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Rank #51 in Investing category

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Retirement Answer Man

Updated 1 day ago

Rank #51 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

371 Ratings
Average Ratings
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16

Roger is my guru

By Junebugatl - Nov 10 2019
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I am 48, my husband is 51, and we are retired. With a long road ahead, I have found Roger’s content to be extremely valuable and thought-provoking. His topics are excellent jumping off points for me to do my own research and draw my own conclusions about what is right for my situation. His focus on living intentionally so we can be sure we are maximizing our best years has been a gift to me and my mindset.

Enjoyable & educational

By Bib1PJ - Sep 24 2019
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Great job! Love the humble approach but behind it is much wisdom!

iTunes Ratings

371 Ratings
Average Ratings
300
29
14
12
16

Roger is my guru

By Junebugatl - Nov 10 2019
Read more
I am 48, my husband is 51, and we are retired. With a long road ahead, I have found Roger’s content to be extremely valuable and thought-provoking. His topics are excellent jumping off points for me to do my own research and draw my own conclusions about what is right for my situation. His focus on living intentionally so we can be sure we are maximizing our best years has been a gift to me and my mindset.

Enjoyable & educational

By Bib1PJ - Sep 24 2019
Read more
Great job! Love the humble approach but behind it is much wisdom!
Cover image of Retirement Answer Man

Retirement Answer Man

Updated 1 day 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: #168 - Using Your HSA To Slay The Health care Dragon

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Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon.

The Healthcare Dragon might burn up your retirement.

It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement.

80% of people don’t plan for long-term health care.

Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions.

Why you MUST understand your healthcare plan.

If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all.

Invest in yourself for a secure retirement.

With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:29] The Live Dragon of long term Health Care
HOT TOPIC SEGMENT
  • [2:20] Dragon slaying weapons
  • [3:16] How a savings account works.
  • [4:41] Our HSA sword is dull.
  • [6:17] Steps we can take to improve our HSA.
PRACTICAL PLANNING SEGMENT
  • [9:37] Conversation with Margie about helping families navigate long-term care.
  • [11:09] 80% of Margie’s clients have no long term care plans in place.
  • [12:05] The benefit of thinking ahead.
  • [15:15] The potential dangers of living independently.
  • [21:35] Preparing for retirement and long-term care if you have no family.
  • [23:17] The importance of understanding your medical plan.
  • [26:07] How do people generally pay for long term care?
  • [28:27] Do long-term care policies make the transition easier?
TODAY’S SMART SPRINT SEGMENT
  • [32:05] Look at your HSA. What is the maximum you can contribute and can you make that happen? If you don’t have an HSA, give some thought as to whether or not it would be a smart move for you and your family.
THE HAPPY LAB SEGMENT
  • [32:56] The average couple will need $260K for health care costs in retirement.
  • [33:33] Take small steps to get an HSA if applicable, invest in your health, and invest in your life to make you feel more empowered to face the future.
RESOURCES MENTIONED IN THIS EPISODE

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

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

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

TWEETS YOU CAN USE TO SPREAD THE WORD

Using Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan

The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan

80% of people don’t plan for long-term #healthare #RetirementAnswerMan

Why you MUST understand your #healthcare plan #RetirementAnswerMan

#Invest in yourself for a secure #retirement #RetirementAnswerMan

May 03 2017

35mins

Play

Rank #2: #171 - J. David Stein on How Not To Gamble Your Retirement Away

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Welcome back to the Retirement Answer Man show. Today begins a new series on Investing. I am very excited about being able to offer you this series and I hope you will find some value that fits your situation. In this week’s episode, we are chatting with a great guy, David Stein. He has many years of experience in the financial investing world and has seen it all. Today he shares some simple advice to help you not gamble away your retirement but rather approach your investing with clarity and confidence. Join me as I unpack the knowledge he has to offer. Stay tuned as well for a helpful tool I have found that makes your internet experience virtually ad free. Here we go!

The Difference between Investing, Speculating, and Gambling

Investing, Speculating, and Gambling are very different things. While all three can make you money, Speculating and Gambling have a much higher possibility of costing you your retirement. Our special guest today is David Stein, a former financial adviser and the host of the Money For The Rest Of Us podcast. David knows the risks that are inherent in investing, he worked through the 2008 market crash and was able to come out the other side on top. His mentality when it comes to investing later in life for retirement is to take a more passive approach. When you were young and frequently contributing to your investments was the time to have riskier investments, but now may not be the best time to take those chances. Rather, you should make your investments work for you to generate the life you want. David walks through a few questions to consider when investing to determine what a healthy risk level may be. Make sure you listen to this episode to hear this fantastic conversation.

Marketplace trends and how to adjust to them

The Marketplace has trends, and David Stein says that understanding these trends and recognizing them is key to investing. If we are aware of what the markets are doing and what they might do in the future we can make educated decisions instead of gambling on the unknown hoping for a favorable outcome. Make sure you listen to this whole episode to hear David’s helpful tips on how to avoid being a gambler.

Moderating activity as you age to safeguard your happiness

I was recently out mountain biking and having not done it in a while I was taking it slow. I avoided a few challenging routes until I felt comfortable in my abilities. When I finally attempted to traverse a challenging section, I crashed hard and banged myself up! Now I could have let that discourage me from going riding again, but instead, I went out again and moderated the risk by taking it slow. If you can do this in all areas of life as you get older, you will feel empowered, capable, and happy.

Easy tool to keep your internet browsing ad free

I came across a tool the other day that you can add to your web browser. It will blocks ads from showing on the web pages you visit. I am currently looking at the homepage of Yahoo Finance and it’s telling me it is blocking 44 ads. WOW! I can finally find what I am looking for without the distraction of ads and this may help me save a bit of money as well. I’ll tell you all about it in this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:31] When my mother died, I took my inheritance and bought my first investments
  • [2:00] Your investment mindset needs to change when you near retirement
  • [3:00] It’s time to stop accumulating wealth and start making that wealth work for you
  • [3:30] Our special guest David Stein
  • HOT TOPIC SEGMENT
  • [4:47] Your internet experience
  • [5:00] Adds are pervasive and companies are great at tracking your activity.
  • [6:40] Adblock will automatically block ads on the sites you visit

PRACTICAL PLANNING SEGMENT

  • [8:36] Conversation with David Stein
  • [10:25] Investment presentations
  • [11:47] Difference between Investing, Speculating, and Gambling.
  • [16:53] Fundamental questions to consider when investing
  • [21:25] Trends in the markets and adjusting your risks to fit them
  • [22:00] We should balance a generational view of our investing with a lifetime view
  • [24:40] Pros and Cons of using an active manager
  • [31:50] How to be an investor instead of a Speculator or Gambler

THE HAPPY LAB SEGMENT

  • [34:45] Learn to moderate your activities as you get older. Don’t stop doing just find a healthy balance

TODAY’S SMART SPRINT SEGMENT

  • [37:30] Gather your investment accounts and organize them. Figure out how you are allocated. This will get you ready for upcoming steps in future shows.

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

David’s podcast Money For The Rest Of Us

May 24 2017

39mins

Play

Rank #3: 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

Play

Rank #4: Chat with John Leland, Author of Happiness is a Choice You Make: Lessons From a Year Among the Oldest Old

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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

23mins

Play

Rank #5: #148 - Maximizing Social Security For Your Best Retirement Ever!

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You want to get the most out of your Social Security benefits, right? I’m with you, maximize Social Security as much as you can! But there’s a lot of conflicting advice out there about what you should do to make that happen. Some advisors are saying you should take early but reduced benefits in view of life expectancy while others are saying the early benefit is wise because social security is not a very stable system and it may not be around by the time you can take the increased benefits. What should you do? On this episode I’m going to walk you through the outline of a presentation I gave on this very subject, so grab your thinking cap and let’s get to work!

Why are more retirees taking their early, reduced social security benefits?

It’s more common than ever in recent years that people who qualify for taking social security are doing so at the earliest possible moment. It’s totally legal and OK to do, but when you do you get a reduced rate of benefit - and you’re locked into that rate for the rest of your retirement years. If you get less money, why are more people doing it? On this episode of The Retirement Answer Man, I’m going to explain it to you and even walk you through a few scenarios of what the numbers look like if you take the early benefit VS waiting. I think you’ll be surprised at the difference!

Is social security even going to be around when you reach your maximum benefit age?

There are many people who take the early but reduced benefit on their social security because they are not confident that the social security system is stable enough to last until their full benefit age. I get that. There’s been lots of scary prognosticating surrounding the viability of social security that’s made the rounds over the years. Coupled with that is the sentiment many people have that they’ve worked hard all these years to fill their social security fund so the minute it’s available, they want it! On this episode, I’m going to give you my opinion about whether or not the good old SS administration will be around for very long. I hope you listen.

Before you decide to take your social security benefits at the earliest date, think of your family.

I totally get the eagerness many people have to tap into their social security benefits the moment they can legally do it. But when you do so you need to realize that the decision you make will not only impact you, it will also impact your spouse and possibly your surviving children. On this episode of The Retirement Answer Man, I’m going to walk you through a scenario or two to show you what could happen by taking your benefits early and give you some things to consider about whether it’s the best move or not.

If you want to maximize social security maybe you should work some during early retirement.

I know, it sounds crazy to work during retirement. But on this episode, I’m going to show you the huge financial difference it could make if you simply work a small amount during the earliest years of your retirement. It will not only help you maximize social security for your own benefit but will also dramatically change the quality of life you enjoy during the later years of your retirement. Interested? I think you will want to hear this perspective.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:21] My introduction of this episode about maximizing your social security benefits.
HOT TOPIC SEGMENT
  • [4:04] Michael Hyatt’s “Your Best Year Ever” course and why I’m promoting it!
PRACTICAL PLANNING SEGMENT
  • [6:04] My whirlwind tour of Texas, speaking to CPAs.
  • [8:08] Something important to consider about social security.
  • [10:55] Why you need to review your SS earnings statements.
  • [13:15] How some people take a reduced rate on Social Security benefits.
  • [15:40] Calculating the “break even” age to decide if a reduced rate makes sense.
  • [17:00] How longevity statistics impact the decision.
  • [20:00] Why the decision is not only about your life but those of your family members too.
  • [22:05] Why working during early retirement is making more sense all the time.
  • [24:55] How it could be a bad decision to take early, reduced Social Security benefits.
  • [27:04] A quick example of what could happen in either case.
TODAY’S SMART SPRINT SEGMENT
  • [33:18] Choose a word to guide you in making decisions this coming year.
THE HAPPY LAB SEGMENT
  • [34:36] What I did yesterday that made me very happy! I didn’t get out of bed until 1 PM - and I didn’t guilt myself out!
RESOURCES MENTIONED IN THIS EPISODE

Michael Hyatt’s Best Year Ever Course

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

Dec 07 2016

36mins

Play

Rank #6: #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 #7: #176 - The Role of Asset Allocation in Retirement Planning

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“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life.

Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?

Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility.

Tie your investment strategy to the goals that you want to achieve

Asset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement.

The “Fixed and Flexible” approach to retirement investing

The way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility.

Evaluate your investment types according to your retirement goals

In the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio.

 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:27] Why learn the formulas?
  • [4:03] How do we break some of these rules to serve us in creating a great life?
  • [4:20] Disclaimer.

 

HOT TOPIC SEGMENT
  • [5:05] Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?
  • [8:56] What are the benefits of the asset allocation model?
PRACTICAL PLANNING SEGMENT
  • [14:03] Asset allocation is a sound framework for investment decisions, but not the entire solution.
  • [15:52] The “Fixed and Flexible” approach - asset allocation.
  • [21:56] The “Fixed and Flexible” approach - Actively managed investment vehicles.
TODAY’S SMART SPRINT SEGMENT
  • [32:46] Identify what types of investment mandates your funds have.
THE HAPPY LAB SEGMENT
  • [34:04] Scott & Jeannine Fitzgerald. Children’s Book - Buddy Pegs podcast. Kickstarter for new book Buddy Pegs Taking the Lead.
RESOURCES MENTIONED IN THIS EPISODE

Buddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter)

Contact Roger

Roger’s retirement learning center

The Retirement Answer Man Facebook page

Jun 28 2017

36mins

Play

Rank #8: #154 - Introducing Kim and Joe, the Couple Planning For Retirement via Retirement Plan LIVE.

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Every year I conduct a grand experiment in internet broadcasting that features everyday people like you. It’s called Retirement Plan LIVE and it’s my attempt at helping you know the ins and outs of effective retirement planning - and I do it by inviting listeners to take part in a to-be-aired set of conversations that walk through their actual financial situation. If you would like to take part, all you have to do is listen to this episode. It’s going to be a fun ride!

Fast moves by our new President. What does it mean for you as you plan for retirement?

Donald Trump is now President of the United States and his first weeks in office have brought a flurry of activity that directly impacts the financial markets. If you are looking toward or planning your retirement in such tenuous times, it can be a bit overwhelming trying to figure out exactly what you should do. So what SHOULD you do? On this episode’s “Hot Topic” segment I’m addressing my view on such things and I hope you’ll see that you don’t need to worry or fret if you adhere to some simple principles.

Meet Kim and Joe: this year’s Retirement Plan LIVE participants.

Today we get to meet Kim and Joe, the kind and generous souls who have agreed to come on the show and bare all (except their identities) to help you see how I go about walking a family or individual through the monumental task of wisely planning for their retirement. These two are a great example of everyday folks who are beginning to consider the important things that need to go into making their retirement the best it can be. You’ll enjoy getting to know them, hearing about their hopes and dreams for retirement, and learning how you can take the first steps toward planning for YOUR retirement just like them.

Do you have an I.C.E. plan for your personal finances? Why not?

Do you know what a financial I.C.E. plan is? It’s the way I refer to an “In Case of Emergency” plan - something that your loved ones need to have in the unfortunate case of you being seriously injured or killed. Creating an I.C.E. plan is one of the most compassionate, caring things you can do for your loved ones and sadly, most people wait until it’s too late and never create it. On this episode, I’m going to give you a homework assignment: your first step in creating your own personal I.C.E. plan. If you are serious about caring for your loved ones even after you may be done, this plan is for you!

Are you signed up for “Six Shot Saturday?” Join the few, the proud, the financially astute!

Every week I send out an email to those brave and daring souls who are eager to receive that little bit extra in terms of financial information, tips, and strategies to help them maximize their efforts at planning for retirement. I only send it out to people who really want it - those action-takers who are willing to go the extra mile. Is that you? I’d love to send it to you so be sure you listen to this episode to find out how you can get on the list!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:30] Meet Kim and Joe - this year’s participants in Retirement Plan LIVE!
HOT TOPIC SEGMENT
  • [2:22] Fast moves by our new Commander in Chief. Wow!
  • [4:29] What do you if you are planning for retirement in such an uncertain time?
PRACTICAL PLANNING SEGMENT
  • [8:25] Meet Kim and Joe - this year’s RPL participants.
  • [9:52] Why Kim wanted to do RPL with me this year.
  • [12:46] General ideas that Kim has of what she’d like to see her retirement look like.
  • [15:00] Meet Joe: his perspective on their financial situation.
  • [17:24] Joe’s reaction to being on the podcast in such an open way.
  • [19:03] Joe’s conception of retirement - and planning toward it.
  • [24:00] What Joe wants his retirement to look like.
TODAY’S SMART SPRINT SEGMENT
  • [25:31] What is the I.C.E. plan and why should you have one?
  • [27:25] The first step to developing your I.C.E. plan: make a big contact list.
THE HAPPY LAB SEGMENT
  • [30:09] A new relationship that made me happy - and he’s a great example of finding happiness through making the world a better place.
RESOURCES MENTIONED IN THIS EPISODE

www.Give-r.com (use the code “AnswerMan20” to get 20% off)

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 26 2017

34mins

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Rank #9: #156 - How Your Personal Net Worth Statement Can Inform Your Retirement Decisions - Retirement Plan LIVE Ep. 2

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Planning for retirement will be next to impossible if you don’t have some sort of barometer of your financial situation - and that’s why I always create a personal net worth statement with my clients to have a starting point for retirement planning. On this episode - the 2nd in the 2017 Retirement Plan LIVE sessions - I’m talking with Kim about her and her husband’s financial status, and you’ll hear us go item by item through their financial situation to build their net worth statement. It’s the first step, and one you can take easily enough on your own. Find out how on this episode of The Retirement Answer Man.

What the HECK is a personal net worth statement?

Your net worth statement is a document that will provide you a quick look at your financial situation at any point in time. By calculating your net worth you’re able to see what all the work you’ve done in your life has provided for you - as well as what you’ve spent so far. But tracking your net worth over time gives you even more insight into your financial picture. On this episode, I’m talking with Kim about the current assets and expenses she and her husband have right now, a few years before retirement. This will enable them to know where they are starting from as they begin to set retirement goals. You’ll see how applicable the net worth statement is to retirement planning, on this episode.

Here’s the simple way to create your own net worth statement.

You can calculate your own net worth statement pretty simply with very little effort. The hardest part is assembling all the facts and figures that go into a simple subtraction problem. Here’s how you do it: Total up all your assets (things you actually own that have value, including cash accounts at the bank), total up all your liabilities (the things you owe money on) and then subtract your liabilities FROM your assets. That will give you a net worth figure. Now that you have it, how do you use it to plan for retirement? I’m glad you asked because that’s what I’m covering with Kim, on this episode.

How can you use a net worth statement to plan for retirement?

When you’re planning for retirement you have to do more than just dream up fancy things in regard to your future without knowing how those fancy things are going to be funded. Your personal net worth statement will enable you to know what resources you have available to build upon in order to fund your retirement plans. Think of it as a starting place, the dot on the map where you are now. Once you understand that figure you’ll be able to see how far you are from the ideal retirement you’ve imagined.

If you’d like to build your net worth statement with a little help from a retirement planner, here’s your chance.

One of the things I love about what I do is that I’m able to help people accomplish financial goals through the creation and use of simple tools that are truly helpful. One of those is my “Build Your Net Worth Statement” worksheet - which is yours for free if you want it. If you’d like to get your own copy and find out how to get started with your own net worth calculations you can find it on my learning center page.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:30] My introduction to this “part 2” episode of the Retirement Plan LIVE.
HOT TOPIC SEGMENT
  • [2:43] What IS your net worth and how is it calculated?
PRACTICAL PLANNING SEGMENT
  • [12:30] Looking at Kim and Joe’s personal net worth statement to plan for retirement.
TODAY’S SMART SPRINT SEGMENT
  • [42:39] Identify the location of all your important documents and write down those locations for your loved ones.
THE HAPPY LAB SEGMENT
  • [44:20] Mishandling stress is a bad way to build happiness in relationships.
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

LastPass

1Password

Feb 08 2017

46mins

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Rank #10: #155 - Retirement Wishes Start With Good Planning (Retirement Plan LIVE 2017)

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What are your retirement wishes? Do you have any? This episode of The Retirement Answer Man is all about retirement wishes - dreaming up the kind of retirement you really want to live (forget about what seems practical for now). I’m walking through an initial retirement planning conversation with Kim and Joe - this year’s participants in my Retirement Plan LIVE event. In this conversation, you’ll hear how I help clients think through retirement needs and wishes and in coming episodes we’ll begin planning for how to accomplish them. It’s a hands-on conversation, so jump in to hear how we do it.

Can you think a little bigger about your retirement? What are your wishes?

For many people, the word “wishes” equates with the word “unrealistic.” But that’s not what we’re shooting for on this episode. In this conversation with Kim and Joe I’m trying to dig deep - to find out what they really want to be able to do during their retirement years so that we can create a plan that makes it possible once they get there. It’s a practical and exciting process and I hope you learn from this example so that you can start creating YOUR version of an ideal retirement in the future.

Learning to dream bigger is not all that easy, but we need to do it.

Most of us have a hard time envisioning what it’s going to be like during our retirement years. We hope for the best but often don’t know how to plan for it. Part of that struggle is that we have a difficult time knowing how to dream bigger, how to think of the things we really WANT to do during retirement instead of being limited by what we think will be realistic. On this episode of The Retirement Answer Man, I’m helping Kim expand her thinking when it comes to her retirement plan so that we can figure out now how to make her retirement wishes come true. Are you interested? It’s a great conversation.

It’s impossible to forecast every retirement need, but you still need to do it.

None of us know the future so it’s reasonable to think that retirement planning is a hopeless cause. Afterall, you can’t predict every expense you’re going to have, right? Well, sort of. On this episode of the show, you’re going to hear how I help Kim think through the needs she and her husband might have during retirement and establish a baseline budget that they will be able to live on but will also afford them some of the finer things in life. And we take into account many of the “unforeseen” issues as well. You’ll need to hear it in order to totally grasp it, and you can do that by listening to this episode.

Your retirement dreams need some “placeholders” in your retirement plan.

None of us truly knows what retirement is going to hold. Are we going to be healthy or are we going to face a health crisis? Are we going to be able to travel or will we feel like we want to be a homebody? But you can’t let the lack of certainty keep you from planning for the retirement wishes you have. That’s why you need to plan on some of the fun things you think you may want to be in your retirement by adding “placeholders” for those expenses. On this episode, I help Kim create some placeholders - and it will serve as a great example of how you can do the same.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:28] My welcome to this first conversation of the 2017 Retirement Plan LIVE!
  • [1:10] Learning to dream bigger is not all that easy - but we need to do it!
  • [2:50] How you can get your summary of the Retirement Plan LIVE sessions.
PRACTICAL PLANNING SEGMENT
  • [4:07] Getting the lay of the land in Kim and Joe’s situation - when will they retire?
  • [7:18] What will be Kim’s purpose after they retire?
  • [11:00] Dealing with a long retirement timeline from a financial perspective.
  • [16:50] The conversations Kim and Joe have around finances.
  • [19:30] Adding the spice of life to retirement (and planning for it).
  • [24:57] The importance of adding “placeholders” to your future retirement expenses.
  • [27:08] The possibility of caring for aging parents - and major purchase possibilities.
  • [35:42] The struggle to get the big dreams down on paper.
TODAY’S SMART SPRINT SEGMENT
  • [40:31] The 2nd part of your I.C.E. Plan: Record the passwords and codes for all devices.
THE HAPPY LAB SEGMENT
  • [43:05] Getting back into my exercise program and how it’s impacting my happiness.
RESOURCES MENTIONED IN THIS EPISODE

LastPass

OnePassword

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

Feb 01 2017

45mins

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Rank #11: #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 #12: #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

Play

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

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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

34mins

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Rank #14: 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

Play

Rank #15: Retirement Answer Man Classic Episodes - Your Net Worth Statement: The MVP of Managing Your Finances

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Your net worth statement is the first building block for creating a great life in retirement. On this episode of Retirement Answer Man, we revisit a classic episode to reiterate the importance of net worth statements. You’ll learn the importance of having a net worth statement, how to create a net worth statement and how to determine your own net worth. Listen to this episode to find out why having a net worth statement is the foundation for creating your ideal retirement.

Have you joined the Rock Retirement Club yet?

If you have been thinking of joining the RRC now’s the time to act. Not only are we putting together the Rock Retirement Course which will be the most comprehensive course on retirement ever created, but starting November 1 the membership price will go up. The added benefit of joining now is that you can join us on November 2 for the Retirement Rodeo Round-Up. We have over 30 people joining us for fellowship and retirement education. Join before November 1 to lock in your membership price for a lifetime.

What exactly is a net worth statement?

A net worth statement is basically a statement of your financial health on one simple page. This document can provide you with a brief look at your financial situation any time you need it. You can easily see where you stand by tracking your assets and expenses. With your net worth statement in hand, you can get a real look at where you stand on achieving your retirement goals. Are you ready to learn how to create your own net worth statement? Listen in to find out how. 

Creating your own net worth statement is easy

To create a net worth statement you will list all the things you own that have value as your assets. You can further categorize those assets by whether they are tax-free, tax-deferred, etc. Then you will include your liabilities. Subtract your debt from your assets to find your net worth. With a net worth statement, your financial well-being is right there at your fingertips. Use it as a dashboard to examine your financial health. Check out the ‘Build Your Net Worth Statement’ worksheet in the Retirement Learning Center to help you get started on building your own net worth statement. 

How do you use a net worth statement to help you plan your retirement? 

Your net worth statement is a snapshot in time with which you can measure your progress. This document is your starting place. Once you understand your net worth you can then begin to plan how to rock your ideal retirement. You’ll understand just how far you have to go to achieve your financial goals. Your net worth statement won’t lie to you. It cuts through your best intentions and shows you where your values truly lie. Use your net worth statement to get intentional about your financial decisions.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT
  • [7:20] What exactly is net worth? 
  • [11:55] How can you use your net worth statement to plan retirement?
PRACTICAL PLANNING SEGMENT
  • [17:40] What does Kim’s net worth statement look like?
THE HAPPY LAB SEGMENT
  • [49:15] Be careful how you handle stress
TODAY’S SMART SPRINT SEGMENT
  • [47:10] Make a note of where you keep your important documents
Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

Oct 02 2019

50mins

Play

Rank #16: #130 - Retirement Age Is Approaching! Are You Going to Be Secure In Your Older Years?

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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

31mins

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Rank #17: #212 - Healthcare Before Medicare: ACA and COBRA

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This is the second episode in our Healthcare Before Medicare series and one you will not want to miss! This episode covers ACA and COBRA and we have a lot of ground to cover. The whole point of this series is to help you guys (and myself) figure out how to afford medical insurance before Medicare kicks in. If you have ever considered early retirement this is an important series for you to listen to since the healthcare system in the United States can be extremely confusing. So grab your headphones and a pen and paper to take notes because you’ll want to take in all the information you can in this important episode on the ACA and COBRA.

The ACA is a mess! But is it a mess that you need to consider?

The Affordable Care Act or Obamacare is a mess. I mean a political mess, no one knows what the next year, or 2, or 5 will bring for this attempt at healthcare reform. Even with the political turmoil that surrounds it, the website is actually quite good and the support staff is very well trained. The ACA is set up differently in each state. All the plans have gold, silver, and bronze categories. Obamacare covers young adult kids up to age 26 and chronically ill people or those with pre-existing conditions can’t be denied. The cost of premiums depends on a person’s modified adjusted gross income, or MAGI. Listen to this episode to hear how your MAGI drastically affects your premiums when dealing with the ACA.

How does the ACA work?

The ACA was created to help people that couldn’t afford health insurance be able to afford it. This is why 85% of ACA users have some sort of subsidy or advanced premium tax credit. The amount a person pays for coverage depends on how much they make. Take for example a random couple aged 55 that lives in Texas and makes $100k annually would pay $1660 per month, reduce that income to $75k and they would pay $1440 per month, but if you reduce that income to $50k then the couple would pay only $350 per month! The trick here for retirees is all about where your money is coming from. Listen to this episode to hear the details about how where you should be taking money from to fully benefit from the ACA tax credits.

Have you considered balancing self-insuring some things to help keep costs down?

My guests Keith and Linda have been down this road recently. They are aged 53 and 58 and recently retired. Keith started researching the ACA two years ago and has learned a lot. As an engineer, it was only natural that he tried to break down this decision into a spreadsheet, but he soon realized that part of this health care decision is emotional and doesn’t simply come down to numbers. He and his wife had to decide how important it was to them to keep all of their beloved doctors. Keith also considered the costs in self-insuring some procedures since convenience and familiarity come at a high cost with the ACA. Listen to this episode to hear Keith’s insight after two years of painstaking research into the ACA and COBRA.

What do you need to consider when checking into the ACA?

After all his research Keith feels that spending lots of time on the ACA website really helped him find clarity in the muddy pool of the U.S. healthcare system. What Keith realized is that there is no one size fits all solution to the healthcare system. The biggest factors in premium costs are your income, whether you’re rural or urban, and which state you live in. If you want to get the best deal that works for your family it will take a lot of diligent research. Listen to this episode to get started in your research into the ACA and COBRA and hear about all the things you need to consider.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [1:22] I want to make sure that you can afford healthcare before you get to Medicare age
HOT TOPIC SEGMENT
  • [3:22] The ACA is a mess!
  • [5:12] Here’s what I can explain to you about how ACA works
  • [12:53] Here’s an example of a hypothetical couple that wants to sign up for ACA
  • [15:43] Here’s what it would cost me to be insured through ACA
PRACTICAL PLANNING SEGMENT
  • [18:20] Keith and Linda have been down this road
  • [22:12] How important was keeping their Dr. or self-insuring
  • [24:03] Have you ever tried to get a quote for a procedure?
  • [28:13] Keith’s perspective on the ACA
  • [36:10] What do you need to consider with the ACA
THE HAPPY LAB SEGMENT
  • [40:23] Nicole’s cell phone fast has really made her happy
TODAY’S SMART SPRINT SEGMENT
  • [41:58] What is one step you can take to better your health
Resources Mentioned In This Episode

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 14 2018

44mins

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Rank #18: #162 - The Problem with Retirement Planning and How to Fix It

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Welcome back to the Retirement Answer Man Show. I’m Roger Whitney and I’m sad to say it, but Retirement Planning is broken! The mainstream retirement planning method that has worked for years is falling short in our modern world. It is frustrating, disappointing, and fails to give you the leverage you need to create a great retirement. In this episode, we will dive into the good, the bad, and the ugly of modern retirement planning and you will see why it no longer offers an empowering course of action. Fear not. There is a better way and I will tell you what it is in this episode. Make sure you listen to this one.

Modern Retirement Planning is broken.

Mainstream retirement planning is based on numbers, not people. You, your lifestyle goals, and your assets are plugged into a formula. The outcome is a rigid plan based solely on the numbers. It rarely offers you an encouraging plan and you are left with next to no levers to pull to create your ideal retirement. Change is inevitable. We must adapt to it. But the modern retirement plan is not flexible and you might end up without options. An effective retirement plan is one that looks at each person as what they are, a person. You are not a number in a formula, you are a human being and you have unique goals, desires, and beliefs that need to be considered while planning for your future. Modern planning is rigid and impersonal but there is a better way. Listen to this episode to learn more.

Hiring a retirement planner is not always a recipe for success.

We can all agree that using an online retirement planning service will result in an impersonal plan, but is working with a retirement planner a better option? Sometimes it can be, but often times it won’t result in a flexible and encouraging plan. Planners will listen to you and hear your goals and dreams but in the end, you are still plugged into a formula and have to deal with the rigid outcome; an outcome that does not inspire action, is not flexible enough to adapt to change and does not encourage you to chase your dreams. Working with a retirement planner might give you an educated prediction of the future, but it’s only a guess. Listen to this episode to discover a better way!

What worked for your parents might not work for you.

Mainstream retirement planning was once effective. It worked for our parents, but it’s not working for our generation. Why? There are many reasons, one of which is pensions. Our parents had pensions and they provided for most of their retirement years. Some of you have pensions and that’s great. But we are faced with an average of 30 years of life after we retire that we have to plan for. A pension won’t fully cover it so we need to get creative with our assets and goals. Our parents also lived more simply that we do. Retirement often consisted of sitting on the porch watching the neighborhood children play. Today we are presented with the opportunity to live our lives in ways that we have not been able to previously, and that costs money. Creativity and flexibility are the keys to a good retirement plan and on this episode, I’m going to give you an idea what that could look like for you. Don’t miss it!

Agile Retirement Planning may be the key

Agile Retirement planning is a method I have developed to work with the challenges of our modern world and provide you with options to create an ideal retirement. It’s adaptive and focuses on managing change rather than predicting the future. This will give you flexibility and hope when challenges present themselves. It allows you to be in control of your retirement rather than putting your trust entirely in chance or in your retirement planner. I’m going to dive deep into the 4 main impacts that I have seen in my client's lives as we have worked through the agile retirement method. Make sure you listen to the whole show to get it all.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:30] Today’s retirement planning method is broken.
  • [1:00] Stan and Barbara’s retirement plan
  • [10:49] Why mainstream retirement planning falls short.
PRACTICAL PLANNING SEGMENT
  • [12:36] Will a retirement planner help you create a reasonable solution?
  • [16:30] Working with a retirement planner usually yields the same results as doing it yourself would.
  • [19:50] Mainstream retirement planning is “rigid” and has a negative impact on you.
  • [21:10] What worked for your parents probably won’t work for you.
  • [25:45] Agile retirement planning and why it works.
  • [29:07] Real life impacts of Agile Retirement planning.
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

Mar 22 2017

34mins

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Rank #19: #137 -How To Become A Better Decision Maker, Even In The Small Things

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All of us can become better decision makers but we often don’t realize that one of the most important realms of life we need to do that in is relating to the small things. Small things add up over time to become really big things. Just ask the alcoholic or an inmate in a penitentiary. They’ll tell you that what I’m saying is true. On this episode, I continue my thoughts about how to make better decisions with a focus on the small decisions in life - and I respond to some listener feedback from last week’s episode of the show. I hope you’ll MAKE THE DECISION to listen. :)

Are you aware of the compounding effect of small decisions?

Every one of us is a decision maker. We decide about things all the time and act on them. Getting out of bed each day. Brushing our teeth (or not). Eating healthy or unhealthy. Every one of these actions flows out of a decision we’ve made. But it’s important that we understand that small decisions like these are not actually small in the long run. They will each have their own little impact that contributes to the whole of our lives. Today’s episode is all about how we can take control of those little decisions that compound over time to ensure our lives benefit from them instead of suffering from them.

If you want to be a better decision maker, it helps to define the issue.

After last week’s show, a listener wrote me to say that one of the most important parts of his decision making paradigm comes at the very beginning of his process. He takes the time to clearly define the issue he’s dealing with and why it’s important. I see the logic and the wisdom of what he’s saying - do you? If we don’t know exactly what it is we’re dealing with and why it matters we may not be as motivated to make effective decisions about it. That could result in us putting off the decision, or neglecting it. You can hear more helpful listener comments like that and my responses to them on this episode.

When making decisions, Tony Robbins suggests you have a conversation with your older self.

One of the tips Tony Robbins often gives to people about the topic of decision making is to imagine yourself near the end of your life. You’re still healthy, still looking good, and still have all your wits about you, but you're looking back on a lifetime of experience. What would that older self say to you about the decisions you’re making right now? Is there any wise counsel to be found from that version of you? I can see how this could be a helpful way to get outside the limitations of your current thinking so that you can approach the situation with a fresh perspective. What do you think about this approach? I’d love to hear your thoughts!

Decision makers who are effective usually set deadlines for their decisions.

When you’re faced with a decision it’s easy to get caught up in the minutia of what it takes to understand the situation and actually make the decision. It’s a paralysis of analysis that we all fall prey to now and then. Effective decision making requires that you set a deadline by which time you will make your decision so that you can avoid that trap. You should be wise about that timeframe so you don’t cut your time frame too short, but a deadline needs to exist. This gives you some internal accountability to not only make the decision but to do the research and investigation it takes to make it wisely. That was a concept one of my listeners sent to me after last week’s episode - and you can listen to today’s episode to hear more listener suggestions just as good as this one.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
  • [0:24] My introduction to this episode of the show.
WHAT DOES THAT MEAN? SEGMENT
  • [2:39] Today’s word: COMPOUNDING
  • [4:07] The concept of compounding when it comes to decision making.
HOT TOPIC SEGMENT
  • [6:13] CNBC reports that a librarian built a huge fortune.
PRACTICAL PLANNING SEGMENT
  • [8:58] Listener questions and comments about decision making.
  • [10:15] The importance of defining the issue.
  • [11:41] What would your older self say you should do?
  • [14:25] Making the decision about adjusting your retirement plan due to changes.
  • [17:31] Why deadlines for decisions can be a powerful help.
THE HAPPY LAB SEGMENT
  • [20:57] How decision making can improve your happiness.
TODAY’S SMART SPRINT SEGMENT
  • [22:29] Make a decision in the next 7 days (big or small).

 

RESOURCES MENTIONED IN THIS EPISODE

CNBC article about the Librarian who built a fortune

Text “Planning” to “33444” to get “6 Shot Saturday”

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

Sep 21 2016

24mins

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Rank #20: #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

Play