Retirement Answer Man

You may notice that this is an extra episode this month. I wanted to make sure that we mark a special ending to the August Women, Money, and Retirement series, so at the beginning of the month I reached out to some amazing female financial professionals. I asked them all for a piece of financial wisdom to share with other women. You can hear their fantastic insight by pressing play now. 

Cristina Guglielmetti’s words of wisdom

Cristina Guglielmettti from Future Perfect Planning offers suggestions about making 401K contributions. She recommends that you update your contributions regularly, especially if your salary has increased. 

Set a goal for yourself. How much would you like to save each year? Are you reaching that goal?

If your goal contribution is more than your current contribution then changing it immediately could eat into your take-home pay and disrupt your budget. Instead of trying to achieve your goal contribution all at once, try increasing your contribution rate a little at a time. 

Then set a reminder for yourself to increase your contribution quarterly until you reach your target percentage. This way you won’t feel the decrease in take-home pay all at once. 

Small, repeatable changes are easier to keep up with which makes it easier to maintain your financial plan. Listen in to hear what else you can do to increase your retirement savings. 

Jane Mepham shares financial advice passed down from her mother

Jane Mepham from Elgon Financial Planning grew up in a different country in a male-dominated society which meant that she had to learn a lot to get ahead in life. When she was young, her mother shared financial advice that she uses even to this day. She knows that attitude is the key to mastering money and it will determine the strategies and tactics that you will use to plan your retirement. Enjoy these words of wisdom from her mother. 

  1. Make sure you can support yourself financially. You don’t ever want to have to rely on someone else to support you. 
  2. Don’t eat your future today, however enticing it is. Regardless of how tight your budget is, prioritize saving for the future. 
  3. If something affects you on a daily basis it is important. You need to know enough about it to make independent, smart decisions. 

The way you spend your money should align with your values

Stephanie Sammons from Sammons Financial and Stephanie McCullough from Sofia Financial have similar advice. They want you to identify what is most important to you. They both stress that you need to define your values so that you can align your spending to reflect what you value the most. All your money decisions should be in alignment with your values and your life. 

Many people often separate their financial decisions from the rest of their life, however, money is connected to everything we do. By aligning your financial life with the rest of your life you will give meaning to your money. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WORDS OF FINANCIAL WISDOM FROM THE EXPERTS

  • [1:20] Cristina’s recommendation
  • [3:13] Jane Mepham’s words of advice
  • [6:25] Stephanie Sammon’s proactive step to improve your financial life
  • [9:26] Stephanie McCullough 

Resources Mentioned In This Episode

BOOK - How to Be Here by Rob Bell 

Retirement Money Gal podcast

Take Back Retirement podcast

Sofia Financial - Stephanie McCullough

Sammons Financial - Stephanie Sammons

Elgon Financial Planning - Jane Mepham

Future Perfect Planning - Cristina Guglielmetti

Rock Retirement Club

Direct download: 8-30_RAM_Special_Episode.mp3
Category:general -- posted at: 2:00am CST

We have given the entire month of August to the ladies! Since this is the last Wednesday in August, it is the last episode that we are dedicating to the theme of Women, Money, and Retirement. However, that doesn’t mean we’re going to stop taking questions from women. This is simply the last episode to focus solely on women’s questions. We want to ensure that no matter who you are, you have the confidence to rock retirement. 

Make sure to come back next month for the series, Retirement Planning for Non-Planners. This series will speak to those who have little interest in retirement. That means we’ll take out all the jargon and focus on the basics of what you need to know. Even if you don’t want to dive into the day-to-day details, it’s important to have an understanding of how to build a retirement plan. If you have any questions related to this theme please ask them at RogerWhitney.com/AskRoger

What does it mean to put the “I” in retirement?

We’re closing out this month with an episode titled, How Do I Put the I in Retirement? But what does the I in retirement really mean? 

Over the course of the retirement planning process, most people focus on their financial situation, but it is more important to understand what you want to do in retirement.

When planning your retirement, you are planning the next stage of your life and you have the opportunity to remake yourself to be anything you want. This is a fantastic time to uncover your deepest desires and make your voice heard. 

Live a life true to yourself

The most common regret that people have at the end of their lives is that they wish they had lived a life true to themselves. Many people simply do what is expected of them without ever thinking about what they want for themselves. 

Retirement is a fantastic time to set aside what others expect of you and explore what you genuinely want to do. 

Since the human condition tends to work in moderation, sometimes you have to peel away the layers to get to the bottom of what you want. Don’t stuff down your needs, dig deep to discover your true self.

Have you lived a life true to yourself or do you have a hard time voicing your desires? 

How to define what you really want

Peeling back the layers can be a challenge, but to live a life true to yourself you’ll have to define what you want out of life. If you don’t voice your desires you’ll never be able to achieve your dreams. 

Think about what you have always wanted to do that you haven’t had the time or space to think about. If you don’t have a clear vision yet, that’s okay, take the time to consider this question with wide-eyed curiosity. Retirement is a time of experimentation, so if you haven't completely defined what you want you’ll soon have an opportunity to further explore your desires. 

If you have a partner, explore this question with them in little conversations over time. Those little conversations can lead to big ideas and create the space to open up a world that you might not have dreamed of before. 

Once you have dreamed up your ideal retirement then you can see how your financial situation fits. You don’t want to go at this from a different perspective. First dream big, then work your retirement plan around your dreams. 

Why join the Rock Retirement Club?

The Rock Retirement Club has everything you need to create your retirement plan. When you join the club, you’ll gain access to education and tools to help you build your own plan. 

Not only that, the club gives you access to a team of professionals that are dedicated to helping you rock retirement. 

Last, but certainly not least, you’ll become part of an amazing community. The RRC is filled with a community of like-minded people who all want to rock retirement. When walking through a huge life change it helps to connect with those who are a bit ahead of you on the same journey. Come check out what the Rock Retirement Club is all about. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [5:40] What does the I in retirement mean?
  • [13:15] You have to speak up and voice what you want

LISTENER QUESTIONS WITH TANYA

  • [19:20] What should you be doing within 6 months of retirement?
  • [20:55] Making decisions immediately after the loss of a spouse
  • [22:52] How to balance the load of caregiving
  • [28:14] How to divvy up parental support between siblings
  • [33:22] How to bring up retirement planning without the jargon
  • [35:13] How to deal with an unexpected divorce in retirement

TODAY’S SMART SPRINT SEGMENT

  • [43:35] How will you put the “I” in retirement?

Resources Mentioned In This Episode

Thinking Ahead Roadmap

BOOK - Moving Forward on Your Own by Kathleen Rehl

BOOKS - Suddenly Single

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM392.mp3
Category:general -- posted at: 5:00am CST

Women ask many types of questions that men don't, which is why we’re dedicating this entire month to a series on women, money, and retirement. This series gives you the space to dig in, have your voice heard, and your questions answered. 

You’re listening to the 3rd episode in this series and today we’ll be answering so many of your questions. Tanya Nichols from Align Financial joins me once again to add her womanly input and expertise. 

There are a lot of women out there with similar concerns. Are you one of them? Find out if your burning questions about retirement have been answered on this episode of Retirement Answer Man.

The Rock Retirement Club can help you build confidence in your retirement plan

Are you looking for a way to build your confidence in your retirement plan, or maybe you're just looking for ways to create a retirement plan. If so, the Rock Retirement Club is the right place for you. 

The RRC provides you with everything you need to educate yourself to build your retirement plan, allowing you to rest easy. By joining the RRC you’ll have access to on-demand courses, education, and tools so that you can learn what you need to know to rock retirement. 

Join now to gain access to this information and our knowledgeable team of experts. In the clubhouse, you can ask questions from our experts and enjoy conversations with hundreds of more people who are riding the same retirement wave. The Rock Retirement Club is a great place to share inspiration and get ideas to create the retirement of your dreams. 

Should single women with no children consider long-term care insurance?

Several women have asked about long-term care insurance. Navigating long-term care is a major concern for women that have no close family or children. They see long-term care insurance as a way to help pay for their care when they may no longer have the capacity to represent themselves. 

When looking for a long-term care insurance plan, be sure to specifically look for a plan that features a care navigator. Another possibility is to hire a care navigator out of pocket who only works for your interests. This representative can help you navigate the system so that you know that you will be cared for. 

Long-term care navigators are an emerging field, so it can be hard to find someone that specializes in this industry. One way to find this type of representative is to talk to long-term care providers or even your state health department. Have you ever considered hiring a care navigator for your declining years?

What kind of questions do you have about retirement? 

In this episode, we answer many of your listener questions like what is the difference between a trust and an estate, how to prepare to deal with financial issues during cognitive decline, where to get cash from during the go-go years, the best way to navigate healthcare before Medicare, and many more. Listen in to hear if your pressing questions have been answered.

If you have any more questions that weren’t answered in this episode, make sure to join the live meet-up on August 26 at 7 pm CDT. This live webinar will be about an hour long and I’ll be joined, once again, by the lovely Tanya Nichols. We’ll answer your questions live in real-time. These webinars provide a relaxed atmosphere where you can learn the answers to your questions and maybe even hear answers to questions that you haven’t even thought of yet.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS WITH TANYA NICHOLS

  • [5:30] Don’t miss the live meet up on August 26 at 7 pm CDT
  • [6:37] Long term care insurance for those with no close family
  • [11:00] Trust vs. estates
  • [11:50] How to deal with financial issues during cognitive decline
  • [16:11] Where to take cash from in the go-go years
  • [19:02] How to navigate healthcare before Medicare
  • [26:35] How do you calculate the 4% rule?
  • [30:28] Spend less money than you make
  • [32:07] What to look for in a bond

TODAY’S SMART SPRINT SEGMENT

  • [37:22] An update on my smart sprint from last week
  • [41:13] Look at your net worth statement history

Resources Mentioned In This Episode

Align Financial

Don’t miss the live meetup on August 26 at 7 pm sign up here

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM391A.mp3
Category:general -- posted at: 6:00am CST

Welcome back to the 2nd episode of the Women, Money, and Retirement series. All month long we will be discussing issues specific to women in retirement. Since I am not a woman, I have invited Tanya Nichols from Aligned Financial to co-host the show with me throughout this series. Tanya is here to provide a woman’s perspective and to help me answer your questions. If you are a woman you won’t want to miss this series that is created especially for you 

What does it mean to rock retirement?

If you have listened to the show before, you know that I frequently use the phrase rock retirement. I even wrote a book called Rock Retirement and I created the Rock Retirement Club, but what do I mean by rocking retirement? 

When you are rocking retirement that means you are using your resources to live your best-imagined life. I want you to use the assets you have to design your ideal life in retirement.

There are so many decisions to make in retirement. Many people mistakenly think that their financial decisions are separate from their life decisions, but life and money are never separate. Your money should be helping you to create the best life that you can imagine. 

How do women excel in retirement planning?

Men and women have different strengths and weaknesses in just about every area of their lives. This is no different in financial planning.

As financial advisors, Tanya and I see the differences between the sexes every day. These differences are generalizations, but we have noticed that women excel in several areas of financial planning. 

Women are more comfortable with vulnerability; they don’t try to control the uncontrollable.

Women look ahead toward the outcome.

Women realize the value of collaboration. 

Women are more thorough and take more time to make decisions. 

Women don’t mind speaking openly about their worries.

Think about yourself. How do you excel in financial planning? Is it in one of these areas or in another way?

How to confidently plan for retirement when you don’t have much to start with

Debbie is worried about retirement. As a single woman without a huge retirement portfolio, she feels overwhelmed and doesn’t know where to start. She feels that financial advisors are only for the wealthy, but she knows that she must start learning about her finances somewhere. 

The good news is that Debbie is listening to a financial podcast! That means that she has already started educating herself. Unfortunately, the financial planning industry hasn’t done a good enough job of successfully reaching average income earners. However, this doesn’t mean that financial planning is only for the wealthy. 

In addition to listening to retirement and financial podcasts, there are other ways that people can educate themselves in these matters. Garrett Planning Network and XY Planning Network are 2 networks of more affordable financial planners that work on a monthly subscription basis. Listen in to hear more resources that can help you gain the confidence to truly rock retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

  • [1:10] What does rocking retirement mean?

PRACTICAL PLANNING SEGMENT

  • [3:34] What do women excel at in retirement planning?

Q&A SEGMENT

  • [11:04] Women are less prepared for retirement than men
  • [17:12] How to tackle the feeling you aren’t good enough
  • [19:15] How to generate an income stream in retirement
  • [22:20] Are there common pitfalls for women in transition periods?
  • [27:27] A Social Security planning question
  • [33:14] Who gets to keep a death certificate?
  • [36:28] Make sure spouses communicate regularly about finances

TODAY’S SMART SPRINT SEGMENT

  • [38:43] Chat with your spouse about your net worth statement and financial plan

Resources Mentioned In This Episode

Episode 310 - The Pie Cake

Social Security Calculators

Aligned Financial

Garrett Planning Network

XY Planning Network

BOOK - The Power of Habit by Charles Duhigg

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

 

Direct download: RAM390.mp3
Category:general -- posted at: 5:00am CST

With the financial industry being dominated by men, it makes sense to dedicate time to focus solely on financial issues related to women. Since I am not a woman and can’t speak personally about these issues, I have invited my good friend, Tanya Nichols from Align Financial, to help me tackle this month-long series on Women, Money, and Retirement. Tanya is one of Investopedia’s Top 100 financial advisors and she and her firm work mainly with women. 

I’m excited to have Tanya help me explore this area further. We can tackle your questions and you can gain the confidence you need to live the life you want in retirement. With a bit of education, anyone can learn how to manage their finances in retirement.

3 financial power moves women can take now

Women often have their own set of issues surrounding money due to traditional gender roles and a misogynistic financial services industry. But once women face these issues head-on they can trample these hurdles and take control of their own financial situation. Learning these 3 power moves can help you take charge of your financial life.

  1. Anyone can learn about money. In years past, finances were often left to the husband to control, so the financial industry has typically been dominated by men. The financial services industry likes to make money sound much more complicated than it is, but financial planning is actually a lot like project management. Learning about money is just like learning about anything else and you can learn about money just as well as you can learn about fitness, nutrition, or child-rearing. You can learn to plan your finances regardless of your background. So if you have an interest in your money, then dig in and start learning. 
  2. Think of yourself first. Do you often put your family’s needs ahead of your own? Women often sacrifice their entire lives for the ones they love. If you can acknowledge that you should consider yourself first when it comes to finances then you can begin to plan a life that is true to yourself. Before making financial decisions think to yourself: is this at the expense of something that is important to me?
  3. You have a rightful seat at the financial advisor’s table and an equal seat at the financial table of your marriage. It is no secret that the finance industry is dominated by men and even has a history of misogyny. You should never have to earn your seat at the table to talk about your money. That seat is already yours. Don’t put up with anyone diminishing you or dismissing your concerns. 

What to do if someone diminishes your questions or concerns

Unfortunately, women’s questions and concerns are often dismissed in financial settings. If this happens to you make sure to address the situation immediately and clearly state how and why you feel diminished or dismissed. 

If the professional you’re working with doesn’t respond in a satisfactory manner then go somewhere else. It is important to find a financial professional that you can trust. They need to be able to listen to you and hear what your priorities are. Have you ever felt slighted by a financial professional?

If you can’t find the right person to work with, don't be afraid to DIY your finances. With a bit of education, managing your own finances is totally doable. Own your awesomeness. You can plan your retirement just as well as the next person.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:30] A disclaimer
  • [6:33] 3 power moves for women
  • [14:50] A 3 step process if someone diminishes your role

LISTENER QUESTIONS

  • [19:45] How do bond funds work?
  • [23:22] What to do if almost all your cash is in a 401K
  • [29:30] Should she consider putting her dad in a nursing home?
  • [32:47] Decisions that couples make in their 50s and 60s will affect the women later
  • [35:37] How will I be cared for if my husband dies first?

TODAY’S SMART SPRINT SEGMENT

  • [39:11] Plan your seat at the table

Resources Mentioned In This Episode

Align Financial

My Fitness Pal

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Direct download: RAM389.mp3
Category:general -- posted at: 5:00am CST

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