Good day to you gain, my friends, and welcome to this edition of The Retirement Answer Man, my name is Roger Whitney, your host! Today we are smack in the middle of our “Retirement Plan Live” event and you’re going to get to hear another conversation I had with Linda (of Linda and James) about their retirement planning. My hope is that our conversations spur you to consider your retirement planning and can help you make some adjustments that set you up for a better future and a happier life. Listen in as we tackle the issue of risk management.

What IS risk management?

Risk management is not a term that is only used in the investment realm, companies of all kinds try to manage their risks. But what does it really mean to engage in risk management? In this episode’s “What does that mean?” segment, I’m going to define risk management and let you in on a little secret: it’s not what many people think it is. You’ll have to listen to find out.

Risk Management and Planning for Retirement.

As I talk with Linda today about her retirement plan, we get into a lot of very detailed thoughts she’s been having about the investments she and her husband have made toward their “happily ever after” retirement. We talk about bonds VS bond funds, health care risks, long term care, elder care for her aging mother, college education for their kids, and a whole lot more. You’ll be impressed at how astute Linda is with this stuff, and I’m pretty sure you’re going to learn something from her questions, so be sure you give it a listen.

What would happen if you could get out of “what if” thinking and into “what can I do” thinking?

I’ve spent a good deal of my life worrying about things. It’s very sad, but entirely true. I had to learn (the hard way many times) that the “what if” thinking that I tend to get into only generates anxiety. There’s nothing helpful about it in most cases. The key is to turn my thinking toward, “What can I do?” thinking instead, and in today’s “Happy Segment” I want to show you how that one little adjustment can help you get out of victim mode and into action mode, which adds up to much more peace and satisfaction in life.

It’s not too late (at least not today as I write this)!

The final webinar of this year’s Retirement Plan Live event happens in two days from the publication of this episode, and the only way you’ll get to hear how Linda and James’ retirement plan comes together and whether or not it looks like they’ll be able to reach their ideal retirement goals, is to be a part of that webinar. You’re going to be able to ask questions of your own as well as learn from the things I advise Linda and James to do… but not if you don’t sign up. Go to www.RogerWhitney.com/RPL to sign up!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:25] Roger’s personal “Thank You” - for everything you do to encourage the show!
• [1:21] The introduction of today’s episode of Retirement Plan Live, and your invite to the LIVE webinar!

HOT TOPIC SEGMENT

• [3:32] What’s going on in the markets - the S&P Index.

WHAT DOES THAT MEAN? SEGMENT

• [8:01] What is risk management?
• [8:42] Why you can’t remove risk altogether.

PRACTICAL PLANNING SEGMENT

• [13:10] Linda and James’ risk management assessment.
• [18:00] Bonds VS Bond Funds
• [25:16] Health risks.
• [27:56] Long term care risks.
• [31:14] College and education expenses.
• [37:03] Supporting an elderly parent.
• [41:21] Adjustments Linda and James have made in their investment strategy in the past.

TODAY’S SMART SPRINT SEGMENT

• [45:48] Identify 1 risk that you feel you have in your life and go through the checklist of what you could do about it.

THE “BE HAPPY” SEGMENT

• [47:27] Why it’s helpful to accept that you can’t figure it all out.
• [48:25] Why risk is not always an intellectual conversation.
• [49:03] Changing from “what if” questions to “how can I” questions.

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

Hey there, welcome back to another episode of The Retirement Answer Man. I’m Roger Whitney - THE Retirement Answer Man - and in case this is the first time you’ve ever wandered over to my show, welcome! I’m so glad you’re here. You’ve jumped right into the middle of my “Retirement Plan Live” series, where I’m helping a real life couple, James and Linda, do their very own retirement plan on the podcast for everyone to hear. You’ll hear lots of interesting things to consider as well as find out how you can play along and receive your own downloads to do your own retirement planning right alongside us. Find out more on this episode.

The financial markets are a bit frightening right now.

The talking heads are saying that we’ve had the worst financial start to a new year since the great depression. That’s a comforting thought, isn’t it? But all kidding aside, an unstable time like this can be very unsettling on the average investor, and for all you above average folks too! So what should you think about a time like this? More importantly, what should you do? On this episode I’m going to walk you through a few things you should consider and give you some practical steps you can consider as well.

Have you ever drawn up your own “net worth” statement?

In my humble opinion, your net worth statement is one of the most vital documents you can use for your financial and retirement planning. It’s a quick, year to year snapshot of your financial picture that enables you to quickly see if you’re getting ahead or falling behind. On this episode you’re not only going to hear me explain what a net worth statement is, but I’m also going to do a real live example of how to create one, so make sure you listen to this episode.

Today’s S.M.A.R.T Sprint: Update your net worth statement.

If you don’t have an updated net worth statement, today is your lucky day. On this episode I walk Linda through the variables that need to be considered in calculating a net worth statement and I also share where you can get a handy dandy worksheet to help you create your own net worth statement. The New Year is a great time to get this document created so that you can begin to use it on an annual basis to keep track of your financial health.

A great tool for happiness as you move into retirement.

Many people (me included) get so busy with their careers and the responsibilities of life that they forget to invest in one of the most important, long-lasting resources they could have: friendships. I’d hate to see you facing retirement all alone, without a support system of good friends in place. On this episode I tell you my brief story of how I’ve begun to surround myself with friends and build good friendships, and how it can serve to equip you for the retirement stage of life.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:32] Roger’s welcome to you and the introduction to this episode.

HOT TOPIC SEGMENT

• [2:18] What’s going on with the markets these days?
• [4:20] How oil prices impact the political situation.
• [8:01] How the current Presidential race impacts investment planning.
• [9:20] Things to consider during tumultuous times like this.
• [14:41] What should you do?

WHAT DOES THAT MEAN? SEGMENT

• [19:29] What is a “Net Worth” statement?
• [20:22] Why a “net worth” statement is one of the most critical documents you can have.

PRACTICAL PLANNING SEGMENT

• [20:50] Retirement Plan Live is on! - Creating a net worth statement.
• [22:36] Current income for Linda and James.
• [25:11] Retirement income resources.
• [26:26] Additional income sources from work during retirement.
• [30:40] Current debt and terms.
• [32:12] Assets to consider.
• [37:50] Tax deferred investments and retirement plans.

TODAY’S SMART SPRINT SEGMENT

• [47:00] Today’s S.M.A.R.T. SPRINT: Update your net worth statement.

THE “BE HAPPY” SEGMENT

• [48:13] How to find a band of brothers (or sisters) who can support you.

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

www.RogerWhitney.com/35 - The episode on market corrections.

It’s here! You know you’ve been waiting for it and now I’m able to bring it to you… this year’s installment of Retirement Plan Live! This is YOUR opportunity to hear me walk through a real life, honest to goodness retirement plan with a very real couple - Linda and James. Today we’re going to start dreaming big with Linda to discover all the things that the two of them desire to go into their retirement. And you can play along if you like by downloading my free resources to help you dream up your own grand retirement as well. Just listen to this episode to hear how you can get involved in Retirement Plan live!

There’s a free Q & A session about retirement planning as part of this RPL event!

I want the Retirement Plan Live event to be the most practical, helpful, empowering session of podcast audio you’ve ever listened to (at least when it comes to retirement planning), so I’ve packed this event with resources for your benefit and consideration. One of those is an upcoming LIVE Q & A session where you and all the other RPL participants can get on a video chat with me, Roger Whitney, to ask your retirement related questions. Nothing’s off limits, so be sure you listen to find out how you can get into that free Q & A session.

Why you should stick to your plan when the markets look so bad.

Well the henhouse is clucking… it’s all the financial analysts and talking heads, telling us that the first week of 2016 is the worst we’ve seen since 21008. When that sort of news comes out, everyone gets up in arms. So what should you do? How does it impact your investment strategy? On this episode I’m going to unpack what you should do, and it begins with that well-conceived plan you’ve already come up with! Be sure to stick around for that portion of the show.

When missing your retirement goals are not a failure.

Goals are important. They’re the things we aim at when we’re trying to accomplish those big retirement dreams we’ve come up with. But did you know that missing a retirement goal does not mean you’ve failed? On this episode of The Retirement Answer Man I’m going to tell you why goals are desires and not predictions, and when it’s entirely appropriate for you to let go of at least some of your retirement planning goals. You might be surprised at what I have to say.

What goes into a good retirement plan? It all starts with a dream.

It’s impossible for anyone to project every expense that’s going to come up during the retirement years. But you’ve got to start somewhere… and I’ve learned that the “somewhere” you need to start is with a dream of what you want your retirement to be like. On this episode of the Retirement Answer Man, I’m chatting with one of our Retirement Plan Live participants, Linda, about what she and her husband James desire their retirement to look like. It’s a great peek into what this essential first step looks like, and can help you do the same thing for yourself.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:30] Roger’s introduction of today’s episode and the topic of today’s episode.
• [1:20] How you can plan alongside James and Linda with free resources.  

HOT TOPIC SEGMENT

• [2:16] The worst, first week of the year since 2008.
• [3:22] The need for caution.
• [3:40] What contributes to such a bad start?
• [5:40] What should WE practically do in light of these things? 3 things…

WHAT DOES THAT MEAN? SEGMENT

• [9:37] A very fancy term: GOALS (in terms of dreaming up your retirement).
• [10:48] When missing a goal is NOT a failure.

PRACTICAL PLANNING SEGMENT

• [12:15] It all starts with a dream of what you want.
• [13:54] Dreaming up a retirement plan with Linda and James.
• [15:06] The ideal date Linda and James want to retire.
• [17:05] The worst case acceptable retirement age.
• [18:06] An idea lifestyle budget.
• [20:22] Things Linda and James desire for their retirement (goals).
• [24:75] Automobile expense planning.
• [25:30] Major purchases.
• [27:01] The “spice” part of the budget.
• [28:05] Living arrangements for retirement.
• [30:18] Subsidizing parent care.
• [31:15] College expenses for the kids.
• [33:35] “I don’t want to die broke.”
• [35:00] Health care expenses.

TODAY’S SMART SPRINT SEGMENT

• [37:39]  Do your own retirement plan.
• [41:37] The live Q & A session.
• [42:04] How you can get involved.

THE “BE HAPPY” SEGMENT

• [43:27] Roger’s “Be Happy” goal for this year.
• [44:00] The Daily Journal.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about retirement plan live!

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

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

BOOK: 20,000 Days And Counting

Happy 2016 to all of you retirement interested folks out there, this is Roger Whitney, and in these parts I’m known as The Retirement Answer Man. I do a podcast each week to help you think about, plan for, and maximize your retirement years so that you can enjoy life, live to the fullest, and be the greatest blessing you can be to the world. I’ve got another great episode of the show today, including a short chat about the various interest rates that impact you and your monthly budget, a conversation with two friends of mine from the Stacking Benjamin’s website team about how you can save 50% of your income, AND the latest news on my upcoming Retirement Plan live event. Be sure to listen, there’s lots of good stuff in store.

Retirement Plan Live starts next week!

If you haven’t heard, you need to know: Beginning last year I created an annual “Retirement Plan Live” event that is aimed at helping you see how a professional retirement planner like me goes about helping an average Joe like you, plan for and execute a retirement plan. It’s packed full of all kinds of insights I can’t even begin to describe here. But in addition to all that goodness, you can plan alongside us using a ton of free resources that I’m providing for this year’s event. If you’d like to sign up to “plan along” with me and my RPL participants this year, listen to this episode to get the details on how you can do that.

The FED raised interest rates. So which rate are they talking about?

A few weeks ago the Federal Reserve Bank raised interest rates after a very long time of not touching them. That step is all abuzz in the news lately, but I wonder, do you know what rate it is they’re talking about and how it impacts you and your money? On this episode of The Retirement Answer Man I’m going to walk you through the 3 main rates that affect you, tell you what each of them is, how they impact each other, and what you need to be thinking about in light of this recent rate hike. Sound like something you’d like to know? Then be sure to listen.

Interest rates went up… but not the ones you were hoping for.

Yes, the Federal Reserve did increase the major interest rates a few weeks back, and that means you’ll be seeing higher rates when you want to buy a home, finance a car, or get a credit card. But it DOESN’T necessarily mean that you’ll see the interest rates offered for savings accounts, money markets, or CDs going up anytime soon. Why is that? In this episode of The Retirement Answer Man I’m going to explain that little known business practice to you and fill you in on what you can expect to see happening in savings interest rates over the next few months and years.

Sounds crazy, but you could save up to 50% of your income.

The #1 thing most Americans surveyed say they’d like to change about their financial practices is that they’d like to put more of their hard earned cash into savings. That’s no surprise, but what might surprise you is that there is actually a way that you can save as much as 50% of your income each and every month. I know it sounds crazy, but my guests on this episode of the podcast - Kathleen and Joe - from the Stacking Benjamins team are going to fill us in on how their new program, Save50, could help you do exactly that. You won’t believe what you’re hearing, and how simple it really is. Be sure to give this conversation your attention.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [0:30] Happy New Year and Happy 100th episode, from Roger!
• [1:10] Roger’s introduction to this episode and our guests.
• [1:33] Next week, Retirement Plan live begins: here’s how you can play along!

WHAT DOES THAT MEAN? SEGMENT

• [4:15] An interest rate primer.
• [4:49] The 3 basic interest rates and how they can affect you.
• [5:10] The FED Funds Rate.
• [6:03] The Prime rate.
• [7:11] The Libor rate.

HOT TOPIC SEGMENT

• [8:34] Why the increase in the Prime rate is important and how it could impact you.
• [10:38] Why you shouldn’t expect savings rates to go up as a result.

PRACTICAL PLANNING SEGMENT

• [11:31] The top financial resolution of most people: Saving more money.
• [12:42] Why savings is an important component of a retirement plan.
• [13:10] How to start a super saver program: with Kathleen and Joe of Stacking Benjamins.
• [14:30] The campaign Joe and Kathleen are working on in 2016!
• [15:57] How Kathleen discovered she could save half her income.
• [18:19] How is it even possible for the average person?
• [20:42] Forgiving yourself for where you are at as the first step.
• [22:03] Two things to do to take the next step.
• [27:00] Why there’s only so much “frugaling” you can do.
• [29:00] The outline of the course.
• [30:40] How systems and community can make a huge difference.
• [32:12] What you can do if you’re behind the eight ball on this?

TODAY’S SMART SPRINT SEGMENT

• [33:44] Today’s smart sprint: staying off of social media.
• [34:58] The value of limiting social media time and how you could benefit from it.

THE “BE HAPPY” SEGMENT

• [37:01] A TED talk by Dr. Robert Waldinger about a study on adult happiness.
• [38:20] The 3 discoveries that determined the happiness of the men studied.

RESOURCES MENTIONED IN THIS EPISODE

www.Save50.org - The Save 50 Program

www.StackingBenjamins.com

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