Retirement Answer Man

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

Work with Roger

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

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