Retirement Answer Man

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

1