Wed, 13 September 2017
My listeners have been asking great retirement questions, and this podcast episode is focused on giving answers to some of those. I’m excited today to bring on my awesome sidekick, Nichole, to play the part of the listener and ask the questions. One really important question is whether your financial advisor should have access to your 401(k), including your username and password. While this can be convenient for you and for your advisor, it’s not a good idea and is typically not allowed. Listen to today’s episode to find out why. Important differences in spending cycles for single and two-person householdsSpending habits change for people, depending on age and household size. The changes in spending habits are important for each household to understand, because they affect planning for retirement. In the Hot Topic section of this episode, I explain why the changes are quite different for single and two-person households, and how each needs to consider how this affects their retirement planning. Listen to find out how spending cycles might affect your household and hear answers to other retirement questions, and then follow up with today’s Smart Sprint and get clear about your financial needs in retirement. Should I lower 401(k) contributions to build up my emergency fund and college savings?Bill is 59 ½ and has all his savings in his 401(k). He puts in 9% with an employer match of 3% and has a son going to college. His retirement question is whether he should lower his contribution to 6% to start building his emergency fund. On this episode, I explain several reasons why it would be a good idea to lower his contributions even further to give him more flexibility in how he makes financial decisions, and Nichole and I have a conversation about whether or not parents should cover college expenses from their retirement account and what other options might be available. When thinking about jobs for pre-tirement, be sure to consider the work environmentMark Miller at careerpivot.com sent in a helpful comment about pre-tirement jobs. He suggests that people carefully consider the physical aspects of the job, such as whether their body can handle walking on cement floors all day. There is also a concern for retirees working in retail environments where the schedules are not given with advanced notice, which creates problems for the time-freedom someone might be expecting in pre-tirement. On this episode, you can hear the details about these considerations, and also get answers to other retirement questions. Listener ideas for pre-tirementQuite a few listeners have chimed in with comments or questions about the pre-tirement episode a few weeks ago. On this episode, we’ll take another look at the math from that show, and demonstrate how numbers significantly lower than the ones we used can still work for you. We’ll also hear the ideas that various listeners have for jobs they would like to do in pre-tirement. Listen in to hear their thoughts and also get answers to other listeners’ retirement questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODE |
Wed, 6 September 2017
#186 - Retirement Travel - One Way to Fund Your Dreams Do you have dreams for traveling in retirement? Everyone’s dreams are different, but every dream is going to cost some money. On today’s episode of The Retirement Answer Man, my friend Jamie joins me to talk about one creative way to fund your travel dreams. Discover how you can use your home to produce income when you’re not there, so that you can enjoy your travels. Learn what a sharing economy is and how it can benefit you and fund your dreams for retirement travel. What is a sharing economy, and how can it help fund my retirement dreams?A sharing economy is an economic system in which assets or services are shared between private individuals for a fee. Uber is one example. AirBnb and VRBO are systems that can work for you to fund your retirement travel by renting out your house, earning money when you are not there. It allows you to monetize your home as an asset to fund your retirement travel dreams. My friend Jamie has had great experience with AirBnb, and joins me on today’s podcast to discuss how it works. The benefits of renting out your home while you travelRenting out your home to fund retirement travel takes a bit of preparation and work. But the benefits are worth it. Not only do you create income while you are away, but you also have someone staying in your home without paying a house-sitter. And, in my friend Jamie’s experience, you have the opportunity to build clients and become friends with repeat guests. Listen to today’s podcast episode to hear Jamie’s story of how renting out their home has benefitted his family. How to prepare your home for rental when you are awaySharing your space with other people may seem overwhelming at first. But you can start small and acclimate to the process as you go. To get started, check your local listings on AirBnb and VRBO to see what is available in your area and what the prices are. On this episode, my friend Jamie describes some of the things he has done to prepare his family’s home to be shared. From buying fresh linens to learning how to effectively advertise his home, Jamie’s insights will help you get started on this new adventure. How do you vet who will stay in your house when you rent it out?Many people have concerns about renting their home to strangers. But my friend Jamie’s experience is that people will actually take very good care of your home. On this episode, Jamie shares how he has found that the way you advertise your property and the price you set has a lot to do with who will rent it. Listen in to hear Jamie’s perspective on getting the right clients to rent your home and getting the best price for your rental as well. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEWork with Roger (Currently accepting clients) 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page |
Wed, 30 August 2017
In the news today, credit card debt has reached over 1 Trillion dollars. In addition, we have 1.2 Trillion dollars in auto debt, 13% above the previous record. Impulse shopping is easier than ever, and this can be bad news for your retirement! On this episode of The Retirement Answer Man Podcast, I talk about spending and some safeguards you can put in place so that you don’t overspend on things you don’t need and may not even really want. Listen in and learn to differentiate between needs and wants, and get some great tips to help you avoid unnecessary impulse spending. You don’t want to be one of those people who are over-leveraged on their debtAs you are heading into your retirement, you don’t want to get over your head into debt because of personal spending. Lifestyle choices are crucial. In retirement, how much money is needed for your needs, wants, and wishes? On this episode, I describe how you can avoid unnecessary debt and save that money for the things that really matter to you. The happiest clients I have seen are those who value experiences over things. Listen to today’s podcast and start thinking clearly about what you value most and how your spending reflects it. To prevent overspending, differentiate between needs and wantsWe have grown into a society where things that technically are wants are considered needs. On this episode, I talk about defining for yourself what is a need and what is a want. Keeping this distinction clear can help a great deal with reducing unnecessary spending and credit card debt. Listen in to start thinking about needs and wants and how they affect your spending and your retirement lifestyle. To prevent overspending, build friction into your ability to do transactionsShopping used to be more difficult. You had to plan out how to get what you wanted, get in the car, drive to a store, find what you wanted, and write a check for it. Now, all you have to do is click and you can have it in an hour. Marketers are experts at taking away the friction and making impulse purchases seem normal. On this episode, I suggest several ways that you can build friction back into your shopping so that you have more opportunities to make wise spending decisions as you approach your retirement. Listen in and take back control of your spending. The Retirement Answer Man Responds to Listener QuestionsToday in the Practical Planning Segment, I respond to questions sent in by listeners like you: Should I pay off my mortgage first, or max out my 401K first? What are the pros and cons of rolling over a 401K to an IRA upon retirement? Should I include my home equity in the asset pool for tapping living expenses in retirement? On this episode, I clarify the considerations that need to be taken into account when making these decisions for your retirement. Listen to today’s questions and answers and then feel free to send in a question of your own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEBook: Steve Jobs, Walter Isaacson 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page |
Wed, 23 August 2017
Passive investment management has taken over the world. Nine of the top ten mutual funds are based on passive investing. On this episode, I explain what passive investing is and how it works, the top two indices that most funds are based on, and the advantages and disadvantages of investing based on those indices. I also take some time today in the Practical Planning Segment to answer listener questions. Listen in to expand your understanding of passive investing and hear answers to questions that you might be asking. The two indices that most passive investment portfolios are trying to modelEight of the top ten passive investment funds are focused on the S&P500 and the Total Market Index. On this episode, I describe asset allocation within these funds and how the funds are weighted. Is this model an efficient way to for you to implement a passive investment strategy? I’ll fill you in on the advantages and some of the questions around these funds on today’s episode of The Retirement Answer Man. Are market indices focused on a smaller segment of the market than it first appears?The S&P 500 and the Total Market Index have, respectively, 500 and 3600 individual equities. So at first it appears that passive investments that mimic these indices would be spread out among those equities. On today’s episode, I explain how the equities are weighted and the percentage of the indices that are in large or giant companies. Listen in to get a clearer picture of these two popular indices and to think about whether or not that is an efficient way for you to implement a passive investing strategy. Index rebalancing on fixed dates is like the Nike store on Black Friday.Have you seen the videos, or experienced in person, what it is like to shop for great deals on Black Friday? When the indices rebalance on fixed dates three times each year, any funds invested to mimic the index will be moved as quickly as possible. Everybody is running in the exact same place at the same time. Kind of like the Nike store on Black Friday. On this episode, I talk about this downside of passive investing based on the two most popular indices. Listen in to learn why I’m a fan of passive investing but wonder if there could be a more thoughtful way of doing it. Answers to listeners’ questionsI’m always glad when listeners send in their questions. On the Practical Planning segment of today’s episode, I respond to questions that have recently come in. “What about the ‘Equal Weight’ S&P 500?” “What happens with a 401K loan if your company switches you to independent contractor status?” “Should I adjust my asset allocations as I head into retirement?” and “Should I empty my retirement account to pay off my credit card debt?” Listen in for answers to these questions and an invitation to send in questions of your own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODE3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page |
Wed, 16 August 2017
Pre-tirement is that phase between full-time work and what we think of as traditional retirement, and it could be the key to you having a great retirement. Traditional retirement planning that focuses only on investing just doesn’t work. It doesn’t inspire much confidence or clarity about what your future could be. On this episode, I explain the advantages of pre-tirement and give you some ideas to get you started thinking about it. Listen in to learn why you should consider pre-tirement before retirement! Why is pre-tirement important?Saving and investing for retirement is extremely important. But it is not all of the story. Your nest egg cannot be all of it. It just doesn’t work. As you think about your retirement, consider pre-tirement as part of your plan. It takes some pressure off of the saving mentality and allows you to build a better life when you do reach full retirement. On this episode, I give you a number of reasons why pre-tirement is important, explain the advantages, and suggest ways you can go about it. Listen in and get started on planning your pre-tirement! Pre-tirement offers numerous financial benefitsPre-tirement (thinking of retirement like a dimmer switch) offers numerous financial advantages over full retirement (the on-off switch). On today’s episode, I will explain how pre-tirement benefits you in terms of preserving investments, delaying Social Security, reducing health-care costs, and moderating spikes in post-retirement spending. Listen in to learn what you need to know about pre-tirement and how it could save your retirement! Pre-tirement offers qualitative advantages that you could miss out on with full retirementAs you are planning your retirement, qualitative considerations are as important as financial ones. When you treat retirement like an on-off switch, you miss out on a number of qualitative advantages that come with treating retirement like a dimmer switch, by embracing pre-tirement. Join me on this episode to learn about the difference that pre-tirement can make in your social network, your sense of purpose, and in your mental and physical health and motivation. What can I do to start exploring pre-tirement?You want to start planning your pre-tirement sooner than later. On this episode, I describe several steps you can take to get started and provide a few questions you can begin thinking about. Should you stay in your same industry or do something different that you love? How do you go about building a new network? What opportunities should you consider? Listen to this episode of The Retirement Answer Man Podcast for answers to these questions and more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEBook: Built to Sell, by Book: The One-Hundred Year Life by Lynda Gratton and Andrew Scott Martin Miller, Career Pivot Episode 98 with Michael Kitces Abe & Louie’s Steakhouse, Boston 3-Video Series: 5 Minute Retirement Makeover Joe Saul-Sehy of Stacking Benjamin’s - hosting podcast meet-up at McFadden’s Anaheim on Tuesday, August 22 at 7:30 pm Six-shot Saturday (Scroll down to a box on the right to subscribe to this weekly e-mail). Roger’s retirement learning center The Retirement Answer Man Facebook page |
Wed, 9 August 2017
If you want a great retirement, you don’t need better answers, you need better questions. Pretty much everyone in financial advice and the media want us to stay with tactical questions like “How should I allocate my investment account?” “Are interest rates going to go up soon?” and “Am I saving enough?” These tactical questions are like tools in a toolbox that can’t be used well until after you decide what you are building! On today’s episode, I’m going to suggest some better questions that will help you make better decisions. You’ll learn to start with the design and work your way down to the tactical decisions for a great retirement. Address the incongruence between your financial worries and what you are actually doingA recent Gallup poll pointed out the top three financial worries in America. On this episode, I’ll share those with you and point out the ways that our actions tend to be incongruent with what we are concerned about; how we often are not actually doing anything that addresses the concern about not having enough money for a great retirement. Listen in and get motivated to take specific steps that can actually help to mitigate the financial worries that you have. Power questions you can ask when you’re feeling stuck on a decisionWhen you’re feeling stuck on a decision, it’s important to be able to step out of the immediate moment and ask questions that will help you move forward. On today’s episode, I’ll share a couple of power questions that can help you get unstuck and get a clear vision of what really matters to you. Don’t look for better answers, listen in and start asking better questions so that you can move forward towards a great retirement. Key questions to ask when you’re thinking about your futureWhen you are thinking about your future and a great retirement, it is important to ask yourself some good questions that will help you envision what you really want. On this episode, I’ll give you some key questions to ask, not only as you are planning your retirement, but also along the way into and through retirement as your goals and priorities change. Listen to learn the questions that matter far more than just what you should do with your portfolio. Keep good questions in front of you to help you make better decisionsAsking good questions is essential to a great retirement. On this episode, I’m sharing what I think are the important questions to have in front of you. This week’s Smart Sprint is to write those questions on a card and keep them top of mind for a week so that you can refer to them whenever you are in a quandary and use them to help you make better decisions. Listen to today’s podcast to start asking yourself good questions and taking steps to get out of the tactical world and start taking intentional action to build the life that your 90-year-old self is going to be proud of.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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TODAY’S SMART SPRINT SEGMENT
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RESOURCES MENTIONED IN THIS EPISODE3-Video Series: 5 Minute Retirement Makeover Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 2 August 2017
The top financial stress in America, according to a Gallup poll, is not having enough money for retirement. Some people choose to ignore it to avoid the stress, but for others, the worry is a motivator to be proactive and get moving in the right direction. In this podcast interview with Emily Guy Berkin, we will discuss why there is so much financial stress, how to get a better understanding of your relationship with money, and specific steps you can take to decrease your stress about money. Listen in and stop financial stress now! What does money mean to you?Money is just little green pieces of paper. It doesn’t have any meaning except for the meaning that we humans assign to it. In today’s podcast interview, Emily Guy Berkin gives us tools to help us start thinking about what money means to us, how our relationship with money changes over time, and the influence of our culture on how we think about money. Listen in and begin to identify the meaning of those little green pieces of paper in your life. How has your relationship with money changed over time?Your relationship with money changes throughout your life. One really big change in your relationship with money is when you retire and no longer have a job. We often don’t prepare for the emotional stress that comes with this change in relationship. Listen to this episode of The Retirement Answer Man podcast to learn to identify your relationship with money, manage the change in your relationship with money, and decrease the financial stress that often comes with retirement. Financial security is a mythFinancial security is a myth, and pursuing it can be destructive. Find out why on this episode of the Retirement Answer Man podcast, where I talk with Emily Guy Berkin about how the idea of financial security can actually contribute to our financial stress and be counterproductive. Listen in to learn about what matters more than building a big nest egg and how you can take steps to reduce your financial stress regardless of how much money you have saved up. How to decrease your financial stressWhat would it mean to you and to your family if you could stop the financial stress that you are facing as you head into retirement? In today’s interview with Emily Guy Berkin, we will discuss how to identify what money means to you and to recognize when you are doing things that are counterproductive. Listen in to learn how to bring your mind back into the way you use money and to recognize when your emotions about money may be leading you down the wrong path. If you want to stop financial stress, then this episode is for you! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEBook: End Financial Stress NOW by Emily Guy Berkin Emily Guy Berkin on Twitter Emily Guy Berkin’s website Mint financial management app 3-Video Series: 5 Minute Retirement Makeover Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 26 July 2017
Have you ever considered that it might be advantageous to retire overseas? Where your home will be when you retire can dramatically change what the landscape might look like financially. There is a growing trend of Americans retiring outside of the country. Should you be one of them? That’s the topic of today’s episode and interview with Keith & Tina Paul, who are retired and living in Cuenca, Ecuador. Listen in to get a glimpse of what it is like to retire overseas and find out how you can begin exploring the idea. The top ten countries for retirement livingThere can be some huge advantages from a financial perspective if you have the spirit to do something like retiring in another country. On this episode, we’ll talk about those advantages and I’ll tell you the current top ten countries for retirement and give examples of how much it costs per month to live there. If you think, even for a moment, that you might like to retire overseas, then this episode of the Retirement Answer Man podcast is for you! A window into overseas retirement livingWhat would it be like to retire in another country? How would you go about finding a place? Keith and Tina Paul, of RetireEarlyandTravel.com, are retired and enjoying life in Cuenca, Ecuador. On today’s episode, they share their story of how they planned, researched, and found their new home and what it is like for them to live there. Listen in and enjoy this glimpse into what it is like to retire overseas, and then take my Smart Sprint challenge to dream a little! I’d like to retire overseas, but what about . . . ?If you are thinking about retiring outside of the US, you likely have a number of questions and concerns. What about health care? Would I feel isolated? Is it safe? These questions and more are addressed in today’s podcast interview with Keith and Tina Paul. Listen in to find out why they think the health care is even better, their experiences in connecting with people, and what the crime rate is like where they live. If you have questions about the wisdom of a decision to retire overseas, you will love this episode of the Retirement Answer Man! Home is where the heart isDo you feel that a different house in a different location will never feel like home? I know exactly what that is like. On today’s Happy Lab segment of The Retirement Answer Man podcast, I’ll tell you my story and how I found out that home really isn’t a house. It’s where your heart is. And your heart can change locations. If you’re feeling concern about moving to a different home or a different country, today’s episode just may give you the encouragement that you need. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODE3-Video Series: 5 Minute Retirement Makeover Keith & Tina’s Blog: Retire Early and Travel International Living - Short list of best countries to retire in. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s Retirement Learning Center The Retirement Answer Man Facebook page |
Wed, 19 July 2017
Do you want to have a great retirement? Make sure you value the right things. It is possible to make a million dollars and feel poor, or to make $60K and live a rich and full life. On today’s episode, Jason Parker joins me to talk about how to calculate your retirement spending and make wise choices that will benefit you long-term in your retirement years. Listen in to learn about the new software tool that Jason has developed that helps with this process and to find out how you can get started on counting the cost of retirement. The empty-nester lifestyle can be wonderful . . . and dangerousAs empty-nesters, there are many opportunities for us to spruce up our homes and enjoy some time freedom that we have not had in years. But there is a danger with the spending increase that can come along with this life phase as well. On today’s hot topic segment, I’ll explain what I mean by this danger, and how you can avoid falling into it. Listen in to learn to count the cost and prepare well for retirement spending. Understanding your spending is key to your retirement cash flow planDid you know that the more income people have, the worse they are at understanding what they are spending? As Jason Parker says in this episode, one of the most important pieces of a good retirement cash flow plan is understanding your spending. Listen to today’s interview to find out why you need to count the cost on your lifestyle, how you can get a clearer picture of your spending, and where to find a great software tool that will help simplify the process. A simple tool to estimate retirement spendingJason Parker, host of the Sound Retirement Planning podcast, has developed a software tool that can help you understand your current spending and help you plan for retirement spending. On this episode, Jason talks with me about how this new tool came about, how it works, how it is different from other budgeting tools, and where you can get it. My listeners will get 50% off, so be sure to listen to the podcast and get the coupon code. It’s never too soon to start planning for retirement costsWhether you are retiring next month or in 20 years, getting a clear understanding of your spending is an important part of your overall financial well-being. On this episode, Jason Parker and I talk about the importance of calculating your spending and your retirement costs and explain how to do it. We cover how to account for costs that don’t fall into your monthly expenses and how to balance your money so that you don’t run out too soon. Listen in and then take my seven-day challenge to begin getting a clear picture of your spending. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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TODAY’S SMART SPRINT SEGMENT
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RESOURCES MENTIONED IN THIS EPISODESound Retirement Planning podcast RetirementBudgetCalculator.com (50% discount with coupon code “Roger”) Roger’s Five Minute Retirement Makeover videos Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 12 July 2017
There is a lot of weird science out there when it comes to investment management. But if we’re going to be successful in investing for retirement, we need sound science. Last time we talked about asset allocation for the flexible portion of your portfolio. Today we’re going to talk about the science behind the fixed portion. Index-based investing is currently the popular way to manage this side of your investments. But remember, you want to “know what you own and know why you own it” (Peter Lynch). Listen to this episode and follow through with the 7-day goal to gain a better understanding of what you own and why! What is an investment index?Index-based investing is taking over the world. But what, exactly, is an index? It is not something you can invest in directly. It is a mathematical model that represents a broad swath of the US equity markets. Index-based investment products try to mimic the model. On this episode, we’ll use the S&P 500 index as an example and explain how it works. Listen in to learn more about what the index is and how it affects asset allocation in your portfolio. Following an index when allocating assets might boost your retirementIndex-based investing has a few distinct advantages, one of them being lower cost. As I explain the science behind an index, using the S&P 500 as an example, I will describe the factors that reduce costs for index-based investments and make them more efficient. Listen in to learn how index-based asset allocation can benefit your portfolio. Your retirement might suffer if you follow the S&P 500When looking at index-based investments, there are nuances to consider that may be disadvantages. On today’s episode, I will explain how the S&P 500 index works, and why it can be great when huge companies are doing well, but concerning if they are not. I’ll also describe how the changes made annually to the index can result in inefficient trading and higher prices. Listen in to learn about index-based asset allocation so that you can know what you own and why you own it. Are there options other than an index-based product for the fixed portion of your portfolio?It is important to carefully consider your options when investing. While index-based products are the popular “go-to” for the fixed portion of your portfolio, there are other options out there. On this episode, I’ll talk about these options, which for some people may be a smarter way of investing. Listen in to learn about index-based asset allocation, other options, and what you can do in the next seven days to get a better understanding of what you own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEThe Five-Minute Retirement Makeover Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 5 July 2017
David Booth once said, ““The important thing about an investment philosophy is that you have one.” But how many people who are actively planning for their retirement actually DO have one? You’d probably be surprised to know that much of the planning side of “retirement planning” is pretty haphazard. Even among investment advisors. But I've learned that it’s vital to know what your goals are and WHY you invest in certain types of investments so that you can know if what you’re investing in will get you to your goals. Does that make sense? On this episode of The Retirement Answer Man, I’m going to walk you through “5 Ps” of a good investment philosophy that you need to consider in order to make the best choice for reaching your goals. When it comes to investment philosophy, all we care about is repeatability.When you assess the investment opportunities before you, there’s really only one thing you should care about in the long run. That’s what I call “repeatability.” Will the investment you’re considering continue to perform at the rate and along the line of what it’s done in the past? That’s a pretty difficult question to answer when you get right down to it. That’s why I have decided to publish this episode of the show, to walk you through the things I consider when doing my “due diligence” part of helping a client determine their investment philosophy. It takes some time, but it’s worth it to ensure that what you’re investing your money in is actually going to give you the outcome you want. To assess an investment philosophy, look at People, Parent, Process, Performance, and Product.When it comes to the analysis of a potential investment you need to look deeper than the returns it’s currently getting. There are a number of factors that impact that return and looking deeper will provide you the opportunity to see patterns in a number of areas that will indicate whether that return is normal, will continue or can be expected to taper off. So what should you look at to make your decision? I call them “5 Ps” - People, Parent, Process, Performance, and Product. You can hear what I mean by each of those and even how I go about assessing them, on this episode of The Retirement Answer Man. Why it’s important to know something about the people behind an investment fund.One of the things most investors don’t think about when it comes to assessing an investment fund is that they need to keep abreast of the goings on within the company that is managing their investment. That means knowing something about the individuals who manage the fund and make the decisions about how it will be run. If you’re able to see patterns in the behavior and decisions of those individuals, or if you see that personnel changes have taken place within the investment firm, you’re able to pay closer attention to see how or if that change is going to impact your investments. But if you aren’t paying attention in the first place, you could experience outcomes you weren’t expecting. Find out more about how to assess the people behind your investments, on this episode. I don’t consider any investment that has less than 10 years of track record.Your investment philosophy needs to be built on a solid set of data, clear numbers that indicate why the investment choices you make are good choices for your goals. One of the things I have made a rule of thumb for myself (and therefore my clients) is that I won’t even consider an investment possibility that has a track record of fewer than 10 years. Why? Because there’s simply no way I can tell how the investment will perform. Any recommendation I make to a client in that scenario is nothing more than a guess.... And my clients deserve better than that. On this episode, you can hear how I go about assessing an investment’s track record to help my clients attain their retirement goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 28 June 2017
“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life. Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility. Tie your investment strategy to the goals that you want to achieveAsset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement. The “Fixed and Flexible” approach to retirement investingThe way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility. Evaluate your investment types according to your retirement goalsIn the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEBuddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter) Roger’s retirement learning center The Retirement Answer Man Facebook page |
Wed, 21 June 2017
What you base your assumptions on when it comes to market forecasting and retirement planning will determine the course of action you take. Forecasting typically comes from respected “experts” who we all look to for advice, but here’s the problem: None of them are 100% accurate. In fact, even with all their knowledge and experience, they are often way off in what they predict. How can you plan for retirement when you don’t know which market forecast to rely on? That’s the topic of this episode of The Retirement Answer Man. Imagine trying to track your weight when every scale gives you a different number?I experience this every time I go to my Doctor. The nurse takes me to the scale before I take a seat in the exam room and it almost always shows me to weigh 8 to 10 pounds heavier than my scale at home. Naturally, I wonder: “Which scale is right?” To me, that’s the same thing we all experience when it comes to looking at the market forecasts the experts make. They all tell us something different is going to happen. Sometimes the differences are negligible, but other times they are huge. Who should we trust? I don’t think we can fully trust any of them, and on this episode, I tell you why - and what I do instead. Assumptions about investment returns are one of the ways market forecasting goes awry.Every market forecaster has to make assumptions. It’s the only way they can have any sense of continuity to their predictions that are tied to reality. But notice, their predictions are only TIED to reality, they’re not reality itself. In order for a market forecast to be reality itself, we’d have to have a crystal ball that could tell us exactly how investments are going to perform in the future, and none of us has that kind of foresight. But there are ways you can use the historic data to inform predictions that don't require you to follow a given expert in lock-step. Find out how on this episode of The Retirement Answer Man. Are your investment decisions for retirement tied to your lifestyle goals? They should be.One of the things that happen when using return assumptions to plan for retirement is that our fear of pessimism prompts us to make decisions based on those assumptions (whether accurate or inaccurate) instead of on what really matters: the type of lifestyle you want to have during retirement - and what is needed to provide it. It’s a nuance you’ll have to have explained a bit more in order to understand, but you’re in luck! That’s what I address on this episode of the podcast, so I hope you take the time to listen. How much of your investment portfolio is based on market guesses?I know that's an odd question, but it’s one that reveals a lot about how you’ve approached investing up to this point. If you’re making investment decisions based on what you or some expert THINKS is going to happen, you’re simply guessing. Yes, it may be an educated guess, but it’s a guess nonetheless. What’s the alternative? This episode of the Retirement Answer Man is an introduction to a more agile way of retirement planning that I believe you’ll find helpful. Be sure to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEGames I learned at Joe’s place: Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD#MarketForecasting: Who Can You Trust To Tell You What to Expect During #Retirement? Imagine trying to track your #weight when every scale gives you a different number? Assumptions about #investmentreturns are one of the ways #MarketForecasting goes awry Are your #investment decisions for #retirement tied to your #lifestyle #goals? They should be How much of your #investment #portfolio is based on #market guesses? |
Wed, 14 June 2017
Part of my job as the Retirement Answer Man is to help you face the current issues that impact your retirement planning decisions. Part of that is the non-glamorous task of assessing the traditional approaches to retirement planning to see if they still work. So on this episode, I’m going to take a fairly deep dive into the institutional approach to asset allocation that has been the basis for retirement planning for many years - and I think once you understand the premise behind it, you’ll see that it’s a bit antiquated for modern retirement planning purposes. But never fear, I’m also going to point you in the right direction regarding how you can make up for the deficit! An institutional approach for retirement asset allocation doesn’t work because YOU are not an institution.I say that with my tongue planted firmly in my cheek, but I also really mean it. Institutions do a very good job of allocating their assets for THEIR particular goals, but YOUR goals for retirement are vastly different than theirs, don’t you think? So following their pattern may be helpful (and it is, in some ways) but it’s not enough. You need to know the potential pitfalls of following an institutional lead and how to avoid them. That’s why I’m here. :) This episode of The Retirement Answer Man will point you in the right direction and then next week, we’ll follow up with some more practical tips to get your retirement planning mindset up to date! A Nobel Laureate says we have a problem with decumulation when it comes to retirement. What?I think he made up the word but, Nobel Laureate William F. Sharpe of Stanford University has determined that things in our modern society have changed so much that we need to reassess how we approach retirement planning. A big part of the problem (he says) is that we have a phenomenon happening called “decumulation.” It’s what happens when we hit retirement with resources that are inadequate to match our expected lifespan. As you can see, you’ll eventually run out of assets in that scenario. What’s he doing about it? He’s begun a study, naturally. On this episode of The Retirement Answer Man, I’m going to walk you through his premise and tell you how I approach the same problem, so be sure to listen. Institutions are not emotional. You are. How does that impact your retirement planning?As I’ve said before, we’ve long followed an institutional approach to asset allocation when it comes to retirement planning simply because the rationale was that the managers of financial institutions manage assets for a living, so they must know what they are doing. Generally speaking, that’s true - but the real issue is that institutions have different investment goals than individuals do, and they approach those goals non-emotionally - which individuals do NOT do. That alone makes a huge difference in how you are going to make decisions and could set you up for some serious disappointments. On this episode, I address those difference and give you some tips for how to offset them. What IS your desired outcome for retirement… hmmmmmm?As Zig Ziglar famously quipped, “If you aim at nothing, you’ll hit it every time.” It’s so obvious you probably laugh when you hear it said so bluntly. I do too. And I think part of why I laugh is because I see how applicable it is to retirement planning. If you don’t know what you really WANT for your retirement, how will you be able to plan in a way that enables you to accomplish it? You probably won’t even get close - which would be tragic. So, on this episode’s, “Smart Sprint” segment I have a challenge for you. Are you up for it? Listen to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan The Retirement Income Scenario Matrix Project - through Stanford University |
Wed, 7 June 2017
Get ready for part three of our Retirement Investing series. On this week’s episode of the Retirement Answer Man, we’ll talk about risk management, types of risk to watch out for, and why the common approach to managing risk might not be a good fit for you. This one will be a lot more technical than our previous two shows, so get ready to get your geek on! You can’t get something from NothingAs my mother always said, “You can’t get something from nothing.” This rings true especially in the world of investing. You can’t expect to reap the rewards of your investments unless you are willing to give up something. For most that sacrifice comes in the form of risk. All investing has risks and the better you understand those risks and know which are worth taking, the better prepared you will be to invest wisely for your retirement. Stay tuned to get a glimpse of the different risks you might have to face. Diversify your portfolio to fit your goalsInvestment risk is very real, but if you are wise about how you invest your assets, you can reduce that risk. However, a diversified portfolio that eliminates risk might not help you meet your investment goals. It’s important that you become clear on what you want out of your retirement investments so that you can know how to diversify your assets in order to meet those goals. Join me in this episode of the Retirement Answer Man to hear my tips on how to create a good balance. Mainstream risk management might not be right for youRisk management is a topic we hear a lot about in our modern investing culture. There’s even a common method used to discern how much risk it too much. In this episode of the Retirement Answer Man, I'll discuss why I think the mainstream view of risk management falls short and how you can develop a balanced view that will help you achieve your retirement goals. Don’t listen to the Investment ProfessionalsThere is a huge disconnect between investment professionals and the regular person. Most people think of risk as losing money and are more concerned about what their investments can do for them to create their ideal retirement than they are about optimizing their portfolio. The professionals on the other hand look at risk management based on statistical factors in order to create an optimized portfolio. Often times an optimized portfolio has nothing to do with the life goals you and your family may have. In this episode, I dive into the thinking behind the professionals so we can figure out if the standard approach is right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT’S THAT MEAN SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 31 May 2017
Hello everyone and welcome once again to the Retirement Answer Man Show, I am your host Roger Whitney and I am the Retirement Answer Man. This show is part 2 in our series on investing. Today we will look at why maintaining a strong investment foundation is so important as you enter retirement and what steps you can take to build it. We’ll walk through three major types of investments, their average returns and how inflation can affect them. It may have more of an impact than you realize. Keep listening to hear the details. Investing during retirement is like riding into the windWhen we were younger, working in our career, and contributing regularly to our investments, we enjoyed a bit of flexibility. Flexibility to adapt to market downturns or to our own bad investment decisions because we had a constant flow of money going into our investment plan. However, now that we are nearing retirement, that flexibility is fading and will eventually be gone. We will no longer be working a job that allows us to contribute to our portfolio and we will most likely be drawing on our investments in order to sustain the life we desire in retirement. This loss of flexibility makes it crucial to have a strong investment foundation when you enter retirement so that you can pivot your investments to work for you instead of you working for your investments. Listen to this episode to hear how to build a great foundation. Common asset classes, their returns, and what history revealsThere are three main asset classes we think of when we talk about investing. Cash or Cash-like assets, Bonds, and Stocks or equities. More than likely your portfolio is made up of a collection of these three classes. Some are useful in generating income for your retirement and some are not. In today’s episode, I want to dive into each of them and look at the historical returns to get a rough idea of how we can expect each of these asset classes to perform in the future. In addition, I’ll factor in inflation and see where that leaves these common three. Make sure you listen to this episode to get my thoughts on the usefulness of each of these assets. Taking steps towards Retirement SuccessIn last week's show, I challenged you to gather up all of your investment statements into one place so that we could work on them together.. Well, the time has come. Go grab those statements and get ready to analyze them with honesty and discernment so that you can begin taking steps towards building a foundation for a great retirement. Don’t over rationalize happiness!If you are anything like me, there are activities you do that make you happy. For me, it is mountain biking. The feeling of a good workout, the exhilaration of pushing my limits, and the peace of relaxing in nature brings me a lot of happiness. The other day I was planning on going out for a ride, but as the time approached I found myself trying to talk myself out if it. I came up with some pretty good reasons why I shouldn’t go but in the end, I went anyway. When I finished, I realized that the happiness it brought me was worth it and I should try to not over-rationalize it again. Do you have something that brings you joy, that you often talk yourself out of? Don’t!
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT’S THAT MEAN SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 24 May 2017
Welcome back to the Retirement Answer Man show. Today begins a new series on Investing. I am very excited about being able to offer you this series and I hope you will find some value that fits your situation. In this week’s episode, we are chatting with a great guy, David Stein. He has many years of experience in the financial investing world and has seen it all. Today he shares some simple advice to help you not gamble away your retirement but rather approach your investing with clarity and confidence. Join me as I unpack the knowledge he has to offer. Stay tuned as well for a helpful tool I have found that makes your internet experience virtually ad free. Here we go! The Difference between Investing, Speculating, and GamblingInvesting, Speculating, and Gambling are very different things. While all three can make you money, Speculating and Gambling have a much higher possibility of costing you your retirement. Our special guest today is David Stein, a former financial adviser and the host of the Money For The Rest Of Us podcast. David knows the risks that are inherent in investing, he worked through the 2008 market crash and was able to come out the other side on top. His mentality when it comes to investing later in life for retirement is to take a more passive approach. When you were young and frequently contributing to your investments was the time to have riskier investments, but now may not be the best time to take those chances. Rather, you should make your investments work for you to generate the life you want. David walks through a few questions to consider when investing to determine what a healthy risk level may be. Make sure you listen to this episode to hear this fantastic conversation. Marketplace trends and how to adjust to themThe Marketplace has trends, and David Stein says that understanding these trends and recognizing them is key to investing. If we are aware of what the markets are doing and what they might do in the future we can make educated decisions instead of gambling on the unknown hoping for a favorable outcome. Make sure you listen to this whole episode to hear David’s helpful tips on how to avoid being a gambler. Moderating activity as you age to safeguard your happinessI was recently out mountain biking and having not done it in a while I was taking it slow. I avoided a few challenging routes until I felt comfortable in my abilities. When I finally attempted to traverse a challenging section, I crashed hard and banged myself up! Now I could have let that discourage me from going riding again, but instead, I went out again and moderated the risk by taking it slow. If you can do this in all areas of life as you get older, you will feel empowered, capable, and happy. Easy tool to keep your internet browsing ad freeI came across a tool the other day that you can add to your web browser. It will blocks ads from showing on the web pages you visit. I am currently looking at the homepage of Yahoo Finance and it’s telling me it is blocking 44 ads. WOW! I can finally find what I am looking for without the distraction of ads and this may help me save a bit of money as well. I’ll tell you all about it in this episode.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan David’s podcast Money For The Rest Of Us |
Wed, 17 May 2017
Welcome back to the Retirement Answer Man Podcast. My name is Roger Whitney and I am the Retirement Answer Man. On this week’s episode, I will be answering several listener questions about dementia, HSA’s, and next level investing. I’ll also outline the road to “brokesville” so that you can steer clear of catastrophe in your retirement planning. Come along with me as we discuss how to learn from your mistakes to create a great retirement. Stay tuned to this episode to hear it all! The Road to “Brokesville”Not many people choose to be broke, but we often walk down paths that lead us straight to “brokesville” and a stressful retirement. In this week’s episode of the Retirement Answer Man, I’ll outline 7 major mistakes that can lead you down this road. Listen up and take notes, you’ll want to make sure you avoid these pitfalls and learn from your mistakes. Protect your retirement from dementiaAs we get older our memory isn’t always what it used to be. For some, it can go as far as full blown dementia. How can you safeguard your investments or your parent's investments from lapses in judgment or memory? Well, a listener wrote in with this very question. I’ve got some practical tips for him to protect the security of his family's investments. Make sure you listen to this episode to find out how. Work on your strengths, delegate your weaknessesI’m sure you have heard it said, “Identify your weaknesses and work on them.” This is often a good idea in order to grow as a well-rounded individual, but in the area of retirement I say work on your strengths and delegate your weaknesses. Our strengths are what make us happy and keep us feeling fulfilled while our weaknesses often times do the opposite. If you can find someone who is strong in areas in which you are weak and delegate to them, you will find yourself feeling happier and more optimistic about your future retirement. Ask yourself hard questions to protect your retirement.This week I challenge you to have a hard conversation with yourself. Walk through each of the steps to “brokesville” and ask yourself if they are true of you. You may find that you are making some of these mistakes right now. Face the hard truths and make the changes necessary to build a better future. Make sure you listen to this entire episode of Retirement Answer Man to hear what to avoid. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 10 May 2017
I love being an entrepreneur! Not only does it give me an avenue to exercise my creativity it gives me the flexibility to live the life I desire, work the way I want to work, and build a legacy for my family. The value of your business can be put into three categories: Cash flow, Lifestyle, and Enterprise value. On this week’s episode of the Retirement Answer Man, we will be talking with my special guest Randy Long about building your business in a way that grown its enterprise value. Having a strong enterprise value will enable you to create a successful business exit strategy that will help you create a lasting legacy for your family. Stay tuned to hear Randy’s helpful tips. Your internet provider might be selling you out!We all know that the internet can be dangerous, but now it might become riskier than ever. Congress recently lifted restrictions that required your internet provider to get your permission before selling your data. So now your browsing history, online habits, and who knows what else might be up for grabs to the highest bidder. There’s no doubt this could pose a security threat to people like me who work with very sensitive financial information. However, there is a solution, a way you can protect your data from the prying eye. Make sure you listen to this episode to hear how I keep my info secure online. Extracting enterprise value with Randy LongToday’s guest is Randy Long a certified exit planner and CEO of Long Business Advisory LLC. He has patented a Braveheart Planning Process where he works with entrepreneurs to help them maximize the value they can get from their business. In our conversation, we will discuss how to transition from building a business to building a legacy and how to structure your business to be appealing to buyers. There are some great tips that you won’t want to miss so stay tuned. Quantity time might be better than Quality timeI just returned from a vacation with my wife in the Caribbean. We were gone for 8 days and at times that felt a bit too long and we laid around a lot without much to do. However, it afforded us time to connect and have some important conversations. We’ve all heard the term “Quality Time” and while I agree that you need to seek quality in the time that you have I also believe that you can’t have Quality time without Quantity time. Quantity time gives you the flexibility to create moments that you otherwise wouldn’t have been able to. Creating a Business Exit Strategy is an important step towards the future but it won’t bring you lasting joy. Quality relationships with the ones you love will bring you that joy! Listen to this episode to hear more of my thoughts on creating a happy life. Markets are at an all-time high, it’s time to assess your investment riskThe markets are continuing at a record high since the election. Things are sunny in the investment world. This is the time when you need to make repairs and tweaks to your investment plan. Don’t wait for a drop in the market to reassess your risk tolerances, do it now while everything is good. If you need help with this assessment I can lend you a hand. Listen to this episode to hear how. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan The BraveHeart Exit:: 7 Steps to Your Family Business Legacy Built to sell: Creating a Business That Can Thrive Without You Cloak Keep yourself safe with this Virtual Private Network tool |
Wed, 3 May 2017
Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon. The Healthcare Dragon might burn up your retirement.It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement. 80% of people don’t plan for long-term health care.Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions. Why you MUST understand your healthcare plan.If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all. Invest in yourself for a secure retirement.With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORDUsing Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan
The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan
80% of people don’t plan for long-term #healthare #RetirementAnswerMan
Why you MUST understand your #healthcare plan #RetirementAnswerMan
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Wed, 26 April 2017
Welcome to another episode of the Retirement Answer man, as always I am Roger Whitney the retirement answer man. This week's show is a hodgepodge of great actionable content that might give you the edge you need in your retirement plan. We’ll discuss why alcohol abuse is a problem for many people in retirement and lay out the reasons why. Listen as I answer listener questions and give my tips for investing your Social Security income. Stay tuned to hear it all! Alcohol abuse is a huge problem in retirement.Studies are showing that Alcohol abuse is the number one substance abuse problem for older adults. As Billy said in this episode, retirement almost turned him into an alcoholic. Alcoholism is not an inescapable fate. There are several reasons why one might abuse alcohol once retired. In this episode, I will talk about 6 factors that contribute to retirees drinking too much. Don’t miss this episode of the Retirement Answer Man. Refinancing your home can be a benefit and a curse.Noni wants to know if it would be a good idea to refinance her home and take money out to pay off credit card debts and put her kids through college. Although refinancing a home can be a smart move and paying off debt is almost always a good idea, there are situations where you should use caution. I’ll share my ideas with Noni as to whether or not her situation would benefit from a refinance and borrowing against her house. Stay tuned to hear my warnings so you don’t make a potential mistake. Does taking Social Security early mean more money to invest?Conventional wisdom would say that investing money annually at a good interest rate will bring you out on top. This is not always the case. On this episode of the Retirement Answer Man, Ruth asks for my thought on taking Social Security early in order to invest it. Her calculations show that she will reach age 80 with substantial financial growth having invested her Social Security instead of spending it. Stay tuned to see me run her figures through an investment forecast report taking into consideration the historical changes in the market. You might be surprised at the outcome. A plan is no good if you don’t live long enough to retireAfter exercising on Sunday, my back became extremely sore and stiff. It has been a struggle to go about daily life. Yet feeling this discomfort makes me thankful that I do not deal with an illness that puts me in a constant state of pain. The condition of our bodies is important. We cannot hope to live a full life if we are neglecting our health. Join me in this episode of the Retirement Answer Man to discuss listening to your body and doing what is best for it. Your retirement will thank you.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Sara’s book A Couple’s Guide to Happy Retirement. |
Wed, 19 April 2017
After my last knee surgery, my doctor told me that I should NEVER AGAIN attempt to run like I have previously. That’s when it hit me, my best days physically are behind me. That was a sobering thought and a bit depressing. Thinking like this has a tendency to affect how we live and can very easily seep into every aspect of life; it could affect how I relate to my family, do my job, or how I view retirement planning. When it comes to retirement...are our best days behind us? Are we approaching a time where we are unproductive, broken, and tired? Dan Miller doesn’t think so! Listen to this episode of the Retirement Answer Man to hear why and to hear my guest Dan explain how to start living a fulfilling retirement now. We’ve got retirement planning all wrong.With the current life expectancy and medical care, we will live longer and healthier in retirement than ever before. This is a great thing but it presents a problem. A problem known as the retirement crisis where many Americans will not be able to save enough for retirement. Because of this very real issue, our cultures main goal in retirement planning is to save and invest and hopefully have enough when we retire. Doing so is stressful and can cause our relationships to suffer. When all we can think about is working as much as possible to provide for the future, we forget to think of the present. When retirement arrives, you are worn out and may have damaged your relationships to such an extent that there is not much to live for. Dan Miller, my guest on this episode, thinks there is a better way to approach retirement planning. Don’t miss it! Why wait for Retirement to start doing what you love?Dan Miller believes that a retirement of ease and relaxation is short lived. Even if you have managed to save enough to lounge on a beach, you may be lacking in purpose. Our purpose is what drives us, what keeps us breathing. If we have built great financial assets and are able to live it up but don’t have a purpose, life becomes depressing. Dan is convinced that the key to a happy retirement is to fill it with financially productive endeavors that bring you joy and ignite your passion. Having these sources of income will relieve much of the stress we often feel in the years leading up to retirement and can save us from the heartaches of misplaced priorities. But why wait until you retire to find those things that make you happy AND earn you money? Dan says we shouldn’t wait, and in this episode, he gives a simple framework to help you find your passion and start pursuing it now. Retirement isn’t a time, it’s a lifestyle.Our culture thinks of retirement as a time when you are free of your lifelong career and hopefully have the financial assets to enjoy a lifestyle you couldn’t previously. While this is true in many cases, it doesn’t have to be. Dan Miller wrote a book entitled 48 Days to the Work You Love. Through this book, he teaches you how to find something that you are passionate about and turn it into a revenue stream. By making a switch from your current career to a job that fulfills you and that you work on your own time you can start living that retirement lifestyle now. Tune into this episode to hear Dan share stories of how people have done this. Holistic retirement planning gives you power.The binary view of retirement as a set time for which we have to plan and save can rob us of our joy and our ability to be creative. A holistic approach to retirement as a lifestyle gives you the freedom to pursue your dreams and passions and express your creativity. You could even start today. This does away with stringent and stressful retirement planning and gives you the ability to live. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[0:27] My best days are behind me! HOT TOPIC SEGMENT[3:06] The problem with retirement. [4:42] Our number one focus is on saving and investing. [5:35] The numbers don’t work. We can’t continue to think of retirement as a time of inaction. [5:49] Thinking of retirement in such a binary way stifles our creativity and ability to problem solve. [7:09] What resources do we have to solve this retirement crisis? [9:23] Most retirement advice you are getting falls short and limits your ability to create a great life. PRACTICAL PLANNING SEGMENT[10:16] Conversation with Dan Miller. [14:00] Why would you wait for retirement to start doing what you love to do? [17:45] If retirement is less of a date and more of a pivot into living your passion, how do you make that change? [20:32] Examples of people following their dreams. [25:11] You might have to change your expectations in order to do what makes you happy. [28:35] Going through the process and finding what you love gives you control of your life. TODAY’S SMART SPRINT SEGMENT[33:50] Listen to Dan Miller’s podcast. THE HAPPY LAB SEGMENT[34:30] We are more creative than we give ourselves credit for. Thinking holistically about life and retirement gives you back the power to create an awesome life. RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Dan Miller’s Site: http://www.48days.com Dan Miller’s Podcast: http://www.48days.com/category/48-days-podcast Dan’s book: 48 Days to the Work You Love TWEETS YOU CAN USE TO SPREAD THE WORD#Holistic #RetirementPlanning #RetirementAnswerMan @DanMiller48days We’ve got #retirementplanning all wrong #RetirementAnswerMan @DanMiller48days Why wait for Retirement to start #doingwhatyoulove? #RetirementAnswerMan @DanMiller48days #Retirement isn’t a time, it’s a lifestyle. #RetirementAnswerMan @DanMiller48days #Holistic #retirementplanning gives you power. #RetirementAnswerMan @DanMiller48days |
Wed, 12 April 2017
Welcome to another episode of the Retirement Answer Man podcast. I am Roger Whitney the Retirement Answer Man and this weeks' topic is all about working during retirement. We all can agree that saving and investing are important but they often prove to be challenging. I believe there is another option a more fulfilling one. Work. On this episode, we will talk with Marc Miller, an author, and coach, about how we can structure our retirement to be both fulfilling and productive - and avoid the so-called retirement crisis altogether. Listen to this episode to hear Marc’s tips on working during retirement. You can’t save your way into a good retirement.It’s becoming clear that many Americans will not be able to save enough for retirement. The average American makes $50,000 per year, and with the cost of living in our economy, there is little to no room for retirement savings. This is what many are referring to as the “retirement crisis.” Is there another way or are we destined to live on the street? Marc Miller gives us hope in this episode of the Retirement Answer Man that there indeed is a way to have a great retirement by finding a way to work on your own terms at a job that you love. Stay tuned to hear how you can make the transition from your current career into your dream job. My goal is to never retire.Marc Miller doesn’t want to retire. He wants to live to the end of his life pursuing the things that make him happy and helping others do the same. He plans on doing this by pursuing a job that he can work on his own schedule. This will give him income late into his life as well as purpose and fulfillment. He figured out how to be his own boss and you can too. Listen to this episode to find out how you can avoid what many are calling the “retirement crisis.” The thing that fulfills you might be the answer to your retirement questions.If you are in the same boat that many Americans are and won’t be able to save enough for retirement, you’ll most likely need to have a job in retirement. The conventional full-time or part-time job can be taxing and deplete you emotionally and physically. A better option is to work for yourself doing what you love or find your dream job. But how can you find that thing you love? In this episode, I issue a challenge for the week that can help you identify what it is that you might pursue as an income generating activity in retirement. Listen to this episode to hear how. Are you your biggest cheerleader?I realized this last week that I tend to put myself down. I don’t give myself credit where I should and I belittle my abilities. Even though I have been doing this subconsciously, it still takes a toll on my motivation and how qualified I feel to accomplish my goals. I realized that I need to be my biggest cheerleader to encourage myself into greater opportunities and accomplishments. Are you your biggest cheerleader? Listen to this episode to hear more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Marc Miller’s book Repurpose your Career TWEETS YOU CAN USE TO SPREAD THE WORD#RetirementCrisis: Why Work You Love Might Be The #Answer #retirementanswerman @CareerPivot You can’t save your way into a good #retirement. @retirementanswerman @CareerPivot My #goal is to never #retire. #retirementanswerman @CareerPivot The thing that #fulfills you might be the answer to your #retirement questions. #retirementanswerman @CareerPivot |
Tue, 11 April 2017
Last week I got a call from a good friend. His sister-in-law believes her financial advisor has been stealing from her. I offered to help them get to the bottom of this and figure out what exactly what has been happening. Investment risk is a very real threat in today’s world. Scam artists are everywhere and many of them are very good at appearing legitimate. There are several ways to research a potential investment or adviser that will give you insight into whether or not they are trustworthy. Join me in this episode to hear my tips on how you can be confident you are working with a trustworthy advisor or find out if your current advisor is not what he seems. Avoid the most common types of investment fraud.Investment fraud is very common. Many of us don’t know what to look for in potential investments to verify whether it is trustworthy or not. You may not understand how everything works and feel unqualified to assess the legitimacy of the investment. However, there are a few telltale signs that will tell you whether or not you should trust the investment opportunity or advisor. In this episode, I will explain 4 of the most common types of investment fraud and walk you through how to identify them. You don’t want to miss this! Simple ways to make sure your advisor won’t steal from you.It’s our worst nightmare, and for some of us, it has come true. Having your financial advisor, the one you have trusted with your money, steal from you can ruin your life. With so many different types of investment opportunities available today it is easier than ever to get scammed. How can you make sure the financial advisor you are considering is who they say they are and won’t steal from you? It’s actually quite easy. Stay tuned to this episode of the Retirement Answer Man to hear me explain how to check the legitimacy and trustworthiness of you advisor. Your beliefs will dictate how you react to crises.Believe it or not, your beliefs dictate your responses; in the easy times as well as in the hard times. While you may not wake up to find that you have been a victim of investment fraud, chances are, something will go wrong today. Rather than reacting negatively to the hardships that are inevitable, you could react with joy and happiness choosing to have a good day regardless. Do you want to know how to do this? It starts with telling yourself what you believe about the day. First thing in the morning, set your belief to be positive and you will naturally tend to react in a positive way. Listen to this episode to hear a great and simple way to do this. Are Password management services a safe choice?Passwords are a pain, but they are essential. In today’s world, we have more passwords than ever. Netflix account password, online banking password, cell phone account password and the list goes on and on. How do you remember all of these passwords and keep them safe? Today on the Retirement Answer Man show I interview TJ from 1Password, a top notch password management service. He explains how password managers work and why they are far more secure and easy to use than a spreadsheet or physical file. He also talks about the possible vulnerabilities of using a password manager and gives practical advice on avoiding huge password mistakes. I am confident you will learn a lot from what TJ shares, make sure you listen to the whole interview.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Online password management service: 1Password.com
TWEETS YOU CAN USE TO SPREAD THE WORDMy #investor stole my money. A simple way to avoid #investment #fraud. #retirementanswerman @tjluoma
Avoid the most common types of #investment #fraud. #retirementanswerman @tjluoma
Simple ways to make sure your #advisor won’t steal from you. #retirementanswerman @tjluoma
Your #beliefs will dictate how you react to #crises. #retirementanswerman @tjluoma
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Wed, 29 March 2017
The election of President Trump was unexpected, and there is no denying that it has affected the markets. But instead of a crash, we are seeing all time highs. Since the election, the market has been accelerating like never before until last week when we saw it slow down. This begs the question, Will the Trump bump Become the Trump Dump? In this episode, I seek the opinions of two of my favorite people, Joe Saul-Sehy of Stacking Benjamins and Burt White of LPL Financial. They will tell us what they expect to see in the markets and how we should plan our investment and retirement, and if this Trump Bump will continue. This episode is fun, fast-paced, and full of great advice, make sure you join us. President Trump’s election has led to an all-time high in the markets.Since the election, we are seeing all-time highs in the market. US Equity Indexes have been on a tear. The S&P 500 has set multiple all-time highs and the Dow Jones has hit 20000 which it has never hit before. This growth is exciting and is giving many people hope for the next 4 years. People are taking action based on what we are seeing in the markets, but is this the right move? Stay tuned to hear my tips on how to react to these market changes. Should we take action on current market changes?Markets surged after the election of President Trump, until last week where we had the worst week since the election. Does this bode ill for the Trump administration? Should we take steps to mitigate this risk now before something terrible happens? On today’s show, we have my good buddy Joe Saul-Sehy of Stacking Benjamins. He has great tips for us about how we should think regarding the changes we are seeing. Is it prudent to sell as soon as the markets begin to drop significantly? Based on personal experience, Joe says “No.” It’s best to keep a level head and be smart with your investments. The markets will rise again, we don’t know when but we don’t want to sell if it will jump back up tomorrow. Will President Trump’s agenda of growth make us stronger?President Trump has an agenda of growth and many of us were not aware just how much growth might be possible. In the past growth has been driven by the consumer but with our president focused on nationwide growth, businesses may be gaining confidence that they previously have not had. It’s easy to invest in new employees if things go bad you can let them go. But it's another thing entirely to invest in a new factory or distribution system. If you do that, you are committed on a far deeper level. Burt White from LPL Financials believes that President Trump’s agenda of growth might give businesses the confidence to invest in themselves. He predicts that this may drastically increase not only the taxable income of the government but also the number of jobs. The Seas are calm, it’s time to swab the deck.During a storm is not the best time to make repairs and adjustments to your ship, calm seas are much better suited for that. The same is true for our economic ship. Market downturns are not the time to rethink your investment strategy or reallocate funds to fit your changing risk tolerance. It is a much better idea to make those changes when the markets are good like they are now. On this week’s show, I encourage you to have those little conversations with yourself and make those changes to repair and maintain your ship while the seas are calm. Make sure you listen to this week’s Retirement Answer man Show to find out how. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Stacking Benjamins Facebook Page: https://www.facebook.com/IStackBenjamins/?ref=br_rs |
Wed, 22 March 2017
Welcome back to the Retirement Answer Man Show. I’m Roger Whitney and I’m sad to say it, but Retirement Planning is broken! The mainstream retirement planning method that has worked for years is falling short in our modern world. It is frustrating, disappointing, and fails to give you the leverage you need to create a great retirement. In this episode, we will dive into the good, the bad, and the ugly of modern retirement planning and you will see why it no longer offers an empowering course of action. Fear not. There is a better way and I will tell you what it is in this episode. Make sure you listen to this one. Modern Retirement Planning is broken.Mainstream retirement planning is based on numbers, not people. You, your lifestyle goals, and your assets are plugged into a formula. The outcome is a rigid plan based solely on the numbers. It rarely offers you an encouraging plan and you are left with next to no levers to pull to create your ideal retirement. Change is inevitable. We must adapt to it. But the modern retirement plan is not flexible and you might end up without options. An effective retirement plan is one that looks at each person as what they are, a person. You are not a number in a formula, you are a human being and you have unique goals, desires, and beliefs that need to be considered while planning for your future. Modern planning is rigid and impersonal but there is a better way. Listen to this episode to learn more. Hiring a retirement planner is not always a recipe for success.We can all agree that using an online retirement planning service will result in an impersonal plan, but is working with a retirement planner a better option? Sometimes it can be, but often times it won’t result in a flexible and encouraging plan. Planners will listen to you and hear your goals and dreams but in the end, you are still plugged into a formula and have to deal with the rigid outcome; an outcome that does not inspire action, is not flexible enough to adapt to change and does not encourage you to chase your dreams. Working with a retirement planner might give you an educated prediction of the future, but it’s only a guess. Listen to this episode to discover a better way! What worked for your parents might not work for you.Mainstream retirement planning was once effective. It worked for our parents, but it’s not working for our generation. Why? There are many reasons, one of which is pensions. Our parents had pensions and they provided for most of their retirement years. Some of you have pensions and that’s great. But we are faced with an average of 30 years of life after we retire that we have to plan for. A pension won’t fully cover it so we need to get creative with our assets and goals. Our parents also lived more simply that we do. Retirement often consisted of sitting on the porch watching the neighborhood children play. Today we are presented with the opportunity to live our lives in ways that we have not been able to previously, and that costs money. Creativity and flexibility are the keys to a good retirement plan and on this episode, I’m going to give you an idea what that could look like for you. Don’t miss it! Agile Retirement Planning may be the keyAgile Retirement planning is a method I have developed to work with the challenges of our modern world and provide you with options to create an ideal retirement. It’s adaptive and focuses on managing change rather than predicting the future. This will give you flexibility and hope when challenges present themselves. It allows you to be in control of your retirement rather than putting your trust entirely in chance or in your retirement planner. I’m going to dive deep into the 4 main impacts that I have seen in my client's lives as we have worked through the agile retirement method. Make sure you listen to the whole show to get it all. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 15 March 2017
We all have heard the term living simply and possibly associate it with a minimalistic lifestyle. Is there a way we can take the concepts of simple living and apply that to our retirement plan without compromising what is important to us? On this episode of the Retirement Answer Man, we will look at the costs of a large lifestyle and the benefits of simplifying. We all know that a larger house costs more, not only up front but also in the day to day maintenance. Not only that but it is human nature to acquire “stuff” to fill the space in which we live. The larger our house, the more “stuff” we collect. Listen to this episode to hear my advice on how approaching retirement planning with a simplicity mindset can give you amazing confidence and stability. Home Ownership is great, but it doesn’t define us.Home ownership and the American Dream go hand in hand, don’t they? We are taught that one of the first steps, after embarking out on your own or getting married, is to buy a house. In my case, it was a 1600 square foot home. From there I soon felt the need to upgrade to a larger house with a larger back yard that I could outfit for the kids and give us space to grow. This might sound like a common situation and it is. Many Americans go through this same journey and it’s not always a bad journey. However in my case, by following the path of our culture we ended up building a cage that trapped us financially. In this week’s show, we’ll address whether or not Home Ownership as our culture sees it is best for retirement and if there is a better way to go. Stay tuned! I’m not rich, is there a normal person’s retirement plan?Some of you might be saying, “Roger, I’m not rich. The retirement plans you have been outlining don’t fit me.” You are totally correct, what we have outlined so far on this show is not the average American retirement. That is why I will be creating a “normal” person's retirement plan with someone who might not have as many assets or an adequate nest egg. If you feel something like this would help you in your journey towards retirement, make sure you listen to this episode as well as future episodes to find out what I’m planning. Buying my home limited my ability to build wealth.Building wealth and acquiring assets is arguably one of the biggest parts of planning for retirement. Without adequate savings or a means of sustainable income, we can’t expect to retire and keep our desired lifestyle. When my family and I upgraded to a larger home we essentially built a cage around us, a cage of financial obligations. The yard needed to be maintained, the house needed to be cleaned, and the mortgage and taxes had to be paid. These obligations limited my ability to build future wealth for my family and lessened the effect with which I could create assets. If our mindset had been different, we could have enjoyed close to the same lifestyle without the possibility of compromising our future. Listen to this episode to hear a better solution. Living simply gives us the ability to say “yes.”Every decision we make in life comes with its own set of obligations. When we choose to live largely we often find ourselves obligated to maintain our lifestyle, or at least pay for it. This can limit our ability to be spontaneous and enjoy the experiences of life. Living simply can reduce the number of obligations in our life, freeing us up to say “yes” to those opportunities that we might otherwise have had to forgo. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT[20:21] Living simply gives you flexibility to say “Yes” [21:00] My trip to Mongolia TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 8 March 2017
Welcome back to the Retirement Answer Man show. I am Roger Whitney and I’m so excited to have you with me. Today we will be talking about certainty in retirement and how it is, in fact, absurd! The only thing that is certain in life is uncertainty. No matter how hard we try to plan for the future we can never be 100% certain things will turn out the way we’ve hoped. Things will go wrong and we have to find a way to deal with uncertainty. If you follow the guidelines I lay out in this episode, you can feel confident in your future retirement and your ability to cope with the changes ahead. Be sure to tune in to hear this great advice. You’ve planned well for retirement. GREAT! You may still have to live in a trailer.Regardless of how well we plan for our future retirement, the unexpected can always happen. Interest rates may fall, taxes may skyrocket, your health may decline, and the government might go bankrupt. If these things happen, your well thought out plan is worthless. You may be forced to live in a trailer. Uncertainty is the only thing we can accurately plan for. But don’t doubt the importance of a retirement plan. Having a plan and being ready for the possibility of unexpected changes will help you cope with them when they come. If you remain willing to make small changes the big disasters will not affect you as drastically as they may affect others. Dealing with uncertainty comes down to being willing to compromise in little areas all through life. Doing so will allow you to be flexible and keep your priorities where they need to be even if things go horribly wrong. Our world is changing rapidly, how can we ever hope to plan for the future?In the last several decades we have seen the decline of the physical retail market and the rise of the online market. We have seen the birth of mobile technology that makes it possible to work from home and stay connected on the go. There is no denying that change in our modern world is real and is drastically reshaping our economy and life. On this episode of the Retirement Answer Man, a listener wants to know how we can effectively plan for retirement in light of the massive change we see around us. Many of you may doubt that a reliable plan can be created, but I encourage you to not give up hope. In this episode, I talk about how to keep your mind set on your priorities and be flexible so that you can adapt to the change. The verdict is in, will Kim and Joe be able to retire?We just held the Retirement Plan Live Webinar with Kim and Joe and we found out if their ideal retirement plan will work or not. Make sure you listen to this show to find out the details. Many of you wrote in with questions and observations about the live webinar and its outcome. Today I will share a few of those questions and hopefully give you some answers. Listen to this episode to learn how the concepts we applied to Kim and Joe can help you in your retirement planning. Go deeper to avoid a catastrophe.This week I received some heartbreaking news regarding an acquaintance. It’s possible the situation could have been prevented if little problems were taken care of early on. Often times we never know how big of a problem something is until it has blown up and forever changes our lives. Our culture often tends to steer us away from digging deep into our life and relationships to find the hidden problems. If it appears fine on the surface we don’t see a need to look any further. Listen to this episode of the Retirement Answer Man to hear my advice on how to find those small problems and stay vigilant in the face of uncertainty. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
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Wed, 1 March 2017
Hey, there, and welcome back to the Retirement Answer Man show. I’m Roger Whitney and I am THE Retirement Answer Man. This week’s show is all about Net Worth. Today I answer several listener questions regarding net worth statements. I also offer a caution about the dangers of comparisons in your retirement planning and how they can ruin your well-made plans. I’ll help you set your focus where it should be so that even though you can’t fully avoid comparisons, you can assure they will have minimal effect on you and your retirement. Make sure you take the time to catch this episode, your retirement will thank you! Playing the comparison game could cost you your retirement.We all do it. We compare ourselves to others. We compare our car, our job, even our net worth. While this is a natural part of human nature, it can be a very dangerous game to play. Comparing ourselves to others takes our focus off of our goals and what we need to do to accomplish them and puts the focus on our perceived value in relation to others. Comparing ourselves to someone with a higher net worth can make us feel discouraged, hopeless and possibly cause us to give up. On the other hand, if we compare ourselves to someone who’s net worth is lower than our own, we may feel so proud of our achievements that we stop working hard towards our goals. Even though comparisons are inevitable, there is a way you can focus on what is important. Listen to this episode to find out how. I have a negative net worth, is there any hope for me?Many people find themselves in this situation. It has become normal in our culture to live our lives without thinking of retirement only to find ourselves getting older with little savings and next to no assets. This is a scary situation to be in, and one that a listener finds himself in. He asks a question about planning for retirement and working with an advisor even though he has a negative net worth. He wants to know if there is a way to succeed. While the road to retirement is much more difficult when you are in this type of a situation, fear not, it is not hopeless. Listen to this episode to hear the advice I give this listener. Will Kim and Joe be able to afford their ideal retirement? Find out tonight!Tonight is the Retirement Plan Live webinar where I walk Kim and Joe through the conclusions of our planning and we find out together if they can afford their ideal retirement. You don’t want to miss the exciting end to this year’s Retirement Plan Live. But not everyone can join the webinar, you have to be invited. Listen to this episode to find out how you can get one of these special invitations. I hope to catch you tonight! Taxes. Who likes Taxes? Is there anything I can do to lessen the impact of taxes on my investments?
RESOURCES MENTIONED IN THIS EPISODE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 22 February 2017
Hey, hey - it’s great to have you along for another episode of The Retirement Answer Man. I’m Roger Whitney and I am THE Retirement Answer Man. This episode of the show is all about how the habit of binary thinking can derail your retirement planning goals. What is binary thinking? I’m glad you asked! On this episode, I’m going to walk you through a couple of examples of binary thinking, including one I experienced with a friend of mine in years past, to show you exactly what it is and how it can be detrimental to your life - and your retirement planning. And… I’m going to answer some listener questions about this year’s Retirement Plan LIVE. I hope you’ll make the time to listen. You’ll want to hear this one! What is binary thinking and how can it negatively impact your retirement planning?On. Off. On. Off. That’s essentially what binary thinking is. It’s thinking in terms of one thing, or another - and nothing else. When you get into the habit of thinking in a binary sort of way, you can miss a whole world full of options that might otherwise be open to you. I hope you can see how bad that can be when it comes to the way you approach retirement planning. This episode, I’m going to give you some example of how you can avoid binary thinking. Is retirement preparation only about saving and investing? Nope. That’s too binary.On this episode of The Retirement Answer Man, I highlight some good news that comes from the latest stats about retirement savings. Fidelity says that the average household savings rate has gone up to 8%. Wooohoooo! That’s always a good thing. BUT, it’s not the only thing that matters. You can’t ONLY save and invest and expect that you’re going to be all set for retirement. You need to think more broadly, less binary. That way you can make the most of every option you have. On this episode, I’m going to highlight some of the ways you can do that, so be sure you hear these great tips. What are the old stories you need to stop telling yourself?All of us have, what a colleague of mine calls, “old stories.” They are the things about ourselves that perhaps USED to be true but are no longer true - but we continue to talk (and think) as if they are still true. For example, you’ve heard me talk on the show about how I almost ruined my marriage because of the self-centered way I was living. If I continue to think of myself in those terms even though I’ve changed, I could sabotage my own ability to move my life forward. When it comes to our ability to build a great retirement, those old stories can be especially damaging. On this episode, we’re going to dive into what you can do to avoid living according to your version of those old stories. You’ll want to hear this one. Don’t miss this year’s Retirement Plan LIVE webinar. Here’s how you can get in on it!We’ve wrapped up the podcast episodes of this year’s Retirement Plan LIVE, and like we do every year, we’ll be summarizing and revealing the actual retirement plan for this year’s participants (Joe and Kim) in a LIVE webinar. It’s a fun way to wrap up and for you to see how retirement planning is actually done. You can get in on it via personal invitation. How do you get one of those golden tickets? Listen to this episode to find out! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RogerWhitney.com/blog - find my core values as shared on this episode. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 15 February 2017
Well, here we are - at session number three of Kim and Joe’s 2017 Retirement Plan LIVE experience. Today we reach the topic nobody enjoys talking about but that we HAVE to talk about anyway: Retirement Risks. There are many things we need to consider on this episode of the Retirement Answer Man in order to think about retirement realistically and Kim does an amazing job of thinking soberly about the risks that she and Joe will face when they reach retirement. Our goal is to assess them and then address them in their retirement plan. Want to hear how we do it? You can, on this episode. It’s wise to address retirement risks - but they don’t stay addressed.One of the problems with trying to predict what could happen in the future is that the picture keeps changing. You can address things the way it makes sense today but if the markets change (and they will) or if your financial or health situation changes (and they could), you’re going to have to reassess and re-address the risks you’ve identified. Heck, there could even be new risks by the time you get there. So what do you do? You keep working at it. There’s really no other option. On this episode, I chat with Kim about the risks she sees ahead when it comes to her retirement and we make some tentative plans for the ways those risks might be addressed. I’ll reveal my full suggestions in the upcoming RPL webinar, which you can get in on. Find out how, on this episode. Duct tape solutions to the retirement risks you see are not the best answer.Do you know what a duct tape solution is? It’s a solution that seems effective at the time but by nature of what it is, it won’t last very long. It’s like putting duct tape on a hose in your car that has sprung a leak. It may get you to the next town but it’s not going to last for a cross country trip. On this episode, Kim and I talk about the possible solutions to some of her retirement risks and discover that some of the things typically used to address those risks may not be the best options. You’re going to enjoy thinking through these issues, so be sure to listen. One of the biggest retirement fears is that you’ll outlive your money.Almost everyone I talk with about retirement planning has one risk in mind far above all the others when it comes to their retirement: They are afraid that they might outlive the money they have to live on. It’s a very real concern since the longevity rate in our day continues to rise. Are there ways to address this concern other than saying, “Set aside more money?” Kim and I discuss that on this episode as we walk through her Retirement Plan LIVE session today, so be sure you take the time to listen. What if you need expensive medical care, die, and leave your spouse broke?There is a very real and tragic scenario that happens over and over in modern day America. A married couple plans for their retirement, retires, and is enjoying the fruits of their many years of employment or work, and then one of them is struck with a very expensive disease or medical condition. They use up all their hard-earned money on medical care, and then the ailing spouse dies, leaving the surviving spouse almost penniless. What can be done to mitigate THAT kind of risk? Kim and I talk about the possibility on this episode of the show. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODERoger(at)wwkwealth.com Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 8 February 2017
Planning for retirement will be next to impossible if you don’t have some sort of barometer of your financial situation - and that’s why I always create a personal net worth statement with my clients to have a starting point for retirement planning. On this episode - the 2nd in the 2017 Retirement Plan LIVE sessions - I’m talking with Kim about her and her husband’s financial status, and you’ll hear us go item by item through their financial situation to build their net worth statement. It’s the first step, and one you can take easily enough on your own. Find out how on this episode of The Retirement Answer Man. What the HECK is a personal net worth statement?Your net worth statement is a document that will provide you a quick look at your financial situation at any point in time. By calculating your net worth you’re able to see what all the work you’ve done in your life has provided for you - as well as what you’ve spent so far. But tracking your net worth over time gives you even more insight into your financial picture. On this episode, I’m talking with Kim about the current assets and expenses she and her husband have right now, a few years before retirement. This will enable them to know where they are starting from as they begin to set retirement goals. You’ll see how applicable the net worth statement is to retirement planning, on this episode. Here’s the simple way to create your own net worth statement.You can calculate your own net worth statement pretty simply with very little effort. The hardest part is assembling all the facts and figures that go into a simple subtraction problem. Here’s how you do it: Total up all your assets (things you actually own that have value, including cash accounts at the bank), total up all your liabilities (the things you owe money on) and then subtract your liabilities FROM your assets. That will give you a net worth figure. Now that you have it, how do you use it to plan for retirement? I’m glad you asked because that’s what I’m covering with Kim, on this episode. How can you use a net worth statement to plan for retirement?When you’re planning for retirement you have to do more than just dream up fancy things in regard to your future without knowing how those fancy things are going to be funded. Your personal net worth statement will enable you to know what resources you have available to build upon in order to fund your retirement plans. Think of it as a starting place, the dot on the map where you are now. Once you understand that figure you’ll be able to see how far you are from the ideal retirement you’ve imagined. If you’d like to build your net worth statement with a little help from a retirement planner, here’s your chance.One of the things I love about what I do is that I’m able to help people accomplish financial goals through the creation and use of simple tools that are truly helpful. One of those is my “Build Your Net Worth Statement” worksheet - which is yours for free if you want it. If you’d like to get your own copy and find out how to get started with your own net worth calculations you can find it on my learning center page. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 1 February 2017
What are your retirement wishes? Do you have any? This episode of The Retirement Answer Man is all about retirement wishes - dreaming up the kind of retirement you really want to live (forget about what seems practical for now). I’m walking through an initial retirement planning conversation with Kim and Joe - this year’s participants in my Retirement Plan LIVE event. In this conversation, you’ll hear how I help clients think through retirement needs and wishes and in coming episodes we’ll begin planning for how to accomplish them. It’s a hands-on conversation, so jump in to hear how we do it. Can you think a little bigger about your retirement? What are your wishes?For many people, the word “wishes” equates with the word “unrealistic.” But that’s not what we’re shooting for on this episode. In this conversation with Kim and Joe I’m trying to dig deep - to find out what they really want to be able to do during their retirement years so that we can create a plan that makes it possible once they get there. It’s a practical and exciting process and I hope you learn from this example so that you can start creating YOUR version of an ideal retirement in the future. Learning to dream bigger is not all that easy, but we need to do it.Most of us have a hard time envisioning what it’s going to be like during our retirement years. We hope for the best but often don’t know how to plan for it. Part of that struggle is that we have a difficult time knowing how to dream bigger, how to think of the things we really WANT to do during retirement instead of being limited by what we think will be realistic. On this episode of The Retirement Answer Man, I’m helping Kim expand her thinking when it comes to her retirement plan so that we can figure out now how to make her retirement wishes come true. Are you interested? It’s a great conversation. It’s impossible to forecast every retirement need, but you still need to do it.None of us know the future so it’s reasonable to think that retirement planning is a hopeless cause. Afterall, you can’t predict every expense you’re going to have, right? Well, sort of. On this episode of the show, you’re going to hear how I help Kim think through the needs she and her husband might have during retirement and establish a baseline budget that they will be able to live on but will also afford them some of the finer things in life. And we take into account many of the “unforeseen” issues as well. You’ll need to hear it in order to totally grasp it, and you can do that by listening to this episode. Your retirement dreams need some “placeholders” in your retirement plan.None of us truly knows what retirement is going to hold. Are we going to be healthy or are we going to face a health crisis? Are we going to be able to travel or will we feel like we want to be a homebody? But you can’t let the lack of certainty keep you from planning for the retirement wishes you have. That’s why you need to plan on some of the fun things you think you may want to be in your retirement by adding “placeholders” for those expenses. On this episode, I help Kim create some placeholders - and it will serve as a great example of how you can do the same.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Thu, 26 January 2017
Every year I conduct a grand experiment in internet broadcasting that features everyday people like you. It’s called Retirement Plan LIVE and it’s my attempt at helping you know the ins and outs of effective retirement planning - and I do it by inviting listeners to take part in a to-be-aired set of conversations that walk through their actual financial situation. If you would like to take part, all you have to do is listen to this episode. It’s going to be a fun ride! Fast moves by our new President. What does it mean for you as you plan for retirement?Donald Trump is now President of the United States and his first weeks in office have brought a flurry of activity that directly impacts the financial markets. If you are looking toward or planning your retirement in such tenuous times, it can be a bit overwhelming trying to figure out exactly what you should do. So what SHOULD you do? On this episode’s “Hot Topic” segment I’m addressing my view on such things and I hope you’ll see that you don’t need to worry or fret if you adhere to some simple principles. Meet Kim and Joe: this year’s Retirement Plan LIVE participants.Today we get to meet Kim and Joe, the kind and generous souls who have agreed to come on the show and bare all (except their identities) to help you see how I go about walking a family or individual through the monumental task of wisely planning for their retirement. These two are a great example of everyday folks who are beginning to consider the important things that need to go into making their retirement the best it can be. You’ll enjoy getting to know them, hearing about their hopes and dreams for retirement, and learning how you can take the first steps toward planning for YOUR retirement just like them. Do you have an I.C.E. plan for your personal finances? Why not?Do you know what a financial I.C.E. plan is? It’s the way I refer to an “In Case of Emergency” plan - something that your loved ones need to have in the unfortunate case of you being seriously injured or killed. Creating an I.C.E. plan is one of the most compassionate, caring things you can do for your loved ones and sadly, most people wait until it’s too late and never create it. On this episode, I’m going to give you a homework assignment: your first step in creating your own personal I.C.E. plan. If you are serious about caring for your loved ones even after you may be done, this plan is for you! Are you signed up for “Six Shot Saturday?” Join the few, the proud, the financially astute!Every week I send out an email to those brave and daring souls who are eager to receive that little bit extra in terms of financial information, tips, and strategies to help them maximize their efforts at planning for retirement. I only send it out to people who really want it - those action-takers who are willing to go the extra mile. Is that you? I’d love to send it to you so be sure you listen to this episode to find out how you can get on the list! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.Give-r.com (use the code “AnswerMan20” to get 20% off) Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 18 January 2017
Every one of us has a Facebook face - right? It’s that face we put on for the Facebook watching world (at least we HOPE they are watching). Here's what it looks like: We have a great life, great relationships, new car, enviable vacation pictures - you know the drill. It’s the adult way of impressing our friends and family. But the problem is that it’s not entirely true. On this episode of The Retirement Answer Man, I’m talking with a friend of mine, P.T. Money about the real life personal growth stories we all have related to our finances. It’s seldom pretty. We all have fits and starts in the journey. P.T. has a new podcast featuring those stories and I want you to hear about it, on this episode. None of us get our finances right in the beginning. It’s OK. It’s personal growth.I remember when I started out as a young adult - at least I thought I was an adult. I was doing the things I wanted to do, thinking I knew everything I needed to know, doing what came naturally and easily. I made a LOT of mistakes, with money and with my relationships. But it was those mistakes that woke me up to the needs in my own life, to the areas of growth that I needed to take seriously in my own life. On this episode, I’m trying to point us toward the real life struggles we all face so we can understand that none of us is alone on the journey. We all make the bone-headed mistakes that grow us up over time. Did you know what you wanted to do right out of high school? Me neither.Very few of us do. But we have this crazy-headed notion that if we don’t know what we’re going to do for the rest of our lives by the time we are 18, something is wrong with us. And even worse, we think that once we are in that career or in a serious vocation, that’s it. We’re stuck there for life. My guest today is P.T. Money - he’s a guy who almost literally fell into being an accountant because it was the family trade, so to speak. But by the time he was 30 years old he discovered that it actually WASN’T what he was wired to do. You can hear his story, how he discovered the bad fit, and what he did to pivot away from accounting and build a happier and more profitable career, on this episode. The growth curve exists all throughout life. Get used to it.Early on in life, I believed that one day I’d arrive, I’d get to the place that my personal growth would taper off. But that’s not at ALL what’s happened. I turn 50 this next week and one of the many things I’ve learned in my time on the planet is that the growth curve never stops, no matter how old and experienced you become. So if that’s true, how can we maximize the learning curve to amplify personal growth and make the most of the years we have? That’s the topic of discussion on this episode, with my guest P.T. Money. Building toward your retirement through a side-hustle is an incredible idea.We’re all hoping for the best retirement possible. That includes plenty of money to know that we’ll be comfortable and secure for the years we have left after leaving our full-time employment or career. But I want to challenge you to think a bit bigger than that. What can you do to put together a side hustle based on an area of interest or passion, and use it to make a bigger difference in the world - both now and during your retirement? What would that look like? I bet you could make it happen. My guest P.T. Money and I talk about that possibility on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEGet in on “6 shot Saturday” - sign up on the website. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD#153 - Real Life #PersonalGrowth And #Finance Stories with @PTMoney None of us get our #finances right in the beginning. It’s OK. It’s #PersonalGrowth @PTMoney Did you know what you wanted to do right out of #HighSchool? Me neither @PTMoney The#GrowthCurve exists all throughout life. Get used to it @PTMoney Building toward your #retirement through a #SideHustle is an incredible idea @PTMoney |
Wed, 11 January 2017
Financial forecasting season is upon us! It’s the new year and there’s always a handful of predictions you see regarding politics, markets, social trends, and much more. If you spend much time listening to the talking heads out there you can come away very confused. Why? Because you’ll hear as many opinions and forecasts as there are talking heads! On this episode of The Retirement Answer Man, I’m going to talk a bit about the role financial forecasting should play in your financial decisions. You’re going to find out what I think of all the expert advice out there, so be sure you give this one a listen. Financial forecasting is often primarily about attention, not truth.Don’t get me wrong, the people out there making their financial forecasts truly believe that what they are saying is really going to happen. But they’re not making their forecasts solely for the sake of helping you know what to do. They are trying to get attention, to get eyes on themselves and their organizations. That enables them to be positioned as an expert in the field and hopefully (they are hoping) they will get some clients or business as a result. So how should YOU take action based on the forecasts? I’m going to tell you what I think, on this episode. What is a donor advised fund and how can you use one?On this episode of The Retirement Answer Man, I received a question from a listener about the wisdom of putting some assets into a “donor advised fund.” What is that you may ask? A donor advised fund is essentially a philanthropic financial vehicle established at with some public charity. It allows you - or any donor for that matter - to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. So in this way, as a donor, you are able to also be an advisor to the fund regarding what they do with the money that's given. So in answer to my listener’s question I dive into those types of funds and give a bit of advice about how you can wisely contribute to and participate in them. Do you have retirement funds in an ESOP? Is there any way to move them out?One of the things I love to do on The Retirement Answer Man show is answer listener questions - and on this episode, I got a great one about ESOP accounts. An ESOP is an employee stock ownership plan. It’s a qualified plan designed to invest primarily in the stock of the company where you are employed. ESOPs are "qualified" in the sense that the ESOPs sponsoring company, the selling shareholder and participants receive various tax benefits. But the listener who asked the question wants to diversify the account. Is it possible? I’ve got some suggestions for him on this episode, so be sure you listen. Are you device-addicted? You should take the question seriously.I recently saw a video created by a very thoughtful and wise guy named Simon Sinek. He was talking about the tendency among Millennials to be “device addicts.” He pointed out that the “ding” of a device notification stimulates the very same chemicals in the brain as shot of cocaine. That means we are able to become physically addicted to the sensation on certain levels. Why am I asking the question? Because I’m concerned not just about retirement planning, but retirement planning that leads to a HAPPY life. And if you’re addicted (to anything) I doubt you’re going to be your happiest. Find out how I suggest you go about answering the question on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ www.RogerWhitney.com/blog - check out my new blog! Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD#152 - #FinancialForecasting: #2017Predictions And The Impact They Have On YOU #FinancialForecasting is often primarily about #attention, not #truth What is a #donor advised #fund and how can you use one? Do you have #RetirementFunds in an #ESOP? Is there any way to move them out? Are you #DeviceAddicted? You should take the question seriously |
Wed, 4 January 2017
Welcome, welcome welcome! It’s 2017 and time to address those retirement goals you’ve been putting off. And I’m here to help. I’m Roger Whitney, otherwise known as The Retirement Answer Man. I’m here every week to help you think through, plan for, and take action toward a better retirement than you can conceive! Well, maybe not that extreme but I do want you to have a happy and healthy retirement that is personally rewarding for you and yours. This podcast is all about that end goal. On this episode, I’ve got a lot to share about where we’re headed in the next year and we talk with our very first participant in the Retirement Plan Live event from a few years ago, Carl. I hope you’ll take the time to listen. I’m now BETTER EQUIPPED to help you with your retirement goals.As I was looking toward 2017 and trying to focus on the things that I believed would help me serve you and my clients better, I decided that I needed to make a huge change in my life. I dropped some of the licenses that I’ve held for over 20 years. Why would I do that? Because now there is a lot less government regulation inhibiting the kind of things I can talk about on this podcast and on my blog. Now I can actually mention common retirement vehicles like "mutual funds" and others. I’m better equipped to help you navigate your retirement goals and am eager to do so. Find out how I do it week to week on this episode of the Retirement Answer Man. Retirement goals are not something you should put off.Most people wait far too long to begin setting retirement goals. It’s easy to think that you have plenty of time but the sad reality of the way life goes is that time sneaks up on you and retirement is here before you know it. You’ve got to start setting goals and reaching for them NOW so that your retirement is a happy, secure, and meaningful one. On this episode, I’m talking with the very first person who participated in my annual Retirement Plan Live event, Carl - and he’s going to share how he’s doing with his retirement plan and the enthusiasm that has come into his life from doing so. You’re going to want to hear this one. How sharing your story could help someone else navigate their own retirement.In this episode of The Retirement Answer Man, I talk with Carl. He and his wife were two of the very first people I worked alongside in my Retirement Plan Live event a few years ago. Carl has begun to share his own story of planning and moving toward retirement in his own blog. What he’s discovered is that his story is beneficial to others who are on the same path he is - and I would venture to say that every one of you has the same ability to impact others with YOUR story. So what are you waiting for? Listen to this episode to find out how you can tell your story among the Retirement Answer Man community and see how it encourages others. Our very first Retirement Plan Live participant is on the way to his retirement goals.Carl and his wife are just a few years away from retirement. They’ve got their retirement goals laid out before them and are systematically ticking them off the list, one at a time. In this conversation, Carl and I talk about their recent move from their long-time home to a cabin in another community 100 miles away. The transition has gone well and Carl points to a few things they did that he believes made the transition less of a hassle than they expected. He also shares how he’s built a “bridge” into his retirement and why he recommends that everyone who is a few years away from retirement do the same thing. Carl’s a wise man and you’ll learn a lot from his experience, so be sure you listen.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.TheRetirementManifesto.com - Carl’s blog about retirement Leave your questions: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 21 December 2016
Dealing with failure is never an easy thing. We all have things we regret, wish we could do over, or would like to have never done in the first place. This episode of The Retirement Answer Man is filled with YOUR feedback to this show - over 220 responses you sent in at my request, responses to my annual listener survey. And you didn’t hold back! There was lots of great advice for making the show better and a few criticisms that I have to admit stung a bit. But I’m not going to take it personally - I’m making the choice to deal with the potential failures revealed in your feedback as exactly that - feedback. I’m going to use it to become better! I hope you listen in. The Retirement Answer Man 2016 Listener Survey - the results are in!I am one of the few podcasters I know who actually does a listener survey each year - and I do it for a very specific reason. I honestly feel that the podcast is about you. I want to talk about the things that YOU feel will be most helpful to you, so I need to hear how the things I’m doing are impacting you on a practical level. As a result of the excellent feedback I received this year, I have some changes to announce and some promises to make about the show going forward. If you want to know what’s coming on the RAM show in the next year, take a listen to this episode! Could you use some practical case studies of real-life retirement issues?Apparently, all of you who listen to The Retirement Answer Man show are a practical bunch. The listener survey reveals that you want me to do more case studies - you know, the practical stuff that helps you apply retirement strategies and principles to real-life situations. And because you asked for it, that’s exactly what I’m going to do in 2017. In addition to my annual “Retirement Plan Live” (which is coming up after the first of the year), I’m going to do a few more case studies of various sorts throughout the year. I want the show to be as helpful to you as possible, so thanks for letting me know what you want! Do you feel like a failure when it comes to your retirement planning?Many people wait far too long to start planning for a happy and healthy retirement. It takes time to build up the funds needed for a secure retirement and you know, time has a way of sneaking up on us all too quickly. If you’re feeling fearful about your retirement I want to encourage you that it’s never too late to start. There are some important things you can begin to do today to mitigate the damage of procrastination and get moving in the right direction. Don’t worry about what’s coming in the future. Start focusing on what you can do now to make your future better. These are the top fears people have when it comes to retirement.The 220 participants in my 2016 Listener survey were very clear and honest when it came to expressing their top fears relating to retirement. Would you like to hear what they said? Number one on their list of fears was the rising cost of healthcare. That makes complete sense because our senior years are often years of rising medical costs. A close second on the list is a related issue in a sense, and that is that they will run out of funds to live on before they run out of life! What can you do to offset your fear and ensure that they never come true? One thing you can do is listen to The Retirement Answer Man podcast. Each week I’m aiming at helping you prepare for the happy and healthy retirement of your dreams. You could learn a lot by listening. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEBOOK: Bounce Back: Overcoming Setbacks in Business and Life BOOK: Winning the Loser’s Game BOOK: Outwitting the Devil BOOK: Living Forward Roger(at)wwkllc.com - reach out to Roger if you want to be on retirement plan live. www.RicherSoul.com - Rocky’s site. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 14 December 2016
You may not even know what “hyperbolic discounting” is. But it’s something we all fall prey to numerous times, at least weekly. It’s the temptation to do something now that you know is not the best long-term. On this episode, I tell the story of how I bought a set of noise canceling headphones even though I knew that the money spent on them could have been invested more wisely in other ways. It’s an example of hyperbolic discounting that I use to show you how you and I need to be careful that we’re not making decisions today that will come back to bite us tomorrow. Is your retirement fund really going to be there when you need it?As human beings we have this amazing capacity to convince ourselves that the decisions we’re making are the best decisions we could make, when in fact, they simply aren’t. It’s called self-deception and it’s part of being human. One of the ways we do that is by giving in to the temptation of hyperbolic discounting - justifying a choice that’s a short-term gain at the expense of a bigger long-term payoff. It’s why we eat the cookie now rather than “being good” for the sake of reaching that ideal level of fitness that we really want. On this episode, I’m talking about the role that hyperbolic discounting plays in retirement planning and why it’s important to have the outside perspective and help of a qualified advisor. I hope you’ll take the time to listen - for the sake of your long-term goals. My 3rd annual Retirement Plan LIVE will begin in February. Do you want in?One of the most popular and helpful things that I do on The Retirement Answer Man podcast is the annual Retirement Plan LIVE. It’s where I take a real-life person (maybe you) and work through their financial situation alongside them to devise a plan toward the things they want to have in place when they reach retirement. But I can’t do it alone. I need someone who’s willing to be the subject of the plan. Is that you? You can find out who I’m looking for and whether you’d be a good fit on this episode of The Retirement Answer Man! Anytime an advisor makes recommendations before he understands your situation, you should run!A listener wrote to me to ask what the difference is between annuities and a whole life insurance policy. It turns out her questions stem from a conversation she’s been having with an insurance advisor who’s encouraging her to look into the possibility of whole life insurance instead of annuities. I don’t know enough about her situation to say that he’s giving her bad advice but I do know this: Anytime and advisor begins to point you in a certain direction without having assessed the entire situation, you need to be very, very careful. Find out why I’m so cautious, on this episode. One way you can avoid hyperbolic discounting is by taking a small step of immediate action.Hyperbolic discounting is when you choose a small benefit today at the expense of a larger benefit later. It’s the opposite of practicing delayed gratification. On my smart sprint segment of this podcast episode I give you a simple, easy plan to increase your retirement contributions that you won’t even feel month to month but that will enable you to avoid the temptation of doing nothing at all to increase your retirement. You can find out what it is on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODERoger’s email: Roger(at)wwkllc.com - submit yourself for Retirement Plan LIVE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD#149 - How The #Temptation of #HyperbolicDiscounting Can Bite You In the End Is your #RetirementFund really going to be there when you need it? My 3rd annual #RetirementPlan LIVE will begin in February. Do you want in? Anytime an #advisor makes recommendations before he understands, you should run! One way you can avoid #HyperbolicDiscounting is by taking a small step of immediate #action |
Wed, 7 December 2016
You want to get the most out of your Social Security benefits, right? I’m with you, maximize Social Security as much as you can! But there’s a lot of conflicting advice out there about what you should do to make that happen. Some advisors are saying you should take early but reduced benefits in view of life expectancy while others are saying the early benefit is wise because social security is not a very stable system and it may not be around by the time you can take the increased benefits. What should you do? On this episode I’m going to walk you through the outline of a presentation I gave on this very subject, so grab your thinking cap and let’s get to work! Why are more retirees taking their early, reduced social security benefits?It’s more common than ever in recent years that people who qualify for taking social security are doing so at the earliest possible moment. It’s totally legal and OK to do, but when you do you get a reduced rate of benefit - and you’re locked into that rate for the rest of your retirement years. If you get less money, why are more people doing it? On this episode of The Retirement Answer Man, I’m going to explain it to you and even walk you through a few scenarios of what the numbers look like if you take the early benefit VS waiting. I think you’ll be surprised at the difference! Is social security even going to be around when you reach your maximum benefit age?There are many people who take the early but reduced benefit on their social security because they are not confident that the social security system is stable enough to last until their full benefit age. I get that. There’s been lots of scary prognosticating surrounding the viability of social security that’s made the rounds over the years. Coupled with that is the sentiment many people have that they’ve worked hard all these years to fill their social security fund so the minute it’s available, they want it! On this episode, I’m going to give you my opinion about whether or not the good old SS administration will be around for very long. I hope you listen. Before you decide to take your social security benefits at the earliest date, think of your family.I totally get the eagerness many people have to tap into their social security benefits the moment they can legally do it. But when you do so you need to realize that the decision you make will not only impact you, it will also impact your spouse and possibly your surviving children. On this episode of The Retirement Answer Man, I’m going to walk you through a scenario or two to show you what could happen by taking your benefits early and give you some things to consider about whether it’s the best move or not. If you want to maximize social security maybe you should work some during early retirement.I know, it sounds crazy to work during retirement. But on this episode, I’m going to show you the huge financial difference it could make if you simply work a small amount during the earliest years of your retirement. It will not only help you maximize social security for your own benefit but will also dramatically change the quality of life you enjoy during the later years of your retirement. Interested? I think you will want to hear this perspective. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEMichael Hyatt’s Best Year Ever Course Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 30 November 2016
I’ve been hearing a lot lately about the so-called retirement crisis that’s happening in the United States. And what I think has happened is this - a long-held belief that rising costs and the decreasing value of the dollar make retirement more and more difficult - has conditioned us to think in terms of survival instead of in terms of possibility. We approach retirement planning with a crisis mindset instead of taking the time to dream about what might be possible. On this episode, I walk you through how I would advise one of my clients to dream up their ideal retirement to avoid any crisis thinking and live their best life as a result. Why you need to ignore the news about the so-called retirement crisis.It’s easy to get into negative ways of thinking without even knowing it. Pessimism comes naturally to people who want to think wisely, which most people who actually engage in retirement planning are. How do we get out of the pessimism trap when it comes to our retirement planning? I think first off we have to realize that there IS no retirement crisis. It’s really a crisis in how we think about retirement. I’ve got some ideas about how you can plan for your ideal retirement from a place of possibility and dreams instead of a place of pessimism. Listen to this episode and you’ll get an earful of how I have seen it happen. Learn to dream about your retirement to open the door to possibilities.One thing I’ve learned from taking trips is this: you aren’t able to see the next mile down the road until you first travel the mile you’re on. It’s a simple and obvious truth about the way life is. When it comes to retirement planning you’re not going to know what’s possible unless you first take steps toward those possibilities - and one of the primary ways you can do that is by dreaming. I mean the nothing-off-limits dreaming we're often afraid of. It helps you set the stage for what your ideal retirement could be. On this episode of The Retirement Answer Man, I walk you through how I advise my clients to dream up an incredible retirement and then show you how we plan for it practically. It’s not theory or rainbows and unicorns, it’s real life planning that makes for a great retirement. Avoid the retirement crisis by getting your financial spaghetti in order.I like to think of retirement planning like a plate full of delicious spaghetti. There are 3 primary things that go into the dish. The pasta, the sauce, and the spices that give it the “zing” you want in a good Italian dish. If you miss any of those things you won’t have the flavor you want and won’t be very satisfied as a result. Too many people approach their retirement planning with a focus on only one of the very important things that go into a great retirement. Can you guess what that is? On this episode, I’m going to tell you what it is - and tell you how to avoid the kind of thinking that gets you into that situation in the first place. Your retirement is YOUR retirement. Make it what YOU want it to be.As I work alongside clients I see it time and time again - people who are concerned that they have the same kinds of things their parents had during retirement, or that they are able to maintain a standard of living comparable to a friend who just retired. You know, I get that way of thinking but I can’t say it’s the best approach. That’s because your retirement needs to be exactly what YOU want it to be, not some vague standard set by somebody else who traveled the road before you. On this episode, I want to say few words about this important issue because if you can make the switch to think of your retirement as truly YOURS, you’re going to discover a retirement that makes you truly happy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEText “Sixshot” to “33444” to get 6 Shot Saturday Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 23 November 2016
In case you haven’t noticed, the recent election has had a pretty significant impact on the strength of the dollar worldwide. The U.S. dollar is actually gaining strength in the world economy - it’s at a 13 year high - and it’s in large part because of what financial gurus around the world believe is going to happen in the U.S. economy because of the election of Donald Trump. But do you know what impact the growing power of the dollar will have on you? If you want to hear how this phenomenon happens, why it happens, and what it means for you, I’ve got you covered on this episode of The Retirement Answer Man. Do you understand what the FOREX market is?The term “FOREX” stands for “Foreign Exchange Market” and it’s where people worldwide trade in currencies. You may not have even known such a thing happens. But anytime you go to another country and you have to trade U.S. dollars for another currency, you’re taking part in a FOREX style trade - one currency value compared to another and exchanged in kind. With the rising value of the dollar these days the FOREX market is going a bit nuts at the moment. Find out why and what it means for you on this episode. Is your long-term care policy safe even if your company is no longer providing long-term policies?After my comments on the last episode of the podcast about John Hancock’s announcement that it will be getting out of the long-term care business, some of you were a bit concerned. You have JH long-term policies so you’re wondering what’s going to happen to that policy. On this episode, I walk you through the scenarios of what typically happens when a large insurer like John Hancock makes an announcement of this type, including how they take care of the policy holders they already have on the books. I think you’ll find that it’s not as bad for you as you may be fear. Should long-term market averages impact the way you draw cash from your retirement account?A listener to the podcast wrote to me this last week pointing out that long-term averages indicate that market downturns are almost always corrected over time. Looking at that fact he suggested that because the market will correct itself in time we shouldn’t be so concerned if we are living through a market downturn during retirement. But I’ve got a slightly different take on the issue simply because even though the facts and figures do add up just like he’s saying, we are emotional creatures and aren’t always able to live with the reality of what’s happening around us. You can hear my entire train of thought about the subject clanking along the tracks, on this episode. What retirement-related issues do you want to hear on this show?It’s time once again for my annual listener survey. It may not sound like a very exciting thing for you to take part in but the responses I receive from the listener survey are the primary way I determine what I’m going to be talking about over the next year’s episodes of the podcast. I’d really love to get your feedback and input. It’s a great way that you can help me help you! If you’d like to know how you can take part in this year’s survey I cover it step by step on this episode of the podcast so set aside some time and give it a listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODESign up for 6 Shot Saturday - text “SixShot” to “33444” Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 16 November 2016
It’s almost time for that year end tax planning. 2017 is going to be here before you know it! Over the past few weeks, I’ve been talking with quite a few of my clients about their year end financial planning and realized that the things I’ve been talking about week after week these days could also be of help to YOU! So on this episode, I’m going to walk you through some of the most common things I suggest to my clients at the end of the year that can put them in a better tax and financial position as the end of the year approaches. I hope you find it helpful! The year ends with some BIG NEWS from John Hancock insurance.Did you hear the latest news from John Hancock insurance? The company announced just this month that they will no longer be offering long-term care insurance. That may not sound like such a big deal to you but with the rising cost of healthcare, and especially the type of care that’s often needed in the later years of life, this is a big deal - because John Hancock is one of the biggest players in the insurance industry. Does this indicate a move that other insurance carriers will be making in the future? You can hear my thoughts on the subject on this episode of The Retirement Answer Man. Are embedded capital gains going to mess up your year end financial planning?You have those investments that you never think about - they’re often part of a retirement or investment package that you have in your company plan. Part of the perk you get from those kinds of investments is that they accrue investment profits (hopefully) without you even having to give them a second thought. BUT, when it comes to your year end planning and trying to offset your tax liability you can often get a bite from those plans because the gains you've accrued through them are more than you expect - or you forget about them altogether. On this episode, I explain what embedded capital gains are and how you can take them into account for better year end planning. Don’t forget about managing your gains and losses to minimize your liability.It happens every year. I see it again and again. Someone comes to me eager to reduce their tax liability just before taxes are due and they did nothing before the previous year ended to effectively manage their losses and gains to offset their tax liability. Folks, you’ve got to start thinking about those things now, before the year ends to ensure you’ll be able to do the smartest things you can before you have to pay your taxes. That’s just one example of a handful of things you can keep in mind as you do your planning for the next year. Be sure to listen, I share the most common ways you can make better year end decisions, on this episode. Do you have a flexible savings account with cash in it? Use it up before you lose it!Many people don’t realize that flexible savings accounts - though a great financial tool to use - are typically set up in a way that you have to use the cash in it before the calendar year ends. So if you don’t use it - that’s right - you lose it! On this episode, I give you some suggestions (not advice mind you) about the kinds of things you could do to make the best use of those funds before your time runs out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEText “6 shot” to “33444” to get the listener submitted reading list. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 9 November 2016
The power of reading is something you shouldn’t underestimate. Even if you don’t enjoy reading. That’s because there’s no other resource in the world where you can spend $20 and get a potential return of thousands of dollars, increased happiness, greater success, and a whole lot more. I’ve been thinking about this a lot lately because I’m discovering that the older I get the more I appreciate books. On this episode, I’m going to let you listen in on a conversation I had with Jeff Brown, the guy behind the Read to Lead podcast. He’s got some great insights into the power of reading, what it can do for you, and even gives us some tips on how to get more out of our reading. I hope you take the time to listen. 42% of college graduates will never read a book after graduation.Can you believe that? It’s really a shocking statistic but apparently, it’s how the world is going these days. I think it’s a tragic sign of the passive way people are going about life in the modern era. People appear to be losing their motivation to make something of their lives - and it may seem strange that I’m making that conclusion based on stats about the decline of reading, but it’s really common sense. Reading is one of the primary ways anyone can increase their knowledge and improve their life without having to depend on anyone else. But it requires initiative, doesn’t it? On this episode I hope to challenge you to pick up a book and get busy learning, growing, and making more of yourself. It doesn’t matter if you’re retired or not, you can always learn something and make your life happier by reading a book. You’ve heard it said that leaders are readers, right? It turns out it’s true.Every successful person you can think of is a purposeful reader. Warren Buffett, Bill Gates, Mark Zuckerberg, Elon Musk, Jeff Bezos, Mark Cuban, and many other highly successful people have openly shared that they read significant amounts every day. In fact, when Elon Musk was asked how he learned to build rockets his answer was, “I read books.” On this episode my guest, Jeff Brown is going to share what he’s discovered about the importance of reading on his path to entrepreneurship after years in the corporate work world. He says it's imperative that you be a reader if you are going to develop the new mindsets you need in order to make a change for the better in your life. And we all want to see “better” happen in our lives, right? Would you like to know how you can better tap into the power of reading?On this episode of The Retirement Answer Man, my goal is to challenge you to increase your happiness and quality of life both before and after your retirement by becoming a more effective reader. Toward that end, I’ve invited Jeff Brown on the show to share some insights from his experience in reading great books and interviewing the people who have written them. You’re going to find yourself not only challenged but also inspired by what Jeff has to share. He’s got some great tips for how you can get even more out of your reading. I hope you’ll take up his challenge to be more intentional about the way you read. My listener recommended book list is ready for you! Here’s how you can get it.For the past few months, I’ve been compiling a list of book recommendations that listeners to my podcast have submitted. The books on the list cover all sorts of topics, from financial planning to personal development and growth. If you’d like to see the top books that my very intelligent and world-changing listeners recommend, you can get them free of charge. All you need to do is sign up for my “6 Shot Saturday” emails - and you can find out how to do that by listening to this episode where I chat with Jeff Brown from the Read to Lead podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEBOOK: The 100 Year Life Jeff Brown’s “Read To Lead” podcast. BOOK: Rich Habits BOOK: Essentialism BOOK: Purple Cow BOOK: The 5 Dysfunctions of a Team BOOK: Good to Great BOOK: Linchpin BOOK: 48 Days to the Work You Love BOOK: Die Empty BOOK: Louder Than Words BOOK: The Art of Work Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 2 November 2016
Do you understand the concept of sunk cost? It refers to anything you’ve invested time or money in and afterward discover that the thing is not going to play out the way you thought. It could be an investment, a hobby, a project of some kind, a purchase, even a political candidate. The tendency we have when this happens is to stick with the unproductive thing simply because we’ve sunk so much into it already (the sunk cost). In the long run, it may be better to cut those losses and move on. On this episode of The Retirement Answer Man, I’m going to walk you through a number of areas where you might be your biggest retirement obstacle because of a bias you have regarding sunk costs. Intrigued? I hope so. Let’s do it! Sunk cost bias can keep you stuck when you don’t need to be.There are many reasons we won’t give up on things that are clearly not taking us in the direction we desire, but one of the most prevalent is what is called “sunk cost bias.” It’s when we have invested so much in the direction of a failing effort that we’re unwilling to give up all that investment. In reality, that’s probably the very best thing we could do because it will enable us to move on to more profitable things. If you’re unwilling to admit it you might be holding yourself back from the opportunity to make a bad situation into a better one. This episode is full of examples of how sunk cost bias can cost us and includes a couple of tips to help you get past the losses and move ahead to your goals. Do you need to cut a loser investment out of your portfolio?Sometimes sunk cost bias can be an issue when it comes to investing. Maybe it’s a particular stock or opportunity that we spent a lot of time researching or examining and then finally took the plunge to invest in. But over time it’s become apparent that the investment we thought was going to be such a great opportunity has turned out to be a real loser. It’s hard to cut that investment loose because it reminds us that we misjudged it in the first place - and to cut it loose would be an admission of failure. But hey, we all make mistakes, right? Maybe it’s time to cut it loose, get out of your own way, and start using the funds you have left to build something better? Are you being loyal to your company or are you holding yourself back?Many people stay at the company they’ve been at for years simply because they have invested a good deal of their life in it. I understand that, but when you do so - no matter how you’re treated, no matter what changes have come to the company in terms of compensation, benefits, leadership, training, and more - you may be sticking around because it’s easier to stay than it is to go - and that’s a form of what is called “sunk cost bias.” I think you deserve more than that so on this episode I’m going to give you some ideas of how you can get past those kinds of SCB obstacles to move yourself, your career, and your life forward. To overcome sunk cost bias, get yourself some clear goals.Nothing helps you unpack the baggage that comes with sunk cost bias (the belief that you’ve put too much into something to give up on it now) than having clearly defined goals. Once you’re able to say exactly what you’re shooting for you’ll be able to look at the things that pertain to that category and evaluate whether they are serving your goal or keeping you from it. You’ll be surprised how the simple act of setting clear goals can help you clarify what’s holding you back so you can get rid of it. Sunk cost bias is my topic on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODETest “6 shot” to “33444” to get the “6 Shot Saturday” email series. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 26 October 2016
The 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles. America’s practice of peaceful transition of power enables a healthier economy.In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times. Did you know that financial stress can make you feel older?It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life. If you want to insulate your finances from market volatility, here are some tips for you.It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode. There will always be financial ups and downs. Should they dictate your happiness?One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB SEGMENT
RESOURCES MENTIONED IN THIS EPISODEMarket Watch article on financial stress and aging: http://www.marketwatch.com/story/stress-about-money-can-make-you-look-older-2016-10-24 Text “6 shot” to “33444” to get 6 Shot Saturday Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 19 October 2016
I love putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen. Financial planning is good, but is it the only kind of retirement planning you need to do?When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.” How is longevity going to affect your retirement?If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode. Are you still living in a 3-stage approach to life?In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode. Retirement is about the experiences of life as much as it is the financial security.I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and I’d even say it’s not the most important consideration. What’s more important? Let me get to it by asking you a question… What good would it do you to be financially secure in retirement but to have a life that’s not very enjoyable or that you feel is being wasted? It’s more important that the quality of your life is what it needs to be - and what you want it to be - than the amount of money you have to fall back on. The younger generations are getting this one right in a lot of ways. They are buying experiences and finding ways of making meaningful contributions more than working to accumulate wealth. I don’t believe it’s an either-or thing, but I do think we’re a bit out of balance on this one. You can learn more about how I see the issue on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEEmail Roger your book recommendations: roger(at)wwkllc.com BOOK: Who Moved My Cheese? BOOK: The 100 Year Life Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 12 October 2016
When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go. Find a way to live a life of courage. It will keep you young longer.My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode. The Social Security Administration has changed a few things, and you may not like it.There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage! What’s the real value of having a financial advisor?When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey. Should I take my pension or a lump sum amount?This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEGet 6 shot Saturday by texting “Planning to “33444” Street article about SS amounts changing. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ |
Wed, 5 October 2016
When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions. What IS dementia, anyway?On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode. Every single one of us needs to deal with the possibility of losing our minds.None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid. The primary way to avoid losing your mind: DIET.You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years. Happiness is forged one day at a time.If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEBOOK: The Mind Diet Book Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 28 September 2016
Anyone who is a reader would be happy to give you their “top 10” list of book recommendations. But today’s episode is not about my top 10 - it’s simply a list of books that have had a great impact on my life through the years. Your list will by default be different than mine and that’s OK. I just wanted to put these books on your radar so that if you’re not familiar with them, you might consider them as a resource for your growth as an investor and as a human being. So grab a pen and paper so you can jot down these titles and the synopsis I give of each one - OR you can sign up for my Six Shot Saturday emails and you’ll get them sent directly to you. Either way, I hope this list of influential books is helpful to you. Today I’m giving you 5 investing book recommendations and 5 “other” book recommendations.You’d expect a guy called “The Retirement Answer Man” to give you a list of financial or investment related books for you to read. But those aren’t the only types of books I think you should be reading. There’s a ton of great insight out there into what it takes to be a better and more productive person who makes greater contributions to the world we live in. So I also wanted to give you some recommendations of books that could help you in that realm. And if you’ve got books that didn’t make my list, that’s great! Listen to the episode to find out how you can recommend your favorites to the entire listener community! If you’re not a reader, you’re missing out on a lifetime of education.I get it. For various reasons reading may be difficult for you. But I’m often reminded of the people all over the globe who literally CAN’T read and would give anything to be able to learn the skill. Most of them feel that way because they know that reading and the knowledge that comes from it can change their lives. This episode is an encouragement for you TO read as much as it is my recommendations of WHAT you should read. And don’t forget, audiobooks are now an option for you, so there’s really no excuse to be busy about the work of growth, education, and development in your own life. One of the ways you have to be careful about what you read these days.We are in a new era of publishing. Have you noticed? Now it’s possible for anyone to publish a book of their own making without any gatekeepers at a huge publishing house telling them they can or cannot publish their book. It’s a wonderful opportunity for us regular guys and gals to share the insights we’ve learned throughout life. But just like it’s wonderful that anyone can publish a book these days, there’s also a downside: anyone can publish a book these days. That means there’s a whole lot of junk out there you’ve got to wade through in order to find the good stuff. That’s one reason I’m giving you my book recommendations for investing and personal growth, on this episode. I trust it will be helpful. Do you have book recommendations the listening community might enjoy?Inevitably, when someone shares their recommended reading list with an audience (like I do on this episode) there’s going to be somebody who says, “What? I can’t believe you didn’t include (insert book title)!” It’s impossible to share every influential book, especially because books can have a particular impact on each of us at different times and seasons of life. So I invite you to listen to this episode to share your personal book recommendations in the areas of finance and personal growth. I will compile the list, create a PDF resource, and share it with the community in one of my 6 Shot Saturday emails. Are you game? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEPEW Research study on American’s and Reading
Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 21 September 2016
All of us can become better decision makers but we often don’t realize that one of the most important realms of life we need to do that in is relating to the small things. Small things add up over time to become really big things. Just ask the alcoholic or an inmate in a penitentiary. They’ll tell you that what I’m saying is true. On this episode, I continue my thoughts about how to make better decisions with a focus on the small decisions in life - and I respond to some listener feedback from last week’s episode of the show. I hope you’ll MAKE THE DECISION to listen. :) Are you aware of the compounding effect of small decisions?Every one of us is a decision maker. We decide about things all the time and act on them. Getting out of bed each day. Brushing our teeth (or not). Eating healthy or unhealthy. Every one of these actions flows out of a decision we’ve made. But it’s important that we understand that small decisions like these are not actually small in the long run. They will each have their own little impact that contributes to the whole of our lives. Today’s episode is all about how we can take control of those little decisions that compound over time to ensure our lives benefit from them instead of suffering from them. If you want to be a better decision maker, it helps to define the issue.After last week’s show, a listener wrote me to say that one of the most important parts of his decision making paradigm comes at the very beginning of his process. He takes the time to clearly define the issue he’s dealing with and why it’s important. I see the logic and the wisdom of what he’s saying - do you? If we don’t know exactly what it is we’re dealing with and why it matters we may not be as motivated to make effective decisions about it. That could result in us putting off the decision, or neglecting it. You can hear more helpful listener comments like that and my responses to them on this episode. When making decisions, Tony Robbins suggests you have a conversation with your older self.One of the tips Tony Robbins often gives to people about the topic of decision making is to imagine yourself near the end of your life. You’re still healthy, still looking good, and still have all your wits about you, but you're looking back on a lifetime of experience. What would that older self say to you about the decisions you’re making right now? Is there any wise counsel to be found from that version of you? I can see how this could be a helpful way to get outside the limitations of your current thinking so that you can approach the situation with a fresh perspective. What do you think about this approach? I’d love to hear your thoughts! Decision makers who are effective usually set deadlines for their decisions.When you’re faced with a decision it’s easy to get caught up in the minutia of what it takes to understand the situation and actually make the decision. It’s a paralysis of analysis that we all fall prey to now and then. Effective decision making requires that you set a deadline by which time you will make your decision so that you can avoid that trap. You should be wise about that timeframe so you don’t cut your time frame too short, but a deadline needs to exist. This gives you some internal accountability to not only make the decision but to do the research and investigation it takes to make it wisely. That was a concept one of my listeners sent to me after last week’s episode - and you can listen to today’s episode to hear more listener suggestions just as good as this one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODECNBC article about the Librarian who built a fortune Text “Planning” to “33444” to get “6 Shot Saturday” Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 14 September 2016
Decision making: It’s been said that not making a decision is actually making a decision. But we tend not to think of it that way because it doesn’t feel like we’re making a decision. It feels safer to go on the way things have been instead of making a change. But is that true? On this episode of the Retirement Answer Man, I’m excited to share some of the things I learned from a recent event I attended that have to do with making decisions that move you toward the goals and results you want to see happen in your life. What I learned is a 10 step approach to decision making that I think will benefit you greatly, so please - for your own sake - please take the time to listen. How inertia can be an enemy to good decision making.I’m no physics professor but I know that inertia has to do with the movement of things that are already in motion. You may not think of it this way but there are many things in your life that are already in motion. Your career. The direction your family is headed. Your financial condition. And much more. Many times the existing inertia in various areas of life becomes an enemy to making good decisions that could move our lives into a better place. On this episode, I’m going to talk about how you can avoid the trap of inertia and make decisions that set you up for a happier and more secure retirement. Intentionality about life is the friend of good decisions.Many times, the reason we don’t make decisions is that we’re not committed to actually DOING the things that are best for our own lives, families, and futures. We’ve got vague ideas of good things we’d like to see happen, but we haven’t committed ourselves to actually seeing them happen. Before you will be able to make good decisions about your future you have got to become intentional about it. You’ve got to become committed. Listen in as I ramble a bit about the importance of intentionality in decision making and give you 10 steps you can use to evaluate and make the best decisions for your life. If a decision moves you away from the vision you have for your life, well...Doesn’t it make sense that if a decision is going to move you away from your life vision, you shouldn’t do it? “But wait a minute Roger, what’s all this talk about life vision? I don’t even know what that is!” Yeah, I get it. Most people don’t have a life vision. On a previous episode, I talked about the importance of having a life vision and how you can go about creating a clear and compelling vision for the rest of your life. And believe it or not, it’s an important compass for the rest of life, including this issue of making good decisions that I’m dealing with on this episode of the podcast. Why don’t you create a good old “pro and con” list for each decision?Many things that we might consider “old” ideas are still around for a reason. They work. One of the 10 steps I give for making good decisions on this episode - it’s #9 - is to put together your own “pro and con” list regarding the decision. Brainstorm it. Write down every advantage and disadvantage to the decision you can. Sometimes this step alone brings enough clarity that you are able to see exactly what you should or should not do. And like I said, that’s just one of 10 steps I share on this episode so be sure you listen. It could help you make the best decision about that thing you’re contemplating right now! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEGet “6 shot Saturday” by texting “planning” to “33444” www.StrengthLeader.com - Deb’s website Episode about Choosing a Financial Advisor Contact Roger: http://www.rogerwhitney.com/retirementanswers/ |
Wed, 7 September 2016
It’s not a good things when the financial services industry is freaking out.I mean really - these are people who are giving advice to you about your finances and retirement. Does it make YOU feel good when you see them freaking out? You might be wondering what in the world I’m talking about. It all has to do with a new regulation that’s being passed regarding how people who work in the financial services industry serve their clients and customers - and the people who have the most to lose because of this new regulation are those who haven’t been doing the best job all along. So… there are plenty of people freaking out. You can get the details on this episode because I’m going to tell you about them. :) Do you know what the term “fiduciary” means?The new rule that’s causing such a stir in the financial services industry is aimed at making sure that people who are advising you what to do with your money are only able to directly benefit from the advice they give you when the advice is in your best interest. Serving a client in that way is serving as a “fiduciary.” In other words, these rules are trying to keep advisors from giving you advice solely because it will make them more money. That sounds like a good thing, right? Why you should hold everything close to the vest when you begin a conversation with a financial advisor.On this episode, I’m laying out a handful of tips that I suggest you take into consideration when you’re interviewing a possible fiduciary (financial advisor). I want you to find the exact right person, a financial artist who is able to help you reach your goals for retirement and a happy life. The first of those is that you should hold your details and your situation close to the vest at first. The reason? You want to find out from them who their ideal client is before you reveal much about yourself. When you’re able to do that you’ll know right away if they are describing you or not - and whether there could be some ways that the relationship is not a good fit. Find out more on this episode. Has your financial advisor (or a potential advisor) jumped from company to company?What’s the big deal if a financial advisor you’re considering has jumped from company to company? Well… it could show that the person has functioned as more of a salesperson than an actual fiduciary who works in the best interest of their clients over the long haul. It’s not the only thing you should look at but it could be a tell-tale sign. As I walk through a handful of things you should consider when looking for a financial advisor you should write down a few things so you’ll know the right questions to ask when you need to have that important conversation. Why somebody who is providing you financial services should have an optimistic view on life.Think about this for a minute. What kind of advice will you receive from somebody who works in the financial services industry who has a pessimistic view of the world, or of life? They may be ultra conservative (not a bad thing, but possibly not a good fit for everyone). They may not be willing to make you aware of certain opportunities simply because they don’t think it’s a true possibility. Think it through… there are lots of potential issues. On this episode I want you to follow along as I walk through some potential “red flags” when you start interviewing potential financial advisors. You can thank me later. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ www.Finra.org - type in the name - get a report. www.SEC.gov - look up professional and disciplinary history.
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Wed, 31 August 2016
Economic growth is always a hot topic when election year rolls around.The candidates make it sound like a lack of growth is the worst thing that could ever happen during any President’s term. But is that true? And furthermore, are there actually benefits to having times of economic slowdown or even recession? On this episode of The Retirement Answer Man, I’m answering a handful of listener questions and one of those asks this exact question, “Is economic growth always best for the country?” If you want to hear why I think this listener could be onto something, you’ll have to listen to this episode of the podcast. Nature isn’t always in growth mode, why should the economy always be in growth mode?Part of my philosophy about what we should look for in a healthy economy has to do with the natural cycles that happen all around us. I don’t see many really good things that are always in a state of incredible growth. Every year the seasons change and most plants and even some animals go dormant for a season. It’s a time to refresh, rest up, and reset for a period of rapid growth ahead. Is it possible that a healthy economy is going to have those same up and down times? If so, why should we be so concerned about it? On this episode, you’ll get to hear me wax philosophical about such things and give you some mindsets you can carry into those less than optimal economic times. What to be careful of when combining IRA accountsAs most of you know an IRA is a type of investment account that’s referred to as a “qualified plan.” It means that the government has qualified it as an investment you can do where the growth it experiences is tax deferred. It’s a benefit to you in many ways - but that’s not the issue I’m addressing at the moment. Right now I want to point out that if you move money that’s already in an IRA into a different IRA, you need to be careful how you do that. If you don’t you could cause yourself some tax consequences that you didn’t expect and definitely don’t want. I’m going to walk you through it in this episode - including some new guidelines from the IRS that make it a bit easier for you. Should you quit a job you hate or wait it out for the sake of your pension?Most of us know what it’s like to feel stuck in a job that makes you feel miserable. But one of my listeners has it really bad because she’s only a handful of years away from retirement, which would provide a fully vested pension. But she’s not sure if she wants to endure more years of a job she really hates. How should you make a decision like that? As you might suspect I’ve got some thoughts on the situation - and I share them on this episode of The Retirement Answer Man. How would it impact your life if you could invest in deep work?One of the things I’ve been learning lately is that I can be a pretty distracted guy. My smartphone notifications, email sounds, computer pop-ups - all of them contribute to me being “off task” more than I would like. Toward that end, I’ve been reading a book called, “Deep Work” by a guy named Cal Newport, and it’s challenged me to rethink the priority that I give to insignificant little things like smartphone notifications. On this episode, I want to share my thoughts with you about how we can get out of the “Pavlov’s dogs” cycle of responding to every notification and focus more on the things that matter. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ BOOK: Positive Intelligence BOOK: Deep Work |
Wed, 24 August 2016
Economic growth is the hot button topic during this election.Have you noticed? When politicians, analysts, and talking heads on the news use that term “economic growth” - what do they really mean by it? It’s easy to make assumptions and easy to get lost in the verbiage because it sounds like something we all want. But what if everyone who’s using the term is not meaning the same thing by it? On this episode, I’m going to clue you in on what economic growth really means, how it’s measured year by year, and whether or not we’re in as bad a situation as the politicians are making it out to be. I think you’ll get a lot out of this one. Does a slow period of economic growth make investments more risky?It kind of seems like it would, but is it true? Some very reputable organizations out there do very careful analysis of these kinds of things, taking many different variables and factors into account. On this episode, I’m going to walk you through the findings of one of those outfits to give you an idea of whether or not your investment strategy should change during a time like this when everyone is decrying the poor economy. You might be surprised by what they say. ;) Productivity during retirement is one thing - but I want to enjoy my retirement!I got a little bit of push-back this week from a listener who has heard me talk a lot about being purposeful during retirement as an antidote to a non-enjoyable life. But he’s coming back at me with a different perspective. He actually LIKES being a bit more uninvolved and laid back because he worked so many years non-stop. You might be interested to hear this little one sided exchange as I reply to his reply about my emphasis. Does that make sense? I think you’ll get it so be sure to listen. Should you keep some cash on the side to buy stocks during down times in the market?I think one of my listeners has me confused with somebody else. :) He thought he heard me say that having some cash on hand during bad economic times so that you could buy up underperforming stocks was a good idea. Honestly, I can’t even IMAGINE that I’d say such a thing and am pretty sure I never have. That’s because I don’t feel that having that cash on hand is a good idea - at least not for those reasons. So listen in to my response to this listener so you can know what to do with your cash during down economic times - like this one.
I don’t have any trouble setting aside 20% for savings, but where should I put it?I’m very proud of this listener. He’s got no problem living on 80% and saving 20% - he’s just a bit unsure what to actually DO with the 20% he’s setting aside. It’s a great problem to have and an even better question - and I’m going to answer it in a number of ways on this episode. So be sure you listen to learn some of the options for those savings that allows it to be liquid enough for you to access when needed but not so liquid that it’s not doing anything for you. It’s in this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEText “planning” to “33444” to get 6 shot Saturday What does that mean resource: http://www.investopedia.com/terms/g/gdp.asp Hot Topic resource: http://www.cnbc.com/2016/07/29/gdp-us-economic-growth-is-close-tozero.Html Work with Roger: http://rogerwhitney.com/work-with-me/
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Wed, 17 August 2016
Personal values are really important. Do you know what yours are?It’s easy to respond immediately to the question with a “Sure, I know what my personal values are.” But do you really? I didn’t until I was challenged by my life coaches - Robert Mallon and Bill Watkins - to write down my top 10 personal values. It was HARD, but so helpful. The reason it’s important to write them down is because you don’t know what you’re aiming at if you don’t clearly identify it. But you’ll also tend to live inconsistently from what you truly believe deep down if you don’t clarify the personal values that matter the most to you. On this episode I’m going to walk you through a way that you can identify and establish your top 10 core values and begin to shape your life around them. It will benefit you personally and set you up for a greater sense of happiness as you enter retirement. My early adult years were not lived congruent with who I wanted to be.From early on as a young adult I would have told you that I wanted to be bold, brave, compassionate, loving, a family man, and many other virtuous sounding things. But my wife and kids can tell you that even though I said those things, I didn’t do a very good job at living them out. In fact, I was quite a jerk to the people I loved the most. It took some hard knocks to my hard head to wake me up to the fact that I was not living in congruence with my inner personal values. One of the main reasons was because I hadn’t defined them. On this episode you’ll get to hear the story of my earlier years and what made the difference in the way I see and live my life. And more importantly I’m going to share how YOU can make the changes needed in your life to live in greater congruence with your own set of core values. Why do you do what you do?It’s an important question. It’s one I hadn’t given much thought to until my coaches challenged me to answer it - specifically. When I dug deeper to discover the things that motivated my actions I didn’t like everything that I saw. That’s because I wasn’t always acting in a way that was congruent with my core beliefs. So let me ask you again, why do YOU do what you do? If you would like some help in getting to the bottom of that question this episode of The Retirement Answer Man should prove helpful. If you follow through with the suggestions I make on this episode I believe you’ll come away satisfied and more purposeful for the years ahead. Which is first on your list of personal values, your money or your family?It may sound ludicrous to even ask the question (I hope so) but you don’t really know the answer until you take the time to decide. Many of us work all of our lives to accumulate money and stuff and leave the relationships in the dust. By our actions someone looking on could easily come to the conclusion that we care more about the money than we do the people. If that sounds “off” to you, it should - and on today’s episode I’m going to give you access to a fillable PDF that you can use to determine and write down your top 10 personal values so that you can be SURE you’re living consistent with what you really want out of life. There are lots of things I value in life. But these are my top 10.It may sound a bit artificial to prioritize the top 10 things I value in life - but I did it - and I did it at the suggestion of a couple of life coaches who are helping me get my living (actions) aligned with my beliefs (personal values). On this episode of The Retirement Answer Man I decided to share the results of my “top 10” list with you - not because I have the perfect list of personal values… in fact, yours should be very different than mine - but because my list may serve to help you think through your own list so that YOU can live more congruently with what you truly care about. And I believe that will enable you to live a much happier retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEwww.rustylionacademy.com/answerman Contact Roger: http://www.rogerwhitney.com/retirementansewers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 10 August 2016
Burnout may not be top of mind for you when you’re thinking about retirement.But maybe it should be. After all, you won’t be as productive in your pre-retirement years if you’re subject to job related burnout all along the way. Toward helping you think about your retirement planning in a healthier and more productive way I’ve asked Dr. Clark Gaither to join me. He’s known as “Dr. Burnout” and has studied and become an expert on the topic of burnout. He’s going to help us think through the causes, symptoms, and prevention of burnout and get us on the right track. What IS burnout anyway?Dr. Clark Gaither is an expert on the subject of burnout and says that it comes into our lives often when we are overworked, unsatisfied in our work, and a variety of other things. But what is it, really? It’s that sense of lethargy or weariness you feel - on a chronic basis - that keeps you from being your most productive. On this episode we’re going to dig into the causes of burnout and I’m going to challenge you to check yourself carefully to assess whether or not you’re at risk of burning out anytime soon. And if so, we’ll give you some ideas for what you can do about it. What are the reasons for burnout? Are you experiencing any of them?When I asked Dr. Gaither about the reasons for burnout he walked me through a handful of things that most of us experience at some time or another in our lives. But burnout sets in when they gang up on us and we experience many of them at once. On this episode we’re going to talk through all of Dr. Gaither’s reasons for burnout and I bet you find some of them present in your life right now. If so, what can you do about it? You’ll find out as you listen to Dr. Clark Gaither’s sound advice. What can you do if you’re on the verge of burnout (or smack dab in the middle of it)?Experiencing burnout can be one of the most frustrating and difficult things we go through in life. When you get to that place you’ve definitely got to do something about it - and quick. My guest today, Dr. Clark Gaither is known as “Dr. Burnout,” and he’s got a great set of suggestions for how you and I can address the burnout issues we’re facing and how to put some prevention steps in place to keep burnout at bay and provide a greater sense of satisfaction in our lives. Are you ready? Let’s find out together. Here’s a very practical thing you can do over the next 7 days to assess your level of burnout.On this episode Dr. Gaither shares some of the primary symptoms that people feel when they are experiencing burnout. On my SMART sprint segment of the show today I give you a very practical thing you can do to assess whether or not you are experiencing burnout so that you can have a better idea about what can be done to get relief and experience a fuller life as you head toward retirement. It’s not a hard homework assignment, so make sure you listen and find a way to fit it into your schedule this week. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEwww.DrBurnout.com - Dr. Gaither’s website Dr. Gaither’s BOOK: Powerful Words Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 3 August 2016
Retirement age is approaching faster than most of us want to admit.It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years. A huge pension insurer is now broke! What now?Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode. What is YOUR ideal retirement age?So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen. SIPC insurance? FDIC insurance? What the heck does that mean?On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen. Regular conversations and adjustments make for a more secure retirement.The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 27 July 2016
One of the biggest pitfalls of being an investor is that we tend to make emotional investing decisions. What does that mean? Take a scenario for a moment: the market takes a serious dip and stock prices plummet. The tendency the majority of investors have is to rush to their advisor and try to make changes in order to mitigate the impact of the downterm. But if that investor was guided wisely in the first place their investment strategy should have taken into consideration that downturns would happen. That means there’s no need for an emotional reaction that could cause more harm than good. On this episode of The Retirement Answer Man I’m chatting with Dr. Daniel Crosby about his book, “The Laws of Wealth” and we’ll unpack the best ways to avoid making emotional investment decisions. Behavioral Finance: What the heck is that?The field of behavioral finance is a fairly new area of study that endeavors to make sense out of the actual behaviors we humans engage in within the financial realm of our lives. And naturally, it includes the issue of emotionally driven decisions we make about our finances. As behavioral finance experts like today’s guest, Dr. Daniel Crosby investigate the things that go into our financial decisions they’re discovering many helpful principles that we can apply to keep ourselves from making decisions that feel like they are in our best interest, but really aren’t. I hope you listen to this episode. There’s lots of insight into the reasons behind our financial decisions in it, and you can make better decisions as a result of applying what you learn. You control what matters most when it comes to your money.One of Dr. Daniel Crosby’s laws of wealth that can go a long way toward helping you avoid emotional investing decisions is that you are able to control the things that matter the most when it comes to your money. It’s not about the economy and things outside your control, it’s about your end goals - those things you’re aiming at over the long haul. Your decision to create an investment strategy and stick to it day by day even in the face of economic issues that arise, can help you to stay in control over the long haul and actually reach those goals. Dr. Crosby shares a wealth of good information on this episode to help you improve your financial mindset, so be sure you listen. Emotional investing is why you need to remove yourself from the process.It may sound counterintuitive for me to say that you need to remove yourself from the investing process - but I really mean it. I don’t mean that you should just hand all the decisions over to someone else. What I mean is that once you have determined a process that makes the most sense for your investment goals, you should get out of it and let it run independent of you. That’s where your advisor or financial professional comes in. They are the ones who stick to YOUR plan, at your direction, without you having to think about it. They are also there to caution you when the urge to step in and change things arises. Those are the kinds of emotional decisions you don’t want to make so that you can reach your long term financial goals. You need a financial advisor, but not for the reasons you think.Most people tend to think that financial advisors are better at predicting the future of the markets or possess specialized knowledge that will help you make better stock picks and investment decisions. While there may be a very small amount of that involved, most of the time it’s not the case. A good financial advisor should be in the loop simply because you need them to be your point of accountability and voice of reason in the event that you want to make an emotional decision based on current conditions. They are there to talk you down from the ledge and keep you on track with the financial plan you’ve established. Think of them like a personal trainer. They are there to keep you going when you want to quit or make a change. You can learn more tips like this on this great episode, so take the time to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Dan Crosby’s book “The Laws of Wealth” |
Wed, 20 July 2016
One is the loneliest number, right? It’s hard to think about retirement without honestly assessing the possibility that loneliness could be a very real aspect of it. But does it have to be that way? Not if I can help it! I’m Roger Whitney, the Retirement Answer Man and on today’s episode of the podcast we’re veering away from our normal financial topics to continue investigating the ways that technology can help us during our retirement years. Today’s topic is how we can combat loneliness by the use of technology - and we’re not talking about robot companions here, we’re talking about how tech can help you build true connections with real people. This one is going to be fun! What is chronic loneliness? Could you experience it as you grow older?Fortune Magazine recently published an article that demonstrated that the chronic loneliness (ongoing loneliness) is becoming epidemic in certain demographics of the population. It only make sense that as we age - and those closest to us may be passing away - we could be left right in the middle of those statistics. I don’t want that to happen to you, so I’ve asked my friend Doug Goldstein to brainstorm with me a bit about how technology can be a helpful tool in keeping us out of the pit of loneliness as we enter and live in our retirement years. If you find yourself resistant to the topic of technology, this conversation will be a bit different, so I dare you to give it a listen. Have you considered how Facebook can help you stave off loneliness?With all of the things you see on a typical Facebook feed - from stupid cat videos to inspirational quotes - it’s easy to forget that it is part of what’s called “social” media. The original intention was to help people connect with each other, to amplify existing relationships. And user stats show that the over 65 crowd on Facebook is growing. That’s really good news. It means that you can use that simple platform to stay connected with friends, family, and even find groups of people that share the same interests as you - both now and as you enter and thrive during retirement. Find out how my friend Doug and I view that possibility, on this episode of the Retirement Answer Man. Are you ready for a baby step into the realm of technology - for the sake of beating loneliness?A couple of weeks ago I was eager to see the deck that my son-in-law has been building so he did something really amazing - he invited me to a video call so I could actually get a digital tour of the work he’d been doing. It was great - and easy - for me to be a part of his life in a way I couldn’t have just a few years ago. Video calling is pretty mainstream these days and the learning curve is actually quite low. If you want to learn a bit about technology you might want to consider Skype or Facetime as video options that are easy to learn and can help you stay connected to the people who care about. Social media won’t help if you aren’t social in the first place.My friend Doug Goldstein makes a great point on this episode of The Retirement Answer Man - if you are not skilled at good communication and personal interactions, improving those skills is really the first step you need to take in order to combat the possibility of loneliness during your retirement years. Relationships are built on communication, so it only makes sense that improving your ability to connect with others through communication will make your ability to connect via social media or other technologies that much easier. You can find out more about this topic of technology, retirement, and loneliness by listening to this great conversation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEFortune Magazine article on chronic loneliness www.MeetUp.com - search for groups in your area by location Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 13 July 2016
Do you remember your very first car? Do you remember the feeling of freedom and responsibility it gave you? The kind of mobility that comes from having and driving your own vehicle is something that many of us have been enjoying for 30 to 50 years. Have you taken the time to consider the impact that it could have on your life if you were to suddenly (or eventually) be limited in those ways because of declining eyesight, medications, hearing issues, etc.? Those are not things we enjoy thinking about but that we have to consider when it comes to planning for retirement. On this episode I’m chatting all about mobility in retirement and how technology can impact that need in the future. Ride Sharing may sound strange, but it really works!I was recently in Chicago for a conference and whenever I had to go anywhere I used a service called Uber. It’s a way to use a smartphone app to make a connection with a driver in the area who is willing to take me where I need to go. It was a great experience overall and there are many safeguards, including reviews, that enable the service to be trustworthy and dependable for you and can save you the hassle of having to drive or removing the actual need to drive. The reality is that if you’re willing to learn a very simple app, you can have a great opportunity for mobility as you enter retirement even if you’re not able to drive. Hear more about how it can work for you, on this episode of The Retirement Answer Man. Retirement cost savings because you don’t need your own automobile. Betcha didn’t think about that.If you are willing to embrace and use services like Uber and Lyft to remain mobile as you move into retirement you may be able to save money in other areas that you haven’t considered. If you don’t need an automobile, you’ll save on title and registration fees, safety or emissions inspections, auto insurance, gasoline, and the actual cost of purchasing the vehicle. Those savings could not only add to your checkbook but could also increase your quality of life because you have less income tied up in things you don’t really need. I’m going to chat a bit about that on this episode so I hope you’ll listen with an open mind that is looking at the possibilities. Self Driving cars are not the wave of the future - they are here now.I’m not quite sure that I’m ready to jump into a self driving car just yet, but they are out there on the streets already. In fact, Google has been working on this for many years and has had a fleet of self driving cars that have logged hundreds of thousands of miles on California roadways. In the near future it’s quite possible that self driving cars are the norm rather than the exception and it would be good for us to think now about how we are going to respond when that day comes. Are we going to take advantage of the benefits such technology could bring, or are we going to be a stick in the mud. Afterall, air travel was once unheard of and considered unsafe… but look at us now! Will you embrace the benefits technology can bring to your retirement or will you be the one to hate it because it’s new and unfamiliar?The stereotypical impression people have of us “old folks” is that we’re resistant to technological changes - like computers, smartphones, etc. I wonder if that’s really true? The wisdom we, as the older generation, have could enable us to see that the benefits of many of the technologies that are on the horizon far outweigh the learning curve or risk factors that we think are involved in adapting ourselves to this “new age.” I wonder if you will be willing to learn, to grow, and to benefit from it as you enter your retirement years? I plan on doing my best to stay flexible, learn, and get the most out of the options that come my way. Who knows, it might even make me happier and enable me to enjoy retirement all the more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 6 July 2016
It seems funny to think about but those old Jetsons cartoons from the 1960s and 1970s are actually becoming more and more reality in the present day. More and more opportunity and concern is arising from the advances in technology that we see happening around us. I believe that many of these advances can be used to maximize our lives during retirement, giving us a happier and more comfortable life in those years when most people think of life winding down. For the next few episodes of The Retirement Answer Man I’ll be chatting about some of those technological advances and giving you thoughts about how you can take advantage of them to make your retirement the best it can be. What the HECK is the Internet of Things?Have you heard the term, “Internet of Things?” It’s a phrase that’s used these days to talk about many of the technological devices that are created to work together through computer networks to do all kinds of convenient and helpful things - from turning on your lights automatically, to adjust the temperature in your home, to keeping an inventory of the items in your refrigerator. It may sound strange to think of your home being automated in that way but as you move into retirement, it may not be such a bad thing. On this episode I’m going to walk you through some of the ways those kinds of advances can benefit you, giving you a happier and safer retirement season. Samsung has invested $1.2 million in the Internet of Things.Why would such a large company invest such a huge amount of money into this “Internet of Things” thing? It’s because the IOT is truly the wave of the future. Things we use every day are becoming more and more interconnected (it’s like a television remote times 100) and the leadership of Samsung sees the potential for new products and services that will not only help the consumer but will also increase their bottom line. This episode of The Retirement Answer Man begins a short series focusing on the technological advances that will be a significant part of our retirement years, with a focus on the things that could give us greater security, mobility, and independence during those years. Is technology our friend or an enemy to be avoided?We’ve all seen those doomsday movies (Terminator, The Matrix) where technology has become “alive” and the machines have taken over the world. Those movies represent the fears that many of us feel about the path technological advances could take us - but it’s only one perception of what could occur. I tend to think there will be many more benefits to the rise of technology than we are even able to imagine… and that there’s no reason to be afraid. On this episode I begin a series of episodes highlighting some of the ways I see the advances in technology that are happening all around us becoming a benefit to us in the retirement years ahead. You might be surprised at some of the things that already exist and the ease with which they could help you maintain mobility, independence, and personal safety as you age. Interested? Be sure to listen. Today’s S.M.A.R.T. Sprint: Try out at least one automated service.As human beings we often become afraid as the comfort of what we know is disrupted by change. But if we never change then we never grow - and I for one don’t want to stop growing. On this episode of The Retirement Answer Man I describe many automated services or products that improve the quality of life of their users and could be of great benefit to retirees. My challenge today is for you to choose one of the services or products I mention and give it a try. I believe that as you experience the benefits of some of these services or products for yourself, you’re going to find the benefits far outweigh the fears you might have. So be sure to listen, pick out a product or service you are willing to try, and give it a shot! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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RESOURCES MENTIONED IN THIS EPISODESmart Doorbells (with cameras) Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn
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Wed, 29 June 2016
Hey, it’s me, Roger Whitney - the Retirement Answer Man - and I’m here to help you not only plan for a happy and healthy retirement season but also to live a happier and healthier life now as you move toward retirement. On this episode we’re going to tackle the volatility in the markets as a result of the news that Great Britain has voted to leave the European Union.There are many things to consider having to do with lifestyle, investing, and retirement planning that you need to think through, and I’m going to help you do that on this episode of The Retirement Answer Man podcast. BREXIT is in the news. A surprise vote that has turned the markets on their heads (if markets had heads).As you probably know, the United Kingdom’s vote to leave the European Union was a surprise to almost everyone. Even the betting pools got this one wrong. And if there’s one thing the markets hate - no, they despise - it’s surprises of this nature. That’s why everything is in turmoil and why the financial commentators can’t stop talking about it. So what does it mean for you and your retirement planning? That’s what really matters to me, so I want to address some of the things I see on the horizon because of this vote and help you think through the issues that could most impact you.
Uncertainty may not sound like a financial term, but it impacts almost everything about financial planning.Almost everything that financial experts and prognosticators do for their clients is aimed at culling uncertainty from their investment strategies. I think we can all understand that - we all want to know for sure that something good is coming our way - but the sad truth is that it simply doesn’t work that way. In light of that fact how should we view the issue of uncertainty in financial and retirement planning? I’m going to take on that subject on this episode to enable you to make wiser decisions with your overall investment and retirement planning strategy, on this episode. In light of the uncertainty in the financial markets here are 5 things you can do to maximize your own retirement.
BREXIT is just one example of the kind of things that can happen to throw the financial markets into a tizzy at any moment. It’s those kinds of things that get us thinking seriously about the security and stability of our retirement funds. But it’s not only our retirement finances that we should be thinking about, this kind of uncertainty can point us toward wise planning in other areas of our lives as well. On this episode I walk you through the basics of a presentation I recently gave that encourages you to implement some SMART sprints in your life - small steps that make big impact - to prepare for retirement more wisely even in the face of uncertainty. It pays more than ever to work part time during retirement.Most people retire because they are ready to be done with the 9 to 5 rat race that they’ve been about for the past 30 to 40 years. But keeping a part time job that fits your particular criteria is actually one of the most logical and powerful things you can do to fuel a happy retirement. That may sound counterintuitive but if you stick with me through this episode I’ll show you exactly what I mean. It’s on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
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HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 22 June 2016
Today is a day to say “Yes” to something. I mean it. There are so many opportunities out there, so many experiences to enrich your life. What could happen if you took the time to say “yes” to one of those opportunities? You’ll only know if you do it. I’m so thankful you’ve joined me today. We’re going to cover some listener questions today about caring for a dependent adult child as retirement nears, combining retirement accounts, and taking distributions from retirement accounts when you’re blessed to retire before the normal retirement age. And of course, we’re going to talk about the power of saying, “yes.” The term, “Brexit” is in the news lately. What is that all about?You may have heard that the nation of Great Britain is considering a move away from the European Union, an economic affiliation of nations that use a shared currency, the Euro. The voters of Britain are set to vote this week as to whether their country will remain in the union. Today I’m going to cover a small bit of how this is impacting the markets and how I think we should all think about this event. That’s in my “What Does that Mean” and “Hot Topic” segments, so be sure to listen if you’re concerned about those issues (and even if you’re not). I’m nearing retirement and have a developmentally delayed adult son. How do you recommend I think of retirement in light of that responsibility?This real world question came from a listener to the Retirement Answer Man and I’m happy to give the answer my best shot. It’s a matter close to my heart because I once had a relative in the same situation, but it was back in the early to mid part of the previous century when people born with disabilities were often shuffled off to an insane asylum. But that’s not what happened in my family, I had a valiant grandmother who took on the responsibility of caring for that relative and it changed the lives of everyone in the family. I give my best, most heart-felt suggestions to this listener today and think there are some lessons to be learned for all of us regarding how we care of those we love even when we’re retired and beyond. Can you combine your retirement accounts? And should you?On this episode of The Retirement Answer Man a listener wrote in to ask if he should combine his retirement accounts. He’s near retirement and doesn’t believe he’ll be making any additional contributions to any of the accounts, so he’s curious if there are advantages or disadvantages to putting all of those funds in one pot. It’s a great question and I recommend that he does combine them, for a handful of reasons. You can hear what those reasons are and how I got to that conclusion on this episode of the show. Retiring before the legal age for retirement account withdrawals? What do you do?On today’s episode a listener asks what he can do to make withdrawals from his retirement accounts since he’s been blessed to retire before the age he can legally make withdrawals from those accounts. That’s a situation most of us have never even thought about. There are actually some legal ways to make withdrawals from retirement accounts in a situation like that, and I cover them on this episode. But I also throw another consideration into the mix and challenge this listener to evaluate the ways he can continue to add value to society and provide a greater amount of security for his retirement at the same time - all while remaining flexible and “retired” in ways that matter. Curious? Take some time to listen to this one. 5 benefits that come from saying, “Yes.”There are two schools of thought on the issue of saying yes to things. Some people feel that they say yes to far too many things, stressing themselves out and overloading their schedules. Others, out of fear, don’t say yes to enough things, cloistering themselves away in a self-protective shell. As retirement nears, either one of these could happen and it really depends on your personality and background as to which you might do. On this episode I briefly tell of some of the great experiences I’ve gotten by saying “Yes” to things that I might not have normally said yes to. I end up with a challenge you won’t want to miss, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE HAPPY LAB
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEAndy Traub’s Take Permission podcast Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 15 June 2016
For as long as I’ve been aware of Social Security there’s been concerned that there won’t be enough funds to support future retirees. Well here we are in 2016 and the Social Security system is going along as it always has. Today’s guest is an expert on the topic, which is why I’ve invited her to be a part of this show. Emily Guy Birken is going to help us understand the changes that have happened in Social Security recently, why we should not put all our eggs in the SS basket, and what we can expect from the system for the next 75 years. It’s all on this episode. The largest U.S. Pension fund cuts its retirees benefits.When something like that happens it’s enough to make anyone a bit skittish about whether their own retirement funds are safe or not. And for me, it’s a lesson in why each of us need to be a bit more proactive in creating our own retirement rather than waiting on someone else (like a pension fund) to do it for us. On this episode I tell you what I think about the defunding of a pension fund, how Social Security feeds into the concerns surrounding it, and how I would advise one of my clients to view the situation. I hope you take the time to listen. In the midst of writing a book about Social Security, the Social Security system changed.Emily Guy Birken had just finished her book about the Social Security system and sent it off to her publisher when the announcement came that some major changes were being made to the way the Social Security system works for beneficiaries. She had to recall the book, make the needed changes, then resubmit it - all in time for her deadline. On this episode you’re going to hear about that testy time in her book writing career, how Emily has come to be one of the foremost experts on the Social Security system, and why she recommends that nobody depend on Social Security as their sole source of retirement income. Isn’t Social Security there to help you retire comfortably?The operative word in that sentence is “help.” My guest on today’s episode says that Social Security was never created to be a sole source of income for anyone. Instead, it’s supposed to serve as a safety net, a small stipend to ensure that nobody is going hungry during their retirement years, but it’s far from something you could or even should depend on. Emily has lots of advice on what you should do in light of the small role Social Security really plays in the retirement of most people, on this episode of The Retirement Answer Man podcast. Are there more big changes ahead for Social Security?According to Emily Guy Birken, the answer is, “Definitely, Yes.” Emily says that SS has some very serious problems still, and the powers that be over the Social Security Administration have already announced the issues that will be on the chopping block within the next few years. Some of them will have a significant impact on the benefits and income of retirees, so we should expect that. The main problem is that we don’t know when the changes are slated, and the SSA is not telling. All the more reason to have more control and more diversification in your retirement strategy, and we’ll cover that on this episode of the podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
RESOURCES MENTIONED IN THIS EPISODEPension fund cuts link: http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-largest-us-pension-funds-set-cut-retiree-benefits Emily’s book: Making Social Security Work For You Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 8 June 2016
I invite you to engage with the audio on this page, for the sake of your future, your happy retirement, and your overall happiness in life. That’s because the Retirement Answer Man is not just about numbers and figures, it’s about building a life that you can be proud of and satisfied with once you do retire. On this episode I’m going to talk with a man who has spent a good deal of time alongside Chess Grandmasters to apply the lessons learned to their investment strategies. You’re going to get a fresh perspective - no doubt about that - so be sure you listen. What do YOU think you’ll miss most relating to work after you retire?That is a very interesting question, and one that was asked in a recent study and survey. Those who responded or not yet retired mentioned that one of the things they would miss, although a minor thing, would be the personal interactions with coworkers. By comparison, those who were actually retired already said that the personal interactions with co-workers was one of the things they missed most. What will it be for you? On this episode I give you a quick suggestion on how you can maximize relationships now, before you retire. Investment strategy is more than thinking ahead.How many people hear the words, “investment strategy” and immediately think of planning ahead? Doug Goldstein, today's guest, says that investment strategy is much more than thinking ahead. It’s looking at the overall picture, not just the individual components that make it up. On this episode Doug shares insight he discovered when researching for his new book, “Rich As A King, “ a comparison of the game of chess to the act of investing. You are going to want to take notes on this one because Doug has some great things to share. Watch out for those things that initially look like great opportunities.There are many great investment opportunities out there. But many times the things that sound like great opportunities are nothing but a trap in disguise. Doug Goldstein discovered this as he was researching for his new book that compares chess-playing and chess strategy to the act of investing. many of the promises are there in the world of investing are like an opponent’s feigned “mistake” on the chessboard. It’s a ruse to get you to commit, then you get in trouble. Find out more of Doug’s insights on this episode. Have you signed up for my “Six Shot Saturday” list yet? Why not?Every Saturday I send out a brief email outlining some of the main resources I’ve discovered, used, or recommended over the past week, including many that I never mention on the Retirement Answer Man podcast. I also allow recipients of that email to respond to me directly with any questions or scenarios and I respond personally. If you’d like to get on my Six Shot Saturday email list, you can find out how to do it on this episode of the show. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
THE HAPPY LAB
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RichAsAKing.com and www.GoldsteinOnGelt.com Doug’s BOOK: Rich As A King BOOK: Half Time Contact Roger: http://www.rogerwhitney.com/retirementanswers/ The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 1 June 2016
Risk Management: It’s a boring topic most of the time, but not this time - I guarantee it! Welcome back to this episode of The Retirement Answer Man. I’m happy you’re here (I’m Roger Whitney, by the way). I hope that you’re ready for an important conversation today. And I mean that, it really is a vital conversation when it comes to safeguarding your assets and preparing you for retirement in a way that fits where you are at now and where you will be in the future. It has to do with risk management - which is the way in which you assess the amount of risk to your financial portfolio and life that exists, and what you’re going to do about it. Be sure you listen. This could save you thousands of dollars. What exactly IS Risk Management?The very term “risk management” sounds like an oxymoron. I mean, how can you really expect to manage all the risks that exist in life? When we talk about risk management we’re not saying that you can manage all the risks of life, what we ARE saying is that you should manage those that you ARE able to manage. So proper risk management begins with assessing what you actually have that is at risk in terms of assets - your financial portfolio, your health, your income, and other important things. On this episode we go deep into the subject but keep it at a level that you can easily digest, so make sure you stick around for this episode. Why I’m talking with an insurance agent about risk management.When it comes to managing the risk you have in terms of asset risk, you are either going to bear all of that risk yourself or you’re going to pay someone else to take on some of the risk. That’s where insurance, and a good insurance agent, comes into the picture. Today I’m chatting with Brian Certain. Brain is an experienced Allstate insurance agent in my neck of the woods and I haven’t met a person who’s a better resource for helping us understand this whole topic in layman’s terms. He brings it down to a level that anyone can understand on this episode so be sure you take the time to learn what you need to know about protecting your assets from the risks of life. You probably know that your insurance needs will change over time, but do you know why?Most of us understand that our insurance needs change as we go through life. For example, a married father of four needs a different type and amount of life insurance than a retired widower of 84. But there’s another reason insurance needs change that has to do with your assets. As you accumulate more and have more net worth in particular, you have more to lose if you were to be sued. That’s where having a great insurance agent in your corner is of paramount importance. Your insurance agent knows the details of risk management like nobody else, but also is able to help you assess your needs at the various stages of your life. On this episode we’re going to give you some great tips to help you assess whether your assets are adequately protected and the S.M.A.R.T. spring segment is going to give you a simple assignment that will help you take the first steps to making sure they are. Are you risking hundreds of thousands of dollars over $100 a month?On this episode of The Retirement Answer Man my guest is Brian Certain, an experienced insurance agent from the state of Texas. Brian said that he often hears people say something like this, “I don’t really like or trust my insurance agent but his price is $100 a month less than the closest competitor, so I stick with him.” Think about that reasoning for a minute as it relates to your homeowners insurance. Why are you willing to risk an investment of $200,000 or more for the sake of $100 a month by placing it into the hands of a guy you don’t trust? That doesn’t make much sense. You need an agent who you KNOW is giving you sound advice and on this episode we’re going to walk you through the “gotchas” you should look out for when dealing with agents and insurance. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE HAPPY LAB
RESOURCES MENTIONED IN THIS EPISODEBrian Certain’s website: https://agents.allstate.com/brian-certain-arlington-tx.html Texas Department of Insurance Comparison Tool Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 25 May 2016
It’s that time of the week again - time for another episode of The Retirement Answer Man featuring your very own Retirement Answer Man, Roger Whitney (that’s me). On this episode I’m going to introduce you to the concept of what is being called the “sharing economy” (in case you didn’t know what it was already), and give you some tips about how you can take the steps to utilize the various aspects of the sharing economy in your retirement years. I think you’re going to find this episode to be chock full of great, actionable stuff that you can use. So be sure you take the time to listen. The sharing economy is here. Are you willing to be a part of it?Do you know what the sharing economy is? It’s the idea that people with excess resources (like a spare room, an empty garage, or even an extra seat in your car) make those resources available to others who have a need for that resource on a temporary basis. I believe that there are many, many opportunities for those moving into their retirement years to supplement their retirement income and build a better life. If you’re curious what’s possible in your situation, you’ll be surprised by the things I chat about with my friend Glenn, from the Casual Capitalist.
You could get income from things you already have that you’re not using.One of the big concerns for those who are moving into retirement is whether they will have adequate income for the expenses it will take to live a comfortable and happy life. Today’s episode is focused on ways that retirees can utilize the sharing economy to build new avenues of income using things they already own or possess. You could rent out your car, a spare room in your home, extra storage space, or even drive people around your area for a fee. You can find out about many of the opportunities out there on this episode of The Retirement Answer Man. The sharing economy could help you stay connected to people during retirement.While more and more Baby Boomers are working within the sharing economy to build their income, many of them are finding an unexpected benefit: they are enjoying the relationships they are having with people they serve. It’s a surprising way that many are keeping themselves engaged in society and out of their homes, avoiding the danger of becoming isolated and lonely. Today’s guest on The Retirement Answer Man is Glenn, from the Casual Capitalist and he’s got loads of great information to share about what the sharing economy is, how it works, and what you can do to get involved for the sake of increasing your income and even building new relationships during your retirement years. Interested? Be sure you listen. Would you like some simple, actionable retirement tips sent to your inbox every Saturday?I’ve recently put together a new offering that’s absolutely free, designed to help you discover ways to make the most out of your retirement years and build a great life even though you’re out of the workforce. The things I share are not shared anyplace else, so I encourage you to sign up for my “6 Shot Saturday” emails to get practical help every, single week. If that sounds of interest to you, go to www.RogerWhitney.com and sign up today!
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE HAPPY LAB
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan www.TheCasualCapitalist.com/DigitalSenior - Glenn’s website and his offer for you. www.AirBNB.com - Housing www.AirDNA.co - Housing reviews and needs www.Uber.com - Driving and transportation www.TaskRabbit.com - Handyman or task based services www.WiseAnt.com - tutoring and teaching |
Wed, 18 May 2016
Welcome back to another episode of The Retirement Answer Man podcast, I am Roger Whitney, your host. In a financial climate like the one we are currently living in, when interest rates are low, how should you think about those fixed-income investments in your portfolio such as bonds? On this episode of the show I am going to take a deep dive into bonds of various sorts the help you navigate the treacherous waters of fixed-income investing. One of the ways I’ve noticed that people are happier about their investing?When it comes to people who actually take the time to invest as they should there are two types of investors I have met over the years. The first are the ones who entrust their investing to an advisor and don't bother to ask him out the details very much at all, and the second are people who have at least an elementary knowledge of their investment strategy and understand why they're doing what they're doing. In my experience the second group of people are the ones who tends to be happier overall and are actually a bit more successful in their investing as well. On this episode I want to encourage you to be this type of investor. Do you really understand what a bond is?Most people have at least an elementary understanding of what a bond is when it comes to government issued bonds. But did you know there are other types of bonds as well? And do you really know how bonds work? When this episode of the podcast I am taking a deep dive into the issue bonds and talk about why you should still invest in them when interest rates are so low as they are now, and how you should go about doing that in a wise and prudent manner. It's all on this episode of The Retirement Answer Man podcast. The major risks of investing in fixed income investments (like bonds).Most financial advisors recommend that every investment portfolio contains fixed income investments, like bonds. But one of the more obvious risks to this kind of investment is that when interest rates are low they don't typically get a very good return for the investor. On this episode of the podcast I'm going to walk you through some strategies that can help you mitigate those risks and feel better about the fixed-income investments in your own portfolio. It may not sound possible, but I assure you that it is. When is the last time you assessed your fixed income strategy?On every episode of The Retirement Answer Man podcast I walk you through what I call my “Smart Sprint” segment where you are encouraged to take small, actionable steps to advance your retirement goals. On this episode my challenge surrounds your fixed-income strategy and how you're managing it in your current portfolio. It's time to a set, it's time to make those small adjustments that can make a big difference. I'm going to walk you through it on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE HAPPY LAB
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Marketwatch article mentioned in the show |
Wed, 11 May 2016
If you want to learn how to maximize both your preparation and enjoyment of retirement, you’ve found the best way to do that. It’s here on The Retirement Answer Man podcast. This episode is focused on a very important issue - understanding the Social Security system (which is no small task). I’ve got a great guest on the show today - Devin Carroll - who is one of the best sources of understanding on this issue of anyone I know and you’re going to get some very actionable things you can do to not only understand your Social Security benefits but also to make the most of them now and in the future. Do you worry too much?As we grow older we begin to move into a time of life where we naturally understand less and less about the world and the way things are going. It’s a time when worry can start to creep in and get the best of us. But worry is never, ever a good idea. In fact, it’s been shown to be one of the most detrimental internal behaviors. On this episode I’m going to lead you through a few questions to help you assess your level of worry and adopt a mindset to help you offload your worry and get into a healthier mental place. Ready? Let’s do it! Complexity can be the enemy of wise retirement planning.It befuddles me to no end when I see financial advisors come up with retirement plans that are hundreds of pages long. What in the world?!!! There’s no reason for a retirement plan to be that complex. Complexity is our enemy because it keeps us from looking at the simple, bare facts of a situation and taking correspondingly wise action. On this episode I’m going to show you how you can adopt a simpler, easier to understand approach to your retirement planning so that you not only understand what you should do to plan for retirement, but can actually do it. How to navigate the complex Social Security System.If you go to either of the Social Security websites you’ll find over 10,000 pages of content having to do with what the system is and how it works. Even experts on the system, like my guest today, Devin Carroll, have to refer back to those sites over and over in their lifetimes. On this episode Devin and I chat about the 3 most important things that you can do in order to make sure you’re getting the most out of your Social Security benefits. Talk about simplicity, this conversation is aimed at being exactly that! If you need help with your Social Security benefits, Devin’s the man!My friend Devin Carroll has devoted a good deal of his life to understanding the Social Security system and has positioned himself to help everyday Americans utilize the benefits of the SS system that was created for their benefit. If you have a Social Security related issue (disability, survivor benefits, or retirement benefits) that you need help with, I recommend you contact Devin and his team. You can find out how to do that on this episode of The Retirement Answer Man as we talk about 3 ways you can maximize your Social Security benefits.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE HAPPY LAB
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.SocialSecurityIntelligence.com - Devin’s website. Set up your own SSA account: https://secure.ssa.gov/RIL/SiView.do Contact Roger: http://www.rogerwhitney.com/retirementanswers/ The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Wed, 4 May 2016
Retirement Planning is what thisshow is about, and I’m glad you’re here to be a part of theconversation. I’m Roger Whitney, The Retirement Answer Man and thisis the show where I seek to guide you through my years ofexperience as a retirement planner into not only planning for theretirement of your dreams but toward living the life of your dreamsnow. On today’s episode I want to chat a bit about the #1 regretpeople have when they are coming to the end of their lives - and Iwant to do it so that you can think about the kind of life you’reliving and make course corrections now so that you can be true toyourself. What does it mean to live a life that is true toyourself?Many people have dreams anddesires when they are young about what they want to do and bethrough the course of their lives. But things come up -expectations, responsibilities, needs, tragedies, and the course oflife gets reshaped over time. On this episode we’re going to lookinto the question of what it would mean to live a life true to whoyou are and discover some ways that you could be living to pleaseothers instead of living out the purpose for which you are on theplanet. Sounds a bit deep, but trust me - it is a conversation thatcould reshape the way you think about retirementplanning. Life is meant to be lived, not tiptoedthrough.It is vitally important in lifeto care about people. You might even say it’s the reason we’re onthe planet in the first place. But sometimes caring out what peoplethink of us and the things we are doing in life can lead us down apath of “people pleasing” instead of doing what we are meant to do.On this episode I’m going to dig into some of the expectations thatare placed on us during the seasons of our lives and how each ofthem could prevent us from living out our true calling, if we’renot careful. I think you’ll have some great food for thought fromthis episode. Retirement Planning is all about positioning yourselfto truly live.Many people approach retirementplanning as a sort of exercise in fear-avoidance. They plan aheadto avoid the pitfalls and fears that could happen during theretirement years. That’s great, and well worth doing - but you’rebeing underserved if all you’re being advised to do is stockpilethings so that you can be comfortable during your retirement years.I think it’s wise to approach retirement planning with a view towhat you want to be doing in the later years of your life that willallow you to continue being a blessing and contributor to theworld. When you have that kind of larger view, a world ofpossibilities open up. Do what you can to make some time to listento this episode. You’ll be glad you did. Maybe, just maybe the economy is on therise.Many companies are beginning topost their earnings right here after the first quarter of 2016, and74% of them are posting gains. That’s good news for the Americaneconomy overall, but there are some very interesting things withinthose numbers that give a bit of concern. For example, for thefirst time in 9 years, Apple computer posted a loss for the firstquarter with iPhone sales being down significantly. What does itmean for the economy? I’ve got some thoughts about it (as you mighthave guessed) and I’m going to share them with you on this episodeof the podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWERMAN
THE “BE HAPPY” SEGMENT
TODAY’S SMART SPRINT SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learningcenter: www.RogerWhitney.com/learn The Retirement Answer ManFacebook page: www.Facebook.com/RetirementAnswerMan Happy Lab link: http://www.theguardian.com/lifeandstyle/2012/feb/01/top-five-regrets-of-the-dying Hot topic Link: http://www.factset.com/websitefiles/PDFs/earningsinsight/earningsinsight_4.29.16 What’s That Mean link:http://www.investopedia.com/terms/b/benchmark.asp www.SocialSecurityIntellegence.com
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Wed, 27 April 2016
Are you ready to make the most of the life you have? I’m Roger Whitney and I’m here to help you do exactly that - not just for your retirement years, but for your entire life. On today’s show you’ll have the opportunity to dive into all kinds of good stuff, including my weekly happy lab, hot topics, practical planning tips, and the top 6 mistakes I’ve seen retirees make during their retirement years. You’ll get a lot of great tips from this episode so I hope you take time to listen. Why are you working so hard?I’m the last person to say that you shouldn’t work hard. Hard work is one of the hallmarks of living a responsible life. But it’s interesting to note that we often get out of balance when it comes to work. We invest too much of our identity and worth in what we do, to the exclusion of more important things. On this week’s Happy Lab I’m going to give you a couple of suggestions about balancing that for the sake of your happiness - both now and in your retirement years. Being “present” is one of the greatest gifts you can give your family.If you’re going to make the most of your life now and in the future, you need to realize that one of the biggest components of the happy kind of life you want is the quality relationships that you develop over the course of your life. Naturally, that includes your family and the friends you meet along the way. It’s important, for the sake of those relationships, that you learn how to put down your smart phone, disconnect from work, and be present for the people who are closest to you. It’s a decision you have to make and stick to and on today’s episode of The Retirement Answer Man I’m going to give you some thoughts to ponder along that line. Why you need to learn from the mistakes of others - before you retire.We all make mistakes, and we should be learning from them when we do. But as you near retirement a lot more is riding on you making the right choices simply because you have less time to make up for the mistakes and adjust your course. On this episode I outline the top 6 mistakes that I’ve seen retirees make over the course of my retirement planning career, in hopes that I can give you a heads-up about the pitfalls ahead so that you can adjust your mindset, prepare for what’s coming, and make wise decisions now, before you retire. Should you be maximizing your wealth?That may sound like a an odd question. Don’t we always want to maximize wealth? Prior to retirement, yes. But once you hit retirement your mindset needs to adjust. Retirement is the time of life that all your wealth maximization effort were aimed toward. It’s the time for you to benefit from all those years. But it’s not an easy transition to make and the adjustment can be more than a little uncomfortable. On this episodes Practical Planning segment I’m going to walk you through this one and help you make some mental notes that will help you enter retirement with the right mindset and approach so that your retirement years can be some of your happiest yet. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE HAPPY LAB
TODAY’S SMART SPRINT SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/lear The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Hot Topic link: http://www.marketwatch.com/story/jobless-claims-fall-to-42-year-Low-2016-04-21
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Mon, 18 April 2016
Should I rollover my 401(k) to an IRA? Most advisors say yes, but It’s not always the best idea. In this episode we share what you should consider to make the choice that’s right for you. Listen to the Audio
Happy Lab Over the last few weeks we’ve been reviewing the top 5 regrets people have at the end of their life. Here's the list so far;
#4: I wish I had stayed in touch with my friends And this week, #3: I wish I had shared my feelings more. S.M.A.R.T. Sprint Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile. What’s That Mean?? Style Drift. Why do you buy an investment strategy? The obvious question is to make us money. But one investment strategy is typically part of an overall portfolio is designed to work together. Each piece of the portfolio (or asset allocation) has a role to play. Much like each contractor used to build a house does. The plumber, put in the plumbing. The landscaper, puts in the landscape. And so forth. As long as they execute their roles, you can get a great house (or portfolio). If, however, the plumber starts to putting flowers in your pipes you may not notice right away, but you’ll have a problem. Likewise, if that small cap strategy starts buying large caps, you won’t notice at first but eventually you’ll have a different experience than you bargained for. That’s style drift. It’s the same with your portfolio. Each investment strategy has a role to play. Hot Topic This Week Last week major world oil producers met in Qatar to discuss a production free. News of the upcoming discussions helped stabilize oil markets in recent weeks. Unfortunately, as expected, they were unable to come to an agreement. We'll discuss the possible implications it could have global equity markets. Practical Planning On this week's show we answer listener questions including: •Does it matter when I rollover my 401(k) to an IRA? What should I consider when making this decisions? •When designing a balanced portfolio, should I count my company pension plan (which gives me $100,000 a year) as part of my bond portfolio? •In retirement, is retail income considered earned income? Would rental income factor into whether my Social Security would be taxed? Have a retirement question you’d like answered? Ask it here! |
Mon, 11 April 2016
If you're investing for a great retirement, the state of the world economy can have a big impact on your success. This week, we go around the world updating you on Asia, Europe and the Americas. Listen to the Audio
In This Episode We CoverHappy Lab “I wish I had stayed in touch with my friends” is #4 on the top 5 list of regrets people have at their death. Make sure you invest in your relationships. Close friends will make your retirement more fulfilling. Don't lose touch with them. [bctt tweet="Let's face it. #Friends make life a lot more fun. Keep yours as you grow old." username="@roger_whitney"] S.M.A.R.T. Sprint Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile. I'll admit, I'm not the best at this. It's something I'm working on. What’s That Mean?? Fiduciary is a term we’ve seen in the press a lot lately. If your advisor is a fiduciary it means they are legally required to give advice in the client’s best interest and disclose any conflicts of interest. You may not realize that when you work with an advisor on a commission basis, they don't have a legal duty to recommend investments in your best interest. Here's a great definition from Investopia. [bctt tweet="Learn why you want your advisor to be a #fiduciary http://bit.ly/1VgLSkH" username="@roger_whitney"] Hot Topic This Week Marketwatch.com reported last week that the Department of Labor’s released new rules for Financial Advisors who serve retirement accounts. The new rules could change the way you work with advisors to create a great retirement. Practical Planning Briana Giuliano, CFA, Senior Strategist Brandywine Global Investment Management and I go around the world to explore current economic conditions in Asia, Europe, and the Americas. We also discuss the potential benefits and risks of investing internationally in bonds and stocks. Ask a QuestionHave a retirement question you need answered? Ask your retirement question below and I'll respond personally. [ninja_forms id=1] |
Tue, 5 April 2016
Thank you for joining me on The Retirement Answer Man show today. I am Roger Whitney and I am truly blessed to know that you are interested enough in this podcast to track down this show notes page. On this episode of the show we are going to focus in on happiness, the things that keep us from it, the things we can do to maximize it in our retirement years, and how personality assessments can help us to be a happier person. That’s a lot to promise but I’m certain you won’t be disappointed, so take the time to listen. The top 5 regrets people have in old age.I recently read an article that was written by a woman who has worked with aging and elderly people for many years. In her experience she’s heard many older people express regrets about their lives - the “I wish I had” statements that none of us want to be true of us when we reach our golden years. In the “Be Happy” segment today and over the next 4 weeks I’m going to cover the top 5 things she mentions and give you some tangible steps you can take to ensure that you are not living out your older years with the same regrets! “Rich Dad” Author Robert Kiyosaki is STILL predicting a market meltdown this year!It was in MarketWatch this week, a follow up to Robert Kiyosaki’s prediction a few years back that by 2016 the economy will crash. Robert’s a respected figure in the financial industry. Many people just love his perspective and approach to building wealth. What should we think about situations like this when a well known and well respected person predicts such dire things? As you might suspect, I have some opinions about this kind of thing and share them with you on this week’s “Hot Topic” segment of the show. I hope you find my thoughts valuable. Have you heard anyone “Talking Their Book” lately?You may have and not realized it… that’s because “talking your book” is a phrase that makes total sense once you know what it means, but if you don’t - well, you’re going to be scratching your head a bit when you hear it. “Talking your book” is a phrase used to describe someone who is talking right in line with their philosophy about the subject, and even in a way that promotes their philosophy or approach above others. As I unpack the term on this episode I’m also trying to help you develop a healthy and balanced approach to understanding what’s going on when others are talking their book. It’s all on this episode. Did you know that a good personality assessment could help you make better financial choices?
It’s true. When you know your own personality better and are able to understand your tendencies when it comes to making decisions, dealing with money, and how you view the prospects of the future, you’ll have a clearer idea of how to handle the decisions that come your way day in and day out. On this episode I’m chatting with my friend Jill Davis who is a DISC assessment practitioner and avid proponent of personality assessments. You’ll find the conversation fascinating and helpful. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE “BE HAPPY” SEGMENT
TODAY’S SMART SPRINT SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.TheWorkshopBox.com - Jill’s website AND Jill(at)JillDavis(dot)com The MarketWatch article by Robert Kiyosaki www.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 29 March 2016
Welcome once again to another great episode of The Retirement Answer Man, I’m Roger Whitney, your host. I have been getting a lot of questions about real estate investing and I have to admit that I am not the expert on that subject. So, what I decided to do was to reach out to someone who was. On today's episode you are going to hear from Mark Ferguson, a real estate investor from Colorado who has been doing this stuff for a very long time and really knows what he's talking about. So if you've got real estate investing questions as it relates to retirement planning, this is the episode for you to listen to. How you can stop, drop, and roll for more happiness in your life.I have noticed a tendency in my own life, where I get excited about the things that I want to purchase and the moment I get it my interest in it seems to wane. It's almost like the purchase itself decrease is the urgency with which I felt I needed that item. On this week’s “Happy Segment” of the show I'm going to suggest a three-point strategy for how you can address issues like that and I call it “stop, drop, and roll.” I think you'll find this very helpful. Have you ever considered “I” bonds as part of your financial portfolio?You don't hear investment advisors talking a lot about the treasury issued “I” bonds. Why don't people talk about them? I think it's because nobody is making money from them. You can only purchase them from the United States Treasury. But that doesn't mean it's a tool that is worthless. On today's episode I am going to give you the background on what these bonds actually are, how they work, and why they might be a great tool for you to consider for certain aspects of your financial management. Real Estate Investing for the rest of us.Late night infomercials and reality TV flipping shows lead us to believe that real estate investing is one of the best ways to make a lot of money. And I get lots of questions about this aspect of investing almost every week. I decided that since I don't know a lot about the subject I would talk to someone who does. On today's episode of The Retirement Answer Man I'm going to chat with Mark Ferguson, an expert on real estate investing who is going to give us the pros and cons of using rental properties as an investment strategy. This episode is full of great information that I know will benefit you. Be sure you take the time to listen. Why are rental properties such a great investment?Today’s guest, Mark Ferguson, is convinced that investing in rental properties as part of your financial plan is a great way to generate cash flow and profit in the long run. On this episode I get into the details with Mark about how to purchase properties with the right margins and numbers in mind, what to consider when you think about expenses and costs to the whole arrangement, and how rental properties can serve as a casual opportunity now and a great investment for the future. Mark's expertise is so helpful to hear and learn from so I encourage you to listen in to our conversation to get an idea how you can get started in real estate investing. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE “BE HAPPY” SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.TresuryDirect.gov - where you can purchase I-bonds www.InvestFourMore.com - where you can connect with today’s guest, Mark Ferguson Mark (at) InvestFourMore (dot) com Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 22 March 2016
I’m so thankful - SO THANKFUL - that you have joined me once again for The Retirement Answer Man show. I’m Roger Whitney, certified financial planner and your host for the show. If you’re new to the show, I’m glad you dropped by and encourage you to dig into the many resources I have available on the website for your retirement education and planning needs. On this episode I’ll answering a listener question about paying off his mortgage when retirement is looming, what it means to approach your investments from a “market timing” perspective, and how you can be happier by preparing for future growth. All that and even more, on this episode. If we’re going to be happy in retirement we have to prepare for the inevitable losses that will come.The older I get the more I realize that things are going to change - and not always for the better. I’m already feeling that I’m losing my ability in various areas that are important to me, most notably in the endurance and strength I have when doing some biking. I’ve also been reminded lately through the experiences of some friends that people, pets, and other things are going to pass on as life continues. Have you ever considered what effect those things are going to have on you during retirement? More importantly, have you considered how you’re going to deal with them and still remain happy? On this episode of the Retirement Answer Man I’m going to give you my approach to that issue and how I think it could help you be happy during your retirement years. It appears that the Federal Reserve has changed its mind - again!You likely remember the big news a few months back when the FED finally raised interest rates - the first increase in a very long time. At that time they also forecast how often they anticipated raising rates in the future, and it wasn’t a very happy looking forecast. Well, this past week the announcement was made that the predicted increases are actually a bit more aggressive than the powers-that-be at the FED think is wise, so they are scaling back their estimation of how frequently they’ll be increasing interest rates - and that will impact how we strategize for investing and retirement. On this episode, I’m going to give you my take on this news. Should you pay off your home with retirement funds if retirement is almost upon you?A listener will be retiring in the next 5 years - congratulations for sticking it out, by the way - and he asks me if it’s a smart thing to use some of his retirement funds to pay off his mortgage so that he won’t have that large expense to deal with once his retirement date arrives. There are good arguments on both sides of this decision and on this episode of The Retirement Answer Man I’m going to walk you through both scenarios and give you my thoughts on what I would do were I in his shoes. It’s time to start S-T-R-E-T-C-H-I-N-G for your better health!This show is not focused on physical health per se, but is definitely aimed at helping you achieve the healthiest retirement you can, and we have to admit that a huge part of that puzzle includes the gigantic piece of physical health. On this S.M.A.R.T. sprint segment of the show I’m giving you my suggestion that you should begin stretching every day - and tips on what it will do for you, how you can get started, and why it matters. It sounds small, but it can produce world of benefits! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE “BE HAPPY” SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 15 March 2016
Welcome once again to another episode of the Retirement Answer Man podcast. I recognize that time is your most valuable commodity, and they don't take it lightly that you are spending a significant portion of it listening to this podcast. Thank you! Thank you for the trust and confidence you are expressing in me by listening to what I have to say about retirement planning and finances. On this episode we're going to take a deep dive into the issue of diversification to help you understand how the practice is beneficial at some points in history and not so beneficial and others. The political scene is heating up. What impact does it have on the economy?It is March of 2016 and it looks like we are headed towards some certain to you regarding the political candidates for this election year. If things continue to go as they seem, we're going to have some very interesting choices to make. When I'm getting too political, let me just say that the economic choices in this election are very clear-cut. Should we subscribe to the “lifting up” philosophy of economics or the “leveling down” view? On this episode I'm going to give you my thoughts about both of those a purchase. You can’t play catch up in the most important areas of life.A book I've been reading recently has reminded me of a very practical and helpful truth that impacts the way we look at retirement planning and investments. The lesson is this: you can't play catch-up in the most important areas of life. That means wise planning ahead of time is the best course of action in many of the most important things we care about. On this episode I'm going to chat briefly about what that means to me, especially in the realm of retirement planning. Transparent conversations and the road to happiness. One of the reasons I do my podcast is to encourage you to think about the level of happiness in your life. Retirement planning is not just about money, it's also about having a great quality of life during those retirement years. One of the things that enables you to have a happy retirement is to have happy relationships. Transparent conversations are part of building those kinds of relationships, and in this episode I share a quick story with you about how my transparency got me into trouble, but then led to a very valuable and important conversation. Is diversification really all it’s cracked up to be?
For many years the concept of diversification has been one of the foundational principles upon which retirement planning and investment strategies have been built. There is a reason for that. It makes sense to have your Investments spread out over many different markets and niches, that way you can endure the ups and downs of the market that may come to one particular area but not to others. But lately there have been a lot of questions about whether or not diversification is really such a great idea. On this episode we're going index to look at the concept of diversification, how it is connected to the various index is, and what you should be thinking in terms of your retirement planning.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE “BE HAPPY” SEGMENT
WHAT DOES THAT MEAN? SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan BOOK: Ask It by Andy Stanley www.MorningStart.com - do your own Instant Xray
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Tue, 8 March 2016
Welcome to another episode of The Retirement Answer Man, with me, Roger Whitney! My goal is that you’ll walk away inspired and ready for action. On this episode, I am your guide to financial bubbles and the preservation of your long term investments. I will also pick the brain of marketing consultant and communications strategist, Mike Kim, to identify your skill set and package your passions to pivot your career. Listen in to his calculated transition from a corporate career to an entrepreneurial endeavor. We have loads of wisdom on this episode you’ll want to tune in to! Investment strategies in lieu of wacky elections.We survived Super Tuesday with wild cards on all sides of the election. The lack of clarity and uncertainty can send investment markets spiraling. What are we to do with our investment strategies? Do we rush towards predictions of where the change is headed? I want to reinforce what you have already heard: put your financial airbags in place. Today, I’m talking about the return on investment of an emergency fund and the protection it offers. I want to ensure you have the flexibility to respond and not blow up your long term investments or lifestyle. Find out how to take the minimum investment risk to position yourself to achieve your goals, on this episode. What is a financial bubble?In our lifetime there have been financial, or economic, bubbles influencing our investments and financial stability. The difficult part is of financial bubbles is they are usually defined after the fact, because they expand beyond their norm and then blow up. Think back to the technology stocks increase from the dot-com explosion, or the real estate rise and burst, or the massive lending that crashed. These are economical cycles characterized by a rise and excess that end in a burst. Are we in the midst of one? And how do you get ahead of retrospect and capitalize on a bubble? Tune in to visualize these bubbles patterns. Planting one foot to pivot.Today, I talk with Mike Kim, a marketing consultant, communications strategist, and writer, about his personal pivot from a 9-5 corporate grind to an independent career of serving small business owners in strategy and marketing. Mike offers insight to a career transition that starts with self-assessment of what value you are bringing to your current corporate job. Listen to Mike’s breakdown of his corporate job description versus what experience he actually gained from his day to day actions. A pivot is picking a pillar foot to turn the rest of your body based on where you foot is planted. How did Mike do it? And how can you? Listen in to how you can design your plan to pivot and work more independently. Strategizing your side hustle.Mike Kim has made all the mistakes so you don’t have to. Today, I ask him for a plan that we can all learn from. Mike has a “Pivot Pathway Process” to establish perimeters you can live and thrive within. Do you have a viable business plan? Do you have accountability? Listen in to get on track in projecting your progress. Take what you have learned from your day job and apply it to your hustle. If we take actions, we will get results. I love Mike’s strategy and approach to take control of your own life and find the freedom you desire. Tune in to get a taste of what you’re truly hungry for.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
THE HAPPY SEGMENT
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Roger’s email: roger@wwkllc.com
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Tue, 1 March 2016
Welcome once again to another episode of The Retirement Answer Man with Roger Whitney...me! It’s my goal to help you prepare for your retirement in a way that equips you to be happier, healthier, and more “on purpose” during your retirement years than you ever thought possible. On this episode I’m going to walk you through a number of things that should help you down your retirement path, including a discussion of what the term “index” means, what history has to tell us about investments during election years, and 3 listener questions that hit on very practical issues when it comes to retirement planning. It’s an election year! How does that impact your investments?In light of this being a Presidential election year, some polling has been done recently to assess how people are feeling about government overall. It appears than more people than ever are in a place where they mistrust or even hate the government. There may be valid reasons for that sentiment, maybe not. But the point that I want to make in response to those polls is that none of us should allow our hatred or disdain for the government to impact our retirement strategy. It’s not a good investment plan for a lot of reasons and I’m going to tell you why on this episode. What is an “index” anyway?There are a variety of financial indexes that you hear mentioned off and on, the main one being the S&P 500 index, but what do they actually mean? On this episode I’m going to explain to you why these indexes are actually imaginary portfolios and how they are designed to help us get a general feeling for what the market is doing in light of the performance of certain companies that may be contained within that imaginary index. Confused yet? You won’t be if you listen to this section of the show. I just received an inheritance and wonder what I should do with it?A listener to the show asks the question today, about an inheritance they received and what they should do with it. There are all kinds of options, paying off debt, investing in IRA or retirement accounts, setting aside money for that rainy day, and even more. What I suggest on this episode is that your first step should not be any of those. Instead, I advise patience. You can hear why I think patience is the greatest first step when it comes to an inheritance or some other financial windfall, on this episode. Why is it a bad idea to simply invest according to the S&P 500?Many investment advisors, including me, often point out that the S&P 500 index average is much higher than most investment portfolios out there. On today’s show a listener asks why it is not a good idea to simply invest along the lines of what the S&P 500 index does. He knows it wouldn't be a perfect investment strategy but it would at least be 80% of the way there. I've got some thoughts about this, and share them with you on this episode, because I don't want you to fall prey to the natural weaknesses of human nature. What does that mean? You'll have to listen to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODEText “Six Shot” to “33444” to get signed up for Six Shot Saturday Want to talk to me about becoming a client? roger (at) wwkllc.com http://www.rogerwhitney.com/learn/ - get your “Advisor checklist” www.unroll.me - clean out your inbox |
Tue, 23 February 2016
Welcome back to The Retirement Answer Man Podcast, I am your host, Roger Whitney. Some people know me as THE Retirement Answer Man and I’m here to help YOU make the most of your retirement years, not only through wise financial planning, but also through maximizing your life to be exactly what you want it to be. On this episode I’ve got some thoughts that I think will help you simmer down the worry kettle that may be cooking inside you. I hope you take some time to listen to this episode to understand how you can remove some of the worry and stress you may be feeling.
We love low gas prices, but what impact is it having on the global economy?
I’m sure you’ve been to a gas station lately. The low prices at the pump are a welcome relief, to be sure. But the thing we don’t think about is that our little corner of the world is benefitting from gas prices at the expense of those who produce it. Some stats are showing that major petroleum producers have seen a 70% drop in profits recently. What impact does that have on us (besides the lower gas prices)? I’m going to fill you in on the worldwide implications of low oil prices and give you some thoughts to consider about your response to them.
Have you heard the term “black swan” in financial talk lately?
Isn’t it great how the powers that be in the financial industry like to come up with all these dramatic names to describe certain phenomena? The term “black swan” is one of those that you hear now and then, especially in times when world events are a bit hectic or volatile. What does it mean, and more importantly, why should you care? I’m going to fill you in, on this episode of the podcast, and I’m going to point you toward an understanding of world events that can help you feel a bit more at ease.
How confident and at peace do you feel in light of what’s happening in our country and in the world right now?
If you’re like most people, world events like hunger, wars, terrorism, elections, and a host of other things can get you kind of wound up inside. There appears to be every reason to be stressed, worried, and concerned about the future in light of what’s happening now. Whenever I feel that way I find it’s very helpful for me to take a look backwards, at similar times in the past. What good does that do me? You’ll find out by listening to this episode of The Retirement Answer Man, and I hope you’re helped by it.
Here’s a practical SMART Sprint you can do today!
Every week I bring you a short, timely, practical thing you can do to take better control over your financial future a small step at a time. I call it the SMART Sprint and today’s has to do with your retirement accounts, the amount you’re having taken out from each paycheck, and a simple way you can get ahead of the game so that come the end of the year, you’re not in a panic about contributions and deductions. Are you interested? Be sure to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
THE “BE HAPPY” SEGMENT
TODAY’S SMART SPRINT SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Text “Sixshot” to “3444” and get Roger’s Six Shot Saturday emails.
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 16 February 2016
I am so thankful, yes THANKFUL that you have decided to take the time to join me for another episode of the Retirement Answer Man. This show is a labor of love to me and I can’t express how wonderful it is for me to know that you’re finding value in what I’m sharing. On this episode we’re going to chat a bit about the markets. Man, they’re really stinky right now. But what does that really mean? While we can’t predict the future, there IS something we can do to help us get our bearings in such terrible markets, and I’m going to share that, some listener questions, and some thoughts about being happy in retirement, on this episode of the Retirement Answer Man.
Are you signed up for my “Six Shot Saturday” email list?
I’ve begun a new email list that features six simple, short, actionable tips you can use right away to help you better position yourself for retirement, plan your life, and live a better life. You’ll get those every Saturday, right in your email inbox, and I’m certain they’ll be a great asset to your life. You can find out how to get on that email list (and get some special content you can’t find anywhere else) by listening to this episode.
Inflation is a buzzword we hear all the time, but do you know how it impacts you?
It seems that ever since the 1970s the word “inflation” has been added to everyone’s vocabulary. The first thing we think of when we hear it is increases in the price of goods we purchase. But there’s more to inflation than just that, and on this episode of the Retirement Answer Man I’m going to walk you through what you should be thinking about when it comes to the issue of inflation and how you can better address your particular situation in light of it.
What do you think, is the stock market going to stay this bad all year?
The 2016 stock market has started out with a very loud “THUD.” It’s terrible, the worst returns we’ve seen in years. The financial analysts and talking heads on the news channels are talking the possibilities of a bunch of doom and gloom for the rest of the year as a result. But does a bad start like this necessarily mean that we’re going to have a terrible year in the markets? On this episode I’m going to look at some historical data about situations just like this to help you get out of the emotional response and into a data driven way of thinking about it. I think this will be very helpful.
What kind of person do you want to be in retirement?
You know, retirement has more to do than being off work and playing on the beach or at the golf course. It’s really about quality of life and one of the main things you need to consider when you think about that is the kind of person you are. This week I noticed some older pictures on my Facebook wall and it reminded me of some of the adventurous things I’ve done in years past. It got me thinking about the future and the person I want to be when I get there. I think this edition of my happy segment will give you a bit of inspiration for your retirement years, so be sure to listen.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Text “SixShot” to “33444” to get on the “Six Shot Saturday” email list
www.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Tue, 9 February 2016
Welcome once again to The Retirement Answer Man show. I’m Roger Whitney, AKA the Retirement Answer Man. This episode of the show is one where I really get to live up to that name, because I’m answering two very practical listener questions covering how to figure out your “risk tolerance” in light of the different types of investment vehicles you have in your portfolio, AND whether or not it’s smart to get your money out of the financial system altogether by investing in real estate. As you can see, there’s some great stuff on this episode, so be sure you take the time to listen. What is “risk tolerance” and what’s wrong with the way we assess it?You may have heard the term “risk tolerance” before. If you’ve got any experience in the investments arena you surely have. But what does it mean? In short, it’s the amount of risk you’re willing to endure in order to potentially get greater returns on your investments. But I have to admit that I’ve got a pet peeve about this whole concept… and I’m not really sure it’s the best way to go about assessing what you should be investing in. Why? I’d love to fill you in, and I will on this episode. Should you be following the advice of those making market predictions?The very short answer is “no,” you shouldn’t. But do you know why? It’s almost every day that you hear somebody espousing another “new” way to invest that gives greater returns, do you know why it would be a mistake to follow the advice of these people? It’s because I have a quarter that has a better chance of determining the right investments for your money. Really, I do! If you’re confused, that’s OK, I’ll unpack all of that and more as I tell you why those making market predictions are not to be trusted, on this episode. Should you take money from your retirement accounts and put it into real estate investments?On this episode a listener admits that he’s very skeptical of the whole investment scene because of Madoff and other scandals. He simply doesn’t trust it anymore. Instead, he’s considering putting his money into real estate in the form of rentals. Is that a good idea? I’m not one to discourage real estate investing by any means, but I’m also not sure that taking all of his money out for that purpose is wise. And I’m not sure that skepticism is the best reason to do so, either. You can hear why I say both of those things, on this episode. Should you treat your various retirement accounts the same when it comes to risk assessment?One of my listeners today asks this great question. It’s great because it’s taking into consideration the things that should be considered. Think about it. You have varying investment vehicles that you use - IRAs, 401K, bonds, stocks, etc. Each of them has their own unique characteristics, including time frames and investment strategies. Doesn’t it make sense that you’d want to have a unique approach to your risk assessment in light of those kinds of characteristics? On this episode I’m going to walk you through the basics of how to think about those kinds of issues! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 2 February 2016
Welcome back to the Retirement Answer Man… my name is Roger Whitney and I am a certified financial planner, and your host of every episode of the show. This show is all about you - your retirement, your future, and your life. I want to help you think about your finances and retirement planning in a way that enables you to make wise decisions that lead to the kind of lifestyle that best fits the future you want to enjoy. On this episode I’m going to answer some listener questions, fill you in on the impact of “negative interest rates,” and give you some thoughts from my own life about a happiness perspective that can make your life much more peaceful. Interested? Be sure to listen.
Be sure you get in on my next free webinar!
If you’re at the stage in life where you need to begin putting together an investment portfolio, you’re reading this at exactly the right time. Coming up in March of 2016 I’m going to be doing a free webinar that addresses how to construct and manage an investment portfolio. It’s going to be packed full of valuable information and allow for questions and answers at the end. If you’d like to be a part of that helpful webinar, I’d love to have you attend. Just listen to this episode of the show to find out how you can get signed up.
Negative interest rates? Is that even a thing?
Believe it or not, yes - negative interest is a real thing and we just found out about it in the real world right here at the end of January, 2016. Japan’s central bank announced that it is putting a “negative interest” policy in place in an effort to prop up the country’s economy and get a recovery of sorts underway. The move allows for banks and lending institutions to actually charge depositors for putting their money on deposit with the bank. That sounds crazy, doesn’t it? Why would anyone pay to have their money in a bank? I’m going to walk you through it and tell you how it could impact you, on this episode. Did you know there’s a point where tax deferred investments are NOT the best way to go?
It’s true. Depending on quite a number of variables, you may not want to put your retirement savings, or at least a portion of it, into tax deferred accounts like IRAs. It has to do with tax brackets and income levels during retirement, and it’s an important thing for you to understand so you don’t put yourself in a position where your tax deferred accounts are actually hurting you financially. Find out the details on the Q&A section of this podcast episode as I respond to listener questions about the topic.
One way to increase your happiness is through trust.
You don’t have to be a religious person to benefit from learning to trust. There are simply too many things in life that are difficult to comprehend and impossible to predict for us to go around trying to figure them all out. There comes a point where we simply have to trust that things are going to work out for the best. In this week’s “Be Happy” segment, I share my own trust journey with you and ask you to consider, “Where could you learn to trust in a way that benefits your journey?”
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 26 January 2016
Good day to you gain, my friends, and welcome to this edition of The Retirement Answer Man, my name is Roger Whitney, your host! Today we are smack in the middle of our “Retirement Plan Live” event and you’re going to get to hear another conversation I had with Linda (of Linda and James) about their retirement planning. My hope is that our conversations spur you to consider your retirement planning and can help you make some adjustments that set you up for a better future and a happier life. Listen in as we tackle the issue of risk management. What IS risk management?Risk management is not a term that is only used in the investment realm, companies of all kinds try to manage their risks. But what does it really mean to engage in risk management? In this episode’s “What does that mean?” segment, I’m going to define risk management and let you in on a little secret: it’s not what many people think it is. You’ll have to listen to find out. Risk Management and Planning for Retirement.As I talk with Linda today about her retirement plan, we get into a lot of very detailed thoughts she’s been having about the investments she and her husband have made toward their “happily ever after” retirement. We talk about bonds VS bond funds, health care risks, long term care, elder care for her aging mother, college education for their kids, and a whole lot more. You’ll be impressed at how astute Linda is with this stuff, and I’m pretty sure you’re going to learn something from her questions, so be sure you give it a listen. What would happen if you could get out of “what if” thinking and into “what can I do” thinking?I’ve spent a good deal of my life worrying about things. It’s very sad, but entirely true. I had to learn (the hard way many times) that the “what if” thinking that I tend to get into only generates anxiety. There’s nothing helpful about it in most cases. The key is to turn my thinking toward, “What can I do?” thinking instead, and in today’s “Happy Segment” I want to show you how that one little adjustment can help you get out of victim mode and into action mode, which adds up to much more peace and satisfaction in life. It’s not too late (at least not today as I write this)!The final webinar of this year’s Retirement Plan Live event happens in two days from the publication of this episode, and the only way you’ll get to hear how Linda and James’ retirement plan comes together and whether or not it looks like they’ll be able to reach their ideal retirement goals, is to be a part of that webinar. You’re going to be able to ask questions of your own as well as learn from the things I advise Linda and James to do… but not if you don’t sign up. Go to www.RogerWhitney.com/RPL to sign up! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODEwww.RogerWhitney.com/RPL - Find out more about retirement plan live! Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn
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Tue, 19 January 2016
Hey there, welcome back to another episode of The Retirement Answer Man. I’m Roger Whitney - THE Retirement Answer Man - and in case this is the first time you’ve ever wandered over to my show, welcome! I’m so glad you’re here. You’ve jumped right into the middle of my “Retirement Plan Live” series, where I’m helping a real life couple, James and Linda, do their very own retirement plan on the podcast for everyone to hear. You’ll hear lots of interesting things to consider as well as find out how you can play along and receive your own downloads to do your own retirement planning right alongside us. Find out more on this episode. The financial markets are a bit frightening right now.
The talking heads are saying that we’ve had the worst financial start to a new year since the great depression. That’s a comforting thought, isn’t it? But all kidding aside, an unstable time like this can be very unsettling on the average investor, and for all you above average folks too! So what should you think about a time like this? More importantly, what should you do? On this episode I’m going to walk you through a few things you should consider and give you some practical steps you can consider as well.
Have you ever drawn up your own “net worth” statement?
In my humble opinion, your net worth statement is one of the most vital documents you can use for your financial and retirement planning. It’s a quick, year to year snapshot of your financial picture that enables you to quickly see if you’re getting ahead or falling behind. On this episode you’re not only going to hear me explain what a net worth statement is, but I’m also going to do a real live example of how to create one, so make sure you listen to this episode.
Today’s S.M.A.R.T Sprint: Update your net worth statement.
If you don’t have an updated net worth statement, today is your lucky day. On this episode I walk Linda through the variables that need to be considered in calculating a net worth statement and I also share where you can get a handy dandy worksheet to help you create your own net worth statement. The New Year is a great time to get this document created so that you can begin to use it on an annual basis to keep track of your financial health.
A great tool for happiness as you move into retirement.
Many people (me included) get so busy with their careers and the responsibilities of life that they forget to invest in one of the most important, long-lasting resources they could have: friendships. I’d hate to see you facing retirement all alone, without a support system of good friends in place. On this episode I tell you my brief story of how I’ve begun to surround myself with friends and build good friendships, and how it can serve to equip you for the retirement stage of life.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - Find out more about retirement plan live!
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Tue, 12 January 2016
It’s here! You know you’ve been waiting for it and now I’m able to bring it to you… this year’s installment of Retirement Plan Live! This is YOUR opportunity to hear me walk through a real life, honest to goodness retirement plan with a very real couple - Linda and James. Today we’re going to start dreaming big with Linda to discover all the things that the two of them desire to go into their retirement. And you can play along if you like by downloading my free resources to help you dream up your own grand retirement as well. Just listen to this episode to hear how you can get involved in Retirement Plan live! There’s a free Q & A session about retirement planning as part of this RPL event!
I want the Retirement Plan Live event to be the most practical, helpful, empowering session of podcast audio you’ve ever listened to (at least when it comes to retirement planning), so I’ve packed this event with resources for your benefit and consideration. One of those is an upcoming LIVE Q & A session where you and all the other RPL participants can get on a video chat with me, Roger Whitney, to ask your retirement related questions. Nothing’s off limits, so be sure you listen to find out how you can get into that free Q & A session. Why you should stick to your plan when the markets look so bad.
Well the henhouse is clucking… it’s all the financial analysts and talking heads, telling us that the first week of 2016 is the worst we’ve seen since 21008. When that sort of news comes out, everyone gets up in arms. So what should you do? How does it impact your investment strategy? On this episode I’m going to unpack what you should do, and it begins with that well-conceived plan you’ve already come up with! Be sure to stick around for that portion of the show. When missing your retirement goals are not a failure.
Goals are important. They’re the things we aim at when we’re trying to accomplish those big retirement dreams we’ve come up with. But did you know that missing a retirement goal does not mean you’ve failed? On this episode of The Retirement Answer Man I’m going to tell you why goals are desires and not predictions, and when it’s entirely appropriate for you to let go of at least some of your retirement planning goals. You might be surprised at what I have to say.
What goes into a good retirement plan? It all starts with a dream.
It’s impossible for anyone to project every expense that’s going to come up during the retirement years. But you’ve got to start somewhere… and I’ve learned that the “somewhere” you need to start is with a dream of what you want your retirement to be like. On this episode of the Retirement Answer Man, I’m chatting with one of our Retirement Plan Live participants, Linda, about what she and her husband James desire their retirement to look like. It’s a great peek into what this essential first step looks like, and can help you do the same thing for yourself.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
WHAT DOES THAT MEAN? SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - Find out more about retirement plan live!
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
BOOK: 20,000 Days And Counting
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Sun, 10 January 2016
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Sun, 10 January 2016
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Tue, 5 January 2016
Happy 2016 to all of you retirement interested folks out there, this is Roger Whitney, and in these parts I’m known as The Retirement Answer Man. I do a podcast each week to help you think about, plan for, and maximize your retirement years so that you can enjoy life, live to the fullest, and be the greatest blessing you can be to the world. I’ve got another great episode of the show today, including a short chat about the various interest rates that impact you and your monthly budget, a conversation with two friends of mine from the Stacking Benjamin’s website team about how you can save 50% of your income, AND the latest news on my upcoming Retirement Plan live event. Be sure to listen, there’s lots of good stuff in store.
Retirement Plan Live starts next week!
If you haven’t heard, you need to know: Beginning last year I created an annual “Retirement Plan Live” event that is aimed at helping you see how a professional retirement planner like me goes about helping an average Joe like you, plan for and execute a retirement plan. It’s packed full of all kinds of insights I can’t even begin to describe here. But in addition to all that goodness, you can plan alongside us using a ton of free resources that I’m providing for this year’s event. If you’d like to sign up to “plan along” with me and my RPL participants this year, listen to this episode to get the details on how you can do that.
The FED raised interest rates. So which rate are they talking about?
A few weeks ago the Federal Reserve Bank raised interest rates after a very long time of not touching them. That step is all abuzz in the news lately, but I wonder, do you know what rate it is they’re talking about and how it impacts you and your money? On this episode of The Retirement Answer Man I’m going to walk you through the 3 main rates that affect you, tell you what each of them is, how they impact each other, and what you need to be thinking about in light of this recent rate hike. Sound like something you’d like to know? Then be sure to listen.
Interest rates went up… but not the ones you were hoping for.
Yes, the Federal Reserve did increase the major interest rates a few weeks back, and that means you’ll be seeing higher rates when you want to buy a home, finance a car, or get a credit card. But it DOESN’T necessarily mean that you’ll see the interest rates offered for savings accounts, money markets, or CDs going up anytime soon. Why is that? In this episode of The Retirement Answer Man I’m going to explain that little known business practice to you and fill you in on what you can expect to see happening in savings interest rates over the next few months and years. Sounds crazy, but you could save up to 50% of your income.
The #1 thing most Americans surveyed say they’d like to change about their financial practices is that they’d like to put more of their hard earned cash into savings. That’s no surprise, but what might surprise you is that there is actually a way that you can save as much as 50% of your income each and every month. I know it sounds crazy, but my guests on this episode of the podcast - Kathleen and Joe - from the Stacking Benjamins team are going to fill us in on how their new program, Save50, could help you do exactly that. You won’t believe what you’re hearing, and how simple it really is. Be sure to give this conversation your attention. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.Save50.org - The Save 50 Program
www.RogerWhitney.com/RPL - Find out more about retirement plan live!
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 29 December 2015
Welcome, welcome, welcome - to another episode of The Retirement Answer Man. My name is Roger Whitney and I am your host, companion, and guide to this episode, where we are going to navigate the farthest reaches of retirement theory and financial planning to help YOU create the retirement and future of your dreams. (Wow, that was a lot). On this episode I’ve got a bunch of good stuff for you, including the definition of a VERY important term (maximum drawdown), my take on the decision the FED made to raise interest rates, and I also get the great honor of introducing you to this year’s participants in my Retirement Plan Live event - James and Linda (not their real names). It’s packed, as you can see… so let’s get into it!
What in the HECK does “maximum drawdown” mean?
One of the features I’ve added to the Retirement Answer Man podcast recently is the “What Does That Mean” segment, where I explain sometimes complicated and other times boring terms that you really do NEED to know in order to plan wisely for retirement. This week, at the suggestion of a listener (Thank you, Rocky), I’m going to unpack the term “maximum drawdown.” You’ll not only hit the “stop” button at the end of this episode having learned what the term means, you’ll also know why it’s important in thinking through your retirement planning strategy when it comes to risk.
Well they finally did it. The Federal Reserve raised interest rates.
It’s been an unprecedented time of low interest rates for far longer than is normal, but just recently that came to an end as the FED finally decided to raise rates. It’s bad news for homebuyers but for everyone else it could actually be some very good news? Why? I’m going to tell you why. In fact, I’ve got 5 reasons for you to consider the interest rate hike a very good thing. It’s on this episode of the Retirement Answer Man, along with a lot of other goodies, so make sure you set aside the time to give it a listen.
This year’s participants in the Retirement Plan Live event are… (drumroll, please)
James and Linda! This couple has graciously agreed to lay their financial lives bare before the world as we do a few weeks of live planning sessions using their real numbers and situation. It’s an opportunity for them to get help and for you to learn a ton as I take them step by step through the things they’re looking to do towards retirement, saving for their children’s college educations, and supplementing an aging mother’s income. It’s a load of stuff and I’m eager to get into it with them. You can join us by doing your own planning right alongside… and you can get free resources to help you in the process. Give this episode of The Retirement Answer Man a listen so you can find out how to get the resources and when you can join us for the RPL sessions.
Instead of a New Year’s resolution, how about a whole life challenge?
Since New Year’s resolutions typically don’t stick, how about trying something different. Beginning in January I’m going to be taking part in a “whole life challenge,” a methodic way to intentionally work toward improvement in a handful of life areas. I’ve done this particular program before and found it very helpful. I’d like to invite you to join me this year as I start the program again. It’s a paid program (I’m paying, too), but I think you’ll discover that the support and accountability of doing it together will make it more than worth the cost. If you want to find out more… listen to my explanation of it near the end of this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - Find out more about retirement plan live!
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Wed, 23 December 2015
One hundred minus your age in equities. This is is the rule of thumb for asset allocation we've all heard. Recent research, however, has questioned the logic of whether during retirement you should become more conservative in your investment allocation. Michael Kitces, the chief nerd at the Nerd's Eye View, discuss:
You can get links to the sources mentioned in the show at rogerwhitney.com |
Tue, 15 December 2015
Good day to you once again and welcome to this show notes page for the Retirement Answer Man podcast. I’m Roger Whitney, your host… and I’ve once again been blessed to put together a great episode of practical information for you, to help you get underway on the retirement journey. On this episode there’s lots of good stuff, almost too much! You’ll hear about my upcoming Retirement Plan Live session that begins in 2016 and how you can be involved in that event in some very practical ways, you’ll learn what “High Yield Bonds” are and how they’re in the news these days, and a bit from my guest, Todd Tresidder of www.FinancialMentor.com. All of that is crammed into this ONE episode of the show, so be sure you listen!
Retirement Plan Live is ready to go!Coming up in January 2016 I’ll be hosting my second Retirement Plan Live, where I’ll be leading a couple of volunteers through an actual retirement planning session - as an example for you to learn from as we walk through each step. This multi-session event is going to allow you to be involved in some conference calls where you can ask questions, create your own retirement plan with the free worksheets I provide, and follow along as we navigate the various real life hurdles our demo-couple brings to the table. You won’t find a more practical way of learning about and planning for your retirement needs as you will as a part of this free event. If you want to find out more, go to www.RogerWhitney.com/RPL
What are “High Yield Bonds” and why should you know about them?
The “why” is the easy part… because high yield bonds are in the news today and are going to be impacting many, many investors who have tried to benefit from them. A company just this week announced that they are not allowing the investors in their high yield bonds to cash out their bonds, and that they will be liquidating their bonds for whatever price they can get to pay back their investors. That means that a lot of people will be out a lot of money. But what ARE high yield bonds? They’re an investment vehicle that you need to know about… and you can learn all about them by listening to this episode of The Retirement Answer Man. Todd Tresidder’s amazing journey to early retirement at 33 years of age.
I think you’d agree with me that 33 is not only young to retire, but it’s young to be ABLE to retire. Todd achieved that amazing feat because he learned some non-intuitive ways to go about building wealth and on this episode we’re going to dig into his expertise and strategies, including a discussion about why neither of us agree with the “retirement number” way of approaching retirement planning. And true to form, Todd’s going to give you an alternative to what he suggests instead. You’ll not only get to hear Todd’s incredible journey into retirement and how he got there, you’ll also get to hear what he experienced once he got there, and how he’s had to adjust things as a result. It’s all on this episode!
Today’s smart sprint is simple: Beneficiaries.
Each week I give you a small chunk of action you can take to put some smart things into practice in your life and this week I’m focusing on all those tax-deferred accounts you’ve got. IRAs, 401Ks, others… and I want you to consider looking into the beneficiaries you’ve designated for each of those. It’s not uncommon for people to have no beneficiary set, or to have people receiving their investments upon their death who they don’t want to receive those funds any longer. So take a little bit of time to check on that information and you could save your family a ton more grief than they’ll already have because of your passing. Find out how I advise going about it, on this episode.
Stress is one of the biggest detriments to true happiness.
I know that’s an obvious statement, but sometimes we need the obvious to shake us into reality. Overwhelm is one of the main things that causes stress in modern society and the happy reality is that you can actually take control of your life to a degree that you remove that sense of overwhelm from your experience. How? By managing your responsibilities and activities to a greater degree, by keeping tabs on how you’re feeling about the load you’re carrying, and by adjusting things as you begin to feel that sense of overwhelm creeping higher on your emotional thermostat. That’s the focus of today’s “Be Happy” segment on the Retirement Answer Man, and I think you’re going to like it! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
WHAT DOES THAT MEAN? SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
BOOK: Essentialism: The Disciplined Pursuit of Less
Todd’s website: www.FinancialMentor.com |
Tue, 8 December 2015
Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do with a bit of humor and make it fun (I hope). But before we get into all of that make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way.
Do you know when it’s time to begin withdrawing your pension?
It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider - much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you!
Rebalancing: A financial term you hear, but what exactly is it?
Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment.
What’s the emotional component of the financial decisions you make?
Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode!
What’s the impact of a simple smile?
Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy. :)
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
JARGON TALK SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
www.FreeErisa.org - get from 5500 on your company pension
www.PensionRights.org - Learn how to read form 5500 |
Tue, 1 December 2015
Well hello and welcome to the Retirement Answer Man. I am your host, Roger Whitney and today’s show is packed full of great retirement information for you to use to educate yourself on your own retirement planning. But make sure you know this: The things I talk about on this show are purely for entertainment and informational purposes. I’m not able to give you specific retirement advice because I don’t know you. If you need that kind of advice, go to your local tax accountant or financial planner, someone who knows you a heck of alot better than I do! Alright, enough of that stuff… on with the show!
Retirement Plan Live is going to be happening in the new year! Help me make it great!
I’m soon going to be rolling out the 2nd edition of “Retirement Plan Live,” a live workshop where I use the financial situation of one lucky listener as an example so that everyone in the listening audience (that’s you) can follow along and do your own retirement planning at the same time. Last year I provided some handouts and other nifty things but I know there’s probably some additional things I could do to make this year’s RPL even better. So if you’ve got any ideas on how I can provide you great resources to make it a practical and helpful resource for you, go to www.RogerWhitney.com/RetirementAnswers and let me know what you’d like to see. Thanks!
Standard Deviation: What in the heck is that?
In the “Jargon Talk” segment of today’s show I’m going to do my utmost to unpack the concept of “standard deviation.” It’s a term that has to do with comparing investment portfolios and the way in which they might perform in either volatile or non volatile ways. It’s a bit much for me to put in one little paragraph on a show notes page like this, so take a bit of time and listen in to this segment. It just might help you get a better handle on your portfolio. And if not, you’ll learn a little bit about weather and whitewater rafting (those are the examples I use).
A great idea to set yourself up for a very merry Christmas.
For the first time ever I did something to help my family prepare for the Christmas season and it gained me $1400, took only a little bit of time, and involved some exercise equipment and a pool table. Can you guess what it was? You got it! I sold some things that were sitting around my house to scrape together a bit of extra cash to pay for Christmas. On this episode I’m going to tell you exactly how I did it and give you a couple of handy safety tips to help you sell your stuff without putting yourself or your family at risk.
A listener inherited some funds in an IRA. What’s he got to do to remain legal?
I just love answering questions from listeners. There’s nothing more practical and helpful than real life scenarios. In this episode I actually have two listener questions. One of them has to do with some money that was inherited from an IRA account of the deceased family member. Are there timelines and procedures that have to be followed in order to keep the funds tax free or tax deferred? Does the money have to be moved into a special kind of IRA account? If you don’t know the answers to those questions, that’s OK. I’m going to tell you how it all works on this episode of The Retirement Answer Man.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
JARGON TALK SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
TWEETS YOU CAN USE TO SPREAD THE WORD
How to legally handle funds inherited from an #IRA, on this episode of The Retirement Answer Man
Do you know what #StandardDeviation means for your investment portfolio? Find out…
When hard times hit, you want to avoid the 3 Ps. Find out how on this episode
How you can fund your Christmas buying and simplify your life at the same time
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Tue, 24 November 2015
Welcome once again, to the only retirement focused show that gives you ME - Roger Whitney, the Retirement Answer Man. In this episode I’ve got a ton of great things to share with you - everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen!
Would YOU like to get a free retirement plan done by THE Retirement Answer Man?
One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to www.RogerWhitney.com/RPL
A mutual fund mistake I made years ago that I want you to avoid!
When I first started out as a retirement advisor - you know, way back before I was THE retirement answer man - a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry? Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was? You’re going to hear it in this “true confession” time on this episode.
You can save for Christmas by saving on your taxes. I’m going to show you how!
The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer man I’m going to give you 3 ways that you can do that. Take a listen!
A “S.M.A.R.T. Sprint” for the Thanksgiving season.
I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff - as you’ll see from my examples - but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode.
OK, so what’s with the “time traveling” reference?
No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry, and all the other things that get into our heads and cause us to live anywhere but in the present. When we do that we actually make ourselves unhappy - because we’re focusing on things that we can’t do anything about. What I’m learning is that I can keep myself in the present moment, focusing on the things in my life that are going well, and keep myself from “time traveling” to those places that do nothing but bring harm to my life. Want to know more? You can, by listening to this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
JARGON TALK SEGMENT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
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Tue, 17 November 2015
Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man, with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness”, Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it!
What is a S.M.A.R.T. Sprint and how can you use them in life?
One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very, well, long. :) But that doesn’t mean you have to give up on goals that might take longer. You can break them up into what I call “S.M.A.R.T Sprints.” What’s a sprint? It’s something you focus on for a shorter period of time and as you do so, you give it all you’ve got. You’ll be surprised how much a time of focused intensity can help you overcome some obstacles or set some new habits that will enable you to progress faster over time. Today I’m going to explain that topic a bit more clearly than I did last week and show you why these S.M.A.R.T. Sprints are a great idea.
Do you know the difference between various types of financial services people - and why it’s important?
Do you know how the various people who work in the financial services industry are paid? Do you know the legal standards they are under when it comes to how they do their job and how they relate to you? If you’re going to make decisions that you are confident is truly in your best interest, then you really need to know those difference and rules. So today, I’m filling you in on all of that so you can know the difference between someone who is trying to sell you a financial product and someone whose main job is to give you investment advice. You’re going to find some very practical tips in this section, so make sure you give this show a good listen.
Today’s S.M.A.R.T. Sprint is one we all need.
Today’s S.M.A.R.T. Sprint is a life oriented project, and after you hear what it is you’re going to see why it’s such an important personal skill we all should develop. Here’s a little hint as to what I’m talking about… there’s an old quote and we’re not exactly sure who originally said it, but it’s value is unmistakeable. Here’s the quote: “Be kind, for everyone you meet is fighting a hard battle.” That’s a very insightful statement that we can all relate to simply because we’ve hard times in our lives when we fought our own hard battles that others knew nothing about. My challenge in today’s S.M.A.R.T. Sprint segment is one that I’m asking you to participate in… and to connect with me and other listeners on the Retirement Answer Man Facebook page to keep each other accountable. Are you up for the challenge?
Do you know what true happiness is?
Today’s episode makes me really, really happy? Why? Because Dr. Sonja Lyurbomirski did a great kindness to me by agreeing to be my guest on the show. She’s known as the “Happiness Doctor” because she’s done extensive research on the issue of personal happiness - and she’s got some great insights to share with us. In particular, I was eager to hear her thoughts on how planning toward important things such as retirement, figure into our happiness quotient, and how we should be thinking about those things in light of her research findings regarding what truly makes people happy. Is that intriguing? It should be because it’s a great conversation, so be sure to listen.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
JARGON TALK SEGMENT
PRACTICAL PLANNING SEGMENT
HOT TOPIC SEGMENT
TODAY’S SMART SPRINT SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Dr. Sonja’s book: “The How of Happiness.”
Another of her books: “The Myths of Happiness.”
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan |
Tue, 10 November 2015
Hello there and welcome to this show notes page for episode 92 of the Retirement Answer man, I’m Roger Whitney, THE retirement answer man and on this episode I’m shaking it up a bit, throwing in some new segments that I believe are going to simplify and energize your retirement planning. I’d love to hear your feedback on this episode’s new format, so feel free to shoot me a note or record a message to me at www.RogerWhitney.com/RetirementAnswers . I LOVE to hear from listeners to the show… and if you leave a question or comment that seems particularly helpful to the rest of the listeners, you just may hear yourself “on the air” on an upcoming show. So don’t be shy… let me know what you think!
Are you tired of all the JARGON yet?
To be topped only by the U.S. Government, the financial planning industry has more than its fair share of jargon and acronyms. Because of that I’m bringing you my new “Jargon Talk” segment each week to break down the terms you may have heard repeatedly, but were too embarrassed to ask, “What in the HECK does that mean?” In today’s segment I’m going to address a phrase that’s gone around a lot over the past 4 to 5 years and that is “interest rate risk.” Do you know what that means? If so, good for you! But do you know what impact it has on your retirement planning and why you should be concerned? I’m going to unpack it on this “Jargon talk” segment for you, so stick around to listen to the show. You can optimize your retirement planning by doing a number of smaller, “SMART sprints.”
You may have heard the acronym S.M.A.R.T. It stands for Specific - Measurable - Actionable - Realistic - and Time-bound. Most of the time people use it in referring to goal setting or planning. Since we’re addressing retirement planning it fits very well. This is yet another new feature I’m bringing to the show starting today because I want to be as much service to you as I possibly can by providing practical things you can put into action right away. Today, on the very first “SMART Sprint” I’m laying down a challenge to you.. something that could save you $5000 in one year’s time and allow you to make serious headway toward your retirement goals. It’s so simple, it makes me hungry… that’s a hint. Listen in to find out what I’m talking about.
More Social Security Changes are coming… and you need to know about this one!
In last week’s show I spoke about the changes that the Budget Reconciliation Act is having on the way you’re able to maximize the use of your Social Security retirement fund. A listener took me to task for only focusing on one aspect of those changes so today I’m bringing you another element of the changes that could have a huge impact on your future plans. You see, in the past you could File for SSI benefits prior to actually retiring so that the non-bread-winning spouse could begin receiving spousal benefits - then you were allowed to suspend your filing. That allowed the spouse to get the benefits and the bread winner to wait before drawing theirs. But the Budget Reconciliation Act is taking that loophole out of the picture. In today’s episode I cover that and outline what it might mean for the way you plan for your retirement. Are you interested? Find out more on this episode. A listener mentions “Preferred Stocks” as a great strategy his father used in his retirement planning. Is it still as good an option for modern investors?
Once upon a time there was a great benefit to using what is known as “Preferred Stocks” to set yourself up for retirement. But as is often the case with long-lasting financial instruments, preferred stocks have changed over the years. Nowadays they are so tied to interest rates (for reasons I’ll cover in this episode) that they’re not necessarily the best way to go, especially in an economy like ours where everyone is concerned about interest rates going higher any day. You can listen in as I answer this listener’s question - and you can ask a question of your own so that I can answer it on future episodes. I tell you how on this episode.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
JARGON TALK SEGMENT
TODAY’S SMART SPRINT
HOT TOPIC SEGMENT
PRACTICAL PLANNING SEGMENT
THE “BE HAPPY” SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
http://www.RogerWhitney/com/retirementanswers - leave your question for Roger
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Tue, 3 November 2015
Hey friends, Roger here, and I want thank you - truly THANK YOU - for being a part of the Retirement Answer Man community. My greatest hope is that the information I share on this podcast enables you to retire happily and wisely so you can make the most of your future. I kind of consider this episode to be a “star studded” episode because I’m featuring two powerful guests who you should get to know if you don’t know them. First, in the “hot topic” segment I have a great conversation with Joe of “Stacking Benjamins” who has some important updates about changes in federal laws regarding social security benefits and then, in the main topic segment I chat with Chris Hogan of the Dave Ramsey group about his upcoming book, “Retire Inspired.” You’re going to hear some great information on this episode, so stick around.
Many people have taken advantage of a Social Security loophole… but it’s soon going away!
The recently passed Budget Reconciliation Act is like your typical legislation - there’s pages and pages of stuff that is irrelevant to the average citizen. But down deep in the verbiage is a section that addresses some loopholes in Social Security law that made it possible for retirees to get as much as $60,000 more from their SS retirement than if they didn’t use it… and that issue is changed in the legislation. It’s going to make a big impact on retirement planning from here on out so it would do you good to hear the details… and thankfully, I’ve got Joe from “Stacking Benjamins” with me to go over the specifics.
There is a difference between retiring and retiring inspired.
In my main segment today I’m thrilled to have Chris Hogan with me. Chris is one of the big shot guys at Dave Ramsey’s organization and he specializes in the area of retirement. He’s got a new book coming out in January 2016, “Retire Inspired.” He’s trying to make sense of the retirement scene with the same clarity and life inspiring challenge that is characteristic of the Ramsey group, so I’m eagerly awaiting his book’s debut. In this episode we cover some of the topics he addresses in his book and chat about why it’s important to aim for a specific number, not a specific year for your retirement. What’s that all about? You’ll have to listen to get the specifics. One of the biggest tips for retiring inspired…
Don’t go it alone. There are probably hundreds of thousands of people who simply put their cash into a 401K or IRA and expect that they’ve done the best they can do toward their retirement. But the reality is that very few of us are a retirement expert so our efforts, however good or well intentioned they may be, are likely going to fall quite a bit short of what is possible. As a result we won’t maximize our retirement through better investments, better strategies, or better planning. It may sound like a simple thing (and it is on one level) but it’s one of those simple things in life that makes a huge difference. Chris Hogan spells out that issue for us on this episode of The Retirement Answer Man and gives practical tips on how you can take advantage of the expertise of others to help you retire inspired.
If you’ve not maximized your retirement planning and you’re getting up in years, it’s not too late.
In this conversation with Chris Hogan, of the Dave Ramsey group, I had a great time hearing his thoughts on the place many people find themselves: They’re past 55 or even 65 and haven’t done a very good job of planning for retirement. As a result it looks like they may not get to retire at all. Chris gives a very encouraging example of a woman he worked with who discovered (through his counsel) that she could put aside an extra $600 every month toward her retirement, which created a very positive snowball effect to build her retirement quickly and effectively. It’s just one example, and of course, every situation is different. But it serves to show that if you take a close look at your situation with the right kind of help, you can carve out small steps that make a difference and turn into big steps in time. Listen to this episode to hear more of Chris’ advice on this important topic.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPICS SEGMENT
MAIN SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Register for the Retirement Master Class: www.RogerWhitney.com/RMC
Get your copy of Chris’ free tool “The RIQ” - www.ChrisHogan360.com
Contact Roger: http://www.rogerwhitney.com/retirementanswers/ |
Tue, 27 October 2015
Hello friends, Roger here. Today’s podcast is going to be a bit unusual, but not too unusual. I’m going to strictly be answering listener questions about the question I’ve been dealing with all month long, “When I Can I Retire?” We’ve got questions about taxes, balancing portfolios, average expenses for the various stages of retirement, and a little bit of a rebuke to me about my comments from a few weeks ago when I was talking about buying a brand new automobile. You’ll find lots of good stuff in this episode so let’s get started!
How are taxes figured into my retirement number?
One of the questions I got over the past few weeks had to do with figuring taxes so that the “retirement number” can be nailed down nice and pretty. But the problem I have with the question is that I’m not so sure that figuring a “retirement number” is the best way to go about it. In fact, I don’t know that you really CAN calculate any retirement number. There are just too many variables. But that doesn’t mean I didn’t give an answer about taxes, which was the gist of the question in the first place. So listen in to hear who I advise to consider the tax liabilities you might have during your retirement years, on this episode of The Retirement Answer Man.
An investment company has advised me to balance my portfolio? Is this a good time to be buying bonds?
That’s the question a listener asked after chatting with someone from their investment company. The company was concerned that the investor’s portfolio had too much equities and not enough bonds to achieve a 75% equity to 25% bond balance. But is this a good time to be buying bonds? Well, it’s not quite that simple to answer unless you first understand and accept the principles behind portfolio theory, which I do… but I also believe from my experience that there’s an art to it as much as their is a science. So... the answer is, maybe. You can hear my response in its entirety (and I do say more than just “maybe”) as you listen to this episode.
What are you thinking, Roger? Wanting to buy a brand new car!???
OK, I deserve this one. A listener heard me mention a couple of weeks back that I was considering buying a brand new Jeep Cherokee (they’re really nice). He wrote me an email to chide me for making such a rash and thoughtless comment, after all, the depreciating value of a brand new vehicle can be demonstrably shown to be a bad investment. Agreed. This listener’s rebuke is well founded and I deserved his rant. However, I just want to say… a guy can dream a bit, can’t he? You can hear my full response in today’s episode. Are you signed up for my upcoming webinar yet?
Coming up on October 21st and October 22nd I’m hosting a real live, in person webinar to walk you through the 4 steps you need to consider when answering the question, “When can I retire?” It’s not a complex question to answer IF you have a wise approach, and I’m going to do my best to give you that in these free webinars. You can be a part of these webinars, which will include Q & A, by going to www.RogerWhitney.com/4steps and registering. And even if you can’t be there at the exact time of the webinars, go ahead and register. I’ll offer a 7 day replay for those of you who sign up but don’t attend.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
LISTENER QUESTION SEGMENT
RESOURCES MENTIONED IN THIS EPISODE
Register for the retirement webinar: www.RogerWhitney.com/4steps
Contact Roger: http://www.rogerwhitney.com/retirementanswers/ |
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