Retirement Answer Man

Do you want to have the confidence to truly rock retirement? Are you within 5 years of retirement? If so, this is the series for you. Over the next 5 episodes, we’ll explore what you should be focused on in the years leading up to retirement. 

Today we’ll explore the opportunities and risks that come within this time frame. Next week, we’ll start setting the stage to prepare you for retirement. After that, we’ll explore the financial and non-financial aspects of preparing for retirement. In the 4th episode of this series, you’ll learn how to put it all into a plan. And lastly, you’ll hear an episode full of wisdom from people who are a bit ahead of you in this retirement journey. Are you ready to get started? Press play now!

Preparing for retirement is much like prepping for an adventure

In the 5 years leading up to retirement, you need to get ready. It’s as though you are preparing for an adventure. I liken it to a backpacking trip I took a few years back. First, my partner and I had to decide where we wanted to go. Then we had to arrange the logistics. Next, we had to assess whether we had the right equipment for our journey. Then we had to consider both our physical and mental readiness. After that, we had to acquire the things we needed. Once we finally got to our destination we had to assess the trail ahead. We even had to add extra supplies based on those trail conditions. We had to remain agile throughout the course of our journey. 

The opportunities and barriers to preparing for retirement

At this point in your career, you are probably making more money than you ever have before. You have a reputation and a vast professional network. You may even be at the tail end of the various financial engagements that come with raising a family. Now is a good time to evaluate your life. 

There are some barriers that you may need to overcome as you prepare for retirement. I often refer to the 50s as your not-so-thrifty 50s. It’s easy to save more and spend less now that you are earning more. It’s also easy to create a financial cage for yourself. Be careful of financial obligations like 2nd mortgages, RV or boat payments, or even that adult child that you continue to subsidize. These obligations could force you to work longer than you would like. Listen in to hear about more barriers you might face as you prepare for life in retirement. 

What can you do now to set yourself up for retirement?

There are several steps you can take to begin to set yourself up for retirement. 

  1. Start to assess your risks and opportunities by dialing in your income, expenses, and savings. Think about your expenses. What does it really cost to live your life? Separate your discretionary and non-discretionary spending to realize what it takes to live a good baseline life.
  2. Create your net worth statement listing your assets and liabilities. 
  3. Assess your boundaries at work. You have worked hard to build your career, but have you built up boundaries between work and home life?
  4. Assess your social life. Who would you call to have coffee with tomorrow? Do you need to broaden your social network?
  5. Assess your purpose. If you had 2 weeks to not think or talk about work what would you do each day?

It’s a great time to join the Rock Retirement Club!

Are you signed up for the 6-Shot Saturday newsletter? You’ll want to make sure that you are so that you can get our free net worth and expense worksheets.

Have you been on the fence about joining the Rock Retirement Club? Now is a great time to join because on March 16 we are starting a 3-week sprint to assess your needs, wants, and wishes. You can try it out for 30 days with a money-back guarantee. Go ahead and join now to see whether it is right for you. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:30] A Rock Retirement Club update
  • [4:04] The five years leading up to retirement is much like prepping for an adventure
  • [7:27] You have opportunities that you don’t want to miss in the 5 years 
  • [11:37] What can you do now to set yourself up for retirement?

Q&A SEGMENT

  • [21:51] Using a Roth IRA to fund long term care
  • [27:11] Roth IRAs and the 5-year rule
  • [30:04] Roth IRAs and Game Stop

TODAY’S SMART SPRINT SEGMENT

  • [31:57] Start to dial in your expenses and update your net worth statement

Resources Mentioned In This Episode

Share your wisdom with future retirees! RogerWhitney.com/askroger

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM367.mp3
Category:general -- posted at: 5:00am CST

Over the past 3 episodes, we have been talking about different ways that you can improve your health in retirement. Today you’ll take action. Choose the habits you want to build and learn how to actually build these habits and set yourself up for success. Learning about health and nutrition is one thing, but taking action is something else entirely. Press play so you don’t miss out on these tips to learn how to create and stick with healthy habits.

Do you need to redefine your fitness identity?

When we are young it can be easy to take on a fitness identity. I’m a mountain biker. He’s a basketball player. She’s a swimmer. But as we age we can face a fitness identity crisis. Our fitness becomes more about mobility and nutrition. 

To help yourself create your new fitness identity think about what you want to accomplish. What do you want to improve about yourself? What new version of yourself would you like to see? Think about your motivation. Why do you want to have a healthy body? This is how you can define yourself. Listen in to hear my new motivation for good health.

Choose the habits you want to build

The power of good (or poor) health comes from habits. Positive and negative habits compound over time so to begin a healthy lifestyle you have to start by building healthy habits. You could start by building a huge meal plan or exercise routine, but that could also set you up for failure. Rather than creating a strict workout routine try tinkering with your movements to explore healthy activities that you really enjoy. 

How to build a habit and make it stick

You may already understand the importance of building healthy habits but some of us don’t know how to make them stick. Many of us try to create a routine but then struggle to maintain the habits we have created. Luckily, starting and keeping up healthy habits doesn’t have to be as complicated as you think. Try using these tips to help you create and maintain your healthy habits. 

To create healthy habits:

  1. Set yourself up for success. Make the habit simple to do. 
  2. Create friction. Take a bad habit and make it hard to do. 
  3. Start with a small habit. Plan on starting with 5 or 10 minutes a day. 

To maintain and build up your new habits:

  1. Over time increase your routine in small ways.
  2. As you build up your routine, split it up into separate times each day. 
  3. When you falter restart quickly and don’t beat yourself up about it. 

You have the opportunity to change your health

Retirement gives you the freedom to change your lifestyle. You have the opportunity to structure your day in a more purposeful manner. Think about who you want to be in retirement and get started building the habits you need to become that person. Listen in to the Coaches Corner segment with BW to hear how movement and mindset can shape your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:30] Most of us have to redefine our fitness identity as we age 
  • [7:25] How to build a habit
  • [15:32] Two stories to demonstrate different life views 

COACHES CORNER WITH BW

  • [19:45] Movement and mindset can help keep you young
  • [26:52] Use technology to improve your health

TODAY’S SMART SPRINT SEGMENT

  • [34:36] Start to make a change to improve your health

Resources Mentioned In This Episode

Streaks app

Noom app

Peloton app

Oura Ring

James Clear Habit Guide

BOOK - Atomic Habits by James Clear

Stride app

Leave me a comment! 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM366.mp3
Category:general -- posted at: 6:00am CST

If you are interested in living a healthy life you have to consider the food that you put into your body. The food you consume fuels your body and shapes your life. On this episode of Retirement Answer Man, you’ll learn 5 tips for ensuring excellent nutrition. You’ll also discover a few resources that can help you improve your thinking around nutrition. Grab your headphones and dive into this episode so that you can rock retirement by living a healthy life. 

What is diet?

Americans have an interesting relationship with the word diet. The word often invokes thoughts of failure and restrictions and no one likes to feel restricted. 

However, there are two definitions of the word diet. A diet is a special course of food to which one restricts oneself either to lose weight or for medical reasons and it also means the kind of food a person or animal eats.

As we’re discussing diet today we should consider the second definition rather than the first. This definition encompasses our whole lifestyle rather than considering the short term. To rock retirement, we want the cumulative benefits of a healthy diet rather than a short-term fix. When you consider the word diet I encourage you to think of it as a way to reset your eating habits to a healthier version. 

What is your relationship with food

We all have a relationship with food and often that relationship was built when we were young. But you may not want to continue eating the same way you did when you were in your teens and twenties. When we were young we could eat anything without seeing much of a change in our bodies. This is because our metabolism was high. But as we age our body chemistry changes and we don’t burn through calories like we did in the past. Think about your relationship with food. Do you still eat like you did in your twenties?

Modern food is made for convenience, not health

Everything about modern, industrialized food is created for mass production, shelf life, and consistency of flavor. As a result, modern food is high in fat, sodium, and sugar which makes it unhealthy. Added to the lack of nutrition, our portion sizes have gotten bigger in recent years. It is no wonder that our bodies haven’t adjusted to the modern diet. 

How to build a healthy diet

To create a healthy diet you want to make sure to eat food - not food products. This means eating fresh foods that don’t have a shelf life. Add colors to your plate by eating fruits, leafy greens, and whole grains.

Eating well means that you’ll have to plan your meals and give up on convenience food. Are you ready to change the way you eat? Listen to this episode of Retirement Answer Man to learn 5 tips you can use to improve your nutrition. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [1:30] What is diet?

PRACTICAL PLANNING SEGMENT

  • [7:27] We all have a relationship with food
  • [10:02] Modern food is produced to be unhealthy
  • [16:16] Understand how to read labels

Q&A WITH TANYA NICHOLS

  • [22:21] How to save later in life
  • [27:55] Feedback on the Parent Project series

TODAY’S SMART SPRINT SEGMENT

  • [32:44] Start reading the labels in your pantry

Resources Mentioned In This Episode

BOOK - The Mind Diet by Maggie Moon

PODCAST - The Doctor’s Farmacy by Dr. Mark Hyman

Noom App

The Parent Project series

Align Financial

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM365.mp3
Category:general -- posted at: 6:00am CST

To rock retirement, you have to have the right tools, and the most important tool you have is your body. To keep up your strength and mobility your body needs to be fine-tuned. On this episode of Retirement Answer Man, we continue discussing your physical health. You’ll learn what you can do to maintain your strength and mobility so that you can rock retirement. 

What is mobility?

Mobility means having healthy muscles, bones, and joints so that you can freely move about. In retirement, it is important to have the mobility to do all the typical things you have to do and also so you can enjoy your favorite hobbies.

Staying healthy and fit isn’t the same now as it was in your 20s. Back then you exercised to keep up your good looks, but now, exercise is critical to maintaining mobility so that you can rock retirement and do all of the things you want to do.

Health and fitness can be your job in retirement

Many people struggle without the routine of work to keep their life in balance in retirement. In the book, Younger Next Year, the author, Chris Crowley, makes the argument that you should make health and fitness your job in retirement. 

This is an interesting idea that I want you to consider since exercise can provide you with not only structure but goals and rewards as well. When you devote time to your health you can see measurable results. Added to that, exercise can provide you with a social outlet and an ability to connect and work with other people. It can even draw you closer to your partner as you both work to attain your goals. 

This important job can become the center of your life now that you won’t have the busyness of work life. It may even help give you a new identity to help you transition from your work-related identity. What do you think about making health and fitness the center of your life in retirement?

How to build a body to support you to do all the things you want to do

You may have heard that you can lose up to 50% of your muscle mass by the time you are 50. However, the aged muscle can be repaired if you are willing to work to maintain it. It is important to build a plan with your doctor and you may want to include a personal trainer and nutritionist to help you build that plan. 

You’ll also want to work on increasing your flexibility. Your muscles get shorter as you get older causing your flexibility to decline. This can reduce your range of motion and lead to back pain, joint issues, and bad balance. Listen in to hear what apps you can use to help you maintain your exercise plan in retirement. 

Be sure to check out this week’s 6-Shot Saturday email newsletter!

Make sure that you are signed up for 6-Shot Saturday this week. Not only can you complete our annual listener survey, but we’ll have a link to a study guide for you to follow while you read the book, Younger Next Year. This study guide will give you a good idea of the kind of work we do in the Rock Retirement Club.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [1:30] What is mobility?

PRACTICAL PLANNING SEGMENT

  • [3:45] You should make health and fitness your job in retirement
  • [7:25] Use exercise for functional health

Q&A WITH TANYA NICHOLS

  • [20:36] Tanya exercises to stay sane
  • [21:44] Can you roll over only part of a retirement account?
  • [25:16] The pros and cons of multi-year guaranteed annuities
  • [32:21] Do I take the pension or the lump sum?

TODAY’S SMART SPRINT SEGMENT

  • [38:10] Go buy the book Younger Next Year

Resources Mentioned In This Episode

Align Financial

BOOK - The Power of Zero by David McKnight

Episode 310 - The Pie Cake

Daily Burn app

Apple Fitness Plus

FitBit Coach

Peloton app

Strava app

BOOK - Younger Next Year by Chris Crowley

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

 

Direct download: RAM364.mp3
Category:general -- posted at: 6:00am CST

Good health is not something you can buy, but it can be an important savings account for your future. Over the course of the next 4 episodes, we will focus on how to stay healthy and fit in retirement. We’ll discuss exercise, mobility, and nutrition. In the final episode of the Let’s Get Physical series, you’ll learn how to create an action plan to build and maintain healthy habits throughout retirement. Press play to get started on creating a healthy life.

What is the difference between hurt and harm?

The difference between hurt and harm is somewhat obvious but it may not be readily apparent when it comes to making decisions. You may put off going to the dentist to get your tooth fixed because you know it is going to hurt. We generally try to avoid hurt, but hurt can be beneficial. Hurt itself, isn’t a bad thing. Eating junk food and choosing not to exercise doesn’t hurt, but it does harm you. It is important to recognize the difference between hurt and harm to help you stay healthy.

Modern medicine provides longevity, not quality of life

Modern medicine is amazing, however, there is a dark underbelly to our healthcare system. Longevity is the goal of modern medicine, not quality of life. If you are unhealthy, medications can keep you alive much longer than you would have ever been alive in years past. You may even be able to live as long as a healthy person. But those additional years that drugs and doctors’ care provide you will not be high quality and productive, instead, life will be painful and stagnant. 

The costs of being unhealthy

Choosing an unhealthy lifestyle ends up being costly. The more unhealthy you are, the more you will pay for healthcare. And although this number can be quantified in dollars, there are other costs as well. These social costs aren’t easily quantifiable, but they will certainly be felt. 

Rather than being an active participant in life, an unhealthy person becomes a spectator. Their mindset changes and they tend to break from the person they once were. They shift from a growth dynamic to a decaying dynamic. Are you willing to take the risks that come with an unhealthy life? You can’t change the choices you made in the past, but you can change your unhealthy habits now. 

Good habits compound over time

Small habits make us who we are. Just like saving money, our habits (good or bad) compound over time. You can’t buy good health, but you can invest in it. Building healthy eating and exercise habits doesn’t have to be about your weight or how you look. The purpose of creating healthy habits in retirement is to build energy and increase functionality. Listen in to learn how to create healthy habits so that you can rock retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [1:30] What is the difference between hurt and harm?

PRACTICAL PLANNING SEGMENT

  • [4:48] The goal of modern medicine is longevity, not quality of life
  • [8:18] Healthy habits compound over time

Q&A SEGMENT

  • [12:20] The keys to ETFs and mutual funds
  • [15:11] A health savings account question
  • [19:11] My thoughts on the 4% rule
  • [22:37] Can Gary’s 401K annuity be moved within the 401K?



TODAY’S SMART SPRINT SEGMENT

  • [25:18] Pay attention to your eating and exercise habits

Resources Mentioned In This Episode

Episode 310 - The Pie Cake 

BOOK - Atomic Habits by James Clear

BOOK - Younger Next Year by Chris Crowley

BOOK - Boundaries by John Townsend

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

 

Direct download: RAM363.mp3
Category:general -- posted at: 6:00am CST

This is it -- the last episode of Retirement Plan Live 2021! We have walked Trish through her unexpected retirement to see if she has what it takes to build the retirement of her dreams. Over the past 4 episodes, we have gotten to know Trish and her situation. We have taken an in-depth look at her goals, resources, and net worth to help her assess whether she is ready to retire. If you would like to start this series from the beginning, head back over to episode 359, if you’ve already listened then press play now. 

Don’t miss the live webinar!

Please join us tomorrow, January 28 at 7 pm CST, for the live webinar where I’ll help Trish discover if this dream of hers is attainable. We’ll identify the risks and opportunities she has to create a feasible plan to rock retirement. During this live webinar, you can ask questions and have them answered. You can even use Trish’s example as a case study to help you build your own retirement plan. 

What is identity?

Identity encompasses everything about you. It is a mishmash of your memories, experiences, values, and relationships. All together this big pot creates who you are. 

Consequently, identity is not fixed -- it changes over time. There are pivot points in your life, like those transitions from high school to college, college to career, marriage, and family. We can use these points in life as opportunities to start with a fresh slate and remake our identities. 

Retirement is another opportunity to start over and remake your identity. If you haven’t spent enough time creating your identity outside of work it can feel scary to think about who this new you is going to be. Have you thought about who you want to be in retirement? 

Trish lost her sense of control after getting laid off

Trish had worked at her job for 29 years. We don’t see that very often anymore. She truly thought that she would work there until she chose to retire at age 55. So when she was laid off unexpectedly this past October, it was like a kick in the gut. She is still reeling from the effects. 

Every day she keeps the same routine, she gets up, goes for a run, gets dressed, and heads to her home office to search for work from 8-5. Will coming up with a retirement plan help ease her worries?

What does this make possible?

When we are in the midst of a problem it can be easy to lose perspective. This is why it is important to slow down and make purposeful decisions. One question to ask yourself when dealing with the unexpected is: what does this make possible? Can Trish begin to see the possibilities? Can she start looking ahead? What about you? Do you know how you can create a meaningful life after retiring? Listen in to hear from retirement coach, BW, he has helpful advice for Trish that may resonate with you as well. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [2:11] What is identity?

PRACTICAL PLANNING SEGMENT

  • [7:25] Trish wasn’t happy to get laid off
  • [14:35] Would not needing a job help her relax?
  • [20:53] What is she doing to help herself get through this?

COACHES CORNER WITH BW

  • [25.11] Slow down and be purposeful
  • [31:03] Trish can find the balance

TODAY’S SMART SPRINT SEGMENT 

  • [35:05] Let yourself be happy

Resources Mentioned In This Episode

Register for the live webinar on 1-28 at 7 pm CST

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM362.mp3
Category:general -- posted at: 6:00am CST

Last week in Retirement Plan Live, Trish dreamed up big dreams for her retirement. In this episode, we are going to outline her resources to see if she has the ability to fund those dreams. Organizing your resources is an important step in retirement planning. Listen in to learn how important it is to plan what you want to use your resources for, and let’s see if Trish has what it takes to build her retirement dreams. 

What is a resource?

A resource is a natural source of wealth or revenue. It is also a natural feature that enhances the quality of life. It’s what you do with your resources that matters.

If you are listening to this show you are probably over 50 which means that you have spent decades building your resources. You’ve built up all 3 categories of resources -- human capital, social capital, and financial capital. Human capital includes your skillset and reputation. Social capital includes pensions and Social Security. Financial capital doesn’t only include your money, it also includes houses and boats in addition to your retirement accounts. 

What will you use your resources for?

When you look at your resources in retirement you have to ask yourself to what end are all these resources for? What is this money for? In retirement, your resources are meant to be used to express your values through your goals that you live out in the season of retirement. 

Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values. Think about what you want to do with your abundance. Be intentional and create the life that you want. Explore the options you have now so that you don’t leave your resources like a neglected crop left to be absorbed back into the earth. 

What kind of capital does Trish have?

In our last episode, Trish dreamed big -- European vacations, a second and maybe 3rd home, a convertible, the works. Now that we’ve got her thinking big, we have to see what she can afford. It’s time to take stock of her resources. 

Just like you and I, Trish has social capital, human capital, and financial capital. She will collect Social Security when the time comes and would like to use her human capital in some capacity until she is 59. Listen in to hear how I walk her through her balance sheet and organize her resources.

Check out the Rock Retirement Club to help you organize your own resources

Have you been enjoying Retirement Plan Live? Would you like to have guidance as you organize your resources? In the Rock Retirement Club, we have a Retirement Masterclass that does just that. We walk you through all of this planning with worksheets and trainings and there is even an entire module that helps you organize all of your capital. Check it out at RockRetirementClub.com.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [1:30] What is a resource?

PRACTICAL PLANNING SEGMENT

  • [11:02] What kind of social capital does Trish have?
  • [15:32] Trish plans on using her human capital
  • [25:35] We organize Trish’s financial capital

Q&A WITH NICHOLE

  • [36:10] How did we do on our words for 2020?
  • [37:32] Lisa asks how the 4% rule changes if you retire at 55
  • [40:35] Should Jackie stop saving in her Roth IRA since her husband got laid off?
  • [44:53] Can Jim’s mother transfer an IRA to him?

TODAY’S SMART SPRINT SEGMENT

  • [48:43] What is your word for 2021?

Resources Mentioned In This Episode

BOOK - So Good They Can’t Ignore You by Cal Newport

Social Security Detailed Calculator

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM361.mp3
Category:general -- posted at: 6:00am CST

Welcome to week 2 of Retirement Plan Live 2021! Last week, in episode 359, you got to meet Trish who was unexpectedly laid off last year. She had been hoping to retire within 5 years, but with this layoff, she is exploring the idea that maybe she can retire now. Over the next few episodes, we will walk her through the steps I take with clients to create and test a retirement plan. 

“You are never too old to set another goal or dream another dream,” -- C.S. Lewis.

What is a goal?

Before we begin, let’s examine what a goal is. Simply put, a goal is something you want to achieve in the future. We often have larger goals and smaller, more immediate goals. They should be a stair step to your bigger vision. 

All of my goals stem from my values and vision. Before coming up with your goals, it is important to have a clear understanding of your values -- articulate them and define them. The idea is that your goals help you to live out your values. Have you defined your values, vision, and goals?

Needs and wants

Let’s talk about needs, wants, and wishes. I like to create 3 categories of spending when creating a retirement plan. This way we can determine a person’s level of fundedness. 

The first category is the needs category. This is what a person needs to live their baseline life. However, it doesn’t mean simply eating rice and beans every day. Trish estimates that she needs $10,000 per month to live comfortably. 

The next area is the wants category. One of Trish’s wants is a convertible when they move south. What kind of wants would you put under this heading?

Can Trish dream big?

The last section we examine is wishes. This is where you dream big without holding back. Some people struggle with this, but others take on this challenge whole-heartedly. Are you able to dream big? What are your most extravagant wishes? Listen in to hear what Trish includes in her wishes, and maybe you’ll find some inspiration for your own planning. 

Create your own retirement plan

If you would like to follow along and do these same exercises on your own, be sure that you are signed up for the 6-Shot Saturday email newsletter to receive worksheets each week to examine your own retirement readiness as we work through this Retirement Plan Live with Trish. 

Are you curious to discover whether Trish has what it takes to retire? Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com. This is when we put Trish’s retirement plan to the test to see if she can retire now or if she needs to continue working for the next few years. Don’t miss out!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [2:30] What is a goal?

PRACTICAL PLANNING SEGMENT

  • [9:10] Trish lays out her needs and wants
  • [20:47] I help Trish dream big

Q&A WITH NICHOLE

  • [29:14] An asset allocation question
  • [31:40] Robert asks if he should cash out his mother-in-law’s annuities
  • [35:18] A pie cake question

TODAY’S SMART SPRINT SEGMENT

  • [38:25] Think through your spending for the year

Resources Mentioned In This Episode

Episode 310 - The Pie Cake 

Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

 

Direct download: RAM360.mp3
Category:general -- posted at: 5:00am CST

Welcome to the Retirement Answer Man show, this month we’ll be doing a Retirement Plan Live! The Retirement Plan Live series allows you to take an in-depth look at a person’s goals, resources, and net worth to determine whether they are ready to retire. At the end of the month, on Thursday, January 28th, we will wrap it all up with a live webinar that you can join to see how it all works out. Register for that event at LiveWithRoger.com.

Make sure you are signed up for the 6-Shot Saturday newsletter which will have a summary of my conversation with Trish each week and it will also include worksheets to help you organize your resources to create your own retirement plan. 

Begin with the end in mind

On your last day on earth, the person you become will meet the person you could have become. Will those two people know each other or will they be strangers? 

When you retire you finally get to organize your life to express the person that you are and want to become. 

You have worked for decades saving and investing as you built your career. Now you can use those resources to become who you really want to be. You get to magnify your best self.

Who is Trish?

Trish is 51 years old and her spouse is 60. Her plan was to retire at age 55, however, that plan was foiled since she was recently let go from her job. Trish worked for the same company for 30 years and despite receiving almost 1 year of severance pay, she feels lost. Losing her job has been devastating and she feels like she has lost her identity. How would you feel if you suddenly lost your job? Is your identity tied to your career?

What would Trish like to accomplish?

Everyone has a dream of retirement, and Trish is no different. She and her partner hope to get a house in a warmer climate and be snowbirds for a bit before finally settling down in that location. She pictures herself going to the beach every day and drinking fancy drinks with umbrellas in them. 

But Trish doesn’t only think of herself. She and her spouse are very family-oriented and love to take trips with their siblings and nieces and nephews. The real question is how big can she dream? We’ll tackle that question in the next episode.

Do you wish you could do your own Retirement Plan Live?

The Retirement Master Class in the Rock Retirement Club mirrors what we do here in the Retirement Plan Live series. This master class walks you step by step and helps you build your own retirement plan based on who you want to become. You’ll learn how to identify your goals, organize your resources, and discover what is feasible. We teach you how to dream with the end in mind by focusing on who you want to become. Check out the Rock Retirement Club to learn more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [2:14] Beginning with the end in mind

RETIREMENT PLAN LIVE SEGMENT

  • [3:44] The Retirement Master Class helps you build your retirement plan
  • [7:28] Who is Trish?
  • [13:08] Losing her job has been like losing her identity
  • [18:10] What would she like to have accomplished at 80?

CATCHING UP WITH SAM

  • [22:57] Sam retired early with no regrets
  • [26:58] She has made time for the things she enjoys
  • [30:37] Have her spending estimates been accurate?
  • [35:09] What is she excited about?

TODAY’S SMART SPRINT SEGMENT

  • [36:57] Have the courage to live a life true to yourself

Resources Mentioned In This Episode

LiveWithRoger.com

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM359.mp3
Category:general -- posted at: 8:19am CST

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