Retirement Answer Man

The moment you’ve been waiting for is here! The Rock Retirement Club has opened its doors once again. Enrollment is open until July 18, so head on over to Rock Retirement Club to sign up today.

After you do that, listen to this episode to learn how to protect yourself and your data from scammers. On this episode, Pete, a cybersecurity expert, joins me to discuss ways to secure your personal information. Listen in to hear how you can defend your data. 

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [4:51] Are SMA’s the right choice for tax strategies?
  • [10:45] On drawing down an HSA
  • [14:01] How to get unbiased financial information
  • [18:38] How do you define whether someone is overfunded, constrained, or underfunded?

PRACTICAL PLANNING SEGMENT

  • [23:20] What Pete does
  • [26:50] What you should do first
  • [41:04] Your level two line of defense
  • [53:05] Level 3
  • [1:01:44] Final thoughts

TODAY’S SMART SPRINT SEGMENT

  • [1:03:12] Take one baby step from the list to protect your data

Resources Mentioned In This Episode

1Password

LastPass

Align.Financial

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM547.mp3
Category:general -- posted at: 2:00am CDT

The best predictor of happiness and health at age 65 is how many close relationships you have at age 45. To really rock retirement you need to build quality relationships. To do that you need to learn to be a better communicator. 

On this episode of Retirement Answer Man, Super Communicators author, Charles Duhigg, joins me to discuss how to become a super communicator. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOW TO BE A BETTER COMMUNICATOR

  • [5:10] Relationships are key to stave off loneliness
  • [10:42] What super communicators do
  • [16:47] How to communicate with anyone
  • [21:14] Understand the type of conversion you’re in 
  • [24:55] How to take away conversational anxiety
  • [33:00] AI communication

LISTENER QUESTIONS

  • [36:31] How to draw money from your portfolio in a down market
  • [47:54] When to switch to decumulation mode in your portfolio

TODAY’S SMART SPRINT SEGMENT

  • [53:47] Practice identifying the types of conversations you are having

Resources Mentioned In This Episode

BOOK - Super Communicators by Charles Duhigg 

Michael Easter

PODCAST - Deep Questions with Cal Newport

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM546.mp3
Category:general -- posted at: 2:00am CDT

Every one of us has a different tolerance for risk. We even have different risk tolerances at different points in our lives. In this episode, we’ll learn about Mike and Judy’s comfort level with their investments. Learn how they’ll develop an investment approach that matches their risk tolerance. 

If you have been enjoying Mike and Judy’s journey crafting their retirement plans, you won’t want to miss their live feasibility test on July 8. Join us on the latest Retirement Plan Live by signing up at LiveWithRoger.com.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

MIKE AND JUDY’S PAST INVESTING EXPERIENCE

  • [2:30] Your investment strategy needs to match your comfort level
  • [5:16] Contemplating Judy’s news
  • [17:19] Their investment philosophy
  • [23:51] What worries them most about retirement
  • [27:59] How will they pay for retirement?

ROCK LIFE WITH KEVIN LYLES

  • [31:30] Learning from those who have walked this path
  • [35:33] What you can do to improve your competence in an area

TODAY’S SMART SPRINT SEGMENT

  • [37:04] Review the RISA pdf to learn more about your risk tolerance

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



Direct download: RAM545B.mp3
Category:general -- posted at: 2:00am CDT

#544 - Legal Tender: Tallying Their Resources 

Planning for retirement isn’t about creating a new job for yourself, it’s about using what you have to create a great life. On this episode of Retirement Answer Man, I’ll help Mike and Judy tally up and organize their resources so they can come up with a feasible plan for retirement.

Press play to hear how you can follow along and create your own plan of record. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

MIKE AND JUDY’S RESOURCES

  • [3:40] Some corrections from last time
  • [8:41] Their social capital
  • [12:34] Their estimated human capital
  • [18:18] Their assets

LISTENER QUESTIONS

  • [31:33] On investing to only keep pace with inflation
  • [38:14] Should he take his RMDs monthly or yearly
  • [45:16] Funding later in life healthcare costs

TODAY’S SMART SPRINT SEGMENT

  • [57:02] Use the worksheet from Six Shot Saturday to organize your resources

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

Direct download: RAM544.mp3
Category:general -- posted at: 2:00am CDT

We all have our own dreams for retirement and today, Mike and Judy share theirs. 

On this episode of Retirement Answer Man, you’ll hear Mike and Judy describe their ideal retirement, then in the Rock Life segment, Kevin Lyles will lay out the 4 pillars for a balanced life. 

As a bonus, you’ll hear Mark Ross interview me about my imperfect journey and the purchases we’ve made in Colorado. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT MIKE AND JUDY WANT IN RETIREMENT

  • [2:42] Their values
  • [7:27] Their base great life
  • [15:56] Their wants

ROCK LIFE WITH KEVIN LYLES

  • [30:33] 4 pillars for a balanced retirement

TODAY’S SMART SPRINT SEGMENT

  • [41:35] Think about your ideal retirement

MY COLORADO UPDATE WITH MARK ROSS

  • [42:40] Where did the Colorado idea begin?
  • [49:50] How did Roger get to this next step?
  • [54:47] How they ended up with two lots in Colorado
  • [58:14] What are the plans now
  • [1:03:28] How he’s reflecting on what he’s learned

Resources Mentioned In This Episode

WDW podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM543.mp3
Category:general -- posted at: 2:00am CDT

Would you like to have the confidence to know that it is all going to be okay so that you can walk away from your career? So would Judy!

In this episode of Retirement Answer Man, you’ll meet Mike and Judy, an educator and an attorney. They are both facing burnout and ready to throw in the towel, but before they retire, they want to make sure they can swing it.

Join us over the next 4 episodes, to learn more about Mike and Judy’s journey to retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

MEET MIKE AND JUDY

  • [3:40] Why Judy wanted to join the show
  • [6:42] A bit about Judy and Mike
  • [10:28] What they want to accomplish
  • [15:52] How she is helping with her dad
  • [18:38] Mike and Judy’s ideal retirement date
  • [24:21]Their overall objective

ROCK LIFE

  • [28:16] What kind of sun protection do we really need?
  • [29:07] The types of skin cancer and what to do about it
  • [38:06] Who is at the most risk of skin cancer
  • [42:04] Sun protection

TODAY’S SMART SPRINT SEGMENT

  • [47:49] Complete the values worksheet from 6-Shot Saturday

Resources Mentioned In This Episode

Live Long and Well with Dr. Bobby 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM542B.mp3
Category:general -- posted at: 2:00am CDT

Have you heard of IRMAA? IRMAA can be an unwelcome surprise if you aren’t expecting her. 

On this episode of Retirement Answer Man, you’ll hear what to expect from IRMAA and your Medicare costs.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:14] Recent feedback
  • [6:57] What IRMAA surcharges are

IN THE NEWS

  • [14:55] Structured protection ETF
  • [25:06] What the details show

LISTENER QUESTIONS

  • [30:23] Should we keep our life insurance policy?
  • [34:42] Will the lack of a bachelor's degree hurt a retirement planning practice?
  • [36:02] Where to get the materials for the Certified Retirement Counselor curriculum

ROCK LIFE

  • [37:51] Cultivating a growth mindset through curiosity
  • [40:58] How to cultivate curiosity

TODAY’S SMART SPRINT SEGMENT

  • [50:55] Practice asking a dumb question

Resources Mentioned In This Episode

International Foundation for Retirement Education

Form SSA-44

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM541.mp3
Category:general -- posted at: 2:00am CDT

What is your risk tolerance? What does risk tolerance even mean? Why does it matter? 

We’ll explore these questions as I answer one of our listener’s questions on getting back into the stock market with a low risk tolerance. 

Listen in to learn why he may not need to follow the traditional way of doing things.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:00] How much risk to take in retirement

IN THE NEWS

  • [19:10] The AT&T data breach
  • [23:03] What I’m going to do about it
  • [26:00] How are password managers safer options for keeping passwords?

LISTENER QUESTIONS

  • [30:53] How does moving a 529 to a Roth IRA work?
  • [33:32] How to know if Johnny should be looking for another financial planner

TODAY’S SMART SPRINT SEGMENT

  • [37:35] Rethink your password protection

Resources Mentioned In This Episode

1Password

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM540.mp3
Category:general -- posted at: 2:00am CDT

 

Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off?

In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:08] Should Scott get a mortgage to build his retirement home?

LISTENER QUESTIONS

  • [12:13] HSA fees can be more expensive than the interest
  • [15:14] What should John think about when deciding on whether to get a mortgage?
  • [19:12] On using reverse dollar cost averaging
  • [22:07] Can we use Roth conversions to do RMDs?
  • [25:29] Understanding investment advisory fees
  • [29:28] Tom’s perspective on his retirement

ROCK LIFE

  • [33:41] On cultivating a growth mindset

TODAY’S SMART SPRINT SEGMENT

  • [35:00] Take your thought and do it in the moment

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

Direct download: RAM539.mp3
Category:general -- posted at: 2:00am CDT

Let’s get back to basics—addition and subtraction two ways to get to the same answer. However, we have a tendency to stick with addition. Today we’ll learn how subtraction can help you come out ahead.

Why am I talking about elementary math on a retirement podcast? Listen in to find out. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:12] Is scarcity really a negative thing?
  • [6:04] Stop trying to aim for precision
  • [11:17] Stop making retirement planning your new job
  • [14:03] Stop optimizing for returns
  • [17:42] Stop thinking you have to retire to something rather than from something
  • [21:25] Stop thinking you can wait
  • [24:16] Stop thinking you need to resign yourself to what is

LISTENER QUESTIONS

  • [27:10] Turn off dividend reinvestment in your decumulation phase
  • [30:00] A rucking comment
  • [31:03] On Social Security survivor benefits
  • [33:26] On inherited IRAs

ROCK LIFE WITH DR. BOBBY DUBOIS

  • [35:15] Movement studies
  • [45:05] Why does movement matter?
  • [48:51] Why the Hadza’s sedentary lifestyle is different from ours
  • [50:55] Why vitamin D is or isn’t helpful

TODAY’S SMART SPRINT SEGMENT

  • [1:00:34] Find an opportunity to move

Resources Mentioned In This Episode

YouTube video - What You Should Know if You Inherited an IRA

Episode 532 - How To Manage Your Scarcity Brain With Michael Easter

Episode 530 - What Is True Retirement Planning? With Christine Benz

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM538.mp3
Category:general -- posted at: 2:00am CDT

Have you ever considered moving to a retirement community? With the freedom that retirement brings, many people begin to rethink their living arrangements. 

On this episode, you’ll hear how Brad and his wife decided to move to a retirement community. Listen in to hear how they approached their decision, the research they put in on where to retire, and how they enjoy their new locale. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A MINI CASE STUDY

  • [2:40] How Brad discovered The Villages
  • [10:55] What led them to explore 55+ communities
  • [13:10] How The Villages are organized
  • [20:35] How to explore places to move in retirement

LISTENER QUESTIONS

  • [23:50] Should we consider getting I-bonds in 2024
  • [29:50] Clarifying new catch-up rules in 2026
  • [32:27] Charlie’s comment on systems thinking
  • [36:18] Where to put taxes in your planning software
  • [38:41] A suggestion for the podcast

TODAY’S SMART SPRINT SEGMENT

  • [40:06] Think about where you are going to live in retirement

Resources Mentioned In This Episode

YouTube video - What You Should Know if You Inherited an IRA After January 1st, 2020

I Bonds

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM537.mp3
Category:general -- posted at: 2:00am CDT

Does a withdrawal strategy in retirement have to be complicated or can you simply do a reverse of dollar cost averaging?

In this episode, we’ll take a look at how reverse dollar-cost averaging would work by using an example and discover who it works for. Click play to learn if this withdrawal strategy would work for you.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT WITH A LISTENER QUESTION

  • [1:44] Is it okay to do a reverse dollar-cost average for withdrawals in retirement?

IN THE NEWS

  • [14:30] The rules have changed for Inherited IRAs

LISTENER QUESTIONS

  • [18:55] What should Vicky do with the proceeds from the sale of her home?
  • [24:09] What to do with a 10-year inherited IRA
  • [27:55] What is the best way to fund bucket #1 to prep for retirement?
  • [35:10] A topic suggestion

TODAY’S SMART SPRINT SEGMENT

  • [36:11] Evaluate the resilience of your plan

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

 

Direct download: RAM536.mp3
Category:general -- posted at: 8:29am CDT

We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one. 

In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [1:46] How much do I really need to retire?
  • [20:30] A comment on the FIRE movement
  • [22:09] How to change advisors
  • [27:28] How to get into the decumulation state of mind
  • [32:37] Feedback on the Michael Kitces interview

BOOKS I READ IN MARCH

  • [34:00] Books I read this past month

TODAY’S SMART SPRINT SEGMENT

  • [36:22] Revisit your feasible plan of record to see how resilient it is

Resources Mentioned In This Episode

BOOK - Gulag Archipelago by Aleksandr Solzhenitsyn

BOOK - Tai Pan James Clavell

BOOK - Soul of an Octopus by Sy Montgomery

The State Of Retirement Planning With Michael Kitces

What is the FIRE Movement?

NewRetirement.com

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM535A.mp3
Category:general -- posted at: 2:00am CDT

Have you been wondering what retirement is like for real retirees out in the wild? With the success of our Retirement Plan Live series, we decided to try mini-case studies to learn more about what retirees like you are doing to rock retirement. 

In this episode, you’ll hear some feedback from Sarah who asked a question on the show about a year and a half ago. Listen in to hear how she responded to the advice I gave.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A MINI CASE STUDY

  • [2:27] Sarah’s case 
  • [8:06] What you can do for you
  • [10:01] A plan of record is the first step

LISTENER QUESTIONS

  • [13:00] What should Lucas take into account as he prepares to pay off his mortgage
  • [20:00] Investing in retirement with a pension
  • [26:08] How Joe is incorporating the Die With Zero philosophy by gifting

ROCK LIFE WITH DR. BOBBY DUBOIS

  • [28:24] What is rucking?
  • [29:27] Why try rucking?
  • [40:49] How do you get started rucking?
  • [48:44] How to measure the benefits of rucking

TODAY’S SMART SPRINT SEGMENT

  • [50:00] Go try rucking by walking with something on your back 

Resources Mentioned In This Episode

Retirement Plan Live: Their Financial Resources - listen to Sarah’s question here

Go Ruck

BOOK - Die with Zero by Bill Perkins

BOOK - The Power of Moments by Chip Heath

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM534.mp3
Category:general -- posted at: 2:00am CDT

Michael Kitces is one of the innovators in the retirement planning and financial services space. His blog and ecosystem of resources help retirees and financial advisors gain the base knowledge needed to rock retirement.

On this episode of Retirement Answer Man, Michael joins me to discuss the state of retirement planning, how it has changed, and how you can live your retirement to its fullest. Listen to this interview with one of the great minds in retirement planning. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT WITH MICHAEL KITCES

  • [5:20] Trends in retirement planning
  • [22:40] How to avoid dying with too much money 
  • [36:51] How to choose a retirement planner
  • [43:38] How does someone choose a retirement planning firm

TODAY’S SMART SPRINT SEGMENT

  • [49:04] Evaluate the quality of your process for making decisions in retirement

Resources Mentioned In This Episode

BOOK - Die with Zero by Bill Perkins

BOOK - It’s Not Complicated by Rick Nason

Kitces.com

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM533A.mp3
Category:general -- posted at: 2:00am CDT

Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings.

Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [2:38] Clarification on the 5-year Roth conversion rule
  • [4:36] Simple IRA rules
  • [6:50] The tax impact of waiting to take Social Security

PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER

  • [12:00] Why Michael pursued the concept of the comfort crisis
  • [18:32] How discomfort becomes rewarding
  • [20:20] How we can change our decisions in small ways
  • [24:25] How to manage your scarcity brain in retirement
  • [33:48] We often focus too much on the numbers
  • [36:59] The scarcity loop

TODAY’S SMART SPRINT SEGMENT

  • [41:10] Take the stairs

Resources Mentioned In This Episode

BOOK - The Comfort Crisis by Michael Easter

BOOK - Scarcity Brain by Michael Easter

Stutz

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM532.mp3
Category:general -- posted at: 2:00am CDT

For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life. 

This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT WITH DAN CROSBY

  • [3:38] Overcoming frugality
  • [10:56] How to gain confidence in the midst of uncertainty
  • [19:19] What are things you can do to overcome your frugality

LISTENER QUESTIONS

  • [26:52] How do people in retirement spend less money than more money?
  • [33:44] Does it make sense to use money allocated for a 401K for a second home?
  • [37:33] A comment on this past Retirement Plan Live
  • [39:20] How to fund my HSA in retirement 
  • [42:13] How to look for blind spots once you have your feasible plan of record

TODAY’S SMART SPRINT SEGMENT

  • [47:16] Is there something else important that you could add to your life or retirement

Resources Mentioned In This Episode

BOOK - The Soul of Wealth by Dan Crosby

BOOK - The Top 5 Regrets of the Dying by Bronnie Ware

BOOK - Die with Nothing by Bill Perkins

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM531.mp3
Category:general -- posted at: 2:00am CDT

Retirement planning has changed over the years, but has the industry evolved to keep up? 

Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective. 

Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.

Listen in to gain more perspective as you navigate your retirement journey.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ

  • [4:55] The state of retirement planning as a process
  • [18:30] The state of investments for retirement planning
  • [22:16] The state of long-term care
  • [25:26] How to begin to plan for retirement decumulation

LISTENER QUESTIONS

  • [30:45] About opening a Roth for a child
  • [32:51] How to create a 5-year income floor with financial capital
  • [37:11] On using bonds to fund the 5-year income floor
  • [41:44] Should you keep investment accounts under the FDIC and SIPC limits?
  • [46:30] Should I have a Simple IRA and Solo 401K?

TODAY’S SMART SPRINT SEGMENT

  • [50:00] Understand what this year’s retirement contribution levels are

Resources Mentioned In This Episode

BOOK - More than Enough by Mike Piper

BOOK - Die with Zero by Bill Perkins

Morningstar Christine Benz

The Longview Podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM530.mp3
Category:general -- posted at: 2:00am CDT

This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month. 

Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON

  • [4:20] Defining simple, complicated, and complex
  • [9:11] Why it is important to identify whether you’re dealing with complicated vs complex
  • [18:10] How to approach complex problems
  • [29:30] How AI plays into the discussion of complex vs complicated thinking

LISTENER QUESTIONS

  • [38:50] On portfolio performance calculations
  • [46:18] How to decide whether to stay with an advisor or move to another firm?
  • [51:38] How to take your RMD
  • [57:02] On the Dying with Zero book
  • [57:31] On Don Quixote

BOOKS I READ THIS MONTH

  • [58:56] The books I read this month

BRING IT ON WITH DR. BOBBY DUBOIS

  • [1:04:02] Exploring uncertainty
  • [1:09:53] Uncertainty in retirement
  • [1:22:14] How to test anxiety treatments

TODAY’S SMART SPRINT SEGMENT

  • [1:25:27] Please fill out our listener survey

Resources Mentioned In This Episode

Align Financial

The Fog of War

Trillion Dollar Bet

BOOK - Horse by Geraldine Brooks

BOOK - Lessons in Chemistry by Bonnie Garmus

BOOK - Life of Pi by Yann Martel

BOOK - Die with Zero by Bill Perkins

BOOK - When Genius Failed by Roger Lowenstein

BOOK - It’s Not Complicated by Rick Nason

BOOK - The Comfort Crisis by Michael Easter

BOOK - The Scarcity Brain by Michael Easter 

BOOK - From Strength to Strength by Arthur Brooks 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM529.mp3
Category:general -- posted at: 2:00am CDT

Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right.

What can you learn from FIRE?

Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore. 

Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests. 

Listen in to learn how you can create a rich life now without waiting until retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:55] When I retire I will…
  • [5:10] Lessons to learn from FIRE movement
  • [13:43] What financial lessons to learn from FIREd people
  • [16:23] Planning from the inside out

LISTENER QUESTIONS

  • [22:18] What is the payoff/penalty of using my IRA to do a Roth conversion?
  • [30:25] Moving money from an IRA to an HSA
  • [34:07] On refilling the pie cake 
  • [38:47] Make sure you have enough taxes withheld when doing Roth conversions
  • [41:39] Can Gail open a Roth for her granddaughter?

TODAY’S SMART SPRINT SEGMENT

  • [43:33] Write down one thing that you know well and question it with a mindset of curiosity

Resources Mentioned In This Episode

Arthur Brooks

Cal Newport

Designing Your Dream Life with Arthur Brooks

Mark’s Money Mind

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM528.mp3
Category:general -- posted at: 2:00am CDT

Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since. 

This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [4:58] The challenges of leaving traditional work early
  • [10:55] Healthcare is one of the challenges
  • [17:28] The non-financial challenges of FIRE

LISTENER QUESTIONS WITH ANDY PANKO

  • [27:44] Which Social Security benefit should we take?
  • [31:28] Relating to working with a bad financial advisor
  • [36:47] What to do with an overfunded whole life insurance policy
  • [43:07] How are IRMAA surcharges calculated?

TODAY’S SMART SPRINT SEGMENT

  • [47:55] When you’re in a disagreement with someone, step out and reset yourself to gain perspective

Resources Mentioned In This Episode

Retirement Planning Education podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM527.mp3
Category:general -- posted at: 2:00am CDT

Now that we know what FIRE is, let’s learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE. 

Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don’t miss out on this informative episode!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [1:41] Life as a journey
  • [3:00] Benefits of retiring early

BRING IT ON WITH MARK ROSS

  • [19:09] Why is creativity important?

LISTENER QUESTIONS WITH TAYLOR SCHULTE

  • [25:52] About the Retirement Podcast Network
  • [28:43] How to choose between investing in a Roth 401K and a traditional investment account
  • [33:55] Timing a reallocation of assets
  • [39:45] A good, detailed, free retirement calculator
  • [44:55] Why Rosie didn’t hire another financial planner

TODAY’S SMART SPRINT SEGMENT

  • [50:28] Define whether your decisions are hats, haircuts, or tattoos

Resources Mentioned In This Episode

New Retirement Calculator

The Retirement Podcast Network

Stay Wealthy Podcast

Define Financial

BOOK - Coaching Beyond Words by Anna Sheather

BOOK - How to Think Like Leonardo DaVinci by Michael Gelb

BOOK - Atomic Habits by James Clear

PODCAST - Choose FI

PODCAST - Catching Up to FI

BOOK - The 100-Year Life by Andrew Scott and Lynda Gratton

BOOK - The Second Mountain by David Brooks 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM526.mp3
Category:general -- posted at: 2:00am CDT

Have you heard of the FIRE movement? It’s become increasingly popular in the past few years. Even if you are technically too old to retire early, there is something we can all learn from FIRE seekers. 

In this episode, Kevin Sebesta, a real live FIREer joins me to discuss what FIRE is, how he achieved it, and what people who retire early do with their time. 

Make sure to stick around for the Bring It On segment with Dr. Bobby Dubois to learn whether supplements are worth the time and money we spend on them. Dr. Bobby helps us develop a framework for deciding whether supplements are right for us. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT I READ IN JANUARY

  • [2:02] Books I read last month

PRACTICAL PLANNING SEGMENT

  • [5:55] Meet Kevin
  • [9:56] Defining FIRE
  • [15:24] Who enjoys FIRE 
  • [21:23] Why FIRE has caught on

BRING IT ON WITH DR. BOBBY DUBOIS

  • [26:12] Why are supplements important?
  • [30:54] How should we go about exploring supplements?
  • [39:44] What do the studies show?
  • [44:18] What about multivitamin supplements?
  • [48:20] What supplements does Dr. Bobby support?
  • [52:10] The takeaways

TODAY’S SMART SPRINT SEGMENT

  • [53:58] Read a book!

Resources Mentioned In This Episode

BOOK - Scarcity Brain by Michael Easter

BOOK - Moby Dick by Herman Melville

BOOK - The Eye of the World by Robert Jordan

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM525.mp3
Category:general -- posted at: 2:00am CDT

How do you manage a joint cash flow with separate assets? In addition to discussing Mark and Mary’s situation, today I chat with Kay about how she and her husband handled finances with their late in life marriage.

Kay gives us some insight on how to manage finances in a financially unbalanced relationship. You’ll appreciate her perspective on how to manage the household cash flow when you haven’t always been married.

Make sure to stick around to hear an update from Sam, our single Retirement Plan Live case study from 2018. She’ll let us know how she’s been doing, what has surprised her about retirement, and whether her retirement plan has changed. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

  • [6:40] A comment about this RPL
  • [8:12] How to discuss uncomfortable topics with your partner
  • [13:56] Some examples of how separate assets can work
  • [19:03] Chatting with Kay about her relationship and prenup
  • [25:14] How they managed cash flow after they married
  • [31:40] How they navigated the financial challenges in their marriage

CATCHING UP WITH SAM FROM THE 2018 RETIREMENT PLAN LIVE

  • [34:18] What Sam has been up to since we last chatted
  • [38:01] How she has dealt with the ups and downs of the markets
  • [42:26] Does her retirement plan look the same?
  • [44:41] What has surprised her about retirement

TODAY’S SMART SPRINT SEGMENT

  • [50:24] Think about how you will manage your cash flow in retirement

Resources Mentioned In This Episode

2018 Retirement Plan Live with Sam 219, 220, 221, 222, 223

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM524B.mp3
Category:general -- posted at: 2:00am CDT

We’re back with Retirement Plan Live to explore how two adults who married later in life can share their resources as they age.

Last week we looked at their goals both individually and together and today we’ll do the same with their resources. Listen in to hear the different ways that older adults who come together later in life can pool their resources so they can rock retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

  • [2:55] Let’s look at their resources
  • [8:56] How can they use these resources together and separately
  • [14:22] What to expect next week

BRING IT ON WITH MARK ROSS

  • [15:30] How to have a positive attitude while you age
  • [18:02] Developing a purposeful path to aging
  • [20:03] 3 things to consider

TODAY’S SMART SPRINT SEGMENT

  • [22:06] Organize and refresh your financial resources

Resources Mentioned In This Episode

BOOK - Who Do You Want to Be When You Grow Old? by Richard Leider and David Shapiro

BOOK - The Comfort Crisis by Michael Easter

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM523.mp3
Category:general -- posted at: 2:00am CDT

Do you like lemonade? If so, you won’t want to miss out on the lemonade I make on today’s episode. 

We’re discussing goals on this episode of the Retirement Plan Live series and we get to catch up with Lori from the 2017 Retirement Plan Live. Find out what she is up to and how to work through shared and separate goals in retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE 

  • [3:42] Mark and Mary’s differences developed into a big conversation
  • [9:00] Mark’s values
  • [10:12] Mary’s values
  • [14:01] Inferring their goals
  • [16:03] When they will retire

CATCHING UP WITH LORI FROM THE 2017 RETIREMENT PLAN LIVE

  • [22:48] What Lori and Bruce are up to today
  • [27:18] Has their retirement plan changed?
  • [33:01] Their plans for the future
  • [35:15] Her advice for new retirees

TODAY’S SMART SPRINT SEGMENT

  • [38:12] Revisit your goals for retirement

Resources Mentioned In This Episode

RetireAgile.com

LiveWithRoger.com

2017 Retirement Plan Live with Lori and Bruce 193, 194, 195, 196

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM522.mp3
Category:general -- posted at: 2:00am CDT

If you’re married, do you have retirement planning meetings? If you’re single do you plan a time to meet with yourself to plan your retirement? What or whom do you use as a sounding board?

In this Retirement Plan Live, we’re getting to know Mark and Mary–two lovely people who have found each other later in life. This mature newlywed couple is trying to iron out the details of their finances. 

Sit back and enjoy this episode where we meet Mary and learn about her story and the financial challenges she and Mark are facing in their new marriage. As you listen to Mark and Mary’s story maybe you can use it to frame your own retirement planning conversation. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A BIT OF HOUSEKEEPING

  • [1:50] What is the retirement podcast network?
  • [3:43] Books I read in December
  • [7:00] A correction on a recent question
  • [7:45] Some listener wisdom on what Rojo should do to retire at 60
  • [13:43] Sign up for the results webinar!

MEET MARY

  • [14:38] What motivated her to volunteer for RPL?
  • [19:03] Advice for anyone navigating the online dating world
  • [20:15] How they ended up together
  • [23:31] Mary’s aspirations for their relationship

BRING IT ON WITH KEVIN LYLES

  • [37:10] The phenomenon of unretirement
  • [43:44] What to do if you are considering unretirement
  • [45:49] A Social Security tip if you do unretire

TODAY’S SMART SPRINT SEGMENT

  • [46:28] Have your retirement planning meeting for the year

Resources Mentioned In This Episode

BOOK - One Flew Over the Cuckoo’s Nest by Ken Kesey

BOOK - Name of the Wind by Patrick Rothfuss

BOOK - The Wise Man’s Fear by Patrick Rothfuss

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM521B.mp3
Category:general -- posted at: 2:00am CDT

Today you’ll meet Mark–half of our newest case study for Retirement Plan Live. Mark and Mary are a year and a half into their new marriage and are trying to figure out how to plan the rest of their lives. On this episode, you’ll learn about Mark and his aspirations and concerns for their life together. 

In the next episode, you’ll meet Mary, in week three we’ll discuss their goals, the following week we’ll look at their resources, and finally, we’ll see how they manage their cash flow and learn who pays for what. 

Make sure that you’re signed up for the live webinar on February 1 at 7 pm CST. In this webinar, you’ll get to see how everything panned out for Mark and Mary. To sign up, head on over to LiveWithRoger.com and mark it on your calendar.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

MEETING MARK

  • [3:30] What motivated Mark to volunteer for this case study
  • [9:15] Mark loves spreadsheets
  • [15:26] How they merged their lives

BRING IT ON WITH DR. BOBBY DUBOIS

  • [22:54] Should you do a broad spectrum of tests?
  • [24:10] Why you should or shouldn’t do these tests
  • [38:10] Why I did some screenings
  • [46:51] How to do screenings productively

TODAY’S SMART SPRINT SEGMENT

  • [50:24] Organize the tests you’ve had from your doctor

Resources Mentioned In This Episode

Function Health

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

Direct download: RAM520.mp3
Category:general -- posted at: 2:00am CDT

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