Retirement Answer Man

Just because Bill & Sally can't achieve their ideal retirement, doesn't mean they can have a great retirement.

In this episode,  we'll discuss:

  • Why it's okay to not be able to achieve an ideal retirement
  • Common ways to adjust your retirement plan
  • Uncommon ways to adjust your plan
  • How to gauge how much investment risk to take during retirement
  • Preview tomorrow's webinar results show

How to Access Tomorrow's Free Webinar

If you've signed up to plan alongside Bill and Sally, you'll receive an e-mail with all the details.

  1. Thursday, March 26 at 7:00 pm CST
  2. Webinar replay available to those that register

If you haven't and want to attend...

Click Here

Direct download: Retirement_Answer_Man_58.mp3
Category:general -- posted at: 9:38pm CDT

Yeah, you read that right.  Bill and Sally cannot achieve their ideal retirement. That really sucks....or does it???

Remember in episode 55, when I outlined Bill and Sally's ideal retirement? I said "too many people are being too reasonable when setting their retirement goals" and challenged you to think BIG about yours. Well, that's what Bill and Sally did. The fact that they can't achieve their ideal demonstrates that they did it right. They thought BIG about what their life could be. 

Now that they realize that "ideal" isn't reasonable, they can begin the work of prioritizing what matters most to them. That's an awesome accomplishment. Only by thinking BIG first were they able to identify everything they might want. Now they can choose the most important things.

In this episode, I review their ideal retirement goals, financial resources and the results of their ideal retirement analysis. 

Here Are Your Action Items for the Week:

  1. Listen to the episode and think creatively about how we can build a plan for their retirement
  2. Review the ideal retirement analysis, are we missing anything?
  3. Answer the challenging questions.  This is important because YOUR input will be used in our live webinar on March 26th. 

Help Create Their Retirement Plan

  1. What possible changes can they can make?
  2. What changes would have the most impact?
  3. What are some "outside-the-box solutions you've seen?
  4. If they are unwilling to take more investment risk, what is the impact on their life goals?

Go Here and submit your answers and I'll work to incorporate them into next week's webinar.


Bill & Sally Want to Retire Webinar, March 26th at 7:00 CST

If you're not already signed up to plan along side Bill and Sally

sign up for the webinar here.


Direct download: Retirement_Answer_Man_57.mp3
Category:Investing -- posted at: 3:50pm CDT

Category: -- posted at: 3:47pm CDT

If you asked me what was the most important item you should do to track your financial health I would tell you to track your net worth. A net worth statement is the most powerful tool you can use to track your financial progress over time. This simple one page document represents the sum of all your financial decisions over time.  There's no hiding with good intentions on a net worth statement. Ultimately, I think, it reflects what you value most.

Organizing Your Financial Resources

Now that Bill and Sally have dreamed big and identified their needs, wants and wishes for retirement, it's time to see what resources they have to work with.

This week, we review their cash flow (income sources and expenses) and create a net worth statement to see their assets and debts.

If you've signed up to plan alongside Bill and Sally, here are your action items for the week. (Haven't signed up yet? see the bottom of this post)

Here’s Your Action Items for This Week:

  1. Make sure to listen to the episode. I review your comments and walk through Bill and Sally's financial situation.
  2. Review Bill and Sally’s cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.
  3. Watch the short video. I walk you each step of  identifying your income sources and creating your net worth statement.
  4. Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It’s worth the effort. Your net worth statement will be the key document you use to track your financial life.
    • Estimate future retirement income sources
    • Build your net worth statement
    • Manage your current lifestyle and cash flow

Challenging Questions of the Week

  1. Should they pay off their car loans? Why or why not?
  2. Should they contribute to ROTH IRAs? Why or why not?
  3. Are they saving enough? Why or why not?

Respond with your answers here.

It's Not Too Late

Get All the Free Resources and Access to the Webinar on March 26th

Click Here to Sign Up

Direct download: Retirement_Answer_Man_56.mp3
Category:Investing -- posted at: 7:09am CDT

Too many people are being too reasonable when setting their retirement goals. STOP! When you start your planning for retirement it is critical that you think big. There's time enough later to be reasonable. Right now, focus on what your ideal life would look like....what would your life be if you could "have it all"? 

I know, thinking big about your future, is much harder than it seems, especially when it comes to retirement. That okay, I'll help you snap out of it.

Dream Up Your Ideal Retirement

In this first step of planning with Bill and Sally, I personally challenge you to suspend our reasonableness. Sit down with your spouse and a glass of your favorite beverage (for these talks, this is mine) and dream big.

Your Action Items for This Week:

(For those of you that signed up to plan along)

  1. Listen to this episode. You'll learn what their ideal retirement looks like and some issues they face.
  2. Review Bill & Sally's Ideal Retirement Summary (If your not signed to receive it go here).
  3. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
  4. Complete your own IDEAL retirement worksheet. Start off with your needs, dream a little and jot down some wants and then dream a lot more and add your wishes. DON'T BE REASONABLE, just put down needs, wants and wishes that would truly be meaningful to you.
  5. Ask questions. Having trouble dreaming big about your retirement?  Shoot me an e-mail. I’ll do my best to answer your question. Send me an e-mail or go here.

 Challenging Questions of the Week

  1. How should Bill and Sally address their personality differences?
  2. How have you dealt with a similar issue?
  3. What other potential issues do you see in their ideal retirement?

Send me an e-mail or go here to give my your answers.

It's Not Too Late to Get All the Free Resources to Plan Too 

Just Click Here


Direct download: Retirement_Answer_Man_55.mp3
Category:Finance -- posted at: 7:54pm CDT