Retirement Answer Man

At the end of day, all that matters is what retirement means to you. Forget what the commercials say. Forget what the brochures say. Forget much of what your advisor may say. You don't have a "number", you have a life that you get to define and live. 

This week, I'm starting a new series called Retirement to Me, where you, the listener, get to share the lessons you've learned along your journey and what retirement means to you. 

Your Story is Important. 

Each of you have unique experiences, knowledge and perspective about money and retirement. By sharing your story, you can have a positive impact on other's journey and help them view retirement from a fresh perspective. My guess is, by telling your story you'll learn more about yourself as well.

Here's How it Works

  • I'll interview willing listeners for approximately 20 minutes about their money and retirement story.
  • Our conversation will be just that: an informal conversation (no fancy interview structure).
  • I'll ask the same 10 questions (see below).
  • You'll get the exact questions beforehand.
  • Our talk will be prerecorded to allow for review and editing before publishing on the podcast.
  • You can share as much or as little as you're comfortable with. In order to protect your identity, you can change your name and/or elements of your story.
  • As a thank you, any participant whose talk is aired will receive a 30 minute planning call with me to address any financial issue they'd like to discuss.


Let me know here (remember to include your e-mail!)

I'll Go First

To start things off, here is my money and retirement story.


Direct download: Retirement_Answer_Man_62.mp3
Category:general -- posted at: 9:38pm CDT

If you want to retire and are looking for guidance don't just find someone smart. There are plenty of smart advisors with plenty of smart ideas. It's been my experience that smart by itself, isn't enough. If you want to retire successfully, it's better to seek out wisdom.

"It ain't what you don't know that gets you into trouble. It's what you know that just ain't so."

In this episode, I discuss some of the value a wise advisor can bring to your financial life. Including:

  1. Finding blindspots in your retirement plan
  2. Bring perspective learned from walking the journey with others on the same path
  3. Creative solutions to your unique life
  4. Manage emotions that can derail the best laid plan to retire
  5. Diligence to help you address the right issues,
  6. Consistent communication to assure the right conversations happen in the right frequency so you can make adjustments as your life unfolds

Listener Question

One question I had is if the Monte Carlo model factors in the different investment bucket assumptions. My assumption is it assumes the regular draw out amounts occurs evenly between the buckets in good times and bad.  If this is the case then not drawing on the equity bucket during bad time will help to increase the likelihood of not running out of money in retirement.  Please clarify.  Thanks, Monte

Great observation Monte. How you manage drawing from your assets during retirement is critical. Do it wrong and you could seriously handicap your chances of maintaining your lifestyle. In this episode, I answer your question directly.

How to manage drawing from your assets during retirement is one of the most common questions I get.  To help you understand, it will be the focus of my next webinar.

How to Manage Cash Flow in Retirement Webinar

During the webinar I'll show you how to:

  • Draw from your assets for income
  • Set up and manage your cash flow reserve buckets
  • Manage cash flow during down markets
  • evaluate the best strategy for you

When:  Tuesday, May 26th

Time:  2:00 CST

Click Here to register 

Direct download: Retirement_Answer_Man_61.mp3
Category:general -- posted at: 5:20pm CDT

If you work for a company you're a cog in the machine. You're a replaceable part, easily eliminated or replaced if it suits the needs of the company. Sorry to be so blunt. I'm not trying to hurt your feelings. It's just important you accept this if you're going to thrive in the years ahead.

Marc Miller is the founder of Career Pivot, which helps Baby Boomers design careers they can grow into for the next 30 years. Miller authored the book “Repurpose Your Career: A Practical Guide for Baby Boomers.” You can follow Miller on Twitter or Facebook.

In this episode we discuss:

  • What to do when you're offered a buyout
  • What is negotiable
  • How to evaluate a buyout package
  • How to maintain your professional network
  • The loss of the "social contract" 
  • How to succeed in the freelance economy
  • Why everyone is an entrepreneur
Direct download: Retirement_Answer_Man_60.mp3
Category:Finance -- posted at: 9:29pm CDT

Most of the personal finance blogs you read focus on how to be more frugal. How to cut costs so you can safe and invest for retirement. it's important to be frugal but frugal only goes so far.

I've invited Paula Pant from Afford Anything to chat about frugality and what might be a better place to focus your time if you're saving for retirement.

Paula, is a thirtysomething that has chosen a unique path for her life. She's rejected the "normal" work path baby boomers learned and has embraced the opportunities of the growing freelance economy. Us "old folks" can learn from this sharp lady.

Show Topics Include:

  • The diminishing returns of frugality
  • The opportunities to earn income
  • A different way to approach retirement
  • Understanding the new freelance economy
  • What side hustle is
  • How to find income opportunities
  • Her article Flex Your Hustle Muscle

PLUS Listener Questions & Webinar Feedback

  • What are the actual mechanics of drawing money from my accounts during retirement?
  • Can you explain return sequence risk?
  • Is iCloud storage save for my In Case of Emergency plan?
  • How do distributions work from an inherited IRA
Direct download: Retirement_Answer_Man_59.mp3
Category:Investing -- posted at: 10:00pm CDT