Retirement Answer Man

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

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