The 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles.

America’s practice of peaceful transition of power enables a healthier economy.

In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times.

Did you know that financial stress can make you feel older?

It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life.

If you want to insulate your finances from market volatility, here are some tips for you.

It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode.

There will always be financial ups and downs. Should they dictate your happiness?

One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:34] My thoughts about our current election and some thoughts from what I’ve read this week.
• [1:26] The election of 1828 between John Quincy Adams and Andrew Jackson.

WHAT DOES THAT MEAN? SEGMENT

• [5:23] What is a peaceful transfer of power?
• [6:17] The U.S. holds the record for the longest running peaceful transfer of power.
• [6:53] How this practice impacts financial planning.

HOT TOPIC SEGMENT

• [8:30] How financial stress can make you older.

PRACTICAL PLANNING SEGMENT

• [12:04] What can you do to insulate your investments from market downturns?
• [14:42] The reality of market turmoil and the need for insulating your finances.
• [15:09] How do markets react during an election cycle?
• [17:50] What happens internationally during U.S. election cycles?
• [19:07] What happens in emerging markets during U.S. Presidential election cycles?

TODAY’S SMART SPRINT SEGMENT

• [23:23] Look at your taxable investment assets and identify your realized gains for the year so you can offset gains if you need to do so.

THE HAPPY LAB SEGMENT

• [26:46] How we do some fun things for Halloween and my remote control fart machine.
• [29:40] Why it’s good to be goofy as you grow older.

 

RESOURCES MENTIONED IN THIS EPISODE

Market Watch article on financial stress and aging: http://www.marketwatch.com/story/stress-about-money-can-make-you-look-older-2016-10-24

Text “6 shot” to “33444” to get 6 Shot Saturday

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

I love putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen.

Financial planning is good, but is it the only kind of retirement planning you need to do?

When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.”

How is longevity going to affect your retirement?

If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode.

Are you still living in a 3-stage approach to life?

In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode.

Retirement is about the experiences of life as much as it is the financial security.

I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and I’d even say it’s not the most important consideration. What’s more important? Let me get to it by asking you a question… What good would it do you to be financially secure in retirement but to have a life that’s not very enjoyable or that you feel is being wasted? It’s more important that the quality of your life is what it needs to be - and what you want it to be - than the amount of money you have to fall back on. The younger generations are getting this one right in a lot of ways. They are buying experiences and finding ways of making meaningful contributions more than working to accumulate wealth. I don’t believe it’s an either-or thing, but I do think we’re a bit out of balance on this one. You can learn more about how I see the issue on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:25] Reasons it was easier for our parents and previous generations to retire.
• [1:40] One of my biggest beef to financial and retirement planning.
• [2:32] The story of “Who Moved My Cheese?”

HOT TOPIC SEGMENT

• [6:20] Is there a retirement crisis in the United States? Recent reports say there is.

WHAT DOES THAT MEAN? SEGMENT

• [8:49] Today’s term: Thrive - what does it mean for today in this retirement environment?

PRACTICAL PLANNING SEGMENT

• [10:25] Why the “paint by numbers” approach doesn’t work - and the reason I invited author Andrew Scott to be on the show.
• [12:40] Is it a bit scary to you to think of living 100 years or more?
• [14:10] Learning to live all of life fully instead of shooting for retirement as your goal.
• [16:09] What’s wrong with a 3-stage model of life (education - work - retirement) in this new age we live in?
• [18:20] How the concept of retirement is changing and the implications it has on how you plan for it.
• [21:40] Why the 3-stage model of life can become a curse in today’s world.
• [26:38] Why the 40s are a great time to reassess and re-strategize for retirement.
• [29:43] How younger generations are learning a better approach to life, work, and retirement.
• [31:02] Be aware that there’s more to consider regarding retirement than finances.

TODAY’S SMART SPRINT SEGMENT

• [32:24] Read: “Who Moved My Cheese?” - Think about it from the standpoint of what has moved on you.

THE HAPPY LAB SEGMENT

• [33:22] My 26th wedding anniversary celebration - my lesson learned from not reading the card carefully - and the importance of laughter and giving grace.

 

RESOURCES MENTIONED IN THIS EPISODE

Email Roger your book recommendations: roger(at)wwkllc.com

BOOK: Who Moved My Cheese?

BOOK: The 100 Year Life

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

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

When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go.

Find a way to live a life of courage. It will keep you young longer.

My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode.

The Social Security Administration has changed a few things, and you may not like it.

There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage!

What’s the real value of having a financial advisor?

When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey.

Should I take my pension or a lump sum amount?

This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] My Paint-by-Number story, and how it applies to this episode about courage.

WHAT DOES THAT MEAN? SEGMENT

• [3:22] What is “courage” anyway?

HOT TOPIC SEGMENT

• [5:56] Your reminder to get 6 shot Saturday.
• [7:42] Why you may experience a decrease in your Social Security benefits.

PRACTICAL PLANNING SEGMENT

• [9:40] Listener question from Howard: What is the value of an advisor?
• [16:23] Question from Jack: Should I take my pension or a lump sum amount?
• [25:32] Bob’s question: Can my wife do profit sharing, etc. as a freelancer?
• [28:33] Another Bob asks another question: Should I add bonds to specific accounts within my portfolio?

 

RESOURCES MENTIONED IN THIS EPISODE

Get 6 shot Saturday by texting “Planning to “33444”

Street article about SS amounts changing.

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

When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions.

What IS dementia, anyway?

On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode.

Every single one of us needs to deal with the possibility of losing our minds.

None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid.

The primary way to avoid losing your mind: DIET.

You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years.

Happiness is forged one day at a time.

If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:50] My introduction to this episode’s topic: The biggest fear people have.

WHAT DOES THAT MEAN? SEGMENT

• [3:40] What IS dementia?
• [4:52] Symptoms of dementia & forms of dementia.

HOT TOPIC SEGMENT

• [6:34] Dementia facts and figures.

PRACTICAL PLANNING SEGMENT

• [8:34] My guest today, Maggie Moon, and the prevention of dementia.
• [12:20] What is the M.I.N.D. diet and why is it important for mind health?
• [14:02] How Maggie started researching brain and mind health.
• [18:12] The importance of whole grains in the diet.
• [20:12] How to understand and implement proper serving sizes.
• [21:33] The easiest way to make meal planning work for you.
• [23:36] The intimidation of the kitchen and how to get past the fear.

THE HAPPY LAB SEGMENT

• [25:55] You create a happy life one day at a time.

TODAY’S SMART SPRINT SEGMENT

• [28:03] The challenge to keep a food log.

 

RESOURCES MENTIONED IN THIS EPISODE

BOOK: The Mind Diet Book

www.MindDietMeals.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

 

Anyone who is a reader would be happy to give you their “top 10” list of book recommendations. But today’s episode is not about my top 10 - it’s simply a list of books that have had a great impact on my life through the years. Your list will by default be different than mine and that’s OK. I just wanted to put these books on your radar so that if you’re not familiar with them, you might consider them as a resource for your growth as an investor and as a human being. So grab a pen and paper so you can jot down these titles and the synopsis I give of each one - OR you can sign up for my Six Shot Saturday emails and you’ll get them sent directly to you. Either way, I hope this list of influential books is helpful to you.

Today I’m giving you 5 investing book recommendations and 5 “other” book recommendations.

You’d expect a guy called “The Retirement Answer Man” to give you a list of financial or investment related books for you to read. But those aren’t the only types of books I think you should be reading. There’s a ton of great insight out there into what it takes to be a better and more productive person who makes greater contributions to the world we live in. So I also wanted to give you some recommendations of books that could help you in that realm. And if you’ve got books that didn’t make my list, that’s great! Listen to the episode to find out how you can recommend your favorites to the entire listener community!

If you’re not a reader, you’re missing out on a lifetime of education.

I get it. For various reasons reading may be difficult for you. But I’m often reminded of the people all over the globe who literally CAN’T read and would give anything to be able to learn the skill. Most of them feel that way because they know that reading and the knowledge that comes from it can change their lives. This episode is an encouragement for you TO read as much as it is my recommendations of WHAT you should read. And don’t forget, audiobooks are now an option for you, so there’s really no excuse to be busy about the work of growth, education, and development in your own life.

One of the ways you have to be careful about what you read these days.

We are in a new era of publishing. Have you noticed? Now it’s possible for anyone to publish a book of their own making without any gatekeepers at a huge publishing house telling them they can or cannot publish their book. It’s a wonderful opportunity for us regular guys and gals to share the insights we’ve learned throughout life. But just like it’s wonderful that anyone can publish a book these days, there’s also a downside: anyone can publish a book these days. That means there’s a whole lot of junk out there you’ve got to wade through in order to find the good stuff. That’s one reason I’m giving you my book recommendations for investing and personal growth, on this episode. I trust it will be helpful.

Do you have book recommendations the listening community might enjoy?

Inevitably, when someone shares their recommended reading list with an audience (like I do on this episode) there’s going to be somebody who says, “What? I can’t believe you didn’t include (insert book title)!” It’s impossible to share every influential book, especially because books can have a particular impact on each of us at different times and seasons of life. So I invite you to listen to this episode to share your personal book recommendations in the areas of finance and personal growth. I will compile the list, create a PDF resource, and share it with the community in one of my 6 Shot Saturday emails. Are you game?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:25] My introduction to this episode about books I’ve read (that you should read).

WHAT DOES THAT MEAN? SEGMENT

• [3:38] What is a “book” these days?
• [4:50] Some of the disadvantages of the self publishing movement (for readers).

HOT TOPIC SEGMENT

• [6:22] According to PEW Research less Americans are reading these days.
• [7:29] The age group breakdown: younger folks are more likely to be readers.

PRACTICAL PLANNING SEGMENT

• [8:49] My book list for your consideration, dear listener. :)
• [10:33] 5 books that have impacted me in terms of investing.
• [18:59] 5 non-investing books that have helped me.

TODAY’S SMART SPRINT SEGMENT

• [27:52] Email me an investing book and another book that has impacted you. I’ll compile all the recommendations and share them with you via “6 Shot Saturday.”

RESOURCES MENTIONED IN THIS EPISODE

PEW Research study on American’s and Reading

• BOOK: Winning the Loser’s Game
• BOOK: The Rational Optimist
• BOOK: The Behavior Gap
• BOOK: How to Lie With Statistics
• BOOK: Stocks For The Long Run  
• BOOK: Great By Choice
• BOOK: 20,000 Days And Counting
• BOOK: Necessary Endings
• BOOK: Essentialism
• BOOK: Living Forward

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

 

All of us can become better decision makers but we often don’t realize that one of the most important realms of life we need to do that in is relating to the small things. Small things add up over time to become really big things. Just ask the alcoholic or an inmate in a penitentiary. They’ll tell you that what I’m saying is true. On this episode, I continue my thoughts about how to make better decisions with a focus on the small decisions in life - and I respond to some listener feedback from last week’s episode of the show. I hope you’ll MAKE THE DECISION to listen. :)

Are you aware of the compounding effect of small decisions?

Every one of us is a decision maker. We decide about things all the time and act on them. Getting out of bed each day. Brushing our teeth (or not). Eating healthy or unhealthy. Every one of these actions flows out of a decision we’ve made. But it’s important that we understand that small decisions like these are not actually small in the long run. They will each have their own little impact that contributes to the whole of our lives. Today’s episode is all about how we can take control of those little decisions that compound over time to ensure our lives benefit from them instead of suffering from them.

If you want to be a better decision maker, it helps to define the issue.

After last week’s show, a listener wrote me to say that one of the most important parts of his decision making paradigm comes at the very beginning of his process. He takes the time to clearly define the issue he’s dealing with and why it’s important. I see the logic and the wisdom of what he’s saying - do you? If we don’t know exactly what it is we’re dealing with and why it matters we may not be as motivated to make effective decisions about it. That could result in us putting off the decision, or neglecting it. You can hear more helpful listener comments like that and my responses to them on this episode.

When making decisions, Tony Robbins suggests you have a conversation with your older self.

One of the tips Tony Robbins often gives to people about the topic of decision making is to imagine yourself near the end of your life. You’re still healthy, still looking good, and still have all your wits about you, but you're looking back on a lifetime of experience. What would that older self say to you about the decisions you’re making right now? Is there any wise counsel to be found from that version of you? I can see how this could be a helpful way to get outside the limitations of your current thinking so that you can approach the situation with a fresh perspective. What do you think about this approach? I’d love to hear your thoughts!

Decision makers who are effective usually set deadlines for their decisions.

When you’re faced with a decision it’s easy to get caught up in the minutia of what it takes to understand the situation and actually make the decision. It’s a paralysis of analysis that we all fall prey to now and then. Effective decision making requires that you set a deadline by which time you will make your decision so that you can avoid that trap. You should be wise about that timeframe so you don’t cut your time frame too short, but a deadline needs to exist. This gives you some internal accountability to not only make the decision but to do the research and investigation it takes to make it wisely. That was a concept one of my listeners sent to me after last week’s episode - and you can listen to today’s episode to hear more listener suggestions just as good as this one.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] My introduction to this episode of the show.

WHAT DOES THAT MEAN? SEGMENT

• [2:39] Today’s word: COMPOUNDING
• [4:07] The concept of compounding when it comes to decision making.

HOT TOPIC SEGMENT

• [6:13] CNBC reports that a librarian built a huge fortune.

PRACTICAL PLANNING SEGMENT

• [8:58] Listener questions and comments about decision making.
• [10:15] The importance of defining the issue.
• [11:41] What would your older self say you should do?
• [14:25] Making the decision about adjusting your retirement plan due to changes.
• [17:31] Why deadlines for decisions can be a powerful help.

THE HAPPY LAB SEGMENT

• [20:57] How decision making can improve your happiness.

TODAY’S SMART SPRINT SEGMENT

• [22:29] Make a decision in the next 7 days (big or small).

 

RESOURCES MENTIONED IN THIS EPISODE

CNBC article about the Librarian who built a fortune

Text “Planning” to “33444” to get “6 Shot Saturday”

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

Decision making: It’s been said that not making a decision is actually making a decision. But we tend not to think of it that way because it doesn’t feel like we’re making a decision. It feels safer to go on the way things have been instead of making a change. But is that true? On this episode of the Retirement Answer Man, I’m excited to share some of the things I learned from a recent event I attended that have to do with making decisions that move you toward the goals and results you want to see happen in your life. What I learned is a 10 step approach to decision making that I think will benefit you greatly, so please - for your own sake - please take the time to listen.

How inertia can be an enemy to good decision making.

I’m no physics professor but I know that inertia has to do with the movement of things that are already in motion. You may not think of it this way but there are many things in your life that are already in motion. Your career. The direction your family is headed. Your financial condition. And much more. Many times the existing inertia in various areas of life becomes an enemy to making good decisions that could move our lives into a better place. On this episode, I’m going to talk about how you can avoid the trap of inertia and make decisions that set you up for a happier and more secure retirement.

Intentionality about life is the friend of good decisions.

Many times, the reason we don’t make decisions is that we’re not committed to actually DOING the things that are best for our own lives, families, and futures. We’ve got vague ideas of good things we’d like to see happen, but we haven’t committed ourselves to actually seeing them happen. Before you will be able to make good decisions about your future you have got to become intentional about it. You’ve got to become committed. Listen in as I ramble a bit about the importance of intentionality in decision making and give you 10 steps you can use to evaluate and make the best decisions for your life.

If a decision moves you away from the vision you have for your life, well...

Doesn’t it make sense that if a decision is going to move you away from your life vision, you shouldn’t do it?

“But wait a minute Roger, what’s all this talk about life vision? I don’t even know what that is!”

Yeah, I get it. Most people don’t have a life vision. On a previous episode, I talked about the importance of having a life vision and how you can go about creating a clear and compelling vision for the rest of your life. And believe it or not, it’s an important compass for the rest of life, including this issue of making good decisions that I’m dealing with on this episode of the podcast.

Why don’t you create a good old “pro and con” list for each decision?

Many things that we might consider “old” ideas are still around for a reason. They work. One of the 10 steps I give for making good decisions on this episode - it’s #9 - is to put together your own “pro and con” list regarding the decision. Brainstorm it. Write down every advantage and disadvantage to the decision you can. Sometimes this step alone brings enough clarity that you are able to see exactly what you should or should not do. And like I said, that’s just one of 10 steps I share on this episode so be sure you listen. It could help you make the best decision about that thing you’re contemplating right now!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:29] What is your decision making framework?

HOT TOPIC SEGMENT

• [4:54] How do we make a choice about the current election situation?
• [5:50] Is the situation corrupt or crude? (from an article I read)

WHAT DOES THAT MEAN? SEGMENT

• [7:03] What is inertia?
• [7:53] How inertia can be an enemy to good decision making.

PRACTICAL PLANNING SEGMENT

• [13:27] A framework for making important decisions.
• [15:14] Why intentionality is an important beginning step.
• [17:19] #1 - Trust your gut (at least to admit what it says to you).
• [18:20] #2 - Does the decision align with the vision for your life?
• [19:32] #3 - Do your homework. Research what the outcome could be.
• [20:00] #4 - Consult the important, trusted people in your life.
• [20:51] #5 - Does a certain decision make you passionate.
• [21:29] #6 - Do you have the strength to do it?
• [24:08] #7 - Is it the right timing?
• [27:09] #8 - Does this align with my personal values?
• [28:49] #9 - Create a pros and cons list.
• [29:40] #10 - Ask, “What’s the worst that could happen?”
• [32:16] How you can get the worksheet for these steps.

RESOURCES MENTIONED IN THIS EPISODE

Get “6 shot Saturday” by texting “planning” to “33444”

www.StrengthLeader.com - Deb’s website

Episode about Life Vision

Episode about Personal Values

Episode about Choosing a Financial Advisor

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

It’s not a good things when the financial services industry is freaking out.

I mean really - these are people who are giving advice to you about your finances and retirement. Does it make YOU feel good when you see them freaking out? You might be wondering what in the world I’m talking about. It all has to do with a new regulation that’s being passed regarding how people who work in the financial services industry serve their clients and customers - and the people who have the most to lose because of this new regulation are those who haven’t been doing the best job all along. So… there are plenty of people freaking out. You can get the details on this episode because I’m going to tell you about them. :)

Do you know what the term “fiduciary” means?

The new rule that’s causing such a stir in the financial services industry is aimed at making sure that people who are advising you what to do with your money are only able to directly benefit from the advice they give you when the advice is in your best interest. Serving a client in that way is serving as a “fiduciary.” In other words, these rules are trying to keep advisors from giving you advice solely because it will make them more money. That sounds like a good thing, right?

Why you should hold everything close to the vest when you begin a conversation with a financial advisor.

On this episode, I’m laying out a handful of tips that I suggest you take into consideration when you’re interviewing a possible fiduciary (financial advisor). I want you to find the exact right person, a financial artist who is able to help you reach your goals for retirement and a happy life. The first of those is that you should hold your details and your situation close to the vest at first. The reason? You want to find out from them who their ideal client is before you reveal much about yourself. When you’re able to do that you’ll know right away if they are describing you or not - and whether there could be some ways that the relationship is not a good fit. Find out more on this episode.

Has your financial advisor (or a potential advisor) jumped from company to company?

What’s the big deal if a financial advisor you’re considering has jumped from company to company? Well… it could show that the person has functioned as more of a salesperson than an actual fiduciary who works in the best interest of their clients over the long haul. It’s not the only thing you should look at but it could be a tell-tale sign. As I walk through a handful of things you should consider when looking for a financial advisor you should write down a few things so you’ll know the right questions to ask when you need to have that important conversation.

Why somebody who is providing you financial services should have an optimistic view on life.

Think about this for a minute. What kind of advice will you receive from somebody who works in the financial services industry who has a pessimistic view of the world, or of life? They may be ultra conservative (not a bad thing, but possibly not a good fit for everyone). They may not be willing to make you aware of certain opportunities simply because they don’t think it’s a true possibility. Think it through… there are lots of potential issues. On this episode I want you to follow along as I walk through some potential “red flags” when you start interviewing potential financial advisors. You can thank me later.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:28] Recommended things to do in Chicago and an amazing painting I saw there.
• [2:35] Comparing the artist to the painter.
• [4:00] How do you find the artist (perfect financial advisor) to help you manage your investments?

WHAT DOES THAT MEAN? SEGMENT

• [5:08] Today’s word: Artist (when it comes to financial advisors).

HOT TOPIC SEGMENT

• [7:32] Why people are freaking out in the financial industry: new fiduciary rules.

PRACTICAL PLANNING SEGMENT

• [10:24] A few reasons you may - or may not - want a financial advisor.
• [20:25] 3 guidelines to help you identify a great financial advisor.
• [25:06] 15 questions you should use to interview a potential fiduciary.
• [28:36] Why YOU typically do a poor job interviewing potential financial advisors.

RESOURCES MENTIONED IN THIS EPISODE

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

www.Finra.org - type in the name - get a report.

www.SEC.gov - look up professional and disciplinary history.

 

 

Economic growth is always a hot topic when election year rolls around.

The candidates make it sound like a lack of growth is the worst thing that could ever happen during any President’s term. But is that true? And furthermore, are there actually benefits to having times of economic slowdown or even recession? On this episode of The Retirement Answer Man, I’m answering a handful of listener questions and one of those asks this exact question, “Is economic growth always best for the country?” If you want to hear why I think this listener could be onto something, you’ll have to listen to this episode of the podcast.

Nature isn’t always in growth mode, why should the economy always be in growth mode?

Part of my philosophy about what we should look for in a healthy economy has to do with the natural cycles that happen all around us. I don’t see many really good things that are always in a state of incredible growth. Every year the seasons change and most plants and even some animals go dormant for a season. It’s a time to refresh, rest up, and reset for a period of rapid growth ahead. Is it possible that a healthy economy is going to have those same up and down times? If so, why should we be so concerned about it? On this episode, you’ll get to hear me wax philosophical about such things and give you some mindsets you can carry into those less than optimal economic times.

What to be careful of when combining IRA accounts

As most of you know an IRA is a type of investment account that’s referred to as a “qualified plan.” It means that the government has qualified it as an investment you can do where the growth it experiences is tax deferred. It’s a benefit to you in many ways - but that’s not the issue I’m addressing at the moment. Right now I want to point out that if you move money that’s already in an IRA into a different IRA, you need to be careful how you do that. If you don’t you could cause yourself some tax consequences that you didn’t expect and definitely don’t want. I’m going to walk you through it in this episode - including some new guidelines from the IRS that make it a bit easier for you.

Should you quit a job you hate or wait it out for the sake of your pension?

Most of us know what it’s like to feel stuck in a job that makes you feel miserable. But one of my listeners has it really bad because she’s only a handful of years away from retirement, which would provide a fully vested pension. But she’s not sure if she wants to endure more years of a job she really hates. How should you make a decision like that? As you might suspect I’ve got some thoughts on the situation - and I share them on this episode of The Retirement Answer Man.

How would it impact your life if you could invest in deep work?

One of the things I’ve been learning lately is that I can be a pretty distracted guy. My smartphone notifications, email sounds, computer pop-ups - all of them contribute to me being “off task” more than I would like. Toward that end, I’ve been reading a book called, “Deep Work” by a guy named Cal Newport, and it’s challenged me to rethink the priority that I give to insignificant little things like smartphone notifications. On this episode, I want to share my thoughts with you about how we can get out of the “Pavlov’s dogs” cycle of responding to every notification and focus more on the things that matter.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:28] What should we be thinking about a slowing economy?  

WHAT DOES THAT MEAN? SEGMENT

• [3:10] What is an “IRA Rollover?”
• [4:05] The importance of understanding the tax “gotchas” relating to rollovers.

HOT TOPIC SEGMENT

• [6:20] New IRS guidelines for IRA rollovers.

PRACTICAL PLANNING SEGMENT

• [8:53] QUESTION ONE: What are the issues to consider when dealing with a job we don’t love?
• [12:26] QUESTION TWO: Is it always best for us to have economic growth?
• [15:03] QUESTION THREE: Should I combine all of my IRAs?
• [17:48] QUESTION FOUR: Should my wife and I have different financial planners?
• [19:49] A love-hate relationship I have with writing and publishing (and my upcoming book).
• [21:10] How you can get my “6 shot Saturday” emails (and give your ideas for titling my new book).

THE HAPPY LAB SEGMENT

• [21:36] What IS deep work?

TODAY’S SMART SPRINT SEGMENT

• [23:08] A day challenge: Turn off the notifications on your smart device so you can focus on what’s important.

 

RESOURCES MENTIONED IN THIS EPISODE

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

BOOK: Positive Intelligence

www.CareerPivot.com

BOOK: Deep Work

Economic growth is the hot button topic during this election.

Have you noticed? When politicians, analysts, and talking heads on the news use that term “economic growth” - what do they really mean by it? It’s easy to make assumptions and easy to get lost in the verbiage because it sounds like something we all want. But what if everyone who’s using the term is not meaning the same thing by it? On this episode, I’m going to clue you in on what economic growth really means, how it’s measured year by year, and whether or not we’re in as bad a situation as the politicians are making it out to be. I think you’ll get a lot out of this one.

Does a slow period of economic growth make investments more risky?

It kind of seems like it would, but is it true? Some very reputable organizations out there do very careful analysis of these kinds of things, taking many different variables and factors into account. On this episode, I’m going to walk you through the findings of one of those outfits to give you an idea of whether or not your investment strategy should change during a time like this when everyone is decrying the poor economy. You might be surprised by what they say. ;)

Productivity during retirement is one thing - but I want to enjoy my retirement!

I got a little bit of push-back this week from a listener who has heard me talk a lot about being purposeful during retirement as an antidote to a non-enjoyable life. But he’s coming back at me with a different perspective. He actually LIKES being a bit more uninvolved and laid back because he worked so many years non-stop. You might be interested to hear this little one sided exchange as I reply to his reply about my emphasis. Does that make sense? I think you’ll get it so be sure to listen.

Should you keep some cash on the side to buy stocks during down times in the market?

I think one of my listeners has me confused with somebody else. :) He thought he heard me say that having some cash on hand during bad economic times so that you could buy up underperforming stocks was a good idea. Honestly, I can’t even IMAGINE that I’d say such a thing and am pretty sure I never have. That’s because I don’t feel that having that cash on hand is a good idea - at least not for those reasons. So listen in to my response to this listener so you can know what to do with your cash during down economic times - like this one.

 

I don’t have any trouble setting aside 20% for savings, but where should I put it?

I’m very proud of this listener. He’s got no problem living on 80% and saving 20% - he’s just a bit unsure what to actually DO with the 20% he’s setting aside. It’s a great problem to have and an even better question - and I’m going to answer it in a number of ways on this episode. So be sure you listen to learn some of the options for those savings that allows it to be liquid enough for you to access when needed but not so liquid that it’s not doing anything for you. It’s in this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:29] My introduction of this episode of the podcast.

WHAT DOES THAT MEAN? SEGMENT

• [2:52] What does “economic growth” or “GDP” actually mean?

HOT TOPIC SEGMENT

• [4:22] How is the GDP doing in the United States?
• [5:50] The reasons why interest rates are low and stimulus packages are a topic of discussion.
• [6:40] The impact of slow economic growth on the markets.

 

PRACTICAL PLANNING SEGMENT

 

• [8:42] QUESTION ONE: How realistic is it to talk with family about “personal values” and how can you state them openly without setting yourself up for failure? And what about contentment in retirement instead of staying busy?
• [12:39] QUESTION TWO: A listener correction to one of my answers to a listener question about retirement qualifications.
• [14:06] QUESTION THREE: Is keeping cash on the side in order to buy stocks really a good idea? Isn’t that cash losing more than it’s potentially going to gain?
• [19:12] QUESTION FOUR: Where do we put the extra 20% we’re saving? It’s hard to know where to allocate it.
• [21:39] QUESTION FIVE: I only have a bit over 2 years before retirement but I really don’t like my job. Any ideas?

THE HAPPY LAB SEGMENT

• [26:21] Making the life that you want because life doesn’t come to you.

TODAY’S SMART SPRINT SEGMENT

• [28:04] The 7 day challenge: brainstorm one area of your life (an area that’s frustrating you) and figure out what YOU can do to improve the quality of your life in that area.

 

RESOURCES MENTIONED IN THIS EPISODE

Text “planning” to “33444” to get 6 shot Saturday

What does that mean resource: http://www.investopedia.com/terms/g/gdp.asp

Hot Topic resource: http://www.cnbc.com/2016/07/29/gdp-us-economic-growth-is-close-tozero.Html

Work with Roger: http://rogerwhitney.com/work-with-me/

 

Personal values are really important. Do you know what yours are?

It’s easy to respond immediately to the question with a “Sure, I know what my personal values are.” But do you really? I didn’t until I was challenged by my life coaches - Robert Mallon and Bill Watkins - to write down my top 10 personal values. It was HARD, but so helpful. The reason it’s important to write them down is because you don’t know what you’re aiming at if you don’t clearly identify it. But you’ll also tend to live inconsistently from what you truly believe deep down if you don’t clarify the personal values that matter the most to you. On this episode I’m going to walk you through a way that you can identify and establish your top 10 core values and begin to shape your life around them. It will benefit you personally and set you up for a greater sense of happiness as you enter retirement.

My early adult years were not lived congruent with who I wanted to be.

From early on as a young adult I would have told you that I wanted to be bold, brave, compassionate, loving, a family man, and many other virtuous sounding things. But my wife and kids can tell you that even though I said those things, I didn’t do a very good job at living them out. In fact, I was quite a jerk to the people I loved the most. It took some hard knocks to my hard head to wake me up to the fact that I was not living in congruence with my inner personal values. One of the main reasons was because I hadn’t defined them. On this episode you’ll get to hear the story of my earlier years and what made the difference in the way I see and live my life. And more importantly I’m going to share how YOU can make the changes needed in your life to live in greater congruence with your own set of core values.

Why do you do what you do?

It’s an important question. It’s one I hadn’t given much thought to until my coaches challenged me to answer it - specifically. When I dug deeper to discover the things that motivated my actions I didn’t like everything that I saw. That’s because I wasn’t always acting in a way that was congruent with my core beliefs. So let me ask you again, why do YOU do what you do? If you would like some help in getting to the bottom of that question this episode of The Retirement Answer Man should prove helpful. If you follow through with the suggestions I make on this episode I believe you’ll come away satisfied and more purposeful for the years ahead.

Which is first on your list of personal values, your money or your family?

It may sound ludicrous to even ask the question (I hope so) but you don’t really know the answer until you take the time to decide. Many of us work all of our lives to accumulate money and stuff and leave the relationships in the dust. By our actions someone looking on could easily come to the conclusion that we care more about the money than we do the people. If that sounds “off” to you, it should - and on today’s episode I’m going to give you access to a fillable PDF that you can use to determine and write down your top 10 personal values so that you can be SURE you’re living consistent with what you really want out of life.

There are lots of things I value in life. But these are my top 10.

It may sound a bit artificial to prioritize the top 10 things I value in life - but I did it - and I did it at the suggestion of a couple of life coaches who are helping me get my living (actions) aligned with my beliefs (personal values). On this episode of The Retirement Answer Man I decided to share the results of my “top 10” list with you - not because I have the perfect list of personal values… in fact, yours should be very different than mine - but because my list may serve to help you think through your own list so that YOU can live more congruently with what you truly care about. And I believe that will enable you to live a much happier retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Why many retirement conversations include “Who do I want to be for the rest of my life?”

HOT TOPIC SEGMENT

 

• [4:10] The distaste for both major candidates in the Presidential race.
• [5:59] Do these two candidates best represent who WE are as individuals?

WHAT DOES THAT MEAN? SEGMENT

• [6:36] Todays term: CONGRUENCE: The state achieved by coming together.
• [7:35] Why congruence in life is so important to a happy life.

THE HAPPY LAB SEGMENT

• [10:33] What happens if you start to live a life more congruent with your beliefs and values.

PRACTICAL PLANNING SEGMENT

• [12:44] Why personal development is a focus of this podcast - and why you should focus on it as part of your journey.
• [15:05] The first steps I took to come into alignment with my own personal values.
• [16:43] My top 10 personal values (Maybe my example will resonate with you).

TODAY’S SMART SPRINT SEGMENT

• [30:09] A worksheet you can use to identify your top 10 personal values.

 

RESOURCES MENTIONED IN THIS EPISODE

www.rustylionacademy.com/answerman

Stacking Benjamins

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

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

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

Burnout may not be top of mind for you when you’re thinking about retirement.

But maybe it should be. After all, you won’t be as productive in your pre-retirement years if you’re subject to job related burnout all along the way. Toward helping you think about your retirement planning in a healthier and more productive way I’ve asked Dr. Clark Gaither to join me. He’s known as “Dr. Burnout” and has studied and become an expert on the topic of burnout. He’s going to help us think through the causes, symptoms, and prevention of burnout and get us on the right track.

What IS burnout anyway?

Dr. Clark Gaither is an expert on the subject of burnout and says that it comes into our lives often when we are overworked, unsatisfied in our work, and a variety of other things. But what is it, really? It’s that sense of lethargy or weariness you feel - on a chronic basis - that keeps you from being your most productive. On this episode we’re going to dig into the causes of burnout and I’m going to challenge you to check yourself carefully to assess whether or not you’re at risk of burning out anytime soon. And if so, we’ll give you some ideas for what you can do about it.

What are the reasons for burnout? Are you experiencing any of them?

When I asked Dr. Gaither about the reasons for burnout he walked me through a handful of things that most of us experience at some time or another in our lives. But burnout sets in when they gang up on us and we experience many of them at once. On this episode we’re going to talk through all of Dr. Gaither’s reasons for burnout and I bet you find some of them present in your life right now. If so, what can you do about it? You’ll find out as you listen to Dr. Clark Gaither’s sound advice.

What can you do if you’re on the verge of burnout (or smack dab in the middle of it)?

Experiencing burnout can be one of the most frustrating and difficult things we go through in life. When you get to that place you’ve definitely got to do something about it - and quick. My guest today, Dr. Clark Gaither is known as “Dr. Burnout,” and he’s got a great set of suggestions for how you and I can address the burnout issues we’re facing and how to put some prevention steps in place to keep burnout at bay and provide a greater sense of satisfaction in our lives. Are you ready? Let’s find out together.

Here’s a very practical thing you can do over the next 7 days to assess your level of burnout.

On this episode Dr. Gaither shares some of the primary symptoms that people feel when they are experiencing burnout. On my SMART sprint segment of the show today I give you a very practical thing you can do to assess whether or not you are experiencing burnout so that you can have a better idea about what can be done to get relief and experience a fuller life as you head toward retirement. It’s not a hard homework assignment, so make sure you listen and find a way to fit it into your schedule this week.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:39] My introduction to this week’s topic: Burnout - and my special guest.

WHAT DOES THAT MEAN? SEGMENT

 

• [2:11] What is burnout?

 

HOT TOPIC SEGMENT

• [4:06] The top 10 most stressful jobs and the 5 LEAST stressful jobs.

PRACTICAL PLANNING SEGMENT

• [7:01] Dr. Clark Gaither: who is he and why is he a specialist on the topic of burnout?
• [8:00] How Dr. Gaither discovered his own level of burnout and what he did to help.
• [13:07] Job related burnout symptoms you should know about.
• [16:20] The things people do to “act out” when they are experiencing burnout.
• [17:45] The good news and bad news with job related burnout.
• [19:23] The 6 main causes for job related burnout.
• [22:43] How to reignite yourself if you’re facing job related burnout.
• [30:27] How to learn more about Dr. Gaither.

TODAY’S SMART SPRINT SEGMENT

• [32:25] Today’s challenge: For 7 days, write down what burnout symptoms you have.

THE HAPPY LAB SEGMENT

• [31:13] Self care is important to prevent burnout… what can you do?

RESOURCES MENTIONED IN THIS EPISODE

www.DrBurnout.com - Dr. Gaither’s website

Dr. Gaither’s BOOK: Powerful Words

Burnout Inventory

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

Retirement age is approaching faster than most of us want to admit.

It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years.

A huge pension insurer is now broke! What now?

Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode.

What is YOUR ideal retirement age?

So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen.

SIPC insurance? FDIC insurance? What the heck does that mean?

On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen.

Regular conversations and adjustments make for a more secure retirement.

The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] The issue of security during retirement: more than dollars and cents.
• [2:59] Today’s episode will cover insurances, etc. to help you be secure during retirement.

HOT TOPIC SEGMENT

• [4:11] A huge pension insurer is now broke. Liabilities are 27% over assets. Ouch!
• [6:15] The implications and consequences of the news.
• [8:20] The possibility of a government bailout (or a combination of various options).

WHAT DOES THAT MEAN? SEGMENT

• [10:24] Today’s term: SIPC Insurance (Securities Investor Protection Corporation).

• [13:20] Examples of how SIPC protection might be protected.

PRACTICAL PLANNING SEGMENT

• [14:44] Three listener question.
• [15:00] QUESTION ONE: Can you explain the limits on FDIC insurance? Should I break up my accounts for the sake of insurance?
• [23:02] QUESTION TWO: Social security benefits for spouses when one takes the benefit early and the other spouse passes away?
• [24:40] QUESTION THREE: Can my wife access her 401K now that she’s 55 even though she lost that job at age 54?

THE HAPPY LAB SEGMENT

• [26:03] My happiest clients are the ones who make adjustments as they go.

TODAY’S SMART SPRINT SEGMENT

• [27:52] Get out your calendar and schedule a series of conversations with your spouse or yourself about what you’re trying to accomplish.

 

RESOURCES MENTIONED IN THIS EPISODE

www.FDIC.org

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

One of the biggest pitfalls of being an investor is that we tend to make emotional investing decisions. What does that mean? Take a scenario for a moment: the market takes a serious dip and stock prices plummet. The tendency the majority of investors have is to rush to their advisor and try to make changes in order to mitigate the impact of the downterm. But if that investor was guided wisely in the first place their investment strategy should have taken into consideration that downturns would happen. That means there’s no need for an emotional reaction that could cause more harm than good. On this episode of The Retirement Answer Man I’m chatting with Dr. Daniel Crosby about his book, “The Laws of Wealth” and we’ll unpack the best ways to avoid making emotional investment decisions.

Behavioral Finance: What the heck is that?

The field of behavioral finance is a fairly new area of study that endeavors to make sense out of the actual behaviors we humans engage in within the financial realm of our lives. And naturally, it includes the issue of emotionally driven decisions we make about our finances. As behavioral finance experts like today’s guest, Dr. Daniel Crosby investigate the things that go into our financial decisions they’re discovering many helpful principles that we can apply to keep ourselves from making decisions that feel like they are in our best interest, but really aren’t. I hope you listen to this episode. There’s lots of insight into the reasons behind our financial decisions in it, and you can make better decisions as a result of applying what you learn.

You control what matters most when it comes to your money.

One of Dr. Daniel Crosby’s laws of wealth that can go a long way toward helping you avoid emotional investing decisions is that you are able to control the things that matter the most when it comes to your money. It’s not about the economy and things outside your control, it’s about your end goals - those things you’re aiming at over the long haul. Your decision to create an investment strategy and stick to it day by day even in the face of economic issues that arise, can help you to stay in control over the long haul and actually reach those goals. Dr. Crosby shares a wealth of good information on this episode to help you improve your financial mindset, so be sure you listen.

Emotional investing is why you need to remove yourself from the process.

It may sound counterintuitive for me to say that you need to remove yourself from the investing process - but I really mean it. I don’t mean that you should just hand all the decisions over to someone else. What I mean is that once you have determined a process that makes the most sense for your investment goals, you should get out of it and let it run independent of you. That’s where your advisor or financial professional comes in. They are the ones who stick to YOUR plan, at your direction, without you having to think about it. They are also there to caution you when the urge to step in and change things arises. Those are the kinds of emotional decisions you don’t want to make so that you can reach your long term financial goals.

You need a financial advisor, but not for the reasons you think.

Most people tend to think that financial advisors are better at predicting the future of the markets or possess specialized knowledge that will help you make better stock picks and investment decisions. While there may be a very small amount of that involved, most of the time it’s not the case. A good financial advisor should be in the loop simply because you need them to be your point of accountability and voice of reason in the event that you want to make an emotional decision based on current conditions. They are there to talk you down from the ledge and keep you on track with the financial plan you’ve established. Think of them like a personal trainer. They are there to keep you going when you want to quit or make a change. You can learn more tips like this on this great episode, so take the time to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:47] How life is about moving onward and upward.

HOT TOPIC SEGMENT

• [4:10] CNN’s “Fear and Greed” index is pretty high right now.

WHAT DOES THAT MEAN? SEGMENT

• [6:00] What is “Behavioral finance?”
• [7:00] Why the optimism investing is usually based on is not a trustworthy metric.

PRACTICAL PLANNING SEGMENT

• [8:53] My introduction of Dr. Daniel Crosby and today’s topic.
• [10:03] Why do we make poor decisions when it comes to money?
• [12:11] The way things used to be in the investing world and how we need to retrain ourselves.
• [15:46] Stepping past the emotional components of investment decisions.
• [20:16] Dr. Crosby’s 10 guidelines for managing wealth.
• [29:03] Why Dr. Crosby is often asked to say stupid things that he won’t say.
• [31:23] What investors should do to invest wisely for the future.

THE HAPPY LAB SEGMENT

• [33:32] How we react to things that happen… and how it impacts happiness.
• [37:11] How being present during a difficulty impacts the way we react.

TODAY’S SMART SPRINT SEGMENT

• [37:53] Write down your investment process - a step by step process you always follow.

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

CNN Money Fear & Greed Index

Behavioral finance definition

Dan Crosby’s book “The Laws of Wealth”

 

One is the loneliest number, right? It’s hard to think about retirement without honestly assessing the possibility that loneliness could be a very real aspect of it. But does it have to be that way? Not if I can help it! I’m Roger Whitney, the Retirement Answer Man and on today’s episode of the podcast we’re veering away from our normal financial topics to continue investigating the ways that technology can help us during our retirement years. Today’s topic is how we can combat loneliness by the use of technology - and we’re not talking about robot companions here, we’re talking about how tech can help you build true connections with real people. This one is going to be fun!

What is chronic loneliness? Could you experience it as you grow older?

Fortune Magazine recently published an article that demonstrated that the chronic loneliness (ongoing loneliness) is becoming epidemic in certain demographics of the population. It only make sense that as we age - and those closest to us may be passing away - we could be left right in the middle of those statistics. I don’t want that to happen to you, so I’ve asked my friend Doug Goldstein to brainstorm with me a bit about how technology can be a helpful tool in keeping us out of the pit of loneliness as we enter and live in our retirement years. If you find yourself resistant to the topic of technology, this conversation will be a bit different, so I dare you to give it a listen.

Have you considered how Facebook can help you stave off loneliness?

With all of the things you see on a typical Facebook feed - from stupid cat videos to inspirational quotes - it’s easy to forget that it is part of what’s called “social” media. The original intention was to help people connect with each other, to amplify existing relationships. And user stats show that the over 65 crowd on Facebook is growing. That’s really good news. It means that you can use that simple platform to stay connected with friends, family, and even find groups of people that share the same interests as you - both now and as you enter and thrive during retirement. Find out how my friend Doug and I view that possibility, on this episode of the Retirement Answer Man.

Are you ready for a baby step into the realm of technology - for the sake of beating loneliness?

A couple of weeks ago I was eager to see the deck that my son-in-law has been building so he did something really amazing - he invited me to a video call so I could actually get a digital tour of the work he’d been doing. It was great - and easy - for me to be a part of his life in a way I couldn’t have just a few years ago. Video calling is pretty mainstream these days and the learning curve is actually quite low. If you want to learn a bit about technology you might want to consider Skype or Facetime as video options that are easy to learn and can help you stay connected to the people who care about.

Social media won’t help if you aren’t social in the first place.

My friend Doug Goldstein makes a great point on this episode of The Retirement Answer Man - if you are not skilled at good communication and personal interactions, improving those skills is really the first step you need to take in order to combat the possibility of loneliness during your retirement years. Relationships are built on communication, so it only makes sense that improving your ability to connect with others through communication will make your ability to connect via social media or other technologies that much easier. You can find out more about this topic of technology, retirement, and loneliness by listening to this great conversation.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:46] I’ve often felt lonely during my life - and how it relates to this episode.

WHAT DOES THAT MEAN? SEGMENT

• [3:54] Today’s term: Chronic loneliness.
• [5:15] Why chronic loneliness is one of the biggest risks of retirement.

HOT TOPIC SEGMENT

• [5:56] A Fortune Magazine article about the chronic loneliness epidemic.

PRACTICAL PLANNING SEGMENT

• [8:22] Introduction of Doug Goldstein and the subject of technology and retirement.
• [9:55] The reality of retirees who become the “last man standing.”
• [12:19] The importance of renewing and refreshing networks of friends.
• [15:20] How Facebook helps the over 65 crowd stay connected.
• [21:45] The usefulness of meetup.com.
• [26:40] The first baby step into the world of technology: video calls.
• [29:00] Looking at virtual reality technology.
• [33:23] The importance of basic communication skills.

THE HAPPY LAB SEGMENT

• [33:59] Go out and make some friends!

TODAY’S SMART SPRINT SEGMENT

• [34:28] Call one of your best friends you’ve not spoken to in a while.

 

RESOURCES MENTIONED IN THIS EPISODE

Fortune Magazine article on chronic loneliness

Goldstein on Gelt Podcast

www.MeetUp.com - search for groups in your area by location

Strava App

Fitbit

Skype or Facetime

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

Do you remember your very first car? Do you remember the feeling of freedom and responsibility it gave you? The kind of mobility that comes from having and driving your own vehicle is something that many of us have been enjoying for 30 to 50 years. Have you taken the time to consider the impact that it could have on your life if you were to suddenly (or eventually) be limited in those ways because of declining eyesight, medications, hearing issues, etc.? Those are not things we enjoy thinking about but that we have to consider when it comes to planning for retirement. On this episode I’m chatting all about mobility in retirement and how technology can impact that need in the future.

Ride Sharing may sound strange, but it really works!

I was recently in Chicago for a conference and whenever I had to go anywhere I used a service called Uber. It’s a way to use a smartphone app to make a connection with a driver in the area who is willing to take me where I need to go. It was a great experience overall and there are many safeguards, including reviews, that enable the service to be trustworthy and dependable for you and can save you the hassle of having to drive or removing the actual need to drive. The reality is that if you’re willing to learn a very simple app, you can have a great opportunity for mobility as you enter retirement even if you’re not able to drive. Hear more about how it can work for you, on this episode of The Retirement Answer Man.

Retirement cost savings because you don’t need your own automobile. Betcha didn’t think about that.

If you are willing to embrace and use services like Uber and Lyft to remain mobile as you move into retirement you may be able to save money in other areas that you haven’t considered. If you don’t need an automobile, you’ll save on title and registration fees, safety or emissions inspections, auto insurance, gasoline, and the actual cost of purchasing the vehicle. Those savings could not only add to your checkbook but could also increase your quality of life because you have less income tied up in things you don’t really need. I’m going to chat a bit about that on this episode so I hope you’ll listen with an open mind that is looking at the possibilities.

Self Driving cars are not the wave of the future - they are here now.

I’m not quite sure that I’m ready to jump into a self driving car just yet, but they are out there on the streets already. In fact, Google has been working on this for many years and has had a fleet of self driving cars that have logged hundreds of thousands of miles on California roadways. In the near future it’s quite possible that self driving cars are the norm rather than the exception and it would be good for us to think now about how we are going to respond when that day comes. Are we going to take advantage of the benefits such technology could bring, or are we going to be a stick in the mud. Afterall, air travel was once unheard of and considered unsafe… but look at us now!

Will you embrace the benefits technology can bring to your retirement or will you be the one to hate it because it’s new and unfamiliar?

The stereotypical impression people have of us “old folks” is that we’re resistant to technological changes - like computers, smartphones, etc. I wonder if that’s really true? The wisdom we, as the older generation, have could enable us to see that the benefits of many of the technologies that are on the horizon far outweigh the learning curve or risk factors that we think are involved in adapting ourselves to this “new age.” I wonder if you will be willing to learn, to grow, and to benefit from it as you enter your retirement years? I plan on doing my best to stay flexible, learn, and get the most out of the options that come my way. Who knows, it might even make me happier and enable me to enjoy retirement all the more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:33] Roger’s introduction to this episode of the podcast.

WHAT DOES THAT MEAN? SEGMENT

• [4:13] Today’s term: Driverless Car

HOT TOPIC SEGMENT

• [6:04] The first death from a driverless car.
• [7:17] The autopilot system involved in this accident

PRACTICAL PLANNING SEGMENT

• [8:32] Most of the things I’ve mentioned so far are already here.
• [9:21] The need for mobility in the retirement years and how it impacts quality of life.
• [11:10] The devastating impact of losing mobility.
• [12:32] How technology can improve mobility in our cars.
• [18:15] Car sharing options that exist now and will be prevalent in the future.
• [25:20] How driverless cars could be a solution to mobility issues.
• [28:30] Grocery getting services you may be interested in.
• [32:35] Are you going to embrace these new technologies to make your life easier?
• [33:45] Emails from listeners.

RESOURCES MENTIONED IN THIS EPISODE

The MIT Age Lab

Uber

Lyft

Instacart

Peapod

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

It seems funny to think about but those old Jetsons cartoons from the 1960s and 1970s are actually becoming more and more reality in the present day. More and more opportunity and concern is arising from the advances in technology that we see happening around us. I believe that many of these advances can be used to maximize our lives during retirement, giving us a happier and more comfortable life in those years when most people think of life winding down. For the next few episodes of The Retirement Answer Man I’ll be chatting about some of those technological advances and giving you thoughts about how you can take advantage of them to make your retirement the best it can be.

What the HECK is the Internet of Things?

Have you heard the term, “Internet of Things?” It’s a phrase that’s used these days to talk about many of the technological devices that are created to work together through computer networks to do all kinds of convenient and helpful things - from turning on your lights automatically, to adjust the temperature in your home, to keeping an inventory of the items in your refrigerator. It may sound strange to think of your home being automated in that way but as you move into retirement, it may not be such a bad thing. On this episode I’m going to walk you through some of the ways those kinds of advances can benefit you, giving you a happier and safer retirement season.

Samsung has invested $1.2 million in the Internet of Things.

Why would such a large company invest such a huge amount of money into this “Internet of Things” thing? It’s because the IOT is truly the wave of the future. Things we use every day are becoming more and more interconnected (it’s like a television remote times 100) and the leadership of Samsung sees the potential for new products and services that will not only help the consumer but will also increase their bottom line. This episode of The Retirement Answer Man begins a short series focusing on the technological advances that will be a significant part of our retirement years, with a focus on the things that could give us greater security, mobility, and independence during those years.

Is technology our friend or an enemy to be avoided?

We’ve all seen those doomsday movies (Terminator, The Matrix) where technology has become “alive” and the machines have taken over the world. Those movies represent the fears that many of us feel about the path technological advances could take us - but it’s only one perception of what could occur. I tend to think there will be many more benefits to the rise of technology than we are even able to imagine… and that there’s no reason to be afraid. On this episode I begin a series of episodes highlighting some of the ways I see the advances in technology that are happening all around us becoming a benefit to us in the retirement years ahead. You might be surprised at some of the things that already exist and the ease with which they could help you maintain mobility, independence, and personal safety as you age. Interested? Be sure to listen.

Today’s S.M.A.R.T. Sprint: Try out at least one automated service.

As human beings we often become afraid as the comfort of what we know is disrupted by change. But if we never change then we never grow - and I for one don’t want to stop growing. On this episode of The Retirement Answer Man I describe many automated services or products that improve the quality of life of their users and could be of great benefit to retirees. My challenge today is for you to choose one of the services or products I mention and give it a try. I believe that as you experience the benefits of some of these services or products for yourself, you’re going to find the benefits far outweigh the fears you might have. So be sure to listen, pick out a product or service you are willing to try, and give it a shot!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] My welcome and introduction to this episode of the podcast.
• [3:00] A preview of the next few episodes.

WHAT DOES THAT MEAN? SEGMENT

• [4:00] Today’s term: “Internet of Things.”

HOT TOPIC SEGMENT

• [5:37] Samsung is investing $1.2 million in the Internet of Things.
• [6:00] Why would such a large company make that kind of investment?

PRACTICAL PLANNING SEGMENT

• [7:44] Why do you enjoy technology? (or do you?)
• [9:13] The MIT Age Lab - a look at technology for older people.
• [9:55] 3 questions that predict the quality of your life in the future?
• [12:22] How is technology going to help us maintain independence in our own homes?
• [23:30] Services that could help us remain independent as we age.
• [33:00] Tying things together: Amazon Echo.

THE HAPPY LAB SEGMENT

• [37:33] What’s the PURPOSE of living longer?
• [38:45] Purpose can be large or small.

TODAY’S SMART SPRINT SEGMENT

• [39:55] Test out a couple of the services I mentioned on this episode.

RESOURCES MENTIONED IN THIS EPISODE

The MIT Age Lab

The NEST Thermostat

A Smart Mattress

Smart Doorbells (with  cameras)

Smart Lightbulbs

Smart Carpet

Smart Refrigerators

Roomba

Automatic Lawn Mowers

Task Rabbit

Blue Apron

UberEats

HelloAlfred

www.JoinHonor.com

Amazon Echo

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

Hey, it’s me, Roger Whitney - the Retirement Answer Man - and I’m here to help you not only plan for a happy and healthy retirement season but also to live a happier and healthier life now as you move toward retirement. On this episode we’re going to tackle the volatility in the markets as a result of the news that Great Britain has voted to leave the European Union.There are many things to consider having to do with lifestyle, investing, and retirement planning that you need to think through, and I’m going to help you do that on this episode of The Retirement Answer Man podcast.

BREXIT is in the news. A surprise vote that has turned the markets on their heads (if markets had heads).

As you probably know, the United Kingdom’s vote to leave the European Union was a surprise to almost everyone. Even the betting pools got this one wrong. And if there’s one thing the markets hate - no, they despise - it’s surprises of this nature. That’s why everything is in turmoil and why the financial commentators can’t stop talking about it. So what does it mean for you and your retirement planning? That’s what really matters to me, so I want to address some of the things I see on the horizon because of this vote and help you think through the issues that could most impact you.

 

Uncertainty may not sound like a financial term, but it impacts almost everything about financial planning.

Almost everything that financial experts and prognosticators do for their clients is aimed at culling uncertainty from their investment strategies. I think we can all understand that - we all want to know for sure that something good is coming our way - but the sad truth is that it simply doesn’t work that way. In light of that fact how should we view the issue of uncertainty in financial and retirement planning? I’m going to take on that subject on this episode to enable you to make wiser decisions with your overall investment and retirement planning strategy, on this episode.

In light of the uncertainty in the financial markets here are 5 things you can do to maximize your own retirement.

 

BREXIT is just one example of the kind of things that can happen to throw the financial markets into a tizzy at any moment. It’s those kinds of things that get us thinking seriously about the security and stability of our retirement funds. But it’s not only our retirement finances that we should be thinking about, this kind of uncertainty can point us toward wise planning in other areas of our lives as well. On this episode I walk you through the basics of a presentation I recently gave that encourages you to implement some SMART sprints in your life - small steps that make big impact - to prepare for retirement more wisely even in the face of uncertainty.

It pays more than ever to work part time during retirement.

Most people retire because they are ready to be done with the 9 to 5 rat race that they’ve been about for the past 30 to 40 years. But keeping a part time job that fits your particular criteria is actually one of the most logical and powerful things you can do to fuel a happy retirement. That may sound counterintuitive but if you stick with me through this episode I’ll show you exactly what I mean. It’s on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:31] My introduction to this episode and the topics discussed.
• [1:30] How to get “6 Shot Saturday” from me.

WHAT DOES THAT MEAN? SEGMENT

• [2:56] Today’s term, “Uncertainty.”
• [5:16] How uncertainty impacts your employment.
• [6:48] 90% of the financial industry capital is spent trying to avoid uncertainty.
• [7:31] Why your advisor needs to quit trying to give you perfect clarity and instead help you manage it.

HOT TOPIC SEGMENT

• [10:16] The United Kingdom voted to leave the European Union.
• [12:15] Why did Britain vote to leave the EU?
• [13:55] Why I say that the markets hate surprises like this.
• [15:04] What happens now?
• [16:57] What worries are coming up as a result?

PRACTICAL PLANNING SEGMENT

• [18:57] 5 things the BREXIT means for your retirement.
• [19:45] Why uncertainty is here to stay and we need to deal with it.
• [20:22] SMART sprints where we can make changes.
• • [22:22] Focusing on the relationships in your life.
  • [24:30] Health is a second area for a SMART sprint.
  • [26:53] A SMART sprint in your professional life.
  • [28:49] The financial area needs a SMART sprint of its own.
• [30:30] Why cash is now king.
• [34:08] It pays more than ever to work part time during retirement.
• [36:46] The European markets may be a great buy.
• [38:14] How you manage risk could be impacted by BREXIT.

THE HAPPY LAB SEGMENT

• [51:30] Who cares about the stuff?

TODAY’S SMART SPRINT SEGMENT

• [53:00] Monitor your spending over the next week to assess your vanity level.

RESOURCES MENTIONED IN THIS EPISODE

The Cliff Ravenscraft Show

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

 

Today is a day to say “Yes” to something. I mean it. There are so many opportunities out there, so many experiences to enrich your life. What could happen if you took the time to say “yes” to one of those opportunities? You’ll only know if you do it. I’m so thankful you’ve joined me today. We’re going to cover some listener questions today about caring for a dependent adult child as retirement nears, combining retirement accounts, and taking distributions from retirement accounts when you’re blessed to retire before the normal retirement age. And of course, we’re going to talk about the power of saying, “yes.”

The term, “Brexit” is in the news lately. What is that all about?

You may have heard that the nation of Great Britain is considering a move away from the European Union, an economic affiliation of nations that use a shared currency, the Euro. The voters of Britain are set to vote this week as to whether their country will remain in the union. Today I’m going to cover a small bit of how this is impacting the markets and how I think we should all think about this event. That’s in my “What Does that Mean” and “Hot Topic” segments, so be sure to listen if you’re concerned about those issues (and even if you’re not).

I’m nearing retirement and have a developmentally delayed adult son. How do you recommend I think of retirement in light of that responsibility?

This real world question came from a listener to the Retirement Answer Man and I’m happy to give the answer my best shot. It’s a matter close to my heart because I once had a relative in the same situation, but it was back in the early to mid part of the previous century when people born with disabilities were often shuffled off to an insane asylum. But that’s not what happened in my family, I had a valiant grandmother who took on the responsibility of caring for that relative and it changed the lives of everyone in the family. I give my best, most heart-felt suggestions to this listener today and think there are some lessons to be learned for all of us regarding how we care of those we love even when we’re retired and beyond.

Can you combine your retirement accounts? And should you?

On this episode of The Retirement Answer Man a listener wrote in to ask if he should combine his retirement accounts. He’s near retirement and doesn’t believe he’ll be making any additional contributions to any of the accounts, so he’s curious if there are advantages or disadvantages to putting all of those funds in one pot. It’s a great question and I recommend that he does combine them, for a handful of reasons. You can hear what those reasons are and how I got to that conclusion on this episode of the show.

Retiring before the legal age for retirement account withdrawals? What do you do?

On today’s episode a listener asks what he can do to make withdrawals from his retirement accounts since he’s been blessed to retire before the age he can legally make withdrawals from those accounts. That’s a situation most of us have never even thought about. There are actually some legal ways to make withdrawals from retirement accounts in a situation like that, and I cover them on this episode. But I also throw another consideration into the mix and challenge this listener to evaluate the ways he can continue to add value to society and provide a greater amount of security for his retirement at the same time - all while remaining flexible and “retired” in ways that matter. Curious? Take some time to listen to this one.

5 benefits that come from saying, “Yes.”

There are two schools of thought on the issue of saying yes to things. Some people feel that they say yes to far too many things, stressing themselves out and overloading their schedules. Others, out of fear, don’t say yes to enough things, cloistering themselves away in a self-protective shell. As retirement nears, either one of these could happen and it really depends on your personality and background as to which you might do. On this episode I briefly tell of some of the great experiences I’ve gotten by saying “Yes” to things that I might not have normally said yes to. I end up with a challenge you won’t want to miss, so be sure you listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome to this episode of The Retirement Answer Man.
• [1:04] How you can get in on my Six Shot Saturday email resource.

WHAT DOES THAT MEAN? SEGMENT

• [2:24] Understanding “Brexit,” a combination of “Britain” and “exit.”

HOT TOPIC SEGMENT

• [3:47] Britain is set to vote about staying in the European Union or not.
• [4:37] The primary concerns relating to Britain’s possible move.

PRACTICAL PLANNING SEGMENT

• [6:01] Listener question: Caring for a disabled adult child as retirement nears, any thoughts?
• [14:44] Listener question: 3 retirement accounts: I won’t be making any more contributions, can I combine all three?
• [17:03] Listener question: Can I access retirement accounts if I retire before 55 ½?  

THE HAPPY LAB

• [22:21] The power to say “Yes” and 5 great things that come from saying yes.

TODAY’S SMART SPRINT SEGMENT

• [28:01] Say yes to something, even something you’re not quite sure about.

RESOURCES MENTIONED IN THIS EPISODE

Andy Traub’s Take Permission podcast

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

For as long as I’ve been aware of Social Security there’s been concerned that there won’t be enough funds to support future retirees. Well here we are in 2016 and the Social Security system is going along as it always has. Today’s guest is an expert on the topic, which is why I’ve invited her to be a part of this show. Emily Guy Birken is going to help us understand the changes that have happened in Social Security recently, why we should not put all our eggs in the SS basket, and what we can expect from the system for the next 75 years. It’s all on this episode.

The largest U.S. Pension fund cuts its retirees benefits.

When something like that happens it’s enough to make anyone a bit skittish about whether their own retirement funds are safe or not. And for me, it’s a lesson in why each of us need to be a bit more proactive in creating our own retirement rather than waiting on someone else (like a pension fund) to do it for us. On this episode I tell you what I think about the defunding of a pension fund, how Social Security feeds into the concerns surrounding it, and how I would advise one of my clients to view the situation. I hope you take the time to listen.

In the midst of writing a book about Social Security, the Social Security system changed.

Emily Guy Birken had just finished her book about the Social Security system and sent it off to her publisher when the announcement came that some major changes were being made to the way the Social Security system works for beneficiaries. She had to recall the book, make the needed changes, then resubmit it - all in time for her deadline. On this episode you’re going to hear about that testy time in her book writing career, how Emily has come to be one of the foremost experts on the Social Security system, and why she recommends that nobody depend on Social Security as their sole source of retirement income.

Isn’t Social Security there to help you retire comfortably?

The operative word in that sentence is “help.” My guest on today’s episode says that Social Security was never created to be a sole source of income for anyone. Instead, it’s supposed to serve as a safety net, a small stipend to ensure that nobody is going hungry during their retirement years, but it’s far from something you could or even should depend on. Emily has lots of advice on what you should do in light of the small role Social Security really plays in the retirement of most people, on this episode of The Retirement Answer Man podcast.

Are there more big changes ahead for Social Security?

According to Emily Guy Birken, the answer is, “Definitely, Yes.” Emily says that SS has some very serious problems still, and the powers that be over the Social Security Administration have already announced the issues that will be on the chopping block within the next few years. Some of them will have a significant impact on the benefits and income of retirees, so we should expect that. The main problem is that we don’t know when the changes are slated, and the SSA is not telling. All the more reason to have more control and more diversification in your retirement strategy, and we’ll cover that on this episode of the podcast.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] My introduction to this great episode.

HOT TOPIC SEGMENT

• [2:12] The largest U.S. Pension cuts retirement benefits.
• [3:54] What this news says to all of us who are in a pension fund.

PRACTICAL PLANNING SEGMENT

• [4:26] My introduction to my guest, Emily Guy Birkin.
• [5:20] Emily’s struggle to write the book given recent changes in Social Security benefits.
• [7:17] The real purposes and uses of Social Security: a safety net.
• [11:07] Why changes in Social Security show us that we need to make other plans as well.
• [11:53] Things people do wrong when planning in light of Social Security.
• [14:05] When some Social Security benefits could be taxed.
• [15:59] Does it make sense to “spend down” assets in light of Social Security?
• [17:50] Are more big changes in Social Security ahead?
• [19:46] Should Baby Boomers be concerned about Social Security?
• [21:14] Where you can find Emily’s book.

RESOURCES MENTIONED IN THIS EPISODE

Pension fund cuts link: http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-largest-us-pension-funds-set-cut-retiree-benefits

www.EmilyGuyBirken.com    

Emily’s book: Making Social Security Work For You

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

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

 

I invite you to engage with the audio on this page, for the sake of your future, your happy retirement, and your overall happiness in life. That’s because the Retirement Answer Man is not just about numbers and figures, it’s about building a life that you can be proud of and satisfied with once you do retire. On this episode I’m going to talk with a man who has spent a good deal of time alongside Chess Grandmasters to apply the lessons learned to their investment strategies. You’re going to get a fresh perspective - no doubt about that - so be sure you listen.

What do YOU think you’ll miss most relating to work after you retire?

That is a very interesting question, and one that was asked in a recent study and survey. Those who responded or not yet retired mentioned that one of the things they would miss, although a minor thing, would be the personal interactions with coworkers. By comparison, those who were actually retired already said that the personal interactions with co-workers was one of the things they missed most. What will it be for you? On this episode I give you a quick suggestion on how you can maximize relationships now, before you retire.

Investment strategy is more than thinking ahead.

How many people hear the words, “investment strategy” and immediately think of planning ahead? Doug Goldstein, today's guest, says that investment strategy is much more than thinking ahead. It’s looking at the overall picture, not just the individual components that make it up. On this episode Doug shares insight he discovered when researching for his new book, “Rich As A King, “ a comparison of the game of chess to the act of investing. You are going to want to take notes on this one because Doug has some great things to share.

Watch out for those things that initially look like great opportunities.

There are many great investment opportunities out there. But many times the things that sound like great opportunities are nothing but a trap in disguise. Doug Goldstein discovered this as he was researching for his new book that compares chess-playing and chess strategy to the act of investing. many of the promises are there in the world of investing are like an opponent’s feigned “mistake” on the chessboard. It’s a ruse to get you to commit, then you get in trouble. Find out more of Doug’s insights on this episode.

Have you signed up for my “Six Shot Saturday” list yet? Why not?

Every Saturday I send out a brief email outlining some of the main resources I’ve discovered, used, or recommended over the past week, including many that I never mention on the Retirement Answer Man podcast. I also allow recipients of that email to respond to me directly with any questions or scenarios and I respond personally. If you’d like to get on my Six Shot Saturday email list, you can find out how to do it on this episode of the show.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:25] My welcome to you! Thanks for listening.
• [0:50] How you can get my “Six Shot Saturday” each week.
• [1:48] My mindset about the resources I share on this show.

HOT TOPIC SEGMENT

• [3:53] A study asking people about what they will miss most after retiring.
• [4:45] The comparison between those respondents and actual retirees.

THE HAPPY LAB

• [6:20] My personal experiment to build relationships.
• [9:01] The will to be uncomfortable for the sake of building relationships.

WHAT DOES THAT MEAN? SEGMENT

• [9:35] What does “strategy” mean?

PRACTICAL PLANNING SEGMENT

• [11:57] My introduction to Doug Goldstein.
• [15:25] Why strategy is more than thinking ahead.
• [18:25] Looking at the whole board is a powerful way to look at investing.
• [19:40] How chess mimics diversification and asset allocation.
• [22:01] Why flexibility is a powerful tool for investments and chess.
• [25:43] Watching out for the ruses and scams.
• [29:35] The primary take aways from Doug’s book.
• [30:48] 64 strategies to make you as rich as a king.
• [31:16] How you can connect with Doug.

TODAY’S SMART SPRINT SEGMENT

• [32:08] Write out your investment strategy - and sent it to me if you would like!

 

RESOURCES MENTIONED IN THIS EPISODE

www.RichAsAKing.com and www.GoldsteinOnGelt.com  

Doug’s BOOK: Rich As A King

BOOK: Half Time

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

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

Risk Management: It’s a boring topic most of the time, but not this time - I guarantee it! Welcome back to this episode of The Retirement Answer Man. I’m happy you’re here (I’m Roger Whitney, by the way). I hope that you’re ready for an important conversation today. And I mean that, it really is a vital conversation when it comes to safeguarding your assets and preparing you for retirement in a way that fits where you are at now and where you will be in the future. It has to do with risk management - which is the way in which you assess the amount of risk to your financial portfolio and life that exists, and what you’re going to do about it. Be sure you listen. This could save you thousands of dollars.

What exactly IS Risk Management?

The very term “risk management” sounds like an oxymoron. I mean, how can you really expect to manage all the risks that exist in life? When we talk about risk management we’re not saying that you can manage all the risks of life, what we ARE saying is that you should manage those that you ARE able to manage. So proper risk management begins with assessing what you actually have that is at risk in terms of assets - your financial portfolio, your health, your income, and other important things. On this episode we go deep into the subject but keep it at a level that you can easily digest, so make sure you stick around for this episode.

Why I’m talking with an insurance agent about risk management.

When it comes to managing the risk you have in terms of asset risk, you are either going to bear all of that risk yourself or you’re going to pay someone else to take on some of the risk. That’s where insurance, and a good insurance agent, comes into the picture. Today I’m chatting with Brian Certain. Brain is an experienced Allstate insurance agent in my neck of the woods and I haven’t met a person who’s a better resource for helping us understand this whole topic in layman’s terms. He brings it down to a level that anyone can understand on this episode so be sure you take the time to learn what you need to know about protecting your assets from the risks of life.

You probably know that your insurance needs will change over time, but do you know why?

Most of us understand that our insurance needs change as we go through life. For example, a married father of four needs a different type and amount of life insurance than a retired widower of 84. But there’s another reason insurance needs change that has to do with your assets. As you accumulate more and have more net worth in particular, you have more to lose if you were to be sued. That’s where having a great insurance agent in your corner is of paramount importance. Your insurance agent knows the details of risk management like nobody else, but also is able to help you assess your needs at the various stages of your life. On this episode we’re going to give you some great tips to help you assess whether your assets are adequately protected and the S.M.A.R.T. spring segment is going to give you a simple assignment that will help you take the first steps to making sure they are.

Are you risking hundreds of thousands of dollars over $100 a month?

On this episode of The Retirement Answer Man my guest is Brian Certain, an experienced insurance agent from the state of Texas. Brian said that he often hears people say something like this, “I don’t really like or trust my insurance agent but his price is $100 a month less than the closest competitor, so I stick with him.” Think about that reasoning for a minute as it relates to your homeowners insurance. Why are you willing to risk an investment of $200,000 or more for the sake of $100 a month by placing it into the hands of a guy you don’t trust? That doesn’t make much sense. You need an agent who you KNOW is giving you sound advice and on this episode we’re going to walk you through the “gotchas” you should look out for when dealing with agents and insurance.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:26] Roger’s introduction to this episode of The Retirement Answer Man.
• [1:39] Roger’s experience with Brian Certain

WHAT DOES THAT MEAN? SEGMENT

• [3:04] Today’s term: Risk Management.
• [3:44] Identifying and prioritizing the risks in life (and in retirement).
• [4:20] The key to the risk management process - mitigation.
• [5:39] Transferring risk to others (companies).

HOT TOPIC SEGMENT

• [8:02] Auto insurance rates are rising at rapid rates.
• [8:30] How claims are driving costs up.
• [10:13] The possibilities of insurance costs changing further.

PRACTICAL PLANNING SEGMENT

• [10:50] Brian Certain’s approach to risk management and liability.
• [12:42] Assessing where your assets are for the sake of risk management.
• [14:30] How a normal person approaches auto insurance amounts.
• [17:22] What is a personal umbrella policy and what is it for?
• [21:16] What sort of “net worth” are we talking about when doing risk management?
• [22:05] Understanding deductibles and why they are in place.
• [22:50] Looking at additional forms of insurance.
• [24:26] How to avoid the “gotchas’ when it comes to insurance.
• [29:53] Why a trustworthy agent is such a vital piece of the decision-making process.

TODAY’S SMART SPRINT SEGMENT

• [31:34] Connect with your insurance agent to assess your situation AND get some independent quotes.

THE HAPPY LAB

• [32:42] How risk management has impacted happiness: a perceived overload of risk.
• [34:04] The little things we can do to remain happy in dealing with risk.

 

RESOURCES MENTIONED IN THIS EPISODE

Brian Certain’s website: https://agents.allstate.com/brian-certain-arlington-tx.html

Texas Department of Insurance Comparison Tool

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

It’s that time of the week again - time for another episode of The Retirement Answer Man featuring your very own Retirement Answer Man, Roger Whitney (that’s me). On this episode I’m going to introduce you to the concept of what is being called the “sharing economy” (in case you didn’t know what it was already), and give you some tips about how you can take the steps to utilize the various aspects of the sharing economy in your retirement years. I think you’re going to find this episode to be chock full of great, actionable stuff that you can use. So be sure you take the time to listen.

The sharing economy is here. Are you willing to be a part of it?

Do you know what the sharing economy is? It’s the idea that people with excess resources (like a spare room, an empty garage, or even an extra seat in your car) make those resources available to others who have a need for that resource on a temporary basis. I believe that there are many, many opportunities for those moving into their retirement years to supplement their retirement income and build a better life. If you’re curious what’s possible in your situation, you’ll be surprised by the things I chat about with my friend Glenn, from the Casual Capitalist.

 

You could get income from things you already have that you’re not using.

One of the big concerns for those who are moving into retirement is whether they will have adequate income for the expenses it will take to live a comfortable and happy life. Today’s episode is focused on ways that retirees can utilize the sharing economy to build new avenues of income using things they already own or possess. You could rent out your car, a spare room in your home, extra storage space, or even drive people around your area for a fee. You can find out about many of the opportunities out there on this episode of The Retirement Answer Man.

The sharing economy could help you stay connected to people during retirement.

While more and more Baby Boomers are working within the sharing economy to build their income, many of them are finding an unexpected benefit: they are enjoying the relationships they are having with people they serve. It’s a surprising way that many are keeping themselves engaged in society and out of their homes, avoiding the danger of becoming isolated and lonely. Today’s guest on The Retirement Answer Man is Glenn, from the Casual Capitalist and he’s got loads of great information to share about what the sharing economy is, how it works, and what you can do to get involved for the sake of increasing your income and even building new relationships during your retirement years. Interested? Be sure you listen.

Would you like some simple, actionable retirement tips sent to your inbox every Saturday?

I’ve recently put together a new offering that’s absolutely free, designed to help you discover ways to make the most out of your retirement years and build a great life even though you’re out of the workforce. The things I share are not shared anyplace else, so I encourage you to sign up for my “6 Shot Saturday” emails to get practical help every, single week. If that sounds of interest to you, go to www.RogerWhitney.com and sign up today!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:28] Roger’s introduction to this episode.
• [0:46] The Retirement Answer Man has just broken the Top 10 in iTunes!
• [2:00] How you can get your 6-shot Saturday episodes.

THE HAPPY LAB

• [3:26] What do you do when you haven’t been doing the things that bring you enjoyment.
• [5:15] THE CHALLENGE: Identify the things that make you happy and figure out how to do them.

HOT TOPIC SEGMENT

• [5:38] How Baby Boomers are moving into the cities from the suburbs.
• [7:22] Why older folks are moving into the cities: My ideas.

WHAT DOES THAT MEAN? SEGMENT

• [9:24] What is “the sharing economy?”
• [10:25] An example of the sharing economy in action.

PRACTICAL PLANNING SEGMENT

• [12:48] Roger’s introduction to Glenn Carter from The Casual Capitalist - and this topic.
• [13:50] What Glenn means when he talks about “The sharing economy.”
• [15:57] How can the sharing economy be an opportunity for Baby Boomers?
• [18:30] How the sharing economy helps meet a fundamental need for Baby Boomers.
• [20:52] Income averages for people who are “sharing economy workers.”
• [21:58] Examples of sharing economy platforms.
• [34:27] Tips for using the various platforms that exist.
• [35:40] How you can use the quiz Glenn offers.

TODAY’S SMART SPRINT SEGMENT

• [36:57] Check out the sharing economy websites so you can learn how they work and what they are.

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

www.TheCasualCapitalist.com/DigitalSenior  - Glenn’s website and his offer for you.

www.AirBNB.com - Housing

www.AirDNA.co - Housing reviews and needs

www.Uber.com - Driving and transportation

www.TaskRabbit.com - Handyman or task based services

www.WiseAnt.com - tutoring and teaching
www.Upwork.com - freelancers or virtual assistants

Welcome back to another episode of The Retirement Answer Man podcast, I am Roger Whitney, your host. In a financial climate like the one we are currently living in, when interest rates are low, how should you think about those fixed-income investments in your portfolio such as bonds? On this episode of the show I am going to take a deep dive into bonds of various sorts the help you navigate the treacherous waters of fixed-income investing.

One of the ways I’ve noticed that people are happier about their investing?

When it comes to people who actually take the time to invest as they should there are two types of investors I have met over the years. The first are the ones who entrust their investing to an advisor and don't bother to ask him out the details very much at all, and the second are people who have at least an elementary knowledge of their investment strategy and understand why they're doing what they're doing. In my experience the second group of people are the ones who tends to be happier overall and are actually a bit more successful in their investing as well. On this episode I want to encourage you to be this type of investor.

Do you really understand what a bond is?

Most people have at least an elementary understanding of what a bond is when it comes to government issued bonds. But did you know there are other types of bonds as well? And do you really know how bonds work? When this episode of the podcast I am taking a deep dive into the issue bonds and talk about why you should still invest in them when interest rates are so low as they are now, and how you should go about doing that in a wise and prudent manner. It's all on this episode of The Retirement Answer Man podcast.

The major risks of investing in fixed income investments (like bonds).

Most financial advisors recommend that every investment portfolio contains fixed income investments, like bonds. But one of the more obvious risks to this kind of investment is that when interest rates are low they don't typically get a very good return for the investor. On this episode of the podcast I'm going to walk you through some strategies that can help you mitigate those risks and feel better about the fixed-income investments in your own portfolio. It may not sound possible, but I assure you that it is.

When is the last time you assessed your fixed income strategy?

On every episode of The Retirement Answer Man podcast I walk you through what I call my “Smart Sprint” segment where you are encouraged to take small, actionable steps to advance your retirement goals. On this episode my challenge surrounds your fixed-income strategy and how you're managing it in your current portfolio. It's time to a set, it's time to make those small adjustments that can make a big difference. I'm going to walk you through it on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:25] Roger’s intro to the show.

THE HAPPY LAB

• [1:50] Those who are engaged in some way with their investment strategy and the “why” behind it tend to be happier.

HOT TOPIC SEGMENT

• [3:10] The recent bad news from the FED, and whether rates will rise in June.
• [4:30] What’s the outlook on equity shares in light of this news?

WHAT DOES THAT MEAN? SEGMENT

• [7:03] What exactly IS a bond?
• [7:50] The unique terms and structures related to bonds.

PRACTICAL PLANNING SEGMENT

• [12:26] The major risks of investing in “fixed income” (bonds).
• [21:30] A listener question about cash “buckets” available for retirement.
• [25:00] The other possibilities for retirement “cash reserves.”
• [26:30] The wrong options for cash reserve strategies.
• [27:40] How can I invest in bonds when they don’t seem profitable?
• [29:57] Why the pure science of asset allocation is not enough.
• [31:28] Things you can do to mitigate the risks.
• [35:02] The strategy of using “floating rate” bonds.
• [36:56] What about a “bond ladder?”
• [39:15] Roger’s thoughts about a “barbell” approach to bonds.

TODAY’S SMART SPRINT SEGMENT

• [40:50] Today’s challenge: Assess your fixed income investments.

 

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

Marketwatch article mentioned in the show

If you want to learn how to maximize both your preparation and enjoyment of retirement, you’ve found the best way to do that. It’s here on The Retirement Answer Man podcast. This episode is focused on a very important issue - understanding the Social Security system (which is no small task). I’ve got a great guest on the show today - Devin Carroll - who is one of the best sources of understanding on this issue of anyone I know and you’re going to get some very actionable things you can do to not only understand your Social Security benefits but also to make the most of them now and in the future.

Do you worry too much?

As we grow older we begin to move into a time of life where we naturally understand less and less about the world and the way things are going. It’s a time when worry can start to creep in and get the best of us. But worry is never, ever a good idea. In fact, it’s been shown to be one of the most detrimental internal behaviors. On this episode I’m going to lead you through a few questions to help you assess your level of worry and adopt a mindset to help you offload your worry and get into a healthier mental place. Ready? Let’s do it!

Complexity can be the enemy of wise retirement planning.

It befuddles me to no end when I see financial advisors come up with retirement plans that are hundreds of pages long. What in the world?!!! There’s no reason for a retirement plan to be that complex. Complexity is our enemy because it keeps us from looking at the simple, bare facts of a situation and taking correspondingly wise action. On this episode I’m going to show you how you can adopt a simpler, easier to understand approach to your retirement planning so that you not only understand what you should do to plan for retirement, but can actually do it.

How to navigate the complex Social Security System.

If you go to either of the Social Security websites you’ll find over 10,000 pages of content having to do with what the system is and how it works. Even experts on the system, like my guest today, Devin Carroll, have to refer back to those sites over and over in their lifetimes. On this episode Devin and I chat about the 3 most important things that you can do in order to make sure you’re getting the most out of your Social Security benefits. Talk about simplicity, this conversation is aimed at being exactly that!

If you need help with your Social Security benefits, Devin’s the man!

My friend Devin Carroll has devoted a good deal of his life to understanding the Social Security system and has positioned himself to help everyday Americans utilize the benefits of the SS system that was created for their benefit. If you have a Social Security related issue (disability, survivor benefits, or retirement benefits) that you need help with, I recommend you contact Devin and his team. You can find out how to do that on this episode of The Retirement Answer Man as we talk about 3 ways you can maximize your Social Security benefits.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:30] Roger’s introduction to this episode of the show.

THE HAPPY LAB

• [2:24] The question of the day: “Do you worry too much?”
• [3:42] The power of “Cest La Vie”
• [4:22] The benefit of letting stuff roll off of you: saving your mental and emotional energy.

HOT TOPIC SEGMENT

• [5:07] Warren Buffett’s annual shareholder meeting.
• [9:00] How Warren Buffett sees the manner in which Wall Street makes money.

WHAT DOES THAT MEAN? SEGMENT

• [9:46] Today’s term: Complexity.

PRACTICAL PLANNING SEGMENT

• [14:13] Roger’s conversation with Devin about maximizing Social Security.
• [15:45] Survivor benefits and disability benefits.
• [16:57] The process of getting qualified for Social Security disability.
• [18:35] 3 things to do regarding your Social Security benefits.
• [21:54] How you can check your SS earnings every year.
• [24:00] Will Social Security be around in years to come?
• [29:08] Understanding how Social Security is taxed and why it’s important.

TODAY’S SMART SPRINT SEGMENT

• [33:52] Register and get your Social Security earnings history.

 

RESOURCES MENTIONED IN THIS EPISODE

www.SocialSecurityIntelligence.com - Devin’s website.

Set up your own SSA account: https://secure.ssa.gov/RIL/SiView.do

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

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

Retirement Planning is what thisshow is about, and I’m glad you’re here to be a part of theconversation. I’m Roger Whitney, The Retirement Answer Man and thisis the show where I seek to guide you through my years ofexperience as a retirement planner into not only planning for theretirement of your dreams but toward living the life of your dreamsnow. On today’s episode I want to chat a bit about the #1 regretpeople have when they are coming to the end of their lives - and Iwant to do it so that you can think about the kind of life you’reliving and make course corrections now so that you can be true toyourself.

What does it mean to live a life that is true toyourself?

Many people have dreams anddesires when they are young about what they want to do and bethrough the course of their lives. But things come up -expectations, responsibilities, needs, tragedies, and the course oflife gets reshaped over time. On this episode we’re going to lookinto the question of what it would mean to live a life true to whoyou are and discover some ways that you could be living to pleaseothers instead of living out the purpose for which you are on theplanet. Sounds a bit deep, but trust me - it is a conversation thatcould reshape the way you think about retirementplanning.

Life is meant to be lived, not tiptoedthrough.

It is vitally important in lifeto care about people. You might even say it’s the reason we’re onthe planet in the first place. But sometimes caring out what peoplethink of us and the things we are doing in life can lead us down apath of “people pleasing” instead of doing what we are meant to do.On this episode I’m going to dig into some of the expectations thatare placed on us during the seasons of our lives and how each ofthem could prevent us from living out our true calling, if we’renot careful. I think you’ll have some great food for thought fromthis episode.

Retirement Planning is all about positioning yourselfto truly live.

Many people approach retirementplanning as a sort of exercise in fear-avoidance. They plan aheadto avoid the pitfalls and fears that could happen during theretirement years. That’s great, and well worth doing - but you’rebeing underserved if all you’re being advised to do is stockpilethings so that you can be comfortable during your retirement years.I think it’s wise to approach retirement planning with a view towhat you want to be doing in the later years of your life that willallow you to continue being a blessing and contributor to theworld. When you have that kind of larger view, a world ofpossibilities open up. Do what you can to make some time to listento this episode. You’ll be glad you did.

Maybe, just maybe the economy is on therise.

Many companies are beginning topost their earnings right here after the first quarter of 2016, and74% of them are posting gains. That’s good news for the Americaneconomy overall, but there are some very interesting things withinthose numbers that give a bit of concern. For example, for thefirst time in 9 years, Apple computer posted a loss for the firstquarter with iPhone sales being down significantly. What does itmean for the economy? I’ve got some thoughts about it (as you mighthave guessed) and I’m going to share them with you on this episodeof the podcast.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWERMAN

• [0:24] Roger’s introduction to this episode andwhat you can get from “Six Shot Saturday.”

THE “BE HAPPY” SEGMENT

• [2:43] The biggest regrets of those about todie: a summary.
• [4:35] Many people say, “I wish I’d lived trueto myself, not what others expected.”
• [9:34] What are the expectations YOU are tryingto live up to?
• [12:32] How retirement planning enables you tobe true to yourself and the life you are meant to live.
• [14:50] The courage to let others bedisappointed in us.

TODAY’S SMART SPRINT SEGMENT

• [15:41] What are you doing based on others’expectations?
• [16:32] How can you extract yourself from thosethings?

HOT TOPIC SEGMENT

• [16:54] 74% of companies are showing earningshigher than expectations.
• [18:00] Apple Computer is down for the firsttime in 9 years.

WHAT DOES THAT MEAN? SEGMENT

• [19:14] What is a benchmark?
• [21:00] Why benchmarks can be misleading and abad source for good decisions.

PRACTICAL PLANNING SEGMENT

• [23:28] John asks about creditor protectionwhen rolling over funds.
• [24:47] A recent Supreme Court ruling regardingIRA protection against creditors.
• [25:23] How do widower benefits for SocialSecurity work?
• [26:45] A young listener asks about hisinvestment strategy.

RESOURCES MENTIONED IN THIS EPISODE

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

Roger’s retirement learningcenter: www.RogerWhitney.com/learn

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

Happy Lab link: http://www.theguardian.com/lifeandstyle/2012/feb/01/top-five-regrets-of-the-dying 

Hot topic Link: http://www.factset.com/websitefiles/PDFs/earningsinsight/earningsinsight_4.29.16

What’s That Mean link:http://www.investopedia.com/terms/b/benchmark.asp

www.SocialSecurityIntellegence.com

 

Are you ready to make the most of the life you have? I’m Roger Whitney and I’m here to help you do exactly that - not just for your retirement years, but for your entire life. On today’s show you’ll have the opportunity to dive into all kinds of good stuff, including my weekly happy lab, hot topics, practical planning tips, and the top 6 mistakes I’ve seen retirees make during their retirement years. You’ll get a lot of great tips from this episode so I hope you take time to listen.

Why are you working so hard?

I’m the last person to say that you shouldn’t work hard. Hard work is one of the hallmarks of living a responsible life. But it’s interesting to note that we often get out of balance when it comes to work. We invest too much of our identity and worth in what we do, to the exclusion of more important things. On this week’s Happy Lab I’m going to give you a couple of suggestions about balancing that for the sake of your happiness - both now and in your retirement years.

Being “present” is one of the greatest gifts you can give your family.

If you’re going to make the most of your life now and in the future, you need to realize that one of the biggest components of the happy kind of life you want is the quality relationships that you develop over the course of your life. Naturally, that includes your family and the friends you meet along the way. It’s important, for the sake of those relationships, that you learn how to put down your smart phone, disconnect from work, and be present for the people who are closest to you. It’s a decision you have to make and stick to and on today’s episode of The Retirement Answer Man I’m going to give you some thoughts to ponder along that line.

Why you need to learn from the mistakes of others - before you retire.

We all make mistakes, and we should be learning from them when we do. But as you near retirement a lot more is riding on you making the right choices simply because you have less time to make up for the mistakes and adjust your course. On this episode I outline the top 6 mistakes that I’ve seen retirees make over the course of my retirement planning career, in hopes that I can give you a heads-up about the pitfalls ahead so that you can adjust your mindset, prepare for what’s coming, and make wise decisions now, before you retire.

Should you be maximizing your wealth?

That may sound like a an odd question. Don’t we always want to maximize wealth? Prior to retirement, yes. But once you hit retirement your mindset needs to adjust. Retirement is the time of life that all your wealth maximization effort were aimed toward. It’s the time for you to benefit from all those years. But it’s not an easy transition to make and the adjustment can be more than a little uncomfortable. On this episodes Practical Planning segment I’m going to walk you through this one and help you make some mental notes that will help you enter retirement with the right mindset and approach so that your retirement years can be some of your happiest yet.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:45] Welcome to this episode!

THE HAPPY LAB

• [2:31] People about to die often wish they hadn’t worked so hard. Really?

TODAY’S SMART SPRINT SEGMENT

• [6:16] The task of being “present” with those you are with (kids, spouse, etc.)

HOT TOPIC SEGMENT

• [7:58] Jobless claims and the participation rate are improving.

WHAT DOES THAT MEAN? SEGMENT

• [9:42] What are “Fund Flows?”

• [11:40] Understanding Fund Flows is important to understand for long term investors.
• [15:01] The Fund Flows of U.S. equity strategies over a 5 year period.

PRACTICAL PLANNING SEGMENT

• [16:54] Learning from the mistakes of others.
• [19:48] Why learning from others’ mistakes during retirement is so important.
• [20:14] Don’t neglect your spending plan (budget).
• [22:47] Is wealth maximization the right focus for a retiree?
• [27:38] Do you really need to support those adult children?
• [29:55] Is that big home still necessary?
• [32:10] The ostrich is the only one who should have his head in the sand.
• [34:34] You’ve got to learn not to run for the exits so quickly.

 

RESOURCES MENTIONED IN THIS EPISODE

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

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

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

Hot Topic link: http://www.marketwatch.com/story/jobless-claims-fall-to-42-year-Low-2016-04-21

What Does That Mean Link: http://www.investopedia.com/terms/f/fund-flow.asp

Should I rollover my 401(k) to an IRA? Most advisors say yes, but It’s not always the best idea. In this episode we share what you should consider to make the choice that’s right for you.

Listen to the Audio

 

 

Happy Lab 

Over the last few weeks we’ve been reviewing the top 5 regrets people have at the end of their life.

Here's the list so far;

#5: I wish I had allowed myself to be happier

#4: I wish I had stayed in touch with my friends

And this week, #3: I wish I had shared my feelings more.

S.M.A.R.T. Sprint 

Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile.

What’s That Mean?? 

Style Drift.

Why do you buy an investment strategy? The obvious question is to make us money. But one investment strategy is typically part of an overall portfolio is designed to work together. Each piece of the portfolio (or asset allocation) has a role to play. Much like each contractor used to build a house does. The plumber, put in the plumbing. The landscaper, puts in the landscape. And so forth.  As long as they execute their roles, you can get a great house (or portfolio). If, however, the plumber starts to putting flowers in your pipes you may not notice right away, but you’ll have a problem. Likewise, if that small cap strategy starts buying large caps, you won’t notice at first but eventually you’ll have a different experience than you bargained for. That’s style drift.

It’s the same with your portfolio. Each investment strategy has a role to play. 

Hot Topic This Week

Last week major world oil producers met in Qatar to discuss a production free. News of the upcoming discussions helped stabilize oil markets in recent weeks. Unfortunately, as expected, they were  unable to come to an agreement.  We'll discuss the possible implications it could have global equity markets.

Practical Planning

On this week's show we answer listener questions including:

•Does it matter when I rollover my 401(k) to an IRA? What should I consider when making this decisions?

•When designing a balanced portfolio, should I count my company pension plan (which gives me $100,000 a year) as part of my bond portfolio?

•In retirement, is retail income considered earned income? Would rental income factor into whether my Social Security would be taxed?

Have a retirement question you’d like answered? Ask it here!

If you're investing for a great retirement, the state of the world economy can have a big impact on your success. This week, we go around the world updating you on Asia, Europe and the Americas.

Listen to the Audio

 

In This Episode We Cover

Happy Lab 

“I wish I had stayed in touch with my friends” is #4 on the top 5 list of regrets people have at their death. Make sure you invest in your relationships. Close friends will make your retirement more fulfilling. Don't lose touch with them. 

[bctt tweet="Let's face it. #Friends make life a lot more fun. Keep yours as you grow old." username="@roger_whitney"]

S.M.A.R.T. Sprint  

Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile. I'll admit, I'm not the best at this. It's something I'm working on. 

What’s That Mean??  

Fiduciary is a term we’ve seen in the press a lot lately. If your advisor is a fiduciary it means they are legally required to give advice in the client’s best interest and disclose any conflicts of interest. You may not realize that when you work with an advisor on a commission basis, they don't have a legal duty to recommend investments in your best interest. Here's a great definition from Investopia.

[bctt tweet="Learn why you want your advisor to be a #fiduciary http://bit.ly/1VgLSkH" username="@roger_whitney"]

Hot Topic This Week

Marketwatch.com reported last week that the Department of Labor’s released new rules for Financial Advisors who serve retirement accounts.  The new rules could change the way you work with advisors to create a great retirement.

Practical Planning 

Briana Giuliano, CFA, Senior Strategist Brandywine Global Investment Management and I go around the world to explore current economic conditions in Asia, Europe, and the Americas. We also discuss the potential benefits and risks of investing internationally in bonds and stocks.

Ask a Question

Have a retirement question you need answered? Ask your retirement question below and I'll respond personally.

[ninja_forms id=1]

Thank you for joining me on The Retirement Answer Man show today. I am Roger Whitney and I am truly blessed to know that you are interested enough in this podcast to track down this show notes page. On this episode of the show we are going to focus in on happiness, the things that keep us from it, the things we can do to maximize it in our retirement years, and how personality assessments can help us to be a happier person. That’s a lot to promise but I’m certain you won’t be disappointed, so take the time to listen.

The top 5 regrets people have in old age.

I recently read an article that was written by a woman who has worked with aging and elderly people for many years. In her experience she’s heard many older people express regrets about their lives - the “I wish I had” statements that none of us want to be true of us when we reach our golden years. In the “Be Happy” segment today and over the next 4 weeks I’m going to cover the top 5 things she mentions and give you some tangible steps you can take to ensure that you are not living out your older years with the same regrets!

“Rich Dad” Author Robert Kiyosaki is STILL predicting a market meltdown this year!

It was in MarketWatch this week, a follow up to Robert Kiyosaki’s prediction a few years back that by 2016 the economy will crash. Robert’s a respected figure in the financial industry. Many people just love his perspective and approach to building wealth. What should we think about situations like this when a well known and well respected person predicts such dire things? As you might suspect, I have some opinions about this kind of thing and share them with you on this week’s “Hot Topic” segment of the show. I hope you find my thoughts valuable.

Have you heard anyone “Talking Their Book” lately?

You may have and not realized it… that’s because “talking your book” is a phrase that makes total sense once you know what it means, but if you don’t - well, you’re going to be scratching your head a bit when you hear it. “Talking your book” is a phrase used to describe someone who is talking right in line with their philosophy about the subject, and even in a way that promotes their philosophy or approach above others. As I unpack the term on this episode I’m also trying to help you develop a healthy and balanced approach to understanding what’s going on when others are talking their book. It’s all on this episode.

Did you know that a good personality assessment could help you make better financial choices?

 

It’s true. When you know your own personality better and are able to understand your tendencies when it comes to making decisions, dealing with money, and how you view the prospects of the future, you’ll have a clearer idea of how to handle the decisions that come your way day in and day out. On this episode I’m chatting with my friend Jill Davis who is a DISC assessment practitioner and avid proponent of personality assessments. You’ll find the conversation fascinating and helpful.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:31] My welcome and introduction to this episode of the show.

THE “BE HAPPY” SEGMENT

• [2:44] My 5 week experiment: The top 5 regrets people have in old age.
• [4:03] Regret #5: People wish they had let themselves be happier.

TODAY’S SMART SPRINT SEGMENT

• [5:52] This week’s S.M.A.R.T. sprint: Write a journey each day recapping the highlights of your day and identifying habits that have prevented your happiness.

HOT TOPIC SEGMENT

 

• [8:15] Robert Kiyosaki has predicted a 2016 stock market collapse.
• [9:48] What should you do in light of articles like this?
• [13:12] Huge predictions like this need a more well-rounded perspective.
• [13:35] Remember that these predictions are focused as a promotional piece around someone’s brand.

WHAT DOES THAT MEAN? SEGMENT

• [14:17] What does it mean when we say, “Talking your book?”

PRACTICAL PLANNING SEGMENT

• [16:03] Jill Davis is my guest today - an expert in personality assessments.
• [17:13] Why would anyone want to do a personality assessment?
• [19:08] The reason for finding clarity about your personality.
• [19:28] What is the DISC theory of personality assessment?
• [21:41] My results from taking the DISC assessment.
• [22:29] How it’s good to have a partner who is opposite of you.
• [24:03] Understanding others through a personality assessment.
• [26:09] The benefits of couples and partners understanding each other’s personalities.
• [26:58] The ways personality assessments can be misused.
• [29:20] How personality impacts communication and sharing.
• [31:57] How to connect with Jill.

 

RESOURCES MENTIONED IN THIS EPISODE

www.TheWorkshopBox.com - Jill’s website AND Jill(at)JillDavis(dot)com

The MarketWatch article by Robert Kiyosaki

www.RogerWhitney.com/RPL - Find out more about 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

Welcome once again to another great episode of The Retirement Answer Man, I’m Roger Whitney, your host. I have been getting a lot of questions about real estate investing and I have to admit that I am not the expert on that subject. So, what I decided to do was to reach out to someone who was. On today's episode you are going to hear from Mark Ferguson,  a real estate investor from Colorado who has been doing this stuff for a very long time and really knows what he's talking about. So if you've got real estate investing questions as it relates to retirement planning, this is the episode for you to listen to.

How you can stop, drop, and roll for more happiness in your life.

I have noticed a tendency in my own life, where I get excited about the things that I want to purchase and the moment I get it my interest in it seems to wane. It's almost like the purchase itself decrease is the urgency with which I felt I needed that item. On this week’s “Happy Segment” of the show I'm going to suggest a three-point strategy for how you can address issues like that and I call it “stop, drop, and roll.”  I think you'll find this very helpful.

Have you ever considered “I” bonds as part of your financial portfolio?

You don't hear investment advisors talking a lot about the treasury issued “I” bonds. Why don't people talk about them? I think it's because nobody is making money from them. You can only purchase them from the United States Treasury. But that doesn't mean it's a tool that is worthless. On today's episode I am going to give you the background on what these bonds actually are, how they work, and why they might be a great tool for you to consider for certain aspects of your financial management.

Real Estate Investing for the rest of us.

Late night infomercials and reality TV flipping shows lead us to believe that real estate investing is one of the best ways to make a lot of money. And I get lots of questions about this aspect of investing almost every week. I decided that since I don't know a lot about the subject I would talk to someone who does. On today's episode of The Retirement  Answer Man I'm going to chat with Mark Ferguson, an expert on real estate investing who is going to give us the pros and cons of using rental properties as an investment strategy. This episode is full of great information that I know will benefit you. Be sure you take the time to listen.

Why are rental properties such a great investment?

Today’s guest, Mark Ferguson, is convinced that investing in rental properties as part of your financial plan is a great way to generate cash flow and profit in the long run. On this episode I get into the details with Mark about how to purchase properties with the right margins and numbers in mind, what to consider when you think about expenses and costs to the whole arrangement, and how rental properties can serve as a casual opportunity now and a great investment for the future. Mark's expertise is so helpful to hear and learn from so I encourage you to listen in to our conversation to get an idea how you can get started in real estate investing.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] My welcome to you, to this episode of The Retirement Answer Man!
• [1:00] Introduction to today’s episode on Real Estate Investing.

THE “BE HAPPY” SEGMENT

• [2:15] The tendency to buy instantly and never follow through on the promise behind the purchase.
• [5:40] The need to stop, drop, and roll. :)

HOT TOPIC SEGMENT

• [6:37] The positive turn on the S&P 500 and the price of oil.
• [7:46] The political climate is beginning to calm down.
• [8:10] What does all of this change mean to us?
• [9:26] The reality that there will always be drops and corrections.

WHAT DOES THAT MEAN? SEGMENT

• [10:46] What is an “I” bond?
• [12:30] The two ways “I” bonds pay interest.
• [14:11] The maturity range of “I” bonds and what happens if you get out early.
• [15:50] Why would you even consider an “I” bond?

PRACTICAL PLANNING SEGMENT

• [16:40] Learning about Real Estate from Mark Ferguson.
• [18:15] The basics of investing in real estate.
• [19:32] How rentals can make you money (being cash flow positive).
• [20:19] Where most of the mistakes happen.
• [21:34] How to buy rental homes that are cash flow positive.
• [22:58] The costs on rentals that can eat up your profits.
• [23:45] The biggest mistakes investors make on rental properties.
• [25:54] The necessary checks you MUST MAKE when finding tenants.
• [26:48] What you can do if you’re not in a great rental market.
• [28:06] The biggest problems with investing in rentals in unfamiliar areas.
• [29:56] How Mark handles properties in other areas that he’s interested in.
• [31:12] How to find the right team to help with necessary things.
• [32:19] The WRONG person to get into real estate rentals.
• [34:40] What Mark means when he says you have to “buy it right.”
• [36:20] Mark’s articles and resources to help people learn how to invest in real estate.

TODAY’S SMART SPRINT SEGMENT

• [37:57] What is an “affirmation” and how can they be used effectively?
• [39:53] What truthful mantra could you come up with to set you up for a great day?

RESOURCES MENTIONED IN THIS EPISODE

www.TresuryDirect.gov - where you can purchase I-bonds

www.InvestFourMore.com - where you can connect with today’s guest, Mark Ferguson

Mark (at) InvestFourMore (dot) 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

I’m so thankful - SO THANKFUL - that you have joined me once again for The Retirement Answer Man show. I’m Roger Whitney, certified financial planner and your host for the show. If you’re new to the show, I’m glad you dropped by and encourage you to dig into the many resources I have available on the website for your retirement education and planning needs. On this episode I’ll answering a listener question about paying off his mortgage when retirement is looming, what it means to approach your investments from a “market timing” perspective, and how you can be happier by preparing for future growth. All that and even more, on this episode.

If we’re going to be happy in retirement we have to prepare for the inevitable losses that will come.

The older I get the more I realize that things are going to change - and not always for the better. I’m already feeling that I’m losing my ability in various areas that are important to me, most notably in the endurance and strength I have when doing some biking. I’ve also been reminded lately through the experiences of some friends that people, pets, and other things are going to pass on as life continues. Have you ever considered what effect those things are going to have on you during retirement? More importantly, have you considered how you’re going to deal with them and still remain happy? On this episode of the Retirement Answer Man I’m going to give you my approach to that issue and how I think it could help you be happy during your retirement years.

It appears that the Federal Reserve has changed its mind - again!

You likely remember the big news a few months back when the FED finally raised interest rates - the first increase in a very long time. At that time they also forecast how often they anticipated raising rates in the future, and it wasn’t a very happy looking forecast. Well, this past week the announcement was made that the predicted increases are actually a bit more aggressive than the powers-that-be at the FED think is wise, so they are scaling back their estimation of how frequently they’ll be increasing interest rates - and that will impact how we strategize for investing and retirement. On this episode, I’m going to give you my take on this news.

Should you pay off your home with retirement funds if retirement is almost upon you?

A listener will be retiring in the next 5 years - congratulations for sticking it out, by the way - and he asks me if it’s a smart thing to use some of his retirement funds to pay off his mortgage so that he won’t have that large expense to deal with once his retirement date arrives. There are good arguments on both sides of this decision and on this episode of The Retirement Answer Man I’m going to walk you through both scenarios and give you my thoughts on what I would do were I in his shoes.

It’s time to start S-T-R-E-T-C-H-I-N-G for your better health!

This show is not focused on physical health per se, but is definitely aimed at helping you achieve the healthiest retirement you can, and we have to admit that a huge part of that puzzle includes the gigantic piece of physical health. On this S.M.A.R.T. sprint segment of the show I’m giving you my suggestion that you should begin stretching every day - and tips on what it will do for you, how you can get started, and why it matters. It sounds small, but it can produce  world of benefits!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] My welcome to you, my honored guest to this episode!
• [1:16] How you can make a comment or ask a question.

THE “BE HAPPY” SEGMENT

• [3:20] How negative situations impact our ability to be happy in life.
• [5:00] How can we deal with the losses that will happy in life?
• [5:55] My approach: a growth mindset is powerfully important.

HOT TOPIC SEGMENT

• [6:22] The FED has dropped its expectations regarding future rate increases.

WHAT DOES THAT MEAN? SEGMENT

• [8:56] What does “market timing” mean?
• [9:37] An example of market timing.
• [11:00] Why trying to predict through market timing doesn’t work too well.
• [16:13] How does a market timing approach fit into your investing goals?
• [16:50] The downside of a market timing approach.
• [21:19] Why investing is only a tool in your entire life maximization strategy.

PRACTICAL PLANNING SEGMENT

• [25:50] A listener question: 5 years from retirement - should I pay off my mortgage with retirement funds?

TODAY’S SMART SPRINT SEGMENT

• [28:41] Start stretching! Really, I mean physical stretching!

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

Welcome once again to another episode of the Retirement Answer Man podcast.  I recognize that time is your most valuable commodity, and they don't take it lightly that you are spending a significant portion of it listening to this podcast. Thank you! Thank you for the trust and confidence you are expressing in me by listening to what I have to say about retirement planning and finances. On this episode we're going to take a deep dive into the issue of diversification to help you understand how the practice is beneficial at some points in history and not so beneficial and others.

The political scene is heating up. What impact does it have on the economy?

It is March of 2016 and it looks like we are headed towards some certain to you regarding the political candidates for this election year. If things continue to go as they seem, we're going to have some very interesting choices to make. When I'm getting too political, let me just say that the economic choices in this election are very clear-cut. Should we subscribe to the “lifting up”  philosophy of economics or the “leveling down”  view?  On this episode I'm going to give you my thoughts about both of those a purchase.

You can’t play catch up in the most important areas of life.

A book I've been reading recently has reminded me of a very practical and helpful truth that impacts the way we look at retirement planning and investments. The lesson is this: you can't play catch-up in the most important areas of life. That means wise planning ahead of time is the best course of action in many of the most important things we care about. On this episode I'm going to chat briefly about what that means to me, especially in the realm of retirement planning.

Transparent conversations and the road to happiness.

One of the reasons I do my podcast is to encourage you to think about the level of happiness in your life. Retirement planning is not just about money, it's also about having a great quality of life during those retirement years. One of the things that enables you to have a happy retirement is to have happy relationships. Transparent conversations are part of building those kinds of relationships, and in this episode I share a quick story with you about how my transparency got me into trouble, but then led to a very valuable and important conversation.

Is diversification really all it’s cracked up to be?

 

For many years the concept of diversification has been one of the foundational principles upon which retirement planning and investment strategies have been built. There is a reason for that. It makes sense to have your Investments spread out over many different markets and niches, that way you can endure the ups and downs of the market that may come to one particular area but not to others. But lately there have been a lot of questions about whether or not diversification is really such a great idea. On this episode we're going index to look at the concept of diversification, how it is connected to the various index is, and what you should be thinking in terms of your retirement planning.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] My welcome to this episode of The Retirement Answer man
• [0:53] A deep look at a foundational concept this week.

HOT TOPIC SEGMENT

• [2:24] The political scene and how it impacts the financial and economic scene.
• [4:19] Should we follow the “lifting up” strategy or the “leveling down” strategy?

PRACTICAL PLANNING SEGMENT

• [5:19] The fact that you can’t play “catch up” on the most important areas of your life.
• [7:00] The reality of cumulative impact on these kinds of issues.

THE “BE HAPPY” SEGMENT

• [9:33] How my transparency got me into trouble, but also brought about a good thing.
• [11:56] What conversations do you need to have to set the stage for happiness and harmony?

WHAT DOES THAT MEAN? SEGMENT

• [12:04] What is diversification and why is it important?
• [13:30] How diversification addresses risk.
• [14:20] Does passively following the S&P 500 diversify your investments enough?

• [16:20] Examples from the 1990s and the 2000s.
• [17:40] How diversifying into world economies could be an even riskier approach.
• [20:00] Why people are questioning the practice of asset diversification.
• [22:59] Lessons we can learn from what we are seeing in diversification.

TODAY’S SMART SPRINT SEGMENT

• [26:38] Do your own “Instant Xray” on www.MorningStar.com

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

BOOK: Ask It by Andy Stanley

www.MorningStart.com - do your own Instant Xray

Get in on the “6 Shot Saturday” email list with exclusive content.

Welcome to another episode of The Retirement Answer Man, with me, Roger Whitney! My goal is that you’ll walk away inspired and ready for action. On this episode, I am your guide to financial bubbles and the preservation of your long term investments. I will also pick the brain of marketing consultant and communications strategist, Mike Kim, to identify your skill set and package your passions to pivot your career. Listen in to his calculated transition from a corporate career to an entrepreneurial endeavor. We have loads of wisdom on this episode you’ll want to tune in to!

Investment strategies in lieu of wacky elections.

We survived Super Tuesday with wild cards on all sides of the election. The lack of clarity and uncertainty can send investment markets spiraling. What are we to do with our investment strategies? Do we rush towards predictions of where the change is headed? I want to reinforce what you have already heard: put your financial airbags in place. Today, I’m talking about the return on investment of an emergency fund and the protection it offers. I want to ensure you have the flexibility to respond and not blow up your long term investments or lifestyle. Find out how to take the minimum investment risk to position yourself to achieve your goals, on this episode.

What is a financial bubble?

In our lifetime there have been financial, or economic, bubbles influencing our investments and financial stability. The difficult part is of financial bubbles is they are usually defined after the fact, because they expand beyond their norm and then blow up. Think back to the technology stocks increase from the dot-com explosion, or the real estate rise and burst, or the massive lending that crashed. These are economical cycles characterized by a rise and excess that end in a burst. Are we in the midst of one? And how do you get ahead of retrospect and capitalize on a bubble? Tune in to visualize these bubbles patterns.

Planting one foot to pivot.

Today, I talk with Mike Kim, a marketing consultant, communications strategist, and writer, about his personal pivot from a 9-5 corporate grind to an independent career of serving small business owners in strategy and marketing. Mike offers insight to a career transition that starts with self-assessment of what value you are bringing to your current corporate job. Listen to Mike’s breakdown of his corporate job description versus what experience he actually gained from his day to day actions. A pivot is picking a pillar foot to turn the rest of your body based on where you foot is planted. How did Mike do it? And how can you? Listen in to how you can design your plan to pivot and work more independently.

Strategizing your side hustle.

Mike Kim has made all the mistakes so you don’t have to. Today, I ask him for a plan that we can all learn from. Mike has a “Pivot Pathway Process” to establish perimeters you can live and thrive within. Do you have a viable business plan? Do you have accountability? Listen in to get on track in projecting your progress. Take what you have learned from your day job and apply it to your hustle. If we take actions, we will get results. I love Mike’s strategy and approach to take control of your own life and find the freedom you desire. Tune in to get a taste of what you’re truly hungry for.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Roger’s introduction to this episode.

 

THE HAPPY SEGMENT

• [2:08] Rogers’s perspective shift on annoyances from loved ones.

HOT TOPIC SEGMENT

• [4:53] Top stories this week: the election
• [5:07] Post Super Tuesday
• [6:40] Taking appropriate financial measures in light of the elections.
• [8:48] The right amount of risk.
• [9:37] Slowing down spending during times of uncertainty.

WHAT DOES THAT MEAN? SEGMENT

• [10:07] Financial bubbles.
• [11:00] What is a financial bubble in our economy?
• [11:53] Getting a bubble right.

PRACTICAL PLANNING SEGMENT

• [13:00] Introduction of guest, Mike Kim.
• [14:08] Conversation with Mike about pivoting.
• [15:39] How do you decipher your pivot when you’re in the corporate grind?
• [17:02] Assessing your value in your corporate job.
• [18:43] An example of analyzing your job description and what you actually do.
• [21:32] Identifying your skill set and packaging your passions to pivot.
• [22:43] How to plan a pivot with a S.M.U.G. plan.
• [25:34] Where to focus your side income to make a pivot.
• [27:00] Comparing asking for a corporate raise to an entrepreneur’s beginning side income.
• [28:40] You do not have to hate your day job to want control and freedom.
• [29:13] The key is initiative.
• [31:46] A change in Mike’s strategy.
• [33:10] Clues, testing, and moving forward while being unsure.
• [36:20] Common mistakes on the pivoting pathway.
• [43:13] Connecting with Mike Kim

TODAY’S SMART SPRINT SEGMENT

• [44:53] Brainstorming homework for your week.
• [46:00] Roger’s wrap up and contact information.

 

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

Roger’s email: roger@wwkllc.com

Mike Kim’s website: www.thepivotcourse.com

Welcome once again to another episode of The Retirement Answer Man with Roger Whitney...me! It’s my goal to help you prepare for your retirement in a way that equips you to be happier, healthier, and more “on purpose” during your retirement years than you ever thought possible. On this episode I’m going to walk you through a number of things that should help you down your retirement path, including a discussion of what the term “index” means, what history has to tell us about investments during election years, and 3 listener questions that hit on very practical issues when it comes to retirement planning.

It’s an election year! How does that impact your investments?

In light of this being a Presidential election year, some polling has been done recently to assess how people are feeling about government overall. It appears than more people than ever are in a place where they mistrust or even hate the government. There may be valid reasons for that sentiment, maybe not. But the point that I want to make in response to those polls is that none of us should allow our hatred or disdain for the government to impact our retirement strategy. It’s not a good investment plan for a lot of reasons and I’m going to tell you why on this episode.

What is an “index” anyway?

There are a variety of financial indexes that you hear mentioned off and on, the main one being the S&P 500 index, but what do they actually mean? On this episode I’m going to explain to you why these indexes are actually imaginary portfolios and how they are designed to help us get a general feeling for what the market is doing in light of the performance of certain companies that may be contained within that imaginary index. Confused yet? You won’t be if you listen to this section of the show.

I just received an inheritance and wonder what I should do with it?

A listener to the show asks the question today, about an inheritance they received and what they should do with it. There are all kinds of options, paying off debt, investing in IRA or retirement accounts, setting aside money for that rainy day, and even more. What I suggest on this episode is that your first step should not be any of those. Instead, I advise patience. You can hear why I think patience is the greatest  first step when it comes to an inheritance or some other financial windfall, on this episode.

Why is it a bad idea to simply invest according to the S&P 500?

Many investment advisors, including me, often point out that the S&P 500 index average is much higher than most investment portfolios out there. On today’s show a listener asks why it is not a good idea to simply invest along the lines of what the S&P 500 index does. He knows it wouldn't be a perfect investment strategy but it would at least be 80% of the way there. I've got some thoughts about this, and share them with you on this episode, because I don't want you to fall prey to the natural weaknesses of human nature. What does that mean? You'll have to listen to find out.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Welcome to this episode!
• [0:56] Why I want you to sign up for Six Shot Saturday!

HOT TOPIC SEGMENT

• [2:16] Presidential elections and how it impacts the market.
• [3:28] Why hating the government is not an investment strategy.
• [4:01] What history has to say about investments during the political cycle.

WHAT DOES THAT MEAN? SEGMENT

• [8:44] What is an “index?”
• [10:29] How indexes work and why it matters to you.
• [12:37] How various companies within an index have varying impact on the index.

 

PRACTICAL PLANNING SEGMENT

 

• [15:20] QUESTION: What should I consider when I receive a windfall or inheritance?
• [21:29] QUESTION: Should I start increasing cash reserves now in anticipation of retirement?
• [25:31] QUESTION: What is wrong with putting all of my investments in the S&P 500?

TODAY’S SMART SPRINT SEGMENT

• [33:08] A great way to clear out your email inbox from all the trash!

THE “BE HAPPY” SEGMENT

• [34:44] Creating room for activities that help you enjoy your retirement.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com

Text “Six Shot” to “33444” to get signed up for Six Shot Saturday

Want to talk to me about becoming a client? roger (at) wwkllc.com

http://www.rogerwhitney.com/learn/ - get your “Advisor checklist”

www.unroll.me - clean out your inbox

Welcome back to The Retirement Answer Man Podcast, I am your host, Roger Whitney. Some people know me as THE Retirement Answer Man and I’m here to help YOU make the most of your retirement years, not only through wise financial planning, but also through maximizing your life to be exactly what you want it to be. On this episode I’ve got some thoughts that I think will help you simmer down the worry kettle that may be cooking inside you. I hope you take some time to listen to this episode to understand how you can remove some of the worry and stress you may be feeling.

 

We love low gas prices, but what impact is it having on the global economy?

 

I’m sure you’ve been to a gas station lately. The low prices at the pump are a welcome relief, to be sure. But the thing we don’t think about is that our little corner of the world is benefitting from gas prices at the expense of those who produce it. Some stats are showing that major petroleum producers have seen a 70% drop in profits recently. What impact does that have on us (besides the lower gas prices)? I’m going to fill you in on the worldwide implications of low oil prices and give you some thoughts to consider about your response to them.

 

Have you heard the term “black swan” in financial talk lately?

 

Isn’t it great how the powers that be in the financial industry like to come up with all these dramatic names to describe certain phenomena? The term “black swan” is one of those that you hear now and then, especially in times when world events are a bit hectic or volatile. What does it mean, and more importantly, why should you care? I’m going to fill you in, on this episode of the podcast, and I’m going to point you toward an understanding of world events that can help you feel a bit more at ease.

 

How confident and at peace do you feel in light of what’s happening in our country and in the world right now?

 

If you’re like most people, world events like hunger, wars, terrorism, elections, and a host of other things can get you kind of wound up inside. There appears to be every reason to be stressed, worried, and concerned about the future in light of what’s happening now. Whenever I feel that way I find it’s very helpful for me to take a look backwards, at similar times in the past. What good does that do me? You’ll find out by listening to this episode of The Retirement Answer Man, and I hope you’re helped by it.

 

Here’s a practical SMART Sprint you can do today!

 

Every week I bring you a short, timely, practical thing you can do to take better control over your financial future a small step at a time. I call it the SMART Sprint and today’s has to do with your retirement accounts, the amount you’re having taken out from each paycheck, and a simple way you can get ahead of the game so that come the end of the year, you’re not in a panic about contributions and deductions. Are you interested? Be sure to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:27] Roger’s introduction to this episode.
• [0:50] How you can get in on “6 Shot Saturday.”

 

HOT TOPIC SEGMENT

 

• [2:33] Announcements from the oil industry attempting to stabilize the oil markets.
• [4:30] The impact the oil market downturn is having on the world.

 

WHAT DOES THAT MEAN? SEGMENT

 

• [6:55] What is a “black swan?”

 

PRACTICAL PLANNING SEGMENT

 

• [8:48] How confident do you feel in light of what’s happening in our world and in our country?
• [10:55] A historical look at similar world and financial issues.
• [18:31] Is the U.S. in its “twilight” economically?
• [22:48] What is with all the global violence?

 

THE “BE HAPPY” SEGMENT

 

• [27:03] One way to leverage yourself toward happiness this week - “Time Will Tell.”
• [26:34] Happiness for you is different than it is for another person.

TODAY’S SMART SPRINT SEGMENT

 

• [27:43] When’s the last time you’ve checked your contribution account amounts?

 

RESOURCES MENTIONED IN THIS EPISODE

 

Text “Sixshot” to “3444” and get Roger’s Six Shot Saturday emails.

 

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

I am so thankful, yes THANKFUL that you have decided to take the time to join me for another episode of the Retirement Answer Man. This show is a labor of love to me and I can’t express how wonderful it is for me to know that you’re finding value in what I’m sharing. On this episode we’re going to chat a bit about the markets. Man, they’re really stinky right now. But what does that really mean? While we can’t predict the future, there IS something we can do to help us get our bearings in such terrible markets, and I’m going to share that, some listener questions, and some thoughts about being happy in retirement, on this episode of the Retirement Answer Man.

 

Are you signed up for my “Six Shot Saturday” email list?

 

I’ve begun a new email list that features six simple, short, actionable tips you can use right away to help you better position yourself for retirement, plan your life, and live a better life. You’ll get those every Saturday, right in your email inbox, and I’m certain they’ll be a great asset to your life. You can find out how to get on that email list (and get some special content you can’t find anywhere else) by listening to this episode.

 

Inflation is a buzzword we hear all the time, but do you know how it impacts you?

 

It seems that ever since the 1970s the word “inflation” has been added to everyone’s vocabulary. The first thing we think of when we hear it is increases in the price of goods we purchase. But there’s more to inflation than just that, and on this episode of the Retirement Answer Man I’m going to walk you through what you should be thinking about when it comes to the issue of inflation and how you can better address your particular situation in light of it.

 

What do you think, is the stock market going to stay this bad all year?

 

The 2016 stock market has started out with a very loud “THUD.” It’s terrible, the worst returns we’ve seen in years. The financial analysts and talking heads on the news channels are talking the possibilities of a bunch of doom and gloom for the rest of the year as a result. But does a bad start like this necessarily mean that we’re going to have a terrible year in the markets? On this episode I’m going to look at some historical data about situations just like this to help you get out of the emotional response and into a data driven way of thinking about it. I think this will be very helpful.

 

What kind of person do you want to be in retirement?

 

You know, retirement has more to do than being off work and playing on the beach or at the golf course. It’s really about quality of life and one of the main things you need to consider when you think about that is the kind of person you are. This week I noticed some older pictures on my Facebook wall and it reminded me of some of the adventurous things I’ve done in years past. It got me thinking about the future and the person I want to be when I get there. I think this edition of my happy segment will give you a bit of inspiration for your retirement years, so be sure to listen.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Roger’s welcome to this episode of the podcast.
• [0:58] Can you share the show with someone?
• [1:34] Sign up for the “Six Shot Saturday” email.

 

WHAT DOES THAT MEAN? SEGMENT

 

• [3:27] What does “inflation” actually mean?
• [4:20] How inflation is tied to the Consumer Price Index.
• [6:07] The things the CPI impacts.

HOT TOPIC SEGMENT

 

• [7:36] Is the stock market going to stay this stinky?
• [9:20] The predictions the financial media is making.
• [9:43] What history shows us about years like this.
• [10:53] Roger’s calculations compared to history.
• [12:52] Roger’s download you can get through the Six Shot Saturday list.

PRACTICAL PLANNING SEGMENT

 

• [13:43] QUESTION: Does inflation have less impact on retirees?
• [18:51] QUESTION: How to handle the stresses of the market.

 

THE “BE HAPPY” SEGMENT

 

• [23:23] Facebook, memories, and happiness.
• [24:50] The power of keeping focused on who you want to be in years to come.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Text “SixShot” to “33444” to get on the “Six Shot Saturday” email list

 

www.RogerWhitney.com/RPL - Find out more about 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

 

The Real Britain Index

 

Article in New Economics

 

Welcome once again to The Retirement Answer Man show. I’m Roger Whitney, AKA the Retirement Answer Man. This episode of the show is one where I really get to live up to that name, because I’m answering two very practical listener questions covering how to figure out your “risk tolerance” in light of the different types of investment vehicles you have in your portfolio, AND whether or not it’s smart to get your money out of the financial system altogether by investing in real estate. As you can see, there’s some great stuff on this episode, so be sure you take the time to listen.

What is “risk tolerance” and what’s wrong with the way we assess it?

You may have heard the term “risk tolerance” before. If you’ve got any experience in the investments arena you surely have. But what does it mean? In short, it’s the amount of risk you’re willing to endure in order to potentially get greater returns on your investments. But I have to admit that I’ve got a pet peeve about this whole concept… and I’m not really sure it’s the best way to go about assessing what you should be investing in. Why? I’d love to fill you in, and I will on this episode.

Should you be following the advice of those making market predictions?

The very short answer is “no,” you shouldn’t. But do you know why? It’s almost every day that you hear somebody espousing another “new” way to invest that gives greater returns, do you know why it would be a mistake to follow the advice of these people? It’s because I have a quarter that has a better chance of determining the right investments for your money. Really, I do! If you’re confused, that’s OK, I’ll unpack all of that and more as I tell you why those making market predictions are not to be trusted, on this episode.

Should you take money from your retirement accounts and put it into real estate investments?

On this episode a listener admits that he’s very skeptical of the whole investment scene because of Madoff and other scandals. He simply doesn’t trust it anymore. Instead, he’s considering putting his money into real estate in the form of rentals. Is that a good idea? I’m not one to discourage real estate investing by any means, but I’m also not sure that taking all of his money out for that purpose is wise. And I’m not sure that skepticism is the best reason to do so, either. You can hear why I say both of those things, on this episode.

Should you treat your various retirement accounts the same when it comes to risk assessment?

One of my listeners today asks this great question. It’s great because it’s taking into consideration the things that should be considered. Think about it. You have varying investment vehicles that you use - IRAs, 401K, bonds, stocks, etc. Each of them has their own unique characteristics, including time frames and investment strategies. Doesn’t it make sense that you’d want to have a unique approach to your risk assessment in light of those kinds of characteristics? On this episode I’m going to walk you through the basics of how to think about those kinds of issues!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:26] Roger’s thanks and introduction to this great episode.
• [1:20] How you can get Roger’s “6-shot Saturday” emails.

WHAT DOES THAT MEAN? SEGMENT

• [2:45] Today we define the term “risk tolerance.”
• [3:20] Questionnaires you may face when determining risk tolerance.
• [5:41] The problems Roger has with some of the “best practices” behind risk tolerance.

HOT TOPIC SEGMENT

• [11:11] A confession from Roger.
• [12:05] Should we listen to market forecasts? Why not?
• [14:19] Forecasting isn’t about predicting the market, it’s about marketing the prediction.

PRACTICAL PLANNING SEGMENT

• [17:26] QUESTION: Does it make sense for us to redirect some of our 401K money into rental properties?
• [26:55] QUESTION: Should I handle my risk tolerance allocations the same in all my various accounts?

 

TODAY’S SMART SPRINT SEGMENT

• [31:35] A question to ask when you make a purchase anytime this next week.

THE “BE HAPPY” SEGMENT

• [32:16] Some insight from a friend of Roger’s about the issue of happiness in spite of difficulties.

 

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

http://www.nolo.com/legal-encyclopedia/is-that-residential-real-estate-investment-property-worth-it.html  

Welcome back to the Retirement Answer Man… my name is Roger Whitney and I am a certified financial planner, and your host of every episode of the show. This show is all about you - your retirement, your future, and your life. I want to help you think about your finances and retirement planning in a way that enables you to make wise decisions that lead to the kind of lifestyle that best fits the future you want to enjoy. On this episode I’m going to answer some listener questions, fill you in on the impact of “negative interest rates,” and give you some thoughts from my own life about a happiness perspective that can make your life much more peaceful. Interested? Be sure to listen.

 

Be sure you get in on my next free webinar!

 

If you’re at the stage in life where you need to begin putting together an investment portfolio, you’re reading this at exactly the right time. Coming up in March of 2016 I’m going to be doing a free webinar that addresses how to construct and manage an investment portfolio. It’s going to be packed full of valuable information and allow for questions and answers at the end. If you’d like to be a part of that helpful webinar, I’d love to have you attend. Just listen to this episode of the show to find out how you can get signed up.

 

Negative interest rates? Is that even a thing?

 

Believe it or not, yes - negative interest is a real thing and we just found out about it in the real world right here at the end of January, 2016. Japan’s central bank announced that it is putting a “negative interest” policy in place in an effort to prop up the country’s economy and get a recovery of sorts underway. The move allows for banks and lending institutions to actually charge depositors for putting their money on deposit with the bank. That sounds crazy, doesn’t it? Why would anyone pay to have their money in a bank? I’m going to walk you through it and tell you how it could impact you, on this episode.

Did you know there’s a point where tax deferred investments are NOT the best way to go?

 

It’s true. Depending on quite a number of variables, you may not want to put your retirement savings, or at least a portion of it, into tax deferred accounts like IRAs. It has to do with tax brackets and income levels during retirement, and it’s an important thing for you to understand so you don’t put yourself in a position where your tax deferred accounts are actually hurting you financially. Find out the details on the Q&A section of this podcast episode as I respond to listener questions about the topic.

 

One way to increase your happiness is through trust.

 

You don’t have to be a religious person to benefit from learning to trust. There are simply too many things in life that are difficult to comprehend and impossible to predict for us to go around trying to figure them all out. There comes a point where we simply have to trust that things are going to work out for the best. In this week’s “Be Happy” segment, I share my own trust journey with you and ask you to consider, “Where could you learn to trust in a way that benefits your journey?”

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:21] Roger’s introduction and welcome to this episode.
• [0:44] Thanks to all the Retirement Plan Live participants!
• [1:14] An upcoming webinar: Constructing and Managing an Investment Portfolio.

WHAT DOES THAT MEAN? SEGMENT

 

• [2:41] What are negative interest rates?
• [4:40] Why would a bank charge negative interest rates?

 

HOT TOPIC SEGMENT

 

• [6:14] Why are negative interest rates of interest to you and me?

 

PRACTICAL PLANNING SEGMENT

 

• [9:39] 3 listener questions…
• [10:15] Advice for people who want to pull everything out of the stock market.
• [18:06] What is better financially, tax-deferred investments or something else?
• [24:55] Should I be investing in IRAs at my age?
• [27:20] How to ask your questions.

TODAY’S SMART SPRINT SEGMENT

 

• [27:31] An easy sprint: create a folder!

 

 

THE “BE HAPPY” SEGMENT

 

• [28:23]   

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

Good day to you gain, my friends, and welcome to this edition of The Retirement Answer Man, my name is Roger Whitney, your host! Today we are smack in the middle of our “Retirement Plan Live” event and you’re going to get to hear another conversation I had with Linda (of Linda and James) about their retirement planning. My hope is that our conversations spur you to consider your retirement planning and can help you make some adjustments that set you up for a better future and a happier life. Listen in as we tackle the issue of risk management.

What IS risk management?

Risk management is not a term that is only used in the investment realm, companies of all kinds try to manage their risks. But what does it really mean to engage in risk management? In this episode’s “What does that mean?” segment, I’m going to define risk management and let you in on a little secret: it’s not what many people think it is. You’ll have to listen to find out.

Risk Management and Planning for Retirement.

As I talk with Linda today about her retirement plan, we get into a lot of very detailed thoughts she’s been having about the investments she and her husband have made toward their “happily ever after” retirement. We talk about bonds VS bond funds, health care risks, long term care, elder care for her aging mother, college education for their kids, and a whole lot more. You’ll be impressed at how astute Linda is with this stuff, and I’m pretty sure you’re going to learn something from her questions, so be sure you give it a listen.

What would happen if you could get out of “what if” thinking and into “what can I do” thinking?

I’ve spent a good deal of my life worrying about things. It’s very sad, but entirely true. I had to learn (the hard way many times) that the “what if” thinking that I tend to get into only generates anxiety. There’s nothing helpful about it in most cases. The key is to turn my thinking toward, “What can I do?” thinking instead, and in today’s “Happy Segment” I want to show you how that one little adjustment can help you get out of victim mode and into action mode, which adds up to much more peace and satisfaction in life.

It’s not too late (at least not today as I write this)!

The final webinar of this year’s Retirement Plan Live event happens in two days from the publication of this episode, and the only way you’ll get to hear how Linda and James’ retirement plan comes together and whether or not it looks like they’ll be able to reach their ideal retirement goals, is to be a part of that webinar. You’re going to be able to ask questions of your own as well as learn from the things I advise Linda and James to do… but not if you don’t sign up. Go to www.RogerWhitney.com/RPL to sign up!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:25] Roger’s personal “Thank You” - for everything you do to encourage the show!
• [1:21] The introduction of today’s episode of Retirement Plan Live, and your invite to the LIVE webinar!

HOT TOPIC SEGMENT

• [3:32] What’s going on in the markets - the S&P Index.

WHAT DOES THAT MEAN? SEGMENT

• [8:01] What is risk management?
• [8:42] Why you can’t remove risk altogether.

PRACTICAL PLANNING SEGMENT

• [13:10] Linda and James’ risk management assessment.
• [18:00] Bonds VS Bond Funds
• [25:16] Health risks.
• [27:56] Long term care risks.
• [31:14] College and education expenses.
• [37:03] Supporting an elderly parent.
• [41:21] Adjustments Linda and James have made in their investment strategy in the past.

TODAY’S SMART SPRINT SEGMENT

• [45:48] Identify 1 risk that you feel you have in your life and go through the checklist of what you could do about it.

THE “BE HAPPY” SEGMENT

• [47:27] Why it’s helpful to accept that you can’t figure it all out.
• [48:25] Why risk is not always an intellectual conversation.
• [49:03] Changing from “what if” questions to “how can I” questions.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

Hey there, welcome back to another episode of The Retirement Answer Man. I’m Roger Whitney - THE Retirement Answer Man - and in case this is the first time you’ve ever wandered over to my show, welcome! I’m so glad you’re here. You’ve jumped right into the middle of my “Retirement Plan Live” series, where I’m helping a real life couple, James and Linda, do their very own retirement plan on the podcast for everyone to hear. You’ll hear lots of interesting things to consider as well as find out how you can play along and receive your own downloads to do your own retirement planning right alongside us. Find out more on this episode.

The financial markets are a bit frightening right now.

 

The talking heads are saying that we’ve had the worst financial start to a new year since the great depression. That’s a comforting thought, isn’t it? But all kidding aside, an unstable time like this can be very unsettling on the average investor, and for all you above average folks too! So what should you think about a time like this? More importantly, what should you do? On this episode I’m going to walk you through a few things you should consider and give you some practical steps you can consider as well.

 

Have you ever drawn up your own “net worth” statement?

 

In my humble opinion, your net worth statement is one of the most vital documents you can use for your financial and retirement planning. It’s a quick, year to year snapshot of your financial picture that enables you to quickly see if you’re getting ahead or falling behind. On this episode you’re not only going to hear me explain what a net worth statement is, but I’m also going to do a real live example of how to create one, so make sure you listen to this episode.

 

Today’s S.M.A.R.T Sprint: Update your net worth statement.

 

If you don’t have an updated net worth statement, today is your lucky day. On this episode I walk Linda through the variables that need to be considered in calculating a net worth statement and I also share where you can get a handy dandy worksheet to help you create your own net worth statement. The New Year is a great time to get this document created so that you can begin to use it on an annual basis to keep track of your financial health.

 

A great tool for happiness as you move into retirement.

 

Many people (me included) get so busy with their careers and the responsibilities of life that they forget to invest in one of the most important, long-lasting resources they could have: friendships. I’d hate to see you facing retirement all alone, without a support system of good friends in place. On this episode I tell you my brief story of how I’ve begun to surround myself with friends and build good friendships, and how it can serve to equip you for the retirement stage of life.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:32] Roger’s welcome to you and the introduction to this episode.

 

HOT TOPIC SEGMENT

 

• [2:18] What’s going on with the markets these days?
• [4:20] How oil prices impact the political situation.
• [8:01] How the current Presidential race impacts investment planning.
• [9:20] Things to consider during tumultuous times like this.
• [14:41] What should you do?

WHAT DOES THAT MEAN? SEGMENT

 

• [19:29] What is a “Net Worth” statement?
• [20:22] Why a “net worth” statement is one of the most critical documents you can have.

PRACTICAL PLANNING SEGMENT

 

• [20:50] Retirement Plan Live is on! - Creating a net worth statement.
• [22:36] Current income for Linda and James.
• [25:11] Retirement income resources.
• [26:26] Additional income sources from work during retirement.
• [30:40] Current debt and terms.
• [32:12] Assets to consider.
• [37:50] Tax deferred investments and retirement plans.

TODAY’S SMART SPRINT SEGMENT

 

• [47:00] Today’s S.M.A.R.T. SPRINT: Update your net worth statement.

 

 

THE “BE HAPPY” SEGMENT

 

• [48:13] How to find a band of brothers (or sisters) who can support you.

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - Find out more about 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

www.RogerWhitney.com/35 - The episode on market corrections.

It’s here! You know you’ve been waiting for it and now I’m able to bring it to you… this year’s installment of Retirement Plan Live! This is YOUR opportunity to hear me walk through a real life, honest to goodness retirement plan with a very real couple - Linda and James. Today we’re going to start dreaming big with Linda to discover all the things that the two of them desire to go into their retirement. And you can play along if you like by downloading my free resources to help you dream up your own grand retirement as well. Just listen to this episode to hear how you can get involved in Retirement Plan live!

There’s a free Q & A session about retirement planning as part of this RPL event!

 

I want the Retirement Plan Live event to be the most practical, helpful, empowering session of podcast audio you’ve ever listened to (at least when it comes to retirement planning), so I’ve packed this event with resources for your benefit and consideration. One of those is an upcoming LIVE Q & A session where you and all the other RPL participants can get on a video chat with me, Roger Whitney, to ask your retirement related questions. Nothing’s off limits, so be sure you listen to find out how you can get into that free Q & A session.

Why you should stick to your plan when the markets look so bad.

 

Well the henhouse is clucking… it’s all the financial analysts and talking heads, telling us that the first week of 2016 is the worst we’ve seen since 21008. When that sort of news comes out, everyone gets up in arms. So what should you do? How does it impact your investment strategy? On this episode I’m going to unpack what you should do, and it begins with that well-conceived plan you’ve already come up with! Be sure to stick around for that portion of the show.

When missing your retirement goals are not a failure.

 

Goals are important. They’re the things we aim at when we’re trying to accomplish those big retirement dreams we’ve come up with. But did you know that missing a retirement goal does not mean you’ve failed? On this episode of The Retirement Answer Man I’m going to tell you why goals are desires and not predictions, and when it’s entirely appropriate for you to let go of at least some of your retirement planning goals. You might be surprised at what I have to say.

 

What goes into a good retirement plan? It all starts with a dream.

 

It’s impossible for anyone to project every expense that’s going to come up during the retirement years. But you’ve got to start somewhere… and I’ve learned that the “somewhere” you need to start is with a dream of what you want your retirement to be like. On this episode of the Retirement Answer Man, I’m chatting with one of our Retirement Plan Live participants, Linda, about what she and her husband James desire their retirement to look like. It’s a great peek into what this essential first step looks like, and can help you do the same thing for yourself.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:30] Roger’s introduction of today’s episode and the topic of today’s episode.
• [1:20] How you can plan alongside James and Linda with free resources.  

 

HOT TOPIC SEGMENT

 

• [2:16] The worst, first week of the year since 2008.
• [3:22] The need for caution.
• [3:40] What contributes to such a bad start?
• [5:40] What should WE practically do in light of these things? 3 things…

 

WHAT DOES THAT MEAN? SEGMENT

 

• [9:37] A very fancy term: GOALS (in terms of dreaming up your retirement).
• [10:48] When missing a goal is NOT a failure.

 

PRACTICAL PLANNING SEGMENT

 

• [12:15] It all starts with a dream of what you want.
• [13:54] Dreaming up a retirement plan with Linda and James.
• [15:06] The ideal date Linda and James want to retire.
• [17:05] The worst case acceptable retirement age.
• [18:06] An idea lifestyle budget.
• [20:22] Things Linda and James desire for their retirement (goals).
• [24:75] Automobile expense planning.
• [25:30] Major purchases.
• [27:01] The “spice” part of the budget.
• [28:05] Living arrangements for retirement.
• [30:18] Subsidizing parent care.
• [31:15] College expenses for the kids.
• [33:35] “I don’t want to die broke.”
• [35:00] Health care expenses.

TODAY’S SMART SPRINT SEGMENT

 

• [37:39]  Do your own retirement plan.
• [41:37] The live Q & A session.
• [42:04] How you can get involved.

 

THE “BE HAPPY” SEGMENT

 

• [43:27] Roger’s “Be Happy” goal for this year.
• [44:00] The Daily Journal.

 

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - Find out more about 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

 

BOOK: 20,000 Days And Counting

 

 

Happy 2016 to all of you retirement interested folks out there, this is Roger Whitney, and in these parts I’m known as The Retirement Answer Man. I do a podcast each week to help you think about, plan for, and maximize your retirement years so that you can enjoy life, live to the fullest, and be the greatest blessing you can be to the world. I’ve got another great episode of the show today, including a short chat about the various interest rates that impact you and your monthly budget, a conversation with two friends of mine from the Stacking Benjamin’s website team about how you can save 50% of your income, AND the latest news on my upcoming Retirement Plan live event. Be sure to listen, there’s lots of good stuff in store.

 

Retirement Plan Live starts next week!

 

If you haven’t heard, you need to know: Beginning last year I created an annual “Retirement Plan Live” event that is aimed at helping you see how a professional retirement planner like me goes about helping an average Joe like you, plan for and execute a retirement plan. It’s packed full of all kinds of insights I can’t even begin to describe here. But in addition to all that goodness, you can plan alongside us using a ton of free resources that I’m providing for this year’s event. If you’d like to sign up to “plan along” with me and my RPL participants this year, listen to this episode to get the details on how you can do that.

 

The FED raised interest rates. So which rate are they talking about?

 

A few weeks ago the Federal Reserve Bank raised interest rates after a very long time of not touching them. That step is all abuzz in the news lately, but I wonder, do you know what rate it is they’re talking about and how it impacts you and your money? On this episode of The Retirement Answer Man I’m going to walk you through the 3 main rates that affect you, tell you what each of them is, how they impact each other, and what you need to be thinking about in light of this recent rate hike. Sound like something you’d like to know? Then be sure to listen.

 

Interest rates went up… but not the ones you were hoping for.

 

Yes, the Federal Reserve did increase the major interest rates a few weeks back, and that means you’ll be seeing higher rates when you want to buy a home, finance a car, or get a credit card. But it DOESN’T necessarily mean that you’ll see the interest rates offered for savings accounts, money markets, or CDs going up anytime soon. Why is that? In this episode of The Retirement Answer Man I’m going to explain that little known business practice to you and fill you in on what you can expect to see happening in savings interest rates over the next few months and years.

Sounds crazy, but you could save up to 50% of your income.

 

The #1 thing most Americans surveyed say they’d like to change about their financial practices is that they’d like to put more of their hard earned cash into savings. That’s no surprise, but what might surprise you is that there is actually a way that you can save as much as 50% of your income each and every month. I know it sounds crazy, but my guests on this episode of the podcast - Kathleen and Joe - from the Stacking Benjamins team are going to fill us in on how their new program, Save50, could help you do exactly that. You won’t believe what you’re hearing, and how simple it really is. Be sure to give this conversation your attention.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:30] Happy New Year and Happy 100th episode, from Roger!
• [1:10] Roger’s introduction to this episode and our guests.
• [1:33] Next week, Retirement Plan live begins: here’s how you can play along!

WHAT DOES THAT MEAN? SEGMENT

 

• [4:15] An interest rate primer.
• [4:49] The 3 basic interest rates and how they can affect you.
• [5:10] The FED Funds Rate.
• [6:03] The Prime rate.
• [7:11] The Libor rate.

 

HOT TOPIC SEGMENT

 

• [8:34] Why the increase in the Prime rate is important and how it could impact you.
• [10:38] Why you shouldn’t expect savings rates to go up as a result.

 

PRACTICAL PLANNING SEGMENT

 

• [11:31] The top financial resolution of most people: Saving more money.
• [12:42] Why savings is an important component of a retirement plan.
• [13:10] How to start a super saver program: with Kathleen and Joe of Stacking Benjamins.
• [14:30] The campaign Joe and Kathleen are working on in 2016!
• [15:57] How Kathleen discovered she could save half her income.
• [18:19] How is it even possible for the average person?
• [20:42] Forgiving yourself for where you are at as the first step.
• [22:03] Two things to do to take the next step.
• [27:00] Why there’s only so much “frugaling” you can do.
• [29:00] The outline of the course.
• [30:40] How systems and community can make a huge difference.
• [32:12] What you can do if you’re behind the eight ball on this?

 

TODAY’S SMART SPRINT SEGMENT

 

• [33:44] Today’s smart sprint: staying off of social media.
• [34:58] The value of limiting social media time and how you could benefit from it.

 

THE “BE HAPPY” SEGMENT

 

• [37:01] A TED talk by Dr. Robert Waldinger about a study on adult happiness.
• [38:20] The 3 discoveries that determined the happiness of the men studied.

 

RESOURCES MENTIONED IN THIS EPISODE

 

www.Save50.org - The Save 50 Program

 

www.StackingBenjamins.com

 

www.RogerWhitney.com/RPL - Find out more about 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

Welcome, welcome, welcome - to another episode of The Retirement Answer Man. My name is Roger Whitney and I am your host, companion, and guide to this episode, where we are going to navigate the farthest reaches of retirement theory and financial planning to help YOU create the retirement and future of your dreams. (Wow, that was a lot). On this episode I’ve got a bunch of good stuff for you, including the definition of a VERY important term (maximum drawdown), my take on the decision the FED made to raise interest rates, and I also get the great honor of introducing you to this year’s participants in my Retirement Plan Live event - James and Linda (not their real names). It’s packed, as you can see… so let’s get into it!

 

What in the HECK does “maximum drawdown” mean?

 

One of the features I’ve added to the Retirement Answer Man podcast recently is the “What Does That Mean” segment, where I explain sometimes complicated and other times boring terms that you really do NEED to know in order to plan wisely for retirement. This week, at the suggestion of a listener (Thank you, Rocky), I’m going to unpack the term “maximum drawdown.” You’ll not only hit the “stop” button at the end of this episode having learned what the term means, you’ll also know why it’s important in thinking through your retirement planning strategy when it comes to risk.

 

Well they finally did it. The Federal Reserve raised interest rates.

 

It’s been an unprecedented time of low interest rates for far longer than is normal, but just recently that came to an end as the FED finally decided to raise rates. It’s bad news for homebuyers but for everyone else it could actually be some very good news? Why? I’m going to tell you why. In fact, I’ve got 5 reasons for you to consider the interest rate hike a very good thing. It’s on this episode of the Retirement Answer Man, along with a lot of other goodies, so make sure you set aside the time to give it a listen.

 

This year’s participants in the Retirement Plan Live event are… (drumroll, please)

 

James and Linda! This couple has graciously agreed to lay their financial lives bare before the world as we do a few weeks of live planning sessions using their real numbers and situation. It’s an opportunity for them to get help and for you to learn a ton as I take them step by step through the things they’re looking to do towards retirement, saving for their children’s college educations, and supplementing an aging mother’s income. It’s a load of stuff and I’m eager to get into it with them. You can join us by doing your own planning right alongside… and you can get free resources to help you in the process. Give this episode of The Retirement Answer Man a listen so you can find out how to get the resources and when you can join us for the RPL sessions.

 

Instead of a New Year’s resolution, how about a whole life challenge?

 

Since New Year’s resolutions typically don’t stick, how about trying something different. Beginning in January I’m going to be taking part in a “whole life challenge,” a methodic way to intentionally work toward improvement in a handful of life areas. I’ve done this particular program before and found it very helpful. I’d like to invite you to join me this year as I start the program again. It’s a paid program (I’m paying, too), but I think you’ll discover that the support and accountability of doing it together will make it more than worth the cost. If you want to find out more… listen to my explanation of it near the end of this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Roger’s introduction to this episode.
• [0:40] What to expect from Linda and James, this year’s Retirement Plan Live participants.
• [1:35] Get your own resources to work alongside this year’s Retirement Plan Live (it’s free).

 

WHAT DOES THAT MEAN? SEGMENT

 

• [3:58] Why Roger is talking about “maximum drawdown” - a listener question from Rocky.
• [5:47] What IS maximum drawdown?

 

HOT TOPIC SEGMENT

 

• [9:50] The FED has finally raised interest rates…what’s it mean for you?
• [11:06] Reason #1 to like the rate hike: We now KNOW what’s happening.
• [11:52] Reason #2: The economy is progressing.
• [12:56] Reason #3: Savings accounts will yield more interest.
• [14:13] Reason #4: Corporations may begin to merge or acquire other companies.
• [14:46] Reason #5: This could be a benefit to quality companies.
• [16:09] BONUS REASON: The more they raise rates, the more we’ll be able to fight an economic shock in the future.

PRACTICAL PLANNING SEGMENT

 

• [17:14] Roger’s introduction to Linda and James, this year’s Retirement Plan Live participants.
• [17:34] Why Linda has agreed to have her financial life exposed on the podcast.
• [18:45] What Linda’s hoping for through her participation.
• [19:17] Linda’s biggest fears regarding her involvement.
• [19:47] What Retirement Plan Live is going to look like.
• [20:09] Linda and James’ situation: what they’ll be dealing with in RPL.

TODAY’S SMART SPRINT SEGMENT

 

• [23:01] Why Roger doesn’t want you to make any resolutions this year.
• [24:02] Would you like to be a part of the Whole Life Challenge with Roger?

 

 

THE “BE HAPPY” SEGMENT

 

• [25:16] Finding your own path to happiness.
• [26:34] Happiness for you is different than it is for another person.

 

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - Find out more about 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

 

The Whole Life Challenge Website

One hundred minus your age in equities. This is is the rule of thumb for asset allocation we've all heard. Recent research, however, has questioned the logic of whether during retirement you should become more conservative in your investment allocation. 

This best practice may not be best after all.

Michael Kitces, the chief nerd at the Nerd's Eye View, discuss:

• The difference between achieving life goals vs. wealth maximization.
• Why it may make sense to get more aggressive in your allocation as you age.
• How the return sequence of your portfolio is more important than your average return during retirement.
• The equity glide path.
• The danger years for every retiree.

You can get links to the sources mentioned in the show at rogerwhitney.com

Good day to you once again and welcome to this show notes page for the Retirement Answer Man podcast. I’m Roger Whitney, your host… and I’ve once again been blessed to put together a great episode of practical information for you, to help you get underway on the retirement journey. On this episode there’s lots of good stuff, almost too much! You’ll hear about my upcoming Retirement Plan Live session that begins in 2016 and how you can be involved in that event in some very practical ways, you’ll learn what “High Yield Bonds” are and how they’re in the news these days, and a bit from my guest, Todd Tresidder of www.FinancialMentor.com. All of that is crammed into this ONE episode of the show, so be sure you listen!

 

Retirement Plan Live is ready to go!

Coming up in January 2016 I’ll be hosting my second Retirement Plan Live, where I’ll be leading a couple of volunteers through an actual retirement planning session - as an example for you to learn from as we walk through each step. This multi-session event is going to allow you to be involved in some conference calls where you can ask questions, create your own retirement plan with the free worksheets I provide, and follow along as we navigate the various real life hurdles our demo-couple brings to the table. You won’t find a more practical way of learning about and planning for your retirement needs as you will as a part of this free event. If you want to find out more, go to www.RogerWhitney.com/RPL

 

What are “High Yield Bonds” and why should you know about them?

 

The “why” is the easy part… because high yield bonds are in the news today and are going to be impacting many, many investors who have tried to benefit from them. A company just this week announced that they are not allowing the investors in their high yield bonds to cash out their bonds, and that they will be liquidating their bonds for whatever price they can get to pay back their investors. That means that a lot of people will be out a lot of money. But what ARE high yield bonds? They’re an investment vehicle that you need to know about… and you can learn all about them by listening to this episode of The Retirement Answer Man.

Todd Tresidder’s amazing journey to early retirement at 33 years of age.

 

I think you’d agree with me that 33 is not only young to retire, but it’s young to be ABLE to retire. Todd achieved that amazing feat because he learned some non-intuitive ways to go about building wealth and on this episode we’re going to dig into his expertise and strategies, including a discussion about why neither of us agree with the “retirement number” way of approaching retirement planning. And true to form, Todd’s going to give you an alternative to what he suggests instead. You’ll not only get to hear Todd’s incredible journey into retirement and how he got there, you’ll also get to hear what he experienced once he got there, and how he’s had to adjust things as a result. It’s all on this episode!

 

Today’s smart sprint is simple: Beneficiaries.

 

Each week I give you a small chunk of action you can take to put some smart things into practice in your life and this week I’m focusing on all those tax-deferred accounts you’ve got. IRAs, 401Ks, others… and I want you to consider looking into the beneficiaries you’ve designated for each of those. It’s not uncommon for people to have no beneficiary set, or to have people receiving their investments upon their death who they don’t want to receive those funds any longer. So take a little bit of time to check on that information and you could save your family a ton more grief than they’ll already have because of your passing. Find out how I advise going about it, on this episode.

 

Stress is one of the biggest detriments to true happiness.

 

I know that’s an obvious statement, but sometimes we need the obvious to shake us into reality. Overwhelm is one of the main things that causes stress in modern society and the happy reality is that you can actually take control of your life to a degree that you remove that sense of overwhelm from your experience. How? By managing your responsibilities and activities to a greater degree, by keeping tabs on how you’re feeling about the load you’re carrying, and by adjusting things as you begin to feel that sense of overwhelm creeping higher on your emotional thermostat. That’s the focus of today’s “Be Happy” segment on the Retirement Answer Man, and I think you’re going to like it!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] A Christmas Gift idea!
• [1:15] The upcoming Retirement Plan Live and an introduction to this year’s participants.
• [2:09] How you can plan your retirement alongside this year’s example and how you can sign up.

 

WHAT DOES THAT MEAN? SEGMENT

 

• [3:41] What are “High Yield Bonds?” (Junk bonds)
• [5:46] Reasons you might consider purchasing a high yield bond.
• [7:39] The risks involved with high yield bonds.

 

HOT TOPIC SEGMENT

 

• [9:35] How high yield bonds are in the news today.
• [12:48] Steps you might want to take in light of the high yield blowups happening now.

 

PRACTICAL PLANNING SEGMENT

 

• [13:28] Introduction of today’s guest, Todd Tresidder.
• [14:07] Why Todd began his Financial Mentor website.
• [16:27] The unconventional things Todd thought would earn him pushback.
• [18:12] Why a “retirement number” is not a reality.
• [19:40] The difference between the simple answer and the more advanced answer.
• [20:54] How to approach retirement from a fuller perspective.
• [23:10] One of the greatest deceptions in the world of investing.
• [26:20] How Todd goes about creating range of outcomes for retirement planning on the asset based side of retirement.
• [28:35] An example of how there are a variety of things you can think about for retirement.
• [30:35] Why lifestyle design for retirement is just as important as the financial side.
• [32:32] Todd’s story of creating his early retirement.
• [35:39] What people can do to get started planning on a more realistic level.
• [43:01] Todd’s website and what you can find there.

TODAY’S SMART SPRINT SEGMENT

 

• [45:10] Renew the beneficiaries of your IRAs, Annuities, 401Ks and and other retirement investments.

 

 

THE “BE HAPPY” SEGMENT

 

• [46:46] The importance of not allowing yourself to be overwhelmed… a key to happiness.

 

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - sign up to be considered 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

 

BOOK: Essentialism: The Disciplined Pursuit of Less

 

Todd’s website: www.FinancialMentor.com

Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do with a bit of humor and make it fun (I hope). But before we get into all of that make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way.

 

Do you know when it’s time to begin withdrawing your pension?

 

It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider - much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you!

 

Rebalancing: A financial term you hear, but what exactly is it?

 

Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment.

 

What’s the emotional component of the financial decisions you make?

 

Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode!

 

What’s the impact of a simple smile?

 

Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy. :)

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:29] Welcome to the episode.
• [1:01] The Retirement Plan Live begins next month!
• [1:40] Get updated information, resources, and video from Roger for the ongoing Retirement Plan Live!

 

HOT TOPIC SEGMENT

 

• [3:39] ROGER MADE A MISTAKE!
• [4:07] When should someone withdraw their pension?

 

JARGON TALK SEGMENT

 

• [8:56] What does “rebalancing” mean? It has to do with asset allocation!
• [10:50] Why should be concerned about rebalancing?
• [12:37] An example to consider.
• [15:36] Considerations surrounding rebalancing.

 

PRACTICAL PLANNING SEGMENT

 

• [ 20:36] Carl shares his experience, 1 year after his participation in the first Retirement Plan Live event, last year.

 

TODAY’S SMART SPRINT SEGMENT

 

• [33:28] The challenge to you this week: track every penny you spend for 7 days.

 

 

THE “BE HAPPY” SEGMENT

 

• [35:01] The “neutral face” and how you should adjust it, a bit.

 

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - sign up to be considered 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

 

www.FreeErisa.org - get from 5500 on your company pension

 

www.PensionRights.org - Learn how to read form 5500

Well hello and welcome to the Retirement Answer Man. I am your host, Roger Whitney and today’s show is packed full of great retirement information for you to use to educate yourself on your own retirement planning. But make sure you know this: The things I talk about on this show are purely for entertainment and informational purposes. I’m not able to give you specific retirement advice because I don’t know you. If you need that kind of advice, go to your local tax accountant or financial planner, someone who knows you a heck of alot better than I do! Alright, enough of that stuff… on with the show!

 

Retirement Plan Live is going to be happening in the new year! Help me make it great!

 

I’m soon going to be rolling out the 2nd edition of “Retirement Plan Live,” a live workshop where I use the financial situation of one lucky listener as an example so that everyone in the listening audience (that’s you) can follow along and do your own retirement planning at the same time. Last year I provided some handouts and other nifty things but I know there’s probably some additional things I could do to make this year’s RPL even better. So if you’ve got any ideas on how I can provide you great resources to make it a practical and helpful resource for you, go to www.RogerWhitney.com/RetirementAnswers and let me know what you’d like to see. Thanks!

 

Standard Deviation: What in the heck is that?

 

In the “Jargon Talk” segment of today’s show I’m going to do my utmost to unpack the concept of “standard deviation.” It’s a term that has to do with comparing investment portfolios and the way in which they might perform in either volatile or non volatile ways. It’s a bit much for me to put in one little paragraph on a show notes page like this, so take a bit of time and listen in to this segment. It just might help you get a better handle on your portfolio. And if not, you’ll learn a little bit about weather and whitewater rafting (those are the examples I use).

 

A great idea to set yourself up for a very merry Christmas.

 

For the first time ever I did something to help my family prepare for the Christmas season and it gained me $1400, took only a little bit of time, and involved some exercise equipment and a pool table. Can you guess what it was? You got it! I sold some things that were sitting around my house to scrape together a bit of extra cash to pay for Christmas. On this episode I’m going to tell you exactly how I did it and give you a couple of handy safety tips to help you sell your stuff without putting yourself or your family at risk.

 

A listener inherited some funds in an IRA. What’s he got to do to remain legal?

 

I just love answering questions from listeners. There’s nothing more practical and helpful than real life scenarios. In this episode I actually have two listener questions. One of them has to do with some money that was inherited from an IRA account of the deceased family member. Are there timelines and procedures that have to be followed in order to keep the funds tax free or tax deferred? Does the money have to be moved into a special kind of IRA account? If you don’t know the answers to those questions, that’s OK. I’m going to tell you how it all works on this episode of The Retirement Answer Man.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:29] Welcome to the episode.
• [1:01] The upcoming Retirement plan live is going to be happening soon. Roger needs your help in knowing how to make this year’s event the best ever!

JARGON TALK SEGMENT

 

• [3:50] Today’s “jargon”: Standard Deviation - what in the heck is that?
• [4:39] The boat trip VS whitewater rafting analogy.
• [5:40] The temperature analogy.
• [7:53] How these analogies relate to financial investments.

 

HOT TOPIC SEGMENT

 

• [8:23] Christmas shopping has begun… now is the time to consider what you might be able to repurpose or sell, in order to pay for Christmas.
• [10:23] Tips for how to resell items you don’t need anymore.
• [12:22] Craigslist tips for the sake of safety.

 

PRACTICAL PLANNING SEGMENT

 

• [14:45] A 25 year old needs info on how to use her IRA more effectively.
• [19:30] Steve has a question about handling an IRA he received in an inheritance.

 

TODAY’S SMART SPRINT SEGMENT

 

• [24:08] Today’s S.M.A.R.T Spring challenge: Get a realized gain and loss report. Identify the losses, and consider selling to offset gains.
• [26:27] What could you do if you only have losses?

 

 

THE “BE HAPPY” SEGMENT

 

• [27:27] Avoiding the “3 Ps” when hard times hit - What?
• [29:30] The “personal” hurt rejection brings.
• [30:05] The temptation toward believing one rejection is “pervasive.”
• [30:23] Don’t believe that the bad situation is “permanent.”

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - sign up to be considered 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

 

How to legally handle funds inherited from an #IRA, on this episode of The Retirement Answer Man

 

Do you know what #StandardDeviation means for your investment portfolio? Find out…

 

When hard times hit, you want to avoid the 3 Ps. Find out how on this episode

 

How you can fund your Christmas buying and simplify your life at the same time

#RetirementPlanLive is coming up in the new year. Here’s how you can be involved

Welcome once again, to the only retirement focused show that gives you ME - Roger Whitney, the Retirement Answer Man. In this episode I’ve got a ton of great things to share with you - everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen!

 

Would YOU like to get a free retirement plan done by THE Retirement Answer Man?

 

One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to www.RogerWhitney.com/RPL

 

A mutual fund mistake I made years ago that I want you to avoid!

 

When I first started out as a retirement advisor - you know, way back before I was THE retirement answer man - a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry? Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was?  You’re going to hear it in this “true confession” time on this episode.

 

You can save for Christmas by saving on your taxes. I’m going to show you how!

 

The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer man I’m going to give you 3 ways that you can do that. Take a listen!

 

A “S.M.A.R.T. Sprint” for the Thanksgiving season.

 

I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff - as you’ll see from my examples - but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode.

 

OK, so what’s with the “time traveling” reference?

 

No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry, and all the other things that get into our heads and cause us to live anywhere but in the present. When we do that we actually make ourselves unhappy - because we’re focusing on things that we can’t do anything about. What I’m learning is that I can keep myself in the present moment, focusing on the things in my life that are going well, and keep myself from “time traveling” to those places that do nothing but bring harm to my life. Want to know more? You can, by listening to this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:29] Welcome - and Happy Thanksgiving!
• [0:39] A HUGE announcement - the 2nd edition of “Retirement Plan LIVE”
• [3:10] How you can connect with Roger to be considered as a candidate for the RPL.

JARGON TALK SEGMENT

 

• [4:32] DEFINITION: Capital gains and dividend distributions.
• [6:47] Why you need to understand what these terms mean!

 

HOT TOPIC SEGMENT

 

• [8:03] Christmas is right around the corner!
• [8:15] How would you like to have a free Christmas? It only takes some wise tax planning in many cases.
• [9:10] Review how you could offset your realized capital gains.
• [11:58] Contribute to a charity or make gifts to family to offset taxes.
• [12:41] Maximize your IRA contribution.

 

PRACTICAL PLANNING SEGMENT

 

• [13:06] Introduction of today’s guest: Emily Guy Birkin
• [13:25] What can people learn about retirement from Emily’s book?
• [14:42] Coming to terms with where you’re at in your retirement goals.
• [16:42] How does “dreaming big” figure into the retirement picture?
• [18:44] Learning how you are wired when it comes to money.
• [20:47] How your wiring can impact your close relationships.
• [23:58] The biggest retirement myths that impact how you plan for retirement.
• [25:47] The many aspects of retirement beyond saving and investing.
• [27:49] The reason great balance is needed in retirement planning.
• [28:49]

 

TODAY’S SMART SPRINT SEGMENT

 

• [29:49] What lessons are you thankful for that came from bad things that happened?
• [30:43] The lesson Roger learned when his mother died young.
• [31:22] What Roger’s marriage problems taught him.
• [32:22] How almost bankrupting his family taught Roger good things.
• [33:21] Losing big clients taught Roger some great lessons.
• [34:04] The lesson learned when Roger hurt his back (numerous times).

THE “BE HAPPY” SEGMENT

 

• [35:06] A concept Roger just “got” that is helping him become more happy.
• [35:38] “Stop Time Traveling?” What’s that all about?

RESOURCES MENTIONED IN THIS EPISODE

 

www.RogerWhitney.com/RPL - sign up to be considered 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

Emily’s book: Choose Your Retirement

Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man, with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness”, Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it!

 

What is a S.M.A.R.T. Sprint and how can you use them in life?

 

One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very, well, long. :) But that doesn’t mean you have to give up on goals that might take longer. You can break them up into what I call “S.M.A.R.T Sprints.” What’s a sprint? It’s something you focus on for a shorter period of time and as you do so, you give it all you’ve got. You’ll be surprised how much a time of focused intensity can help you overcome some obstacles or set some new habits that will enable you to progress faster over time. Today I’m going to explain that topic a bit more clearly than I did last week and show you why these S.M.A.R.T. Sprints are a great idea.

 

Do you know the difference between various types of financial services people - and why it’s important?

 

Do you know how the various people who work in the financial services industry are paid? Do you know the legal standards they are under when it comes to how they do their job and how they relate to you? If you’re going to make decisions that you are confident is truly in your best interest, then you really need to know those difference and rules. So today, I’m filling you in on all of that so you can know the difference between someone who is trying to sell you a financial product and someone whose main job is to give you investment advice. You’re going to find some very practical tips in this section, so make sure you give this show a good listen.

 

Today’s S.M.A.R.T. Sprint is one we all need.

 

Today’s S.M.A.R.T. Sprint is a life oriented project, and after you hear what it is you’re going to see why it’s such an important personal skill we all should develop. Here’s a little hint as to what I’m talking about… there’s an old quote and we’re not exactly sure who originally said it, but it’s value is unmistakeable. Here’s the quote: “Be kind, for everyone you meet is fighting a hard battle.” That’s a very insightful statement that we can all relate to simply because we’ve hard times in our lives when we fought our own hard battles that others knew nothing about. My challenge in today’s S.M.A.R.T. Sprint segment is one that I’m asking you to participate in… and to connect with me and other listeners on the Retirement Answer Man Facebook page to keep each other accountable. Are you up for the challenge?

 

Do you know what true happiness is?

 

Today’s episode makes me really, really happy? Why? Because Dr. Sonja Lyurbomirski did a great kindness to me by agreeing to be my guest on the show. She’s known as the “Happiness Doctor” because she’s done extensive research on the issue of personal happiness - and she’s got some great insights to share with us. In particular, I was eager to hear her thoughts on how planning toward important things such as retirement, figure into our happiness quotient, and how we should be thinking about those things in light of her research findings regarding what truly makes people happy. Is that intriguing? It should be because it’s a great conversation, so be sure to listen.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:29] Welcome to this episode of the Retirement Happy Man.
• [0:35] A summary of our guest and things covered on this episode.

JARGON TALK SEGMENT

 

• [3:14] DURATION: What is it and what is it all about?
• [4:22] How to use the concept of “duration” when you manage your portfolio?

 

PRACTICAL PLANNING SEGMENT

 

• [6:26] A great illustration from a family road trip.
• [8:17] What IS a SMART sprint and how can you use them in your retirement planning?
• [10:37] Places in your life you can set some SMART sprints.
• [12:11] How long should a SMART sprint be?

 

HOT TOPIC SEGMENT

 

• [12:32] The tendency toward skepticism even when we want to trust people.
• [13:28] What is a fiduciary standard and why is the current debate going on?
• [15:05] Product based financial businesses VS advisory based financial businesses.
• [18:12] The current battle going on surrounding this issue.
• [18:38] Simple fixes to resolve the issues (my take on it).

 

TODAY’S SMART SPRINT SEGMENT

 

• [20:04] The things we all face.

• [21:59] Today’s SMART sprint: Show somebody some grace.

THE “BE HAPPY” SEGMENT

 

• [23:34] My conversation with “The Happiness Doctor” - Dr. Sonja Lyubomirski
• [23:44] What makes us happy? - Research suggests 3 things.
• [24:22] How retirement plans are related to desires to be happy.
• [26:14] Why happiness is not an achievement, but a lifetime of growth.
• [27:54] The relationship between happiness and contentment.
• [28:54] Scientifically proven steps we can take to increase happiness.
• [30:59] Why the cliches are not cliches.
• [32:12] The Happiness Doctor’s view of retirement as it relates to happiness.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Dr. Sonja’s book: “The How of Happiness.”

 

Another of her books: “The Myths of Happiness.”

 

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

Hello there and welcome to this show notes page for episode 92 of the Retirement Answer man, I’m Roger Whitney, THE retirement answer man and on this episode I’m shaking it up a bit, throwing in some new segments that I believe are going to simplify and energize your retirement planning. I’d love to hear your feedback on this episode’s new format, so feel free to shoot me a note or record a message to me at www.RogerWhitney.com/RetirementAnswers . I LOVE to hear from listeners to the show… and if you leave a question or comment that seems particularly helpful to the rest of the listeners, you just may hear yourself “on the air” on an upcoming show. So don’t be shy… let me know what you think!

 

Are you tired of all the JARGON yet?

 

To be topped only by the U.S. Government, the financial planning industry has more than its fair share of jargon and acronyms. Because of that I’m bringing you my new “Jargon Talk” segment each week to break down the terms you may have heard repeatedly, but were too embarrassed to ask, “What in the HECK does that mean?”  In today’s segment I’m going to address a phrase that’s gone around a lot over the past 4 to 5 years and that is “interest rate risk.” Do you know what that means? If so, good for you! But do you know what impact it has on your retirement planning and why you should be concerned? I’m going to unpack it on this “Jargon talk” segment for you, so stick around to listen to the show.

You can optimize your retirement planning by doing a number of smaller, “SMART sprints.”

 

You may have heard the acronym S.M.A.R.T. It stands for Specific - Measurable - Actionable - Realistic - and Time-bound. Most of the time people use it in referring to goal setting or planning. Since we’re addressing retirement planning it fits very well. This is yet another new feature I’m bringing to the show starting today because I want to be as much service to you as I possibly can by providing practical things you can put into action right away. Today, on the very first “SMART Sprint” I’m laying down a challenge to you.. something that could save you $5000 in one year’s time and allow you to make serious headway toward your retirement goals. It’s so simple, it makes me hungry… that’s a hint. Listen in to find out what I’m talking about.

 

More Social Security Changes are coming… and you need to know about this one!

 

In last week’s show I spoke about the changes that the Budget Reconciliation Act is having on the way you’re able to maximize the use of your Social Security retirement fund. A listener took me to task for only focusing on one aspect of those changes so today I’m bringing you another element of the changes that could have a huge impact on your future plans. You see, in the past you could File for SSI benefits prior to actually retiring so that the non-bread-winning spouse could begin receiving spousal benefits - then you were allowed to suspend your filing. That allowed the spouse to get the benefits and the bread winner to wait before drawing theirs. But the Budget Reconciliation Act is taking that loophole out of the picture. In today’s episode I cover that and outline what it might mean for the way you plan for your retirement. Are you interested? Find out more on this episode.

A listener mentions “Preferred Stocks” as a great strategy his father used in his retirement planning. Is it still as good an option for modern investors?

 

Once upon a time there was a great benefit to using what is known as “Preferred Stocks” to set yourself up for retirement. But as is often the case with long-lasting financial instruments, preferred stocks have changed over the years. Nowadays they are so tied to interest rates (for reasons I’ll cover in this episode) that they’re not necessarily the best way to go, especially in an economy like ours where everyone is concerned about interest rates going higher any day. You can listen in as I answer this listener’s question - and you can ask a question of your own so that I can answer it on future episodes. I tell you how on this episode.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:01] Kevin’s retirement announcement!
• [0:57] Congratulations to Kevin!
• [1:37] How you can leave a message for Roger.
• [2:31] A different format today...

JARGON TALK SEGMENT

• [3:53] Introduction to the new “Jargon Talk” segment.
• [4:32] What is “interest rate risk” and how does it impact the value of your fixed income portfolio?

TODAY’S SMART SPRINT

 

• [6:22] Intro to the “SMART Sprint Segment.”
• [7:35] What is a “Smart Sprint” when it comes to retirement planning?
• [9:33] Roger’s first “sprint” challenge: Take your lunch to work every day this week.

 

HOT TOPIC SEGMENT

 

• [11:58] The changes to Social Security law and the “file and suspend” aspect.
• [12:53] What is the “File and Suspend” aspect of Social Security law?

 

PRACTICAL PLANNING SEGMENT

 

• [17:56] Listener Question: How does it work to take out money from my 401K without penalty after I’m 55, but before I retire?
• [20:59] Listener Question: Why don’t I hear more advisors talking about “preferred stocks” as a retirement planning option?  

 

THE “BE HAPPY” SEGMENT

 

• [30:36] What is this new segment about?
• [31:46] The power of gratitude in being happy.

 

RESOURCES MENTIONED IN THIS EPISODE

 

http://www.RogerWhitney/com/retirementanswers - leave your question for Roger

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

Hey friends, Roger here, and I want thank you - truly THANK YOU - for being a part of the Retirement Answer Man community. My greatest hope is that the information I share on this podcast enables you to retire happily and wisely so you can make the most of your future. I kind of consider this episode to be a “star studded” episode because I’m featuring two powerful guests who you should get to know if you don’t know them. First, in the “hot topic” segment I have a great conversation with Joe of “Stacking Benjamins” who has some important updates about changes in federal laws regarding social security benefits and then, in the main topic segment I chat with Chris Hogan of the Dave Ramsey group about his upcoming book, “Retire Inspired.” You’re going to hear some great information on this episode, so stick around.

 

Many people have taken advantage of a Social Security loophole… but it’s soon going away!

 

The recently passed Budget Reconciliation Act is like your typical legislation - there’s pages and pages of stuff that is irrelevant to the average citizen. But down deep in the verbiage is a section that addresses some loopholes in Social Security law that made it possible for retirees to get as much as $60,000 more from their SS retirement than if they didn’t use it… and that issue is changed in the legislation. It’s going to make a big impact on retirement planning from here on out so it would do you good to hear the details… and thankfully, I’ve got Joe from “Stacking Benjamins” with me to go over the specifics.

 

There is a difference between retiring and retiring inspired.

 

In my main segment today I’m thrilled to have Chris Hogan with me. Chris is one of the big shot guys at Dave Ramsey’s organization and he specializes in the area of retirement. He’s got a new book coming out in January 2016, “Retire Inspired.” He’s trying to make sense of the retirement scene with the same clarity and life inspiring challenge that is characteristic of the Ramsey group, so I’m eagerly awaiting his book’s debut. In this episode we cover some of the topics he addresses in his book and chat about why it’s important to aim for a specific number, not a specific  year for your retirement. What’s that all about? You’ll have to listen to get the specifics.

One of the biggest tips for retiring inspired…

 

Don’t go it alone. There are probably hundreds of thousands of people who simply put their cash into a 401K or IRA and expect that they’ve done the best they can do toward their retirement. But the reality is that very few of us are a retirement expert so our efforts, however good or well intentioned they may be, are likely going to fall quite a bit short of what is possible. As a result we won’t maximize our retirement through better investments, better strategies, or better planning. It may sound like a simple thing (and it is on one level) but it’s one of those simple things in life that makes a huge difference. Chris Hogan spells out that issue for us on this episode of The Retirement Answer Man and gives practical tips on how you can take advantage of the expertise of others to help you retire inspired.

 

If you’ve not maximized your retirement planning and you’re getting up in years, it’s not too late.

 

In this conversation with Chris Hogan, of the Dave Ramsey group, I had a great time hearing his thoughts on the place many people find themselves: They’re past 55 or even 65 and haven’t done a very good job of planning for retirement. As a result it looks like they may not get to retire at all. Chris gives a very encouraging example of a woman he worked with who discovered (through his counsel) that she could put aside an extra $600 every month toward her retirement, which created a very positive snowball effect to build her retirement quickly and effectively. It’s just one example, and of course, every situation is different. But it serves to show that if you take a close look at your situation with the right kind of help, you can carve out small steps that make a difference and turn into big steps in time. Listen to this episode to hear more of Chris’ advice on this important topic.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:27] Welcome to this star-studded episode of the RAM, featuring Joe (host of Stacking Benjamins) and Chris Hogan (of the Dave Ramsey Group).
• [1:37] Roger’s thanks to the participants of the live webinars - and the introduction of “The Retirement Master Class” (enrollment ends Nov. 7, 2015. )

 

HOT TOPICS SEGMENT

• [3:48] A big change for filing Social Security from the Budget Reconciliation Act.
• [5:36] A story that illustrates the changes this legislation enacts.

 

MAIN SEGMENT

 

• [10:05] Introduction of Chris Hogan, today’s guest.
• [10:49] The habits Chris saw that motivated him to focus on retirement issues.
• [13:19] Why retirement is not an age, but a certain number.
• [15:08] The value of intention in retirement planning.
• [15:50] The biggest question for people planning for retirement.
• [16:37] How you can feel confident planning your retirement amount.
• [18:51] How to play “catch up” at an older age.
• [19:51] How taking small steps can empower you to change your financial future.
• [21:37] The self-sabotaging behaviors that Chris has seen.
• [22:31] How to get out of the credit card debt trap.
• [23:47] The difference between retiring and retiring inspired.
• [25:49] What is YOUR plan to retire inspired, Chris?
• [27:10] Roger’s thanks to YOU, for joining him on this episode.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Register for the Retirement Master Class: www.RogerWhitney.com/RMC

 

Get your copy of Chris’ free tool “The RIQ” - www.ChrisHogan360.com

 

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

Hello friends, Roger here. Today’s podcast is going to be a bit unusual, but not too unusual. I’m going to strictly be answering listener questions about the question I’ve been dealing with all month long, “When I Can I Retire?” We’ve got questions about taxes, balancing portfolios, average expenses for the various stages of retirement, and a little bit of a rebuke to me about my comments from a few weeks ago when I was talking about buying a brand new automobile. You’ll find lots of good stuff in this episode so let’s get started!

 

How are taxes figured into my retirement number?

 

One of the questions I got over the past few weeks had to do with figuring taxes so that the “retirement number” can be nailed down nice and pretty. But the problem I have with the question is that I’m not so sure that figuring a “retirement number” is the best way to go about it. In fact, I don’t know that you really CAN calculate any retirement number. There are just too many variables. But that doesn’t mean I didn’t give an answer about taxes, which was the gist of the question in the first place. So listen in to hear who I advise to consider the tax liabilities you might have during your retirement years, on this episode of The Retirement Answer Man.

 

An investment company has advised me to balance my portfolio? Is this a good time to be buying bonds?

 

That’s the question a listener asked after chatting with someone from their investment company. The company was concerned that the investor’s portfolio had too much equities and not enough bonds to achieve a 75% equity to 25% bond balance. But is this a good time to be buying bonds? Well, it’s not quite that simple to answer unless you first understand and accept the principles behind portfolio theory, which I do… but I also believe from my experience that there’s an art to it as much as their is a science. So... the answer is, maybe. You can hear my response in its entirety (and I do say more than just “maybe”) as you listen to this episode.

 

What are you thinking, Roger? Wanting to buy a brand new car!???

 

OK, I deserve this one. A listener heard me mention a couple of weeks back that I was considering buying a brand new Jeep Cherokee (they’re really nice). He wrote me an email to chide me for making such a rash and thoughtless comment, after all, the depreciating value of a brand new vehicle can be demonstrably shown to be a bad investment. Agreed. This listener’s rebuke is well founded and I deserved his rant. However, I just want to say… a guy can dream a bit, can’t he? You can hear my full response in today’s episode.

Are you signed up for my upcoming webinar yet?

 

Coming up on October 21st and October 22nd I’m hosting a real live, in person webinar to walk you through the 4 steps you need to consider when answering the question, “When can I retire?” It’s not a complex question to answer IF you have a wise approach, and I’m going to do my best to give you that in these free webinars. You can be a part of these webinars, which will include Q & A, by going to www.RogerWhitney.com/4steps and registering. And even if you can’t be there at the exact time of the webinars, go ahead and register. I’ll offer a 7 day replay for those of you who sign up but don’t attend.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Roger’s introduction to today’s episode.
• [1:52] Still time to register for the upcoming webinar!

 

LISTENER QUESTION SEGMENT

 

• [4:32] Question #1: How are taxes figured into the retirement number?
• [9:46] Question #2: Is this the time to be buying bonds?
• [19:52] Question #3: What are the average expenses for people in the go-go, slow-go, and no-go stages of retirement?
• [22:30] Question #4: What are you THINKING by considering buying a brand new car, Roger?

 

RESOURCES MENTIONED IN THIS EPISODE

 

Register for the retirement webinar: www.RogerWhitney.com/4steps

 

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

You know, there’s a lot of talk these days about the human lifespan being extended because of medical breakthroughs. Is it really going to happen? I tend to think that it’s likely just because of all the advances in nutrition, medicine, and even DNA research. If it does, what are the impacts that living longer is going to have on your retirement? In case you hadn’t noticed, I’ve been doing a bit of thinking on the topic and believe it’s worth sharing. So on this episode of The Retirement Answer Man, you get to hear me, Roger Whitney, wax philosophical and retirement investing as it relates to your later years… which could be longer than you expect.

 

HOT TOPIC: Oil prices are low… way low. What impact does it have on you?

 

Yes, the immediate answer is that decreased oil prices mean savings at the pump and on your utility bills, and with winter already hitting some parts of the Unites States that’s nothing but good news to your monthly budget. But oil prices being this low have other effects that aren’t so easy to spot because they are international effects that have to do with countries, governments, politics, and lots more. That, in turn, can impact your investments. I’ve been giving this some thought and want to give you some insights into those global issues and share with you how it could affect the decisions you make about your investments and your retirement… so give this episode of The Retirement Answer Man a listen.

 

If you live longer, your income level during retirement could increase.

 

For some of you that’s a no-brainer. You understood it the moment you read it. But for others, you’re kind of scratching your head. So let me explain… The assumption I’m making is that if you’re living longer, it’s because overall, you’re healthier. And if you’re healthier, you’re going to be able to generate income longer, even if it’s just a part time job you love or a hobby you turn into an online venture. Either way, you’ll have the potential to not only live on your retirement savings and investments, but also to add to the household budget by bringing in additional income on the side. That’s just one of the impacts longevity could have on your retirement. You can hear the rest on this episode of the show.

 

OK, I’ll give you one more impact longevity could have on your retirement: your monthly spending.

 

Why would living longer impact your monthly spending? There are actually a number of ways but let me give you just one. If you’re living longer because of the advances in medicine and science that we’re hearing so much about, it will mean that you’re generally healthier at an older age than has traditionally been the case. That means that instead of slowing down, you may be in better physical shape to enjoy the first season of your retirement years. You could be more active, more eager to get out and do things you always wanted to do, to see the world, see the grandkids, and all kinds of other great things. And all of those things take what? Money. So do you see how that could impact the amount you need to save for retirement? In this episode of the show I’ll be giving some of my thoughts on how you can plan for that possibility.

 

When can you retire? I’m doing a free webinar to help you figure that out.

 

It’s not a very smart idea to simply retire from your job because you’re 65, or because it’s traditional. You need to know that you will have enough money saved up to last you for your projected lifetime. That makes answering the question of when you’ll be able to retire much more difficult. Coming up on October 28th and 29th I’ll be doing a free webinar to educate you on all the variables involved in setting a retirement date. It’s going to be an interactive, fun, hands-on process where you can figure out the formulas using your own income and information. If you want in on this webinar, you can register for it by going to www.RogerWhitney.com/4steps - and if you can’t make the live webinar, I’m going to have a limited time replay available, so be sure to sign up anyway.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Welcome and intro to this episode: Current oil prices, how Longevity can impact your retirement, and a couple of listener questions.
• [2:40] Roger’s upcoming webinar October 28th & 29th!

 

THE HOT TOPIC SEGMENT

 

• [13:00] The dangers associated with low oil prices.
• [18:31] What should you do in light of lower oil prices, as an investor and as one preparing for retirement?

 

PRACTICAL PLANNING TIP SEGMENT

 

• [12:09] The 5 major impacts longevity could have on your retirement.
• [13:39] Life expectancy continues to rise in the Unites States.
• [16:15] Spending issues impacted by longevity.
• [19:27] Income potential could increase because of longevity.
• [23:27] The impact on mind and body.
• [27:45] Lifestyle choices are impacted by longevity.
• [30:10] Your investments can be impacted by longevity issues.

 

RESOURCES MENTIONED IN THIS EPISODE

 

Register for the retirement webinar: www.RogerWhitney.com/4steps

 

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

Hey folks, Roger here… Do you know what the 6 biggest expenses are that you’ll face during retirement? In this episode of the Retirement Answer Man, I want to walk through those expenses for a couple of reasons: 1) You need to have a clear picture of where you’re headed so that you can be prepared when you get there. 2) Because in keeping with the theme of my show this month, WHEN you can retire could depend on whether you actually make those preparations or not and on the decisions you make about the expenses you’re going to have to support during retirement. I’ve put together a great show for you, so I hope you’ll hit the play button, listen in, and give me your feedback to this episode.

In our “Hot Topic” segment: Is a Qualitative Easing 4 coming?

In case you’re not familiar with the term “Qualitative Easing” let me put it in a nutshell for you. Simply put, QE is when the government, for various reasons, decides to put more money into the economy. How do they do that? Basically, by printing more money and making it available. Their hope is that the new money they pour into the economy goes into the investing and business development sectors, thereby boosting the economy. There’s been a lot of talk lately about whether or not another QE is coming and in today’s hot topic segment I’m going to tell you what I think about the possibilities and give you a small bit of practical mindset advice about how you should think about it.

You don’t have to be at the mercy of your retirement expenses.

While it’s true that you won’t likely have the same amount of income during retirement as you have pre-retirement, you don’t have to feel like your lifestyle and ability to live is being ripped out from under you. I’d suggest that one of the main ways you can take control of those things is by examining and planning the expenses you’re going to face during retirement. You’ll have some big ones to contend with: Housing, Health care, Automobile expenses, and three others, but the choices you make about those could determine what your lifestyle is like during retirement AND whether you might be able to retire a bit earlier. In this episode I spend a good deal of time walking through each of those expenses so that you can not only go in with your eyes open, but also make good decisions ahead of time to enable you to make the most of your retirement dollars. Give it a listen.

Do you know what the #1 biggest retirement expense is?

You probably guessed it, it’s your housing. It makes sense that the biggest expense you have before retirement is going to be the same after retirement. But when you think about the cost of your housing during retirement it’s always helpful to keep in mind all the things related to housing that could impact the costs you pay. For example, I often see clients make the choice to downsize their home or even to move to another state where property taxes aren’t as high. Those are not necessarily easy decisions to make but can dramatically impact the amount of money you’re paying out each month so that you can keep a bit more in your pocket or to support the lifestyle you want to have in your later years. I’ve got lots of tips for you about how to plan for and mitigate your retirement expenses in this episode.

When can you realistically retire? I’ve got a free webinar coming up to help you figure it out.

To culminate my October theme of “When can you retire?” I’m going to be hosting 2 identical webinars to help you answer that question. I’m going to walk through a 4 step method you can use to answer the questions, “When can I retire and what will my retirement look like?” I I’m excited to bring you this informative and practically helpful webinar to help you discover the most things that will determine the answers to those questions. The webinars are coming up on Oct. 28th and Oct. 29th, 2015, and I’d love to meet you on that platform. To register or find out more about my free upcoming webinar go to www.RogerWhitney.com/4steps. Choose the date that’s best for you… and even if you can’t attend go ahead and register because we’ll have a replay that you can watch later at your own convenience.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Preview of this episode: QE4, When can I retire?, the 6 biggest costs of retirement
• [1:14] 2 live webinars coming up: a 4 step method to determining your retirement timing

THE HOT TOPIC SEGMENT

• [3:15] Is “Quantitative Easing 4” coming?
• [3:45] A good working definition of quantitative easing.
• [5:06] How the economic data impacts rates and QE.
• [6:04] What happens if quantitative easing is implemented?
• [8:06] The bottom line whether QE happens or not.
• [9:14] What to do if QE4 happens.  

PRACTICAL PLANNING TIP SEGMENT

• [10:11] Taking control: acknowledging and managing the 6 biggest costs of retiring.
• [10:47] The mindset that impacts the decisions you make about when to retire.
• [15:46] The number one biggest cost in retirement: Housing.
• [22:01] The second biggest cost in retirement: Healthcare.
• [26:28] The third biggest expense in retirement: Taxes.
• [31:35] The fourth biggest cost in retirement: The car you drive.
• [35:52] The fifth biggest expense in retirement: Travel.
• [37:54] The sixth biggest cost in retirement: Caring for our children.    

RESOURCES MENTIONED IN THIS EPISODE

Register for the retirement webinar: www.RogerWhitney.com/4steps

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

If you’re in your 40s or 50s you’ve probably started to wonder when you can retire and what your retirement lifestyle might look like.  You’re ready to be free from the set schedule of work and have more control over how you send your days. You’re ready to spend more time with your family and travel more. Maybe you’ve even played around with online calculators to see what your retirement might look like.

So why do you avoid putting together a plan to work towards the retirement you’ve dreamed about?

Let me guess:

• You feel you haven’t saved enough and are afraid of what type of retirement is truly possible.
• You have a awesome concept of what you want retirement to look like but you’re not sure how to put it all together.
• You want help, but you’re not sure where to turn or who to trust.
• It’s on your to do list, but somehow it never gets treated as a priority.

Busy people (like you and me) can easily get trapped in the urgent demands of day to day life. When we do have time to plan for our future, it’s easy to seek out quick, simple solutions rather than being intentional about creating a great retirement.

In my experience, I’ve found four major myths embedded in “simple” retirement plans are to blame for many people sacrificing too many of their retirement dreams.

I’m going to debunk those myths for you and show you how to work towards a better life in retirement.

Myth #1:  Your Retirement is a Number

True. You need to save for retirement, but it’s not as simple a specific amount of money. You don’t have a retirement “number.” Saving and investing is just part of the process of creating a great retirement..  If you make it your only focus,  you're placing the success of your retirement on things you can't control or predict (the markets).

In short, finding your retirement number may feel good in the moment but does little in helping you create a great retirement.

How to Avoid

A truly effective retirement planning process involves implementing strategies in 6 areas:

• Setting meaningful priorities (needs, wants, and wishes).
• Planning lifestyle expenses in retirement (see myth #2).
• Planning future income sources (see myth #3).
• Managing your balance sheet (assets and debts) not just your investments.
• Having the right “little conversations” to manage the uncertainties in your life and in the world.
• Investing in your health and relationships.

Myth #2 You’ll Spend a Consistent Amount Throughout Retirement

In reality, spending in retirement typically goes through 3 stages.

• In the “go go” years of retirement, your spending may be at its peak. This is the time for travel, activities, adventures and family.
• in the  “slow go” years, your spending may slow as you become more settled.
• In the “no go” years, you may spend even less as you settle in even more.

Absent, unforeseen health issues, these stages are becoming more the norm.

A “simple” retirement plan, just assumes you spend the same amount each year, adjusting for inflation. This seemingly reasonable assumption can drastically overestimate how much money you’ll need during retirement potentially forcing you to work longer or lower your lifestyle during retirement.

How to Avoid

Start by having a realistic discussion of how you'd like each phase of retirement to look like. Then put reasonable estimates of what each phase would cost on an annual basis. Some questions to ask yourself are:

• Do you want to front load your travel why you're healthy?
• Do you want to extend the time in your home before downsizing?
• Do you want to create experiences with your kids and grandkids while their less busy.
• Are you willing to live more simply later in life to experience more now?
• Are you willing to live more simply now to have a more consistent lifestyle throughout retirement?

Once you've defined the spending estimates for the different phases of retirement, you can start to create a more thoughtful plan to work to achieve the things you care about most.

Myth # 3 Retirement Means Not Working

In the past, retiring meant quitting the rat race and never working again. Today, more and more people are finding ways to transition from a full time career to a more independent style of work. They’ve seen the benefits physically, mentally, socially and financially.  Whether it’s freelancing, consulting, advising or normal part time work, the trend is to stay engaged….and earn some income.

Earning even small amounts of income early in retirement can have a big impact on what you can achieve during retirement. If you see yourself always doing something, then factor this into your planning. Doing so could allow you to take less investment risk, save less now, retiree earlier or increase your lifestyle during retirement.

How to Avoid

Stop thinking of retirement as an event and approach it as gradually transitioning to a more independent lifestyle. Think about what you enjoy doing that you could earn income doing. Nearly everyday, I hear of unique ways people are turing their interests it to money making ventures. Some questions to consider are:

• Can you become a consultant for your current employer?
• Could you transition to working from your home?
• Is there a side business you start now to discover what you'd enjoy?
• What skills could you use to do freelance work?
• Do you have a skills you could use to teach others?

Myth #4 Having a Financial Plan is Enough

Sure having a financial plan is important but it’s just the starting point. As soon as the ink is dry on your plan, everything starts changing. Your life starts to unfold in unexpected ways.

• Interests change.
• Family priorities change.
• spending patterns change
• Employment and income change.
• Health changes.
• Inflation changes.
• Taxes change.
• Markets move through cycles of bull, bear, and flat markets.
• EVERYTHING changes, most times quicker than we think

How to Avoid

The secret to creating a plan to help you work towards your ideal retirement is not figuring it all out in one, hundred page document. It’s faithfully implementing a process to make sure you’re having the right “little conversations” as your life unfolds so you can make LOTS of minor adjustments along the way.

Learn From Other's Retirement Mistakes

I’ve been creating financial plans for over 20 years now and have witnessed MANY mistakes along the way. You don’t need to do the same. I've created a cheat sheet on the 3 Talks You Should Be Having Now to Work Toward a Great Retirement (and How to Have Them). Click Here to Get the Cheat Sheet

This episode of the Retirement Answer man is filled with some debt-crunching, retirement building, volatile market enduring advice to help you put your financial life in order. The feature segment of the show features the story of Jamie and Ruth, a couple who paid off over $83,000 in debt in just over 30 months. 30 MONTHS! It’s a testimony to what a unified goal and lots of hard work can do. You’ll hear Jamie’s account of how that one decision has changed the course of their lives and set them up to have a greater vision for their future!

What should you do when the markets are so volatile?

 

The recent roller coaster that has been the S&P 500 has a lot of people in a conundrum. Do you change your retirement plan when the markets fluctuate so much, or do you stay the course? Roger Whitney says you have to keep your overall strategy in mind when making any decisions during volatile times. If your goal is to set aside money for retirement, you should be very slow to make changes in your strategy because of a temporary spate of volatility. The long term historical averages show that your investments are more than likely going to be alright by the time you retire. Find out a couple of other tips Roger has for you in this episode of The Retirement Answer Man.

 

When it comes to retirement and financial planning it’s so tempting to feel like you don’t measure up.

 

Think about it. We’ve all made those bad financial decisions. None of us has done everything we could have to save up for our retirement. What do you do when you realize that you haven’t measured up to the ideal you held out for yourself. Roger Whitney advises that you’ve got to come to grips with the truth that you are enough. What you’ve been able to do is enough. You can’t go back and change things. All you can do is to make changes moving forward, and you can do that, because you are enough. Hear more of Roger’s thoughts on this episode.

 

30 months to pay off $80,000 in debt. An amazing story!

 

When Jamie and Ruth made the decision to do everything they could to pay off their debt as fast as possible, Jamie didn’t even have a job. He’d been laid off and they didn’t really know how they were going to be able to accomplish such a crazy goal. But they were determined. Throughout the 3 years they worked to pay down their debt, Roger took all kinds of extra and radom jobs, and their income actually went up! They hammered away at their debt until they were able to pay it off. Now their future is different and their attitudes about life and what they can do in the near future to make the world a better place has grown. Hear their story as Jamie tells it, on this episode of The Retirement Answer Man.

 

Coming in October 2015: Group coaching based around the question, “When can I realistically retire and what will it look like?”

 

Roger is super excited to announce that coming up next month he’ll be starting some group coaching relationships to help you develop a plan for your retirement that is practical, simple, and doable. The space for these groups will be limited, but Roger’s convinced that anyone who participates will get a ton of value out of the time they spend in these groups. If you’d like to be a part of these groups, contact Roger at Roger@wwklc.com

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Overview of today’s show.
• [1:47] Thanks to iTunes reviewers! And could you leave yours?
• [2:23] Thanks to you for leaving your feedback on the listener survey.
• [2:48] The focus of October’s shows: When can I realistically retire? and what will it look like?
• [4:13] November’s new program to coach you toward retirement.

 

THE HOT TOPIC SEGMENT

 

• [5:46] The markets are still volatile: What are basic things you can do?
• [6:25] The importance of cash reserves.
• [7:40] A quick best case VS worst case scenario to consider.
• [13:59] The importance of understanding the historical averages.

PRACTICAL PLANNING TIP SEGMENT

 

• [14:35] Roger’s thoughts after visiting his grandmother who recently passed away and what it has to do with his contentment.
• [16:50] Why it’s OK to not be enough.

 

MAIN TOPIC SEGMENT - Listener Questions

 

• [18:01] Jamie and Ruth’s “get out of debt” story, as featured on the Dave Ramsey show.
• [21:49] The key to paying off tons of debt in a short time.
• [22:42] Jamie’s story as told to Roger.
• [23:45] What Jamie thinks of when he hears the word “retirement.”
• [24:33] Is peace an internal state regardless of what you’re doing financially?
• [25:43] Why retirement will not be sitting around and playing golf for Jaime.
• [27:28] The “We’re debt free scream” story, from Jamie’s lips.
• [28:38] How aggressive Jaime and Ruth were in paying off their debt.
• [31:27] What worries Jamie about retirement and financial independence now that their debt is paid off.
• [32:20] How do you know when you have enough?
• [34:42] It’s never too late to start.
• [34:47] What is the worst financial decision you’ve ever made?
• [37:03] The hardest thing to manage in the financial realm.
• [37:47] How hard was it to become united in their communication as a couple.
• [38:25] The resources that have impacted Jamie the most.
• [40:23] How do you want to be remembered Jamie?

RESOURCES MENTIONED IN THIS EPISODE

 

BOOK: QBQ: The Question Behind the Question

 

BOOK: The Millionaire Next Door

 

Financial Peace University

 

Contact Roger at Roger@wwklc.com

Congratulations to YOU, the listeners of the Retirement Answer Man! Why are we congratulating you? Because you are the reason behind the recent honor Roger and the RAM show received at the FinCon Confernence. Roger received the equivalent of an Emmy award for broadcasters in the Financial Services Industry - a Plutus Award. He couldn’t have done it without you, your great questions, and the great guests who have come on the show to tell their inspiring stories and share their expertise. Thank you for supporting the show!

What happens historically after markets take a big drop?

Back in August 2015 we saw 4 days straight where the S&P 500 was very, very low. But it seemed to bounce back. What typically happens to the markets after a series of down days like that, and what impact should it have on your investments and investment decisions? In this episode of The Retirement Answer Man Roger gives the stats on that phenomenon and his advice on how you should respond to the information.

9 Books that have helped Roger invest and live with wisdom and confidence.

In the “Practical Planning” segment of today’s Retirement Answer Man show, Roger is talking about books. In particular, the 9 books that have most recently had an impact on how he lives and how he works. These 9 books range from financial and investing topics, to books on life, mindset, and how you arrange it all together. You’re sure to find something that is intriguing to you as you listen to this episode.

Can you work now to increase the amount of Social Security Benfits you’ll receive when you retire?

The answer is yes! Social Security is calculated based on your highest earning 35 years in the workforce. What that means is that if you’re nearing retirement and would like to increase the amount of benefit you will receive after you retire, you can intentionally take on more work (in order to generate more income) so that you’ll have another higher-income year to add to the average. In this episode Roger gives his advice on how to go about making that decision, including how to have a conversation about it with your local Social Security Administration office.

STRETCH IRAs: How can you roll them into ROTH IRAs?

A listener asks Roger a question about how to maximize the advantages of us stretch IRA when rolling it into a ROTH IRA and as always, Roger has some great advice. There are a lot of particulars and exceptions in how to handle a situation like this, so make sure you listen to this episode and take some good notes so you’ll know exactly how to ask your investment adviser about doing the same thing should you need to.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome and CONGRATULATIONS for helping the Retirement Answer Man win a “Plutus Award” at the recent FinCon conference.
• [1:34] Preview of the episode
• [1:59] Ways you can help get the word out about the Retirement Answer Man.

THE HOT TOPIC SEGMENT

• [3:37] What happens to markets  after a big drop?
• [4:32] Was the August 2015 drop in the S&P 500 a market correction in 4 days? Apparently so…
• [6:07] How has the S&P done after large drops, historically?
• [7:41] What are the takeaways for us?
• The importance of knowing the truth about market reactions.
• You need to be proactive in your investment decision making.
• Be slow in changing strategies.
• Remember that you can’t believe all statistics.

PRACTICAL PLANNING TIP SEGMENT

• [14:28] 9 books that have helped Roger invest with wisdom and confidence.
• [16:19] The How of Happiness
• [18:11] Love Does
• [19:15] Essentialism: The Disciplined Pursuit of Less
• [20:19] A Million Miles in a Thousand Years
• [21:40] Winning the Losers Game: Timely Strategies For Successful Investing
• [22:11] The Truth About Money
• [23:10] The Investment Answer
• [23:37] The Millionaire Next Door
• [25:32] Q.B.Q.: Practicing Personal Accountability At Work and In Life
• [27:23] Share your favorite books with Roger at Roger@wwkllc.com

MAIN TOPIC SEGMENT - Listener Questions

• How are Social Security benefits calculated and how can I improve the amount SS will pay me?
• How does a Stretch IRA work with a ROTH IRA?

RESOURCES MENTIONED IN THIS EPISODE

The Retirement Planning Center - Text “Planning” to “33444.”

The How of Happiness

Love Does

Essentialism: The Disciplined Pursuit of Less

A Million Miles in a Thousand Years

Winning the Losers Game: Timely Strategies For Successful Investing

The Truth About Money

The Investment Answer

The Millionaire Next Door

Q.B.Q.: Practicing Personal Accountability At Work and In Life

In today’s podcast Roger hosts a terrific conversation with Marc Miller. Marc is a veteran of the corporate world, having worked for IBM for many years. He ‘s made what he calls a “pivot” in his career journey by exiting the corporate world and starting up his own consulting and coaching business to help others pivot their lives into something more satisfying and enjoyable for the later half of their lives. You’ll hear all kinds of great topics in this chat as Roger asks Marc about how he made the transition, whether he truly IS happier now, and what others can do to position themselves for a great pivot of their own. Be sure to listen in to this episode of The Retirement Answer Man, with Roger Whitney.

 

Help Roger help you, by taking part in the annual listener survey

 

One of Roger’s greatest desires is to help you position yourself for retirement so you don’t find yourself facing financial hardship as you approach the last stage of life. Toward that end he wants to make this podcast the most helpful it can be. He’d love to hear what you like about the show and what you think has room for improvement. You can take part in the 2015 Listener Survey by texting “RAMSurvey” (all one word) to “33444.” Please take just a few moments to let Roger know what you think of the show.

 

Has your insurance company or investment advisor informed you that your insurance policy could be bought out?

 

There are a number of big name insurance companies that have decided that the “income products” they’ve offered as part of insurance packages were not such a good idea. As a result they’re offering to “buy out” those policies from policy holders. But something Roger’s noticed that irks him a bit is that some of these companies are offering a “bonus” of sorts for investment advisors who take the time to help their clients make the decision TO sell out their policy. It may be the best decision for the client, but Roger’s concerned that providing a bonus may produce a conflict of interest for some advisors, and that many clients could be misguided as a result. Find out the details on this episode.

 

10 rules for retirement planning

 

In the “Practical Planning” segment of this episode, Roger covers a handful of the 10 rules for retirement planning. In particular, he refers to the old adage, “Pay Yourself First” and points out that it not only means setting aside the first part of your income for your savings or investments, but also that “lifestyle creep” could also be a factor in not setting aside enough of your income. What is “lifestyle creep?” Find out as Roger explains the concept and its effect on this episode of The Retirement Answer Man.

 

Marc Miller has made the pivot from corporate career to entrepreneur and he’d like to help you navigate those waters too.

 

After years of working at IBM as an engineer, Marc moved out of the corporate world in favor of building his own business and the life of his dreams. He’s achieved great success and now serves people who were once in the corporate shoes he wore, helping them discover the way forward that uniquely fits them and positions them best for their retirement years. Listen to this great conversation between Marc Miller and Roger Whitney to hear Marc’s story, the lessons he’s learned, and how he helps his clients navigate out of the corporate world.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Welcome to this episode - where we work together to create not just a healthy retirement, but a healthy life.

• [1:57] Help  Roger help you… by taking part in the 2015 Listener Survey - text “RAMSurvey” to “33444”

 

THE HOT TOPIC SEGMENT

 

• [4:29] Welcome to “Roger’s Rant” about a subject that came across his desk this week.

• [5:09] The “income products” being offered by insurance companies, and the buy-out options the companies are offering.

• [6:32] Why Roger’s so angry… the letter he received from a major insurance company.

• [9:26] How you should evaluate a “buy out” option on an insurance product.

 

PRACTICAL PLANNING TIP SEGMENT

 

• [15:33] 10 rules for the retirement realm… a few tips to help you.

• [16:06] The importance of paying yourself first, and what it really means.

• [18:26] Don’t rob tomorrow

• [18:44] Put time on your side - today’s the best day to start.

• [19:08] Don’t count on social security.

• [19:45] Be slow to borrow from your investments.

• [20:00] If you’d like access to the Retirement Learning Center to get the rest of these 10 rules, text “Planning” to “33444.”

 

MAIN TOPIC SEGMENT - A CONVERSATION WITH MARC MILLER

 

• [21:03] Marc’s journey so far.

• [23:30] How Marc’s thoughts on retirement changed once he got out of a major corporation.

• [24:23] The thing that excites Marc the most about pivoting toward retirement.

• [25:08] Does Marc think his story is a “special case” that others can’t duplicate?

• [26:25] The comparison between Marc’s life when he was 30 or 40 and his lifestyle now.

• [27:01] The things that worry Marc the most about being in his new stage of life.

• [29:09] Marc’s assessment of how he’s doing in his “independent” stage of life.

• [29:31] The transition from a big company to an entrepreneurial lifestyle.

• [31:24] The worst financial decision Marc ever made.

• [33:29] The biggest struggle Marc has managing his own finances.

• [35:58] The two books that have impacted Marc most.

• [37:38] How Marc wants to be remembered.

• [38:56] Marc’s new e-book - Personal Branding for Baby Boomers

• [40:53] How to connect with Marc Miller.

RESOURCES MENTIONED IN THIS EPISODE

 

The Retirement Planning Center - Text “Planning” to “33444.”

 

Marc’s book: Personal Branding For Baby Boomers - https://careerpivot.com/personal-branding-baby-boomers/

 

Marc’s website: www.CareerPivot.com

 

Marc’s email: Marc@CareerPivot.com

One of the most tempting but dangerous things investors (and investment advisors) do is to react in light of what current markets are doing. Don’t misunderstand, it’s always wise to make adjustments when needed, but not to your overall strategy or plan. You put together that strategy to accomplish certain goals within certain timeframes, and over the long haul, it should accomplish your goals given the expected amount of time. When you change your investment strategy because of the markets, you’re changing horses midstream, and you could wind up in deep water! Roger’s got some great advice about how to stick to your plan even though the current market situation seems shaky, on this episode of The Retirement Answer Man.

 

Do you know what a STRETCH IRA is, and how it can benefit you and your loved ones?

 

When making investments for retirement, one of the oft overlooked issues has to do with what happens to the investment should you pass away. If you neglect to designate a beneficiary of your IRA for example, the money will simply pass into your estate upon your passing, and will be taxed almost immediately. That’s not a very good use of the money you worked hard to earn and save, is it? A Stretch IRA enables you to designate beneficiaries and actually S-T-R-E-T-C-H the tax benefits of that investment beyond your lifetime, into the expected lifetime of your beneficiary. Find out how this works on this episode.

 

Do you know how to choose an investment advisor wisely?

 

That issue alone could make or break your retirement investment strategy. You’ve got to know that the person advising you on your retirement is not only experienced, but the right fit for you and the goals you have. What should you ask a potential investment advisor to see if there’s a good fit? Do you know? In this episode of the Retirement Answer Man Roger spends a good deal of time discussing what you should look for in a good retirement investor and how you can ask the right kind of questions to discover if that advisor is the one for you. Listen in to hear Roger’s hard-learned advice.

 

How should a small company go about setting up retirement plans for employees?

 

There are many options out there, and sometimes the administrative costs make it very difficult to set up a plan that is generous to employees but also affordable for the business owner. In today’s episode Roger fields a “live” question from his friend Mark about how to assess the various retirement plan options, how to educate employees on the options without boring them to tears, and how to find the right investment advisor to guide the company and the employees through the process of setting up what is best for each individual. It’s a valuable conversation about retirement plans and small business. Listen in to hear the entire chat.

 

Did you know that Roger would love to answer your questions about retirement?

 

That’s what the Retirement Answer Man podcast is all about. You can ask your specific, personal question and Roger could answer your question on the air. It’s as easy as clicking a button and talking. Go to http://www.rogerwhitney.com/retirementanswers/ to record your question and Roger may address the issues you raise on the next episode. Where else can you get free, experienced, trusted advice on something as vital to your future as retirement planning? Don’t wait. Ask your question now!

 

Free Resources to help you do your retirement planning wisely.

 

Roger is an investment advisor. That means he makes his living advising people about how to wisely make investments for their future. But beneath that is a deeper motive to help people. One way that Roger is doing that is by creating his “Retirement Learning Center.” It’s a free resource on his website (www.RogerWhitney.com) where you can find all kinds of resources - from how to interview a possible financial planning partner (discussed on this episode) to caring for Elderly parents, to wise estate planning. You’ll be amazed at the valuable resources Roger has packed into the learning center, so make sure you get over there to check it out!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:32] Roger’s welcome

• [1:00] Roger’s daughter turned 18 years old - got a tattoo - and why it matters!

• [3:06] Thanks to some iTunes reviewers!

• [4:24] Constructive feedback from a listener (Rick) and a great resource shared from another listener (Mark).

THE HOT TOPIC SEGMENT

 

• [6:38] Still talking about the markets!

• [7:00] A conversation Roger had and what he realized from it about asset allocation.

• [9:40] The temptation to change or alter your investing strategy during down times in the market.

 

PRACTICAL PLANNING TIP SEGMENT

 

• [13:00] What is a STRETCH IRA?

• [15:00] The tax benefits of setting up a Stretch IRA correctly.

• [16:27] Advanced strategies for IRAs.

• [17:23] The Retirement Learning Center resource concerning these IRA options - text the word “planning” to “33444.”

 

 

TODAY’S LISTENER QUESTION

 

• [17:52] An email from Elliot: 3 questions about recording income in a consulting business, setting up lifestyle expenses, and dividends from retirement accounts!

• [22:50] A question from Mark: How should I set up a small business retirement plan for my employees?

 

RESOURCES MENTIONED IN THIS EPISODE

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

 

The Retirement Planning Center - Text “Planning” to “33444.”

 

“How To Find a Financial Advisor” worksheet

 

Mark Menard’s “Elevating Beyond” podcast

 

TWEETS YOU CAN USE TO SPREAD THE WORD

 

Use a #StretchIRA to maximize #TaxDeferred benefits for loved ones

 

How should you account for #consulting income? Find out on this episode

 

#SmallBusiness TIP: How to set up employee #RetirementPlan benefits

 

Ask your #retirement related investment questions from a pro! Find out how, here

 

Free resources to help you make wise #RetirementPlanning decisions

Today’s episode of The Retirement Answer Man debuts a brand new format that will help you make even more of your retirement and financial planning. From here on out all episodes of RAM will be consist of 3 segments - The Hot Topic, where Roger addresses current issues on the financial horizon - The Practical Planning segment, where Roger gives you practical, actionable tips to help you get your retirement planning headed in the direction you desire - and the Listener Question, where Roger answers YOUR questions about retirement related issues. Listen in to get a feel for the new format and to hear how Roger can help you get your retirement planning well in hand before it’s too late.

 

HOT TOPIC - A market correction or a bear market?

 

Last week’s market closed with some alarming numbers and as always, many people are speculating what it means. Is this nothing more than a natural market correction? It could be… it’s been a very long time since the market corrected. But it’s always possible that it’s the beginning signs of a “Bear Market” that could turn things in a very negative direction. Which is it? Nobody can say for certain but the advice Roger has for you in today’s show applies no matter which it turns out to be. Don’t miss this solid, practical tip.

 

THE KEY to being a great investor!

 

Nobody invests their money to get small returns. We all want our investment dollars to do the very most for us possible. In this episode of The Retirement Answer Man, Roger addresses the current market situation by advising you how to become the great investor you want to be, no matter what the economic climate. Listen in to find out what Roger believes to be THE KEY to becoming a great investor.

 

The retirement planning center is available for you - free of charge.

 

Whether you’re a seasoned investor with a solid track record of investments behind you, or are just getting started on the retirement investing journey, Roger has compiled a treasure trove of resources for you in his free Retirement Planning Center. It’s a quick and easy resource from an experienced retirement advisor that will get you moving in the right direction. If you’d like to gain access, listen to this episode to find out how you can!

 

What is a Community Foundation and how can it help you with charitable giving?

 

In today’s main segment Roger has a very informative conversation with Nancy Jones of the Community Foundation of North Texas. Nancy’s experience in dealing with both donors and charities, as well as her interest in finding worthy and trustworthy charities for the foundation’s members, make her a great resource for the topic of today’s show. In this episode you’ll learn what a community foundation is, how it can help you identify charities in your own community that may be the exact fit for your charitable desires, and how the vetting process a community foundation does can help you rest easy, knowing that your charitable contributions are being used well. Find out more about community foundations on this episode of The Retirement Answer Man.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:32] The theme of today’s show - giving to others without worry.

• [1:12] Thanks to Allen for the great review.

• [1:42] A new structure to the podcast - Hot topic - Practical Planning Tip - Main Segment

 

THE HOT TOPIC SEGMENT

 

• [3:35] A market correction or the next phase of a Bear market?

• [8:47] The key to being a great investor.

• [10:08] Roger’s seminar to help you plan out your investing goals - 8/27/15. Text “RAMWebinar” to “33444.”

 

PRACTICAL PLANNING TIP SEGMENT

 

• [12:00] The basics of giving to causes and people.

• [15:18] Get a free retirement planning learning center - text “Planning” to “33444.”

 

TODAY’S LISTENER QUESTION

 

• [16:13] What are ways I can find a “good” charity to support?

• [17:08] Roger’s introduction of his conversation with Nancy Jones from “The Community Foundation of North Texas.”

• [21:20] How a community foundation can benefit a person looking for somewhere to give.

• [23:56] How does a person with charitable intent manage the worry they might have about running out of money?

• [26:36] The current IRA rollover provisions, a new possibility.

• [28:11] What are the minimums required to set up a relationship with a community foundation?

• [29:15] The benefit of creating experiences for your kids rather than leaving them cash.

• [32:07] How a community foundation can match you with groups you would be interested in, but don’t know about.

• [34:39] What’s so important about a “community foundation?”

 

RESOURCES MENTIONED IN THIS EPISODE

 

The Community Foundation of North Texas - Nancy’s organization - http://www.cfntx.org/

 

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

 

The Retirement Planning Center - Text “Planning” to “33444.”

Roger starts the show off with a bang today by answering a listener question: “I’m a smart guy. So why do I make such stupid decisions when it comes to money?” Feel familiar? We’ve all made our share of mistakes in the financial areas of our lives, and that pattern never really changes unless we come to grips with the REASONS we make those decisions in the first place. As you listen to Roger’s response to the listener’s question, see if you can pick out the main reason dumb financial decisions are made, and a handful of ways you can put safeguards in place to keep yourself from them.

 

What worries you most about retirement?

 

Have you given that question much thought? In today’s episode of Retirement Answer Man Roger speaks with Darryl Lyons, author of “Small Business, Big Pressure” and asks him that very thing. Darryl’s answer is reflective of many people in our day, concerned about whether or not he’ll have the amount of retirement funds set aside to truly achieve the things he wants to do in his “life pivot” (Darryl prefers to think of retirement that way). It’s a refreshing interchange between two swell guys, and you can hear it on this episode.

 

Is a college education really an important thing for your kids?

 

In modern America, it’s almost heretical to even ask a question like that, but Darryl Lyons not only asks it, he’s come to a a definitive “NO” answer. It’s not that Darryl is opposed to education,  he just believes that education is not the most important thing to him, especially as he considers the amount of money he’ll have to save to put his 3 girls through college. He’s not at all interested in paying that kind of money for an education that is top notch if the environment of the school isn’t supporting and promoting their character at the same time. Hear Darryl’s thinking on that and many other issues on this episode of Retirement Answer Man.

 

Is paying tens of thousands of dollars for your kids’ college education equipping them, or enabling them?

 

That’s the spirit of a question Roger asks his guest, Darryl Lyons on this episode of Retirement Answer Man, and Darryl’s answer is very intriguing. He’s convinced that much of the money spent on education today is wasted, and he’s got very strong reasons why he says that. Listen in to the conversation as Roger asks Darryl about that topic and many more, and see if you agree with Darryl.

 

Would you like to know what your Retirement Personality Profile is?

 

Roger’s been learning that when he helps his clients know themselves better, they are better able to know what they want and need in their retirement. That mental picture is what Roger is calling their “Retirement Personality Profile,” and Roger’s created a tool to help people (even you) get a clearer idea of what they value in retirement, and what is just wishful or romantic thinking that has no basis in reality. Want to get your profile? You can. Go to www.RogerWhitney.com/profile to get your Retirement Personality Profile now.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:27] Welcome and introduction to the episode.

• [1:37] Introducing the Retirement Personality Profile! Take yours today!

• [8:33] A listener question: “I’m a smart guy. So why do I keep making stupid financial decisions?”

• [17:30] The retirement journey of Darryl Lyons - Darryl’s story.

• [19:20] What does retirement mean to you? The most important question.

• [20:42] Darryl’s greatest area of excitement about his future retirement.

• [23:03] What worries you most about retirement? Have you considered the question?

• [24:23] Where is the line between supporting your kids and enabling your kids?

• [26:28] Darryl’s thoughts about why his kids’ education is not the most important thing.

• [27:11] Where Darryl is on the retirement road.

• [28:13] How a business that is growing can be a form of retirement.

• [29:16] Darryl is a financial planner… so does HE use a financial planner?

• [30:14] The worst financial decision Darryl has ever made.

• [31:52] The power of unwise counselors to ruin your life.

• [33:05] The hardest things Darryl’s had to do to manage his money wisely.

• [34:11] Darryl’s favorite resources and powerful inspira

• [35:53] “Small Business, Big Pressure” - Darryl’s book.

• [37:50] How you can have your question answered on the Retirement Answer Man.

 

LINKS MENTIONED IN THIS EPISODE

 

The Retirement Personality Profile on Roger’s website - www.RogerWhitney.com/profile

 

The Retirement Learning Center - www.RogerWhitney.com/learn

 

How to leave your question for Roger to answer - www.RogerWhitney.com/retirementanswers

 

Contact Roger via email - roger@wwkllc.com

 

http://www.smallbusinessbigpressure.com - Darryl’s Lyon’s book!

 

TWEETS YOU CAN USE TO SPREAD THE WORD

 

Sometimes it’s better to be a smart idiot, than a stupid genius #RetirementAnswerMan http://www.RogerWhitney.com/80

 

When it comes to our OWN #RetirementPlanning, we’re motivated by emotion http://www.RogerWhitney.com/80

 

Want to make smarter #FinancialDecisions? Put controls in place. Find out how on this episode http://www.RogerWhitney.com/80

 

Use your spouse to help you make better #FinancialDecisions - #RetirementAnswerMan http://www.RogerWhitney.com/80

 

#SmallBusiness, BIG pressure - the author speaks on this episode of #RetirementAnswerMan http://www.RogerWhitney.com/80

Retirement planning is as much about additional sources of income as it is about investments. Roger’s guest today, Matt Miller, has built a company that offers savvy retirement planners a legitimate way to add an additional stream of income to their current situation - either on the side or with hopes of it moving toward a full time business. It’s entrepreneurial to the core; becoming a business owner, making your own rules, living the life you want now, instead of waiting for retirement. But it builds toward retirement as well. Matt’s story is inspiring… and you’ll hear it all on this episode of Retirement Answer Man.

 

From the military, to corporate, to entrepreneur - Matt’s story

 

Matt Miller was a pilot in the U.S. Military, and when he decided to step out of that life the transition was more difficult than he thought it would be. Though the government had spent plenty of time and money giving him outstanding skills, potential employers seemed hesitant to give him a chance because they weren’t sure he’d stick with them. They thought he was likely to return to the military instead. As Matt dealt with the corporate politics and the difficulties of achieving the freedom and levels of success he wanted, he realized that his future retirement AND the life he wanted now were things he’d have to go for on his own. Get more details on this episode.

 

Retirement planning is about more than just amassing a pile of cash - it’s about making a meaningful life

 

That’s a mindset that many people planning for their eventual retirement don’t cultivate enough. Your life after retirement can be, and should be rich with activity that makes a difference in the world. Matt Miller (today’s guest on the Retirement Answer Man) says he could never see himself sitting on a beach doing nothing. He doesn’t want to be that person. He’s got to be busy investing himself in causes that are important to him, no matter his age or degree of physical stamina, and he’s built a business that makes it possible for him to do that, and empower others to have the same opportunity. If you’re tired of the rat race and want something different for your future, you should check out Matt’s great opportunity. Find out more by listening to this episode.

 

A listener question: Can I contribute to my ROTH IRA even though I’m not eligible to do so?

 

ROTH IRAs do have some limitations on when and how contributions can be made, especially if you’re single and make over a certain amount of income in the year you want to make a contribution. In this episode of Retirement Answer Man Roger fields a question from a listener who is in that exact situation and in doing so sheds light on the ways contributions can be made in that situation, and whether they will be tax free contributions or not. If you’ve got questions about your ROTH IRA, you should listen to this helpful Q&A with the Retirement Answer Man.

Do you have a question for Roger Whitney, the Retirement Answer Man?

 

Roger would love to hear from you and answer your question on an upcoming episode of RAM. You can easily submit your question in one of two ways: 1) Visit the website at www.RogerWhitney.com/retirementanswers . You’ll be able to leave your own voice message for Roger, asking your retirement related question. Or if you prefer to send in your question in writing, you can email roger at Roger@wwkllc.com . He’d be happy to hear from you!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [1:20] The revamp of the Retirement Answer Library - easier to use and to find what you need - www.RogerWhitney.com/learn

• [3:35] How you can leave your question for Roger - www.RogerWhitney.com/retirementanswers or send Roger an email - roger@wwkllc.com  

• [5:27] LISTENER QUESTION: How can I make a contribution to my ROTH IRA given that I am single and make too much money to contribute?

• [12:03] Introduction of today’s guest - Matt Miller.

• [14:00] The obstacles Matt discovered transitioning out of the military and into the corporate world.

• [16:20] It’s not just about building a pile of cash for retirement, it’s about a meaningful life.

• [17:09] What Matt’s business does that creates his personal income (and income for franchisees) and adds great value to the world.

• [19:22] The dangers of getting into the vending industry (where Matt’s company operates), and how Matt’s company is different.

• [21:46] Raising up generations of entrepreneurs.

• [22:57] Why mindset is most important for Matt’s franchisees - and what that looks like.

• [24:48] Matt’s view of retirement - what it means to him and how he thinks about it.

• [26:43] How Matt is living on his own terms now rather than waiting for retirement.

• [28:10] What kind of business should you start? How Matt made those decisions.

• [30:07] The one trait that enables Matt to be successful.

• [30:55] 13 years to overnight success - the power of continued iterations.

• [32:42] Get in touch with Matt Miller.

 

LINKS MENTIONED IN THIS EPISODE

 

The Retirement Learning Center - www.RogerWhitney.com/learn

 

How to leave your question for Roger to answer - www.RogerWhitney.com/retirementanswers

 

Contact Roger via email - roger@wwkllc.com

 

Get in touch with Matt Miller - matt@ssvbusiness.com

 

Matt’s company website - www.SSVBusiness.com

I've been hacked!!!! To prove that talking retirement planning doesn't have to be dull, Joe Saul-Sehy from the Stacking Benjamins Show hacked into this week's show.

We were all set for another super serious retirement planning show when Joe from Stacking Benjamins hacked in and took over. Evidently Joe thought I was getting a bit too serious and wanted to lighten up the show a bit. Although he made every attempt to suck the wisdom from the show, I was able to sneak in some great retirement planning lessons as he told stories, ranted and joked about personal finance.

If you listen closely, you'll there's some great lessons about:

• Financial Pornography: The dangers of listening to financial news.
• How everyone is marketing something
• Everyone presents themselves as financially savvy
• Why not to believe your friends investing stories.
• Don't count on your advisor to predict the future.
• The true role of an excellent financial advisor.
• Why humility is key to making good financial decisions.
• Joe's admits his worst financial decision.
• How to judge the competency of your financial advisor.

As light hearted as Joe is, he really knows his stuff. If you're looking for an entertaining personal finance show, check his out here.

Tell Me What You Think

Joe thinks I'm too serious in my show. Joe's a good friend and I respect him. You're a friend to so I'd love to get your feedback.

• What do you like most about the show?
• What would you change?
• Is my show too serious?
• Would you like to hear more about current events and the markets?
• Is it too long (or too short)?

TELL ME HERE

It's easier than ever to become a terrible husband. Our connected world has caused the outside world of news, work and friends to compete for the limited attention we have when we're at home.  If you're not careful e-mails, status updates and the internet can rob your wife of her rightful place as the center of your life.

This year my wife and I will celebrate our 25th wedding anniversary. I'm happy to say our relationship has never been stronger. This wasn't always so. For much of our marriage, I was a terrible husband. I allowed the pressures of work and the outside world to dominate my attention at the expense of my wife. Luckily, I woke up, got my priorities straight and can now say we have an awesome marriage.

I want this for you too.

In this week's episode, Nick Pavlidis shares his journey from terrible husband to husbandly awesomeness (He wouldn't say this, but I will).  We discuss:

• Signs you could be a terrible husband.
• The importance of taking inventory of your actions and priorities.
• How to apply workplace leadership skills at home.
• Ways to make your wife your top priority.
• Why it all starts with you.
• How to walk your talk.
• The benefits of investing in your marriage.
• The magic of continually asking yourself,  "What is the next right thing?"

Join Nick in Becoming a Better Husband

Nick is, admittedly, a work in progress. If you'd like to join him on his journey towards being more intentional in marriage here's how:

• Read Nick's new book Confessions of a Terrible Husband: Lessons Learned from a Lumpy Couch.
• Listen to his podcast.
• Connect with him via:
  • Facebook
  • Twitter

Question

What is your nest advice for improving your relationship with your spouse?

Tell me here

 

What do you think the midyear outlook for the market is? Greece, is all over the news (what is it with Greece, anyway?), markets in China are crazy and here in the U.S. everyone is freaked out about when interest rates will rise. What is an investor to do?

In this episode, we'll discuss the midyear outlook for the markets as well as the importance of managing your assets in a consistent well thought out way.

Your Investment Assets Should Be Aligned with Your Financial Priorities. 

All to often, we collect investments over time just like we collect "stuff" in our closet. As we walk through life, we see an interesting investment, buy it and repeat again and again. Over time, many end up with an investment portfolio that looks more like a storage closet than a well structured portfolio laser focused on helping achieve goals. 

Over the years, I've seen some horrendously constructed portfolio (by Advisors as well as individuals).  I recall one IRA that had over 45 different managed portfolios! All actively managed by an advisor.  Geez!!!

Collected portfolios pose some serious risks to your long-term investment experience. Such portfolios make it very difficult to evaluate:

• the individual and aggregate risk you're taking.
• whether each manager is performing adequately.
• the appropriateness of the fees you're paying.
• Whether you're portfolio allocation is aligned with your family's priorities.

Much better, in my opinion, to have your portfolio, and your balance sheet, laser focused on helping you achieve things you know you care about. In short know:

• what you own.
• why you own it.
• how to evaluate it.
• how it helps position you to achieve your family's priorities.

It is Essential That You Stick with ONE Well Thought Out Investment Process.

This is such an important point I need to do an entire show on it. If you switch from process to process you really don't have any process at all. This can be DISASTROUS to your long-term performance.

Decide on a well thought out strategy and stick to it. Stick to it even when it feels uncomfortable; especially when it feels uncomfortable. 

Stay tuned for a future show focused on investment process. 

Highlight's From LPL Financial's Midyear Outlook

In this week's episode, I speak with LPL Financial's Anthony Valeri, C.F.A. about LPL's midyear outlook for the world economies and markets. Anthony and the entire LPL team are sharp cookies. More importantly though, because LPL does no investment banking or selling of proprietary products, they're investment opinions are not tainted by the normal conflicts of interest you see at major firms. 

Anthony is a Senior Vice President, Investment Strategies and sits on LPL's tactical allocation committee. 

Get LPL's Midyear Outlook for Investing

 

• The economy has helped deliver six consecutive calendar years of positive returns for stocks since the end of the 2008 – 2009 Great Recession, as measured by the S&P 500 Index; however, constructing a strategy for the remainder of the economic expansion will require a tricky assembly. Divergent monetary policies reveal an uneven global recovery that has triggered an uptick in stock market volatility. A few important pieces requiring assembly for the remainder of 2015 include: „
• How the U.S. economy pieces together the components needed to bounce back from a lackluster start of the year. The U.S. economy hit an unexpected soft patch to start the year due to a severe winter freeze, the West Coast port strikes, ongoing effects of lower oil prices, and the surging U.S. dollar. Returning to a more normalized 3% growth level will be crucial to build further upon the market’s first half gains. „
• After successfully delivering the U.S. economy out of the recessionary “warehouse,” how does the Federal Reserve (Fed) assemble an exit strategy from its six-year policy of zero interest rates? With unprecedented levels of accommodative monetary policy rendering any traditional instruction manual pointless, the Fed will have to use its entire toolbox to construct a delicate increase in interest rates without disrupting the fragile economic growth and the wavering confidence of businesses, consumers, and investors.
• Corporate earnings growth continues to search for that spark to ignite equity advances. In the U.S., lackluster profits aligned with weak first quarter 2015 economic growth to produce the lowest level of year-over-year corporate earnings growth in 11 quarters. Overseas markets are looking for a power boost from the very accommodative monetary policies of global central banks across Europe and Asia, in an attempt to spur sustainable growth, improve earnings, and avoid deflationary forces.

Although many packages are still in transit as we approach the midpoint of 2015, the biggest challenge for the market is putting the necessary pieces together to construct the backdrop for solid global economic growth, stable prices and currencies, and expanding corporate profits. The task is complicated by the Fed’s expected first interest rate increase in nine years later this year. The assembly will not be an easy one, but the LPL Research Midyear Outlook 2015: Some Assembly Required provides the investment instruction manual, tools, and tactics to construct portfolio strategies that may flourish in a market that remains in transition.

If you're an auditory learner, here's a link to their midyear outlook video.

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