#85 -9 Books to Help You Live a Great Life AND invest Smarter, Plus Listener Questions on Social Security and ROTH IRAs

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 [e-mail]

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