Retirement Answer Man

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

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