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

• [0:24] Roger’s introduction to this episode.
• [0:40] What to expect from Linda and James, this year’s Retirement Plan Live participants.
• [1:35] Get your own resources to work alongside this year’s Retirement Plan Live (it’s free).

WHAT DOES THAT MEAN? SEGMENT

• [3:58] Why Roger is talking about “maximum drawdown” - a listener question from Rocky.
• [5:47] What IS maximum drawdown?

HOT TOPIC SEGMENT

• [9:50] The FED has finally raised interest rates…what’s it mean for you?
• [11:06] Reason #1 to like the rate hike: We now KNOW what’s happening.
• [11:52] Reason #2: The economy is progressing.
• [12:56] Reason #3: Savings accounts will yield more interest.
• [14:13] Reason #4: Corporations may begin to merge or acquire other companies.
• [14:46] Reason #5: This could be a benefit to quality companies.
• [16:09] BONUS REASON: The more they raise rates, the more we’ll be able to fight an economic shock in the future.

PRACTICAL PLANNING SEGMENT

• [17:14] Roger’s introduction to Linda and James, this year’s Retirement Plan Live participants.
• [17:34] Why Linda has agreed to have her financial life exposed on the podcast.
• [18:45] What Linda’s hoping for through her participation.
• [19:17] Linda’s biggest fears regarding her involvement.
• [19:47] What Retirement Plan Live is going to look like.
• [20:09] Linda and James’ situation: what they’ll be dealing with in RPL.

TODAY’S SMART SPRINT SEGMENT

• [23:01] Why Roger doesn’t want you to make any resolutions this year.
• [24:02] Would you like to be a part of the Whole Life Challenge with Roger?

THE “BE HAPPY” SEGMENT

• [25:16] Finding your own path to happiness.
• [26:34] Happiness for you is different than it is for another person.

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

The Whole Life Challenge Website

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. 

This best practice may not be best after all.

Michael Kitces, the chief nerd at the Nerd's Eye View, discuss:

• The difference between achieving life goals vs. wealth maximization.
• Why it may make sense to get more aggressive in your allocation as you age.
• How the return sequence of your portfolio is more important than your average return during retirement.
• The equity glide path.
• The danger years for every retiree.

You can get links to the sources mentioned in the show at rogerwhitney.com

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

• [0:24] A Christmas Gift idea!
• [1:15] The upcoming Retirement Plan Live and an introduction to this year’s participants.
• [2:09] How you can plan your retirement alongside this year’s example and how you can sign up.

WHAT DOES THAT MEAN? SEGMENT

• [3:41] What are “High Yield Bonds?” (Junk bonds)
• [5:46] Reasons you might consider purchasing a high yield bond.
• [7:39] The risks involved with high yield bonds.

HOT TOPIC SEGMENT

• [9:35] How high yield bonds are in the news today.
• [12:48] Steps you might want to take in light of the high yield blowups happening now.

PRACTICAL PLANNING SEGMENT

• [13:28] Introduction of today’s guest, Todd Tresidder.
• [14:07] Why Todd began his Financial Mentor website.
• [16:27] The unconventional things Todd thought would earn him pushback.
• [18:12] Why a “retirement number” is not a reality.
• [19:40] The difference between the simple answer and the more advanced answer.
• [20:54] How to approach retirement from a fuller perspective.
• [23:10] One of the greatest deceptions in the world of investing.
• [26:20] How Todd goes about creating range of outcomes for retirement planning on the asset based side of retirement.
• [28:35] An example of how there are a variety of things you can think about for retirement.
• [30:35] Why lifestyle design for retirement is just as important as the financial side.
• [32:32] Todd’s story of creating his early retirement.
• [35:39] What people can do to get started planning on a more realistic level.
• [43:01] Todd’s website and what you can find there.

TODAY’S SMART SPRINT SEGMENT

• [45:10] Renew the beneficiaries of your IRAs, Annuities, 401Ks and and other retirement investments.

THE “BE HAPPY” SEGMENT

• [46:46] The importance of not allowing yourself to be overwhelmed… a key to happiness.

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

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

• [0:29] Welcome to the episode.
• [1:01] The Retirement Plan Live begins next month!
• [1:40] Get updated information, resources, and video from Roger for the ongoing Retirement Plan Live!

HOT TOPIC SEGMENT

• [3:39] ROGER MADE A MISTAKE!
• [4:07] When should someone withdraw their pension?

JARGON TALK SEGMENT

• [8:56] What does “rebalancing” mean? It has to do with asset allocation!
• [10:50] Why should be concerned about rebalancing?
• [12:37] An example to consider.
• [15:36] Considerations surrounding rebalancing.

PRACTICAL PLANNING SEGMENT

• [ 20:36] Carl shares his experience, 1 year after his participation in the first Retirement Plan Live event, last year.

TODAY’S SMART SPRINT SEGMENT

• [33:28] The challenge to you this week: track every penny you spend for 7 days.

THE “BE HAPPY” SEGMENT

• [35:01] The “neutral face” and how you should adjust it, a bit.

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

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

• [0:29] Welcome to the episode.
• [1:01] The upcoming Retirement plan live is going to be happening soon. Roger needs your help in knowing how to make this year’s event the best ever!

JARGON TALK SEGMENT

• [3:50] Today’s “jargon”: Standard Deviation - what in the heck is that?
• [4:39] The boat trip VS whitewater rafting analogy.
• [5:40] The temperature analogy.
• [7:53] How these analogies relate to financial investments.

HOT TOPIC SEGMENT

• [8:23] Christmas shopping has begun… now is the time to consider what you might be able to repurpose or sell, in order to pay for Christmas.
• [10:23] Tips for how to resell items you don’t need anymore.
• [12:22] Craigslist tips for the sake of safety.

PRACTICAL PLANNING SEGMENT

• [14:45] A 25 year old needs info on how to use her IRA more effectively.
• [19:30] Steve has a question about handling an IRA he received in an inheritance.

TODAY’S SMART SPRINT SEGMENT

• [24:08] Today’s S.M.A.R.T Spring challenge: Get a realized gain and loss report. Identify the losses, and consider selling to offset gains.
• [26:27] What could you do if you only have losses?

THE “BE HAPPY” SEGMENT

• [27:27] Avoiding the “3 Ps” when hard times hit - What?
• [29:30] The “personal” hurt rejection brings.
• [30:05] The temptation toward believing one rejection is “pervasive.”
• [30:23] Don’t believe that the bad situation is “permanent.”

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

#RetirementPlanLive is coming up in the new year. Here’s how you can be involved

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

• [0:29] Welcome - and Happy Thanksgiving!
• [0:39] A HUGE announcement - the 2nd edition of “Retirement Plan LIVE”
• [3:10] How you can connect with Roger to be considered as a candidate for the RPL.

JARGON TALK SEGMENT

• [4:32] DEFINITION: Capital gains and dividend distributions.
• [6:47] Why you need to understand what these terms mean!

HOT TOPIC SEGMENT

• [8:03] Christmas is right around the corner!
• [8:15] How would you like to have a free Christmas? It only takes some wise tax planning in many cases.
• [9:10] Review how you could offset your realized capital gains.
• [11:58] Contribute to a charity or make gifts to family to offset taxes.
• [12:41] Maximize your IRA contribution.

PRACTICAL PLANNING SEGMENT

• [13:06] Introduction of today’s guest: Emily Guy Birkin
• [13:25] What can people learn about retirement from Emily’s book?
• [14:42] Coming to terms with where you’re at in your retirement goals.
• [16:42] How does “dreaming big” figure into the retirement picture?
• [18:44] Learning how you are wired when it comes to money.
• [20:47] How your wiring can impact your close relationships.
• [23:58] The biggest retirement myths that impact how you plan for retirement.
• [25:47] The many aspects of retirement beyond saving and investing.
• [27:49] The reason great balance is needed in retirement planning.
• [28:49]

TODAY’S SMART SPRINT SEGMENT

• [29:49] What lessons are you thankful for that came from bad things that happened?
• [30:43] The lesson Roger learned when his mother died young.
• [31:22] What Roger’s marriage problems taught him.
• [32:22] How almost bankrupting his family taught Roger good things.
• [33:21] Losing big clients taught Roger some great lessons.
• [34:04] The lesson learned when Roger hurt his back (numerous times).

THE “BE HAPPY” SEGMENT

• [35:06] A concept Roger just “got” that is helping him become more happy.
• [35:38] “Stop Time Traveling?” What’s that all about?

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

Emily’s book: Choose Your Retirement

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

• [0:29] Welcome to this episode of the Retirement Happy Man.
• [0:35] A summary of our guest and things covered on this episode.

JARGON TALK SEGMENT

• [3:14] DURATION: What is it and what is it all about?
• [4:22] How to use the concept of “duration” when you manage your portfolio?

PRACTICAL PLANNING SEGMENT

• [6:26] A great illustration from a family road trip.
• [8:17] What IS a SMART sprint and how can you use them in your retirement planning?
• [10:37] Places in your life you can set some SMART sprints.
• [12:11] How long should a SMART sprint be?

HOT TOPIC SEGMENT

• [12:32] The tendency toward skepticism even when we want to trust people.
• [13:28] What is a fiduciary standard and why is the current debate going on?
• [15:05] Product based financial businesses VS advisory based financial businesses.
• [18:12] The current battle going on surrounding this issue.
• [18:38] Simple fixes to resolve the issues (my take on it).

TODAY’S SMART SPRINT SEGMENT

• [20:04] The things we all face.

• [21:59] Today’s SMART sprint: Show somebody some grace.

THE “BE HAPPY” SEGMENT

• [23:34] My conversation with “The Happiness Doctor” - Dr. Sonja Lyubomirski
• [23:44] What makes us happy? - Research suggests 3 things.
• [24:22] How retirement plans are related to desires to be happy.
• [26:14] Why happiness is not an achievement, but a lifetime of growth.
• [27:54] The relationship between happiness and contentment.
• [28:54] Scientifically proven steps we can take to increase happiness.
• [30:59] Why the cliches are not cliches.
• [32:12] The Happiness Doctor’s view of retirement as it relates to happiness.

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

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

• [0:01] Kevin’s retirement announcement!
• [0:57] Congratulations to Kevin!
• [1:37] How you can leave a message for Roger.
• [2:31] A different format today...

JARGON TALK SEGMENT

• [3:53] Introduction to the new “Jargon Talk” segment.
• [4:32] What is “interest rate risk” and how does it impact the value of your fixed income portfolio?

TODAY’S SMART SPRINT

• [6:22] Intro to the “SMART Sprint Segment.”
• [7:35] What is a “Smart Sprint” when it comes to retirement planning?
• [9:33] Roger’s first “sprint” challenge: Take your lunch to work every day this week.

HOT TOPIC SEGMENT

• [11:58] The changes to Social Security law and the “file and suspend” aspect.
• [12:53] What is the “File and Suspend” aspect of Social Security law?

PRACTICAL PLANNING SEGMENT

• [17:56] Listener Question: How does it work to take out money from my 401K without penalty after I’m 55, but before I retire?
• [20:59] Listener Question: Why don’t I hear more advisors talking about “preferred stocks” as a retirement planning option?  

THE “BE HAPPY” SEGMENT

• [30:36] What is this new segment about?
• [31:46] The power of gratitude in being happy.

RESOURCES MENTIONED IN THIS EPISODE

http://www.RogerWhitney/com/retirementanswers - leave your question for Roger

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

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

• [0:27] Welcome to this star-studded episode of the RAM, featuring Joe (host of Stacking Benjamins) and Chris Hogan (of the Dave Ramsey Group).
• [1:37] Roger’s thanks to the participants of the live webinars - and the introduction of “The Retirement Master Class” (enrollment ends Nov. 7, 2015. )

HOT TOPICS SEGMENT

• [3:48] A big change for filing Social Security from the Budget Reconciliation Act.
• [5:36] A story that illustrates the changes this legislation enacts.

MAIN SEGMENT

• [10:05] Introduction of Chris Hogan, today’s guest.
• [10:49] The habits Chris saw that motivated him to focus on retirement issues.
• [13:19] Why retirement is not an age, but a certain number.
• [15:08] The value of intention in retirement planning.
• [15:50] The biggest question for people planning for retirement.
• [16:37] How you can feel confident planning your retirement amount.
• [18:51] How to play “catch up” at an older age.
• [19:51] How taking small steps can empower you to change your financial future.
• [21:37] The self-sabotaging behaviors that Chris has seen.
• [22:31] How to get out of the credit card debt trap.
• [23:47] The difference between retiring and retiring inspired.
• [25:49] What is YOUR plan to retire inspired, Chris?
• [27:10] Roger’s thanks to YOU, for joining him on this episode.

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/

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

• [0:24] Roger’s introduction to today’s episode.
• [1:52] Still time to register for the upcoming webinar!

LISTENER QUESTION SEGMENT

• [4:32] Question #1: How are taxes figured into the retirement number?
• [9:46] Question #2: Is this the time to be buying bonds?
• [19:52] Question #3: What are the average expenses for people in the go-go, slow-go, and no-go stages of retirement?
• [22:30] Question #4: What are you THINKING by considering buying a brand new car, Roger?

RESOURCES MENTIONED IN THIS EPISODE

Register for the retirement webinar: www.RogerWhitney.com/4steps

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

You know, there’s a lot of talk these days about the human lifespan being extended because of medical breakthroughs. Is it really going to happen? I tend to think that it’s likely just because of all the advances in nutrition, medicine, and even DNA research. If it does, what are the impacts that living longer is going to have on your retirement? In case you hadn’t noticed, I’ve been doing a bit of thinking on the topic and believe it’s worth sharing. So on this episode of The Retirement Answer Man, you get to hear me, Roger Whitney, wax philosophical and retirement investing as it relates to your later years… which could be longer than you expect.

HOT TOPIC: Oil prices are low… way low. What impact does it have on you?

Yes, the immediate answer is that decreased oil prices mean savings at the pump and on your utility bills, and with winter already hitting some parts of the Unites States that’s nothing but good news to your monthly budget. But oil prices being this low have other effects that aren’t so easy to spot because they are international effects that have to do with countries, governments, politics, and lots more. That, in turn, can impact your investments. I’ve been giving this some thought and want to give you some insights into those global issues and share with you how it could affect the decisions you make about your investments and your retirement… so give this episode of The Retirement Answer Man a listen.

If you live longer, your income level during retirement could increase.

For some of you that’s a no-brainer. You understood it the moment you read it. But for others, you’re kind of scratching your head. So let me explain… The assumption I’m making is that if you’re living longer, it’s because overall, you’re healthier. And if you’re healthier, you’re going to be able to generate income longer, even if it’s just a part time job you love or a hobby you turn into an online venture. Either way, you’ll have the potential to not only live on your retirement savings and investments, but also to add to the household budget by bringing in additional income on the side. That’s just one of the impacts longevity could have on your retirement. You can hear the rest on this episode of the show.

OK, I’ll give you one more impact longevity could have on your retirement: your monthly spending.

Why would living longer impact your monthly spending? There are actually a number of ways but let me give you just one. If you’re living longer because of the advances in medicine and science that we’re hearing so much about, it will mean that you’re generally healthier at an older age than has traditionally been the case. That means that instead of slowing down, you may be in better physical shape to enjoy the first season of your retirement years. You could be more active, more eager to get out and do things you always wanted to do, to see the world, see the grandkids, and all kinds of other great things. And all of those things take what? Money. So do you see how that could impact the amount you need to save for retirement? In this episode of the show I’ll be giving some of my thoughts on how you can plan for that possibility.

When can you retire? I’m doing a free webinar to help you figure that out.

It’s not a very smart idea to simply retire from your job because you’re 65, or because it’s traditional. You need to know that you will have enough money saved up to last you for your projected lifetime. That makes answering the question of when you’ll be able to retire much more difficult. Coming up on October 28th and 29th I’ll be doing a free webinar to educate you on all the variables involved in setting a retirement date. It’s going to be an interactive, fun, hands-on process where you can figure out the formulas using your own income and information. If you want in on this webinar, you can register for it by going to www.RogerWhitney.com/4steps - and if you can’t make the live webinar, I’m going to have a limited time replay available, so be sure to sign up anyway.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome and intro to this episode: Current oil prices, how Longevity can impact your retirement, and a couple of listener questions.
• [2:40] Roger’s upcoming webinar October 28th & 29th!

THE HOT TOPIC SEGMENT

• [13:00] The dangers associated with low oil prices.
• [18:31] What should you do in light of lower oil prices, as an investor and as one preparing for retirement?

PRACTICAL PLANNING TIP SEGMENT

• [12:09] The 5 major impacts longevity could have on your retirement.
• [13:39] Life expectancy continues to rise in the Unites States.
• [16:15] Spending issues impacted by longevity.
• [19:27] Income potential could increase because of longevity.
• [23:27] The impact on mind and body.
• [27:45] Lifestyle choices are impacted by longevity.
• [30:10] Your investments can be impacted by longevity issues.

RESOURCES MENTIONED IN THIS EPISODE

Register for the retirement webinar: www.RogerWhitney.com/4steps

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Hey folks, Roger here… Do you know what the 6 biggest expenses are that you’ll face during retirement? In this episode of the Retirement Answer Man, I want to walk through those expenses for a couple of reasons: 1) You need to have a clear picture of where you’re headed so that you can be prepared when you get there. 2) Because in keeping with the theme of my show this month, WHEN you can retire could depend on whether you actually make those preparations or not and on the decisions you make about the expenses you’re going to have to support during retirement. I’ve put together a great show for you, so I hope you’ll hit the play button, listen in, and give me your feedback to this episode.

In our “Hot Topic” segment: Is a Qualitative Easing 4 coming?

In case you’re not familiar with the term “Qualitative Easing” let me put it in a nutshell for you. Simply put, QE is when the government, for various reasons, decides to put more money into the economy. How do they do that? Basically, by printing more money and making it available. Their hope is that the new money they pour into the economy goes into the investing and business development sectors, thereby boosting the economy. There’s been a lot of talk lately about whether or not another QE is coming and in today’s hot topic segment I’m going to tell you what I think about the possibilities and give you a small bit of practical mindset advice about how you should think about it.

You don’t have to be at the mercy of your retirement expenses.

While it’s true that you won’t likely have the same amount of income during retirement as you have pre-retirement, you don’t have to feel like your lifestyle and ability to live is being ripped out from under you. I’d suggest that one of the main ways you can take control of those things is by examining and planning the expenses you’re going to face during retirement. You’ll have some big ones to contend with: Housing, Health care, Automobile expenses, and three others, but the choices you make about those could determine what your lifestyle is like during retirement AND whether you might be able to retire a bit earlier. In this episode I spend a good deal of time walking through each of those expenses so that you can not only go in with your eyes open, but also make good decisions ahead of time to enable you to make the most of your retirement dollars. Give it a listen.

Do you know what the #1 biggest retirement expense is?

You probably guessed it, it’s your housing. It makes sense that the biggest expense you have before retirement is going to be the same after retirement. But when you think about the cost of your housing during retirement it’s always helpful to keep in mind all the things related to housing that could impact the costs you pay. For example, I often see clients make the choice to downsize their home or even to move to another state where property taxes aren’t as high. Those are not necessarily easy decisions to make but can dramatically impact the amount of money you’re paying out each month so that you can keep a bit more in your pocket or to support the lifestyle you want to have in your later years. I’ve got lots of tips for you about how to plan for and mitigate your retirement expenses in this episode.

When can you realistically retire? I’ve got a free webinar coming up to help you figure it out.

To culminate my October theme of “When can you retire?” I’m going to be hosting 2 identical webinars to help you answer that question. I’m going to walk through a 4 step method you can use to answer the questions, “When can I retire and what will my retirement look like?” I I’m excited to bring you this informative and practically helpful webinar to help you discover the most things that will determine the answers to those questions. The webinars are coming up on Oct. 28th and Oct. 29th, 2015, and I’d love to meet you on that platform. To register or find out more about my free upcoming webinar go to www.RogerWhitney.com/4steps. Choose the date that’s best for you… and even if you can’t attend go ahead and register because we’ll have a replay that you can watch later at your own convenience.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Preview of this episode: QE4, When can I retire?, the 6 biggest costs of retirement
• [1:14] 2 live webinars coming up: a 4 step method to determining your retirement timing

THE HOT TOPIC SEGMENT

• [3:15] Is “Quantitative Easing 4” coming?
• [3:45] A good working definition of quantitative easing.
• [5:06] How the economic data impacts rates and QE.
• [6:04] What happens if quantitative easing is implemented?
• [8:06] The bottom line whether QE happens or not.
• [9:14] What to do if QE4 happens.  

PRACTICAL PLANNING TIP SEGMENT

• [10:11] Taking control: acknowledging and managing the 6 biggest costs of retiring.
• [10:47] The mindset that impacts the decisions you make about when to retire.
• [15:46] The number one biggest cost in retirement: Housing.
• [22:01] The second biggest cost in retirement: Healthcare.
• [26:28] The third biggest expense in retirement: Taxes.
• [31:35] The fourth biggest cost in retirement: The car you drive.
• [35:52] The fifth biggest expense in retirement: Travel.
• [37:54] The sixth biggest cost in retirement: Caring for our children.    

RESOURCES MENTIONED IN THIS EPISODE

Register for the retirement webinar: www.RogerWhitney.com/4steps

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

If you’re in your 40s or 50s you’ve probably started to wonder when you can retire and what your retirement lifestyle might look like.  You’re ready to be free from the set schedule of work and have more control over how you send your days. You’re ready to spend more time with your family and travel more. Maybe you’ve even played around with online calculators to see what your retirement might look like.

So why do you avoid putting together a plan to work towards the retirement you’ve dreamed about?

Let me guess:

• You feel you haven’t saved enough and are afraid of what type of retirement is truly possible.
• You have a awesome concept of what you want retirement to look like but you’re not sure how to put it all together.
• You want help, but you’re not sure where to turn or who to trust.
• It’s on your to do list, but somehow it never gets treated as a priority.

Busy people (like you and me) can easily get trapped in the urgent demands of day to day life. When we do have time to plan for our future, it’s easy to seek out quick, simple solutions rather than being intentional about creating a great retirement.

In my experience, I’ve found four major myths embedded in “simple” retirement plans are to blame for many people sacrificing too many of their retirement dreams.

I’m going to debunk those myths for you and show you how to work towards a better life in retirement.

Myth #1:  Your Retirement is a Number

True. You need to save for retirement, but it’s not as simple a specific amount of money. You don’t have a retirement “number.” Saving and investing is just part of the process of creating a great retirement..  If you make it your only focus,  you're placing the success of your retirement on things you can't control or predict (the markets).

In short, finding your retirement number may feel good in the moment but does little in helping you create a great retirement.

How to Avoid

A truly effective retirement planning process involves implementing strategies in 6 areas:

• Setting meaningful priorities (needs, wants, and wishes).
• Planning lifestyle expenses in retirement (see myth #2).
• Planning future income sources (see myth #3).
• Managing your balance sheet (assets and debts) not just your investments.
• Having the right “little conversations” to manage the uncertainties in your life and in the world.
• Investing in your health and relationships.

Myth #2 You’ll Spend a Consistent Amount Throughout Retirement

In reality, spending in retirement typically goes through 3 stages.

• In the “go go” years of retirement, your spending may be at its peak. This is the time for travel, activities, adventures and family.
• in the  “slow go” years, your spending may slow as you become more settled.
• In the “no go” years, you may spend even less as you settle in even more.

Absent, unforeseen health issues, these stages are becoming more the norm.

A “simple” retirement plan, just assumes you spend the same amount each year, adjusting for inflation. This seemingly reasonable assumption can drastically overestimate how much money you’ll need during retirement potentially forcing you to work longer or lower your lifestyle during retirement.

How to Avoid

Start by having a realistic discussion of how you'd like each phase of retirement to look like. Then put reasonable estimates of what each phase would cost on an annual basis. Some questions to ask yourself are:

• Do you want to front load your travel why you're healthy?
• Do you want to extend the time in your home before downsizing?
• Do you want to create experiences with your kids and grandkids while their less busy.
• Are you willing to live more simply later in life to experience more now?
• Are you willing to live more simply now to have a more consistent lifestyle throughout retirement?

Once you've defined the spending estimates for the different phases of retirement, you can start to create a more thoughtful plan to work to achieve the things you care about most.

Myth # 3 Retirement Means Not Working

In the past, retiring meant quitting the rat race and never working again. Today, more and more people are finding ways to transition from a full time career to a more independent style of work. They’ve seen the benefits physically, mentally, socially and financially.  Whether it’s freelancing, consulting, advising or normal part time work, the trend is to stay engaged….and earn some income.

Earning even small amounts of income early in retirement can have a big impact on what you can achieve during retirement. If you see yourself always doing something, then factor this into your planning. Doing so could allow you to take less investment risk, save less now, retiree earlier or increase your lifestyle during retirement.

How to Avoid

Stop thinking of retirement as an event and approach it as gradually transitioning to a more independent lifestyle. Think about what you enjoy doing that you could earn income doing. Nearly everyday, I hear of unique ways people are turing their interests it to money making ventures. Some questions to consider are:

• Can you become a consultant for your current employer?
• Could you transition to working from your home?
• Is there a side business you start now to discover what you'd enjoy?
• What skills could you use to do freelance work?
• Do you have a skills you could use to teach others?

Myth #4 Having a Financial Plan is Enough

Sure having a financial plan is important but it’s just the starting point. As soon as the ink is dry on your plan, everything starts changing. Your life starts to unfold in unexpected ways.

• Interests change.
• Family priorities change.
• spending patterns change
• Employment and income change.
• Health changes.
• Inflation changes.
• Taxes change.
• Markets move through cycles of bull, bear, and flat markets.
• EVERYTHING changes, most times quicker than we think

How to Avoid

The secret to creating a plan to help you work towards your ideal retirement is not figuring it all out in one, hundred page document. It’s faithfully implementing a process to make sure you’re having the right “little conversations” as your life unfolds so you can make LOTS of minor adjustments along the way.

Learn From Other's Retirement Mistakes

I’ve been creating financial plans for over 20 years now and have witnessed MANY mistakes along the way. You don’t need to do the same. I've created a cheat sheet on the 3 Talks You Should Be Having Now to Work Toward a Great Retirement (and How to Have Them). Click Here to Get the Cheat Sheet

This episode of the Retirement Answer man is filled with some debt-crunching, retirement building, volatile market enduring advice to help you put your financial life in order. The feature segment of the show features the story of Jamie and Ruth, a couple who paid off over $83,000 in debt in just over 30 months. 30 MONTHS! It’s a testimony to what a unified goal and lots of hard work can do. You’ll hear Jamie’s account of how that one decision has changed the course of their lives and set them up to have a greater vision for their future!

What should you do when the markets are so volatile?

The recent roller coaster that has been the S&P 500 has a lot of people in a conundrum. Do you change your retirement plan when the markets fluctuate so much, or do you stay the course? Roger Whitney says you have to keep your overall strategy in mind when making any decisions during volatile times. If your goal is to set aside money for retirement, you should be very slow to make changes in your strategy because of a temporary spate of volatility. The long term historical averages show that your investments are more than likely going to be alright by the time you retire. Find out a couple of other tips Roger has for you in this episode of The Retirement Answer Man.

When it comes to retirement and financial planning it’s so tempting to feel like you don’t measure up.

Think about it. We’ve all made those bad financial decisions. None of us has done everything we could have to save up for our retirement. What do you do when you realize that you haven’t measured up to the ideal you held out for yourself. Roger Whitney advises that you’ve got to come to grips with the truth that you are enough. What you’ve been able to do is enough. You can’t go back and change things. All you can do is to make changes moving forward, and you can do that, because you are enough. Hear more of Roger’s thoughts on this episode.

30 months to pay off $80,000 in debt. An amazing story!

When Jamie and Ruth made the decision to do everything they could to pay off their debt as fast as possible, Jamie didn’t even have a job. He’d been laid off and they didn’t really know how they were going to be able to accomplish such a crazy goal. But they were determined. Throughout the 3 years they worked to pay down their debt, Roger took all kinds of extra and radom jobs, and their income actually went up! They hammered away at their debt until they were able to pay it off. Now their future is different and their attitudes about life and what they can do in the near future to make the world a better place has grown. Hear their story as Jamie tells it, on this episode of The Retirement Answer Man.

Coming in October 2015: Group coaching based around the question, “When can I realistically retire and what will it look like?”

Roger is super excited to announce that coming up next month he’ll be starting some group coaching relationships to help you develop a plan for your retirement that is practical, simple, and doable. The space for these groups will be limited, but Roger’s convinced that anyone who participates will get a ton of value out of the time they spend in these groups. If you’d like to be a part of these groups, contact Roger at Roger@wwklc.com

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Overview of today’s show.
• [1:47] Thanks to iTunes reviewers! And could you leave yours?
• [2:23] Thanks to you for leaving your feedback on the listener survey.
• [2:48] The focus of October’s shows: When can I realistically retire? and what will it look like?
• [4:13] November’s new program to coach you toward retirement.

THE HOT TOPIC SEGMENT

• [5:46] The markets are still volatile: What are basic things you can do?
• [6:25] The importance of cash reserves.
• [7:40] A quick best case VS worst case scenario to consider.
• [13:59] The importance of understanding the historical averages.

PRACTICAL PLANNING TIP SEGMENT

• [14:35] Roger’s thoughts after visiting his grandmother who recently passed away and what it has to do with his contentment.
• [16:50] Why it’s OK to not be enough.

MAIN TOPIC SEGMENT - Listener Questions

• [18:01] Jamie and Ruth’s “get out of debt” story, as featured on the Dave Ramsey show.
• [21:49] The key to paying off tons of debt in a short time.
• [22:42] Jamie’s story as told to Roger.
• [23:45] What Jamie thinks of when he hears the word “retirement.”
• [24:33] Is peace an internal state regardless of what you’re doing financially?
• [25:43] Why retirement will not be sitting around and playing golf for Jaime.
• [27:28] The “We’re debt free scream” story, from Jamie’s lips.
• [28:38] How aggressive Jaime and Ruth were in paying off their debt.
• [31:27] What worries Jamie about retirement and financial independence now that their debt is paid off.
• [32:20] How do you know when you have enough?
• [34:42] It’s never too late to start.
• [34:47] What is the worst financial decision you’ve ever made?
• [37:03] The hardest thing to manage in the financial realm.
• [37:47] How hard was it to become united in their communication as a couple.
• [38:25] The resources that have impacted Jamie the most.
• [40:23] How do you want to be remembered Jamie?

RESOURCES MENTIONED IN THIS EPISODE

BOOK: QBQ: The Question Behind the Question

BOOK: The Millionaire Next Door

Financial Peace University

Contact Roger at Roger@wwklc.com

Congratulations to YOU, the listeners of the Retirement Answer Man! Why are we congratulating you? Because you are the reason behind the recent honor Roger and the RAM show received at the FinCon Confernence. Roger received the equivalent of an Emmy award for broadcasters in the Financial Services Industry - a Plutus Award. He couldn’t have done it without you, your great questions, and the great guests who have come on the show to tell their inspiring stories and share their expertise. Thank you for supporting the show!

What happens historically after markets take a big drop?

Back in August 2015 we saw 4 days straight where the S&P 500 was very, very low. But it seemed to bounce back. What typically happens to the markets after a series of down days like that, and what impact should it have on your investments and investment decisions? In this episode of The Retirement Answer Man Roger gives the stats on that phenomenon and his advice on how you should respond to the information.

9 Books that have helped Roger invest and live with wisdom and confidence.

In the “Practical Planning” segment of today’s Retirement Answer Man show, Roger is talking about books. In particular, the 9 books that have most recently had an impact on how he lives and how he works. These 9 books range from financial and investing topics, to books on life, mindset, and how you arrange it all together. You’re sure to find something that is intriguing to you as you listen to this episode.

Can you work now to increase the amount of Social Security Benfits you’ll receive when you retire?

The answer is yes! Social Security is calculated based on your highest earning 35 years in the workforce. What that means is that if you’re nearing retirement and would like to increase the amount of benefit you will receive after you retire, you can intentionally take on more work (in order to generate more income) so that you’ll have another higher-income year to add to the average. In this episode Roger gives his advice on how to go about making that decision, including how to have a conversation about it with your local Social Security Administration office.

STRETCH IRAs: How can you roll them into ROTH IRAs?

A listener asks Roger a question about how to maximize the advantages of us stretch IRA when rolling it into a ROTH IRA and as always, Roger has some great advice. There are a lot of particulars and exceptions in how to handle a situation like this, so make sure you listen to this episode and take some good notes so you’ll know exactly how to ask your investment adviser about doing the same thing should you need to.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome and CONGRATULATIONS for helping the Retirement Answer Man win a “Plutus Award” at the recent FinCon conference.
• [1:34] Preview of the episode
• [1:59] Ways you can help get the word out about the Retirement Answer Man.

THE HOT TOPIC SEGMENT

• [3:37] What happens to markets  after a big drop?
• [4:32] Was the August 2015 drop in the S&P 500 a market correction in 4 days? Apparently so…
• [6:07] How has the S&P done after large drops, historically?
• [7:41] What are the takeaways for us?
• The importance of knowing the truth about market reactions.
• You need to be proactive in your investment decision making.
• Be slow in changing strategies.
• Remember that you can’t believe all statistics.

PRACTICAL PLANNING TIP SEGMENT

• [14:28] 9 books that have helped Roger invest with wisdom and confidence.
• [16:19] The How of Happiness
• [18:11] Love Does
• [19:15] Essentialism: The Disciplined Pursuit of Less
• [20:19] A Million Miles in a Thousand Years
• [21:40] Winning the Losers Game: Timely Strategies For Successful Investing
• [22:11] The Truth About Money
• [23:10] The Investment Answer
• [23:37] The Millionaire Next Door
• [25:32] Q.B.Q.: Practicing Personal Accountability At Work and In Life
• [27:23] Share your favorite books with Roger at Roger@wwkllc.com

MAIN TOPIC SEGMENT - Listener Questions

• How are Social Security benefits calculated and how can I improve the amount SS will pay me?
• How does a Stretch IRA work with a ROTH IRA?

RESOURCES MENTIONED IN THIS EPISODE

The Retirement Planning Center - Text “Planning” to “33444.”

The How of Happiness

Love Does

Essentialism: The Disciplined Pursuit of Less

A Million Miles in a Thousand Years

Winning the Losers Game: Timely Strategies For Successful Investing

The Truth About Money

The Investment Answer

The Millionaire Next Door

Q.B.Q.: Practicing Personal Accountability At Work and In Life

In today’s podcast Roger hosts a terrific conversation with Marc Miller. Marc is a veteran of the corporate world, having worked for IBM for many years. He ‘s made what he calls a “pivot” in his career journey by exiting the corporate world and starting up his own consulting and coaching business to help others pivot their lives into something more satisfying and enjoyable for the later half of their lives. You’ll hear all kinds of great topics in this chat as Roger asks Marc about how he made the transition, whether he truly IS happier now, and what others can do to position themselves for a great pivot of their own. Be sure to listen in to this episode of The Retirement Answer Man, with Roger Whitney.

Help Roger help you, by taking part in the annual listener survey

One of Roger’s greatest desires is to help you position yourself for retirement so you don’t find yourself facing financial hardship as you approach the last stage of life. Toward that end he wants to make this podcast the most helpful it can be. He’d love to hear what you like about the show and what you think has room for improvement. You can take part in the 2015 Listener Survey by texting “RAMSurvey” (all one word) to “33444.” Please take just a few moments to let Roger know what you think of the show.

Has your insurance company or investment advisor informed you that your insurance policy could be bought out?

There are a number of big name insurance companies that have decided that the “income products” they’ve offered as part of insurance packages were not such a good idea. As a result they’re offering to “buy out” those policies from policy holders. But something Roger’s noticed that irks him a bit is that some of these companies are offering a “bonus” of sorts for investment advisors who take the time to help their clients make the decision TO sell out their policy. It may be the best decision for the client, but Roger’s concerned that providing a bonus may produce a conflict of interest for some advisors, and that many clients could be misguided as a result. Find out the details on this episode.

10 rules for retirement planning

In the “Practical Planning” segment of this episode, Roger covers a handful of the 10 rules for retirement planning. In particular, he refers to the old adage, “Pay Yourself First” and points out that it not only means setting aside the first part of your income for your savings or investments, but also that “lifestyle creep” could also be a factor in not setting aside enough of your income. What is “lifestyle creep?” Find out as Roger explains the concept and its effect on this episode of The Retirement Answer Man.

Marc Miller has made the pivot from corporate career to entrepreneur and he’d like to help you navigate those waters too.

After years of working at IBM as an engineer, Marc moved out of the corporate world in favor of building his own business and the life of his dreams. He’s achieved great success and now serves people who were once in the corporate shoes he wore, helping them discover the way forward that uniquely fits them and positions them best for their retirement years. Listen to this great conversation between Marc Miller and Roger Whitney to hear Marc’s story, the lessons he’s learned, and how he helps his clients navigate out of the corporate world.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:24] Welcome to this episode - where we work together to create not just a healthy retirement, but a healthy life.

• [1:57] Help  Roger help you… by taking part in the 2015 Listener Survey - text “RAMSurvey” to “33444”

THE HOT TOPIC SEGMENT

• [4:29] Welcome to “Roger’s Rant” about a subject that came across his desk this week.

• [5:09] The “income products” being offered by insurance companies, and the buy-out options the companies are offering.

• [6:32] Why Roger’s so angry… the letter he received from a major insurance company.

• [9:26] How you should evaluate a “buy out” option on an insurance product.

PRACTICAL PLANNING TIP SEGMENT

• [15:33] 10 rules for the retirement realm… a few tips to help you.

• [16:06] The importance of paying yourself first, and what it really means.

• [18:26] Don’t rob tomorrow

• [18:44] Put time on your side - today’s the best day to start.

• [19:08] Don’t count on social security.

• [19:45] Be slow to borrow from your investments.

• [20:00] If you’d like access to the Retirement Learning Center to get the rest of these 10 rules, text “Planning” to “33444.”

MAIN TOPIC SEGMENT - A CONVERSATION WITH MARC MILLER

• [21:03] Marc’s journey so far.

• [23:30] How Marc’s thoughts on retirement changed once he got out of a major corporation.

• [24:23] The thing that excites Marc the most about pivoting toward retirement.

• [25:08] Does Marc think his story is a “special case” that others can’t duplicate?

• [26:25] The comparison between Marc’s life when he was 30 or 40 and his lifestyle now.

• [27:01] The things that worry Marc the most about being in his new stage of life.

• [29:09] Marc’s assessment of how he’s doing in his “independent” stage of life.

• [29:31] The transition from a big company to an entrepreneurial lifestyle.

• [31:24] The worst financial decision Marc ever made.

• [33:29] The biggest struggle Marc has managing his own finances.

• [35:58] The two books that have impacted Marc most.

• [37:38] How Marc wants to be remembered.

• [38:56] Marc’s new e-book - Personal Branding for Baby Boomers

• [40:53] How to connect with Marc Miller.

RESOURCES MENTIONED IN THIS EPISODE

The Retirement Planning Center - Text “Planning” to “33444.”

Marc’s book: Personal Branding For Baby Boomers - https://careerpivot.com/personal-branding-baby-boomers/

Marc’s website: www.CareerPivot.com

Marc’s email: Marc@CareerPivot.com

One of the most tempting but dangerous things investors (and investment advisors) do is to react in light of what current markets are doing. Don’t misunderstand, it’s always wise to make adjustments when needed, but not to your overall strategy or plan. You put together that strategy to accomplish certain goals within certain timeframes, and over the long haul, it should accomplish your goals given the expected amount of time. When you change your investment strategy because of the markets, you’re changing horses midstream, and you could wind up in deep water! Roger’s got some great advice about how to stick to your plan even though the current market situation seems shaky, on this episode of The Retirement Answer Man.

Do you know what a STRETCH IRA is, and how it can benefit you and your loved ones?

When making investments for retirement, one of the oft overlooked issues has to do with what happens to the investment should you pass away. If you neglect to designate a beneficiary of your IRA for example, the money will simply pass into your estate upon your passing, and will be taxed almost immediately. That’s not a very good use of the money you worked hard to earn and save, is it? A Stretch IRA enables you to designate beneficiaries and actually S-T-R-E-T-C-H the tax benefits of that investment beyond your lifetime, into the expected lifetime of your beneficiary. Find out how this works on this episode.

Do you know how to choose an investment advisor wisely?

That issue alone could make or break your retirement investment strategy. You’ve got to know that the person advising you on your retirement is not only experienced, but the right fit for you and the goals you have. What should you ask a potential investment advisor to see if there’s a good fit? Do you know? In this episode of the Retirement Answer Man Roger spends a good deal of time discussing what you should look for in a good retirement investor and how you can ask the right kind of questions to discover if that advisor is the one for you. Listen in to hear Roger’s hard-learned advice.

How should a small company go about setting up retirement plans for employees?

There are many options out there, and sometimes the administrative costs make it very difficult to set up a plan that is generous to employees but also affordable for the business owner. In today’s episode Roger fields a “live” question from his friend Mark about how to assess the various retirement plan options, how to educate employees on the options without boring them to tears, and how to find the right investment advisor to guide the company and the employees through the process of setting up what is best for each individual. It’s a valuable conversation about retirement plans and small business. Listen in to hear the entire chat.

Did you know that Roger would love to answer your questions about retirement?

That’s what the Retirement Answer Man podcast is all about. You can ask your specific, personal question and Roger could answer your question on the air. It’s as easy as clicking a button and talking. Go to http://www.rogerwhitney.com/retirementanswers/ to record your question and Roger may address the issues you raise on the next episode. Where else can you get free, experienced, trusted advice on something as vital to your future as retirement planning? Don’t wait. Ask your question now!

Free Resources to help you do your retirement planning wisely.

Roger is an investment advisor. That means he makes his living advising people about how to wisely make investments for their future. But beneath that is a deeper motive to help people. One way that Roger is doing that is by creating his “Retirement Learning Center.” It’s a free resource on his website (www.RogerWhitney.com) where you can find all kinds of resources - from how to interview a possible financial planning partner (discussed on this episode) to caring for Elderly parents, to wise estate planning. You’ll be amazed at the valuable resources Roger has packed into the learning center, so make sure you get over there to check it out!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] Roger’s welcome

• [1:00] Roger’s daughter turned 18 years old - got a tattoo - and why it matters!

• [3:06] Thanks to some iTunes reviewers!

• [4:24] Constructive feedback from a listener (Rick) and a great resource shared from another listener (Mark).

THE HOT TOPIC SEGMENT

• [6:38] Still talking about the markets!

• [7:00] A conversation Roger had and what he realized from it about asset allocation.

• [9:40] The temptation to change or alter your investing strategy during down times in the market.

PRACTICAL PLANNING TIP SEGMENT

• [13:00] What is a STRETCH IRA?

• [15:00] The tax benefits of setting up a Stretch IRA correctly.

• [16:27] Advanced strategies for IRAs.

• [17:23] The Retirement Learning Center resource concerning these IRA options - text the word “planning” to “33444.”

TODAY’S LISTENER QUESTION

• [17:52] An email from Elliot: 3 questions about recording income in a consulting business, setting up lifestyle expenses, and dividends from retirement accounts!

• [22:50] A question from Mark: How should I set up a small business retirement plan for my employees?

RESOURCES MENTIONED IN THIS EPISODE

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

The Retirement Planning Center - Text “Planning” to “33444.”

“How To Find a Financial Advisor” worksheet

Mark Menard’s “Elevating Beyond” podcast

TWEETS YOU CAN USE TO SPREAD THE WORD

Use a #StretchIRA to maximize #TaxDeferred benefits for loved ones

How should you account for #consulting income? Find out on this episode

#SmallBusiness TIP: How to set up employee #RetirementPlan benefits

Ask your #retirement related investment questions from a pro! Find out how, here

Free resources to help you make wise #RetirementPlanning decisions

Today’s episode of The Retirement Answer Man debuts a brand new format that will help you make even more of your retirement and financial planning. From here on out all episodes of RAM will be consist of 3 segments - The Hot Topic, where Roger addresses current issues on the financial horizon - The Practical Planning segment, where Roger gives you practical, actionable tips to help you get your retirement planning headed in the direction you desire - and the Listener Question, where Roger answers YOUR questions about retirement related issues. Listen in to get a feel for the new format and to hear how Roger can help you get your retirement planning well in hand before it’s too late.

HOT TOPIC - A market correction or a bear market?

Last week’s market closed with some alarming numbers and as always, many people are speculating what it means. Is this nothing more than a natural market correction? It could be… it’s been a very long time since the market corrected. But it’s always possible that it’s the beginning signs of a “Bear Market” that could turn things in a very negative direction. Which is it? Nobody can say for certain but the advice Roger has for you in today’s show applies no matter which it turns out to be. Don’t miss this solid, practical tip.

THE KEY to being a great investor!

Nobody invests their money to get small returns. We all want our investment dollars to do the very most for us possible. In this episode of The Retirement Answer Man, Roger addresses the current market situation by advising you how to become the great investor you want to be, no matter what the economic climate. Listen in to find out what Roger believes to be THE KEY to becoming a great investor.

The retirement planning center is available for you - free of charge.

Whether you’re a seasoned investor with a solid track record of investments behind you, or are just getting started on the retirement investing journey, Roger has compiled a treasure trove of resources for you in his free Retirement Planning Center. It’s a quick and easy resource from an experienced retirement advisor that will get you moving in the right direction. If you’d like to gain access, listen to this episode to find out how you can!

What is a Community Foundation and how can it help you with charitable giving?

In today’s main segment Roger has a very informative conversation with Nancy Jones of the Community Foundation of North Texas. Nancy’s experience in dealing with both donors and charities, as well as her interest in finding worthy and trustworthy charities for the foundation’s members, make her a great resource for the topic of today’s show. In this episode you’ll learn what a community foundation is, how it can help you identify charities in your own community that may be the exact fit for your charitable desires, and how the vetting process a community foundation does can help you rest easy, knowing that your charitable contributions are being used well. Find out more about community foundations on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] The theme of today’s show - giving to others without worry.

• [1:12] Thanks to Allen for the great review.

• [1:42] A new structure to the podcast - Hot topic - Practical Planning Tip - Main Segment

THE HOT TOPIC SEGMENT

• [3:35] A market correction or the next phase of a Bear market?

• [8:47] The key to being a great investor.

• [10:08] Roger’s seminar to help you plan out your investing goals - 8/27/15. Text “RAMWebinar” to “33444.”

PRACTICAL PLANNING TIP SEGMENT

• [12:00] The basics of giving to causes and people.

• [15:18] Get a free retirement planning learning center - text “Planning” to “33444.”

TODAY’S LISTENER QUESTION

• [16:13] What are ways I can find a “good” charity to support?

• [17:08] Roger’s introduction of his conversation with Nancy Jones from “The Community Foundation of North Texas.”

• [21:20] How a community foundation can benefit a person looking for somewhere to give.

• [23:56] How does a person with charitable intent manage the worry they might have about running out of money?

• [26:36] The current IRA rollover provisions, a new possibility.

• [28:11] What are the minimums required to set up a relationship with a community foundation?

• [29:15] The benefit of creating experiences for your kids rather than leaving them cash.

• [32:07] How a community foundation can match you with groups you would be interested in, but don’t know about.

• [34:39] What’s so important about a “community foundation?”

RESOURCES MENTIONED IN THIS EPISODE

The Community Foundation of North Texas - Nancy’s organization - http://www.cfntx.org/

The upcoming Investing Seminar - Text “Ram Webinar” to “33444.”

The Retirement Planning Center - Text “Planning” to “33444.”

Roger starts the show off with a bang today by answering a listener question: “I’m a smart guy. So why do I make such stupid decisions when it comes to money?” Feel familiar? We’ve all made our share of mistakes in the financial areas of our lives, and that pattern never really changes unless we come to grips with the REASONS we make those decisions in the first place. As you listen to Roger’s response to the listener’s question, see if you can pick out the main reason dumb financial decisions are made, and a handful of ways you can put safeguards in place to keep yourself from them.

What worries you most about retirement?

Have you given that question much thought? In today’s episode of Retirement Answer Man Roger speaks with Darryl Lyons, author of “Small Business, Big Pressure” and asks him that very thing. Darryl’s answer is reflective of many people in our day, concerned about whether or not he’ll have the amount of retirement funds set aside to truly achieve the things he wants to do in his “life pivot” (Darryl prefers to think of retirement that way). It’s a refreshing interchange between two swell guys, and you can hear it on this episode.

Is a college education really an important thing for your kids?

In modern America, it’s almost heretical to even ask a question like that, but Darryl Lyons not only asks it, he’s come to a a definitive “NO” answer. It’s not that Darryl is opposed to education,  he just believes that education is not the most important thing to him, especially as he considers the amount of money he’ll have to save to put his 3 girls through college. He’s not at all interested in paying that kind of money for an education that is top notch if the environment of the school isn’t supporting and promoting their character at the same time. Hear Darryl’s thinking on that and many other issues on this episode of Retirement Answer Man.

Is paying tens of thousands of dollars for your kids’ college education equipping them, or enabling them?

That’s the spirit of a question Roger asks his guest, Darryl Lyons on this episode of Retirement Answer Man, and Darryl’s answer is very intriguing. He’s convinced that much of the money spent on education today is wasted, and he’s got very strong reasons why he says that. Listen in to the conversation as Roger asks Darryl about that topic and many more, and see if you agree with Darryl.

Would you like to know what your Retirement Personality Profile is?

Roger’s been learning that when he helps his clients know themselves better, they are better able to know what they want and need in their retirement. That mental picture is what Roger is calling their “Retirement Personality Profile,” and Roger’s created a tool to help people (even you) get a clearer idea of what they value in retirement, and what is just wishful or romantic thinking that has no basis in reality. Want to get your profile? You can. Go to www.RogerWhitney.com/profile to get your Retirement Personality Profile now.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:27] Welcome and introduction to the episode.

• [1:37] Introducing the Retirement Personality Profile! Take yours today!

• [8:33] A listener question: “I’m a smart guy. So why do I keep making stupid financial decisions?”

• [17:30] The retirement journey of Darryl Lyons - Darryl’s story.

• [19:20] What does retirement mean to you? The most important question.

• [20:42] Darryl’s greatest area of excitement about his future retirement.

• [23:03] What worries you most about retirement? Have you considered the question?

• [24:23] Where is the line between supporting your kids and enabling your kids?

• [26:28] Darryl’s thoughts about why his kids’ education is not the most important thing.

• [27:11] Where Darryl is on the retirement road.

• [28:13] How a business that is growing can be a form of retirement.

• [29:16] Darryl is a financial planner… so does HE use a financial planner?

• [30:14] The worst financial decision Darryl has ever made.

• [31:52] The power of unwise counselors to ruin your life.

• [33:05] The hardest things Darryl’s had to do to manage his money wisely.

• [34:11] Darryl’s favorite resources and powerful inspira

• [35:53] “Small Business, Big Pressure” - Darryl’s book.

• [37:50] How you can have your question answered on the Retirement Answer Man.

LINKS MENTIONED IN THIS EPISODE

The Retirement Personality Profile on Roger’s website - www.RogerWhitney.com/profile

The Retirement Learning Center - www.RogerWhitney.com/learn

How to leave your question for Roger to answer - www.RogerWhitney.com/retirementanswers

Contact Roger via email - roger@wwkllc.com

http://www.smallbusinessbigpressure.com - Darryl’s Lyon’s book!

TWEETS YOU CAN USE TO SPREAD THE WORD

Sometimes it’s better to be a smart idiot, than a stupid genius #RetirementAnswerMan http://www.RogerWhitney.com/80

When it comes to our OWN #RetirementPlanning, we’re motivated by emotion http://www.RogerWhitney.com/80

Want to make smarter #FinancialDecisions? Put controls in place. Find out how on this episode http://www.RogerWhitney.com/80

Use your spouse to help you make better #FinancialDecisions - #RetirementAnswerMan http://www.RogerWhitney.com/80

#SmallBusiness, BIG pressure - the author speaks on this episode of #RetirementAnswerMan http://www.RogerWhitney.com/80

Retirement planning is as much about additional sources of income as it is about investments. Roger’s guest today, Matt Miller, has built a company that offers savvy retirement planners a legitimate way to add an additional stream of income to their current situation - either on the side or with hopes of it moving toward a full time business. It’s entrepreneurial to the core; becoming a business owner, making your own rules, living the life you want now, instead of waiting for retirement. But it builds toward retirement as well. Matt’s story is inspiring… and you’ll hear it all on this episode of Retirement Answer Man.

From the military, to corporate, to entrepreneur - Matt’s story

Matt Miller was a pilot in the U.S. Military, and when he decided to step out of that life the transition was more difficult than he thought it would be. Though the government had spent plenty of time and money giving him outstanding skills, potential employers seemed hesitant to give him a chance because they weren’t sure he’d stick with them. They thought he was likely to return to the military instead. As Matt dealt with the corporate politics and the difficulties of achieving the freedom and levels of success he wanted, he realized that his future retirement AND the life he wanted now were things he’d have to go for on his own. Get more details on this episode.

Retirement planning is about more than just amassing a pile of cash - it’s about making a meaningful life

That’s a mindset that many people planning for their eventual retirement don’t cultivate enough. Your life after retirement can be, and should be rich with activity that makes a difference in the world. Matt Miller (today’s guest on the Retirement Answer Man) says he could never see himself sitting on a beach doing nothing. He doesn’t want to be that person. He’s got to be busy investing himself in causes that are important to him, no matter his age or degree of physical stamina, and he’s built a business that makes it possible for him to do that, and empower others to have the same opportunity. If you’re tired of the rat race and want something different for your future, you should check out Matt’s great opportunity. Find out more by listening to this episode.

A listener question: Can I contribute to my ROTH IRA even though I’m not eligible to do so?

ROTH IRAs do have some limitations on when and how contributions can be made, especially if you’re single and make over a certain amount of income in the year you want to make a contribution. In this episode of Retirement Answer Man Roger fields a question from a listener who is in that exact situation and in doing so sheds light on the ways contributions can be made in that situation, and whether they will be tax free contributions or not. If you’ve got questions about your ROTH IRA, you should listen to this helpful Q&A with the Retirement Answer Man.

Do you have a question for Roger Whitney, the Retirement Answer Man?

Roger would love to hear from you and answer your question on an upcoming episode of RAM. You can easily submit your question in one of two ways: 1) Visit the website at www.RogerWhitney.com/retirementanswers . You’ll be able to leave your own voice message for Roger, asking your retirement related question. Or if you prefer to send in your question in writing, you can email roger at Roger@wwkllc.com . He’d be happy to hear from you!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [1:20] The revamp of the Retirement Answer Library - easier to use and to find what you need - www.RogerWhitney.com/learn

• [3:35] How you can leave your question for Roger - www.RogerWhitney.com/retirementanswers or send Roger an email - roger@wwkllc.com  

• [5:27] LISTENER QUESTION: How can I make a contribution to my ROTH IRA given that I am single and make too much money to contribute?

• [12:03] Introduction of today’s guest - Matt Miller.

• [14:00] The obstacles Matt discovered transitioning out of the military and into the corporate world.

• [16:20] It’s not just about building a pile of cash for retirement, it’s about a meaningful life.

• [17:09] What Matt’s business does that creates his personal income (and income for franchisees) and adds great value to the world.

• [19:22] The dangers of getting into the vending industry (where Matt’s company operates), and how Matt’s company is different.

• [21:46] Raising up generations of entrepreneurs.

• [22:57] Why mindset is most important for Matt’s franchisees - and what that looks like.

• [24:48] Matt’s view of retirement - what it means to him and how he thinks about it.

• [26:43] How Matt is living on his own terms now rather than waiting for retirement.

• [28:10] What kind of business should you start? How Matt made those decisions.

• [30:07] The one trait that enables Matt to be successful.

• [30:55] 13 years to overnight success - the power of continued iterations.

• [32:42] Get in touch with Matt Miller.

LINKS MENTIONED IN THIS EPISODE

The Retirement Learning Center - www.RogerWhitney.com/learn

How to leave your question for Roger to answer - www.RogerWhitney.com/retirementanswers

Contact Roger via email - roger@wwkllc.com

Get in touch with Matt Miller - matt@ssvbusiness.com

Matt’s company website - www.SSVBusiness.com

I've been hacked!!!! To prove that talking retirement planning doesn't have to be dull, Joe Saul-Sehy from the Stacking Benjamins Show hacked into this week's show.

We were all set for another super serious retirement planning show when Joe from Stacking Benjamins hacked in and took over. Evidently Joe thought I was getting a bit too serious and wanted to lighten up the show a bit. Although he made every attempt to suck the wisdom from the show, I was able to sneak in some great retirement planning lessons as he told stories, ranted and joked about personal finance.

If you listen closely, you'll there's some great lessons about:

• Financial Pornography: The dangers of listening to financial news.
• How everyone is marketing something
• Everyone presents themselves as financially savvy
• Why not to believe your friends investing stories.
• Don't count on your advisor to predict the future.
• The true role of an excellent financial advisor.
• Why humility is key to making good financial decisions.
• Joe's admits his worst financial decision.
• How to judge the competency of your financial advisor.

As light hearted as Joe is, he really knows his stuff. If you're looking for an entertaining personal finance show, check his out here.

Tell Me What You Think

Joe thinks I'm too serious in my show. Joe's a good friend and I respect him. You're a friend to so I'd love to get your feedback.

• What do you like most about the show?
• What would you change?
• Is my show too serious?
• Would you like to hear more about current events and the markets?
• Is it too long (or too short)?

TELL ME HERE

It's easier than ever to become a terrible husband. Our connected world has caused the outside world of news, work and friends to compete for the limited attention we have when we're at home.  If you're not careful e-mails, status updates and the internet can rob your wife of her rightful place as the center of your life.

This year my wife and I will celebrate our 25th wedding anniversary. I'm happy to say our relationship has never been stronger. This wasn't always so. For much of our marriage, I was a terrible husband. I allowed the pressures of work and the outside world to dominate my attention at the expense of my wife. Luckily, I woke up, got my priorities straight and can now say we have an awesome marriage.

I want this for you too.

In this week's episode, Nick Pavlidis shares his journey from terrible husband to husbandly awesomeness (He wouldn't say this, but I will).  We discuss:

• Signs you could be a terrible husband.
• The importance of taking inventory of your actions and priorities.
• How to apply workplace leadership skills at home.
• Ways to make your wife your top priority.
• Why it all starts with you.
• How to walk your talk.
• The benefits of investing in your marriage.
• The magic of continually asking yourself,  "What is the next right thing?"

Join Nick in Becoming a Better Husband

Nick is, admittedly, a work in progress. If you'd like to join him on his journey towards being more intentional in marriage here's how:

• Read Nick's new book Confessions of a Terrible Husband: Lessons Learned from a Lumpy Couch.
• Listen to his podcast.
• Connect with him via:
  • Facebook
  • Twitter

Question

What is your nest advice for improving your relationship with your spouse?

Tell me here

What do you think the midyear outlook for the market is? Greece, is all over the news (what is it with Greece, anyway?), markets in China are crazy and here in the U.S. everyone is freaked out about when interest rates will rise. What is an investor to do?

In this episode, we'll discuss the midyear outlook for the markets as well as the importance of managing your assets in a consistent well thought out way.

Your Investment Assets Should Be Aligned with Your Financial Priorities. 

All to often, we collect investments over time just like we collect "stuff" in our closet. As we walk through life, we see an interesting investment, buy it and repeat again and again. Over time, many end up with an investment portfolio that looks more like a storage closet than a well structured portfolio laser focused on helping achieve goals. 

Over the years, I've seen some horrendously constructed portfolio (by Advisors as well as individuals).  I recall one IRA that had over 45 different managed portfolios! All actively managed by an advisor.  Geez!!!

Collected portfolios pose some serious risks to your long-term investment experience. Such portfolios make it very difficult to evaluate:

• the individual and aggregate risk you're taking.
• whether each manager is performing adequately.
• the appropriateness of the fees you're paying.
• Whether you're portfolio allocation is aligned with your family's priorities.

Much better, in my opinion, to have your portfolio, and your balance sheet, laser focused on helping you achieve things you know you care about. In short know:

• what you own.
• why you own it.
• how to evaluate it.
• how it helps position you to achieve your family's priorities.

It is Essential That You Stick with ONE Well Thought Out Investment Process.

This is such an important point I need to do an entire show on it. If you switch from process to process you really don't have any process at all. This can be DISASTROUS to your long-term performance.

Decide on a well thought out strategy and stick to it. Stick to it even when it feels uncomfortable; especially when it feels uncomfortable. 

Stay tuned for a future show focused on investment process. 

Highlight's From LPL Financial's Midyear Outlook

In this week's episode, I speak with LPL Financial's Anthony Valeri, C.F.A. about LPL's midyear outlook for the world economies and markets. Anthony and the entire LPL team are sharp cookies. More importantly though, because LPL does no investment banking or selling of proprietary products, they're investment opinions are not tainted by the normal conflicts of interest you see at major firms. 

Anthony is a Senior Vice President, Investment Strategies and sits on LPL's tactical allocation committee. 

Get LPL's Midyear Outlook for Investing

• The economy has helped deliver six consecutive calendar years of positive returns for stocks since the end of the 2008 – 2009 Great Recession, as measured by the S&P 500 Index; however, constructing a strategy for the remainder of the economic expansion will require a tricky assembly. Divergent monetary policies reveal an uneven global recovery that has triggered an uptick in stock market volatility. A few important pieces requiring assembly for the remainder of 2015 include: „
• How the U.S. economy pieces together the components needed to bounce back from a lackluster start of the year. The U.S. economy hit an unexpected soft patch to start the year due to a severe winter freeze, the West Coast port strikes, ongoing effects of lower oil prices, and the surging U.S. dollar. Returning to a more normalized 3% growth level will be crucial to build further upon the market’s first half gains. „
• After successfully delivering the U.S. economy out of the recessionary “warehouse,” how does the Federal Reserve (Fed) assemble an exit strategy from its six-year policy of zero interest rates? With unprecedented levels of accommodative monetary policy rendering any traditional instruction manual pointless, the Fed will have to use its entire toolbox to construct a delicate increase in interest rates without disrupting the fragile economic growth and the wavering confidence of businesses, consumers, and investors.
• Corporate earnings growth continues to search for that spark to ignite equity advances. In the U.S., lackluster profits aligned with weak first quarter 2015 economic growth to produce the lowest level of year-over-year corporate earnings growth in 11 quarters. Overseas markets are looking for a power boost from the very accommodative monetary policies of global central banks across Europe and Asia, in an attempt to spur sustainable growth, improve earnings, and avoid deflationary forces.

Although many packages are still in transit as we approach the midpoint of 2015, the biggest challenge for the market is putting the necessary pieces together to construct the backdrop for solid global economic growth, stable prices and currencies, and expanding corporate profits. The task is complicated by the Fed’s expected first interest rate increase in nine years later this year. The assembly will not be an easy one, but the LPL Research Midyear Outlook 2015: Some Assembly Required provides the investment instruction manual, tools, and tactics to construct portfolio strategies that may flourish in a market that remains in transition.

If you're an auditory learner, here's a link to their midyear outlook video.

Enjoy the Podcast?  Please Help Others Find it in iTunes By Leaving a Review 

Click HEREo leave a review.

Many say the American dream is dead. That getting married, starting a family and building for the future is no longer possible. Unfortunately, many others believe it when they hear it. All the while though, there are people with "normal" jobs building the American Dream step by step.

One such person (or couple) is Molly and her husband. He works as a teacher. She works part time. They have a home and young daughter but still safe 15% of their gross income. From our conversation, they don't seem to do anything magical. They simply work at being intentional with how they spend money.

Lessons I Learned From Molly's Story

1. The word retirement is changing. It's becoming more about working on your own terms than leaving the workforce. This is significant, and if you share this vision you can use it to plan more intelligently of your future.
2. It's important to be careful about what you spend on your education. According to Career Builder, over half of college grads are in jobs that don't require a degree. Education is important, but it may lead you to work you hadn't considered.
3. It is possible to start a family, build a life and save for the future in "normal" paying careers. It takes being very intentional about your spending and working together.
4. It's important to learn about the time value of money and investing early. Although parents and schools, generally, do poorly at this, there are lots of great resources for those that want to learn. In fact, today I had a perfect example. A 19 year old called me to discuss how to start saving for the future. This young man is working, going to school and has extra money he wants to start saving and investing with. Where'd he learn this attitude?  Books and podcasts!
5. It's so easy to buy things that we forget about the great free resources available to us. Whether it's on the internet or at the local library, there are free resources to help you learn about nearly anything. Molly gives a great example of this in her quest to learn Spanish. Rather than buy a expensive (highly marketed) language program, she found free resources at the local library.

Molly

• Early 33’s
• Married 5 years
• A toddler daughter (20 months)
• Registered nurse

What Does Retirement Mean to You?

“In my 20’s it was this nebulous way in the future concept  that happens to other people, but would never happen to me because I’m never going to grow old."

"Retirement to me would be a continuation, where I’m able to work just the amount that I want to. Maybe some of that is paid. Maybe some of that is volunteered. "

"I think of retirement as the point that we hit financial independence, so that I’m not just working because I have to. I’m working because I want to."

What Are You Most Excited About Retirement?

“The flexibility to do whatever I want to do with my time.”

"I would love to live close to my children, when they have children.”

What Worries You Most Worried About?

“Unexpected future expenses (home remodeling, more kids) could push back the date of our financial independence.”

“I spend most of my time focusing on what I can control.”

How Do You Think You're Doing on Your Journey Towards Retirement?

“If you’re looking at the average American in their mid-30’s I think we’e ahead of the curve.”

“We’re saving about 15% of our gross income towards retirement.”

Do You Use a Financial Planner?

“I took a Retirement Planning Today class at a local community college.  They offered a free consultation. It was very sales oriented.”

What is the Worst Financial Decision You’ve Ever Made?

“I got an undergraduate degree that I’m not using. I got a teaching credential that I’m not using. I even went back to school to start to get a masters in nursing (and then dropped out). So, I’ve spent a lot of money on education that I’m not using.”

“I didn’t pay more attention and try to learn about investing in my 20’s.”

What Do You Struggle With When Making Financial Decisions?

“I would probably say, I’ve gotten borderline obsessed with learning about personal finance.”

What is Your Number One Resource?

“The Library.”

“I am in love with the public library.”

How Do You Want to Be Remembered?

Well, I think I want to be remembered by what kind of relationships I had with people in my life.”

Question:  What is the One Thing You Can Do Today to Be More Intentional With Your Money?

For me, it is having better conversations about money with my wife Shauna. Lately, we've gotten a little lazy in our spending. Actually, I've gotten a little lazy with our spending. Not crazy lazy. More like I've become less intentional than I'd like about my spending decisions. Sorta like there's a hole in my pocket that bits of money falls though. I know it's there, I just haven't gotten around to fixing it yet. My wife helps me stay focused and fix these little things.

What About You?  Let me know here.

Many say the American dream is dead. That getting married, starting a family and building for the future is no longer possible. Unfortunately, many others believe it when they hear it. All the while though, there are people with "normal" jobs building the American Dream step by step.

One such person (or couple) is Molly and her husband. He works as a teacher. She works part time. They have a home and young daughter but still safe 15% of their gross income. From our conversation, they don't seem to do anything magical. They simply work at being intentional with how they spend money.

Lessons I Learned From Molly's Story

1. The word retirement is changing. It's becoming more about working on your own terms than leaving the workforce. This is significant, and if you share this vision you can use it to plan more intelligently of your future.
2. It's important to be careful about what you spend on your education. According to Career Builder, over half of college grads are in jobs that don't require a degree. Education is important, but it may lead you to work you hadn't considered.
3. It is possible to start a family, build a life and save for the future in "normal" paying careers. It takes being very intentional about your spending and working together.
4. It's important to learn about the time value of money and investing early. Although parents and schools, generally, do poorly at this, there are lots of great resources for those that want to learn. In fact, today I had a perfect example. A 19 year old called me to discuss how to start saving for the future. This young man is working, going to school and has extra money he wants to start saving and investing with. Where'd he learn this attitude?  Books and podcasts!
5. It's so easy to buy things that we forget about the great free resources available to us. Whether it's on the internet or at the local library, there are free resources to help you learn about nearly anything. Molly gives a great example of this in her quest to learn Spanish. Rather than buy a expensive (highly marketed) language program, she found free resources at the local library.

Molly

• Early 33’s
• Married 5 years
• A toddler daughter (20 months)
• Registered nurse

What Does Retirement Mean to You?

“In my 20’s it was this nebulous way in the future concept  that happens to other people, but would never happen to me because I’m never going to grow old."

"Retirement to me would be a continuation, where I’m able to work just the amount that I want to. Maybe some of that is paid. Maybe some of that is volunteered. "

"I think of retirement as the point that we hit financial independence, so that I’m not just working because I have to. I’m working because I want to."

What Are You Most Excited About Retirement?

“The flexibility to do whatever I want to do with my time.”

"I would love to live close to my children, when they have children.”

What Worries You Most Worried About?

“Unexpected future expenses (home remodeling, more kids) could push back the date of our financial independence.”

“I spend most of my time focusing on what I can control.”

How Do You Think You're Doing on Your Journey Towards Retirement?

“If you’re looking at the average American in their mid-30’s I think we’e ahead of the curve.”

“We’re saving about 15% of our gross income towards retirement.”

Do You Use a Financial Planner?

“I took a Retirement Planning Today class at a local community college.  They offered a free consultation. It was very sales oriented.”

What is the Worst Financial Decision You’ve Ever Made?

“I got an undergraduate degree that I’m not using. I got a teaching credential that I’m not using. I even went back to school to start to get a masters in nursing (and then dropped out). So, I’ve spent a lot of money on education that I’m not using.”

“I didn’t pay more attention and try to learn about investing in my 20’s.”

What Do You Struggle With When Making Financial Decisions?

“I would probably say, I’ve gotten borderline obsessed with learning about personal finance.”

What is Your Number One Resource?

“The Library.”

“I am in love with the public library.”

How Do You Want to Be Remembered?

Well, I think I want to be remembered by what kind of relationships I had with people in my life.”

Question:  What is the One Thing You Can Do Today to Be More Intentional With Your Money?

For me, it is having better conversations about money with my wife Shauna. Lately, we've gotten a little lazy in our spending. Actually, I've gotten a little lazy with our spending. Not crazy lazy. More like I've become less intentional than I'd like about my spending decisions. Sorta like there's a hole in my pocket that bits of money falls though. I know it's there, I just haven't gotten around to fixing it yet. My wife helps me stay focused and fix these little things.

What About You?  Let me know here.

Do you remember your high school sweetheart?  I remember.....all of them. Young "love" is exciting how often does it turn into true love, that lasts into retirement?  I found my true love, Shauna, in college. This year, we'll celebrate our 25th anniversary. When did you meet your true love?

In this week's journey to retirement story, we hear from true high school sweethearts, John and Patti.

Lessons Learned

• Your story matters. It’s great to hear couples have conversations based on the stories you share on this podcast.
• Retirement is more about having flexibility in what you do than simply not working.
• Fixing things yourself can save a lot of money and keep you engaged.
• Not knowing when retirement is possible and what it could look like is a central issues people struggle with.
• You and your retirement goals will evolve over time. It's important you have a nimble process to help you make good retirement decisions along the way.

John and Patti

• Patti age early 50’s and has worked for the same company of 28 years
• John works in the technical field
• They've dated since age 17 (how sweet is that??)
• Two grown Daughters
• Gearing up for retirement

What Does Retirement mean to you?

• Patti:  Retirement means doing a lot more things, doing the things I want to do. I don’t think I could not do something. It’s flexibility at an age when you can still enjoy it.
• John:  I’m kind of a do it your selfer. There’s really a lot of money to be saved by fixing things yourself. Retirement for me is going to be doing the things I want to do, on my terms. That in a nutshell is what I’m hoping for. I’ve got a laundry list of things I want to do.

What are you most excited about?

• John:  Right now I commute an hour each way. I’ll have 2 hours my day back just like that. There are some things I’ll probably be doing in my 70’s that I could never think I would do.
• Patti:  Moving to a warmer climate in the winter. Maybe downsizing our main home.

What are you most worried about?

John: Do I have enough money. Am I going to run out of money. That kind of thing.  I have a lot of things I’m planning on doing. Am I going to be able to do them?  Is my health going to be okay?

Patti: The worry for me would be managing the money properly so we have enough. We always worry about the health care costs. I think that will be a major cost that’s hard to predict.

How do you think your doing?

Based on the calculators we’ve run, I guess, we’re not panicking. We’re doing the best we can. If it means working longer that’s what we’ll do. If it means retiring earlier, that’s what we’ll do.

Do You Use a Financial Planner?

• We do a lot ourself.
• What I’m looking for is someone to help me with a plan to move forward, give us recommendation and Patti and I execute them.
• A lot of the places say we need to transfer all our money to this financial institution in order for them to manage it.

What is the worst financial decision you’ve ever made?

John: Before we got married…I read a book on penny stocks and I proved that book wrong.

What are some of the things you have to deal with personally when your managing your finances?

John: I think the biggest thing is…it’s (financial planning) not exciting. You can see it’s important but it’s not urgent so it doesn’t get the attention it desereves.

Patti: The budget part. John wants to stick to it more than I do. He wants it all documented whereas I know more of what I spent and what I didn’t.

What is the one resource that has had the most impact on your lives?

Patti: My parents. I think being brought up in a modest home and working at a young age…has made me into a conscientious spending adult.

How do you want to be remembered?

Patti: I’d like to be remembered for helping others and being a core part of the family.

John: For the positive experiences we’ve had together.

Have a question or want to share your story? Click Here.

You'd never intentionally make a stupid investment for your retirement. Yet, most of us do everyday. We invest or should I say digest horrible things into our body. Over time these bad "investments" rob us of the most important thing in retirement, our health, and potentially give us a huge negative return in the form of high health care expenses. Luckily, there are some simple things you can do now to create a healthy retirement.

Simple Investments to Create a Healthier Retirement.

Pharmacist, Phil Carson of carsonnatural.com has counseled patients for years on medications to treat their health problems. Over those years, he's seen the long-term effects of treating symptoms and not the causes of common health issues.

In this episode he shares his simple advice to create a healthier retirement.

Highlights From Our Conversation

 "I want to help those that are half living to learn that they can live fully alive."

"You get to that point when your retired and you don’t want to end up spending all of your money on health care. You have this nice nest egg and they start to see it dwindle away because they have to spend so much on healthcare because they didn’t do what was necessary before hand."

"Be proactive. Don’t wait until your dealing with a health issue like high blood pressure or cholesterol ."

"What I see a lot are people at retirement age that have been working to build up that nest egg, waiting to retire. When they finally retire and then they get sick because they’ve pushed themselves so hard. They failed to stop to thing and be proactive in taking care of their body."

"When your talking about health and being proactive and taking care of your body, I look at that as an investment in your future."

"It’s not just about the quantity of life, you’ve got to think about the quality."

"A lot of medications are designed to just treat symptoms. They’re not designed to treat the underlying cause."

Don’t just look at treating symptoms, treat the cause."

"The majority of people with high chlorestorol issues, its because of their lifestyle problems"

5 Simple Health Investments to Make Now

• DRINK WATER (one half your body weight in ounces).
• Get source minerals from spring water or supplements.
• Replace electrolytes.
• Eat more food instead of food products.
• Exercise.

Diagnosed with Diabetes or Pre-Diabetes?

Facts From Dr. Phil Carson

• 29 million diagnosed with diabetes
• 86 million diagnosed with pre-diabetes
• Statistics show that if within 5 years, these folks don’t make some type of lifestyle changes they will be in a diabetic state.
• Making lifestyle modifications can help turn things around for most that have been diagnosed with pre-diabietes.
• A health coach can make all the difference in helping you make lifestyle habits.
• A lot of times we need that person to come along side us to give us that nudge and help keep us on track.

Find More From Phil Carson Here

IS ANYONE THERE???  I ask because, no one wants to talk about dying or end of life costs. Seriously, when does one bring this subject up?  At a family dinner?? Maybe on your Saturday date night???  Most likely the subject is broached when you bear witness to the devastating effects it has on someone you know.

The Emotional and Financial Costs of End of Life Care

I've learned a lot about the devastating costs of end of life care lately. Over the last year, there's been a lot of death in my family. Last year my sister, Barbara passed away at age 51 and my aunt Nicola passed too. Now, at age 96, my grandmother is tiring out and is in hospice.

When someone you love is dying, it takes a toll on everyone close to them. If you're not careful the emotional and financial toll can be devastating.

In this episode,

We'll discuss:

• How to manage the emotional cost of end of life
• The role of family in end of life
• The average cost of end of life care
• The uncertainty of the end of life process
• Ways to plan for end of life costs
• The importance of good estate planning documents
• How to write a family love letter

Listener Question

After listening to episode #69 I have had a question I have needed answered for a while.. .

Quick background Im 33yrs old have no retirement working on life/work balance.

Married 3 kids

Built my own business for last 8 years best profits have come last 2 years and current year.

I have no debt personally besides my mortgage.

I have some business debt im paying off over next 2 years.

My question is how much should I start investing in retirement vs reinvesting into my company to help it grow. Up until age 30 I have had the mindset that ill invest in my retirement later and building the company

Great question!  I struggled with this question as well and work with many owners that have the some issue. We business owners tend to be very confident in our abilities and company. Most business owners have the majority of their assets tied to their business. Makes sense, since typically the best return on investment is investing in themselves.

If we're not careful, though, we can become addicted to fueling our business and fail to diversify our assets outside our business.
We'll discuss:

• The difference between a cash flow business and enterprise.
• How to decide when to start diversifying your assets outside your business.
• The difference between wealth creation and wealth preservation and growth.
• The importance of not getting "addicted to the deal."
• How to separate your business and personal finances.
• The importance of "don't go broke" money.

You may die tomorrow. You may get sick. There's no way to predict it and there's nothing you can do about it. Yeah, It sucks, I know. I've got the same deal. As important as planning for retirement is, its just as important...no, more important....you make the most of the only life you have. The one that's happening right now!

The frailty of life is so easy to forget. We're so busy planning, worrying and doing we can miss enjoying the here and now. Lately, I've had lots of reminders of how important enjoying today is. Last year, my sister passed and aunt passed away, my grandmother (age 96) is in hospice and a old neighbor was just diagnosed with MS. I think of events like these as taps on the shoulder. God reminding me, that I was created to live NOW.

Don't just plan a great retirement. Not at the expense of living today. To create a great life, you need to find that balance between living well today AND planning for tomorrow. I know, it's a hard balance to achieve. It might be impossible. You still need to try though. And don't wait, as many do, for a health issue to force your hand. Start today to:

Dream up, plan out and begin living an amazing life.

In this week's episode, we here Amy's journey to retirement and how health issues helped bring into focus the need to find better balance between living today and planning for retirement?

Lessons Learned From Amy's Story

• Don’t postpone living. Tomorrow is promised to no one. Health issues can hit at any time.
• Resist the urge to inflate your lifestyle as your income rises. Society has trained us to be consumers and it can rob us of our financial security.
• Even after financial ruin, you can have a great life.

Who is Amy?

• 46 married 15 years
• Two children, 19 and 20
• Owned our own business, CPA
• Teaches part time at a local university
• Shares the same financial philosophy as her spouse
• Very debt adverse

What Does Retirement Means to You?  

“I enjoy working. I consider being a professor being retired from being a CPA.”

“I don’t see us every not doing anything.”

“We envision traveling and work camping to help pay expenses.”

“I am disabled and my mobility has gotten worse as I’ve gotten older.”

What Are You Most Excited About Retirement?

“Not having to worry about the money”

“Being able to travel”

“Retirement means being able to go do what I want to do.”

What Are You Most Worried About Retirement?

“My health.”

“It (health issues) kinda opens your eyes that you’re not promised tomorrow.”

How Do You Think You’re Doing?

“My grandparents were always a good role model.”

“Being a CPA and seeing a lot of people struggle. I didn’t want to structure.”

What’s the Worst Financial Decision You’ve Ever Made?

“One thing we both regret, as the careers were lifting off…you always think you’re supposed to have that next big thing. The Cars the boats, the house…So we traded in this really nice house for this big mammoth..house. We got into it thinking that is what we were supposed to have.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“I think telling myself that we have enough….because we had nothing and I never we want to go back there.”

“For the past 40 years we’ve been accumulating and accumulating. It’s hard now to decompress and flip that switch.”

What Resources Have Had the Most Impact in Your Life?

• It comes from your multitude of experiences.
• Mr. Money Mustache
• Financial blogs

How Do You Want to Be Remembered?

“Just a good mother, wife and someone that gave back.”

“I just want to be happy and for my family to be happy. That’s how I want to be remembered.”

I Need Your Help

Many of you have asked questions about Social Security benefits.  Smart move. Your Social Security benefit may be the most important retirement assets you have. I'm in the process of creating educational materials on how to maximize your Social Security benefits. 

What are the 3 things you'd like to learn about taking your Social Security benefit?

Click here and let me know.

If you're working to build a great retirement, stop listening to weekend investment talk radio. The economics of these local shows encourage the sale of investment product rather than offering sound investment advice. 

In this week's episode, I answer listener questions and talk about the difference between investment and investment product and why too much worry will rob you of your life. 

Brenda asks: 

"What do you think about those weekend radio shows where they talk about "no risk investing" and how their clients "never lose money"? Are they legit?"

In my answer I discuss:

• The economics of weekend investment talk radio.
• Why you should be careful in responding to messages playing off your fear or greed.
• The differences between investments and investment products.
• How to make smarter investment decisions.

Janie Asks:

Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years--prior to that paying off student loans, building business etc.)

We have no credit card debt and no car payments.

What stresses me out, is that I don't have a traditional 401K so I don't know what is "normal" amount saved. 

I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high?

Frankly, I want to be safe. I had a very uncertain, unstable childhood. I've built a great life for myself but I find myself not being able to enjoy my efforts because I'm constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol).

In my answer I discuss:

• Why Janie needs to STOP worrying and start living more (I say it with love).
• Why Janie and her husband should be PROUD of their progress.
• The dangers of constant financial worry.
• How a having sound plan can help lessen financial worries.
• How a good financial planner might bring needed perspective and structure to their financial life.

Want to Make Smarter Financial Decisions?

Get free access to resources to help you:

• Create a net worth statement
• Manage cash flow if you hate to budget
• Understand the basics of Social Security

Click here and get access to these and over 30 other retirement resources.

Have you noticed how these Journey to Retirement stories have little to do with money? Each listener story has focused on freedom and experiences.

Favorite Quote From This Week's Story

"It (retirement) means the freedom to do what we want, when we want and where we want.”

Lessons Learned

• It’s important to think about what financial situation your spouse will be in when you pass.
• Pay attention to fees and make sure the fees pay are adding value to your financial life.
• Brake the habit of using consumer debt. It can be a major drag on building wealth.

Who is Harold

• Age 56
• Retired Air Force
• Current civil servant
• Married 23 years
• Goal to retire in 6 years

What Does Retirement Means to You?  

"It means the freedom to do what we want, when we want and where we want.” 

"Our big hold up is not having the time to do the things we love."

“Our time is limited and everything we want to do feels rushed.”

What Are You Most Excited About Retirement?

“I’m excited about…well, see above answer.”

“Traveling is our big thing.” 

What Are You Most Worried About Retirement?

“My main worry is...if something happens to me that she is taken care of.”

“I used to assist widows and widowers upon the death of their spouse. I saw so many times when the main breadwinner died and they were in horrible financial straights. I want to assure my wife is not in the same boat.”

“I want to make sure she knows where everything is because I don’t want her to feel paralyzed if something happens to me.”

How Do You Think Your Doing?

“I’m feeling very good.”

Who Do You Use in Your Life to Help Make Smart Financial  Decisions?

“I have not and I’ve come close on three different occasions.” 

What Has Been Your Worst Financial Decision?

“I really don’t have a big financial mistake, but I have several small ones.”“Prior to my wife coming into my life, I was not at all bothered by carrying debt. After she came into my life, she put a stop to that quickly.”

“I never used to pay attention to fees on the mutual funds I would get into.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“The 2001-2002 and 2007-2008 markets were very hard to watch the bottom fail out of the market.”

“Putting money in is easy to me. Taking money out (in retirement) I think will be mentally a little more difficult.”

What Resources Have Had the Most Impact in Your Life?

“The Truth About Money” by Ric Edelman

“Buckets of Money” by Ray Lucia

How Do You Want to Be Remembered?

“Well Roger, I’d like to think of myself as a loyal, kind family man.”

Ask anyone and they'll most likely say they want to have a great retirement. But looking at the day to day financial decisions of most people might tell a different story. 

What you do speaks so loud that I cannot hear what you say.

Ralph Waldo Emerson

It's not enough to want a great retirement. You need to decide what it will look like, create a plan to work towards it and execute your plan day by day. In short, you need to live an intention life.

This was the message I heard loud and clear from this week's listener story.

Favorite Quote From This Week's Story

"To this day, when I want something, I think through it and make sure I want it"

Lessons Learned From Ken, Jr.

• Intentional decision making helps you think ahead and avoid rash decisions.
• Don't overthink investing. Patience is a key to success.
• Parent's play a big role in shaping how kids think about money
• Not letting your lifestyle creep up as your income grows is essential to wealth creation

Who is Ken Jr.

• Ken, Jr. was a Corporate computer guy for almost 20 years
• Married 20 years
• No  Kids
• Average age late 40’s
• Both retired

What Does Retirement Means to You?  

“I think mostly the freedom to set my own schedule. To enjoy anything I want to do."

“I do computer consulting on the side.”

“I do volunteer presentations at senior centers on technology.”

“I loved my day job, its just I wanted all of my own schedule."

The truth is, I feel much busier now that I can’t catch up with all the things I saved up wanting to do.”

What Are You Most Excited About Retirement?

“Actually, part of it is the challenge of planning money over time.”

“I just like doing whatever we want to do that week we’ve planned.”

What Are You Most Worried About Retirement?

“The usual three things, investment return income, expenses and inflation and longevity.”

Who Do You Use in Your Life to Help Make Smart Financial Decisions?  

“It’s been on my list to do”. I planned aggressively for retirement 8 years before I retired.”

“I need to…to give me a checkpoint, an alternative view and to help me check in every year or two.”

"Mine wasn’t how to get to retire, it’s how to manage the puzzle into the future.”

What Has Been Your Worst Financial Decision?

“Was not knowing about Total Market Indexes, 20 years ago.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“It has been the fine tuning and optimizing…”

What Resources Have Had the Most Impact in Your Life?

”My parents led by example. They lived below their means. They lived on one salary.  They tracked their spending every day.”

"My parents taught me patience."

"Clarke Howard"

How Do You Want to Be Remembered?

“As a whole, I just want to be a good, helpful person.”

Ask anyone and they'll most likely say they want to have a great retirement. But looking at the day to day financial decisions of most people might tell a different story. 

What you do speaks so loud that I cannot hear what you say.

Ralph Waldo Emerson

It's not enough to want a great retirement. You need to decide what it will look like, create a plan to work towards it and execute your plan day by day. In short, you need to live an intention life.

This was the message I heard loud and clear from this week's listener story.

Favorite Quote From This Week's Story

"To this day, when I want something, I think through it and make sure I want it"

Lessons Learned From Ken, Jr.

• Intentional decision making helps you think ahead and avoid rash decisions.
• Don't overthink investing. Patience is a key to success.
• Parent's play a big role in shaping how kids think about money
• Not letting your lifestyle creep up as your income grows is essential to wealth creation

Who is Ken Jr.

• Ken, Jr. was a Corporate computer guy for almost 20 years
• Married 20 years
• No  Kids
• Average age late 40’s
• Both retired

What Does Retirement Means to You?  

“I think mostly the freedom to set my own schedule. To enjoy anything I want to do."

“I do computer consulting on the side.”

“I do volunteer presentations at senior centers on technology.”

“I loved my day job, its just I wanted all of my own schedule."

The truth is, I feel much busier now that I can’t catch up with all the things I saved up wanting to do.”

What Are You Most Excited About Retirement?

“Actually, part of it is the challenge of planning money over time.”

“I just like doing whatever we want to do that week we’ve planned.”

What Are You Most Worried About Retirement?

“The usual three things, investment return income, expenses and inflation and longevity.”

Who Do You Use in Your Life to Help Make Smart Financial Decisions?  

“It’s been on my list to do”. I planned aggressively for retirement 8 years before I retired.”

“I need to…to give me a checkpoint, an alternative view and to help me check in every year or two.”

"Mine wasn’t how to get to retire, it’s how to manage the puzzle into the future.”

What Has Been Your Worst Financial Decision?

“Was not knowing about Total Market Indexes, 20 years ago.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“It has been the fine tuning and optimizing…”

What Resources Have Had the Most Impact in Your Life?

”My parents led by example. They lived below their means. They lived on one salary.  They tracked their spending every day.”

"My parents taught me patience."

"Clarke Howard"

How Do You Want to Be Remembered?

“As a whole, I just want to be a good, helpful person.”

"The younger generation is ruining this country!" This was said about the baby boomers. Now it's said about the millennials. The fact is, each new generation brings a fresh perspective that helps our society and country renew itself. Recently I spoke with a "millennial" who, like you and I did, is working to raise a family and save for the future. 

Want to Learn How to Draw From Your Savings During Retirement?

I'll show you the system I use with clients during a free webinar on May 26th at 2:00 pm CST. 

A free replay will be available to all that register.

CLICK HERE to register

Favorite Quote

"My goal is to get compound interest on my side as quickly as possible."

Lessons Learned From Jordan's Journey

• Millennials are rejecting debt and working hard
• There's a big difference between being frugal and cheap. 
• It's important not to rush into big purchases. 
• How important it is for couples to walk together as they manage their finances.

About Jordan

• 27 years old
• Married, one child and one on the way
• Very cheap or frugal
• School teacher
• Loves working with kids

What Does Retirement Means to You?  

The idea if being a millionaire really struck me

That idea of being wealthy sounds good

The idea of traveling a lot is wonderful

What Are You Most Excited About Retirement?

What Are You Most Worried About Retirement?

Health, obviously

I think my biggest worry right now is will I have enough money. I think that’s what drives me to save.

The other thing that scares me….is the idea of inflation. What inflation will be like in 30, 40, 50 years.

My goal is to get compound interest on my side as quickly as possible.

How Do You Think You’re Doing?

“Based on where most people are, I’d give myself an A”

Do You Use a Financial Planner?

“I do but probably not as well as I should.”

What has Been Your Worst Financial Mistake?

Being cheap rather than frugal when buying their home.

What Do You Struggle With When Managing Your Finance?

She (my wife) just wishes we could spend a little more money and I ‘m just more on the frugal side.

…I wish I was a little bit less frugal, but then again I wouldn’t be in the situation I’m in now.”

What Resources Have Had the Most Impact on Your Life?

Dave Ramsey

Rick Edelman Podcast

How Do You Want to Be Remembered?

The most important thing to me is to be a good father and husband

We all screw up along the way to retirement. We blow all our earnings. We accumulate a pile of debt. We dig a hole so deep, we wonder if we can every get out and prosper financially.

In my 20's I bought a nice BMW and my wife and I built a fancy custom home. Both of us were earning good money and our prospects for future increases were great.  I thought this adult career thing was easy. Projecting "normal" wage increases on our income, meant that we would be on easy street. I mean my income could never go down could it?

Lets just say I spent my 30's learning hard lessons and cleaning up the mess I made in our 20's.

Jen's Journey to Retirement

In this week's journey to retirement story, we here from a smart lady that screwed up with debt, dug herself out of her hole and is now prospering.

If you're feeling like you're in a financial hole, listen to her story. She dug out and so can you.

About Jen

• Native Californian
• Divorced
• Mid-40’s (aka 29)
• No children
• Works in middle management

What Does Retirement Mean to You?

“I do believe that as we’re exposed to new ideas…our values shift”

“I didn’t realize how much debt could be shackles to your future”

“Retirement is freedom for me. Freedom in terms of my determining where I want to spend my time”

“Maybe for me it’s not really retirement, it’s financial freedom and independence”

What Are You Most Excited About Retirement?

“That ability to make spur of the moment decisions”

How Would You Have Changed Your 20’s?

“I would not have lived what I thought a typical american lifestyle was. I would not have lived beyond my means.”

What Are You Most Worried About Retirement?

“That I’m not going to make it and if I do my health won’t be there.”

“What am I missing now since I’m deferring so much for this date in the future.”

“The fact that maybe it’s too late. That I won’t be able to make that catch up date.”

“Retirement is the language I grew up hearing. We all work until we’re 65 and then we collect Social Security”.

“I don’t want to be that person that I have to augment my retirement.”

“You can’t bank on the fact that you have good health in retirement and that you’ll be able to work”

How Do You Think You’re Doing?

“I would love it if someone could look into their crystal ball and say I’m okay.”

Do You Use a Financial Planner?

“I’m afraid I’m going to choose someone that is inexperienced or has dealt with a situation similar to mine”

What is the Worst Financial Decision You’ve Ever Made?

“Oh there are SO many”

The decision to be a self employed individual and I was ill prepared with what that meant”.

“I got into something like $40,000 of credit card debt”.

"“I understand depression. When you wake up and there’s nothing and there is nothing I can do to get out of this mess.”

What Has been the Hardest Thing to Deal With Personally in Managing Your Finances?

“There’s a fear that any moment now my good fortune could disappear.”

What Resources Have Had the Most Impact on Your Life?

• The Little Engine That Could
• Young, Fabulous and Broke, by Suzi Orman
• Why you need FU money, Jlcollinsnh.com
• Mr. Money Mustache

How Do You Want to Be Remembered?

“I’m hoping who ever I meet…that I impact them positively.”

Despite what the media and some financial advisors tell us, preparing for retirement isn't about fancy strategies or the best investment. This week listener "Rick" shares his story of how he became a 401(k) millionaire by using a simple but powerful strategy.

"Rick" was the first listener to share his story. Rick isn't his real name and in order to present you a better image of who he is, I asked him what his financial "spirit animal" was. After an awkward pause he replied tortoise and after hearing his story, I thought it was perfect!

As you listen to Rick's story, you may feel like I did...a little jealous.  Rick grew up with a sound financial basis from his parents. As you heard last week, I didn't. In fact, I think most of us didn't. If you're like me, don't worry. Regardless of where you are, you can begin a journey towards financial independence.

About "Rick"

• Age 59
• Has worked for the same company for 30 years
• Married 30 years
• Same House 30 years
• 3 grown kids
• Shares hobbies with spouse

What Does Retirement Means to You?  

“I found it a little bit frightening"

“I love my work…though I;m caught between the parts I like and the parts I don’t like”

“I’ve always had a big lazy streak…work has so much structure and so many demands that it keeps me going”.

What Are You Most Excited About Retirement?

“The lack of stress!"

"That I’ll have time to do the things I like to do”.

What Are You Most Worried About Retirement?

“I think it would be health issues”.

“I’ve seen a lot of healthy people get hit with significant deseases out of the blue.”

“Nobody lives for every but I’d love to have 20-30 years of health left in my life.”

How Do You Think Your Doing?

“We probably have saved 20% of more of my pay since day 1.”

“Even in the early years when my income wasn’t anything special we saved.”

“We’re 401k millionaire now.”

“Money doesn’t come into our lives just so we can get as many toys as possible, it’s there to help people.”

“If you don’t save it, it doesn’t matter what your rate of return is, you’ll never have much.”

What Has Been Your Worst Financial Decision?

“I didn’t make many money mistakes because my parents were kinda Dave Ramsey people, long before Dave  was born.”

"When we first got enough money to afford cars, we bought new cars”.

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“I really don’t know an answer to this one.”

What Resources Have Had the Most Impact in Your Life?

• How to Win Friends and Influence People. "That ability to communicate and sell my ideas had as much to do with my intellect when it came to the success of my career.”

What Do You Want to Be Remembered By?

“I think really all I really want is my kids to remember me a certain the way, like I remember my parents.”

“Someone that is honest, generous and was a loving father.”

Want to Share Your Story?

Tell me below. I'll send you the questions and details on how it will work.

As a thank you for contributing to the community, you'll receive a free 30 minute consultation to address any financial planning issue you want.

There are plenty of people around today that will offer their services as a “life coach” or “business coach.” Few have the demonstrated history of success as businessman, family man and friend to man as Aaron Walker. 

Register for May 26th's Webinar: How to Manage Cash Flow in Retirement

Click Here to Register

In this episode, Aaron shares his Journey Towards Retirement. Below are some notable quotes from our talk. 

Aaron Walker's Journey to Retirement

What Does Retirement Means to You?  

“I won’t ever retire. I may slow down but I love building…”   

“Retirement means, I just want to be safe because I may not be able to work”

“I don’t want to quit, but I do believe we should have common sense”

What Are You Most Excited About Retirement?

“I’m excited I’m able to help ordinary men become extraordinary….pouring knowledge and whatever little bit of wisdom I have into others” 

What Are You Most Worried About Retirement?

“What creeps up sometimes is the fear of not being healthy”

“Recently I started paying attention to my health…I’ve lost 40 lbs since November 1^st”

How Do You Think You're Doing?

“I’m a big real estate guy, 75% of my retirement is in real estate”

“I wish I’d saved a little more cash”

“I worry sometimes if I’m balanced properly”

Who Do You Use in Your Life to Help Make Smart Financial Decisions? 

“For the most part, I’ve done it for myself, that’s the reason I’m not as balanced as I should be”

What Has Been Your Worst Financial Decision?

“I’ve never blown money, I work to hard to make it”

“Its simultaneous with one of my biggest successes. It was when I was 27 years old and I sold my business”

“Looking back now, I think I probably could have parlayed that into something larger”.

“I didn’t know I was going to get bored as fast as I did”

“I came from a very poor family…when to opportunity came along, it was the most money I could ever imagine”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“In managing my finances, I’m self reliant and I probably should have been looking outward more and seeking more expert advice”

What Resources Have Had the Most Impact in Your Life?

• Essentialism: The Disciplined Pursuit of Doing Less
• How to Win Friends and Influence People
• The Bible
• TED Talks
• Mastermind groups “absolutely a game changer for me” 

What Do You Want to Be Remembered for?

“I want to be remembered as the guy that helped other achieve their goals and dreams”

‘I want to be remembered as the guy that stops waiting to talk and fully engages”

Free Resources From Aaron Walker to Help you Find Meaning

Click Here to Get Aaron's Free Resources

• A Personal Assessment
• What Do I Want?
• Steps to a Productive Day

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. 

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.

Interested?

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.

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 

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

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

Just because Bill & Sally can't achieve their ideal retirement, doesn't mean they can have a great retirement.

In this episode,  we'll discuss:

• Why it's okay to not be able to achieve an ideal retirement
• Common ways to adjust your retirement plan
• Uncommon ways to adjust your plan
• How to gauge how much investment risk to take during retirement
• Preview tomorrow's webinar results show

How to Access Tomorrow's Free Webinar

If you've signed up to plan alongside Bill and Sally, you'll receive an e-mail with all the details.

1. Thursday, March 26 at 7:00 pm CST
2. Webinar replay available to those that register

If you haven't and want to attend...

Click Here

Yeah, you read that right.  Bill and Sally cannot achieve their ideal retirement. That really sucks....or does it???

Remember in episode 55, when I outlined Bill and Sally's ideal retirement? I said "too many people are being too reasonable when setting their retirement goals" and challenged you to think BIG about yours. Well, that's what Bill and Sally did. The fact that they can't achieve their ideal demonstrates that they did it right. They thought BIG about what their life could be. 

Now that they realize that "ideal" isn't reasonable, they can begin the work of prioritizing what matters most to them. That's an awesome accomplishment. Only by thinking BIG first were they able to identify everything they might want. Now they can choose the most important things.

In this episode, I review their ideal retirement goals, financial resources and the results of their ideal retirement analysis. 

Here Are Your Action Items for the Week:

1. Listen to the episode and think creatively about how we can build a plan for their retirement
2. Review the ideal retirement analysis, are we missing anything?
3. Answer the challenging questions.  This is important because YOUR input will be used in our live webinar on March 26th. 

Help Create Their Retirement Plan

1. What possible changes can they can make?
2. What changes would have the most impact?
3. What are some "outside-the-box solutions you've seen?
4. If they are unwilling to take more investment risk, what is the impact on their life goals?

Go Here and submit your answers and I'll work to incorporate them into next week's webinar.

Bill & Sally Want to Retire Webinar, March 26th at 7:00 CST

If you're not already signed up to plan along side Bill and Sally

sign up for the webinar here.

If you asked me what was the most important item you should do to track your financial health I would tell you to track your net worth. A net worth statement is the most powerful tool you can use to track your financial progress over time. This simple one page document represents the sum of all your financial decisions over time.  There's no hiding with good intentions on a net worth statement. Ultimately, I think, it reflects what you value most.

Organizing Your Financial Resources

Now that Bill and Sally have dreamed big and identified their needs, wants and wishes for retirement, it's time to see what resources they have to work with.

This week, we review their cash flow (income sources and expenses) and create a net worth statement to see their assets and debts.

If you've signed up to plan alongside Bill and Sally, here are your action items for the week. (Haven't signed up yet? see the bottom of this post)

Here’s Your Action Items for This Week:

1. Make sure to listen to the episode. I review your comments and walk through Bill and Sally's financial situation.
2. Review Bill and Sally’s cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.
3. Watch the short video. I walk you each step of  identifying your income sources and creating your net worth statement.
4. Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It’s worth the effort. Your net worth statement will be the key document you use to track your financial life.

• Estimate future retirement income sources
• Build your net worth statement
• Manage your current lifestyle and cash flow

Challenging Questions of the Week

1. Should they pay off their car loans? Why or why not?
2. Should they contribute to ROTH IRAs? Why or why not?
3. Are they saving enough? Why or why not?

Respond with your answers here.

It's Not Too Late

Get All the Free Resources and Access to the Webinar on March 26th

Click Here to Sign Up

Too many people are being too reasonable when setting their retirement goals. STOP! When you start your planning for retirement it is critical that you think big. There's time enough later to be reasonable. Right now, focus on what your ideal life would look like....what would your life be if you could "have it all"? 

I know, thinking big about your future, is much harder than it seems, especially when it comes to retirement. That okay, I'll help you snap out of it.

Dream Up Your Ideal Retirement

In this first step of planning with Bill and Sally, I personally challenge you to suspend our reasonableness. Sit down with your spouse and a glass of your favorite beverage (for these talks, this is mine) and dream big.

Your Action Items for This Week:

(For those of you that signed up to plan along)

1. Listen to this episode. You'll learn what their ideal retirement looks like and some issues they face.
2. Review Bill & Sally's Ideal Retirement Summary (If your not signed to receive it go here).
3. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
4. Complete your own IDEAL retirement worksheet. Start off with your needs, dream a little and jot down some wants and then dream a lot more and add your wishes. DON'T BE REASONABLE, just put down needs, wants and wishes that would truly be meaningful to you.
5. Ask questions. Having trouble dreaming big about your retirement?  Shoot me an e-mail. I’ll do my best to answer your question. Send me an e-mail or go here.

 Challenging Questions of the Week

1. How should Bill and Sally address their personality differences?
2. How have you dealt with a similar issue?
3. What other potential issues do you see in their ideal retirement?

Send me an e-mail or go here to give my your answers.

It's Not Too Late to Get All the Free Resources to Plan Too 

Just Click Here

Want to retire a year earlier? Maybe have a bigger lifestyle budget for travel? You might be able to if you change your relationship with your car.

 "According to Edmunds.com, the average monthly payment on a new vehicle is $479. Considering your existing car is trouble-free, saving that $479 per month means an annual savings of $5,748 by postponing the purchase of a new vehicle" (bankrate.com).

In this episode I talk with James Kinson from Cash Car Convert. James is on a mission to change how people think about and buy cars. 

• What to look for when you're buying a used car.
• The value of buying used
• The dangers of long car loans
• How to buy a used car
• The value of buying a used car from a new car dealer
• How long a car can last (and still look great)
• Why you should do all the schedule maintenance

In the Market for a Car?

Connect with James and learn how to do it right

• The Cash Car Convert blog
• The Cash Car Convert podcast

Bill and Sally Want to Retire

Based on your feedback from January's Can Carl Retire series, I've created a case study for us to work through in the month of March.

Meet Bill and Sally :

Sign up and plan alongside Bill and Sally and get access to an exclusive retirement planning webinar

rogerwhitney.com/billsally

Okay, you're planning for retirement, but what exactly are you planning for? I don't think most of us think about this. We work and save and work and save, but spend little time figuring out what we'll actually do when we retire. 

In this episode, I interview Tom Schwab of Goodbye Crutches and Inbound for eCommerce.  Tom is a great example of someone that overcame a potentially devastating business set back to build a build a business that he can enjoy well into retirement. There are a lot of great lessons we can learn from his story. Such as:

• How your lifestyle choices can set the tone for your entire life
• Why we're created to serve
• The importance of focusing on people and experience rather than things
• How to organize your life to stay engaged well into "retirement"
• How to think intentionally about your career

I'm still amazed at the level of engagement and transparency "Carl" has had throughout the process of creating his retirement plan on the show. I'm just as amazed at how much the series has resonated with you, the listener. Your questions, comments, suggestions and thank you's made the series better.

In this episode, you'll get to hear directly from Carl and Jane as we discuss the Can Carl series, retirement, planning, investing and where they go from here. Recently, while on a business trip, I had the privilege of spending an evening with Carl and Jane at their home. After a great dinner (thank you Jane), we sat together and I recorded our conversation. Lots of pearls of wisdom here, so it's worth a listen.

A Personal Reflection on “Can Carl Retire”…. 

On September 5^th, 2014 a listener to The Retirement Answer Man wrote the following email to Roger:

Roger, 

New to you, impressed. Spent 30 mins in your library today - well done. Wondered if you'd be interested in doing a "deep profile" as a blog? I could share all my detail, you could use as a case study for a blog (keeping me anonymous, preferably?). I'm 51, manage my own $, have ~ $1.8 M net worth and pension, looking to sell house to downsize to cabin (2nd home at the moment),  have a detailed tracking of actually spending by month. Question: Out by 54, 55, or 56?  How much "cushion" is worth the extra time being a corporate rat vs pursuing our dream of RV'ing and working seasonal jobs in National Parks. I could share any level of detail you'd ask for to build an interesting case study. Interested?

That listener was me, who you all now know as Carl.

Three nights ago I had the wonderful experience of sharing dinner in my home with Roger and my wife (who you know as Jane), and found it to be a perfect celebration of success. Success via an innovative podcast series which grew from that seed of an idea first planted in that email 5 months ago.  It’s personally very rewarding to have conceived of an original idea and participated as the idea grew to a beneficial fruition, and I’d challenge all of you to seek similar opportunities. So…..

……What worked?

1. Beneficial:  To me (free retirement review), The Retirement Answer Man (interesting podcast fodder) and The Listener (education and free resources).  Find something that brings value to folks beyond yourself.

1. Mentally Stimulating: The podcast recording sessions with Roger were a blast.  I’ve been 100% “Self Studied” until now, having the opportunity to banter with a pro was stimulating.  Find something that stimulates your mind.

1. Assuring:  Having a professional review of this critical question (Can You Retire?) goes a long way in steading nerves as you approach perhaps the most important decision in your working career. Find something that answers that “nagging question” in your life.

1. Relationships:  They’re important, and a new relationship was built between Carl and Roger that I am confident will continue for years to come.  Find ways to build relationships.

To close:  Carl didn’t do anything extraordinary.  He came up with an idea (case study), identified the right platform (podcast), then approached the right person for the concept (The Retirement Answer Man).  Any of you can do the same, and I hope this series encourages you to try.

Your Feedback

[feature_box style="2" only_advanced="There%20are%20no%20title%20options%20for%20the%20choosen%20style" alignment="center"]

From Dave 

"After living through the dot com downturn in 2000-2001, I never really recovered in my ability to deal with the market volatility and staying the course in downturns.  As a result, I have generally stayed out of the market for many years. I know that inflation risk is an issue so I am slowly getting back into the markets.  I would like to see you cover a case study or set of recommendations / strategies that would address these issues."

From Kevin

"I’ve been enjoying your blog & podcast for the last three months, your content is interesting especially for finance geeks like me.  I would be interested in either another real world example or case study of a plan you've previously worked on that does not include a large pension."

From Ken

"I really enjoyed the podcast series with Carl.......I would like for you to do another with someone that isn't perhaps as well off financially and much closer to retirement... I think this would prove beneficial to all age groups."

 You Get to Help Me Answer: Can Bill and Sally Retire?

Starting March 4th, I'll start a new series with a fact set based on your feedback. And the best part is, this time, YOU GET TO HELP. 

Just like last time, you'll have the chance to sign up to plan along side Bill and Sally and attend a live webinar at the end of the month.

Unlike last time, this will be a pure case study (no live subject) and you'll get to help build the plan for Bill and Sally. Each week, as we walk through each step of process, I'll ask you to brainstorm solutions to help Bill and Sally get close to their IDEAL retirement. 

I'm still working out some of the details but here are the basic facts:

• Bill is 56, Sally is 57
• Married 13 years (2nd marriage)
• Both work and their household income is $180k
• 2 children, age's 20 and 25 (one his, one hers)
• No pension 
• Started saving late (late 30's)
• Worried about the markets and economy

More Details Soon (I think this is going to be great!)

WOW, your response to the Can Carl Retire? series in January and last Friday's results webinar were off the charts. I received so many kind comment and sharp questions from you. In today's episode, I'll answer a portion of your questions and will work to get to the rest of them in next week's episode. Please keep them coming. If you're wondering, no doubt thousands of others are too.

Want to Watch the Webinar Replay?

The webinar replay will remain available until Sunday, February 8th (11:59 pm). You can watch it by clicking below.

rogerwhitney.com/webinar

Listener Questions Answered in This Episode

1. From Ken "I didn't see you mention an emergency fund, why is that?"
2. From Ken "What provision is made to pay for taxes on his 401(k) plan when required minimum distributions are required since most of his wealth is in tax-deferred plans?"
3. From Randy "Quicken sells software, called "WillMaker Plus", to create "a Will, Health Care Directive, Durable Power of Attorney for Finances and other essential documents".  Do you have an opinion on the value of such software?"
4. From Joe. "I appreciate the webinar yesterday; helps me in thinking thru retirement planning.  The question came up around pensions and taking a lump sum vs. taking annuity payments.  You said something to the effect of "99% of the time it's better to take the annuity." That's one of my central planning questions, as I have a company pension that I will eventually be drawing from.
5. From Ken. (Ken was getting into this) "I just listened to the replay and thought it was very informative and provided a nice example of the process. As you mentioned during the webinar, given Carl is lucky enough to have a healthy pension which is rare these days, it would be interesting to know what the equivalent lump sum in current investable assets would need to be to get him to the same answer if he did not have the pension."
6. From Dave. Good podcast and interesting information about Carl's situation.  I am wondering whether your estimated returns for Carl were too aggressive.  Where the estimated returns (8+%) that you were showing after tax returns?  It just seems, while the portfolio would be a nice blend, that the return estimates were higher than I have been estimating in my personal returns.  Regards, Dave

Question for You: What do you want next?

The Can Carl Retire? series really resonated with most of you. It's been exciting to see you participating and asking question.

What would you like me to focus on next:

• Another real world example?
• Case studies of plans I've worked through (good and bad)
• What to do if you're behind on savings?
• More webinars?  If so, on what? Social Security Maximization, goal planning or understanding market returns are some topics that come to mind

Click here and let me know

WOW, your response to the Can Carl Retire? series in January and last Friday's results webinar were off the charts. I received so many kind comment and sharp questions from you. In today's episode, I'll answer a portion of your questions and will work to get to the rest of them in next week's episode. Please keep them coming. If you're wondering, no doubt thousands of others are too.

Want to Watch the Webinar Replay?

The webinar replay will remain available until Sunday, February 8th (11:59 pm). You can watch it by clicking below.

rogerwhitney.com/webinar

Listener Questions Answered in This Episode

1. From Ken "I didn't see you mention an emergency fund, why is that?"
2. From Ken "What provision is made to pay for taxes on his 401(k) plan when required minimum distributions are required since most of his wealth is in tax-deferred plans?"
3. From Randy "Quicken sells software, called "WillMaker Plus", to create "a Will, Health Care Directive, Durable Power of Attorney for Finances and other essential documents".  Do you have an opinion on the value of such software?"
4. From Joe. "I appreciate the webinar yesterday; helps me in thinking thru retirement planning.  The question came up around pensions and taking a lump sum vs. taking annuity payments.  You said something to the effect of "99% of the time it's better to take the annuity." That's one of my central planning questions, as I have a company pension that I will eventually be drawing from.
5. From Ken. (Ken was getting into this) "I just listened to the replay and thought it was very informative and provided a nice example of the process. As you mentioned during the webinar, given Carl is lucky enough to have a healthy pension which is rare these days, it would be interesting to know what the equivalent lump sum in current investable assets would need to be to get him to the same answer if he did not have the pension."
6. From Dave. Good podcast and interesting information about Carl's situation.  I am wondering whether your estimated returns for Carl were too aggressive.  Where the estimated returns (8+%) that you were showing after tax returns?  It just seems, while the portfolio would be a nice blend, that the return estimates were higher than I have been estimating in my personal returns.  Regards, Dave

Question for You: What do you want next?

The Can Carl Retire? series really resonated with most of you. It's been exciting to see you participating and asking question.

What would you like me to focus on next:

• Another real world example?
• Case studies of plans I've worked through (good and bad)
• What to do if you're behind on savings?
• More webinars?  If so, on what? Social Security Maximization, goal planning or understanding market returns are some topics that come to mind

 Let me know if the form below

Don't Skip This Step!

Sign Up for Friday's Webniar Here

One of the most heartbreaking things I've seen over 24 years advising families is a surviving spouse or family member dealing with an unorganized estate. Not having your affairs in order, puts a huge burden on your family and compounds the stress of there loss.

According to a recent survey, 61% of people don't have a will. Even those that have a will, have failed to organize their financial information to make it easy for their loved ones to act.  Don't be one of them.

Leaving a big mess of your affairs and estate plan will make life suck for your family when you die. A messy estate can take major financial and emotional tolls on your family.

Take the simple steps outlined this week and give a beautiful gift to those you leave behind.

Here Are Your Action Items for the Week

• Listen to episode 50.  We discuss, the basics of organizing your estate.
• Review these worksheets. These 3 worksheets will give you the basics to make things easier for your heirs:
  • 9 Important Estate Planning Steps
  • What Your Survivors Need to Know
  • What to Do When A Loved One Dies
• Compete these to give your spouse or family the gift of an organized estate.
  • Organizing Your Financial Life
  • Create an I.C.E. Plan
  • Family Love Letter

1. Ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.

Don't Miss Friday's Webinar

Don't forget to tune in to the Can Carl Retire? Results Webinar this Friday at 3:00 CST.

You'll watch live as Carl finds out whether he can achieve his ideal retirement.

Plus, you see live as I stress test Carl's plan against the most common worries in retirement:

• Bad market returns
• High inflation
• Long-term care costs
• Outliving his assets

Risks can rob you from living a great life. Focus too much on them and you can miss out on a full life. Ignore risks and you can destroy your family's financial security. If you've started planning for retirement, you're probably overwhelmed with all the things you should worry about. This week, we'll address, head on, some of the biggest risks during retirement and help you assess  how to handle them.

Important Note: If you haven't listened to step 1 or 2 of Carl's Plan you'll want to start there:

• Step 1 Imagine Your Ideal Retirement
• Step 2 Identify and Organize Your Financial Resources

This week, you'll focus on identifying and managing some of the big risks we all face during retirement.

• Longevity risk--Will you live to 100? Here's a calculator to estimate our chances
• Inflation risk--What could the cost of living be 15 years from now? Find out here
• Market risk
• Tax risk
• Health care risk
• Long-term care risk

1. Make sure to listen to the episode. I discuss each one of these retirement risks and provide some insights into how you can plan for them.
2. Review Carl's health care cost estimates. This will give you some insight into what you can expect.
3. Review worksheets. Review the Facing the Complexities of Medicare and Choosing Long-Term Care Insurance worksheets. These will give you the basics on how to address each area.
4. Complete the Will I Live to 100? calculator. The odds might be greater than you think.
5. Complete the Retirement Health Care Cost Estimator (optional). If you submit it, you'll receive a free personalized estimate of your retirement health care costs to help you plan for the future.
6. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.

Want Access to the Free Resources to Plan Along Side Carl?

It's Not Too Late to Create Your Ideal Retirement

Sign up (rogerwhitney.com) and  you'll receive:

• All the retirement planning resources from week 1 and 2
• This week's resources
• Access to next week's webinar to find whether Carl is positioned to achieve his ideal retirement.

Well, Were You Able to Dream Up Your Ideal Retirement? It can be hard to think big. Hopefully, you stretched yourself. No worries, if you're not finished. Your life is always a work in progress.

Important Note: Sign up late? If you'd like the resources from week one, replay and let me know.

This week, you'll focus on identifying and organizing your financial resources. In this step you'll create a clear snapshot of your current financial situation. This is a critical step. Don't get bogged down in getting every number right. You can fine tune things later on. Just focus on getting a read on your current financial picture.

For some, this can be hard to look at. If that's you, please relax. We've all walked a similar road (including me!). If you've made mistakes (maybe BIG mistakes), forgive yourself. The fact that you're receiving this e-mail proves, you are working to create the best life you can.

1. Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."
2. Review Carl's cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.
3. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
4. Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It's worth the effort. Your net worth statement will be the key document you use to track your financial life.

• Estimate future retirement income sources
• Build your net worth statement
• Manage your current lifestyle and cash flow

1. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. 

It's Not Too Late to Create Your Ideal Retirement

Sign up (rogerwhitney.com) and receive weekly e-mails with all the resources we've covered.

Are you ready to dream up your IDEAL retirement? This is week one of the Can Carl Retire? virtual retirement planning event.  If you signed up for the free resources, you should an e-mail with all the items you need to complete this first important step. Haven't signed up yet??? No worries, there's still time. Click here and learn how you can plan along with us.

Dream Up Your Ideal Retirement

In this episode, you'll listen is as I help Carl clearly defines his IDEAL retirement.

This is the week you get to think BIG about your future too. Don't worry about getting it all right. Your goals will change countless times. Focus on identifying what you care about right now. We'll discuss a process later, on how to adjust them as your life unfolds.

Your Action Items for This Week

1. Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."
2. Review Carl's Ideal Retirement Summary. This will give you a snapshot of what the end result can look like.
3. Think BIG. Not thinking big enough could rob you of your dreams. Suspend your reasonable attitude and focus on what "having it all" might look like. There will be time later to see what is actually possible. For now, focus on creating your IDEAL.
4. Watch the short video. In it I give quick tips on how to think BIG about your retirement.
5. If you're married, include your spouse. Each of us have our own dreams of the future. You're spouse's may be similar but different. Now is the time to hear each others dreams and to create dreams together. This way, the two of you will be in harmony about the future. This is crucial to a great marriage and a great retirement.
6. Complete the worksheet. Start off using scratch paper and go crazy with your dreaming. No filters here. Then, identify the goals that truly mean something to you. Don't forget to rate them as described in the worksheet. This will be important later on.
7. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply hit reply to the e-mail I sent you with the resources.

It's Not to Late to Plan Alongside Carl

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