A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com
Is there anything more exciting than planning your travel in retirement? During our recent listener survey, we asked you what you were most excited about in retirement. Number one on the list was time freedom and number two was travel. December is the perfect time to plan your travels for the next year which is why we decided to explore travel in retirement over the course of this month-long series. Learn how to dream up your ideal vacation on this episode of Retirement Answer Man. What is our most precious resource? Do you think money is your most precious resource? What about time? We always feel like we have an endless supply of time until we get sick or someone around us passes away. When we are young time feels infinite, but as we age we realize that it’s not. Time is something we always feel we don’t have enough of, we can’t store it, rent it, or buy, it. Yet we all seem to waste time in different ways--from watching TV, to browsing social media, or aimlessly searching for distraction. Do you value time over money? Do your choices reflect your values? Would you walk away from a million dollars to gain more time with family? How to create your ideal vision for travel in retirement Sure you know you want to travel more in retirement, but how do you begin to plan what you want to do? First, you need to discover what you want to do. You need to get a good idea of your vision. You can think creatively about what it is you really want to do to create the rich life you envision for yourself in retirement. There are 2 types of travel people usually think about: the normal yearly vacations and the bucket list travel goals. Learn how to plan both by listening in and learning the questions you should be asking yourself about how you want to travel in retirement. Define your travel goals Think about how you want to travel. Where do you want to go? Do you prefer rural or urban locations? Sun or snow? Beaches or mountains? Do you prefer to travel with a group, alone, or just you and your spouse? Do you need to have everything planned out for you, or do you prefer to just go with the flow? Do you crave leisure, activity, or fitness? You can use these questions to create a vision for where and how you want to travel in retirement. Learn what else you can consider when mapping out your travel goals in retirement. What tools can you use to help you plan to travel in retirement? Now that you know what to consider when dreaming up your ideal vacation, you need some tools to help you plan. I love my giant NeuYear wall calendar, it helps me quickly see where my vacations fall amidst the rest of my year. One way to begin brainstorming is to create a mindmap. This allows you to take an idea and then expand upon it by adding new layers and ideas. If you are a visual person, you may enjoy creating a vision board. How will you begin to plan your retirement travel? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:02] What is our most precious resource? PRACTICAL PLANNING SEGMENT [8:44] How to create your vision for travel in retirement [11:00] What kind of travel suits you? [23:12] Tools you can use TODAY’S SMART SPRINT SEGMENT [26:50] Start mapping out your retirement travel Resources Mentioned In This Episode MindNode NeuYear Wall Calendar BOOK - The Effective Executive by Peter Drucker Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
After all of the retirement tax management topics over the past few episodes, today we finally get to withdrawal strategies. We are wrapping up our monthlong series on retirement tax management, so make sure you listen to the previous 3 episodes to get the scoop on managing your taxes in retirement. This is a huge topic that we will definitely revisit in the future. But today you can get some great tips on how to manage income in retirement, dangers to look out for, and withdrawal strategies. When you’re done listening, head on over to RogerWhitney.com and take our listener survey to give us your input on the show. Christmas gift ideas for those that have everything NeuYear Calendar - This is a great idea if you are within 5 years of retirement. I have this huge 5-foot wall calendar. It’s a great way to plan your vacations, your countdown to retirement, or you can use it as a jumpstart to a vision board. Everplans - This is a $75/year subscription service that is a platform where you can store all of your important documents and passwords together online. The online portal can help you organize everything you need. The beauty of this service is that you can assign delegates to see as much or as little as you choose. Or they can access it only when you pass away. *If you are an annual member of RRC you get a subscription to Everplans included with your membership. Smart plugs - These are really cool plugs that can connect to your phone via an app and you can control your lights from different locations Away Luggage - Great for all that traveling you have planned in retirement. Airpods Pro - A great gift for Apple enthusiasts. Give’r gloves - Outdoor gloves that last, you can even have them branded for a more personal touch. Perini Steaks - Who doesn’t love a good Texas steak?! Cutco Knives- Sure, we’ve all heard the sales pitch, but seriously these are fantastic knives! Get them engraved to add a personal touch. Meet BW, our host of the new Coaches Corner segment We’re starting a new once a month segment that includes coaching tips for the theme of the month. These tips aren’t on the financial side of things, but rather the more personal side. BW is a certified retirement coach who is also the head of the education department at the Rock Retirement Club. BW will bring research and coaching tips to help you learn to ease into and then thrive in retirement. Topics may include work reorientation, replacing work functions, life meaning and purpose, family and relationships, how to fill your day in retirement, or health and leisure. Listen to the new Coaches Corner segment to meet BW and hear his tips on tax management in retirement. Taxes to be aware of in retirement Tax management in retirement is a multi-dimensional puzzle. There is so much to consider, but that’s why you’re planning ahead by listening to this show! Let’s look at some taxes you need to be aware of in retirement: Social Security taxes IRMAA surcharges - Remember these reflect 2 years in the past. Income taxes and income tax brackets - Become more familiar with them since you now have more control of your income in retirement. Required minimum distributions - Once it starts it never stops! Withdrawal strategies you can use to help plan your taxes in retirement Even though there are lots of scary new taxes to be aware of in retirement. It’s actually an exciting time, tax-wise, because you have much more control of your taxes than ever before. You are in control of your income and you can time it in ways you never have been able to before. And there are plenty of other strategies you can use to help you manage your taxable income. Consider doing Roth conversions, strategic gifting, and timing your Social Security to help you manage your taxes in retirement. Listen in to learn how to create a dashboard and plan your taxes year by year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:30] I am thankful for all of you [4:25] Christmas gift ideas for those that have everything COACHES CORNER [14:00] Meet BW, Retirement Coach Extraordinaire PRACTICAL PLANNING SEGMENT [20:38] Taxes to be aware of in retirement [23:49] Dangers to be aware of [29:32] The tools we have in our toolbox to battle the tax giant [33:49] Create a dashboard THE THANKFUL LAB SEGMENT [39:43] I’m thankful for the Detroit Lions TODAY’S SMART SPRINT SEGMENT [41:30] Start thinking about your withdrawal strategy Resources Mentioned In This Episode Perini Steaks Give’R gloves EverPlans NeuYear Calendar Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
There is a lot to consider when planning tax management in retirement. You’ve got to think about RMD’s, tax brackets, Medicare, and IRMAA. You may have heard of IRMAA and been wondering just what this mysterious acronym is. On this episode of Retirement Answer Man, you’ll learn about Medicare and IRMAA and how exactly this all fits into your retirement tax management plan. You need to understand all the levers available to make the most of tax management in retirement. Highlights I’ve learned over the past 300 episodes Consistency is so important. My daily habits keep me on track You all have helped me learn how to define the agile retirement planning process. My team is amazing! Listeners provide the ultimate feedback loop. We have created a safe place to interact and have discussions surrounding retirement. We have listeners from all over the world! I know my purpose and I’m acting it out each day. Can this exercise help you consider if you are ready for retirement? I recently had a client that didn’t think he was ready for retirement. He thought there would be a huge void in his life. How would he spend his days? So to get an idea about this he decided to make a list. Not a bucket list, but a list of things he wanted to do with his time. Things like: practice playing guitar, learning to play golf, mentoring kids. These were just some of the day to day items he considered. Next, he decided to map out an ideal schedule for an entire month. Find out what he discovered by listening in! Who is this IRMAA, and why is she in my Medicare? In 2007 Congress passed a law allowing a surcharge on part of your Medicare benefit if you make over a certain amount. IRMAA is that surcharge on Medicare Part B and Part D. If you make over $85,000 if you are single or $170,000 if you are married then IRMAA will apply to your Medicare Part B and D. One important aspect about IRMAA is that it considers your income, not from last year, but from 2 years ago. Listen in to find out how much this surcharge is. What are some tax strategies you can implement to avoid IRMAA? The number one rule of tax management is: don’t let the tax tail wag the dog! You will need to consider if IRMAA is worth all the trouble to avoid. Consider these strategies to see if they can help you avoid the IRMAA surcharge. Be aware of temporary spikes in income, be more thoughtful about how you spend money as you approach Medicare age. Be aware of your required minimum distributions (RMD). You’ll want to be aware, from a tax perspective, but now you can consider IRMAA as well. Use Partial Roth conversions now to try and minimize your RMD later on Multi-year tax planning so important in retirement because you finally have ultimate control over your taxes Start to build some balance in your balance sheet. Consider funding your HSA early on. You can keep the bills for years and create a tax-free slush fund. If you don’t need the extra income, but have to take it due to RMD, do a qualified charitable distribution to minimize your income. How will IRMAA affect you? Will you jump through hoops to avoid it? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:30] Highlights I’ve learned over the past 5 years [6:12] Do I really want to retire? PRACTICAL PLANNING SEGMENT [9:30] Who is IRMAA? [16:00] How will IRMAA affect you? THE THANKFUL LAB SEGMENT [21:56] I’m thankful for being brave TODAY’S SMART SPRINT SEGMENT [24:02] Take our annual listener survey! Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Nobody likes taxes, but tax management in retirement doesn’t have to hurt so bad. During this Retirement Tax Management series, you’ll learn about tools and tricks you can use during retirement to lessen your tax burden and make paying taxes as painless as possible. On this episode, we’ll focus on Social Security and how it affects your tax burden. You’ll also hear retirement tax tips from a variety of other professionals. Make sure to listen to the whole series to learn as much as you can and when you’re done be sure to take the listener survey so that we can get your opinions to refine the show to cover topics that interest you. Tax management tips from a variety of professionals When looking for good advice it helps to crowdsource to hear a variety of tips. Check out these ideas to help you lessen your tax burden in retirement. CFA, CFP and writer, Peter Lazaroff, focuses his advice on limiting your RMD liability. He encourages listeners to minimize their RMD liability early on, prior to age 70 ½, by doing partial Roth conversions. It’s important to remember all of those pretax dollars will be taxed eventually. Think about it early on so you won’t get stuck with a huge tax bill at age 70 ½. Julie is currently maxing out her husband’s 401K to save for retirement, In addition, she is funding an HSA with pre-tax money. She is paying cash for her medical bills now and saving those receipts to withdraw from the HSA in retirement. She is using the HSA like a slush fund. Julie also uses a donor-advised fund for charitable giving. Brandon Renfro Ph.D. encourages you to consider your multi-year tax rate. In retirement, income is multi-dimensional and you can manage when you Michael Hennessy, CFA, CFP, recommends using a qualified charitable distribution if you are charitably inclined. When having to take your RMD, if you don’t need the full amount of money, give it away. This will help with IRMA as well as help you manage your tax brackets. Michael Molitoris suggests auto-withholding a portion of your IRA distribution for tax purposes. Make sure to also withhold taxes from your Social Security check. This will help save you from filing quarterly taxes and it will further save you from a huge tax bill. Ashley Daniels use your tax return as a tool to help you think about tax brackets, IRMAA, and Social Security. What can you do to help you get ready to plan for your Social Security benefit? As you are sitting here thinking about Social Security and retirement, you might be wondering what you can do to be proactive. There are 2 things you can do right now. First, go to ssa.gov and set up your login to begin to manage your account. Review your earnings history, give it a once over to make sure it is reported correctly. Your benefit is based on the reported earnings history so you’ll want to make sure they are in the right ballpark and act early if something is amiss. Secondly, check out the retirement estimator calculator. This is a great tool to help you with multi-year tax planning which is imperative in retirement. Are your social security benefits taxable? Wait! I already paid taxes on my Social Security benefits, why are they taxing me again? This is why we’re learning about retirement tax management now. So there won’t be any surprises later. Your Social Security benefit is taxable but only up to a certain amount. It really depends on your adjusted gross income (AGI) and your nontaxable interest accounts. Make sure you listen to the examples I give to fully understand when and how your Social Security benefits are taxed. What can you do now to help manage future taxes? In your working years, you don’t really have control over your tax bracket or how much you will owe, but in retirement, you can have a lot of control if you are proactive. Multi-year tax planning is so important and that’s why you are listening to Retirement Answer Man now. There are several strategies that you can think about using to manage your taxes. Consider these: Delay Social Security while you take distributions from your IRA’s or earn income in pretirement Start converting your IRA’s to Roth IRA’s early Consider multi-year tax strategies to think about your IRA withdrawals Fill your tax bracket Make sure to listen in next week to meet our old friend IRMAA and find out how she could affect your Medicare premiums. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [4:00] Tax tips from financial advisors PRACTICAL PLANNING SEGMENT [11:40] How does the tax scheme work in retirement for your Social Security benefit [14:07] Are your Social Security benefits taxable? [17:45] Let’s look at an example [23:22] What can you do now to plan for the future? THE THANKFUL LAB SEGMENT [26:30] I’m thankful for the listener interaction we get TODAY’S SMART SPRINT SEGMENT [28:14] Go register at SSA.gov and check out the new retirement calculator Resources Mentioned In This Episode SSA.gov Retirement Estimator Calculator IRS Publication 915 BOOK - Making Money Simple by Peter Lazaroff Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Wait, did you think that tax management would become easier in retirement? That’s hilarious! Managing your taxes in retirement can be a scary endeavor. There are new terms popping up at you from every direction. That’s why we’re taking this whole month to discuss retirement tax management. With a little bit of education, you won’t find tax management in retirement that daunting. Start your education in retirement tax management by listening to this episode of Retirement Answer Man. Should we all jump on Michael Kitces’ rising equity glide path? Last month we presented Michael Kitces’ argument for the rising equity glide path. This academic theory of investing goes against everything that seems natural to an investor. The idea is that the investor should get more aggressive as they get older since that is when the sequence of return risk is the greatest and they have the longest amount of time ahead of them. A listener was wondering why we would air this on the show if we weren’t advocating that our listeners go out and try this with their own investments. Remember, I am here to present research to help you all stay informed and so that you can understand and identify risks. I am not advocating that you do anything. I don’t know you and cannot give you advice on this show. Don’t miss this opportunity to save money! Retirement tax management is one of the most missed opportunities in retirement. It is commonly missed because it is so confusing to advisors. In addition, financial advisors can’t give tax advice, we can only be tax-aware. Most CPAs aren’t as familiar with all of the tax opportunities in retirement either. They are so used to recommending deferring taxes for as long as possible. And while that’s a great plan for the accumulation stage of retirement planning, once you retire you need to come up with a new tax strategy. Do you have a tax strategy that you plan to use in retirement? How is it different from your tax strategy in your working years? Why is multi-year tax planning important in retirement? In retirement, it’s time to stop thinking of your taxes one year at a time. Multi-year retirement tax planning will save you money in the long run. Small things can add up to make a big difference over the long-term. One of the coolest things about retirement is your flexibility in realizing income. There are also actions you can take now to help your future self out from a tax perspective. Do you have a plan to manage your assets in retirement? Have you thought about tax planning in retirement? Retirement tax management starts with knowing the different tax brackets It’s important to become familiar with the different tax brackets. Retirement is probably the only time in your life where you can actively manage your income. Retirement income is usually a combination of after-tax assets, pretax assets, tax-free assets, and income. These are the raw resources you can use to create a retirement income. Once you know the different tax brackets you can understand where you want to fall and how much wiggle room you have to continue to stay in the tax bracket that you want to be in. Find out what other tools you have to manage your taxes in retirement by listening to this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:56] A listener had a question about the rising equity glide path PRACTICAL PLANNING SEGMENT [10:25] Retirement tax management is one of the most missed opportunities in retirement. [12:34] What materials do you have to manage your taxes in retirement? [14:00] What are the tax brackets? [17:35] What opportunities can you take to manage taxes in retirement? THE HAPPY LAB SEGMENT [19:48] It’s easy to assume the worst, but try not to TODAY’S SMART SPRINT SEGMENT [22:03] Focus on not predetermining the outcome of things. Just let it flow Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Do you use index-based investments? There is a trend towards passive investing as people are stepping away from high fee managed funds. There are many positives in passive, index-based investments, but there are some downsides too. In this classic episode, we explore the downfalls that can come with index-based investments. If you are on the passive investing bandwagon you’ll want to discover what the negatives are to have all the information and make intelligent decisions. Should we all move to passive investing? Passive based investing seems to be taking over the investment management world. In 2000 only 12% of stock market investment assets were passive based. In 2005 that number rose to 17%, in 2010 it rose again to 25%. In 2016 the percentage of passive based investments rose to 42%. Although the number of passive investments has still not caught up with active investments, the trend is heading that way. Over the past 10 years, the S&P 500 outperformed hedge funds. Active stock managers have failed to beat their indexes over the previous years and they continually lose money. Since they charge high fees and lose money does that mean we should all move to passive investing? Does index-based investing make the market less efficient or more efficient? We know how efficient index-based investments can be. Taking out the middle man of stock managers streamlines the entire process and make investing much less expensive. But is it actually more efficient? Might passive investing be less efficient because if so much of every dollar is going into the same indices? The average buyer is buying without respect to any fundamentals of investing. We also need to consider that all of this money is going to the same companies. The largest companies have the largest influence on the index. 20-30 companies influence the whole index. More and more money is flowing to fewer and fewer stocks as index-based investing gets bigger. What will happen when we enter a bear market? We all know that markets rise and fall. After being in a bull market for so long we know that a bear market is sure to follow. But if all of our assets are funneled into fewer and fewer stocks what will happen when the bottom falls out? In bad markets investors sell. This will cause these large companies’ stocks that are tied to these investments to all even further. You’ll want to consider a solution I have for continuing small-fee, indexed based investing. Make sure to listen in to find out what you can do to protect yourself in a bear market and still passively invest. Should Tyler use future raises to pay down debt? What should you do when you get a raise? How do you allocate that money to support your family? One listener is considering what to do with new income when he gets a raise. I encourage you to think about income from a net worth perspective. There are only 5 things you can do with money: spend it, give it away, pay down debt, save it, or invest it. It’s helpful to think of things in that order. Look at your net worth statement ot identify where the imbalances might be. Focus on what you can control because we will always be living in uncertain political times. Listen to this episode to hear more great listener questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:36] Should we all move to passive investing? [8:00] Does passive investing make the market less efficient or more efficient? [10:59] What will happen when we enter a bear market? [12:45] What are the solutions? PRACTICAL PLANNING SEGMENT [16:32] Should Tyler use future raises to pay down debt? [22:45] What are red flags to look for when hiring a financial advisor? [32:22] Should Keith pay off mortgages or save for retirement? [34:33] Timothy has an RMD question Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Are work and retirement mutually exclusive? Here at the Retirement Answer Man world headquarters, we don’t think so. On this classic (throwback?) episode, we revisit the idea of pretirement. Pretirement is the concept that you can work and retire at the same time. If you aren’t ready to hang up your hat and sit on the park bench of life, you’ll want to explore the concept of pretirement. Listen to this vintage episode of Retirement Answer Man to ponder the idea of work and retirement and discover if this is the right concept for you. Hard-at-work-October is progressing beautifully Are you ready for the most amazing, comprehensive retirement course ever created? All of us here at Retirement Answer Man HQ are busy creating a life-changing course that will help you rock your retirement. The good news is, this retirement course will be an exclusive benefit for everyone that has joined the Rock Retirement Club. If you’re not a member yet, make sure to join before November 1 to lock in your low lifetime price. Are you one of the millions of Americans in a sad state of retirement readiness? Pick up any news article on retirement and you are bound to read about the fact that Americans don’t save or invest enough to support themselves over the course of retirement. We are healthier and living longer than ever before and our savings numbers just don’t work. But what is the right amount of money to have saved anyway? Whether you are worth $50,000, $500,000, or $5 million there will still be the feeling that you just don’t have enough. Do you think of retirement as a light switch between work and retirement? According to a recent survey among Retirement Answer Man listeners, freedom is the number one aspect to retirement that you all look forward to. Be strategic about how to put a plan in place to slow down your working pace. Pretirement is the strategic phase in which you still earn income (maybe less than before) but you gain the time freedom that most seek from retirement. Rather than seeing retirement as an off-switch to working, pretirement is more like a dimmer switch. What are some benefits of pretirement? It takes the pressure off of you to save everything you can It takes away the worry about the economy At the beginning of your retirement, your skills are still relevant and you still have a network of work contacts Your longevity risk and market risk are the greatest at the beginning of retirement. Pretirement eases these risks The retirement transition is a period of significant change, pretirement can ease you into that change You don’t have to dip into your savings so soon so your investments can continue to grow You can delay taking Social Security which increases your benefits You may experience a reduction in healthcare costs OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [6:46] Most Americans feel that they are not retirement ready PRACTICAL PLANNING SEGMENT [9:15] What excites you most about retirement? [16:09] Why is pretirement important? [19:42] What are the benefits of pretirement? [27:22] What are some qualitative benefits of pretirement? [33:28] Tips to start planning pretirement [36:48] Some examples of pretirement work TODAY’S SMART SPRINT SEGMENT [38:09] Think about what you might want to do for pretirement work THE HAPPY LAB SEGMENT [38:58] You have a choice about how you respond to things Resources Mentioned In This Episode BOOK - The 100 Year Life by Andrew Scott and Lynda Gratton BOOK - Built to Sell by John Warrillow Couple Money Podcast Stacking Benjamins Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
In all of your planning, have you planned for happiness in retirement? Many people just look at the facts and figures in their retirement and they don’t stop to think about how they will create their own happiness in retirement. On this classic episode of Retirement Answer Man, we revisit an oldie but goodie. Listen to this episode to see if you can discover why this was the one that made Nichole decide once and for all that she wanted to come work with me! Are you ready for the most epic retirement course ever? During this hard at work October the Retirement Answer Man team is busy creating The Most Comprehensive Retirement Course EVER! (Yes it’s that great that it needs to be capitalized!) Our Rock Retirement Course will be the most comprehensive retirement course in the history of retirement courses. This course will be your roadmap for creating a rockin’ retirement. Also, don’t forget that we are in the last few weeks for you to take advantage of the low price of the Rock Retirement Club. Starting November 1 the price for the Rock Retirement Club goes up, so sign up today to become a member of the most awesome group on the internet. Why planning for happiness in retirement is even more important than financial planning When you sit down and plan for retirement most people consider the normal questions. How much do I have? How will I disperse my money? This is what we think of when planning for retirement. Most people don’t stop to think how will I be happy? Retirement is a time of great change in your life. It is much like leaving college to start your career. The trajectory of your life will completely change. So this makes it a great time to consider who do you want to be for the rest of your life? Once you know that then you can think about how you are going to build the life that you want to build. Discover how to map out a meaningful life in retirement on this episode of Retirement Answer Man. Why you need a life of congruence Congruence means the state achieved by coming together. It is a state of agreement. If you say you value A, B, and C are you living your life that is congruent with your values? In my younger years, my actual life did not reflect my values at all. I had a great job, wife, and kids. But I was often a jerk to those I loved the most. I had to sit down and define my values before I could begin to live a life that was congruent with them. Have you sat down to define the values in your life? Now is the time to consider your core values so that you can live a life that aligns with your values and find real happiness. How I define my top 10 values God - I have a strong relationship with God and talk to him every day. Quality relationships - I value deep friendships. I love listening and going deeper with my friendships rather than just brushing the surface. Adventure - I love being open to new experiences, ideas, and emotions. I always strive to experience new things. Service - I believe I was put on earth to help change the concept of retirement. This is my service to others. Continuous improvement - I don't want to have a fixed mindset, a growth mindset helps me continuously improve as a person.. Fitness - Staying fit helps me not just physically but mentally. Laughter - Although I am intense, I love to laugh. I am more engaged and optimistic when I laugh more. Positive attitude - A positive attitude is empowering. It can help create an incredible life. Freedom - I value living life on my own terms. Bravery - Bravery gives me the strength to live out my values even when it is easier not to. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:34] Who do you want to be for the rest of your life? THE HAPPY LAB SEGMENT [13:39] What happens when you live a life congruent with your values? PRACTICAL PLANNING SEGMENT [18:24] How I brought my life into alignment with my personal values [20:02] My 10 personal values TODAY’S SMART SPRINT SEGMENT [34:15] Identify your personal values Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Have you ever heard of the rising equity glidepath? If not, you’ll definitely want to listen in to this interview with Michael Kitces where he debunks a common retirement myth. Michael Kitces is the man behind the Nerd’s Eye View, a financial planning blog that seeks to improve your financial situation no matter where you are in life. Michael Kitces shares with me on this Retirement Answer Man classic episode recent research which debunks common retirement planning advice. You’ll definitely want to listen to this interview and consider whether his advice lines up with your own retirement asset allocation strategy. Hard at work October During this whole month, we are hard at work here at the Retirement Answer Man world headquarters. We are busy planning for the next year as well as working on the Rock Retirement Course. This will be the most epic course on retirement and you won’t want to miss it. We are also giving our listeners a heads up. The price for the Rock Retirement Club goes up November 1. So if you have been thinking about joining head on over to Rock Retirement Club and join now to ensure that you get your membership costs locked in at the current price. Do you follow the conventional wisdom regarding asset allocation? During the withdrawal stage in life, people want to take less risk with their money. 100 minus your age is what you should have in equities. Right? That is the traditional asset allocation benchmark. As you age the amount that you own in stocks should decline, or so goes conventional wisdom. Really what this means, is that you should own your age in bonds and less in equities. This is one of those general rules of thumb that sounds great but then when you break it down it doesn’t hold water. Is there ever a good time in retirement for the market to head south? The first 5-10 years of retirement are crucial to your future financial security. Markets go up and down, so your retirement savings will go one of 2 ways. The market will go down then up or up then down. The order in which the markets go up and down can drastically change your financial situation in retirement. The problem that crops up is that you take distributions out as you proceed through retirement. So if you get bad returns for a decade and then good returns and you took out too much money during the negative return years then you will run into trouble. You are much better off if you have a good market at the beginning of retirement and then it goes down toward the end of your lifespan. What is the rising equity glidepath? Using the traditional asset allocation advice if you have bad returns early on in retirement you will feel a double whammy when the markets finally bounce back. Instead of using conventional asset allocation wisdom, what happens when you flip it on its head? What if you start your asset allocation at a more conservative level and then work your way up as you age? Listen to Michael Kitces explain an alternative to the traditional advice as he describes the rising equity glidepath and how it can help you achieve financial security in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [3:55] How will you allocate your investment assets in retirement? [8:05] You will be much better off if you have a good market at the beginning of retirement [16:34] What is an equity glidepath? [20:39] The rising equity glidepath is a risk minimization strategy Resources Mentioned In This Episode Nerd’s Eye View Should Equity Exposure Decrease in Retirement? What Returns Are Safe Withdrawal Rates Really Based On? Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Your net worth statement is the first building block for creating a great life in retirement. On this episode of Retirement Answer Man, we revisit a classic episode to reiterate the importance of net worth statements. You’ll learn the importance of having a net worth statement, how to create a net worth statement and how to determine your own net worth. Listen to this episode to find out why having a net worth statement is the foundation for creating your ideal retirement. Have you joined the Rock Retirement Club yet? If you have been thinking of joining the RRC now’s the time to act. Not only are we putting together the Rock Retirement Course which will be the most comprehensive course on retirement ever created, but starting November 1 the membership price will go up. The added benefit of joining now is that you can join us on November 2 for the Retirement Rodeo Round-Up. We have over 30 people joining us for fellowship and retirement education. Join before November 1 to lock in your membership price for a lifetime. What exactly is a net worth statement? A net worth statement is basically a statement of your financial health on one simple page. This document can provide you with a brief look at your financial situation any time you need it. You can easily see where you stand by tracking your assets and expenses. With your net worth statement in hand, you can get a real look at where you stand on achieving your retirement goals. Are you ready to learn how to create your own net worth statement? Listen in to find out how. Creating your own net worth statement is easy To create a net worth statement you will list all the things you own that have value as your assets. You can further categorize those assets by whether they are tax-free, tax-deferred, etc. Then you will include your liabilities. Subtract your debt from your assets to find your net worth. With a net worth statement, your financial well-being is right there at your fingertips. Use it as a dashboard to examine your financial health. Check out the ‘Build Your Net Worth Statement’ worksheet in the Retirement Learning Center to help you get started on building your own net worth statement. How do you use a net worth statement to help you plan your retirement? Your net worth statement is a snapshot in time with which you can measure your progress. This document is your starting place. Once you understand your net worth you can then begin to plan how to rock your ideal retirement. You’ll understand just how far you have to go to achieve your financial goals. Your net worth statement won’t lie to you. It cuts through your best intentions and shows you where your values truly lie. Use your net worth statement to get intentional about your financial decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [7:20] What exactly is net worth? [11:55] How can you use your net worth statement to plan retirement? PRACTICAL PLANNING SEGMENT [17:40] What does Kim’s net worth statement look like? THE HAPPY LAB SEGMENT [49:15] Be careful how you handle stress TODAY’S SMART SPRINT SEGMENT [47:10] Make a note of where you keep your important documents Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Welcome to the last episode of Retirement Plan Live 2019. If you are new to the show, go back and start with episode 289. Retirement Plan Live is a series within the show where we take live case studies with listeners and walk through their retirement dreams and then tackle their finances to see if they can make their dreams a reality. In this Retirement Plan Live, we have met Emma and she and her husband have been facing a difficult situation. On Thursday, October 10 we’ll have their live results meeting. We’ll walk through their ideal retirement and learn if their retirement plan can become a reality. Be sure to sign up for 6-Shot-Saturday on the homepage of RogerWhitney.com so that you can get the link to the live results webinar. How do you move forward? Christopher McCluskey joins me from the Professional Christian Coaching Institute as we discuss how to move forward in hard times. When life deals us a big blow we can get stuck in one place. This is when we need to think about how we approach life rather than how we control it. In hard times, our mindset becomes our reality. That is where the battle is won or lost. There is a period of grief and we should embrace that grief. Grieving is good for you, and without healthy grieving first, you won’t move forward. Eventually, you need to wrestle through to accepting. That is when you grow. Coping with a new reality Coping with a new reality is hard. But none of us truly knows when our last day will be so we need to adopt a mindset of living. Live like you are dying. We can all fritter away at our own lives and sometimes our new reality opens our eyes. Focus on what you can do rather than what you can’t do. And try to discover what is possible with your new life. Try not to give in to despair since we can always hope for something. How does Emma navigate being the one left behind? Emma is in a tough space since she needs to be there to care for Luca, but she also needs to prepare for life alone. She is living a life in limbo. Her support network is both near and far with a brother traveling and a sister nearby. She also has good friends and great neighbors. Emma has managed by advocating for Luca and getting her own support. She understands the importance of self-care but it can be a challenge to work on that at times. What would Emma like clarity on in her retirement plan? On October 10 we’ll have the live webinar with Emma and Luca where we go over their retirement plan. Make sure you’re signed up for 6-Shot Saturday to get the link for the webinar. It is important for Emma to have an agile retirement plan that covers the different scenarios in which she might see herself. She knows there is still plenty that could go wrong. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [4:12] Christopher McCluskey discusses how to move forward [11:25] How do you navigate being the one left behind? [15:56] What is the difference between hope and false hope? [24:20] How do you support someone with their struggles? PRACTICAL PLANNING SEGMENT [28:06] How is her support network? [35:02] How does she manage it all? [37:45] What could go wrong? [45:05] How does she define herself? THE HAPPY LAB SEGMENT [51:45] Emma has given us some perspective TODAY’S SMART SPRINT SEGMENT [52:52] Reply to 6-Shot Saturday with a message to send to Emma Resources Mentioned In This Episode BOOK - Thinking in Bets by Annie Duke Professional Christian Coaching Institute Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Welcome back to Retirement Plan Live 2019. During this Retirement Plan Live, we look at Emma and Luca who have recently been thrown a curveball and need to adjust their retirement plans. In this episode, we will be counting what they have to see if they will be able to make their retirement dreams a reality. While they are counting what they have, take the opportunity to sit down and consider what you have. We’ll include worksheets you can use in the 6-Shot Saturday email so be sure to sign up for it at RogerWhitney.com. Counting what you have It’s time to think about what resources you have to live the kind of life you want. By sitting down to examine where you stand you can see where there are opportunities to improve as well as looking at where your risks are. Sign up for 6-Shot Saturday to receive a summary of everything we have covered on Emma’s journey in Retirement Plan Live as well as worksheets to help you plan your retirement. Just head over to RogerWhitney.com and enter your email and you’ll receive the 6-Shot Saturday in your inbox every Saturday. What kind of social capital do you have? There are 2 ways that you can consider social capital. You can think of the traditional form of social capital which includes your family, friends, your church community, and colleagues. This sort of social capital is there when you face hard times. The other type of social capital is the financial term which means any sort of money that is a guaranteed payment to you. Social Security is the most common example of social capital. A pension or an annuity are other types of social capital. Do you plan to use human capital in your retirement? Another resource we consider in retirement planning is human capital. Human capital is you. Your ability to earn an income is your human capital. Many people choose to work part-time or take a pretirement so they can continue to earn money and still have the flexibility and time freedom that they are looking for from retirement. Flexibility is a key component of an agile retirement. Are you planning to use your human capital in retirement? Do you have a net worth statement? Financial capital is what we traditionally think of using when we think of retirement. This is the money you have saved up. We can measure the money you have in a net worth statement. It is important to get organized so you can figure out what you have to work with and what the biggest risks are and you can plan what to do next. Emma has enjoyed taking the time to organize her information and ideas to help her see where they stand in their retirement plans. Have you organized your information so that you know where you stand? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:28] What resources do you have? [5:45] What is the financial definition of social capital? [6:39] What kind of human capital do you have? PRACTICAL PLANNING SEGMENT [10:30] What is Emma’s social capital? [22:33] What human capital do they have? [27:17] What is their financial capital? THE HAPPY LAB SEGMENT [36:49] It is easy to compare the present with the past. Think about where you are and focus on what is possible instead TODAY’S SMART SPRINT SEGMENT [38:50] What do you need to reframe to think about what is possible? Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Even when life throws you a curveball you still have to figure out how to move forward. This Retirement Plan Live series is a bit different than the previous ones. We are working with Emma and Luca who are dealing with an unexpected hitch in their retirement. On the last episode, we learned about their situation. On this episode, we’ll discuss their needs, wants, and wishes. And in the following episode, we’ll look at the numbers and discuss how they plan to pay for it all. Listen to this episode to hear how to move forward when life throws you a curveball. How to move forward with the 5 stages of grief There are different kinds of loss. Loss of a relationship, loss of a child, loss of a friend loss of trust, and loss of identity are just a few. Whenever we experience any kind of traumatic loss we experience grief. And everyone handles grief differently both outwardly and inwardly. There are 5 stages of grief: denial, anger, bargaining, depression, and finally acceptance. These stages aren’t necessarily linear and many people never reach the acceptance stage. Some people never move past their grief and they get stuck in one of the stages for the rest of their lives. 7 Tips that have helped me when dealing with grief Lean into your feelings. Don’t wallow in your feelings but do allow yourself to feel your feelings. Act out safely. It’s ok to act out, you can rant and rage, but don't burn bridges or hurt others when acting out your emotions. Don't be so hard on yourself. Give yourself grace. It's ok to have negative thoughts just don’t nurture them. Reach out. You're not an island your friends and family are there for you. Try journaling. Even if you aren’t a journaling type of person, give it a try. Affirm that you are going to create a great life. You can still have a great life regardless of your situation. What can you do next? Think about how you can improve your situation What are their base needs? Emma estimates that they need about $65,000 to cover their base needs excluding healthcare. Healthcare has been a big expense for them since the diagnosis. She estimates they spend about $12,000 per year on insurance, premiums run between $12-20,000 per year, and drugs are another $12,000. Thankfully they have always been savers and had money set aside. They also have a sinking fund for home repairs. At the moment they don’t spend much on entertainment but they will begin to travel soon. Sign up for 6-Shot Saturday to get all the updates on Retirement Plan Live 2019. Their wants and wishes Travel is a big part of their retirement dreams. They love camping and being outdoors and have bought a camper. They didn’t travel much in the past due to lack of free time, but now they have the time to do it. Emma estimates that they will probably spend $10,000 a year on travel. Some other wishes are home improvement projects, a fun sports car, and a garage to restore an old car. Make sure to listen to next week’s episode to find out how Emma and Luca plan to pay for all of their wants and wishes. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:05] What are the 5 stages of grief? [8:20] Tips that have helped me when dealing with grief PRACTICAL PLANNING SEGMENT [11:45] Emma has plans to dream big [14:56] What are her base needs? [19:26] What are Emma’s wants? [27:42] How does Luca feel about their circumstances? THE HAPPY LAB SEGMENT [31:44] It’s important to take action TODAY’S SMART SPRINT SEGMENT [33:36] Think about someone you know that is dealing with something Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Welcome to a new Retirement Plan Live. If you this is your first time listening to one, be sure to sign up for 6-Shot Saturday to get all the updates. On this Retirement Plan Live, we’ll be working with Emma and Luca. Life has thrown them a curveball and we’ll see if they can still make their ideal retirement a reality given their current situation. Week by week we’ll walk through their situation. On this episode, you’ll hear what happened and what their retirement goals are. Next, you’ll hear about their financial resources. Then we’ll discuss how they can remain agile given their situation. We’ll also discuss their opportunities and the risks that surround them. Each week you’ll get an update in 6-Shot Saturday. Then in October, we’ll have a webinar where we lay it all out on the table to see if they can make their revised retirement dreams a reality. Make sure to listen to the whole series and sign up for 6-Shot Saturday to get all the updates. Even with the best-laid plans, things can go wrong Even for those of us who plan and plan and try to prepare for everything, things can go wrong. Life can throw us curveballs from out of nowhere. Your friends, your parents, your kids, your partner and even you can get sick. Death is another curveball that can derail your plans. Divorce, addiction, depression: these can all disrupt our best-laid plans. How do you rock retirement if you don’t even want to get out of bed? Over the next few episodes, we’ll be exploring how you can learn to change your plans to adapt to a new reality. Who are Emma and Luca? Emma and Luca have been married for 40 years. She is turning 65 soon and he is 66. They envisioned their retirement to be a combination of work with a bit of flexibility. Travel was a big part of their retirement plans. They enjoy camping and are avid cyclists. Luca is a bit of a workhorse and could never imagine stopping work completely. They are good savers and their ideal retirement didn’t seem too far-fetched. But then one day Luca got sick. What derailed their retirement plans? Luca has always been very healthy and was never one for doctors’ visits. But after he got sick and became jaundiced Emma convinced him it was time to see a doctor. Pancreatic cancer was the diagnosis. They didn’t realize it but their retirement plans had changed overnight. With his illness surgery and extensive chemotherapy would be necessary. And even if all went well there is still only a 10% 5-year survival rate. It took them both a while to realize that things would never be the same and their retirement plans would need to change drastically. How do they deal with all this? Luca tried returning to work briefly this year but it didn’t last long. Emma’s employer has been considerate of their situation and she has taken some time off as well. It is hard for a man who values work so much to suddenly stop working when he isn’t ready to. Your outlook can become very negative in this situation. They know they can’t go back and change the past so now they must consider what they can do next. They have to balance whether to spend or regret not spending. Emma knows that her retirement plans now must include 2 different versions. Find out what will happen with Emma and Luca by listening to this Retirement Plan Live. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:49] Even with the best-laid plans, things can go wrong PRACTICAL PLANNING SEGMENT [10:57] What were their previous retirement plans? [14:36] What derailed their plans? [19:32] It took them a while to realize that things will never be the same [20:54] How do you plan for retirement in this situation? [26:50] They need to create 2 sets of plans THE HAPPY LAB SEGMENT [29:10] It’s only when we cannot change the experience that we look for ways to change the view of the experience TODAY’S SMART SPRINT SEGMENT [30:27] Apply that quote to one situation Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
Over the past month, we have been exploring an important topic in creating your retirement. We have been discussing you. Retirement is another giant life change that can be compared with ending school or beginning a career. This momentous occasion is a great time to give pause and think about who you really are. If you haven’t listened to the previous episodes in this series, you’ll want to go back and listen to episodes 285, 286, and 287. On this episode, you’ll learn 5 steps for creating your retirement identity. Steps for creating your identity in retirement Retirement is a long time. You’re starting an entirely new step in life and walking away from the life you once had. This is a great time to think about who you really are and who you want to become. Here are steps you can take to help you create your new identity Acknowledge who you currently are. What is your current identity? Reconnect with who you really are via self-examination. Discover what makes you tick. Examine the past and all the things you built up. Decide what to keep and what to let go. Begin to test. Play with new ideas and hobbies to discover which ones are a good fit. Choose. Lean into a new reality that revolves around your interests. Enjoy the process. Don’t put pressure on yourself to choose, this isn't a race. What are you going to be when you grow up? We are asked from the youngest age, what are you going to be when you grow up? People have been focused on their career for so long that once they come to retirement they don’t really know what to do. If you have focused solely on your career then retirement will really be a challenge. It’s time to start focusing on the right things and becoming more self-aware. Get to know yourself better and find your passions so that you know what you want to do when work isn’t there anymore. How can we become intentional about finding our passions? Most people aren’t proactive about discovering themselves. Life moves quickly and work, family, and other things get in the way of discovering who you really are. Think beyond money. What motivates you, what makes you tick? What are your drivers? Do you want to belong, to be valued, to be recognized? Start thinking about how you can lead the life that you really want. How do you build your tomorrow today? Once you discover what motivates you then you can start to fulfill yourself. Take some time to sit down and analyze your life. Use today to build your tomorrow. Think about how you want to fill your time. Doing the prework of understanding yourself will lead to a fulfilling retirement where you retire towards something, rather than away. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:49] A framework for navigating the new you in retirement PRACTICAL PLANNING SEGMENT [10:00] People don’t focus on the right things [18:49] What kind of framework can we use to become intentional about passions? [26:20] Where are you going to get your fulfillment in retirement? THE HAPPY LAB SEGMENT [36:56] Fall is coming! TODAY’S SMART SPRINT SEGMENT [38:58] Part A: Use the framework to figure out who you will be in retirement Part B: Sign up for 6 Shot Saturday Resources Mentioned In This Episode APP - Carrot Weather BOOK - Atomic Habits by James Clear BOOK - Love Does by Bob Goff BOOK - The Book of Mistakes by Skip Prichard BOOK - Necessary Endings by Henry Cloud PODCAST - The Enneagram in Your ReaLife with Teresa McCloy BOOK - The Longevity Economy by Dr. Joe Coughlin BOOK - Don’t Retire, Rewire by Jeri Sedler Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
On this episode, you’ll learn an important step in the process of self-discovery, which is how to close the book on the past. Before you retire you will want to ask yourself who you really are and who you want to be in the coming years. I interview Skip Prichard, author of The Book of Mistakes, to learn tools we can use to help reinvent ourselves. Learn how to close the door on the past and create your new identity for that new season in life on this episode of Retirement Answer Man.
As you approach retirement take time to reconnect with your authentic self. Today we welcome Teresa McCloy from the Enneagram in Your Real Life podcast. Teresa is here to show you how the Enneagram can help you rediscover your authentic self. Teresa is an Enneagram expert that teaches people how to apply the Enneagram intentionally to create a better life. Listen to this episode to learn how to use the Enneagram to rediscover your authentic self.
How are you going to redefine yourself in retirement? Retirement means making the life transition from a full-time career to full-time living on your own terms. Although this is exciting, it can also be scary. During this series, you’ll learn how to create a framework to do this successfully. Learn how to figure out your identity and who you want to become. Are you ready to redefine yourself in retirement? Listen to this episode of Retirement Answer Man to begin to make this huge transition in your life. Who are you? We get so wrapped up in our professional titles that now in retirement you have a void to fill. Not only do you have to figure out the logistics of money, healthcare, where you’re going to live, now you’ll have to figure out your identity. Some people can lose direction when they retire. They think about who they were rather than who they want to become. Creating an identity from a completely blank slate can be a challenge. People don’t do well with blank slates. We prefer multiple-choice questions and don’t have the skills required to choose from such a broad palette. Do you know who you are? Do you know who you want to become? Why did I shift the focus of this series from finding your purpose? I had originally planned for this month to be all about finding your purpose in retirement, but then Mike the listener had an objection. Mike feels that there is too much pressure in finding your purpose of retirement. You probably won’t solve the problem of world hunger. Retirement is like the start of college, it’s the beginning of another round of self-exploration. Unfortunately, the analogy ends there since college has a structure and pressure. A well-funded retirement is free of pressure and structure. How will you grow and change in the absence of pressure? How can you hack longevity? It used to be that you might get 10 years of retirement in to simply sit on the park bench. Nowadays ⅓ of your adult life consists of retirement. The pattern written by previous generations doesn’t hold up for this new generation of retirees. This new stage of life has to be reinvented. Just because you stopped working doesn’t mean that you stop everything. People are beginning to hack their longevity by identifying their interests early on in retirement. These interests will carry them for the years of their retirement. Are you ready to redefine yourself in retirement? When you retire, you can’t just run away from work, you need something to run to. It's not the absence of work that people desire in retirement, it’s the flexibility. Before beginning your retirement it’s time to start thinking about who you really are. What’s your reason to get up in the morning? What will be your storyline? How can you use the skills you have accumulated over a lifetime and translate them into the new game of retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:45] We get so wrapped up in our professional titles [8:14] Blank slates can be a challenge [9:00] Why we aren’t searching for a purpose this month [17:55] What is going on in the Rock Retirement Club this month? PRACTICAL PLANNING SEGMENT [19:08] Dr. Joseph Coughlin is the director of the MIT Age Lab [25:22] People are hacking their retirement [31:55] How can we build support networks in retirement? THE HAPPY LAB SEGMENT [34:44] Axe throwing is really hard to do TODAY’S SMART SPRINT SEGMENT [36:56] Identify your identity right now Resources Mentioned In This Episode BOOK - The Longevity Economy by Dr. Joseph Coughlin Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
You may still have some questions about annuities so in this episode I answer your annuity questions. We have had several listeners ask some great questions which will help clarify how annuities work. After diving deep into annuities during this 5-week long month, we can all look forward to the next series where you will learn how to figure out who you will be in retirement. But before that, listen to this episode to get all of your annuity questions answered.
In this episode of the annuity series, we’ll discuss the pros and cons of variable annuities so that you can learn whether a variable annuity should be a part of your retirement plan. During the Hot Topic segment, we’ll discuss the Rock Retirement Club since enrollment just opened back up. Then in the Practical Planning segment, we jump back into our discussion on annuities. Listen to this episode to learn the pros and cons of variable annuities.
On today’s episode of Retirement Answer Man, we’ll consider the pros and cons of fixed annuities. During this series on annuities, we are discussing whether annuities are right for your retirement. An annuity can be considered a backend floor to cover your retirement spending in your 80’s, 90’s and even 100's. Listen to this episode to help you consider the pros and cons of fixed annuities so that you can judge whether an annuity is a good choice for your #retirement.
This week on Retirement Answer Man, we define what role an annuity could play in your portfolio. Annuities can be a polarizing topic in the financial world but we need to think critically with a curious and open mind rather than vilify or glorify these investment tools. I’m checking my own biases at the door to bring you the most reliable information I can. Annuities may not be the most exciting topic, but we want you to rock retirement with intentionality so let’s dive in and learn as much as we can.
Do you know the annuity basics? Today we’ll discover how they work and if they can help you rock retirement all the way into your 80’s, 90’s, and beyond. On this episode, we’ll start from the beginning and explore our own biases and then cover the annuity basics. By the end of this series, you can decide whether annuities are the right choice for you. Are you ready to get your financial geek on? Strap on your headphones and get ready to explore annuity basics so you can rock retirement.
How to make your money last as long as you do is the biggest question in retirement planning. And now that people are living longer lives your money has to stretch farther than ever before. Today’s retirement is a brave new world and the problems you will encounter haven’t been experienced by any previous generation. Are you ready to learn what you can do to make your money last as long as you? Check out this episode of Retirement Answer Man as we dive into this important question.
Do you think that extended lifespans will have a positive impact or a negative impact on your life? We all know that people are living longer than ever before, many people see this as a negative, but have you considered the positive impact that this could be on society? Andrew Scott, coauthor of The 100-Year Life joins me to discuss longevity and adding purpose to life. He has some fascinating ideas about longevity and the role of older people in society, so join me on this episode of Retirement Answer Man.
Are you creating healthy habits so that you can age well? Since we are going to live longer lives we want to make sure that we live well not just live long. On this episode of the Longevity and Retirement series on Retirement Answer Man we dive into how to create great habits so that we can age well. What kind of healthy habits have you created to ensure that you age well? Find out which 8 habits can help you improve your life as you age by listening to this episode of Retirement Answer Man.
How long will you live is one of the trickiest questions in retirement planning. During the Longevity in Retirement series, we will take a look at this question and try and figure out if we can come up with an answer. Chances are it’s longer than you think! Learn how you can try and calculate your longevity, what other wild cards might factor into longevity, and discover some money misconceptions on this episode of Retirement Answer Man.
Do you feel like you can harness technology in this brave new world? All month we have been discussing how technology can help you in retirement and on this episode of Retirement Answer Man we’ll discuss how you can harness technology without it harnessing you. This can be a tricky task in this age of the attention economy. There are so many forces that vie for our attention. Learn how to use technology to its fullest without it taking advantage of you on this episode of Retirement Answer Man.
What will the future of retirement look like? Like it or not we will live longer than any other generation that has ever lived. If you aren’t investing in your health now you may still live a long time, but it probably won’t be very fun. The good news is, there is loads of technology that can help you stay healthy. Listen to this episode to hear about the latest in health technology and how you can use it to live a healthier life as you age.
Most people would prefer to age in their own home. There’s something about living in our own homes that provides comfort and peace and we want to hold on to that for as long as we can. On this episode, we will explore how technology can help keep you independent longer. We will check out the different technologies that exist already as well as what is in store for us in the future. Join me to discover the exciting world of technology and learn how it can help you rock retirement.
On this episode in the Retirement of the Future series, you will learn how technology will help keep you connected and strengthen your social networks in your retirement. We also discuss why it is important to stay socially connected, how to stay connected, and how to use technology to help you find your tribe. Listen to this episode of Retirement Answer Man to learn how to stave off loneliness and stay connected to your social circle in person and by harnessing the power of technology.
We are surrounded by technology, but do you really think technology will benefit you in retirement? During this month-long series, we will look into the future to see how technology will change the picture of your retirement. Will it add years to your life? Will technology help you live a richer life in your golden years? How will technology serve you in your retirement? Find out by listening to this episode and this entire series as we explore the retirement of the future.
IRA, Roth and 401K management can be confusing, that’s why I answer listener questions in the Practical Planning segment of this episode. This is the last episode of the How to Use Your Accounts series. You’ll definitely want to go back and listen to the entire series to help you familiarize yourself with the different types of retirement accounts and how to finally use them in retirement. Listen to these listener questions about account management in retirement.
You may be wondering, should I convert my IRA to a Roth? It’s hard to know when the time is right for a Roth conversion. So today we continue the discussion on how best to use your retirement accounts and plan your tax strategy. Listen to this episode to hear more about how important tax strategy is, whether you should convert your IRA to a Roth, and how to break free from your institutionalized mindset and really rock your retirement.
You have been diligently saving in tax-deferred accounts for years and you finally have enough squirreled away to fund your retirement. On this episode, I’m going to teach you how to come up with a withdrawal strategy to help you fund your retirement. Are you ready to learn how to withdraw from your retirement accounts without Uncle Sam getting more than his fair share? Then listen to this episode of Retirement Answer Man to help you plan your retirement withdrawal strategy.
You have been saving into your IRA’s, Roth IRA’s and 401K’s for years. But once you retire how should you get money out of them? It’s important to understand the difference between these accounts so that you can create a withdrawal strategy to minimize the tax implications. Listen in to this episode of Retirement Answer Man, to hear the basics of IRA’s, Roth IRA’s, and 401K’s so that you can understand how to create a sound withdrawal strategy.
After this month’s RV virus series, I’m sure you are all ready for a road trip! Ty and Larry join me on this episode to share their wisdom from more than 7 years on the road. This couple is truly inspirational and will have you rethinking your purpose and what it means to retire. Listen to Larry and Ty discuss what it means to retire with purpose and how their life looks after 7 years on the road.
So are you still curious about how to see America but maybe a bit worried about jumping into an RV? If you have the RV virus you might be overly focused on the romanticized dream of owning an RV and you may not have considered any alternatives. We’ll also chat with Fritz who comes with experience in RV ownership and he shares his expertise with the RV lifestyle. Listen to this episode to discover if there may be an antidote to the RV virus lurking inside of you.
Now that the thought of the RV life has fully got you hooked. It’s time to figure out how much this life will cost you. This episode is the second in the RV virus series. On episode 263 we diagnosed the symptoms of the RV life, and over the next 3 episodes, we will delve in deeper to this potentially costly yet fun virus. If you are ready to jump into the RV life with both feet, you’ll want to listen to this series first to arm yourself with as much knowledge as possible before you ‘brake’ the bank.
Has the retirement RV virus infected you? This virus is very dangerous; it could cost you tens of thousands of dollars, but it could be a lot of fun too. Are you a baby boomer contemplating retirement? Are you excited by the thought of freedom and travel? If so, then this series is important for you. Are you ready to learn more about this potentially fun and exciting virus? Then listen now to this episode of Retirement Answer Man.
How can building an income floor ease your worries about life without a paycheck? If you are worried that having a 2-year cash reserve won’t give you enough security then you may want to build an income floor to help ease your concern. Listen to this episode to hear how building an income floor can give you more peace of mind.
People often wonder how they will tap into their funds when they retire. Today, I teach you how to live life after your paychecks stop coming. You’ll learn the process on how you create your own bucket system so that you can create your own steady paycheck. Are you ready to learn how to set up your retirement paycheck so that you can be intentional about creating a great life? Listen to this episode to learn how to build your own bucket system so you can rock retirement.
Now that you have your buckets full do you think the retirement planning is over? Sorry, but no, it’s not. 6 months later you have to do it all over again. The problem is life keeps changing. Expenses keep changing. Constantly adjusting to new conditions is what retirement is. Agile retirement management means you can’t put financial management on autopilot. Learn how to set yourself up for success so that you can make the best of the only life you have on this episode of Retirement Answer Man.
Everyone’s biggest worry is if they will have enough money in retirement. Are you prepared to live life without a paycheck? Over the next month, we will explore how to get you ready to live your life without a paycheck. A paycheck can be like a security blanket and learning to live life without it can be scary. That’s why it’s important to prepare for life without a paycheck now. Learn how to make sure you have enough money in retirement by listening to this episode of Retirement Answer Man.
On this last episode in the counting the costs series of the Retirement Answer Man Show, the Rock Retirement Club steps in to provide some tips on how to make the best of all this work. Counting the costs of retirement can be intimidating. Listening to the experience of others who have not only walked the walk but done so successfully can ease some of the worries that come with crunching the numbers while planning for retirement. Listen to this episode to hear tips from members of the Rock Retirement Club.
Over the past few episodes we have been counting the costs of your wants and wishes in retirement and on this episode, we get down to basics. What are your needs? Defining your needs can be much more complicated than coming up with your wants and wishes. Everyone has different needs in their life. What one may consider a need, someone else may scoff at. Listen to this episode of Retirement Answer Man to help you count the costs of your true needs in retirement.
How are we supposed to dream big when we are so unsure of how to provide for ourselves in the future? The future seems so unsure after the terrible month of December. On today’s episode, you’ll learn why you want to have an agile retirement plan in place to help you through the rough patches so that you can rock retirement and get back to dreaming of those retirement wants and wishes.
This generation is redefining retirement. In the past retirement meant sitting on the park bench of life and taking it easy in the golden years. Today’s retirees are active and involved. They are living longer than ever and usually doing so without the safety net of the pension plans that were common in past generations. Since today’s retirees enjoy a longer period of health, retirement is an excellent time to live it up. Discover ideas on how to pursue and fund your retirement dreams on this episode.
As the markets worsen and the talk of recession begins are you wondering if you will have enough money in retirement? Are you wondering what you should start doing now to ensure that you can live the life you want? Today you will learn to count the costs so that you can know how much it will cost to live the life you want after you leave full-time work. Listen to this episode to hear how you can start planning now to rock your retirement.
What age are you using to plan retirement? When we think of age we usually think of the number of years that we have lived and not the physical state of our bodies. But maybe we should rethink the way we use age to plan retirement. I recently attended a fascinating seminar about the science of aging that has me rethinking age and retirement. Listen to this episode to discover whether you are using the right age to plan retirement.
Each year I choose one word to be my guiding light throughout the year. On this episode, I help you understand why choosing one word can help you rock your retirement plan in the upcoming year. Many people choose the New Year as a time to make resolutions for the year ahead. But narrowing your resolution to concentrate on one word can help you improve your focus so that you can stay on track to reach your goals. Listen to this episode to hear how choosing one word can help you achieve your retirement goals.
Welcome to the Retirement Answer Man show. On episode 251 we discuss what you can do to battle Alzheimer’s in the Hot Topic segment and Dan Crosby joins me to discuss behavioral investing in the Practical Planning segment. This is the podcast dedicated to helping not just survive retirement, but rock retirement!
On episode 250 of Retirement Answer Man we investigate the investment strategy of global diversification. With the U.S. stock market on a tear, is global diversification really worth it? David Stein, from the podcast Money for the Rest of Us, and I discussed the pros and cons of holding international stocks at FinCon recently and I share a bit of our conversation with you all. Listen to our discussion and hear some interesting facts about longevity on this episode of Retirement Answer Man.
The end of days is coming! Well, at least the end of days in 2018. This can be a time of year of frantic holiday spending, but you shouldn’t let holiday shopping blow the budget. On this episode of Retirement Answer Man, you’ll learn how not just to rock retirement, but to rock the holidays as well.
Is thankfulness the key to a happy life and retirement? It seems like everything I read about happiness contains the common theme of gratitude. Being a thankful person can greatly increase your happiness and the Thanksgiving holiday is a wonderful opportunity to give thankfulness a try. If you are trying to maintain a thankful perspective in this harsh world, this is the episode to listen to because I’ll give tips on how to be more thankful.
ovember is that time of year when we gear up for the holiday season. Although the season seems to start earlier and earlier each year. Now that we’re in full consumerism mode, it’s great to have some gift ideas to help ease the stress of the holidays. So this year, we’ve come up with 10 gift ideas for gifts that keep on giving. They are not too expensive and have a personal touch that you can apply.
One way to make family time less stressful is by trying to understand differences in personalities. Everyone approaches life differently and it can be a challenge to understand why some people make the choices they do. Gretchen Rubin is the author of the book The Four Tendencies and joins me on episode 246 to discuss the four personality types that she outlines in her book. Understanding these can help you understand family around the holidays and even help prepare you for your retirement planning.
Welcome to the Halloween edition of Retirement Answer Man. On this spooky episode, I regale you with 4 scary retirement stories that will haunt you. You’ll want to make sure that you don’t end up living one of these retirement nightmares. You can begin by listening to the Hot Topic segment to discover what solutions you can begin implementing if you are behind in your retirement savings. Listen to this episode now to hear 4 scary retirement stories to use as a cautionary tale for you to avoid a similar fate. Are you one of the many that are behind in saving for retirement? 1 in 3 people has less than $5,000 saved for retirement! The ‘experts’ recommend that you have 1 million in savings by the time you reach retirement age. If you are in your 40s and 50s and you are behind in saving for retirement, then you know its too late now to really take advantage of compound interest. You may feel doomed, but there are ways that you can begin to turn your nightmare into an amazing retirement. If you are feeling a bit behind the retirement 8-ball then make sure to listen to this episode of Retirement Answer Man to hear 3 things you can begin doing right now to prepare for an awesome retirement. What is the best investment that you can make? Many couples get divorced in the empty nest cycle of life and even more wait until the retirement phase. Once they realize that they have 20-30 long years ahead with their spouse they head for the hills. As bad as a divorce is, it is even worse later in life. Not only is there the huge emotional toll but the older you are the bigger the financial ramifications are as well. Your earning power is quite limited and having to split your savings can bring about financial ruin. Invest in your relationship now to ensure a happy retirement is in your future. Have you built yourself a financial cage? Our economy is scientifically designed to suck money out of your wallet. Advertisers manipulate your emotions to get you to spend money. With the ease of Amazon Prime and Apple Pay, there’s no more distance between the thought of buying something and actually doing it. Many buy the toys to create all the fun right before retirement. You then have to end up working longer because you become a slave to your stuff. Vacation homes, outdoor kitchens, and RV’s bring about dreams of good times, but make sure you can actually afford them before you end up trapped in a scary retirement story of your own. Natural savers are used to delaying gratification, but for how long do you delay? Automatic savers sometimes have trouble easing themselves into retirement. When you are used to constantly saving and delaying gratification, making the transition to spending your savings can be scary. Many natural savers end up working longer because they can’t bear the thought of dipping into their hard earned savings. But then they wake up one day and realize they won’t be able to spend all of their money. It can be a challenge to find the right balance between saving and spending, but in order to rock retirement, you’ve got to learn how. Listen to all the spooky retirement stories on this special Halloween edition of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:38] Do you have the ‘recommended’ amount saved for retirement? [5:51] How to turn your nightmare into an amazing retirement PRACTICAL PLANNING SEGMENT [9:24] Many get divorced in the empty nest cycle of life [14:56] Have you built yourself a financial cage? [19:07] Baby boomers have student loans [21:54] Vacation homes are something people buy right before retirement [23:59] Natural savers are used to delaying gratification THE HAPPY LAB SEGMENT [26:08] Eat some Halloween candy to cheer up from those scary stories! TODAY’S SMART SPRINT SEGMENT [27:07] Spread your candy eating out over the next 7 days Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page
As exciting as it is, the thought of retirement can be a scary one. By the time you reach retirement age, it seems like you have life all figured out. Now you’ll have to start all over again in the big, scary unknown. Why should you leave the comfort, income, and respect that you have in your career for a life of instability and the unknown?
Have you ever wondered what recent retirees wish they had known before they retired? Recently I asked a group of listeners what kind of resources they would get the most value from to help them prepare for retirement. I am creating an online club that will help you Rock Retirement. On this episode, I share with you conversations that I had with listeners about retirement hopes and fears. These listeners are close to retirement or recently retired.
Debt is not a new invention, it has been around for thousands of years. But the modern idea of debt really came into being during the baby boomer generation. The availability of credit has made it so easy for anyone and everyone to get into debt. It comes as no surprise then, that debt among the 65 and over crowd is on the rise. The age-old question of whether you should pay off your house before retirement remains.
You Asked is back! On this episode of Retirement Answer Man, a listener asks an excellent question about ageism and whether it is possible to find meaningful work after 50. You may not have experienced ageism directly, but that doesn’t mean that it isn’t a problem. With the United States experiencing an increasingly aging population, there is a large percentage of the population over the age of 50 and that percentage will continue to increase.
Do you have too much stuff? Are you like me? Have you lived in your home for several years and have a lifetime supply of clutter? If you are planning on moving in retirement then you must purge some of this stuff. On the Hot Topic segment, I provide tips on purging. In the Practical Planning segment, I help you discover how to make the most of your new locale.
Where you live in retirement does not depend on the school district, your job, or having a bigger house for the kids. For the first time in your life you can live anywhere you want with no restrictions. If you are thinking of relocating in retirement then you’ll definitely want to listen to the Relocation in Retirement series of this show. On this episode, we’ll be discussing what the considerations are to finding the perfect place to retire.
Although most retirees choose to retire in place, I have seen a significant number of my clients choose to move as they retire. Over the next three episodes, we will be discussing relocation in retirement. Retirement and moving are both on the list of top 5 most stressful life event so I want to arm you with as much information as possible to help you get through the challenge of moving in retirement. On this episode, we’ll discuss how to make the most out of the sale of your home.
For many retirees, retiring is more about time freedom rather than not working. This is why so many people decide to become entrepreneurs and enjoy a pretirement phase of life. My guest on episode 237 is author Mike Michalowicz who helps entrepreneurs learn how to step away from their business. He is the author of three fantastic entrepreneurial books and he has a new book that just released called Clockwork. Clockwork is a book that helps entrepreneurs design a business that runs itself.
Have you ever rented a vacation home for a large family gathering? Or have you invited friends to come to visit you while you’re in a vacation rental? That is what my wife and I have decided to do next summer. On this episode of Retirement Answer Man, I give tips for finding and renting a vacation home. During the practical planning segment, I answer several listener questions since this is the last episode of the 5-week You Asked series.
On Episode 235 of Retirement Answer Man, I share helpful tips on adulting. Some of us in our 50s and 60s may not have everything in life figured out quite as much as we thought we would by now. I discuss an article that I read recently that has adulting tips that actually include great advice and I add in some (expert) advice of my own. This episode is the third episode in the You Asked series and our listeners continue to ask fantastic, intelligent questions.
August is listener question month on Retirement Answer Man. The You Asked series devotes the entire 5 weeks to answering listener questions. During the hot topic segment, I discuss an interesting article that I read recently about the stats of alcohol abuse in retirement. You may be surprised to find out that over 3 million older adults abuse alcohol.
Episode 233 is the second episode in the You Asked series. During the entire month of August, I answer listener questions. In the hot topic segment, I confront the constant precursor that begins every financial conversation - “Given this market.” What does this phrase really mean? Why are people suddenly concerned with the markets now, should they be, and just what markets are they talking about? During the practical planning segment, I get the opportunity to answer several interesting listener question
This month on Retirement Answer Man we are focusing on you! We will be answering listener questions all month long. Since we just finished the Maximizing Social Security series I will answer some social security questions on this episode while the information is still fresh in our minds. If you had any more questions after listening to the Maximizing Social Security series then you will definitely want to listen to this episode to hear some excellent listener questions that I answer.
Welcome to the final episode of the Maximizing Social Security series. In this episode, we get down to business. When do you file? How do you make this decision? If you are wondering these things then you need to listen to this episode. During the Practical Planning segment, I welcome social security guru, Devin Carroll. He has been studying social security for years and even has a book dedicated to learning the basics of social security.
This month on Retirement Answer Man we are maximizing social security benefits. All month long we are discussing the ins and outs of social security. Be sure to catch the entire series, beginning with episode 228 to fully understand the complexities of social security and how to maximize your benefits. This episode is dedicated to learning how earning income during retirement can impact your social security benefit amount.
Social security is an important part of retirement even if you have plenty of assets. That is why we are dedicating the whole month to learn how to maximize your social security benefits. This is the second episode in the four-episode series in which we discuss the best social security benefits calculators.
The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible.
Welcome to the last episode in the Entrepreneurship in Retirement series on Retirement Answer Man. We have been discussing the dream of entrepreneurship after retiring during the past three episodes of this series. This episode closes the series as I interview 3 different entrepreneurs that got sick of the rat race and struck out on their own. These entrepreneurs have very different stories about how they launched and lived their dream.
So you want to start a business, but starting everything from scratch seems like so much work. Isn’t there an easy way to buy into an already proven system and execute it? If you think this sounds like a good way to start a business, then buying a franchise might be right for you. On this episode of Retirement Answer Man franchise attorney Josh Brown joins me to explain the pros and cons of buying a franchise.
On this episode, we explore the aspect of mindset and explore the question: What are some of the mindset attributes of a successful entrepreneur? Mindset is a huge hurdle for so many entrepreneurs. You need to get into the mindset right before you ever consider entrepreneurship. At this stage in life, you don’t have the time to make up for any mistakes the way that you would if you were in your 20s.
Why do people start businesses in retirement? Over the next few weeks, we explore this question in the Entrepreneurship in Retirement series. Just because you retire doesn’t mean that you stop living. Many people have so much to give back after they retire that they choose to start their own business. This episode will cover the whys, the ways, and the hows of beginning entrepreneurship in retirement.
Welcome to the last episode in this Retirement Plan Live series. This is the Flying Solo Edition where you can learn how to rock single retirement. Several listeners offer fantastic retirement questions and comments that I answer on this episode and the answers will interest you. On the practical planning segment of the show I am joined by Herb who gives us a male perspective on retiring single, so you won’t want to miss that.
On this episode of Retirement Plan Live: Flying Solo Edition we tackle a challenging question. Is retiring single risky? This episode is all about risk and the special or riskier situations that retired singles may find themselves in. Single people have different considerations than married people and may need to plan their retirement in more detail. I ask Sam, my guest, and case study for this edition of Retirement Plan Live, about what types of concerns she has retiring single.
Welcome to Retirement Plan Live: Flying Solo Edition. On each Retirement Plan Live, I walk prospective retirees through the same agile retirement planning session that I do with my clients. This edition is created by popular demand for singles who are planning to retire. There are so many retirement planning resources out there geared toward married couples, but hardly any are focused on singles. This series hopes to change that. Listen to this episode of Retirement Answer Man as Sam and I discuss the resources she has at her disposal to help us plan her ideal retirement. What resources do you have to achieve your ideal retirement? The last episode in this series focused on dreaming big. Sam shared her retirement dreams and I dared her to dream even bigger. We start to come back down to earth in this episode as we focus on what resources she has to plan her retirement. It’s great to dream big, but then you have to find a way to fund it. The next step in creating a retirement plan is uncovering what resources are available to you. Resources are any income sources you may have, these may include income, pension benefits, social security, etc. Listen to this episode to discover how to take the next step in your retirement plan. Create an action plan When you create an action plan you have to organize yourself and your finances. Luckily on this week’s 6 Shot Saturday I include a heap of resources for you to use to create your own action plan. This action plan will help you consider all of the income streams that are available to you that you may not have even thought of. Your action plan may include pretirement income, downsizing your home, or even social security from an ex. Be sure to listen to this episode so that you can begin your action plan to help you plan your ideal retirement. Do you have a net worth statement? Many people have never even heard of a net worth statement, and many more haven't created one. I’m here to tell you: you need one! A net worth statement can seem intimidating to create, but you will feel much better once you have one in place. It will help you become more intentional in your retirement planning. A net worth statement gives you an easy snapshot of all of your available resources. I love net worth statements so much that I am including a worksheet to help you create your own in this week’s 6 Shot Saturday. So make sure you are signed up to get all the goodies that I have coming your way to help you build your ideal retirement plan. Does Sam have a net worth statement? Last week Sam got to dream big, but this week we come back to earth a bit and discuss how to make those dreams happen. Sam has heard of a net worth statement but has never created one herself. I walk her through a series of questions to build an understanding of her assets and debts so that I can create an accurate net worth statement for her. We also discuss her different income sources, inheritance, pensions, and pretirement options. Listen to the practical planning segment as I walk Sam through the steps to build her net worth statement and action plan. These steps will help you build your own agile retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:22] What resources do you have to identify your ideal retirement? [8:02] Do you have a net worth statement? PRACTICAL PLANNING SEGMENT [[12:00] How did it feel to hear herself on the podcast? [14:35] What are Sam’s income sources? [18:23] Sam and I build a net worth statement [31:22] Next week we’ll discuss risks THE HAPPY LAB SEGMENT [32:59] Building a net worth statement can be intimidating, but it helps you be more intentional TODAY’S SMART SPRINT SEGMENT [33:47] Get the resource in 6 shot Saturday to build your own net worth statement Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com
Retirement Plan Live is flying solo this time around. Retirement Plan Live is a series of episodes on the Retirement Answer Man podcast designed around real, live case studies with listeners that would like to retire in the near future. This time I looked high and low for the perfect single potential retiree. Sam agreed to come on the show and share her retirement dreams, goals, and aspirations as well as her financial realities. This conversation focuses on the fun stuff.
Can you be single and still rock retirement? This Retirement Plan Live series focuses on a single person. Over the next four weeks, I’ll help Sam make up her personalized retirement roadmap based on her individual needs. Being single in retirement is a topic that isn’t covered by me or by other retirement resources nearly enough, so I’m glad to be investigating retirement as a single person over the next four episodes.
This is the third episode in our April series on bonds. On this episode, we discuss interest rates and how they affect bonds. One question we explore is, are interest rates the nemesis of bonds? To help me explore this question and explain a bit about bonds Chief Investment Strategist, John Lynch of LPL Financial joins me.
Why would you ever add bonds to your portfolio if their return is so low? This is the second episode in the April bond series. This month we are learning all about bonds. On this episode, we delve into the question: why do we even have bonds in our asset allocation? I really get into the science behind why bonds are in our portfolios. If you are planning on retiring soon your role as an investor is changing and you may want to have more bonds than you think.
his is the first episode in the bond series in which we will discuss what exactly a bond is and why we all love them. You’ll want to listen to this series to find out what a good bond is and how to get one. Start learning about bonds by listening to this episode to find out exactly what a good bond is, how to buy them, and what the future holds for bonds.
On this episode, we discuss two more options to consider when thinking about healthcare before Medicare: taking on a part-time job for the insurance benefits and COBRA. Learn more about which companies are the best for part-timers to receive healthcare benefits as well as whether COBRA may be a good option for your healthcare coverage needs listen in to gain more knowledge about how to maneuver our complex medical insurance system.
Over the past few weeks on the Healthcare Before Medicare series, we have been exploring the different ways to solve the question of how to pay for medical insurance before you reach Medicare age. On this week’s episode, we are getting creative. We are thinking outside the box of regular insurance and we are exploring medishare arrangements. Medishare is not typical insurance, so we will learn what the difference is between these programs and traditional medical insurance.
John Leland is a New York Times columnist and best-selling author of Happiness is a Choice You Make. He spent a life-changing year talking to six really old people. John thought that the year would be somewhat depressing, but it turned out to be quite different than he expected. He gained a lot of insight from his interactions with his subjects.
This is the second episode in our Healthcare Before Medicare series and one you will not want to miss! This episode covers ACA and COBRA and we have a lot of ground to cover. The whole point of this series is to help you guys (and myself) figure out how to afford medical insurance before Medicare kicks in. If you have ever considered early retirement this is an important series for you to listen to since the healthcare system in the United States can be extremely confusing.
This is it, the long-awaited beginning of the Healthcare Before Medicare series!! I’ve been meaning to cover this topic on the show for awhile and the timing couldn’t be better because I’m now deep in the search for my own insurance. So as I dive in to research this topic for all of you I will be looking to cover my wife and I as well. I think together we can get this insurance quandary all figured out.
Many of my listeners have remarked about how I am always giving advice for married couples, they feel that some of my information may not be directed toward them. But what about those of you who are single? I have plenty of listeners that are single, widowed or divorced. Are you wondering what you need to consider to retire as a single person? On this episode, we will discuss special considerations for single people; the costs, networks, and networking as a single retiree.
We need to have a social network in retirement. A good network of friends can help you live your life to its fullest and expand the quality of your life. Retirees with the most robust network of friends are happier, healthier and more engaged than those who are lonely. Your social network doesn’t have to be a huge group of friends. Making new friends will also help you figure out who you are as you enter this new phase of your life.
Let’s talk marriage! On this episode of Retirement Answer Man, I want to spark a discussion on how to have a happy marriage so that you don’t spend your retirement years alone. People with happy marriages live longer and are healthier than single retirees. Divorce in the retirement years can completely destroy your finances and even your social life.
On this great episode of Retirement Answer Man I touch on the recent developments in the markets, but I'm here to really discuss loneliness. Loneliness can be a limiting factor during the retirement years. It can seriously degrade quality of life and even lead to an untimely demise. Loneliness can be caused by many different reasons and if you don’t begin to take action now you could end up alone at a time of life when you are most vulnerable.
What are you filling your head with? The "Facebook effect" or "social media effect" can lead us to be mentally consuming more junk than we would like. That’s why now it is even more important than ever to be intentional about what you read. Each year I buy dozens of books to line my bookshelves. This year I have compiled a list of books that I would like to read over the year.
Sometimes people use retirement as a reason to stop planning. This is a bad idea. The purpose of my retirement planning services is not simply to manage your money. My goal is to give my clients the best retirement that they can have. But without planning this can’t be done. Planning helps people make great things happen.
The cost of financial advisors vary greatly, but so does the value that they provide. On this episode of Retirement Answer Man, I address the question, is a financial advisor worth the cost? This is a tough question to answer, especially since I am a financial advisor myself! In this episode, you will learn about an important tool to measure the overall cost of your financial advisor and some ways that your advisor may be helping you.