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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

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

 

THE HOT TOPIC SEGMENT

 

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

 

PRACTICAL PLANNING TIP SEGMENT

 

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

 

RESOURCES MENTIONED IN THIS EPISODE

 

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

 

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

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

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

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

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

While it’s true that you won’t likely have the same amount of income during retirement as you have pre-retirement, you don’t have to feel like your lifestyle and ability to live is being ripped out from under you. I’d suggest that one of the main ways you can take control of those things is by examining and planning the expenses you’re going to face during retirement. You’ll have some big ones to contend with: Housing, Health care, Automobile expenses, and three others, but the choices you make about those could determine what your lifestyle is like during retirement AND whether you might be able to retire a bit earlier. In this episode I spend a good deal of time walking through each of those expenses so that you can not only go in with your eyes open, but also make good decisions ahead of time to enable you to make the most of your retirement dollars. Give it a listen.

Do you know what the #1 biggest retirement expense is?

You probably guessed it, it’s your housing. It makes sense that the biggest expense you have before retirement is going to be the same after retirement. But when you think about the cost of your housing during retirement it’s always helpful to keep in mind all the things related to housing that could impact the costs you pay. For example, I often see clients make the choice to downsize their home or even to move to another state where property taxes aren’t as high. Those are not necessarily easy decisions to make but can dramatically impact the amount of money you’re paying out each month so that you can keep a bit more in your pocket or to support the lifestyle you want to have in your later years. I’ve got lots of tips for you about how to plan for and mitigate your retirement expenses in this episode.

When can you realistically retire? I’ve got a free webinar coming up to help you figure it out.

To culminate my October theme of “When can you retire?” I’m going to be hosting 2 identical webinars to help you answer that question. I’m going to walk through a 4 step method you can use to answer the questions, “When can I retire and what will my retirement look like?” I I’m excited to bring you this informative and practically helpful webinar to help you discover the most things that will determine the answers to those questions. The webinars are coming up on Oct. 28th and Oct. 29th, 2015, and I’d love to meet you on that platform. To register or find out more about my free upcoming webinar go to www.RogerWhitney.com/4steps. Choose the date that’s best for you… and even if you can’t attend go ahead and register because we’ll have a replay that you can watch later at your own convenience.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Preview of this episode: QE4, When can I retire?, the 6 biggest costs of retirement
• [1:14] 2 live webinars coming up: a 4 step method to determining your retirement timing

THE HOT TOPIC SEGMENT

• [3:15] Is “Quantitative Easing 4” coming?
• [3:45] A good working definition of quantitative easing.
• [5:06] How the economic data impacts rates and QE.
• [6:04] What happens if quantitative easing is implemented?
• [8:06] The bottom line whether QE happens or not.
• [9:14] What to do if QE4 happens.  

PRACTICAL PLANNING TIP SEGMENT

• [10:11] Taking control: acknowledging and managing the 6 biggest costs of retiring.
• [10:47] The mindset that impacts the decisions you make about when to retire.
• [15:46] The number one biggest cost in retirement: Housing.
• [22:01] The second biggest cost in retirement: Healthcare.
• [26:28] The third biggest expense in retirement: Taxes.
• [31:35] The fourth biggest cost in retirement: The car you drive.
• [35:52] The fifth biggest expense in retirement: Travel.
• [37:54] The sixth biggest cost in retirement: Caring for our children.    

RESOURCES MENTIONED IN THIS EPISODE

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

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

If you’re in your 40s or 50s you’ve probably started to wonder when you can retire and what your retirement lifestyle might look like.  You’re ready to be free from the set schedule of work and have more control over how you send your days. You’re ready to spend more time with your family and travel more. Maybe you’ve even played around with online calculators to see what your retirement might look like.

So why do you avoid putting together a plan to work towards the retirement you’ve dreamed about?

Let me guess:

• You feel you haven’t saved enough and are afraid of what type of retirement is truly possible.
• You have a awesome concept of what you want retirement to look like but you’re not sure how to put it all together.
• You want help, but you’re not sure where to turn or who to trust.
• It’s on your to do list, but somehow it never gets treated as a priority.

Busy people (like you and me) can easily get trapped in the urgent demands of day to day life. When we do have time to plan for our future, it’s easy to seek out quick, simple solutions rather than being intentional about creating a great retirement.

In my experience, I’ve found four major myths embedded in “simple” retirement plans are to blame for many people sacrificing too many of their retirement dreams.

I’m going to debunk those myths for you and show you how to work towards a better life in retirement.

Myth #1:  Your Retirement is a Number

True. You need to save for retirement, but it’s not as simple a specific amount of money. You don’t have a retirement “number.” Saving and investing is just part of the process of creating a great retirement..  If you make it your only focus,  you're placing the success of your retirement on things you can't control or predict (the markets).

In short, finding your retirement number may feel good in the moment but does little in helping you create a great retirement.

How to Avoid

A truly effective retirement planning process involves implementing strategies in 6 areas:

• Setting meaningful priorities (needs, wants, and wishes).
• Planning lifestyle expenses in retirement (see myth #2).
• Planning future income sources (see myth #3).
• Managing your balance sheet (assets and debts) not just your investments.
• Having the right “little conversations” to manage the uncertainties in your life and in the world.
• Investing in your health and relationships.

Myth #2 You’ll Spend a Consistent Amount Throughout Retirement

In reality, spending in retirement typically goes through 3 stages.

• In the “go go” years of retirement, your spending may be at its peak. This is the time for travel, activities, adventures and family.
• in the  “slow go” years, your spending may slow as you become more settled.
• In the “no go” years, you may spend even less as you settle in even more.

Absent, unforeseen health issues, these stages are becoming more the norm.

A “simple” retirement plan, just assumes you spend the same amount each year, adjusting for inflation. This seemingly reasonable assumption can drastically overestimate how much money you’ll need during retirement potentially forcing you to work longer or lower your lifestyle during retirement.

How to Avoid

Start by having a realistic discussion of how you'd like each phase of retirement to look like. Then put reasonable estimates of what each phase would cost on an annual basis. Some questions to ask yourself are:

• Do you want to front load your travel why you're healthy?
• Do you want to extend the time in your home before downsizing?
• Do you want to create experiences with your kids and grandkids while their less busy.
• Are you willing to live more simply later in life to experience more now?
• Are you willing to live more simply now to have a more consistent lifestyle throughout retirement?

Once you've defined the spending estimates for the different phases of retirement, you can start to create a more thoughtful plan to work to achieve the things you care about most.

Myth # 3 Retirement Means Not Working

In the past, retiring meant quitting the rat race and never working again. Today, more and more people are finding ways to transition from a full time career to a more independent style of work. They’ve seen the benefits physically, mentally, socially and financially.  Whether it’s freelancing, consulting, advising or normal part time work, the trend is to stay engaged….and earn some income.

Earning even small amounts of income early in retirement can have a big impact on what you can achieve during retirement. If you see yourself always doing something, then factor this into your planning. Doing so could allow you to take less investment risk, save less now, retiree earlier or increase your lifestyle during retirement.

How to Avoid

Stop thinking of retirement as an event and approach it as gradually transitioning to a more independent lifestyle. Think about what you enjoy doing that you could earn income doing. Nearly everyday, I hear of unique ways people are turing their interests it to money making ventures. Some questions to consider are:

• Can you become a consultant for your current employer?
• Could you transition to working from your home?
• Is there a side business you start now to discover what you'd enjoy?
• What skills could you use to do freelance work?
• Do you have a skills you could use to teach others?

Myth #4 Having a Financial Plan is Enough

Sure having a financial plan is important but it’s just the starting point. As soon as the ink is dry on your plan, everything starts changing. Your life starts to unfold in unexpected ways.

• Interests change.
• Family priorities change.
• spending patterns change
• Employment and income change.
• Health changes.
• Inflation changes.
• Taxes change.
• Markets move through cycles of bull, bear, and flat markets.
• EVERYTHING changes, most times quicker than we think

How to Avoid

The secret to creating a plan to help you work towards your ideal retirement is not figuring it all out in one, hundred page document. It’s faithfully implementing a process to make sure you’re having the right “little conversations” as your life unfolds so you can make LOTS of minor adjustments along the way.

Learn From Other's Retirement Mistakes

I’ve been creating financial plans for over 20 years now and have witnessed MANY mistakes along the way. You don’t need to do the same. I've created a cheat sheet on the 3 Talks You Should Be Having Now to Work Toward a Great Retirement (and How to Have Them). Click Here to Get the Cheat Sheet

This episode of the Retirement Answer man is filled with some debt-crunching, retirement building, volatile market enduring advice to help you put your financial life in order. The feature segment of the show features the story of Jamie and Ruth, a couple who paid off over $83,000 in debt in just over 30 months. 30 MONTHS! It’s a testimony to what a unified goal and lots of hard work can do. You’ll hear Jamie’s account of how that one decision has changed the course of their lives and set them up to have a greater vision for their future!

What should you do when the markets are so volatile?

 

The recent roller coaster that has been the S&P 500 has a lot of people in a conundrum. Do you change your retirement plan when the markets fluctuate so much, or do you stay the course? Roger Whitney says you have to keep your overall strategy in mind when making any decisions during volatile times. If your goal is to set aside money for retirement, you should be very slow to make changes in your strategy because of a temporary spate of volatility. The long term historical averages show that your investments are more than likely going to be alright by the time you retire. Find out a couple of other tips Roger has for you in this episode of The Retirement Answer Man.

 

When it comes to retirement and financial planning it’s so tempting to feel like you don’t measure up.

 

Think about it. We’ve all made those bad financial decisions. None of us has done everything we could have to save up for our retirement. What do you do when you realize that you haven’t measured up to the ideal you held out for yourself. Roger Whitney advises that you’ve got to come to grips with the truth that you are enough. What you’ve been able to do is enough. You can’t go back and change things. All you can do is to make changes moving forward, and you can do that, because you are enough. Hear more of Roger’s thoughts on this episode.

 

30 months to pay off $80,000 in debt. An amazing story!

 

When Jamie and Ruth made the decision to do everything they could to pay off their debt as fast as possible, Jamie didn’t even have a job. He’d been laid off and they didn’t really know how they were going to be able to accomplish such a crazy goal. But they were determined. Throughout the 3 years they worked to pay down their debt, Roger took all kinds of extra and radom jobs, and their income actually went up! They hammered away at their debt until they were able to pay it off. Now their future is different and their attitudes about life and what they can do in the near future to make the world a better place has grown. Hear their story as Jamie tells it, on this episode of The Retirement Answer Man.

 

Coming in October 2015: Group coaching based around the question, “When can I realistically retire and what will it look like?”

 

Roger is super excited to announce that coming up next month he’ll be starting some group coaching relationships to help you develop a plan for your retirement that is practical, simple, and doable. The space for these groups will be limited, but Roger’s convinced that anyone who participates will get a ton of value out of the time they spend in these groups. If you’d like to be a part of these groups, contact Roger at Roger@wwklc.com

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Overview of today’s show.
• [1:47] Thanks to iTunes reviewers! And could you leave yours?
• [2:23] Thanks to you for leaving your feedback on the listener survey.
• [2:48] The focus of October’s shows: When can I realistically retire? and what will it look like?
• [4:13] November’s new program to coach you toward retirement.

 

THE HOT TOPIC SEGMENT

 

• [5:46] The markets are still volatile: What are basic things you can do?
• [6:25] The importance of cash reserves.
• [7:40] A quick best case VS worst case scenario to consider.
• [13:59] The importance of understanding the historical averages.

PRACTICAL PLANNING TIP SEGMENT

 

• [14:35] Roger’s thoughts after visiting his grandmother who recently passed away and what it has to do with his contentment.
• [16:50] Why it’s OK to not be enough.

 

MAIN TOPIC SEGMENT - Listener Questions

 

• [18:01] Jamie and Ruth’s “get out of debt” story, as featured on the Dave Ramsey show.
• [21:49] The key to paying off tons of debt in a short time.
• [22:42] Jamie’s story as told to Roger.
• [23:45] What Jamie thinks of when he hears the word “retirement.”
• [24:33] Is peace an internal state regardless of what you’re doing financially?
• [25:43] Why retirement will not be sitting around and playing golf for Jaime.
• [27:28] The “We’re debt free scream” story, from Jamie’s lips.
• [28:38] How aggressive Jaime and Ruth were in paying off their debt.
• [31:27] What worries Jamie about retirement and financial independence now that their debt is paid off.
• [32:20] How do you know when you have enough?
• [34:42] It’s never too late to start.
• [34:47] What is the worst financial decision you’ve ever made?
• [37:03] The hardest thing to manage in the financial realm.
• [37:47] How hard was it to become united in their communication as a couple.
• [38:25] The resources that have impacted Jamie the most.
• [40:23] How do you want to be remembered Jamie?

RESOURCES MENTIONED IN THIS EPISODE

 

BOOK: QBQ: The Question Behind the Question

 

BOOK: The Millionaire Next Door

 

Financial Peace University

 

Contact Roger at Roger@wwklc.com

Congratulations to YOU, the listeners of the Retirement Answer Man! Why are we congratulating you? Because you are the reason behind the recent honor Roger and the RAM show received at the FinCon Confernence. Roger received the equivalent of an Emmy award for broadcasters in the Financial Services Industry - a Plutus Award. He couldn’t have done it without you, your great questions, and the great guests who have come on the show to tell their inspiring stories and share their expertise. Thank you for supporting the show!

What happens historically after markets take a big drop?

Back in August 2015 we saw 4 days straight where the S&P 500 was very, very low. But it seemed to bounce back. What typically happens to the markets after a series of down days like that, and what impact should it have on your investments and investment decisions? In this episode of The Retirement Answer Man Roger gives the stats on that phenomenon and his advice on how you should respond to the information.

9 Books that have helped Roger invest and live with wisdom and confidence.

In the “Practical Planning” segment of today’s Retirement Answer Man show, Roger is talking about books. In particular, the 9 books that have most recently had an impact on how he lives and how he works. These 9 books range from financial and investing topics, to books on life, mindset, and how you arrange it all together. You’re sure to find something that is intriguing to you as you listen to this episode.

Can you work now to increase the amount of Social Security Benfits you’ll receive when you retire?

The answer is yes! Social Security is calculated based on your highest earning 35 years in the workforce. What that means is that if you’re nearing retirement and would like to increase the amount of benefit you will receive after you retire, you can intentionally take on more work (in order to generate more income) so that you’ll have another higher-income year to add to the average. In this episode Roger gives his advice on how to go about making that decision, including how to have a conversation about it with your local Social Security Administration office.

STRETCH IRAs: How can you roll them into ROTH IRAs?

A listener asks Roger a question about how to maximize the advantages of us stretch IRA when rolling it into a ROTH IRA and as always, Roger has some great advice. There are a lot of particulars and exceptions in how to handle a situation like this, so make sure you listen to this episode and take some good notes so you’ll know exactly how to ask your investment adviser about doing the same thing should you need to.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome and CONGRATULATIONS for helping the Retirement Answer Man win a “Plutus Award” at the recent FinCon conference.
• [1:34] Preview of the episode
• [1:59] Ways you can help get the word out about the Retirement Answer Man.

THE HOT TOPIC SEGMENT

• [3:37] What happens to markets  after a big drop?
• [4:32] Was the August 2015 drop in the S&P 500 a market correction in 4 days? Apparently so…
• [6:07] How has the S&P done after large drops, historically?
• [7:41] What are the takeaways for us?
• The importance of knowing the truth about market reactions.
• You need to be proactive in your investment decision making.
• Be slow in changing strategies.
• Remember that you can’t believe all statistics.

PRACTICAL PLANNING TIP SEGMENT

• [14:28] 9 books that have helped Roger invest with wisdom and confidence.
• [16:19] The How of Happiness
• [18:11] Love Does
• [19:15] Essentialism: The Disciplined Pursuit of Less
• [20:19] A Million Miles in a Thousand Years
• [21:40] Winning the Losers Game: Timely Strategies For Successful Investing
• [22:11] The Truth About Money
• [23:10] The Investment Answer
• [23:37] The Millionaire Next Door
• [25:32] Q.B.Q.: Practicing Personal Accountability At Work and In Life
• [27:23] Share your favorite books with Roger at Roger@wwkllc.com

MAIN TOPIC SEGMENT - Listener Questions

• How are Social Security benefits calculated and how can I improve the amount SS will pay me?
• How does a Stretch IRA work with a ROTH IRA?

RESOURCES MENTIONED IN THIS EPISODE

The Retirement Planning Center - Text “Planning” to “33444.”

The How of Happiness

Love Does

Essentialism: The Disciplined Pursuit of Less

A Million Miles in a Thousand Years

Winning the Losers Game: Timely Strategies For Successful Investing

The Truth About Money

The Investment Answer

The Millionaire Next Door

Q.B.Q.: Practicing Personal Accountability At Work and In Life

In today’s podcast Roger hosts a terrific conversation with Marc Miller. Marc is a veteran of the corporate world, having worked for IBM for many years. He ‘s made what he calls a “pivot” in his career journey by exiting the corporate world and starting up his own consulting and coaching business to help others pivot their lives into something more satisfying and enjoyable for the later half of their lives. You’ll hear all kinds of great topics in this chat as Roger asks Marc about how he made the transition, whether he truly IS happier now, and what others can do to position themselves for a great pivot of their own. Be sure to listen in to this episode of The Retirement Answer Man, with Roger Whitney.

 

Help Roger help you, by taking part in the annual listener survey

 

One of Roger’s greatest desires is to help you position yourself for retirement so you don’t find yourself facing financial hardship as you approach the last stage of life. Toward that end he wants to make this podcast the most helpful it can be. He’d love to hear what you like about the show and what you think has room for improvement. You can take part in the 2015 Listener Survey by texting “RAMSurvey” (all one word) to “33444.” Please take just a few moments to let Roger know what you think of the show.

 

Has your insurance company or investment advisor informed you that your insurance policy could be bought out?

 

There are a number of big name insurance companies that have decided that the “income products” they’ve offered as part of insurance packages were not such a good idea. As a result they’re offering to “buy out” those policies from policy holders. But something Roger’s noticed that irks him a bit is that some of these companies are offering a “bonus” of sorts for investment advisors who take the time to help their clients make the decision TO sell out their policy. It may be the best decision for the client, but Roger’s concerned that providing a bonus may produce a conflict of interest for some advisors, and that many clients could be misguided as a result. Find out the details on this episode.

 

10 rules for retirement planning

 

In the “Practical Planning” segment of this episode, Roger covers a handful of the 10 rules for retirement planning. In particular, he refers to the old adage, “Pay Yourself First” and points out that it not only means setting aside the first part of your income for your savings or investments, but also that “lifestyle creep” could also be a factor in not setting aside enough of your income. What is “lifestyle creep?” Find out as Roger explains the concept and its effect on this episode of The Retirement Answer Man.

 

Marc Miller has made the pivot from corporate career to entrepreneur and he’d like to help you navigate those waters too.

 

After years of working at IBM as an engineer, Marc moved out of the corporate world in favor of building his own business and the life of his dreams. He’s achieved great success and now serves people who were once in the corporate shoes he wore, helping them discover the way forward that uniquely fits them and positions them best for their retirement years. Listen to this great conversation between Marc Miller and Roger Whitney to hear Marc’s story, the lessons he’s learned, and how he helps his clients navigate out of the corporate world.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:24] Welcome to this episode - where we work together to create not just a healthy retirement, but a healthy life.

• [1:57] Help  Roger help you… by taking part in the 2015 Listener Survey - text “RAMSurvey” to “33444”

 

THE HOT TOPIC SEGMENT

 

• [4:29] Welcome to “Roger’s Rant” about a subject that came across his desk this week.

• [5:09] The “income products” being offered by insurance companies, and the buy-out options the companies are offering.

• [6:32] Why Roger’s so angry… the letter he received from a major insurance company.

• [9:26] How you should evaluate a “buy out” option on an insurance product.

 

PRACTICAL PLANNING TIP SEGMENT

 

• [15:33] 10 rules for the retirement realm… a few tips to help you.

• [16:06] The importance of paying yourself first, and what it really means.

• [18:26] Don’t rob tomorrow

• [18:44] Put time on your side - today’s the best day to start.

• [19:08] Don’t count on social security.

• [19:45] Be slow to borrow from your investments.

• [20:00] If you’d like access to the Retirement Learning Center to get the rest of these 10 rules, text “Planning” to “33444.”

 

MAIN TOPIC SEGMENT - A CONVERSATION WITH MARC MILLER

 

• [21:03] Marc’s journey so far.

• [23:30] How Marc’s thoughts on retirement changed once he got out of a major corporation.

• [24:23] The thing that excites Marc the most about pivoting toward retirement.

• [25:08] Does Marc think his story is a “special case” that others can’t duplicate?

• [26:25] The comparison between Marc’s life when he was 30 or 40 and his lifestyle now.

• [27:01] The things that worry Marc the most about being in his new stage of life.

• [29:09] Marc’s assessment of how he’s doing in his “independent” stage of life.

• [29:31] The transition from a big company to an entrepreneurial lifestyle.

• [31:24] The worst financial decision Marc ever made.

• [33:29] The biggest struggle Marc has managing his own finances.

• [35:58] The two books that have impacted Marc most.

• [37:38] How Marc wants to be remembered.

• [38:56] Marc’s new e-book - Personal Branding for Baby Boomers

• [40:53] How to connect with Marc Miller.

RESOURCES MENTIONED IN THIS EPISODE

 

The Retirement Planning Center - Text “Planning” to “33444.”

 

Marc’s book: Personal Branding For Baby Boomers - https://careerpivot.com/personal-branding-baby-boomers/

 

Marc’s website: www.CareerPivot.com

 

Marc’s email: Marc@CareerPivot.com

One of the most tempting but dangerous things investors (and investment advisors) do is to react in light of what current markets are doing. Don’t misunderstand, it’s always wise to make adjustments when needed, but not to your overall strategy or plan. You put together that strategy to accomplish certain goals within certain timeframes, and over the long haul, it should accomplish your goals given the expected amount of time. When you change your investment strategy because of the markets, you’re changing horses midstream, and you could wind up in deep water! Roger’s got some great advice about how to stick to your plan even though the current market situation seems shaky, on this episode of The Retirement Answer Man.

 

Do you know what a STRETCH IRA is, and how it can benefit you and your loved ones?

 

When making investments for retirement, one of the oft overlooked issues has to do with what happens to the investment should you pass away. If you neglect to designate a beneficiary of your IRA for example, the money will simply pass into your estate upon your passing, and will be taxed almost immediately. That’s not a very good use of the money you worked hard to earn and save, is it? A Stretch IRA enables you to designate beneficiaries and actually S-T-R-E-T-C-H the tax benefits of that investment beyond your lifetime, into the expected lifetime of your beneficiary. Find out how this works on this episode.

 

Do you know how to choose an investment advisor wisely?

 

That issue alone could make or break your retirement investment strategy. You’ve got to know that the person advising you on your retirement is not only experienced, but the right fit for you and the goals you have. What should you ask a potential investment advisor to see if there’s a good fit? Do you know? In this episode of the Retirement Answer Man Roger spends a good deal of time discussing what you should look for in a good retirement investor and how you can ask the right kind of questions to discover if that advisor is the one for you. Listen in to hear Roger’s hard-learned advice.

 

How should a small company go about setting up retirement plans for employees?

 

There are many options out there, and sometimes the administrative costs make it very difficult to set up a plan that is generous to employees but also affordable for the business owner. In today’s episode Roger fields a “live” question from his friend Mark about how to assess the various retirement plan options, how to educate employees on the options without boring them to tears, and how to find the right investment advisor to guide the company and the employees through the process of setting up what is best for each individual. It’s a valuable conversation about retirement plans and small business. Listen in to hear the entire chat.

 

Did you know that Roger would love to answer your questions about retirement?

 

That’s what the Retirement Answer Man podcast is all about. You can ask your specific, personal question and Roger could answer your question on the air. It’s as easy as clicking a button and talking. Go to http://www.rogerwhitney.com/retirementanswers/ to record your question and Roger may address the issues you raise on the next episode. Where else can you get free, experienced, trusted advice on something as vital to your future as retirement planning? Don’t wait. Ask your question now!

 

Free Resources to help you do your retirement planning wisely.

 

Roger is an investment advisor. That means he makes his living advising people about how to wisely make investments for their future. But beneath that is a deeper motive to help people. One way that Roger is doing that is by creating his “Retirement Learning Center.” It’s a free resource on his website (www.RogerWhitney.com) where you can find all kinds of resources - from how to interview a possible financial planning partner (discussed on this episode) to caring for Elderly parents, to wise estate planning. You’ll be amazed at the valuable resources Roger has packed into the learning center, so make sure you get over there to check it out!

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:32] Roger’s welcome

• [1:00] Roger’s daughter turned 18 years old - got a tattoo - and why it matters!

• [3:06] Thanks to some iTunes reviewers!

• [4:24] Constructive feedback from a listener (Rick) and a great resource shared from another listener (Mark).

THE HOT TOPIC SEGMENT

 

• [6:38] Still talking about the markets!

• [7:00] A conversation Roger had and what he realized from it about asset allocation.

• [9:40] The temptation to change or alter your investing strategy during down times in the market.

 

PRACTICAL PLANNING TIP SEGMENT

 

• [13:00] What is a STRETCH IRA?

• [15:00] The tax benefits of setting up a Stretch IRA correctly.

• [16:27] Advanced strategies for IRAs.

• [17:23] The Retirement Learning Center resource concerning these IRA options - text the word “planning” to “33444.”

 

 

TODAY’S LISTENER QUESTION

 

• [17:52] An email from Elliot: 3 questions about recording income in a consulting business, setting up lifestyle expenses, and dividends from retirement accounts!

• [22:50] A question from Mark: How should I set up a small business retirement plan for my employees?

 

RESOURCES MENTIONED IN THIS EPISODE

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

 

The Retirement Planning Center - Text “Planning” to “33444.”

 

“How To Find a Financial Advisor” worksheet

 

Mark Menard’s “Elevating Beyond” podcast

 

TWEETS YOU CAN USE TO SPREAD THE WORD

 

Use a #StretchIRA to maximize #TaxDeferred benefits for loved ones

 

How should you account for #consulting income? Find out on this episode

 

#SmallBusiness TIP: How to set up employee #RetirementPlan benefits

 

Ask your #retirement related investment questions from a pro! Find out how, here

 

Free resources to help you make wise #RetirementPlanning decisions

Today’s episode of The Retirement Answer Man debuts a brand new format that will help you make even more of your retirement and financial planning. From here on out all episodes of RAM will be consist of 3 segments - The Hot Topic, where Roger addresses current issues on the financial horizon - The Practical Planning segment, where Roger gives you practical, actionable tips to help you get your retirement planning headed in the direction you desire - and the Listener Question, where Roger answers YOUR questions about retirement related issues. Listen in to get a feel for the new format and to hear how Roger can help you get your retirement planning well in hand before it’s too late.

 

HOT TOPIC - A market correction or a bear market?

 

Last week’s market closed with some alarming numbers and as always, many people are speculating what it means. Is this nothing more than a natural market correction? It could be… it’s been a very long time since the market corrected. But it’s always possible that it’s the beginning signs of a “Bear Market” that could turn things in a very negative direction. Which is it? Nobody can say for certain but the advice Roger has for you in today’s show applies no matter which it turns out to be. Don’t miss this solid, practical tip.

 

THE KEY to being a great investor!

 

Nobody invests their money to get small returns. We all want our investment dollars to do the very most for us possible. In this episode of The Retirement Answer Man, Roger addresses the current market situation by advising you how to become the great investor you want to be, no matter what the economic climate. Listen in to find out what Roger believes to be THE KEY to becoming a great investor.

 

The retirement planning center is available for you - free of charge.

 

Whether you’re a seasoned investor with a solid track record of investments behind you, or are just getting started on the retirement investing journey, Roger has compiled a treasure trove of resources for you in his free Retirement Planning Center. It’s a quick and easy resource from an experienced retirement advisor that will get you moving in the right direction. If you’d like to gain access, listen to this episode to find out how you can!

 

What is a Community Foundation and how can it help you with charitable giving?

 

In today’s main segment Roger has a very informative conversation with Nancy Jones of the Community Foundation of North Texas. Nancy’s experience in dealing with both donors and charities, as well as her interest in finding worthy and trustworthy charities for the foundation’s members, make her a great resource for the topic of today’s show. In this episode you’ll learn what a community foundation is, how it can help you identify charities in your own community that may be the exact fit for your charitable desires, and how the vetting process a community foundation does can help you rest easy, knowing that your charitable contributions are being used well. Find out more about community foundations on this episode of The Retirement Answer Man.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

 

• [0:32] The theme of today’s show - giving to others without worry.

• [1:12] Thanks to Allen for the great review.

• [1:42] A new structure to the podcast - Hot topic - Practical Planning Tip - Main Segment

 

THE HOT TOPIC SEGMENT

 

• [3:35] A market correction or the next phase of a Bear market?

• [8:47] The key to being a great investor.

• [10:08] Roger’s seminar to help you plan out your investing goals - 8/27/15. Text “RAMWebinar” to “33444.”

 

PRACTICAL PLANNING TIP SEGMENT

 

• [12:00] The basics of giving to causes and people.

• [15:18] Get a free retirement planning learning center - text “Planning” to “33444.”

 

TODAY’S LISTENER QUESTION

 

• [16:13] What are ways I can find a “good” charity to support?

• [17:08] Roger’s introduction of his conversation with Nancy Jones from “The Community Foundation of North Texas.”

• [21:20] How a community foundation can benefit a person looking for somewhere to give.

• [23:56] How does a person with charitable intent manage the worry they might have about running out of money?

• [26:36] The current IRA rollover provisions, a new possibility.

• [28:11] What are the minimums required to set up a relationship with a community foundation?

• [29:15] The benefit of creating experiences for your kids rather than leaving them cash.

• [32:07] How a community foundation can match you with groups you would be interested in, but don’t know about.

• [34:39] What’s so important about a “community foundation?”

 

RESOURCES MENTIONED IN THIS EPISODE

 

The Community Foundation of North Texas - Nancy’s organization - http://www.cfntx.org/

 

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

 

The Retirement Planning Center - Text “Planning” to “33444.”