Retirement Answer Man

Welcome to the last episode in this Retirement Plan Live series. This is the Flying Solo Edition where you can learn how to rock single retirement. Several listeners offer fantastic retirement questions and comments that I answer on this episode and the answers will interest you. On the practical planning segment of the show I am joined by Herb who gives us a male perspective on retiring single, so you won’t want to miss that. Be sure to listen to this episode as well as the webinar on June 7th to hear the grand finale and find out what happens to Sam’s retirement plans.

How do you save your own retirement funds from an ill spouse?

The first retirement question is actually from a married person, but she brings up an interesting point. Jackie is concerned that she and her husband’s shared retirement funds may run out with his exorbitant end of life medical expenses. She would like to know if there is a way to protect her own IRA account so that she will have enough money for herself to live on after he passes. End of life medical expenses can be incredibly costly, so this is a valid question that affects so many. Singles may not realize that this question is one advantage of being single. Listen to the hot topic segment to hear my answer to this challenging retirement question.

What inflation rate should be used for retirement planning?

Another listener has a retirement question about inflation rates. It is important to hedge against inflation when planning retirement. I use a rate of 4% even though there has only been a 2% inflation rate over the past 15 years. It is important to use all the available data over a long period of time to get a better idea of what inflation could do. If one only relies on 15 years of data to plan then it doesn’t paint a complete picture of what could happen. Listen to this episode of Retirement Answer Man to hear retirement questions and why and how I calculate inflation for retirement planning.

What can you learn from my aunt and uncle about retirement planning?

My own aunt and uncle join me on the practical planning segment to give us their perspective on retirement issues that you may not have considered. Recently after my aunt had surgery they were surprised to find that Aunt Patty needed 24-hour care for a whole week after a routine surgery. This brings about the retirement question: how do you plan for 24-hour care? This is hard enough for a married couple to plan for, and if you’re single it may take serious consideration. If you are considering moving to a new area after you retire you may also want to consider the medical facilities available. Listen to this episode as my aunt and uncle share insight that only comes with hindsight.

Finally, a single man volunteers to represent half the population!

Herb steps up to give a male perspective on retiring single. He recently contacted me and was the only male to volunteer to share his point of view on retirement. Thankfully Herb is a great candidate to represent half the single retirement population. Herb is 55 and planning on retiring in 3-5 years. Since he lives where there is a high cost of living he would prefer to move when he retires. One of the benefits of retiring single is that the choice is all his, and he won’t have to compromise. Herb is great at getting out of his comfort zone and feels that this will help him to create a network of friends wherever he decides to land. Listen to the practical planning segment to hear Herb’s perspective on retiring single.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Find out about the webinar where you discover the results of Sam’s retirement conundrum

HOT TOPIC SEGMENT

  • [4:08] Jackie has a question about how to save her own retirement funds from her husband’s medical expenses
  • [6:39] Carla asks: what inflation rate should she use for retirement planning?
  • [7:40] Scott would like to know: Why does Roger use such a high inlfation rate?
  • [10:10] Mark remarks on travel plans
  • [11:40] K.J. asks where can she find affordable financial planning
  • [13:27] Sarah feels less weird about being a happily single woman after listening to this series

PRACTICAL PLANNING SEGMENT

  • [15:10] My aunt and uncle join me on the show to discuss healthcare
  • [27:27] Herb joins me to give a male perspective on retiring single

THE HAPPY LAB SEGMENT

  • [36:02] Embrace life, be adventurous

TODAY’S SMART SPRINT SEGMENT

  • [37:10] Go buy my book, it really will help give you a better perspective

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

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

Intro music by bensound.com

Direct download: RAM223.mp3
Category:general -- posted at: 6:00am CST

On this episode of Retirement Plan Live: Flying Solo Edition we tackle a challenging question. Is retiring single risky? This episode is all about risk and the special or riskier situations that retired singles may find themselves in. Single people have different considerations than married people and may need to plan their retirement in more detail. I ask Sam, my guest, and case study for this edition of Retirement Plan Live, about what types of concerns she has retiring single. You’ll want to make sure that you listen to this episode so that you can begin to think about all of the circumstances you may encounter when retiring single.

Should you embrace risk or hide from it?

There are risks to everything in life, but to live a full life you have to take on a certain amount of risk. If you run away from risk entirely you end up living a smaller life. The more you embrace risk the more it can broaden your life. There is a certain amount of freedom that comes with being a single person. You don’t have anyone that you need to check in with, you can travel whenever and wherever you want. But there are situations that a single person needs to prepare for more than a married person. Listen to this episode of Retirement Answer Man to start thinking about how much risk you are willing to take in your retirement and your life.

What are some of the normal risks that are increased for singles?

Retired singles have an increased chance of loneliness as they age. You can begin to combat loneliness in your elderly years by establishing a strong network of friends now. Making friends with similar interests is easy to do. There are groups and clubs for just about every hobby, even solo activities like knitting and fishing can be enjoyed with others. Another consideration you may not have thought of is whether or not you have someone to use as a sounding board for big decisions. Making life altering decisions can be a challenge and it is always helpful to have someone you trust to help you talk things out. Listen to this episode to hear several considerations that you may not have thought of that you will need to plan for as a single person.

How do you plan your estate when you’re single?

If you don’t have any heirs you may think that what happens to your estate doesn’t really matter, but you do need to think about who you would like to be the executor of the estate. There are professionals that can be hired to do this job if you don't have anyone to ask. Long-term care insurance is a good option when thinking about what will happen when to you when you are no longer able to care for yourself. But have you considered who will have power of attorney and can handle the personal medical decisions that may be faced if you are incapacitated? This episode may not be as fun as the dreaming big episode, but it is important nonetheless. Listen in to hear many of the significant considerations that you may not have thought of when retiring single.

What are Sam’s worries about retiring single?

Sam has been considering retirement for quite some time and has put a bit of thought into many things. She has been working with a financial planner whom she trusts for many years. He has helped her weather the financial upheaval of 2008. Sam thought it was important to purchase long-term care insurance, so as not to burden her daughters with caring for her if she becomes unable to care for herself. Sam considers herself pretty conservative and not much of a risk taker, so listen to her concerns as she considers retiring single on the practical planning segment of this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [2:42] The live results webinar is on Thu June 7

HOT TOPIC SEGMENT

  • [6:22] What are some of the normal risks that are more heightened for singles?
  • [17:22] How do you plan your estate when you’re single?

PRACTICAL PLANNING SEGMENT

  • [21:21] How does she handle her investment accounts?
  • [27:21] What are her worries as a single person?
  • [32:03] How did she find her investment professional?

THE HAPPY LAB SEGMENT

  • [40:02] How do you balance taking risks and staying safe?

TODAY’S SMART SPRINT SEGMENT

  • [42:39] What risks am I allowing to restrict my life?

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

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

Intro music by bensound.com

 

Direct download: RAM222.mp3
Category:general -- posted at: 6:00am CST

Welcome to Retirement Plan Live: Flying Solo Edition. On each Retirement Plan Live, I walk prospective retirees through the same agile retirement planning session that I do with my clients. This edition is created by popular demand for singles who are planning to retire. There are so many retirement planning resources out there geared toward married couples, but hardly any are focused on singles. This series hopes to change that. Listen to this episode of Retirement Answer Man as Sam and I discuss the resources she has at her disposal to help us plan her ideal retirement.

What resources do you have to achieve your ideal retirement?

The last episode in this series focused on dreaming big. Sam shared her retirement dreams and I dared her to dream even bigger. We start to come back down to earth in this episode as we focus on what resources she has to plan her retirement. It’s great to dream big, but then you have to find a way to fund it. The next step in creating a retirement plan is uncovering what resources are available to you. Resources are any income sources you may have, these may include income, pension benefits, social security, etc. Listen to this episode to discover how to take the next step in your retirement plan.

Create an action plan

When you create an action plan you have to organize yourself and your finances. Luckily on this week’s 6 Shot Saturday I include a heap of resources for you to use to create your own action plan. This action plan will help you consider all of the income streams that are available to you that you may not have even thought of. Your action plan may include pretirement income, downsizing your home, or even social security from an ex. Be sure to listen to this episode so that you can begin your action plan to help you plan your ideal retirement.

Do you have a net worth statement?

Many people have never even heard of a net worth statement, and many more haven't created one. I’m here to tell you: you need one! A net worth statement can seem intimidating to create, but you will feel much better once you have one in place. It will help you become more intentional in your retirement planning. A net worth statement gives you an easy snapshot of all of your available resources. I love net worth statements so much that I am including a worksheet to help you create your own in this week’s 6 Shot Saturday. So make sure you are signed up to get all the goodies that I have coming your way to help you build your ideal retirement plan.

Does Sam have a net worth statement?

Last week Sam got to dream big, but this week we come back to earth a bit and discuss how to make those dreams happen. Sam has heard of a net worth statement but has never created one herself. I walk her through a series of questions to build an understanding of her assets and debts so that I can create an accurate net worth statement for her. We also discuss her different income sources, inheritance, pensions, and pretirement options. Listen to the practical planning segment as I walk Sam through the steps to build her net worth statement and action plan. These steps will help you build your own agile retirement plan.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:22] What resources do you have to identify your ideal retirement?
  • [8:02] Do you have a net worth statement?

PRACTICAL PLANNING SEGMENT

  • [[12:00] How did it feel to hear herself on the podcast?
  • [14:35] What are Sam’s income sources?
  • [18:23] Sam and I build a net worth statement
  • [31:22] Next week we’ll discuss risks

THE HAPPY LAB SEGMENT

  • [32:59] Building a net worth statement can be intimidating, but it helps you be more intentional

TODAY’S SMART SPRINT SEGMENT

  • [33:47] Get the resource in 6 shot Saturday to build your own net worth statement

 

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

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

Intro music by bensound.com

 

Direct download: RAM221.mp3
Category:general -- posted at: 6:00am CST

Retirement Plan Live is flying solo this time around. Retirement Plan Live is a series of episodes on the Retirement Answer Man podcast designed around real, live case studies with listeners that would like to retire in the near future. This time I looked high and low for the perfect single potential retiree. Sam agreed to come on the show and share her retirement dreams, goals, and aspirations as well as her financial realities. This conversation focuses on the fun stuff. We envision what her ideal retirement would look like. Listen to this episode of Retirement Answer Man to hear Sam’s retirement dreams so that you can get some great ideas on how to plan your own single retirement.

How do we deal with this retirement dilemma?

The age-old retirement dilemma is how do you have as much fun as you can while you still can and have enough left over to see you through the rest of your life? So many of us worry about spending anyways, and once we stop working the anxiety can worsen. When you’re single this can prove even more challenging. You don’t have anyone next to you help you bring balance to your financial planning. You won’t want to miss the Retirement Plan Live: Flying Solo series if you are planning a single retirement. So make sure you listen to this episode to help you get started in your retirement planning.

Are you looking for tips on how to plan your retirement?

When you are planning for a single retirement it can be a challenge in many ways. There is only one income and you don’t have anyone to bounce ideas off of. A great way to get started planning your single retirement is to draw your own retirement vision board. Think of what your ideal life would look like. Concentrate on these aspects: environment, relationships, hobbies, and health. Thinking of these categories will help you negotiate and prioritize where your money should go and keep your eye on the fun. Listen to this episode of Retirement Answer Man to hear some great tips on your retirement planning.

Start retirement planning by focusing on your ideal retirement

What would your ideal retirement look like? If you could have anything you want in the world and money was no option, what would you do? Would you have a garage full of fancy cars, travel around the world, or maybe spend quality time with family? The best way to get started planning your retirement is by shooting for the stars. After you have really dreamed big, then you can start trimming away to find a balance between the dream and the perfect lifestyle that is within your reach. Make sure you are signed up for 6 shot Saturday to get a worksheet to help you begin to plan your retirement fun. Listen to this episode to hear more about how you can begin planning your single retirement.

What does Sam’s ideal retirement look like?

Sam joins me for a fun conversation on the practical planning portion of the show. She and I discuss what her ideal retirement would look like. We plan big trips, work on her house, family time, healthcare and more. She gives me some ideas on how much her ideas cost and I help her guestimate some expenditures. This is the fun part of planning for retirement and you won’t want to miss hearing what Sam is envisioning in her single retirement. Tune in to the practical planning segment to hear what Sam’s ideal single retirement sounds like and to get some great ideas on how to begin planning your own retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:55] How do we deal with this retirement dilemma?
  • [10:43] Tips for dealing with the retirement dilemma

PRACTICAL PLANNING SEGMENT

  • [18:38] Sam defines her ideal lifestyle
  • [26:22] What are Sam’s big expenditures?
  • [29:29] What does her travel look like?
  • [34:38] All of the other extras Sam may want in retirement

THE HAPPY LAB SEGMENT

  • [39:19] Planning your ideal retirement can be fun

TODAY’S SMART SPRINT SEGMENT

  • [40:33] Sit down and dream up your ideal retirement

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

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

Intro music by bensound.com

Direct download: RAM220.mp3
Category:general -- posted at: 6:00am CST

Can you be single and still rock retirement? This Retirement Plan Live series focuses on a single person. Over the next four weeks, I’ll help Sam make up her personalized retirement roadmap based on her individual needs. Being single in retirement is a topic that isn’t covered by me or by other retirement resources nearly enough, so I’m glad to be investigating retirement as a single person over the next four episodes. If you are flying solo and ready to rock retirement, you won’t want to miss this episode or the ones to come.

There are few retirement resources geared toward singles

You can look high and low, but there isn’t much out there to help single people plan for retirement. Just about everything is geared toward married couples. Single people have different concerns than married couples when planning their retirement. Listen to the Hot Topic segment to meet Sam, the subject of this Retirement Plan Live and then stick around for the Practical Planning segment as I interview several other singles that are embarking on their retirement planning journey.

Meet Sam, the next subject of Retirement Plan Live

We don’t talk about single people enough in the retirement planning industry. That is why I decided to focus this series on a single retiree. Sam is the subject of this month’s Retirement Plan Live. Sam is 59 and lives in Arizona. She is trying to figure out what kind of lifestyle she can afford in retirement with the amount of money that she has. Her goal for this series is to find out how she can balance lifestyle, money, and longevity. If you are single and thinking about retirement you won’t want to miss this series, so listen to episode 219 to begin.

What are the biggest worries as a single retiree?

In the Practical Planning segment, I chat with several different singles to get a feel for what their concerns are as they plan for retirement. The biggest worry for each of them seems to be when they reach old age. As a single person, this brings on different types of worries than a married couple. It may be advantageous to start planning for old age while you are still relatively young and have all of your faculties. You’ll want to hear how these people are planning to handle old age in different ways. Use this episode as a starting point for your retirement plan as a single retiree.

Planning for retirement as a single person doesn’t have to be scary, it can be quite exciting

Planning for retirement isn’t all gloom and doom. Think about it: what are you excited about when you think about retiring as a single retiree? I ask several different people this question. The answers range from freedom, to travel, to giving back to the community. This episode of Retirement Answer Man is all about planning your retirement as a single person. Get started planning now by listening to the Retirement Plan Live series so that you can enjoy all the freedoms that retirement brings just as soon as you are ready.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Retirement Plan Live is back!

HOT TOPIC SEGMENT

  • [5:05] Let’s meet Sam and hear why she chose to do this
  • [6:59] What are we trying to figure out?

PRACTICAL PLANNING SEGMENT

  • [11:27] What are Elizabeth’s biggest worries as a single person?
  • [20:29] How is Lisa planning her retirement?
  • [27:18] Kirbie would like to hear more about possible paths forward for single people
  • [32:54] Jen lives in a high cost of living area and wants to connect in her community
  • [39:44] What does Twila think is different between retirement planning when you are single vs. when you’re married?

THE HAPPY LAB SEGMENT

  • [46:14] Don’t mislabel things, they can be pretty cool if you make them your own

TODAY’S SMART SPRINT SEGMENT

  • [47:49] Sign up for 6-Shot Saturday

Resources Mentioned In This Episode

BOOK - The One Thing by Gary Keller and Jay Papasan

BOOK - AARP Guide: The Single Woman’s Guide to Retirement by Jan Cullinane

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

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


Intro music by bensound.com

Direct download: RAM219.mp3
Category:general -- posted at: 6:00am CST

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