What is the difference between a passion and an interest? Why is it important to have a passion in retirement? In the Bring It On segment with Mark Ross, we’re discussing passions. You’ve probably heard that it is important to have a purpose in retirement, but today you’ll learn how to develop your interests and turn them into passions.

You’ll also hear questions about when to stop contributing to pre-tax retirement accounts, what preferred stocks are, and whether QLACS can be used as QCDs. Press play to listen. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [3:30] Future pre-tax contributions
• [13:48] What is the objective of having preferred stocks in a portfolio
• [17:03] Can a QLACS distribution be treated as a qualified charitable distribution?
• [18:54] Where should these 34-year-olds save?

BRING IT ON WITH MARK ROSS

• [21:28] Are passions the same as interests?

TODAY’S SMART SPRINT SEGMENT

• [27:00] Update your net worth statement

Resources Mentioned In This Episode

LiveWithRoger.com

BOOK - 4000 Weeks by Oliver Burkeman

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Is there an ideal mix of before and after-tax retirement accounts? If so, what is it? In this episode, we’ll find out. We’ll also explore a number of other questions that have been eating away at listeners like you. 

Check out this episode to listen to these listener questions and stick around until the end to hear Kevin Lyle’s relief at no longer having to keep up with the Joneses. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [2:05] What is the ideal mix between before and after-tax retirement accounts?
• [6:46] What to do about a fee-heavy investment account
• [11:00] Finding a financial planner
• [12:09] The impact on energy levels
• [13:58] Saving for kids’ education
• [18:17] How to open a Roth with a high-income

BRING IT ON

• [21:05] Keeping up with the Joneses

TODAY’S SMART SPRINT SEGMENT

• [26:08] Check the way you compare yourself to others

Resources Mentioned In This Episode

Andy Panko’s advisor referral list

Garrett Planning Network

NAPFA 

BOOK - Outlive by Peter Attia

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

What are you doing to make friends in retirement? Mark Ross and I explore this challenge in our Bring It On segment. Listen in to hear how I made a new friend this week and stick around to hear the listener questions and what you could be doing to improve your social life. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [2:36] What should Ronnie consider when transferring investment accounts?
• [14:30] Clarifying the 401K catch-up provision for high-income earners
• [20:12] Clarifying the 5-year rule with each conversion
• [22:44] Capital gains strategies for downsizing your primary residence
• [26:35] Will claiming a personal SS benefit early affect a spousal benefit?

BRING IT ON WITH MARK ROSS

• [30:40] How do we make new friends in retirement?

TODAY’S SMART SPRINT SEGMENT

• [37:57] Take stock of your social network to see how you could improve

Resources Mentioned In This Episode

The Roth series 494, 495, 496, 497, 499

BOOK - A Simple Path to Wealth by J.L. Collins

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Did you know that there is another way to borrow money to purchase a home that is not a mortgage? Larry is thinking about using a securities-based line of credit against his after-tax investment account to borrow to buy a house. Discover my opinion on this optimization question on this episode of Retirement Answer Man.

Listen in to also hear my August reads and learn about the importance of protein to keep strong as you age. Press play now.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOKS I READ IN AUGUST

• [2:58] The Wager
• [6:02] American Prometheus
• [7:12] Outlive
• [9:09] The Courage to Be Disliked
• [10:06] The Big Short

LISTENER QUESTIONS

• [11:14] Should Larry use an after-tax investment account to borrow to buy a house?
• [21:33] Jennifer wants to hear more about pretirement
• [26:25] How to get the Roth clock ticking when you don’t qualify for a Roth
• [28:18] On discussing faith in the RRC
• [29:20] The costs of alcohol
• [30:12] Richard’s thank you on 500 episodes
• [31:34] Do the same (golden) rules apply to Roth 401Ks as Roth IRAs

BRING IT ON WITH DR. BOBBY DUBOIS

• [35:30] Building energy using protein powder
• [41:00] How much protein people really need
• [44:02] Negatives of too much protein
• [48:12] Do people get enough protein?
• [50:06] More on protein supplements
• [57:55] How to ensure you are getting enough protein

TODAY’S SMART SPRINT SEGMENT

• [59:01] Keep a captain’s log

Resources Mentioned In This Episode

BOOK - American Prometheus by Kai Bird

BOOK - Outlive by Peter Attia

BOOK - The Wager by David Grann

BOOK - The Courage to be Disliked by Ichiro Kishimi

BOOK - The Big Short by Michael Lewis

Episode 502 - Should I Realign My 401K Now That I'm Retired? (with Kevin Lyles)

Episode 500 - 500 Episodes and Still Rocking

A few episodes in which we discuss retirement - 183, 214, 244, 324, 430 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

To really rock retirement you have to have the right mindset. On this episode of Retirement Answer Man, Kevin Lyles and I noodle on the power of wonder. You’ll learn why it is important to have a sense of wonder and learn three tips for digging into your own sense of wonder. 

We also have plenty of listener questions to answer. Press play to hear the answers to questions from listeners like you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BRING IT ON WITH KEVIN LYLES

• [3:44] The power of wonder
• [7:22] Kevin’s tips for experiencing wonder

LISTENER QUESTIONS

• [12:47] Should Liz reallocate her 401K?
• [23:28] Should Barry be concerned about his asset allocation?
• [34:45] A rule of 55 issue
• [36:30] Getting conflicting answers from the Social Security Administration
• [40:29] On dealing with FOMO and building healthy cash reserves
• [43:59] How to get into retirement planning as a career

TODAY’S SMART SPRINT SEGMENT

• [48:40] Find some wonder in the world

Resources Mentioned In This Episode

RMA Certification

MaximizeMySocialSecurity.com

Episode 493 - How Can I Reverse Taking Social Security?

The Huberman Lab Podcast

BOOK - The Power of Wonder by Monica Parker

Get inspired by the Free Range Fun Hogs blog 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Should you use historical or projected returns in your retirement model? One of our listeners asks this question in a very eloquent way. 

On this episode of Retirement Answer Man, I’ll spend some time on this question and share my thoughts on which type of model you should use. You’ll also hear the answers to several other listener questions before Kevin Lyles and I discuss tips for having successful conversations with your spouse in retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [1:30] Should we use historical or projected returns?

• [20:11] What is the intent?

• [23:00] What I sound like at 75% speed

• [24:05] How to rank spending priorities

• [28:24] Insurance options before Medicare

• [32:14] On estimating longevity in a retirement plan

BRING IT ON WITH KEVIN LYLES

• [35:48] Conversations to have with your spouse in retirement

• [38:11] Tips for successful conversations

• [40:42] Questions to ask each other

TODAY’S SMART SPRINT SEGMENT

• [50:32] Review your capital market assumptions

Resources Mentioned In This Episode

Viking Cruises

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Thank you for hanging in with me for 500 episodes! Today’s episode will veer a bit from the norm as I pause to reflect on our journey and commemorate it with this milestone episode. Listen in to hear my reflections and thoughts from listeners about observations and the meaning of these past 500 episodes.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [2:33] What I’m proud of from this podcast
• [6:21] Observations on what it takes to rock retirement

LISTENER COMMENTS ON 500 EPISODES

• [13:24] Jeanie has gained confidence in her retirement
• [16:11] Eric appreciates the word iterate
• [17:28] Mary Ellen appreciated the shows on the RV lifestyle
• [19:38] One listener appreciated the Wings for Widows link
• [20:53] The pretirement has helped expand John’s vision of retirement
• [23:48] Elaine appreciates one of my comments
• [24:11] Kevin’s thoughts

BRING IT ON WITH MARK ROSS

• [25:06] How to navigate retirement without passions

TODAY’S SMART SPRINT SEGMENT

• [30:00] Find something to celebrate today

Resources Mentioned In This Episode

Wings for Widows

Episode 479 - Widowed In Retirement: Creating A New You

Episode 442 - Can I Count On Average Returns And Inflation For Retirement? (the interview with Amy Bloom)

The RV Series Episode 263, Episode 264, Episode 265, Episode 266 

BOOK - Tiny Habits by BJ Fogg

BOOK - The Daily Stoic by Ryan Holiday

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Do you think the Roth conversion question is an essential part of retirement planning? If you do, you haven’t been paying attention to my podcasts!

In this episode of the Retirement Answer Man show, we’ll work through how you can build a framework for deciding whether you should do Roth conversions. If you listened to the Roth conversion series you can’t miss this episode. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [2:30] Books I read last month
• [5:12] Framework for building a Roth conversion
• [15:42] Considerations for making a Roth conversions
• [22:07] How to decide

LISTENER QUESTIONS

• [27:21] Jeffrey appreciated the how of Roth conversions
• [28:05] A comment on the pro rata rule
• [29:15] On funding the years between retirement and pension
• [35:06] On HSA funding strategies in the final year of work

BRING IT ON

• [38:41] On shifting your mindset
• [42:00] What thread are you carrying on?

TODAY’S SMART SPRINT SEGMENT

• [42:35] Schedule a time to go through an OODA loop to decide on your Roth opportunity

Resources Mentioned In This Episode

BOOK - Seveneves by Neal Stephenson

BOOK - Cryptonomicon by Neal Stephenson 

BOOK - Reamde by Neal Stephenson

BOOK - All Quiet on the Western Front by Eric Maria Remarque

BOOK - Dead Fall by Brad Thor

Episode 495 - The Rules for Roth Contributions

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Are you much of a drinker? Studies show that 60% of Americans are, and an even greater percentage of college-educated Americans are. In this episode, Dr. Bobby Dubois and I reflect on the effects of alcohol on retirement. We’ll get into everything: the good, the bad, and the ugly.

Don’t worry, we’re still exploring Roths this week by answering your questions. All of our listener questions are related to Roths. If you have a question about our recent Roth series or anything retirement-related leave a voice recording or an email here. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [2:51] On contributing to a Roth via 401K
• [5:02] Getting pushback from advisors on converting a 401K to Roth
• [14:10] How does the 5-year rule apply to a new Roth account
• [17:28] On implementing a resilient plan
• [22:30] Clarification on the pro rata rule

BRING IT ON WITH DR. BOBBY DUBOIS

• [24:17] Who drinks alcohol and how much
• [32:41] The good and bad of drinking alcohol 
• [38:56] The ugly of drinking alcohol
• [45:21] How does alcohol affect you?

TODAY’S SMART SPRINT SEGMENT

• [48:52] Experiment with your relationship with alcohol

Resources Mentioned In This Episode

Podcast - Huberman Lab

BOOK - Outlive by Peter Attia

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

After listening to the past two episodes you now know how to make Roth contributions and conversions, that was the easy part. 

Today we discuss the more complicated Roth rules for making withdrawals. To avoid unnecessary penalties and taxes you’ll want to make sure that you clearly understand the regulations surrounding Roth withdrawals. Listen to ensure that you don’t get caught unaware and needlessly get stuck paying avoidable taxes and fees. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:32] Building a target to work for to build healthy habits
• [6:20] The golden rule of Roth withdrawals
• [8:58] The order of withdrawals
• [11:08] How the five-year rule works with contributions
• [16:41] How the five-year rule works with conversions
• [19:33] How the five-year rule works with a Roth 401K

LISTENER QUESTIONS

• [27:11] On taking money from a 401K and moving it to a Roth IRA so that someone can manage it
• [31:34] How to decide whether to convert funds into a Roth IRA
• [35:03] Estimating Social Security income using the detailed calculator
• [36:01] Clarifying the five-year rule start date
• [38:40] Deciding whether to claim Social Security early

BRING IT ON 

• [43:14] Intentions vs actions

TODAY’S SMART SPRINT SEGMENT

• [46:42] Catch yourself setting intentions

Resources Mentioned In This Episode

Dexa Scan

BOOK - Outlive by Peter Attia

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Many of us have missed the boat on Roth contributions, but we have another tool to get into Roths: Roth conversions. 

If you have been curious about all the hype about Roths you won’t want to miss this series. This month we dive deeper into Roths. In episode 494 we discussed what Roths are, last week we dove into contributions, and this week we demystify conversions. Listen in to learn how you can use Roth conversions to upgrade your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [2:44] I try to keep the main thing the main thing
• [3:49] Many of us have missed the boat on Roth contributions
• [7:11] How to perform a Roth conversion
• [8:45] How do you pay the tax on a Roth conversion?
• [14:05] The pros of paying from after-tax assets
• [16:22] The downsides of paying with after-tax assets

LISTENER QUESTIONS

• [19:05] A rule of 55 clarification
• [22:20] What happens if my income is too high to contribute to a Roth
• [23:52] How to create a 5-year cash bucket in down markets
• [30:13] On creating a bond portfolio ladder

BRING IT ON

• [38:12] On relationship building

TODAY’S SMART SPRINT SEGMENT

• [43:09] Get out of your normal routine and meet new people

Resources Mentioned In This Episode

Episode 494 - Roth Opportunity

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

So many economic predictions for the year have proved incorrect. Since even the brightest economists don’t have a crystal ball, planning your retirement based on economic, market, or investment predictions can lead you astray. 

Instead of basing your retirement plan on wishful thinking, learn how to create a strategic retirement plan based on agency.

Today, and during this entire Roth IRA series, we’ll see how you can use Roths to enhance your retirement plan. Listen to this episode to hear whether you should be making Roth contributions to help fund your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [5:48] How to make Roth IRA contributions
• [8:04] How backdoor Roth contributions work
• [13:47] The difference in the Roth 401K

LISTENER QUESTIONS

• [19:45] Envisioning family legacy options
• [28:08] Spousal Social Security benefits
• [31:26] Optimizing taxes and estate planning

BRING IT ON WITH KEVIN LYLES

• [39:20] On designing a phased retirement
• [45:02] Make sure your phased retirement isn’t an excuse to not retire

TODAY’S SMART SPRINT SEGMENT

• [47:30] Examine whether you should be making Roth contributions

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you’ve been wondering how Roth IRAs work in retirement you’ve come to the right place. All this month we’ll be exploring Roth IRAs–how they work, the 5-year rule, and the differences between Roth conversions and contributions and Roth IRAs and Roth 401Ks. 

My goal with this series is to level the playing field so that you can understand the opportunities that Roths provide. On this episode, you’ll learn how you can use a Roth to enhance your retirement. If you are ready to start optimizing your retirement press play.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOKS I READ LAST MONTH

• [2:10] What I’ve been reading and how I read

PRACTICAL PLANNING SEGMENT

• [12:35] Roth accounts in retirement
• [16:16] What Roths are
• [20:56] Roth planning opportunities

LISTENER QUESTIONS

• [32:45] A tip for using the detailed calculator on SSA.gov
• [33:52] How to search for a financial advisor
• [37:17] On consolidating your IRAs
• [42:26] Can Kelly roll over her 401K to a Roth IRA or is there a better option?

BRING IT ON WITH DR. BOBBY DUBOIS

• [50:12] How to implement the tools Dr. Dubois gives us
• [52:32] Assessing your energy levels
• [59:22] How to start improving your energy
• [1:04:39] How to improve the mind-body connection
• [1:12:46] How to experiment on yourself

TODAY’S SMART SPRINT SEGMENT

• [1:14:10] Update your net worth statement and your cash flow statement so you can plan the rest of the year

Resources Mentioned In This Episode

Episode 487 - The 8 Pillars Of Rocking Retirement: Financial - Resilience And Optimization

The Detailed calculator on SSA.gov not My SSA.gov

Catching Up to FI Podcast

BOOK - Call Sign Chaos by Jim Mattis

BOOK - Fooled by Randomness by Nassim Nicholas Taleb

BOOK - The Alter Ego Effect by Todd Herman

Obsidian note taking app

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

There are so many questions that come with retirement which is why I focus on answering questions from listeners like you. As you listen to these questions and their answers consider how they fit into your ultimate objective. Listen in to learn why intent matters.

In this episode, we’ll explore how to frame retirement questions around your intent, answer listener questions, and in the Bring It On segment you’ll hear a tip about how to rebalance your emotions during stressful conversations.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [4:12] How to use your 5-year cushion
• [11:32] Does having a civil judgment against me apply to my accounts in other states?
• [15:55] Bret wants to know more about how to maximize his accumulation stage
• [19:35] How to reverse a decision to claim Social Security 
• [22:05] Examples of simplifying a portfolio by using ETFs or other all-in-one funds
• [26:38] How to diversify an overfunded portfolio
• [32:59] Should I stop the automatic reinvestment of dividends?

BRING IT ON

• [36:00] A tip to rebalance your emotions in stressful situations

TODAY’S SMART SPRINT SEGMENT

• [37:50] Reexamine your intent when making decisions

Resources Mentioned In This Episode

Brian Cain

BOOK - Call Sign Chaos by Jim Mattis

Jeremy Siegel

BOOK - Stocks for the Long Run by Jeremy Siegel

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

This podcast was created for you–not me. I’m here to help you think differently about retirement and find a concept or tool that will help you take action to rock retirement. 

I do this by answering your questions and bringing you content that will open your mind and spur you to get started. If you have a question you would like me to answer, head on over to RogerWhitney.com/AskRoger to leave an audio or written question.

Investing in retirement shouldn’t be that complex. The simpler you can keep it the less confusion you’ll have. One listener wonders how she can keep her investments simple in retirement. Find out how to take the complexity out of investing in retirement by listening to this episode. 

Afterward, you can take action by considering how to simplify your own investments and make them retirement ready.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:20] What other listeners say

LISTENER QUESTIONS

• [5:42] What is the difference between a financial advisor and a wealth planner?
• [12:48] The KISS concept for investing
• [19:35] On using direct debt lending organizations
• [25:00] The difference between bank CDs and brokered CDs
• [30:18] How to make your retirement plan resilient

BRING IT ON

• [39:21] On starting your own business in retirement
• [45:55] Steps to take to get started

TODAY’S SMART SPRINT SEGMENT

• [47:37] Take action on something

Resources Mentioned In This Episode

FINRA.org

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

The oldest person is 120 years old, but they probably didn’t have a plan to live that long. Many people don’t have a plan for the decades between 60 and 120. Do you?

In this episode of the Retirement Answer Man show, you’ll hear from the CEO of a venture capital firm that funds companies that help people age well, you’ll also hear the answers to several listener questions–including one correction from an incorrect answer last week, and lastly, you’ll hear about developing a learning mindset from Mark Ross in the Bring It On segment. 

Can you guess which question I answered incorrectly last week? Listen in to find out and to hear it answered correctly.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

AN INTERVIEW WITH ABBY MILLER LEVY

• [2:30] What it was like to start a firm in the midst of the pandemic
• [6:35] Examples of their investments
• [13:24] How to plan for decades 6-12
• [21:52] Integrating AI in a human way

LISTENER QUESTIONS

• [25:36] I missed last week’s question - so here’s take two
• [32:47] How Mike is finding purpose in retirement
• [33:56] On self-funding long-term care by earmarking accounts

BRING IT ON WITH MARK ROSS

• [40:06] On adopting a learning mindset in retirement
• [41:18] What you can do today to develop a learning mindset

TODAY’S SMART SPRINT SEGMENT

• [49:15] Stress test your plan against a long-term care event

Resources Mentioned In This Episode

BOOK - This Chair Rocks by Ashton Applewhite

Primetime Partners

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

“If you are looking for someone to believe in, believe in yourself. The only authentic authority is your own original nature.” Vernon Howard

Are you ready to start believing in yourself enough to rock retirement? If you have been following this show, hopefully, you are doing the work so that you can build the confidence to lean in and really rock retirement. 

On this episode, we have a guest that may help guide and empower you to do the work that you need to do to rock retirement. You’ll also hear about what I've been reading, Answers to listener questions, and how to use your toolkit to fit disease from Bobby Dubois in our Bring It On segment. Press play to feel empowered 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT I’M READING

• [1:38] What I’ve been reading lately

PRACTICAL PLANNING SEGMENT WITH VERONICA McCAIN

• [9:12] Who is Veronica McCain?
• [15:07] What people are lacking in retirement
• [21:44] Why she wrote a workbook

LISTENER QUESTIONS

• [25:07] How does the 5-year rule work for Roth conversions?
• [29:43] Michael’s book suggestion
• [31:40] Focusing on the no-go years
• [36:27] A story on your legacy

BRING IT ON WITH DR. BOBBY DUBOIS

• [39:25] Our tool kit can help fight heart disease
• [43:10] Understanding the risk factors of heart disease
• [57:33] How sleep affects heart disease
• [59:40] Mind-body work can also improve your risks

TODAY’S SMART SPRINT SEGMENT

• [1:05:57] Pull one thing a day to declutter

Resources Mentioned In This Episode

SavvyRetirementCoach.com

BOOK - My Retirement My Way by Veronica McCain

BOOK - Total Recall by Arnold Schwarzenegger

BOOK - Limitless Mind by Jo Boaler

BOOK - The Alter Ego Effect by Todd Herman

BOOK - The 12 Week Year by Brian Moran

BOOK - You Learn by Living by Eleanor Roosevelt

BOOK - Metabolical by Robert Lustig

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

It’s time to wrap up the eight retirement pillars with the final two non-financial pillars: passion and relationships. 

In this episode, you’ll learn why happy people always have projects and what you can do to get started building your own passion projects. You’ll also learn why it is so important to develop intentional relationships. Discover these final two non-financial pillars for a rocking retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [3:15] Projects with purpose
• [5:43] Obstacles to creating passion projects
• [8:50] How to build a plan to develop your own passion
• [10:32] Relationships are an integral part of rocking retirement

LISTENER QUESTIONS

• [17:50] A spousal IRA question
• [19:17] Rolling over a 401K to an IRA
• [28:44] A note on my wording
• [29:28] Feedback from people on going two to one

TODAY’S SMART SPRINT SEGMENT

• [36:27] Go out and take action on something that interests you

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Rocking retirement requires focusing on both the financial and non-financial aspects of retirement. In the previous two episodes we explored the four financial areas that help build a rocking retirement, and today, we begin to examine the non-financial areas starting with energy and mindset. 

After listening you’ll understand why rocking the non-financial part of retirement starts with building your energy. Learn how to improve your energy and mindset by listening to this episode of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:30] Energy is the first pillar
• 4:17] Create a plan to improve your energy
• [7:10] Develop a growth mindset
• [12:46] An example 

LISTENER QUESTIONS

• [15:38] Do you have to be actively earning income to contribute to a Roth?
• [18:53] How doing their own taxes saved them thousands of dollars (and not only in tax preparer fees)
• [22:55] Will my spouse receive the COLA as well?
• [25:28] Are CDs a good way to invest?

BRING IT ON WITH MARK ROSS

• [29:51] Foster an abundance mindset
• [35:34] Tools to use to practice an abundance mindset

TODAY’S SMART SPRINT SEGMENT

• [37:24] Be aware of the stories that you tell yourself and how they affect your mindset

Resources Mentioned In This Episode

BOOK - Limitless Mind by Jo Boaler

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Rocking retirement requires getting your financial and nonfinancial ducks in a row. As we work through the 8 pillars of rocking retirement this month, we’ll explore both the financial and non-financial elements of retirement. This week, we’re reviewing the resilience and optimization stages of the financial side of retirement. 

If you didn’t listen to the previous episode, make sure to go back and do so first to about the first two financial pillars. In this episode, we’ll be reviewing the next two: resilience and optimization.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

• [1:40] What is the debt ceiling?
• [5:43] What will happen with the debt ceiling?

PRACTICAL PLANNING SEGMENT

• [7:55] Make your feasible plan resilient
• [14:10] Build a funding strategy
• [18:07] Now it’s time for optimization

LISTENER QUESTIONS

• [22:45] Estimating Social Security using the detailed calculator
• [25:02] The pros and cons of investing in REITs and private funds
• [31:45] Choosing a retirement planner vs. a CFP
• [36:16] Should Tammy sell one of her rental properties

BRING IT ON 

• [41:28] What micro roles can you play in various relationships?

TODAY’S SMART SPRINT SEGMENT

• [47:20] Assess the resilience of your retirement plan

Resources Mentioned In This Episode

SSA.gov detailed calculator

Episode 486 - The 8 Pillars Of Rocking Retirement: Financial - Vision And Feasibility

Retirement Plan Live episodes with Rosie - 468, 469, 470, 471

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you don't know where you are going any path will get you there. This is why it is so important to have a vision of where you want to go–you don’t want to end up anywhere!

This series is dedicated to teaching you the 8 pillars to rock retirement. In this episode, we focus on creating a vision so that you can create a feasible pathway to get you to your vision. 

Listen in so that you aren’t wandering aimlessly through your retirement. Press play to learn how to visualize your goal and create a way to get there. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [2:52] What do you want?
• [6:32] What are your objectives?
• [8:14] What are the obstacles?
• [12:39] How to make your plan feasible

LISTENER QUESTIONS

• [18:54] A tip about going from two to one
• [20:57] A pie-cake baking tip
• [22:22] How to consider long-term investing when you get older
• [29:01] Would a stable value fund be a healthy or junk investment?

BRING IT ON WITH KEVIN LYLES

• [34:17] How volunteering can improve your retirement

TODAY’S SMART SPRINT SEGMENT

• [40:38] Think about your life as if it were a clean slate

Resources Mentioned In This Episode

LiveWithRoger.com

BOOK - The Top Five Regrets of the Dying by Bronnie Ware

Fences for Fido

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

This month we’re heading back to basics. All month long we’ll be building your foundational understanding of how to create a rocking retirement. If you’re new to the show, this is a fantastic starting point. If you are a long-time listener you’ll appreciate this review.

In this episode, you’ll learn how to solve the essential problems of retirement planning: how to live a life without regret and how to balance squeezing as much out of life as possible today while ensuring that you have enough financial stability so that you won’t be a burden to others in your later years. 

Listen in to learn how to build a retirement that you can be excited about.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOKS I READ LAST MONTH

• [1:30] My monthly reading list

PRACTICAL PLANNING SEGMENT

• [8:22] My experience in retirement planning
• [9:38] The retirement challenges you’re facing
• [15:35] Problems with traditional retirement planning
• [19:18] 3 things you need to have hope
• [21:10] Why I use an agile project management approach

LISTENER QUESTIONS

• [27:33]Could joining the RRC help Matt help his mother-in-law?
• [30:05] On sharing the results of the survey
• [31:40] A book recommendation
• [33:33] How to transition to the decumulation stage

BRING IT ON WITH DR. BOBBY DUBOIS

• [40:33] How exposure to heat and cold can benefit you
• [42:02] The history of using heat and cold to relax and heal
• [44:20] Defining heat and cold exposure
• [47:08] The evidence that supports exposure
• [53:09] The downsides
• [55:13] The benefits

TODAY’S SMART SPRINT SEGMENT

• [1:03:50] What is your planning process?

Resources Mentioned In This Episode

LiveWithRoger.com - Join me on May 11 or May 13, 2023, to learn the 4 phases of great retirement planning and to hear more about the Rock Retirement Club!

BOOK - Unreasonable Hospitality by Will Guidara

BOOK - The Creative Act - Rick Rubin

BOOK - The Tiger by John Vaillant

BOOK - What Are People For? By Wendell Berry

BOOK - Atomic Habits by James Clear

BOOK - Tiny Habits by BJ Fogg

BOOK - Why Zebras Don’t Get Ulcers by Robert Sapolsky

Episode 481 - I’m in My Fifties and Got Laid Off. What Should I Do?

Morning Star’s The Long View Podcast - Retirement Planning Is Not Financial Planning

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

How will Social Security benefits fit into your retirement equation? If you have a spouse, there is an added level of complexity when considering your Social Security claiming strategy. 

We explore this topic and more through listener questions on today’s episode of Retirement Answer Man. Learn what to consider and how to approach the Social Security question by pressing play.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [3:49] Kathy shares Soaring Spirits International – a widows' group
• [4:33] Claiming Social Security strategies
• [9:55] Non-qualified stock options
• [18:39] Simplifying your investments going into retirement

BRING IT ON

• [32:19] Having passions or projects to drive you
• [35:09] Plan your days in retirement

TODAY’S SMART SPRINT SEGMENT

• [36:47] Declutter one thing

Resources Mentioned In This Episode

Soaring Spirits International

SSA.gov

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you are thinking about retiring in the next few years you’re probably wondering what the best tools are to help you plan. Finding the right retirement planning software can not only help you plan retirement but help put your mind at ease so that you can Rock Retirement!

One listener asks my opinion on the best retirement software to use. If you are curious about my answer you’ll press play. 

In this episode, you’ll also hear about the books I read in March, an interview with Steven Chen from the New Retirement Calculator, and learn the benefits of creating horizontal relationships.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOK REVIEWS

• [1:30] Books I read in March

LISTENER QUESTIONS

• [5:30] Which retirement software should I use?
• [11:49] On using dividend investing to fund retirement
• [20:19] On using indexed annuities with downside protection
• [24:04] A recommendation for my wife, Shawna
• [24:55] Looking for a financial planner that is a retirement consultant 

STEVEN CHEN INTERVIEW ON THE NEW RETIREMENT CALCULATOR

• [26:45] What New Retirement Calculator users think about
• [33:06] Planning for the future
• [38:36] What’s new with the New Retirement Calculator

BRING IT ON

• [41:55] The benefits of creating horizontal relationships

TODAY’S SMART SPRINT SEGMENT

• [47:10] Revisit your allocation plan

Resources Mentioned In This Episode

NAPFA

Garrett Planning Network

New Retirement Calculator

Money Guide Pro Elite

Financeware

BOOK - The Courage to Be Disliked by Ichiro Kishimi

BOOK - Make Your Bed by William McCraven

BOOK - Sea Stories by William McCraven

BOOK - Build by Tony Fadell

BOOK - Top Five Regrets of the Dying by Bonnie Ware

Morningstar’s The Long View Podcast - Retirement Planning Is Not Financial Planning

LiveWithRoger.com - Register for the webinar on May 11, 2023 to discover the 4 Phases of a Great Retirement Plan

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

We continue our focus on you this month as we dive deeper into listener questions. Today we have a range of questions from various aspects of the retirement process.

If you have a question you want to be answered, head on over to RogerWhitney.com/AskRoger. You can type in a question or leave an audio recording–those are my favorites!

Listen in to learn how to work through the decumulation phase of retirement by developing a withdrawal plan that fits your needs. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [3:32] What are the advantages or disadvantages to using bond funds to create an income floor?
• [9:21] How do I report a QCD on my income tax return?
• [14:50] Can you contribute to a Roth IRA with only a 1099 income?
• [16:00] On doing a series on grey divorce in the future
• [17:14] Where to pull money from first in the decumulation phase
• [23:04] Where to put your passwords

BRING IT ON

• [28:20] Are we ever enough?

TODAY’S SMART SPRINT SEGMENT

• [31:01] Confirm that your spouse knows your passwords

Resources Mentioned In This Episode

Everplans

1Pass

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

All month long, I’ll be answering fantastic questions from listeners like you. Today, we’ll explore the steps you should take if you’re in your 50s and get laid off. 

Have you ever thought about what you would do in this situation? Listen in to find out. 

In the Bring It On segment, Dr. Bobby Dubois helps us understand the effects of stress and what we can do to combat stress so that we can live longer, healthier lives. You won’t want to miss his four exercises for working through everyday stressors.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [3:38] Who is listening

LISTENER QUESTIONS

• [6:38] In my fifties and laid off. What should I do?
• [17:08] Is there a widows group within the Rock Retirement Club?
• [18:11] What can retirees do to protect themselves from the effects of the government reaching the debt ceiling?

BRING IT ON WITH DR. BOBBY DUBOIS

• [25:05] Another skill to keep you healthy 
• [27:45] Defining mind-body activities
• [29:22] Defining stress
• [34:22] Stress affects many areas of our lives
• [38:35] What you can do to combat stress in your life
• [44:20] How to try stress relieving exercises to see if they work for you

TODAY’S SMART SPRINT SEGMENT

• [46:40] Assess your situation and do some basic triage

Resources Mentioned In This Episode

Wings for Widows

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Reimagining life after widowhood can be challenging. In the beginning, it may seem like something that is impossible to imagine. Even if life seems insurmountable at the beginning, it is crucial to remember that someday you will be able to enjoy life again. Just not yet. Yet is an important word. Yet helps you understand that things will not always be as they are now. Today you’ll learn how to change your mindset from I can’t do this to I can’t do this yet. 

On this episode of Retirement Answer Man, you’ll hear wisdom from those who have traveled this same journey. They open up and share their financial and nonfinancial experiences. You’ll hear what has helped and what hasn’t, their challenges and triumphs, and how they have learned to power through and begin to create new dreams.

Listen in to hear these brave widows share their stories so you can understand that a new life after widowhood isn’t impossible. The power of yet can change your mindset and help you rebuild your dreams. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WIDOWS LIVING A GREAT LIFE

• [3:20] Emma has had difficulty navigating the nonfinancial side of widowhood
• [9:30] It has taken time to reimagine her goals
• [11:20] Insights from the financial side
• [17:03] Mary needed time to grieve
• [23:00] How Mary managed the project
• [25:12] The nonfinancial side of widowhood
• [28:20] The financial side of widowhood
• [35:15] A new widow’s perspective

TODAY’S SMART SPRINT SEGMENT

• [42:40] Think about how you can use the word yet to envision what is yet to come

Resources Mentioned In This Episode

BOOK - Getting Grit by Caroline Miller

Everplans

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Nobody wants to face life as a widow or widower. However, it is an unfortunate reality that many must face. Successfully navigating widowhood could be easier if you could prepare yourself in advance. In this Widowed in Retirement series, we aim to do just that. 

Today you’ll learn how you can start life again on your own. Mark Trautman joins me again to discuss his experience moving forward after the death of your spouse. He touches on prioritizing actions to take, setting up a summarized retirement plan, and rebuilding your life as a single person. 

While we didn’t have time for Listener Questions today, we have a bonus interview with Chris Bentley from Wings for Widows as well as a chat with Lori Mage in our Bring It On segment.

Listen in to learn what you can do to rebuild your life and begin again.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT A CHAT WITH MARK TRAUTMAN

• [5:16] Our time is finite - make use of it
• [7:42] Could people have reacted better?
• [10:55] What were short-term actions
• [18:02] A retirement plan summary document
• [20:39] Going forward

A CHAT WITH CHRIS BENTLEY FROM WINGS FOR WIDOWS

• [23:04] How he decided to create Wings for Widows
• [31:52] Working with the financially illiterate 
• [38:02] How to plan for widowhood

BRING IT ON WITH LORI MAGE

• [41:02] On relationships
• [43:33] What Lori did to build a relationship with herself

TODAY’S SMART SPRINT SEGMENT

• [50:30] When you mess up say it was a mis-take

Resources Mentioned In This Episode

Lori Mage

Heroic App

Wings for Widows

Foundation for Financial Planning

BOOK - The Leadership Challenge by James Kouzes

BOOK - After the Death of Your Spouse by Mike Piper

BOOK - Option B by Sheryl Sandberg

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse. 

There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [3:26] A common myth of widowhood
• [5:11] What changes occur when you go from two to one
• [9:27] Expenses don’t change
• [16:44] Creating a new financial plan
• [20:20] Tax planning
• [25:25] Social Security benefits

LISTENER QUESTIONS

• [36:55] A 59 ½ IRA withdrawal rule question
• [38:52] How to calculate the 5-year rule for a Roth IRA
• [40:27] How to handle the cash bucket in a down market 
• [45:03] Healthcare before Medicare

BRING IT ON WITH MARK ROSS

• [49:11] What is passion?
• [51:23] How to explore your passions
• [55:15] Building boundaries around your passions so they don’t become work

TODAY’S SMART SPRINT SEGMENT

• [58:45] Put dabble on your calendar

Resources Mentioned In This Episode

BOOK - After the Death of Your Spouse by Mike Piper

BOOK - Taking Stock by Jordan Grumet

BOOK - AARP Checklist for My Family by Sally Balche Hurme

BOOK - So Good They Can’t Ignore You by Cal Newport

BOOK - How to Think Like Leonardo Da Vinci by Michael Gelb

Everplans

Episode 477 - Navigating Life Changes

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Even though it is difficult to think about it, at some point, those of us who are married will have to think about one of you transitioning from two to one. 

This week we’re exploring the nonfinancial impacts of this transition with someone who has walked this journey. Rock Retirement Club member, Mark Trautman shares his personal journey through his life-changing experience. 

Mark shares the challenges and the tools that have helped him get through this heartbreaking part of his life so that he can move forward and rock retirement on his own. 

After the main segment, you’ll hear our listener questions and then we’ll Bring It On with Dr. Bobby Dubois. Dr. Bobby will help us understand why sleep is so important and what we can do to improve the quality of our sleep. Don’t miss out on this important episode. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [3:27] The more open you are the more you can deal
• [7:58] What you lose when you lose a spouse
• [11:38] Redefining goals after widowhood
• [16:23] Dealing with grief
• [21:33] Building community 

LISTENER QUESTIONS

• [31:20] My response to a scathing review on Retirement Plan Live
• [34:54] Another Retirement Plan Live review
• [37:28] How to replenish funds 
• [44:48] A question about Rosie’s HELOC loan
• [46:31] Insight on huzzah!

BRING IT ON WITH DR. BOBBY DUBOIS

• [48:41] Why is sleep so important
• [51:52] How to improve sleep
• [58:33] How to get to sleep
• [1:04:30] Dealing with chronic pain and sleep

TODAY’S SMART SPRINT SEGMENT

• [1:14:59] Use Bobby’s tips to experiment with your sleep

Resources Mentioned In This Episode

Examine.com

BOOK - Why We Sleep by Matthew Walker

Leeds sleep evaluation questionnaire

BOOK - Taking Stock by Jordan Grumet

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you have been listening to this show for a while, chances are you already know how to rock your retirement. However, this can all change with the loss of a spouse. All of your best-laid plans change in an instant. That’s why this month we are focusing on going from two to one. 

Learn how to navigate your mindset–transition from this sucks, to how I will work through this, to having a great life. Press play to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [5:47] Announcements
• [6:44] Books I read in February

LISTENER QUESTIONS

• [11:46] Roth conversions and taxes
• [17:31] Roth conversions or capital gains?
• [23:10] How to create a paycheck between ages 62-72

BRING IT ON WITH KEVIN LYLES

• [29:12] Finding meaning and purpose in retirement 
• [38:52] Create a mission statement

TODAY’S SMART SPRINT SEGMENT

• [41:05] Think about your mindset

Resources Mentioned In This Episode

Episode 310 - The Pie Cake

Andy Panko

BOOK - Traction by Gino Wickman

BOOK - Be 2.0 by Jim Collins

BOOK - Rethinking Positive Thinking by Gabrielle Oettingen

TV SERIES - SAS Rogue Heroes on MGM streaming

TV SERIES - Shrinking on Apple TV

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Life is what happens to us when we are busy making other plans. This is especially true during transitions. As I transition to adding a new segment to this show, it’s gotten a bit messy. It’s been a bumpy road and not everything has gone according to plan.

Listen in to hear how this applies to retirement planning. While you’re at it you’ll hear how to decide whether to rebalance a portfolio and how to nurture relationships. Press play so that you can start rocking retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [0:39] Life is happening now

LISTENER QUESTIONS

• [5:35] Should I rebalance now?
• [11:52] Selling rental properties
• [16:13] Do I take the pension or the lump sum?

BRING IT ON WITH NICK KENNEDY

• [21:28] The 4 quadrants of relational nutrients
• [29:29] Take action and be present

TODAY’S SMART SPRINT SEGMENT

• [31:50] Get the relational nutrient card and practice it

Resources Mentioned In This Episode

Pension or Lump Sum on YouTube

BOOK - People Fuel by John Townsend

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Do you ever feel like a curmudgeon when you hear about new technology? Listen in to find out what has me putting on my sourpuss hat this week.

We have a variety of interesting listener questions this week. Listen in to learn about purchasing brokerage CDs and CDs on the secondary market, how to decide whether to take the pension or the lump sum, and how to determine whether to become a 1099 contractor rather than a W2 employee.

In the Bring It On segment you’ll hear about what work looks like in retirement from Mark Ross. Spoiler alert: you can work in retirement!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

• [4:06] Brokerage CDs and CDs on the secondary market
• [9:34] How to decide to take the pension or the lump sum
• [14:38] What does huzzah mean?
• [15:18] How to determine whether to become a 1099 contractor rather than a W2 employee

BRING IT ON WITH MARK ROSS

• [22:31] What work looks like in retirement
• [24:45] How to determine whether you should work in retirement
• [28:49] 3 categories of work
• [31:00] What you can do to help you determine your work in retirement

TODAY’S SMART SPRINT SEGMENT

• [31:53] Download the Relational Nutrient Card

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Recently, we had the finale of the Retirement Plan Live series, so I want to share my observations on what we can all learn from Rosie’s experience. There was a lot to unpack from Rosie’s plan. Before we get to the Listener Questions segment, I’ll share my thoughts with you. 

Make sure to stick around after the listener questions to hear the Bring It On segment with Dr. Bobby Dubois. You’ll hear about building energy in retirement through your emotional, cognitive, and social well-being. Learn how to use these powerful ways to live longer and stay healthier in retirement.

My observations on the latest Retirement Plan LIve with Rosie

Rosie recently shared her retirement plan with all of us in our Retirement Plan Live series. This is a very public way to plan for retirement, so she was brave to put herself out there to share her situation openly. Unfortunately, Rosie’s current trajectory is not feasible and she and her husband are on track to run out of money within ten years. 

Coming to this understanding while live in front of 1000+ people is incredibly difficult, but now she can correct course to get back on track. This wasn’t only a learning experience for Rosie, it was for me as well. Here are a few of my takeaways from this experience. 

A plan must be feasible and resilient

Rosie retired in mid-2021 in the middle of a bull market when interest rates were zero. She was working with a financial planner, so there were projections that showed her plan was feasible. However, there was nothing done to make that plan resilient in the face of challenging circumstances. 

Her withdrawal rate did not match up with the assets they have and nothing was done to compensate when the sequence of return risk reared its ugly head. Without resiliency designed into the plan, it fell apart quickly. They are now in a position where they have to make some tough decisions.

A feasible plan is like a lit candle. It can burn; however, a gentle breeze will blow it out. Having a resilient plan is like having a fire. When a wind comes by it won’t go out–it may even gain more strength with the added fuel.

An accumulation investment strategy doesn’t work in retirement

Going into retirement Rosie and Dwayne were invested in 75% equities. Since they were already constrained as they approached retirement, they needed to be a bit more conservative. Their monthly systematic withdrawals came directly from selling those equities and they had no decumulation strategy. The result is that they are now underfunded.

There is a difference between a financial advisor and a retirement planner

Even though Rosie and Dwayne were using a certified financial planner, they still got blown off course. A financial advisor is similar to a general practitioner in medicine. They are not retirement specialists, so they may not understand how to build resiliency into a retirement plan. A retirement planner goes deeper on how to create a decumulation plan that has resiliency built in. They also understand that selling equities to meet withdrawals doesn’t work in a constrained retirement situation. 

Communication is crucial

It was clear that there were communication issues between Rosie and her advisor. She assumed there was safe money set aside somewhere while there wasn’t. This incongruence between what she thought and what her advisor understood has also contributed to their current situation. 

While Rosie had conversations with her advisor, they were surface-level, and she didn’t pose follow-up questions to help improve her understanding of the situation. She didn’t understand the decumulation plan to create her retirement paycheck. This vital detail was missing. One year into retirement and her retirement plan fell apart. 

They didn’t analyze the opportunities to increase their social capital 

Both Rosie and Dwayne took Social Security early so that they could try and preserve their assets as long as possible. This was always what they had planned, so they never considered anything else. Had they carefully considered a different strategy for filing for Social Security, it may have made a difference in their trajectory. 

Have you listened to the latest Retirement Plan Live series? Did you attend the results webinar? If you missed it check out the replay. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [2:05] My observations from the Retirement Plan Live webinar

LISTENER QUESTIONS

• [11:40] Is deferred compensation considered earned income during the distribution period?
• [14:17] When can someone collect Social Security survivor benefits?
• [17:13] On setting aside a 5-year fund as the basis to building the pie cake
• [25:51] On spending psychology during the go-go years

BRING IT ON 

• [30:43] On building energy in retirement through emotional, cognitive, and social well being
• [32:15] Your sleep, social, mind-body connection, and exposure to extreme climate can greatly affect your well-being in retirement
• [35:55] Why is sleep so important?
• [39:10] How social interaction affects your health
• [42:02] What do we mean by mind-body connection?
• [43:03] How does exposure help improve energy?

TODAY’S SMART SPRINT SEGMENT

• [47:33] Choose one thing to start doing to improve your energy

Resources Mentioned In This Episode

The Retirement Plan Live replay

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

I’m excited about our newest segment, Bring It On with Kevin Lyles. The Bring It On segment will discuss mindset and other non-financial aspects of retirement. 

In addition to our newest segment, today you’ll hear about the books I read in January and listener questions. 

Learn how to calculate a decreased benefit when retiring early, which accounts to draw from to minimize taxes, how to manage 401Ks through a company transition, and what to consider when choosing a financial advisor. 

Join me for this episode of Retirement Answer Man to explore the latest issues in retirement and beyond so that you can get ready to rock retirement. 

The latest books I’ve been reading

In January I had the opportunity to finish reading four books. Most are nonfiction, but I threw a fiction book in for good measure.

How to Think Like a Roman Emperor by Donald Robertson - This book is on stoicism and discusses the qualms we have when contemplating our own death and aging. The fear of death and aging can make us fearful, so by bringing that touchy subject out of the shadows, we can embrace the inevitable and live more fully in the moment.

Never Finished by David Goggins - Since this book was written by a Navy SEAL, it has some salty language. However, David is a living example of what you people can endure and do. We have capabilities far beyond what we can imagine.

The Boys from Biloxi by John Grisham - John Grisham writes formulaic legal thrillers, but his formula works. I enjoyed the history and background that he included of Biloxi, Mississippi.

The Comfort Crisis by Michael Easter - This is another book about getting outside your comfort zone. Michael Easter completed a monthlong hunt in the Arctic–far outside of his comfort zone. This book was my favorite this month–it will challenge your thinking. Michael explores the idea of stretching yourself by doing something you think may not be possible. 

If you have any book recommendations for me reply to the 6-Shot Saturday newsletter. 

Why mindset is so important

Mindset is the attitude that you bring to your life and retirement. It drives how you respond to the challenges you face when you’re transitioning and living your life. The mindset you bring to those challenges will make all the difference in the world.

There is now more data regarding mindset with the science of positive psychology. Science shows that mindset matters and affects not only how you feel but outcomes. People who seek out the bad see more bad things, those who look for the good in the world see things in a more positive light. 

What to expect from the Bring It On segment

In our newest nonfinancial segment, we’ll discuss several nonfinancial issues related to retirement: dealing with boredom, losing status, mindset, attitude, aging, identity, gratitude and so much more. 

Think about your own attitude about retirement and aging. What are the top five words that come to your mind? Discuss your thoughts with your loved ones. Could your thoughts be improved? Do you need to change your mindset?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:06] The books I’ve been reading

LISTENER QUESTIONS

• [7:42] Addressing feedback on the show
• [9:32] Feedback from the past Retirement Plan Live
• [10:36] How to calculate a decreased benefit when retiring early
• [15:04] Which accounts to draw from to minimize taxes
• [20:42] How to manage 401Ks through a company transition
• [22:03] What to think about when choosing a financial advisor

BRING IT ON WITH KEVIN LYLES

• [27:15] Why mindset is so important
• [32:04] How important a social network is

TODAY’S SMART SPRINT SEGMENT

• [35:50] Write down what comes to mind when you think of aging and death

Resources Mentioned In This Episode

BOOK - Flourish by Martin Seligman

BOOK - How to Think Like a Roman Emperor by Donald Robertson

BOOK - Never Finished by David Goggins

BOOK - The Boys from Biloxi by John Grisham

BOOK - The Comfort Crisis by Michael Easter

GoRuck.com

Social Security Detailed Calculator

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Retirement can be tricky. There are so many unknowns, so preparing yourself mentally can be a challenge. 

Mental toughness is the ability to remain positive and proactive in the most adverse situations. Our Retirement Plan Live volunteer, Rosie, is having to rely on mental toughness to stay on target through an extra challenging early retirement.

Join Rosie and me today as we discuss the impact that the bear market had on her finances at the start of her retirement. 

Rosie is trying to get her retirement back on track

Rosie and her husband Dwayne didn’t retire in the best circumstances. Inflation and market fluctuations haven’t been on their side. This sequence of returns at the beginning of their retirement is not faring well for their portfolio. Now they are trying to assess whether they are on a feasible path or whether they’ll need to make some adjustments. 

Simply by walking through this process they are already being proactive. They are assessing the damage and seeing how they can shape a plan for the future to get back on track. 

It’s challenging to enjoy the go-go years without a safety net

While Rosie is more risk-averse, her husband Dwayne enjoys researching and investing in individual stocks. He uses about 10% of their total savings to play around in the market investing in his favorite publicly traded companies. 

Rosie estimates that about 75% of their total portfolio is in stocks and this makes her feel a bit anxious especially since their portfolio is down about 20% from last year. 

She would like to be enjoying her go-go years, however, without a healthy cash reserve in place, or a long-term care plan, she doesn’t have the security in place to let loose and rock retirement.

Without a cash bucket set up, their $8,500 per month is coming from a systematic selling of their investments, but she’s not sure where they should go from here. 

Don’t miss the culmination of the past four episodes

If your retirement isn’t going to plan, it is important to acknowledge where you are now so that you can mitigate the damages and reset your course. You can’t simply ignore the situation and wait for someone to tell you that everything is going to be okay. You’ll need to understand the nuances of your financial situation to determine the best way forward. 

Join us on February 2 at 7 pm CST for the grand finale of this year’s Retirement Plan Live. I’ll walk Rosie through her retirement plan and we’ll determine whether or not it is feasible. Then we’ll look for risks and opportunities. As a participant, you’ll have the opportunity to ask questions and see how the process plays out. 

After the live meetup, consider joining the Rock Retirement Club. The Club was created to give new retirees a solid framework and trusted tools to use to build a feasible, resilient retirement plan that will give members the confidence to rock retirement. In addition, RRC members have created an amazing, inviting community filled with people on the same journey. Learn more by joining the live meetup. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

• [4:47] Rosie’s questions
• [7:12] Understanding Rosie’s annuity
• [16:52] Understanding the software we use
• [18:32] Understanding the sequence of returns risk
• [27:07] Rosie’s experience with advisors

LISTENER QUESTIONS

• [36:36] Do you calculate using tax-deferred dollars to create a paycheck in retirement?
• [44:32] Using a draw-down strategy for a 401K
• [47:57] How to get a better interest rate from cash

TODAY’S SMART SPRINT SEGMENT

• [50:40] Reassess your trajectory to achieving your goals

Resources Mentioned In This Episode

Join the live meetup on February 2 at LiveWithRoger.com

Money Guide Pro Elite retirement tool

New Retirement Calculator

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Take a breath, check yourself, and then observe where things are at. 

That’s what Rosie and I are doing on this episode of Retirement Plan Live.

After the last episode in which Rosie planned out all her hopes and dreams for retirement, today we’re taking a look at her financial picture. We’ll walk through the sources of her social, human, and financial capital to see where she and her husband stand financially. 

Listen in and create your own plan as we go. Make sure to sign up for 6-Shot Saturday to ensure that you get all the worksheets to work through your own retirement plan with me and Rosie.

Sign up for the grand finale on Feb 2, 2023

Have you signed up for the live webinar on February 2? This will be the grand finale to this year’s Retirement Plan Live. We’ll see if Rosie’s dream retirement is feasible with her resources. We’ll also identify potential risks and opportunities that she should watch out for. Head on over to LiveWithRoger to register. 

How will Rosie pay for those retirement dreams?

We can never know anything for certain, about our financial future, but we can build a solid framework to build up our confidence in our plan. Last week, Rosie laid out her retirement goals and as she did so she tied those into her values. Our goals are really just a representation of our values. 

As we walk through Rosie’s finances we analyze three different types of capital: social, human, and financial. Social capital includes guaranteed payment sources. The most familiar example of social capital is Social Security. Rosie and Dwayne don’t have any pensions, but Rosie is collecting $2200 per month from Social Security. Soon Dwayne will also receive $1800 per month from Social Security as well. In about six years they will begin to receive a small annuity payment. 

Dwayne is the one providing human capital with his flexible part-time work online. This work contributes between $15-20,000 per year. He plans to continue working part-time for about six more years. 

Their financial capital includes $30,000 in after-tax assets, $680,000 in pre-tax assets, and $55,000 in tax-free assets. 

Build your net worth statement as you listen

Listen in to hear what other kinds of assets Rosie and Dwayne have as we walk through building a net worth statement. When was the last time you updated your net worth statement? 

January is a great time to observe where you are financially so that you can marshall your resources to ensure that you can achieve your goals. As Rosie and I build her net worth statement you can too. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

• [4:20] Their social capital
• [6:30] Their human capital
• [7:35] Their financial capital
• [9:02] Their other assets

LISTENER QUESTIONS

• [15:54] A Social Security error - who to call?
• [19:36] What can Beth do to get closer to retirement under less than ideal circumstances?
• [24:00] How to know if benefits will continue to increase

TODAY’S SMART SPRINT SEGMENT

• [26:56] Update your net worth statement

Resources Mentioned In This Episode

SSA.gov - overpayment

Social Security episodes 228, 229, 230, 231, 232

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Setting big goals is great, but they have to be the right goals or else they could become a trap. Rosie joins us again today to set her retirement goals. In this episode, you’ll hear her financial goals for her needs, wants, and wishes. We’ll discuss her financial expectations for each of these categories and how her goals fit into her values. 

Don’t miss out on this second episode of Retirement Plan Live. When you finish listening, head on over to LiveWithRoger.com to register for the live meet-up on February 2 where we will break down Rosie’s plan in detail and decide whether or not she’ll be able to live out her retirement dreams. 

Goals must be driven by values

In the previous episode, you met Rosie and learned about her situation and her values. We start each Retirement Plan Live series with values because values are what drive our goals. If you set your goals up too rigidly or shoot for the wrong goals then you are working toward something without really desiring it.

Goals are important to have because they framework of what you are trying to achieve. Listen in to learn how Rosie uses her values to drive her goals. 

What makes a base great life? 

What does it take to build a base great life? The base great life is the line in the sand that you can’t cross. It is what you need to have in place to secure a basic life worth living. 

Rosie estimates that it would take about $5000 per month (excluding healthcare costs) to live her base great life. Listen in to hear what she includes in her base great life and why this doesn’t mean eating rice and beans every day. 

Rosie’s wants and wishes

Rosie values travel and would love to spend about $24,000 per year for the next 5 years on travel expenses. After that, she estimates that she would continue to travel but would slow down on spending but still spend around $15,000 per year for the following 8 years. 

Other discretionary expenses would include $10,000 per year on eating out more frequently and spending on loved ones. Adding in these extra wants and wishes would take Rosie and her husband about $117,000 per year.

Follow along and create your own agile retirement plan 

This week, I encourage you to look at your retirement goals with fresh eyes so as not to limit your thinking. Really hone in on what it takes to build your base great life, then add in the layers that build up your wants and wishes. Shed away your inhibitions as you consider your wishes category.

As you listen to Rosie’s journey, why not follow along for yourself? Make sure you are signed up for the 6-Shot Saturday newsletter to receive the corresponding worksheets for each episode. Every week during the Retirement Plan Live series we’ll send out a worksheet to help you work through each stage in the agile retirement planning process. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

• [4:03] What is a base great life?
• [10:45] Discretionary spending

LISTENER QUESTIONS

• [25:33] Can Tim’s wife retire?
• [32:37] Can Crimaud collect Social Security without a green card?
• [35:25] How to work in tithing in retirement

TODAY’S SMART SPRINT SEGMENT

• [40:38] Revisit your needs, wants, and wishes

Resources Mentioned In This Episode

Collecting Social Security in Canada

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Rosie and Dwayne retired in a bear market and now they wonder if they will have enough money to rock retirement. We will explore that question all month long in this Retirement Plan Live. 

Over the course of the next few weeks, you’ll learn about Rosie and Dwayne and their journey, their goals, their resources, and their investment strategy. Then we’ll wrap up this series together with a live webinar on February 2. Don’t miss out on the exciting finale, sign up at LiveWithRoger.com.

Meet Rosie and Dwayne

Rosie and Dwayne live a fairly simple lifestyle. They don’t own a big house or drive flashy cars. They don’t take lavish vacations or eat at fancy restaurants. Although they live simply they do have their own retirement dreams.

When Rosie retired a year and a half ago she figured the worst of the Covid debacle was behind her. She had seen the flash bear market, but since then, the markets seemed to be doing well. Unfortunately, within a year of retiring, she watched her assets decrease by 25%. Now she is left wondering if she’ll ever be able to live out her retirement dreams. 

Rosie and Dwayne both worked in the IT sector before Covid hit. While Rosie was able to work from home, Dwayne was laid off and has since begun flexible part-time work. Working from home simply enticed Rosie to fully dive into retirement. 

What Rosie loves about retirement

Rosie loves the time freedom that retirement brings. She has plenty to do to keep busy: spending her days with her grandkids, at the pickleball court, going to exercise classes, and cooking. Rosie is a natural organizer and creates a weekly plan complete with to-do lists. 

Enjoying the love of family and friends and traveling are what brings her joy and how she desires to spend her time in retirement. 

Rosie’s fears about retirement

With Covid and the subsequent bear market, Rosie feels that she is missing out on fully enjoying retirement. She is very aware of the passing years and understands that time is precious. She feels frustrated that she may not have enough time to do all the things that she wants to do and go to all the places she wants to go. 

Her financial situation is much different than it was a year ago although that hasn’t caused her to change her spending habits. She’s trying not to let her emotions drive her decision-making. 

Rosie understands that she needs a clear mind and that she should stay the course that she and her husband laid out with their financial advisor. While she understands that logically, she is still concerned about their future.

Over the course of this series, Rosie is looking for more input and a better understanding of what changes she needs to make to ensure that she can live out her retirement dreams.

You can follow along with Rosie by using the Agile Retirement Planning process

Follow along over the next four episodes to hear how we use the Agile Retirement Planning process to discover if she and Dwayne are really ready to live out their retirement dreams.

As we work through this Retirement Plan Live series you can follow along and participate in your own retirement plan with the same helpful worksheets that Rosie is using to guide you on your way. Make sure that you are signed up for the 6 Shot Saturday email newsletter to get each week’s worksheet delivered to your inbox. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:35] Just say no to New Year’s resolutions

RETIREMENT PLAN LIVE

• [6:05] Let’s meet Rosie
• [15:17] What Rosie thinks about retirement so far
• [23:56] What makes her most frustrated
• [26:54] How retirement has been financially
• [30:45] Rosie’s top ten values

LISTENER QUESTIONS

• [38:44] Is there an optimal balance among the allocation between tax categories
• [43:43] How to factor a whole life insurance policy into your retirement plan
• [47:51] The max limits to a 457 and 403B
• [50:42] Is it ever better to take Social Security at 62?

TODAY’S SMART SPRINT SEGMENT

• [54:33] Make daily resolutions to improve your energy, work, and relationships

Resources Mentioned In This Episode

Morningstar The Long View podcast #186 - Roger Whitney: Retirement Planning Is Not Financial Planning

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center