Retirement Answer Man

#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

One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So they are wondering if they should pay off their mortgage early by withdrawing from their IRA. What would you do?

Listen in to hear my response in addition to several other listener questions. We’ll also catch up with Rosie from the last Retirement Plan Live. Press play to learn if she implemented any of the things we discussed and how her retirement has been over the past year. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [3:30] Should we pay off our mortgage with our IRA?
  • [11:27] An inherited IRA question
  • [17:55] The order of withdrawals in retirement
  • [25:24] The benefits of a continuing care retirement community

CATCHING UP WITH ROSIE FROM THE 2023 RETIREMENT PLAN LIVE

  • [27:34] How Rosie’s confidence level is now
  • [29:00] How she implemented some financial changes this year
  • [43:28] Her intentions for her new planner

TODAY’S SMART SPRINT SEGMENT

  • [51:27] Refresh your vision, your feasible plan of record, and your resilient plan of record

Resources Mentioned In This Episode

Retirement Plan Live 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

Direct download: RAM519.mp3
Category:general -- posted at: 2:00am CDT

It seems like no matter how much we save we always have that nagging worry about whether it is truly enough. 

One of our listeners is looking for ways to reduce the chances of running out of money in retirement. My response to his question may surprise you. Listen in to hear what I have to say about improving his retirement trajectory.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [2:21] What can I do to ensure not run out of money in retirement
  • [8:43] A rental property question
  • [11:52] On Roths being separated in Fidelity
  • [13:30] Can you roll over an old 401K into your current plan

CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE

  • [17:05] Joelle has formed a social network in her new town
  • [19:23] How her finances have fared over the past 2 years
  • [24:44] How a 5-year cash cushion has given her peace of mind
  • [30:56] How Joelle has learned to let go of having one right way to do things

TODAY’S SMART SPRINT SEGMENT

  • [32:38] Enjoy your family

Resources Mentioned In This Episode

Retirement Plan Live with Joelle - Relocation For Retirement 416, 417, 418, 419

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM518.mp3
Category:general -- posted at: 2:00am CDT

Have you ever wondered how the subjects from our Retirement Plan Live series are doing now? Did everything turn out okay for them? Find out how Emma (from 2019 RPL) is doing on this episode of Retirement Answer Man.

In the listener questions segment you’ll learn about the Rule of 55, donor-advised funds, and contributing to a teen’s Roth IRA. Press play to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [4:01] Can you directly contribute from an IRA or 401K to a donor-advised fund?
  • [9:37] A rule of 55 clarification
  • [11:41] Can I roll over the portion I don’t want under the rule of 55 provision?
  • [15:19] Contributing to a teen’s Roth IRA
  • [17:09] How to navigate financial planning for a special needs adult child

CATCHING UP WITH EMMA FROM THE 2019 RETIREMENT PLAN LIVE

  • [18:33] Having a great retirement after widowhood takes work
  • [24:44] On finding her tribe
  • [31:27] What’s next for Emma
  • [32:48] Advice for others

TODAY’S SMART SPRINT SEGMENT

  • [36:10] Embrace the boring

Resources Mentioned In This Episode

Retirement Plan Live with Emma episodes 289, 290, 291, 292

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM517.mp3
Category:general -- posted at: 2:00am CDT

The way does not exist–there is no one correct way to do things. We are all finding our own ways in life and retirement. Working with an agile structure will help give you the scaffolding to create a retirement plan in an organized way.

On this episode, you’ll hear how drafting your agile retirement plan can help you discover your unique way to rock retirement. 

Continue listening to discover the books I read in November, the answers to several listener questions, and the way to create an exercise plan to boost your energy.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOKS I READ IN NOVEMBER

  • [2:40] The books I read in November

LISTENER QUESTIONS

  • [9:37] Books I have recommended in the past
  • [12:25] A refilling tax buckets comment
  • [16:50] Can you make a full HSA contribution for 2024?
  • [19:35] A question on car loans
  • [25:06] How do you know if your retirement plan is resilient
  • [28:52] A book recommendation

BRING IT ON WITH DR. BOBBY DUBOIS

  • [30:39] How to show up with energy with exercise
  • [35:43] How to set up an exercise program
  • [39:13] Where to start
  • [42:14] Convert your stationary life to a life of movement
  • [50:16] How to fuel yourself for a workout
  • [53:18] How to build a sustainable exercise program

TODAY’S SMART SPRINT SEGMENT

  • [57:00] Assess your process and strategy for retirement

Resources Mentioned In This Episode

Episode 434 - Functional Health To Rock Retirement - Creating The Right Exercise Plan

DoRetirementRight.com

Episodes with lists of books I’ve recommended - 138, 206, 287, 464

The Retirement Answer Man GoodReads Book Club

BOOK - Die with Zero by Bill Perkins

BOOK - Be Useful by Arnold Schwarzenegger

BOOK - Total Recall by Arnold Schwarzenegger

BOOK - Only the Dead by Jack Carr

BOOK - I’m Proud of You by Tim Madigan

BOOK - The Road to Character 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: RAM516.mp3
Category:general -- posted at: 2:00am CDT

Have you been wondering what you’re supposed to do when it comes to refilling your retirement income buckets? So has Michael. In this episode, I’ll go into further detail about how to do that.

Stay tuned for the answer to Michael’s question and many others as well as a chat with Kevin Lyles on how to ease into retirement in the Bring It On segment. Press play to get started. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [4:38] How to reinvest retirement income floor
  • [15:21] Contribute to grandchild’s Roth accounts to teach compounding
  • [16:58] How is a non-deductible IRA contribution withdrawal handled?
  • [19:51] The pros and cons of Everplans
  • [24:26] On organizing books

BRING IT ON

  • [25:45] How to ease into retirement

TODAY’S SMART SPRINT SEGMENT

  • [33:45] Check your liquidity

Resources Mentioned In This Episode

BOOK - The Road to Character by David Brooks

BOOK - The Second Mountain by David Brooks 

Everplans.com

Episode 473 - How Is Deferred Compensation Taxed When I Receive It?

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM515.mp3
Category:general -- posted at: 2:00am CDT

What would you do if your retirement planner said no when you asked them for a report? I’ll address this question and many more on this episode of the Retirement Answer Man Show.

We’ll also discuss the two things you need to find happiness. Are you curious as to what they are? Listen in to find out. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [2:13] Adding to my partial answer to a question in episode 512
  • [5:33] What to do when my advisor told me no to a report
  • [11:05] On switching plans in Medicare’s open enrollment
  • [14:41] What training someone should pursue to improve their financial education
  • [18:10] The issues that come with trying to die with zero
  • [21:03] Rules when you return to work
  • [23:22] On securing long-term care insurance
  • [25:51] Are the rules different for 457B accounts?

BRING IT ON

  • [29:57] Building protocols to improve your agency

TODAY’S SMART SPRINT SEGMENT

  • [34:00] Write 5 things you are grateful for and 5 things you can do to build agency

Resources Mentioned In This Episode

Huberman Lab Podcast

LTCI Partners

Episode #281 - Is An Annuity Right For Retirement? The Role An Annuity Can Play In Your Portfolio

BOOK - Die with Zero by Bill Perkins

Episode #345 - How Does Medicare Work? Making Your Medicare Decision with Danielle Roberts

Boomer Benefits

Episode 512 - How Should I Pay Taxes On My Roth Conversions?

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM514.mp3
Category:general -- posted at: 2:00am CDT

If you have different retirement accounts at various brokerage firms, you may wonder whether you should consolidate them. One listener asked me that very question today. I’ll answer it along with several others–don’t miss the one about my finance book recommendations. 

Are you curious about how you can improve your relationship in retirement? Then, make sure to listen to Mark Ross’s suggestions in the Bring It On segment.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [5:51] Should Greg and his wife consolidate their accounts?
  • [11:39] Using the Obsidian note-taking app
  • [13:42] Larry’s question on RMDs and down markets
  • [16:34] My recommendation on reading material for Sandy on money management
  • [19:41] What is a LIRP?

BRING IT ON WITH MARK ROSS

  • [22:12] The relationship pillar requires communication
  • [25:16] Have a retirement plan of record

TODAY’S SMART SPRINT SEGMENT

  • [30:07] Review these end-of-year housekeeping tips

Resources Mentioned In This Episode

BOOK - The Behavioral Investor by Daniel Crosby

BOOK - 48 Days to the Work You Love by Dan Miller

BOOK - Don’t Retire, Rewire by Jeri Sedlar

BOOK - Younger Next Year by Chris Crowley

BOOK - Stacked by Joe Saul-Sehy

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

BOOK - Winning the Loser’s Game by Charles Ellis

BOOk - The Retirement Income Guidebook by Wade Pfau

The Retirement Answer Man GoodReads group

Notion

Obsidian note-taking app

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM513.mp3
Category:general -- posted at: 2:00am CDT

“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear

I’ve been focusing on building up my systems lately and today I’ll provide you with an example of what that looks like for me. 

In addition, in this episode, you’ll hear several questions on how to optimize your tax burden. Then in the Bring It On segment, Kevin Lyles joins me to discuss the role of leisure in retirement.

Join me today to take a baby step to improve your life in retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:19] Building systems 

LISTENER QUESTIONS

  • [6:31] How to pay taxes for Roth Conversions
  • [14:44] On new rules for catch-up contributions
  • [17:07] Can Larry contribute to his wife’s HSA?
  • [19:26] The details on the taxes on selling a house

BRING IT ON

  • [22:46] The role of leisure in retirement
  • [25:06] The 6 categories of leisure

TODAY’S SMART SPRINT SEGMENT

  • [31:16] Look at your after-tax accounts and tally your realized capital gains

Resources Mentioned In This Episode

BOOK - Atomic Habits by James Clear

Sign up for the 6-Shot Saturday newsletter!

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM512.mp3
Category:general -- posted at: 6:19am CDT

Bonds are a ubiquitous part of a balanced portfolio and in recent years bond funds have become even more attractive to many investors. However, due to rising interest rates, bond funds are now losing their appeal. 

One listener asks whether she should call it quits on her investment in bond funds. In this episode of Retirement Answer Man, Nichole and I will explore this and other questions from listeners like you. 

Stick around to hear my conversation with Dr. Bobby Dubois about energy and our relationship with caffeine. Find out once and for all whether caffeine is as bad for you as they say.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT I READ IN OCTOBER

  • [1:30] Books I read in October

LISTENER QUESTIONS

  • [5:01] Will it be a long way to get back to even on bond funds?
  • [10:03] About the recommended withdrawal rate in retirement
  • [12:12] How to figure out the net worth of a pension
  • [14:41] A question about transferring IRA funds to HSA
  • [16:23] Feedback on wisdom for our children
  • [17:14] How far back should a newer listener go in the podcasts?
  • [21:09] A comment on my YouTube video with Joe Saul-Sehy

BRING IT ON WITH DR. BOBBY DUBOIS

  • [22:20] 85% of people have caffeinated beverages each day
  • [28:22] How much caffeine should you have each day
  • [30:12] What happens to your brain on caffeine
  • [39:37] What to do with this information

TODAY’S SMART SPRINT SEGMENT

Resources Mentioned In This Episode

Join the Retirement Answer Man group on Goodreads

BOOK - The Count of Monte Cristo by Alexandre Dumas

BOOK - The Armor of Light by Ken Follett

BOOK - Stillness is the Key by Ryan Holiday

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: 511.mp3
Category:general -- posted at: 2:00am CDT

We often try to overcomplicate finances, but simplicity is the key. That’s not to say simplistic: simple doesn’t equal simplistic.

On this episode, we wrap up our Wisdom for Our Children series by exploring your advice for spending, saving, and investing. We have tons of valuable guidance for the young people in our lives. Be sure to listen to hear all the suggestions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WISDOM FOR OUR CHILDREN

  • [3:38] Learn to invest in yourself
  • [9:02] How to create wealth
  • [12:52] Some audio advice

AN INTERVIEW WITH MARK TRAUTMAN

  • [21:24] Understanding compound interest
  • [31:10] The best place for a young person to save
  • [40:29] How to invest your long-term investments

TODAY’S SMART SPRINT SEGMENT

  • [48:44] Get a book for a young person in your life

Resources Mentioned In This Episode

BOOK - The Daily Stoic by Ryan Holiday

BOOK - Areté by Brian Johnson

BOOK - The Simple Path to Wealth by JL Collins

BOOK - Stacked by Joel Saul Sehy

BOOK - Profit First by Mike Michalowicz

BOOK - The Scarcity Brain 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: RAM510.mp3
Category:general -- posted at: 6:42pm CDT

Your family and friends are the people you walk life with, so it is important to choose wisely. In this episode of our Wisdom for Our Children series, Nichole joins me to reflect on what the younger generation should keep in mind when forming these valuable relationships.

Press play to hear what it takes to build meaningful relationships.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:17] What you do speaks so loudly I cannot hear what you have to say
  • [8:15] How to love someone
  • [16:55] Have high standards 
  • [18:52] Create boundaries with family 
  • [20:30] Comments from listeners

TODAY’S SMART SPRINT SEGMENT

  • [26:58] Check in on someone

Resources Mentioned In This Episode

BOOK - The 5 Love Languages by Gary Chapman

BOOK Series - The Crucial series by Kerry Patterson and Joseph Grenny

BOOK - Boundaries by Henry Cloud

BOOK - Necessary Endings by Dr. Henry Cloud

BOOK - Love Does by Bob Goff

BOOK - The Power of Moments by Chip and Dan Heath

BOOK - The 4 Agreements by Miguel Ruiz

BOOK - The Courage to Be Disliked by Ichiro Kishimi

BOOK - QBQ by John Miller

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

Direct download: RAM509.mp3
Category:general -- posted at: 9:48am CDT

This month, as we meander through the different parts of life we are stopping to reflect on certain areas to pass on wisdom to our children. In this episode of the Retirement Answer Man Nichole Mills joins me to discuss career and retirement. 

Do you have a young person in your life who you would like to pass on some juicy nuggets of wisdom? If so, make sure you are signed up for the 6-Shot Saturday newsletter. At the end of this series, we’ll be sending out a carefully cultivated PDF full of sagacity that you can pass on.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [3:27] Can you transfer appreciated assets in kind to a charitable giving trust? 
  • [9:45] How CDs work and when to use them
  • [13:43] How to manage finances when marrying late in life
  • [18:23] When are HSAs not worth the triple tax advantage?

WISDOM FOR OUR CHILDREN WITH NICHOLE MILLS

  • [27:19] Think in 5-year increments
  • [29:26] Build career capital
  • [32:00] Cultivate an authentic network
  • [35:27] Wisdom on retirement
  • [39:43] Play by your own rules
  • [40:21] Advice from our listeners

TODAY’S SMART SPRINT SEGMENT

  • [48:10] Cultivate your artistic nature

Resources Mentioned In This Episode

BOOK - Designing Your Life by Bill Burnett and Dave Evans

BOOK - Linchpin by Seth Godin 

Cal Newport

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM508.mp3
Category:general -- posted at: 2:00am CDT

It is commonly said that youth is wasted on the young. Do you ever wish you could share the wisdom and perspective you have gained with someone young enough to benefit from it?

As we approach our sunset years, many of us have a spiritual desire to give back to the next generation. There is an abundance of wisdom within this community which is why over the course of the next several episodes we will collect that wisdom to pass on to our children. 

Each episode will be designed around a separate area of life. This week we’ll focus on energy and mindset because without energy nothing else can fall into place. Come back next week to hear about career and retirement. 

Make sure to share this one with your favorite young people. There is a wealth of resources mentioned in this episode, so make sure to scroll down to the bottom of this page for all the links.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOKS I READ LAST MONTH

  • [2:30] The two books I read in September

WHAT WE WISH OUR YOUNGER SELVES WOULD HAVE KNOWN

  • [9:20] What we wish we would have known
  • [14:43] Resources surrounding energy and mindset
  • [16:23] Who Brian is
  • [20:29] What does arete mean?
  • [24:49] What Brian was like at 23
  • [27:44] Advice Brian has for his younger self
  • [41:54] How to gamify self-improvement

LISTENER QUESTIONS

  • [53:54] Clarifying my answer to a previous question on HSAs
  • [55:47] Elaborating on not retiring
  • [58:49] Susan’s comment on my interview with the Friends Talk Money podcast
  • [1:01:18] How to look for a retirement planner

TODAY’S SMART SPRINT SEGMENT

  • [1:08:48] What is one thing in each of the energy and mindset domains that you could stop doing to build a better life?

Resources Mentioned In This Episode

Join me October 26 or 28 to discuss The 4 Financial Pillars of a Great Retirement Plan

Garrett Planning Network

NAPFA

Friends Talk Money podcast

Episode 499 - Should I Do A Roth Conversion?

BOOK - Deep Work by Cal Newport

BOOK - Tiny Habits by BJ Fogg

BOOK - The Power of Agency by Paul Napper

BOOK - The Tools by Phil Stutz and Barry Michels

Heroic App

BOOK - Bright Line Eating by Susan Pierce Thompson

BOOK - The Comfort Crisis by Michael Easter

BOOK - Why We Sleep by Matthew Walker

BOOK - Outlive by Peter Attia

BOOK - 4000 Weeks by Oliver Burkeman

BOOK - Undaunted Courage by Stephen Ambrose

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM507.mp3
Category:general -- posted at: 7:53am CDT

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

Direct download: RAM506.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM505.mp3
Category:general -- posted at: 2:00am CDT

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 494495496497499

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

Direct download: RAM504.mp3
Category:general -- posted at: 2:00am CDT

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 - 183214244324430 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM503.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM502.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM501.mp3
Category:general -- posted at: 8:02am CDT

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 263Episode 264Episode 265Episode 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

Direct download: RAM500.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM499.mp3
Category:general -- posted at: 9:58am CDT

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

Direct download: RAM498.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM497.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM496B.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM495.mp3
Category:general -- posted at: 3:00am CDT

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

Direct download: RAM494.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM493.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM492.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM491.mp3
Category:general -- posted at: 2:00am CDT

“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

Direct download: RAM490.mp3
Category:general -- posted at: 8:47pm CDT

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

Direct download: RAM489.mp3
Category:general -- posted at: 7:11am CDT

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

Direct download: RAM488.mp3
Category:general -- posted at: 2:00am CDT

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 - 468469470471

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM487.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM486.mp3
Category:general -- posted at: 3:22pm CDT

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

Direct download: RAM485.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM484.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM483.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM482.mp3
Category:general -- posted at: 8:45pm CDT

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

Direct download: RAM481.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM480.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM479.mp3
Category:general -- posted at: 2:00am CDT

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

 

Direct download: RAM478.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM477.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM476.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM475.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM474.mp3
Category:general -- posted at: 8:40am CDT

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

Direct download: RAM473.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM472.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM471.mp3
Category:general -- posted at: 2:00am CDT

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 Sarah 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 228229230231232

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM470.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM469.mp3
Category:general -- posted at: 2:00am CDT

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

Direct download: RAM468.mp3
Category:general -- posted at: 2:00am CDT

This is our last episode of 2022, so naturally, there will be a bit of reflection alongside the practical planning and your listener questions. Kevin Lyles also joins me in the Coach’s Corner to discuss living your best life in retirement. 

Let’s noodle on what it means to live authentically and discover the answers to some fantastic questions that will help guide you on your retirement journey. Stick around until the end of the episode to hear my word for 2023 and how I plan to review my year. 

Be the author of your hero’s journey

To be authentic literally means to be your own author. That’s what planning your retirement journey is all about. By building a framework to rock retirement you are writing your own story. 

I’m excited to wake up each day and help give you ideas to write your retirement story. By being the author of your own life you will be authentic and live without regret. To start the new chapter of your life consider where you are on your journey. The hero’s journey framework can help you navigate so that you can figure out what is important to you. 

Don’t miss the call to adventure

The hero’s journey is a cycle of constant death, rebirth, and renewal. Some version of you has to die before you can become reborn into your new self. 

If you haven’t retired yet then you are still in Act One of the hero’s journey. In this first act you are being called to something other than your full-time career. Being called to an adventure can be a powerful force. It is a force so powerful that oftentimes our first response is to resist the call. 

However, if you embrace the call you can find mentors to help you along the way. These mentors can come in the form of books and podcasts and they can be people who are further along in their journey that you can look to answer questions along the way.

Act Two requires a leap of faith

To step into Act Two you must take the leap of faith. As you journey into retirement this means stepping away from your old life and into the unknown. Along the way, you’ll face allies and enemies, but you cannot know the trials and ordeals you will encounter throughout this adventure. 

You’ll need a framework to help you navigate Act Three 

In our Third Act of your hero’s journey, you will overcome the trials and ordeals, but only if you have a framework to help us along the way. This is where I come in. Building that framework to help you through the trials and tribulations of retirement is what this show is designed to help you do. I aim to be your mentor and ally along the way.

Some version of this journey plays out in different ways throughout our lives. I’m excited to begin this new chapter with you. We’ll be focusing on building out the financial plan, but as you know, a financial plan alone isn’t the only thing you need to conquer this journey and rock retirement. I look forward to helping you build your retirement in the new year and beyond. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:24] The hero’s journey

COACH’S CORNER WITH KEVIN LYLES

  • [9:01] How to live your best life in retirement

LISTENER QUESTIONS

  • [19:07] What a yield curve is and why it matters
  • [20:42] Should I take my pension lump sum now or later?
  • [26:35] Ron’s experience living overseas
  • [29:56] Use the Social Security website to help optimize
  • [31:07] Can I take outside IRAs and roll them into my 401K?
  • [35:22] What should Doug do to help his spouse handle finances when he passes
  • [37:51] Whether to take small pensions now or later

TODAY’S SMART SPRINT SEGMENT

  • [41:08] Choose your word for 2023

Resources Mentioned In This Episode

Joseph Campbell 

The Heroic App

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM467.mp3
Category:general -- posted at: 2:00am CDT

Do you wonder what you’ll do with all your free time in retirement? Planning your time by filling your days with purpose and passion can help ease the stress that comes with the sudden emptiness of leaving behind a full-time career. 

On this episode of Retirement Answer Man, we’ll discuss how dabbling in a few different activities can help you find your purpose. You’ll also hear the answers to questions posed by listeners like you.

Coming soon to a podcast app near you: Retirement Plan Live!

Are you ready for the next Retirement Plan Live? Beginning January 4, we’ll return to our most awaited annual series. The next RPL will feature Rosie and Dwayne, a couple that retired with already constrained assets during a bear market. While helping Rosie create her feasible plan of record, I’ll also help her understand how to handle retirement in a bear market and what she can do next to help her through this challenge. 

If this will be your first Retirement Plan Live series, or even if you are a veteran RPL listener, I encourage you to listen to the entire series and join us for the live webinar at the end of January so that you can get a true sense of how the agile retirement planning process works. 

Filling your suddenly empty itinerary in retirement can feel daunting

I recently had a conversation with someone who was considering holding off on retirement because they didn’t know what they would do without the routine of work in their lives. 

We begin our social conditioning from the time we start school. School helps to begin to define the external structures of our lives by giving us a place to go, a reward system, a social network, and a vacation structure. This system continues as we enter our working years which makes it a challenge to suddenly leave this lifelong system and venture into the unknown. 

Try dabbling in something new

Since retirement completely blows up the structure and rhythm of life, it can be intimidating to step out into the unknown and venture forth without a plan. 

Having a purpose in retirement can help you transition into something new. However, not everyone knows what their purpose will be. 

Dabbling in a few areas can be one way to try out new interests. In the way that many kids dabble in various sports and artistic activities when they are young, we can do so as well as we approach retirement. By dabbling in a few different activities you can see what fits without becoming overly invested in one particular area. 

Should Suzy buy out her husband’s portion of their shared rental property?

Suzy has been going through a divorce for the past several years and is ready to finally financially settle. One of their shared assets is a $4 million property that could be used as a short-term or long-term rental. The property needs about $500,000 worth of work and it would require a $2 million loan to buy her husband out, so she is trying to decide whether it makes sense financially to take on such a mortgage at this stage in her life. 

To ensure that Suzy makes the best decision she can, it is important for her to consider what she wants her life to be like in the future. There are multiple pathways we can take in life so it is important to envision your future before jumping into any permanent decisions. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:18] How to rock life outside the financial realm
  • [11:03] What to do to set yourself up for some structure

LISTENER QUESTIONS

  • [13:25] What to do with Suzy’s rental property in her divorce
  • [20:24] How the widow’s Social Security works
  • [22:13] If I delay Social Security will I get the COLA increase as well?
  • [23:55] Should I stop contributing to my 401K?

TODAY’S SMART SPRINT SEGMENT

  • [30:10] Dabble with something

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: RAM466.mp3
Category:general -- posted at: 2:00am CDT

Are you curious about the changes that are coming next year on the Retirement Answer Man show? Today, you’ll have a sneak peek at one of our new segments: the Rock Life segment. Bobby Dubois joins me to discuss how to ensure that you have enough energy so that you can rock retirement. 

On this episode, you’ll also hear my holiday gift-buying suggestions as well as the listener questions segment. Don’t miss out on hearing what to do with a settlement, whether to file for Social Security if you are still working, and whether you should simplify your investments in retirement. 

Don’t miss this episode to hear the answers to these listener questions, get a preview of what’s to come next year, and to get some fantastic gift ideas. 

My holiday gift guide

Buying and receiving gifts later in life can be challenging since many of us already have so much. I prefer to give experiences over anything else, but when an experience isn’t appropriate a game is my go-to gift. These are some of the games that I enjoy playing or might make great gifts for someone you love

Sequence - easy enough for the whole family to enjoy

Quix - a fast-paced dice game

Euchre - a midwesterner’s favorite

Left Center Right - this can actually be played with dice or cards

Ticket to Ride - a longer board game that’s worth learning

Pictionary - great for parties

Scattergories - another classic party game

Kids Against Maturity - a twist on Cards Against Humanity that might be more appropriate for the family

Play Nine - when golf meets cards

Tri-Ominos - a triangular domino game

Listen in to hear what our listeners recommend. One listener has a fantastic tip for learning new games. 

Should James apply for Social Security while still working full-time?

James is still working and approaching full retirement age. He would like to apply for Social Security but continue to work yet he is confused by the whole process. There isn’t much information about collecting Social Security while working full time. 

An added complication is that signing up for Social Security will automatically enroll him in Medicare. However, he still has healthcare coverage through his employer and would like to continue his employer’s coverage. 

James is right. There isn’t much information about collecting Social Security and enrolling in Medicare while still employed full-time. And what is out there is really confusing. 

You can collect Social Security at full retirement age while still working. The financial ramifications may push you into a higher tax bracket. 

Boomer Benefits can help you navigate Medicare’s complexities

One aspect of choosing to collect Social Security at full retirement age is that it will automatically enroll you in Medicare part A. Parts B and D can be delayed, but they must be turned on within eight months of leaving your employer-sponsored health plan. The good news is that Medicare part A will coordinate with your health insurance if you end up hospitalized. 

Since there are so many difficulties in navigating this question, I recommend that anyone in this situation contact a Medicare navigator like Boomer Benefits.

Boomer Benefits is a company that deeply understands Medicare and the entire enrollment process. They don’t charge the consumer and aren’t trying to sell you anything–they are simply trusted advisors. They have numerous educational resources both on their website and on YouTube.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

GIFT BUYING GUIDE

  • [1:34] Roger’s holiday gift buying guide

LISTENER QUESTIONS

  • [10:30] Should James file for Social Security if he is still working?
  • [14:10] What to do with a settlement
  • [23:10] Whether to simplify investments
  • [29:20] If I just retired can I still make a Roth contribution?

ROCK LIFE SEGMENT WITH DR. BOBBY DUBOIS

  • [30:37] The 3 pillars to building energy in our lives
  • [34:32] Intentionally observe what works for you

TODAY’S SMART SPRINT SEGMENT

  • [45:00] Go buy a game or experiment on yourself

Resources Mentioned In This Episode

Cozy Earth - enter RAM at checkout to receive a 35% discount!

Boomer Benefits

Boomer Benefits on YouTube

Whoop

Oura Ring

Stacking Benjamins

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM465.mp3
Category:general -- posted at: 5:53pm CDT

Is it worth investing in individual stocks or should you simply go with ETFs? Joe has recently parted ways with his financial planner and is beginning to manage his portfolio himself and was wondering about the benefits of these choices. 

Tanya Nichols and I will explore Joe’s questions as well as others on this episode of Retirement Answer Man. Listen in to hear the benefits of owning ETFs vs individual stocks, how to structure your Roth conversions, and what to do about health insurance before Medicare. 

Making decisions is rarely a cut-and-dry process

When making decisions, we usually look for a clear answer: yes or no, do it or don’t do it, jump or don’t jump. However, judgment calls are rarely so simple. Usually, we are operating without all of the pertinent information, so we have to make assumptions about how the future will look. 

The process of brainstorming is messy. There is no crystal clear way to go about making decisions, and once you do you probably won’t know if you chose correctly. 

When confronted with choices you’ll want to have a framework to explore decisions in an organized way. Then you’ll want to relax and consider all the options. When you take the pressure off you’ll have more opportunities to come to a good decision. Next, dive into the process and see what comes. You may explore several different scenarios before coming upon your final decision.

What I’m reading

My strategy for reading this year has been to make reading my default activity. Reading is what I go to when I’m waiting in line, have spare time at home, or when I’m taking a walk (via audiobooks, of course!). This new mindset has led me to read 33 books so far this year. Today I wanted to share with you the most recent books I have read and my thoughts on them. 

Boys in the Boat by Daniel James Brown is an inspiring book that I highly recommend. It chronicles a member of a crew team in the 1920s and 30s and his life journey from childhood and then on to the 1936 Olympics. 

Quit was written by Annie Duke the author of Thinking in Bets. Annie was a professional poker player turned decision-making expert. In this volume, she examines how hard it is to quit something once you have started.

Put Your Ass Where Your Heart Wants to Be by Steven Pressfield is a fast read–you could finish it in a day. This is a great book that helps people work on challenging goals. This book will help you get past the resistance. 

Courage Is Calling by Ryan Holiday is a book that will enrich your soul. 

It Takes What It Takes was written by Trevor Moawad who was a performance coach for elite athletes. This book on mental conditioning promotes the thesis that if you want to be great at something you have to make a choice to do the things to make you great. Making the choice to be exceptional clears the path to greatness because it takes everything else off the table. 

The Dichotomy of Leadership by Jocko Willink was written for leaders on the aspects of finding the virtuous mean. 

If you have any great book recommendations I’d be happy to hear them. Just head on over the Ask Roger page and leave an audio suggestion or write it in. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [1:23] On making decisions
  • [4:11] What I’ve been reading

LISTENER QUESTIONS WITH TANYA NICHOLS

  • [19:33] Should Joe invest in individual stocks or ETFs
  • [27:36] What to put in Roth conversions
  • [32:45] What should Todd do about insurance between the ages of 58 and Medicare?
  • [42:22] Looking for resources on the ex-pat life

TODAY’S SMART SPRINT SEGMENT

  • [44:38] Treat people as they could be

Resources Mentioned In This Episode

Align Financial

BOOK - Boys in the Boat by Daniel James Brown

BOOK - Quit by Annie Duke

BOOK - Put Your Ass Where Your Heart Wants to Be by Steven Pressfield

BOOK - Courage Is Calling by Ryan Holiday

BOOK - It Takes What It Takes by Trevor Moawad

BOOK - The Dichotomy of Leadership by Jocko Willink

Phil Stutz

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM464.mp3
Category:general -- posted at: 2:00am CDT

There comes a time when retirement planning becomes retirement doing. Many people get stuck in that gap between knowing vs. doing. While it is important to learn what you can so that you can make educated decisions, you’ll want to build a foundation to give you the confidence to act. My goal is not only to teach you information but also to help you build the structure you need to go out and rock retirement.

On this episode, we’ll discuss how to close the knowing vs. doing gap, answer listener questions, and check out what Kevin has to say in the Coach’s Corner. Listen in to hear a clarification on Social Security and COLA, a new perspective on whether to purchase long-term care insurance and how to find a financial advisor who will simply answer questions. Stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. 

David is still in the wealth accumulation phase

David sounds like a younger listener since he has young children. He’s still in the wealth accumulation stage of life and has a healthy $120,000 emergency fund. He is considering whether he should use that emergency fund to go ahead and pay off his mortgage. The extra money each month could then be used to purchase a rental property or to invest. 

Consider the big picture

Since David still has a long financial journey ahead, it is important to step away from focusing on the financial aspect of this picture for a moment and envision what he wants his life to look like. What is he trying to accomplish? Does he want more financial flexibility? Does he want more time with his young children? Any financial question should be framed with your goals in mind. You want your goals to shape the outcome of your decision rather than the other way around. 

How important is financial flexibility?

By dipping into the emergency fund he takes away the financial flexibility. Having an emergency fund in place limits the number of choices a person has. Another option could be to pay the mortgage off by adding a bit extra each month to the mortgage payment over time. Paying off the mortgage early will improve the monthly cash flow, but at what cost? David needs to assess how he will pay off the mortgage and whether that increased cash flow is important enough to justify the decreased financial flexibility.

Once David pays off the mortgage, then he can decide whether rentals or traditional investments would be the best option based on the financial goals he has for the future. Framing these choices within the context of the bigger picture is so important when making these types of decisions. 

Ask your own question

If you would like to have your questions answered go on over to the Ask Roger tab on RogerWhitney.com where you can either submit a written question or an audio question. We love to play audio questions on the show, so if you would like your question answered sooner press record to submit.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [5:38] Be wary of suspicious text messages and emails

LISTENER QUESTIONS

  • [7:34] Should David pay off his mortgage?
  • [15:00] How does Social Security COLA work?
  • [19:52] Beth’s perspective on long-term care insurance
  • [23:31] How to find a financial advisor who will simply answer questions

COACH’S CORNER

  • [26:22] On categorizing retirement plans

TODAY’S SMART SPRINT SEGMENT

  • [33:50] Set a benchmark for things you want to accomplish in 2023

Resources Mentioned In This Episode

NAPFA.org

Episode 444 - Will My Social Security Benefit Be Impacted By My Divorce? 

CozyEarth.com - use the code RAM to get 35% off!

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM463.mp3
Category:general -- posted at: 2:00am CDT

Curiosity is an important quality to nurture as you get older; it can even help you find your purpose in retirement. Today, I’ll help you explore how to use your curiosity to discover your purpose as you embark on the next phase of your life. 

This episode is packed with questions that could help you rock retirement. Listen in to learn how to know if an annuity is right for you in retirement, how to apply for social security, whether you can contribute to a Roth IRA if you are an independent contractor, how to choose healthcare alternatives before Medicare, and 401K alternatives for the highly compensated employee. 

Curiosity can help lead you to your purpose in retirement

Finding your purpose in retirement can be one of the most daunting tasks that you undertake in your retirement planning. Going from a career and a life that is essentially planned out for you to one that is completely open-ended can even bring on a bit of anxiety.

However, if you let it, your purpose will come to you. It simply takes a bit of curiosity. Pulling on the threads of curiosity will lead you down the rabbit hole to the crux of what is essential to you. Listen in to hear how you can use your curiosity to ignite your passions.

There is no way to completely remove the uncertainty of retirement

Annuities are guaranteed income sources that can remove some of the uncertainty that comes with retirement planning. However, they are not without their downfalls. 

Using an annuity as a guaranteed income source early on in retirement will help to smooth out sequence of return risk, but it will enhance your inflation risk later on.

Buying an annuity to turn on later in life will help with longevity protection, but what if you don’t need it? 

There is no way to completely remove the uncertainty that comes with retirement–there will always be the element of the unknown.

How to know if an annuity is right for you in retirement

There are two ways to consider an annuity to help fund retirement: qualitative or quantitative. On the quantitative side, it is easy to use calculators like the Schwab Annuity Calculator. While this can help you predict the math, it is important to remember that the best way to maximize guaranteed inflation-proof income is to fully delay claiming Social Security.

To ensure that you are making a decision that is right for you, you’ll want to build a feasible, resilient plan of record that does not include an annuity. Then build out a what-if scenario and compare the two plans side by side. This will give you the context to make the judgment call. Although you will never have a crystal clear answer, this is the best way to work through this kind of question. By using an organized process, you’ll understand what it takes to build a base great life and have the confidence to spend your money and rock retirement. 

Consider when to turn on the annuity

Next, comes the question of when you want to turn on the annuity. Will you want it today or later in life? Giving yourself optionality is important. As you age your priorities will change. It is important to do the research. First consider the quantitative aspects by using calculators and considering the rules, then consider the qualitative side of this decision. Then consider how much you want to go with a safety-first approach. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [6:10] How to know if an annuity is right for you in retirement
  • [13:50] How to apply for social security
  • [14:55] Can you contribute to a Roth IRA if you are an independent contractor?
  • [16:17] A backdoor Roth contribution clarification
  • [18:11] Healthcare before Medicare
  • [23:15] 401K alternatives for the highly compensated employee

TODAY’S SMART SPRINT SEGMENT

  • [26:37] Pull the thread and follow your curiosity

Resources Mentioned In This Episode

SSA.gov

Schwab Annuity Calculator

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM462.mp3
Category:general -- posted at: 2:00am CDT

The good life is a direction, not a destination. This is why we are so focused on the process of retirement planning. Rocking retirement is all about having an adaptable process to work through. 

On this episode of Retirement Answer Man, I answer a few process-based questions. You’ll learn how to work through the steps to rebalance a bond ladder and how to analyze whether you have enough to create a sound retirement.

How retirement planning is like meditation

Retirement planning has a lot in common with meditation. With meditation, the idea is to sit quietly and focus on one particular mantra or the breath. While this seems like an easy thing to do, the mind constantly wanders to other places, so the meditator has to bring the mind back to the primary focus. 

Just like with meditation, retirement planning has its own primary focus. The focus of process-based retirement planning is your goals. When you get distracted by the latest problem that you heard on the news, poor market returns, or whichever new, shiny thing comes along it is important to bring your attention back to the plan. We all want to optimize our retirement to achieve the best possible outcome, but we must first see how it all fits within our process.

What is a bond ladder?

A bond ladder is a great way to prefund consumption over the years. It is created by purchasing a bond portfolio with individual bonds that come to maturity over a period of time. There may be bonds that mature each year over several years. This creates an income floor in a type of stair-step fashion. As each bond comes due then you build out the next step of the bond ladder. 

How to rebalance a bond ladder

As each bond in the ladder comes due you may wonder how and when to reallocate your portfolio. The bond portion of the portfolio is there to help you weather poor markets, so should you sell stocks while they are down to build your bond ladder back up? That kind of defeats the point of building up the bond safety net.

Creating an income floor with a bond ladder ensures that you have time to allow your stock portfolio to be successful. There are several ways that you can make this happen. 

You can moderate your spending so that you lengthen the time period of the bond ladder so that it burns down more slowly or you can choose to only partly replenish it. 

There is no right or wrong way to work through this. By using a process-based strategy you can create several scenarios to navigate the situation. The benefit of having a structured process is that you can test it to see what works best for you. 

Think about your own retirement planning process. Do you return back to it when faced with a question or problem? Consider how you can use your planning process to help you reframe questions. You may find that answering those questions gets easier when you use your process. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [6:33] How bond ladders work
  • [12:29] Should Rich live on dividends and interest or sell?
  • [14:17] How to systematically analyze variables
  • [18:40] Is there a specific set of tests to determine whether a retirement plan is sound?

TODAY’S SMART SPRINT SEGMENT

  • [23:46] What is your mantra?

Resources Mentioned In This Episode

New Retirement Planning

Cozy Earth use code RAM to get 35% off anything on the site!

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM461.mp3
Category:general -- posted at: 3:31pm CDT

When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early.

Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement.

Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. 

Accept where you are now

“We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph Campbell

It is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. 

Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. 

What is the rule of 55?

Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. 

Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. 

Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. 

Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account.

Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%.

The ins and outs of using 72(t) for qualified accounts

Shane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty.

Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. 

Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t).

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:01] On radical acceptance in retirement planning

LISTENER QUESTIONS WITH TAYLOR SCHULTE

  • [6:40] What should I know before using 72T to fund retirement?
  • [13:25] Jay wonders if there are pitfalls to having his family office fiduciary prepare his taxes
  • [23:49] How to fund the first 5 years of retirement
  • [30:18] Belinda’s question on whether to keep term life insurance in retirement

TODAY’S SMART SPRINT SEGMENT

  • [37:42] Radically accept one aspect of where you are now

Resources Mentioned In This Episode

Taylor Schulte - Define Financial

Taylor Schulte’s Stay Wealthy podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM460_1.mp3
Category:general -- posted at: 2:00am CDT

When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early.

Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement.

Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. 

Accept where you are now

“We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph Campbell

It is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. 

Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. 

What is the rule of 55?

Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. 

Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. 

Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. 

Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account.

Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%.

The ins and outs of using 72(t) for qualified accounts

Shane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty.

Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. 

Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t).

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:01] On radical acceptance in retirement planning

LISTENER QUESTIONS WITH TAYLOR SCHULTE

  • [6:40] What should I know before using 72T to fund retirement?
  • [13:25] Jay wonders if there are pitfalls to having his family office fiduciary prepare his taxes
  • [23:49] How to fund the first 5 years of retirement
  • [30:18] Belinda’s question on whether to keep term life insurance in retirement

TODAY’S SMART SPRINT SEGMENT

  • [37:42] Radically accept one aspect of where you are now

Resources Mentioned In This Episode

Taylor Schulte - Define Financial

Taylor Schulte’s Stay Wealthy podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM460_1.mp3
Category:general -- posted at: 2:00am CDT

If the bear market and inflation may have you worried, a bit of productive paranoia with a tinge of optimism may see you through. On this episode of Retirement Answer Man, we’ll discuss upcoming monthly themes, the next Retirement Plan Live case study, and ideas for new segments for the show. You’ll also hear answers to several listener questions. Today we’re putting our geek hats on to discuss commodity ETFs, perpetual withdrawal rates, single-pay annuities, and how to mix compounding with growth. Press play to get started. 

What is a commodity?

During this bear market, people are becoming curious about different types of investments. Keith would like to know more about investing in commodity ETFs that follow the indices as a way to hedge against inflation. His big question is, should he invest in commodity ETFs to fight inflation? Before we can answer that question, we need to define what commodities are. 

A commodity is a hard good with economic value that is used to create products. Commodities are a capital gain type of investment that don’t produce any dividends and therefore don’t have a compounding effect. 

One of the attractions of commodities is that they aren’t correlated with other types of assets. Since interest rates and inflation are rising, commodities have become more appealing. They have the added benefit of not behaving in the way that stocks behave. 

How to invest in commodities

There are a few ways that people can invest in commodities. They can buy the commodity directly and hold on to it. However, this creates the issue of how to store it. 

Another way to invest in commodities is to buy shares in companies that manage commodities. One example is Exxon, but since Exxon is an equity as well, that means that shares of Exxon are not pure commodities. 

To get more purity, people look for ways to follow the commodities’ indices. Since we can’t actually buy an index, we could buy an ETF that replicates the index to gain exposure in that market. Popular ETFs use financial instruments like futures contracts and swaps to simulate ownership

Do commodities have a place in a retirement portfolio?

While I’m not opposed to having commodities as a part of a diversified portfolio, it is important to first ask yourself a few questions.

Which vehicle will you use? Which commodities will you track? Make sure that you don’t just choose one. You’ll want to ensure that you have a basket of commodities even though it will add a bit more complexity. 

How much do you plan to allocate? What is the right percentage? You’ll want to purchase enough so that it makes a dent in your portfolio, but it is important to recognize that commodities are volatile compared to other asset classes. Commodities can move drastically in one direction or another based on many factors. Allocating 5-10% in a growth-oriented portfolio might work, but will it really make a difference? 

Understand that adding commodities to your portfolio is a long-term decision. If you do add them then stick to your decision. If you don’t, then you negate the idea of asset allocation. 

It is important to find a process that is right for you and stick to it consistently. Adding commodities into your portfolio can be a useful hedge against inflation, as long as they are used as part of your long-term investment process.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [4:40] Should I invest in commodity ETFs to fight inflation?
  • [16:06] Can using a perpetual withdrawal rate increase portfolio security?
  • [21:57] Would a single-pay annuity help David’s situation?
  • [29:20] Barry’s suggestion for a monthlong theme
  • [30:03] Ryan’s correction on NUAs
  • [30:30] Jim’s question on compounding and growth

TODAY’S SMART SPRINT SEGMENT

  • [37:15] Grab the checklist from the 6-Shot Saturday newsletter and take action

Resources Mentioned In This Episode

Cozy Earth - Enter RAM as a discount code to receive 35% off

BOOK - Good to Great by Jim Collins

BOOK - Antifragile by Nassim Nicholas Taleb

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM459.mp3
Category:general -- posted at: 2:00am CDT

If you don’t qualify for a Roth IRA you may be interested in using a backdoor Roth to utilize the advantages of a Roth IRA. One listener wonders about the rules for contributing to a backdoor Roth. Today, I’ll clear up his question and answer many more. 

Other listener questions in this episode cover using RMDs as QCDs, dealing with capital gains, and target date funds. Don’t miss out on discovering the answers to questions from listeners like you. Press play now to listen. 

Should we be optimists or pessimists right now?

Optimism can only get you so far. I tend to be an optimistic person, but that doesn’t mean that I put on rose-colored glasses. I can see that the present situation calls for something more than simply blind optimism.

However, that doesn’t mean that we should reverse our stance and become pessimists. Pessimism is the tendency to see the worst aspect of things or believe that the worst will happen. It calls for a lack of hope or confidence in the future. This isn’t what we should strive for at all. So how should we view things instead?

“Rather than practice pessimism, perhaps we should practice productive paranoia.” - Jim Collins

How about a dose of productive paranoia? Jim Collins, author of Good to Great, helps us understand productive paranoia by explaining that the only mistakes you can learn from are the ones you can survive. Since conditions can change rapidly it is important to build in margins of safety so that you can handle disruptions from a position of strength. This will help ensure that you can mitigate damages or take advantage of opportunities. Use your angst to build structures to help you weather the storms that the market throws at you.

Learn more about the Rock Retirement Club at our live meetup

Join our live meetup tomorrow, 10/27, or 10/29 to hear how you can handle market disruptions from a position of strength by ensuring that you have an agile retirement plan in place. In the meetup, we’ll lay out how you can work through the process to develop your own agile retirement plan. We’ll also showcase the Rock Retirement Club so that you can gain a better understanding of what the Club is all about. 

Can backdoor Roth contributions be made throughout the year?

Scott doesn’t quite qualify for a Roth IRA, so he has been looking into a backdoor Roth.

His question is if he can make backdoor Roth contributions throughout the year or if he can only do them once during the year. Yes, you can make contributions throughout the year; however, there may be a reason that you want to set that money aside and wait until the end of the year to make your contribution. Listen in to hear why. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

LISTENER QUESTIONS

  • [5:30] Can backdoor Roth contributions be made throughout the year? 
  • [9:53] Can Dennis use RMDs as QCDs?
  • [15:03] How to deal with capital gains
  • [23:15] Should Marie switch from target date funds to separate funds?
  • [28:08] Do you factor in the cost of Roth conversions

TODAY’S SMART SPRINT SEGMENT

  • [37:43] Do something that intimidates you

Resources Mentioned In This Episode

BOOK - Good to Great by Jim Collins

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM458.mp3
Category:general -- posted at: 2:00am CDT

Direct download: RAM_RRC_4_Yr_Celebration_-_102122_3.14_PM.mp3
Category:general -- posted at: 3:17pm CDT

The latest news in retirement is that Social Security recipients are getting a raise in 2023. While that is helpful for everyone receiving their benefits, what about those who choose to delay taking Social Security? A couple of listeners have been wondering if they, too, will get inflation adjustments if they wait to file for Social Security. We’ll have the answer to that question and many others as well as feedback from recent episodes. If you have been on the fence about whether or not you should delay Social Security, you won’t want to miss out on this episode. 

It’s hard to be optimistic when you are in the middle of a storm

We can all be optimists on a sunny day, but what do we do when we’re in the middle of a storm? It seems we are in the middle of a storm right now. Market downturns, high-interest rates, and high inflation make it difficult to be optimistic about the economic times ahead. Things could get better, or worse, or they could stay the same for a while. Although there is no way for us to know when the economy will get better, there are things we can do to improve our situation. 

Focus on the micro instead of the macro

In a storm, it is important to stay calm, step back, and consider what to do next. You may have the impulse to do many things at once to do all that you can to try and survive the situation, but you’ll spread yourself too thin. Instead, it is important to focus on the micro rather than the big picture. 

Don’t worry so much about optimizing interest rates and whatnot. Alternatively, identify where you have the agency to make incremental changes so that you can weather whatever the storm may bring. Consider your next baby step to creating the life that you want to live. How will you cover your expenses?

You may come out a bit battered and bruised, but if you make compromises, you’ll be able to use your agency to navigate the storm so that you can rock retirement in any weather. 

Will you still get COLA if you wait to file Social Security?

Social Security recipients are in for a big raise again next year, so if you are planning to delay taking it, you may be wondering if you’ll eventually get that raise too. Karen is one listener that has that same question. 

The answer is yes, for the most part. COLA (cost of living adjustments) are included in your future Social Security payouts. There is only one group of individuals that won’t see a COLA adjustment. Listen in to hear who they are and how COLA works in Social Security.

Don’t forget to register for the upcoming webinar on October 27 and 29 where I will share the retirement plan structure I use with my clients. This simple structure will help you gain confidence in your retirement plan so that you can rock retirement. Register at LiveWithRoger.com.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [1:21] What to do to weather a storm

LISTENER QUESTIONS

  • [9:17] 2 Questions on Social Security and inflation
  • [14:01] The best use of a universal life insurance policy
  • [18:14] Should Bill go with a smaller investment vehicle in retirement?
  • [24:25] Retirement Plan Live case study
  • [26:57] Feedback on how to meet people in retirement

TODAY’S SMART SPRINT SEGMENT

  • [34:00] Set a meeting with yourself or your partner to review your plan

Resources Mentioned In This Episode

Retirement Plan Live case studies 

MeetUp.com

Long-term care series episode 311312313314

Hugh Calc retirement calculator

ValueYourPension.com retirement calculator

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM457.mp3
Category:general -- posted at: 2:00am CDT

If you are getting close to retirement you have probably been watching the financial news to help you stay up to date with what is going on in the world. If so, you won’t want to miss out on hearing why this is not a good idea. 

Today, I’ll also answer questions about bonds, charitable gifting, and how to find a financial advisor. Make sure to stick around until the end to hear about upcoming changes to Medicare with, Medicare expert, Danielle Roberts from Boomer Benefits

Keeping up with the news won't help you navigate your way through retirement

Have you read the news lately? It’s not pretty out there. Inflation, bear markets, rising interest rates, political craziness, a poor economy: it’s non-stop fear peddled 24-7. Staying up with the news will not help you navigate your retirement journey. Trying to stay on top of the news will only bring you more stress and worry.

You're not going to weather this bear market by keeping up with the headlines. Instead, you’ll navigate it by getting to the bottom of things, relaxing, using a process, and making a judgment call. If you are interested in the process that we teach, join one of our live meetups on October 27 or 29. Register at LiveWithRoger.com

Should I switch my bond portfolio to CDs?

When choosing which type of investments to own it is crucial to use a process and consider what the money will be used for. You’ll need to ensure that you have an emergency fund and 5 years of prefunded consumption before building your long-term income floor.

You can prefund your first 5 years of consumption with individual assets that mature when you need them by using CDs, treasury bills, Treasury Inflation-Protected Security (TIPS), MYA-guaranteed annuities, or individual bonds. Build this income floor by creating an income ladder that matures at the time you will need to use it. The current market is a good example of why you wouldn’t want to use stocks and bond funds for these first 5 years of cash on hand. 

Beyond the first 5 years, you’ll build a portfolio that contains a mix of stocks and bonds. At this point, rather than buying individual bonds you may want to purchase ETFs and managed index bonds. This way, as interest rates rise, the funds get reinvested back into your portfolio. 

By ensuring that you won’t need these funds for 5+ years, you don’t have to worry about the markets or rising interest rates. 

Look out for these upcoming changes to Medicare

Medicare’s annual open enrollment period is coming up soon, so Danielle Roberts joins me to discuss the real and potential changes coming to this essential benefit. Listen in to learn about the crucial difference between the annual open enrollment period and the one-time-only initial enrollment period that occurs when you turn 65. 

You’ll also hear about how recent legislation will change drug coverage for many common drugs. Danielle offers a wealth of information, so you won’t want to miss out on her expertise. Stick around until the end to hear her take on what is happening in Medicare news. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [2:11] Staying on top of the news will only bring you more stress and worry

LISTENER QUESTIONS

  • [7:23] Should I switch my bond portfolio to CDs?
  • [12:07] What to use for your middle bucket
  • [13:48] On using charitable gift annuities in retirement planning
  • [17:27] How to find a financial advisor to help plan retirement
  • [21:44] Should taxable and tax-free assets be weighted differently on a net worth statement?

MEDICARE NEWS WITH DANIELLE ROBERTS FROM BOOMER BENEFITS

  • [24:53] Changes to Medicare to look out for
  • [37:30] What to look out for in your mailbox
  • [45:35] Potential changes upcoming in 2023

TODAY’S SMART SPRINT SEGMENT

  • [47:20] Stop trying to stay on top of things

Resources Mentioned In This Episode

LiveWithRoger.com - Make sure to secure your spot for the live event on October 27 or 29!

Boomer Benefits

RetireAgile.com

NAPFA.org can help you find a fee-only, fiduciary financial advisor

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM456.mp3
Category:general -- posted at: 9:04am CDT

RMD tables, bond classes, international exposure, and 1099s–we’ve got answers to your questions. First up is which account is best to begin drawing from in retirement. Listen to these answers to listener questions and take some time to reflect with me about how too much data can inhibit our ability to make good decisions. Press play to listen.

Too much data can hinder your decision-making process

There comes a point where more information doesn’t help you make decisions, it can actually hurt your decision-making. A new low in this bear market recently passed taking it down 22.4% for the year. Rather than dwelling on this fact by looking up news articles, try changing your perspective. Use the data to flip the narrative. Instead of focusing on the current downward trajectory focus on the 10 years of growth that we had beforehand. When you have a feasible, resilient plan in place you won’t need to worry about this bear market. 

Are you curious about the Rock Retirement Club?

Have you heard me talk about the Rock Retirement Club in previous episodes but still aren’t sure exactly what it is? The RRC is a group of just under 1000 members from all over the country all within 10 years of retirement. Our focus is on how to live your best life as you make the transition into retirement.

We do that with a masterclass that helps you create an agile retirement plan. This isn’t simply a class where you watch videos and take a quiz at the end. This structured masterclass walks you step by step as you build your own agile retirement plan. Once you create your plan, then, you’ll learn how to make it resilient by testing it against common risk factors. Next, you’ll optimize and enhance your plan.

In addition to the master class and the camaraderie of the group, you’ll also get the experience of our team of coaches who will coach you through the financial and non-financial aspects of retirement. 

Our goal is to give you the tools to create the ideal retirement plan for you and lifelines to reach out to when you need help. If you would like to learn more about the Rock Retirement Club sign up for our live meetups on October 27 or 29 at LiveWithRoger.com.

Which account should I begin drawing from first in retirement?

One of the classic optimization questions is which account to draw from first. Many are often drawn to the after-tax assets first, but if you take all these away, you will only be left with tax-deferred assets. These are subject to RMDs once you turn 72, so you could be left with a situation where you have to take more out than you need. Consider taking advantage of lower tax brackets now to pay today’s low tax rate. 

Listen in to hear the answer to this retirement question and many others. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [1:56] More data can cause you to distort your view
  • [6:34] What is the Rock Retirement Club?

LISTENER QUESTIONS

  • [12:42] Which account should I begin drawing from first in retirement?
  • [16:46] What are the actual percentages of RMDs taken each year
  • [20:10] Comments on my recent comments on international exposure
  • [21:59] What to consider as a 1099 contractor
  • [26:10] What is the best bond asset class to buy?
  • [28:44] How to take advantage of NUA?
  • [35:49] Do you need a personal financial advisor? 

TODAY’S SMART SPRINT SEGMENT

  • [39:25] Gain some perspective

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: RAM455.mp3
Category:general -- posted at: 2:00am CDT

Many people choose to save money for their kids and grandkids in a 529 account, but one listener wonders if there is a better way to give. Learn the answer to this question and more on this episode of the Retirement Answer Man show. 

Make sure to stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. Kevin and I discuss growth and accepting challenges in retirement. Find out why it is so important to continue to challenge yourself in retirement.

What is the best way to save money for the grandkids?

Like many people, Kathy saves money for her grandchildren in a 529 account, but she wonders if this is the best way to save for them. What if they choose not to go to college?

Before analyzing the best way to save for the grandkids, consider how you should think through this issue. What are your goals in saving for the grandchildren? 

What do you want to accomplish? Do you want them to graduate from college without debt? Do you want to help them get launched to give them a great start to adult life? Do you want to buy them their first car or help them put a down payment on their first house? Think about your ultimate purpose for giving.

Various methods that can be used for giving

If you would like to ensure that the kids graduate without debt, then, the 529 is an excellent vehicle to accomplish this goal. It’s also important to note that by keeping the 529 in your name you can change the beneficiaries from one child to another. 

Another way to save for the kids is by creating a separate account in your name that you earmark for a specific child in mind. Then later on if that child veers down a wrong path, you can choose not to support their bad decisions. This option also allows for you to have control and you ensure that you aren’t making decisions for them too early. 

The Uniform Gift to Minors Act provides a way to transfer financial assets to a minor without establishing a formal trust. A UGMA account is managed by you until the minor comes of age, at which point they assume control of the account. At this point, you relinquish all control over the funds.

If part of your goal is to help your kids while they raise their kids, then paying for private school or university directly is one way that you could do this. You can even pay directly for medical expenses as well. As long as you are paying the provider directly then you can give unlimited funds. 

If your goal is to gift your assets as a part of estate planning, remember that you can give up to $16,000 to anyone you want each year.

Before gifting anything, understanding your motivation for the gift is essential.

Find purpose with action to propel yourself forward

Thinking about things is, oftentimes, an avoidance behavior. The only way we discover who we are or the things that we enjoy is by doing them. 

“A sense of purpose doesn’t come from thinking about it. It comes from taking action that moves you towards the future. The moment you do this you activate a force more powerful than the desire to avoid the pain of loneliness or inactivity. We call this the force of forward motion.” Phil Stutz.

Continue to challenge yourself physically, socially, and intellectually. By continually expanding you prevent rigid mindsets from setting in. Without challenge, the status quo sets in and while we may feel comfortable with our lives, before long we may discover that our lives will actually shrink without growth. 

How will you challenge yourself in retirement? 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING

  • [1:10] Find purpose by doing things

LISTENER QUESTIONS

  • [2:45] Giving to grandkids
  • [10:44] Is there a list of the major retirement benchmarks?
  • [15:00] Who does the RRC consist of?
  • [17:22] Social Security claiming

COACH’S CORNER WITH KEVIN LYLES

  • [24:27] Try new things in retirement

  • [31:55] Developing new routines can help

TODAY’S SMART SPRINT SEGMENT

  • [34:10] Do what needs to be done not what you feel like doing

Resources Mentioned In This Episode

Rock Retirement Club

The Retirement Manifesto blog

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM454.mp3
Category:general -- posted at: 7:11am CDT

Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it’s about how we touch and are touched by the people we meet. 

Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more. 

I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question. 

Check out these resources to learn more about inflation in retirement and the RRC

Have you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We’ll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you. 

Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement. 

Trying to make friends as a single person in retirement can be a challenge

In many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs. 

However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations. 

Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions. 

Why keep international equities?

Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy. 

I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren’t based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [5:23] On making friends
  • [8:23] The value of international diversification

LISTENER QUESTIONS

  • [12:05] Should I contribute to my Roth 401K or just a 401K near retirement
  • [16:12] Are investment advisor fees worth it?
  • [26:00] Why haven’t I heard back from the IRS?
  • [29:06] Where do my 401K profits go when inflation goes up?
  • [32:33] How does the 4% rule apply to dividends?
  • [35:22] Is 15% enough to save for retirement?
  • [37:20] Why is there a disclaimer about indices at the end of the show?

TODAY’S SMART SPRINT SEGMENT

  • [40:43] Be inclusive make an effort to reach out to new people you meet

Resources Mentioned In This Episode

Rock Retirement Club

DoRetirementRight.com

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM453.mp3
Category:general -- posted at: 2:00am CDT

We’re back again answering your retirement questions! On the docket for today are questions like whether should you consider taking on a mortgage in retirement, whether it’s feasible to hold only ESG investments in retirement, and if you need life insurance in retirement.

In addition to answering these listener questions, I’ll also share several book suggestions that I got in response to the 6-Shot Saturday newsletter and reflect on insights I learned from my time in Colorado. 

Don’t miss out on upping your retirement game. Press play to hear answers to questions from listeners like you!

Dealing with inflation in retirement

Have you been worried about how you will deal with inflation in retirement? If so, you are not alone. That is why my team and I created an Inflation in Retirement Guide to help you understand and navigate inflation as you approach retirement. In this FREE guide, you’ll learn 6 tactics to consider and practical ways to help you think through the issues that rising inflation brings to retirement. 

6 insights from my time in Salida, Colorado

My goal with the Retirement Answer Man show is to help you navigate not just the financial side of retirement, but also the life side. You need to have both sides in order to really rock retirement. 

If you have listened to the show in the past you may know that my wife and I go to Salida, Colorado, and rent a house for about a month each summer. We love it up there which is why we purchased a lot there last year with the intention of building a home and eventually splitting our time or relocating in the future. 

We just returned from our most recent trip, so I thought I would share a few insights that I gained from my time there. 

  1. Set yourself up to experience the things you enjoy. I realized that one of the reasons that I love Salida is that it sets us up to easily do the things we love to do. We love hiking and mountain biking and these activities are easily accessible as opposed to our home in Fort Worth where partaking in these activities requires more planning. In retirement, consider moving closer to the things you love to do. 
  2. It’s easier to make friends in Salida. This smaller town has a slower pace and lacks the hustle and bustle of Fort Worth. People are more open to having conversations, so it is easier to make connections.
  3. Just do it! Just do the things you enjoy doing. Acting is better than (over)thinking. It is easy to think about doing things rather than acting upon them, but the only thing that will move you forward is actually doing the thing you want to do.
  4. It is harder to make decisions when your heart is involved. It is difficult to gain perspective on your own life. Oftentimes, your head goes along with what your heart wants. Listen in to hear how a recent decision backfired on me when I pulled the trigger and acted with my heart. 
  5. Home is an important base to have. As much as we enjoy our yearly trips to Salida, a month in a rental never feels like home. 
  6. Spend big on the important things and be ruthless about everything else. It is important to strike a balance in life, so make sure that your spending is aligned with what you care about. 

Should we take a mortgage to build our retirement dream house?

This listener is careful with money and has been mortgage and debt free for over a decade. They are looking to build their dream home their “castle in the sky” and are considering whether they should take a mortgage out to build this home. The mortgage would only take 20% of their retirement pension. Is it worth it or should they pay cash for the home? What do you think? Listen in to hear my answer.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:30] Insights from my time in Colorado
  • [12:38] Listener book suggestions

LISTENER QUESTIONS

  • [14:45] Mortgage in retirement
  • [22:00] How challenging is it to control where your retirement investments come from?
  • [32:03] On the necessity of life insurance in retirement
  • [38:41] On credit in retirement
  • [42:12] If relying on a dividend approach they need to be diverse

TODAY’S SMART SPRINT SEGMENT

  • [45:54] Think about your affluence - are you protecting it? 

Resources Mentioned In This Episode

DoRetirementRight.com - check out our FREE inflation guide to retirement!

BOOK - Red Teaming by Bryce Hoffman

BOOK - Building a Second Brain Tiago Forte

BOOK - My Dear Hamilton by Stephanie Dray

BOOK - Path Between the Seas by David McCullough

BOOK - All That Moves Us by Jay Wellons

BOOK - Five Presidents by Clint Hill

BOOK - The Boys in the Boat by Daniel James Brown

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM452.mp3
Category:general -- posted at: 2:00am CDT

Are you nearing retirement and wondering how you should pay for large out-of-pocket expenses? Should you dip into your emergency fund, take from your retirement savings, or is there another way? 

We’ll consider this question, hear how Larry is living intentionally, learn how visual aids can help when trying to discuss finances with elderly parents, and discuss dollar cost averaging a lump sum payment on this episode of Retirement Answer Man.

All month we’ll be answering your questions. If you have a question that you would like to submit head on over to RogerWhitney.com/AskRoger and type in a question or use the record a question function to shorten the wait. We love audio questions so we bump those to the front of the line!

Tune in to hear these listener questions plus a summary of what was on my summer reading list. Make sure that you are signed up for the 6-Shot Saturday newsletter to learn all the details about the books I read this summer.

How to pay for big-ticket expenses as you approach retirement 

One listener would like to know the best way to pay for large expenses as she approaches retirement. She has already retired from her career and is now working (for minimum wage) as a teacher’s aide while her husband still works. They live in a high-cost of living area, and while their home is paid for, it requires a bit to keep it up. 

Digging into cash reserves for big-ticket expenses can be scary since it is a drain on the assets, so she would like to know if her husband should decrease his 401K contributions so that they can increase their cash flow. 

This is a good time to ensure that you have enough cash reserves in your after-tax bucket. While you are in the middle of dealing with a large expense it can be challenging to look ahead. But while it is important to meet those immediate needs, it is also essential to plan ahead. 

Take some time to map out your plans for the near future. How long does your husband plan to work? Do you plan to stay in your high-cost-of-living area? Do you plan to downsize? This way you can explore the options you have to discover how to get on a sustainable path for the future. Building a decision-making framework can empower you to improve your situation and your future.  

How I approach reading

Before I share the books that I’ve been reading over the past couple of months, I wanted to share with you my approach to reading so that you can better understand my system and where I’m coming from.

  1. I try to make reading my default activity. Instead of looking at my phone or turning on the TV, if I have some extra time, I grab a book and read.
  2. The books I read vary based on my interest at the time, but I mostly read nonfiction books about business and retirement. 
  3. I always have more than one book going on at a time. I generally have an audiobook and a few different physical books around the house. 
  4. I learned a few years back that I don’t have to finish a book and that changed my life! Sometimes I don’t read a whole book, rather, I use certain books like reference books and pick and choose what I want to get out of them. 
  5. I prefer physical books to ebooks. I also write, highlight, and underline in my books so that I can easily refer back to them. 

Books I’ve been reading

Now that you understand how I use books and reading in my life you can check out my summer reading list. 

The Lost City of Z by David Grann

Hero of Two Worlds by Mike Duncan

A Tale of Two Cities by Charles Dickens

On the Shortness of Life by Lucius Annaeus Seneca

The Second Mountain by David Brooks  

The How of Happiness by Sonja Lyubomirsky

Originals by Adam Grant

Red Teaming by Bryce G. Hoffman

I’d love to hear any book recommendations that you have. You can simply reply to the 6-Shot Saturday newsletter to let me know what you have enjoyed reading this summer.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

BOOK RECOMMENDATIONS

  • [3:30] How I approach reading
  • [6:22] What I’ve been reading this summer

LISTENER QUESTIONS

  • [14:32] On making your portfolio an all ETF IRA
  • [20:21] How Larry is living intentionally in retirement
  • [22:39] Dollar cost average or a lump sum
  • [27:02] Using a visual aid to help elderly parents understand overspending
  • [29:15] Large expenses approaching retirement

TODAY’S SMART SPRINT SEGMENT

  • [33:54] Instead of taking big actions find tiny actions that you can do consistently

Resources Mentioned In This Episode

Rock Retirement Club

The Pie Cake episode

Cal Newport

BOOK - The Lost City of Z by David Grann

BOOK - Hero of Two Worlds by Mike Duncan

BOOK - A Tale of Two Cities by Charles Dickens

BOOK - On the Shortness of Life by Lucius Annaeus Seneca

BOOK - The Second Mountain by David Brooks

BOOK - The How of Happiness by Sonja Lyubomirsky

BOOK - Originals by Adam Grant

BOOK - Red Teaming by Bryce G. Hoffman

Michael Connelly books

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM451.mp3
Category:general -- posted at: 5:41pm CDT

Michael Balchan from Heroic and I have been discussing how to live a heroic retirement for the last several episodes. Today, we wrap up this theme and learn to integrate the subjects we have discussed in the past 4 episodes into rocking retirement.

As usual, after the main theme, I’ll answer your listener's questions. If you have a question that you would like answered on the show, now is a good time to ask since next month we’ll focus solely on answering your questions. You can submit your question at RogerWhitney.com/AskRoger. You have the option to either type in your question or leave an audio question. We love audio questions, so leaving an audio recording is like getting a fast pass to the front of the line. 

Rekindle your best self each morning

If you have ever been camping you understand the importance of building a campfire. This camping essential provides heat and a way to cook, however, each night you must turn it off when you go to sleep. In the morning, you rekindle the fire to warm yourself up and start the morning off right.

This is just like living your best self. Each morning you must wake up and consciously rekindle your fire. By setting your intentions, you provide a way to set yourself up for success each day.

Live each moment to create your best life

Since all we have is the now, each moment is an opportunity to live your best life. All you can do is show up one moment at a time to live life fully and completely. Looking back on your life you’ll see a bunch of separate great and not-so-great moments strung together to create a life. 

If you are prepared to show up one moment at a time and live fully and completely you’ll find that those movements create an amazing life. 

Rocking retirement is about living heroically while mastering your finances

Here on this show, in my book, Rock Retirement, and the Rock Retirement Club, we talk about rocking retirement all the time. So it’s important to understand what I mean by rocking retirement. Rocking retirement is integrating the business of retirement with the act of living a heroic life. 

The business side of retirement means getting the financial side of retirement correct. With agile retirement management, you’ll adjust your financial plan in a series of little changes so that you can have the confidence to weather the storms that life throws at you

By living a heroic retirement, you’ll create an amazing life for yourself each day by showing up and consciously choosing to become a better person.

The RRC can help you live a heroic retirement

The Rock Retirement Club helps people with both sides of their retirement journey. Marrying the two together is how to really rock retirement. 

The Rock Retirement Club is a safe place both online and in person to take the baby steps to set you on your way to rocking retirement. In the club, you’ll receive a world-class education from financial and retirement experts while walking this journey with other like-minded individuals who are traveling the same path. 

Our next enrollment for the RRC is at the end of October, so be on the lookout if you have been considering joining the club. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [4:38] It can be easy to beat yourself up for being human
  • [9:52] How living your best self has to do with rocking retirement

LISTENER QUESTIONS

  • [12:12] Does Social Security count 401K withdrawals as income
  • [14:58] Single retirees are often struggling alone
  • [16:30] Should we charge for the podcast?
  • [17:37] Does it make sense to sell higher fee funds and reinvest in lower fee funds?
  • [24:00] On balancing the portfolio in today’s market

COACH’S CORNER WITH KEVIN LYLES

  • [30:45] Finding Kevin’s retirement identity

TODAY’S SMART SPRINT SEGMENT

  • [36:00] Discover a morning ritual

Resources Mentioned In This Episode

BOOK - Atomic Habits by James Clear

Episodes on retiring single: 210219220221222

Heroic app

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

 

Direct download: RAM450.mp3
Category:general -- posted at: 2:00am CDT

“You are who you are here and now” – Bruce Lee

We all live life with the best intentions, yet rocking retirement is all about what we are actually doing–not intending to do. Do the things that you say are important to you now.

In this episode of the Living a Heroic Retirement series, you’ll learn how you can begin to live a heroic life today. Michael Balchan and I break down what we are doing to live our best lives. We bring the macro level that we have been discussing in the past few episodes down to the micro level. Press play to learn how to embody your virtues by taking baby steps towards your goals.

Life is like a game

When you are young, you going to school is like a game where you get motivation and rewards for doing well. You get to level up each year and then move on to the next stage. Work is also like a game. There are boundaries, a scorecard, and of course, more leveling up. 

In retirement, you have a clean slate, but since we are already so gamified you might as well continue playing. The difference is, that now you get to decide the rules of the game you are playing. Take the game and personalize it to your own needs. 

How to play the game

Your virtues are how you want to play the game. Once you decide which virtues ring true to yourself then you can set targets that align with those virtues. Set 3 targets that you can do today to make sure that you are living a life that aligns with your virtues. These targets are a way to make commitments to the behaviors that you want to act upon. 

When you set your intention your attention follows. 

Remember that this is your own game so set yourself up for success. Listen in to hear how Michael and Roger play their games differently using the Heroic app

Why celebration is important

It is important to celebrate your wins, but many of us have a hard time doing so. Celebrating your wins can feel inauthentic, or manufactured. However, celebrating acting on your virtues use positive reinforcement for your brain. Positive reinforcement creates a reward system for your brain to help you rewire and create positive habits. By celebrating your wins you create an internal sense of joy and satisfaction and therefore become more likely to make positive decisions

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [4:03] In retirement, you get to decide the rules of the game you are playing
  • [8:50] Set targets
  • [18:24] Be excited about showing up in the next moment 
  • [19:52] Why is it so important to celebrate the wins?
  • [29:38] The heroic app gamifies living out your virtues

LISTENER QUESTIONS

  • [36:09] Bart’s inherited IRA question
  • [38:48] David’s question on the pie cake
  • [47:38] Adam’s simple question
  • [49:51] How to fund a hybrid long-term care insurance policy

TODAY’S SMART SPRINT SEGMENT

  • [53:33] Set one target that supports living your best self

Resources Mentioned In This Episode

The Heroic app

BOOK - 12 Rules for Life by Jordan Peterson

BOOK - Beyond Order by Jordan Peterson

BOOK - Top 5 Regrets of the Dying by Bronnie Ware

BOOK - An Audience of One by Robin Dellabough

The Long-Term Care series - Episodes 311312313314

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM449.mp3
Category:general -- posted at: 9:24am CDT

“What one can be, one must be.”--Abraham Maslow

Do you know who you want to be in retirement? Here at the Retirement Answer Man, we want to give you the confidence to not just survive retirement but to rock retirement. To truly rock retirement you need to have both a financial and non-financial plan. 

Over in the Rock Retirement Club, we have licensed Michael Balchan’s Heroic app and in these past few episodes, we have been discussing how to live a heroic retirement. Today we’ll discuss the 3 domains that are important to develop aspirational identities. You’ll learn why this is important and how to create your own aspirational identities in these 3 areas. 

Make sure you are signed up to 6-Shot Saturday so that you can get the free workbook to help you develop your identity in these 3 domains. 

Break big things down into smaller chunks

How do you run a marathon? One step at a time. By breaking down big things into smaller chunks you can string them together and keep them in motion. 

It’s okay if you don’t know what you are going to do with your entire life. The goal isn’t to have one giant all-encompassing purpose that you strive towards forever. Instead, aim for Ikigai. Ikigai is the current goal, meaning, or purpose that you are working towards right now. 

Identity drives behavior

Most people think that sour feelings drive our behaviors but this isn’t true. Our identity drives our behaviors which then drive our feelings. Our identities are linked to what we do and who we are is what we repeatedly do. Every behavior we display and action we complete is casting a vote for the person that we want to be. 

Think about who you are when you are at your best. You can draw from previous experience or visualize the person that you want to be. That exemplar self is who you are striving to be. 

The 3 identity domains

Our identities are so often linked to what we do for a living so when we retire its like we lose a part of our identity. Now that you are no longer the VP of sales, the corporate attorney, or the head of HR, who are you? You have a blank slate to work from and the ability to reinvent yourself in retirement.

Breaking identity down into 3 domains helps you understand how the different parts of your life intertwine. 

  1. Energy is the foundation of everything. 
  2. Work doesn’t have to mean a traditional career. It can mean your avocation, activities, or hobbies.
  3. Love means how you show up relationally with your partner, family, friends, or even acquaintances. 

When choosing your new identity, it doesn’t have to be set in stone. Pick something that means something and is important to you. If it works well, then that’s great. If not, switch it up. Playing around with your new identity will help you consider how you want to live up to your best self.

Listen in to hear how I identify with each of these three identity domains.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:25] the 3 identity domains
  • [6:45] Ikigai - what is the current thing you are working towards?
  • [14:34] Be willing to break big things into smaller chunks
  • [18:56] Identities drive behaviors that drive feelings
  • [30:14] Your work identity

LISTENER QUESTIONS

  • [41:00] Should Randy sell his home to enjoy the go-go years?
  • [49:09] Steve’s suggestions
  • [51:46] How to help Cheryl’s parents
  • [56:58] Santiago’s Social Security question

TODAY’S SMART SPRINT SEGMENT

  • [1:00:32] What can you be at your very best in energy, work, and love?

Resources Mentioned In This Episode

Boomer Benefits

Heroic

BOOK - The Happiness Equation by Neil Pasricha

BOOK - Ikigai by Hector Garcia

BOOK - Atomic Habits James Clear

BOOK - Hero’s Journey by Joseph Campbell

Tony Robbins

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM448.mp3
Category:general -- posted at: 2:00am CDT

This month on the Retirement Answer Man we are learning how to live a heroic retirement. Michael Balchan joins me to discuss what it takes to be the hero of your own story. On this episode, we explore the virtues that heroes embody. 

If you are looking to be an exemplar then you’ll exhibit some core universal virtues plus some that are uniquely your own. Learn about these virtues and what it takes to be a hero on this episode of Retirement Answer Man.

Keep striving toward your ideal self

Hercules is a typical hero. We often think of him as being a hero because he was strong, but it was because he put himself on the line and faced mythical beasts to help others. 

Before you can help others you must know yourself and what you are capable of. Striving to be your best self is a heroic act. Self-actualization–expressing the best version of yourself–is impossible yet continually working towards self-actualization will make you a better person.

Striving toward your ideal self is an asymptotic act, like the curved line in mathematics that gets closer and closer to another line without ever touching. You may get closer and closer to your ideal but never actually realize it. You may continually advance on your best self but you’ll never actually reach your highest form. What is important to recognize is that even though you will never reach your ideal, it is important to keep striving.

4 Universal virtues

Every ancient tradition recognized 4 universal virtues

  1. Wisdom is knowing the game you are playing and playing it well.
  2. Self-mastery is having the discipline, temperance, and structures in place so that you can pause before responding. 
  3. Courage comes from the heart and allows you to take action in the place of fear.
  4. Love means being present, connected, genuine, and encouraging.

Put your virtues into action

Rather than seeing yourself as falling short of your ideal self, if you keep doing the hard work involved in self-improvement you will continually improve yourself. Instead of judging yourself based on a past or future outcome, study your process. Are you striving to do your best at this moment? If you didn’t make the right choice, try to do so next time. Keep going and do what needs to be done. Our ideals are like a guiding light rather than a distant shore.

You won’t want to miss this episode to hear the rest of the virtues of positive psychology. Listen in to learn how you can apply the virtues and actions test to your heroic retirement quest.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

  • [3:11] You will never achieve self-actualization
  • [13:53] The 4 ancient virtues
  • [21:12] The 5 virtues of positive psychology
  • [27:52] Personal virtues

LISTENER QUESTIONS

  • [32:33] A bucketing question
  • [35:30] A cash value insurance question
  • [39:41] Optionality is undervalued
  • [42:50] A Social Security survivorship benefit question
  • [46:00] How to protect your legacy from financial abuse
  • [51:40] Thoughts on Connie’s question from episode 434

TODAY’S SMART SPRINT SEGMENT

  • [54:24] Be aware of the moment between stimulus and response

Resources Mentioned In This Episode

Michael Balchan

New Retirement calculator

Tal Ben Shahar

BOOK - Mindset by Carol Dweck

BOOK - Rethinking Positive Thinking by Gabriele Oettingen

Personal Virtues test 

Episode 434 with Connie’s question

FINRA Brokercheck

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Direct download: RAM447.mp3
Category:general -- posted at: 2:00am CDT