Retirement Answer Man

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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