we’ll take another look at the math from that show, and demonstrate how numbers significantly lower than the ones we used can still work for you. We’ll also hear the ideas that various listeners have for jobs they would like to do in pre-tirement. Listen in to hear their thoughts and also get answers to other listeners’ retirement questions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:00] Equifax data breach. Action plan - six steps you can take to minimize credit fraud and stay vigilant.
  • [1:02] To get to great, you have to blow up what’s good!
  • [1:44] Intro this episode - listener questions with Nichole Mills.
  • [2:49] Disclaimer - Don’t take financial advice from me on this show. This is tips and education.

HOT TOPIC SEGMENT

  • [3:12] Important differences in spending cycles for single and two-person households.

PRACTICAL PLANNING SEGMENT

  • [7:17] Bill’s question: Should I lower my 401(k) contribution to start building my emergency fund?
  • [9:47] Should parents consider covering college expenses with their retirement account?
  • [11:47] Should my advisor have access to my 401(k)?
  • [14:08] Mark Miller: When thinking about jobs for pre-tirement, be sure to consider the work environment.
  • [16:16] John: Is the math in the pre-tirement episode a little high to be realistic?
  • [18:36] When is your book coming?
  • [19:26] Ideas for pre-tirement jobs from Michael, John, and others.

THE HAPPY LAB SEGMENT

  • [21:51] You can even make a commute happy as long as you are intentional about it.

TODAY’S SMART SPRINT SEGMENT

  • [23:33] 7-day goal: Dial in what your financial needs are for retirement

RESOURCES MENTIONED IN THIS EPISODE

Free Credit Action Plan for those affected by the Equifax breach

Episode #183 - How PRE-tirement could save your retirement

Ask a question

Work with Roger (now accepting new clients)

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM187.mp3
Category:general -- posted at: 6:00am CST

#186 - Retirement Travel - One Way to Fund Your Dreams

Do you have dreams for traveling in retirement? Everyone’s dreams are different, but every dream is going to cost some money. On today’s episode of The Retirement Answer Man, my friend Jamie joins me to talk about one creative way to fund your travel dreams. Discover how you can use your home to produce income when you’re not there, so that you can enjoy your travels. Learn what a sharing economy is and how it can benefit you and fund your dreams for retirement travel.

What is a sharing economy, and how can it help fund my retirement dreams?

A sharing economy is an economic system in which assets or services are shared between private individuals for a fee. Uber is one example. AirBnb and VRBO are systems that can work for you to fund your retirement travel by renting out your house, earning money when you are not there. It allows you to monetize your home as an asset to fund your retirement travel dreams. My friend Jamie has had great experience with AirBnb, and joins me on today’s podcast to discuss how it works.

The benefits of renting out your home while you travel

Renting out your home to fund retirement travel takes a bit of preparation and work. But the benefits are worth it. Not only do you create income while you are away, but you also have someone staying in your home without paying a house-sitter. And, in my friend Jamie’s experience, you have the opportunity to build clients and become friends with repeat guests. Listen to today’s podcast episode to hear Jamie’s story of how renting out their home has benefitted his family.

How to prepare your home for rental when you are away

Sharing your space with other people may seem overwhelming at first. But you can start small and acclimate to the process as you go. To get started, check your local listings on AirBnb and VRBO to see what is available in your area and what the prices are. On this episode, my friend Jamie describes some of the things he has done to prepare his family’s home to be shared. From buying fresh linens to learning how to effectively advertise his home, Jamie’s insights will help you get started on this new adventure.

How do you vet who will stay in your house when you rent it out?

Many people have concerns about renting their home to strangers. But my friend Jamie’s experience is that people will actually take very good care of your home. On this episode, Jamie shares how he has found that the way you advertise your property and the price you set has a lot to do with who will rent it. Listen in to hear Jamie’s perspective on getting the right clients to rent your home and getting the best price for your rental as well.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Regardless of what your dream is, you will need a way to fund it.

HOT TOPIC SEGMENT

  • [5:06] What is a sharing economy?
  • [6:23] In terms of funding retirement travel, how might the sharing economy help you?

PRACTICAL PLANNING SEGMENT

  • [10:46] My friend Jamie’s vacation experience in Mexico, and how he funded it.
  • [17:24] How to prepare your home for rental when you are away.
  • [19:30] How do you vet who is going to stay in your house?
  • [20:29] If you’re going to rent out your house, how can you get top price?
  • [23:55] How renting out your house opens up possibilities of owning a second home.
  • [24:58] You can rent our your home even just once or twice a year.
  • [26:58] Building clients and return guests.
  • [27:58] What are the downsides of renting out your home?
  • [29:21] What are the next steps to get ready to rent out your home?

THE HAPPY LAB SEGMENT

  • [30:52] Blow up what is to start working towards what could be.

TODAY’S SMART SPRINT SEGMENT

  • [31:46] Plan a weekend trip and rent something on AirBnb or VRBO.

RESOURCES MENTIONED IN THIS EPISODE

AirBnb

VRBO

Shure

TalkShoe

Ask a question

Work with Roger (Currently accepting clients)

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM186.mp3
Category:general -- posted at: 10:17am CST

In the news today, credit card debt has reached over 1 Trillion dollars. In addition, we have 1.2 Trillion dollars in auto debt, 13% above the previous record. Impulse shopping is easier than ever, and this can be bad news for your retirement! On this episode of The Retirement Answer Man Podcast, I talk about spending and some safeguards you can put in place so that you don’t overspend on things you don’t need and may not even really want. Listen in and learn to differentiate between needs and wants, and get some great tips to help you avoid unnecessary impulse spending.

You don’t want to be one of those people who are over-leveraged on their debt

As you are heading into your retirement, you don’t want to get over your head into debt because of personal spending. Lifestyle choices are crucial. In retirement, how much money is needed for your needs, wants, and wishes? On this episode, I describe how you can avoid unnecessary debt and save that money for the things that really matter to you. The happiest clients I have seen are those who value experiences over things. Listen to today’s podcast and start thinking clearly about what you value most and how your spending reflects it.

To prevent overspending, differentiate between needs and wants

We have grown into a society where things that technically are wants are considered needs. On this episode, I talk about defining for yourself what is a need and what is a want. Keeping this distinction clear can help a great deal with reducing unnecessary spending and credit card debt. Listen in to start thinking about needs and wants and how they affect your spending and your retirement lifestyle.

To prevent overspending, build friction into your ability to do transactions

Shopping used to be more difficult. You had to plan out how to get what you wanted, get in the car, drive to a store, find what you wanted, and write a check for it. Now, all you have to do is click and you can have it in an hour. Marketers are experts at taking away the friction and making impulse purchases seem normal. On this episode, I suggest several ways that you can build friction back into your shopping so that you have more opportunities to make wise spending decisions as you approach your retirement. Listen in and take back control of your spending.

The Retirement Answer Man Responds to Listener Questions

Today in the Practical Planning Segment, I respond to questions sent in by listeners like you: Should I pay off my mortgage first, or max out my 401K first? What are the pros and cons of rolling over a 401K to an IRA upon retirement? Should I include my home equity in the asset pool for tapping living expenses in retirement? On this episode, I clarify the considerations that need to be taken into account when making these decisions for your retirement. Listen to today’s questions and answers and then feel free to send in a question of your own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:40] Shopping used to be more difficult.
  • [3:22] Don’t take financial advice from me on this show. Consider it as helpful tips and education.
  • [3:50] The 5-minute retirement makeover

HOT TOPIC SEGMENT

  • [4:48] In the news today, credit card debt has reached over 1 Trillion dollars.
  • [6:43] You don’t want to be one of those people who are over-leveraged on their debt.
  • [7:44] To prevent overspending, differentiate between needs and wants.
  • [9:06] Build friction in your ability to do transactions. Here’s how.
  • [12:22] Value experiences, not things.

PRACTICAL PLANNING SEGMENT

  • [13:35] Answering listener’s questions today.
  • [14:20] Current plan is to hit the mortgage hard and pay it off in two years, then transfer that effort into maxing out that 401K. Is that the right thing? 
    [19:46] What are the pros and cons of rolling over a 401K to an IRA upon retirement, vs keeping it in the 401K?
  • [29:46] Should I include home equity in the asset pool for tapping living expenses in retirement?

TODAY’S SMART SPRINT SEGMENT

  • [37:05] 7-day challenge: Come up with one way you can increase some friction in your life of commerce.

THE HAPPY LAB SEGMENT

  • [37:55] Listening to the audio book Steve Jobs, by Walter Isaacson. Commencement story. “Remembering that I’ll be dead soon.” We’re all going to leave this world. Be as intentional as possible on how we live our life, invest our assets, and make little decisions. We don’t want to wake up and say we didn’t follow our heart because we were living for other people’s expectations.

RESOURCES MENTIONED IN THIS EPISODE

TheStreet.com

Book: Steve Jobs, Walter Isaacson

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM185.mp3
Category:general -- posted at: 6:00am CST

Passive investment management has taken over the world. Nine of the top ten mutual funds are based on passive investing. On this episode, I explain what passive investing is and how it works, the top two indices that most funds are based on, and the advantages and disadvantages of investing based on those indices. I also take some time today in the Practical Planning Segment to answer listener questions. Listen in to expand your understanding of passive investing and hear answers to questions that you might be asking.

The two indices that most passive investment portfolios are trying to model

Eight of the top ten passive investment funds are focused on the S&P500 and the Total Market Index. On this episode, I describe asset allocation within these funds and how the funds are weighted. Is this model an efficient way to for you to implement a passive investment strategy? I’ll fill you in on the advantages and some of the questions around these funds on today’s episode of The Retirement Answer Man.

Are market indices focused on a smaller segment of the market than it first appears?

The S&P 500 and the Total Market Index have, respectively, 500 and 3600 individual equities. So at first it appears that passive investments that mimic these indices would be spread out among those equities. On today’s episode, I explain how the equities are weighted and the percentage of the indices that are in large or giant companies. Listen in to get a clearer picture of these two popular indices and to think about whether or not that is an efficient way for you to implement a passive investing strategy.

Index rebalancing on fixed dates is like the Nike store on Black Friday.

Have you seen the videos, or experienced in person, what it is like to shop for great deals on Black Friday? When the indices rebalance on fixed dates three times each year, any funds invested to mimic the index will be moved as quickly as possible. Everybody is running in the exact same place at the same time. Kind of like the Nike store on Black Friday. On this episode, I talk about this downside of passive investing based on the two most popular indices. Listen in to learn why I’m a fan of passive investing but wonder if there could be a more thoughtful way of doing it.

Answers to listeners’ questions

I’m always glad when listeners send in their questions. On the Practical Planning segment of today’s episode, I respond to questions that have recently come in. “What about the ‘Equal Weight’ S&P 500?” “What happens with a 401K loan if your company switches you to independent contractor status?” “Should I adjust my asset allocations as I head into retirement?” and “Should I empty my retirement account to pay off my credit card debt?” Listen in for answers to these questions and an invitation to send in questions of your own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Black Friday madness
  • [2:33] Disclaimer - Don’t take advice from me on this show.
  • [2:50] Today’s topic: Mutual Funds that mimic indices

HOT TOPIC SEGMENT

  • [3:22] Passive investment management has taken over the world.
  • [5:13] What hypothetical portfolio is a passive investment trying to model?
  • [7:13] If we accept that passive investing makes sense, what passive investment strategies make the most sense for us?
  • [8:00] Understanding the Total Market Index
  • [9:45] Understanding the S&P 500 Index.
  • [11:46] Index rebalancing on fixed dates is like the Nike store on Black Friday.
  • [14:43] Does passive investing have to track one of the most popular indices?

PRACTICAL PLANNING SEGMENT

  • [16:24] The “Equal Weight” S&P 500 index gives you broader exposure, but here’s why I’m not a fan.
  • [19:31] Be aware of 401K loan penalties if you leave employment or change to independent contractor status.
  • [22:00] A balanced approach to taxable and non-taxable asset allocations for retirement.
  • [27:53] Paying off credit card debt without dipping into your retirement account.

TODAY’S SMART SPRINT SEGMENT

  • [31:16] Go to RogerWhitney.com and ask a question.

THE HAPPY LAB SEGMENT

  • [32:09] Do what’s right for you, not what’s expected of you.

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM184.mp3
Category:general -- posted at: 6:00am CST

Pre-tirement is that phase between full-time work and what we think of as traditional retirement, and it could be the key to you having a great retirement. Traditional retirement planning that focuses only on investing just doesn’t work. It doesn’t inspire much confidence or clarity about what your future could be. On this episode, I explain the advantages of pre-tirement and give you some ideas to get you started thinking about it. Listen in to learn why you should consider pre-tirement before retirement!

Why is pre-tirement important?

Saving and investing for retirement is extremely important. But it is not all of the story. Your nest egg cannot be all of it. It just doesn’t work. As you think about your retirement, consider pre-tirement as part of your plan. It takes some pressure off of the saving mentality and allows you to build a better life when you do reach full retirement. On this episode, I give you a number of reasons why pre-tirement is important, explain the advantages, and suggest ways you can go about it. Listen in and get started on planning your pre-tirement!

Pre-tirement offers numerous financial benefits

Pre-tirement (thinking of retirement like a dimmer switch) offers numerous financial advantages over full retirement (the on-off switch). On today’s episode, I will explain how pre-tirement benefits you in terms of preserving investments, delaying Social Security, reducing health-care costs, and moderating spikes in post-retirement spending. Listen in to learn what you need to know about pre-tirement and how it could save your retirement!

Pre-tirement offers qualitative advantages that you could miss out on with full retirement

As you are planning your retirement, qualitative considerations are as important as financial ones. When you treat retirement like an on-off switch, you miss out on a number of qualitative advantages that come with treating retirement like a dimmer switch, by embracing pre-tirement. Join me on this episode to learn about the difference that pre-tirement can make in your social network, your sense of purpose, and in your mental and physical health and motivation.

What can I do to start exploring pre-tirement?

You want to start planning your pre-tirement sooner than later. On this episode, I describe several steps you can take to get started and provide a few questions you can begin thinking about. Should you stay in your same industry or do something different that you love? How do you go about building a new network? What opportunities should you consider? Listen to this episode of The Retirement Answer Man Podcast for answers to these questions and more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] What is pre-tirement?
  • [0:33] Why do I need something different than traditional retirement planning?
  • [2:23] Disclaimer

HOT TOPIC SEGMENT

  • [3:04] Why Americans are still not confident or ready for retirement.

PRACTICAL PLANNING SEGMENT

  • [5:38] What excites you most about retirement?
  • [7:30] What does pre-tirement look like?
  • [12:24] Why is the pre-tirement phase important?
  • [14:57] Transitioning into retirement is a period of significant change.
  • [15:35] Pre-tirement preserves your savings.
  • [17:29] Pre-tirement allows you to delay Social Security and keep your full benefit.
  • [19:49] Pre-tirement can reduce health-care costs.
  • [21:34] Pre-tirement can help you moderate post-retirement spending.
  • [23:45] Pre-tirement helps you maintain a robust social network.
  • [26:42] Pre-tirement can help you maintain a sense of purpose.
  • [28:25] Pre-tirement supports your mental and physical health.
  • [29:10] Getting started tip #1 - Start planning earlier than later. Questions to ask.
  • [31:09] Getting started tip #2 - Build your networks.
  • [32:19] Getting started tip #3 - Be open to opportunities.
  • [32:50] A few ideas for pre-tirement work

TODAY’S SMART SPRINT SEGMENT

  • [34:17] Think about what you might do in a pre-tirement phase. (Share it with me so I can share the ideas on another show).

THE HAPPY LAB SEGMENT

  • [35:12] Want to be happy? Focus on how you respond to things.

RESOURCES MENTIONED IN THIS EPISODE

Book: Built to Sell, by

Book: The One-Hundred Year Life by Lynda Gratton and Andrew Scott

Martin Miller, Career Pivot

Episode 98 with Michael Kitces

Ask Roger a question

Abe & Louie’s Steakhouse, Boston

3-Video Series: 5 Minute Retirement Makeover

Contact Roger

Joe Saul-Sehy of Stacking Benjamin’s - hosting podcast meet-up at McFadden’s Anaheim on Tuesday, August 22 at 7:30 pm

Six-shot Saturday (Scroll down to a box on the right to subscribe to this weekly e-mail).

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM183.mp3
Category:general -- posted at: 6:00am CST

If you want a great retirement, you don’t need better answers, you need better questions. Pretty much everyone in financial advice and the media want us to stay with tactical questions like “How should I allocate my investment account?” “Are interest rates going to go up soon?” and “Am I saving enough?” These tactical questions are like tools in a toolbox that can’t be used well until after you decide what you are building! On today’s episode, I’m going to suggest some better questions that will help you make better decisions. You’ll learn to start with the design and work your way down to the tactical decisions for a great retirement.

Address the incongruence between your financial worries and what you are actually doing

A recent Gallup poll pointed out the top three financial worries in America. On this episode, I’ll share those with you and point out the ways that our actions tend to be incongruent with what we are concerned about; how we often are not actually doing anything that addresses the concern about not having enough money for a great retirement. Listen in and get motivated to take specific steps that can actually help to mitigate the financial worries that you have.

Power questions you can ask when you’re feeling stuck on a decision

When you’re feeling stuck on a decision, it’s important to be able to step out of the immediate moment and ask questions that will help you move forward. On today’s episode, I’ll share a couple of power questions that can help you get unstuck and get a clear vision of what really matters to you. Don’t look for better answers, listen in and start asking better questions so that you can move forward towards a great retirement.

Key questions to ask when you’re thinking about your future

When you are thinking about your future and a great retirement, it is important to ask yourself some good questions that will help you envision what you really want. On this episode, I’ll give you some key questions to ask, not only as you are planning your retirement, but also along the way into and through retirement as your goals and priorities change. Listen to learn the questions that matter far more than just what you should do with your portfolio.

Keep good questions in front of you to help you make better decisions

Asking good questions is essential to a great retirement. On this episode, I’m sharing what I think are the important questions to have in front of you. This week’s Smart Sprint is to write those questions on a card and keep them top of mind for a week so that you can refer to them whenever you are in a quandary and use them to help you make better decisions. Listen to today’s podcast to start asking yourself good questions and taking steps to get out of the tactical world and start taking intentional action to build the life that your 90-year-old self is going to be proud of.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Tactical, transactional questions are great, but should never be discussed first.
  • [2:32] Disclaimer. Don’t take advice from me on this show.

HOT TOPIC SEGMENT

  • [3:02] The 5-minute Retirement makeover - not your parents’ retirement planning.
  • [3:53] America’s top three financial worries.
  • [5:09] The incongruence between financial worries and what people are actually doing.

PRACTICAL PLANNING SEGMENT

  • [8:36] Design first, and work your way down to tactical.
  • [12:16] Question #1 - “If I knew the answer (hypothetically), what would it be?”
  • [14:00] Question #2 - “What would my 90-year-old self want me to do?”
  • [16:19] Question #3 - Do I still want to do this?
  • [17:30] Question #4 - What does this make possible?
  • [18:40] Question #5 - How does this help me towards my goal?
  • [20:08] Question #6 - What can I do next?
  • [21:24] Get out of the tactical world and start taking intentional action that to build the life that your 90-year-old self is going to be proud of.

TODAY’S SMART SPRINT SEGMENT

  • [22:08] 7-day goal: Keep the focusing questions top of mind and refer to them to make better decisions.

THE HAPPY LAB SEGMENT

  • [23:04] In a dinner group, try to get everyone focused on one conversation instead of all the side conversations.

RESOURCES MENTIONED IN THIS EPISODE

3-Video Series: 5 Minute Retirement Makeover

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: RAM182a.mp3
Category:general -- posted at: 6:00am CST

The top financial stress in America, according to a Gallup poll, is not having enough money for retirement. Some people choose to ignore it to avoid the stress, but for others, the worry is a motivator to be proactive and get moving in the right direction. In this podcast interview with Emily Guy Berkin, we will discuss why there is so much financial stress, how to get a better understanding of your relationship with money, and specific steps you can take to decrease your stress about money. Listen in and stop financial stress now!

What does money mean to you?

Money is just little green pieces of paper. It doesn’t have any meaning except for the meaning that we humans assign to it. In today’s podcast interview, Emily Guy Berkin gives us tools to help us start thinking about what money means to us, how our relationship with money changes over time, and the influence of our culture on how we think about money. Listen in and begin to identify the meaning of those little green pieces of paper in your life.

How has your relationship with money changed over time?

Your relationship with money changes throughout your life. One really big change in your relationship with money is when you retire and no longer have a job. We often don’t prepare for the emotional stress that comes with this change in relationship. Listen to this episode of The Retirement Answer Man podcast to learn to identify your relationship with money, manage the change in your relationship with money, and decrease the financial stress that often comes with retirement.

Financial security is a myth

Financial security is a myth, and pursuing it can be destructive. Find out why on this episode of the Retirement Answer Man podcast, where I talk with Emily Guy Berkin about how the idea of financial security can actually contribute to our financial stress and be counterproductive. Listen in to learn about what matters more than building a big nest egg and how you can take steps to reduce your financial stress regardless of how much money you have saved up.

How to decrease your financial stress

What would it mean to you and to your family if you could stop the financial stress that you are facing as you head into retirement? In today’s interview with Emily Guy Berkin, we will discuss how to identify what money means to you and to recognize when you are doing things that are counterproductive. Listen in to learn how to bring your mind back into the way you use money and to recognize when your emotions about money may be leading you down the wrong path. If you want to stop financial stress, then this episode is for you!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Financial stress comes when life seasons change.
  • [2:37] Disclaimer - Don’t take advice from Roger Whitney on this show.
  • [3:12] Getting confidence and clarity about managing your financial life in retirement.



HOT TOPIC SEGMENT

  • [4:05] The top financial worry in America is not having enough money for retirement.



PRACTICAL PLANNING SEGMENT

  • [6:54] Introducing Emily Guy Berkin.
  • [7:26] Emily’s experience with financial stress.
  • [10:00] The meanings we put on money cause our financial stress.
  • [11:49] How has your relationship with money changed over time?
  • [13:59] The messages of our culture influence the way we use money.
  • [16:56] How to decrease financial stress.
  • [19:32] Financial security is a myth.
  • [22:33] How to manage the day-to-day spending.
  • [24:43] Helpful tools can be found in Emily Guy Berkin’s book, End Financial Stress Now.

TODAY’S SMART SPRINT SEGMENT

  • [25:21] Identify one area of your life where you have financial stress, and take one proactive action to deal with it.

THE HAPPY LAB SEGMENT

  • [26:12] It’s a great feeling when you can help direct a young life.

RESOURCES MENTIONED IN THIS EPISODE

Book: End Financial Stress NOW by Emily Guy Berkin

Emily Guy Berkin on Twitter

Emily Guy Berkin’s website

Mint financial management app

3-Video Series: 5 Minute Retirement Makeover

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: RAM181.mp3
Category:general -- posted at: 6:00am CST

Have you ever considered that it might be advantageous to retire overseas? Where your home will be when you retire can dramatically change what the landscape might look like financially. There is a growing trend of Americans retiring outside of the country. Should you be one of them? That’s the topic of today’s episode and interview with Keith & Tina Paul, who are retired and living in Cuenca, Ecuador. Listen in to get a glimpse of what it is like to retire overseas and find out how you can begin exploring the idea.

The top ten countries for retirement living

There can be some huge advantages from a financial perspective if you have the spirit to do something like retiring in another country. On this episode, we’ll talk about those advantages and I’ll tell you the current top ten countries for retirement and give examples of how much it costs per month to live there. If you think, even for a moment, that you might like to retire overseas, then this episode of the Retirement Answer Man podcast is for you!

A window into overseas retirement living

What would it be like to retire in another country? How would you go about finding a place? Keith and Tina Paul, of RetireEarlyandTravel.com, are retired and enjoying life in Cuenca, Ecuador. On today’s episode, they share their story of how they planned, researched, and found their new home and what it is like for them to live there. Listen in and enjoy this glimpse into what it is like to retire overseas, and then take my Smart Sprint challenge to dream a little!

I’d like to retire overseas, but what about . . . ?

If you are thinking about retiring outside of the US, you likely have a number of questions and concerns. What about health care? Would I feel isolated? Is it safe? These questions and more are addressed in today’s podcast interview with Keith and Tina Paul. Listen in to find out why they think the health care is even better, their experiences in connecting with people, and what the crime rate is like where they live. If you have questions about the wisdom of a decision to retire overseas, you will love this episode of the Retirement Answer Man!

Home is where the heart is

Do you feel that a different house in a different location will never feel like home? I know exactly what that is like. On today’s Happy Lab segment of The Retirement Answer Man podcast, I’ll tell you my story and how I found out that home really isn’t a house. It’s where your heart is. And your heart can change locations. If you’re feeling concern about moving to a different home or a different country, today’s episode just may give you the encouragement that you need.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Choosing to live somewhere less expensive can buy you retiring 3-4 years earlier.
  • [3:25] Have you watched the 5-minute makeover videos yet?

HOT TOPIC SEGMENT

  • [4:16] There is a growing trend of Americans retiring outside of the country.
  • [5:08] The top ten places to retire overseas.
  • [06:30] Use your vacation to explore places you might like to live.

PRACTICAL PLANNING SEGMENT

  • [08:15] Introduction to Keith and Tina, bloggers of RetireEarlyandTravel.com.
  • [9:14] How did two American professionals end up moving internationally?
  • [11:01] Keith and Tina’s criteria, research, and visit to find a place to retire overseas. [15:27] If you retire overseas, what about health care?
  • [17:04] Does retiring in another country make you feel isolated?
  • [20:27] Do you feel a lack of purpose because of the overseas retirement lifestyle?
  • [22:23] The financial aspects of overseas retirement.
  • [23:34] What to look for when considering retirement outside of the US.
  • [25:11] Is it safe to retire overseas?
  • [26:30] You need a bit of a sense of adventure.
  • [27:45] Do I need to know the language?
  • [29:29] What about 15-20 years later, when you are starting to slow down?
  • [30:58] To do this, you don’t actually have to retire.

THE HAPPY LAB SEGMENT

  • [32:03] Home is where the heart is.

THE SMART SPRINT SEGMENT

  • [34:22] 7-Day Challenge: “What if?” questions to get you started talking.

RESOURCES MENTIONED IN THIS EPISODE

3-Video Series: 5 Minute Retirement Makeover

Keith & Tina’s Blog: Retire Early and Travel

International Living - Short list of best countries to retire in.

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

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook page

Direct download: RAM180.mp3
Category:general -- posted at: 6:00am CST

Do you want to have a great retirement? Make sure you value the right things. It is possible to make a million dollars and feel poor, or to make $60K and live a rich and full life. On today’s episode, Jason Parker joins me to talk about how to calculate your retirement spending and make wise choices that will benefit you long-term in your retirement years. Listen in to learn about the new software tool that Jason has developed that helps with this process and to find out how you can get started on counting the cost of retirement.

The empty-nester lifestyle can be wonderful . . . and dangerous

As empty-nesters, there are many opportunities for us to spruce up our homes and enjoy some time freedom that we have not had in years. But there is a danger with the spending increase that can come along with this life phase as well. On today’s hot topic segment, I’ll explain what I mean by this danger, and how you can avoid falling into it. Listen in to learn to count the cost and prepare well for retirement spending.

Understanding your spending is key to your retirement cash flow plan

Did you know that the more income people have, the worse they are at understanding what they are spending? As Jason Parker says in this episode, one of the most important pieces of a good retirement cash flow plan is understanding your spending. Listen to today’s interview to find out why you need to count the cost on your lifestyle, how you can get a clearer picture of your spending, and where to find a great software tool that will help simplify the process.

A simple tool to estimate retirement spending

Jason Parker, host of the Sound Retirement Planning podcast, has developed a software tool that can help you understand your current spending and help you plan for retirement spending. On this episode, Jason talks with me about how this new tool came about, how it works, how it is different from other budgeting tools, and where you can get it. My listeners will get 50% off, so be sure to listen to the podcast and get the coupon code.

It’s never too soon to start planning for retirement costs

Whether you are retiring next month or in 20 years, getting a clear understanding of your spending is an important part of your overall financial well-being. On this episode, Jason Parker and I talk about the importance of calculating your spending and your retirement costs and explain how to do it. We cover how to account for costs that don’t fall into your monthly expenses and how to balance your money so that you don’t run out too soon. Listen in and then take my seven-day challenge to begin getting a clear picture of your spending.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Make sure you value the right things. Don’t build a financial cage that gives you no options in life. You can make a million and feel poor and scared, and make 60,000 and live one of the richest lives. Conversation on spending and counting the cost for retirement. Jason Parker
  • [3:13] Disclaimer
  • [3:53] Traditional retirement planning doesn’t work. Doesn’t give you much confidence about the future. Just completed a 3 video series called the 5-minute retirement makeover. Go to fiveminuteretirementmakeover.com.



HOT TOPIC SEGMENT

  • [5:09] How empty nester lifestyle creep can mess up your retirement. Kids are leaving, you’re making more money than you ever have, starting to define your life without kids. Can also be dangerous. You have more time freedom. Can explore other activities. Can update the house, etc. Re-nesting as an empty nester. But, when you increase your lifestyle, it’s always hard to scale back again. You can expand your lifestyle in your 50’s and then it’s hard to maintain when you retire.

 

PRACTICAL PLANNING SEGMENT

  • [09:49] How do you count the cost on your lifestyle?
  • [10:57] How accurate are you when it comes to what you think you spend?
  • [14:49] How to account for costs that are not included in your monthly spending.
  • [19:34] Can you afford “Go-Go” years?
  • [20:21] The Retirement Budget Calculator is different from other budgeting tools.
  • [23:53] How you can approach using the budget calculator without being overwhelmed.
  • [25:05] When should someone start counting the cost for expenses in retirement?
  • [27:39] How safe is the data on the Retirement Budget Calculator software?

 

TODAY’S SMART SPRINT SEGMENT

  • [30:23] 7-day goal: Get a clear picture of your monthly spending.

 

THE HAPPY LAB SEGMENT

  • [31:31] Get excited about your purpose instead of your things.

 

RESOURCES MENTIONED IN THIS EPISODE

Sound Retirement Planning podcast

RetirementBudgetCalculator.com (50% discount with coupon code “Roger”)

Roger’s Five Minute Retirement Makeover videos

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: RAM179.mp3
Category:general -- posted at: 6:00am CST

There is a lot of weird science out there when it comes to investment management. But if we’re going to be successful in investing for retirement, we need sound science. Last time we talked about asset allocation for the flexible portion of your portfolio. Today we’re going to talk about the science behind the fixed portion. Index-based investing is currently the popular way to manage this side of your investments. But remember, you want to “know what you own and know why you own it” (Peter Lynch). Listen to this episode and follow through with the 7-day goal to gain a better understanding of what you own and why!

What is an investment index?

Index-based investing is taking over the world. But what, exactly, is an index? It is not something you can invest in directly. It is a mathematical model that represents a broad swath of the US equity markets. Index-based investment products try to mimic the model. On this episode, we’ll use the S&P 500 index as an example and explain how it works. Listen in to learn more about what the index is and how it affects asset allocation in your portfolio.

Following an index when allocating assets might boost your retirement

Index-based investing has a few distinct advantages, one of them being lower cost. As I explain the science behind an index, using the S&P 500 as an example, I will describe the factors that reduce costs for index-based investments and make them more efficient. Listen in to learn how index-based asset allocation can benefit your portfolio.

Your retirement might suffer if you follow the S&P 500

When looking at index-based investments, there are nuances to consider that may be disadvantages. On today’s episode, I will explain how the S&P 500 index works, and why it can be great when huge companies are doing well, but concerning if they are not. I’ll also describe how the changes made annually to the index can result in inefficient trading and higher prices. Listen in to learn about index-based asset allocation so that you can know what you own and why you own it.

Are there options other than an index-based product for the fixed portion of your portfolio?

It is important to carefully consider your options when investing. While index-based products are the popular “go-to” for the fixed portion of your portfolio, there are other options out there. On this episode, I’ll talk about these options, which for some people may be a smarter way of investing. Listen in to learn about index-based asset allocation, other options, and what you can do in the next seven days to get a better understanding of what you own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] There is a lot of weird science when it comes to investment management.
  • [1:04] How do you go about thinking about the fixed allocation to index-based portfolios?

HOT TOPIC SEGMENT

  • [2:22] Index-based investing is taking over the world.

PRACTICAL PLANNING SEGMENT

  • [6:28] How do we choose managers to invest the passive/fixed part of a portfolio?
  • [8:08] What is an index?
  • [9:42] What are the advantages of following an index like the S&P 500?
  • [11:09] What are the potential disadvantages of following an index like the S&P 500?
  • [18:29] Are there other options out there?
  • [20:09] Focus on the things you can control.
  • [21:21] Please send me your questions about this topic or series.

TODAY’S SMART SPRINT SEGMENT

  • [21:58] Get a better understanding of what you own by looking at the fact sheets.

THE HAPPY LAB SEGMENT

  • [23:06] Take some time to appreciate someone else and to acknowledge appreciation you receive.

RESOURCES MENTIONED IN THIS EPISODE

The Five-Minute Retirement Makeover

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: RAM178.mp3
Category:general -- posted at: 6:00am CST

David Booth once said, ““The important thing about an investment philosophy is that you have one.” But how many people who are actively planning for their retirement actually DO have one? You’d probably be surprised to know that much of the planning side of “retirement planning” is pretty haphazard. Even among investment advisors. But I've learned that it’s vital to know what your goals are and WHY you invest in certain types of investments so that you can know if what you’re investing in will get you to your goals. Does that make sense? On this episode of The Retirement Answer Man, I’m going to walk you through “5 Ps” of a good investment philosophy that you need to consider in order to make the best choice for reaching your goals.

When it comes to investment philosophy, all we care about is repeatability.

When you assess the investment opportunities before you, there’s really only one thing you should care about in the long run. That’s what I call “repeatability.” Will the investment you’re considering continue to perform at the rate and along the line of what it’s done in the past? That’s a pretty difficult question to answer when you get right down to it. That’s why I have decided to publish this episode of the show, to walk you through the things I consider when doing my “due diligence” part of helping a client determine their investment philosophy. It takes some time, but it’s worth it to ensure that what you’re investing your money in is actually going to give you the outcome you want.

To assess an investment philosophy, look at People, Parent, Process, Performance, and Product.

When it comes to the analysis of a potential investment you need to look deeper than the returns it’s currently getting. There are a number of factors that impact that return and looking deeper will provide you the opportunity to see patterns in a number of areas that will indicate whether that return is normal, will continue or can be expected to taper off. So what should you look at to make your decision? I call them “5 Ps” - People, Parent, Process, Performance, and Product. You can hear what I mean by each of those and even how I go about assessing them, on this episode of The Retirement Answer Man.

Why it’s important to know something about the people behind an investment fund.

One of the things most investors don’t think about when it comes to assessing an investment fund is that they need to keep abreast of the goings on within the company that is managing their investment. That means knowing something about the individuals who manage the fund and make the decisions about how it will be run. If you’re able to see patterns in the behavior and decisions of those individuals, or if you see that personnel changes have taken place within the investment firm, you’re able to pay closer attention to see how or if that change is going to impact your investments. But if you aren’t paying attention in the first place, you could experience outcomes you weren’t expecting. Find out more about how to assess the people behind your investments, on this episode.

I don’t consider any investment that has less than 10 years of track record.

Your investment philosophy needs to be built on a solid set of data, clear numbers that indicate why the investment choices you make are good choices for your goals. One of the things I have made a rule of thumb for myself (and therefore my clients) is that I won’t even consider an investment possibility that has a track record of fewer than 10 years. Why? Because there’s simply no way I can tell how the investment will perform. Any recommendation I make to a client in that scenario is nothing more than a guess.... And my clients deserve better than that. On this episode, you can hear how I go about assessing an investment’s track record to help my clients attain their retirement goals.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] My decision to get on the “smart thermostat” bandwagon!
  • [4:30] Considering your investment philosophy decisions in the same way: not always the best approach.

HOT TOPIC SEGMENT

  • [7:53] The 2017 Mutual Fund Landscape Report - the highlights.
  • [12:37] Taking a look at the winners in the report and how they did the next year.

PRACTICAL PLANNING SEGMENT

  • [16:15] How DO you actually choose the right strategy for your “flexible” investments?
  • [19:30] Things to be aware of when it comes to making your decision.
  • [22:00] Most advisors don’t have a detailed “due diligence” process they use to assess investment options.
  • [23:56] Learn about the people behind the investment.
  • [26:11] It’s vital to know something about the “parent” company behind the investment.
  • [27:52] What type of process is used to manage the portfolio?
  • [32:10] What role does performance play in assessing an investment philosophy?
  • [35:04] What is the specific product you’re looking at?
  • [36:16] An example from the 1990s to show you why these things are important.

TODAY’S SMART SPRINT SEGMENT

  • [38:35] Look at your holdings and write out why they make sense: Are they helping you achieve your goals?

THE HAPPY LAB SEGMENT

  • [39:08] Two friends who experienced abrubt changes in their lives and how they reacted postively.

RESOURCES MENTIONED IN THIS EPISODE

Nest Thermostat

EcoBee Thermostat

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: RAM177.mp3
Category:general -- posted at: 10:29am CST

“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life.

Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?

Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility.

Tie your investment strategy to the goals that you want to achieve

Asset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement.

The “Fixed and Flexible” approach to retirement investing

The way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility.

Evaluate your investment types according to your retirement goals

In the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Why learn the formulas?
  • [4:03] How do we break some of these rules to serve us in creating a great life?
  • [4:20] Disclaimer.

 

HOT TOPIC SEGMENT

  • [5:05] Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?
  • [8:56] What are the benefits of the asset allocation model?

PRACTICAL PLANNING SEGMENT

  • [14:03] Asset allocation is a sound framework for investment decisions, but not the entire solution.
  • [15:52] The “Fixed and Flexible” approach - asset allocation.
  • [21:56] The “Fixed and Flexible” approach - Actively managed investment vehicles.

TODAY’S SMART SPRINT SEGMENT

  • [32:46] Identify what types of investment mandates your funds have.

THE HAPPY LAB SEGMENT

  • [34:04] Scott & Jeannine Fitzgerald. Children’s Book - Buddy Pegs podcast. Kickstarter for new book Buddy Pegs Taking the Lead.

RESOURCES MENTIONED IN THIS EPISODE

Buddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter)

Contact Roger

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM176.mp3
Category:general -- posted at: 6:00am CST

What you base your assumptions on when it comes to market forecasting and retirement planning will determine the course of action you take. Forecasting typically comes from respected “experts” who we all look to for advice, but here’s the problem: None of them are 100% accurate. In fact, even with all their knowledge and experience, they are often way off in what they predict. How can you plan for retirement when you don’t know which market forecast to rely on? That’s the topic of this episode of The Retirement Answer Man.

Imagine trying to track your weight when every scale gives you a different number?

I experience this every time I go to my Doctor. The nurse takes me to the scale before I take a seat in the exam room and it almost always shows me to weigh 8 to 10 pounds heavier than my scale at home. Naturally, I wonder: “Which scale is right?” To me, that’s the same thing we all experience when it comes to looking at the market forecasts the experts make. They all tell us something different is going to happen. Sometimes the differences are negligible, but other times they are huge. Who should we trust? I don’t think we can fully trust any of them, and on this episode, I tell you why - and what I do instead.

Assumptions about investment returns are one of the ways market forecasting goes awry.

Every market forecaster has to make assumptions. It’s the only way they can have any sense of continuity to their predictions that are tied to reality. But notice, their predictions are only TIED to reality, they’re not reality itself. In order for a market forecast to be reality itself, we’d have to have a crystal ball that could tell us exactly how investments are going to perform in the future, and none of us has that kind of foresight. But there are ways you can use the historic data to inform predictions that don't require you to follow a given expert in lock-step. Find out how on this episode of The Retirement Answer Man.

Are your investment decisions for retirement tied to your lifestyle goals? They should be.

One of the things that happen when using return assumptions to plan for retirement is that our fear of pessimism prompts us to make decisions based on those assumptions (whether accurate or inaccurate) instead of on what really matters: the type of lifestyle you want to have during retirement - and what is needed to provide it. It’s a nuance you’ll have to have explained a bit more in order to understand, but you’re in luck! That’s what I address on this episode of the podcast, so I hope you take the time to listen.

How much of your investment portfolio is based on market guesses?

I know that's an odd question, but it’s one that reveals a lot about how you’ve approached investing up to this point. If you’re making investment decisions based on what you or some expert THINKS is going to happen, you’re simply guessing. Yes, it may be an educated guess, but it’s a guess nonetheless. What’s the alternative? This episode of the Retirement Answer Man is an introduction to a more agile way of retirement planning that I believe you’ll find helpful. Be sure to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] The thing I don’t like most about going to the Doctor: weighing myself.
  • [3:41] The benefit of one consistent source of data when it comes to asset allocation.

HOT TOPIC SEGMENT

  • [5:30] How forecasters view the art of forecasting markets (not like you might think).

PRACTICAL PLANNING SEGMENT

  • [8:49] The wrinkles that come into play using investment return assumptions for retirement.
  • [11:07] What return assumptions should you use in retirement planning?
  • [14:48] A look at the results of some of the more respected market forecasters.
  • [20:34] How I approach retirement planning in light of market forecasting.
  • [22:16] Why my approach doesn’t solve the problem, but does help make better decisions.

TODAY’S SMART SPRINT SEGMENT

  • [23:00] Your 7 day goal: Identify the parts of your portfolio that are based on market guesses.

THE HAPPY LAB SEGMENT

  • [23:46] Games I learned to play at my friend Joe’s house. Maybe some of these can put a little enjoyment into your life.

RESOURCES MENTIONED IN THIS EPISODE

Stacking Benjamins Podcast

Games I learned at Joe’s place:

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

#MarketForecasting: Who Can You Trust To Tell You What to Expect During #Retirement?

Imagine trying to track your #weight when every scale gives you a different number?

Assumptions about #investmentreturns are one of the ways #MarketForecasting goes awry

Are your #investment decisions for #retirement tied to your #lifestyle #goals? They should be

How much of your #investment #portfolio is based on #market guesses?

Direct download: RAM175.mp3
Category:general -- posted at: 6:00am CST

Part of my job as the Retirement Answer Man is to help you face the current issues that impact your retirement planning decisions. Part of that is the non-glamorous task of assessing the traditional approaches to retirement planning to see if they still work. So on this episode, I’m going to take a fairly deep dive into the institutional approach to asset allocation that has been the basis for retirement planning for many years - and I think once you understand the premise behind it, you’ll see that it’s a bit antiquated for modern retirement planning purposes. But never fear, I’m also going to point you in the right direction regarding how you can make up for the deficit!

An institutional approach for retirement asset allocation doesn’t work because YOU are not an institution.

I say that with my tongue planted firmly in my cheek, but I also really mean it. Institutions do a very good job of allocating their assets for THEIR particular goals, but YOUR goals for retirement are vastly different than theirs, don’t you think? So following their pattern may be helpful (and it is, in some ways) but it’s not enough. You need to know the potential pitfalls of following an institutional lead and how to avoid them. That’s why I’m here. :) This episode of The Retirement Answer Man will point you in the right direction and then next week, we’ll follow up with some more practical tips to get your retirement planning mindset up to date!

A Nobel Laureate says we have a problem with decumulation when it comes to retirement. What?

I think he made up the word but, Nobel Laureate William F. Sharpe of Stanford University has determined that things in our modern society have changed so much that we need to reassess how we approach retirement planning. A big part of the problem (he says) is that we have a phenomenon happening called “decumulation.” It’s what happens when we hit retirement with resources that are inadequate to match our expected lifespan. As you can see, you’ll eventually run out of assets in that scenario. What’s he doing about it? He’s begun a study, naturally. On this episode of The Retirement Answer Man, I’m going to walk you through his premise and tell you how I approach the same problem, so be sure to listen.

Institutions are not emotional. You are. How does that impact your retirement planning?

As I’ve said before, we’ve long followed an institutional approach to asset allocation when it comes to retirement planning simply because the rationale was that the managers of financial institutions manage assets for a living, so they must know what they are doing. Generally speaking, that’s true - but the real issue is that institutions have different investment goals than individuals do, and they approach those goals non-emotionally - which individuals do NOT do. That alone makes a huge difference in how you are going to make decisions and could set you up for some serious disappointments. On this episode, I address those difference and give you some tips for how to offset them.

What IS your desired outcome for retirement… hmmmmmm?

As Zig Ziglar famously quipped, “If you aim at nothing, you’ll hit it every time.” It’s so obvious you probably laugh when you hear it said so bluntly. I do too. And I think part of why I laugh is because I see how applicable it is to retirement planning. If you don’t know what you really WANT for your retirement, how will you be able to plan in a way that enables you to accomplish it? You probably won’t even get close - which would be tragic. So, on this episode’s, “Smart Sprint” segment I have a challenge for you. Are you up for it? Listen to find out.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:40] Personal accountability, potato chips on the couch, and other vices we want to change.

HOT TOPIC SEGMENT

  • [3:16] News that “decumulation” is a problem that smart minds are trying to address.
  • [4:44] Longevity’s role in decumulation - and don’t forget about inflation and the timing of retirement income and spending patterns.
  • [6:25] My take on how to handle this decumulation issue.

PRACTICAL PLANNING SEGMENT

  • [7:05] Is asset allocation alone enough to deal with decumulation?
  • [8:43] The differences between your private situation and how institutions handle investments.
  • [12:24] Does the institutional approach to asset allocation fit today?
  • [16:25] Looking at historic averages for rolling returns.
  • [19:25] When the magical power of dollar cost averaging starts to work in reverse. Uggg.

TODAY’S SMART SPRINT SEGMENT

  • [24:46] Start asking yourself, “What is my desired outcome for retirement?”

THE HAPPY LAB SEGMENT

  • [25:45] My experience doing a “breakout” session at the mall. It was a blast!

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

The Retirement Income Scenario Matrix Project - through Stanford University

Direct download: RAM174.mp3
Category:general -- posted at: 6:00am CST

Get ready for part three of our Retirement Investing series. On this week’s episode of the Retirement Answer Man, we’ll talk about risk management, types of risk to watch out for, and why the common approach to managing risk might not be a good fit for you. This one will be a lot more technical than our previous two shows, so get ready to get your geek on!

You can’t get something from Nothing

As my mother always said, “You can’t get something from nothing.” This rings true especially in the world of investing. You can’t expect to reap the rewards of your investments unless you are willing to give up something. For most that sacrifice comes in the form of risk. All investing has risks and the better you understand those risks and know which are worth taking, the better prepared you will be to invest wisely for your retirement. Stay tuned to get a glimpse of the different risks you might have to face.

Diversify your portfolio to fit your goals

Investment risk is very real, but if you are wise about how you invest your assets, you can reduce that risk. However, a diversified portfolio that eliminates risk might not help you meet your investment goals. It’s important that you become clear on what you want out of your retirement investments so that you can know how to diversify your assets in order to meet those goals. Join me in this episode of the Retirement Answer Man to hear my tips on how to create a good balance.

Mainstream risk management might not be right for you

Risk management is a topic we hear a lot about in our modern investing culture. There’s even a common method used to discern how much risk it too much. In this episode of the Retirement Answer Man, I'll discuss why I think the mainstream view of risk management falls short and how you can develop a balanced view that will help you achieve your retirement goals.

Don’t listen to the Investment Professionals

There is a huge disconnect between investment professionals and the regular person. Most people think of risk as losing money and are more concerned about what their investments can do for them to create their ideal retirement than they are about optimizing their portfolio. The professionals on the other hand look at risk management based on statistical factors in order to create an optimized portfolio. Often times an optimized portfolio has nothing to do with the life goals you and your family may have. In this episode, I dive into the thinking behind the professionals so we can figure out if the standard approach is right for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] You can’t get something for nothing.
  • [0:45] In order to reap the benefits of potential investments, you have to be willing to give something up.

HOT TOPIC SEGMENT

  • [2:24] Markets are at an all time high and risk is being more sensationalized than ever before.
  • [3:00] Mainstream Risk management.
  • [4:00] Types of risk that are not talked about very often.
  • [5:00] The Risk of Longevity.
  • [6:00] The risk of Inflation.
  • [6:45] Managing the boogie-man of risk.

WHAT’S THAT MEAN SEGMENT

  • [6:55] What is an index?
  • [8:27} What is standard deviation?
  • [12:08] What is a correlation?

PRACTICAL PLANNING SEGMENT

  • [14:00] “Between calculated risk and reckless decision making lies the dividing line between profit and loss.”
  • [14:50] There is a huge disconnect between investment professionals and regular people.
  • [16:55] 2 Major types of risk that we are affected by.
  • [17:00] Risks can be reduced by the diversification of assets.
  • [19:00] Systematic and Market risk. There is no way to eliminate these risks.
  • [26:50] How do I know what my risk tolerance is?
  • [27:00] The disconnect.

TODAY’S SMART SPRINT SEGMENT

  • [33:30] Figure out what the asset allocation is in your portfolio, and why.

THE HAPPY LAB SEGMENT

  • [34:28] I’m happy that we got through this discussion of risk. If you are having a hard time explaining something, hit the big points and tell stories.

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

Direct download: RAM173.mp3
Category:general -- posted at: 6:00am CST

Hello everyone and welcome once again to the Retirement Answer Man Show, I am your host Roger Whitney and I am the Retirement Answer Man. This show is part 2 in our series on investing. Today we will look at why maintaining a strong investment foundation is so important as you enter retirement and what steps you can take to build it. We’ll walk through three major types of investments, their average returns and how inflation can affect them. It may have more of an impact than you realize. Keep listening to hear the details.

Investing during retirement is like riding into the wind

When we were younger, working in our career, and contributing regularly to our investments, we enjoyed a bit of flexibility. Flexibility to adapt to market downturns or to our own bad investment decisions because we had a constant flow of money going into our investment plan. However, now that we are nearing retirement, that flexibility is fading and will eventually be gone. We will no longer be working a job that allows us to contribute to our portfolio and we will most likely be drawing on our investments in order to sustain the life we desire in retirement. This loss of flexibility makes it crucial to have a strong investment foundation when you enter retirement so that you can pivot your investments to work for you instead of you working for your investments. Listen to this episode to hear how to build a great foundation.

Common asset classes, their returns, and what history reveals

There are three main asset classes we think of when we talk about investing. Cash or Cash-like assets, Bonds, and Stocks or equities. More than likely your portfolio is made up of a collection of these three classes. Some are useful in generating income for your retirement and some are not. In today’s episode, I want to dive into each of them and look at the historical returns to get a rough idea of how we can expect each of these asset classes to perform in the future. In addition, I’ll factor in inflation and see where that leaves these common three. Make sure you listen to this episode to get my thoughts on the usefulness of each of these assets.

Taking steps towards Retirement Success

In last week's show, I challenged you to gather up all of your investment statements into one place so that we could work on them together.. Well, the time has come. Go grab those statements and get ready to analyze them with honesty and discernment so that you can begin taking steps towards building a foundation for a great retirement.

Don’t over rationalize happiness!

If you are anything like me, there are activities you do that make you happy. For me, it is mountain biking. The feeling of a good workout, the exhilaration of pushing my limits, and the peace of relaxing in nature brings me a lot of happiness. The other day I was planning on going out for a ride, but as the time approached I found myself trying to talk myself out if it. I came up with some pretty good reasons why I shouldn’t go but in the end, I went anyway. When I finished, I realized that the happiness it brought me was worth it and I should try to not over-rationalize it again. Do you have something that brings you joy, that you often talk yourself out of? Don’t!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] The weird science of Investing.
  • [2:56] Building a good investment foundation.

HOT TOPIC SEGMENT

  • [4:42] Investing wisely when you are nearing retirement is more important than ever.
  • [5:00] When you need your investments to work for you to generate the life you want, you need a specialist to aid you.
  • [7:00] When you are entering retirement, you have less ability to absorb market fluctuation.
  • [8:45] Without the ability to continue contributing to your investments, it might feel like you are riding against the wind.
  • [11:00] Investment mistakes become a much bigger deal once you reach retirement. One small fumble can have huge impacts on your quality of life.
  • [13:00] IT’s time to get your investments working for you!

WHAT’S THAT MEAN SEGMENT

  • [14:00] What is an asset class?
  • [15:52] What are returns?
  • [16:43] What are Capital Market Assumptions?

PRACTICAL PLANNING SEGMENT

  • [10:20] Roadmap of the coming weeks.
  • [19:27] The Bruce Lee philosophy.
  • [20:00} Three main asset classes and what history teaches us.
  • [21:00] Cash-like investments.
  • [22:55] Bonds.
  • [26:30] Stocks or equities.
  • [30:25] How does inflation change this?

THE HAPPY LAB SEGMENT

  • [34:08] Are things you enjoy doing that you talk yourself out of? You shouldn’t.

TODAY’S SMART SPRINT SEGMENT

  • [354:15] Take out your investment accounts that you gathered in the last episode. Look at them while asking the question “Is this weird science or does this investment get me where I need to go?”

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

Direct download: RAM172.mp3
Category:general -- posted at: 6:00am CST

Welcome back to the Retirement Answer Man show. Today begins a new series on Investing. I am very excited about being able to offer you this series and I hope you will find some value that fits your situation. In this week’s episode, we are chatting with a great guy, David Stein. He has many years of experience in the financial investing world and has seen it all. Today he shares some simple advice to help you not gamble away your retirement but rather approach your investing with clarity and confidence. Join me as I unpack the knowledge he has to offer. Stay tuned as well for a helpful tool I have found that makes your internet experience virtually ad free. Here we go!

The Difference between Investing, Speculating, and Gambling

Investing, Speculating, and Gambling are very different things. While all three can make you money, Speculating and Gambling have a much higher possibility of costing you your retirement. Our special guest today is David Stein, a former financial adviser and the host of the Money For The Rest Of Us podcast. David knows the risks that are inherent in investing, he worked through the 2008 market crash and was able to come out the other side on top. His mentality when it comes to investing later in life for retirement is to take a more passive approach. When you were young and frequently contributing to your investments was the time to have riskier investments, but now may not be the best time to take those chances. Rather, you should make your investments work for you to generate the life you want. David walks through a few questions to consider when investing to determine what a healthy risk level may be. Make sure you listen to this episode to hear this fantastic conversation.

Marketplace trends and how to adjust to them

The Marketplace has trends, and David Stein says that understanding these trends and recognizing them is key to investing. If we are aware of what the markets are doing and what they might do in the future we can make educated decisions instead of gambling on the unknown hoping for a favorable outcome. Make sure you listen to this whole episode to hear David’s helpful tips on how to avoid being a gambler.

Moderating activity as you age to safeguard your happiness

I was recently out mountain biking and having not done it in a while I was taking it slow. I avoided a few challenging routes until I felt comfortable in my abilities. When I finally attempted to traverse a challenging section, I crashed hard and banged myself up! Now I could have let that discourage me from going riding again, but instead, I went out again and moderated the risk by taking it slow. If you can do this in all areas of life as you get older, you will feel empowered, capable, and happy.

Easy tool to keep your internet browsing ad free

I came across a tool the other day that you can add to your web browser. It will blocks ads from showing on the web pages you visit. I am currently looking at the homepage of Yahoo Finance and it’s telling me it is blocking 44 ads. WOW! I can finally find what I am looking for without the distraction of ads and this may help me save a bit of money as well. I’ll tell you all about it in this episode.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] When my mother died, I took my inheritance and bought my first investments
  • [2:00] Your investment mindset needs to change when you near retirement
  • [3:00] It’s time to stop accumulating wealth and start making that wealth work for you
  • [3:30] Our special guest David Stein
  • HOT TOPIC SEGMENT
  • [4:47] Your internet experience
  • [5:00] Adds are pervasive and companies are great at tracking your activity.
  • [6:40] Adblock will automatically block ads on the sites you visit

PRACTICAL PLANNING SEGMENT

  • [8:36] Conversation with David Stein
  • [10:25] Investment presentations
  • [11:47] Difference between Investing, Speculating, and Gambling.
  • [16:53] Fundamental questions to consider when investing
  • [21:25] Trends in the markets and adjusting your risks to fit them
  • [22:00] We should balance a generational view of our investing with a lifetime view
  • [24:40] Pros and Cons of using an active manager
  • [31:50] How to be an investor instead of a Speculator or Gambler

THE HAPPY LAB SEGMENT

  • [34:45] Learn to moderate your activities as you get older. Don’t stop doing just find a healthy balance

TODAY’S SMART SPRINT SEGMENT

  • [37:30] Gather your investment accounts and organize them. Figure out how you are allocated. This will get you ready for upcoming steps in future shows.

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

David’s podcast Money For The Rest Of Us

Direct download: RAM171.mp3
Category:general -- posted at: 6:00am CST

Welcome back to the Retirement Answer Man Podcast. My name is Roger Whitney and I am the Retirement Answer Man. On this week’s episode, I will be answering several listener questions about dementia, HSA’s, and next level investing. I’ll also outline the road to “brokesville” so that you can steer clear of catastrophe in your retirement planning. Come along with me as we discuss how to learn from your mistakes to create a great retirement. Stay tuned to this episode to hear it all!

The Road to “Brokesville”

Not many people choose to be broke, but we often walk down paths that lead us straight to “brokesville” and a stressful retirement. In this week’s episode of the Retirement Answer Man, I’ll outline 7 major mistakes that can lead you down this road. Listen up and take notes, you’ll want to make sure you avoid these pitfalls and learn from your mistakes.

Protect your retirement from dementia

As we get older our memory isn’t always what it used to be. For some, it can go as far as full blown dementia. How can you safeguard your investments or your parent's investments from lapses in judgment or memory? Well, a listener wrote in with this very question. I’ve got some practical tips for him to protect the security of his family's investments. Make sure you listen to this episode to find out how.

Work on your strengths, delegate your weaknesses

I’m sure you have heard it said, “Identify your weaknesses and work on them.” This is often a good idea in order to grow as a well-rounded individual, but in the area of retirement I say work on your strengths and delegate your weaknesses. Our strengths are what make us happy and keep us feeling fulfilled while our weaknesses often times do the opposite. If you can find someone who is strong in areas in which you are weak and delegate to them, you will find yourself feeling happier and more optimistic about your future retirement.

Ask yourself hard questions to protect your retirement.

This week I challenge you to have a hard conversation with yourself. Walk through each of the steps to “brokesville” and ask yourself if they are true of you. You may find that you are making some of these mistakes right now. Face the hard truths and make the changes necessary to build a better future. Make sure you listen to this entire episode of Retirement Answer Man to hear what to avoid.


OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] Looking back in life on our mistakes.
  • [1:30] Life is messy.
  • [1:30] Planning for retirement is like riding a bike.

HOT TOPIC SEGMENT

  • [3:47] The road to “brokesville.” The 7 biggest mistakes.
  • [6:03] Buying a big house.
  • [8:13] Taking an 8-year car loan.
  • [9:00] Flawed investment strategy.
  • [10:18] Paying Uncle Sam too much.
  • [11:11] Getting divorced.
  • [12:28] Keeping up with the Joneses.
  • [14:00] Cosigning on a loan.

PRACTICAL PLANNING SEGMENT

  • [17:00] Listener questions.
  • [17:00] How do I lovingly help my elderly parent with dementia let go of managing his investments.
  • [27:43] Is an HSA right for me?
  • [30:00] Advanced savings steps.

THE HAPPY LAB SEGMENT

  • [33:16] Work at your strengths and delegate your weaknesses.

TODAY’S SMART SPRINT SEGMENT

  • [36:00] Walk through the 7 mistakes that lead to “brokesville” and see which ones you need to work at avoiding.

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

Direct download: RAM170.mp3
Category:general -- posted at: 6:00am CST

I love being an entrepreneur! Not only does it give me an avenue to exercise my creativity it gives me the flexibility to live the life I desire, work the way I want to work, and build a legacy for my family. The value of your business can be put into three categories: Cash flow, Lifestyle, and Enterprise value. On this week’s episode of the Retirement Answer Man, we will be talking with my special guest Randy Long about building your business in a way that grown its enterprise value. Having a strong enterprise value will enable you to create a successful business exit strategy that will help you create a lasting legacy for your family. Stay tuned to hear Randy’s helpful tips.

Your internet provider might be selling you out!

We all know that the internet can be dangerous, but now it might become riskier than ever. Congress recently lifted restrictions that required your internet provider to get your permission before selling your data. So now your browsing history, online habits, and who knows what else might be up for grabs to the highest bidder. There’s no doubt this could pose a security threat to people like me who work with very sensitive financial information. However, there is a solution, a way you can protect your data from the prying eye. Make sure you listen to this episode to hear how I keep my info secure online.

Extracting enterprise value with Randy Long

Today’s guest is Randy Long a certified exit planner and CEO of Long Business Advisory LLC. He has patented a Braveheart Planning Process where he works with entrepreneurs to help them maximize the value they can get from their business. In our conversation, we will discuss how to transition from building a business to building a legacy and how to structure your business to be appealing to buyers. There are some great tips that you won’t want to miss so stay tuned.

Quantity time might be better than Quality time

I just returned from a vacation with my wife in the Caribbean. We were gone for 8 days and at times that felt a bit too long and we laid around a lot without much to do. However, it afforded us time to connect and have some important conversations. We’ve all heard the term “Quality Time” and while I agree that you need to seek quality in the time that you have I also believe that you can’t have Quality time without Quantity time. Quantity time gives you the flexibility to create moments that you otherwise wouldn’t have been able to. Creating a Business Exit Strategy is an important step towards the future but it won’t bring you lasting joy. Quality relationships with the ones you love will bring you that joy! Listen to this episode to hear more of my thoughts on creating a happy life.

Markets are at an all-time high, it’s time to assess your investment risk

The markets are continuing at a record high since the election. Things are sunny in the investment world. This is the time when you need to make repairs and tweaks to your investment plan. Don’t wait for a drop in the market to reassess your risk tolerances, do it now while everything is good. If you need help with this assessment I can lend you a hand. Listen to this episode to hear how.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:26] I love being an entrepreneur.
  • [1:43] Three ways you get value from a business you own.
  • [2:18] What is enterprise value?

HOT TOPIC SEGMENT

  • [4:43] My Vacation to the Caribbean.
  • [5:54] Your Internet service provider can legally sell your data.
  • [7:28] What is a VPN and why should I use one?

PRACTICAL PLANNING SEGMENT

  • [9:28] There’s a difference between Knowledge and Wisdom.
  • [10:10] Why do you build a business?
  • [13:00] Transitioning from building your business to building a legacy.
  • [16:10] Moving towards exiting your business.
  • [19:10] Things that make a business appealing to buyers.
  • [22:10] Making your business valuable apart from the cash flow.

THE HAPPY LAB SEGMENT

  • [30:45] Quantity time is better than Quality time.

TODAY’S SMART SPRINT SEGMENT

  • [33:29] Markets are at an all-time high which means it is time to assess your investment risk.

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

The BraveHeart Exit:: 7 Steps to Your Family Business Legacy

Built to sell: Creating a Business That Can Thrive Without You

Cloak Keep yourself safe with this Virtual Private Network tool

Direct download: RAM169.mp3
Category:general -- posted at: 6:00am CST

Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon.

The Healthcare Dragon might burn up your retirement.

It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement.

80% of people don’t plan for long-term health care.

Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions.

Why you MUST understand your healthcare plan.

If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all.

Invest in yourself for a secure retirement.

With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] The Live Dragon of long term Health Care

HOT TOPIC SEGMENT

  • [2:20] Dragon slaying weapons
  • [3:16] How a savings account works.
  • [4:41] Our HSA sword is dull.
  • [6:17] Steps we can take to improve our HSA.

PRACTICAL PLANNING SEGMENT

  • [9:37] Conversation with Margie about helping families navigate long-term care.
  • [11:09] 80% of Margie’s clients have no long term care plans in place.
  • [12:05] The benefit of thinking ahead.
  • [15:15] The potential dangers of living independently.
  • [21:35] Preparing for retirement and long-term care if you have no family.
  • [23:17] The importance of understanding your medical plan.
  • [26:07] How do people generally pay for long term care?
  • [28:27] Do long-term care policies make the transition easier?

TODAY’S SMART SPRINT SEGMENT

  • [32:05] Look at your HSA. What is the maximum you can contribute and can you make that happen? If you don’t have an HSA, give some thought as to whether or not it would be a smart move for you and your family.

THE HAPPY LAB SEGMENT

  • [32:56] The average couple will need $260K for health care costs in retirement.
  • [33:33] Take small steps to get an HSA if applicable, invest in your health, and invest in your life to make you feel more empowered to face the future.

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

TWEETS YOU CAN USE TO SPREAD THE WORD

Using Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan

 

The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan

 

80% of people don’t plan for long-term #healthare #RetirementAnswerMan

 

Why you MUST understand your #healthcare plan #RetirementAnswerMan


#Invest in yourself for a secure #retirement #RetirementAnswerMan

Direct download: RAM168.mp3
Category:general -- posted at: 6:00am CST

Welcome to another episode of the Retirement Answer man, as always I am Roger Whitney the retirement answer man. This week's show is a hodgepodge of great actionable content that might give you the edge you need in your retirement plan. We’ll discuss why alcohol abuse is a problem for many people in retirement and lay out the reasons why. Listen as I answer listener questions and give my tips for investing your Social Security income. Stay tuned to hear it all!

Alcohol abuse is a huge problem in retirement.

Studies are showing that Alcohol abuse is the number one substance abuse problem for older adults. As Billy said in this episode, retirement almost turned him into an alcoholic. Alcoholism is not an inescapable fate. There are several reasons why one might abuse alcohol once retired. In this episode, I will talk about 6 factors that contribute to retirees drinking too much. Don’t miss this episode of the Retirement Answer Man.

Refinancing your home can be a benefit and a curse.

Noni wants to know if it would be a good idea to refinance her home and take money out to pay off credit card debts and put her kids through college. Although refinancing a home can be a smart move and paying off debt is almost always a good idea, there are situations where you should use caution. I’ll share my ideas with Noni as to whether or not her situation would benefit from a refinance and borrowing against her house. Stay tuned to hear my warnings so you don’t make a potential mistake.

Does taking Social Security early mean more money to invest?

Conventional wisdom would say that investing money annually at a good interest rate will bring you out on top. This is not always the case. On this episode of the Retirement Answer Man, Ruth asks for my thought on taking Social Security early in order to invest it. Her calculations show that she will reach age 80 with substantial financial growth having invested her Social Security instead of spending it. Stay tuned to see me run her figures through an investment forecast report taking into consideration the historical changes in the market. You might be surprised at the outcome.

A plan is no good if you don’t live long enough to retire

After exercising on Sunday, my back became extremely sore and stiff. It has been a struggle to go about daily life. Yet feeling this discomfort makes me thankful that I do not deal with an illness that puts me in a constant state of pain. The condition of our bodies is important. We cannot hope to live a full life if we are neglecting our health. Join me in this episode of the Retirement Answer Man to discuss listening to your body and doing what is best for it. Your retirement will thank you.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] Retirement almost turned billy into an alcoholic.
  • [2:05] Stay tuned for listener questions.

HOT TOPIC SEGMENT

  • [3:35] Alcohol abuse is a big problem with older adults.
  • [7:15] The quality of your marriage will contribute heavily to your happiness in retirement.

PRACTICAL PLANNING SEGMENT

  • [8:46] Should I refinance my house and borrow money for credit card debt and children’s educations?
  • [4:35] Should I take social security and invest it?
  • [19:42] Investment projection reports.
  • [25:43] How safe are the password managers?
  • [28:48] Is retirement is all about math?

TODAY’S SMART SPRINT SEGMENT

  • [3:29] Check the interest rates on all of your loans, house, car, credit cards. See if it would be prudent to refinance them.

THE HAPPY LAB SEGMENT

  • [31:22] Take care of yourself. Listen to your body.

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

Sara’s book A Couple’s Guide to Happy Retirement.

Direct download: RAM167.mp3
Category:general -- posted at: 6:00am CST

After my last knee surgery, my doctor told me that I should NEVER AGAIN attempt to run like I have previously. That’s when it hit me, my best days physically are behind me. That was a sobering thought and a bit depressing. Thinking like this has a tendency to affect how we live and can very easily seep into every aspect of life; it could affect how I relate to my family, do my job, or how I view retirement planning. When it comes to retirement...are our best days behind us? Are we approaching a time where we are unproductive, broken, and tired? Dan Miller doesn’t think so! Listen to this episode of the Retirement Answer Man to hear why and to hear my guest Dan explain how to start living a fulfilling retirement now.

We’ve got retirement planning all wrong.

With the current life expectancy and medical care, we will live longer and healthier in retirement than ever before. This is a great thing but it presents a problem. A problem known as the retirement crisis where many Americans will not be able to save enough for retirement. Because of this very real issue, our cultures main goal in retirement planning is to save and invest and hopefully have enough when we retire. Doing so is stressful and can cause our relationships to suffer. When all we can think about is working as much as possible to provide for the future, we forget to think of the present. When retirement arrives, you are worn out and may have damaged your relationships to such an extent that there is not much to live for. Dan Miller, my guest on this episode, thinks there is a better way to approach retirement planning. Don’t miss it!

Why wait for Retirement to start doing what you love?

Dan Miller believes that a retirement of ease and relaxation is short lived. Even if you have managed to save enough to lounge on a beach, you may be lacking in purpose. Our purpose is what drives us, what keeps us breathing. If we have built great financial assets and are able to live it up but don’t have a purpose, life becomes depressing. Dan is convinced that the key to a happy retirement is to fill it with financially productive endeavors that bring you joy and ignite your passion. Having these sources of income will relieve much of the stress we often feel in the years leading up to retirement and can save us from the heartaches of misplaced priorities. But why wait until you retire to find those things that make you happy AND earn you money? Dan says we shouldn’t wait, and in this episode, he gives a simple framework to help you find your passion and start pursuing it now.

Retirement isn’t a time, it’s a lifestyle.

Our culture thinks of retirement as a time when you are free of your lifelong career and hopefully have the financial assets to enjoy a lifestyle you couldn’t previously. While this is true in many cases, it doesn’t have to be. Dan Miller wrote a book entitled 48 Days to the Work You Love. Through this book, he teaches you how to find something that you are passionate about and turn it into a revenue stream. By making a switch from your current career to a job that fulfills you and that you work on your own time you can start living that retirement lifestyle now. Tune into this episode to hear Dan share stories of how people have done this.

Holistic retirement planning gives you power.

The binary view of retirement as a set time for which we have to plan and save can rob us of our joy and our ability to be creative. A holistic approach to retirement as a lifestyle gives you the freedom to pursue your dreams and passions and express your creativity. You could even start today. This does away with stringent and stressful retirement planning and gives you the ability to live.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] My best days are behind me!

HOT TOPIC SEGMENT

[3:06] The problem with retirement.

[4:42] Our number one focus is on saving and investing.

[5:35] The numbers don’t work. We can’t continue to think of retirement as a time of inaction.

[5:49] Thinking of retirement in such a binary way stifles our creativity and ability to problem solve.

[7:09] What resources do we have to solve this retirement crisis?

[9:23] Most retirement advice you are getting falls short and limits your ability to create a great life.

PRACTICAL PLANNING SEGMENT

[10:16] Conversation with Dan Miller.

[14:00] Why would you wait for retirement to start doing what you love to do?

[17:45] If retirement is less of a date and more of a pivot into living your passion, how do you make that change?

[20:32] Examples of people following their dreams.

[25:11] You might have to change your expectations in order to do what makes you happy.

[28:35] Going through the process and finding what you love gives you control of your life.

TODAY’S SMART SPRINT SEGMENT

[33:50] Listen to Dan Miller’s podcast.

THE HAPPY LAB SEGMENT

[34:30] We are more creative than we give ourselves credit for. Thinking holistically about life and retirement gives you back the power to create an awesome life.

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

Dan Miller’s Site: http://www.48days.com

Dan Miller’s Podcast: http://www.48days.com/category/48-days-podcast

Dan’s book: 48 Days to the Work You Love

TWEETS YOU CAN USE TO SPREAD THE WORD

#Holistic #RetirementPlanning #RetirementAnswerMan @DanMiller48days

We’ve got #retirementplanning all wrong #RetirementAnswerMan @DanMiller48days

Why wait for Retirement to start #doingwhatyoulove? #RetirementAnswerMan @DanMiller48days

#Retirement isn’t a time, it’s a lifestyle. #RetirementAnswerMan @DanMiller48days

#Holistic #retirementplanning gives you power. #RetirementAnswerMan @DanMiller48days

Direct download: RAM166.mp3
Category:general -- posted at: 6:00am CST

Welcome to another episode of the Retirement Answer Man podcast. I am Roger Whitney the Retirement Answer Man and this weeks' topic is all about working during retirement. We all can agree that saving and investing are important but they often prove to be challenging. I believe there is another option a more fulfilling one. Work. On this episode, we will talk with Marc Miller, an author, and coach, about how we can structure our retirement to be both fulfilling and productive - and avoid the so-called retirement crisis altogether. Listen to this episode to hear Marc’s tips on working during retirement.

You can’t save your way into a good retirement.

It’s becoming clear that many Americans will not be able to save enough for retirement. The average American makes $50,000 per year, and with the cost of living in our economy, there is little to no room for retirement savings. This is what many are referring to as the “retirement crisis.” Is there another way or are we destined to live on the street? Marc Miller gives us hope in this episode of the Retirement Answer Man that there indeed is a way to have a great retirement by finding a way to work on your own terms at a job that you love. Stay tuned to hear how you can make the transition from your current career into your dream job.

My goal is to never retire.

Marc Miller doesn’t want to retire. He wants to live to the end of his life pursuing the things that make him happy and helping others do the same. He plans on doing this by pursuing a job that he can work on his own schedule. This will give him income late into his life as well as purpose and fulfillment. He figured out how to be his own boss and you can too. Listen to this episode to find out how you can avoid what many are calling the “retirement crisis.”

The thing that fulfills you might be the answer to your retirement questions.

If you are in the same boat that many Americans are and won’t be able to save enough for retirement, you’ll most likely need to have a job in retirement. The conventional full-time or part-time job can be taxing and deplete you emotionally and physically. A better option is to work for yourself doing what you love or find your dream job. But how can you find that thing you love? In this episode, I issue a challenge for the week that can help you identify what it is that you might pursue as an income generating activity in retirement. Listen to this episode to hear how.

Are you your biggest cheerleader?

I realized this last week that I tend to put myself down. I don’t give myself credit where I should and I belittle my abilities. Even though I have been doing this subconsciously, it still takes a toll on my motivation and how qualified I feel to accomplish my goals. I realized that I need to be my biggest cheerleader to encourage myself into greater opportunities and accomplishments. Are you your biggest cheerleader? Listen to this episode to hear more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0.27] About 40% of the US workforce has no retirement savings.
  • [1.06] Is saving the only way to avoid this retirement crisis?

HOT TOPIC SEGMENT

  • [2.47] Saving and investing is not the only answer to the retirement planning question.
  • [5.05] For many people, working during retirement will be a requirement.

PRACTICAL PLANNING SEGMENT

  • [9.10] Conversation with Marc Miller.
  • [9.36] Marc’s goal is to NEVER retire.
  • [13.28] How do I change things so that I can work on my own terms and generate more time freedom.
  • [17.26] What skills do you want to continue to use and what skills do you want to leave behind?
  • [18.13] The first step is self-awareness where you see whether or not your current lifestyle is meeting your needs and goals.
  • [27.19] Marc’s book creates a framework to guide you through making a pivot towards working on your own terms.

TODAY’S SMART SPRINT SEGMENT

  • [32.48] What are you passionate about? What do you enjoy doing most? What gives you fulfillment? This week I want you to start thinking about these questions and come up with answers for them.

THE HAPPY LAB SEGMENT

  • [33.47] I tend to put myself down and I realized this week that I need to be my biggest cheerleader.

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

Marc Miller’s book Repurpose your Career

TWEETS YOU CAN USE TO SPREAD THE WORD

#RetirementCrisis: Why Work You Love Might Be The #Answer #retirementanswerman @CareerPivot

You can’t save your way into a good #retirement. @retirementanswerman @CareerPivot

My #goal is to never #retire. #retirementanswerman @CareerPivot

The thing that #fulfills you might be the answer to your #retirement questions. #retirementanswerman @CareerPivot

Direct download: RAM165.mp3
Category:general -- posted at: 6:00am CST

Last week I got a call from a good friend. His sister-in-law believes her financial advisor has been stealing from her. I offered to help them get to the bottom of this and figure out what exactly what has been happening. Investment risk is a very real threat in today’s world. Scam artists are everywhere and many of them are very good at appearing legitimate. There are several ways to research a potential investment or adviser that will give you insight into whether or not they are trustworthy. Join me in this episode to hear my tips on how you can be confident you are working with a trustworthy advisor or find out if your current advisor is not what he seems.

Avoid the most common types of investment fraud.

Investment fraud is very common. Many of us don’t know what to look for in potential investments to verify whether it is trustworthy or not. You may not understand how everything works and feel unqualified to assess the legitimacy of the investment. However, there are a few telltale signs that will tell you whether or not you should trust the investment opportunity or advisor. In this episode, I will explain 4 of the most common types of investment fraud and walk you through how to identify them. You don’t want to miss this!

Simple ways to make sure your advisor won’t steal from you.

It’s our worst nightmare, and for some of us, it has come true. Having your financial advisor, the one you have trusted with your money, steal from you can ruin your life. With so many different types of investment opportunities available today it is easier than ever to get scammed. How can you make sure the financial advisor you are considering is who they say they are and won’t steal from you? It’s actually quite easy. Stay tuned to this episode of the Retirement Answer Man to hear me explain how to check the legitimacy and trustworthiness of you advisor.

Your beliefs will dictate how you react to crises.

Believe it or not, your beliefs dictate your responses; in the easy times as well as in the hard times. While you may not wake up to find that you have been a victim of investment fraud, chances are, something will go wrong today. Rather than reacting negatively to the hardships that are inevitable, you could react with joy and happiness choosing to have a good day regardless. Do you want to know how to do this? It starts with telling yourself what you believe about the day. First thing in the morning, set your belief to be positive and you will naturally tend to react in a positive way. Listen to this episode to hear a great and simple way to do this.

Are Password management services a safe choice?

Passwords are a pain, but they are essential. In today’s world, we have more passwords than ever. Netflix account password, online banking password, cell phone account password and the list goes on and on. How do you remember all of these passwords and keep them safe? Today on the Retirement Answer Man show I interview TJ from 1Password, a top notch password management service. He explains how password managers work and why they are far more secure and easy to use than a spreadsheet or physical file. He also talks about the possible vulnerabilities of using a password manager and gives practical advice on avoiding huge password mistakes. I am confident you will learn a lot from what TJ shares, make sure you listen to the whole interview.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:23] My advisor has stolen all of my money.
  • [1:24] How should you begin researching a potential advisor?

HOT TOPIC SEGMENT

  • [7:45] The most common types of investment fraud.
  • [9:20] How can you avoid a Ponzi scheme?
  • [12:26] Avoiding an affinity fraud.
  • [13:10] Life settlement fraud.
  • [17:03] Unregistered investment fraud.
  • [17:43] How do you avoid becoming a victim of fraud?

PRACTICAL PLANNING SEGMENT

  • [20:27] Interview with TJ from 1Password.
  • [21:24] How does 1Password work?
  • [31:02] What are the vulnerabilities of 1Password?

TODAY’S SMART SPRINT SEGMENT

  • [36:25] Perform a thorough check of your advisor this next week.

THE HAPPY LAB SEGMENT

  • [37:04] The trick to having a great day.

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

Online password management service: 1Password.com



TWEETS YOU CAN USE TO SPREAD THE WORD

My #investor stole my money. A simple way to avoid #investment #fraud. #retirementanswerman @tjluoma 

 

Avoid the most common types of #investment #fraud. #retirementanswerman @tjluoma 

 

Simple ways to make sure your #advisor won’t steal from you. #retirementanswerman @tjluoma 

 

Your #beliefs will dictate how you react to #crises. #retirementanswerman @tjluoma 


Are Password management services a safe choice? #retirementanswerman @tjluoma 

Direct download: RAM164.mp3
Category:general -- posted at: 9:49am CST

The election of President Trump was unexpected, and there is no denying that it has affected the markets. But instead of a crash, we are seeing all time highs. Since the election, the market has been accelerating like never before until last week when we saw it slow down. This begs the question, Will the Trump bump Become the Trump Dump? In this episode, I seek the opinions of two of my favorite people, Joe Saul-Sehy of Stacking Benjamins and Burt White of LPL Financial. They will tell us what they expect to see in the markets and how we should plan our investment and retirement, and if this Trump Bump will continue. This episode is fun, fast-paced, and full of great advice, make sure you join us. 

President Trump’s election has led to an all-time high in the markets. 

Since the election, we are seeing all-time highs in the market. US Equity Indexes have been on a tear. The S&P 500 has set multiple all-time highs and the Dow Jones has hit 20000 which it has never hit before. This growth is exciting and is giving many people hope for the next 4 years. People are taking action based on what we are seeing in the markets, but is this the right move? Stay tuned to hear my tips on how to react to these market changes. 

Should we take action on current market changes? 

Markets surged after the election of President Trump, until last week where we had the worst week since the election. Does this bode ill for the Trump administration? Should we take steps to mitigate this risk now before something terrible happens? On today’s show, we have my good buddy Joe Saul-Sehy of Stacking Benjamins. He has great tips for us about how we should think regarding the changes we are seeing. Is it prudent to sell as soon as the markets begin to drop significantly? Based on personal experience, Joe says “No.” It’s best to keep a level head and be smart with your investments. The markets will rise again, we don’t know when but we don’t want to sell if it will jump back up tomorrow. 

Will President Trump’s agenda of growth make us stronger? 

President Trump has an agenda of growth and many of us were not aware just how much growth might be possible. In the past growth has been driven by the consumer but with our president focused on nationwide growth, businesses may be gaining confidence that they previously have not had. It’s easy to invest in new employees if things go bad you can let them go. But it's another thing entirely to invest in a new factory or distribution system. If you do that, you are committed on a far deeper level. Burt White from LPL Financials believes that  President Trump’s agenda of growth might give businesses the confidence to invest in themselves. He predicts that this may drastically increase not only the taxable income of the government but also the number of jobs. 

The Seas are calm, it’s time to swab the deck. 

During a storm is not the best time to make repairs and adjustments to your ship, calm seas are much better suited for that. The same is true for our economic ship. Market downturns are not the time to rethink your investment strategy or reallocate funds to fit your changing risk tolerance. It is a much better idea to make those changes when the markets are good like they are now. On this week’s show, I encourage you to have those little conversations with yourself and make those changes to repair and maintain your ship while the seas are calm. Make sure you listen to this week’s Retirement Answer man Show to find out how. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] Market bump since election day
  • [1:20] Will this bump last?

HOT TOPIC SEGMENT

  • [3:15] Joe Saul-Sehy and his thoughts on the market jumps we are experiencing.
  • [6:15] Are the changes that are happening actionable?
  • [8:33] Indexes are created to be positive machines.
  • [10:06] The best time to rethink your investment strategy is when times are good.
  • [12:23] Should I sell when the market begins to fall?

PRACTICAL PLANNING SEGMENT

  • [14:19] Burt White thinks market drops are inevitable.
  • [15:56] President Trump’s plan is growth based and the market is beginning to focus on that.
  • [18:05] Businesses may gain confidence to invest in their own growth.
  • [20:35] How does someone working toward retirement structure their investment?
  • [24:20] How do bonds fit into my investment plan?

TODAY’S SMART SPRINT SEGMENT

  • [29:26] Times are good, it’s time to check your investment strategy and make sure everything is Ship Shape.

THE HAPPY LAB SEGMENT

  • [30:47] Little conversations and the value of having them.
  • [32:05] I found my dream mountain bike!

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 

Stacking Benjamins Facebook Page: https://www.facebook.com/IStackBenjamins/?ref=br_rs

Direct download: RAM163.mp3
Category:general -- posted at: 10:17am CST

Welcome back to the Retirement Answer Man Show. I’m Roger Whitney and I’m sad to say it, but Retirement Planning is broken! The mainstream retirement planning method that has worked for years is falling short in our modern world. It is frustrating, disappointing, and fails to give you the leverage you need to create a great retirement. In this episode, we will dive into the good, the bad, and the ugly of modern retirement planning and you will see why it no longer offers an empowering course of action. Fear not. There is a better way and I will tell you what it is in this episode. Make sure you listen to this one.

Modern Retirement Planning is broken.

Mainstream retirement planning is based on numbers, not people. You, your lifestyle goals, and your assets are plugged into a formula. The outcome is a rigid plan based solely on the numbers. It rarely offers you an encouraging plan and you are left with next to no levers to pull to create your ideal retirement. Change is inevitable. We must adapt to it. But the modern retirement plan is not flexible and you might end up without options. An effective retirement plan is one that looks at each person as what they are, a person. You are not a number in a formula, you are a human being and you have unique goals, desires, and beliefs that need to be considered while planning for your future. Modern planning is rigid and impersonal but there is a better way. Listen to this episode to learn more.

Hiring a retirement planner is not always a recipe for success.

We can all agree that using an online retirement planning service will result in an impersonal plan, but is working with a retirement planner a better option? Sometimes it can be, but often times it won’t result in a flexible and encouraging plan. Planners will listen to you and hear your goals and dreams but in the end, you are still plugged into a formula and have to deal with the rigid outcome; an outcome that does not inspire action, is not flexible enough to adapt to change and does not encourage you to chase your dreams. Working with a retirement planner might give you an educated prediction of the future, but it’s only a guess. Listen to this episode to discover a better way!

What worked for your parents might not work for you.

Mainstream retirement planning was once effective. It worked for our parents, but it’s not working for our generation. Why? There are many reasons, one of which is pensions. Our parents had pensions and they provided for most of their retirement years. Some of you have pensions and that’s great. But we are faced with an average of 30 years of life after we retire that we have to plan for. A pension won’t fully cover it so we need to get creative with our assets and goals. Our parents also lived more simply that we do. Retirement often consisted of sitting on the porch watching the neighborhood children play. Today we are presented with the opportunity to live our lives in ways that we have not been able to previously, and that costs money. Creativity and flexibility are the keys to a good retirement plan and on this episode, I’m going to give you an idea what that could look like for you. Don’t miss it!

Agile Retirement Planning may be the key

Agile Retirement planning is a method I have developed to work with the challenges of our modern world and provide you with options to create an ideal retirement. It’s adaptive and focuses on managing change rather than predicting the future. This will give you flexibility and hope when challenges present themselves. It allows you to be in control of your retirement rather than putting your trust entirely in chance or in your retirement planner. I’m going to dive deep into the 4 main impacts that I have seen in my client's lives as we have worked through the agile retirement method. Make sure you listen to the whole show to get it all.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] Today’s retirement planning method is broken.
  • [1:00] Stan and Barbara’s retirement plan
  • [10:49] Why mainstream retirement planning falls short.

PRACTICAL PLANNING SEGMENT

  • [12:36] Will a retirement planner help you create a reasonable solution?
  • [16:30] Working with a retirement planner usually yields the same results as doing it yourself would.
  • [19:50] Mainstream retirement planning is “rigid” and has a negative impact on you.
  • [21:10] What worked for your parents probably won’t work for you.
  • [25:45] Agile retirement planning and why it works.
  • [29:07] Real life impacts of Agile Retirement planning.

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

Direct download: RAM162.mp3
Category:general -- posted at: 6:00am CST

We all have heard the term living simply and possibly associate it with a minimalistic lifestyle. Is there a way we can take the concepts of simple living and apply that to our retirement plan without compromising what is important to us? On this episode of the Retirement Answer Man, we will look at the costs of a large lifestyle and the benefits of simplifying. We all know that a larger house costs more, not only up front but also in the day to day maintenance. Not only that but it is human nature to acquire “stuff” to fill the space in which we live. The larger our house, the more “stuff” we collect. Listen to this episode to hear my advice on how approaching retirement planning with a simplicity mindset can give you amazing confidence and stability.

Home Ownership is great, but it doesn’t define us.

Home ownership and the American Dream go hand in hand, don’t they? We are taught that one of the first steps, after embarking out on your own or getting married, is to buy a house. In my case, it was a 1600 square foot home. From there I soon felt the need to upgrade to a larger house with a larger back yard that I could outfit for the kids and give us space to grow. This might sound like a common situation and it is. Many Americans go through this same journey and it’s not always a bad journey. However in my case, by following the path of our culture we ended up building a cage that trapped us financially. In this week’s show, we’ll address whether or not Home Ownership as our culture sees it is best for retirement and if there is a better way to go. Stay tuned!

I’m not rich, is there a normal person’s retirement plan?

Some of you might be saying, “Roger, I’m not rich. The retirement plans you have been outlining don’t fit me.” You are totally correct, what we have outlined so far on this show is not the average American retirement. That is why I will be creating a “normal” person's retirement plan with someone who might not have as many assets or an adequate nest egg. If you feel something like this would help you in your journey towards retirement, make sure you listen to this episode as well as future episodes to find out what I’m planning.

Buying my home limited my ability to build wealth.

Building wealth and acquiring assets is arguably one of the biggest parts of planning for retirement. Without adequate savings or a means of sustainable income, we can’t expect to retire and keep our desired lifestyle. When my family and I upgraded to a larger home we essentially built a cage around us, a cage of financial obligations. The yard needed to be maintained, the house needed to be cleaned, and the mortgage and taxes had to be paid. These obligations limited my ability to build future wealth for my family and lessened the effect with which I could create assets. If our mindset had been different, we could have enjoyed close to the same lifestyle without the possibility of compromising our future. Listen to this episode to hear a better solution.

Living simply gives us the ability to say “yes.”

Every decision we make in life comes with its own set of obligations. When we choose to live largely we often find ourselves obligated to maintain our lifestyle, or at least pay for it. This can limit our ability to be spontaneous and enjoy the experiences of life. Living simply can reduce the number of obligations in our life, freeing us up to say “yes” to those opportunities that we might otherwise have had to forgo.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] Home ownership and the American Dream
  • [2:34] My average housing expense.
  • [3:30] Bobby’s housing change.

PRACTICAL PLANNING SEGMENT

  • [5:21] SJ and her simplified retirement plan.
  • [7:22] Getting an accurate idea of your living expenses.
  • [9:31] Is living in a trailer bad?
  • [12:46] My housing choices hurt my ability to build wealth.
  • [14:43] Simplifying our lives can enable a successful retirement.

THE HAPPY LAB SEGMENT

[20:21] Living simply gives you flexibility to say “Yes”

[21:00] My trip to Mongolia

TODAY’S SMART SPRINT SEGMENT

  • [21:15] Look for ways to say “Yes”

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

Direct download: RAM161.mp3
Category:general -- posted at: 6:00am CST

Welcome back to the Retirement Answer Man show. I am Roger Whitney and I’m so excited to have you with me. Today we will be talking about certainty in retirement and how it is, in fact, absurd! The only thing that is certain in life is uncertainty. No matter how hard we try to plan for the future we can never be 100% certain things will turn out the way we’ve hoped. Things will go wrong and we have to find a way to deal with uncertainty. If you follow the guidelines I lay out in this episode, you can feel confident in your future retirement and your ability to cope with the changes ahead. Be sure to tune in to hear this great advice.

You’ve planned well for retirement. GREAT! You may still have to live in a trailer.

Regardless of how well we plan for our future retirement, the unexpected can always happen. Interest rates may fall, taxes may skyrocket, your health may decline, and the government might go bankrupt. If these things happen, your well thought out plan is worthless. You may be forced to live in a trailer. Uncertainty is the only thing we can accurately plan for. But don’t doubt the importance of a retirement plan. Having a plan and being ready for the possibility of unexpected changes will help you cope with them when they come. If you remain willing to make small changes the big disasters will not affect you as drastically as they may affect others. Dealing with uncertainty comes down to being willing to compromise in little areas all through life. Doing so will allow you to be flexible and keep your priorities where they need to be even if things go horribly wrong.

Our world is changing rapidly, how can we ever hope to plan for the future?

In the last several decades we have seen the decline of the physical retail market and the rise of the online market. We have seen the birth of mobile technology that makes it possible to work from home and stay connected on the go. There is no denying that change in our modern world is real and is drastically reshaping our economy and life. On this episode of the Retirement Answer Man, a listener wants to know how we can effectively plan for retirement in light of the massive change we see around us. Many of you may doubt that a reliable plan can be created, but I encourage you to not give up hope. In this episode, I talk about how to keep your mind set on your priorities and be flexible so that you can adapt to the change.

The verdict is in, will Kim and Joe be able to retire?

We just held the Retirement Plan Live Webinar with Kim and Joe and we found out if their ideal retirement plan will work or not. Make sure you listen to this show to find out the details. Many of you wrote in with questions and observations about the live webinar and its outcome. Today I will share a few of those questions and hopefully give you some answers. Listen to this episode to learn how the concepts we applied to Kim and Joe can help you in your retirement planning.

Go deeper to avoid a catastrophe.

This week I received some heartbreaking news regarding an acquaintance. It’s possible the situation could have been prevented if little problems were taken care of early on. Often times we never know how big of a problem something is until it has blown up and forever changes our lives. Our culture often tends to steer us away from digging deep into our life and relationships to find the hidden problems. If it appears fine on the surface we don’t see a need to look any further. Listen to this episode of the Retirement Answer Man to hear my advice on how to find those small problems and stay vigilant in the face of uncertainty.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30 ] Living in a Trailer
  • [2:31] The power of managing change.

HOT TOPIC SEGMENT

  • [4:43] Kim and Joe’s retirement plan did not work.
  • [7:23] Info on how you can get access to the replay of the webinar.
  • [12:05] Why is managing change so important?
  • [15:05] Is our inflation projection accurate?
  • [19:50] Is a rollover from a 401K to an IRA a good strategy?
  • [25:28] Change is occurring so rapidly, how can we plan our future in light of the change?

PRACTICAL PLANNING SEGMENT

  • [8:17] Do most aspects of retirement turn out as expected?

THE HAPPY LAB SEGMENT

  • [37:08] Are we intentional on a deep level, with our relationships and with ourselves?

TODAY’S SMART SPRINT SEGMENT

  • [39:15] Go have and earnest conversation with someone you love.
Direct download: RAM160-2.mp3
Category:general -- posted at: 6:00am CST

Hey, there, and welcome back to the Retirement Answer Man show. I’m Roger Whitney and I am THE Retirement Answer Man. This week’s show is all about Net Worth. Today I answer several listener questions regarding net worth statements. I also offer a caution about the dangers of comparisons in your retirement planning and how they can ruin your well-made plans. I’ll help you set your focus where it should be so that even though you can’t fully avoid comparisons, you can assure they will have minimal effect on you and your retirement. Make sure you take the time to catch this episode, your retirement will thank you!

Playing the comparison game could cost you your retirement.

We all do it. We compare ourselves to others. We compare our car, our job, even our net worth. While this is a natural part of human nature, it can be a very dangerous game to play. Comparing ourselves to others takes our focus off of our goals and what we need to do to accomplish them and puts the focus on our perceived value in relation to others. Comparing ourselves to someone with a higher net worth can make us feel discouraged, hopeless and possibly cause us to give up. On the other hand, if we compare ourselves to someone who’s net worth is lower than our own, we may feel so proud of our achievements that we stop working hard towards our goals. Even though comparisons are inevitable, there is a way you can focus on what is important. Listen to this episode to find out how.

I have a negative net worth, is there any hope for me?

Many people find themselves in this situation. It has become normal in our culture to live our lives without thinking of retirement only to find ourselves getting older with little savings and next to no assets. This is a scary situation to be in, and one that a listener finds himself in. He asks a question about planning for retirement and working with an advisor even though he has a negative net worth. He wants to know if there is a way to succeed. While the road to retirement is much more difficult when you are in this type of a situation, fear not, it is not hopeless. Listen to this episode to hear the advice I give this listener.

Will Kim and Joe be able to afford their ideal retirement? Find out tonight!

Tonight is the Retirement Plan Live webinar where I walk Kim and Joe through the conclusions of our planning and we find out together if they can afford their ideal retirement. You don’t want to miss the exciting end to this year’s Retirement Plan Live. But not everyone can join the webinar, you have to be invited. Listen to this episode to find out how you can get one of these special invitations. I hope to catch you tonight!

Taxes. Who likes Taxes? Is there anything I can do to lessen the impact of taxes on my investments?


Taxes aren’t fun, but we can’t escape them and we are forced to deal with them. A listener on today’s show is feeling the tax burden. He has done a good job of building assets but knows that he’ll be forced to draw taxable income during retirement which he fears might push him into a higher tax bracket. He wants to know if there is anything he can do to protect his IRA from heavy taxes. My answer, YES! There are some completely legal steps you can take to lessen the weight of taxes on your investments. You’ll hear my suggestions of how he can convert or draw from his IRA in order to make taxes easier to deal with during retirement.

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

Direct download: RAM159.mp3
Category:general -- posted at: 6:00am CST

Hey, hey - it’s great to have you along for another episode of The Retirement Answer Man. I’m Roger Whitney and I am THE Retirement Answer Man. This episode of the show is all about how the habit of binary thinking can derail your retirement planning goals. What is binary thinking? I’m glad you asked! On this episode, I’m going to walk you through a couple of examples of binary thinking, including one I experienced with a friend of mine in years past, to show you exactly what it is and how it can be detrimental to your life - and your retirement planning. And… I’m going to answer some listener questions about this year’s Retirement Plan LIVE. I hope you’ll make the time to listen. You’ll want to hear this one!

What is binary thinking and how can it negatively impact your retirement planning?

On. Off. On. Off. That’s essentially what binary thinking is. It’s thinking in terms of one thing, or another - and nothing else. When you get into the habit of thinking in a binary sort of way, you can miss a whole world full of options that might otherwise be open to you. I hope you can see how bad that can be when it comes to the way you approach retirement planning. This episode, I’m going to give you some example of how you can avoid binary thinking.

Is retirement preparation only about saving and investing? Nope. That’s too binary.

On this episode of The Retirement Answer Man, I highlight some good news that comes from the latest stats about retirement savings. Fidelity says that the average household savings rate has gone up to 8%. Wooohoooo! That’s always a good thing. BUT, it’s not the only thing that matters. You can’t ONLY save and invest and expect that you’re going to be all set for retirement. You need to think more broadly, less binary. That way you can make the most of every option you have. On this episode, I’m going to highlight some of the ways you can do that, so be sure you hear these great tips.

What are the old stories you need to stop telling yourself?

All of us have, what a colleague of mine calls, “old stories.” They are the things about ourselves that perhaps USED to be true but are no longer true - but we continue to talk (and think) as if they are still true. For example, you’ve heard me talk on the show about how I almost ruined my marriage because of the self-centered way I was living. If I continue to think of myself in those terms even though I’ve changed, I could sabotage my own ability to move my life forward. When it comes to our ability to build a great retirement, those old stories can be especially damaging. On this episode, we’re going to dive into what you can do to avoid living according to your version of those old stories. You’ll want to hear this one.

Don’t miss this year’s Retirement Plan LIVE webinar. Here’s how you can get in on it!

We’ve wrapped up the podcast episodes of this year’s Retirement Plan LIVE, and like we do every year, we’ll be summarizing and revealing the actual retirement plan for this year’s participants (Joe and Kim) in a LIVE webinar. It’s a fun way to wrap up and for you to see how retirement planning is actually done. You can get in on it via personal invitation. How do you get one of those golden tickets? Listen to this episode to find out!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] The story of Ralph - and the trap of binary thinking.
  • [2:47] The solution to the retirement crisis is somewhere in between the extremes.

HOT TOPIC SEGMENT

  • [4:51] Retirement savings are at an all time high (according to Fidelity)!
  • [6:15] Savings and investing are only part of the retirement equation.

PRACTICAL PLANNING SEGMENT

  • [8:52] Q & A about Kim and Joe’s case study from Retirement Plan LIVE.
  • [11:01] One listener’s concerns about Kim and Joe’s retirement situation.
  • [13:35] Will Social Security really increase like Kim expected it to?
  • [17:10] Would it be best for Joe and Kim to knock out their mortgage before retirement?
  • [20:08] Is it possible to live off $24K a year as one financial guru suggests?
  • [24:00] How you can get access to the LIVE webinar of this years Retirement Plan LIVE.

TODAY’S SMART SPRINT SEGMENT

  • [24:54] Continue to organize your online passwords - and are the password managers really that safe?

THE HAPPY LAB SEGMENT

  • [27:21] A group call experience I had… and woman who says she’s too gruff with others.
  • [28:47] The old stories we tell about ourselves and why we need to STOP.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/blog - find my core values as shared on this episode.

1 Password

LastPass

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: RAM158.mp3
Category:general -- posted at: 6:00am CST

Well, here we are - at session number three of Kim and Joe’s 2017 Retirement Plan LIVE experience. Today we reach the topic nobody enjoys talking about but that we HAVE to talk about anyway: Retirement Risks. There are many things we need to consider on this episode of the Retirement Answer Man in order to think about retirement realistically and Kim does an amazing job of thinking soberly about the risks that she and Joe will face when they reach retirement. Our goal is to assess them and then address them in their retirement plan. Want to hear how we do it? You can, on this episode.

It’s wise to address retirement risks - but they don’t stay addressed.

One of the problems with trying to predict what could happen in the future is that the picture keeps changing. You can address things the way it makes sense today but if the markets change (and they will) or if your financial or health situation changes (and they could), you’re going to have to reassess and re-address the risks you’ve identified. Heck, there could even be new risks by the time you get there. So what do you do? You keep working at it. There’s really no other option. On this episode, I chat with Kim about the risks she sees ahead when it comes to her retirement and we make some tentative plans for the ways those risks might be addressed. I’ll reveal my full suggestions in the upcoming RPL webinar, which you can get in on. Find out how, on this episode.

Duct tape solutions to the retirement risks you see are not the best answer.

Do you know what a duct tape solution is? It’s a solution that seems effective at the time but by nature of what it is, it won’t last very long. It’s like putting duct tape on a hose in your car that has sprung a leak. It may get you to the next town but it’s not going to last for a cross country trip. On this episode, Kim and I talk about the possible solutions to some of her retirement risks and discover that some of the things typically used to address those risks may not be the best options. You’re going to enjoy thinking through these issues, so be sure to listen.

One of the biggest retirement fears is that you’ll outlive your money.

Almost everyone I talk with about retirement planning has one risk in mind far above all the others when it comes to their retirement: They are afraid that they might outlive the money they have to live on. It’s a very real concern since the longevity rate in our day continues to rise. Are there ways to address this concern other than saying, “Set aside more money?” Kim and I discuss that on this episode as we walk through her Retirement Plan LIVE session today, so be sure you take the time to listen.

What if you need expensive medical care, die, and leave your spouse broke?

There is a very real and tragic scenario that happens over and over in modern day America. A married couple plans for their retirement, retires, and is enjoying the fruits of their many years of employment or work, and then one of them is struck with a very expensive disease or medical condition. They use up all their hard-earned money on medical care, and then the ailing spouse dies, leaving the surviving spouse almost penniless. What can be done to mitigate THAT kind of risk? Kim and I talk about the possibility on this episode of the show.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:23] My introduction to this “Step 3” of this year’s Retirement Plan Live.

HOT TOPIC SEGMENT

  • [4:14] Why retirement is riskier than ever before.
  • [6:00] How income helps us mitigate risks for now. And how it changes in retirement.
  • [7:26] Watch out for duct tape solutions.

PRACTICAL PLANNING SEGMENT

  • [12:04] This conversation about the scary stuff: retirement risks.
  • [13:43] The issue of market risks and how Kim and Joe have typically handled them.
  • [16:20] Kim’s current mix of stocks VS bonds - and looking toward retirement.
  • [18:33] Should retirees live on the income of their investments?
  • [21:17] Fears about inflation and market instability.
  • [23:25] Is Social Security going to be there for Kim and Joe?
  • [25:39] What if one spouse dies earlier than expected?
  • [30:20] The fears of long term care and a surviving spouse’s needs.

TODAY’S SMART SPRINT SEGMENT

  • [32:09] Your assignment: Clarify how to access your digital life.

THE HAPPY LAB SEGMENT

  • [35:44] Unaddressed risks can make you unhappy, but a repeatable process to address them regularly can give you peace of mind.

RESOURCES MENTIONED IN THIS EPISODE

LastPass

1Password

Roger(at)wwkwealth.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: RAM157.mp3
Category:general -- posted at: 6:00am CST

Planning for retirement will be next to impossible if you don’t have some sort of barometer of your financial situation - and that’s why I always create a personal net worth statement with my clients to have a starting point for retirement planning. On this episode - the 2nd in the 2017 Retirement Plan LIVE sessions - I’m talking with Kim about her and her husband’s financial status, and you’ll hear us go item by item through their financial situation to build their net worth statement. It’s the first step, and one you can take easily enough on your own. Find out how on this episode of The Retirement Answer Man.

What the HECK is a personal net worth statement?

Your net worth statement is a document that will provide you a quick look at your financial situation at any point in time. By calculating your net worth you’re able to see what all the work you’ve done in your life has provided for you - as well as what you’ve spent so far. But tracking your net worth over time gives you even more insight into your financial picture. On this episode, I’m talking with Kim about the current assets and expenses she and her husband have right now, a few years before retirement. This will enable them to know where they are starting from as they begin to set retirement goals. You’ll see how applicable the net worth statement is to retirement planning, on this episode.

Here’s the simple way to create your own net worth statement.

You can calculate your own net worth statement pretty simply with very little effort. The hardest part is assembling all the facts and figures that go into a simple subtraction problem. Here’s how you do it: Total up all your assets (things you actually own that have value, including cash accounts at the bank), total up all your liabilities (the things you owe money on) and then subtract your liabilities FROM your assets. That will give you a net worth figure. Now that you have it, how do you use it to plan for retirement? I’m glad you asked because that’s what I’m covering with Kim, on this episode.

How can you use a net worth statement to plan for retirement?

When you’re planning for retirement you have to do more than just dream up fancy things in regard to your future without knowing how those fancy things are going to be funded. Your personal net worth statement will enable you to know what resources you have available to build upon in order to fund your retirement plans. Think of it as a starting place, the dot on the map where you are now. Once you understand that figure you’ll be able to see how far you are from the ideal retirement you’ve imagined.

If you’d like to build your net worth statement with a little help from a retirement planner, here’s your chance.

One of the things I love about what I do is that I’m able to help people accomplish financial goals through the creation and use of simple tools that are truly helpful. One of those is my “Build Your Net Worth Statement” worksheet - which is yours for free if you want it. If you’d like to get your own copy and find out how to get started with your own net worth calculations you can find it on my learning center page.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] My introduction to this “part 2” episode of the Retirement Plan LIVE.

HOT TOPIC SEGMENT

  • [2:43] What IS your net worth and how is it calculated?

PRACTICAL PLANNING SEGMENT

  • [12:30] Looking at Kim and Joe’s personal net worth statement to plan for retirement.

TODAY’S SMART SPRINT SEGMENT

  • [42:39] Identify the location of all your important documents and write down those locations for your loved ones.

THE HAPPY LAB SEGMENT

  • [44:20] Mishandling stress is a bad way to build happiness in relationships.

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

LastPass

1Password

Direct download: RAM156.mp3
Category:general -- posted at: 6:00am CST

What are your retirement wishes? Do you have any? This episode of The Retirement Answer Man is all about retirement wishes - dreaming up the kind of retirement you really want to live (forget about what seems practical for now). I’m walking through an initial retirement planning conversation with Kim and Joe - this year’s participants in my Retirement Plan LIVE event. In this conversation, you’ll hear how I help clients think through retirement needs and wishes and in coming episodes we’ll begin planning for how to accomplish them. It’s a hands-on conversation, so jump in to hear how we do it.

Can you think a little bigger about your retirement? What are your wishes?

For many people, the word “wishes” equates with the word “unrealistic.” But that’s not what we’re shooting for on this episode. In this conversation with Kim and Joe I’m trying to dig deep - to find out what they really want to be able to do during their retirement years so that we can create a plan that makes it possible once they get there. It’s a practical and exciting process and I hope you learn from this example so that you can start creating YOUR version of an ideal retirement in the future.

Learning to dream bigger is not all that easy, but we need to do it.

Most of us have a hard time envisioning what it’s going to be like during our retirement years. We hope for the best but often don’t know how to plan for it. Part of that struggle is that we have a difficult time knowing how to dream bigger, how to think of the things we really WANT to do during retirement instead of being limited by what we think will be realistic. On this episode of The Retirement Answer Man, I’m helping Kim expand her thinking when it comes to her retirement plan so that we can figure out now how to make her retirement wishes come true. Are you interested? It’s a great conversation.

It’s impossible to forecast every retirement need, but you still need to do it.

None of us know the future so it’s reasonable to think that retirement planning is a hopeless cause. Afterall, you can’t predict every expense you’re going to have, right? Well, sort of. On this episode of the show, you’re going to hear how I help Kim think through the needs she and her husband might have during retirement and establish a baseline budget that they will be able to live on but will also afford them some of the finer things in life. And we take into account many of the “unforeseen” issues as well. You’ll need to hear it in order to totally grasp it, and you can do that by listening to this episode.

Your retirement dreams need some “placeholders” in your retirement plan.

None of us truly knows what retirement is going to hold. Are we going to be healthy or are we going to face a health crisis? Are we going to be able to travel or will we feel like we want to be a homebody? But you can’t let the lack of certainty keep you from planning for the retirement wishes you have. That’s why you need to plan on some of the fun things you think you may want to be in your retirement by adding “placeholders” for those expenses. On this episode, I help Kim create some placeholders - and it will serve as a great example of how you can do the same.



OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] My welcome to this first conversation of the 2017 Retirement Plan LIVE!
  • [1:10] Learning to dream bigger is not all that easy - but we need to do it!
  • [2:50] How you can get your summary of the Retirement Plan LIVE sessions.

PRACTICAL PLANNING SEGMENT

  • [4:07] Getting the lay of the land in Kim and Joe’s situation - when will they retire?
  • [7:18] What will be Kim’s purpose after they retire?
  • [11:00] Dealing with a long retirement timeline from a financial perspective.
  • [16:50] The conversations Kim and Joe have around finances.
  • [19:30] Adding the spice of life to retirement (and planning for it).
  • [24:57] The importance of adding “placeholders” to your future retirement expenses.
  • [27:08] The possibility of caring for aging parents - and major purchase possibilities.
  • [35:42] The struggle to get the big dreams down on paper.

TODAY’S SMART SPRINT SEGMENT

  • [40:31] The 2nd part of your I.C.E. Plan: Record the passwords and codes for all devices.

THE HAPPY LAB SEGMENT

  • [43:05] Getting back into my exercise program and how it’s impacting my happiness.

RESOURCES MENTIONED IN THIS EPISODE

LastPass

OnePassword

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: RAM155.mp3
Category:general -- posted at: 6:00am CST

Every year I conduct a grand experiment in internet broadcasting that features everyday people like you. It’s called Retirement Plan LIVE and it’s my attempt at helping you know the ins and outs of effective retirement planning - and I do it by inviting listeners to take part in a to-be-aired set of conversations that walk through their actual financial situation. If you would like to take part, all you have to do is listen to this episode. It’s going to be a fun ride!

Fast moves by our new President. What does it mean for you as you plan for retirement?

Donald Trump is now President of the United States and his first weeks in office have brought a flurry of activity that directly impacts the financial markets. If you are looking toward or planning your retirement in such tenuous times, it can be a bit overwhelming trying to figure out exactly what you should do. So what SHOULD you do? On this episode’s “Hot Topic” segment I’m addressing my view on such things and I hope you’ll see that you don’t need to worry or fret if you adhere to some simple principles.

Meet Kim and Joe: this year’s Retirement Plan LIVE participants.

Today we get to meet Kim and Joe, the kind and generous souls who have agreed to come on the show and bare all (except their identities) to help you see how I go about walking a family or individual through the monumental task of wisely planning for their retirement. These two are a great example of everyday folks who are beginning to consider the important things that need to go into making their retirement the best it can be. You’ll enjoy getting to know them, hearing about their hopes and dreams for retirement, and learning how you can take the first steps toward planning for YOUR retirement just like them.

Do you have an I.C.E. plan for your personal finances? Why not?

Do you know what a financial I.C.E. plan is? It’s the way I refer to an “In Case of Emergency” plan - something that your loved ones need to have in the unfortunate case of you being seriously injured or killed. Creating an I.C.E. plan is one of the most compassionate, caring things you can do for your loved ones and sadly, most people wait until it’s too late and never create it. On this episode, I’m going to give you a homework assignment: your first step in creating your own personal I.C.E. plan. If you are serious about caring for your loved ones even after you may be done, this plan is for you!

Are you signed up for “Six Shot Saturday?” Join the few, the proud, the financially astute!

Every week I send out an email to those brave and daring souls who are eager to receive that little bit extra in terms of financial information, tips, and strategies to help them maximize their efforts at planning for retirement. I only send it out to people who really want it - those action-takers who are willing to go the extra mile. Is that you? I’d love to send it to you so be sure you listen to this episode to find out how you can get on the list!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] Meet Kim and Joe - this year’s participants in Retirement Plan LIVE!

HOT TOPIC SEGMENT

  • [2:22] Fast moves by our new Commander in Chief. Wow!
  • [4:29] What do you if you are planning for retirement in such an uncertain time?

PRACTICAL PLANNING SEGMENT

  • [8:25] Meet Kim and Joe - this year’s RPL participants.
  • [9:52] Why Kim wanted to do RPL with me this year.
  • [12:46] General ideas that Kim has of what she’d like to see her retirement look like.
  • [15:00] Meet Joe: his perspective on their financial situation.
  • [17:24] Joe’s reaction to being on the podcast in such an open way.
  • [19:03] Joe’s conception of retirement - and planning toward it.
  • [24:00] What Joe wants his retirement to look like.

TODAY’S SMART SPRINT SEGMENT

  • [25:31] What is the I.C.E. plan and why should you have one?
  • [27:25] The first step to developing your I.C.E. plan: make a big contact list.

THE HAPPY LAB SEGMENT

  • [30:09] A new relationship that made me happy - and he’s a great example of finding happiness through making the world a better place.

RESOURCES MENTIONED IN THIS EPISODE

www.Give-r.com (use the code “AnswerMan20” to get 20% off)

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: RAM154.mp3
Category:general -- posted at: 11:38am CST

Every one of us has a Facebook face - right? It’s that face we put on for the Facebook watching world (at least we HOPE they are watching). Here's what it looks like: We have a great life, great relationships, new car, enviable vacation pictures - you know the drill. It’s the adult way of impressing our friends and family. But the problem is that it’s not entirely true. On this episode of The Retirement Answer Man, I’m talking with a friend of mine, P.T. Money about the real life personal growth stories we all have related to our finances. It’s seldom pretty. We all have fits and starts in the journey. P.T. has a new podcast featuring those stories and I want you to hear about it, on this episode.

None of us get our finances right in the beginning. It’s OK. It’s personal growth.

I remember when I started out as a young adult - at least I thought I was an adult. I was doing the things I wanted to do, thinking I knew everything I needed to know, doing what came naturally and easily. I made a LOT of mistakes, with money and with my relationships. But it was those mistakes that woke me up to the needs in my own life, to the areas of growth that I needed to take seriously in my own life. On this episode, I’m trying to point us toward the real life struggles we all face so we can understand that none of us is alone on the journey. We all make the bone-headed mistakes that grow us up over time.

Did you know what you wanted to do right out of high school? Me neither.

Very few of us do. But we have this crazy-headed notion that if we don’t know what we’re going to do for the rest of our lives by the time we are 18, something is wrong with us. And even worse, we think that once we are in that career or in a serious vocation, that’s it. We’re stuck there for life. My guest today is P.T. Money - he’s a guy who almost literally fell into being an accountant because it was the family trade, so to speak. But by the time he was 30 years old he discovered that it actually WASN’T what he was wired to do. You can hear his story, how he discovered the bad fit, and what he did to pivot away from accounting and build a happier and more profitable career, on this episode.

The growth curve exists all throughout life. Get used to it.

Early on in life, I believed that one day I’d arrive, I’d get to the place that my personal growth would taper off. But that’s not at ALL what’s happened. I turn 50 this next week and one of the many things I’ve learned in my time on the planet is that the growth curve never stops, no matter how old and experienced you become. So if that’s true, how can we maximize the learning curve to amplify personal growth and make the most of the years we have? That’s the topic of discussion on this episode, with my guest P.T. Money.

Building toward your retirement through a side-hustle is an incredible idea.

We’re all hoping for the best retirement possible. That includes plenty of money to know that we’ll be comfortable and secure for the years we have left after leaving our full-time employment or career. But I want to challenge you to think a bit bigger than that. What can you do to put together a side hustle based on an area of interest or passion, and use it to make a bigger difference in the world - both now and during your retirement? What would that look like? I bet you could make it happen. My guest P.T. Money and I talk about that possibility on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] My introduction to this episode about life evolutions and personal growth.
  • [5:02] What happens with something (someone) who evolves.

HOT TOPIC SEGMENT

  • [6:18] Burnout is evolution gone wrong.
  • [9:00] How to pivot your work to serve you rather than the other way around.

PRACTICAL PLANNING SEGMENT

  • [9:40] My guest, P.T. Money - and why I’ve invited him on the podcast.
  • [12:15] Why P.T. left the accounting practice.
  • [13:34] How P.T. defaulted into accounting and realized it wasn’t for him.
  • [14:59] Changing emphasis and career - and the financial growth ensued.
  • [20:03] What P.T. sees for himself in the next few years, and regarding retirement.
  • [23:10] How to find and work toward “your thing” to build a side hustle.
  • [27:00] P.T.’s goals for his podcast and the types of conversations he wants it to provide.
  • [30:02] How you can get in touch with P.T.

TODAY’S SMART SPRINT SEGMENT

  • [30:28] Your baby step for this week: Start your own “In Case of Emergency” plan.

THE HAPPY LAB SEGMENT

  • [33:25] Play this episode of the podcast at ¾ speed and let me know what you think! It’s a riot!

RESOURCES MENTIONED IN THIS EPISODE

www.PTMoney.com

Podcast: The Masters of Money

FinCon conference

Get in on “6 shot Saturday” - sign up on the website.

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

#153 - Real Life #PersonalGrowth And #Finance Stories with @PTMoney

None of us get our #finances right in the beginning. It’s OK. It’s #PersonalGrowth @PTMoney

Did you know what you wanted to do right out of #HighSchool? Me neither @PTMoney

The#GrowthCurve exists all throughout life. Get used to it @PTMoney

Building toward your #retirement through a #SideHustle is an incredible idea @PTMoney

Direct download: RAM153.mp3
Category:general -- posted at: 6:00am CST

Financial forecasting season is upon us! It’s the new year and there’s always a handful of predictions you see regarding politics, markets, social trends, and much more. If you spend much time listening to the talking heads out there you can come away very confused. Why? Because you’ll hear as many opinions and forecasts as there are talking heads! On this episode of The Retirement Answer Man, I’m going to talk a bit about the role financial forecasting should play in your financial decisions. You’re going to find out what I think of all the expert advice out there, so be sure you give this one a listen.

Financial forecasting is often primarily about attention, not truth.

Don’t get me wrong, the people out there making their financial forecasts truly believe that what they are saying is really going to happen. But they’re not making their forecasts solely for the sake of helping you know what to do. They are trying to get attention, to get eyes on themselves and their organizations. That enables them to be positioned as an expert in the field and hopefully (they are hoping) they will get some clients or business as a result. So how should YOU take action based on the forecasts? I’m going to tell you what I think, on this episode.

What is a donor advised fund and how can you use one?

On this episode of The Retirement Answer Man, I received a question from a listener about the wisdom of putting some assets into a “donor advised fund.” What is that you may ask? A donor advised fund is essentially a philanthropic financial vehicle established at with some public charity. It allows you - or any donor for that matter - to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. So in this way, as a donor, you are able to also be an advisor to the fund regarding what they do with the money that's given. So in answer to my listener’s question I dive into those types of funds and give a bit of advice about how you can wisely contribute to and participate in them.

Do you have retirement funds in an ESOP? Is there any way to move them out?

One of the things I love to do on The Retirement Answer Man show is answer listener questions - and on this episode, I got a great one about ESOP accounts. An ESOP is an employee stock ownership plan. It’s a qualified plan designed to invest primarily in the stock of the company where you are employed. ESOPs are "qualified" in the sense that the ESOPs sponsoring company, the selling shareholder and participants receive various tax benefits. But the listener who asked the question wants to diversify the account. Is it possible? I’ve got some suggestions for him on this episode, so be sure you listen.

Are you device-addicted? You should take the question seriously.

I recently saw a video created by a very thoughtful and wise guy named Simon Sinek. He was talking about the tendency among Millennials to be “device addicts.” He pointed out that the “ding” of a device notification stimulates the very same chemicals in the brain as shot of cocaine. That means we are able to become physically addicted to the sensation on certain levels. Why am I asking the question? Because I’m concerned not just about retirement planning, but retirement planning that leads to a HAPPY life. And if you’re addicted (to anything) I doubt you’re going to be your happiest. Find out how I suggest you go about answering the question on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:32] My introduction to this episode of the podcast and an invite to check out the blog.
  • [2:31] Retirement Plan LIVE begins February 1st with a new couple!

HOT TOPIC SEGMENT

  • [4:26] The issue of predictions for the markets for 2017.
  • [6:49] How I think about predictions (it’s all about attention).
  • [9:10] What you have to do practically in light of predictions.
  • [14:13] High value activities regarding your portfolio.

PRACTICAL PLANNING SEGMENT

  • [15:45] QUESTION: How wise are donor-advised funds and how should I approach them?
  • [22:01] QUESTION: My portfolio is full of company stock only by requirement (ESOP). Is that legal?
  • [26:06] QUESTION: Can a spouse take an early SS benefit on their own then “upgrade” to the higher benefit of their spouse when the time comes?

TODAY’S SMART SPRINT SEGMENT

  • [30:06] In the next 7 days, update your net worth statement for 2016.

THE HAPPY LAB SEGMENT

  • [31:15] Do you have a device-addition? Do a self examination.

RESOURCES MENTIONED IN THIS EPISODE

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

www.RogerWhitney.com/blog - check out my new blog!

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

#152 - #FinancialForecasting: #2017Predictions And The Impact They Have On YOU

#FinancialForecasting is often primarily about #attention, not #truth

What is a #donor advised #fund and how can you use one?

Do you have #RetirementFunds in an #ESOP? Is there any way to move them out?

Are you #DeviceAddicted? You should take the question seriously

Direct download: RAM152.mp3
Category:general -- posted at: 6:00am CST

Welcome, welcome welcome! It’s 2017 and time to address those retirement goals you’ve been putting off. And I’m here to help. I’m Roger Whitney, otherwise known as The Retirement Answer Man. I’m here every week to help you think through, plan for, and take action toward a better retirement than you can conceive! Well, maybe not that extreme but I do want you to have a happy and healthy retirement that is personally rewarding for you and yours. This podcast is all about that end goal. On this episode, I’ve got a lot to share about where we’re headed in the next year and we talk with our very first participant in the Retirement Plan Live event from a few years ago, Carl. I hope you’ll take the time to listen.

I’m now BETTER EQUIPPED to help you with your retirement goals.

As I was looking toward 2017 and trying to focus on the things that I believed would help me serve you and my clients better, I decided that I needed to make a huge change in my life. I dropped some of the licenses that I’ve held for over 20 years. Why would I do that? Because now there is a lot less government regulation inhibiting the kind of things I can talk about on this podcast and on my blog. Now I can actually mention common retirement vehicles like "mutual funds" and others. I’m better equipped to help you navigate your retirement goals and am eager to do so. Find out how I do it week to week on this episode of the Retirement Answer Man.

Retirement goals are not something you should put off.

Most people wait far too long to begin setting retirement goals. It’s easy to think that you have plenty of time but the sad reality of the way life goes is that time sneaks up on you and retirement is here before you know it. You’ve got to start setting goals and reaching for them NOW so that your retirement is a happy, secure, and meaningful one. On this episode, I’m talking with the very first person who participated in my annual Retirement Plan Live event, Carl - and he’s going to share how he’s doing with his retirement plan and the enthusiasm that has come into his life from doing so. You’re going to want to hear this one.

How sharing your story could help someone else navigate their own retirement.

In this episode of The Retirement Answer Man, I talk with Carl. He and his wife were two of the very first people I worked alongside in my Retirement Plan Live event a few years ago. Carl has begun to share his own story of planning and moving toward retirement in his own blog. What he’s discovered is that his story is beneficial to others who are on the same path he is - and I would venture to say that every one of you has the same ability to impact others with YOUR story. So what are you waiting for? Listen to this episode to find out how you can tell your story among the Retirement Answer Man community and see how it encourages others.

Our very first Retirement Plan Live participant is on the way to his retirement goals.

Carl and his wife are just a few years away from retirement. They’ve got their retirement goals laid out before them and are systematically ticking them off the list, one at a time. In this conversation, Carl and I talk about their recent move from their long-time home to a cabin in another community 100 miles away. The transition has gone well and Carl points to a few things they did that he believes made the transition less of a hassle than they expected. He also shares how he’s built a “bridge” into his retirement and why he recommends that everyone who is a few years away from retirement do the same thing. Carl’s a wise man and you’ll learn a lot from his experience, so be sure you listen.



OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:51] My word for the year that I’m going to be focusing on: Focus
  • [1:30] What is YOUR word that you want to focus on this coming year?

HOT TOPIC SEGMENT

  • [2:20] Why 2017 is the year the gloves are coming off.
  • [4:15] Why I’ll be talking a bit more freely and why investment management will be a topic of conversation.
  • [6:18] How you can ask your questions.

PRACTICAL PLANNING SEGMENT

  • [7:44] Our first ever Retirement Plan Live participant: Carl.
  • [9:10] How sharing our stories helps other people plan their retirement.
  • [9:45] How Carl is doing with his retirement plans as highlighted in RPL.
  • [12:10] The transition from one home to another as part of the retirement plan.
  • [16:30] The current retirement plan Carl is working through - and where he is in it.
  • [18:11] Plans to quit work earlier and why Carl is not doing it.
  • [21:40] Discussions about how they will be husband & wife in the retirement years.
  • [24:00] Carl’s blog and the enthusiasm that has come from it.
  • [28:00] Why it’s important to build a bridge into your retirement years.

THE HAPPY LAB SEGMENT

  • [33:21] Finding dreams to fuel you while you still have time.

TODAY’S SMART SPRINT SEGMENT

  • [35:13] In the next 7 days, subscribe to this podcast and leave some comments on the blog posts - OR ask your own question.

RESOURCES MENTIONED IN THIS EPISODE

www.TheRetirementManifesto.com - Carl’s blog about retirement

Leave your questions: 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: RAM151.mp3
Category:general -- posted at: 6:00am CST

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