Wed, 27 March 2024
Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings. Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Comfort Crisis by Michael Easter BOOK - Scarcity Brain by Michael Easter Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 20 March 2024
For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life. This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT WITH DAN CROSBY
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Soul of Wealth by Dan Crosby BOOK - The Top 5 Regrets of the Dying by Bronnie Ware BOOK - Die with Nothing by Bill Perkins Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 13 March 2024
Retirement planning has changed over the years, but has the industry evolved to keep up? Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective. Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning. Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - More than Enough by Mike Piper BOOK - Die with Zero by Bill Perkins Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 6 March 2024
This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month. Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANCOMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON
LISTENER QUESTIONS
BOOKS I READ THIS MONTH
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Horse by Geraldine Brooks BOOK - Lessons in Chemistry by Bonnie Garmus BOOK - Life of Pi by Yann Martel BOOK - Die with Zero by Bill Perkins BOOK - When Genius Failed by Roger Lowenstein BOOK - It’s Not Complicated by Rick Nason BOOK - The Comfort Crisis by Michael Easter BOOK - The Scarcity Brain by Michael Easter BOOK - From Strength to Strength by Arthur Brooks Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 28 February 2024
Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right. What can you learn from FIRE?Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore. Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests. Listen in to learn how you can create a rich life now without waiting until retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeDesigning Your Dream Life with Arthur Brooks Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 21 February 2024
Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since. This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS WITH ANDY PANKO
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRetirement Planning Education podcast Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 14 February 2024
Now that we know what FIRE is, let’s learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE. Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don’t miss out on this informative episode! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
BRING IT ON WITH MARK ROSS
LISTENER QUESTIONS WITH TAYLOR SCHULTE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeThe Retirement Podcast Network BOOK - Coaching Beyond Words by Anna Sheather BOOK - How to Think Like Leonardo DaVinci by Michael Gelb BOOK - Atomic Habits by James Clear PODCAST - Choose FI PODCAST - Catching Up to FI BOOK - The 100-Year Life by Andrew Scott and Lynda Gratton BOOK - The Second Mountain by David Brooks Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 7 February 2024
Have you heard of the FIRE movement? It’s become increasingly popular in the past few years. Even if you are technically too old to retire early, there is something we can all learn from FIRE seekers. In this episode, Kevin Sebesta, a real live FIREer joins me to discuss what FIRE is, how he achieved it, and what people who retire early do with their time. Make sure to stick around for the Bring It On segment with Dr. Bobby Dubois to learn whether supplements are worth the time and money we spend on them. Dr. Bobby helps us develop a framework for deciding whether supplements are right for us. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWHAT I READ IN JANUARY
PRACTICAL PLANNING SEGMENT
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Scarcity Brain by Michael Easter BOOK - Moby Dick by Herman Melville BOOK - The Eye of the World by Robert Jordan Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 31 January 2024
How do you manage a joint cash flow with separate assets? In addition to discussing Mark and Mary’s situation, today I chat with Kay about how she and her husband handled finances with their late in life marriage. Kay gives us some insight on how to manage finances in a financially unbalanced relationship. You’ll appreciate her perspective on how to manage the household cash flow when you haven’t always been married. Make sure to stick around to hear an update from Sam, our single Retirement Plan Live case study from 2018. She’ll let us know how she’s been doing, what has surprised her about retirement, and whether her retirement plan has changed. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
CATCHING UP WITH SAM FROM THE 2018 RETIREMENT PLAN LIVE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This Episode2018 Retirement Plan Live with Sam 219, 220, 221, 222, 223 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 24 January 2024
We’re back with Retirement Plan Live to explore how two adults who married later in life can share their resources as they age. Last week we looked at their goals both individually and together and today we’ll do the same with their resources. Listen in to hear the different ways that older adults who come together later in life can pool their resources so they can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Who Do You Want to Be When You Grow Old? by Richard Leider and David Shapiro BOOK - The Comfort Crisis by Michael Easter Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 17 January 2024
Do you like lemonade? If so, you won’t want to miss out on the lemonade I make on today’s episode. We’re discussing goals on this episode of the Retirement Plan Live series and we get to catch up with Lori from the 2017 Retirement Plan Live. Find out what she is up to and how to work through shared and separate goals in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
CATCHING UP WITH LORI FROM THE 2017 RETIREMENT PLAN LIVE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This Episode2017 Retirement Plan Live with Lori and Bruce 193, 194, 195, 196 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 10 January 2024
If you’re married, do you have retirement planning meetings? If you’re single do you plan a time to meet with yourself to plan your retirement? What or whom do you use as a sounding board? In this Retirement Plan Live, we’re getting to know Mark and Mary–two lovely people who have found each other later in life. This mature newlywed couple is trying to iron out the details of their finances. Sit back and enjoy this episode where we meet Mary and learn about her story and the financial challenges she and Mark are facing in their new marriage. As you listen to Mark and Mary’s story maybe you can use it to frame your own retirement planning conversation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANA BIT OF HOUSEKEEPING
MEET MARY
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - One Flew Over the Cuckoo’s Nest by Ken Kesey BOOK - Name of the Wind by Patrick Rothfuss BOOK - The Wise Man’s Fear by Patrick Rothfuss Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 3 January 2024
Today you’ll meet Mark–half of our newest case study for Retirement Plan Live. Mark and Mary are a year and a half into their new marriage and are trying to figure out how to plan the rest of their lives. On this episode, you’ll learn about Mark and his aspirations and concerns for their life together. In the next episode, you’ll meet Mary, in week three we’ll discuss their goals, the following week we’ll look at their resources, and finally, we’ll see how they manage their cash flow and learn who pays for what. Make sure that you’re signed up for the live webinar on February 1 at 7 pm CST. In this webinar, you’ll get to see how everything panned out for Mark and Mary. To sign up, head on over to LiveWithRoger.com and mark it on your calendar. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANMEETING MARK
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Outlive by Peter Attia Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 27 December 2023
One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So they are wondering if they should pay off their mortgage early by withdrawing from their IRA. What would you do? Listen in to hear my response in addition to several other listener questions. We’ll also catch up with Rosie from the last Retirement Plan Live. Press play to learn if she implemented any of the things we discussed and how her retirement has been over the past year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
CATCHING UP WITH ROSIE FROM THE 2023 RETIREMENT PLAN LIVE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRetirement Plan Live with Rosie - 468, 469, 470, 471 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 20 December 2023
It seems like no matter how much we save we always have that nagging worry about whether it is truly enough. One of our listeners is looking for ways to reduce the chances of running out of money in retirement. My response to his question may surprise you. Listen in to hear what I have to say about improving his retirement trajectory. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRetirement Plan Live with Joelle - Relocation For Retirement 416, 417, 418, 419 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 13 December 2023
Have you ever wondered how the subjects from our Retirement Plan Live series are doing now? Did everything turn out okay for them? Find out how Emma (from 2019 RPL) is doing on this episode of Retirement Answer Man. In the listener questions segment you’ll learn about the Rule of 55, donor-advised funds, and contributing to a teen’s Roth IRA. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
CATCHING UP WITH EMMA FROM THE 2019 RETIREMENT PLAN LIVE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRetirement Plan Live with Emma episodes 289, 290, 291, 292 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 6 December 2023
The way does not exist–there is no one correct way to do things. We are all finding our own ways in life and retirement. Working with an agile structure will help give you the scaffolding to create a retirement plan in an organized way. On this episode, you’ll hear how drafting your agile retirement plan can help you discover your unique way to rock retirement. Continue listening to discover the books I read in November, the answers to several listener questions, and the way to create an exercise plan to boost your energy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOKS I READ IN NOVEMBER
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 434 - Functional Health To Rock Retirement - Creating The Right Exercise Plan Episodes with lists of books I’ve recommended - 138, 206, 287, 464 The Retirement Answer Man GoodReads Book Club BOOK - Die with Zero by Bill Perkins BOOK - Be Useful by Arnold Schwarzenegger BOOK - Total Recall by Arnold Schwarzenegger BOOK - Only the Dead by Jack Carr BOOK - I’m Proud of You by Tim Madigan BOOK - The Road to Character by David Brooks Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 29 November 2023
Have you been wondering what you’re supposed to do when it comes to refilling your retirement income buckets? So has Michael. In this episode, I’ll go into further detail about how to do that. Stay tuned for the answer to Michael’s question and many others as well as a chat with Kevin Lyles on how to ease into retirement in the Bring It On segment. Press play to get started. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Road to Character by David Brooks BOOK - The Second Mountain by David Brooks Episode 473 - How Is Deferred Compensation Taxed When I Receive It? Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 22 November 2023
What would you do if your retirement planner said no when you asked them for a report? I’ll address this question and many more on this episode of the Retirement Answer Man Show. We’ll also discuss the two things you need to find happiness. Are you curious as to what they are? Listen in to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode #281 - Is An Annuity Right For Retirement? The Role An Annuity Can Play In Your Portfolio BOOK - Die with Zero by Bill Perkins Episode #345 - How Does Medicare Work? Making Your Medicare Decision with Danielle Roberts Episode 512 - How Should I Pay Taxes On My Roth Conversions? Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 15 November 2023
If you have different retirement accounts at various brokerage firms, you may wonder whether you should consolidate them. One listener asked me that very question today. I’ll answer it along with several others–don’t miss the one about my finance book recommendations. Are you curious about how you can improve your relationship in retirement? Then, make sure to listen to Mark Ross’s suggestions in the Bring It On segment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Behavioral Investor by Daniel Crosby BOOK - 48 Days to the Work You Love by Dan Miller BOOK - Don’t Retire, Rewire by Jeri Sedlar BOOK - Younger Next Year by Chris Crowley BOOK - Stacked by Joe Saul-Sehy BOOK - A Simple Plan to Wealth by J.L. Collins BOOK - Winning the Loser’s Game by Charles Ellis BOOk - The Retirement Income Guidebook by Wade Pfau The Retirement Answer Man GoodReads group Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 8 November 2023
“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear I’ve been focusing on building up my systems lately and today I’ll provide you with an example of what that looks like for me. In addition, in this episode, you’ll hear several questions on how to optimize your tax burden. Then in the Bring It On segment, Kevin Lyles joins me to discuss the role of leisure in retirement. Join me today to take a baby step to improve your life in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Atomic Habits by James Clear Sign up for the 6-Shot Saturday newsletter! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 1 November 2023
Bonds are a ubiquitous part of a balanced portfolio and in recent years bond funds have become even more attractive to many investors. However, due to rising interest rates, bond funds are now losing their appeal. One listener asks whether she should call it quits on her investment in bond funds. In this episode of Retirement Answer Man, Nichole and I will explore this and other questions from listeners like you. Stick around to hear my conversation with Dr. Bobby Dubois about energy and our relationship with caffeine. Find out once and for all whether caffeine is as bad for you as they say. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWHAT I READ IN OCTOBER
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeJoin the Retirement Answer Man group on Goodreads BOOK - The Count of Monte Cristo by Alexandre Dumas BOOK - The Armor of Light by Ken Follett BOOK - Stillness is the Key by Ryan Holiday Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 25 October 2023
We often try to overcomplicate finances, but simplicity is the key. That’s not to say simplistic: simple doesn’t equal simplistic. On this episode, we wrap up our Wisdom for Our Children series by exploring your advice for spending, saving, and investing. We have tons of valuable guidance for the young people in our lives. Be sure to listen to hear all the suggestions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWISDOM FOR OUR CHILDREN
AN INTERVIEW WITH MARK TRAUTMAN
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Daily Stoic by Ryan Holiday BOOK - Areté by Brian Johnson BOOK - The Simple Path to Wealth by JL Collins BOOK - Stacked by Joel Saul Sehy BOOK - Profit First by Mike Michalowicz BOOK - The Scarcity Brain by Michael Easter Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 18 October 2023
Your family and friends are the people you walk life with, so it is important to choose wisely. In this episode of our Wisdom for Our Children series, Nichole joins me to reflect on what the younger generation should keep in mind when forming these valuable relationships. Press play to hear what it takes to build meaningful relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The 5 Love Languages by Gary Chapman BOOK Series - The Crucial series by Kerry Patterson and Joseph Grenny BOOK - Boundaries by Henry Cloud BOOK - Necessary Endings by Dr. Henry Cloud BOOK - Love Does by Bob Goff BOOK - The Power of Moments by Chip and Dan Heath BOOK - The 4 Agreements by Miguel Ruiz BOOK - The Courage to Be Disliked by Ichiro Kishimi BOOK - QBQ by John Miller BOOK - 4000 Weeks by Oliver Burkeman Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 11 October 2023
This month, as we meander through the different parts of life we are stopping to reflect on certain areas to pass on wisdom to our children. In this episode of the Retirement Answer Man Nichole Mills joins me to discuss career and retirement. Do you have a young person in your life who you would like to pass on some juicy nuggets of wisdom? If so, make sure you are signed up for the 6-Shot Saturday newsletter. At the end of this series, we’ll be sending out a carefully cultivated PDF full of sagacity that you can pass on. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
WISDOM FOR OUR CHILDREN WITH NICHOLE MILLS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Designing Your Life by Bill Burnett and Dave Evans BOOK - Linchpin by Seth Godin Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Thu, 5 October 2023
It is commonly said that youth is wasted on the young. Do you ever wish you could share the wisdom and perspective you have gained with someone young enough to benefit from it? As we approach our sunset years, many of us have a spiritual desire to give back to the next generation. There is an abundance of wisdom within this community which is why over the course of the next several episodes we will collect that wisdom to pass on to our children. Each episode will be designed around a separate area of life. This week we’ll focus on energy and mindset because without energy nothing else can fall into place. Come back next week to hear about career and retirement. Make sure to share this one with your favorite young people. There is a wealth of resources mentioned in this episode, so make sure to scroll down to the bottom of this page for all the links. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOKS I READ LAST MONTH
WHAT WE WISH OUR YOUNGER SELVES WOULD HAVE KNOWN
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeJoin me October 26 or 28 to discuss The 4 Financial Pillars of a Great Retirement Plan Episode 499 - Should I Do A Roth Conversion? BOOK - Deep Work by Cal Newport BOOK - Tiny Habits by BJ Fogg BOOK - The Power of Agency by Paul Napper BOOK - The Tools by Phil Stutz and Barry Michels BOOK - Bright Line Eating by Susan Pierce Thompson BOOK - The Comfort Crisis by Michael Easter BOOK - Why We Sleep by Matthew Walker BOOK - Outlive by Peter Attia BOOK - 4000 Weeks by Oliver Burkeman BOOK - Undaunted Courage by Stephen Ambrose Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 27 September 2023
What is the difference between a passion and an interest? Why is it important to have a passion in retirement? In the Bring It On segment with Mark Ross, we’re discussing passions. You’ve probably heard that it is important to have a purpose in retirement, but today you’ll learn how to develop your interests and turn them into passions. You’ll also hear questions about when to stop contributing to pre-tax retirement accounts, what preferred stocks are, and whether QLACS can be used as QCDs. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - 4000 Weeks by Oliver Burkeman Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 20 September 2023
Is there an ideal mix of before and after-tax retirement accounts? If so, what is it? In this episode, we’ll find out. We’ll also explore a number of other questions that have been eating away at listeners like you. Check out this episode to listen to these listener questions and stick around until the end to hear Kevin Lyle’s relief at no longer having to keep up with the Joneses. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeAndy Panko’s advisor referral list BOOK - Outlive by Peter Attia Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 13 September 2023
What are you doing to make friends in retirement? Mark Ross and I explore this challenge in our Bring It On segment. Listen in to hear how I made a new friend this week and stick around to hear the listener questions and what you could be doing to improve your social life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeThe Roth series 494, 495, 496, 497, 499 BOOK - A Simple Path to Wealth by J.L. Collins Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 6 September 2023
Did you know that there is another way to borrow money to purchase a home that is not a mortgage? Larry is thinking about using a securities-based line of credit against his after-tax investment account to borrow to buy a house. Discover my opinion on this optimization question on this episode of Retirement Answer Man. Listen in to also hear my August reads and learn about the importance of protein to keep strong as you age. Press play now. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOKS I READ IN AUGUST
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - American Prometheus by Kai Bird BOOK - Outlive by Peter Attia BOOK - The Wager by David Grann BOOK - The Courage to be Disliked by Ichiro Kishimi BOOK - The Big Short by Michael Lewis Episode 502 - Should I Realign My 401K Now That I'm Retired? (with Kevin Lyles) Episode 500 - 500 Episodes and Still Rocking A few episodes in which we discuss retirement - 183, 214, 244, 324, 430 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 30 August 2023
To really rock retirement you have to have the right mindset. On this episode of Retirement Answer Man, Kevin Lyles and I noodle on the power of wonder. You’ll learn why it is important to have a sense of wonder and learn three tips for digging into your own sense of wonder. We also have plenty of listener questions to answer. Press play to hear the answers to questions from listeners like you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBRING IT ON WITH KEVIN LYLES
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 493 - How Can I Reverse Taking Social Security? BOOK - The Power of Wonder by Monica Parker Get inspired by the Free Range Fun Hogs blog Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Thu, 24 August 2023
Should you use historical or projected returns in your retirement model? One of our listeners asks this question in a very eloquent way. On this episode of Retirement Answer Man, I’ll spend some time on this question and share my thoughts on which type of model you should use. You’ll also hear the answers to several other listener questions before Kevin Lyles and I discuss tips for having successful conversations with your spouse in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 16 August 2023
Thank you for hanging in with me for 500 episodes! Today’s episode will veer a bit from the norm as I pause to reflect on our journey and commemorate it with this milestone episode. Listen in to hear my reflections and thoughts from listeners about observations and the meaning of these past 500 episodes. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER COMMENTS ON 500 EPISODES
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 479 - Widowed In Retirement: Creating A New You Episode 442 - Can I Count On Average Returns And Inflation For Retirement? (the interview with Amy Bloom) The RV Series Episode 263, Episode 264, Episode 265, Episode 266 BOOK - Tiny Habits by BJ Fogg BOOK - The Daily Stoic by Ryan Holiday Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 9 August 2023
Do you think the Roth conversion question is an essential part of retirement planning? If you do, you haven’t been paying attention to my podcasts! In this episode of the Retirement Answer Man show, we’ll work through how you can build a framework for deciding whether you should do Roth conversions. If you listened to the Roth conversion series you can’t miss this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Seveneves by Neal Stephenson BOOK - Cryptonomicon by Neal Stephenson BOOK - Reamde by Neal Stephenson BOOK - All Quiet on the Western Front by Eric Maria Remarque BOOK - Dead Fall by Brad Thor Episode 495 - The Rules for Roth Contributions Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 2 August 2023
Are you much of a drinker? Studies show that 60% of Americans are, and an even greater percentage of college-educated Americans are. In this episode, Dr. Bobby Dubois and I reflect on the effects of alcohol on retirement. We’ll get into everything: the good, the bad, and the ugly. Don’t worry, we’re still exploring Roths this week by answering your questions. All of our listener questions are related to Roths. If you have a question about our recent Roth series or anything retirement-related leave a voice recording or an email here. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodePodcast - Huberman Lab BOOK - Outlive by Peter Attia Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 26 July 2023
After listening to the past two episodes you now know how to make Roth contributions and conversions, that was the easy part. Today we discuss the more complicated Roth rules for making withdrawals. To avoid unnecessary penalties and taxes you’ll want to make sure that you clearly understand the regulations surrounding Roth withdrawals. Listen to ensure that you don’t get caught unaware and needlessly get stuck paying avoidable taxes and fees. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Outlive by Peter Attia Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 19 July 2023
Many of us have missed the boat on Roth contributions, but we have another tool to get into Roths: Roth conversions. If you have been curious about all the hype about Roths you won’t want to miss this series. This month we dive deeper into Roths. In episode 494 we discussed what Roths are, last week we dove into contributions, and this week we demystify conversions. Listen in to learn how you can use Roth conversions to upgrade your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 494 - Roth Opportunity Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 12 July 2023
So many economic predictions for the year have proved incorrect. Since even the brightest economists don’t have a crystal ball, planning your retirement based on economic, market, or investment predictions can lead you astray. Instead of basing your retirement plan on wishful thinking, learn how to create a strategic retirement plan based on agency. Today, and during this entire Roth IRA series, we’ll see how you can use Roths to enhance your retirement plan. Listen to this episode to hear whether you should be making Roth contributions to help fund your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 5 July 2023
If you’ve been wondering how Roth IRAs work in retirement you’ve come to the right place. All this month we’ll be exploring Roth IRAs–how they work, the 5-year rule, and the differences between Roth conversions and contributions and Roth IRAs and Roth 401Ks. My goal with this series is to level the playing field so that you can understand the opportunities that Roths provide. On this episode, you’ll learn how you can use a Roth to enhance your retirement. If you are ready to start optimizing your retirement press play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOKS I READ LAST MONTH
PRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 487 - The 8 Pillars Of Rocking Retirement: Financial - Resilience And Optimization The Detailed calculator on SSA.gov not My SSA.gov BOOK - Call Sign Chaos by Jim Mattis BOOK - Fooled by Randomness by Nassim Nicholas Taleb BOOK - The Alter Ego Effect by Todd Herman Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 28 June 2023
There are so many questions that come with retirement which is why I focus on answering questions from listeners like you. As you listen to these questions and their answers consider how they fit into your ultimate objective. Listen in to learn why intent matters. In this episode, we’ll explore how to frame retirement questions around your intent, answer listener questions, and in the Bring It On segment you’ll hear a tip about how to rebalance your emotions during stressful conversations. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Call Sign Chaos by Jim Mattis BOOK - Stocks for the Long Run by Jeremy Siegel Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 21 June 2023
This podcast was created for you–not me. I’m here to help you think differently about retirement and find a concept or tool that will help you take action to rock retirement. I do this by answering your questions and bringing you content that will open your mind and spur you to get started. If you have a question you would like me to answer, head on over to RogerWhitney.com/AskRoger to leave an audio or written question. Investing in retirement shouldn’t be that complex. The simpler you can keep it the less confusion you’ll have. One listener wonders how she can keep her investments simple in retirement. Find out how to take the complexity out of investing in retirement by listening to this episode. Afterward, you can take action by considering how to simplify your own investments and make them retirement ready. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 14 June 2023
The oldest person is 120 years old, but they probably didn’t have a plan to live that long. Many people don’t have a plan for the decades between 60 and 120. Do you? In this episode of the Retirement Answer Man show, you’ll hear from the CEO of a venture capital firm that funds companies that help people age well, you’ll also hear the answers to several listener questions–including one correction from an incorrect answer last week, and lastly, you’ll hear about developing a learning mindset from Mark Ross in the Bring It On segment. Can you guess which question I answered incorrectly last week? Listen in to find out and to hear it answered correctly. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANAN INTERVIEW WITH ABBY MILLER LEVY
LISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - This Chair Rocks by Ashton Applewhite Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Tue, 6 June 2023
“If you are looking for someone to believe in, believe in yourself. The only authentic authority is your own original nature.” Vernon Howard Are you ready to start believing in yourself enough to rock retirement? If you have been following this show, hopefully, you are doing the work so that you can build the confidence to lean in and really rock retirement. On this episode, we have a guest that may help guide and empower you to do the work that you need to do to rock retirement. You’ll also hear about what I've been reading, Answers to listener questions, and how to use your toolkit to fit disease from Bobby Dubois in our Bring It On segment. Press play to feel empowered OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWHAT I’M READING
PRACTICAL PLANNING SEGMENT WITH VERONICA McCAIN
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - My Retirement My Way by Veronica McCain BOOK - Total Recall by Arnold Schwarzenegger BOOK - Limitless Mind by Jo Boaler BOOK - The Alter Ego Effect by Todd Herman BOOK - The 12 Week Year by Brian Moran BOOK - You Learn by Living by Eleanor Roosevelt BOOK - Metabolical by Robert Lustig Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Thu, 1 June 2023
It’s time to wrap up the eight retirement pillars with the final two non-financial pillars: passion and relationships. In this episode, you’ll learn why happy people always have projects and what you can do to get started building your own passion projects. You’ll also learn why it is so important to develop intentional relationships. Discover these final two non-financial pillars for a rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 24 May 2023
Rocking retirement requires focusing on both the financial and non-financial aspects of retirement. In the previous two episodes we explored the four financial areas that help build a rocking retirement, and today, we begin to examine the non-financial areas starting with energy and mindset. After listening you’ll understand why rocking the non-financial part of retirement starts with building your energy. Learn how to improve your energy and mindset by listening to this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Limitless Mind by Jo Boaler Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 17 May 2023
Rocking retirement requires getting your financial and nonfinancial ducks in a row. As we work through the 8 pillars of rocking retirement this month, we’ll explore both the financial and non-financial elements of retirement. This week, we’re reviewing the resilience and optimization stages of the financial side of retirement. If you didn’t listen to the previous episode, make sure to go back and do so first to about the first two financial pillars. In this episode, we’ll be reviewing the next two: resilience and optimization. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWHAT DOES THAT MEAN?
PRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 486 - The 8 Pillars Of Rocking Retirement: Financial - Vision And Feasibility Retirement Plan Live episodes with Rosie - 468, 469, 470, 471 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 10 May 2023
If you don't know where you are going any path will get you there. This is why it is so important to have a vision of where you want to go–you don’t want to end up anywhere! This series is dedicated to teaching you the 8 pillars to rock retirement. In this episode, we focus on creating a vision so that you can create a feasible pathway to get you to your vision. Listen in so that you aren’t wandering aimlessly through your retirement. Press play to learn how to visualize your goal and create a way to get there. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Top Five Regrets of the Dying by Bronnie Ware Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 3 May 2023
This month we’re heading back to basics. All month long we’ll be building your foundational understanding of how to create a rocking retirement. If you’re new to the show, this is a fantastic starting point. If you are a long-time listener you’ll appreciate this review. In this episode, you’ll learn how to solve the essential problems of retirement planning: how to live a life without regret and how to balance squeezing as much out of life as possible today while ensuring that you have enough financial stability so that you won’t be a burden to others in your later years. Listen in to learn how to build a retirement that you can be excited about. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOKS I READ LAST MONTH
PRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeLiveWithRoger.com - Join me on May 11 or May 13, 2023, to learn the 4 phases of great retirement planning and to hear more about the Rock Retirement Club! BOOK - Unreasonable Hospitality by Will Guidara BOOK - The Creative Act - Rick Rubin BOOK - The Tiger by John Vaillant BOOK - What Are People For? By Wendell Berry BOOK - Atomic Habits by James Clear BOOK - Tiny Habits by BJ Fogg BOOK - Why Zebras Don’t Get Ulcers by Robert Sapolsky Episode 481 - I’m in My Fifties and Got Laid Off. What Should I Do? Morning Star’s The Long View Podcast - Retirement Planning Is Not Financial Planning Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 26 April 2023
How will Social Security benefits fit into your retirement equation? If you have a spouse, there is an added level of complexity when considering your Social Security claiming strategy. We explore this topic and more through listener questions on today’s episode of Retirement Answer Man. Learn what to consider and how to approach the Social Security question by pressing play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 19 April 2023
If you are thinking about retiring in the next few years you’re probably wondering what the best tools are to help you plan. Finding the right retirement planning software can not only help you plan retirement but help put your mind at ease so that you can Rock Retirement! One listener asks my opinion on the best retirement software to use. If you are curious about my answer you’ll press play. In this episode, you’ll also hear about the books I read in March, an interview with Steven Chen from the New Retirement Calculator, and learn the benefits of creating horizontal relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOK REVIEWS
LISTENER QUESTIONS
STEVEN CHEN INTERVIEW ON THE NEW RETIREMENT CALCULATOR
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Courage to Be Disliked by Ichiro Kishimi BOOK - Make Your Bed by William McCraven BOOK - Sea Stories by William McCraven BOOK - Build by Tony Fadell BOOK - Top Five Regrets of the Dying by Bonnie Ware Morningstar’s The Long View Podcast - Retirement Planning Is Not Financial Planning LiveWithRoger.com - Register for the webinar on May 11, 2023 to discover the 4 Phases of a Great Retirement Plan Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Tue, 11 April 2023
We continue our focus on you this month as we dive deeper into listener questions. Today we have a range of questions from various aspects of the retirement process. If you have a question you want to be answered, head on over to RogerWhitney.com/AskRoger. You can type in a question or leave an audio recording–those are my favorites! Listen in to learn how to work through the decumulation phase of retirement by developing a withdrawal plan that fits your needs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 5 April 2023
All month long, I’ll be answering fantastic questions from listeners like you. Today, we’ll explore the steps you should take if you’re in your 50s and get laid off. Have you ever thought about what you would do in this situation? Listen in to find out. In the Bring It On segment, Dr. Bobby Dubois helps us understand the effects of stress and what we can do to combat stress so that we can live longer, healthier lives. You won’t want to miss his four exercises for working through everyday stressors. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 29 March 2023
Reimagining life after widowhood can be challenging. In the beginning, it may seem like something that is impossible to imagine. Even if life seems insurmountable at the beginning, it is crucial to remember that someday you will be able to enjoy life again. Just not yet. Yet is an important word. Yet helps you understand that things will not always be as they are now. Today you’ll learn how to change your mindset from I can’t do this to I can’t do this yet. On this episode of Retirement Answer Man, you’ll hear wisdom from those who have traveled this same journey. They open up and share their financial and nonfinancial experiences. You’ll hear what has helped and what hasn’t, their challenges and triumphs, and how they have learned to power through and begin to create new dreams. Listen in to hear these brave widows share their stories so you can understand that a new life after widowhood isn’t impossible. The power of yet can change your mindset and help you rebuild your dreams. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANWIDOWS LIVING A GREAT LIFE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Getting Grit by Caroline Miller Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 22 March 2023
Nobody wants to face life as a widow or widower. However, it is an unfortunate reality that many must face. Successfully navigating widowhood could be easier if you could prepare yourself in advance. In this Widowed in Retirement series, we aim to do just that. Today you’ll learn how you can start life again on your own. Mark Trautman joins me again to discuss his experience moving forward after the death of your spouse. He touches on prioritizing actions to take, setting up a summarized retirement plan, and rebuilding your life as a single person. While we didn’t have time for Listener Questions today, we have a bonus interview with Chris Bentley from Wings for Widows as well as a chat with Lori Mage in our Bring It On segment. Listen in to learn what you can do to rebuild your life and begin again. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT A CHAT WITH MARK TRAUTMAN
A CHAT WITH CHRIS BENTLEY FROM WINGS FOR WIDOWS
BRING IT ON WITH LORI MAGE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeFoundation for Financial Planning BOOK - The Leadership Challenge by James Kouzes BOOK - After the Death of Your Spouse by Mike Piper BOOK - Option B by Sheryl Sandberg Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 15 March 2023
If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse. There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - After the Death of Your Spouse by Mike Piper BOOK - Taking Stock by Jordan Grumet BOOK - AARP Checklist for My Family by Sally Balche Hurme BOOK - So Good They Can’t Ignore You by Cal Newport BOOK - How to Think Like Leonardo Da Vinci by Michael Gelb Episode 477 - Navigating Life Changes Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 8 March 2023
Even though it is difficult to think about it, at some point, those of us who are married will have to think about one of you transitioning from two to one. This week we’re exploring the nonfinancial impacts of this transition with someone who has walked this journey. Rock Retirement Club member, Mark Trautman shares his personal journey through his life-changing experience. Mark shares the challenges and the tools that have helped him get through this heartbreaking part of his life so that he can move forward and rock retirement on his own. After the main segment, you’ll hear our listener questions and then we’ll Bring It On with Dr. Bobby Dubois. Dr. Bobby will help us understand why sleep is so important and what we can do to improve the quality of our sleep. Don’t miss out on this important episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Why We Sleep by Matthew Walker Leeds sleep evaluation questionnaire BOOK - Taking Stock by Jordan Grumet Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 1 March 2023
If you have been listening to this show for a while, chances are you already know how to rock your retirement. However, this can all change with the loss of a spouse. All of your best-laid plans change in an instant. That’s why this month we are focusing on going from two to one. Learn how to navigate your mindset–transition from this sucks, to how I will work through this, to having a great life. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 310 - The Pie Cake BOOK - Traction by Gino Wickman BOOK - Be 2.0 by Jim Collins BOOK - Rethinking Positive Thinking by Gabrielle Oettingen TV SERIES - SAS Rogue Heroes on MGM streaming TV SERIES - Shrinking on Apple TV Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 22 February 2023
Life is what happens to us when we are busy making other plans. This is especially true during transitions. As I transition to adding a new segment to this show, it’s gotten a bit messy. It’s been a bumpy road and not everything has gone according to plan. Listen in to hear how this applies to retirement planning. While you’re at it you’ll hear how to decide whether to rebalance a portfolio and how to nurture relationships. Press play so that you can start rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH NICK KENNEDY
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodePension or Lump Sum on YouTube BOOK - People Fuel by John Townsend Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 15 February 2023
Do you ever feel like a curmudgeon when you hear about new technology? Listen in to find out what has me putting on my sourpuss hat this week. We have a variety of interesting listener questions this week. Listen in to learn about purchasing brokerage CDs and CDs on the secondary market, how to decide whether to take the pension or the lump sum, and how to determine whether to become a 1099 contractor rather than a W2 employee. In the Bring It On segment you’ll hear about what work looks like in retirement from Mark Ross. Spoiler alert: you can work in retirement! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
BRING IT ON WITH MARK ROSS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 8 February 2023
Recently, we had the finale of the Retirement Plan Live series, so I want to share my observations on what we can all learn from Rosie’s experience. There was a lot to unpack from Rosie’s plan. Before we get to the Listener Questions segment, I’ll share my thoughts with you. Make sure to stick around after the listener questions to hear the Bring It On segment with Dr. Bobby Dubois. You’ll hear about building energy in retirement through your emotional, cognitive, and social well-being. Learn how to use these powerful ways to live longer and stay healthier in retirement. My observations on the latest Retirement Plan LIve with RosieRosie recently shared her retirement plan with all of us in our Retirement Plan Live series. This is a very public way to plan for retirement, so she was brave to put herself out there to share her situation openly. Unfortunately, Rosie’s current trajectory is not feasible and she and her husband are on track to run out of money within ten years. Coming to this understanding while live in front of 1000+ people is incredibly difficult, but now she can correct course to get back on track. This wasn’t only a learning experience for Rosie, it was for me as well. Here are a few of my takeaways from this experience. A plan must be feasible and resilientRosie retired in mid-2021 in the middle of a bull market when interest rates were zero. She was working with a financial planner, so there were projections that showed her plan was feasible. However, there was nothing done to make that plan resilient in the face of challenging circumstances. Her withdrawal rate did not match up with the assets they have and nothing was done to compensate when the sequence of return risk reared its ugly head. Without resiliency designed into the plan, it fell apart quickly. They are now in a position where they have to make some tough decisions. A feasible plan is like a lit candle. It can burn; however, a gentle breeze will blow it out. Having a resilient plan is like having a fire. When a wind comes by it won’t go out–it may even gain more strength with the added fuel. An accumulation investment strategy doesn’t work in retirementGoing into retirement Rosie and Dwayne were invested in 75% equities. Since they were already constrained as they approached retirement, they needed to be a bit more conservative. Their monthly systematic withdrawals came directly from selling those equities and they had no decumulation strategy. The result is that they are now underfunded. There is a difference between a financial advisor and a retirement plannerEven though Rosie and Dwayne were using a certified financial planner, they still got blown off course. A financial advisor is similar to a general practitioner in medicine. They are not retirement specialists, so they may not understand how to build resiliency into a retirement plan. A retirement planner goes deeper on how to create a decumulation plan that has resiliency built in. They also understand that selling equities to meet withdrawals doesn’t work in a constrained retirement situation. Communication is crucialIt was clear that there were communication issues between Rosie and her advisor. She assumed there was safe money set aside somewhere while there wasn’t. This incongruence between what she thought and what her advisor understood has also contributed to their current situation. While Rosie had conversations with her advisor, they were surface-level, and she didn’t pose follow-up questions to help improve her understanding of the situation. She didn’t understand the decumulation plan to create her retirement paycheck. This vital detail was missing. One year into retirement and her retirement plan fell apart. They didn’t analyze the opportunities to increase their social capitalBoth Rosie and Dwayne took Social Security early so that they could try and preserve their assets as long as possible. This was always what they had planned, so they never considered anything else. Had they carefully considered a different strategy for filing for Social Security, it may have made a difference in their trajectory. Have you listened to the latest Retirement Plan Live series? Did you attend the results webinar? If you missed it check out the replay. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeThe Retirement Plan Live replay Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 1 February 2023
I’m excited about our newest segment, Bring It On with Kevin Lyles. The Bring It On segment will discuss mindset and other non-financial aspects of retirement. In addition to our newest segment, today you’ll hear about the books I read in January and listener questions. Learn how to calculate a decreased benefit when retiring early, which accounts to draw from to minimize taxes, how to manage 401Ks through a company transition, and what to consider when choosing a financial advisor. Join me for this episode of Retirement Answer Man to explore the latest issues in retirement and beyond so that you can get ready to rock retirement. The latest books I’ve been readingIn January I had the opportunity to finish reading four books. Most are nonfiction, but I threw a fiction book in for good measure. How to Think Like a Roman Emperor by Donald Robertson - This book is on stoicism and discusses the qualms we have when contemplating our own death and aging. The fear of death and aging can make us fearful, so by bringing that touchy subject out of the shadows, we can embrace the inevitable and live more fully in the moment. Never Finished by David Goggins - Since this book was written by a Navy SEAL, it has some salty language. However, David is a living example of what you people can endure and do. We have capabilities far beyond what we can imagine. The Boys from Biloxi by John Grisham - John Grisham writes formulaic legal thrillers, but his formula works. I enjoyed the history and background that he included of Biloxi, Mississippi. The Comfort Crisis by Michael Easter - This is another book about getting outside your comfort zone. Michael Easter completed a monthlong hunt in the Arctic–far outside of his comfort zone. This book was my favorite this month–it will challenge your thinking. Michael explores the idea of stretching yourself by doing something you think may not be possible. If you have any book recommendations for me reply to the 6-Shot Saturday newsletter. Why mindset is so importantMindset is the attitude that you bring to your life and retirement. It drives how you respond to the challenges you face when you’re transitioning and living your life. The mindset you bring to those challenges will make all the difference in the world. There is now more data regarding mindset with the science of positive psychology. Science shows that mindset matters and affects not only how you feel but outcomes. People who seek out the bad see more bad things, those who look for the good in the world see things in a more positive light. What to expect from the Bring It On segmentIn our newest nonfinancial segment, we’ll discuss several nonfinancial issues related to retirement: dealing with boredom, losing status, mindset, attitude, aging, identity, gratitude and so much more. Think about your own attitude about retirement and aging. What are the top five words that come to your mind? Discuss your thoughts with your loved ones. Could your thoughts be improved? Do you need to change your mindset? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
BRING IT ON WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Flourish by Martin Seligman BOOK - How to Think Like a Roman Emperor by Donald Robertson BOOK - Never Finished by David Goggins BOOK - The Boys from Biloxi by John Grisham BOOK - The Comfort Crisis by Michael Easter Social Security Detailed Calculator Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 25 January 2023
Retirement can be tricky. There are so many unknowns, so preparing yourself mentally can be a challenge. Mental toughness is the ability to remain positive and proactive in the most adverse situations. Our Retirement Plan Live volunteer, Rosie, is having to rely on mental toughness to stay on target through an extra challenging early retirement. Join Rosie and me today as we discuss the impact that the bear market had on her finances at the start of her retirement. Rosie is trying to get her retirement back on trackRosie and her husband Dwayne didn’t retire in the best circumstances. Inflation and market fluctuations haven’t been on their side. This sequence of returns at the beginning of their retirement is not faring well for their portfolio. Now they are trying to assess whether they are on a feasible path or whether they’ll need to make some adjustments. Simply by walking through this process they are already being proactive. They are assessing the damage and seeing how they can shape a plan for the future to get back on track. It’s challenging to enjoy the go-go years without a safety netWhile Rosie is more risk-averse, her husband Dwayne enjoys researching and investing in individual stocks. He uses about 10% of their total savings to play around in the market investing in his favorite publicly traded companies. Rosie estimates that about 75% of their total portfolio is in stocks and this makes her feel a bit anxious especially since their portfolio is down about 20% from last year. She would like to be enjoying her go-go years, however, without a healthy cash reserve in place, or a long-term care plan, she doesn’t have the security in place to let loose and rock retirement. Without a cash bucket set up, their $8,500 per month is coming from a systematic selling of their investments, but she’s not sure where they should go from here. Don’t miss the culmination of the past four episodesIf your retirement isn’t going to plan, it is important to acknowledge where you are now so that you can mitigate the damages and reset your course. You can’t simply ignore the situation and wait for someone to tell you that everything is going to be okay. You’ll need to understand the nuances of your financial situation to determine the best way forward. Join us on February 2 at 7 pm CST for the grand finale of this year’s Retirement Plan Live. I’ll walk Rosie through her retirement plan and we’ll determine whether or not it is feasible. Then we’ll look for risks and opportunities. As a participant, you’ll have the opportunity to ask questions and see how the process plays out. After the live meetup, consider joining the Rock Retirement Club. The Club was created to give new retirees a solid framework and trusted tools to use to build a feasible, resilient retirement plan that will give members the confidence to rock retirement. In addition, RRC members have created an amazing, inviting community filled with people on the same journey. Learn more by joining the live meetup. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeJoin the live meetup on February 2 at LiveWithRoger.com Money Guide Pro Elite retirement tool Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 18 January 2023
Take a breath, check yourself, and then observe where things are at. That’s what Rosie and I are doing on this episode of Retirement Plan Live. After the last episode in which Rosie planned out all her hopes and dreams for retirement, today we’re taking a look at her financial picture. We’ll walk through the sources of her social, human, and financial capital to see where she and her husband stand financially. Listen in and create your own plan as we go. Make sure to sign up for 6-Shot Saturday to ensure that you get all the worksheets to work through your own retirement plan with me and Rosie. Sign up for the grand finale on Feb 2, 2023Have you signed up for the live webinar on February 2? This will be the grand finale to this year’s Retirement Plan Live. We’ll see if Rosie’s dream retirement is feasible with her resources. We’ll also identify potential risks and opportunities that she should watch out for. Head on over to LiveWithRoger to register. How will Rosie pay for those retirement dreams?We can never know anything for certain, about our financial future, but we can build a solid framework to build up our confidence in our plan. Last week, Rosie laid out her retirement goals and as she did so she tied those into her values. Our goals are really just a representation of our values. As we walk through Rosie’s finances we analyze three different types of capital: social, human, and financial. Social capital includes guaranteed payment sources. The most familiar example of social capital is Social Security. Rosie and Dwayne don’t have any pensions, but Rosie is collecting $2200 per month from Social Security. Soon Dwayne will also receive $1800 per month from Social Security as well. In about six years they will begin to receive a small annuity payment. Dwayne is the one providing human capital with his flexible part-time work online. This work contributes between $15-20,000 per year. He plans to continue working part-time for about six more years. Their financial capital includes $30,000 in after-tax assets, $680,000 in pre-tax assets, and $55,000 in tax-free assets. Build your net worth statement as you listenListen in to hear what other kinds of assets Rosie and Dwayne have as we walk through building a net worth statement. When was the last time you updated your net worth statement? January is a great time to observe where you are financially so that you can marshall your resources to ensure that you can achieve your goals. As Rosie and I build her net worth statement you can too. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeSSA.gov - overpayment Social Security episodes 228, 229, 230, 231, 232 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 11 January 2023
Setting big goals is great, but they have to be the right goals or else they could become a trap. Rosie joins us again today to set her retirement goals. In this episode, you’ll hear her financial goals for her needs, wants, and wishes. We’ll discuss her financial expectations for each of these categories and how her goals fit into her values. Don’t miss out on this second episode of Retirement Plan Live. When you finish listening, head on over to LiveWithRoger.com to register for the live meet-up on February 2 where we will break down Rosie’s plan in detail and decide whether or not she’ll be able to live out her retirement dreams. Goals must be driven by valuesIn the previous episode, you met Rosie and learned about her situation and her values. We start each Retirement Plan Live series with values because values are what drive our goals. If you set your goals up too rigidly or shoot for the wrong goals then you are working toward something without really desiring it. Goals are important to have because they framework of what you are trying to achieve. Listen in to learn how Rosie uses her values to drive her goals. What makes a base great life?What does it take to build a base great life? The base great life is the line in the sand that you can’t cross. It is what you need to have in place to secure a basic life worth living. Rosie estimates that it would take about $5000 per month (excluding healthcare costs) to live her base great life. Listen in to hear what she includes in her base great life and why this doesn’t mean eating rice and beans every day. Rosie’s wants and wishesRosie values travel and would love to spend about $24,000 per year for the next 5 years on travel expenses. After that, she estimates that she would continue to travel but would slow down on spending but still spend around $15,000 per year for the following 8 years. Other discretionary expenses would include $10,000 per year on eating out more frequently and spending on loved ones. Adding in these extra wants and wishes would take Rosie and her husband about $117,000 per year. Follow along and create your own agile retirement planThis week, I encourage you to look at your retirement goals with fresh eyes so as not to limit your thinking. Really hone in on what it takes to build your base great life, then add in the layers that build up your wants and wishes. Shed away your inhibitions as you consider your wishes category. As you listen to Rosie’s journey, why not follow along for yourself? Make sure you are signed up for the 6-Shot Saturday newsletter to receive the corresponding worksheets for each episode. Every week during the Retirement Plan Live series we’ll send out a worksheet to help you work through each stage in the agile retirement planning process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANRETIREMENT PLAN LIVE
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeCollecting Social Security in Canada Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 4 January 2023
Rosie and Dwayne retired in a bear market and now they wonder if they will have enough money to rock retirement. We will explore that question all month long in this Retirement Plan Live. Over the course of the next few weeks, you’ll learn about Rosie and Dwayne and their journey, their goals, their resources, and their investment strategy. Then we’ll wrap up this series together with a live webinar on February 2. Don’t miss out on the exciting finale, sign up at LiveWithRoger.com. Meet Rosie and DwayneRosie and Dwayne live a fairly simple lifestyle. They don’t own a big house or drive flashy cars. They don’t take lavish vacations or eat at fancy restaurants. Although they live simply they do have their own retirement dreams. When Rosie retired a year and a half ago she figured the worst of the Covid debacle was behind her. She had seen the flash bear market, but since then, the markets seemed to be doing well. Unfortunately, within a year of retiring, she watched her assets decrease by 25%. Now she is left wondering if she’ll ever be able to live out her retirement dreams. Rosie and Dwayne both worked in the IT sector before Covid hit. While Rosie was able to work from home, Dwayne was laid off and has since begun flexible part-time work. Working from home simply enticed Rosie to fully dive into retirement. What Rosie loves about retirementRosie loves the time freedom that retirement brings. She has plenty to do to keep busy: spending her days with her grandkids, at the pickleball court, going to exercise classes, and cooking. Rosie is a natural organizer and creates a weekly plan complete with to-do lists. Enjoying the love of family and friends and traveling are what brings her joy and how she desires to spend her time in retirement. Rosie’s fears about retirementWith Covid and the subsequent bear market, Rosie feels that she is missing out on fully enjoying retirement. She is very aware of the passing years and understands that time is precious. She feels frustrated that she may not have enough time to do all the things that she wants to do and go to all the places she wants to go. Her financial situation is much different than it was a year ago although that hasn’t caused her to change her spending habits. She’s trying not to let her emotions drive her decision-making. Rosie understands that she needs a clear mind and that she should stay the course that she and her husband laid out with their financial advisor. While she understands that logically, she is still concerned about their future. Over the course of this series, Rosie is looking for more input and a better understanding of what changes she needs to make to ensure that she can live out her retirement dreams. You can follow along with Rosie by using the Agile Retirement Planning processFollow along over the next four episodes to hear how we use the Agile Retirement Planning process to discover if she and Dwayne are really ready to live out their retirement dreams. As we work through this Retirement Plan Live series you can follow along and participate in your own retirement plan with the same helpful worksheets that Rosie is using to guide you on your way. Make sure that you are signed up for the 6 Shot Saturday email newsletter to get each week’s worksheet delivered to your inbox. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
RETIREMENT PLAN LIVE
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeMorningstar The Long View podcast #186 - Roger Whitney: Retirement Planning Is Not Financial Planning Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 28 December 2022
This is our last episode of 2022, so naturally, there will be a bit of reflection alongside the practical planning and your listener questions. Kevin Lyles also joins me in the Coach’s Corner to discuss living your best life in retirement. Let’s noodle on what it means to live authentically and discover the answers to some fantastic questions that will help guide you on your retirement journey. Stick around until the end of the episode to hear my word for 2023 and how I plan to review my year. Be the author of your hero’s journeyTo be authentic literally means to be your own author. That’s what planning your retirement journey is all about. By building a framework to rock retirement you are writing your own story. I’m excited to wake up each day and help give you ideas to write your retirement story. By being the author of your own life you will be authentic and live without regret. To start the new chapter of your life consider where you are on your journey. The hero’s journey framework can help you navigate so that you can figure out what is important to you. Don’t miss the call to adventureThe hero’s journey is a cycle of constant death, rebirth, and renewal. Some version of you has to die before you can become reborn into your new self. If you haven’t retired yet then you are still in Act One of the hero’s journey. In this first act you are being called to something other than your full-time career. Being called to an adventure can be a powerful force. It is a force so powerful that oftentimes our first response is to resist the call. However, if you embrace the call you can find mentors to help you along the way. These mentors can come in the form of books and podcasts and they can be people who are further along in their journey that you can look to answer questions along the way. Act Two requires a leap of faithTo step into Act Two you must take the leap of faith. As you journey into retirement this means stepping away from your old life and into the unknown. Along the way, you’ll face allies and enemies, but you cannot know the trials and ordeals you will encounter throughout this adventure. You’ll need a framework to help you navigate Act ThreeIn our Third Act of your hero’s journey, you will overcome the trials and ordeals, but only if you have a framework to help us along the way. This is where I come in. Building that framework to help you through the trials and tribulations of retirement is what this show is designed to help you do. I aim to be your mentor and ally along the way. Some version of this journey plays out in different ways throughout our lives. I’m excited to begin this new chapter with you. We’ll be focusing on building out the financial plan, but as you know, a financial plan alone isn’t the only thing you need to conquer this journey and rock retirement. I look forward to helping you build your retirement in the new year and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
COACH’S CORNER WITH KEVIN LYLES
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 21 December 2022
Do you wonder what you’ll do with all your free time in retirement? Planning your time by filling your days with purpose and passion can help ease the stress that comes with the sudden emptiness of leaving behind a full-time career. On this episode of Retirement Answer Man, we’ll discuss how dabbling in a few different activities can help you find your purpose. You’ll also hear the answers to questions posed by listeners like you. Coming soon to a podcast app near you: Retirement Plan Live!Are you ready for the next Retirement Plan Live? Beginning January 4, we’ll return to our most awaited annual series. The next RPL will feature Rosie and Dwayne, a couple that retired with already constrained assets during a bear market. While helping Rosie create her feasible plan of record, I’ll also help her understand how to handle retirement in a bear market and what she can do next to help her through this challenge. If this will be your first Retirement Plan Live series, or even if you are a veteran RPL listener, I encourage you to listen to the entire series and join us for the live webinar at the end of January so that you can get a true sense of how the agile retirement planning process works. Filling your suddenly empty itinerary in retirement can feel dauntingI recently had a conversation with someone who was considering holding off on retirement because they didn’t know what they would do without the routine of work in their lives. We begin our social conditioning from the time we start school. School helps to begin to define the external structures of our lives by giving us a place to go, a reward system, a social network, and a vacation structure. This system continues as we enter our working years which makes it a challenge to suddenly leave this lifelong system and venture into the unknown. Try dabbling in something newSince retirement completely blows up the structure and rhythm of life, it can be intimidating to step out into the unknown and venture forth without a plan. Having a purpose in retirement can help you transition into something new. However, not everyone knows what their purpose will be. Dabbling in a few areas can be one way to try out new interests. In the way that many kids dabble in various sports and artistic activities when they are young, we can do so as well as we approach retirement. By dabbling in a few different activities you can see what fits without becoming overly invested in one particular area. Should Suzy buy out her husband’s portion of their shared rental property?Suzy has been going through a divorce for the past several years and is ready to finally financially settle. One of their shared assets is a $4 million property that could be used as a short-term or long-term rental. The property needs about $500,000 worth of work and it would require a $2 million loan to buy her husband out, so she is trying to decide whether it makes sense financially to take on such a mortgage at this stage in her life. To ensure that Suzy makes the best decision she can, it is important for her to consider what she wants her life to be like in the future. There are multiple pathways we can take in life so it is important to envision your future before jumping into any permanent decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 14 December 2022
Are you curious about the changes that are coming next year on the Retirement Answer Man show? Today, you’ll have a sneak peek at one of our new segments: the Rock Life segment. Bobby Dubois joins me to discuss how to ensure that you have enough energy so that you can rock retirement. On this episode, you’ll also hear my holiday gift-buying suggestions as well as the listener questions segment. Don’t miss out on hearing what to do with a settlement, whether to file for Social Security if you are still working, and whether you should simplify your investments in retirement. Don’t miss this episode to hear the answers to these listener questions, get a preview of what’s to come next year, and to get some fantastic gift ideas. My holiday gift guideBuying and receiving gifts later in life can be challenging since many of us already have so much. I prefer to give experiences over anything else, but when an experience isn’t appropriate a game is my go-to gift. These are some of the games that I enjoy playing or might make great gifts for someone you love Sequence - easy enough for the whole family to enjoy Quix - a fast-paced dice game Euchre - a midwesterner’s favorite Left Center Right - this can actually be played with dice or cards Ticket to Ride - a longer board game that’s worth learning Pictionary - great for parties Scattergories - another classic party game Kids Against Maturity - a twist on Cards Against Humanity that might be more appropriate for the family Play Nine - when golf meets cards Tri-Ominos - a triangular domino game Listen in to hear what our listeners recommend. One listener has a fantastic tip for learning new games. Should James apply for Social Security while still working full-time?James is still working and approaching full retirement age. He would like to apply for Social Security but continue to work yet he is confused by the whole process. There isn’t much information about collecting Social Security while working full time. An added complication is that signing up for Social Security will automatically enroll him in Medicare. However, he still has healthcare coverage through his employer and would like to continue his employer’s coverage. James is right. There isn’t much information about collecting Social Security and enrolling in Medicare while still employed full-time. And what is out there is really confusing. You can collect Social Security at full retirement age while still working. The financial ramifications may push you into a higher tax bracket. Boomer Benefits can help you navigate Medicare’s complexitiesOne aspect of choosing to collect Social Security at full retirement age is that it will automatically enroll you in Medicare part A. Parts B and D can be delayed, but they must be turned on within eight months of leaving your employer-sponsored health plan. The good news is that Medicare part A will coordinate with your health insurance if you end up hospitalized. Since there are so many difficulties in navigating this question, I recommend that anyone in this situation contact a Medicare navigator like Boomer Benefits. Boomer Benefits is a company that deeply understands Medicare and the entire enrollment process. They don’t charge the consumer and aren’t trying to sell you anything–they are simply trusted advisors. They have numerous educational resources both on their website and on YouTube. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANGIFT BUYING GUIDE
LISTENER QUESTIONS
ROCK LIFE SEGMENT WITH DR. BOBBY DUBOIS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeCozy Earth - enter RAM at checkout to receive a 35% discount! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 7 December 2022
Is it worth investing in individual stocks or should you simply go with ETFs? Joe has recently parted ways with his financial planner and is beginning to manage his portfolio himself and was wondering about the benefits of these choices. Tanya Nichols and I will explore Joe’s questions as well as others on this episode of Retirement Answer Man. Listen in to hear the benefits of owning ETFs vs individual stocks, how to structure your Roth conversions, and what to do about health insurance before Medicare. Making decisions is rarely a cut-and-dry processWhen making decisions, we usually look for a clear answer: yes or no, do it or don’t do it, jump or don’t jump. However, judgment calls are rarely so simple. Usually, we are operating without all of the pertinent information, so we have to make assumptions about how the future will look. The process of brainstorming is messy. There is no crystal clear way to go about making decisions, and once you do you probably won’t know if you chose correctly. When confronted with choices you’ll want to have a framework to explore decisions in an organized way. Then you’ll want to relax and consider all the options. When you take the pressure off you’ll have more opportunities to come to a good decision. Next, dive into the process and see what comes. You may explore several different scenarios before coming upon your final decision. What I’m readingMy strategy for reading this year has been to make reading my default activity. Reading is what I go to when I’m waiting in line, have spare time at home, or when I’m taking a walk (via audiobooks, of course!). This new mindset has led me to read 33 books so far this year. Today I wanted to share with you the most recent books I have read and my thoughts on them. Boys in the Boat by Daniel James Brown is an inspiring book that I highly recommend. It chronicles a member of a crew team in the 1920s and 30s and his life journey from childhood and then on to the 1936 Olympics. Quit was written by Annie Duke the author of Thinking in Bets. Annie was a professional poker player turned decision-making expert. In this volume, she examines how hard it is to quit something once you have started. Put Your Ass Where Your Heart Wants to Be by Steven Pressfield is a fast read–you could finish it in a day. This is a great book that helps people work on challenging goals. This book will help you get past the resistance. Courage Is Calling by Ryan Holiday is a book that will enrich your soul. It Takes What It Takes was written by Trevor Moawad who was a performance coach for elite athletes. This book on mental conditioning promotes the thesis that if you want to be great at something you have to make a choice to do the things to make you great. Making the choice to be exceptional clears the path to greatness because it takes everything else off the table. The Dichotomy of Leadership by Jocko Willink was written for leaders on the aspects of finding the virtuous mean. If you have any great book recommendations I’d be happy to hear them. Just head on over the Ask Roger page and leave an audio suggestion or write it in. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS WITH TANYA NICHOLS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Boys in the Boat by Daniel James Brown BOOK - Quit by Annie Duke BOOK - Put Your Ass Where Your Heart Wants to Be by Steven Pressfield BOOK - Courage Is Calling by Ryan Holiday BOOK - It Takes What It Takes by Trevor Moawad BOOK - The Dichotomy of Leadership by Jocko Willink Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 30 November 2022
There comes a time when retirement planning becomes retirement doing. Many people get stuck in that gap between knowing vs. doing. While it is important to learn what you can so that you can make educated decisions, you’ll want to build a foundation to give you the confidence to act. My goal is not only to teach you information but also to help you build the structure you need to go out and rock retirement. On this episode, we’ll discuss how to close the knowing vs. doing gap, answer listener questions, and check out what Kevin has to say in the Coach’s Corner. Listen in to hear a clarification on Social Security and COLA, a new perspective on whether to purchase long-term care insurance and how to find a financial advisor who will simply answer questions. Stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. David is still in the wealth accumulation phaseDavid sounds like a younger listener since he has young children. He’s still in the wealth accumulation stage of life and has a healthy $120,000 emergency fund. He is considering whether he should use that emergency fund to go ahead and pay off his mortgage. The extra money each month could then be used to purchase a rental property or to invest. Consider the big pictureSince David still has a long financial journey ahead, it is important to step away from focusing on the financial aspect of this picture for a moment and envision what he wants his life to look like. What is he trying to accomplish? Does he want more financial flexibility? Does he want more time with his young children? Any financial question should be framed with your goals in mind. You want your goals to shape the outcome of your decision rather than the other way around. How important is financial flexibility?By dipping into the emergency fund he takes away the financial flexibility. Having an emergency fund in place limits the number of choices a person has. Another option could be to pay the mortgage off by adding a bit extra each month to the mortgage payment over time. Paying off the mortgage early will improve the monthly cash flow, but at what cost? David needs to assess how he will pay off the mortgage and whether that increased cash flow is important enough to justify the decreased financial flexibility. Once David pays off the mortgage, then he can decide whether rentals or traditional investments would be the best option based on the financial goals he has for the future. Framing these choices within the context of the bigger picture is so important when making these types of decisions. Ask your own questionIf you would like to have your questions answered go on over to the Ask Roger tab on RogerWhitney.com where you can either submit a written question or an audio question. We love to play audio questions on the show, so if you would like your question answered sooner press record to submit. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
COACH’S CORNER
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 444 - Will My Social Security Benefit Be Impacted By My Divorce? CozyEarth.com - use the code RAM to get 35% off! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 23 November 2022
Curiosity is an important quality to nurture as you get older; it can even help you find your purpose in retirement. Today, I’ll help you explore how to use your curiosity to discover your purpose as you embark on the next phase of your life. This episode is packed with questions that could help you rock retirement. Listen in to learn how to know if an annuity is right for you in retirement, how to apply for social security, whether you can contribute to a Roth IRA if you are an independent contractor, how to choose healthcare alternatives before Medicare, and 401K alternatives for the highly compensated employee. Curiosity can help lead you to your purpose in retirementFinding your purpose in retirement can be one of the most daunting tasks that you undertake in your retirement planning. Going from a career and a life that is essentially planned out for you to one that is completely open-ended can even bring on a bit of anxiety. However, if you let it, your purpose will come to you. It simply takes a bit of curiosity. Pulling on the threads of curiosity will lead you down the rabbit hole to the crux of what is essential to you. Listen in to hear how you can use your curiosity to ignite your passions. There is no way to completely remove the uncertainty of retirementAnnuities are guaranteed income sources that can remove some of the uncertainty that comes with retirement planning. However, they are not without their downfalls. Using an annuity as a guaranteed income source early on in retirement will help to smooth out sequence of return risk, but it will enhance your inflation risk later on. Buying an annuity to turn on later in life will help with longevity protection, but what if you don’t need it? There is no way to completely remove the uncertainty that comes with retirement–there will always be the element of the unknown. How to know if an annuity is right for you in retirementThere are two ways to consider an annuity to help fund retirement: qualitative or quantitative. On the quantitative side, it is easy to use calculators like the Schwab Annuity Calculator. While this can help you predict the math, it is important to remember that the best way to maximize guaranteed inflation-proof income is to fully delay claiming Social Security. To ensure that you are making a decision that is right for you, you’ll want to build a feasible, resilient plan of record that does not include an annuity. Then build out a what-if scenario and compare the two plans side by side. This will give you the context to make the judgment call. Although you will never have a crystal clear answer, this is the best way to work through this kind of question. By using an organized process, you’ll understand what it takes to build a base great life and have the confidence to spend your money and rock retirement. Consider when to turn on the annuityNext, comes the question of when you want to turn on the annuity. Will you want it today or later in life? Giving yourself optionality is important. As you age your priorities will change. It is important to do the research. First consider the quantitative aspects by using calculators and considering the rules, then consider the qualitative side of this decision. Then consider how much you want to go with a safety-first approach. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Tue, 15 November 2022
The good life is a direction, not a destination. This is why we are so focused on the process of retirement planning. Rocking retirement is all about having an adaptable process to work through. On this episode of Retirement Answer Man, I answer a few process-based questions. You’ll learn how to work through the steps to rebalance a bond ladder and how to analyze whether you have enough to create a sound retirement. How retirement planning is like meditationRetirement planning has a lot in common with meditation. With meditation, the idea is to sit quietly and focus on one particular mantra or the breath. While this seems like an easy thing to do, the mind constantly wanders to other places, so the meditator has to bring the mind back to the primary focus. Just like with meditation, retirement planning has its own primary focus. The focus of process-based retirement planning is your goals. When you get distracted by the latest problem that you heard on the news, poor market returns, or whichever new, shiny thing comes along it is important to bring your attention back to the plan. We all want to optimize our retirement to achieve the best possible outcome, but we must first see how it all fits within our process. What is a bond ladder?A bond ladder is a great way to prefund consumption over the years. It is created by purchasing a bond portfolio with individual bonds that come to maturity over a period of time. There may be bonds that mature each year over several years. This creates an income floor in a type of stair-step fashion. As each bond comes due then you build out the next step of the bond ladder. How to rebalance a bond ladderAs each bond in the ladder comes due you may wonder how and when to reallocate your portfolio. The bond portion of the portfolio is there to help you weather poor markets, so should you sell stocks while they are down to build your bond ladder back up? That kind of defeats the point of building up the bond safety net. Creating an income floor with a bond ladder ensures that you have time to allow your stock portfolio to be successful. There are several ways that you can make this happen. You can moderate your spending so that you lengthen the time period of the bond ladder so that it burns down more slowly or you can choose to only partly replenish it. There is no right or wrong way to work through this. By using a process-based strategy you can create several scenarios to navigate the situation. The benefit of having a structured process is that you can test it to see what works best for you. Think about your own retirement planning process. Do you return back to it when faced with a question or problem? Consider how you can use your planning process to help you reframe questions. You may find that answering those questions gets easier when you use your process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeCozy Earth use code RAM to get 35% off anything on the site! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 9 November 2022
When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early. Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement. Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. Accept where you are now“We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph Campbell It is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. What is the rule of 55?Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account. Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%. The ins and outs of using 72(t) for qualified accountsShane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty. Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t). OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS WITH TAYLOR SCHULTE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeTaylor Schulte - Define Financial Taylor Schulte’s Stay Wealthy podcast Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 9 November 2022
When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early. Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement. Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. Accept where you are now“We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph Campbell It is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. What is the rule of 55?Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account. Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%. The ins and outs of using 72(t) for qualified accountsShane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty. Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t). OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS WITH TAYLOR SCHULTE
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeTaylor Schulte - Define Financial Taylor Schulte’s Stay Wealthy podcast Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 2 November 2022
If the bear market and inflation may have you worried, a bit of productive paranoia with a tinge of optimism may see you through. On this episode of Retirement Answer Man, we’ll discuss upcoming monthly themes, the next Retirement Plan Live case study, and ideas for new segments for the show. You’ll also hear answers to several listener questions. Today we’re putting our geek hats on to discuss commodity ETFs, perpetual withdrawal rates, single-pay annuities, and how to mix compounding with growth. Press play to get started. What is a commodity?During this bear market, people are becoming curious about different types of investments. Keith would like to know more about investing in commodity ETFs that follow the indices as a way to hedge against inflation. His big question is, should he invest in commodity ETFs to fight inflation? Before we can answer that question, we need to define what commodities are. A commodity is a hard good with economic value that is used to create products. Commodities are a capital gain type of investment that don’t produce any dividends and therefore don’t have a compounding effect. One of the attractions of commodities is that they aren’t correlated with other types of assets. Since interest rates and inflation are rising, commodities have become more appealing. They have the added benefit of not behaving in the way that stocks behave. How to invest in commoditiesThere are a few ways that people can invest in commodities. They can buy the commodity directly and hold on to it. However, this creates the issue of how to store it. Another way to invest in commodities is to buy shares in companies that manage commodities. One example is Exxon, but since Exxon is an equity as well, that means that shares of Exxon are not pure commodities. To get more purity, people look for ways to follow the commodities’ indices. Since we can’t actually buy an index, we could buy an ETF that replicates the index to gain exposure in that market. Popular ETFs use financial instruments like futures contracts and swaps to simulate ownership Do commodities have a place in a retirement portfolio?While I’m not opposed to having commodities as a part of a diversified portfolio, it is important to first ask yourself a few questions. Which vehicle will you use? Which commodities will you track? Make sure that you don’t just choose one. You’ll want to ensure that you have a basket of commodities even though it will add a bit more complexity. How much do you plan to allocate? What is the right percentage? You’ll want to purchase enough so that it makes a dent in your portfolio, but it is important to recognize that commodities are volatile compared to other asset classes. Commodities can move drastically in one direction or another based on many factors. Allocating 5-10% in a growth-oriented portfolio might work, but will it really make a difference? Understand that adding commodities to your portfolio is a long-term decision. If you do add them then stick to your decision. If you don’t, then you negate the idea of asset allocation. It is important to find a process that is right for you and stick to it consistently. Adding commodities into your portfolio can be a useful hedge against inflation, as long as they are used as part of your long-term investment process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeCozy Earth - Enter RAM as a discount code to receive 35% off BOOK - Good to Great by Jim Collins BOOK - Antifragile by Nassim Nicholas Taleb Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 26 October 2022
If you don’t qualify for a Roth IRA you may be interested in using a backdoor Roth to utilize the advantages of a Roth IRA. One listener wonders about the rules for contributing to a backdoor Roth. Today, I’ll clear up his question and answer many more. Other listener questions in this episode cover using RMDs as QCDs, dealing with capital gains, and target date funds. Don’t miss out on discovering the answers to questions from listeners like you. Press play now to listen. Should we be optimists or pessimists right now?Optimism can only get you so far. I tend to be an optimistic person, but that doesn’t mean that I put on rose-colored glasses. I can see that the present situation calls for something more than simply blind optimism. However, that doesn’t mean that we should reverse our stance and become pessimists. Pessimism is the tendency to see the worst aspect of things or believe that the worst will happen. It calls for a lack of hope or confidence in the future. This isn’t what we should strive for at all. So how should we view things instead? “Rather than practice pessimism, perhaps we should practice productive paranoia.” - Jim CollinsHow about a dose of productive paranoia? Jim Collins, author of Good to Great, helps us understand productive paranoia by explaining that the only mistakes you can learn from are the ones you can survive. Since conditions can change rapidly it is important to build in margins of safety so that you can handle disruptions from a position of strength. This will help ensure that you can mitigate damages or take advantage of opportunities. Use your angst to build structures to help you weather the storms that the market throws at you. Learn more about the Rock Retirement Club at our live meetupJoin our live meetup tomorrow, 10/27, or 10/29 to hear how you can handle market disruptions from a position of strength by ensuring that you have an agile retirement plan in place. In the meetup, we’ll lay out how you can work through the process to develop your own agile retirement plan. We’ll also showcase the Rock Retirement Club so that you can gain a better understanding of what the Club is all about. Can backdoor Roth contributions be made throughout the year?Scott doesn’t quite qualify for a Roth IRA, so he has been looking into a backdoor Roth. His question is if he can make backdoor Roth contributions throughout the year or if he can only do them once during the year. Yes, you can make contributions throughout the year; however, there may be a reason that you want to set that money aside and wait until the end of the year to make your contribution. Listen in to hear why. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Good to Great by Jim Collins Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Fri, 21 October 2022
Direct download: RAM_RRC_4_Yr_Celebration_-_102122_3.14_PM.mp3
Category:general -- posted at: 3:17pm CDT |
Wed, 19 October 2022
The latest news in retirement is that Social Security recipients are getting a raise in 2023. While that is helpful for everyone receiving their benefits, what about those who choose to delay taking Social Security? A couple of listeners have been wondering if they, too, will get inflation adjustments if they wait to file for Social Security. We’ll have the answer to that question and many others as well as feedback from recent episodes. If you have been on the fence about whether or not you should delay Social Security, you won’t want to miss out on this episode. It’s hard to be optimistic when you are in the middle of a stormWe can all be optimists on a sunny day, but what do we do when we’re in the middle of a storm? It seems we are in the middle of a storm right now. Market downturns, high-interest rates, and high inflation make it difficult to be optimistic about the economic times ahead. Things could get better, or worse, or they could stay the same for a while. Although there is no way for us to know when the economy will get better, there are things we can do to improve our situation. Focus on the micro instead of the macroIn a storm, it is important to stay calm, step back, and consider what to do next. You may have the impulse to do many things at once to do all that you can to try and survive the situation, but you’ll spread yourself too thin. Instead, it is important to focus on the micro rather than the big picture. Don’t worry so much about optimizing interest rates and whatnot. Alternatively, identify where you have the agency to make incremental changes so that you can weather whatever the storm may bring. Consider your next baby step to creating the life that you want to live. How will you cover your expenses? You may come out a bit battered and bruised, but if you make compromises, you’ll be able to use your agency to navigate the storm so that you can rock retirement in any weather. Will you still get COLA if you wait to file Social Security?Social Security recipients are in for a big raise again next year, so if you are planning to delay taking it, you may be wondering if you’ll eventually get that raise too. Karen is one listener that has that same question. The answer is yes, for the most part. COLA (cost of living adjustments) are included in your future Social Security payouts. There is only one group of individuals that won’t see a COLA adjustment. Listen in to hear who they are and how COLA works in Social Security. Don’t forget to register for the upcoming webinar on October 27 and 29 where I will share the retirement plan structure I use with my clients. This simple structure will help you gain confidence in your retirement plan so that you can rock retirement. Register at LiveWithRoger.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRetirement Plan Live case studies Long-term care series episode 311, 312, 313, 314 Hugh Calc retirement calculator ValueYourPension.com retirement calculator Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 12 October 2022
If you are getting close to retirement you have probably been watching the financial news to help you stay up to date with what is going on in the world. If so, you won’t want to miss out on hearing why this is not a good idea. Today, I’ll also answer questions about bonds, charitable gifting, and how to find a financial advisor. Make sure to stick around until the end to hear about upcoming changes to Medicare with, Medicare expert, Danielle Roberts from Boomer Benefits. Keeping up with the news won't help you navigate your way through retirementHave you read the news lately? It’s not pretty out there. Inflation, bear markets, rising interest rates, political craziness, a poor economy: it’s non-stop fear peddled 24-7. Staying up with the news will not help you navigate your retirement journey. Trying to stay on top of the news will only bring you more stress and worry. You're not going to weather this bear market by keeping up with the headlines. Instead, you’ll navigate it by getting to the bottom of things, relaxing, using a process, and making a judgment call. If you are interested in the process that we teach, join one of our live meetups on October 27 or 29. Register at LiveWithRoger.com Should I switch my bond portfolio to CDs?When choosing which type of investments to own it is crucial to use a process and consider what the money will be used for. You’ll need to ensure that you have an emergency fund and 5 years of prefunded consumption before building your long-term income floor. You can prefund your first 5 years of consumption with individual assets that mature when you need them by using CDs, treasury bills, Treasury Inflation-Protected Security (TIPS), MYA-guaranteed annuities, or individual bonds. Build this income floor by creating an income ladder that matures at the time you will need to use it. The current market is a good example of why you wouldn’t want to use stocks and bond funds for these first 5 years of cash on hand. Beyond the first 5 years, you’ll build a portfolio that contains a mix of stocks and bonds. At this point, rather than buying individual bonds you may want to purchase ETFs and managed index bonds. This way, as interest rates rise, the funds get reinvested back into your portfolio. By ensuring that you won’t need these funds for 5+ years, you don’t have to worry about the markets or rising interest rates. Look out for these upcoming changes to MedicareMedicare’s annual open enrollment period is coming up soon, so Danielle Roberts joins me to discuss the real and potential changes coming to this essential benefit. Listen in to learn about the crucial difference between the annual open enrollment period and the one-time-only initial enrollment period that occurs when you turn 65. You’ll also hear about how recent legislation will change drug coverage for many common drugs. Danielle offers a wealth of information, so you won’t want to miss out on her expertise. Stick around until the end to hear her take on what is happening in Medicare news. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
MEDICARE NEWS WITH DANIELLE ROBERTS FROM BOOMER BENEFITS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeLiveWithRoger.com - Make sure to secure your spot for the live event on October 27 or 29! NAPFA.org can help you find a fee-only, fiduciary financial advisor Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 5 October 2022
RMD tables, bond classes, international exposure, and 1099s–we’ve got answers to your questions. First up is which account is best to begin drawing from in retirement. Listen to these answers to listener questions and take some time to reflect with me about how too much data can inhibit our ability to make good decisions. Press play to listen. Too much data can hinder your decision-making processThere comes a point where more information doesn’t help you make decisions, it can actually hurt your decision-making. A new low in this bear market recently passed taking it down 22.4% for the year. Rather than dwelling on this fact by looking up news articles, try changing your perspective. Use the data to flip the narrative. Instead of focusing on the current downward trajectory focus on the 10 years of growth that we had beforehand. When you have a feasible, resilient plan in place you won’t need to worry about this bear market. Are you curious about the Rock Retirement Club?Have you heard me talk about the Rock Retirement Club in previous episodes but still aren’t sure exactly what it is? The RRC is a group of just under 1000 members from all over the country all within 10 years of retirement. Our focus is on how to live your best life as you make the transition into retirement. We do that with a masterclass that helps you create an agile retirement plan. This isn’t simply a class where you watch videos and take a quiz at the end. This structured masterclass walks you step by step as you build your own agile retirement plan. Once you create your plan, then, you’ll learn how to make it resilient by testing it against common risk factors. Next, you’ll optimize and enhance your plan. In addition to the master class and the camaraderie of the group, you’ll also get the experience of our team of coaches who will coach you through the financial and non-financial aspects of retirement. Our goal is to give you the tools to create the ideal retirement plan for you and lifelines to reach out to when you need help. If you would like to learn more about the Rock Retirement Club sign up for our live meetups on October 27 or 29 at LiveWithRoger.com. Which account should I begin drawing from first in retirement?One of the classic optimization questions is which account to draw from first. Many are often drawn to the after-tax assets first, but if you take all these away, you will only be left with tax-deferred assets. These are subject to RMDs once you turn 72, so you could be left with a situation where you have to take more out than you need. Consider taking advantage of lower tax brackets now to pay today’s low tax rate. Listen in to hear the answer to this retirement question and many others. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 28 September 2022
Many people choose to save money for their kids and grandkids in a 529 account, but one listener wonders if there is a better way to give. Learn the answer to this question and more on this episode of the Retirement Answer Man show. Make sure to stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. Kevin and I discuss growth and accepting challenges in retirement. Find out why it is so important to continue to challenge yourself in retirement. What is the best way to save money for the grandkids?Like many people, Kathy saves money for her grandchildren in a 529 account, but she wonders if this is the best way to save for them. What if they choose not to go to college? Before analyzing the best way to save for the grandkids, consider how you should think through this issue. What are your goals in saving for the grandchildren? What do you want to accomplish? Do you want them to graduate from college without debt? Do you want to help them get launched to give them a great start to adult life? Do you want to buy them their first car or help them put a down payment on their first house? Think about your ultimate purpose for giving. Various methods that can be used for givingIf you would like to ensure that the kids graduate without debt, then, the 529 is an excellent vehicle to accomplish this goal. It’s also important to note that by keeping the 529 in your name you can change the beneficiaries from one child to another. Another way to save for the kids is by creating a separate account in your name that you earmark for a specific child in mind. Then later on if that child veers down a wrong path, you can choose not to support their bad decisions. This option also allows for you to have control and you ensure that you aren’t making decisions for them too early. The Uniform Gift to Minors Act provides a way to transfer financial assets to a minor without establishing a formal trust. A UGMA account is managed by you until the minor comes of age, at which point they assume control of the account. At this point, you relinquish all control over the funds. If part of your goal is to help your kids while they raise their kids, then paying for private school or university directly is one way that you could do this. You can even pay directly for medical expenses as well. As long as you are paying the provider directly then you can give unlimited funds. If your goal is to gift your assets as a part of estate planning, remember that you can give up to $16,000 to anyone you want each year. Before gifting anything, understanding your motivation for the gift is essential. Find purpose with action to propel yourself forwardThinking about things is, oftentimes, an avoidance behavior. The only way we discover who we are or the things that we enjoy is by doing them. “A sense of purpose doesn’t come from thinking about it. It comes from taking action that moves you towards the future. The moment you do this you activate a force more powerful than the desire to avoid the pain of loneliness or inactivity. We call this the force of forward motion.” Phil Stutz. Continue to challenge yourself physically, socially, and intellectually. By continually expanding you prevent rigid mindsets from setting in. Without challenge, the status quo sets in and while we may feel comfortable with our lives, before long we may discover that our lives will actually shrink without growth. How will you challenge yourself in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING
LISTENER QUESTIONS
COACH’S CORNER WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 21 September 2022
Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it’s about how we touch and are touched by the people we meet. Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more. I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question. Check out these resources to learn more about inflation in retirement and the RRCHave you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We’ll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you. Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement. Trying to make friends as a single person in retirement can be a challengeIn many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs. However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations. Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions. Why keep international equities?Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy. I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren’t based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 14 September 2022
We’re back again answering your retirement questions! On the docket for today are questions like whether should you consider taking on a mortgage in retirement, whether it’s feasible to hold only ESG investments in retirement, and if you need life insurance in retirement. In addition to answering these listener questions, I’ll also share several book suggestions that I got in response to the 6-Shot Saturday newsletter and reflect on insights I learned from my time in Colorado. Don’t miss out on upping your retirement game. Press play to hear answers to questions from listeners like you! Dealing with inflation in retirementHave you been worried about how you will deal with inflation in retirement? If so, you are not alone. That is why my team and I created an Inflation in Retirement Guide to help you understand and navigate inflation as you approach retirement. In this FREE guide, you’ll learn 6 tactics to consider and practical ways to help you think through the issues that rising inflation brings to retirement. 6 insights from my time in Salida, ColoradoMy goal with the Retirement Answer Man show is to help you navigate not just the financial side of retirement, but also the life side. You need to have both sides in order to really rock retirement. If you have listened to the show in the past you may know that my wife and I go to Salida, Colorado, and rent a house for about a month each summer. We love it up there which is why we purchased a lot there last year with the intention of building a home and eventually splitting our time or relocating in the future. We just returned from our most recent trip, so I thought I would share a few insights that I gained from my time there.
Should we take a mortgage to build our retirement dream house?This listener is careful with money and has been mortgage and debt free for over a decade. They are looking to build their dream home their “castle in the sky” and are considering whether they should take a mortgage out to build this home. The mortgage would only take 20% of their retirement pension. Is it worth it or should they pay cash for the home? What do you think? Listen in to hear my answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeDoRetirementRight.com - check out our FREE inflation guide to retirement! BOOK - Red Teaming by Bryce Hoffman BOOK - Building a Second Brain Tiago Forte BOOK - My Dear Hamilton by Stephanie Dray BOOK - Path Between the Seas by David McCullough BOOK - All That Moves Us by Jay Wellons BOOK - Five Presidents by Clint Hill BOOK - The Boys in the Boat by Daniel James Brown Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 7 September 2022
Are you nearing retirement and wondering how you should pay for large out-of-pocket expenses? Should you dip into your emergency fund, take from your retirement savings, or is there another way? We’ll consider this question, hear how Larry is living intentionally, learn how visual aids can help when trying to discuss finances with elderly parents, and discuss dollar cost averaging a lump sum payment on this episode of Retirement Answer Man. All month we’ll be answering your questions. If you have a question that you would like to submit head on over to RogerWhitney.com/AskRoger and type in a question or use the record a question function to shorten the wait. We love audio questions so we bump those to the front of the line! Tune in to hear these listener questions plus a summary of what was on my summer reading list. Make sure that you are signed up for the 6-Shot Saturday newsletter to learn all the details about the books I read this summer. How to pay for big-ticket expenses as you approach retirementOne listener would like to know the best way to pay for large expenses as she approaches retirement. She has already retired from her career and is now working (for minimum wage) as a teacher’s aide while her husband still works. They live in a high-cost of living area, and while their home is paid for, it requires a bit to keep it up. Digging into cash reserves for big-ticket expenses can be scary since it is a drain on the assets, so she would like to know if her husband should decrease his 401K contributions so that they can increase their cash flow. This is a good time to ensure that you have enough cash reserves in your after-tax bucket. While you are in the middle of dealing with a large expense it can be challenging to look ahead. But while it is important to meet those immediate needs, it is also essential to plan ahead. Take some time to map out your plans for the near future. How long does your husband plan to work? Do you plan to stay in your high-cost-of-living area? Do you plan to downsize? This way you can explore the options you have to discover how to get on a sustainable path for the future. Building a decision-making framework can empower you to improve your situation and your future. How I approach readingBefore I share the books that I’ve been reading over the past couple of months, I wanted to share with you my approach to reading so that you can better understand my system and where I’m coming from.
Books I’ve been readingNow that you understand how I use books and reading in my life you can check out my summer reading list. The Lost City of Z by David Grann Hero of Two Worlds by Mike Duncan A Tale of Two Cities by Charles Dickens On the Shortness of Life by Lucius Annaeus Seneca The Second Mountain by David Brooks The How of Happiness by Sonja Lyubomirsky Originals by Adam Grant Red Teaming by Bryce G. Hoffman I’d love to hear any book recommendations that you have. You can simply reply to the 6-Shot Saturday newsletter to let me know what you have enjoyed reading this summer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANBOOK RECOMMENDATIONS
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Lost City of Z by David Grann BOOK - Hero of Two Worlds by Mike Duncan BOOK - A Tale of Two Cities by Charles Dickens BOOK - On the Shortness of Life by Lucius Annaeus Seneca BOOK - The Second Mountain by David Brooks BOOK - The How of Happiness by Sonja Lyubomirsky BOOK - Originals by Adam Grant BOOK - Red Teaming by Bryce G. Hoffman Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 31 August 2022
Michael Balchan from Heroic and I have been discussing how to live a heroic retirement for the last several episodes. Today, we wrap up this theme and learn to integrate the subjects we have discussed in the past 4 episodes into rocking retirement. As usual, after the main theme, I’ll answer your listener's questions. If you have a question that you would like answered on the show, now is a good time to ask since next month we’ll focus solely on answering your questions. You can submit your question at RogerWhitney.com/AskRoger. You have the option to either type in your question or leave an audio question. We love audio questions, so leaving an audio recording is like getting a fast pass to the front of the line. Rekindle your best self each morningIf you have ever been camping you understand the importance of building a campfire. This camping essential provides heat and a way to cook, however, each night you must turn it off when you go to sleep. In the morning, you rekindle the fire to warm yourself up and start the morning off right. This is just like living your best self. Each morning you must wake up and consciously rekindle your fire. By setting your intentions, you provide a way to set yourself up for success each day. Live each moment to create your best lifeSince all we have is the now, each moment is an opportunity to live your best life. All you can do is show up one moment at a time to live life fully and completely. Looking back on your life you’ll see a bunch of separate great and not-so-great moments strung together to create a life. If you are prepared to show up one moment at a time and live fully and completely you’ll find that those movements create an amazing life. Rocking retirement is about living heroically while mastering your financesHere on this show, in my book, Rock Retirement, and the Rock Retirement Club, we talk about rocking retirement all the time. So it’s important to understand what I mean by rocking retirement. Rocking retirement is integrating the business of retirement with the act of living a heroic life. The business side of retirement means getting the financial side of retirement correct. With agile retirement management, you’ll adjust your financial plan in a series of little changes so that you can have the confidence to weather the storms that life throws at you By living a heroic retirement, you’ll create an amazing life for yourself each day by showing up and consciously choosing to become a better person. The RRC can help you live a heroic retirementThe Rock Retirement Club helps people with both sides of their retirement journey. Marrying the two together is how to really rock retirement. The Rock Retirement Club is a safe place both online and in person to take the baby steps to set you on your way to rocking retirement. In the club, you’ll receive a world-class education from financial and retirement experts while walking this journey with other like-minded individuals who are traveling the same path. Our next enrollment for the RRC is at the end of October, so be on the lookout if you have been considering joining the club. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
COACH’S CORNER WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Atomic Habits by James Clear Episodes on retiring single: 210, 219, 220, 221, 222 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 24 August 2022
“You are who you are here and now” – Bruce Lee We all live life with the best intentions, yet rocking retirement is all about what we are actually doing–not intending to do. Do the things that you say are important to you now. In this episode of the Living a Heroic Retirement series, you’ll learn how you can begin to live a heroic life today. Michael Balchan and I break down what we are doing to live our best lives. We bring the macro level that we have been discussing in the past few episodes down to the micro level. Press play to learn how to embody your virtues by taking baby steps towards your goals. Life is like a gameWhen you are young, you going to school is like a game where you get motivation and rewards for doing well. You get to level up each year and then move on to the next stage. Work is also like a game. There are boundaries, a scorecard, and of course, more leveling up. In retirement, you have a clean slate, but since we are already so gamified you might as well continue playing. The difference is, that now you get to decide the rules of the game you are playing. Take the game and personalize it to your own needs. How to play the gameYour virtues are how you want to play the game. Once you decide which virtues ring true to yourself then you can set targets that align with those virtues. Set 3 targets that you can do today to make sure that you are living a life that aligns with your virtues. These targets are a way to make commitments to the behaviors that you want to act upon. When you set your intention your attention follows. Remember that this is your own game so set yourself up for success. Listen in to hear how Michael and Roger play their games differently using the Heroic app. Why celebration is importantIt is important to celebrate your wins, but many of us have a hard time doing so. Celebrating your wins can feel inauthentic, or manufactured. However, celebrating acting on your virtues use positive reinforcement for your brain. Positive reinforcement creates a reward system for your brain to help you rewire and create positive habits. By celebrating your wins you create an internal sense of joy and satisfaction and therefore become more likely to make positive decisions OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - 12 Rules for Life by Jordan Peterson BOOK - Beyond Order by Jordan Peterson BOOK - Top 5 Regrets of the Dying by Bronnie Ware BOOK - An Audience of One by Robin Dellabough The Long-Term Care series - Episodes 311, 312, 313, 314 Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 17 August 2022
“What one can be, one must be.”--Abraham Maslow Do you know who you want to be in retirement? Here at the Retirement Answer Man, we want to give you the confidence to not just survive retirement but to rock retirement. To truly rock retirement you need to have both a financial and non-financial plan. Over in the Rock Retirement Club, we have licensed Michael Balchan’s Heroic app and in these past few episodes, we have been discussing how to live a heroic retirement. Today we’ll discuss the 3 domains that are important to develop aspirational identities. You’ll learn why this is important and how to create your own aspirational identities in these 3 areas. Make sure you are signed up to 6-Shot Saturday so that you can get the free workbook to help you develop your identity in these 3 domains. Break big things down into smaller chunksHow do you run a marathon? One step at a time. By breaking down big things into smaller chunks you can string them together and keep them in motion. It’s okay if you don’t know what you are going to do with your entire life. The goal isn’t to have one giant all-encompassing purpose that you strive towards forever. Instead, aim for Ikigai. Ikigai is the current goal, meaning, or purpose that you are working towards right now. Identity drives behaviorMost people think that sour feelings drive our behaviors but this isn’t true. Our identity drives our behaviors which then drive our feelings. Our identities are linked to what we do and who we are is what we repeatedly do. Every behavior we display and action we complete is casting a vote for the person that we want to be. Think about who you are when you are at your best. You can draw from previous experience or visualize the person that you want to be. That exemplar self is who you are striving to be. The 3 identity domainsOur identities are so often linked to what we do for a living so when we retire its like we lose a part of our identity. Now that you are no longer the VP of sales, the corporate attorney, or the head of HR, who are you? You have a blank slate to work from and the ability to reinvent yourself in retirement. Breaking identity down into 3 domains helps you understand how the different parts of your life intertwine.
When choosing your new identity, it doesn’t have to be set in stone. Pick something that means something and is important to you. If it works well, then that’s great. If not, switch it up. Playing around with your new identity will help you consider how you want to live up to your best self. Listen in to hear how I identify with each of these three identity domains. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Happiness Equation by Neil Pasricha BOOK - Ikigai by Hector Garcia BOOK - Atomic Habits James Clear BOOK - Hero’s Journey by Joseph Campbell Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 10 August 2022
This month on the Retirement Answer Man we are learning how to live a heroic retirement. Michael Balchan joins me to discuss what it takes to be the hero of your own story. On this episode, we explore the virtues that heroes embody. If you are looking to be an exemplar then you’ll exhibit some core universal virtues plus some that are uniquely your own. Learn about these virtues and what it takes to be a hero on this episode of Retirement Answer Man. Keep striving toward your ideal selfHercules is a typical hero. We often think of him as being a hero because he was strong, but it was because he put himself on the line and faced mythical beasts to help others. Before you can help others you must know yourself and what you are capable of. Striving to be your best self is a heroic act. Self-actualization–expressing the best version of yourself–is impossible yet continually working towards self-actualization will make you a better person. Striving toward your ideal self is an asymptotic act, like the curved line in mathematics that gets closer and closer to another line without ever touching. You may get closer and closer to your ideal but never actually realize it. You may continually advance on your best self but you’ll never actually reach your highest form. What is important to recognize is that even though you will never reach your ideal, it is important to keep striving. 4 Universal virtuesEvery ancient tradition recognized 4 universal virtues
Put your virtues into actionRather than seeing yourself as falling short of your ideal self, if you keep doing the hard work involved in self-improvement you will continually improve yourself. Instead of judging yourself based on a past or future outcome, study your process. Are you striving to do your best at this moment? If you didn’t make the right choice, try to do so next time. Keep going and do what needs to be done. Our ideals are like a guiding light rather than a distant shore. You won’t want to miss this episode to hear the rest of the virtues of positive psychology. Listen in to learn how you can apply the virtues and actions test to your heroic retirement quest. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Mindset by Carol Dweck BOOK - Rethinking Positive Thinking by Gabriele Oettingen Episode 434 with Connie’s question Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 3 August 2022
You may be planning a peaceful retirement, an active retirement, or an engaged retirement, but have you ever thought about living a heroic retirement? Over the course of the next several episodes, we’ll explore what it means to live a heroic retirement with Michael Balchan from Optimize. In this series, you’ll learn how to build a framework to lean into the kind of person you want to be every day. I’m excited to bring this teaching that we already use in the Rock Retirement Club to you. Listen to this episode to learn what a hero is and how you can be the hero of your own retirement. Michael Balchan understands the search for meaningMichael Balchan is 36 and not approaching retirement. However, he is working on his second act. His first career was as a commodity options trader and after achieving all of the outward trappings of success he had to reassess his life. He recognized that he had achieved everything he set out to achieve yet he felt that his life was a bit hollow. This led him to explore what would give him true satisfaction. Michael understood that the default path that he had fallen into brought wealth, fame, and popularity. These extrinsic goals were not bad goals to have, but they gave him no inner fulfillment. He then began to recognize that a deeply meaningful life comes from expressing the best version of himself in service of something greater than himself. What is a hero?Oftentimes, people’s second act steps away from the outward displays of success. They shift from a “what can I get” mentality to one that explores “what can I give?” This is why we are exploring the concept of the hero. The word hero comes from the Greek word and means the protector, but not necessarily in the way that you think. Greek heroes are protectors of the values and community that they hold most dearly. Heroes do the hard work by taking courageous action with their secret weapon: love. Heroes live a life of deep meaning by intentionally expressing the best versions of themselves in service of something greater. You can be a hero in your own life by looking for the places where you fall short and taking courageous action to improve them. Lean into the amazing abilities that you already have. Consider how you can help or connect with others. How to find your purposeThe top tier in Maslow’s Hierarchy of Needs is self-actualization, however, it is said that there is actually a level beyond self-actualization: self-transcendence. We can go beyond self-actualization in service of something bigger than ourselves. However, being a hero doesn’t mean that you have to set out to save the world. You get to choose your sphere of influence. Being a mentor, a great neighbor, a grandparent, or a spouse are all ways that you can serve others. The size and scope of your impact is up to you. Upon retirement, you may not know your reason for waking up in the morning. Your purpose gives you energy and vitality so it is important to think about what lights you up. To find your purpose it can be helpful to look back at what you have done in the past. Look at your past experiences and consider what brought you meaning. Find the ways in which you already make an impact in what you are doing. How are you already creating purpose and meaning in your life? Start to look for other opportunities to make contributions in the lives of others. Make sure to come back next week to learn the core virtues you can use as guideposts to build intentionality into your retirement. If you found this episode helpful, make sure to share it with a friend! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeHolding Out for a Hero by Bonnie Tyler BOOK - The Second Mountain by David Brooks BOOK - Flourish by Martin Seligman BOOK - The How of Happiness by Sonja Lyubomirsky Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 27 July 2022
Dealing with a bear market after the trials and tribulations of the past 3 years may have you feeling like you are being punched while you are down. Many of us are feeling burnt out and are wondering when the punches will ever end. In this episode of Retirement Answer Man, we’ll discuss how we can deal with this issue. Kevin Lyles joins me in the Coach’s Corner to offer his perspective on dealing with burnout. I’ll also answer some fantastic listener questions that range from how to decumulate during a bear market to how to plan for retirement with a disengaged spouse. Don’t miss this episode especially if you feel like you might soon be down for the count. It seems like the world keeps punching us while we’re downThe past 3 years have dealt us one blow after another. Covid took us all by surprise in March of 2020 and was followed quickly by the fastest bear market in history, a total economic shutdown, quarantines, work-life disruptions, and so much worry about our health and the state of the world. 2021 wasn’t much better with the political polarization of the election, Covid’s continuation, mask and vaccine questions, and more 2022 brought raging inflation, rising interest rates, war, and worldwide instability. And still, Covid rages on. Our normal rhythm of life has been disrupted. Without that rhythm, it's hard to create stability to ground yourself. No wonder so many of us are feeling burned out. We have more than our fair share of dents in our armor. Incremental changes are often the best course of actionIt makes sense if you are feeling worn out, but how you respond to these stressors is important. It may seem like drastic action is the best action to take, but during challenging times, often incremental changes are the best course of action. Small changes can help you avoid major unforced errors. You may want to take a cue from Muhammad Ali and take the punches while you are pinned against the ropes and conserve your energy until you have the opportunity to react. Steps you can take to deal with burnoutIf you are feeling the effects of the past 3 years weighing down on you conserve your energy and then see if you can take these steps to take action.
Make sure to check out next month’s series on how to build a heroic retirement. Don’t forget to reply to the 6-Shot Saturday newsletter if you have any advice for Anna on planning retirement with a disengaged spouse. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
COACH’S CORNER WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBoomer Benefits - check them out at no cost to you! BOOK - The Expectation Effect by David Robson Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 20 July 2022
Does navigating this bear market in retirement terrify you? If so, you are not alone. No one can (or should try to) predict what will happen next. A financial advisor’s advice during bear markets is often ”stay the course,” however this can leave one feeling powerless. On this episode of The Retirement Answer Man, Tanya Nichols and I analyze what you can do if you are feeling terrified in a bear market, you’ll also learn how to navigate Social Security and an ex-spouse, and how to use retirement funds to self-insure long-term care. Press play to hear Tanya and I answer these listener questions and more. What to do when you are terrified about your financial futureIt is easy to be terrified about the future when every day you watch the value of your accounts drop precipitously across the board. Everywhere you look the markets are getting worse: the Nasdaq, the S&P 500, and even bonds are plummeting. The vision of the future that seemed so bright just months ago is no longer so optimistic. The words “I’m terrified” are not an overstatement when you are no longer working and you’re living on your life’s savings. What you can do in a bear market besides “stay the course”Tony is worried about the current market volatility and wants to do something besides “stay the course.” He understands that markets bounce back, but he also realizes that his time horizon may be shorter than it takes for the market to bounce back. He feels his dream retirement slipping further and further away. Unfortunately, no one can predict what the future will bring, so it is important to try not to beat the system during a bear market. If you jump out of the market at the wrong time your accounts may never recover. Instead of trying to calculate what will happen, it is important to build a framework to navigate these difficult financial situations. When you are confident in the framework you have built you’ll be able to think through challenges thoughtfully and avoid overreacting one way or the other. Your framework can help you map out where you want to go and how to get there. If you are feeling terrified, now is a good time to revisit your plan of record. Is it feasible? Is it resilient? Making small iterations while sticking with your carefully laid out process will ensure that you make it through these unsettling times. Doing something during a bear market provides a sense of agencyCreating an action item can help give you a sense of agency when you have so little control of the big picture. That action item could be something as small as canceling Netflix, checking your net worth statement, or even reassessing your risk tolerance. However you choose to take action, remember to consider how that action fits into your overall financial plan. Using retirement funds to self-fund long-term careLong-term care insurance is expensive which can make planning for a long-term care event challenging. As with any financial plan, it is important to plan for long-term care in an organized way. Rather than writing off long-term care insurance as too expensive, consider all the options. One resource you can use to explore the various possibilities is LTCI Partners. Listen in to hear Tanya’s guidance on rebalancing, Social Security, and tax rates. Don’t miss the answers to all kinds of listener questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS WITH TANYA NICHOLS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeLTCI Partners - take the long-term care insurance questionnaire! Behavior Gap with Carl Richards Vanguard white paper on rebalancing Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 13 July 2022
This month we are answering your listener questions. If you have a question that you would like answered on the show you can jump the line a bit and take the fast track by submitting an audio question. Head on over to RogerWhitney.com/AskRoger and hit record to submit your question. Today I answer questions on a broad range of topics from paying off a mortgage on a rental property to determining the right balance for investment when there is a significant pension to whether to use a loan to pay for life while the market picks back up. Listen in to hear my thoughts on these questions so that you can not just rock retirement but rock life as well. Update your net worth statement (even if it is painful to look at)How often do you update your net worth statement? It is important to do so annually or every 6 months. I recommend this exercise because your net worth statement is a fantastic tool that shows you the financial impact of the decisions you make. However, due to the recent market volatility, opening your monthly investment statements isn’t as much fun as it used to be. Regardless of this fact, it is still important to understand where you stand financially so that you can work to improve your financial decisions. Should Tyler pay off his rental property mortgage?Tyler is still young, has no debt besides his rental property, and is a great saver. He is wondering if he should pay off the mortgage on his rental property. The traditional wisdom is to keep the mortgage. Since he has a low-interest rate, mathematically it doesn’t make much sense to pay it off. But that doesn’t mean he shouldn’t pay it off. These types of decisions are rarely about math. It is important to factor in personal feelings as well. Tyler needs to consider all the factors involved and come to a decision that is uniquely his own. There is no wrong answer to this question. What is most important to consider is which choice will give him peace of mind. Should all of Adam’s investments be in equities since he’ll have a pension?Adam will soon retire from the military with a $70,000 per year pension. He feels that the traditional 60-40 retirement portfolio won’t be aggressive enough since he has such a large pension. So, he is wondering if all his investments should be in equities. Instead of building your portfolio first, start by creating a retirement plan of record to forecast what you need to live a great base life. Consider your income from social capital (Social Security, pension), financial capital (investments), and human capital (work). Once you understand how much financial capital you will need, then you can build your pie cake which consists of an emergency fund and a secure income floor with 5 years of spending. Since you have 5 years of prefunded income, then you can invest as aggressively as you would like. This system is a fantastic way to help guide your spending in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeEpisode 412 - What Is a Retirement Plan of Record? Episode 310 - Investing in Retirement: The Pie Cake Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 6 July 2022
Many people are concerned about markets and inflation right now, but rather than focusing on this in today’s episode, I’ll answer your investment strategy questions. I choose to focus on strategy because if you can create a feasible, resilient retirement strategy, you’ll be able to weather all kinds of economic uncertainties. Make sure to stick around until the end to hear an interesting interview that may challenge you to rethink your preconceived ideas. You won’t want to miss it if you are open to hearing different perspectives. If you are looking for a fast pass to get your retirement question answered, record an audio question at RogerWhitney.com/askroger. Unfortunately, you won’t win retirementI have some bad news for you. You aren’t going to win retirement. There is no way you will figure everything out because there is no right answer. Despite this fact, you will be okay. By intentionally working through your decisions you’ll be able to enjoy retirement to its fullest. Not everything will turn out the way you want, but if you work through the decision-making process with the spirit of a scientist, you’ll continually improve. When faced with the results of a poor decision, take time to dissect what went wrong so that you will be able to improve your decision-making the next time around. Learning from your mistakes instead of stressing over them will help you improve your decision-making process so that you’ll achieve better results in the future. How to account for uncertainty in retirement?When creating a retirement plan, any room for error is scary. Even a 1% uncertainty can be unsettling. So what kind of market returns should one anticipate when using retirement calculators? The problem with retirement calculators is that you can’t believe the calculator. None of the scenarios that the calculator proposes will actually happen. This makes long-term planning hard to predict. It doesn’t matter how much you analyze your future spending, more accuracy will not improve precision. You can’t know what your spending will be in 10, 20, or 30 years, which means that you can’t make life decisions based on an imagined future. Rather than trying to completely remove uncertainty, make reasonable assumptions to manage that uncertainty. Managing uncertainty is the essence of retirement planning. A feasible, resilient plan will see you through retirementOnce you figure out the basis that you need to live a great life in retirement then you can organize a feasible plan around that great life. Give yourself optionality by making your plan resilient. With your feasible, resilient plan you can use long-term calculations to plan for the short term. By creating a resilient plan you’ll create slack in the system so that you can change your mind as you change over time. Managing uncertainty instead of trying to eliminate it will give you agency and build confidence in your retirement plan. Listen to the answers to all sorts of retirement strategy questions and make sure to listen until the end to hear the riveting interview with Amy Bloom. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANLISTENER QUESTIONS
INTERVIEW WITH AMY BLOOM
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - In Love by Amy Bloom Episode 441 - How to Leave a Lasting Legacy Fidelity Retirement Calculator Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 29 June 2022
If the market outlook has you feeling uncomfortable, you are not alone. This discomfort may cause you to want to change course, but consider that moments of extreme discomfort are often reverse indicators. Extreme discomfort can mean that you are on the right track to grow in a new direction. On this episode of Retirement Answer Man, I answer your questions about choosing a financial advisor, how to weather tumultuous financial markets, and using a Roth 401K. Learn what you can do in the midst of an uncertain future by pressing play. Is this the big one?Weathering market downturns can be like weathering a storm. When you are in the thick of it you may wonder if this is the big one that will wreck your home and change your life. Should you just hold on tight and hope that everything will all work out? No. No one can hold your hand and assure you that your finances will recover. The rules of investing change in retirementThe rules of investing when you are in the accumulation period of life don’t work the same in when you are decumulating assets. Since you are nearing or already into retirement you don’t have a 40-year investment timeframe to work with, so you may not be around for the next market upswing. You're in a period of life where you will need money from your investments in a short time frame. This is why you’ll need a well-thought-out strategy that can help you to stay agile. As the situation unfolds, you can make little adjustments as needed. Staying agile will help you maintain flexibility and retain agency. In a situation that feels out of your control, it is important to find ways to retain agency to do what you have to do to control the things that you can. You don’t want to feel powerless, so focus on what you can control. Watch out for false prophetsNo one can predict what will happen in the future. However, there are many out there that claim that if you follow them they will lead you down the right path. We have to accept our own uncertainty and refrain from trying to figure it all out. Instead of trying to predict the future or following false prophets, it is important to create a plan that you can follow to actively navigate through these tumultuous waters which will see you through any eventuality. How to know when it is time to switch advisorsHow can you know if your financial advisor is doing a good job? What are some red flags that indicate that you should reevaluate your relationship with your advisor? One listener is concerned about his financial advisor since they had two misunderstandings in the last two years and is wondering if he change advisors. When researching financial advisors look for a specialist that can advise you through your specific financial situation. Consider whether they have the skillset and expertise to handle the problems and opportunities of your specific situation. Do they focus on what you need? Is your advisor an active thinker that makes decisions or do they simply follow a checklist? Since the decisions that you are making aren’t crystal clear, it is important to have a process to think through decisions in an organized manner. Does your advisor help you with this? Do they walk you through the pros and cons of each decision? Is the advisor product-focused or process-focused? If they are product-focused then this is a red flag. Another red flag is if they focus on trying to predict what the markets will do. Since no one can predict the future, it is important to find someone who will focus on the things that are within your control. Listen in to hear what else you should consider when choosing a financial advisor and when to consider finding a new one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
COACH’S CORNER
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Checklist Manifesto by Atul Gawande Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 22 June 2022
We all want to leave a legacy to those we love, but leaving a legacy doesn’t mean simply making a will. To create a lasting financial and nonfinancial legacy you need to have a strategy that you can rely on. Today you’ll learn the steps to take to create a lasting legacy. Leaving a legacy is different from estate planningOften times we read about a hot investment or retirement planning tip in an article or hear some equally savory advice in a podcast and we jump to take action on it rather than thinking about how it could fit into our overall plan. I call this letting the tail wag the dog. Instead of letting the tail wag the dog, think about your actions first. Stop for a moment and think about how that new shiny idea or product would fit into your overall retirement plan. When you have a goal-based plan in place, it allows you to think through decisions in an organized way. You’ll want to use similar methods to build a plan to create the most impactful legacy that you can. How to begin creating your legacy planThere are a couple of steps you can take to begin creating a strategy that will allow you to develop a lasting legacy. The first step is to consider what you can afford to do. You can do this by determining how much excess capital you have. This can be a tricky number since there are so many unknowns to consider. These unknowns make it hard to determine how much you will have at the end of your life. Consider what is feasible considering your resources and your projected spending. You can gain a better understanding by using a plan of record. If you have never used a plan of record, keep your eyes open for this week’s 6-Shot Saturday newsletter to get a free template. If you aren’t signed up for the newsletter, head on over to RogerWhitney.com to fill out the form and subscribe. What are your legacy goals?Now that you have determined what is feasible given your life vision and resources you can move on to step 2. Consider what kind of financial and nonfinancial impact you want to have. What do you want to accomplish? Do you want to be able to contribute to your children’s retirement savings? Or maybe you want to help them buy their first home. Do you want to create a nonfinancial impact by developing the tradition of having a weekly family dinner? Do you plan on being an exemplar and coaching them through tough choices? Create intentionality with your legacy strategy by framing it in financial and nonfinancial ways and considering the impact you want to have during and after your life. After these first two steps, you can begin to create your strategy. You’ll want to think about maintaining flexibility with your strategy since markets won’t always cooperate with your plans. Your legacy should be built with discretionary money. The tactics will come easy if you focus on creating a strategy first. Listen in to hear how to build your lasting legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Retirement Planning Guidebook by Dr. Wade Pfau How to Be a Better Advocate for Your Health Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 15 June 2022
When you think about leaving a legacy do you immediately think about passing on your assets? What may be more important than passing on money is leaving behind a nonfinancial legacy to those that you love. Have you considered how you will do this? If you would like to leave more than just a trust fund to your family then you won’t want to miss this episode of Retirement Answer Man. You’ll learn about setting a nonfinancial legacy objective, plus strategies, tactics, and more. Should you panic about a bear market?I just want to acknowledge that it can be challenging to have confidence in your retirement plan right now. We are now in a bear market which means that stocks are down 20% from their highs. That can give you plenty of anxiety, but since that bear market is paired with decreasing bond prices, this can lead to outright panic. Now is the time to reflect on your retirement plan. If you have created an objective-based agile retirement plan you will be able to weather this storm. Have confidence in your strategic plan. What is the objective of leaving a nonfinancial legacy?It will be nice to leave money for your loved ones but wouldn’t you like to leave more? To truly leave a legacy you need to be an exemplar. An exemplar is defined as one who serves as a role model or an example. Even if there is a gap in where you are in life and where you would like to be, your children and grandchildren are learning how to navigate the world based on your example. They emulate you, so being an exemplar is the best nonfinancial legacy that you can create. The more you can encourage others the better exemplar you will be. To encourage means to give courage to someone else. Give your loved ones the courage to lead their best lives. Help them on their journey to be their best selves. You can use finances to help others on their journey but encouragement is even more important. Strategies to use to leave a nonfinancial legacyLife is full of the mundane, the day today. But the peaks, pits, and transitions are the flagship moments that we remember. These are the moments that influence how we view the world. If you can help someone during one of these moments in their lives, it may go a long way in transforming their future. You can help your community by looking out for these moments in their lives and accentuating them. During the peaks, help them to put an exclamation point on that moment in time so that they can look back and reflect on that high. You won’t be able to fix their pits, but you can show up and help them through. An encouraging word can help mark transitions in ways that you may not predict. Fill in the pits. Mark the transitions. Celebrate the peaks. This is how to leave a lasting legacy. Listen in to hear how you can help your loved ones be the best versions of themselves through your nonfinancial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - The Power of Moments by Chip Heath BOOK - Giftology by John Ruhlin BOOK - Tiny Habits by BJ Fogg Check out Boomer Benefits, their services are free to you! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 8 June 2022
We all want to leave a legacy behind after we pass. The legacy you chose to leave is up to you. This episode is part of a 5 part series on leaving a lasting legacy. Today’s episode focuses on leaving a financial legacy. Make sure to look out for the next episode so that you can learn how to leave a non-financial legacy. Subscribe to 6-Shot SaturdayWe also have the answers to several listener questions on this episode and many others. To submit your own questions for me to answer on the show simply hit reply to the 6-Shot Saturday newsletter. If you aren't subscribed, consider signing up to receive a weekly summary of the show along with any helpful links or tidbits that I find interesting and want to pass along. The difference between estate planning and financial legacyEstate planning and leaving a financial legacy are not the same. There is a difference between the two. When you pass away you will leave behind property, financial assets, and maybe some liabilities. Estate planning is the official process of closing the books on your financial life. If you leave behind more assets than liabilities then those assets will have to go somewhere. The probate process spells out how that will work. You get to decide how to distribute your assets. When deciding who will receive your assets it is important to analyze the outcomes you are trying to achieve. This process is the way to leave your financial legacy. Planning the outcomesIf you are married, it is important to ensure that your surviving spouse financially secure. That is usually the first consideration in leaving a financial legacy. Those that have children often choose to leave their legacy to their children, others choose to leave their bequeath to friends or charitable organizations. It is important to remember that if you don’t approve of the financial trajectory that one of your children is on, you don’t have to enable their poor behaviors. You get to choose who to bless with your assets and how. You do not have to support behaviors that you don’t want to support. There are strategies you can use to help your family while at the same time protecting them from themselves. There are obstacles that could stand in the way of achieving the financial legacy outcomes that you desire. Our culture makes discussing money a taboo subject. This could stand in the way of the outcome you seek. Many people avoid planning their legacy and choose to ignore this type of plan. A lack of planning will mean that you won’t achieve the outcome you seek. Strategies and tools to leave a financial legacyWhen you pass you’ll want to transfer your assets as efficiently as possible. While a will is the first tool that you should have in place, many people are surprised to realize that a will is not that efficient since it must pass through probate. There are other ways that you can pass your assets on to those you love without having to go through the probate process. A living trust is a revocable trust that bypasses probate. The trust document not only states who receives the assets, but it can also define how those assets are managed. Another way to efficiently manage your financial legacy is through beneficiary designations. By designating your beneficiaries in your IRAs and 401Ks these assets will bypass probate and flow to your chosen beneficiaries. Make sure that you revisit your beneficiaries regularly to ensure that they are up to date. Listen in to hear tactics you can use to leave your legacy both during your life and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeMake sure that you are signed up for the 6-Shot Saturday newsletter! Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 1 June 2022
Have you considered the legacy you will leave to those whose lives you touch? Does leaving a legacy need to be financial or something more? This month we explore how to leave a lasting legacy in an organized way. You’ll learn the ways that you can leave an enduring legacy during your life and beyond. Today we are defining legacy and noodling on what that means both financially and non financially. Next week, we’ll discuss the different strategies that you can use to leave a financial legacy, the following week we’ll explore non-financial legacies, and in the 4th episode of this series, you’ll learn how to create your own legacy strategy. Live a life true to yourselfSome people are spurred into retirement because they have trouble compartmentalizing work and so it bleeds into other areas of their lives. They choose retirement to escape the pace of a grueling work life. However, many high performers experience a lot of guilt upon retirement. They may feel an obligation to their team or their clients to continue working and feel held back by other people’s expectations, but living a life true to yourself means letting go of others’ expectations. Learn how to not just survive retirement, but gain the confidence to rock retirement. Sign up for the 6-Shot Saturday newsletter to receive a weekly email with a summary of the answers to the questions from the show, plus links, tools, books, and other resources that will help you on your retirement journey What do you think of when you hear the word legacy?When you hear the word legacy do you simply think of money or does legacy mean something more? My mom died young–she was only 48 when she passed. When I think back on her legacy I don’t consider the check I received from the lawyer a few months later. Instead, I am reminded of our conversations and debates on how best to live life. You could say that this podcast is an indirect result of her legacy. Mom insisted on living a life of delayed gratification so that she could save for the future–a future that she never got to enjoy. I argued that living life in the present was the way to go. However, finding a balance between living well today and delaying gratification is the best way to live a life without regret. Ultimately, that is what this podcast is all aobut. What does legacy mean?The dictionary defines legacy as money or property given in a will, or something handed down from an ancestor. When you die you will leave a legacy. What you choose to leave behind is up to you. A nonfinancial legacy includes lessons, memories, and experiences that you share with others. How are you actively working to build a nonfinancial legacy in retirement? A financial legacy could be money, property, or other mementos that generally come to your loved ones in a sterile way. A financial legacy could give your heirs the financial fuel they need to get started or continue on their journey through life. Make sure to tune in next week to hear what tools you can use to build your financial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeLegacy Is Not for You from the Daily Stoic blog Boomer Benefits - check out their FREE 6-day mini-course! Episode 429 - Should I Retire Earlier If I Have Health Issues? Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center
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Wed, 25 May 2022
Navigating the healthcare world in this day and age can make your head spin. It is hard to understand what to believe and what not to believe since there are so many voices telling you their interpretation of the facts. This is why it is important to build a healthcare framework from which to operate. Your healthcare framework will ensure that you get your questions answered so that you can make the best decisions for your health. Building a healthcare decision-making framework is similar to the framework we build for making financial decisions. Dr. Bobby Dubois joins me again today for the last episode in the Functional Health to Rock Retirement series to discuss how to approach medical problems both conceptually and with your doctor. You won’t want to miss this important conversation, so press play to listen. Building a relationship with your primary care physician can help you feel confident in your healthcare decisionsWhether you are dealing with a small, medium, or large medical problem it is important to ensure that you receive the right care. The right diagnosis leads to the right procedure, but that all begins with ensuring that you have the right healthcare provider. Many of us don’t have relational currency with our doctors anymore. Gone are the days of the doctor who has treated us and our family for ages. These family doctors have been replaced by the managed care model. Even if you haven’t been seeing your primary care doctor for long, you can try and build a relationship with them that puts them in the quarterback position of managing your overall health care. Listen in to hear how. If this isn’t a possibility you may want to look into finding a concierge doctor. Concierge medicine is an emerging industry that may be beneficial to retirees. For an extra yearly fee, these doctors offer personalized care and direct access since they limit their patient load. Use a systematic way to build a healthcare decision-making frameworkWe all want to embrace life physically for as long as possible; however, at some point in our lives, we are all going to face medical challenges. How you choose to confront those challenges could be critical to overcoming them. This is why it is important to have a framework in place for dealing with health issues. It is important to approach medical problems in a systematic way so that you can organize your decision-making. Building a strong framework starts with asking the right questionsTo ensure that you get the right care you must be more than just a passive patient you need to be an active consumer that asks the right questions. Rather than creating a list of 100 questions, try to boil them down to 2-4 questions. Understand that doctors operate on a tight schedule, so it can be helpful to let them know that you have questions in advance. You can do this by sending them an email or handing your typed questions to the nurse at the beginning of your appointment. This way you are being proactive yet respectful of their time. After receiving a diagnosis ask your doctor these questions:
After discussing treatment options you can ask these questions:
Asking your doctor, how often do you see this? can help you to decide whether you should get a second opinion. Remember when putting together your framework for answering questions that a good theory is not evidence. Make sure that there is evidence that the treatment will work. A great question to ask is what is the evidence that supports this theory? The journey of rocking retirement starts with your feet–take that baby step in the right direction now to continue toward your goal of rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING WITH DR. BOBBY DUBOIS
LISTENER QUESTIONS
COACHES CORNER WITH KEVIN LYLES
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeDan Miller 48 Days to the Work You Love BOOK - Younger Next Year by Chris Crowley BOOK - The Expectation Effect by David Robson Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |
Wed, 18 May 2022
All this month we have been discussing functional health so that you can ensure your body works well enough to rock retirement. Last week we learned how finding the right exercise plan can help you stay strong enough to do all the things that you want to do when you retire. Today, we learn about the opposite side of the functional health coin: nutrition. You probably know that nutrition should be an important part of your overall health plan, but with so many conflicting diets out there how are you supposed to know what you should eat? Listen in to hear what functional health expert, Dr. Bobby Dubois recommends to maintain proper nutrition in retirement. It’s easy to fall into a nutrition rabbit holeIf you head to the bookstore or ask a question on Google, you’ll quickly realize that there are tons of rabbit holes that you can fall into when it comes to nutrition. How can there be so many different ’right ways’ to eat? Before starting the cantaloupe diet or another such extreme measure it is important to understand the science that goes into nutrition. Why evidence-based nutrition is importantMany fad diets are based on strong emotions and faux science rather than evidence-based science. Science is a process by which scientists answer questions. First, they come up with a hypothesis and then design a study to prove or disprove that hypothesis. Next, they test their study. Just because a scientist may come up with a beautiful theory doesn’t mean that they have any evidence to back it up. For years scientists figured that people with high cholesterol should restrict their cholesterol intake, but science has recently shown that the cholesterol we eat has little effect on the overall cholesterol in our bodies. Unfortunately, nutrition is a field that has been based on a lot of bad science. It has had plenty of strong theories but little evidence to back up those theories. Scientists all agree that obesity can lead to heart diseaseOne area of nutrition that scientists can agree upon is that being overweight or obese can lead to heart disease and, ultimately, death. This is why it is important to maintain a healthy weight. Maintaining a healthy diet can help you stay at a healthy weight and help your body move more easily. Taking control of your diet can give you agency and help you make a change in your life. Rather than focus on the small details of what you should eat or not eat, it is more important to plan a basic diet. Since every person’s body works differently, a great way to choose the ‘right’ diet is to test it out for yourself. What works for someone else may not work for you. How to construct the ‘right’ nutrition planIt is important to have some humility when it comes to understanding nutrition. Scientists don’t know as much as they should and no one has the perfect nutrition plan, so you should be skeptical of anyone that claims to have the perfect nutrition plan. What we do know is that obesity is a big issue. This is why maintaining a balanced diet of ‘real’ foods is important. Try to shop around the rim of the grocery store to avoid the processed foods that lie in the middle. Next week, you’ll learn more about how to build a functional health framework so that you can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT WITH DR. BOBBY DUBOIS
LISTENER QUESTIONS
TODAY’S SMART SPRINT SEGMENT
Resources Mentioned In This EpisodeBOOK - Checklist for My Family by Sally Balch Hurme BOOK - How to Lie with Statistics by Darrell Huff Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger’s Retirement Learning Center |