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Retirement Answer Man

Updated 6 days ago

Rank #43 in Investing category

Business
Careers
Investing
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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

Read more

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

iTunes Ratings

409 Ratings
Average Ratings
327
36
15
12
19

I’ve learned a lot!

By NykieS - Feb 02 2020
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When I hit my mid-50s last year I realized the while we thought we were on track to retire at our hoped-for age, I still didn’t feel confident because I needed more information. I also knew I didn’t have a clue about the reality of managing our money in retirement. I started looking for information and came across Roger’s podcast about 6 months ago. I decided to make it my commute companion and have listened to all of 2018-present so far and am now working my way back from there. I’ve learned so much and feel so much better prepared in such a short time! I can’t recommend this podcast enough for someone who wants to learn more in an easy to understand and entertaining format. Roger and Nicole do a great job keeping what could be a dry subject interesting and engaging.

.

By Eovvoe - Jan 15 2020
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This show is worth it's weight in gold...

iTunes Ratings

409 Ratings
Average Ratings
327
36
15
12
19

I’ve learned a lot!

By NykieS - Feb 02 2020
Read more
When I hit my mid-50s last year I realized the while we thought we were on track to retire at our hoped-for age, I still didn’t feel confident because I needed more information. I also knew I didn’t have a clue about the reality of managing our money in retirement. I started looking for information and came across Roger’s podcast about 6 months ago. I decided to make it my commute companion and have listened to all of 2018-present so far and am now working my way back from there. I’ve learned so much and feel so much better prepared in such a short time! I can’t recommend this podcast enough for someone who wants to learn more in an easy to understand and entertaining format. Roger and Nicole do a great job keeping what could be a dry subject interesting and engaging.

.

By Eovvoe - Jan 15 2020
Read more
This show is worth it's weight in gold...
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Retirement Answer Man

Latest release on Feb 12, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 6 days ago

Rank #1: #88 - The 6 Biggest Expenses During Retirement

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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/

Oct 13 2015

41mins

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Rank #2: How to Decide Whether to Rollover your 401(k) to an IRA

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Should I rollover my 401(k) to an IRA? Most advisors say yes, but It’s not always the best idea. In this episode we share what you should consider to make the choice that’s right for you.

Listen to the Audio

Happy Lab 

Over the last few weeks we’ve been reviewing the top 5 regrets people have at the end of their life.

Here's the list so far;

#5: I wish I had allowed myself to be happier

#4: I wish I had stayed in touch with my friends

And this week, #3: I wish I had shared my feelings more.

S.M.A.R.T. Sprint 

Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile.

What’s That Mean?? 

Style Drift.

Why do you buy an investment strategy? The obvious question is to make us money. But one investment strategy is typically part of an overall portfolio is designed to work together. Each piece of the portfolio (or asset allocation) has a role to play. Much like each contractor used to build a house does. The plumber, put in the plumbing. The landscaper, puts in the landscape. And so forth.  As long as they execute their roles, you can get a great house (or portfolio). If, however, the plumber starts to putting flowers in your pipes you may not notice right away, but you’ll have a problem. Likewise, if that small cap strategy starts buying large caps, you won’t notice at first but eventually you’ll have a different experience than you bargained for. That’s style drift.

It’s the same with your portfolio. Each investment strategy has a role to play. 

Hot Topic This Week

Last week major world oil producers met in Qatar to discuss a production free. News of the upcoming discussions helped stabilize oil markets in recent weeks. Unfortunately, as expected, they were  unable to come to an agreement.  We'll discuss the possible implications it could have global equity markets.

Practical Planning

On this week's show we answer listener questions including:

•Does it matter when I rollover my 401(k) to an IRA? What should I consider when making this decisions?

•When designing a balanced portfolio, should I count my company pension plan (which gives me $100,000 a year) as part of my bond portfolio?

•In retirement, is retail income considered earned income? Would rental income factor into whether my Social Security would be taxed?

Have a retirement question you’d like answered? Ask it here!

Apr 18 2016

33mins

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Rank #3: #101 - How to Dream Up Your Ideal Retirement

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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

Jan 12 2016

46mins

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Rank #4: You Can't Frugal Your Way to Retirement With Paula Pant

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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

Apr 02 2015

49mins

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Rank #5: #254 - Know Your Numbers: Will You Have Enough Money in Retirement?

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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.

  1. 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.
  2. Don’t confuse wants with needs
  3. Budget. Many of us have fallen out of the habit of budgeting. It’s time to flex your budgeting muscle.
  4. 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.
  5. 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

Jan 02 2019

24mins

Play

Rank #6: Yes, 27 Year Olds Think About Retirement Too

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"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

May 17 2015

39mins

Play

Rank #7: Do I Have Enough Money to Maintain My Lifestyle in Retirement?

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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.

Mar 31 2014

34mins

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Rank #8: #190 -  How much you should have saved for retirement by now

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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

Oct 04 2017

41mins

Play

Rank #9: The RRC: Walk with the Wise and Become Wise

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Mar 08 2019

25mins

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Rank #10: #232 - You Asked: Social Security Facts

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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

Aug 01 2018

29mins

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Rank #11: Want to Retire? Why Smart isn't Enough

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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 

Apr 16 2015

40mins

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Rank #12: Should I Take a Company Buyout Package? with Marc Miller

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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

Apr 09 2015

43mins

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Rank #13: #136 - Decision Making: Getting It Right For Retirement (and the rest of life)

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Decision making: It’s been said that not making a decision is actually making a decision. But we tend not to think of it that way because it doesn’t feel like we’re making a decision. It feels safer to go on the way things have been instead of making a change. But is that true? On this episode of the Retirement Answer Man, I’m excited to share some of the things I learned from a recent event I attended that have to do with making decisions that move you toward the goals and results you want to see happen in your life. What I learned is a 10 step approach to decision making that I think will benefit you greatly, so please - for your own sake - please take the time to listen.

How inertia can be an enemy to good decision making.

I’m no physics professor but I know that inertia has to do with the movement of things that are already in motion. You may not think of it this way but there are many things in your life that are already in motion. Your career. The direction your family is headed. Your financial condition. And much more. Many times the existing inertia in various areas of life becomes an enemy to making good decisions that could move our lives into a better place. On this episode, I’m going to talk about how you can avoid the trap of inertia and make decisions that set you up for a happier and more secure retirement.

Intentionality about life is the friend of good decisions.

Many times, the reason we don’t make decisions is that we’re not committed to actually DOING the things that are best for our own lives, families, and futures. We’ve got vague ideas of good things we’d like to see happen, but we haven’t committed ourselves to actually seeing them happen. Before you will be able to make good decisions about your future you have got to become intentional about it. You’ve got to become committed. Listen in as I ramble a bit about the importance of intentionality in decision making and give you 10 steps you can use to evaluate and make the best decisions for your life.

If a decision moves you away from the vision you have for your life, well...

Doesn’t it make sense that if a decision is going to move you away from your life vision, you shouldn’t do it?

“But wait a minute Roger, what’s all this talk about life vision? I don’t even know what that is!”

Yeah, I get it. Most people don’t have a life vision. On a previous episode, I talked about the importance of having a life vision and how you can go about creating a clear and compelling vision for the rest of your life. And believe it or not, it’s an important compass for the rest of life, including this issue of making good decisions that I’m dealing with on this episode of the podcast.

Why don’t you create a good old “pro and con” list for each decision?

Many things that we might consider “old” ideas are still around for a reason. They work. One of the 10 steps I give for making good decisions on this episode - it’s #9 - is to put together your own “pro and con” list regarding the decision. Brainstorm it. Write down every advantage and disadvantage to the decision you can. Sometimes this step alone brings enough clarity that you are able to see exactly what you should or should not do. And like I said, that’s just one of 10 steps I share on this episode so be sure you listen. It could help you make the best decision about that thing you’re contemplating right now!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:29] What is your decision making framework?
HOT TOPIC SEGMENT
  • [4:54] How do we make a choice about the current election situation?
  • [5:50] Is the situation corrupt or crude? (from an article I read)
WHAT DOES THAT MEAN? SEGMENT
  • [7:03] What is inertia?
  • [7:53] How inertia can be an enemy to good decision making.
PRACTICAL PLANNING SEGMENT
  • [13:27] A framework for making important decisions.
  • [15:14] Why intentionality is an important beginning step.
  • [17:19] #1 - Trust your gut (at least to admit what it says to you).
  • [18:20] #2 - Does the decision align with the vision for your life?
  • [19:32] #3 - Do your homework. Research what the outcome could be.
  • [20:00] #4 - Consult the important, trusted people in your life.
  • [20:51] #5 - Does a certain decision make you passionate.
  • [21:29] #6 - Do you have the strength to do it?
  • [24:08] #7 - Is it the right timing?
  • [27:09] #8 - Does this align with my personal values?
  • [28:49] #9 - Create a pros and cons list.
  • [29:40] #10 - Ask, “What’s the worst that could happen?”
  • [32:16] How you can get the worksheet for these steps.
RESOURCES MENTIONED IN THIS EPISODE

Get “6 shot Saturday” by texting “planning” to “33444”

www.StrengthLeader.com - Deb’s website

Episode about Life Vision

Episode about Personal Values

Episode about Choosing a Financial Advisor

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

Sep 14 2016

35mins

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Rank #14: #228 - Maximizing Social Security: How it Works and Will It Be There When You Need It?

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The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible. You may think that social security won’t play a very big role in your retirement if you have a lot of assets, but after listening to this series you’ll see that social security is more important to your retirement than you think. Get started with your research on social security by listening to this episode today.

What are the benefits of social security?

Even if you have plenty of assets, social security benefits are an important part of retirement. As with any benefit you need to learn how to maximize it to its fullest. There are different branches of benefits through the social security system; disability benefits, dependent benefits, and survivor benefits. The one we think the most about though, is retirement benefits. You pay into the system year after year and can begin to receive the benefits at age 62. Social security is a fantastic resource that helps many retire with dignity. You need to learn how to get the most out of it and can start learning as much as you can by listening to this episode of Retirement Answer Man.

Will social security be there when you need it?

Social security is 90% of income for about a third of American retirees, and for 50% of retirees, it consists of half of their income. So it is scary to think that this benefit could be exhausted as soon as 2022. Fortunately, according to the social security administration website, the fund will not completely disappear at this time. It will only cover about 75% of what it needs to, but it will not totally vanish. The reason there is a problem with funding is that there are more baby boomers retiring and receiving benefits than there are people contributing to the system. Listen to this episode to find out if you need to worry about vanishing social security and how that could affect your retirement plans.

How to fix social security

Since there is a maximum amount that you can receive, social security is a bit of a redistribution system. It is a highly politicized topic, but if it is to continue, a solution must be found to funding social security in the future. There are several ways that we could continue to fund social security in the years to come. Being that it is a significant income source for many retirees, finding a solution is important. Some ways to solve the funding issue are by increasing social security taxes on incomes, eliminating the maximum deposit, reducing benefits, modifying the cost of living adjustments, raising the retirement age, and closing loopholes. Listen to this episode to hear about the many different ways that we could easily help fund social security in the future.

How are benefits calculated?

How do you qualify for social security benefits? Social Security is earned over a 35-year work history. You earn credits each quarter and you need 40 quarters of wages to qualify to receive benefits. The amount you receive is determined by your work and earnings history. If you retire before retirement age the amount calculated will add zeros to your average. This will bring down your average earnings and reduce your benefits. The way they average the amount earned is called the AIME: or average indexed monthly earnings amount. It is important to consider your AIME if you are planning to retire early. Listen to this episode to hear how to download your latest social security statement and check your earnings record so that you can begin to calculate your estimated benefit amount.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT
  • [2:25] What are the basics of social security?
  • [5:54] Will social security be there when you need it?
  • [7:33] How to fix the social security problem
PRACTICAL PLANNING SEGMENT
  • [11:11] How are benefits calculated?
  • [16:05] What is the eligibility for spousal benefits?
THE HAPPY LAB SEGMENT
  • [18:38] The next time that someone slights you, respond with grace
TODAY’S SMART SPRINT SEGMENT
  • [20:15] Go to my YouTube channel and subscribe to find some fun bits of retirement wisdom and info
Resources Mentioned In This Episode

Social Security Administration Website

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

Jul 04 2018

22mins

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Rank #15: 7 Ways You Can Screw Up Your Retirement

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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 Retirement
Having 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 annually

When 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 strategy

Real 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 children

I'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 business

Starting 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 life

Not being aware and willing to address the financial realities of your retirement is a sure way to screw it up.

Retirement Tip of the Week

Complete 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]

Jul 25 2014

27mins

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Rank #16: Don't Miss Your Life While Planning for Retirement

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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?

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.

Jun 16 2015

41mins

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Rank #17: Do You Make These Mistakes When You Invest?

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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 predictions
Resources Discussed

May 04 2014

26mins

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Rank #18: My #1 Retirement Planning Tool to Help People Find Balance

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I'm convinced that the most stressful part of planning for and living in retirement is that we don't know how to balance living well today, while not sacrificing tomorrow. As a result, most of us live out of balance.  Some of us are so worried about tomorrow that they sacrifice their current life in order to be "prudent". Others "live for the day", assuming without a thought for their future.  both are wrong. In this episode, I talk about my #1 retirement planning tool to help other find this delicate balance.

Invest Wisely--Investing Potholes in November and December

If you're planning on making large investments in your taxable accounts be careful. 

In December, most pooled investments, like mutual funds, distribute to shareholders the capital gains and dividends they've accumulated throughout the year. If you buy one of these products in a taxable account before this distribution, you could have a tax liability for capital gains that were realized before you even owned the fund. 

In this episode, I discuss how this works and some things you can do to avoid a potential nasty tax surprise.

Plan Well--My #1 Retirement Planning Tool to Help People Find Balance
  • Can I afford to retire a year earlier?
  • Do I need to change my spending plan after this market correction?
  • Can I save less now and still retire comfortably?
  • Do I need to take so much investment risk?

These are some of the frustrating questions that people struggle with every day as they plan for retirement. About 16 years ago, I discovered a tool to help me help people answer these questions and confidently live a more balanced life.It's called Monte Carlo engine. 

Today, I've integrated it into my Plan Well process to help other make smarter financial decisions and find some balance between living well today without sacrificing their tomorrow.

Like most tools, some are better than others and much of it's usefulness is dependent upon the skill of the user.

In this episode, I use a planning example to demonstrate how I use it and some of it's advantages and drawback. 

Note: Normally just read these show notes, it's best to listen to this one. Just click on the audio play at the bottom of this post.

Here is the Fact Set for John Smith
  • Age 55
  • Retirement goal 60
  • Investment assets $2,000,000
  • Retirement lifestyle goal, $100,000 annual 
  • Retirement lifestyle goal #2, $70,000 RV at age 60
  • Life expectancy, age 90
  • Target Portfolio, balanced II

To see the full report that I discuss, click here.

How Not to Use It
  • It's not a one time evaluation tool (you can't set it and forget it)
  • It does not determine or predict results
  • It can't overcome bad inputs or assumptions
How to Use It
  • As a important part of your annual financial review
  • As a tool to help you prioritize competing goals
  • As a tool to help you evaluate tradeoffs between competing priorities
    • Spending/Saving
    • Working/Retiring
    • Risk/Reward
    • College/Retirement
    • Giving/Investing
  • As compass to help evaluate and correct course as your life unfolds
  • As a guide an warning system to help you know when your plan may be unsustainable
  • To provide more color on the long-term impact of today's financial choices
There is no tool that will solve for all the uncertainty in your life or the world. 
The best we can do is acknowledge what we don't know (can't know) and use a sound compass to help guide our life's journey.

 

"He who is enslaved to his compass, will enjoy the freedom of the seas"

Ken Davis

Are You Confident in Your Compass?

Nov 05 2014

32mins

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Rank #19: #102 - Want to Retire? Stop Watching the Markets, Watch This

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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.

Jan 19 2016

50mins

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Rank #20: What You Need to Know Before Investing in Rental Properties

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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 Week

3 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 cannonballs
Feature Presentation: What You Should Know Before Investing in Real Estate

Investing 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

Aug 19 2014

44mins

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