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Retirement Answer Man

A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com

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#87 - 4 Myths That Could Ruin Your Retirement and How to Avoid Them

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 NumberTrue. 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 RetirementIn 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 WorkingIn 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 EnoughSure 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 MistakesI’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


6 Oct 2015

Rank #1

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#90 - How to answer the question, "When Can I Retire?"

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/


27 Oct 2015

Rank #2

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Step 1 Identifying My Ideal Retirement

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 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." Review Carl's Ideal Retirement Summary. This will give you a snapshot of what the end result can look like. 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. Watch the short video. In it I give quick tips on how to think BIG about your retirement. 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. 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. 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 Click here 


4 Jan 2015

Rank #3

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#232 - You Asked: Social Security Facts

This month on Retirement Answer Man we are focusing on you! We will be answering listener questions all month long. Since we just finished the Maximizing Social Security series I will answer some social security questions on this episode while the information is still fresh in our minds. If you had any more questions after listening to the Maximizing Social Security series then you will definitely want to listen to this episode to hear some excellent listener questions that I answer to the best of my abilities. Listen now to learn more about social security benefits. Why should you have an agile retirement plan? Have you ever wondered how are you doing relative to your peers? We all want to know how we are doing in comparison to our peers. When it comes to retirement savings sometimes it can be hard not to compare ourselves to others. But the truth is other people are on a completely different journey in life. It is important to be agile in your retirement planning so that you are ready for whatever obstacles may arise. Almost half of people end up leaving the workforce earlier than they had planned. This can be due to disability or a layoff from a decline in their field. Listen to hear some interesting facts about retirement to help you understand that it is important to have an agile retirement plan in place. How do you calculate opportunity costs? When trying to plan your retirement one challenge is factoring in when to claim social security and when to begin drawing on your own investments. One listener would like to know how to calculate these costs. No one can predict exactly what the market will do, but you need to look at specifically where the money is coming from. The first thing you should think about is: is the money coming from pretax assets or is it taxable? Another factor is whether you are married or not since this will bring spousal benefits into play. Listen to this episode to hear what else you should consider when calculating opportunity costs. When is the best time to take survivor benefits? A listener whose husband passed early on asks about survivor benefits. She is only 50 and wonders when the best time to draw survivor benefits is. The answer is different in each situation. Survivor benefits can start at age 60, but it may be a good idea to wait and claim it until full retirement age. You could claim your own benefits at age 62 and then wait until 66 to get the survivor benefits. Or you could do the reverse, you could claim survivor benefits starting at age 60 and then wait up until age 70 to claim your own benefits. One thing to remember is that you cannot double dip. Listen to this episode to hear more about social security benefits. Can my husband file for social security and then suspend? One listener asks about the file and suspend strategy for social security that has been used in the past. The social security administration has closed many of the loopholes that were once in play. File and suspend was one of these, so this strategy is no longer an option. Now your spouse must wait until you claim your benefits to receive spousal benefits. Another listener asks about inflation. Inflation is calculated into social security, but I’m not sure exactly how. Listen to hear the answers to all of these excellent listener questions and more on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:06] How are you doing relative to your peers? [8:02] Almost half of people leave the workforce earlier than they planned PRACTICAL PLANNING SEGMENT [12:00] If I defer my social security benefit until full retirement age can my wife claim half at 62? [13:23] Is your social security income adjusted for inflation? [14:58] How do you compare taking social security early as to withdrawing from investments? [19:37] Can my husband file for his benefit early and then suspend it after I start receiving spousal benefits? [21:32] A question about survivor benefits THE HAPPY LAB SEGMENT [24:35] If you want to live a happy sometimes you have to laugh at yourself TODAY’S SMART SPRINT SEGMENT [27:00] There is always someone that needs a little more grace, give it to them! Resources Mentioned In This Episode 20 Retirement Stats That Will Blow You Away article Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page


1 Aug 2018

Rank #4

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Do I Have Enough Money to Maintain My Lifestyle in Retirement?

This Week, Roger Whitney introduces a new service YOU ASK I ANSWER, where you can ask your retirement planning questions and receive a response. Then he begins to answer the question, will I have enough money to maintain my lifestyle during retirement? The first step to answering this question is to determine what your retirement lifestyle will be. You do this by breaking your retirement lifestyle into three buckets: Retirement Essentials. Those retirement expenses needed to maintain your household (housing, utilities, food, insurance, etc.) Retirement Lifestyle. Those retirement expenses for things that enrich your life (travel, entertainment, home improvements, hobbies, etc.) Retirement Dreams/Legacy. Those special things that you would like to accomplish (major travel, gifting, purchasing a second home, etc.) Breaking your retirement lifestyle into these three buckets gives you the flexibility to adjust your retirement lifestyle each year based on how your retirement unfolds. Once you do this, you need to consider how you will spend during retirement. For example inflation. Consider what your personal inflation rate is based on your spending habits. Also consider closely whether you want to spend more earlier in retirement with the understanding that you will lower spending in later years. In essence, buy yourself more lifestyle now, while you are younger and healthier.  Once you've completed this step you are well on your way to determining how much money you will need to maintain your lifestyle in retirement.  In future podcasts, he'll address the next steps in this process.


31 Mar 2014

Rank #5

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#254 - Know Your Numbers: Will You Have Enough Money in Retirement?

As the markets worsen and the talk of recession begins are you wondering if you will have enough money in retirement? Are you wondering what you should start doing now to ensure that you can live the life you want? On this episode of Retirement Answer Man, I encourage you to take intentional action so that you can rock retirement. Today you will learn to count the costs so that you can know how much it will cost to live the life you want after you leave full-time work. Listen to this episode to hear how you can start planning now to rock your retirement. Are you experiencing the not-so thrifty 50’s? I read a study recently where a group of people in their 80’s and 90’s were surveyed. The age most said they would like to return to is their 50’s. Your 50s can be a time of great abundance. Many of us are earning the highest income we’ve ever had. In addition to that many in their 50’s are left with empty nests as our children transition into adulthood. Is all this extra money going to fuel your retirement fund or are you buying all the toys of adulthood? Have you stopped budgeting now that you know that you’ll have enough money to cover it all? Be wary of creating a financial cage for yourself. What can you do now to ensure you have enough money in retirement? I have a few tips for you to act on now to ensure that you’ll have enough money to rock your retirement. If you’re married make sure both voices are heard. Usually, one spouse takes over the financial management of the household and this is the spouse that leads the retirement planning as well. Oftentimes we think we know what our spouse wants, but what they really want is much different. Ensure that both of you get some of what you want by having open discussions. Give each other space to express yourselves. Don’t confuse wants with needs Budget. Many of us have fallen out of the habit of budgeting. It’s time to flex your budgeting muscle. Look backward first, then forward. Look back at your last 3 months of spending and analyze it. Now you can look forward. After analyzing your prior 3 months of spending make a budget for the year. Understand which payments are fixed, which are, variable, and which are discretionary. Label these accordingly. Map out your spending with spreadsheets until age 92. Having a guide to help you will ensure that you are more focused and in control of your spending. Act now! If you are ready to rock your retirement then now is the time to start. Start out by analyzing your spending so that you can create your budget. Count your costs now and identify your wants and needs. This way you can know how much it will cost to rock your retirement. Your most valuable asset, human capital, is starting to diminish. So it is important to know exactly how much you need to live the life you want. One more thing you can do to help you on your retirement journey is to join the Rock Retirement Club. Enrollment is open until January 3, 2019, so make sure you get in before it closes! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:08] Are you experiencing the not-so thrifty 50s? PRACTICAL PLANNING SEGMENT [11:35] Make both of your voices heard [14:40] Flex your budgeting muscle [15:35] Map out your spending [18:54] What will we be talking about over the next few episodes? THE HAPPY LAB SEGMENT [20:23] Join the Rock Retirement Club! TODAY’S SMART SPRINT SEGMENT [22:30] Do a 3-month study on your spending Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page


2 Jan 2019

Rank #6

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#168 - Using Your HSA To Slay The Health care Dragon

Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon. The Healthcare Dragon might burn up your retirement. It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement. 80% of people don’t plan for long-term health care. Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions. Why you MUST understand your healthcare plan. If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all. Invest in yourself for a secure retirement. With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] The Live Dragon of long term Health Care HOT TOPIC SEGMENT [2:20] Dragon slaying weapons [3:16] How a savings account works. [4:41] Our HSA sword is dull. [6:17] Steps we can take to improve our HSA. PRACTICAL PLANNING SEGMENT [9:37] Conversation with Margie about helping families navigate long-term care. [11:09] 80% of Margie’s clients have no long term care plans in place. [12:05] The benefit of thinking ahead. [15:15] The potential dangers of living independently. [21:35] Preparing for retirement and long-term care if you have no family. [23:17] The importance of understanding your medical plan. [26:07] How do people generally pay for long term care? [28:27] Do long-term care policies make the transition easier? TODAY’S SMART SPRINT SEGMENT [32:05] Look at your HSA. What is the maximum you can contribute and can you make that happen? If you don’t have an HSA, give some thought as to whether or not it would be a smart move for you and your family. THE HAPPY LAB SEGMENT [32:56] The average couple will need $260K for health care costs in retirement. [33:33] Take small steps to get an HSA if applicable, invest in your health, and invest in your life to make you feel more empowered to face the future. RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD Using Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan 80% of people don’t plan for long-term #healthare #RetirementAnswerMan Why you MUST understand your #healthcare plan #RetirementAnswerMan #Invest in yourself for a secure #retirement #RetirementAnswerMan


3 May 2017

Rank #7

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#190 -  How much you should have saved for retirement by now

Several years ago I participated in an Ironman Triathlon. I didn’t win, not even close. I finished in the 77th percentile. Turns out, the winner could have started 6 ¼ hours after me and still beat me. So was this experience a failure? It depends on how you look at it. I enjoyed the experience, I loved the cycling and felt refreshed by the countryside surroundings. So for me, this was definitely not a failure. Comparison is important to keep us on track with our goals but when we put all of our focus on our performance v.s. someone else's performance...we often become unhappy. Regardless of where you are in life or how much you have saved for retirement, comparison could be the death of joy. Listen to this week’s episode to hear my thoughts on how to stay on track without letting go of your joy.   A Fidelity study shows exactly how much you should have saved for Retirement A recent Fidelity study lays out exactly how much you should currently have in savings for retirement based on your age. They say that by age 30 you should have 1x your annual income in savings, 3x at age 40 and 7x at age 55. For some of us on the journey to retirement that may feel like a daunting task. Many of us don’t start saving as early as we should, I know I didn’t. But are these numbers really where we need to be? Can we make it work with less? Join me this week on the retirement Answer Man show to hear my thoughts.   Are my assets safe in the hands of my advisor? Recently a financial advisor absconded with over 1 million dollars of their client's money. The advisor had no history of fraud and seemed to be a good person. If anyone can snap and steal from us, how can we trust our advisor? In this episode, I’ll dive into a few things to look for in your advisor to help you decide whether or not they are trustworthy. I’ll also outline some red flags that signal something fraudulent might be happening with your money. If you want to make sure your advisor can be trusted with your money, listen to this episode of Retirement Answer Man.   How should I allocate my 401K contributions to provide future security? A listener called in with a question. He is making contributions to his 401K and wants to know how he should allocate his assets. Of course, I can’t give him specific advice but I can give guidelines of how you should think of your contributions based on your retirement goals. Make sure you catch this episode to hear my advice.   Life is full of changes. Go along for the ride and have fun. Fall has come to Texas. It’s not as unbearably hot and pumpkins are selling in all the stores. I love the change of seasons, the change of pace and the excitement. Life, like the earth, often has many seasonal changes as we get older and they can be exciting as or sometimes challenging. Whether or not you are ready for the next season of life remember that there is nothing you can do to stop it so you might as well go along for the ride and focus on being happy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0.28]  Several years ago I participated in an Ironman Triathlon [3:29]  I finished behind many. But was it a failure? HOT TOPIC SEGMENT [6:38] Fidelity study shows what you should have saved for retirement. [7:50] Regardless of where you are, you compare yourself to others. [9:01] By age 50 you should have 6x your annual salary saved for retirement. [11:57] Many of us start saving late. [12:00] Many of us make bad savings and investing decisions. [13:50] Comparison can be the death of joy. PRACTICAL PLANNING SEGMENT [14:33] Listener questions with Nichole. [16:04] How safe is my money with a financial advisor? [20:00] How can I verify an advisor’s trustworthiness? [27:00] Be wary of private investment opportunities. [28:01] How should I allocate my 401k contributions? [32:08] I have 80% of my 401K in stock. How can I balance my investments? THE HAPPY LAB SEGMENT [37:57] Fall has come to Texas [38:39] The seasons are changing. Whether you like it or not, try to enjoy the ride. TODAY’S SMART SPRINT SEGMENT [39:22] Look at all of your investment assets and see, based on Fidelity’s study, where you are based on your age.   RESOURCES MENTIONED IN THIS EPISODE Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page


4 Oct 2017

Rank #8

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Don't Make This Stupid Retirement Investment

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


25 Jun 2015

Rank #9

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How NOT to Be A Terrible Husband

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 HusbandNick 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 QuestionWhat is your nest advice for improving your relationship with your spouse? Tell me here


23 Jul 2015

Rank #10

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#80 Why Smart People Can Be Stupid with Money Too

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


19 Aug 2015

Rank #11

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7 Ways You Can Screw Up Your Retirement

The cost of a financial misstep in retirement can be devastating. During retirement it is hard to "earn" your way out of poor decisions. Poor planning or a big loss during retirement can ruin your financial security. In this episode I discuss the most common retirement "screw ups" I've seen and how you work to avoid them.7 Ways to Screw Up Your RetirementHaving unrealistic return expectations for your investment assets (too high in 1990s, too low in 2007-08)Crazy as it sounds, in the 1990s people retired thinking they could earn 15%-20% per year and take 10% from their assets for retirement income. Today, we see the opposite extreme. After 2008-07, people aren't so optimistic about retirement. In fact, they are down right pessimistic.Not sticking to a spending plan and reviewing it annuallyWhen you  retire it is essential that you become more intentional about your spending. In retirement your earnings power diminishes. You'll have less opportunities to earn your way out of poor spending choices. Set a spending plan and review it annually. This will allow out adjust as your situation changes.Falling in love with an investment or investment strategyReal estate; Gold; Rental houses; Tech stocks; Dividend stocks. I've seen it all over the last 23 years. Just because you've had great success with a particular investment or strategy doesn't mean it is the be all end all.  Managing assets during your retirement years is more about consistency and protection than stellar returns. The past is littered with "sure thing" investment that have gone bust. Just look at the list above.Financially supporting/enabling adult childrenI'm not sure where the line is between occasionally helping a child out and enabling them. We've seen retired parents destroy their financial security by bailing out their children from there poor choices. A good litmus test is to ask yourself: Are you preparing your children for the path, or the path for the child?Starting or investing in a small businessStarting a business or investing in a new venture is exciting. Be careful. They all sound exciting at the start but most small businesses fail. Retirement is not the time to invest a lot of money in an entrepreneurial dream.Buying expensive lifestyle toys (vacation home, R.V. or land)Go ahead and dream big but be careful about spending big money on your retirement toy. It's very common to see older retirees saddled with debt on an expensive R.V. or vacation lot that isn't used and worth a fraction of the loan amount.Sticking your head in the sand when it comes to your financial lifeNot being aware and willing to address the financial realities of your retirement is a sure way to screw it up.Retirement Tip of the WeekComplete your estate plan. Yeah it's boring and can cause some uncomfortable conversations, but get it done. Please Tips to getting the estate planning questionnaire done: Don't try to do it at home Set an appointment with your spouse outside of the house to complete Have your advisor or a trusted friend interview to complete it Tips for Keeping it up to date: Review it once a year with your spouse and trusted advisor Review the same time each year (like a holiday or annual family gathering) [button_2 color="red" align="center" href="https://itunes.apple.com/us/podcast/plan-well-invest-wisely/id834314596"]Subscribe in iTunes[/button_2]


25 Jul 2014

Rank #12

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How to Launch Yourself to a Great Retirement

"Why won't someone give me a straight answer?" This is the comment I get most from listeners trying to find answers to their most pressing retirement planning questions. In 2015, I'm stepping up my game to help you find the answers to your most pressing retirement planning questions.Announcing Retirement Plan LiveWant to find the answers to the most common retirement planning questions? Can I retire? What the risk is that I'll run out of money? What lifestyle can I expect during retirement? What risks could blow up my plan? Starting January 7th, you'll get the chance to listen in as I work with a fellow listener, "Carl" , to answer these very questions as we create his retirement plan. You'll listen in, as I walk Carl through each stage of the planning process culminating with a LIVE webinar in which I present the results of Carl's plan. Who is Carl? Carl is a listener to the show. He reached out to me earlier this year with a fantastic idea. He said, "What if, you work with me to create a retirement plan and recorded the whole process so listeners can hear how it works?" "BRILLIANT", I said, "I don't think it's ever been done". So we did it. Carl and I have never met and have only interacted for this project. Each week, we'll play our meeting for each stage of the planning process. On January 30th, we'll have a LIVE webinar where you can watch and listen as I present the results of Carl's plan. Frankly, I haven't done the analysis yet, so even I don't know the results. This is your chance to get a demonstration of the retirement planning process and hopefully see how your most important retirement questions can be answered.Want to Create Your Plan Along with "Carl"?Sign up for weekly e-mail updates and launch yourself towards a great retirement. Each week during the month of January you'll receive a worksheet along with an instructional video to walk you through each step of the process.How to Launch Yourself to a Great Retirement with Stacking BenjaminsMy favorite financial podcast (besides my own ;-) ) is Joe Saul-Sehy's Stacking Benjamins. It's informative, fun and often times just goofy.  To quote his site, " In a world of hard-hitting, deep-thought financial stories, SB’s goal is lighter, more relaxed entertainment about money." In this episode, Joe and I discuss his recent white paper,  "Why You Shouldn’t Follow Dave Ramsey, Suze Orman or the Motley Fool". Joe doesn't  argue that you shouldn't follow a money guru, just that it's important you follow the right one. The right one depends on what stage you're your at in your money journey. He says there are three stages of your financial journey and an appropriate guru for each stage. Stage One        (Launch) Getting off the ground Stage Two        (Orbit) Achieving financial freedom Stage Three    (You could die) Build serious wealth. Create an awesome legacyTo get a copy of his free white paper click here.


24 Dec 2014

Rank #13

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Do You Make These Mistakes When You Invest?

Over the last 20 years studies show that the average investor greatly under performances the stock and bond markets.  Why do investors underperform virtually every capital market? In this week's episode, I speak with Weston J. Wellington a Vice President with Dimensional Fund Advisors about how you can make smarter investment decisions and possibly improve your investment success. Mr. Wellington is an expert in behavioral finance and investing with over 35 years of experience in the investment industry. We discuss: How the daily diet of investment news can hurt your investing success Why it's nature to want to know what will happen next in the investment markets The affect our ingrained "fight or flight" response has on our investment decisions during stressful market periods Why your behavior as an investor can be the biggest determinate of your investment returns Why this time is not "different" Like living a healthy lifestyle, investing is not complicated it is just hard to do consistently Why using a competent Financial Advisor can help you make smarter investment decisions How an investor can increase their chance of having a successful investment experience Why you should ignore most market information and news driven investment predictionsResources Discussed Dimensional Fund Advisors Random Walk Down Wall Street Weston Wellington Articles Surprise! No Sell of in 2013, "You Have to Be in Gold", He Called the Crash


4 May 2014

Rank #14

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What You Need to Know Before Investing in Rental Properties

If you chose to invest in real estate as part of your retirement plan, you better understand what you're signing up for. Most "educational" classes, workshops etc. focus on all the benefits of real estate and gloss over the realities of doing it. Buying, owning and operating rental properties is hard work.  This week, I talk with Philip Wetzel about the real work that goes into investing directly in real estate.Retirement Tip of the Week3 lessons from Jim Collins' books Good to Great and Great By Choice that you can use to make smarter financial decisions.  Two of my favorite business books are Great By Choice and Good to Great. Last week, I had the pleasure of hearing the lead author of each, Jim Collins, speak. It was awesome.  The lessons learned from his research on what made companies great can easily be applied in managing your financial life. Here are 3 that you should start using today... First who, than what Confront the brutal facts (yet never lose faith) Fire bullets, then cannonballsFeature Presentation: What You Should Know Before Investing in Real EstateInvesting in real estate can be a good thing-as long it fits your situation, you truly understand the risks and work involved and stay diversified. There are plenty of workshops, classes, seminars, infomercials systems, etc. out there to "teach" you how you should do it. Unfortunately, they are typically strong on the benefits and light on all the work needed to position yourself for success.  In this episode, I start to give you the rest of the story. Some of the topics we cover are: Why you need to run it like a business How to do your homework before you buy your first home Why passive real estate investing is not really passive The difference between flipping house and real estate investing The importance of having cash reserves The advantages of being a handyman The advantages and dangers of using leverage Why you need to put 20% down when you buy a property The importance of finding quality tenants How management companies work


19 Aug 2014

Rank #15

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See, Retirement Planning Can Be Fun!

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 ThinkJoe 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


3 Aug 2015

Rank #16

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#116 - 6 Mistakes You Need to Avoid in Retirement

Are you ready to make the most of the life youhave? I’m Roger Whitney and I’m here to help you do exactly that -not just for your retirement years, but for your entire life. Ontoday’s show you’ll have the opportunity to dive into all kinds ofgood stuff, including my weekly happy lab, hot topics, practicalplanning tips, and the top 6 mistakes I’ve seen retirees makeduring their retirement years. You’ll get a lot of great tips fromthis episode so I hope you take time to listen.Why are you working so hard?I’m the last person to say that you shouldn’twork hard. Hard work is one of the hallmarks of living aresponsible life. But it’s interesting to note that we often getout of balance when it comes to work. We invest too much of ouridentity and worth in what we do, to the exclusion of moreimportant things. On this week’s Happy Lab I’m going to give you acouple of suggestions about balancing that for the sake of yourhappiness - both now and in your retirement years.Being “present” is one of the greatest gifts you cangive your family.If you’re going to make the most of your lifenow and in the future, you need to realize that one of the biggestcomponents of the happy kind of life you want is the qualityrelationships that you develop over the course of your life.Naturally, that includes your family and the friends you meet alongthe way. It’s important, for the sake of those relationships, thatyou learn how to put down your smart phone, disconnect from work,and be present for the people who are closest to you. It’s adecision you have to make and stick to and on today’s episode ofThe Retirement Answer Man I’m going to give you some thoughts toponder along that line.Why you need to learn from the mistakes of others -before you retire.We all make mistakes, and we should be learningfrom them when we do. But as you near retirement a lot more isriding on you making the right choices simply because you have lesstime to make up for the mistakes and adjust your course. On thisepisode I outline the top 6 mistakes that I’ve seen retirees makeover the course of my retirement planning career, in hopes that Ican give you a heads-up about the pitfalls ahead so that you canadjust your mindset, prepare for what’s coming, and make wisedecisions now, before you retire.Should you be maximizing your wealth?That may sound like a an odd question. Don’t wealways want to maximize wealth? Prior to retirement, yes. But onceyou hit retirement your mindset needs to adjust. Retirement is thetime of life that all your wealth maximization effort were aimedtoward. It’s the time for you to benefit from all those years. Butit’s not an easy transition to make and the adjustment can be morethan a little uncomfortable. On this episodes Practical Planningsegment I’m going to walk you through this one and help you makesome mental notes that will help you enter retirement with theright mindset and approach so that your retirement years can besome of your happiest yet.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWERMAN [0:45] Welcome to thisepisode!THE HAPPY LAB [2:31] People about to die oftenwish they hadn’t worked so hard. Really?TODAY’S SMART SPRINT SEGMENT [6:16] The task of being “present”with those you are with (kids, spouse, etc.)HOT TOPIC SEGMENT [7:58] Jobless claims and theparticipation rate are improving.WHAT DOES THAT MEAN? SEGMENT [9:42] What are “FundFlows?” [11:40] Understanding Fund Flows isimportant to understand for long term investors. [15:01] The Fund Flows of U.S.equity strategies over a 5 year period.PRACTICAL PLANNING SEGMENT [16:54] Learning from the mistakesof others. [19:48] Why learning from others’mistakes during retirement is so important. [20:14] Don’t neglect your spendingplan (budget). [22:47] Is wealth maximization theright focus for a retiree? [27:38] Do you really need tosupport those adult children? [29:55] Is that big home stillnecessary? [32:10] The ostrich is the only onewho should have his head in the sand. [34:34] You’ve got to learn not torun for the exits so quickly.  RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center:www.RogerWhitney.com/lear The Retirement Answer Man Facebook page:www.Facebook.com/RetirementAnswerMan Hot Topic link: http://www.marketwatch.com/story/jobless-claims-fall-to-42-year-Low-2016-04-21 What Does That Mean Link: http://www.investopedia.com/terms/f/fund-flow.asp


27 Apr 2016

Rank #17

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#85 -9 Books to Help You Live a Great Life AND invest Smarter, Plus Listener Questions on Social Security and ROTH IRAs

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


22 Sep 2015

Rank #18

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Step 2 Identify and Organize Your Financial Resources

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.Here's Your Action Items for This Week(To get assess to these resources sign up at rogerwhitney.com) 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." Review Carl's cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like. Watch the short video. In it I give quick tips on how to think BIG about your retirement. 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 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. In week 3, we'll discuss some of the financial risks during retirement and ways to decide what to do about them.It's Not Too Late to Create Your Ideal RetirementSign up (rogerwhitney.com) and receive weekly e-mails with all the resources we've covered.


14 Jan 2015

Rank #19

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Want to Start a Business? Learn How to Fail Forward

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


11 Aug 2015

Rank #20