Cover image of Retirement Answer Man
(346)
Business
Education
Careers
Investing
How To

Retirement Answer Man

Updated 5 days ago

Business
Education
Careers
Investing
How To
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

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

346 Ratings
Average Ratings
282
26
13
12
13

Constructive and Informative

By The Wes Cole - Sep 04 2019
Read more
Roger is clearly an expert on the topic at hand and shares his knowledge and experience with a humorous and self-effacing style. The podcast is a good mix of helpful and constructive tips on the retirement journey with sound financial and philosophical guidance that is educational while entertaining at the same time. Highly recommended!

Excellent Podcast

By dwlaaker - Aug 30 2019
Read more
After searching for help and reading volumes of material to determine a withdrawal strategy for retirement I came across Roger’s podcast. Two months in and I not only have an excellent strategy but I’m feeling much more confident in myself, my upcoming retirement and how to get the most out of it. Roger has the unique ability to listen to people, break down complex concepts and make them easy to understand as well as truly caring about helping every person he interacts with.

iTunes Ratings

346 Ratings
Average Ratings
282
26
13
12
13

Constructive and Informative

By The Wes Cole - Sep 04 2019
Read more
Roger is clearly an expert on the topic at hand and shares his knowledge and experience with a humorous and self-effacing style. The podcast is a good mix of helpful and constructive tips on the retirement journey with sound financial and philosophical guidance that is educational while entertaining at the same time. Highly recommended!

Excellent Podcast

By dwlaaker - Aug 30 2019
Read more
After searching for help and reading volumes of material to determine a withdrawal strategy for retirement I came across Roger’s podcast. Two months in and I not only have an excellent strategy but I’m feeling much more confident in myself, my upcoming retirement and how to get the most out of it. Roger has the unique ability to listen to people, break down complex concepts and make them easy to understand as well as truly caring about helping every person he interacts with.
Cover image of Retirement Answer Man

Retirement Answer Man

Updated 5 days ago

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

Rank #1: #130 - Retirement Age Is Approaching! Are You Going to Be Secure In Your Older Years?

Podcast cover
Read more
Retirement age is approaching faster than most of us want to admit.

It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years.

A huge pension insurer is now broke! What now?

Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode.

What is YOUR ideal retirement age?

So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen.

SIPC insurance? FDIC insurance? What the heck does that mean?

On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen.

Regular conversations and adjustments make for a more secure retirement.

The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:32] The issue of security during retirement: more than dollars and cents.
  • [2:59] Today’s episode will cover insurances, etc. to help you be secure during retirement.
HOT TOPIC SEGMENT
  • [4:11] A huge pension insurer is now broke. Liabilities are 27% over assets. Ouch!
  • [6:15] The implications and consequences of the news.
  • [8:20] The possibility of a government bailout (or a combination of various options).
WHAT DOES THAT MEAN? SEGMENT
  • [10:24] Today’s term: SIPC Insurance (Securities Investor Protection Corporation).
  • [13:20] Examples of how SIPC protection might be protected.
PRACTICAL PLANNING SEGMENT
  • [14:44] Three listener question.
  • [15:00] QUESTION ONE: Can you explain the limits on FDIC insurance? Should I break up my accounts for the sake of insurance?
  • [23:02] QUESTION TWO: Social security benefits for spouses when one takes the benefit early and the other spouse passes away?
  • [24:40] QUESTION THREE: Can my wife access her 401K now that she’s 55 even though she lost that job at age 54?
THE HAPPY LAB SEGMENT
  • [26:03] My happiest clients are the ones who make adjustments as they go.
TODAY’S SMART SPRINT SEGMENT
  • [27:52] Get out your calendar and schedule a series of conversations with your spouse or yourself about what you’re trying to accomplish.

 

RESOURCES MENTIONED IN THIS EPISODE

www.FDIC.org

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

Aug 03 2016
31 mins
Play

Rank #2: #100 - How to Become a Super Saver in 2016

Podcast cover
Read more

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

 

Retirement Plan Live starts next week!

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

 

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

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

 

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

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

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

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

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

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

HOT TOPIC SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

THE “BE HAPPY” SEGMENT

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

 

RESOURCES MENTIONED IN THIS EPISODE

www.Save50.org - The Save 50 Program

www.StackingBenjamins.com

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

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

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

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

Jan 05 2016
40 mins
Play

Rank #3: I Want to Retire, But What About...?!?: How to Manage Risk in Retirement

Podcast cover
Read more

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

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

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

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

  • Longevity risk--Will you live to 100? Here's a calculator to estimate our chances
  • Inflation risk--What could the cost of living be 15 years from now? Find out here
  • Market risk
  • Tax risk
  • Health care risk
  • Long-term care risk
Here's Your Action Items for This Week
 
  1. Make sure to listen to the episode. I discuss each one of these retirement risks and provide some insights into how you can plan for them.
  2. Review Carl's health care cost estimates. This will give you some insight into what you can expect.
  3. Review worksheets. Review the Facing the Complexities of Medicare and Choosing Long-Term Care Insurance worksheets. These will give you the basics on how to address each area.
  4. Complete the Will I Live to 100? calculator. The odds might be greater than you think.
  5. Complete the Retirement Health Care Cost Estimator (optional). If you submit it, you'll receive a free personalized estimate of your retirement health care costs to help you plan for the future.
  6. Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.
In week 4, we'll discuss how to organize your affairs and set a gifting strategy for those you  love.
 
Want Access to the Free Resources to Plan Along Side Carl?

It's Not Too Late to Create Your Ideal Retirement

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

  • All the retirement planning resources from week 1 and 2
  • This week's resources
  • Access to next week's webinar to find whether Carl is positioned to achieve his ideal retirement.
Jan 20 2015
44 mins
Play

Rank #4: Do I Have Enough Money to Maintain My Lifestyle in Retirement?

Podcast cover
Read more

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
34 mins
Play

Rank #5: #96 - How to Evaluate When to Take Your Pension

Podcast cover
Read more

Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do with a bit of humor and make it fun (I hope). But before we get into all of that make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way.

 

Do you know when it’s time to begin withdrawing your pension?

It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider - much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you!

 

Rebalancing: A financial term you hear, but what exactly is it?

Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment.

 

What’s the emotional component of the financial decisions you make?

Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode!

 

What’s the impact of a simple smile?

Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy. :)

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

HOT TOPIC SEGMENT

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

 

JARGON TALK SEGMENT

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

PRACTICAL PLANNING SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

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

THE “BE HAPPY” SEGMENT

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

 

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE

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

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

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

www.FreeErisa.org - get from 5500 on your company pension

www.PensionRights.org - Learn how to read form 5500

Dec 08 2015
37 mins
Play

Rank #6: #116 - 6 Mistakes You Need to Avoid in Retirement

Podcast cover
Read more

Are you ready to make the most of the life you
have? 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. On
today’s show you’ll have the opportunity to dive into all kinds of
good stuff, including my weekly happy lab, hot topics, practical
planning tips, and the top 6 mistakes I’ve seen retirees make
during their retirement years. You’ll get a lot of great tips from
this 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’t
work hard. Hard work is one of the hallmarks of living a
responsible life. But it’s interesting to note that we often get
out of balance when it comes to work. We invest too much of our
identity and worth in what we do, to the exclusion of more
important things. On this week’s Happy Lab I’m going to give you a
couple of suggestions about balancing that for the sake of your
happiness - both now and in your retirement years.

Being “present” is one of the greatest gifts you can
give your family.

If you’re going to make the most of your life
now and in the future, you need to realize that one of the biggest
components of the happy kind of life you want is the quality
relationships that you develop over the course of your life.
Naturally, that includes your family and the friends you meet along
the way. It’s important, for the sake of those relationships, that
you learn how to put down your smart phone, disconnect from work,
and be present for the people who are closest to you. It’s a
decision you have to make and stick to and on today’s episode of
The Retirement Answer Man I’m going to give you some thoughts to
ponder along that line.

Why you need to learn from the mistakes of others -
before you retire.

We all make mistakes, and we should be learning
from them when we do. But as you near retirement a lot more is
riding on you making the right choices simply because you have less
time to make up for the mistakes and adjust your course. On this
episode I outline the top 6 mistakes that I’ve seen retirees make
over the course of my retirement planning career, in hopes that I
can give you a heads-up about the pitfalls ahead so that you can
adjust your mindset, prepare for what’s coming, and make wise
decisions now, before you retire.

Should you be maximizing your wealth?

That may sound like a an odd question. Don’t we
always want to maximize wealth? Prior to retirement, yes. But once
you hit retirement your mindset needs to adjust. Retirement is the
time of life that all your wealth maximization effort were aimed
toward. It’s the time for you to benefit from all those years. But
it’s not an easy transition to make and the adjustment can be more
than a little uncomfortable. On this episodes Practical Planning
segment I’m going to walk you through this one and help you make
some mental notes that will help you enter retirement with the
right mindset and approach so that your retirement years can be
some of your happiest yet.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER
MAN
  • [0:45] Welcome to this
    episode!
THE HAPPY LAB
  • [2:31] People about to die often
    wish 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 the
    participation rate are improving.
WHAT DOES THAT MEAN? SEGMENT
  • [9:42] What are “Fund
    Flows?”
  • [11:40] Understanding Fund Flows is
    important 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 mistakes
    of others.
  • [19:48] Why learning from others’
    mistakes during retirement is so important.
  • [20:14] Don’t neglect your spending
    plan (budget).
  • [22:47] Is wealth maximization the
    right focus for a retiree?
  • [27:38] Do you really need to
    support those adult children?
  • [29:55] Is that big home still
    necessary?
  • [32:10] The ostrich is the only one
    who should have his head in the sand.
  • [34:34] You’ve got to learn not to
    run for the exits so quickly.

 

RESOURCES MENTIONED IN THIS EPISODE

Contact 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

Apr 27 2016
37 mins
Play

Rank #7: #179 - A Simple Tool to Estimate Retirement Spending

Podcast cover
Read more

Do you want to have a great retirement? Make sure you value the right things. It is possible to make a million dollars and feel poor, or to make $60K and live a rich and full life. On today’s episode, Jason Parker joins me to talk about how to calculate your retirement spending and make wise choices that will benefit you long-term in your retirement years. Listen in to learn about the new software tool that Jason has developed that helps with this process and to find out how you can get started on counting the cost of retirement.

The empty-nester lifestyle can be wonderful . . . and dangerous

As empty-nesters, there are many opportunities for us to spruce up our homes and enjoy some time freedom that we have not had in years. But there is a danger with the spending increase that can come along with this life phase as well. On today’s hot topic segment, I’ll explain what I mean by this danger, and how you can avoid falling into it. Listen in to learn to count the cost and prepare well for retirement spending.

Understanding your spending is key to your retirement cash flow plan

Did you know that the more income people have, the worse they are at understanding what they are spending? As Jason Parker says in this episode, one of the most important pieces of a good retirement cash flow plan is understanding your spending. Listen to today’s interview to find out why you need to count the cost on your lifestyle, how you can get a clearer picture of your spending, and where to find a great software tool that will help simplify the process.

A simple tool to estimate retirement spending

Jason Parker, host of the Sound Retirement Planning podcast, has developed a software tool that can help you understand your current spending and help you plan for retirement spending. On this episode, Jason talks with me about how this new tool came about, how it works, how it is different from other budgeting tools, and where you can get it. My listeners will get 50% off, so be sure to listen to the podcast and get the coupon code.

It’s never too soon to start planning for retirement costs

Whether you are retiring next month or in 20 years, getting a clear understanding of your spending is an important part of your overall financial well-being. On this episode, Jason Parker and I talk about the importance of calculating your spending and your retirement costs and explain how to do it. We cover how to account for costs that don’t fall into your monthly expenses and how to balance your money so that you don’t run out too soon. Listen in and then take my seven-day challenge to begin getting a clear picture of your spending.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:24] Make sure you value the right things. Don’t build a financial cage that gives you no options in life. You can make a million and feel poor and scared, and make 60,000 and live one of the richest lives. Conversation on spending and counting the cost for retirement. Jason Parker
  • [3:13] Disclaimer
  • [3:53] Traditional retirement planning doesn’t work. Doesn’t give you much confidence about the future. Just completed a 3 video series called the 5-minute retirement makeover. Go to fiveminuteretirementmakeover.com.

HOT TOPIC SEGMENT
  • [5:09] How empty nester lifestyle creep can mess up your retirement. Kids are leaving, you’re making more money than you ever have, starting to define your life without kids. Can also be dangerous. You have more time freedom. Can explore other activities. Can update the house, etc. Re-nesting as an empty nester. But, when you increase your lifestyle, it’s always hard to scale back again. You can expand your lifestyle in your 50’s and then it’s hard to maintain when you retire.

 

PRACTICAL PLANNING SEGMENT
  • [09:49] How do you count the cost on your lifestyle?
  • [10:57] How accurate are you when it comes to what you think you spend?
  • [14:49] How to account for costs that are not included in your monthly spending.
  • [19:34] Can you afford “Go-Go” years?
  • [20:21] The Retirement Budget Calculator is different from other budgeting tools.
  • [23:53] How you can approach using the budget calculator without being overwhelmed.
  • [25:05] When should someone start counting the cost for expenses in retirement?
  • [27:39] How safe is the data on the Retirement Budget Calculator software?

 

TODAY’S SMART SPRINT SEGMENT
  • [30:23] 7-day goal: Get a clear picture of your monthly spending.

 

THE HAPPY LAB SEGMENT
  • [31:31] Get excited about your purpose instead of your things.

 

RESOURCES MENTIONED IN THIS EPISODE

Sound Retirement Planning podcast

RetirementBudgetCalculator.com (50% discount with coupon code “Roger”)

Roger’s Five Minute Retirement Makeover videos

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

Jul 19 2017
34 mins
Play

Rank #8: #93 - How to Be Happy: It's Easier Than You Think

Podcast cover
Read more

Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man, with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness”, Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it!

 

What is a S.M.A.R.T. Sprint and how can you use them in life?

One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very, well, long. :) But that doesn’t mean you have to give up on goals that might take longer. You can break them up into what I call “S.M.A.R.T Sprints.” What’s a sprint? It’s something you focus on for a shorter period of time and as you do so, you give it all you’ve got. You’ll be surprised how much a time of focused intensity can help you overcome some obstacles or set some new habits that will enable you to progress faster over time. Today I’m going to explain that topic a bit more clearly than I did last week and show you why these S.M.A.R.T. Sprints are a great idea.

 

Do you know the difference between various types of financial services people - and why it’s important?

Do you know how the various people who work in the financial services industry are paid? Do you know the legal standards they are under when it comes to how they do their job and how they relate to you? If you’re going to make decisions that you are confident is truly in your best interest, then you really need to know those difference and rules. So today, I’m filling you in on all of that so you can know the difference between someone who is trying to sell you a financial product and someone whose main job is to give you investment advice. You’re going to find some very practical tips in this section, so make sure you give this show a good listen.

 

Today’s S.M.A.R.T. Sprint is one we all need.

Today’s S.M.A.R.T. Sprint is a life oriented project, and after you hear what it is you’re going to see why it’s such an important personal skill we all should develop. Here’s a little hint as to what I’m talking about… there’s an old quote and we’re not exactly sure who originally said it, but it’s value is unmistakeable. Here’s the quote: “Be kind, for everyone you meet is fighting a hard battle.” That’s a very insightful statement that we can all relate to simply because we’ve hard times in our lives when we fought our own hard battles that others knew nothing about. My challenge in today’s S.M.A.R.T. Sprint segment is one that I’m asking you to participate in… and to connect with me and other listeners on the Retirement Answer Man Facebook page to keep each other accountable. Are you up for the challenge?

 

Do you know what true happiness is?

Today’s episode makes me really, really happy? Why? Because Dr. Sonja Lyurbomirski did a great kindness to me by agreeing to be my guest on the show. She’s known as the “Happiness Doctor” because she’s done extensive research on the issue of personal happiness - and she’s got some great insights to share with us. In particular, I was eager to hear her thoughts on how planning toward important things such as retirement, figure into our happiness quotient, and how we should be thinking about those things in light of her research findings regarding what truly makes people happy. Is that intriguing? It should be because it’s a great conversation, so be sure to listen.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

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

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

PRACTICAL PLANNING SEGMENT

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

HOT TOPIC SEGMENT

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

TODAY’S SMART SPRINT SEGMENT

  • [20:04] The things we all face.
  • [21:59] Today’s SMART sprint: Show somebody some grace.

THE “BE HAPPY” SEGMENT

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

 

RESOURCES MENTIONED IN THIS EPISODE

Dr. Sonja’s book: “The How of Happiness.”

Another of her books: “The Myths of Happiness.”

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

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

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

Nov 17 2015
35 mins
Play

Rank #9: #254 - Know Your Numbers: Will You Have Enough Money in Retirement?

Podcast cover
Read more

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
24 mins
Play

Rank #10: Are You Ready to Redefine Yourself in Retirement? with Dr. Joe Coughlin from the MIT Age Lab

Podcast cover
Read more

How are you going to redefine yourself in retirement? Retirement means making the life transition from a full-time career to full-time living on your own terms. Although this is exciting, it can also be scary. During this series, you’ll learn how to create a framework to do this successfully. Learn how to figure out your identity and who you want to become. Are you ready to redefine yourself in retirement? Listen to this episode of Retirement Answer Man to begin to make this huge transition in your life. 

Who are you? 

We get so wrapped up in our professional titles that now in retirement you have a void to fill. Not only do you have to figure out the logistics of money, healthcare, where you’re going to live, now you’ll have to figure out your identity. Some people can lose direction when they retire. They think about who they were rather than who they want to become. Creating an identity from a completely blank slate can be a challenge. People don’t do well with blank slates. We prefer multiple-choice questions and don’t have the skills required to choose from such a broad palette. Do you know who you are? Do you know who you want to become?

Why did I shift the focus of this series from finding your purpose?

I had originally planned for this month to be all about finding your purpose in retirement, but then Mike the listener had an objection. Mike feels that there is too much pressure in finding your purpose of retirement. You probably won’t solve the problem of world hunger. Retirement is like the start of college, it’s the beginning of another round of self-exploration. Unfortunately, the analogy ends there since college has a structure and pressure. A well-funded retirement is free of pressure and structure. How will you grow and change in the absence of pressure?

How can you hack longevity?

It used to be that you might get 10 years of retirement in to simply sit on the park bench. Nowadays ⅓ of your adult life consists of retirement. The pattern written by previous generations doesn’t hold up for this new generation of retirees. This new stage of life has to be reinvented. Just because you stopped working doesn’t mean that you stop everything. People are beginning to hack their longevity by identifying their interests early on in retirement. These interests will carry them for the years of their retirement. 

Are you ready to redefine yourself in retirement?

When you retire, you can’t just run away from work, you need something to run to. It's not the absence of work that people desire in retirement, it’s the flexibility. Before beginning your retirement it’s time to start thinking about who you really are. What’s your reason to get up in the morning? What will be your storyline? How can you use the skills you have accumulated over a lifetime and translate them into the new game of retirement?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT
  • [3:45] We get so wrapped up in our professional titles
  • [8:14] Blank slates can be a challenge
  • [9:00] Why we aren’t searching for a purpose this month
  • [17:55] What is going on in the Rock Retirement Club this month?
PRACTICAL PLANNING SEGMENT
  • [19:08] Dr. Joseph Coughlin is the director of the MIT Age Lab
  • [25:22] People are hacking their retirement
  • [31:55] How can we build support networks in retirement?
THE HAPPY LAB SEGMENT
  • [34:44] Axe throwing is really hard to do
TODAY’S SMART SPRINT SEGMENT
  • [36:56] Identify your identity right now
Resources Mentioned In This Episode

BOOK - The Longevity Economy by Dr. Joseph Coughlin

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Aug 07 2019
39 mins
Play

Rank #11: Retirement Means the Freedom to What I Want, When I Want

Podcast cover
Read more

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

Favorite Quote From This Week's Story

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

Lessons Learned
  • It’s important to think about what financial situation your spouse will be in when you pass.
  • Pay attention to fees and make sure the fees pay are adding value to your financial life.
  • Brake the habit of using consumer debt. It can be a major drag on building wealth.
Who is Harold
  • Age 56
  • Retired Air Force
  • Current civil servant
  • Married 23 years
  • Goal to retire in 6 years
What Does Retirement Means to You?  

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

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

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

What Are You Most Excited About Retirement?

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

“Traveling is our big thing.” 

What Are You Most Worried About Retirement?

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

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

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

How Do You Think Your Doing?

“I’m feeling very good.”

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

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

What Has Been Your Worst Financial Decision?

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

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

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

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

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

What Resources Have Had the Most Impact in Your Life?

“The Truth About Money” by Ric Edelman

“Buckets of Money” by Ray Lucia

How Do You Want to Be Remembered?

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

Jun 03 2015
45 mins
Play

Rank #12: 30 How to Invest in Your Marriage with Jackie Bledsoe

Podcast cover
Read more

Have you ever felt distant from your wife? I sure have. In my 23 years of marriage, there were times my wife and I drifted apart. It's easy to do. Work, kids, hobbies, etc. can cause a man and wife to drift apart. We eventually learned we needed to be intentional about nurturing our marriage. 

Plan Well:  Invest in Your Marriage

In this week's episode Jackie and I discuss how married men can become the leaders they want to be.

Jackie helps husbands and fathers learn how to lead and love their families so they can have lasting, fulfilling marriages and meaningful influence on their kids.

  • How to be the leader you want to be
  • Husband as a servant leader
  • The G.E.T. strategy: Give, Encourage, Teach
  • How to control your inner voice
  • The importance of having a date night with your wife
  • The top ten dates to improve communication
  • How to have date nights that fit your time and budget
  • Lessons he learned from his parents 50 year marriage
  • Why you need to know the  7 Rings of Marriage
Want to be a better husband and father? Check out Jackie's great resources:
Invest Wisely: Should I Worry About Big Bad Events?

The recent anniversary of the 9/11 terrorist attack reminds us that big bad events can happen in the world. There always seems to be some catastrophic event "just around the corner":

  • Russian and the Ukraine
  • ISIS
  • Syria
  • Terrorist threats
  • China

Should you worry about these as you invest for your future? It sure seems so. This week, I take a look at how markets have acted after some of the biggest "big bad events" over the last 75 years. 

It's easy to act emotionally with investing.  Our emotions drive most decisions. If you are going to Invest Wisely for your future, it's important you focus on facts and process. This will help you make smarter financial decisionsHere's a table to give you some perspective:

Sep 14 2014
43 mins
Play

Rank #13: Should I Convert to a ROTH IRA? A Talk with Ed Slott

Podcast cover
Read more

Taxes suck. They erode away your income, savings and investments. One strategy to maximize your retirement savings is to convert your IRA to a ROTH IRA. ROTH IRAs are a powerful tool to help you do this but there are lots tax and planning issues to consider first.

That's why I turned to Ed Slott, America's IRA expert. He is a nationally recognized IRA-distribution expert, a professional speaker, and the creator of several public television specials, including the most recent, Ed Slott’s Retirement Rescue!

Investing Corner--The Importance of Dividends

When most people thing of making money in equities, they think of buying low and selling high. That's a great strategy, but it's only part of the story. This week I explore the importance dividends can have in any investment portfolio.

I discuss these 5 reasons dividend can be a benefit to any portfolio:

  1. How dividends have comprised over 50% of the total return of the S&P 500 index
  2. The favorable tax treatment dividends can receive
  3. How dividends can be a good hedge against inflation
  4. Why dividends can help you control risk in your portfolio
  5. What are the attributes of most companies that pay dividends
Retirement Tip of the Week
During my conversation with Ed Slott, we cover:
  1. Best places to save for retirement
  2. The benefit of contributing to a ROTH IRA
  3. Ed's "Forever Tax to Never Tax" strategy using a ROTH IRA
  4. The importance of understanding the ROTH IRA conversion rules
  5. When it doesn't make sense to use a ROTH IRA
  6. How to use ROTH IRAs as an estate planning vehicle
  7. The types of people that should consider converting to a ROTH IRA
  8. The order to draw from your taxable, IRA & ROTH IRA accounts during retirement
  9. The benefits of drawing from your IRA in order to delay Social Security during retirement
  10. Biggest mistakes people make with IRAs
Have you considered converting to a ROTH IRA?  If you have a question, ask me at rogerwhitney.com
Sep 07 2014
34 mins
Play

Rank #14: How to Ride the Rapids Towards Retirement

Podcast cover
Read more

Working towards retirement can feel like rafting a river full of dangerous rapids. As you flow down the river of your life, your constantly having to navigate events that threaten to turn your life upside down. Unemployment, death, divorce, college costs, healthcare, recessions, corrections, inflation and countless others can put you on the rocks. This week, I discuss how to "self rescue" if the rapids of life put you into the water.

INVEST WISELY  The Folklore of Finance: Beliefs That Contribute to Investors’ Failure

Last week I read article in the New York Times discussing the release of a study by the State Street Center for Applied Research. It's titled:

The Folklore of Finance: Beliefs That Contribute to Investors’ Failure

The 2 year study tried to answer the question: "What does true investment success look like?"

Interestingly, according to the article, instead,  they found "that the way individual and professional investors made investment decisions was so skewed that achieving both high returns and long-term objectives was nearly impossible."

  • In the Podcast I discuss some of their findings, including
  • Overconfident in abilities
  • Unable to stay focused on long term objectives
  • Short term noise
  • Investors want to invest with a long time horizon yet react to short-term swings that derail the strategy
  • Come to distrust their advisors
  • Focus on the noise
  • Focus on short term results
  • A Culture of “beating the markets”

The study found that financial services firms spent 60 percent of their capital expenditures on resources to help generate short-term high performance. 60 Percent!! As a veteran of a major financial firm, I can attest that the value proposition of most major firs is that they can predict markets and guide you through them. I've always found this funny...having a value proposition based on predicting the future.

Better, I think, to accept the uncertainties of the world, have a prudent process and focus having lots of little conversations so you can adjust as life unfolds.

PLAN WELL   How to Ride the Rapids Towards Retirement

If you've every been on  a rafting trip you're probably familiar with the term "self rescue". How to self rescue is a talk given by your rafting guide before you venture onto the river. The Guide makes it very clear. If you get thrown into the what, do NOT wait to be rescued. It is YOUR responsibility to rescue yourself.

Self rescue involve 4 steps that you can use to rescue your financial future:

Get to the Surface

  • Stabilize your cash flow
  • Self assess your financial health (skills, assets, debts)
  • Clearly define your 1 year objective

Take a deep breath (you may be pulled down again)

  • Build some cash reserves
  • create margin in your cash flow (increase income/cut expenses)

Float down river

  • Take a little time to reflect.
  • Set clear 1, 3, and 5 years objectives
  • Identify initial action steps

Start to Swim

  • Learn from others
    • Seek out fellow travelers that you can emulate
    • Learn from online resources and books
  • Find a guide to help you navigate the rapids
Being thrown into the rapids by life can be scary. It's okay. You can self rescue. I know you can.
What Rapid Are You Most Afraid of?

Tweet to @roger_whitney

Nov 19 2014
33 mins
Play

Rank #15: #119 - What You Need to Know to Invest in Bonds

Podcast cover
Read more

Welcome back to another episode of The Retirement Answer Man podcast, I am Roger Whitney, your host. In a financial climate like the one we are currently living in, when interest rates are low, how should you think about those fixed-income investments in your portfolio such as bonds? On this episode of the show I am going to take a deep dive into bonds of various sorts the help you navigate the treacherous waters of fixed-income investing.

One of the ways I’ve noticed that people are happier about their investing?

When it comes to people who actually take the time to invest as they should there are two types of investors I have met over the years. The first are the ones who entrust their investing to an advisor and don't bother to ask him out the details very much at all, and the second are people who have at least an elementary knowledge of their investment strategy and understand why they're doing what they're doing. In my experience the second group of people are the ones who tends to be happier overall and are actually a bit more successful in their investing as well. On this episode I want to encourage you to be this type of investor.

Do you really understand what a bond is?

Most people have at least an elementary understanding of what a bond is when it comes to government issued bonds. But did you know there are other types of bonds as well? And do you really know how bonds work? When this episode of the podcast I am taking a deep dive into the issue bonds and talk about why you should still invest in them when interest rates are so low as they are now, and how you should go about doing that in a wise and prudent manner. It's all on this episode of The Retirement Answer Man podcast.

The major risks of investing in fixed income investments (like bonds).

Most financial advisors recommend that every investment portfolio contains fixed income investments, like bonds. But one of the more obvious risks to this kind of investment is that when interest rates are low they don't typically get a very good return for the investor. On this episode of the podcast I'm going to walk you through some strategies that can help you mitigate those risks and feel better about the fixed-income investments in your own portfolio. It may not sound possible, but I assure you that it is.

When is the last time you assessed your fixed income strategy?

On every episode of The Retirement Answer Man podcast I walk you through what I call my “Smart Sprint” segment where you are encouraged to take small, actionable steps to advance your retirement goals. On this episode my challenge surrounds your fixed-income strategy and how you're managing it in your current portfolio. It's time to a set, it's time to make those small adjustments that can make a big difference. I'm going to walk you through it on this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:25] Roger’s intro to the show.
THE HAPPY LAB
  • [1:50] Those who are engaged in some way with their investment strategy and the “why” behind it tend to be happier.
HOT TOPIC SEGMENT
  • [3:10] The recent bad news from the FED, and whether rates will rise in June.
  • [4:30] What’s the outlook on equity shares in light of this news?
WHAT DOES THAT MEAN? SEGMENT
  • [7:03] What exactly IS a bond?
  • [7:50] The unique terms and structures related to bonds.
PRACTICAL PLANNING SEGMENT
  • [12:26] The major risks of investing in “fixed income” (bonds).
  • [21:30] A listener question about cash “buckets” available for retirement.
  • [25:00] The other possibilities for retirement “cash reserves.”
  • [26:30] The wrong options for cash reserve strategies.
  • [27:40] How can I invest in bonds when they don’t seem profitable?
  • [29:57] Why the pure science of asset allocation is not enough.
  • [31:28] Things you can do to mitigate the risks.
  • [35:02] The strategy of using “floating rate” bonds.
  • [36:56] What about a “bond ladder?”
  • [39:15] Roger’s thoughts about a “barbell” approach to bonds.
TODAY’S SMART SPRINT SEGMENT
  • [40:50] Today’s challenge: Assess your fixed income investments.

 

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

Marketwatch article mentioned in the show

May 18 2016
43 mins
Play

Rank #16: #232 - You Asked: Social Security Facts

Podcast cover
Read more

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
29 mins
Play

Rank #17: Chat with John Leland, Author of Happiness is a Choice You Make: Lessons From a Year Among the Oldest Old

Podcast cover
Read more

John Leland is a New York Times columnist and best-selling author of Happiness is a Choice You Make. He spent a life-changing year talking to six really old people. John thought that the year would be somewhat depressing, but it turned out to be quite different than he expected. He gained a lot of insight from his interactions with his subjects. Each person was quite different and they came from all walks of life. But even though they were such different people they shared the knowledge that they defined themselves by the choices they made. He learned so much in writing his book, mostly he learned how to live in the present moment and not worry about the future. His book is a fascinating insight into the wisdom of people that have so much life experience. You’ll want to hear this interview with John as he discusses some of the more memorable subjects in his book. Listen to this great interview to hear wonderful tips on happiness from those who know how to enjoy life.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [1:22] On this special bonus episode I chat with John Leland
  • [3:25] What was it like hanging out with really old people?
  • [5:44] John discusses one of his subjects, John
  • [10:42] Lessons from Ping, who worked hard her whole life
  • [13:48] Lessons from Fred who really chose happiness
  • [16:48] Jonas was a fascinating case filled with wisdom
  • [19:10] Some commonalities between the subjects in the book
  • [21:12] John used this experience to make a choice to be happy
Resources Mentioned In This Episode

BOOK - Happiness is a Choice You Make by John Leland

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

Intro music by bensound.com

Mar 16 2018
23 mins
Play

Rank #18: #108 - This is What the Market Thinks About Presidential Elections

Podcast cover
Read more

Welcome once again to another episode of The Retirement Answer Man with Roger Whitney...me! It’s my goal to help you prepare for your retirement in a way that equips you to be happier, healthier, and more “on purpose” during your retirement years than you ever thought possible. On this episode I’m going to walk you through a number of things that should help you down your retirement path, including a discussion of what the term “index” means, what history has to tell us about investments during election years, and 3 listener questions that hit on very practical issues when it comes to retirement planning.

It’s an election year! How does that impact your investments?

In light of this being a Presidential election year, some polling has been done recently to assess how people are feeling about government overall. It appears than more people than ever are in a place where they mistrust or even hate the government. There may be valid reasons for that sentiment, maybe not. But the point that I want to make in response to those polls is that none of us should allow our hatred or disdain for the government to impact our retirement strategy. It’s not a good investment plan for a lot of reasons and I’m going to tell you why on this episode.

What is an “index” anyway?

There are a variety of financial indexes that you hear mentioned off and on, the main one being the S&P 500 index, but what do they actually mean? On this episode I’m going to explain to you why these indexes are actually imaginary portfolios and how they are designed to help us get a general feeling for what the market is doing in light of the performance of certain companies that may be contained within that imaginary index. Confused yet? You won’t be if you listen to this section of the show.

I just received an inheritance and wonder what I should do with it?

A listener to the show asks the question today, about an inheritance they received and what they should do with it. There are all kinds of options, paying off debt, investing in IRA or retirement accounts, setting aside money for that rainy day, and even more. What I suggest on this episode is that your first step should not be any of those. Instead, I advise patience. You can hear why I think patience is the greatest  first step when it comes to an inheritance or some other financial windfall, on this episode.

Why is it a bad idea to simply invest according to the S&P 500?

Many investment advisors, including me, often point out that the S&P 500 index average is much higher than most investment portfolios out there. On today’s show a listener asks why it is not a good idea to simply invest along the lines of what the S&P 500 index does. He knows it wouldn't be a perfect investment strategy but it would at least be 80% of the way there. I've got some thoughts about this, and share them with you on this episode, because I don't want you to fall prey to the natural weaknesses of human nature. What does that mean? You'll have to listen to find out.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:27] Welcome to this episode!
  • [0:56] Why I want you to sign up for Six Shot Saturday!
HOT TOPIC SEGMENT
  • [2:16] Presidential elections and how it impacts the market.
  • [3:28] Why hating the government is not an investment strategy.
  • [4:01] What history has to say about investments during the political cycle.
WHAT DOES THAT MEAN? SEGMENT
  • [8:44] What is an “index?”
  • [10:29] How indexes work and why it matters to you.
  • [12:37] How various companies within an index have varying impact on the index.

 

PRACTICAL PLANNING SEGMENT

  • [15:20] QUESTION: What should I consider when I receive a windfall or inheritance?
  • [21:29] QUESTION: Should I start increasing cash reserves now in anticipation of retirement?
  • [25:31] QUESTION: What is wrong with putting all of my investments in the S&P 500?
TODAY’S SMART SPRINT SEGMENT
  • [33:08] A great way to clear out your email inbox from all the trash!
THE “BE HAPPY” SEGMENT
  • [34:44] Creating room for activities that help you enjoy your retirement.
RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com

Text “Six Shot” to “33444” to get signed up for Six Shot Saturday

Want to talk to me about becoming a client? roger (at) wwkllc.com

http://www.rogerwhitney.com/learn/ - get your “Advisor checklist”

www.unroll.me - clean out your inbox

Mar 01 2016
37 mins
Play

Rank #19: Do You Make These Mistakes When You Invest?

Podcast cover
Read more
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
26 mins
Play

Rank #20: WARNING: Investment Talk Radio May Be Hazardous to Your Retirement

Podcast cover
Read more

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

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

Brenda asks: 
"What do you think about those weekend radio shows where they talk about "no risk investing" and how their clients "never lose money"? Are they legit?"
In my answer I discuss:
  • The economics of weekend investment talk radio.
  • Why you should be careful in responding to messages playing off your fear or greed.
  • The differences between investments and investment products.
  • How to make smarter investment decisions.
Janie Asks:
Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years--prior to that paying off student loans, building business etc.)
We have no credit card debt and no car payments.
What stresses me out, is that I don't have a traditional 401K so I don't know what is "normal" amount saved. 
I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high?
Frankly, I want to be safe. I had a very uncertain, unstable childhood. I've built a great life for myself but I find myself not being able to enjoy my efforts because I'm constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol).
In my answer I discuss:
  • Why Janie needs to STOP worrying and start living more (I say it with love).
  • Why Janie and her husband should be PROUD of their progress.
  • The dangers of constant financial worry.
  • How a having sound plan can help lessen financial worries.
  • How a good financial planner might bring needed perspective and structure to their financial life.
Want to Make Smarter Financial Decisions?

Get free access to resources to help you:

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

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

Jun 10 2015
41 mins
Play

Similar Podcasts