Retirement Answer Man

Is thankfulness the key to a happy life and retirement? It seems like everything I read about happiness contains the common theme of gratitude. Being a thankful person can greatly increase your happiness and the Thanksgiving holiday is a wonderful opportunity to give thankfulness a try. So this Thanksgiving edition of Retirement Answer Man focuses on being thankful to help you create your best life and retirement. If you are trying to maintain a thankful perspective in this harsh world, this is the episode to listen to because I’ll give tips on how to be more thankful. So listen in while you prepare that holiday dinner or get ready for the onslaught of holiday guests.

3 forces that pull us away from the spirit of thankfulness

You have to maintain constant vigilance on your spirit of gratitude. Society always seems to be pulling us away from thankfulness by encouraging us to want the next best thing. Marketing messaging constantly tells us that we are inadequate in some way. The news media exposes us to the horrors of modern society which can lead us to be less appreciative of our own good fortune. Social media compels us to compare ourselves with others in a way we can never measure up to since people only post the best version of themselves. Although it can be challenging there are ways to become more thankful.

Tips on how to become more thankful

Surrounding yourself with positive people makes it easier to maintain a thankful attitude. I know it can be hard to be thankful if you are truly depressed, but sometimes if you fake it until you make it, this can lead to an attitude of gratitude. Volunteering or attending a group activity where people share information about themselves is a wonderful way to gain perspective of what others go through and can really increase your level of gratitude. Journaling is a powerful way to channel your thankful thoughts. As a matter of fact, you can go to RogerWhitney.com/thankful and tell us what you're grateful to enter to win a free journal.

What are Nichole and I thankful for?

Nichole joins me to discuss thankfulness and share what she is thankful for. We both have God at the top of our lists. I have so much to be grateful for including family, health, and an amazing work life that I don’t have to separate from my home life. My work gives me a way to connect with wonderful people and gives me a creative outlet. Plus I get to work with Nichole! Nichole is also grateful for family and work, but she has a female spin on her gratitude list. If you’re curious to hear her gratitude list listen in to this Thanksgiving edition of Retirement Answer Man.

What are you grateful for in your life and retirement?

As you prepare for the holiday madness try and maintain a spirit of gratitude. Really give a thought about what you have to be thankful for not just on this Thanksgiving, but throughout the year as well. One important key to happiness is maintaining a spirit of gratitude. Let us know what you are thankful for at RogerWhitney.com/thankful and you’ll have an opportunity to win a free gratitude journal.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [1:55] Thankfulness seems to be the key to happiness
  • [3:43] 3 forces of anti-thankfulness
  • [6:55] 5 Tips on how to be more thankful

PRACTICAL PLANNING SEGMENT

  • [12:10] Some things Nichole and I are thankful for

TODAY’S SMART SPRINT SEGMENT

  • [19:58] Don’t beat yourself up about what you eat today

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM248.mp3
Category:general -- posted at: 6:00am CDT

November is that time of year when we gear up for the holiday season. Although the season seems to start earlier and earlier each year. Now that we’re in full consumerism mode, it’s great to have some gift ideas to help ease the stress of the holidays. So this year, we’ve come up with 10 gift ideas for gifts that keep on giving. They are not too expensive and have a personal touch that you can apply. I have found that the best gifts aren’t the ones with a high dollar value but that are personal or have experiences attached to them. Listen to the Hot Topic segment to hear our 10 gift ideas for gifts that keep on giving then stick around to hear the answers to listener questions in the Practical Planning segment.

10 personalized gift ideas that keep on giving

  1. Fracture Me is a company that mounts pictures on glass. It is a beautiful way to display photos, you could send photos of a race or event, or maybe a vacation memory. Just send them your high-resolution photos and they will mount it directly on the glass.
  2. The Yootech wireless charger can wirelessly charge your phones. It works with both Android and iPhones. Your loved one will never have to look for their charger again.
  3. Cutco knives are a lovely gift for anyone that appreciates a quality knife set. You can add a personal touch by having them engraved.
  4. Do you know someone that is approaching retirement? My book, Rock Retirement, is a great gift to help guide their transition.
  5. Tom Podnar from Tennessee makes gorgeous barn wood signs. A handmade personal gift is always something special.
  6. Do you have a meat lover in the family? Perini Ranch has an amazing mesquite-smoked peppered tenderloin that you can have delivered to your door. Try it out, you won’t be disappointed.
  7. Booking an experience like tickets to a show, a weekend getaway, or a golf outing is always meaningful for the recipient as long as you consider their tastes and you actually book the experience. (Don’t simply give them a note that you plan to do it!)
  8. Board games are fun for the whole family. Board games are ta great way to spend time with those you love. Stick with simple ones that everyone can enjoy like Sequence, King Domino, or Stockpile. Even a deck of cards with a book of card games is a fun gift idea.
  9. Do you always mean to go on a date night with your partner but never find the time? One idea is to buy a gift card to a favorite restaurant and plan regular weekly date nights. If you have already spent the money on the experience then you’ll be less likely to skip it.
  10. Are you curious about the last one? It’s really a good one and a gift that keeps on giving. Nichole joins me to share this fantastic idea to share with your family. Listen in to hear the best one on the list and let us know what you think. Which one is your favorite?

On the Practical Planning segment, I answer listener questions on social security, how to withdraw your money, and leveraged ETF’s. You’ll want to listen in as I describe how retiring early can affect your social security benefit and how to plan the best way to withdraw your yearly expenses during retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:22] 10 personalized gift ideas to help you through the season
  • [15:56] Nichole joins me for the last awesome gift idea

PRACTICAL PLANNING SEGMENT

  • [19:42] A social security question
  • [22:10] A question on withdrawal rules
  • [26:15] An aggressive investor wants to know more about leveraged ETF’s

THE HAPPY LAB SEGMENT

  • [32:23] Less materialistic gifts are more fun to give and more fun to get

TODAY’S SMART SPRINT SEGMENT

  • [33:17] Share your gift ideas

Resources Mentioned In This Episode

BOOK - When Genius Failed by Roger Lowenstein

Social Security Administration detailed calculator

Story Worth

Perini Ranch - the mesquite smoked tenderloin is the best!

Tom Podnar The Furniture Guy - he makes beautiful barn wood signs

Cutco knives

Yootech wireless charger

Fracture Me

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM247.mp3
Category:general -- posted at: 6:00am CDT

With the holidays coming up shortly it can be a troubling time of year for many as they gather together with family that they may not see often. One way to make family time less stressful is by trying to understand differences in personalities. Everyone approaches life differently and it can be a challenge to understand why some people make the choices they do. Gretchen Rubin is the author of the book The Four Tendencies and joins me on episode 246 to discuss the four personality types that she outlines in her book. Understanding these can help you understand family around the holidays and even help prepare you for your retirement planning.

What are the 4 tendencies?

There are many personality tests that people and organizations use to help understand personal behavior. These can be great tools to help inform us of our own behavior and that of others. Gretchen Rubin has laid out 4 tendencies that help explain why people behave the way they do. The 4 tendencies are the upholder, the obliger, the rebel, and the questioner. Upholders meet outer expectations and inner expectations they set for themselves. Obligers meet outer expectations but struggle to meet inner expectations. Rebels resist both inner and outer expectations, and questioners question all expectations, even their own! Listen to this episode to help you understand which tendency you are.

How do the 4 tendencies differ from other personality tests?

Each personality test is different and can teach you something about yourself and others. They all have their own vocabulary and pinpoint different aspects of people’s nature. Each one can tell you something about yourself. They will all tell you something but none of them will tell you everything. Understanding your tendency can help you understand how to achieve a goal or decide what type of accountability you need to get things done. When creating your retirement plan you can use your tendency to help you harness your strengths and understand your weaknesses.

How can understanding the 4 tendencies help your retirement planning?

Planning your retirement is really planning a change in your lifestyle. Attaining more time freedom leaves you time to pursue your dreams. But having more time freedom doesn’t necessarily mean that you will achieve all of your hopes and dreams. Understanding your tendency can help you meet your retirement goals. For example, obligers often feel that they will be able to tackle everything once they have more time. But then they find that they disappoint themselves because without external accountability they often have a hard time attaining their goals. Have you ever set a goal for yourself that you didn’t achieve?

Should you moderate your tendency or own it?

Each tendency comes with its strengths and weaknesses. Understanding your strengths and weaknesses as well as those of your family members can help you relate to others. Learning how to harness your strengths can help you achieve your goals. Once you understand more about yourself then you can find tools that help you move forward to achieve your goals. You will still have weaknesses but knowing how to navigate them and create solutions will help you do all the things you want to do. Listen to this episode to hear how to apply the 4 tendencies to your life and relationships and rock retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:24] People approach life and their problems differently
  • [5:45] Nichole and Roger took the personality test

PRACTICAL PLANNING SEGMENT

  • [9:49] How do the 4 tendencies differ from other personality tests?
  • [13:37] What are the 4 tendencies?
  • [15:47] Understanding these can help you better yourself
  • [17:43] How can understanding the tendencies help someone navigate change?
  • [22:08] Should you moderate your tendency or own it?
  • [24:53] Know yourself and your partner

THE HAPPY LAB SEGMENT

  • [27:48] What are you going to do to be happy over the holidays?

TODAY’S SMART SPRINT SEGMENT

  • [29:56] Learn more about yourself and your spouse

Resources Mentioned In This Episode

The Four Tendency Quiz

BOOK - The Four Tendencies by Gretchen Rubin

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page



Direct download: RAM246.mp3
Category:general -- posted at: 6:00am CDT

Welcome to the Halloween edition of Retirement Answer Man. On this spooky episode, I regale you with 4 scary retirement stories that will haunt you. You’ll want to make sure that you don’t end up living one of these retirement nightmares. You can begin by listening to the Hot Topic segment to discover what solutions you can begin implementing if you are behind in your retirement savings. Listen to this episode now to hear 4 scary retirement stories to use as a cautionary tale for you to avoid a similar fate.

Are you one of the many that are behind in saving for retirement?

1 in 3 people has less than $5,000 saved for retirement! The ‘experts’ recommend that you have 1 million in savings by the time you reach retirement age. If you are in your 40s and 50s and you are behind in saving for retirement, then you know its too late now to really take advantage of compound interest. You may feel doomed, but there are ways that you can begin to turn your nightmare into an amazing retirement. If you are feeling a bit behind the retirement 8-ball then make sure to listen to this episode of Retirement Answer Man to hear 3 things you can begin doing right now to prepare for an awesome retirement.

What is the best investment that you can make?

Many couples get divorced in the empty nest cycle of life and even more wait until the retirement phase. Once they realize that they have 20-30 long years ahead with their spouse they head for the hills. As bad as a divorce is, it is even worse later in life. Not only is there the huge emotional toll but the older you are the bigger the financial ramifications are as well. Your earning power is quite limited and having to split your savings can bring about financial ruin. Invest in your relationship now to ensure a happy retirement is in your future.

Have you built yourself a financial cage?

Our economy is scientifically designed to suck money out of your wallet. Advertisers manipulate your emotions to get you to spend money. With the ease of Amazon Prime and Apple Pay, there’s no more distance between the thought of buying something and actually doing it. Many buy the toys to create all the fun right before retirement. You then have to end up working longer because you become a slave to your stuff. Vacation homes, outdoor kitchens, and RV’s bring about dreams of good times, but make sure you can actually afford them before you end up trapped in a scary retirement story of your own.

Natural savers are used to delaying gratification, but for how long do you delay?

Automatic savers sometimes have trouble easing themselves into retirement. When you are used to constantly saving and delaying gratification, making the transition to spending your savings can be scary. Many natural savers end up working longer because they can’t bear the thought of dipping into their hard earned savings. But then they wake up one day and realize they won’t be able to spend all of their money. It can be a challenge to find the right balance between saving and spending, but in order to rock retirement, you’ve got to learn how. Listen to all the spooky retirement stories on this special Halloween edition of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:38] Do you have the ‘recommended’ amount saved for retirement?
  • [5:51] How to turn your nightmare into an amazing retirement

PRACTICAL PLANNING SEGMENT

  • [9:24] Many get divorced in the empty nest cycle of life
  • [14:56] Have you built yourself a financial cage?
  • [19:07] Baby boomers have student loans 
  • [21:54] Vacation homes are something people buy right before retirement
  • [23:59] Natural savers are used to delaying gratification

THE HAPPY LAB SEGMENT

  • [26:08] Eat some Halloween candy to cheer up from those scary stories!

TODAY’S SMART SPRINT SEGMENT

  • [27:07] Spread your candy eating out over the next 7 days

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM245.mp3
Category:general -- posted at: 6:00am CDT

As exciting as it is, the thought of retirement can be a scary one. By the time you reach retirement age, it seems like you have life all figured out. Now you’ll have to start all over again in the big, scary unknown. Why should you leave the comfort, income, and respect that you have in your career for a life of instability and the unknown? Listeners share their worries as well as their hopes for retirement in the practical planning segment and I discuss the sunk cost fallacy and how it pertains to retirement on the hot topic segment. Listen to this episode of the Retirement Answer Man to ensure that you don’t fall for the sunk cost fallacy.

What is the sunk cost fallacy?

Have you ever held onto a stock that was tanking? Even though you knew you should sell, you just couldn’t let it go for pennies on the dollar. Sometimes we feel that because we put money, time, or effort into something that we value more than it is really worth. The truth is we only have what we have today. What something was worth yesterday, last week, or last year doesn’t matter anymore. Listen to this episode to hear what the sunk cost fallacy has to do with you and your retirement.

How sunk cost bias can color your decisions to retire

We all have a sunk cost in where we live, where we work and in our status quo. It can be hard to let these things go and embrace the unknown of retirement. It's easier to just keep working, it’s the known thing, people respect and like you, and you have a steady paycheck. When you retire you give up a great income, friendships, and the respect of your colleagues. Don’t let the sunk cost bias influence your decision on retirement. Position your life so that it is where you want to be. Even though you’ll never feel 100% ready, retirement awaits.

Are you worried about increasing life expectancy?

Increasing longevity brings about an interesting paradox in retirement planning. On the one hand, living longer would be great, but on the other hand, how are you going to pay for it? Increasing life expectancy is actually one of the main concerns for many that are about to retire. People are worried that their money will run out before they do. Another concern for future retirees is health care, if you are interested in retiring before 65 then figuring out how to pay for health insurance is a big consideration. Many have even opted to just wait to retire until they are eligible for Medicare. What is your biggest retirement worry?

Pretirement can be a solution to many retirement worries

Increasingly people are looking to find a pretirement solution to ease their worries of too much freedom, not enough money, or health care woes. Pretirement appeals to those looking for more flexibility yet who are not ready for full-on retirement. One listener mentions that he’s not looking to retire by sitting on a beach in Florida. Retirement in this day and age is a whole different ball game. That’s why it’s comforting to have a tribe of people that are walking the same walk. Be sure to hop over to the Rock Retirement Club and get on the waiting list to join the club to help you ease your retirement worries.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:12] The sunk cost bias
  • [8:14] You’ll never feel 100% ready to retire

PRACTICAL PLANNING SEGMENT

  • [10:56] Wendy is in the pretirement phase of life
  • [13:36] Pretirement is a great way to ease retirement worries
  • [17:01] What do people miss about working?

THE HAPPY LAB SEGMENT

  • [22:27] The Rock Retirement Clubhouse construction is going well

TODAY’S SMART SPRINT SEGMENT

  • [24:31] Who is in your fab 5? Give them a call!

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM244.mp3
Category:general -- posted at: 6:00am CDT

Have you ever wondered what recent retirees wish they had known before they retired? Recently I asked a group of listeners what kind of resources they would get the most value from to help them prepare for retirement. I am creating an online club that will help you Rock Retirement. On this episode, I share with you conversations that I had with listeners about retirement hopes and fears. These listeners are close to retirement or recently retired. They discuss what they are most excited about and what their retirement worries are. Listen in to hear about retirement hopes and fears from real listeners as well as the exciting news about the Rock Retirement Club.

What is the Rock Retirement Club?

Coming in January 2019 is the Rock Retirement Club. This club is created for people just like you, people that like to do things for themselves, but don’t want to go it alone. This will be a premier platform where people can talk freely about retirement. Rock Retirement Club will be a community of like-minded people that share their dreams, aspirations, and fears about retirement. The Rock Retirement Club is meant to be an inspirational community where you don’t have to worry about a sales pitch at the end of the deal. Check out the website and entire your email to get on the waiting list for the open enrollment period to join the club.

What are people looking forward to in retirement?

In my discussions with newly retired folks and those that aren’t quite there yet I always wonder what they are looking forward to the most in their new phase of life. Ray is excited about the freedom it will bring. Stephanie is looking forward to following her passions. Paulette can’t wait to spend more time with family. Lee is simply looking forward to not having to manage people all the time. Listening to others’ excitement is so contagious. What are you looking forward to in your retirement?

What are people anxious about as they approach retirement?

Retirement is a time to live it up, enjoy freedom, and fulfill lifelong dreams, but it can cause a lot of anxiety too. Many people worry about how to make their money last. A huge worry for those that would like to retire early is healthcare. It’s such a big worry that some simply continue working. Lee worries that he will have too much idle time on his hands and be bored. Do you have any worries about retirement? Listen to this episode to hear if you can learn from others as they share their hopes and fears about retirement.

How do you know when enough is enough?

One question I ask those that I meet is: how do you know when you have enough? One of the biggest worries among retirees and future retirees is if their money will last them their lifespan. So how do they figure out when the right time to retire is? Some people are very calculated and have their savings and spending all mapped out. Others simply hope for the best. Figuring out how much you need to retire is a huge aspect of retirement. What about you? How will you know when enough is enough?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:22] What is the Rock Retirement Club?

PRACTICAL PLANNING SEGMENT

  • [4:21] Gary shares what he wishes he knew before he retired
  • [6:47] George discusses what surprised him about retirement
  • [10:07] Ray is excited about the freedom
  • [12:05] Stephanie can’t wait to follow her passions
  • [13:49] Paulette is looking forward to spending more time with family
  • [16:50] Susan is looking forward to more flexibility
  • [18:25] Lee is excited about not having to manage people anymore

THE HAPPY LAB SEGMENT

  • [21:12] Nichole has a fun fall tradition

TODAY’S SMART SPRINT SEGMENT

  • [23:25] Spend a bit of time acknowledging what you might be anxious about or excited about in retirement

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM243.mp3
Category:general -- posted at: 6:00am CDT

Debt is not a new invention, it has been around for thousands of years. But the modern idea of debt really came into being during the baby boomer generation. The availability of credit has made it so easy for anyone and everyone to get into debt. It comes as no surprise then, that debt among the 65 and over crowd is on the rise. The age-old question of whether you should pay off your house before retirement remains. On this episode, I attempt to answer this question to the best of my ability. If you have been wondering whether you should pay off your house, then you will definitely need to listen to this episode of Retirement Answer Man.

Debt has become the new norm

The availability of credit skyrocketed during the baby boomer generation. Suddenly everyone could buy anything they wanted on credit. People began to finance houses, cars, electronics, and education. Once you reach your 60’s your timeline of earning potential decreases and it is important to become intentional on how you use debt. Managing debt wisely can have a huge impact on your life. You don’t want to become one of the rising population of 60+ that has filed for bankruptcy. Listen to this episode to hear how to become intentional about debt.

Should I pay off my house?

Paying off the mortgage is a dream for many, but why? Many people have finally paid off all of their debts when they reach retirement age, so this leaves them with the question: should I pay off my house? On the one hand, there is one less payment to make each month. On the other hand, paying off the house takes away your savings. If there is a catastrophic event, then you may have to go back into debt to pay for it. Why do you want to pay off your house? Can you really afford it? Where will the money come from? Listen to this episode to hear what you should consider if you are thinking of paying off your house.

Should you pay down your mortgage and refinance?

Craig has come up with a strategy to pay down his mortgage and then refinance his home in the next 4 years. He is 62 years old and knows that there is no way he can pay off his house in the next 4 years, so he thinks that this could be a good plan. Some things he should consider are: what kind of house is it? Could he resize his house and maybe relocate? Does he have a decent amount in a tax-deferred account? He also needs to consider that he needs to refinance before he retires to make sure he has an income. Listen to this episode to help you develop your strategy for paying down your mortgage.

If an asset is tapped for providing an income stream, is it removed from your net worth statement?

Once an asset is tapped to provide an income stream it still has the potential to provide wealth. It should not be removed from your net worth statement. Part of agile retirement planning means that you should be tapping different assets to help you manage your pretax and post-tax assets. Another listener asked a great question about whether you should reinvest dividends, capital gains, and interest or leave them as cash in retirement. Listen to the answer to this question and more listener questions on this episode of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:22] The availability of credit skyrocketed during the baby boomer generation

PRACTICAL PLANNING SEGMENT

  • [6:56] Paying off the mortgage is a dream for many, but why?
  • [9:40] Should Craig pay down his mortgage?
  • [14:17] If an asset is tapped for providing an income stream, is it removed from your net worth statement?
  • [16:03] Texas teachers plan question
  • [18:02] Should you reinvest dividends, capital gains, and interest?

THE HAPPY LAB SEGMENT

  • [20:00] The 2018 annual pumpkin carving contest announcement

TODAY’S SMART SPRINT SEGMENT

  • [21:05] What is your mortgage pay down strategy?

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM242.mp3
Category:general -- posted at: 6:00am CDT

You Asked is back! On this episode of Retirement Answer Man, a listener asks an excellent question about ageism and whether it is possible to find meaningful work after 50. You may not have experienced ageism directly, but that doesn’t mean that it isn’t a problem. With the United States experiencing an increasingly aging population, there is a large percentage of the population over the age of 50 and that percentage will continue to increase. Listen to this episode to learn about ageism and what you can do to protect yourself against this form of discrimination.

With the American population increasing in age, ageism is a problem

Discrimination comes in all shapes and sizes and age is one of them. Ageism is discrimination that is specifically based on age, whether old or young. Finding a job after 50 can be a challenge. On average it takes someone over 55 3 months longer to find a job than a younger person. There can be all kinds of difficulties involved in trying to find work as an older person. An older person can be less likely to highlight all of the positives that they bring to the workplace. Listen to this episode to find out what you can do to be proactive about ageism and find or continue meaningful work after 50.

How can you be proactive in protecting yourself against ageism?

Some older individuals are less likely to highlight the amazing qualities they bring to the workplace. One way to ensure that you continue to stay employed is to make sure that you are appreciated in your work. Ensure that from an outward perspective people see all the good you do in your workplace. Another way to protect yourself is to expand your network to include those that appreciate you. Make sure that your resume and LinkedIn profile are always up to date. You will also want to continue your career development. This makes you more valuable to the company you work for. Listen to this episode to hear all the tips on how you can be proactive in protecting your future employment opportunities.

What are the differences between a SEP IRA and a solo 401K?

A SEP IRA stands for a Simplified Employee Pension plan. With a SEP IRA, you can contribute 25% of your total compensation up to $25,000. A SEP IRA is managed just like a traditional IRA. A solo 401k is a little bit different and you can’t have any employees with this 401k. It is like a regular 401k you in that you can make the typical contribution, but you can contribute up to $60,000. So you can defer a lot more with the 401k. If you are looking to shelter as much as you can then the 401k is a good idea. If you are a bit behind in planning then you may want to choose the SEP IRA. Listen to this episode to find out why.

How can one learn about asset-based long-term care insurance?

One listener asks about long-term care insurance. He would like to find an impartial website to learn more about it. There are two ways to buy long-term care insurance, you can either buy it as a rider to a life insurance policy or as its own separate entity. Unfortunately, everyone seems to have skin in the game so it can be hard to find an impartial source to learn more about long-term care insurance. If you sign up for 6 Shot Saturday, I’ll be sure to send you a link to what I have found. Listen to this episode to find out what I know about asset-based long-term care insurance.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [1:22] With the American population increasing in age, ageism is a problem
  • [8:25] How do you fight potential agism?

PRACTICAL PLANNING SEGMENT

  • [15:57] What are the differences between a SEP IRA and a solo 401K?
  • [20:33] Is meaningful work too hard to find after age 50?
  • [24:55] Where can one find an impartial website to learn about asset-based long-term care insurance?

THE HAPPY LAB SEGMENT

  • [28:31] Never stop learning

TODAY’S SMART SPRINT SEGMENT

  • [30:02] What can you do to make yourself more marketable?

Resources Mentioned In This Episode

BOOK - Lynchpin by Seth Godin

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM241.mp3
Category:general -- posted at: 6:00am CDT

Do you have too much stuff? Are you like me? Have you lived in your home for several years and have a lifetime supply of clutter? If you are planning on moving in retirement then you must purge some of this stuff. On the Hot Topic segment, I provide tips on purging. In the Practical Planning segment, I help you discover how to make the most of your new locale. Listen to this episode for valuable tips on decluttering your life, exploring whether relocating is right for you and learning how to make the most of your new locale.

How can you purge your stuff to set yourself up for a successful transition?

Purging is a must. Not only will you help with staging your house, but you will also have less to pack, you might earn a few bucks, and it will bring less stress in your move. It’s important to start decluttering early, it is too stressful to wait until the last minute. I’m trying to tackle purging a room a month, I don’t want to try to do too much all at once. Here are some questions to ask yourself when sorting through a lifetime of memories. When is the last time you used it? If you haven’t used it in the last year you probably don’t need it. Can you digitize it? Do you really need it? Has that season passed in your life? Listen to how I set up my 3 box system so you can learn to organize your purge on this episode of Retirement Answer Man.

How can you make a successful transition?

Combining two of the most stressful transitions in life together could be a bad idea. You may want to take them one at a time. Retiring will bring about a big change in lifestyle and it could be overwhelming to throw in a move on top of the new life dynamic. You could consider slowing down first and adjusting to retirement then relocate at a later time. This way you pace yourself as you tackle these transitions. Listen to this episode to hear how to make your transition to retirement and a new locale as seamless as possible.

How will you pay for it?

If you are looking to get a mortgage on your new home you need to be able to qualify for it. Mortgage companies use incomes as the primary factor in deciding who qualifies for a mortgage and many people get denied for mortgages even when they have a hefty net worth. Find out if a manual underwriter is what you need by listening to this episode. If you decide to pay cash how will you fund it? Should you draw from a retirement account? Do you sell your current home and use the funds from the sale to purchase the new home? Should you buy another home while you still own the home you're in? Listen to this episode of Retirement Answer Man to find out what the best way for you to pay for your next house

Are you sure you have chosen the right area?

Sometimes people buy the land to build a house or a retirement home early and then realize that they don’t really want to be in that area. Think to yourself if you really want to retire to that chosen locale. Have you spent enough time in the area to know the about community, the taxes, and the facilities? There is a lot to consider when choosing a new locale. You also need to think hard if your current house and neighborhood are that bad. Listen to this episode of Retirement Answer Man to help you choose your new locale, or even if relocating is the right choice for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:19] Do you have too much stuff?
  • [4:58] How can you purge to set yourself up for a successful transition?
  • [11:02] Should you sell or donate?

PRACTICAL PLANNING SEGMENT

  • [12:45] How can you make a successful transition?
  • [14:26] How will you pay for it?
  • [19:55] Are you sure this is the right area?

THE HAPPY LAB SEGMENT

  • [26:01] Think about your needs vs. wants are your wants distractions?

TODAY’S SMART SPRINT SEGMENT

  • [28:00] Take the purge challenge

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM240.mp3
Category:general -- posted at: 6:00am CDT

Where you live in retirement does not depend on the school district, your job, or having a bigger house for the kids. For the first time in your life you can live anywhere you want with no restrictions. If you are thinking of relocating in retirement then you’ll definitely want to listen to the Relocation in Retirement series of this show. On this episode, we’ll be discussing what the considerations are to finding the perfect place to retire. If you have been thinking that you may want to relocate when you retire then you will definitely want to listen to this episode and discover how to find the perfect place to retire.

Retirement and moving are among the top ten stressors, so why do both?

Most people decide to age in place, but there are many people that do wish to relocate as part of their retirement plan. Both retirement and moving among the top ten stressors that you can have in your life. So when you are talking about doing both and at the same time it can be a rough ride. This is why it is so important to go about retirement and moving with the right attitude. If you let the stress get to you it can be overwhelming, but if you bring the right perspective then relocation in retirement can be a wonderful choice. Listen to this episode to help you learn how to find your happy place to retire.

What are the motivators for moving in retirement?

People choose to move in retirement for a number of reasons. The home equity accrued can make up a large portion of your net worth. Your mortgage is probably pretty well paid down and in addition, right now, most home markets are doing quite well. This can be a big motivator to sell the house. Some people feel the need to ‘right-size’ their house. After the kids are grown many people end up with too much house, and along with that come big taxes and upkeep. By downsizing, you can save a substantial amount of money. What are your motivators for moving in retirement?

What should you look for in a forever home?

Once you make the decision to sell your house, what should you look for in a house where you plan to live for the rest of your life? You shouldn’t think about what suits your life just now, but how it will suit you on down the road when you become less mobile. Does it have attributes for you to age in place? You don’t want to have to deal with stairs as you age, so a multi-story home could be a challenge. You should also consider if the doorways are wide enough to accommodate a walker or wheelchair. Listen to this episode to hear all the considerations you may not have thought of when moving to a forever home.

What type of community are you looking for?

When choosing a different community to live in there are many things to consider. How close is it to the family? Kids and grandkids can be a big draw, but what happens if they decide to move? Cost of living is also a huge consideration. You probably don’t want to live somewhere that will break the bank. Living somewhere with a lower cost of living can completely change the way you live your retirement. You could stop working sooner, travel more, or spend money on extras. Another consideration is, what kind of community services are there? Look at hospitals, doctors, assisted living centers, or churches. Listen to this episode of Retirement Answer Man to find out all the things you need to consider when looking for the right place to retire.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:45] Retirement and moving are among the top ten stressors
  • [3:26] What are the motivators of moving in retirement?

PRACTICAL PLANNING SEGMENT

  • [8:21] Does it have attributes for you to age in place?
  • [9:55] Where are the kids?
  • [11:35] What is the cost of living?
  • [13:57] What type of environment are you looking for?
  • [17:13] What is the tax situation like?

THE HAPPY LAB SEGMENT

  • [18:38] What is the happiest thing about a relocation?

TODAY’S SMART SPRINT SEGMENT

  • [20:18] Think about where you would live if there were no constraints

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM239.mp3
Category:general -- posted at: 6:00am CDT

Although most retirees choose to retire in place, I have seen a significant number of my clients choose to move as they retire. Over the next three episodes, we will be discussing relocation in retirement. Retirement and moving are both on the list of top 5 most stressful life event so I want to arm you with as much information as possible to help you get through the challenge of moving in retirement. On this episode, we’ll discuss how to make the most out of the sale of your home. Listen to this episode to hear my special guests, Joe from the Stacking Benjamins podcast, and Mindy Jensen, from the Bigger Pockets podcast, they both give great advice on your home sale.

What are the motivations of wanting to move?

Why do some people choose to move at an already stressful time in their life? There are many possible reasons. Often the house they were living in was the one that they raised their children in and is now too big for the next stage in life. Now with retirement ahead, proximity to work or being in the right school district doesn’t matter. Some move to be closer to adult children and grandkids. And some people just want to be in a more desirable location. Listen to this episode to hear why many retirees choose to pack up and relocate

Tips for moving

Mindy Jensen, the author of How to Sell Your Home, joins me on the Practical Planning segment of the show to give tips on how to get the most out of your home sale. There are a lot of little things you can do to maximize the price and make a quick sale. A great way to start preparing your home for sale is to clean and declutter. No one wants to look at a dirty, cluttered house. If you can’t bear to part with your treasures, renting a storage unit is a great way to hang on to your memorabilia and keep a tidy, depersonalized home. Mindy has some great money saving tips on how to spruce up your house to get the most out of your home sale.

Why are you selling?

To maximize everything about your home sale you first need to understand why you are selling. If you want to sell your home quickly you should use a real estate agent. If you have plenty of time and want to do things your way you could try to sell your home on your own. Once you understand your reasons you can decide how to choose an agent if you choose to use one. Before listing your house you also need to do your own homework. Learn which agents are the best in your area to help you decide whether you want to go with a big name or whether you should choose someone that can devote more time to you. Listen to this episode of Retirement Answer Man to hear how to go about choosing a real estate agent.

To rent or not to rent

One of the trickiest parts of moving is the timing. How do you know when to look for a new house? Should you wait until after you’ve already sold your home? What if you have found the perfect house and your house isn’t even on the market yet? Should you rent a house while you look for the right one? There are so many questions involved when trying to figure out how to relocate. Unfortunately, there is no one size fits all answer, but there are some tricks to making the timing of the sale of your home as painless as possible. Listen to this episode of Retirement Answer Man to discover how to get the timing right on your home sale.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:30] What are the motivations of wanting to move?
  • [8:50] Joel Saul Sehy makes an appearance
  • [15:33] The Stacking Benjamins world tour
  • [20:33] Most people want to stay in place, but why would someone want to move
  • [25:30] Tips for moving

PRACTICAL PLANNING SEGMENT

  • [29:38] Mindy Jensen cohosts the Bigger Pockets Money podcast
  • [31:23] Should you use a realtor?
  • [38:01] What do you do to improve to sell your house?
  • [44:55] Take honest photos
  • [47:33] Pricing the house correctly is important
  • [50:45] Should you sell then rent?

THE HAPPY LAB SEGMENT

  • [54:52] I try my hand at some jokes

TODAY’S SMART SPRINT SEGMENT

  • [56:10] Share some funny jokes with us on Facebook or Twitter

Resources Mentioned In This Episode

Stacking Benjamins Tour

Bigger Pockets Money Podcast

BOOK - How to Sell Your Home by Mindy Jensen

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM238.mp3
Category:general -- posted at: 6:00am CDT

For many retirees, retiring is more about time freedom rather than not working. This is why so many people decide to become entrepreneurs and enjoy a pretirement phase of life. My guest on episode 237 is author Mike Michalowicz who helps entrepreneurs learn how to step away from their business. He is the author of three fantastic entrepreneurial books and he has a new book that just released called Clockwork. Clockwork is a book that helps entrepreneurs design a business that runs itself. If you are thinking of starting your own business or are already in your pretirement phase, you’ll want to hear this interview. Listen now to hear Michael explain why you should be able to step away from your company by designing a business that runs itself.

How to automate your business

To run a business on automatic you first need to train your mindset. Without the proper mindset, you won’t be able to spark the idea of automating your business. To get the business to move forward to where you really want it to be you have to get other people to do work in the business. Running a business on automatic doesn’t necessarily mean that there are robots involved, although there are many automated systems that can help achieve this. An automated business means that there is a consistent, predictable outcome without effort from the owner. Listen to this episode to hear why the entrepreneur’s job should be to achieve the predictable outcome achieved by automating the business

Why do entrepreneurs end up working harder than if they just had a job?

Many entrepreneurs start a business with everything they’ve got. They work so hard to get their business off the ground that they think they must continue to do everything on their own. This isn’t true. Oftentimes, the owner’s way of doing things isn’t even the best way. As your business grows it is important to be able to hire people to specialize in certain areas so that you don’t have to be the one doing everything all the time. Being able to remove yourself from your business for a period of time is a great way to determine just how successful the business really is. Listen to this episode to hear Michael Michalowicz describe why it is important to learn how to step away and create a business that runs itself.

The 4-week vacation

Just about every element of most businesses happens during a 4-week period of time. This is why Mike suggests that preparing your business for a 4-week break from you is a great way to judge if you really have freedom from the business. This means there are several aspects to your company that must become automated. If an owner can remove him or herself for this amount of time then it is a business that can run itself. While you are taking this vacation, the time off can give you a completely different perspective on your business. Listen to this episode to hear how Michael Michalowicz describes why a 4-week vacation is exactly what an entrepreneur needs.

Your business is only worth what someone is willing to pay for it

Many entrepreneurs are so involved in their business that there is no way to extract the owner from the business itself. This makes the company worthless from a sales standpoint. By making the company all about the owner, you are actually making it impossible to sell. When entrepreneurs go to sell their business they often think of the blood, sweat, and tears that went into it and base their sale price on that. But this is not the true value of the business. The only amount a business is worth is the amount that someone is willing to pay for it. Listen to this episode to hear how Michael Michalowicz explains how to increase the value of your business.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [2:22] The earlier you start getting your business processes in place the better off your business will be
  • [6:28] Mike Michalowicz discusses his new book, Clockwork
  • [8:10] Why do entrepreneurs end up working harder than if they just had a job?
  • [10:08] Mike defines the term “automatic”
  • [11:18] The 4-week vacation
  • [20:46] Your business is worth only what someone is willing to pay you
  • [23:40] What makes 4 yr olds happy?
  • [25:06] What can you do to start extracting yourself from your business

Resources Mentioned In This Episode

BOOK - Clockwork by Mike Michalowicz

BOOK - Profit First by Mike Michalowicz

BOOK - The Pumpkin Plan by Mike Michalowicz

Roger’s YouTube Channel - Roger That

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM237.mp3
Category:general -- posted at: 6:00am CDT

Have you ever rented a vacation home for a large family gathering? Or have you invited friends to come to visit you while you’re in a vacation rental? That is what my wife and I have decided to do next summer. On this episode of Retirement Answer Man, I give tips for finding and renting a vacation home. During the practical planning segment, I answer several listener questions since this is the last episode of the 5-week You Asked series. Listen to episode 236 to hear the answers to thoughtful listener questions as well as tips for renting a vacation home.

What kind of experiences have you created with your loved ones?

When all is said and done and you have left this earth, what will your loved ones remember of you? We would all like to leave something behind for our children to enjoy, but nothing can be as important as wonderful memories. If you know that you will be able to leave your children a bit of inheritance, why not take some of that money and create beautiful experiences with them. One way to do that is by taking trips as a family or setting up a way to enjoy your loved ones in a fun setting. My wife and I have recently booked a vacation home for rent in Colorado next summer. Listen to this episode to hear how we did it and the experiences that we are trying to create.

Tips for finding a vacation home to rent

Finding a vacation home to rent is much easier than it used to be. There are many different websites that you can use to find a vacation rental. Look at as many different resources as you can, like HomeAway, Airbnb, and VRBO. Make sure you book in advance to ensure availability during the time you would like. One way to save money is to plan your vacation just before or just after the peak season. This way you can usually still enjoy the great weather and activities that a place has without the crowds and the hefty price tag. Another thing you may want to consider is the logistics of travel. How easy is this place to get to? Will your family be able to come? Listen to this episode to hear these tips and more for renting a vacation home.

What do you do if there is a market correction right before you decide to retire?

One listener asks how they can prepare for a market correction that may occur right as they get ready to retire. This is where agile retirement management plays a big role. With agile retirement planning, you are always testing your retirement plan. Another way to prepare for this scenario is to have plenty of cash reserves built up before you reach the time of retirement. Another way to be prepared is to become increasingly conservative with your investments during this time of change. This will help to ease your worries in case anything should happen. Listen to this episode to hear more ways to prepare for any eventuality during your transition to retirement.

What can you do when you inherit a large sum of money?

If you inherit or receive a large sum of money it is important to think tactically. Using a process strategy leads to tactics that you can use to plan what to do with the money. First, you should think about where are you in your life and what you want to accomplish in the next 3-5 years. What does your net worth statement look like? After thinking about these things then you really only have 5 choices. You can spend it, put it in cash savings, pay down debt, give the money away, or invest it. Any time a client receives a lump sum I walk them through this process to help them move forward. Listen to this episode to hear how I help clients strategize what to do with their money.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:23] A great way to spend time with loved ones is by creating experiences
  • [7:00] Tips for finding a vacation home to rent

PRACTICAL PLANNING SEGMENT

  • [14:36] What tax strategies can one use to lessen the burden of taking 2 RMDs?
  • [16:50] Confidence ratio is good but then there is a market correction
  • [20:14] What can you plan for when you inherit a large sum of money?
  • [23:50] What is Roger’s take on annuities?

THE HAPPY LAB SEGMENT

  • [27:30] Let’s think about our first cars

TODAY’S SMART SPRINT SEGMENT

  • [30:22] Know what your realized capital gains are in your taxable accounts

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM236.mp3
Category:general -- posted at: 6:00am CDT

On Episode 235 of Retirement Answer Man, I share helpful tips on adulting. Some of us in our 50s and 60s may not have everything in life figured out quite as much as we thought we would by now. I discuss an article that I read recently that has adulting tips that actually include great advice and I add in some (expert) advice of my own. This episode is the third episode in the You Asked series and our listeners continue to ask fantastic, intelligent questions. To hear the answers to these interesting listener questions as well as hearing some great life tips, listen to this episode now.

Adulting tips

You would think that by the time we are in our 50s and 60s we would have this life thing all figured out. Well, sometimes I do feel that way and sometimes I don’t. It’s great to be reminded of what we can do to make the most out of the one life we have. Number one on the list is: what you do every day is more important than what you do once in a while. What are you doing every day to improve your life? Listen to this episode to hear more tips like how every medicine can become poison, why you should play your own game, and how you will find what you seek.

What questions do I wish a prospective client would ask?

We have a list of questions on our resources page that you can use to ask potential advisors in your interviews with them. But one listener asks what I would like a prospective client to ask me in our initial interview. Truthfully, I would like potential clients to listen more than ask. Listen to your advisor's worldview. Do their views line up with your own? Are they talking gloom and doom or rainbows and butterflies? You also need to find out how they view retirement. Are they speaking purely in numbers, or do they take a holistic view in retirement planning? Listen to this episode to hear how to listen to your potential financial advisor.

What steps should someone put in place for late retirement years?

One listener asks an important question in regards to late retirement years especially as cognitive control may diminish. They ask how one can plan for decreased cognitive function in later years. What can we do to prepare our finances and our well being? This is a great question that I would like to explore deeper in a separate series. There are some things that you can do in advance to prepare for this eventuality. You can start by researching your healthcare network, touring care facilities before you need them, and finding a trusted third party to become involved in financial decisions. Listen to this episode to hear the full answer to this important question.

Where should you invest when stocks and bonds are questionable?

Nothing is certain about investing. This is why it is so important to diversify. One listener is worried about investing in stocks and bonds and would like to know where else they can invest. It is important to remember to always think about your balance sheet and not simply about asset allocation. First ask these questions, how much cash reserves do you need? How much money do you need to pay yourself? How much extra do you need? What are your long-term assets and how do you allocate them? Then you can look at how well you are diversified. There are different classes of stocks and bonds that can give you a large variety. If stocks and bonds still worry you then you can look into real estate. Listen to this episode to hear the answer to all the different layers that there really are to diversification.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:42] Tips for being a better adult

PRACTICAL PLANNING SEGMENT

  • [11:55] What questions does Roger wish a prospective client would ask?
  • [15:03] What steps should someone put in place for late retirement years?
  • [20:17] Where to invest when stocks and bonds are questionable?
  • [25:33] Some social security calculators you can use

THE HAPPY LAB SEGMENT

  • [27:22] Get outside and socialize and get dirty

TODAY’S SMART SPRINT SEGMENT

  • [28:33] Get the social security calculator from 6 Shot Saturday to help you calculate your Social Security benefit

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM235.mp3
Category:general -- posted at: 6:00am CDT

August is listener question month on Retirement Answer Man. The You Asked series devotes the entire 5 weeks to answering listener questions. During the hot topic segment, I discuss an interesting article that I read recently about the stats of alcohol abuse in retirement. You may be surprised to find out that over 3 million older adults abuse alcohol. You may even know someone that abuses alcohol yourself. Alcohol abuse is a concern for many retirees, listen now to hear many fantastic listener questions and to hear the main reasons that older adults abuse alcohol.

The main reasons for alcohol abuse among retirees

3 million Americans over age 65 abuse alcohol. There are many different reasons that may contribute to alcohol abuse among retirees. Studies have found that involuntary retirement leads to excess drinking. If you weren’t ready to retire or forced out of your job, you may be apt to drink too much. Another reason for alcohol abuse is your social network. If you live a party lifestyle then your friends may drink more and lead you to drink more. There are many retirement communities that enjoy that party atmosphere. Listen to this episode to hear the other reasons that may contribute to the high stats of alcohol abuse among retirees.

What is the best way to buy a home in cash?

One listener asks how to buy a home in cash when using the assets of the house he is in. He is trying to not be limited by the time frame from the sale of his house. There are a few ways around this. One way is to sell your home first and then live with relatives or find a rental. Another way is to take out a bridge loan. If you have a relationship with your bank or credit union this may be a good choice. Another way is to obtain a line of credit on your current home. Listen to this episode to hear if the last way is the right way for you.

How do you make your 401k and IRA into an income stream?

Be careful when thinking of creating an income stream from your 401k or IRA. Creating an income stream is traditionally how we think about getting income from a portfolio. But that is a dangerous way for baby boomers to think about retirement income because it can lead to investments that may have a lot of yields but have their own risks associated with them But on the other hand, if you just start taking funds out of the IRA or 401k the money could eventually run out. The core investments in your portfolio need to be about total return rather than income investments. This will help you grow your assets. Listen to this episode to hear how to take a more holistic approach to your retirement spending.

What are the pros and/or cons of setting up a gift annuity for charitable giving?

Just what is a charitable annuity? A charitable annuity is usually created after someone receives a large, highly-appreciated, taxable asset. One way to give to a favorite charity and get more from a tax perspective is to gift the asset to a charity and in turn, receive an annuity for the expected duration of your life. This is really a legacy issue and could be considered if you have the desire and wherewithal to do it. The annuity is taxed in different ways, but you would get a sizeable deduction for a portion of the gift. Listen to this episode to hear more about annuities and a lengthy answer to a tricky bond question.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:17] What are the main reasons for alcohol abuse in retirement?
  • [7:55] Almost half of Americans shop online while drunk

PRACTICAL PLANNING SEGMENT

  • [10:24] What is the best way to buy a home in cash without having to wait for the sale of the other home?
  • [13:34] A social security clarification
  • [14:49] How do you make your 401k and IRA into an income stream?
  • [18:18] What are the pros and/or cons of setting up a gift annuity for charitable giving?
  • [22:02] A bond question

THE HAPPY LAB SEGMENT

  • [29:54] Treat people the way you want to be treated

TODAY’S SMART SPRINT SEGMENT

  • [31:20] How can you practice self-control?

Resources Mentioned In This Episode

Retirement and Alcohol Abuse article

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM234.mp3
Category:general -- posted at: 6:00am CDT

Episode 233 is the second episode in the You Asked series. During the entire month of August, I answer listener questions. In the hot topic segment, I confront the constant precursor that begins every financial conversation - “Given this market.” What does this phrase really mean? Why are people suddenly concerned with the markets now, should they be, and just what markets are they talking about? During the practical planning segment, I get the opportunity to answer several interesting listener questions. You won’t want to miss this episode. Listen now to learn about ‘this market’ and investing for retirement.

Given this market . . .

People think there’s something special about the markets right now, but the truth is, there has always been something going on with ‘this market.’ We had inflation in the 80s. The early 90s presented us with massive corporate layoffs. In the late 90s, we had the tech boom. Real estate was down, then it was up, then it was way up, then down again. We will always feel worried about the things that we can’t control. The most important way to combat ‘this market’ is by diversifying and managing your balance sheet, not just your investments. Listen to this episode to learn why you should be mindful of ‘this market’ all the time and to hear what you should be doing to help you in ‘this market.’

What market are you talking about?

When you preface the investment question with ‘given this market,’ just which market are you talking about? The market is not just the S&P 500. There are so many different markets out there. If you have a well-diversified portfolio then you should have investments in a range of markets. Yes the S&P 500 has had an average rate of return of over 10% over the past 10 years. It has been a nice long run. But this only includes U.S. stocks. The global market has only had an average rate of return of over 2.8%. It is important to know where your money is invested and just how diversified your balance sheet really is. Listen to this episode to hear why it is so important to have an agile approach when investing for retirement.

Why is it so important to have an agile investment practice?

The first thing to consider when investing for retirement is to know what kind of life you want to live in retirement. Next, you need to be agile. Your investment practice should be agile enough so that you can move with ease and without worry when one market gets a bit hairy. Lastly, you must pay attention. Paying attention to what is going on with your balance sheet will allow you to make little adjustments along the way. Investing for retirement is not a sure thing which is why it is so important to diversify and to stay on top of what is happening in ‘this market.’ Listen now to find out how to keep your retirement investment practice an agile one.

My listeners ask the best questions

Are you curious about 401k’s or Roth IRA’s? Do you know about the backdoor Roth IRA? One listener asks about the best way he should be investing for retirement. Have you ever considered buying a small home overseas to use for part of the year? Is this a good idea? When is it a good time to take social security early? What should you do if you get laid off at age 60? I answer all of these questions and much more on the practical planning segment. Listen now to hear my best answers to interesting listener questions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:39] Why do we always preface our investment questions with ‘given this market’?
  • [4:14] What market are you talking about?
  • [7:18] Why is it so important to have an agile investment practice?

PRACTICAL PLANNING SEGMENT

  • [12:15] Should we put more into Roth than 401K?
  • [16:59] How to invest a large lump sum for retirement?
  • [19:33] How to purchase a small apartment overseas
  • [22:08] When is it a good time to take social security early?

THE HAPPY LAB SEGMENT

  • [25:38] Think about what does this make possible?

TODAY’S SMART SPRINT SEGMENT

  • [27:54] Respond to our email so we can work to serve you better

Resources Mentioned In This Episode

Episode 231 on Maximizing Social Security

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM233.mp3
Category:general -- posted at: 6:00am CDT

This month on Retirement Answer Man we are focusing on you! We will be answering listener questions all month long. Since we just finished the Maximizing Social Security series I will answer some social security questions on this episode while the information is still fresh in our minds. If you had any more questions after listening to the Maximizing Social Security series then you will definitely want to listen to this episode to hear some excellent listener questions that I answer to the best of my abilities. Listen now to learn more about social security benefits.

Why should you have an agile retirement plan?

Have you ever wondered how are you doing relative to your peers? We all want to know how we are doing in comparison to our peers. When it comes to retirement savings sometimes it can be hard not to compare ourselves to others. But the truth is other people are on a completely different journey in life. It is important to be agile in your retirement planning so that you are ready for whatever obstacles may arise. Almost half of people end up leaving the workforce earlier than they had planned. This can be due to disability or a layoff from a decline in their field. Listen to hear some interesting facts about retirement to help you understand that it is important to have an agile retirement plan in place.

How do you calculate opportunity costs?

When trying to plan your retirement one challenge is factoring in when to claim social security and when to begin drawing on your own investments. One listener would like to know how to calculate these costs. No one can predict exactly what the market will do, but you need to look at specifically where the money is coming from. The first thing you should think about is: is the money coming from pretax assets or is it taxable? Another factor is whether you are married or not since this will bring spousal benefits into play. Listen to this episode to hear what else you should consider when calculating opportunity costs.

When is the best time to take survivor benefits?

A listener whose husband passed early on asks about survivor benefits. She is only 50 and wonders when the best time to draw survivor benefits is. The answer is different in each situation. Survivor benefits can start at age 60, but it may be a good idea to wait and claim it until full retirement age. You could claim your own benefits at age 62 and then wait until 66 to get the survivor benefits. Or you could do the reverse, you could claim survivor benefits starting at age 60 and then wait up until age 70 to claim your own benefits. One thing to remember is that you cannot double dip. Listen to this episode to hear more about social security benefits.

Can my husband file for social security and then suspend?

One listener asks about the file and suspend strategy for social security that has been used in the past. The social security administration has closed many of the loopholes that were once in play. File and suspend was one of these, so this strategy is no longer an option. Now your spouse must wait until you claim your benefits to receive spousal benefits. Another listener asks about inflation. Inflation is calculated into social security, but I’m not sure exactly how. Listen to hear the answers to all of these excellent listener questions and more on this episode of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:06] How are you doing relative to your peers?
  • [8:02] Almost half of people leave the workforce earlier than they planned

PRACTICAL PLANNING SEGMENT

  • [12:00] If I defer my social security benefit until full retirement age can my wife claim half at 62?
  • [13:23] Is your social security income adjusted for inflation?
  • [14:58] How do you compare taking social security early as to withdrawing from investments?
  • [19:37] Can my husband file for his benefit early and then suspend it after I start receiving spousal benefits?
  • [21:32] A question about survivor benefits

THE HAPPY LAB SEGMENT

  • [24:35] If you want to live a happy sometimes you have to laugh at yourself

TODAY’S SMART SPRINT SEGMENT

  • [27:00] There is always someone that needs a little more grace, give it to them!

Resources Mentioned In This Episode

20 Retirement Stats That Will Blow You Away article

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM232.mp3
Category:general -- posted at: 6:00am CDT

Welcome to the final episode of the Maximizing Social Security series. In this episode, we get down to business. When do you file? How do you make this decision? If you are wondering these things then you need to listen to this episode. During the Practical Planning segment, I welcome social security guru, Devin Carroll. He has been studying social security for years and even has a book dedicated to learning the basics of social security. You won’t want to miss this final episode which answers your big questions about social security: when to file, when to relax, and when to panic. Listen now help you discover your best social security strategy.

How do you make the decision of when to file for social security?

The big question is when do you file for social security. Unfortunately, there is no easy answer. There are many things to consider, but ultimately you need to think about what your ultimate goal is. It’s not just math. What is your confidence level in your retirement? Taking full retirement social security benefits can give you more confidence in retirement. Understand what it is that you are trying to accomplish when considering whether to file early or wait until full retirement age. When you factor in your big picture then when to file could be a game changer. Listen to this episode to help you understand this multidimensional issue and help you rock your retirement.

What are some things to consider when trying to decide the best time to file for social security?

There are many factors to consider when trying to decide the best age to file for social security benefits. Some considerations are: will you have additional income? How is your health? How is your spouse’s health? What is the age difference between spouses? Do you really need the money? There are also tax implications to consider. If you fall into a certain income class then you could be taxed on 85% of your social security benefits. This could really affect your taxes and your IRAs. Before you decide when to file for your social security benefits, be sure to consider all of these questions. Listen to this episode to get a boost in your social security education.

In what situation would it be smart to file for social security benefits as early as possible?

You can file for social security benefits as early as age 62. You will not receive your full retirement benefits at this age, but there are some situations where this may still be a good choice. One mistake some people make is that they file for their social security benefits rather than disability if they can’t keep working due to a disability. If a disability is keeping you from working, be sure to file for disability benefits instead. If you really need an income, then filing at age 62 is a smart choice. Listen to this episode to hear all the reasons that you may consider filing for social security as early as possible.

How does retiring while in your peak earnings years impact your social security benefit?

Many people want to retire early. But does retiring while you are in your peak earning years impact how much you will receive for your social security benefit? Most of us still have 35 years of work history behind us by the time we are considering taking an early retirement, but these years often include low wage jobs. Retiring early can impact your social security benefit. But unfortunately, there is not a good way to estimate how it would affect your benefits. Devin would love to create a calculator to help others estimate the difference in benefits to help others. Listen to this episode to hear how your benefits could be affected by retiring early.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:32] How to make this decision for you?
  • [7:18] What are some things to consider?

PRACTICAL PLANNING SEGMENT

  • [8:28] How does Devin Carroll help people choose social security strategies?
  • [11:00] What situation would it be smart to file as early as possible?
  • [15:39] How do you navigate who takes what benefit when in a spousal situation?
  • [17:34] There are some uninformed reasons to file early
  • [19:08] Survivor benefits
  • [27:04] How does retiring while in your peak earnings years impact your social security benefit?

THE HAPPY LAB SEGMENT

  • [31:22] Nichole is reading Oola For Women

TODAY’S SMART SPRINT SEGMENT

  • [32:55] Send us a question that you want to be answered

Resources Mentioned In This Episode

Devin’s website: Social Security Intelligence

BOOK - Social Security Basics by Devin Carroll

Devin Carroll’s podcast - Big Picture Retirement

BOOK - Oola For Womenby Dave Braun

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM231.mp3
Category:general -- posted at: 6:00am CDT

This month on Retirement Answer Man we are maximizing social security benefits. All month long we are discussing the ins and outs of social security. The government doesn’t make anything simple, and social security is no different. So be sure to catch the entire series, beginning with episode 228 to fully understand the complexities of social security and how to maximize your benefits. This episode is dedicated to learning how earning income during retirement can impact your social security benefit amount. Listen to this episode to help you learn how to maximize your social security benefit and rock retirement.

This feature of social security is underappreciated

Did you know that social security is adjusted for cost of living? This added benefit was added in 1975. Each year social security is increased by COLA or cost of living adjustment. Since 1975 the average COLA increase has been 3.9%. This sounds awesome, right? The past 20 years the inflation increase has only averaged 2.1%, and in the past 10 years, we have only seen an increase of 1.7%. Well, at least it’s something! Listen to this episode of the Maximizing Social Security series to learn more about your social security benefit.

What happens if you take social security prior to your full retirement age?

Not everyone wants to work until the full retirement age of 66. The goal for many of us is to retire early. If you decide to retire early and take social security benefits starting at 62 or any time before age 66 you will receive less than the full retirement amount. Another penalty that you will incur is that if you earn over $17,040 your benefit will be reduced by one dollar for every 2 that you make over that amount. The government will eventually make it up to you over time, but of course, it will be rather complicated and paid out over 15 years. Listen to this episode to help you understand the social security complexities of taking early retirement.

If you work until full retirement age you could get the best of both worlds

Ideally, social security is not to be drawn until the full retirement age of 66. You will receive a higher benefit and you can earn as much as you want without a benefit reduction. This is why I am a huge proponent of pretirement. Taking on some sort of pretirement work like consulting, part-time work, or starting your own business offers an alternative to taking your retirement early and reducing your benefits. Are you ready to rock retirement? If so, listen to this episode to begin maximizing social security benefits.

What happens to your social security after full retirement age?

Although you receive your full benefit amount at age 66 this doesn’t mean that it’s all yours free and clear. Part of your benefit is taxable if you earn over certain amounts. For example, if you earn between $25-34,000 you will be taxed on half of your social security benefit. If you earn more than $34,000 then you will be taxed on 85% of your social security check. Each situation is different, so that is why it is so important to use more than simply numbers to decide when you want to start rocking your retirement. Start your social security education today by listening to this episode of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:17] This is a feature of social security that most don’t think about
  • [6:46] How is cola calculated?

PRACTICAL PLANNING SEGMENT

  • [10:05] What happens if you take social security prior to your full retirement age?
  • [14:55] If you work until full retirement you could get the best of both worlds
  • [15:30] What happens to social security benefits after full retirement age?

THE HAPPY LAB SEGMENT

  • [19:40] Go get a little kookie

TODAY’S SMART SPRINT SEGMENT

  • [21:14] Evaluate what type of income you may earn from age 62 on

Resources Mentioned In This Episode

Social Security Administration website

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM230.mp3
Category:general -- posted at: 6:00am CDT

Social security is an important part of retirement even if you have plenty of assets. That is why we are dedicating the whole month to learn how to maximize your social security benefits. This is the second episode in the four-episode series in which we discuss the best social security benefits calculators. This may not be the most exciting topic, but it is important to learn how to get the most out of your social security benefits. Listen to this episode to hear how to find the best social security calculators as well as how to use them.

How to protect your social security

Protecting your social security number is so important to keeping your identity and benefits safe. 158 million people had their social security number exposed just last year. That’s half the population of the country! There are a few protective measures that you can take to guard your social security number. You don’t need to carry your social security card with you at all times since it can easily get stolen. Instead, leave it at home in a safe place. Some organizations like medical offices ask for your social security number but don’t actually need it. You don’t have to give it to them. Listen to this episode to hear more tips on how to keep your social security number safe.

How to calculate your benefits

The social security administration is a great resource you can use to calculate your benefits. They send you a yearly statement with your lifetime earnings as well as a projected benefit amount. The important thing to remember is that the benefit amount they use assumes that you will continue to earn the same amount that you are earning right now all the way until you reach full retirement age. So if you plan on retiring early or taking a pretirement phase where you are not earning much then that number will change. Listen to this episode to hear how you can calculate your benefits if you plan to retire early or enjoy pretirement.

If you download your statement make sure to encrypt it

You can download your social security statement to your computer by going to the social security administration’s website. If you choose to do so, it is important to protect the file. Your social security statement is a treasure trove of information. It has such goodies as your name, address, the last four digits of your social security number, and your earnings from an entire lifetime. If you have your statement downloaded on your computer it is important to password protect the file to avoid all of that information being stolen by hackers. Learn how to password protect it on a Mac by listening to this episode.

What kinds of calculators should you use?

Ssa.gov has benefits calculators that can help you estimate your benefits based on your earnings. If you are going into pretirement or plan on retiring before full retirement age you will want to use their detailed calculator. This will give you the most precise estimate of what your benefits will be. You actually have to download the calculator onto your computer which brings another layer of complexity to things as only the government can do. The detailed calculator can help you decide when would be best for you to retire. There are several other calculators both on the social security administration website as well as through private organizations. Listen to this episode to hear which calculators you should use to help you understand when the ideal time to retire will be for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:52] Protecting your social security number so important

PRACTICAL PLANNING SEGMENT

  • [11:04] How to calculate your benefits
  • [15:08] If you download your statement password protect it
  • [16:22] What kinds of calculators should you use?
  • [19:56] A lot of financial planning is about maximizing the numbers
  • [23:55] What are some other websites that can help calculate your social security benefits?

THE HAPPY LAB SEGMENT

  • [26:13] Hobbies can make you happy

TODAY’S SMART SPRINT SEGMENT

  • [29:22] Check out one of the social security calculators or make time for your hobby

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM229.mp3
Category:general -- posted at: 5:21pm CDT

The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible. You may think that social security won’t play a very big role in your retirement if you have a lot of assets, but after listening to this series you’ll see that social security is more important to your retirement than you think. Get started with your research on social security by listening to this episode today.

What are the benefits of social security?

Even if you have plenty of assets, social security benefits are an important part of retirement. As with any benefit you need to learn how to maximize it to its fullest. There are different branches of benefits through the social security system; disability benefits, dependent benefits, and survivor benefits. The one we think the most about though, is retirement benefits. You pay into the system year after year and can begin to receive the benefits at age 62. Social security is a fantastic resource that helps many retire with dignity. You need to learn how to get the most out of it and can start learning as much as you can by listening to this episode of Retirement Answer Man.

Will social security be there when you need it?

Social security is 90% of income for about a third of American retirees, and for 50% of retirees, it consists of half of their income. So it is scary to think that this benefit could be exhausted as soon as 2022. Fortunately, according to the social security administration website, the fund will not completely disappear at this time. It will only cover about 75% of what it needs to, but it will not totally vanish. The reason there is a problem with funding is that there are more baby boomers retiring and receiving benefits than there are people contributing to the system. Listen to this episode to find out if you need to worry about vanishing social security and how that could affect your retirement plans.

How to fix social security

Since there is a maximum amount that you can receive, social security is a bit of a redistribution system. It is a highly politicized topic, but if it is to continue, a solution must be found to funding social security in the future. There are several ways that we could continue to fund social security in the years to come. Being that it is a significant income source for many retirees, finding a solution is important. Some ways to solve the funding issue are by increasing social security taxes on incomes, eliminating the maximum deposit, reducing benefits, modifying the cost of living adjustments, raising the retirement age, and closing loopholes. Listen to this episode to hear about the many different ways that we could easily help fund social security in the future.

How are benefits calculated?

How do you qualify for social security benefits? Social Security is earned over a 35-year work history. You earn credits each quarter and you need 40 quarters of wages to qualify to receive benefits. The amount you receive is determined by your work and earnings history. If you retire before retirement age the amount calculated will add zeros to your average. This will bring down your average earnings and reduce your benefits. The way they average the amount earned is called the AIME: or average indexed monthly earnings amount. It is important to consider your AIME if you are planning to retire early. Listen to this episode to hear how to download your latest social security statement and check your earnings record so that you can begin to calculate your estimated benefit amount.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:25] What are the basics of social security?
  • [5:54] Will social security be there when you need it?
  • [7:33] How to fix the social security problem

PRACTICAL PLANNING SEGMENT

  • [11:11] How are benefits calculated?
  • [16:05] What is the eligibility for spousal benefits?

THE HAPPY LAB SEGMENT

  • [18:38] The next time that someone slights you, respond with grace

TODAY’S SMART SPRINT SEGMENT

  • [20:15] Go to my YouTube channel and subscribe to find some fun bits of retirement wisdom and info

Resources Mentioned In This Episode

Social Security Administration Website

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM228.mp3
Category:general -- posted at: 6:00am CDT

Welcome to the last episode in the Entrepreneurship in Retirement series on Retirement Answer Man. We have been discussing the dream of entrepreneurship after retiring during the past three episodes of this series. This episode closes the series as I interview 3 different entrepreneurs that got sick of the rat race and struck out on their own. These entrepreneurs have very different stories about how they launched and lived their dream. They share what motivated them to entrepreneurship, how they started, and what their lives look like now. Listen to this episode to learn from their retirement lessons as you embark on your own entrepreneurial journey.

Vinnie quit his dream job to strike out on his own and now has so much time freedom that he never wants to retire

Have you ever heard about people that say they never want to retire? That is the case of my friend Vinnie. Vinnie was a sports photographer. He had a dream job at a newspaper traveling the world and photographing major sporting events. Vinnie won several awards for his photography but still only made about $15 an hour. Once his wife got pregnant with his first child he realized that his dream job was unsustainable for a family. This spurred him to pursue opening a freelance photography business of his own. After several years Vinnie pivoted his business to something that would free his time more than his wedding photography business. Listen to the valuable lessons Vinnie relays and hear why he doesn’t plan to ever retire.

Is entrepreneurship right for you? Carey Green doesn’t think it’s for everyone

After more than 20 years as a pastor, Carey Green lost his passion for his career. He knew he needed to start his own business after discovering that a change in career fields wouldn’t pay enough money to support his family. He did some audio editing for an online friend and soon discovered his niche. Carey has learned to scale his business slowly over time by implementing systems that will allow him to step away from the day to day operations. This will allow him more time freedom as his podcast company grows. Listen to this episode to hear why Carey feels that entrepreneurship is not for everyone.

Mark Ross helps those that are considering a pretirement stage to their retirement

Mark Ross worked for 30 years in public service at the parks department. At age 58 he retired after realizing that he should be doing something else with his life. He just wasn’t quite sure what it was. Mark says that letting go of a steady paycheck was the scariest thing he has ever done. Although he wanted to work, he wanted to do so on his own terms. This transition has led Mark to become a coach to those in their 40's and 50's who are contemplating pretirement. He has so much to teach his clients about how to discover the possibilities of pretirement and how to implement them. Listen to Mark’s retirement lessons for those considering a pretirement phase of their retirement.

What can these guests teach you about entrepreneurship?

All three of my guests come from very different backgrounds and have pursued their entrepreneurial dreams for different reasons. They each have valuable lessons to teach our listeners about many aspects of entrepreneurship. If you are considering opening any sort of business in retirement you’ll want to listen to the entire Entrepreneurship in Retirement series starting with episode 224. The lessons over the past four episodes are a great start to the research you will need to begin to get started on your own entrepreneurial journey.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [2:22] In July we will tackle social security so be sure to listen in if you have any questions

HOT TOPIC SEGMENT

  • [3:14] Meet Vinnie, a sports photographer, turned wedding photographer, turned writer
  • [22:33] Meet Carey Green, pastor turned podcast editor
  • [39:05] Welcome Mark Ross, a solopreneur after 30 years in public service

THE HAPPY LAB SEGMENT

  • [60:46] If you really want to pursue the entrepreneurial journey then meet some other people taking that journey

TODAY’S SMART SPRINT SEGMENT

  • [61:58] Vince Pugliese has a group for those that are entrepreneurs, join it!

Resources Mentioned In This Episode

Next Thing Group with Mark Ross - get his free PDF to help you decide what to do next!

Email Mark Ross

Carey Green’s - Podcast Fast Track website

Vinnie’s website: The Freelance Tribe

BOOK - Freelance to Freedom by Vincent Pugliese

BOOK - 48 Days to the Work You Love by Dan Miller

BOOK - Don’t Retire Rewire by Jeri Sedlar

BOOK - Will it Fly by Pat Flynn

BOOK - Rich Dad Poor Dadby Robert Kiyosaki

BOOK - Lynchpin by Seth Godin

BOOK - Total Money Makeover by Dave Ramsey

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center


The Retirement Answer Man Facebook Page

Direct download: RAM227.mp3
Category:general -- posted at: 6:00am CDT

So you want to start a business, but starting everything from scratch seems like so much work. Isn’t there an easy way to buy into an already proven system and execute it? If you think this sounds like a good way to start a business, then buying a franchise might be right for you. On this episode of Retirement Answer Man franchise attorney Josh Brown joins me to explain the pros and cons of buying a franchise. He is a leading expert in national franchise law that can explain how to create a franchise as well as how to purchase one. You’ll want to listen to this episode if you have ever thought of buying a franchise, or even if you want to pursue any form of entrepreneurship in retirement.

What exactly is a franchise?

The franchise idea sounds interesting, but what exactly is a franchise? A franchise is a system that has everything you need to start a business based on the model of a certain business. When most people think of franchises, they think of the gold standard: McDonald's. There is a good reason for this: fast food is the leading industry for franchises. Franchises don’t come cheap. The upfront cost of a franchise system can range from $100,000-1 million. For this cost, you get the entire business system which generally includes uniforms, payroll, and even coaching. Statistically, franchises fare much better than a private entrepreneur that strikes out on their own. Listen to this episode to learn more about the pros and cons of buying a franchise and begin your research into whether a franchise may be right for you.

Who is a franchise good for?

A franchise needs a strong leader who is an implementer and an excellent communicator. You may want to buy a franchise if you would rather implement a system than create your own. It is important to note that if you buy a franchise you will be able to use little to none of your own creative expression. If you do want to pursue this option you will need to have plenty of capital and time. This will not be a side-hustle as a franchise does not allow you much time freedom. A franchise requires a lot of hard work, but you could eventually get someone to operate it for you or sell it later on down the road. Franchises are not for the faint of heart, listen to this episode to find out if you may be a good candidate for buying your own franchise.

What should you evaluate when you are thinking of purchasing a franchise system?

The first thing you should think about when contemplating purchasing a franchise is yourself: is this the right form of entrepreneurship for you? Do you have the mentality to work within a franchise system? The way franchises are set up you don’t call the shots; you must follow their rules. If you are thinking of setting up your own business you need to think about whether you really want to follow someone else’s rules. It is extremely important to enter a franchise with your eyes open. It can be 18 months after you open your first store that you begin to bring in money. Listen to this episode of Retirement Answer Man hear the pros and cons of buying a franchise and to learn how to decide if a franchise is right for you.

How do you know the good franchises from the bad?

Of the thousands of franchises available in the United States, there are good ones, bad ones, and terrible ones. So how do you know the good from the bad? You need to look at the system that they have in place and decide, is this a good system? One way to do this is to talk to franchisees. There is a lot of good information in the legal documents if you know how to look for it. You can discover how many people have left the system and contact them to find out why. A good system will provide community and make you feel part of a team. Listen in as franchise expert, Josh Brown explains how to tell the good franchises from the bad.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:14] What is a franchise?
  • [9:38] Who is a franchise good for?

PRACTICAL PLANNING SEGMENT

  • [11:48] Meet Josh Brown
  • [12:46] What should you evaluate when you are thinking of purchasing a franchise system?
  • [24:12] Let’s discuss cash flow

THE HAPPY LAB SEGMENT

  • [30:35] It’s easy to get excited and plan, but make sure it’s the journey you want to be on

TODAY’S SMART SPRINT SEGMENT

  • [33:04] Do some soul searching on what kind of journey you want to be on, ask yourself: to what end?

Resources Mentioned In This Episode

Josh F. Brown’s email, his phone number - 317 688 9111

Josh’s website

TV show - Alone

BOOK - The E-Myth Revisited by Michael E. Gerber

MOVIE - Founder (about the McDonald’s franchise)

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM226.mp3
Category:general -- posted at: 6:00am CDT

On this episode, we explore the aspect of mindset and explore the question: What are some of the mindset attributes of a successful entrepreneur? Mindset is a huge hurdle for so many entrepreneurs. You need to get into the mindset right before you ever consider entrepreneurship. At this stage in life, you don’t have the time to make up for any mistakes the way that you would if you were in your 20s. This is your one shot at becoming an entrepreneur, so you must make the most of it. If you are considering entrepreneurship in retirement you definitely don’t want to miss this episode to hear how you can adjust your mindset for success.

What are some bad reasons to start a business?

You need to think about whether you are starting a business for the right reasons. Just because you can start a business doesn’t mean that you should. If you are planning to open a business simply because you need a change, then you need to rethink. Starting a business isn’t a great way to run away from a bad job. This mindset won’t set you up for success. Boredom is another bad reason to become an entrepreneur. There are much less expensive ways to fill your time. Are you starting a business simply because you have a good idea? Well, I have bad news for you, ideas are the easiest part of entrepreneurship. Make sure you listen to this episode if you are thinking of starting a business.

Money won’t solve mindset problems

Becoming an entrepreneur in your 50s and 60s is much different than in your 20s. Most people have more money at this time in their lives than they have ever had before. Just because you have the money doesn’t mean you should throw it all at your new business venture. Some people get caught up in looking the ‘right’ part. They spend too much money on all the shiny things that they think they need when just starting out. The truth is you need to bootstrap as much as possible when beginning a new business venture. That way if you fail, you will fail cheaply. Listen to this episode to hear why having more money can actually lead to the wrong money mindset.

What are some mindsets of unsuccessful entrepreneurs?

There are many reasons that most new businesses fail. The biggest reason is the business owner has the wrong mindset. Most new business owners do not have the right mindset to create a successful business. If you are becoming an entrepreneur for the first time in your 50s or 60s then you must step away from the employee mindset and switch gears to that of a successful entrepreneur. Unsuccessful entrepreneurs often get stuck in the same routines. They are unable to pivot when something doesn’t work out. Listen to this episode of Retirement Answer Man to hear what kind of mindset it takes to become a successful entrepreneur.

How do successful entrepreneurs think?

Successful entrepreneurs come from many different walks of life, but successful ones share similar mindsets. A successful entrepreneur is action-oriented. When there is a problem with their business they don’t sit around pondering the situation. They are agile; after taking action a successful entrepreneur can quickly adjust to any situation and pivot as needed. Successful entrepreneurs are overly optimistic, yet always worried about what will happen next. Do you have the mindset needed to become a successful entrepreneur? Listen to this episode of Retirement Answer Man to find out.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:11] What are some of the bad reasons to start a business?
  • [12:10] What are some bad mindsets for entrepreneurship?
  • [13:43] The curse of capital
  • [14:41] You can stick to your dreams too long

PRACTICAL PLANNING SEGMENT

  • [16:57] Mindset attributes of a successful entrepreneurs
  • [18:11] Be an optimist, yet be scared

THE HAPPY LAB SEGMENT

  • [27:58] Watch The Greatest Snowman movie

TODAY’S SMART SPRINT SEGMENT

Resources Mentioned In This Episode

The Greatest Showman

The Retirement Manifesto Blog

BOOK - EMyth Revisited by Michael E. Gerber

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM225.mp3
Category:general -- posted at: 6:00am CDT

Why do people start businesses in retirement? Over the next few weeks, we explore this question in the Entrepreneurship in Retirement series. Just because you retire doesn’t mean that you stop living. Many people have so much to give back after they retire that they choose to start their own business. This episode will cover the whys, the ways, and the hows of beginning entrepreneurship in retirement. If you are thinking of starting your own business or having a pretirement phase to your retirement you won’t want to miss this series. Listen to this episode to get started planning your own entrepreneurship dreams.

Why do people start businesses in retirement?

More people between the ages of 55 and 64 start businesses than people under the age of 25. This fact surprised me. Why do baby boomers want to pursue entrepreneurship in retirement? There are several reasons. Just because we retire doesn’t mean we stop living. We still have a purpose. Many people start a business in retirement to pursue their passions. Some people want a bit more money to supplement their lifestyle, others find it a great way to give back to their community. Many want to share their expertise with the world. Why are you thinking of entrepreneurship in retirement? Listen to this episode to hear the many reasons people start businesses in their retirement years.

What are you trying to accomplish?

Before you start a new business you should ask yourself, what are you trying to accomplish? Are you strictly looking to supplement your income? Are you looking to follow your passions? Are you trying to give back to your community? The reason that you choose entrepreneurship in retirement is important. This will shape how you form your business. You don’t want to start a business where your goal is to have flexibility and then find yourself working 60 hours a week. Listen to this episode to hear why it is important to think about why you want to start a business first before you actually begin.

What are the different ways to start a business?

There are many different ways to start a business. A solopreneur is someone who wants to strike out on their own. A solopreneur could make crafts to sell, have a coaching business, or pursue a passion. Usually, a solopreneur doesn’t want to grow too big. A franchise is a way to buy a ready-made business that already has a plan and structure in place. A service business is a business where you can serve others. These different types of businesses have different structures and varying start-up costs. Listen to this episode to help get you thinking about the type of business you would like to start.

Be careful that you don’t commit financial suicide

When you retire you probably will have access to more money than you ever had before. This can be tempting when you want to start your own business. You may want to start your business small so that you can see if it is actually a viable business plan. Test your idea to ensure that it fits your finances as well as the market. You may find that your passion may not be the passion of others. If you start out small you can always find a way to pivot your business without committing financial suicide. Listen to this episode to hear why it is so important not to throw all of your money at your new business.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:49] Why do people start businesses in retirement?
  • [8:54] What to expect in this series of episodes of Retirement Answer Man

PRACTICAL PLANNING SEGMENT

  • [9:51] What are the ways that you could start a business?
  • [12:20] What are you trying to accomplish?
  • [15:50] Be careful that you don’t commit financial suicide
  • [19:55] Make sure that your business idea fits the market
  • [21:17] What are some tools you can use to help you get started?

THE HAPPY LAB SEGMENT

  • [23:20] Change your mindset to control your life

TODAY’S SMART SPRINT SEGMENT

  • [25:10] Go to the resource section and get a book to help you get started

Resources Mentioned In This Episode

BOOK - 48 Days to the Work You Love by Dan Miller

BOOK - The Lean Start-Up by Eric Ries

BOOK - The Pumpkin Plan by Mike Michalowicz

BOOk - The E-Myth Revisited by Michael E. Gerber

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM224.mp3
Category:general -- posted at: 6:00am CDT

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

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

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

What inflation rate should be used for retirement planning?

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

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

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

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

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

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

THE HAPPY LAB SEGMENT

  • [36:02] Embrace life, be adventurous

TODAY’S SMART SPRINT SEGMENT

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

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

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

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

Should you embrace risk or hide from it?

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

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

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

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

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

What are Sam’s worries about retiring single?

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

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

THE HAPPY LAB SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

 

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

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

What resources do you have to achieve your ideal retirement?

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

Create an action plan

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

Do you have a net worth statement?

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

Does Sam have a net worth statement?

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

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

THE HAPPY LAB SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

 

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

 

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

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

How do we deal with this retirement dilemma?

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

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

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

Start retirement planning by focusing on your ideal retirement

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

What does Sam’s ideal retirement look like?

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

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

THE HAPPY LAB SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

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

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

There are few retirement resources geared toward singles

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

Meet Sam, the next subject of Retirement Plan Live

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

What are the biggest worries as a single retiree?

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

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

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

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

THE HAPPY LAB SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

Resources Mentioned In This Episode

BOOK - The One Thing by Gary Keller and Jay Papasan

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

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page


Intro music by bensound.com

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

This is the third episode in our April series on bonds. On this episode, we discuss interest rates and how they affect bonds. One question we explore is, are interest rates the nemesis of bonds? To help me explore this question and explain a bit about bonds Chief Investment Strategist, John Lynch of LPL Financial joins me. Together we discuss rising inflation and interest rates and find out what this all really means for the economy and your portfolio. If you are worried about what rising interest rates mean for your portfolio then you’ll want to listen to John’s explanation

Interest rates are rising, but what does that mean?

Now that interest rates are rising everyone is in a panic, but the reality is that interest rates have been at a historic low and were dropping for more than 30 years. We still aren’t even back to normal levels. The Fed’s job is to control the rate at which interest rates rise and it ensures that they don’t rise too high too fast. So even though interest rates are rising it’s not the end of the world. Learn more about what rising interest rates mean to you by listening to this episode of Retirement Answer Man.

How do rising interest rates affect bonds?

Interest rates and bonds have an inverse relationship. When interest rates drop, bond returns increase. So now that interest rates are on the rise again after 37 years of falling, bond prices will probably fall. According to Bloomberg Barclays U.S. Aggregate, interest rates may continue to increase. These rising interest rates can seem scary for the bond market, but it may not be as scary as you think. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bonds in your portfolio.

Bad news for interest rates leads to good news

These rising interest rates seem like really bad news, but rising interest rates and inflation are actually good news for the economy. The economy is growing and employment rates are on the rise. Inflation means growth for the economy. The interest rates have been artificially low to stimulate the economy but now that the economy is moving again the Fed doesn’t have to keep interest rates artificially low. The Fed can now help them to rise slowly back to normal rates. Listen to this episode of Retirement Answer Man to hear how this bad news is actually good news all around.

What is duration?

Duration is the mathematical formula that indicates the value of a bond. It is the amount of time that an investor has to receive coupon payments to and get the principal back. It is a useful tool that investors use to measure risk or volatility. The benchmark used by financial professionals is Bloomberg Barclays U.S. Aggregate. Barclays predicts that long-term investors should not have a problem with interest rates and duration as long as bonds are used in a balanced approach to your portfolio. Listen to this episode of Retirement Answer Man to hear how and why you should still add bonds to your mix.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Are rising interest rates the villains of bonds?

HOT TOPIC SEGMENT

  • [5:36] Interest rates may rise faster than we are used to
  • [7:26] Meet John Lynch
  • [13:29] What do interest rates mean in terms of bond performance
  • [15:15] Bad news leads to good news

PRACTICAL PLANNING SEGMENT

  • [22:44] What is the relationship between bonds and interest rates
  • [27:40] What is duration?

THE HAPPY LAB SEGMENT

  • [33:03] Who is your favorite villain?

TODAY’S SMART SPRINT SEGMENT

  • [34:49] Look at where you keep your cash reserves so that you don’t leave money on the table

Resources Mentioned In This Episode

John Lynch on LinkedIn

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM217.mp3
Category:general -- posted at: 6:00am CDT

Why would you ever add bonds to your portfolio if their return is so low? This is the second episode in the April bond series. This month we are learning all about bonds. On this episode, we delve into the question: why do we even have bonds in our asset allocation? I really get into the science behind why bonds are in our portfolios. If you are planning on retiring soon your role as an investor is changing and you may want to have more bonds than you think. Find out why you need bonds in your mix and what bonds add to your portfolio by listening to this episode of Retirement Answer Man.

What is the difference in investing when you’re younger vs when you’re older?

When you’re younger you have a lot of time for your investments to work for you. When you’re in the wealth accumulation mode of youth you’re on autopilot, socking away money each month without even paying attention. This strategy no longer serves you when you are preparing to retire and you stop accumulating wealth. Now your role is changing, soon you will start tapping your wealth. So when the markets dip you will actually feel it in your portfolio. Psychologically you will feel more vulnerable because the market volatility becomes pretty scary. This changes the way you think about markets and investing. Listen to this episode to understand how your role as an investor has shifted with age.

What can bonds add to your investment cocktail?

Bonds add more than you think to your portfolio. Soon you will stop adding to your portfolio and you will be taking money out of it. Now that you don’t have as much time to play the markets, the security that bonds bring to your investments will provide peace of mind. And a healthy mix of bonds in your asset allocation can actually bring about good returns while also providing stability and less risk. It may be time to start thinking about managing your assets differently. Listen to this episode to understand how bonds can lead to the perfect investment cocktail.

What is the science behind asset allocation?

Let’s get to the science behind why we have different asset classes and what their benefits are. The modern portfolio theory is considered the best practice in portfolio management. This theory states that for a given level of return you will try to minimize as many risks as possible. And that for a given level of risk you will try to optimize returns and get the most bang for your buck. We measure this by using standard deviation. Is this bringing on flashbacks from college? Listen to me explain standard deviation in a way that you can finally understand, I promise there won’t be a pop quiz at the end!

What does modern portfolio theory mean for your assets?

Modern portfolio theory is great for helping to measure your risk tolerance. And this is the whole reason that your financial planner asks you to fill out risk tolerance questionnaires. The problem with all this science is that once you reach your 50’s and 60’s everything changes. You should no longer be measuring your maximum amount of risk tolerance, but how to live the life that you really want to. This episode will help you to understand how much science and how much art you should apply when managing your money, so grab your favorite pair of headphones and listen in.


OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] What can bonds add to your investment cocktail?

HOT TOPIC SEGMENT

  • [4:00] What happens when you accumulate assets when you’re younger?

PRACTICAL PLANNING SEGMENT

  • [11:02] What role do bonds have in your investment cocktail?
  • [12:25] Let’s understand the science behind different asset classes
  • [17:28] Why are risk tolerance questionnaires are so important?

THE HAPPY LAB SEGMENT

  • [24:42] Try a new cocktail (or a new recipe!)

TODAY’S SMART SPRINT SEGMENT

  • [26:13] What is the role of the bonds in your portfolio

Resources Mentioned In This Episode

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM216.mp3
Category:general -- posted at: 6:00am CDT

April is Bond Month on the Retirement Answer Man podcast. Over the next four weeks, we will be discussing all things bonds. This is the first episode in the bond series in which we will discuss what exactly a bond is and why we all love them. You’ll want to listen to this series to find out what a good bond is and how to get one. Start learning about bonds by listening to this episode to find out exactly what a good bond is, how to buy them, and what the future holds for bonds.

Is our love affair with bonds coming to an end?

We have had a love affair with bonds for the last 30 years, but is the love affair with bonds coming to an end? The reason we have had such a good run with bonds is that they have had great returns while at the same time being a pretty low risk. Over the past 37 years, bonds have yielded an average of 8% a year. The worst year in bonds has brought -10% profit. Let's compare bonds with the stock market during the same period. The stock market yield has averaged 10.4%, not much higher than bonds. But the stock market low was -50%! Listen to this episode of Retirement Answer Man to find out if the stability and high rate of return of the bond market are at the beginning of the end.

What do interest rates have to do with bonds?

Interest rates may end up spoiling our love of bonds. Interest rates and bonds have always had an inverse relationship. As interest rates have dropped, bond returns have increased. Over the past 37 years, interest rates have dropped steadily, but it looks like that time has come to an end. According to Barclays, interest rates may continue to increase. These rising interest rates can be scary for the bond market. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bond market.

What is a bond?

A bond is basically a loan to someone else. Different bonds have different ratings depending on the borrower’s credit rating. The coupon rate is the amount of interest that the borrower pays depending on their credit rating. The maturity date is the length of time that the money is borrowed for. There are many different types of bonds including treasury bonds, corporate bonds, municipal bonds, and international bonds. All of these different types have various characteristics. If you want to learn all about bonds you need to listen to this episode of Retirement Answer Man.

How do you buy a good bond?

There are a couple of different ways that you can go about buying good bonds. You can research the kinds of bonds that you are interested in and have your broker find them for you. The pricing of bonds is a bit shady and not as straightforward as with stocks and it’s hard to tell whether you are getting a good deal. Make sure to diversify your bond portfolio. Mutual funds and exchange-traded funds are ways to diversify. By buying mutual funds your portfolio never really matures like with buying individual bonds. But they make it easy to reinvest the interest payments. Listen to this episode of Retirement Answer Man to hear about the various ways to buy good bonds so that you can decide what’s right for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:52] This month we explore bonds

HOT TOPIC SEGMENT

  • [4:01] We have seen a steady decrease in interest rates for 37 years
  • [6:29] Let's look at bond returns
  • [9:19] Is the love affair with bonds coming to an end?

PRACTICAL PLANNING SEGMENT

  • [10:40] What is a bond?
  • [15:23] What are the different types of bonds
  • [16:57] How do you buy a bond?
  • [20:06] Next week we discuss what role bonds play in your portfolio

THE HAPPY LAB SEGMENT

  • [21:05] What is your favorite James Bond theme song or soundtrack?

TODAY’S SMART SPRINT SEGMENT

  • [21:58] Identify what kind of bond investments are in your portfolio

Resources Mentioned In This Episode

Listen to listener questions on Retirement Answer Man on YouTube

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM215.mp3
Category:general -- posted at: 6:00am CDT

This is the fourth and final episode of the Healthcare Before Medicare series. On this episode, we discuss two more options to consider when thinking about healthcare before Medicare: taking on a part-time job for the insurance benefits and COBRA. We also answer some listener questions and comments in the practical planning segment of the show. Learn more about which companies are the best for part-timers to receive healthcare benefits as well as whether COBRA may be a good option for your healthcare coverage needs listen in to gain more knowledge about how to maneuver our complex medical insurance system.

Have you thought about pretirement?

Will you take a pretirement phase of retirement? Would you enjoy finding low-key meaningful work to ease yourself into full-blown retirement? I often refer to this option as pretirement. A part-time job can be a fun way to work your way into retirement and it could also provide you with insurance benefits. You could find something fun that you enjoy doing as a part-timer. One example of this is if you enjoy handy work you might enjoy a part-time position at Home Depot. You’ll definitely want to factor in your physical limitations and you certainly don’t want to go back to the grind of full-time employment. Listen to this episode to find out which companies offer benefits to part-time employees.

Would COBRA work for you?

You can maintain COBRA coverage for up to 18 months after leaving your work so if you are close to Medicare age you may want to consider COBRA. COBRA is also a good option if you don’t qualify for ACA subsidies. The good news is that you have 60 days to notify the insurance company that you would like to elect COBRA coverage. COBRA is probably the closest you will come to your current healthcare coverage, so if you have many healthcare needs you may want to consider this option. There are a lot of great benefits when choosing COBRA, listen to this episode to hear them all.

How do you decide what the right choice is for you?

Are you curious to find out which healthcare option I will choose? This entire series has come at a great time for me since my wife recently left her job and we are seeking alternative healthcare options. The ACA is a nonstarter for my family due to the exorbitant costs for us without a subsidy. We have narrowed our choices down to Medishare and COBRA. Planning for every eventuality is challenging, especially since no one wants to think about a catastrophic medical event happening to them, but that is the point of having medical insurance. Listen to this episode as I walk through my thought process in making this decision for myself and my family. Who knows, maybe my process may help you with a difficult decision of your own.

Who do you turn to help you figure out health insurance?

As usual, my listeners have some fantastic questions and comments. One listener asks, who can help you figure insurance out? An insurance broker, a financial planner, a tax consultant? That’s a tricky question! Listen to the answer to this question and a few others during the practical planning segment. There are so many different factors to consider when choosing the right healthcare option for you before Medicare kicks in, be sure to listen to the whole 4-part series to help you make your healthcare before Medicare decision.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] April’s theme will be all about bonds

HOT TOPIC SEGMENT

  • [3:55] Will you take a pretirement phase of retirement?
  • [5:12} What kind of work might you enjoy?
  • [9:12] Would COBRA work for you?
  • [12:24] What are my options?
  • [22:21] How do you decide?

PRACTICAL PLANNING SEGMENT

  • [24:46] A listener comment from a health insurance broker
  • [28:55] Who is the best person to talk with about healthcare?
  • [31:48] A customer comments about their Medishare experience
  • [34:41] What are some other options and ethical questions?

THE HAPPY LAB SEGMENT

  • [38:30] Check out the think up affirmation app

TODAY’S SMART SPRINT SEGMENT

  • [40:14] Identify one area where you need to be healthier

Resources Mentioned In This Episode

careerpivot.com

Forbes Article on benefits for part-time workers

Think Up App

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM214.mp3
Category:general -- posted at: 6:00am CDT

Over the past few weeks on the Healthcare Before Medicare series, we have been exploring the different ways to solve the question of how to pay for medical insurance before you reach Medicare age. On this week’s episode, we are getting creative. We are thinking outside the box of regular insurance and we are exploring medishare arrangements. Medishare is not typical insurance, so we will learn what the difference is between these programs and traditional medical insurance. I continue my discussion with Keith and Linda to hear more about their research into healthcare and I also have Michael Gardner from Christian Healthcare Ministries on to get the details on this medishare program. If you are thinking of retiring before retirement age or simply interested in insurance alternatives you will want to see if this is a good option for you. Listen to this episode as we explore all the options on how to get healthcare before Medicare.

What is medishare?

Medishare is an alternative to traditional health insurance. Medishare is a medical cost-sharing program, an arrangement between a group of people to share medical expenses. Although it is not traditional health insurance, there are some similarities between the two. There is a monthly fee similar to a health insurance premium and there is a yearly out of pocket portion that your family is expected to reach before asking the medishare community for help. Listen to this episode to hear about the medishare option when researching healthcare before Medicare.

Medishare is not insurance, it’s a community

The biggest difference between health insurance and a medishare ministry is that the money you pay each month goes to help another member of your community. When you pay your monthly share amount this money goes directly to another member who needs care. Healthcare sharing companies are nonprofit Christian based cost-sharing programs. Being part of this community is just one benefit of the medishare model. Listen to this episode to hear Michael Gardner discuss all of the benefits of joining the Christian Healthcare Ministries community.

What about the ACA?

If this isn’t insurance, how do people stay in compliance with the ACA? Medishare communities are insurance alternatives that have been around for about 30 years. Being as such, there is a provision in the ACA for these health sharing communities. Since these organizations are faith-based they can get around the religious loophole in the law that was put in place. These faith-based organizations require a statement of faith that must be signed as well as certain agreements to live a healthy lifestyle. Listen to this episode of Retirement Answer Man to hear all the details about medishare programs and how they can help in your search for healthcare before Medicare.

Why would you not want to participate in a medishare community?

During the Practical Planning segment, I continue my discussion with Keith and Linda. They were on the show last week to discuss their research into the ACA. This week Keith shares all that he has learned about medishare communities in his research into the subject of healthcare before Medicare. Keith discovered many great reasons to use a medishare community, but he also encountered some downfalls. I know you’ll want to hear why they decided not to go with this option, so listen to the show to discover the lowdown on medishare communities.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:32] Alternative to health insurance
  • [6:06] Michael Gardner shares the basics of what medishare is
  • [9:09] What are some distinctions between the Christian Care ministry and insurance
  • [15:52] How efficient is the system?
  • [22:28] Extra perks from medishare

PRACTICAL PLANNING SEGMENT

  • [26:15] What does Keith think about medishare?
  • [31:42] What was the application process like?
  • [35:43] Why did they not choose it?
  • [41:55] What are the benefits of each company?

THE HAPPY LAB SEGMENT

  • [52:50] My book Rock Retirement is officially out!

TODAY’S SMART SPRINT SEGMENT

  • [54:30] If your mom is around, call her!

Resources Mentioned In This Episode

Christian Healthcare Ministries

Medishare

Liberty Health Share

Samaritan Ministries

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM213.mp3
Category:general -- posted at: 6:00am CDT

John Leland is a New York Times columnist and best-selling author of Happiness is a Choice You Make. He spent a life-changing year talking to six really old people. John thought that the year would be somewhat depressing, but it turned out to be quite different than he expected. He gained a lot of insight from his interactions with his subjects. Each person was quite different and they came from all walks of life. But even though they were such different people they shared the knowledge that they defined themselves by the choices they made. He learned so much in writing his book, mostly he learned how to live in the present moment and not worry about the future. His book is a fascinating insight into the wisdom of people that have so much life experience. You’ll want to hear this interview with John as he discusses some of the more memorable subjects in his book. Listen to this great interview to hear wonderful tips on happiness from those who know how to enjoy life.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] On this special bonus episode I chat with John Leland
  • [3:25] What was it like hanging out with really old people?
  • [5:44] John discusses one of his subjects, John
  • [10:42] Lessons from Ping, who worked hard her whole life
  • [13:48] Lessons from Fred who really chose happiness
  • [16:48] Jonas was a fascinating case filled with wisdom
  • [19:10] Some commonalities between the subjects in the book
  • [21:12] John used this experience to make a choice to be happy

Resources Mentioned In This Episode

BOOK - Happiness is a Choice You Make by John Leland

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAMBonus001.mp3
Category:general -- posted at: 6:00am CDT

This is the second episode in our Healthcare Before Medicare series and one you will not want to miss! This episode covers ACA and COBRA and we have a lot of ground to cover. The whole point of this series is to help you guys (and myself) figure out how to afford medical insurance before Medicare kicks in. If you have ever considered early retirement this is an important series for you to listen to since the healthcare system in the United States can be extremely confusing. So grab your headphones and a pen and paper to take notes because you’ll want to take in all the information you can in this important episode on the ACA and COBRA.

The ACA is a mess! But is it a mess that you need to consider?

The Affordable Care Act or Obamacare is a mess. I mean a political mess, no one knows what the next year, or 2, or 5 will bring for this attempt at healthcare reform. Even with the political turmoil that surrounds it, the website is actually quite good and the support staff is very well trained. The ACA is set up differently in each state. All the plans have gold, silver, and bronze categories. Obamacare covers young adult kids up to age 26 and chronically ill people or those with pre-existing conditions can’t be denied. The cost of premiums depends on a person’s modified adjusted gross income, or MAGI. Listen to this episode to hear how your MAGI drastically affects your premiums when dealing with the ACA.

How does the ACA work?

The ACA was created to help people that couldn’t afford health insurance be able to afford it. This is why 85% of ACA users have some sort of subsidy or advanced premium tax credit. The amount a person pays for coverage depends on how much they make. Take for example a random couple aged 55 that lives in Texas and makes $100k annually would pay $1660 per month, reduce that income to $75k and they would pay $1440 per month, but if you reduce that income to $50k then the couple would pay only $350 per month! The trick here for retirees is all about where your money is coming from. Listen to this episode to hear the details about how where you should be taking money from to fully benefit from the ACA tax credits.

Have you considered balancing self-insuring some things to help keep costs down?

My guests Keith and Linda have been down this road recently. They are aged 53 and 58 and recently retired. Keith started researching the ACA two years ago and has learned a lot. As an engineer, it was only natural that he tried to break down this decision into a spreadsheet, but he soon realized that part of this health care decision is emotional and doesn’t simply come down to numbers. He and his wife had to decide how important it was to them to keep all of their beloved doctors. Keith also considered the costs in self-insuring some procedures since convenience and familiarity come at a high cost with the ACA. Listen to this episode to hear Keith’s insight after two years of painstaking research into the ACA and COBRA.

What do you need to consider when checking into the ACA?

After all his research Keith feels that spending lots of time on the ACA website really helped him find clarity in the muddy pool of the U.S. healthcare system. What Keith realized is that there is no one size fits all solution to the healthcare system. The biggest factors in premium costs are your income, whether you’re rural or urban, and which state you live in. If you want to get the best deal that works for your family it will take a lot of diligent research. Listen to this episode to get started in your research into the ACA and COBRA and hear about all the things you need to consider.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] I want to make sure that you can afford healthcare before you get to Medicare age

HOT TOPIC SEGMENT

  • [3:22] The ACA is a mess!
  • [5:12] Here’s what I can explain to you about how ACA works
  • [12:53] Here’s an example of a hypothetical couple that wants to sign up for ACA
  • [15:43] Here’s what it would cost me to be insured through ACA

PRACTICAL PLANNING SEGMENT

  • [18:20] Keith and Linda have been down this road
  • [22:12] How important was keeping their Dr. or self-insuring
  • [24:03] Have you ever tried to get a quote for a procedure?
  • [28:13] Keith’s perspective on the ACA
  • [36:10] What do you need to consider with the ACA

THE HAPPY LAB SEGMENT

  • [40:23] Nicole’s cell phone fast has really made her happy

TODAY’S SMART SPRINT SEGMENT

  • [41:58] What is one step you can take to better your health

Resources Mentioned In This Episode

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM212.mp3
Category:general -- posted at: 6:00am CDT

This is it, the long-awaited beginning of the Healthcare Before Medicare series!! I’ve been meaning to cover this topic on the show for awhile and the timing couldn’t be better because I’m now deep in the search for my own insurance. So as I dive in to research this topic for all of you I will be looking to cover my wife and I as well. I think together we can get this insurance quandary all figured out. I am no insurance expert so you’ll have to take everything I tell you with a grain of salt. If you are one of the 67% of Americans that retire before the age of 66, or even if you are part of the 100% of Americans that are confused about the insurance system then you will want to listen to this episode and the whole series to come about insurance before Medicare.

What are all the health insurance options?

Searching for insurance can be so confusing! So, what are the options that are out there for those of us looking for medical insurance before we reach Medicare age? Basically, there are 4 options for people that haven’t reached Medicare age and need to find insurance solutions. We will be delving into some of these options in greater detail over the next few weeks. The ACA or ‘Obamacare’ is the first option. There are also alternative Medishare programs out there as well. Another option is to work part-time for a large company primarily for the health insurance. The fourth option isn’t much of one, but some people choose it, and it’s simply being uninsured. Listen to this episode and the rest of the episodes in this series to hear greater details about all of the healthcare options that you have available to you before you reach retirement age.

Are you one of the 67% of Americans that will need alternative insurance solutions?

Health insurance is a big issue for so many people. 67% of the American population retires before the Medicare retirement age of 66, so that means that 67% of Americans will need alternative insurance solutions at one time or another. The ACA can be a quagmire for just about anyone, but thankfully the website is much improved from the early days. There is actually some great information on there that can be very helpful. When choosing to go the ACA route there are many considerations. Listen to this episode to hear about what you need to think about when considering the ACA.

What are some of the challenges facing the ACA?

The ACA is a challenge to plan for since no one knows what the future of the health exchanges will look like. This brings up so many questions when one tries to plan for the future. There are plenty of ways to improve the program, but unfortunately, no one knows what the politicians and insurance companies will choose to do with the program.The different health insurance companies involved in ACA either drop off or raise their rates sky high each year. There is no clarity as to the future of the program, and no one is quite sure as to what will happen in the next year or two. The average cost of an ACA premium is a staggering $1000 or more a month. Listen to this episode as we discuss the ups and downs of the health insurance beast.

What types of insurance are there for the nomads?

Our listener questions are all about health insurance. The first one is about what type of health insurance is available to retirees without a permanent address. More and more retirees are hitting the road and choosing to enjoy the nomadic life for a while after retiring. Is there any sort of insurance available to those who wander? Another listener wonders if there will be a multi-state health exchange in the future. If you have any questions of your own or perhaps some helpful experience to share make sure to leave a comment on our website so that we can address it during this month as we explore healthcare before Medicare.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Time stamped outline according to the “segments” of Roger’s show

HOT TOPIC SEGMENT

  • [3:36] My own search begins for health care before Medicare
  • [5:02] What are all the options that we have before Medicare?

PRACTICAL PLANNING SEGMENT

  • [11:12] What sources or funds are not included in the calculation for ACA
  • [12:52] What health insurance is available to retirees without a permanent address
  • [17:45] Will there be a multistate exchange in the future?

THE HAPPY LAB SEGMENT

  • [19:27] Try and figure out whether you should fix it or feel it

TODAY’S SMART SPRINT SEGMENT

  • [21:04] Send us an email with your comments and questions about health care before Medicare

Resources Mentioned In This Episode

Healthcare.gov

BOOK - Rock Retirement  by Roger Whitney (Pre-Order this book now!)

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM211.mp3
Category:general -- posted at: 6:00am CDT

Many of my listeners have remarked about how I am always giving advice for married couples, they feel that some of my information may not be directed toward them. But what about those of you who are single? I have plenty of listeners that are single, widowed or divorced. Are you wondering what you need to consider to retire as a single person? On this episode, we will discuss special considerations for single people; the costs, networks, and networking as a single retiree. Retired singles, this episode is just for you! Listen to this episode to hear how to rock being single in retirement.

There may be some extra considerations that retired singles may not have thought of

Did you know that half of the women over 65 are likely to be single? Way more women than men are single in their retirement years. Being single in retirement is not a negative and there is so much freedom to be enjoyed. But being single means there is more pressure on you to build your resources to support yourself during retirement. Just because you are single doesn’t mean that your cost of living is half as much as a married couple. There are many things to consider as a single retiree such as life insurance, long-term care, and medical decisions. Listen to this episode to hear all of the considerations that you may not have thought of as a single retiree.

What kind of network do you have in place to help you?

Being single is great for the freedom to drop everything and fly off to Rome at a moment’s notice, but what about the dog? As a single retiree, it is even more important to have a strong network to support you. Whether it’s a handyman, a driver, a pet sitter, or just an ear to talk to, you will need to have a support system in place as you get older. Having a network of friends and confidants can help you make difficult decisions and support you during challenging times. Listen to this episode to hear how to build your support network to help you in your golden years.

How to rock being at being retired and single

You can rock being a retired single person, but it takes planning. You will need to be extra diligent when planning your income streams to ensure that you have a consistent cash flow to sustain you throughout your retirement years. Without a spouse, you will need to have an emergency plan and trusted proxy in place for whatever emergency may arise. You won’t have the need for life insurance but you may need to consider long-term care insurance. Long-term care can be an important consideration for single retirees. Listen to this episode to hear how to plan your retirement well so that you can rock being a single retiree.

How do you find a financial advisor?

During the Practical Planning segment, a listener asks how to find a financial advisor. This can be tricky since financial advisors like myself cannot ask for testimonials from clients. Many people choose their advisors through a referral from a friend. This is a great way to find someone, but you need to make sure to use due diligence. When choosing a financial advisor it is important to be armed with the right questions. You can get the Retirement Answer Man advisor interview worksheet in the Learning Center. These questions will give you a framework to find someone to serve you the way that you need. One benefit of living in the modern age is that you have a huge selection. You can hire someone anywhere in the country and meet with them virtually. Listen to the Practical Planning segment to hear more fantastic advice on how to find a financial advisor that best suits your needs.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:22] What are some considerations to being single and retired?
  • [1:34] Are you single and interested in becoming the next case study for Retirement Plan Live?

HOT TOPIC SEGMENT

  • [4:10] How to rock being single in retirement
  • [5:58] What are some considerations if you are thinking of retiring single?
  • [13:48] Who is your network?

PRACTICAL PLANNING SEGMENT

  • [17:13] How do you find an advisor?
  • [21:55] A cash flow bucket question
  • [25:05] When are we going to discuss healthcare before Medicare?

THE HAPPY LAB SEGMENT

  • [27:26] Learn to be happy without someone else - Own your happiness

TODAY’S SMART SPRINT SEGMENT

  • [28:42] Are you owning your own happiness?

Resources Mentioned In This Episode

Advisor Interview Worksheet

Episode #204 - Is Your Financial Advisor Worth the Cost?

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM210.mp3
Category:general -- posted at: 6:00am CDT

We need to have a social network in retirement. A good network of friends can help you live your life to its fullest and expand the quality of your life. Retirees with the most robust network of friends are happier, healthier and more engaged than those who are lonely. Your social network doesn’t have to be a huge group of friends. Making new friends will also help you figure out who you are as you enter this new phase of your life. Listen to this episode to hear how to find some great ways to embark on new friendships.

Making new friends can help you define who you are

Who are you? It is easy to label yourself in your younger years. You are what you do, right? When you hit retirement the previous label you gave to yourself no longer applies. So you need to base your answer on what your interests are and exactly who you really are. Think about how you will spend your time in retirement. These thoughts can help you discover how and where to look for a new circle of friends. Making new friends will help you figure out who you are and who you want to be in this next phase of your life. Listen to this episode of Retirement Answer Man to get an idea of how you can start defining yourself and finding new friends in retirement.

Don’t be left lonely

On a previous episode, I touched on loneliness and how vulnerable the elderly are to loneliness. Our circle of friends can shrink as we get older as people move away or pass away. Sometimes if our spouse passes away then we can be left even more lonely. Our circles of friends get even smaller as we age and become more sedentary. This is why making a solid friend base early on in your retirement years is vital to combating loneliness as you age. I give some fantastic tips for combating loneliness in your retirement years on this episode of Retirement Answer Man so listen to the full episode to hear them all.

How do we make friends in retirement?

Sometimes it’s harder to make friends when you’re older. If you’re not in school or working where do you even begin to make friends? One way is to follow your passion. What do you like to do? Passion brings a commonality. If you’re a knitter, join a knitting group. If you’re a reader, join a book club, If you enjoy yoga, hang out after class and get to know other yogis. Get outside. Become a joiner. Make acquaintances first and see if they turn into friendship.People crave human connection and are often looking for new friendships. Build friendships with those that are younger than you and this will support you in the years that lie ahead. Listen to this episode of Retirement Answer Man to hear how you can get out there and make some friends.

What can you do in pre-tirement?

On the Practical Planning segment, we discuss pre-tirement. Pretirement is that sweet spot when you are still working but maybe not full time. It’s like a dimmer switch, where you plan your life to slowly move from full-time work to part-time work to full-time retirement. The time to think about pre-tirement is while you're still working. Do some research to discover what you might like to do. Research who you want to serve and what problem they are trying to solve and help them solve it. Listen to this episode to find out if pre-tirement is right for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] What is an introvert?

HOT TOPIC SEGMENT

  • [4:46] Our circle of friends can shrink as we get older
  • [6:25] How do we make friends during retirement?

PRACTICAL PLANNING SEGMENT

  • [14:02] What are some ideas for pre-tirement?
  • [20:58] Can you earn money and defer it to retirement accounts while not having your social security benefits reduced?

THE HAPPY LAB SEGMENT

  • [26:29] We define who we are by what we do

TODAY’S SMART SPRINT SEGMENT

  • [27:44] Who are you?

Resources Mentioned In This Episode

BOOK - Building a Story Brand by Donald Miller

Pretirement Episode

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

Direct download: RAM209.mp3
Category:general -- posted at: 6:00am CDT

Let’s talk marriage! On this episode of Retirement Answer Man, I want to spark a discussion on how to have a happy marriage so that you don’t spend your retirement years alone. People with happy marriages live longer and are healthier than single retirees. Divorce in the retirement years can completely destroy your finances and even your social life. So having a healthy marriage comes with a lot of benefits. Listen to this episode to discover how to help your marriage thrive so that you can make the most of your retirement and your life.

The hidden benefits of a healthy marriage

Retirement can be an inflection point in a marriage because you are really There with that other person. One of the most common times that divorce happens is when couples hit retirement. But did you know that people with great marriages live longer, have fewer rates of heart disease, stroke, and advanced cancer at diagnosis? Married retirees are generally happier and don’t suffer the same rates of depression as their single counterparts. It turns out that having a healthy marriage leads to a healthy life overall. Listen to this episode of Retirement Answer Man to hear all of the health benefits that having a great relationship can bring you.

Are you familiar with the law of familiarity?

The law of familiarity states that when you become too familiar with someone you dismiss all their greatness and instead focus on their small annoyances. Because we're so familiar with our spouses over a long-term relationship we take for granted their good stuff. That is the natural battle to fight in the flow of relationships. When was the last time that you noticed something special about your spouse? This episode of Retirement Answer Man can help you learn not to take your spouse for granted, so listen in!

What can you do to create a better relationship?

Having a great marriage is good for your health, your mental health, and even your finances. So, how can you make the best of your relationship? One way is to learn to have fun together and share some common interests. If you are having trouble in your marriage give pause and appreciate your spouse and all of their good traits. Do you want some great tips to help your marriage not just survive but thrive? If so, you'll want to hear some more of these great ideas to bring back that spark and enjoy each other again.

My listeners ask the best questions

Once again my listeners have asked some excellent questions. I take some time in the Practical Planning segment to answer two great questions. The first is a very important question about the role of bonds in asset allocation. Here’s the question -- Nobody talks about what kind of bonds you should invest in. They just tell you to invest in bonds. Does it matter what type of bonds you should invest in? Another listener asks about low cost investing and using robo-accounts to manage your asset allocation. Listen to the Practical Planning segment to hear the answers to these interesting listener questions.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] What are the danger zones for marriages

HOT TOPIC SEGMENT

  • [4:39] How do you make your marriage thrive?
  • [6:40] What is the law of familiarity?
  • [9:25] Intentionally of make a better relationship

PRACTICAL PLANNING SEGMENT

  • [14:01] What type of bonds should you invest in?
  • [28:33] What is my opinion on robo accounts?
  • [32:03] I have some general comments on investing

THE HAPPY LAB SEGMENT

  • [38:52] What does your spouse want to receive from you?

TODAY’S SMART SPRINT SEGMENT

  • [40:36] Think about what your spouse needs from you

Resources Mentioned In This Episode

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM208.mp3
Category:general -- posted at: 6:00am CDT

On this great episode of Retirement Answer Man I touch on the recent developments in the markets, but I'm here to really discuss loneliness. Loneliness can be a limiting factor during the retirement years. It can seriously degrade quality of life and even lead to an untimely demise. Loneliness can be caused by many different reasons and if you don’t begin to take action now you could end up alone at a time of life when you are most vulnerable. Listen to this episode to hear some great ways to begin to combat loneliness right now so that this doesn’t become a problem for you in your retirement years.

How not to be lonely in retirement

Loneliness may be an aspect of retirement that you haven’t thought of before, but it actually can threaten not only your quality of life but your life itself. Loneliness is a leading cause of death in those over 60. It can cause depression and isolation from the world around you. Loneliness affects the elderly more than any other demographic. If you are looking for some ways to stay active and combat loneliness in your retirement then starting now is key. Listen to this episode of Retirement Answer Man to hear how not to be lonely during your retirement years.

What are some causes of loneliness?

There are many causes of loneliness in retirement. Work has a built-in social aspect. It gives you a social network to foster relationships, but once you stop working you may lose the network of friends that you once had. Loneliness can also be caused by the loss of a spouse. Oftentimes your entire social realm is created by your marriage and the loss of a spouse can lead to the loss of all of your social outlets. Immobility is another cause of loneliness, as you get older this can lead to loss of physical mobility or the decreased ability to travel by car or plane. Listen to this episode to hear how you can combat loneliness as you age.

How to combat loneliness

Combating loneliness can be an intimidating endeavor. It might put you out of your comfort zone. The key is finding a way to meet people with similar interests. This can be done by finding a book club, a meetup, taking crafting classes and opening yourself up to meeting new people. Building connections with younger people can guarantee that you are not the last man standing so to say. Another way to combat loneliness is to cultivate your purpose. We often lose our purpose when we stop working. Find out now what gets you out of bed in the morning. Listen to this episode to hear some great ways to cultivate friendships with people either your age or younger

Be intentional about fostering relationships

As we get older we begin to have more and more limitations that play a factor in our lives. But you can’t control everything that your body does. Instead, you can change what can you control and free yourself from the burden of the things that you can't control. Be intentional about fostering relationships with new and interesting people. If you only see the limitations that you have you will not give yourself an opportunity to create new relationships. Create a happier retirement by learning how to combat loneliness now. Listen to this episode to hear some fantastic tips on how to be proactive about creating a diverse network of friends that will take you into retirement and beyond.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:22] Let’s talk about the recent markets

HOT TOPIC SEGMENT

  • [4:10] Loneliness can kill you
  • [10:02] How to combat loneliness

PRACTICAL PLANNING SEGMENT

  • [15:40] I correct an error I made - the best way to track non deductible contributions
  • [17:40] Merriman’s ultimate buy-hold allocation
  • [19:19] Vanguard’s payout fund
  • [21:21] Some comments on mortgages

THE HAPPY LAB SEGMENT

  • [23:55] I have rebuilt my network to create a happier life

TODAY’S SMART SPRINT SEGMENT

  • [25:20] Take an inventory of your social network

Resources Mentioned In This Episode

Merriman’s blog

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM207.mp3
Category:general -- posted at: 6:00am CDT

What are you filling your head with? The "Facebook effect" or "social media effect" can lead us to be mentally consuming more junk than we would like. That’s why now it is even more important than ever to be intentional about what you read. Each year I buy dozens of books to line my bookshelves. This year I have compiled a list of books that I would like to read over the year. I'm sure I will read more than just these books, but I created this list of books as a way to ensure that I will get to them. If you have ever wondered what is on my bookshelf, then listen to this episode to hear my book list for this year.

Upgrade your beliefs by changing what you read

You are what you eat. We’ve all heard that expression our whole lives, but the more accurate description is that we are what we read. My intentional book list for this year covers a variety of genres, one is finance related, one is about growing my business, another is a cookbook, one will help me practice agile thinking. I also have a few books that I have enjoyed so much that I reread them each year. Are you curious to hear about what I am reading? Listen to this episode to hear which books are on my nightstand and then you can create your own intentional reading list.

What is a melt-up and do you need to worry about one?

In the news recently there has been a hubbub of an impending melt-up. Have you heard this worrisome term being thrown around on various media outlets? Are you curious about what it actually means? One listener heard about a melt-up that happened in Japan and is concerned that the same thing could happen here in the U.S. A melt-up is a dramatic and unexpected improvement in the performance of an asset class driven by a stampede of investors.  Listen to this episode to hear if a melt-up is something that you may need to worry about.

Social security can leave us with a lot of questions - here’s one from a listener

One listener asks about social security, his spouse isn’t eligible to draw on social security as a survivor, so should he go ahead and draw on it early? The government never makes these questions easy to answer; you can’t just do the math and simply figure it out. While mathematically you can figure out the break-even point, there are other considerations to take into account like what are your other income sources in early retirement. What do you need the income for? Listen to this episode to hear all of the questions you should ask yourself when considering this question.

Choose what you read

Live life more intentionally by choosing a personal reading list this year. I’ve chosen to live my life more intentionally by removing social media from my constant attention and in doing so I have been able to consume content that I have deliberately chosen. This book list will give me a broad range of reading material that may even help me better myself. If you would like to find out what’s on my book list and why then listen to this episode to hear the full reading list, you’ll even get to hear what Nichole is reading too!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] What are you filling your head with?

HOT TOPIC SEGMENT

  • [2:02] Some new books that I am going to read this year
  • [10:21] Books that I reread every year

PRACTICAL PLANNING SEGMENT

  • [13:54] What’s on Nichole’s book list
  • [15:29] What is a melt-up?
  • [21:33] A social security question
  • [26:34] How can you tithe from investments

THE HAPPY LAB SEGMENT

  • [29:07] What happened when I deleted social media from my phone?

TODAY’S SMART SPRINT SEGMENT

  • [31:22] Create an intentional reading list for the year

Resources Mentioned In This Episode

BOOK - Washington: A Life by Ron Chernow

BOOK - The Daily Stoic by Ryan Holiday

BOOK - The One Thing by Gary Keller and Jay Papasan

BOOK - Essentialism by Greg McKeown

BOOK - Necessary Endings by Henry Cloud

BOOK - Your Best Year Ever by Michael Hyatt

BOOK - The Advisor Playbook by Duncan MacPherson

BOOK - The Back of the Napkin by Dan Roam

BOOK - The Mind Diet by Maggie Moon

BOOK - QBQ! by John G. Miller

BOOK - Great by Choice by Jim Collins

BOOK - Checklist for My Family by Sally Balch Hurme

BOOK - The Automatic Millionaire by David Bach

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM206.mp3
Category:general -- posted at: 6:00am CDT

Sometimes people use retirement as a reason to stop planning. This is a bad idea. The purpose of my retirement planning services is not simply to manage your money. My goal is to give my clients the best retirement that they can have. But without planning this can’t be done. Planning helps people make great things happen. Without a plan people often find themselves drifting through life without anything meaningful to work towards. This episode of Retirement Answer Man is your gentle reminder that you need a plan. Listen to this episode to hear why you don’t ever want to stop planning and making goals.

Don’t just wait for your retirement to happen

Hopefully, this podcast has helped you understand that you can’t just sit back and expect to live a perfect retirement without proper planning. You should have a good vision of the meaningful life that you want to work towards.  If you don’t start planning for your retirement and stay on top of your financial goals there’s no way you will be able to make your retirement the best that you can. When you plan on the best you can achieve the best. Listen to this episode to hear how proper planning can help you achieve your retirement goals.

Make this year your best year ever

Have you ever found that if you sit back on your heels and just let life happen then you are not at your best? Being intentional and setting an action plan helps you move forward and keeps you happy and connected. I’m reading a great book that has helped me reconnect and reassess my life. This is a great time to think about how you can continue to move forward in your life by reassessing your goals and finding something meaningful to work towards.

Listen to this episode to hear some great tips on how to set goals and to plan for the best year ever. If you sign up for 6 Shot Saturday you will even get a worksheet to help you assess your life and see where you can make some improvements.

How to upgrade your belief system

Part of reassessing life and making future plans can include reassessing your old belief systems. I went through a process of upgrading my beliefs and making myself a better man a few years ago. This completely changed my life and made me the man that I am today. I had to shed my limiting beliefs about the world, other people and about myself. I have since surrounded myself with people that help support a growth mindset and because I did all this I am more connected, happy, and my life has a purpose. How are your current beliefs limiting the way you think? Listen to this episode and sign up for 6 Shot Saturday to hear how upgrading your belief system can help you change your mindset.

Some fantastic listener questions

My listeners have some great questions, and unfortunately, those questions have backed up over the past months. I examine a few listener questions on this episode of Retirement Answer Man. One question covers how much you can put into a Roth IRA without penalties. Another listener is curious to find out if his cash reserves could be put into short-term bond funds. Another asks about passive investments. Listen to the practical planning segment to hear the answers to questions about Roth IRAs, cash reserves, and passive investments.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:18] To have the best retirement you have to be intentional

HOT TOPIC SEGMENT

  • [3:13] Make this your best year ever
  • [6:33] A quick book recommendation
  • [9:13] Upgrade your belief system

PRACTICAL PLANNING SEGMENT

  • [14:55] Backdoor Roth IRA
  • [16:52] Cash reserves vs. short-term bond funds
  • [22:55] What do I mean by passive or side investments

THE HAPPY LAB SEGMENT

  • [26:35] Find something meaningful to look forward to

TODAY’S SMART SPRINT SEGMENT

  • [28:53] Sign up for 6 Shot Saturday to get the wheel of life worksheet

Resources Mentioned In This Episode

BOOK - Your Best Year Ever by Michael Hyatt

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover 

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM205.mp3
Category:general -- posted at: 6:00am CDT

The cost of financial advisors vary greatly, but so does the value that they provide. On this episode of Retirement Answer Man, I address the question, is a financial advisor worth the cost? This is a tough question to answer, especially since I am a financial advisor myself! In this episode, you will learn about an important tool to measure the overall cost of your financial advisor and some ways that your advisor may be helping you. These areas will help you see if he or she is providing the best value for your investment management. Listen in to the episode so that you can fully understand how to measure their worth.

The financial advising world is changing

The world of financial advising is changing from investment management to client lifestyle planning. A financial advisor no longer simply invests your money. Good advisors bring the whole package to the equation. They are able to advise you on spending, risk management, forecasting, retirement planning and much more. The question remains, are advisors really worth their value? Is a financial advisor worth the money spent on them? Different advisors provide different values for their services and either they are a colossal waste of money or the best money you’ve ever spent. Listen to this episode of Retirement Answer Man to learn how to determine the qualities of a great financial advisor so that you can make the most of your money.

How can you quantify the value of a financial advisor

How do you determine whether an advisor's services are worth the investment and whether it is cost-effective to utilize their services? Determining the value of a financial advisor's service can be a challenge, but luckily Vanguard provides a process in which the layperson can help determine this value. Vanguard's Advisor Alpha Study actually breaks down the value of a financial advisor into six different areas. During this episode, I describe each of the six steps and how the Vanguard index can help you to measure your financial advisor’s worth. You probably have not thought of all of these points when considering whether or not to hire a financial advisor. Listen to this episode of Retirement Answer Man to hear all the different indexes that the Vanguard Advisor Alpha Study uses to measure the cost of a financial advisor. You will learn how you can assess whether your financial advisor is providing the optimum value that they should.

What are other areas where advisors can add value

If you use an advisor the value shouldn’t be in investment management alone. Your financial advisor should also provide the holistic strategizing and wisdom that can help you see your assets through the retirement years. It is also important that your financial advisor gets to know you so that they have a history with you and understand the vision that you see for your life and future. A holistic advisor understands more than just the markets, they understand their clients, and how they desire to live their lives. This type of value is hard to quantify and something that you can’t simply measure with an index or measuring tool. Listen to this episode to see if your financial advisor is providing the type of value that you really need.

Is your financial advisor providing you with a good value?

Weighing the cost and benefits of your financial advisor can be a challenge, but determining whether or not you are benefitting from their services is an important way to stay on top of your investments. Use the knowledge you gain from this episode along with the tools that I give you in this 6 Shot Saturday to decide whether your financial advisor is a good fit for you. Together these tools will give you an excellent reference to check whether you are getting the value you deserve from your financial advisor. Listen to this episode to hear all the details about how you can measure the performance of your financial advisor and whether or not they are worth the investment.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] How can I justify the cost of a financial advisor

HOT TOPIC SEGMENT

  • [5:46] How to quantify the worth of a financial advisor with Vanguard’s Alpha Study
  • [17:38] What are other areas where advisors can add value?

PRACTICAL PLANNING SEGMENT

  • [21:38] Life distractions, spend time on what is actually important to you
  • [22:47] How to take equity from a house, if needed
  • [33:34] On staying active in later years
  • [36:30] Target date funds

THE HAPPY LAB SEGMENT

  • [39:39] My new favorite app - Sticky

TODAY’S SMART SPRINT SEGMENT

  • [40:55] If you use an advisor, evaluate the value that they add

Resources Mentioned In This Episode

Vanguard’s Advisor Alpha Study

Sticky App

BOOK - Resilience by Eric Grietens

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM204.mp3
Category:general -- posted at: 6:00am CDT

There are many big questions that don’t get touched on in portfolio management sessions. Instead of asking the important questions, you and your advisor may be solely focused on market performance or market projections during these annual meetings. But what do these things actually have to do with your life and your retirement? On this episode of Retirement Answer Man, we discuss the important questions. We will find out what you should really be asking yourself, your advisor, and your money! Grab a pencil and listen to this episode to get the answers to the questions that you really should be asking.

Don’t become distracted by the details

When dealing with investments and money managers it is easy to get distracted by the details. Investment managers tend to overcomplicate money matters and rather than advising you on the things that really make sense, they focus on the small details of the markets, market performance, and market projections. Their talk can be a distraction from what you should be thinking about. This can be overly complicated and without the answers you are actually looking for. This doesn’t add any value to your situation and the conversations become too technical. Keep the main thing the main thing. The main thing is how can you live your best life now and in retirement. Listen to this episode to hear what you should be talking about with your investment manager, or the questions you should be asking yourself if you manage your own investments.

What is the purpose of your investments?

Often advisors want to become portfolio managers. While attempting to do so they often begin diversifying assets. But over-diversification can be a distraction. This adds no value to the situation and can be intimidating. And you should never feel intimidated when discussing your money. Investment managers often get focused on pulling all the strings, being the manager, instead of the purpose of your investments. Portfolio management will not save you and advisors can’t portfolio manage your life. Think about what the purpose of your retirement investment is. On this episode of Retirement Answer Man, we discuss the questions that you should be asking, like when can I retire? If you’d like to hear all the questions you should be focusing on with your retirement investments, listen in to hear.

What kind of investment questions should you be focused on? 

On the practical planning segment of this show, I answer some listener questions. One listener asks about using the Sortino ratio vs. using the Sharp ratio to measure returns. He asks what these are and which he should use to measure his returns. While this is a great question which I answer fully, my real advice is to focus on the questions that really matter to your retirement. Try not to get bogged down with overly complicated measures and investment strategies. It is easy to get distracted from the business of living your fullest life now and in retirement when you get overloaded with the heavy questions of the investment industry. Listen to the full episode to hear all the listener questions that I answer.

Focus on living your best life 

The purpose of your retirement investments is to create a process for having a great life now and a great life later. Don’t lose focus on the real questions which are: when can I retire, how can I live now and how can I live better in retirement? By focusing on these questions during every strategy session you can stick to what really matters rather than the minutiae of typical strategy sessions with financial advisors. This keeps both you and your advisor focused on the real goal, which is living your best life. Listen to this episode of Retirement Answer Man to find out more questions that you should be asking yourself and your financial advisor to keep you and your money both focused on living your best life.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Time for an annual review - what are the questions you should be asking in your review

HOT TOPIC SEGMENT

  • [7:49] Don’t become distracted by the details
  • [10:05] When your investment advisor tries to become a portfolio manager

PRACTICAL PLANNING SEGMENT

  • [15:55] Geeky question time
  • [16:32] What do Sortino ratio and Shark ratio mean, and which should you use?
  • [21:10] What are the pros and cons of QLAC
  • [25:53] Is eating healthy really more expensive?

THE HAPPY LAB SEGMENT

  • [26:35] Celebrate, my word for 2018 - what is your word that guides you this year?

TODAY’S SMART SPRINT SEGMENT

Resources Mentioned In This Episode

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM203.mp3
Category:general -- posted at: 6:00am CDT

This is the third episode in the Market Correction Fire Drill series. On this episode, we discuss how much cash you need to have on hand to be prepared for the inevitable market correction. When investing for retirement it is imperative to keep thinking about your long-term goals. It can be easy to lose sight of this if and when the markets take a tumble. One way to always focus on the long-term is by making sure that you have liquidity on your balance sheet to get you through the short-term. This ensures that your investment strategy has the time to make a recovery in the event of a market correction. My goal today is to ensure that you have enough cash reserves on hand in your retirement investments to help you ride out a market correction with grace. If you’re curious to hear how much cash you need to have on hand, then you’ll need to listen to the full episode.

What is the magic number you need to have in liquid assets?

How much cash reserves do you really need to have on hand? The basic rule of thumb is that you need to have 3-6 months of cash on hand for an emergency. This money is specifically for an emergency. The exact number really depends on the stability of your income and employer. In the next bucket of cash, you’ll need the extraordinary cash reserves that will be needed within the next year. For instance, a child going off to college or a new roof for your house. Listen to the full episode to learn how to calculate just how much liquid assets you need to have to be prepared for any eventuality.

You can’t use short-term thinking for long-term assets

By having cash reserves, you can appropriate your long-term investments exactly how long-term investments need to be managed. If you constantly have to worry about the next eventuality, you won’t have the piece of mind to manage your investments the way that they need to be. By having a reserve set aside for the short term you’ll be able to concentrate on getting the most out of your retirement investments. Remember that you can’t use long-term assets in the short term. Learn how to make the most out of your retirement investments on this episode of Retirement Answer Man.

The real return on cash reserves

The ROI of cash on hand doesn’t come from the cash itself obviously. The real return comes from the power of not having to sell investments that are down or not having to pay extra taxes or capital gains because you weren't prepared. The real return on having cash on hand is having emotional resilience and flexibility in financial decision making. Life is not a simple math problem and neither are your investments. You must be able to position yourself to create the kind of lifestyle that you really want in your retirement. If you want to be able to invest your long-term assets in a way that is free of worry then you’ll need to hear about the real return on investment of having cash reserves in this episode.

Achieving a happy balance with your investments

Thinking about a market correction can be a daunting thought when planning for retirement, but being well prepared mitigates the risk. Just because the S&P is at all time highs does not mean that you should get comfortable. If your investments are going well and have been over the past few years, that’s great! But, having enough cash on hand to see you through everything that may pop up at you over the next couple of years will ensure that you will be able to make the most of your long-term investments. If you want to invest your long-term assets in a way that is free of worry then you’ll need to hear how to achieve the balance that I lay out in this episode.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:31] When investing for retirement keep the long term in the long-term
  • [5:13] The first line of defense
  • [7:00] The next line of expenses
  • [11:18] What is the ROI for cash reserves?

PRACTICAL PLANNING SEGMENT

  • [16:02] How to repurpose a nondeductible contribution to an IRA?
  • [18:32] What are the risks of the lump sum vs. single life annuity?
  • [20:33] What is the best vehicle to save when you have a pension?
  • [22:25] When you should consider purchasing earthquake insurance

THE HAPPY LAB SEGMENT

  • [24:18] What can you reflect on with pride from the past year

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM202.mp3
Category:general -- posted at: 6:00am CDT

This episode of Retirement Answer Man is the second in the Market Correction Fire Drill series. After listening to the previous episode you know that a market correction is inevitable and how to measure your risk tolerance to help you become prepared for every eventuality. On this episode, we discuss how to rebalance your portfolio. Are you wondering why all of this is important to your retirement planning? Listen to this episode so that you fully understand how important rebalancing your asset allocation is to your portfolio, being prepared for the market correction, and your future lifestyle.

Apply your risk tolerance to your portfolio

Last week we discussed how to measure your risk tolerance and how to connect that tolerance to the life you want to live. On this episode, I cover how to implement what you learned in the Market Correction Fire Drill Step 1. Hopefully, you have been able to analyze your risk tolerance and discover how much risk you are comfortable with and match that risk accordingly to the life that you desire. When you listen to this episode, you will learn how to rebalance your portfolio to match the risk level that you have set for yourself. Listen to this episode to hear how regularly rebalancing your portfolio can help you keep in line with your risk tolerance.

What does rebalancing mean?

I know you are wondering what I mean by rebalancing your portfolio. Rebalancing means adjusting your portfolio to reflect the risk level that you have intentionally set for yourself. The better your stocks are faring the more off balance your portfolio can become, which means that you may be taking on more risk than you are comfortable with. As with all of your investment strategies, always keep your future retirement lifestyle in mind. Listen in to the full episode to hear examples so that you can truly understand what a rebalanced portfolio looks like.

How often should you rebalance your portfolio?

Remember to rebalance according to your retirement goals. If you don’t rebalance your assets could be out of balance and set up for more risk than you want. As the markets rise your assets can get out of balance. When your investments grow you’ll need to step back and analyze your portfolio. That way you can adjust your asset allocation so that you can get back on track and back into your comfort zone. The questions of when and how often you should do this can be challenging. While it might be different for each individual, if you listen in to this episode I’ll give you a good rule of thumb about when to do this and how often.

Rebalancing can be harder than you may think

It is hard to sell when you are doing well in the markets, sometimes you just want to ride the wave. When we rebalance regularly we ensure that you are thinking about how far you want to ride each particular investment. This can be very counterintuitive. We tend to want more of the good and less of the bad. But rebalancing regularly helps ensure that you sell high and buy low, which is what investing is all about. Listen to this episode to hear more detailed advice on how and when you should be buying and selling.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [2:56] Rebalancing your portfolio
  • [5:52] How often should you rebalance
  • [7:02] Rebalancing can be harder than you may think

PRACTICAL PLANNING SEGMENT

  • [10:26] How can a portfolio of pure stocks have a probability of success so close to a 50/50 stocks/bonds
  • [13:54] Is there a benefit to paying your January mortgage in December?
  • [14:59] How do you decide between an annuity and a lump sum?

THE HAPPY LAB SEGMENT

  • [18:02] What is the key to a Merry Christmas?

TODAY’S SMART SPRINT SEGMENT

  • [20:23] Rebalance your asset allocation that is tied to your goals

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM201.mp3
Category:general -- posted at: 6:00am CDT

Talking about a market correction can either seem scary or far-fetched in this economic climate. But it is important to understand that a market correction will happen. And it is important is to know what to do when the market correction does happen. On this episode, we will go over how to prepare for when the market correction happens. This episode explains step one of a multi-step process. You will want to make sure to listen to this episode and all the episodes in this series to help you prepare for the impending market correction. Don’t let the market catch you off guard!

What are the most important things to do to help prepare your portfolio for any eventuality?

How do we fortify our investments when the market correction happens? If you are near retirement assessing your risks is one of the most important things you can do to prepare yourself for retirement. On this episode, we go over two important questions to have in mind to see if you are really prepared for any eventuality. As you get closer and closer to retirement age you need to reassess your risks and their connection to how you hope to live in your retirement. Listen to this episode to find out which questions you should be asking yourself to prepare yourself for the inevitable market correction.

How do you measure your risk tolerance?

Have you really thought about your risk tolerance when it comes to your retirement investments? This episode will make you think again. You need to make sure you know how much risk you are taking in your investments. The investment industry maximizes your risk tolerance, but the last time you thought about risk may have been some time ago. Sign up for 6-Shot Saturday to get the PDF tables that I have created to help you really analyze your risk. You’ll want to listen to this episode to understand how to ensure that you are taking the right amount of risk for your comfort.

Is your risk tolerance tied to the life that you want to live?

Make sure your risk tolerance is actually tied to the life that you want to live in retirement. Sometimes the risks you can tolerate may have no actual connection to the lifestyle that you hope to live in retirement. Take some time to this week to really analyze the risks that your portfolio is set up to take. Are these the risks that you are willing to withstand, and how could these potential risks affect your retirement? You can use the PDF models that I will send out in 6-Shot Saturday to help you analyze your risk tolerance. Be sure to listen to the full episode to find out what else you should be thinking about to prepare for the market correction.

Find your balance

As you begin to move from the accumulation phase to the distribution phase of your investing your risk-taking behaviors may need to be tweaked. Finding the right balance that you are looking for is the first step in preparing for a market correction. The PDF models that I use will really help you get a grasp of your risk tolerance and help you visualize your chances of success with different planning models. These models will help you strike the balance that you are looking for in your investments. Make sure you listen to this episode to hear how mitigating your risk can help you prepare for any market correction and be sure to sign up for 6-Shot Saturday to get the free PDF model to help you make the right choices for your investments.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] A market correction hasn’t happened for eight years, how will you handle the next one?

HOT TOPIC SEGMENT

  • [4:52] What to do when the market correction will happen
  • [9:20] Let’s learn about risk tolerance

PRACTICAL PLANNING SEGMENT

  • [18:47] I answer questions on health insurance costs
  • [21:50] What are some book recommendations for retired people

THE HAPPY LAB SEGMENT

  • [26:11] On self talk becoming your reality

TODAY’S SMART SPRINT SEGMENT

  • [28:21] Understand how much investment risk you are taking and analyze whether that is the risk you are willing to take

Resources Mentioned In This Episode

 BOOK- Essentialism by Greg McKeown

BOOK- The Slight Edge by Jeff Olsen

BOOK - Investing for a Lifetime by Dr. Richard Marston

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center 

The Retirement Answer Man Facebook Page

 

Direct download: RAM200.mp3
Category:general -- posted at: 6:00am CDT

What can we control in life? How can we identify factors beyond our control? The trouble with retirement planning is that so much of it relies on factors beyond our control. Join me today as I discuss the impending force of a market correction and answer some listener questions from our Retirement Plan Live Webinar. We must learn to accept that there are things beyond our control. Once we do that and we learn to only worry about the things that are within our power to change we begin to feel much freer. So listen in to today’s episode to find out how to identify forces that are within your control to free yourself of inner turmoil about your retirement.

Market corrections may not be all that scary

Vanguard published a report recently stating that there is a 70% chance that there will be a stock market correction. I’m here to tell you that that’s not true, there is a 100% chance of that happening! Unfortunately, no one can accurately predict when this will happen. There is so much concern that head of Goldman Sachs feels unnerved by things going on in the stock market. Listen in to hear what his 8 reservations are. As scary as market corrections are, they can be healthy, similar to a forest fire. They help to burn off the excess, weaker growth in the markets. Find out what I mean by this by listening to this episode of Retirement Answer Man.

What can we control?

We know a correction is going to happen but not when or how extensive it will be. So, knowing all this, what do we do with this information? We can’t control or predict when a market correction will happen, but we can control how we allocate our assets to work towards a life that we want. Right now is the best time to discover how to control your balance sheet and make sure that your financial plan is fully in order. Listen in as I discuss how to financially weather a market correction and what you should be doing to prepare yourself for the inevitable market correction.

How do taxes affect your retirement plan?

Are you curious as to how to apply what you learned in the Retirement Plan Live Webinar to your own retirement plan? You guys chimed in with some incredible questions about our Retirement Plan Live webinar. On this episode, I address some listeners’ questions and make things clearer on how we can take Lori and Bruce's situation and apply it to you. Listen in as I answer some fantastic listener questions about taxes and retirement. We discuss state income tax and when to contribute to a Roth IRA. Listen to the Q&A portion of the show to find out to what extent the planning tool takes taxes into account and how moving states can affect your retirement plans.

What you can do to raise your confidence level in your retirement plan

Are you concerned about confidence levels in your own retirement plan? One listener is. Listen to this show as I address this question. You may feel concerned that your money could run out. But what can you do to up your confidence level in your retirement plan? Think of the all the levers you could pull; work longer, spend less in retirement, save more, take more risk. What could you do to become more confident in your retirement? I get down to the heart of this question so listen in to hear my thoughts on this matter and discover why is an 80% confidence level ok when talking about retirement. We must make smart, balanced choices to live a great life today but be confident about tomorrow.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Today I discuss market corrections and answer some questions from listeners

HOT TOPIC SEGMENT

  • [3:36] Vanguard says there is a 70% chance for a stock market correction
  • [4:42] The 8 worries that the head of Goldman Sachs has for the stock market
  • [8:42] What can we control in the market?

PRACTICAL PLANNING SEGMENT

  • [12:52] Listeners comments and questions about Lori and Bruce
  • [13:52] Listener questions about taxes
  • [20:10] Confidence scores in retirement

THE HAPPY LAB SEGMENT

  • [27:56] On Christmas decorating and allowing yourself to fully celebrate events

TODAY’S SMART SPRINT SEGMENT

  • [30:02] Make a list of events to celebrate at a higher level than in the past

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM199.mp3
Category:general -- posted at: 6:00am CDT

This may surprise you, but there are youngins out there that we can learn from! My guest today is only 34 years old, but he knows quite a bit about retirement. Deacon Hayes is the author of a new book called You Can Retire Early and he has a fantastic website full of resources that can help you start planning your early retirement. Don’t let his age fool you, Deacon is full of great retirement advice. Listen to today’s show to hear about some innovative ways to prepare for your retirement.

Find your why

It’s not just me! I’ve been telling you guys all along that you need to find your why. Deacon Hayes agrees that finding your why is so important. Deacon advocates early retirement, but having a reason to get out of bed and have a goal is important to everyone. Whether you're 35 or 65 you need to focus on your why to help you stick to your financial goals. Without your why behind you, it’s easy to lose focus and get off course. Listen to this conversation to hear Deacon’s point of view on finding your why.

Retire towards something, not away from something

Do you have antiquated ideas about retirement? Just like workplaces, retirement is evolving. These days retirement doesn’t mean that you stop working and sit on your couch watching the news for the rest of your life. Like me, Deacon feels that retirement is an opportunity to live your life with purpose. He says that you should retire towards something, not away from something. Deacon shares with me a wealth of excellent information on today’s show about how retirement is changing and the traditional way of spending our golden years may be a thing of the past. I think you’re going to like what he has to say, so listen in to hear more!

 

Do you really need millions of dollars in the bank to retire?

So now that we know that you won’t be spending your retirement the same way that your parents and grandparents did, how will you fund this new form of retirement? Maybe you don’t need to have millions of dollars saved up in your 401k. I love talking to Deacon since he really thinks outside the box. Listen to this discussion to hear about some innovative ways of making money in your twilight years.

How to deal with life outside the paycheck

Since Deacon advocates early retirement and finding different ways of making money, how does he deal with the instability of not having a steady paycheck? It’s tricky when you are living life outside of the box, but by diversifying your income streams you can find a bit more stability when hard times hit one sector. Listen to our discussion to find out how to handle your finances without a biweekly paycheck. Deacon has some great strategies that you can use to transition into a life without a steady paycheck.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] Welcome Deacon Hayes

HOT TOPIC SEGMENT

  • [2:44] The webinar replay is available, email me your questions and comments

PRACTICAL PLANNING SEGMENT

  • [4:03] Let’s meet Deacon Hayes
  • [4:32] How does Deacon define retirement
  • [11:32] Build a nest egg but also build skill set
  • [12:01] What will Deacon’s retirement look like?
  • [13:29] How do you deal when you don’t have a consistent income
  • [17:12] Understanding the choices that we make that impact your long-term financial goals

THE HAPPY LAB SEGMENT

  • [22:58] Turn things off and be with the people you love

TODAY’S SMART SPRINT SEGMENT 

  • [23:54] Sit down and write 5 things that you are going to stop doing in 2018

Resources Mentioned In This Episode

Deacon’s website - WellKeptWallet.com

BOOK - You Can Retire Early! By Deacon Hayes

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center


The Retirement Answer Man Facebook Page

Direct download: RAM198.mp3
Category:general -- posted at: 6:00am CDT

Many people love to travel, as a matter of fact, it is at the top of just about everyone’s list of things to do when they retire. Usually, when we think of travel we think of stays in 4 or 5-star resorts and all-inclusive hotels. But what if you could find a deeper meaning to travel? Chris Niemeyer joins me today as we discuss meaningful travel. On this show, Chris and I discuss how you can create more meaningful experiences through travel. When you travel with focus and meaning you can incorporate my favorite acronym -- FOR, family, occupation, and recreation all in one fantastic experience. If you are looking for some insider secrets on how to incorporate meaningful travel into your retirement then listen in to this show to get the scoop.

What is voluntourism?

Is it possible to have a mission trip and a vacation all in one? Is voluntourism only for Christian missionaries? The answers to these questions and more are on this show! My guest, Chris Niemeyer, specializes in voluntourism. Chris is the founder of Mission Travel, a website that helps people find real travel volunteer opportunities all over the world. Would you like to find out how to incorporate helping others into your next trip? Listen to this conversation to find out some excellent insider tricks to plan how to volunteer to help others on your next vacation.

How to plan a multigenerational trip

Have you ever thought about traveling with your family? Enjoying travel with grandkids creates an incredible common bond with them that no Christmas toy ever will. Would you like your family to discover and learn about different cultures all while helping others? My guest, Chris Niemeyer, founder of Mission Travel, helps people do just that. As a matter of fact, he has taken his four young children all over the world to learn about and experience different cultures all while assisting those in need. Find out some fantastic ways to plan your next multigenerational travel experience by listening to my interview with Chris.

Live like the locals

Have you ever wondered what it would be like to live like the locals whenever you travel abroad? Travel expert, Chris Niemeyer, gives me some excellent ideas on how to travel and learn more about local cultures by actually living like them. Chris teaches us how we can expand our comfort zones to go deeper and have a richer travel experience. Chris describes how connections with locals have been the best part of his travels. Listen in to our conversation to understand how traveling like a local can provide you a more authentic experience

How can you save money when you travel

Are you looking for some money saving ideas for your next vacation? Travel expert, Chris Niemeyer, gives me some insider tips on how to do just that! Listen to the show to find out how traveling during ‘shoulder’ seasons can save you money and give you a richer experience on your next vacation. Find out which websites and apps are helpful to saving money by listening to my chat with Chris.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:58] Register for the free webinar on Monday to hear how I walk through Lori and Bruce’s retirement plan

HOT TOPIC SEGMENT

  • [4:08] What do you want in your pretirement and retirement years
  • [5:02] FOR - what does this stand for

PRACTICAL PLANNING SEGMENT

  • [7:12] How can we combine family occupation and recreation through travel to create meaningful experience
  • [13:48] How can you travel more like a local
  • [17:58] Experience of missions
  • [20:52] How can you find purposeful travel
  • [22:53] Multigenerational travel
  • [26:02] Chris’s mission podcast

THE HAPPY LAB SEGMENT

  • [27:03] Living up to our values

TODAY’S SMART SPRINT SEGMENT

  • [28:54] Play a game with someone

Resources Mentioned In This Episode

Mission Travel Podcast

Mission Travel Website

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM197.mp3
Category:general -- posted at: 6:00am CDT

This is my third episode of the Retirement Plan Live case study. Over the past few weeks, we have gotten to know Lori as she has shared many details of her finances, lifestyle, and how she and Bruce have begun to prepare for retirement. Today we continue our journey by delving deeper into their finances and learning how they have prepared for the unexpected. Listen to hear how Lori and Bruce have prepared for some major retirement risks and to see if you have considered these risks when planning your own retirement.

How much money does the average American retiree live on? The answer may surprise you!

Some of you have emailed me with concerns that Lori and Bruce may not be the best examples to use as my case study. Many feel that this couple doesn’t best represent the average American retirees. On this episode I address these concerns, we discuss how much money the average American retiree lives on, and we discuss how to manage retirement risks. You’ll want to listen to this episode since you may be surprised by some of the answers. You also need to listen to find out how to register for the live webinar where I break down the details of Lori and Bruce’s retirement so that you can learn how to do this to plan your own retirement. 

Have you planned for the financial surprises that can pop up in retirement?

What lessons can we learn from Lori and Bruce? I realize that they may not represent what Your financial situation looks like. But regardless, we Can learn something from them. You can use their situation to consider your needs vs wants. Everyone’s financial profile is unique, and each situation is different, so use this information to help you decide what is best for you. Listen in to hear how Lori handles the little extra financial surprises as well as how they plan for the big surprises. Do you plan for the car breaking down? How about major illness? Listen in to hear about these and other retirement risks that are important for everyone to consider.

How well do you track your spending?

It is important to track your spending well. You must really pin down your spending numbers to accurately plan your retirement. Since Lori and Bruce have such a low overhead I drill Lori on the details, how they track their budget, how they have their money invested, and whether or not they still have life insurance. Listen in to find out all the small details you need to be keeping track of when planning your retirement budget.

What are the three biggest risks to your retirement?

Do you need to continue a life insurance policy after the rates go up? Have you thought about this? I ask Lori about their insurance policy and if they are financially prepared for long-term specialized care. These are important things to consider when planning retirement. Listen in to today’s podcast so you can discover the three major risks to your retirement and how to prepare for them. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] I read a few emails I have received about whether Lori and Bruce are good examples of the average American retirees

HOT TOPIC SEGMENT 

  • [5:32] What is the average retirement cost for the average American couple
  • [9:32] Needs vs. wants when it comes to retirement
  • [11:52] Make sure you register for the webinar

PRACTICAL PLANNING SEGMENT 

  • [13:39] I ask Lori about the details of how they live on 24k a year
  • [19:53] We discuss inflation and how that may impact their retirement plans
  • [20:45] How Lori invests her money
  • [24:35] We discuss the major risks to Lori and Bruce‘s retirement

THE HAPPY LAB SEGMENT

  • [34:02] On being grateful

TODAY’S SMART SPRINT SEGMENT

  • [35:10] Write a sentence describing these 3 risks to retirement

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeove

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Try the online Rubik's Cube simulator! Set up a random scramble then try to figure out the solution!

Direct download: RAM196.mp3
Category:general -- posted at: 6:00am CDT

No matter how much money you may have, worrying about money is part of human nature. We all worry that we may not have enough no matter what our tax bracket is. Even though that is the case, I still say money does not come first when planning retirement. When planning out your financial resources to prepare for retirement, first think about the life you want, then think about the money. This is the second episode in a four-part series where I use Lori and Bruce as a case study to help you to discover how to plan your own retirement. You will want to make sure that you listen in to the full series to understand how to plan your retirement.

Do you have a net worth statement?

On this episode, I discuss what a net worth statement is and why you need one. Make sure you listen so that you can find out how to prepare one for yourself. This tool is indispensable when tracking your financial resources. You definitely want to make sure that you have one of these prepared when you begin thinking about retirement. A net worth statement is a financial dashboard that lists all your assets and debts so that you can understand your worth and work towards planning a great retirement. Are you curious as to what a net worth statement is and how to build one? Listen in today to find out how to use this invaluable tool to help you plan your retirement.

What is the next step of Your financial plan for retirement?

On this episode, I continue my discussion with Lori and we move on to the next step of her and Bruce’s plan for retirement. Last week we discussed what their ideal retirement lifestyle would look like and in doing so we talked about Family, Occupation, and Recreation. This is the FOR part of my acronym FORM. Today is we get to the M part -- Money. Lori discloses her financial resources so that we can get a better feel for how well they are prepared for their impending retirement.

How are you preparing your life for retirement?

Find out how Lori and Bruce downsized their life in preparation for retirement. They used to have the large house and dual incomes and decided that they needed to start preparing for retirement by downsizing their house. Lori gives us the nitty-gritty about their financial resources so that we can discuss their financial plans for retirement. Lori also tells us how she got started as a virtual assistant and how this has been like a pre-tirement phase in her life.  If you've been thinking of having a transition period between full-time employment and retirement, you will want to listen to this episode as we discuss Lori and Bruce's preparations for full retirement.

Have you thought about at what age you would like to retire?

Will you wait until age 65, or retire a bit early? Do you need to wait a bit longer? These questions cannot be answered entirely until you have a full grasp of your financial resources. The first step in understanding your financial resources is to have a net worth statement. Make sure you listen in to this show to hear the case study of Lori and Bruce and to learn what a net worth statement is and how and why you need to prepare one.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:02] Money doesn’t come first

HOT TOPIC SEGMENT

  • [2:57] Nobody feels like they have enough money
  • [3:57] FORM- Family, Occupation, Recreation, and lastly, Money
  • [5:32]  What is a net worth statement
  • [7:02] The difference between a use asset and a productive asset
  • [8:56] Six shot saturday is where you can find the tools to help you build a net worth statement

PRACTICAL PLANNING SEGMENT

  • [9:39] Lori explains how they downsized their life to prepare for retirement
  • [13:56] We discuss the possibility of full retirement at the age of 66 for both of them
  • [19:15] We discuss their assets
  • [21:52] Lori discusses how she got started as a virtual assistant

THE HAPPY LAB SEGMENT

  • [29:03] Find a way to reach out to someone that may need some help, however little

TODAY’S SMART SPRINT SEGMENT

  • [31:50] Create a net worth statement

Resources Mentioned In This Episode

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM195.mp3
Category:general -- posted at: 6:00am CDT

On today’s show, I interview Lori and we begin to plan her ideal retirement. There is no one size fits all retirement plan out there. Everyone’s ideal retirement will look different since we all have different priorities and financial goals. Listen in on this show to find some excellent resources to plan your own retirement. You’d be surprised to hear where the challenges are in planning this important stage of your life. Planning is the first step in ensuring that you are not left in the dark for what may be a thirty to forty year period. Listen in for important tips today as I walk Lori through the first steps that I take with my clients as we begin the retirement planning process.

What are the barriers to retirement?

There are many out there who claim that retirement is dead. This doesn’t have to be true. It’s important to have a plan in place so that you can enjoy this time of your life without the worry that you’re overspending. Planning for retirement can be a daunting process. There are a few challenges that we face when retirement planning that you need to pay attention to. Listen in to today’s show to learn what the obstacles to planning a sound retirement are and how to address them. You don’t want to get stuck on the last barrier when planning your retirement!

It’s OK to dream big when planning your retirement!

When planning your retirement it’s important to think of your needs, your wants, and then your wishes. Dreaming and wishing for things to do in your retirement is OK! But first, you must plan what you need. What are your basics for everyday living? After you get that down then you can start thinking bigger. Listen in on today’s story to hear how we can plan your retirement step by step. You’ll learn what the acronym F.O.R. is for and how thinking about it can help you with your planning process.

How will you spend your retirement?

We met Lori on last week’s episode, and this week we delve into her needs and wants to try and learn how best to prepare her and Bruce for the next thirty years. One of the problems they had when planning their ideal retirement was thinking big. They have lived frugally for so long that dreaming big didn’t come naturally to them. How about you? Do you have trouble thinking of big ways to spend your retirement? Listen in today to find out how I helped Lori think big when planning her golden years.

Are healthcare fears preventing you from retiring early?

Have you thought about healthcare if you plan on retiring before the age of 65? Is this stopping you from retiring early? Retiring before 65 can happen, but healthcare is a big priority when planning your retirement. Find out the creative way that Lori and Gene have discovered to cover their health insurance needs by listening to today’s episode. If you are at all considering retiring before the age of 65 you will really want to listen to Lori’s solution to this important issue.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:22] The benefits of enrolling in 6 Shot Saturday

HOT TOPIC SEGMENT

  • [4:20] Barriers to retirement
  • [11:38] How do we get over those barriers

PRACTICAL PLANNING SEGMENT

  • [18:14] Lori's ideal perspective of retirement
  • [21:54] What Lori and Bruce's basics are
  • [26:56] Insurance needs
  • [31:52] Their wants and needs

THE HAPPY LAB SEGMENT

  • [39:46] Define and envision your future

TODAY’S SMART SPRINT SEGMENT 

  • [40:29] Define your needs, wants, and wishes for retirement in the worksheets from 6 Shot Saturday

Resources Mentioned In This Episode

Roger’s Kindle Book Rock Retirement

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

 

Direct download: RAM194.mp3
Category:general -- posted at: 6:00am CDT

Planning for the future has many challenges and you may not know what could be a threat to your retirement. There’s something you may not have thought about when planning your retirement. Over the next four weeks, we’ll be learning about Lori and Bruce in my Retirement Plan Live case study. By studying them you will gain great insight into how to prepare for your own retirement. Listen today as I introduce Lori and we discuss marriage and how a healthy marriage can lead to a healthy retirement.

Investing in your marriage is an investment in your retirement.

You may not think about this as a threat to your retirement, but divorce, especially when you are close to retirement age, can have a huge impact on how you retire. You’d be surprised by how many people get divorced in their fifties and sixties. Why would this be a threat to your retirement? What are some great tips for a healthy marriage? Listen in on this episode of Retirement Answer Man to find out how a healthy marriage can help ensure a financially healthy retirement.

Have you ever thought of investing in your marriage?

What are the 3 phases of life in which people think about divorce? I’m no expert, but I have noticed that there are three seasons in life where couples begin to contemplate divorce. I have Ted Lowe, a Real marriage expert, and author of Your Best Us, here with me to see if we can come up with some everyday ideas that you can use to invest in your marriage. Many people have thought about divorce at times, even in a healthy marriage. However, they may not think about how divorce affects their finances and how that could affect their retirement. Listen in on my discussion with Ted Lowe as we talk about how to invest in a strong marriage. 

Is fun an important part of marriage?

What marriage tips and strategies can you learn from Ted Lowe? Ted gives us some wonderful advice on how to maintain a great relationship each day so that you don’t have those big blow-ups that can lead to divorce. Does your wife want to be heard or helped? This can be a challenging question, and knowing when she wants help is important. Do you think fun an important part of marriage? Listen to what Ted Lowe has to say about these questions and other fantastic tips on marriage on this episode of Retirement Answer Man.

Words don’t lead to connections, connections lead to words.

We all think about ourselves, that’s natural, but should we bring the “Me” mindset into marriage? Connection is a huge part of marriage and Ted gives us some great advice for learning how to connect with our spouse during the different seasons of marriage. Listen now to hear how you can make real connections with your spouse. A stronger marriage can lead to a stronger place in retirement. I gained so much insight in my chat with Ted Lowe, I can’t wait to implement his suggestions in my own marriage!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • {00:05] Investing in your marriage
  • [00:30] Reasons for NOT getting a divorce in your 50’s and 60’s

HOT TOPIC SEGMENT

  • [3:15] All about Retirement Plan Live case study to learn how to help yourself
  • [5:43] Let’s meet Lori
  • [7:32] We discuss longevity and life quality
  • [9:20] What Lori and Bruce will be excited about in retirement

PRACTICAL PLANNING SEGMENT

  • [13:32] Let’s discuss marriage and divorce
  • [17:00] Meet my guest, Ted Lowe, author of Your Best Us
  • [23:10] How can we diffuse difficult situations in marriage
  • [27:30] How can we manage our marriage through the stages of life
  • [32:30] Where will our connections lead us

THE HAPPY LAB SEGMENT

  • [40:51] What can we do to make each other happy

TODAY’S SMART SPRINT SEGMENT

  • [41:53] Sign up for Six Shot Saturday and start thinking about your retirement

RESOURCES MENTIONED IN THIS EPISODE

Ted Lowe

Your Best Us: Marriage is Easier Than You Think by Ted Lowe

The Slight Edge by Jeff Olson

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM193.mp3
Category:general -- posted at: 6:00am CDT

My grandmother lived through the great depression. She was 10 years old when it started and remembers the struggle. What she went through during those years has shaped her decision-making process. She is very frugal. I can remember her saving small bits of wrapping paper when I would have thrown them out. For many of us, we have been affected similarly by the Great Recession and make decisions based on that experience. Many of you might be asking the question, “Is another crash just around the corner?” Tune in to this episode of the Retirement Answer Man to find out.

 

Focus on what you can control, not on what you can’t.

 

The ever-present question looms in the back of our minds, “Will the markets crash again?” No one knows the answer to this question. Many financial forecasters are very vocal about their opinions warning about the impending crash. Some people are making extreme future decisions based on those forecasts. How smart is that? Should we rest our future on such forecasts? Maybe the best plan is to worry about what we can control, not stress about the things we can’t.

 

Insurance premiums are rising, what should I do?

 

As the market changes many people are falling victim to the ever-rising premiums of Long Term Care policies. On this weeks show a listener writes in with this very concern and wants to know what options they have. They could always drop the plan. But then they would have to self-insure. They could lower their coverage to keep their lower premium which might leave them without needed coverage. Or they could suck it up and pay the higher premiums. It’s a tough decision. Listen in to this episode to hear my thoughts.

 

My House is Leaking!

 

Nichole walked into her home the other day to find water soaking her closet. Her AC system had sprung a leak and soaked a hole through her ceiling. Her in-laws came to visit and help fix the damage. Family in the house can be uncomfortable at times but they can often line a huge helping hand. It’s often good to live near family to have a support network. If you live with or near family and often find it challenging, take time this week to look for the good in the situation.

 

Could the data breach cost me my house?

 

With this Equifax data breach, our imaginations can run wild with possibilities our information could be used maliciously. It’s possible someone could steal your identity and take out a loan on your home causing you to possible lose it. There is a service being advertised that monitors the title of your house for any fraudulent filings and notifies you. While this might seem like an easy hands-off way of staying proactive, it could be just as easy to check on your title yourself. Make sure to catch this episode to hear more.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] My grandmother lived through the Great Depression

[1:37] Nowadays many of us have lived through the Great Recession and it has laid the foundation for our decision making.

[2:00] Is another recession just around the corner?

 

HOT TOPIC SEGMENT

[4:17] We are in the 2nd longest Bull market in S&P 500 history.

[6:30] Are you asking the question, “Is another crash on the horizon?”

[8:54] Making extreme decisions on forecasts is not the wisest move.

[10:38] What do we do?

[10:50] Focus on what you can control not on what you can’t.

[14:00} What investment actions can we take?

 

PRACTICAL PLANNING SEGMENT

[17:11] Listener questions with Nichole.

[17:15] Our new voice coach.

[20:11] I am self-employed. Should I set up a company 401k plan?

[27:20] The premiums on my long-term care plan are going up. Should I continue to pay the premiums or should I lower my coverage?

[33:18] Is Title Lock Insurance worth the investment?

 

THE HAPPY LAB SEGMENT

[37:22] Nichole’s house is leaking!

[37:30] It’s great to live around family and have them as a support network.

 

TODAY’S SMART SPRINT SEGMENT

[39:16] Take the time this week to check your title and see in anything has been filed against it.

[40:00] The subject for Retirement Answer Man Live has been chosen. Sign up for Six Shot Saturday to receive all the details.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Ask a question

 

Work with Roger

 

3-Video Series: 5 Minute Retirement Makeover

 

Roger’s retirement learning center


The Retirement Answer Man Facebook page

Direct download: RAM192.mp3
Category:general -- posted at: 6:00am CDT

I’ve been married to my wife for 27 years. That’s a long time! I have noticed that there has been a rhythm within our relationship over the years where, as we have become more comfortable with each other, we begin to become disengaged. Not disengaged in a spiteful way but simply not as focused as a team. This happens in any relationship whether it be a parent and a child, the relationship between spouses, or even between you and your advisor. Listen to this episode of Retirement Answer Man to hear my tips for staying on track in your relationships and keeping your advisor on the same page.

An advisor in Colorado Springs has allegedly stolen millions from clients.

This financial advisor seemed like a great person. There was no past history of dishonesty or crime and no red flags seemed to pop up. It seems very easy to be fooled into a bad relationship like this one. Are there ways you can stay on top on the relationship and catch the red flags if they arise? There certainly are and I will outline 4 steps you can take in your relationship with your financial advisor to keep the relationship healthy.

Pursuing purpose in retirement

On this episode of Retirement Answer Man, I’ll interview a friend of mine, Jeff McManus, who is turning his passion into an income stream he can benefit from during retirement. Jeff is the director of Landscape services to the University of Mississippi. He has a wealth of horticultural knowledge and has found joy in applying it to his career. Now, as he is nearing retirement and thinking of the future he is applying that knowledge in unique ways to grow opportunities for himself in retirement. Listen to this episode to hear his story.

Don’t wait for Retirement to pursue your joy, start now!

My books are finally here!! I’ve been working on my book for about 4 years and I just got the call that it is ready. Since I contractually have to buy 2500 copies I decided to have them all sent to my house so I could see what that many books looked like. I didn’t rationalize it, I just dove in and ordered them. They arrived on 2 pallets and have taken over a room of my house. It's been so fun looking over them and signing them for friends and family and even for the delivery lady. Is there something you think will bring you joy? Are you waiting for the perfect moment? Are you waiting for retirement? Don’t! Jump in now and experience the joy, don’t wait until it is too late. Tune in to this episode to hear all about the book delivery.

This time of year is a great time to get on the same page with your financial advisor.

As we near the end of the 4th quarter a great opportunity to refocus is presented. Take the chance to have a quarterly meeting with your advisor and refocus on your goals and make sure you both are on the same page. Trust me, you don’t want to begin the new year without being unified on your savings and the direction of your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:33] It’s easy to become disengaged after many years of marriage.
  • [1:00] Constant vigilance is needed to keep a good relationship of any kind.
  • [1:40] The same goes for your relationship with your advisor.

HOT TOPIC SEGMENT

  • [3:25] An advisor in Colorado Springs has allegedly stolen missions from clients.
  • [4:00] The longer a relationship continues the more likely you are to become disengaged and draw apart.
  • [6:00] If you have quality meetings with your advisor you will have a better idea of what is happening with your money.
  • [6:30] Keep it formal.
  • [7:00] Have an agenda.
  • [7:50] Have an agreed upon plan.
  • [9:30] Make sure your goals are mutually agreed upon and addressed in order of importance.

PRACTICAL PLANNING SEGMENT

  • [12:05] One baby boomer is making a change and living his dream!
  • [14:50] We all want some measure of control and freedom in our life.
  • [17:00] Cultivate a culture of teamwork and collaboration and grow a mutual passion.
  • [19:27] Setting up a passion and source of income you can devote yourself to during retirement.
  • [23:19] A vision for retirement.
  • [25:19] Get your foot in the door of your passion.

THE HAPPY LAB SEGMENT

  • [28:15] My book is finally here!!
  • [29:11] Hear about the delivery ladies response in Six Shot Saturday
  • [29:30] What can you do that may not be practical but will bring you joy.

TODAY’S SMART SPRINT SEGMENT

  • [29:54] It’s nearing the end of the 4th Quarter. Make sure you have a 4th Quarter meeting to stay on track.

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Get Jeff’s book here on Amazon

Direct download: RAM191.mp3
Category:general -- posted at: 6:00am CDT

Several years ago I participated in an Ironman Triathlon. I didn’t win, not even close. I finished in the 77th percentile. Turns out, the winner could have started 6 ¼ hours after me and still beat me. So was this experience a failure? It depends on how you look at it. I enjoyed the experience, I loved the cycling and felt refreshed by the countryside surroundings. So for me, this was definitely not a failure. Comparison is important to keep us on track with our goals but when we put all of our focus on our performance v.s. someone else's performance...we often become unhappy. Regardless of where you are in life or how much you have saved for retirement, comparison could be the death of joy. Listen to this week’s episode to hear my thoughts on how to stay on track without letting go of your joy.

 

A Fidelity study shows exactly how much you should have saved for Retirement

 

A recent Fidelity study lays out exactly how much you should currently have in savings for retirement based on your age. They say that by age 30 you should have 1x your annual income in savings, 3x at age 40 and 7x at age 55. For some of us on the journey to retirement that may feel like a daunting task. Many of us don’t start saving as early as we should, I know I didn’t. But are these numbers really where we need to be? Can we make it work with less? Join me this week on the retirement Answer Man show to hear my thoughts.

 

Are my assets safe in the hands of my advisor?

 

Recently a financial advisor absconded with over 1 million dollars of their client's money. The advisor had no history of fraud and seemed to be a good person. If anyone can snap and steal from us, how can we trust our advisor? In this episode, I’ll dive into a few things to look for in your advisor to help you decide whether or not they are trustworthy. I’ll also outline some red flags that signal something fraudulent might be happening with your money. If you want to make sure your advisor can be trusted with your money, listen to this episode of Retirement Answer Man.

 

How should I allocate my 401K contributions to provide future security?

 

A listener called in with a question. He is making contributions to his 401K and wants to know how he should allocate his assets. Of course, I can’t give him specific advice but I can give guidelines of how you should think of your contributions based on your retirement goals. Make sure you catch this episode to hear my advice.

 

Life is full of changes. Go along for the ride and have fun.

 

Fall has come to Texas. It’s not as unbearably hot and pumpkins are selling in all the stores. I love the change of seasons, the change of pace and the excitement. Life, like the earth, often has many seasonal changes as we get older and they can be exciting as or sometimes challenging. Whether or not you are ready for the next season of life remember that there is nothing you can do to stop it so you might as well go along for the ride and focus on being happy.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0.28]  Several years ago I participated in an Ironman Triathlon
  • [3:29]  I finished behind many. But was it a failure?

HOT TOPIC SEGMENT

  • [6:38] Fidelity study shows what you should have saved for retirement.
  • [7:50] Regardless of where you are, you compare yourself to others.
  • [9:01] By age 50 you should have 6x your annual salary saved for retirement.
  • [11:57] Many of us start saving late.
  • [12:00] Many of us make bad savings and investing decisions.
  • [13:50] Comparison can be the death of joy.

PRACTICAL PLANNING SEGMENT

  • [14:33] Listener questions with Nichole.
  • [16:04] How safe is my money with a financial advisor?
  • [20:00] How can I verify an advisor’s trustworthiness?
  • [27:00] Be wary of private investment opportunities.
  • [28:01] How should I allocate my 401k contributions?
  • [32:08] I have 80% of my 401K in stock. How can I balance my investments?

THE HAPPY LAB SEGMENT

  • [37:57] Fall has come to Texas
  • [38:39] The seasons are changing. Whether you like it or not, try to enjoy the ride.

TODAY’S SMART SPRINT SEGMENT

  • [39:22] Look at all of your investment assets and see, based on Fidelity’s study, where you are based on your age.

 

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM190.mp3
Category:general -- posted at: 6:00am CDT

Indexes are comprised of many companies. Yet only the top few companies drive the index. What happens if we hit a rocky patch in the markets and those companies falter? On this episode of the Retirement Answer Man, I dive into the pros and Cons of investing passively v.s actively and what might happen if a Bear Market does indeed come.

Bear Markets might be bad news for your Retirement.

A Bear Market is a self-sustained drop of the market and if one of these shifts does happen, it might impact your ability to retire. Passive based investing becoming very popular nowadays, but if the majority of your strategy is comprised of these kinds of investments you might be in for trouble if a Bear Market shift happens before or during your retirement. A shift like this would affect the big companies in the major indexes, causing the index to drop. A drop like this could negatively affect your investments. You could always wait for things to stabilize but you may not have the luxury of waiting. In this episode of Retirement Answer Man, I’ll give you a rundown on what you can expect in a Bear Market and how you can act wisely to mitigate your risk.

Passive based investing is sweeping the nation.

What is passive based investing? Well, whatever it is it makes us more than %40 of the nation's investments. In this episode of Retirement Answer Man, I’ll dissect the differences between active and passive based investing and which one might be the best for you and your retirement. I also talk about how a market downturn affects them and what steps you can take to be safe.

Should I use my raise to pay off debt or add to my investments?

A raise can make your year! Not only does it say “good job” it gives you options to change aspects of your lifestyle, investment strategy or even the lives of someone you know. There are many things we could do with a raise.  You could spend it, invest it, pay down debt to free up future cash, or even give a gift to someone in need. In this episode of Retirement Answer Man, I’ll expound on the options a raise make possible and give you a framework for deciding what is the financial priority in your life.

I’m looking to work with a retirement advisor, what red flags should I look for?

On this week’s episode of Retirement Answer Man a listener writes in with a question about an advisor he is looking to work with. The advisor has worked for many firms and not stayed long at any one. Is this a red flag? Should he be worried? Tune in to this episode to hear my thoughts and get tips for asking your advisor the right questions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

[0:26]  Would you like to place a wager against Warren Buffett?

[2:00] Should we all switch to passive investments?

HOT TOPIC SEGMENT

[2:59] Passive based investing is taking over the investing world.

[4:47] Does passive make the market more or less efficient?

[5:33] Passive investing is driven by the “hot” sectors of the market.

[6:50] Jim Rogers says Bear Market is coming!

[8:50] We are down to the wire in Retirement, there is no more time to wait.

PRACTICAL PLANNING SEGMENT

[12:27] Should I allocate my raise into my investments?

[14:50] What should I do with a raise?

[17:50] How does unstable politics affect my investment strategy?

[19:58] Ed’s question about advisor research.

[24:40] Think of an advisor as an investment. How can you have the best returns?

[28:50] Should I pay off debt or fund a 401K?

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

 

Work with Roger

 

3-Video Series: 5 Minute Retirement Makeover

 

Roger’s retirement learning center

 

The Retirement Answer Man Facebook page

Direct download: RAM189.mp3
Category:general -- posted at: 6:00am CDT

Have you ever had your identity stolen? I have. It’s not fun. It can leave you feeling helpless and frustrated as you try to prove who you are and undo the false financial claims against you. In this modern era data is everything. Your life is wrapped up in one 9 digit code, your Social Security Number. If someone were to get that number they could open credit cards in your name, access your life savings, and even take out a mortgage. While the dangers are high, there are effective ways to protect yourself and your assets. I will outline some of the most effective ones in this episode of the Retirement Answer Man.

Equifax has been breached by hackers

Equifax has been breached by hackers. Almost 60% of the American population’s cyber data is in the wind. For many of us, this is a fearful thing. We have spent our whole lives planning for our future. As we draw near to retirement we can see the light at the end of the tunnel as all our hard work starts to pay off. Identity theft could put a serious damper on those retirement plans and could take years to recover from. Luckily, you are not at the mercy of these hackers. There are steps you can take to ensure that your data stays safe. Listen to this episode of Retirement Answer Man to hear my simple steps to guard your identity.

5 simple steps to guard your identity

With the daily increase of cyber threats facing our modern world, it is essential that you know what to do if your information is compromised. Over 100 Million Americans were affected by the Equifax breach. Odds are you are probably one of them. It’s never too early to take offensive steps to make sure your credit is monitored and you will be alerted to any suspicious activity.

Is new technology all it’s cracked up to be?

Apple has just announced the release of a few new devices, an Apple watch that can be used as a cell phone and the new I Phone X. The ads for these devices portray them as just what you need to fill the technology gap in your life. Having the new I Phone will make your life easier, safer, and on the cutting edge. Are these claims true? Think back to the last time you got a new device. It feels great and it’s exciting, but after a few days or a week, the excitement fades away. It becomes normal. Did it really bring you joy? We might be better off searching for joy in an area that doesn’t put a dent in our bank account.

Don’t let your identity fend for itself.

I’ve created a Free Credit Breach Protection Plan that you can find on my website. It gives simple instructions to help you take steps to protect yourself, your assets and your loved ones. Don’t wait until it’s too late, be proactive and protect what you have worked so hard for. Don’t miss this episode of the Retirement Answer Man.




OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] Have you ever had your identity stolen?
  • [1:50] It can be difficult to regain your footing after an id breach.

HOT TOPIC SEGMENT

  • [3:47] Hackers infiltrated the Equifax database.
  • [4:20] The information of 60% of the American population has been compromised
  • [5:49] There's a way you can know if you have been affected by this breach.
  • [6:00] What does this mean for me?

PRACTICAL PLANNING SEGMENT

  • [8:24] Protecting yourself without becoming a cybersecurity expert.
  • [9:18] Credit Protection Action Plan
  • [9:50] 5 Basic ways to protect your cyber data.
  • [14:24] The best ways to respond to this data threat.

THE HAPPY LAB SEGMENT

  • [21:39] The new Iphone X
  • [22:08] The “new” is overrated

TODAY’S SMART SPRINT SEGMENT

  • [23:45] Download the Free Credit Breach Action Plan
Direct download: RAM188.mp3
Category:general -- posted at: 6:00am CDT

My listeners have been asking great retirement questions, and this podcast episode is focused on giving answers to some of those. I’m excited today to bring on my awesome sidekick, Nichole, to play the part of the listener and ask the questions. One really important question is whether your financial advisor should have access to your 401(k), including your username and password. While this can be convenient for you and for your advisor, it’s not a good idea and is typically not allowed. Listen to today’s episode to find out why.

Important differences in spending cycles for single and two-person households

Spending habits change for people, depending on age and household size. The changes in spending habits are important for each household to understand, because they affect planning for retirement. In the Hot Topic section of this episode, I explain why the changes are quite different for single and two-person households, and how each needs to consider how this affects their retirement planning. Listen to find out how spending cycles might affect your household and hear answers to other retirement questions, and then follow up with today’s Smart Sprint and get clear about your financial needs in retirement.

Should I lower 401(k) contributions to build up my emergency fund and college savings?

Bill is 59 ½ and has all his savings in his 401(k). He puts in 9% with an employer match of 3% and has a son going to college. His retirement question is whether he should lower his contribution to 6% to start building his emergency fund. On this episode, I explain several reasons why it would be a good idea to lower his contributions even further to give him more flexibility in how he makes financial decisions, and Nichole and I have a conversation about whether or not parents should cover college expenses from their retirement account and what other options might be available.

When thinking about jobs for pre-tirement, be sure to consider the work environment

Mark Miller at careerpivot.com sent in a helpful comment about pre-tirement jobs. He suggests that people carefully consider the physical aspects of the job, such as whether their body can handle walking on cement floors all day. There is also a concern for retirees working in retail environments where the schedules are not given with advanced notice, which creates problems for the time-freedom someone might be expecting in pre-tirement. On this episode, you can hear the details about these considerations, and also get answers to other retirement questions.

Listener ideas for pre-tirement

Quite a few listeners have chimed in with comments or questions about the pre-tirement episode a few weeks ago. On this episode, we’ll take another look at the math from that show, and demonstrate how numbers significantly lower than the ones we used can still work for you. We’ll also hear the ideas that various listeners have for jobs they would like to do in pre-tirement. Listen in to hear their thoughts and also get answers to other listeners’ retirement questions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:00] Equifax data breach. Action plan - six steps you can take to minimize credit fraud and stay vigilant.
  • [1:02] To get to great, you have to blow up what’s good!
  • [1:44] Intro this episode - listener questions with Nichole Mills.
  • [2:49] Disclaimer - Don’t take financial advice from me on this show. This is tips and education.

HOT TOPIC SEGMENT

  • [3:12] Important differences in spending cycles for single and two-person households.

PRACTICAL PLANNING SEGMENT

  • [7:17] Bill’s question: Should I lower my 401(k) contribution to start building my emergency fund?
  • [9:47] Should parents consider covering college expenses with their retirement account?
  • [11:47] Should my advisor have access to my 401(k)?
  • [14:08] Mark Miller: When thinking about jobs for pre-tirement, be sure to consider the work environment.
  • [16:16] John: Is the math in the pre-tirement episode a little high to be realistic?
  • [18:36] When is your book coming?
  • [19:26] Ideas for pre-tirement jobs from Michael, John, and others.

THE HAPPY LAB SEGMENT

  • [21:51] You can even make a commute happy as long as you are intentional about it.

TODAY’S SMART SPRINT SEGMENT

  • [23:33] 7-day goal: Dial in what your financial needs are for retirement

RESOURCES MENTIONED IN THIS EPISODE

Free Credit Action Plan for those affected by the Equifax breach

Episode #183 - How PRE-tirement could save your retirement

Ask a question

Work with Roger (now accepting new clients)

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM187.mp3
Category:general -- posted at: 6:00am CDT

#186 - Retirement Travel - One Way to Fund Your Dreams

Do you have dreams for traveling in retirement? Everyone’s dreams are different, but every dream is going to cost some money. On today’s episode of The Retirement Answer Man, my friend Jamie joins me to talk about one creative way to fund your travel dreams. Discover how you can use your home to produce income when you’re not there, so that you can enjoy your travels. Learn what a sharing economy is and how it can benefit you and fund your dreams for retirement travel.

What is a sharing economy, and how can it help fund my retirement dreams?

A sharing economy is an economic system in which assets or services are shared between private individuals for a fee. Uber is one example. AirBnb and VRBO are systems that can work for you to fund your retirement travel by renting out your house, earning money when you are not there. It allows you to monetize your home as an asset to fund your retirement travel dreams. My friend Jamie has had great experience with AirBnb, and joins me on today’s podcast to discuss how it works.

The benefits of renting out your home while you travel

Renting out your home to fund retirement travel takes a bit of preparation and work. But the benefits are worth it. Not only do you create income while you are away, but you also have someone staying in your home without paying a house-sitter. And, in my friend Jamie’s experience, you have the opportunity to build clients and become friends with repeat guests. Listen to today’s podcast episode to hear Jamie’s story of how renting out their home has benefitted his family.

How to prepare your home for rental when you are away

Sharing your space with other people may seem overwhelming at first. But you can start small and acclimate to the process as you go. To get started, check your local listings on AirBnb and VRBO to see what is available in your area and what the prices are. On this episode, my friend Jamie describes some of the things he has done to prepare his family’s home to be shared. From buying fresh linens to learning how to effectively advertise his home, Jamie’s insights will help you get started on this new adventure.

How do you vet who will stay in your house when you rent it out?

Many people have concerns about renting their home to strangers. But my friend Jamie’s experience is that people will actually take very good care of your home. On this episode, Jamie shares how he has found that the way you advertise your property and the price you set has a lot to do with who will rent it. Listen in to hear Jamie’s perspective on getting the right clients to rent your home and getting the best price for your rental as well.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Regardless of what your dream is, you will need a way to fund it.

HOT TOPIC SEGMENT

  • [5:06] What is a sharing economy?
  • [6:23] In terms of funding retirement travel, how might the sharing economy help you?

PRACTICAL PLANNING SEGMENT

  • [10:46] My friend Jamie’s vacation experience in Mexico, and how he funded it.
  • [17:24] How to prepare your home for rental when you are away.
  • [19:30] How do you vet who is going to stay in your house?
  • [20:29] If you’re going to rent out your house, how can you get top price?
  • [23:55] How renting out your house opens up possibilities of owning a second home.
  • [24:58] You can rent our your home even just once or twice a year.
  • [26:58] Building clients and return guests.
  • [27:58] What are the downsides of renting out your home?
  • [29:21] What are the next steps to get ready to rent out your home?

THE HAPPY LAB SEGMENT

  • [30:52] Blow up what is to start working towards what could be.

TODAY’S SMART SPRINT SEGMENT

  • [31:46] Plan a weekend trip and rent something on AirBnb or VRBO.

RESOURCES MENTIONED IN THIS EPISODE

AirBnb

VRBO

Shure

TalkShoe

Ask a question

Work with Roger (Currently accepting clients)

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM186.mp3
Category:general -- posted at: 10:17am CDT

In the news today, credit card debt has reached over 1 Trillion dollars. In addition, we have 1.2 Trillion dollars in auto debt, 13% above the previous record. Impulse shopping is easier than ever, and this can be bad news for your retirement! On this episode of The Retirement Answer Man Podcast, I talk about spending and some safeguards you can put in place so that you don’t overspend on things you don’t need and may not even really want. Listen in and learn to differentiate between needs and wants, and get some great tips to help you avoid unnecessary impulse spending.

You don’t want to be one of those people who are over-leveraged on their debt

As you are heading into your retirement, you don’t want to get over your head into debt because of personal spending. Lifestyle choices are crucial. In retirement, how much money is needed for your needs, wants, and wishes? On this episode, I describe how you can avoid unnecessary debt and save that money for the things that really matter to you. The happiest clients I have seen are those who value experiences over things. Listen to today’s podcast and start thinking clearly about what you value most and how your spending reflects it.

To prevent overspending, differentiate between needs and wants

We have grown into a society where things that technically are wants are considered needs. On this episode, I talk about defining for yourself what is a need and what is a want. Keeping this distinction clear can help a great deal with reducing unnecessary spending and credit card debt. Listen in to start thinking about needs and wants and how they affect your spending and your retirement lifestyle.

To prevent overspending, build friction into your ability to do transactions

Shopping used to be more difficult. You had to plan out how to get what you wanted, get in the car, drive to a store, find what you wanted, and write a check for it. Now, all you have to do is click and you can have it in an hour. Marketers are experts at taking away the friction and making impulse purchases seem normal. On this episode, I suggest several ways that you can build friction back into your shopping so that you have more opportunities to make wise spending decisions as you approach your retirement. Listen in and take back control of your spending.

The Retirement Answer Man Responds to Listener Questions

Today in the Practical Planning Segment, I respond to questions sent in by listeners like you: Should I pay off my mortgage first, or max out my 401K first? What are the pros and cons of rolling over a 401K to an IRA upon retirement? Should I include my home equity in the asset pool for tapping living expenses in retirement? On this episode, I clarify the considerations that need to be taken into account when making these decisions for your retirement. Listen to today’s questions and answers and then feel free to send in a question of your own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:40] Shopping used to be more difficult.
  • [3:22] Don’t take financial advice from me on this show. Consider it as helpful tips and education.
  • [3:50] The 5-minute retirement makeover

HOT TOPIC SEGMENT

  • [4:48] In the news today, credit card debt has reached over 1 Trillion dollars.
  • [6:43] You don’t want to be one of those people who are over-leveraged on their debt.
  • [7:44] To prevent overspending, differentiate between needs and wants.
  • [9:06] Build friction in your ability to do transactions. Here’s how.
  • [12:22] Value experiences, not things.

PRACTICAL PLANNING SEGMENT

  • [13:35] Answering listener’s questions today.
  • [14:20] Current plan is to hit the mortgage hard and pay it off in two years, then transfer that effort into maxing out that 401K. Is that the right thing? 
    [19:46] What are the pros and cons of rolling over a 401K to an IRA upon retirement, vs keeping it in the 401K?
  • [29:46] Should I include home equity in the asset pool for tapping living expenses in retirement?

TODAY’S SMART SPRINT SEGMENT

  • [37:05] 7-day challenge: Come up with one way you can increase some friction in your life of commerce.

THE HAPPY LAB SEGMENT

  • [37:55] Listening to the audio book Steve Jobs, by Walter Isaacson. Commencement story. “Remembering that I’ll be dead soon.” We’re all going to leave this world. Be as intentional as possible on how we live our life, invest our assets, and make little decisions. We don’t want to wake up and say we didn’t follow our heart because we were living for other people’s expectations.

RESOURCES MENTIONED IN THIS EPISODE

TheStreet.com

Book: Steve Jobs, Walter Isaacson

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM185.mp3
Category:general -- posted at: 6:00am CDT

Passive investment management has taken over the world. Nine of the top ten mutual funds are based on passive investing. On this episode, I explain what passive investing is and how it works, the top two indices that most funds are based on, and the advantages and disadvantages of investing based on those indices. I also take some time today in the Practical Planning Segment to answer listener questions. Listen in to expand your understanding of passive investing and hear answers to questions that you might be asking.

The two indices that most passive investment portfolios are trying to model

Eight of the top ten passive investment funds are focused on the S&P500 and the Total Market Index. On this episode, I describe asset allocation within these funds and how the funds are weighted. Is this model an efficient way to for you to implement a passive investment strategy? I’ll fill you in on the advantages and some of the questions around these funds on today’s episode of The Retirement Answer Man.

Are market indices focused on a smaller segment of the market than it first appears?

The S&P 500 and the Total Market Index have, respectively, 500 and 3600 individual equities. So at first it appears that passive investments that mimic these indices would be spread out among those equities. On today’s episode, I explain how the equities are weighted and the percentage of the indices that are in large or giant companies. Listen in to get a clearer picture of these two popular indices and to think about whether or not that is an efficient way for you to implement a passive investing strategy.

Index rebalancing on fixed dates is like the Nike store on Black Friday.

Have you seen the videos, or experienced in person, what it is like to shop for great deals on Black Friday? When the indices rebalance on fixed dates three times each year, any funds invested to mimic the index will be moved as quickly as possible. Everybody is running in the exact same place at the same time. Kind of like the Nike store on Black Friday. On this episode, I talk about this downside of passive investing based on the two most popular indices. Listen in to learn why I’m a fan of passive investing but wonder if there could be a more thoughtful way of doing it.

Answers to listeners’ questions

I’m always glad when listeners send in their questions. On the Practical Planning segment of today’s episode, I respond to questions that have recently come in. “What about the ‘Equal Weight’ S&P 500?” “What happens with a 401K loan if your company switches you to independent contractor status?” “Should I adjust my asset allocations as I head into retirement?” and “Should I empty my retirement account to pay off my credit card debt?” Listen in for answers to these questions and an invitation to send in questions of your own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Black Friday madness
  • [2:33] Disclaimer - Don’t take advice from me on this show.
  • [2:50] Today’s topic: Mutual Funds that mimic indices

HOT TOPIC SEGMENT

  • [3:22] Passive investment management has taken over the world.
  • [5:13] What hypothetical portfolio is a passive investment trying to model?
  • [7:13] If we accept that passive investing makes sense, what passive investment strategies make the most sense for us?
  • [8:00] Understanding the Total Market Index
  • [9:45] Understanding the S&P 500 Index.
  • [11:46] Index rebalancing on fixed dates is like the Nike store on Black Friday.
  • [14:43] Does passive investing have to track one of the most popular indices?

PRACTICAL PLANNING SEGMENT

  • [16:24] The “Equal Weight” S&P 500 index gives you broader exposure, but here’s why I’m not a fan.
  • [19:31] Be aware of 401K loan penalties if you leave employment or change to independent contractor status.
  • [22:00] A balanced approach to taxable and non-taxable asset allocations for retirement.
  • [27:53] Paying off credit card debt without dipping into your retirement account.

TODAY’S SMART SPRINT SEGMENT

  • [31:16] Go to RogerWhitney.com and ask a question.

THE HAPPY LAB SEGMENT

  • [32:09] Do what’s right for you, not what’s expected of you.

RESOURCES MENTIONED IN THIS EPISODE

Ask a question

Work with Roger

3-Video Series: 5 Minute Retirement Makeover

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM184.mp3
Category:general -- posted at: 6:00am CDT

Pre-tirement is that phase between full-time work and what we think of as traditional retirement, and it could be the key to you having a great retirement. Traditional retirement planning that focuses only on investing just doesn’t work. It doesn’t inspire much confidence or clarity about what your future could be. On this episode, I explain the advantages of pre-tirement and give you some ideas to get you started thinking about it. Listen in to learn why you should consider pre-tirement before retirement!

Why is pre-tirement important?

Saving and investing for retirement is extremely important. But it is not all of the story. Your nest egg cannot be all of it. It just doesn’t work. As you think about your retirement, consider pre-tirement as part of your plan. It takes some pressure off of the saving mentality and allows you to build a better life when you do reach full retirement. On this episode, I give you a number of reasons why pre-tirement is important, explain the advantages, and suggest ways you can go about it. Listen in and get started on planning your pre-tirement!

Pre-tirement offers numerous financial benefits

Pre-tirement (thinking of retirement like a dimmer switch) offers numerous financial advantages over full retirement (the on-off switch). On today’s episode, I will explain how pre-tirement benefits you in terms of preserving investments, delaying Social Security, reducing health-care costs, and moderating spikes in post-retirement spending. Listen in to learn what you need to know about pre-tirement and how it could save your retirement!

Pre-tirement offers qualitative advantages that you could miss out on with full retirement

As you are planning your retirement, qualitative considerations are as important as financial ones. When you treat retirement like an on-off switch, you miss out on a number of qualitative advantages that come with treating retirement like a dimmer switch, by embracing pre-tirement. Join me on this episode to learn about the difference that pre-tirement can make in your social network, your sense of purpose, and in your mental and physical health and motivation.

What can I do to start exploring pre-tirement?

You want to start planning your pre-tirement sooner than later. On this episode, I describe several steps you can take to get started and provide a few questions you can begin thinking about. Should you stay in your same industry or do something different that you love? How do you go about building a new network? What opportunities should you consider? Listen to this episode of The Retirement Answer Man Podcast for answers to these questions and more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] What is pre-tirement?
  • [0:33] Why do I need something different than traditional retirement planning?
  • [2:23] Disclaimer

HOT TOPIC SEGMENT

  • [3:04] Why Americans are still not confident or ready for retirement.

PRACTICAL PLANNING SEGMENT

  • [5:38] What excites you most about retirement?
  • [7:30] What does pre-tirement look like?
  • [12:24] Why is the pre-tirement phase important?
  • [14:57] Transitioning into retirement is a period of significant change.
  • [15:35] Pre-tirement preserves your savings.
  • [17:29] Pre-tirement allows you to delay Social Security and keep your full benefit.
  • [19:49] Pre-tirement can reduce health-care costs.
  • [21:34] Pre-tirement can help you moderate post-retirement spending.
  • [23:45] Pre-tirement helps you maintain a robust social network.
  • [26:42] Pre-tirement can help you maintain a sense of purpose.
  • [28:25] Pre-tirement supports your mental and physical health.
  • [29:10] Getting started tip #1 - Start planning earlier than later. Questions to ask.
  • [31:09] Getting started tip #2 - Build your networks.
  • [32:19] Getting started tip #3 - Be open to opportunities.
  • [32:50] A few ideas for pre-tirement work

TODAY’S SMART SPRINT SEGMENT

  • [34:17] Think about what you might do in a pre-tirement phase. (Share it with me so I can share the ideas on another show).

THE HAPPY LAB SEGMENT

  • [35:12] Want to be happy? Focus on how you respond to things.

RESOURCES MENTIONED IN THIS EPISODE

Book: Built to Sell, by

Book: The One-Hundred Year Life by Lynda Gratton and Andrew Scott

Martin Miller, Career Pivot

Episode 98 with Michael Kitces

Ask Roger a question

Abe & Louie’s Steakhouse, Boston

3-Video Series: 5 Minute Retirement Makeover

Contact Roger

Joe Saul-Sehy of Stacking Benjamin’s - hosting podcast meet-up at McFadden’s Anaheim on Tuesday, August 22 at 7:30 pm

Six-shot Saturday (Scroll down to a box on the right to subscribe to this weekly e-mail).

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM183.mp3
Category:general -- posted at: 6:00am CDT

If you want a great retirement, you don’t need better answers, you need better questions. Pretty much everyone in financial advice and the media want us to stay with tactical questions like “How should I allocate my investment account?” “Are interest rates going to go up soon?” and “Am I saving enough?” These tactical questions are like tools in a toolbox that can’t be used well until after you decide what you are building! On today’s episode, I’m going to suggest some better questions that will help you make better decisions. You’ll learn to start with the design and work your way down to the tactical decisions for a great retirement.

Address the incongruence between your financial worries and what you are actually doing

A recent Gallup poll pointed out the top three financial worries in America. On this episode, I’ll share those with you and point out the ways that our actions tend to be incongruent with what we are concerned about; how we often are not actually doing anything that addresses the concern about not having enough money for a great retirement. Listen in and get motivated to take specific steps that can actually help to mitigate the financial worries that you have.

Power questions you can ask when you’re feeling stuck on a decision

When you’re feeling stuck on a decision, it’s important to be able to step out of the immediate moment and ask questions that will help you move forward. On today’s episode, I’ll share a couple of power questions that can help you get unstuck and get a clear vision of what really matters to you. Don’t look for better answers, listen in and start asking better questions so that you can move forward towards a great retirement.

Key questions to ask when you’re thinking about your future

When you are thinking about your future and a great retirement, it is important to ask yourself some good questions that will help you envision what you really want. On this episode, I’ll give you some key questions to ask, not only as you are planning your retirement, but also along the way into and through retirement as your goals and priorities change. Listen to learn the questions that matter far more than just what you should do with your portfolio.

Keep good questions in front of you to help you make better decisions

Asking good questions is essential to a great retirement. On this episode, I’m sharing what I think are the important questions to have in front of you. This week’s Smart Sprint is to write those questions on a card and keep them top of mind for a week so that you can refer to them whenever you are in a quandary and use them to help you make better decisions. Listen to today’s podcast to start asking yourself good questions and taking steps to get out of the tactical world and start taking intentional action to build the life that your 90-year-old self is going to be proud of.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Tactical, transactional questions are great, but should never be discussed first.
  • [2:32] Disclaimer. Don’t take advice from me on this show.

HOT TOPIC SEGMENT

  • [3:02] The 5-minute Retirement makeover - not your parents’ retirement planning.
  • [3:53] America’s top three financial worries.
  • [5:09] The incongruence between financial worries and what people are actually doing.

PRACTICAL PLANNING SEGMENT

  • [8:36] Design first, and work your way down to tactical.
  • [12:16] Question #1 - “If I knew the answer (hypothetically), what would it be?”
  • [14:00] Question #2 - “What would my 90-year-old self want me to do?”
  • [16:19] Question #3 - Do I still want to do this?
  • [17:30] Question #4 - What does this make possible?
  • [18:40] Question #5 - How does this help me towards my goal?
  • [20:08] Question #6 - What can I do next?
  • [21:24] Get out of the tactical world and start taking intentional action that to build the life that your 90-year-old self is going to be proud of.

TODAY’S SMART SPRINT SEGMENT

  • [22:08] 7-day goal: Keep the focusing questions top of mind and refer to them to make better decisions.

THE HAPPY LAB SEGMENT

  • [23:04] In a dinner group, try to get everyone focused on one conversation instead of all the side conversations.

RESOURCES MENTIONED IN THIS EPISODE

3-Video Series: 5 Minute Retirement Makeover

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM182a.mp3
Category:general -- posted at: 6:00am CDT

The top financial stress in America, according to a Gallup poll, is not having enough money for retirement. Some people choose to ignore it to avoid the stress, but for others, the worry is a motivator to be proactive and get moving in the right direction. In this podcast interview with Emily Guy Berkin, we will discuss why there is so much financial stress, how to get a better understanding of your relationship with money, and specific steps you can take to decrease your stress about money. Listen in and stop financial stress now!

What does money mean to you?

Money is just little green pieces of paper. It doesn’t have any meaning except for the meaning that we humans assign to it. In today’s podcast interview, Emily Guy Berkin gives us tools to help us start thinking about what money means to us, how our relationship with money changes over time, and the influence of our culture on how we think about money. Listen in and begin to identify the meaning of those little green pieces of paper in your life.

How has your relationship with money changed over time?

Your relationship with money changes throughout your life. One really big change in your relationship with money is when you retire and no longer have a job. We often don’t prepare for the emotional stress that comes with this change in relationship. Listen to this episode of The Retirement Answer Man podcast to learn to identify your relationship with money, manage the change in your relationship with money, and decrease the financial stress that often comes with retirement.

Financial security is a myth

Financial security is a myth, and pursuing it can be destructive. Find out why on this episode of the Retirement Answer Man podcast, where I talk with Emily Guy Berkin about how the idea of financial security can actually contribute to our financial stress and be counterproductive. Listen in to learn about what matters more than building a big nest egg and how you can take steps to reduce your financial stress regardless of how much money you have saved up.

How to decrease your financial stress

What would it mean to you and to your family if you could stop the financial stress that you are facing as you head into retirement? In today’s interview with Emily Guy Berkin, we will discuss how to identify what money means to you and to recognize when you are doing things that are counterproductive. Listen in to learn how to bring your mind back into the way you use money and to recognize when your emotions about money may be leading you down the wrong path. If you want to stop financial stress, then this episode is for you!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Financial stress comes when life seasons change.
  • [2:37] Disclaimer - Don’t take advice from Roger Whitney on this show.
  • [3:12] Getting confidence and clarity about managing your financial life in retirement.



HOT TOPIC SEGMENT

  • [4:05] The top financial worry in America is not having enough money for retirement.



PRACTICAL PLANNING SEGMENT

  • [6:54] Introducing Emily Guy Berkin.
  • [7:26] Emily’s experience with financial stress.
  • [10:00] The meanings we put on money cause our financial stress.
  • [11:49] How has your relationship with money changed over time?
  • [13:59] The messages of our culture influence the way we use money.
  • [16:56] How to decrease financial stress.
  • [19:32] Financial security is a myth.
  • [22:33] How to manage the day-to-day spending.
  • [24:43] Helpful tools can be found in Emily Guy Berkin’s book, End Financial Stress Now.

TODAY’S SMART SPRINT SEGMENT

  • [25:21] Identify one area of your life where you have financial stress, and take one proactive action to deal with it.

THE HAPPY LAB SEGMENT

  • [26:12] It’s a great feeling when you can help direct a young life.

RESOURCES MENTIONED IN THIS EPISODE

Book: End Financial Stress NOW by Emily Guy Berkin

Emily Guy Berkin on Twitter

Emily Guy Berkin’s website

Mint financial management app

3-Video Series: 5 Minute Retirement Makeover

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM181.mp3
Category:general -- posted at: 6:00am CDT

Have you ever considered that it might be advantageous to retire overseas? Where your home will be when you retire can dramatically change what the landscape might look like financially. There is a growing trend of Americans retiring outside of the country. Should you be one of them? That’s the topic of today’s episode and interview with Keith & Tina Paul, who are retired and living in Cuenca, Ecuador. Listen in to get a glimpse of what it is like to retire overseas and find out how you can begin exploring the idea.

The top ten countries for retirement living

There can be some huge advantages from a financial perspective if you have the spirit to do something like retiring in another country. On this episode, we’ll talk about those advantages and I’ll tell you the current top ten countries for retirement and give examples of how much it costs per month to live there. If you think, even for a moment, that you might like to retire overseas, then this episode of the Retirement Answer Man podcast is for you!

A window into overseas retirement living

What would it be like to retire in another country? How would you go about finding a place? Keith and Tina Paul, of RetireEarlyandTravel.com, are retired and enjoying life in Cuenca, Ecuador. On today’s episode, they share their story of how they planned, researched, and found their new home and what it is like for them to live there. Listen in and enjoy this glimpse into what it is like to retire overseas, and then take my Smart Sprint challenge to dream a little!

I’d like to retire overseas, but what about . . . ?

If you are thinking about retiring outside of the US, you likely have a number of questions and concerns. What about health care? Would I feel isolated? Is it safe? These questions and more are addressed in today’s podcast interview with Keith and Tina Paul. Listen in to find out why they think the health care is even better, their experiences in connecting with people, and what the crime rate is like where they live. If you have questions about the wisdom of a decision to retire overseas, you will love this episode of the Retirement Answer Man!

Home is where the heart is

Do you feel that a different house in a different location will never feel like home? I know exactly what that is like. On today’s Happy Lab segment of The Retirement Answer Man podcast, I’ll tell you my story and how I found out that home really isn’t a house. It’s where your heart is. And your heart can change locations. If you’re feeling concern about moving to a different home or a different country, today’s episode just may give you the encouragement that you need.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Choosing to live somewhere less expensive can buy you retiring 3-4 years earlier.
  • [3:25] Have you watched the 5-minute makeover videos yet?

HOT TOPIC SEGMENT

  • [4:16] There is a growing trend of Americans retiring outside of the country.
  • [5:08] The top ten places to retire overseas.
  • [06:30] Use your vacation to explore places you might like to live.

PRACTICAL PLANNING SEGMENT

  • [08:15] Introduction to Keith and Tina, bloggers of RetireEarlyandTravel.com.
  • [9:14] How did two American professionals end up moving internationally?
  • [11:01] Keith and Tina’s criteria, research, and visit to find a place to retire overseas. [15:27] If you retire overseas, what about health care?
  • [17:04] Does retiring in another country make you feel isolated?
  • [20:27] Do you feel a lack of purpose because of the overseas retirement lifestyle?
  • [22:23] The financial aspects of overseas retirement.
  • [23:34] What to look for when considering retirement outside of the US.
  • [25:11] Is it safe to retire overseas?
  • [26:30] You need a bit of a sense of adventure.
  • [27:45] Do I need to know the language?
  • [29:29] What about 15-20 years later, when you are starting to slow down?
  • [30:58] To do this, you don’t actually have to retire.

THE HAPPY LAB SEGMENT

  • [32:03] Home is where the heart is.

THE SMART SPRINT SEGMENT

  • [34:22] 7-Day Challenge: “What if?” questions to get you started talking.

RESOURCES MENTIONED IN THIS EPISODE

3-Video Series: 5 Minute Retirement Makeover

Keith & Tina’s Blog: Retire Early and Travel

International Living - Short list of best countries to retire in.

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook page

Direct download: RAM180.mp3
Category:general -- posted at: 6:00am CDT

Do you want to have a great retirement? Make sure you value the right things. It is possible to make a million dollars and feel poor, or to make $60K and live a rich and full life. On today’s episode, Jason Parker joins me to talk about how to calculate your retirement spending and make wise choices that will benefit you long-term in your retirement years. Listen in to learn about the new software tool that Jason has developed that helps with this process and to find out how you can get started on counting the cost of retirement.

The empty-nester lifestyle can be wonderful . . . and dangerous

As empty-nesters, there are many opportunities for us to spruce up our homes and enjoy some time freedom that we have not had in years. But there is a danger with the spending increase that can come along with this life phase as well. On today’s hot topic segment, I’ll explain what I mean by this danger, and how you can avoid falling into it. Listen in to learn to count the cost and prepare well for retirement spending.

Understanding your spending is key to your retirement cash flow plan

Did you know that the more income people have, the worse they are at understanding what they are spending? As Jason Parker says in this episode, one of the most important pieces of a good retirement cash flow plan is understanding your spending. Listen to today’s interview to find out why you need to count the cost on your lifestyle, how you can get a clearer picture of your spending, and where to find a great software tool that will help simplify the process.

A simple tool to estimate retirement spending

Jason Parker, host of the Sound Retirement Planning podcast, has developed a software tool that can help you understand your current spending and help you plan for retirement spending. On this episode, Jason talks with me about how this new tool came about, how it works, how it is different from other budgeting tools, and where you can get it. My listeners will get 50% off, so be sure to listen to the podcast and get the coupon code.

It’s never too soon to start planning for retirement costs

Whether you are retiring next month or in 20 years, getting a clear understanding of your spending is an important part of your overall financial well-being. On this episode, Jason Parker and I talk about the importance of calculating your spending and your retirement costs and explain how to do it. We cover how to account for costs that don’t fall into your monthly expenses and how to balance your money so that you don’t run out too soon. Listen in and then take my seven-day challenge to begin getting a clear picture of your spending.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] Make sure you value the right things. Don’t build a financial cage that gives you no options in life. You can make a million and feel poor and scared, and make 60,000 and live one of the richest lives. Conversation on spending and counting the cost for retirement. Jason Parker
  • [3:13] Disclaimer
  • [3:53] Traditional retirement planning doesn’t work. Doesn’t give you much confidence about the future. Just completed a 3 video series called the 5-minute retirement makeover. Go to fiveminuteretirementmakeover.com.



HOT TOPIC SEGMENT

  • [5:09] How empty nester lifestyle creep can mess up your retirement. Kids are leaving, you’re making more money than you ever have, starting to define your life without kids. Can also be dangerous. You have more time freedom. Can explore other activities. Can update the house, etc. Re-nesting as an empty nester. But, when you increase your lifestyle, it’s always hard to scale back again. You can expand your lifestyle in your 50’s and then it’s hard to maintain when you retire.

 

PRACTICAL PLANNING SEGMENT

  • [09:49] How do you count the cost on your lifestyle?
  • [10:57] How accurate are you when it comes to what you think you spend?
  • [14:49] How to account for costs that are not included in your monthly spending.
  • [19:34] Can you afford “Go-Go” years?
  • [20:21] The Retirement Budget Calculator is different from other budgeting tools.
  • [23:53] How you can approach using the budget calculator without being overwhelmed.
  • [25:05] When should someone start counting the cost for expenses in retirement?
  • [27:39] How safe is the data on the Retirement Budget Calculator software?

 

TODAY’S SMART SPRINT SEGMENT

  • [30:23] 7-day goal: Get a clear picture of your monthly spending.

 

THE HAPPY LAB SEGMENT

  • [31:31] Get excited about your purpose instead of your things.

 

RESOURCES MENTIONED IN THIS EPISODE

Sound Retirement Planning podcast

RetirementBudgetCalculator.com (50% discount with coupon code “Roger”)

Roger’s Five Minute Retirement Makeover videos

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM179.mp3
Category:general -- posted at: 6:00am CDT

There is a lot of weird science out there when it comes to investment management. But if we’re going to be successful in investing for retirement, we need sound science. Last time we talked about asset allocation for the flexible portion of your portfolio. Today we’re going to talk about the science behind the fixed portion. Index-based investing is currently the popular way to manage this side of your investments. But remember, you want to “know what you own and know why you own it” (Peter Lynch). Listen to this episode and follow through with the 7-day goal to gain a better understanding of what you own and why!

What is an investment index?

Index-based investing is taking over the world. But what, exactly, is an index? It is not something you can invest in directly. It is a mathematical model that represents a broad swath of the US equity markets. Index-based investment products try to mimic the model. On this episode, we’ll use the S&P 500 index as an example and explain how it works. Listen in to learn more about what the index is and how it affects asset allocation in your portfolio.

Following an index when allocating assets might boost your retirement

Index-based investing has a few distinct advantages, one of them being lower cost. As I explain the science behind an index, using the S&P 500 as an example, I will describe the factors that reduce costs for index-based investments and make them more efficient. Listen in to learn how index-based asset allocation can benefit your portfolio.

Your retirement might suffer if you follow the S&P 500

When looking at index-based investments, there are nuances to consider that may be disadvantages. On today’s episode, I will explain how the S&P 500 index works, and why it can be great when huge companies are doing well, but concerning if they are not. I’ll also describe how the changes made annually to the index can result in inefficient trading and higher prices. Listen in to learn about index-based asset allocation so that you can know what you own and why you own it.

Are there options other than an index-based product for the fixed portion of your portfolio?

It is important to carefully consider your options when investing. While index-based products are the popular “go-to” for the fixed portion of your portfolio, there are other options out there. On this episode, I’ll talk about these options, which for some people may be a smarter way of investing. Listen in to learn about index-based asset allocation, other options, and what you can do in the next seven days to get a better understanding of what you own.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:25] There is a lot of weird science when it comes to investment management.
  • [1:04] How do you go about thinking about the fixed allocation to index-based portfolios?

HOT TOPIC SEGMENT

  • [2:22] Index-based investing is taking over the world.

PRACTICAL PLANNING SEGMENT

  • [6:28] How do we choose managers to invest the passive/fixed part of a portfolio?
  • [8:08] What is an index?
  • [9:42] What are the advantages of following an index like the S&P 500?
  • [11:09] What are the potential disadvantages of following an index like the S&P 500?
  • [18:29] Are there other options out there?
  • [20:09] Focus on the things you can control.
  • [21:21] Please send me your questions about this topic or series.

TODAY’S SMART SPRINT SEGMENT

  • [21:58] Get a better understanding of what you own by looking at the fact sheets.

THE HAPPY LAB SEGMENT

  • [23:06] Take some time to appreciate someone else and to acknowledge appreciation you receive.

RESOURCES MENTIONED IN THIS EPISODE

The Five-Minute Retirement Makeover

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM178.mp3
Category:general -- posted at: 6:00am CDT

David Booth once said, ““The important thing about an investment philosophy is that you have one.” But how many people who are actively planning for their retirement actually DO have one? You’d probably be surprised to know that much of the planning side of “retirement planning” is pretty haphazard. Even among investment advisors. But I've learned that it’s vital to know what your goals are and WHY you invest in certain types of investments so that you can know if what you’re investing in will get you to your goals. Does that make sense? On this episode of The Retirement Answer Man, I’m going to walk you through “5 Ps” of a good investment philosophy that you need to consider in order to make the best choice for reaching your goals.

When it comes to investment philosophy, all we care about is repeatability.

When you assess the investment opportunities before you, there’s really only one thing you should care about in the long run. That’s what I call “repeatability.” Will the investment you’re considering continue to perform at the rate and along the line of what it’s done in the past? That’s a pretty difficult question to answer when you get right down to it. That’s why I have decided to publish this episode of the show, to walk you through the things I consider when doing my “due diligence” part of helping a client determine their investment philosophy. It takes some time, but it’s worth it to ensure that what you’re investing your money in is actually going to give you the outcome you want.

To assess an investment philosophy, look at People, Parent, Process, Performance, and Product.

When it comes to the analysis of a potential investment you need to look deeper than the returns it’s currently getting. There are a number of factors that impact that return and looking deeper will provide you the opportunity to see patterns in a number of areas that will indicate whether that return is normal, will continue or can be expected to taper off. So what should you look at to make your decision? I call them “5 Ps” - People, Parent, Process, Performance, and Product. You can hear what I mean by each of those and even how I go about assessing them, on this episode of The Retirement Answer Man.

Why it’s important to know something about the people behind an investment fund.

One of the things most investors don’t think about when it comes to assessing an investment fund is that they need to keep abreast of the goings on within the company that is managing their investment. That means knowing something about the individuals who manage the fund and make the decisions about how it will be run. If you’re able to see patterns in the behavior and decisions of those individuals, or if you see that personnel changes have taken place within the investment firm, you’re able to pay closer attention to see how or if that change is going to impact your investments. But if you aren’t paying attention in the first place, you could experience outcomes you weren’t expecting. Find out more about how to assess the people behind your investments, on this episode.

I don’t consider any investment that has less than 10 years of track record.

Your investment philosophy needs to be built on a solid set of data, clear numbers that indicate why the investment choices you make are good choices for your goals. One of the things I have made a rule of thumb for myself (and therefore my clients) is that I won’t even consider an investment possibility that has a track record of fewer than 10 years. Why? Because there’s simply no way I can tell how the investment will perform. Any recommendation I make to a client in that scenario is nothing more than a guess.... And my clients deserve better than that. On this episode, you can hear how I go about assessing an investment’s track record to help my clients attain their retirement goals.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] My decision to get on the “smart thermostat” bandwagon!
  • [4:30] Considering your investment philosophy decisions in the same way: not always the best approach.

HOT TOPIC SEGMENT

  • [7:53] The 2017 Mutual Fund Landscape Report - the highlights.
  • [12:37] Taking a look at the winners in the report and how they did the next year.

PRACTICAL PLANNING SEGMENT

  • [16:15] How DO you actually choose the right strategy for your “flexible” investments?
  • [19:30] Things to be aware of when it comes to making your decision.
  • [22:00] Most advisors don’t have a detailed “due diligence” process they use to assess investment options.
  • [23:56] Learn about the people behind the investment.
  • [26:11] It’s vital to know something about the “parent” company behind the investment.
  • [27:52] What type of process is used to manage the portfolio?
  • [32:10] What role does performance play in assessing an investment philosophy?
  • [35:04] What is the specific product you’re looking at?
  • [36:16] An example from the 1990s to show you why these things are important.

TODAY’S SMART SPRINT SEGMENT

  • [38:35] Look at your holdings and write out why they make sense: Are they helping you achieve your goals?

THE HAPPY LAB SEGMENT

  • [39:08] Two friends who experienced abrubt changes in their lives and how they reacted postively.

RESOURCES MENTIONED IN THIS EPISODE

Nest Thermostat

EcoBee Thermostat

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

 

Direct download: RAM177.mp3
Category:general -- posted at: 10:29am CDT

“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life.

Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?

Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility.

Tie your investment strategy to the goals that you want to achieve

Asset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement.

The “Fixed and Flexible” approach to retirement investing

The way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility.

Evaluate your investment types according to your retirement goals

In the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] Why learn the formulas?
  • [4:03] How do we break some of these rules to serve us in creating a great life?
  • [4:20] Disclaimer.

 

HOT TOPIC SEGMENT

  • [5:05] Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?
  • [8:56] What are the benefits of the asset allocation model?

PRACTICAL PLANNING SEGMENT

  • [14:03] Asset allocation is a sound framework for investment decisions, but not the entire solution.
  • [15:52] The “Fixed and Flexible” approach - asset allocation.
  • [21:56] The “Fixed and Flexible” approach - Actively managed investment vehicles.

TODAY’S SMART SPRINT SEGMENT

  • [32:46] Identify what types of investment mandates your funds have.

THE HAPPY LAB SEGMENT

  • [34:04] Scott & Jeannine Fitzgerald. Children’s Book - Buddy Pegs podcast. Kickstarter for new book Buddy Pegs Taking the Lead.

RESOURCES MENTIONED IN THIS EPISODE

Buddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter)

Contact Roger

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Direct download: RAM176.mp3
Category:general -- posted at: 6:00am CDT

What you base your assumptions on when it comes to market forecasting and retirement planning will determine the course of action you take. Forecasting typically comes from respected “experts” who we all look to for advice, but here’s the problem: None of them are 100% accurate. In fact, even with all their knowledge and experience, they are often way off in what they predict. How can you plan for retirement when you don’t know which market forecast to rely on? That’s the topic of this episode of The Retirement Answer Man.

Imagine trying to track your weight when every scale gives you a different number?

I experience this every time I go to my Doctor. The nurse takes me to the scale before I take a seat in the exam room and it almost always shows me to weigh 8 to 10 pounds heavier than my scale at home. Naturally, I wonder: “Which scale is right?” To me, that’s the same thing we all experience when it comes to looking at the market forecasts the experts make. They all tell us something different is going to happen. Sometimes the differences are negligible, but other times they are huge. Who should we trust? I don’t think we can fully trust any of them, and on this episode, I tell you why - and what I do instead.

Assumptions about investment returns are one of the ways market forecasting goes awry.

Every market forecaster has to make assumptions. It’s the only way they can have any sense of continuity to their predictions that are tied to reality. But notice, their predictions are only TIED to reality, they’re not reality itself. In order for a market forecast to be reality itself, we’d have to have a crystal ball that could tell us exactly how investments are going to perform in the future, and none of us has that kind of foresight. But there are ways you can use the historic data to inform predictions that don't require you to follow a given expert in lock-step. Find out how on this episode of The Retirement Answer Man.

Are your investment decisions for retirement tied to your lifestyle goals? They should be.

One of the things that happen when using return assumptions to plan for retirement is that our fear of pessimism prompts us to make decisions based on those assumptions (whether accurate or inaccurate) instead of on what really matters: the type of lifestyle you want to have during retirement - and what is needed to provide it. It’s a nuance you’ll have to have explained a bit more in order to understand, but you’re in luck! That’s what I address on this episode of the podcast, so I hope you take the time to listen.

How much of your investment portfolio is based on market guesses?

I know that's an odd question, but it’s one that reveals a lot about how you’ve approached investing up to this point. If you’re making investment decisions based on what you or some expert THINKS is going to happen, you’re simply guessing. Yes, it may be an educated guess, but it’s a guess nonetheless. What’s the alternative? This episode of the Retirement Answer Man is an introduction to a more agile way of retirement planning that I believe you’ll find helpful. Be sure to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] The thing I don’t like most about going to the Doctor: weighing myself.
  • [3:41] The benefit of one consistent source of data when it comes to asset allocation.

HOT TOPIC SEGMENT

  • [5:30] How forecasters view the art of forecasting markets (not like you might think).

PRACTICAL PLANNING SEGMENT

  • [8:49] The wrinkles that come into play using investment return assumptions for retirement.
  • [11:07] What return assumptions should you use in retirement planning?
  • [14:48] A look at the results of some of the more respected market forecasters.
  • [20:34] How I approach retirement planning in light of market forecasting.
  • [22:16] Why my approach doesn’t solve the problem, but does help make better decisions.

TODAY’S SMART SPRINT SEGMENT

  • [23:00] Your 7 day goal: Identify the parts of your portfolio that are based on market guesses.

THE HAPPY LAB SEGMENT

  • [23:46] Games I learned to play at my friend Joe’s house. Maybe some of these can put a little enjoyment into your life.

RESOURCES MENTIONED IN THIS EPISODE

Stacking Benjamins Podcast

Games I learned at Joe’s place:

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

TWEETS YOU CAN USE TO SPREAD THE WORD

#MarketForecasting: Who Can You Trust To Tell You What to Expect During #Retirement?

Imagine trying to track your #weight when every scale gives you a different number?

Assumptions about #investmentreturns are one of the ways #MarketForecasting goes awry

Are your #investment decisions for #retirement tied to your #lifestyle #goals? They should be

How much of your #investment #portfolio is based on #market guesses?

Direct download: RAM175.mp3
Category:general -- posted at: 6:00am CDT

Part of my job as the Retirement Answer Man is to help you face the current issues that impact your retirement planning decisions. Part of that is the non-glamorous task of assessing the traditional approaches to retirement planning to see if they still work. So on this episode, I’m going to take a fairly deep dive into the institutional approach to asset allocation that has been the basis for retirement planning for many years - and I think once you understand the premise behind it, you’ll see that it’s a bit antiquated for modern retirement planning purposes. But never fear, I’m also going to point you in the right direction regarding how you can make up for the deficit!

An institutional approach for retirement asset allocation doesn’t work because YOU are not an institution.

I say that with my tongue planted firmly in my cheek, but I also really mean it. Institutions do a very good job of allocating their assets for THEIR particular goals, but YOUR goals for retirement are vastly different than theirs, don’t you think? So following their pattern may be helpful (and it is, in some ways) but it’s not enough. You need to know the potential pitfalls of following an institutional lead and how to avoid them. That’s why I’m here. :) This episode of The Retirement Answer Man will point you in the right direction and then next week, we’ll follow up with some more practical tips to get your retirement planning mindset up to date!

A Nobel Laureate says we have a problem with decumulation when it comes to retirement. What?

I think he made up the word but, Nobel Laureate William F. Sharpe of Stanford University has determined that things in our modern society have changed so much that we need to reassess how we approach retirement planning. A big part of the problem (he says) is that we have a phenomenon happening called “decumulation.” It’s what happens when we hit retirement with resources that are inadequate to match our expected lifespan. As you can see, you’ll eventually run out of assets in that scenario. What’s he doing about it? He’s begun a study, naturally. On this episode of The Retirement Answer Man, I’m going to walk you through his premise and tell you how I approach the same problem, so be sure to listen.

Institutions are not emotional. You are. How does that impact your retirement planning?

As I’ve said before, we’ve long followed an institutional approach to asset allocation when it comes to retirement planning simply because the rationale was that the managers of financial institutions manage assets for a living, so they must know what they are doing. Generally speaking, that’s true - but the real issue is that institutions have different investment goals than individuals do, and they approach those goals non-emotionally - which individuals do NOT do. That alone makes a huge difference in how you are going to make decisions and could set you up for some serious disappointments. On this episode, I address those difference and give you some tips for how to offset them.

What IS your desired outcome for retirement… hmmmmmm?

As Zig Ziglar famously quipped, “If you aim at nothing, you’ll hit it every time.” It’s so obvious you probably laugh when you hear it said so bluntly. I do too. And I think part of why I laugh is because I see how applicable it is to retirement planning. If you don’t know what you really WANT for your retirement, how will you be able to plan in a way that enables you to accomplish it? You probably won’t even get close - which would be tragic. So, on this episode’s, “Smart Sprint” segment I have a challenge for you. Are you up for it? Listen to find out.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:40] Personal accountability, potato chips on the couch, and other vices we want to change.

HOT TOPIC SEGMENT

  • [3:16] News that “decumulation” is a problem that smart minds are trying to address.
  • [4:44] Longevity’s role in decumulation - and don’t forget about inflation and the timing of retirement income and spending patterns.
  • [6:25] My take on how to handle this decumulation issue.

PRACTICAL PLANNING SEGMENT

  • [7:05] Is asset allocation alone enough to deal with decumulation?
  • [8:43] The differences between your private situation and how institutions handle investments.
  • [12:24] Does the institutional approach to asset allocation fit today?
  • [16:25] Looking at historic averages for rolling returns.
  • [19:25] When the magical power of dollar cost averaging starts to work in reverse. Uggg.

TODAY’S SMART SPRINT SEGMENT

  • [24:46] Start asking yourself, “What is my desired outcome for retirement?”

THE HAPPY LAB SEGMENT

  • [25:45] My experience doing a “breakout” session at the mall. It was a blast!

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

The Retirement Income Scenario Matrix Project - through Stanford University

Direct download: RAM174.mp3
Category:general -- posted at: 6:00am CDT

Get ready for part three of our Retirement Investing series. On this week’s episode of the Retirement Answer Man, we’ll talk about risk management, types of risk to watch out for, and why the common approach to managing risk might not be a good fit for you. This one will be a lot more technical than our previous two shows, so get ready to get your geek on!

You can’t get something from Nothing

As my mother always said, “You can’t get something from nothing.” This rings true especially in the world of investing. You can’t expect to reap the rewards of your investments unless you are willing to give up something. For most that sacrifice comes in the form of risk. All investing has risks and the better you understand those risks and know which are worth taking, the better prepared you will be to invest wisely for your retirement. Stay tuned to get a glimpse of the different risks you might have to face.

Diversify your portfolio to fit your goals

Investment risk is very real, but if you are wise about how you invest your assets, you can reduce that risk. However, a diversified portfolio that eliminates risk might not help you meet your investment goals. It’s important that you become clear on what you want out of your retirement investments so that you can know how to diversify your assets in order to meet those goals. Join me in this episode of the Retirement Answer Man to hear my tips on how to create a good balance.

Mainstream risk management might not be right for you

Risk management is a topic we hear a lot about in our modern investing culture. There’s even a common method used to discern how much risk it too much. In this episode of the Retirement Answer Man, I'll discuss why I think the mainstream view of risk management falls short and how you can develop a balanced view that will help you achieve your retirement goals.

Don’t listen to the Investment Professionals

There is a huge disconnect between investment professionals and the regular person. Most people think of risk as losing money and are more concerned about what their investments can do for them to create their ideal retirement than they are about optimizing their portfolio. The professionals on the other hand look at risk management based on statistical factors in order to create an optimized portfolio. Often times an optimized portfolio has nothing to do with the life goals you and your family may have. In this episode, I dive into the thinking behind the professionals so we can figure out if the standard approach is right for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] You can’t get something for nothing.
  • [0:45] In order to reap the benefits of potential investments, you have to be willing to give something up.

HOT TOPIC SEGMENT

  • [2:24] Markets are at an all time high and risk is being more sensationalized than ever before.
  • [3:00] Mainstream Risk management.
  • [4:00] Types of risk that are not talked about very often.
  • [5:00] The Risk of Longevity.
  • [6:00] The risk of Inflation.
  • [6:45] Managing the boogie-man of risk.

WHAT’S THAT MEAN SEGMENT

  • [6:55] What is an index?
  • [8:27} What is standard deviation?
  • [12:08] What is a correlation?

PRACTICAL PLANNING SEGMENT

  • [14:00] “Between calculated risk and reckless decision making lies the dividing line between profit and loss.”
  • [14:50] There is a huge disconnect between investment professionals and regular people.
  • [16:55] 2 Major types of risk that we are affected by.
  • [17:00] Risks can be reduced by the diversification of assets.
  • [19:00] Systematic and Market risk. There is no way to eliminate these risks.
  • [26:50] How do I know what my risk tolerance is?
  • [27:00] The disconnect.

TODAY’S SMART SPRINT SEGMENT

  • [33:30] Figure out what the asset allocation is in your portfolio, and why.

THE HAPPY LAB SEGMENT

  • [34:28] I’m happy that we got through this discussion of risk. If you are having a hard time explaining something, hit the big points and tell stories.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM173.mp3
Category:general -- posted at: 6:00am CDT

Hello everyone and welcome once again to the Retirement Answer Man Show, I am your host Roger Whitney and I am the Retirement Answer Man. This show is part 2 in our series on investing. Today we will look at why maintaining a strong investment foundation is so important as you enter retirement and what steps you can take to build it. We’ll walk through three major types of investments, their average returns and how inflation can affect them. It may have more of an impact than you realize. Keep listening to hear the details.

Investing during retirement is like riding into the wind

When we were younger, working in our career, and contributing regularly to our investments, we enjoyed a bit of flexibility. Flexibility to adapt to market downturns or to our own bad investment decisions because we had a constant flow of money going into our investment plan. However, now that we are nearing retirement, that flexibility is fading and will eventually be gone. We will no longer be working a job that allows us to contribute to our portfolio and we will most likely be drawing on our investments in order to sustain the life we desire in retirement. This loss of flexibility makes it crucial to have a strong investment foundation when you enter retirement so that you can pivot your investments to work for you instead of you working for your investments. Listen to this episode to hear how to build a great foundation.

Common asset classes, their returns, and what history reveals

There are three main asset classes we think of when we talk about investing. Cash or Cash-like assets, Bonds, and Stocks or equities. More than likely your portfolio is made up of a collection of these three classes. Some are useful in generating income for your retirement and some are not. In today’s episode, I want to dive into each of them and look at the historical returns to get a rough idea of how we can expect each of these asset classes to perform in the future. In addition, I’ll factor in inflation and see where that leaves these common three. Make sure you listen to this episode to get my thoughts on the usefulness of each of these assets.

Taking steps towards Retirement Success

In last week's show, I challenged you to gather up all of your investment statements into one place so that we could work on them together.. Well, the time has come. Go grab those statements and get ready to analyze them with honesty and discernment so that you can begin taking steps towards building a foundation for a great retirement.

Don’t over rationalize happiness!

If you are anything like me, there are activities you do that make you happy. For me, it is mountain biking. The feeling of a good workout, the exhilaration of pushing my limits, and the peace of relaxing in nature brings me a lot of happiness. The other day I was planning on going out for a ride, but as the time approached I found myself trying to talk myself out if it. I came up with some pretty good reasons why I shouldn’t go but in the end, I went anyway. When I finished, I realized that the happiness it brought me was worth it and I should try to not over-rationalize it again. Do you have something that brings you joy, that you often talk yourself out of? Don’t!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] The weird science of Investing.
  • [2:56] Building a good investment foundation.

HOT TOPIC SEGMENT

  • [4:42] Investing wisely when you are nearing retirement is more important than ever.
  • [5:00] When you need your investments to work for you to generate the life you want, you need a specialist to aid you.
  • [7:00] When you are entering retirement, you have less ability to absorb market fluctuation.
  • [8:45] Without the ability to continue contributing to your investments, it might feel like you are riding against the wind.
  • [11:00] Investment mistakes become a much bigger deal once you reach retirement. One small fumble can have huge impacts on your quality of life.
  • [13:00] IT’s time to get your investments working for you!

WHAT’S THAT MEAN SEGMENT

  • [14:00] What is an asset class?
  • [15:52] What are returns?
  • [16:43] What are Capital Market Assumptions?

PRACTICAL PLANNING SEGMENT

  • [10:20] Roadmap of the coming weeks.
  • [19:27] The Bruce Lee philosophy.
  • [20:00} Three main asset classes and what history teaches us.
  • [21:00] Cash-like investments.
  • [22:55] Bonds.
  • [26:30] Stocks or equities.
  • [30:25] How does inflation change this?

THE HAPPY LAB SEGMENT

  • [34:08] Are things you enjoy doing that you talk yourself out of? You shouldn’t.

TODAY’S SMART SPRINT SEGMENT

  • [354:15] Take out your investment accounts that you gathered in the last episode. Look at them while asking the question “Is this weird science or does this investment get me where I need to go?”

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM172.mp3
Category:general -- posted at: 6:00am CDT

Welcome back to the Retirement Answer Man show. Today begins a new series on Investing. I am very excited about being able to offer you this series and I hope you will find some value that fits your situation. In this week’s episode, we are chatting with a great guy, David Stein. He has many years of experience in the financial investing world and has seen it all. Today he shares some simple advice to help you not gamble away your retirement but rather approach your investing with clarity and confidence. Join me as I unpack the knowledge he has to offer. Stay tuned as well for a helpful tool I have found that makes your internet experience virtually ad free. Here we go!

The Difference between Investing, Speculating, and Gambling

Investing, Speculating, and Gambling are very different things. While all three can make you money, Speculating and Gambling have a much higher possibility of costing you your retirement. Our special guest today is David Stein, a former financial adviser and the host of the Money For The Rest Of Us podcast. David knows the risks that are inherent in investing, he worked through the 2008 market crash and was able to come out the other side on top. His mentality when it comes to investing later in life for retirement is to take a more passive approach. When you were young and frequently contributing to your investments was the time to have riskier investments, but now may not be the best time to take those chances. Rather, you should make your investments work for you to generate the life you want. David walks through a few questions to consider when investing to determine what a healthy risk level may be. Make sure you listen to this episode to hear this fantastic conversation.

Marketplace trends and how to adjust to them

The Marketplace has trends, and David Stein says that understanding these trends and recognizing them is key to investing. If we are aware of what the markets are doing and what they might do in the future we can make educated decisions instead of gambling on the unknown hoping for a favorable outcome. Make sure you listen to this whole episode to hear David’s helpful tips on how to avoid being a gambler.

Moderating activity as you age to safeguard your happiness

I was recently out mountain biking and having not done it in a while I was taking it slow. I avoided a few challenging routes until I felt comfortable in my abilities. When I finally attempted to traverse a challenging section, I crashed hard and banged myself up! Now I could have let that discourage me from going riding again, but instead, I went out again and moderated the risk by taking it slow. If you can do this in all areas of life as you get older, you will feel empowered, capable, and happy.

Easy tool to keep your internet browsing ad free

I came across a tool the other day that you can add to your web browser. It will blocks ads from showing on the web pages you visit. I am currently looking at the homepage of Yahoo Finance and it’s telling me it is blocking 44 ads. WOW! I can finally find what I am looking for without the distraction of ads and this may help me save a bit of money as well. I’ll tell you all about it in this episode.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] When my mother died, I took my inheritance and bought my first investments
  • [2:00] Your investment mindset needs to change when you near retirement
  • [3:00] It’s time to stop accumulating wealth and start making that wealth work for you
  • [3:30] Our special guest David Stein
  • HOT TOPIC SEGMENT
  • [4:47] Your internet experience
  • [5:00] Adds are pervasive and companies are great at tracking your activity.
  • [6:40] Adblock will automatically block ads on the sites you visit

PRACTICAL PLANNING SEGMENT

  • [8:36] Conversation with David Stein
  • [10:25] Investment presentations
  • [11:47] Difference between Investing, Speculating, and Gambling.
  • [16:53] Fundamental questions to consider when investing
  • [21:25] Trends in the markets and adjusting your risks to fit them
  • [22:00] We should balance a generational view of our investing with a lifetime view
  • [24:40] Pros and Cons of using an active manager
  • [31:50] How to be an investor instead of a Speculator or Gambler

THE HAPPY LAB SEGMENT

  • [34:45] Learn to moderate your activities as you get older. Don’t stop doing just find a healthy balance

TODAY’S SMART SPRINT SEGMENT

  • [37:30] Gather your investment accounts and organize them. Figure out how you are allocated. This will get you ready for upcoming steps in future shows.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

David’s podcast Money For The Rest Of Us

Direct download: RAM171.mp3
Category:general -- posted at: 6:00am CDT

Welcome back to the Retirement Answer Man Podcast. My name is Roger Whitney and I am the Retirement Answer Man. On this week’s episode, I will be answering several listener questions about dementia, HSA’s, and next level investing. I’ll also outline the road to “brokesville” so that you can steer clear of catastrophe in your retirement planning. Come along with me as we discuss how to learn from your mistakes to create a great retirement. Stay tuned to this episode to hear it all!

The Road to “Brokesville”

Not many people choose to be broke, but we often walk down paths that lead us straight to “brokesville” and a stressful retirement. In this week’s episode of the Retirement Answer Man, I’ll outline 7 major mistakes that can lead you down this road. Listen up and take notes, you’ll want to make sure you avoid these pitfalls and learn from your mistakes.

Protect your retirement from dementia

As we get older our memory isn’t always what it used to be. For some, it can go as far as full blown dementia. How can you safeguard your investments or your parent's investments from lapses in judgment or memory? Well, a listener wrote in with this very question. I’ve got some practical tips for him to protect the security of his family's investments. Make sure you listen to this episode to find out how.

Work on your strengths, delegate your weaknesses

I’m sure you have heard it said, “Identify your weaknesses and work on them.” This is often a good idea in order to grow as a well-rounded individual, but in the area of retirement I say work on your strengths and delegate your weaknesses. Our strengths are what make us happy and keep us feeling fulfilled while our weaknesses often times do the opposite. If you can find someone who is strong in areas in which you are weak and delegate to them, you will find yourself feeling happier and more optimistic about your future retirement.

Ask yourself hard questions to protect your retirement.

This week I challenge you to have a hard conversation with yourself. Walk through each of the steps to “brokesville” and ask yourself if they are true of you. You may find that you are making some of these mistakes right now. Face the hard truths and make the changes necessary to build a better future. Make sure you listen to this entire episode of Retirement Answer Man to hear what to avoid.


OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] Looking back in life on our mistakes.
  • [1:30] Life is messy.
  • [1:30] Planning for retirement is like riding a bike.

HOT TOPIC SEGMENT

  • [3:47] The road to “brokesville.” The 7 biggest mistakes.
  • [6:03] Buying a big house.
  • [8:13] Taking an 8-year car loan.
  • [9:00] Flawed investment strategy.
  • [10:18] Paying Uncle Sam too much.
  • [11:11] Getting divorced.
  • [12:28] Keeping up with the Joneses.
  • [14:00] Cosigning on a loan.

PRACTICAL PLANNING SEGMENT

  • [17:00] Listener questions.
  • [17:00] How do I lovingly help my elderly parent with dementia let go of managing his investments.
  • [27:43] Is an HSA right for me?
  • [30:00] Advanced savings steps.

THE HAPPY LAB SEGMENT

  • [33:16] Work at your strengths and delegate your weaknesses.

TODAY’S SMART SPRINT SEGMENT

  • [36:00] Walk through the 7 mistakes that lead to “brokesville” and see which ones you need to work at avoiding.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM170.mp3
Category:general -- posted at: 6:00am CDT

I love being an entrepreneur! Not only does it give me an avenue to exercise my creativity it gives me the flexibility to live the life I desire, work the way I want to work, and build a legacy for my family. The value of your business can be put into three categories: Cash flow, Lifestyle, and Enterprise value. On this week’s episode of the Retirement Answer Man, we will be talking with my special guest Randy Long about building your business in a way that grown its enterprise value. Having a strong enterprise value will enable you to create a successful business exit strategy that will help you create a lasting legacy for your family. Stay tuned to hear Randy’s helpful tips.

Your internet provider might be selling you out!

We all know that the internet can be dangerous, but now it might become riskier than ever. Congress recently lifted restrictions that required your internet provider to get your permission before selling your data. So now your browsing history, online habits, and who knows what else might be up for grabs to the highest bidder. There’s no doubt this could pose a security threat to people like me who work with very sensitive financial information. However, there is a solution, a way you can protect your data from the prying eye. Make sure you listen to this episode to hear how I keep my info secure online.

Extracting enterprise value with Randy Long

Today’s guest is Randy Long a certified exit planner and CEO of Long Business Advisory LLC. He has patented a Braveheart Planning Process where he works with entrepreneurs to help them maximize the value they can get from their business. In our conversation, we will discuss how to transition from building a business to building a legacy and how to structure your business to be appealing to buyers. There are some great tips that you won’t want to miss so stay tuned.

Quantity time might be better than Quality time

I just returned from a vacation with my wife in the Caribbean. We were gone for 8 days and at times that felt a bit too long and we laid around a lot without much to do. However, it afforded us time to connect and have some important conversations. We’ve all heard the term “Quality Time” and while I agree that you need to seek quality in the time that you have I also believe that you can’t have Quality time without Quantity time. Quantity time gives you the flexibility to create moments that you otherwise wouldn’t have been able to. Creating a Business Exit Strategy is an important step towards the future but it won’t bring you lasting joy. Quality relationships with the ones you love will bring you that joy! Listen to this episode to hear more of my thoughts on creating a happy life.

Markets are at an all-time high, it’s time to assess your investment risk

The markets are continuing at a record high since the election. Things are sunny in the investment world. This is the time when you need to make repairs and tweaks to your investment plan. Don’t wait for a drop in the market to reassess your risk tolerances, do it now while everything is good. If you need help with this assessment I can lend you a hand. Listen to this episode to hear how.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:26] I love being an entrepreneur.
  • [1:43] Three ways you get value from a business you own.
  • [2:18] What is enterprise value?

HOT TOPIC SEGMENT

  • [4:43] My Vacation to the Caribbean.
  • [5:54] Your Internet service provider can legally sell your data.
  • [7:28] What is a VPN and why should I use one?

PRACTICAL PLANNING SEGMENT

  • [9:28] There’s a difference between Knowledge and Wisdom.
  • [10:10] Why do you build a business?
  • [13:00] Transitioning from building your business to building a legacy.
  • [16:10] Moving towards exiting your business.
  • [19:10] Things that make a business appealing to buyers.
  • [22:10] Making your business valuable apart from the cash flow.

THE HAPPY LAB SEGMENT

  • [30:45] Quantity time is better than Quality time.

TODAY’S SMART SPRINT SEGMENT

  • [33:29] Markets are at an all-time high which means it is time to assess your investment risk.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

The BraveHeart Exit:: 7 Steps to Your Family Business Legacy

Built to sell: Creating a Business That Can Thrive Without You

Cloak Keep yourself safe with this Virtual Private Network tool

Direct download: RAM169.mp3
Category:general -- posted at: 6:00am CDT

Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon.

The Healthcare Dragon might burn up your retirement.

It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement.

80% of people don’t plan for long-term health care.

Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions.

Why you MUST understand your healthcare plan.

If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all.

Invest in yourself for a secure retirement.

With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] The Live Dragon of long term Health Care

HOT TOPIC SEGMENT

  • [2:20] Dragon slaying weapons
  • [3:16] How a savings account works.
  • [4:41] Our HSA sword is dull.
  • [6:17] Steps we can take to improve our HSA.

PRACTICAL PLANNING SEGMENT

  • [9:37] Conversation with Margie about helping families navigate long-term care.
  • [11:09] 80% of Margie’s clients have no long term care plans in place.
  • [12:05] The benefit of thinking ahead.
  • [15:15] The potential dangers of living independently.
  • [21:35] Preparing for retirement and long-term care if you have no family.
  • [23:17] The importance of understanding your medical plan.
  • [26:07] How do people generally pay for long term care?
  • [28:27] Do long-term care policies make the transition easier?

TODAY’S SMART SPRINT SEGMENT

  • [32:05] Look at your HSA. What is the maximum you can contribute and can you make that happen? If you don’t have an HSA, give some thought as to whether or not it would be a smart move for you and your family.

THE HAPPY LAB SEGMENT

  • [32:56] The average couple will need $260K for health care costs in retirement.
  • [33:33] Take small steps to get an HSA if applicable, invest in your health, and invest in your life to make you feel more empowered to face the future.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

TWEETS YOU CAN USE TO SPREAD THE WORD

Using Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan

 

The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan

 

80% of people don’t plan for long-term #healthare #RetirementAnswerMan

 

Why you MUST understand your #healthcare plan #RetirementAnswerMan


#Invest in yourself for a secure #retirement #RetirementAnswerMan

Direct download: RAM168.mp3
Category:general -- posted at: 6:00am CDT

Welcome to another episode of the Retirement Answer man, as always I am Roger Whitney the retirement answer man. This week's show is a hodgepodge of great actionable content that might give you the edge you need in your retirement plan. We’ll discuss why alcohol abuse is a problem for many people in retirement and lay out the reasons why. Listen as I answer listener questions and give my tips for investing your Social Security income. Stay tuned to hear it all!

Alcohol abuse is a huge problem in retirement.

Studies are showing that Alcohol abuse is the number one substance abuse problem for older adults. As Billy said in this episode, retirement almost turned him into an alcoholic. Alcoholism is not an inescapable fate. There are several reasons why one might abuse alcohol once retired. In this episode, I will talk about 6 factors that contribute to retirees drinking too much. Don’t miss this episode of the Retirement Answer Man.

Refinancing your home can be a benefit and a curse.

Noni wants to know if it would be a good idea to refinance her home and take money out to pay off credit card debts and put her kids through college. Although refinancing a home can be a smart move and paying off debt is almost always a good idea, there are situations where you should use caution. I’ll share my ideas with Noni as to whether or not her situation would benefit from a refinance and borrowing against her house. Stay tuned to hear my warnings so you don’t make a potential mistake.

Does taking Social Security early mean more money to invest?

Conventional wisdom would say that investing money annually at a good interest rate will bring you out on top. This is not always the case. On this episode of the Retirement Answer Man, Ruth asks for my thought on taking Social Security early in order to invest it. Her calculations show that she will reach age 80 with substantial financial growth having invested her Social Security instead of spending it. Stay tuned to see me run her figures through an investment forecast report taking into consideration the historical changes in the market. You might be surprised at the outcome.

A plan is no good if you don’t live long enough to retire

After exercising on Sunday, my back became extremely sore and stiff. It has been a struggle to go about daily life. Yet feeling this discomfort makes me thankful that I do not deal with an illness that puts me in a constant state of pain. The condition of our bodies is important. We cannot hope to live a full life if we are neglecting our health. Join me in this episode of the Retirement Answer Man to discuss listening to your body and doing what is best for it. Your retirement will thank you.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] Retirement almost turned billy into an alcoholic.
  • [2:05] Stay tuned for listener questions.

HOT TOPIC SEGMENT

  • [3:35] Alcohol abuse is a big problem with older adults.
  • [7:15] The quality of your marriage will contribute heavily to your happiness in retirement.

PRACTICAL PLANNING SEGMENT

  • [8:46] Should I refinance my house and borrow money for credit card debt and children’s educations?
  • [4:35] Should I take social security and invest it?
  • [19:42] Investment projection reports.
  • [25:43] How safe are the password managers?
  • [28:48] Is retirement is all about math?

TODAY’S SMART SPRINT SEGMENT

  • [3:29] Check the interest rates on all of your loans, house, car, credit cards. See if it would be prudent to refinance them.

THE HAPPY LAB SEGMENT

  • [31:22] Take care of yourself. Listen to your body.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Sara’s book A Couple’s Guide to Happy Retirement.

Direct download: RAM167.mp3
Category:general -- posted at: 6:00am CDT

After my last knee surgery, my doctor told me that I should NEVER AGAIN attempt to run like I have previously. That’s when it hit me, my best days physically are behind me. That was a sobering thought and a bit depressing. Thinking like this has a tendency to affect how we live and can very easily seep into every aspect of life; it could affect how I relate to my family, do my job, or how I view retirement planning. When it comes to retirement...are our best days behind us? Are we approaching a time where we are unproductive, broken, and tired? Dan Miller doesn’t think so! Listen to this episode of the Retirement Answer Man to hear why and to hear my guest Dan explain how to start living a fulfilling retirement now.

We’ve got retirement planning all wrong.

With the current life expectancy and medical care, we will live longer and healthier in retirement than ever before. This is a great thing but it presents a problem. A problem known as the retirement crisis where many Americans will not be able to save enough for retirement. Because of this very real issue, our cultures main goal in retirement planning is to save and invest and hopefully have enough when we retire. Doing so is stressful and can cause our relationships to suffer. When all we can think about is working as much as possible to provide for the future, we forget to think of the present. When retirement arrives, you are worn out and may have damaged your relationships to such an extent that there is not much to live for. Dan Miller, my guest on this episode, thinks there is a better way to approach retirement planning. Don’t miss it!

Why wait for Retirement to start doing what you love?

Dan Miller believes that a retirement of ease and relaxation is short lived. Even if you have managed to save enough to lounge on a beach, you may be lacking in purpose. Our purpose is what drives us, what keeps us breathing. If we have built great financial assets and are able to live it up but don’t have a purpose, life becomes depressing. Dan is convinced that the key to a happy retirement is to fill it with financially productive endeavors that bring you joy and ignite your passion. Having these sources of income will relieve much of the stress we often feel in the years leading up to retirement and can save us from the heartaches of misplaced priorities. But why wait until you retire to find those things that make you happy AND earn you money? Dan says we shouldn’t wait, and in this episode, he gives a simple framework to help you find your passion and start pursuing it now.

Retirement isn’t a time, it’s a lifestyle.

Our culture thinks of retirement as a time when you are free of your lifelong career and hopefully have the financial assets to enjoy a lifestyle you couldn’t previously. While this is true in many cases, it doesn’t have to be. Dan Miller wrote a book entitled 48 Days to the Work You Love. Through this book, he teaches you how to find something that you are passionate about and turn it into a revenue stream. By making a switch from your current career to a job that fulfills you and that you work on your own time you can start living that retirement lifestyle now. Tune into this episode to hear Dan share stories of how people have done this.

Holistic retirement planning gives you power.

The binary view of retirement as a set time for which we have to plan and save can rob us of our joy and our ability to be creative. A holistic approach to retirement as a lifestyle gives you the freedom to pursue your dreams and passions and express your creativity. You could even start today. This does away with stringent and stressful retirement planning and gives you the ability to live.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] My best days are behind me!

HOT TOPIC SEGMENT

[3:06] The problem with retirement.

[4:42] Our number one focus is on saving and investing.

[5:35] The numbers don’t work. We can’t continue to think of retirement as a time of inaction.

[5:49] Thinking of retirement in such a binary way stifles our creativity and ability to problem solve.

[7:09] What resources do we have to solve this retirement crisis?

[9:23] Most retirement advice you are getting falls short and limits your ability to create a great life.

PRACTICAL PLANNING SEGMENT

[10:16] Conversation with Dan Miller.

[14:00] Why would you wait for retirement to start doing what you love to do?

[17:45] If retirement is less of a date and more of a pivot into living your passion, how do you make that change?

[20:32] Examples of people following their dreams.

[25:11] You might have to change your expectations in order to do what makes you happy.

[28:35] Going through the process and finding what you love gives you control of your life.

TODAY’S SMART SPRINT SEGMENT

[33:50] Listen to Dan Miller’s podcast.

THE HAPPY LAB SEGMENT

[34:30] We are more creative than we give ourselves credit for. Thinking holistically about life and retirement gives you back the power to create an awesome life.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Dan Miller’s Site: http://www.48days.com

Dan Miller’s Podcast: http://www.48days.com/category/48-days-podcast

Dan’s book: 48 Days to the Work You Love

TWEETS YOU CAN USE TO SPREAD THE WORD

#Holistic #RetirementPlanning #RetirementAnswerMan @DanMiller48days

We’ve got #retirementplanning all wrong #RetirementAnswerMan @DanMiller48days

Why wait for Retirement to start #doingwhatyoulove? #RetirementAnswerMan @DanMiller48days

#Retirement isn’t a time, it’s a lifestyle. #RetirementAnswerMan @DanMiller48days

#Holistic #retirementplanning gives you power. #RetirementAnswerMan @DanMiller48days

Direct download: RAM166.mp3
Category:general -- posted at: 6:00am CDT

Welcome to another episode of the Retirement Answer Man podcast. I am Roger Whitney the Retirement Answer Man and this weeks' topic is all about working during retirement. We all can agree that saving and investing are important but they often prove to be challenging. I believe there is another option a more fulfilling one. Work. On this episode, we will talk with Marc Miller, an author, and coach, about how we can structure our retirement to be both fulfilling and productive - and avoid the so-called retirement crisis altogether. Listen to this episode to hear Marc’s tips on working during retirement.

You can’t save your way into a good retirement.

It’s becoming clear that many Americans will not be able to save enough for retirement. The average American makes $50,000 per year, and with the cost of living in our economy, there is little to no room for retirement savings. This is what many are referring to as the “retirement crisis.” Is there another way or are we destined to live on the street? Marc Miller gives us hope in this episode of the Retirement Answer Man that there indeed is a way to have a great retirement by finding a way to work on your own terms at a job that you love. Stay tuned to hear how you can make the transition from your current career into your dream job.

My goal is to never retire.

Marc Miller doesn’t want to retire. He wants to live to the end of his life pursuing the things that make him happy and helping others do the same. He plans on doing this by pursuing a job that he can work on his own schedule. This will give him income late into his life as well as purpose and fulfillment. He figured out how to be his own boss and you can too. Listen to this episode to find out how you can avoid what many are calling the “retirement crisis.”

The thing that fulfills you might be the answer to your retirement questions.

If you are in the same boat that many Americans are and won’t be able to save enough for retirement, you’ll most likely need to have a job in retirement. The conventional full-time or part-time job can be taxing and deplete you emotionally and physically. A better option is to work for yourself doing what you love or find your dream job. But how can you find that thing you love? In this episode, I issue a challenge for the week that can help you identify what it is that you might pursue as an income generating activity in retirement. Listen to this episode to hear how.

Are you your biggest cheerleader?

I realized this last week that I tend to put myself down. I don’t give myself credit where I should and I belittle my abilities. Even though I have been doing this subconsciously, it still takes a toll on my motivation and how qualified I feel to accomplish my goals. I realized that I need to be my biggest cheerleader to encourage myself into greater opportunities and accomplishments. Are you your biggest cheerleader? Listen to this episode to hear more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0.27] About 40% of the US workforce has no retirement savings.
  • [1.06] Is saving the only way to avoid this retirement crisis?

HOT TOPIC SEGMENT

  • [2.47] Saving and investing is not the only answer to the retirement planning question.
  • [5.05] For many people, working during retirement will be a requirement.

PRACTICAL PLANNING SEGMENT

  • [9.10] Conversation with Marc Miller.
  • [9.36] Marc’s goal is to NEVER retire.
  • [13.28] How do I change things so that I can work on my own terms and generate more time freedom.
  • [17.26] What skills do you want to continue to use and what skills do you want to leave behind?
  • [18.13] The first step is self-awareness where you see whether or not your current lifestyle is meeting your needs and goals.
  • [27.19] Marc’s book creates a framework to guide you through making a pivot towards working on your own terms.

TODAY’S SMART SPRINT SEGMENT

  • [32.48] What are you passionate about? What do you enjoy doing most? What gives you fulfillment? This week I want you to start thinking about these questions and come up with answers for them.

THE HAPPY LAB SEGMENT

  • [33.47] I tend to put myself down and I realized this week that I need to be my biggest cheerleader.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Marc Miller’s book Repurpose your Career

TWEETS YOU CAN USE TO SPREAD THE WORD

#RetirementCrisis: Why Work You Love Might Be The #Answer #retirementanswerman @CareerPivot

You can’t save your way into a good #retirement. @retirementanswerman @CareerPivot

My #goal is to never #retire. #retirementanswerman @CareerPivot

The thing that #fulfills you might be the answer to your #retirement questions. #retirementanswerman @CareerPivot

Direct download: RAM165.mp3
Category:general -- posted at: 6:00am CDT

Last week I got a call from a good friend. His sister-in-law believes her financial advisor has been stealing from her. I offered to help them get to the bottom of this and figure out what exactly what has been happening. Investment risk is a very real threat in today’s world. Scam artists are everywhere and many of them are very good at appearing legitimate. There are several ways to research a potential investment or adviser that will give you insight into whether or not they are trustworthy. Join me in this episode to hear my tips on how you can be confident you are working with a trustworthy advisor or find out if your current advisor is not what he seems.

Avoid the most common types of investment fraud.

Investment fraud is very common. Many of us don’t know what to look for in potential investments to verify whether it is trustworthy or not. You may not understand how everything works and feel unqualified to assess the legitimacy of the investment. However, there are a few telltale signs that will tell you whether or not you should trust the investment opportunity or advisor. In this episode, I will explain 4 of the most common types of investment fraud and walk you through how to identify them. You don’t want to miss this!

Simple ways to make sure your advisor won’t steal from you.

It’s our worst nightmare, and for some of us, it has come true. Having your financial advisor, the one you have trusted with your money, steal from you can ruin your life. With so many different types of investment opportunities available today it is easier than ever to get scammed. How can you make sure the financial advisor you are considering is who they say they are and won’t steal from you? It’s actually quite easy. Stay tuned to this episode of the Retirement Answer Man to hear me explain how to check the legitimacy and trustworthiness of you advisor.

Your beliefs will dictate how you react to crises.

Believe it or not, your beliefs dictate your responses; in the easy times as well as in the hard times. While you may not wake up to find that you have been a victim of investment fraud, chances are, something will go wrong today. Rather than reacting negatively to the hardships that are inevitable, you could react with joy and happiness choosing to have a good day regardless. Do you want to know how to do this? It starts with telling yourself what you believe about the day. First thing in the morning, set your belief to be positive and you will naturally tend to react in a positive way. Listen to this episode to hear a great and simple way to do this.

Are Password management services a safe choice?

Passwords are a pain, but they are essential. In today’s world, we have more passwords than ever. Netflix account password, online banking password, cell phone account password and the list goes on and on. How do you remember all of these passwords and keep them safe? Today on the Retirement Answer Man show I interview TJ from 1Password, a top notch password management service. He explains how password managers work and why they are far more secure and easy to use than a spreadsheet or physical file. He also talks about the possible vulnerabilities of using a password manager and gives practical advice on avoiding huge password mistakes. I am confident you will learn a lot from what TJ shares, make sure you listen to the whole interview.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:23] My advisor has stolen all of my money.
  • [1:24] How should you begin researching a potential advisor?

HOT TOPIC SEGMENT

  • [7:45] The most common types of investment fraud.
  • [9:20] How can you avoid a Ponzi scheme?
  • [12:26] Avoiding an affinity fraud.
  • [13:10] Life settlement fraud.
  • [17:03] Unregistered investment fraud.
  • [17:43] How do you avoid becoming a victim of fraud?

PRACTICAL PLANNING SEGMENT

  • [20:27] Interview with TJ from 1Password.
  • [21:24] How does 1Password work?
  • [31:02] What are the vulnerabilities of 1Password?

TODAY’S SMART SPRINT SEGMENT

  • [36:25] Perform a thorough check of your advisor this next week.

THE HAPPY LAB SEGMENT

  • [37:04] The trick to having a great day.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Online password management service: 1Password.com



TWEETS YOU CAN USE TO SPREAD THE WORD

My #investor stole my money. A simple way to avoid #investment #fraud. #retirementanswerman @tjluoma 

 

Avoid the most common types of #investment #fraud. #retirementanswerman @tjluoma 

 

Simple ways to make sure your #advisor won’t steal from you. #retirementanswerman @tjluoma 

 

Your #beliefs will dictate how you react to #crises. #retirementanswerman @tjluoma 


Are Password management services a safe choice? #retirementanswerman @tjluoma 

Direct download: RAM164.mp3
Category:general -- posted at: 9:49am CDT

The election of President Trump was unexpected, and there is no denying that it has affected the markets. But instead of a crash, we are seeing all time highs. Since the election, the market has been accelerating like never before until last week when we saw it slow down. This begs the question, Will the Trump bump Become the Trump Dump? In this episode, I seek the opinions of two of my favorite people, Joe Saul-Sehy of Stacking Benjamins and Burt White of LPL Financial. They will tell us what they expect to see in the markets and how we should plan our investment and retirement, and if this Trump Bump will continue. This episode is fun, fast-paced, and full of great advice, make sure you join us. 

President Trump’s election has led to an all-time high in the markets. 

Since the election, we are seeing all-time highs in the market. US Equity Indexes have been on a tear. The S&P 500 has set multiple all-time highs and the Dow Jones has hit 20000 which it has never hit before. This growth is exciting and is giving many people hope for the next 4 years. People are taking action based on what we are seeing in the markets, but is this the right move? Stay tuned to hear my tips on how to react to these market changes. 

Should we take action on current market changes? 

Markets surged after the election of President Trump, until last week where we had the worst week since the election. Does this bode ill for the Trump administration? Should we take steps to mitigate this risk now before something terrible happens? On today’s show, we have my good buddy Joe Saul-Sehy of Stacking Benjamins. He has great tips for us about how we should think regarding the changes we are seeing. Is it prudent to sell as soon as the markets begin to drop significantly? Based on personal experience, Joe says “No.” It’s best to keep a level head and be smart with your investments. The markets will rise again, we don’t know when but we don’t want to sell if it will jump back up tomorrow. 

Will President Trump’s agenda of growth make us stronger? 

President Trump has an agenda of growth and many of us were not aware just how much growth might be possible. In the past growth has been driven by the consumer but with our president focused on nationwide growth, businesses may be gaining confidence that they previously have not had. It’s easy to invest in new employees if things go bad you can let them go. But it's another thing entirely to invest in a new factory or distribution system. If you do that, you are committed on a far deeper level. Burt White from LPL Financials believes that  President Trump’s agenda of growth might give businesses the confidence to invest in themselves. He predicts that this may drastically increase not only the taxable income of the government but also the number of jobs. 

The Seas are calm, it’s time to swab the deck. 

During a storm is not the best time to make repairs and adjustments to your ship, calm seas are much better suited for that. The same is true for our economic ship. Market downturns are not the time to rethink your investment strategy or reallocate funds to fit your changing risk tolerance. It is a much better idea to make those changes when the markets are good like they are now. On this week’s show, I encourage you to have those little conversations with yourself and make those changes to repair and maintain your ship while the seas are calm. Make sure you listen to this week’s Retirement Answer man Show to find out how. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] Market bump since election day
  • [1:20] Will this bump last?

HOT TOPIC SEGMENT

  • [3:15] Joe Saul-Sehy and his thoughts on the market jumps we are experiencing.
  • [6:15] Are the changes that are happening actionable?
  • [8:33] Indexes are created to be positive machines.
  • [10:06] The best time to rethink your investment strategy is when times are good.
  • [12:23] Should I sell when the market begins to fall?

PRACTICAL PLANNING SEGMENT

  • [14:19] Burt White thinks market drops are inevitable.
  • [15:56] President Trump’s plan is growth based and the market is beginning to focus on that.
  • [18:05] Businesses may gain confidence to invest in their own growth.
  • [20:35] How does someone working toward retirement structure their investment?
  • [24:20] How do bonds fit into my investment plan?

TODAY’S SMART SPRINT SEGMENT

  • [29:26] Times are good, it’s time to check your investment strategy and make sure everything is Ship Shape.

THE HAPPY LAB SEGMENT

  • [30:47] Little conversations and the value of having them.
  • [32:05] I found my dream mountain bike!

RESOURCES MENTIONED IN THIS EPISODE 

Contact Roger: http://www.rogerwhitney.com/retirementanswers/ 

Roger’s retirement learning center: www.RogerWhitney.com/learn 

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan 

Stacking Benjamins Facebook Page: https://www.facebook.com/IStackBenjamins/?ref=br_rs

Direct download: RAM163.mp3
Category:general -- posted at: 10:17am CDT

Welcome back to the Retirement Answer Man Show. I’m Roger Whitney and I’m sad to say it, but Retirement Planning is broken! The mainstream retirement planning method that has worked for years is falling short in our modern world. It is frustrating, disappointing, and fails to give you the leverage you need to create a great retirement. In this episode, we will dive into the good, the bad, and the ugly of modern retirement planning and you will see why it no longer offers an empowering course of action. Fear not. There is a better way and I will tell you what it is in this episode. Make sure you listen to this one.

Modern Retirement Planning is broken.

Mainstream retirement planning is based on numbers, not people. You, your lifestyle goals, and your assets are plugged into a formula. The outcome is a rigid plan based solely on the numbers. It rarely offers you an encouraging plan and you are left with next to no levers to pull to create your ideal retirement. Change is inevitable. We must adapt to it. But the modern retirement plan is not flexible and you might end up without options. An effective retirement plan is one that looks at each person as what they are, a person. You are not a number in a formula, you are a human being and you have unique goals, desires, and beliefs that need to be considered while planning for your future. Modern planning is rigid and impersonal but there is a better way. Listen to this episode to learn more.

Hiring a retirement planner is not always a recipe for success.

We can all agree that using an online retirement planning service will result in an impersonal plan, but is working with a retirement planner a better option? Sometimes it can be, but often times it won’t result in a flexible and encouraging plan. Planners will listen to you and hear your goals and dreams but in the end, you are still plugged into a formula and have to deal with the rigid outcome; an outcome that does not inspire action, is not flexible enough to adapt to change and does not encourage you to chase your dreams. Working with a retirement planner might give you an educated prediction of the future, but it’s only a guess. Listen to this episode to discover a better way!

What worked for your parents might not work for you.

Mainstream retirement planning was once effective. It worked for our parents, but it’s not working for our generation. Why? There are many reasons, one of which is pensions. Our parents had pensions and they provided for most of their retirement years. Some of you have pensions and that’s great. But we are faced with an average of 30 years of life after we retire that we have to plan for. A pension won’t fully cover it so we need to get creative with our assets and goals. Our parents also lived more simply that we do. Retirement often consisted of sitting on the porch watching the neighborhood children play. Today we are presented with the opportunity to live our lives in ways that we have not been able to previously, and that costs money. Creativity and flexibility are the keys to a good retirement plan and on this episode, I’m going to give you an idea what that could look like for you. Don’t miss it!

Agile Retirement Planning may be the key

Agile Retirement planning is a method I have developed to work with the challenges of our modern world and provide you with options to create an ideal retirement. It’s adaptive and focuses on managing change rather than predicting the future. This will give you flexibility and hope when challenges present themselves. It allows you to be in control of your retirement rather than putting your trust entirely in chance or in your retirement planner. I’m going to dive deep into the 4 main impacts that I have seen in my client's lives as we have worked through the agile retirement method. Make sure you listen to the whole show to get it all.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] Today’s retirement planning method is broken.
  • [1:00] Stan and Barbara’s retirement plan
  • [10:49] Why mainstream retirement planning falls short.

PRACTICAL PLANNING SEGMENT

  • [12:36] Will a retirement planner help you create a reasonable solution?
  • [16:30] Working with a retirement planner usually yields the same results as doing it yourself would.
  • [19:50] Mainstream retirement planning is “rigid” and has a negative impact on you.
  • [21:10] What worked for your parents probably won’t work for you.
  • [25:45] Agile retirement planning and why it works.
  • [29:07] Real life impacts of Agile Retirement planning.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM162.mp3
Category:general -- posted at: 6:00am CDT

We all have heard the term living simply and possibly associate it with a minimalistic lifestyle. Is there a way we can take the concepts of simple living and apply that to our retirement plan without compromising what is important to us? On this episode of the Retirement Answer Man, we will look at the costs of a large lifestyle and the benefits of simplifying. We all know that a larger house costs more, not only up front but also in the day to day maintenance. Not only that but it is human nature to acquire “stuff” to fill the space in which we live. The larger our house, the more “stuff” we collect. Listen to this episode to hear my advice on how approaching retirement planning with a simplicity mindset can give you amazing confidence and stability.

Home Ownership is great, but it doesn’t define us.

Home ownership and the American Dream go hand in hand, don’t they? We are taught that one of the first steps, after embarking out on your own or getting married, is to buy a house. In my case, it was a 1600 square foot home. From there I soon felt the need to upgrade to a larger house with a larger back yard that I could outfit for the kids and give us space to grow. This might sound like a common situation and it is. Many Americans go through this same journey and it’s not always a bad journey. However in my case, by following the path of our culture we ended up building a cage that trapped us financially. In this week’s show, we’ll address whether or not Home Ownership as our culture sees it is best for retirement and if there is a better way to go. Stay tuned!

I’m not rich, is there a normal person’s retirement plan?

Some of you might be saying, “Roger, I’m not rich. The retirement plans you have been outlining don’t fit me.” You are totally correct, what we have outlined so far on this show is not the average American retirement. That is why I will be creating a “normal” person's retirement plan with someone who might not have as many assets or an adequate nest egg. If you feel something like this would help you in your journey towards retirement, make sure you listen to this episode as well as future episodes to find out what I’m planning.

Buying my home limited my ability to build wealth.

Building wealth and acquiring assets is arguably one of the biggest parts of planning for retirement. Without adequate savings or a means of sustainable income, we can’t expect to retire and keep our desired lifestyle. When my family and I upgraded to a larger home we essentially built a cage around us, a cage of financial obligations. The yard needed to be maintained, the house needed to be cleaned, and the mortgage and taxes had to be paid. These obligations limited my ability to build future wealth for my family and lessened the effect with which I could create assets. If our mindset had been different, we could have enjoyed close to the same lifestyle without the possibility of compromising our future. Listen to this episode to hear a better solution.

Living simply gives us the ability to say “yes.”

Every decision we make in life comes with its own set of obligations. When we choose to live largely we often find ourselves obligated to maintain our lifestyle, or at least pay for it. This can limit our ability to be spontaneous and enjoy the experiences of life. Living simply can reduce the number of obligations in our life, freeing us up to say “yes” to those opportunities that we might otherwise have had to forgo.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] Home ownership and the American Dream
  • [2:34] My average housing expense.
  • [3:30] Bobby’s housing change.

PRACTICAL PLANNING SEGMENT

  • [5:21] SJ and her simplified retirement plan.
  • [7:22] Getting an accurate idea of your living expenses.
  • [9:31] Is living in a trailer bad?
  • [12:46] My housing choices hurt my ability to build wealth.
  • [14:43] Simplifying our lives can enable a successful retirement.

THE HAPPY LAB SEGMENT

[20:21] Living simply gives you flexibility to say “Yes”

[21:00] My trip to Mongolia

TODAY’S SMART SPRINT SEGMENT

  • [21:15] Look for ways to say “Yes”

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM161.mp3
Category:general -- posted at: 6:00am CDT

Welcome back to the Retirement Answer Man show. I am Roger Whitney and I’m so excited to have you with me. Today we will be talking about certainty in retirement and how it is, in fact, absurd! The only thing that is certain in life is uncertainty. No matter how hard we try to plan for the future we can never be 100% certain things will turn out the way we’ve hoped. Things will go wrong and we have to find a way to deal with uncertainty. If you follow the guidelines I lay out in this episode, you can feel confident in your future retirement and your ability to cope with the changes ahead. Be sure to tune in to hear this great advice.

You’ve planned well for retirement. GREAT! You may still have to live in a trailer.

Regardless of how well we plan for our future retirement, the unexpected can always happen. Interest rates may fall, taxes may skyrocket, your health may decline, and the government might go bankrupt. If these things happen, your well thought out plan is worthless. You may be forced to live in a trailer. Uncertainty is the only thing we can accurately plan for. But don’t doubt the importance of a retirement plan. Having a plan and being ready for the possibility of unexpected changes will help you cope with them when they come. If you remain willing to make small changes the big disasters will not affect you as drastically as they may affect others. Dealing with uncertainty comes down to being willing to compromise in little areas all through life. Doing so will allow you to be flexible and keep your priorities where they need to be even if things go horribly wrong.

Our world is changing rapidly, how can we ever hope to plan for the future?

In the last several decades we have seen the decline of the physical retail market and the rise of the online market. We have seen the birth of mobile technology that makes it possible to work from home and stay connected on the go. There is no denying that change in our modern world is real and is drastically reshaping our economy and life. On this episode of the Retirement Answer Man, a listener wants to know how we can effectively plan for retirement in light of the massive change we see around us. Many of you may doubt that a reliable plan can be created, but I encourage you to not give up hope. In this episode, I talk about how to keep your mind set on your priorities and be flexible so that you can adapt to the change.

The verdict is in, will Kim and Joe be able to retire?

We just held the Retirement Plan Live Webinar with Kim and Joe and we found out if their ideal retirement plan will work or not. Make sure you listen to this show to find out the details. Many of you wrote in with questions and observations about the live webinar and its outcome. Today I will share a few of those questions and hopefully give you some answers. Listen to this episode to learn how the concepts we applied to Kim and Joe can help you in your retirement planning.

Go deeper to avoid a catastrophe.

This week I received some heartbreaking news regarding an acquaintance. It’s possible the situation could have been prevented if little problems were taken care of early on. Often times we never know how big of a problem something is until it has blown up and forever changes our lives. Our culture often tends to steer us away from digging deep into our life and relationships to find the hidden problems. If it appears fine on the surface we don’t see a need to look any further. Listen to this episode of the Retirement Answer Man to hear my advice on how to find those small problems and stay vigilant in the face of uncertainty.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30 ] Living in a Trailer
  • [2:31] The power of managing change.

HOT TOPIC SEGMENT

  • [4:43] Kim and Joe’s retirement plan did not work.
  • [7:23] Info on how you can get access to the replay of the webinar.
  • [12:05] Why is managing change so important?
  • [15:05] Is our inflation projection accurate?
  • [19:50] Is a rollover from a 401K to an IRA a good strategy?
  • [25:28] Change is occurring so rapidly, how can we plan our future in light of the change?

PRACTICAL PLANNING SEGMENT

  • [8:17] Do most aspects of retirement turn out as expected?

THE HAPPY LAB SEGMENT

  • [37:08] Are we intentional on a deep level, with our relationships and with ourselves?

TODAY’S SMART SPRINT SEGMENT

  • [39:15] Go have and earnest conversation with someone you love.
Direct download: RAM160-2.mp3
Category:general -- posted at: 6:00am CDT

Hey, there, and welcome back to the Retirement Answer Man show. I’m Roger Whitney and I am THE Retirement Answer Man. This week’s show is all about Net Worth. Today I answer several listener questions regarding net worth statements. I also offer a caution about the dangers of comparisons in your retirement planning and how they can ruin your well-made plans. I’ll help you set your focus where it should be so that even though you can’t fully avoid comparisons, you can assure they will have minimal effect on you and your retirement. Make sure you take the time to catch this episode, your retirement will thank you!

Playing the comparison game could cost you your retirement.

We all do it. We compare ourselves to others. We compare our car, our job, even our net worth. While this is a natural part of human nature, it can be a very dangerous game to play. Comparing ourselves to others takes our focus off of our goals and what we need to do to accomplish them and puts the focus on our perceived value in relation to others. Comparing ourselves to someone with a higher net worth can make us feel discouraged, hopeless and possibly cause us to give up. On the other hand, if we compare ourselves to someone who’s net worth is lower than our own, we may feel so proud of our achievements that we stop working hard towards our goals. Even though comparisons are inevitable, there is a way you can focus on what is important. Listen to this episode to find out how.

I have a negative net worth, is there any hope for me?

Many people find themselves in this situation. It has become normal in our culture to live our lives without thinking of retirement only to find ourselves getting older with little savings and next to no assets. This is a scary situation to be in, and one that a listener finds himself in. He asks a question about planning for retirement and working with an advisor even though he has a negative net worth. He wants to know if there is a way to succeed. While the road to retirement is much more difficult when you are in this type of a situation, fear not, it is not hopeless. Listen to this episode to hear the advice I give this listener.

Will Kim and Joe be able to afford their ideal retirement? Find out tonight!

Tonight is the Retirement Plan Live webinar where I walk Kim and Joe through the conclusions of our planning and we find out together if they can afford their ideal retirement. You don’t want to miss the exciting end to this year’s Retirement Plan Live. But not everyone can join the webinar, you have to be invited. Listen to this episode to find out how you can get one of these special invitations. I hope to catch you tonight!

Taxes. Who likes Taxes? Is there anything I can do to lessen the impact of taxes on my investments?


Taxes aren’t fun, but we can’t escape them and we are forced to deal with them. A listener on today’s show is feeling the tax burden. He has done a good job of building assets but knows that he’ll be forced to draw taxable income during retirement which he fears might push him into a higher tax bracket. He wants to know if there is anything he can do to protect his IRA from heavy taxes. My answer, YES! There are some completely legal steps you can take to lessen the weight of taxes on your investments. You’ll hear my suggestions of how he can convert or draw from his IRA in order to make taxes easier to deal with during retirement.

RESOURCES MENTIONED IN THIS EPISODE

 

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

 

Roger’s retirement learning center: www.RogerWhitney.com/learn

 

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM159.mp3
Category:general -- posted at: 6:00am CDT

Hey, hey - it’s great to have you along for another episode of The Retirement Answer Man. I’m Roger Whitney and I am THE Retirement Answer Man. This episode of the show is all about how the habit of binary thinking can derail your retirement planning goals. What is binary thinking? I’m glad you asked! On this episode, I’m going to walk you through a couple of examples of binary thinking, including one I experienced with a friend of mine in years past, to show you exactly what it is and how it can be detrimental to your life - and your retirement planning. And… I’m going to answer some listener questions about this year’s Retirement Plan LIVE. I hope you’ll make the time to listen. You’ll want to hear this one!

What is binary thinking and how can it negatively impact your retirement planning?

On. Off. On. Off. That’s essentially what binary thinking is. It’s thinking in terms of one thing, or another - and nothing else. When you get into the habit of thinking in a binary sort of way, you can miss a whole world full of options that might otherwise be open to you. I hope you can see how bad that can be when it comes to the way you approach retirement planning. This episode, I’m going to give you some example of how you can avoid binary thinking.

Is retirement preparation only about saving and investing? Nope. That’s too binary.

On this episode of The Retirement Answer Man, I highlight some good news that comes from the latest stats about retirement savings. Fidelity says that the average household savings rate has gone up to 8%. Wooohoooo! That’s always a good thing. BUT, it’s not the only thing that matters. You can’t ONLY save and invest and expect that you’re going to be all set for retirement. You need to think more broadly, less binary. That way you can make the most of every option you have. On this episode, I’m going to highlight some of the ways you can do that, so be sure you hear these great tips.

What are the old stories you need to stop telling yourself?

All of us have, what a colleague of mine calls, “old stories.” They are the things about ourselves that perhaps USED to be true but are no longer true - but we continue to talk (and think) as if they are still true. For example, you’ve heard me talk on the show about how I almost ruined my marriage because of the self-centered way I was living. If I continue to think of myself in those terms even though I’ve changed, I could sabotage my own ability to move my life forward. When it comes to our ability to build a great retirement, those old stories can be especially damaging. On this episode, we’re going to dive into what you can do to avoid living according to your version of those old stories. You’ll want to hear this one.

Don’t miss this year’s Retirement Plan LIVE webinar. Here’s how you can get in on it!

We’ve wrapped up the podcast episodes of this year’s Retirement Plan LIVE, and like we do every year, we’ll be summarizing and revealing the actual retirement plan for this year’s participants (Joe and Kim) in a LIVE webinar. It’s a fun way to wrap up and for you to see how retirement planning is actually done. You can get in on it via personal invitation. How do you get one of those golden tickets? Listen to this episode to find out!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] The story of Ralph - and the trap of binary thinking.
  • [2:47] The solution to the retirement crisis is somewhere in between the extremes.

HOT TOPIC SEGMENT

  • [4:51] Retirement savings are at an all time high (according to Fidelity)!
  • [6:15] Savings and investing are only part of the retirement equation.

PRACTICAL PLANNING SEGMENT

  • [8:52] Q & A about Kim and Joe’s case study from Retirement Plan LIVE.
  • [11:01] One listener’s concerns about Kim and Joe’s retirement situation.
  • [13:35] Will Social Security really increase like Kim expected it to?
  • [17:10] Would it be best for Joe and Kim to knock out their mortgage before retirement?
  • [20:08] Is it possible to live off $24K a year as one financial guru suggests?
  • [24:00] How you can get access to the LIVE webinar of this years Retirement Plan LIVE.

TODAY’S SMART SPRINT SEGMENT

  • [24:54] Continue to organize your online passwords - and are the password managers really that safe?

THE HAPPY LAB SEGMENT

  • [27:21] A group call experience I had… and woman who says she’s too gruff with others.
  • [28:47] The old stories we tell about ourselves and why we need to STOP.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/blog - find my core values as shared on this episode.

1 Password

LastPass

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM158.mp3
Category:general -- posted at: 6:00am CDT

Well, here we are - at session number three of Kim and Joe’s 2017 Retirement Plan LIVE experience. Today we reach the topic nobody enjoys talking about but that we HAVE to talk about anyway: Retirement Risks. There are many things we need to consider on this episode of the Retirement Answer Man in order to think about retirement realistically and Kim does an amazing job of thinking soberly about the risks that she and Joe will face when they reach retirement. Our goal is to assess them and then address them in their retirement plan. Want to hear how we do it? You can, on this episode.

It’s wise to address retirement risks - but they don’t stay addressed.

One of the problems with trying to predict what could happen in the future is that the picture keeps changing. You can address things the way it makes sense today but if the markets change (and they will) or if your financial or health situation changes (and they could), you’re going to have to reassess and re-address the risks you’ve identified. Heck, there could even be new risks by the time you get there. So what do you do? You keep working at it. There’s really no other option. On this episode, I chat with Kim about the risks she sees ahead when it comes to her retirement and we make some tentative plans for the ways those risks might be addressed. I’ll reveal my full suggestions in the upcoming RPL webinar, which you can get in on. Find out how, on this episode.

Duct tape solutions to the retirement risks you see are not the best answer.

Do you know what a duct tape solution is? It’s a solution that seems effective at the time but by nature of what it is, it won’t last very long. It’s like putting duct tape on a hose in your car that has sprung a leak. It may get you to the next town but it’s not going to last for a cross country trip. On this episode, Kim and I talk about the possible solutions to some of her retirement risks and discover that some of the things typically used to address those risks may not be the best options. You’re going to enjoy thinking through these issues, so be sure to listen.

One of the biggest retirement fears is that you’ll outlive your money.

Almost everyone I talk with about retirement planning has one risk in mind far above all the others when it comes to their retirement: They are afraid that they might outlive the money they have to live on. It’s a very real concern since the longevity rate in our day continues to rise. Are there ways to address this concern other than saying, “Set aside more money?” Kim and I discuss that on this episode as we walk through her Retirement Plan LIVE session today, so be sure you take the time to listen.

What if you need expensive medical care, die, and leave your spouse broke?

There is a very real and tragic scenario that happens over and over in modern day America. A married couple plans for their retirement, retires, and is enjoying the fruits of their many years of employment or work, and then one of them is struck with a very expensive disease or medical condition. They use up all their hard-earned money on medical care, and then the ailing spouse dies, leaving the surviving spouse almost penniless. What can be done to mitigate THAT kind of risk? Kim and I talk about the possibility on this episode of the show.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:23] My introduction to this “Step 3” of this year’s Retirement Plan Live.

HOT TOPIC SEGMENT

  • [4:14] Why retirement is riskier than ever before.
  • [6:00] How income helps us mitigate risks for now. And how it changes in retirement.
  • [7:26] Watch out for duct tape solutions.

PRACTICAL PLANNING SEGMENT

  • [12:04] This conversation about the scary stuff: retirement risks.
  • [13:43] The issue of market risks and how Kim and Joe have typically handled them.
  • [16:20] Kim’s current mix of stocks VS bonds - and looking toward retirement.
  • [18:33] Should retirees live on the income of their investments?
  • [21:17] Fears about inflation and market instability.
  • [23:25] Is Social Security going to be there for Kim and Joe?
  • [25:39] What if one spouse dies earlier than expected?
  • [30:20] The fears of long term care and a surviving spouse’s needs.

TODAY’S SMART SPRINT SEGMENT

  • [32:09] Your assignment: Clarify how to access your digital life.

THE HAPPY LAB SEGMENT

  • [35:44] Unaddressed risks can make you unhappy, but a repeatable process to address them regularly can give you peace of mind.

RESOURCES MENTIONED IN THIS EPISODE

LastPass

1Password

Roger(at)wwkwealth.com

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

 

Direct download: RAM157.mp3
Category:general -- posted at: 6:00am CDT

Planning for retirement will be next to impossible if you don’t have some sort of barometer of your financial situation - and that’s why I always create a personal net worth statement with my clients to have a starting point for retirement planning. On this episode - the 2nd in the 2017 Retirement Plan LIVE sessions - I’m talking with Kim about her and her husband’s financial status, and you’ll hear us go item by item through their financial situation to build their net worth statement. It’s the first step, and one you can take easily enough on your own. Find out how on this episode of The Retirement Answer Man.

What the HECK is a personal net worth statement?

Your net worth statement is a document that will provide you a quick look at your financial situation at any point in time. By calculating your net worth you’re able to see what all the work you’ve done in your life has provided for you - as well as what you’ve spent so far. But tracking your net worth over time gives you even more insight into your financial picture. On this episode, I’m talking with Kim about the current assets and expenses she and her husband have right now, a few years before retirement. This will enable them to know where they are starting from as they begin to set retirement goals. You’ll see how applicable the net worth statement is to retirement planning, on this episode.

Here’s the simple way to create your own net worth statement.

You can calculate your own net worth statement pretty simply with very little effort. The hardest part is assembling all the facts and figures that go into a simple subtraction problem. Here’s how you do it: Total up all your assets (things you actually own that have value, including cash accounts at the bank), total up all your liabilities (the things you owe money on) and then subtract your liabilities FROM your assets. That will give you a net worth figure. Now that you have it, how do you use it to plan for retirement? I’m glad you asked because that’s what I’m covering with Kim, on this episode.

How can you use a net worth statement to plan for retirement?

When you’re planning for retirement you have to do more than just dream up fancy things in regard to your future without knowing how those fancy things are going to be funded. Your personal net worth statement will enable you to know what resources you have available to build upon in order to fund your retirement plans. Think of it as a starting place, the dot on the map where you are now. Once you understand that figure you’ll be able to see how far you are from the ideal retirement you’ve imagined.

If you’d like to build your net worth statement with a little help from a retirement planner, here’s your chance.

One of the things I love about what I do is that I’m able to help people accomplish financial goals through the creation and use of simple tools that are truly helpful. One of those is my “Build Your Net Worth Statement” worksheet - which is yours for free if you want it. If you’d like to get your own copy and find out how to get started with your own net worth calculations you can find it on my learning center page.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] My introduction to this “part 2” episode of the Retirement Plan LIVE.

HOT TOPIC SEGMENT

  • [2:43] What IS your net worth and how is it calculated?

PRACTICAL PLANNING SEGMENT

  • [12:30] Looking at Kim and Joe’s personal net worth statement to plan for retirement.

TODAY’S SMART SPRINT SEGMENT

  • [42:39] Identify the location of all your important documents and write down those locations for your loved ones.

THE HAPPY LAB SEGMENT

  • [44:20] Mishandling stress is a bad way to build happiness in relationships.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

LastPass

1Password

Direct download: RAM156.mp3
Category:general -- posted at: 6:00am CDT

What are your retirement wishes? Do you have any? This episode of The Retirement Answer Man is all about retirement wishes - dreaming up the kind of retirement you really want to live (forget about what seems practical for now). I’m walking through an initial retirement planning conversation with Kim and Joe - this year’s participants in my Retirement Plan LIVE event. In this conversation, you’ll hear how I help clients think through retirement needs and wishes and in coming episodes we’ll begin planning for how to accomplish them. It’s a hands-on conversation, so jump in to hear how we do it.

Can you think a little bigger about your retirement? What are your wishes?

For many people, the word “wishes” equates with the word “unrealistic.” But that’s not what we’re shooting for on this episode. In this conversation with Kim and Joe I’m trying to dig deep - to find out what they really want to be able to do during their retirement years so that we can create a plan that makes it possible once they get there. It’s a practical and exciting process and I hope you learn from this example so that you can start creating YOUR version of an ideal retirement in the future.

Learning to dream bigger is not all that easy, but we need to do it.

Most of us have a hard time envisioning what it’s going to be like during our retirement years. We hope for the best but often don’t know how to plan for it. Part of that struggle is that we have a difficult time knowing how to dream bigger, how to think of the things we really WANT to do during retirement instead of being limited by what we think will be realistic. On this episode of The Retirement Answer Man, I’m helping Kim expand her thinking when it comes to her retirement plan so that we can figure out now how to make her retirement wishes come true. Are you interested? It’s a great conversation.

It’s impossible to forecast every retirement need, but you still need to do it.

None of us know the future so it’s reasonable to think that retirement planning is a hopeless cause. Afterall, you can’t predict every expense you’re going to have, right? Well, sort of. On this episode of the show, you’re going to hear how I help Kim think through the needs she and her husband might have during retirement and establish a baseline budget that they will be able to live on but will also afford them some of the finer things in life. And we take into account many of the “unforeseen” issues as well. You’ll need to hear it in order to totally grasp it, and you can do that by listening to this episode.

Your retirement dreams need some “placeholders” in your retirement plan.

None of us truly knows what retirement is going to hold. Are we going to be healthy or are we going to face a health crisis? Are we going to be able to travel or will we feel like we want to be a homebody? But you can’t let the lack of certainty keep you from planning for the retirement wishes you have. That’s why you need to plan on some of the fun things you think you may want to be in your retirement by adding “placeholders” for those expenses. On this episode, I help Kim create some placeholders - and it will serve as a great example of how you can do the same.



OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:28] My welcome to this first conversation of the 2017 Retirement Plan LIVE!
  • [1:10] Learning to dream bigger is not all that easy - but we need to do it!
  • [2:50] How you can get your summary of the Retirement Plan LIVE sessions.

PRACTICAL PLANNING SEGMENT

  • [4:07] Getting the lay of the land in Kim and Joe’s situation - when will they retire?
  • [7:18] What will be Kim’s purpose after they retire?
  • [11:00] Dealing with a long retirement timeline from a financial perspective.
  • [16:50] The conversations Kim and Joe have around finances.
  • [19:30] Adding the spice of life to retirement (and planning for it).
  • [24:57] The importance of adding “placeholders” to your future retirement expenses.
  • [27:08] The possibility of caring for aging parents - and major purchase possibilities.
  • [35:42] The struggle to get the big dreams down on paper.

TODAY’S SMART SPRINT SEGMENT

  • [40:31] The 2nd part of your I.C.E. Plan: Record the passwords and codes for all devices.

THE HAPPY LAB SEGMENT

  • [43:05] Getting back into my exercise program and how it’s impacting my happiness.

RESOURCES MENTIONED IN THIS EPISODE

LastPass

OnePassword

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM155.mp3
Category:general -- posted at: 6:00am CDT

Every year I conduct a grand experiment in internet broadcasting that features everyday people like you. It’s called Retirement Plan LIVE and it’s my attempt at helping you know the ins and outs of effective retirement planning - and I do it by inviting listeners to take part in a to-be-aired set of conversations that walk through their actual financial situation. If you would like to take part, all you have to do is listen to this episode. It’s going to be a fun ride!

Fast moves by our new President. What does it mean for you as you plan for retirement?

Donald Trump is now President of the United States and his first weeks in office have brought a flurry of activity that directly impacts the financial markets. If you are looking toward or planning your retirement in such tenuous times, it can be a bit overwhelming trying to figure out exactly what you should do. So what SHOULD you do? On this episode’s “Hot Topic” segment I’m addressing my view on such things and I hope you’ll see that you don’t need to worry or fret if you adhere to some simple principles.

Meet Kim and Joe: this year’s Retirement Plan LIVE participants.

Today we get to meet Kim and Joe, the kind and generous souls who have agreed to come on the show and bare all (except their identities) to help you see how I go about walking a family or individual through the monumental task of wisely planning for their retirement. These two are a great example of everyday folks who are beginning to consider the important things that need to go into making their retirement the best it can be. You’ll enjoy getting to know them, hearing about their hopes and dreams for retirement, and learning how you can take the first steps toward planning for YOUR retirement just like them.

Do you have an I.C.E. plan for your personal finances? Why not?

Do you know what a financial I.C.E. plan is? It’s the way I refer to an “In Case of Emergency” plan - something that your loved ones need to have in the unfortunate case of you being seriously injured or killed. Creating an I.C.E. plan is one of the most compassionate, caring things you can do for your loved ones and sadly, most people wait until it’s too late and never create it. On this episode, I’m going to give you a homework assignment: your first step in creating your own personal I.C.E. plan. If you are serious about caring for your loved ones even after you may be done, this plan is for you!

Are you signed up for “Six Shot Saturday?” Join the few, the proud, the financially astute!

Every week I send out an email to those brave and daring souls who are eager to receive that little bit extra in terms of financial information, tips, and strategies to help them maximize their efforts at planning for retirement. I only send it out to people who really want it - those action-takers who are willing to go the extra mile. Is that you? I’d love to send it to you so be sure you listen to this episode to find out how you can get on the list!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:30] Meet Kim and Joe - this year’s participants in Retirement Plan LIVE!

HOT TOPIC SEGMENT

  • [2:22] Fast moves by our new Commander in Chief. Wow!
  • [4:29] What do you if you are planning for retirement in such an uncertain time?

PRACTICAL PLANNING SEGMENT

  • [8:25] Meet Kim and Joe - this year’s RPL participants.
  • [9:52] Why Kim wanted to do RPL with me this year.
  • [12:46] General ideas that Kim has of what she’d like to see her retirement look like.
  • [15:00] Meet Joe: his perspective on their financial situation.
  • [17:24] Joe’s reaction to being on the podcast in such an open way.
  • [19:03] Joe’s conception of retirement - and planning toward it.
  • [24:00] What Joe wants his retirement to look like.

TODAY’S SMART SPRINT SEGMENT

  • [25:31] What is the I.C.E. plan and why should you have one?
  • [27:25] The first step to developing your I.C.E. plan: make a big contact list.

THE HAPPY LAB SEGMENT

  • [30:09] A new relationship that made me happy - and he’s a great example of finding happiness through making the world a better place.

RESOURCES MENTIONED IN THIS EPISODE

www.Give-r.com (use the code “AnswerMan20” to get 20% off)

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM154.mp3
Category:general -- posted at: 11:38am CDT

Every one of us has a Facebook face - right? It’s that face we put on for the Facebook watching world (at least we HOPE they are watching). Here's what it looks like: We have a great life, great relationships, new car, enviable vacation pictures - you know the drill. It’s the adult way of impressing our friends and family. But the problem is that it’s not entirely true. On this episode of The Retirement Answer Man, I’m talking with a friend of mine, P.T. Money about the real life personal growth stories we all have related to our finances. It’s seldom pretty. We all have fits and starts in the journey. P.T. has a new podcast featuring those stories and I want you to hear about it, on this episode.

None of us get our finances right in the beginning. It’s OK. It’s personal growth.

I remember when I started out as a young adult - at least I thought I was an adult. I was doing the things I wanted to do, thinking I knew everything I needed to know, doing what came naturally and easily. I made a LOT of mistakes, with money and with my relationships. But it was those mistakes that woke me up to the needs in my own life, to the areas of growth that I needed to take seriously in my own life. On this episode, I’m trying to point us toward the real life struggles we all face so we can understand that none of us is alone on the journey. We all make the bone-headed mistakes that grow us up over time.

Did you know what you wanted to do right out of high school? Me neither.

Very few of us do. But we have this crazy-headed notion that if we don’t know what we’re going to do for the rest of our lives by the time we are 18, something is wrong with us. And even worse, we think that once we are in that career or in a serious vocation, that’s it. We’re stuck there for life. My guest today is P.T. Money - he’s a guy who almost literally fell into being an accountant because it was the family trade, so to speak. But by the time he was 30 years old he discovered that it actually WASN’T what he was wired to do. You can hear his story, how he discovered the bad fit, and what he did to pivot away from accounting and build a happier and more profitable career, on this episode.

The growth curve exists all throughout life. Get used to it.

Early on in life, I believed that one day I’d arrive, I’d get to the place that my personal growth would taper off. But that’s not at ALL what’s happened. I turn 50 this next week and one of the many things I’ve learned in my time on the planet is that the growth curve never stops, no matter how old and experienced you become. So if that’s true, how can we maximize the learning curve to amplify personal growth and make the most of the years we have? That’s the topic of discussion on this episode, with my guest P.T. Money.

Building toward your retirement through a side-hustle is an incredible idea.

We’re all hoping for the best retirement possible. That includes plenty of money to know that we’ll be comfortable and secure for the years we have left after leaving our full-time employment or career. But I want to challenge you to think a bit bigger than that. What can you do to put together a side hustle based on an area of interest or passion, and use it to make a bigger difference in the world - both now and during your retirement? What would that look like? I bet you could make it happen. My guest P.T. Money and I talk about that possibility on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:29] My introduction to this episode about life evolutions and personal growth.
  • [5:02] What happens with something (someone) who evolves.

HOT TOPIC SEGMENT

  • [6:18] Burnout is evolution gone wrong.
  • [9:00] How to pivot your work to serve you rather than the other way around.

PRACTICAL PLANNING SEGMENT

  • [9:40] My guest, P.T. Money - and why I’ve invited him on the podcast.
  • [12:15] Why P.T. left the accounting practice.
  • [13:34] How P.T. defaulted into accounting and realized it wasn’t for him.
  • [14:59] Changing emphasis and career - and the financial growth ensued.
  • [20:03] What P.T. sees for himself in the next few years, and regarding retirement.
  • [23:10] How to find and work toward “your thing” to build a side hustle.
  • [27:00] P.T.’s goals for his podcast and the types of conversations he wants it to provide.
  • [30:02] How you can get in touch with P.T.

TODAY’S SMART SPRINT SEGMENT

  • [30:28] Your baby step for this week: Start your own “In Case of Emergency” plan.

THE HAPPY LAB SEGMENT

  • [33:25] Play this episode of the podcast at ¾ speed and let me know what you think! It’s a riot!

RESOURCES MENTIONED IN THIS EPISODE

www.PTMoney.com

Podcast: The Masters of Money

FinCon conference

Get in on “6 shot Saturday” - sign up on the website.

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

TWEETS YOU CAN USE TO SPREAD THE WORD

#153 - Real Life #PersonalGrowth And #Finance Stories with @PTMoney

None of us get our #finances right in the beginning. It’s OK. It’s #PersonalGrowth @PTMoney

Did you know what you wanted to do right out of #HighSchool? Me neither @PTMoney

The#GrowthCurve exists all throughout life. Get used to it @PTMoney

Building toward your #retirement through a #SideHustle is an incredible idea @PTMoney

Direct download: RAM153.mp3
Category:general -- posted at: 6:00am CDT

Financial forecasting season is upon us! It’s the new year and there’s always a handful of predictions you see regarding politics, markets, social trends, and much more. If you spend much time listening to the talking heads out there you can come away very confused. Why? Because you’ll hear as many opinions and forecasts as there are talking heads! On this episode of The Retirement Answer Man, I’m going to talk a bit about the role financial forecasting should play in your financial decisions. You’re going to find out what I think of all the expert advice out there, so be sure you give this one a listen.

Financial forecasting is often primarily about attention, not truth.

Don’t get me wrong, the people out there making their financial forecasts truly believe that what they are saying is really going to happen. But they’re not making their forecasts solely for the sake of helping you know what to do. They are trying to get attention, to get eyes on themselves and their organizations. That enables them to be positioned as an expert in the field and hopefully (they are hoping) they will get some clients or business as a result. So how should YOU take action based on the forecasts? I’m going to tell you what I think, on this episode.

What is a donor advised fund and how can you use one?

On this episode of The Retirement Answer Man, I received a question from a listener about the wisdom of putting some assets into a “donor advised fund.” What is that you may ask? A donor advised fund is essentially a philanthropic financial vehicle established at with some public charity. It allows you - or any donor for that matter - to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. So in this way, as a donor, you are able to also be an advisor to the fund regarding what they do with the money that's given. So in answer to my listener’s question I dive into those types of funds and give a bit of advice about how you can wisely contribute to and participate in them.

Do you have retirement funds in an ESOP? Is there any way to move them out?

One of the things I love to do on The Retirement Answer Man show is answer listener questions - and on this episode, I got a great one about ESOP accounts. An ESOP is an employee stock ownership plan. It’s a qualified plan designed to invest primarily in the stock of the company where you are employed. ESOPs are "qualified" in the sense that the ESOPs sponsoring company, the selling shareholder and participants receive various tax benefits. But the listener who asked the question wants to diversify the account. Is it possible? I’ve got some suggestions for him on this episode, so be sure you listen.

Are you device-addicted? You should take the question seriously.

I recently saw a video created by a very thoughtful and wise guy named Simon Sinek. He was talking about the tendency among Millennials to be “device addicts.” He pointed out that the “ding” of a device notification stimulates the very same chemicals in the brain as shot of cocaine. That means we are able to become physically addicted to the sensation on certain levels. Why am I asking the question? Because I’m concerned not just about retirement planning, but retirement planning that leads to a HAPPY life. And if you’re addicted (to anything) I doubt you’re going to be your happiest. Find out how I suggest you go about answering the question on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:32] My introduction to this episode of the podcast and an invite to check out the blog.
  • [2:31] Retirement Plan LIVE begins February 1st with a new couple!

HOT TOPIC SEGMENT

  • [4:26] The issue of predictions for the markets for 2017.
  • [6:49] How I think about predictions (it’s all about attention).
  • [9:10] What you have to do practically in light of predictions.
  • [14:13] High value activities regarding your portfolio.

PRACTICAL PLANNING SEGMENT

  • [15:45] QUESTION: How wise are donor-advised funds and how should I approach them?
  • [22:01] QUESTION: My portfolio is full of company stock only by requirement (ESOP). Is that legal?
  • [26:06] QUESTION: Can a spouse take an early SS benefit on their own then “upgrade” to the higher benefit of their spouse when the time comes?

TODAY’S SMART SPRINT SEGMENT

  • [30:06] In the next 7 days, update your net worth statement for 2016.

THE HAPPY LAB SEGMENT

  • [31:15] Do you have a device-addition? Do a self examination.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

www.RogerWhitney.com/blog - check out my new blog!

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

TWEETS YOU CAN USE TO SPREAD THE WORD

#152 - #FinancialForecasting: #2017Predictions And The Impact They Have On YOU

#FinancialForecasting is often primarily about #attention, not #truth

What is a #donor advised #fund and how can you use one?

Do you have #RetirementFunds in an #ESOP? Is there any way to move them out?

Are you #DeviceAddicted? You should take the question seriously

Direct download: RAM152.mp3
Category:general -- posted at: 6:00am CDT

Welcome, welcome welcome! It’s 2017 and time to address those retirement goals you’ve been putting off. And I’m here to help. I’m Roger Whitney, otherwise known as The Retirement Answer Man. I’m here every week to help you think through, plan for, and take action toward a better retirement than you can conceive! Well, maybe not that extreme but I do want you to have a happy and healthy retirement that is personally rewarding for you and yours. This podcast is all about that end goal. On this episode, I’ve got a lot to share about where we’re headed in the next year and we talk with our very first participant in the Retirement Plan Live event from a few years ago, Carl. I hope you’ll take the time to listen.

I’m now BETTER EQUIPPED to help you with your retirement goals.

As I was looking toward 2017 and trying to focus on the things that I believed would help me serve you and my clients better, I decided that I needed to make a huge change in my life. I dropped some of the licenses that I’ve held for over 20 years. Why would I do that? Because now there is a lot less government regulation inhibiting the kind of things I can talk about on this podcast and on my blog. Now I can actually mention common retirement vehicles like "mutual funds" and others. I’m better equipped to help you navigate your retirement goals and am eager to do so. Find out how I do it week to week on this episode of the Retirement Answer Man.

Retirement goals are not something you should put off.

Most people wait far too long to begin setting retirement goals. It’s easy to think that you have plenty of time but the sad reality of the way life goes is that time sneaks up on you and retirement is here before you know it. You’ve got to start setting goals and reaching for them NOW so that your retirement is a happy, secure, and meaningful one. On this episode, I’m talking with the very first person who participated in my annual Retirement Plan Live event, Carl - and he’s going to share how he’s doing with his retirement plan and the enthusiasm that has come into his life from doing so. You’re going to want to hear this one.

How sharing your story could help someone else navigate their own retirement.

In this episode of The Retirement Answer Man, I talk with Carl. He and his wife were two of the very first people I worked alongside in my Retirement Plan Live event a few years ago. Carl has begun to share his own story of planning and moving toward retirement in his own blog. What he’s discovered is that his story is beneficial to others who are on the same path he is - and I would venture to say that every one of you has the same ability to impact others with YOUR story. So what are you waiting for? Listen to this episode to find out how you can tell your story among the Retirement Answer Man community and see how it encourages others.

Our very first Retirement Plan Live participant is on the way to his retirement goals.

Carl and his wife are just a few years away from retirement. They’ve got their retirement goals laid out before them and are systematically ticking them off the list, one at a time. In this conversation, Carl and I talk about their recent move from their long-time home to a cabin in another community 100 miles away. The transition has gone well and Carl points to a few things they did that he believes made the transition less of a hassle than they expected. He also shares how he’s built a “bridge” into his retirement and why he recommends that everyone who is a few years away from retirement do the same thing. Carl’s a wise man and you’ll learn a lot from his experience, so be sure you listen.



OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [1:51] My word for the year that I’m going to be focusing on: Focus
  • [1:30] What is YOUR word that you want to focus on this coming year?

HOT TOPIC SEGMENT

  • [2:20] Why 2017 is the year the gloves are coming off.
  • [4:15] Why I’ll be talking a bit more freely and why investment management will be a topic of conversation.
  • [6:18] How you can ask your questions.

PRACTICAL PLANNING SEGMENT

  • [7:44] Our first ever Retirement Plan Live participant: Carl.
  • [9:10] How sharing our stories helps other people plan their retirement.
  • [9:45] How Carl is doing with his retirement plans as highlighted in RPL.
  • [12:10] The transition from one home to another as part of the retirement plan.
  • [16:30] The current retirement plan Carl is working through - and where he is in it.
  • [18:11] Plans to quit work earlier and why Carl is not doing it.
  • [21:40] Discussions about how they will be husband & wife in the retirement years.
  • [24:00] Carl’s blog and the enthusiasm that has come from it.
  • [28:00] Why it’s important to build a bridge into your retirement years.

THE HAPPY LAB SEGMENT

  • [33:21] Finding dreams to fuel you while you still have time.

TODAY’S SMART SPRINT SEGMENT

  • [35:13] In the next 7 days, subscribe to this podcast and leave some comments on the blog posts - OR ask your own question.

RESOURCES MENTIONED IN THIS EPISODE

www.TheRetirementManifesto.com - Carl’s blog about retirement

Leave your questions: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM151.mp3
Category:general -- posted at: 6:00am CDT

Dealing with failure is never an easy thing. We all have things we regret, wish we could do over, or would like to have never done in the first place. This episode of The Retirement Answer Man is filled with YOUR feedback to this show - over 220 responses you sent in at my request, responses to my annual listener survey. And you didn’t hold back! There was lots of great advice for making the show better and a few criticisms that I have to admit stung a bit. But I’m not going to take it personally - I’m making the choice to deal with the potential failures revealed in your feedback as exactly that - feedback. I’m going to use it to become better! I hope you listen in.

The Retirement Answer Man 2016 Listener Survey - the results are in!

I am one of the few podcasters I know who actually does a listener survey each year - and I do it for a very specific reason. I honestly feel that the podcast is about you. I want to talk about the things that YOU feel will be most helpful to you, so I need to hear how the things I’m doing are impacting you on a practical level. As a result of the excellent feedback I received this year, I have some changes to announce and some promises to make about the show going forward. If you want to know what’s coming on the RAM show in the next year, take a listen to this episode!

Could you use some practical case studies of real-life retirement issues?

Apparently, all of you who listen to The Retirement Answer Man show are a practical bunch. The listener survey reveals that you want me to do more case studies - you know, the practical stuff that helps you apply retirement strategies and principles to real-life situations. And because you asked for it, that’s exactly what I’m going to do in 2017. In addition to my annual “Retirement Plan Live” (which is coming up after the first of the year), I’m going to do a few more case studies of various sorts throughout the year. I want the show to be as helpful to you as possible, so thanks for letting me know what you want!

Do you feel like a failure when it comes to your retirement planning?

Many people wait far too long to start planning for a happy and healthy retirement. It takes time to build up the funds needed for a secure retirement and you know, time has a way of sneaking up on us all too quickly. If you’re feeling fearful about your retirement I want to encourage you that it’s never too late to start. There are some important things you can begin to do today to mitigate the damage of procrastination and get moving in the right direction. Don’t worry about what’s coming in the future. Start focusing on what you can do now to make your future better.

These are the top fears people have when it comes to retirement.

The 220 participants in my 2016 Listener survey were very clear and honest when it came to expressing their top fears relating to retirement. Would you like to hear what they said? Number one on their list of fears was the rising cost of healthcare. That makes complete sense because our senior years are often years of rising medical costs. A close second on the list is a related issue in a sense, and that is that they will run out of funds to live on before they run out of life! What can you do to offset your fear and ensure that they never come true? One thing you can do is listen to The Retirement Answer Man podcast. Each week I’m aiming at helping you prepare for the happy and healthy retirement of your dreams. You could learn a lot by listening.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] The quote I’ve learned to live by and how we need to think about failure and feedback.
  • [1:15] A personal example of my first major failure: debate class.

HOT TOPIC SEGMENT

  • [3:20] The responses I received from 220 of you on my annual listener survey!
  • [7:15] Your most enjoyed segments of the show!
  • [8:31] The things you want to see more of on this podcast.
  • [9:15] What excites you most about retirement - survey responses.
  • [10:35] The things you are most worried about when retirement comes.
  • [11:34] Your comments and ideas about how the show can become better.
  • [15:51] The changes you can expect for the 2017 version of The Retirement Answer Man.

PRACTICAL PLANNING SEGMENT

  • [21:20] The end of the road map personal planning option I’ve been providing and the advent of something new.
  • [24:58] Book recommendations from listeners like you!
  • [30:30] How you can leave a book review.

TODAY’S SMART SPRINT SEGMENT

  • [30:43] Your 7 day goal for this week: Make a commitment to take a step back and not worry.

RESOURCES MENTIONED IN THIS EPISODE

BOOK: Bounce Back: Overcoming Setbacks in Business and Life

BOOK: Winning the Loser’s Game

BOOK: Outwitting the Devil

BOOK: Living Forward

Roger(at)wwkllc.com - reach out to Roger if you want to be on retirement plan live.

www.RicherSoul.com - Rocky’s site.

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

 

Direct download: RAM150.mp3
Category:general -- posted at: 6:00am CDT

You may not even know what “hyperbolic discounting” is. But it’s something we all fall prey to numerous times, at least weekly. It’s the temptation to do something now that you know is not the best long-term. On this episode, I tell the story of how I bought a set of noise canceling headphones even though I knew that the money spent on them could have been invested more wisely in other ways. It’s an example of hyperbolic discounting that I use to show you how you and I need to be careful that we’re not making decisions today that will come back to bite us tomorrow.

Is your retirement fund really going to be there when you need it?

As human beings we have this amazing capacity to convince ourselves that the decisions we’re making are the best decisions we could make, when in fact, they simply aren’t. It’s called self-deception and it’s part of being human. One of the ways we do that is by giving in to the temptation of hyperbolic discounting - justifying a choice that’s a short-term gain at the expense of a bigger long-term payoff. It’s why we eat the cookie now rather than “being good” for the sake of reaching that ideal level of fitness that we really want. On this episode, I’m talking about the role that hyperbolic discounting plays in retirement planning and why it’s important to have the outside perspective and help of a qualified advisor. I hope you’ll take the time to listen - for the sake of your long-term goals.

My 3rd annual Retirement Plan LIVE will begin in February. Do you want in?

One of the most popular and helpful things that I do on The Retirement Answer Man podcast is the annual Retirement Plan LIVE. It’s where I take a real-life person (maybe you) and work through their financial situation alongside them to devise a plan toward the things they want to have in place when they reach retirement. But I can’t do it alone. I need someone who’s willing to be the subject of the plan. Is that you? You can find out who I’m looking for and whether you’d be a good fit on this episode of The Retirement Answer Man!

Anytime an advisor makes recommendations before he understands your situation, you should run!

A listener wrote to me to ask what the difference is between annuities and a whole life insurance policy. It turns out her questions stem from a conversation she’s been having with an insurance advisor who’s encouraging her to look into the possibility of whole life insurance instead of annuities. I don’t know enough about her situation to say that he’s giving her bad advice but I do know this: Anytime and advisor begins to point you in a certain direction without having assessed the entire situation, you need to be very, very careful. Find out why I’m so cautious, on this episode.

One way you can avoid hyperbolic discounting is by taking a small step of immediate action.

Hyperbolic discounting is when you choose a small benefit today at the expense of a larger benefit later. It’s the opposite of practicing delayed gratification. On my smart sprint segment of this podcast episode I give you a simple, easy plan to increase your retirement contributions that you won’t even feel month to month but that will enable you to avoid the temptation of doing nothing at all to increase your retirement. You can find out what it is on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:27] The struggle with temptation we all face and the cost they can have on life..

HOT TOPIC SEGMENT

  • [3:00] Beginning 2/1/2017 - The 3rd annual Retirement Plan LIVE begins!
  • [5:00] What it takes for YOU to be my RPL subject for this year!

WHAT DOES THAT MEAN? SEGMENT

  • [8:30] What is Hyperbolic discounting?

PRACTICAL PLANNING SEGMENT

  • [12:37] How should you evaluate your insurance needs in light of current insurance plans?
  • [17:05] Why a second opinion on issues is important.
  • [19:40] QUESTION: How should you evaluate annuities VS insurance solutions?
  • [21:38] QUESTION: What should I do with extra money each month?

TODAY’S SMART SPRINT SEGMENT

  • [25:33] Go to your retirement accounts and review your allocations, then increase your contributions by 1%.

THE HAPPY LAB SEGMENT

  • [26:21] The importance of having little conversations all through life - and why you need more positive things to keep you on track.

RESOURCES MENTIONED IN THIS EPISODE

Roger’s email: Roger(at)wwkllc.com - submit yourself for Retirement Plan LIVE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

TWEETS YOU CAN USE TO SPREAD THE WORD

#149 - How The #Temptation of #HyperbolicDiscounting Can Bite You In the End

Is your #RetirementFund really going to be there when you need it?

My 3rd annual #RetirementPlan LIVE will begin in February. Do you want in?

Anytime an #advisor makes recommendations before he understands, you should run!

One way you can avoid #HyperbolicDiscounting is by taking a small step of immediate #action

Direct download: RAM149.mp3
Category:general -- posted at: 6:00am CDT