Roger Whitney explores why retirement planning software—especially Monte Carlo simulations—can give a false sense of confidence if misunderstood. He explains what these tools actually measure, the hidden assumptions behind them, and why retirement is a complex problem that requires judgment, flexibility, and resilience—not just a high “success rate.” Roger shares how to properly interpret results, avoid common traps, and use software as a guide rather than a decision-maker so you can build a retirement plan that supports a great life.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence to lean in and rock it.(00:30) Roger introduces the episode topic—why your retirement calculator’s success rate can be misleading.PRACTICAL PLANNING SEGMENT(02:50) Roger explains his perspective as a long-time practitioner and outlines his experience using Monte Carlo-based retirement tools.(05:05) Complicated vs. complex problems: why retirement can’t be “solved” like a math equation and must instead be managed over time.(09:30) Concerns about overreliance on software—from advisors scaling businesses to individuals misinterpreting results.(11:30) What retirement software actually measures.(13:25) What software does NOT measure.(14:18) Best uses of planning software.(17:40) What software should NOT be used for.(19:40) Key dangers of using retirement software.(23:00) Feasibility vs. resilience: why a plan that “works” on paper may still be fragile in real life.(24:20) The real risk:Overspending early and jeopardizing later yearsUnderspending and missing out on life(26:20) The massive number of assumptions behind every plan—and how small changes can dramatically alter outcomes over time.(38:20) How to interpret results properly.(40:55) Looking beyond the number: evaluating the distribution of outcomes and plan sensitivity.(44:43) Understanding failures:Timing (early vs. late failures)Severity (minor shortfall vs. major gap)(48:27) Best practices:Hold success rates lightlyKeep plans simpleRegularly review assumptionsAvoid over-planning and constant tweakingDefine what success actually means for your lifeSMART SPRINT(56:04) Schedule time to review the assumptions in your retirement planning software—focus on understanding the inputs rather than optimizing the output.CLOSING THOUGHTS(56:50) Roger shares an update on the merger of his firm with Tanya Nichols’ firm and the creation of a new company, Retire Agile.REFERENCESlivewithroger.com — Register for Noodle Live on March 28!Submit a Question for RogerSign up for The Noodle

💬 Show NotesWade Pfau, author of The Retirement Planning Guidebook and creator of the Retirement Income Style Awareness (RISA®) assessment joins Roger for a wide-ranging conversation on the big questions of retirement income planning. Wade breaks down why the RISA is a better fit for retirement than a traditional risk tolerance questionnaire, how to think about real estate and reverse mortgages as retirement tools, and what the research actually says about annuities — including when to buy, whether to add inflation protection, and how fixed index annuities with living benefits really work. This podcast is a replay of a recent Rock Retirement Club meetup where members were able to join live and ask questions.Outline Of This Episode Of The Retirement Answer Man(00:00) Roger previews the episode and invites listeners to register for Noodle Live — a Saturday morning Zoom on March 28 at livewithroger.comCONVERSATION WITH DR. WADE PFAU(02:00) Roger introduces Wade Pfau, author of The Retirement Planning Guidebook (04:15) RISA vs. risk tolerance questionnaires(10:45) How to use The Retirement Planning Guidebook(12:00) AI in retirement research(14:30) RRC Member Question: How does real estate fit into retirement planning?(17:00) Reverse mortgages as a retirement tool — usage trends, how the HECM line of credit works, upfront cost hurdles, and why adoption remains low(21:30) RRC Member Question: What is an effective marginal tax rate (EMR) and how does it affect Roth conversion strategy? (25:00) Navigating ACA subsidy cliffs before Medicare(28:00) RRC Member Question: Fixed vs. inflation-adjusted annuities(33:00) Annuity timing(37:00) RRC Member Question: Should we explore intentionally breaking the ACA cliff every few years?(48:00) Fixed index annuities with living benefits vs. income annuities(53:00) RRC Member Question: Is there an optimal age window for buying an annuity if it's a "nice to have" rather than a must?(57:00) Interpreting retirement planning softwareSMART SPRINT(59:00) Pick up the latest edition of The Retirement Planning Guidebook. Use it as an approachable reference guide, or read it straight through if you're really into retirement planning.REFERENCESlivewithroger.com — Register for Noodle Live on March 28!The Retirement Planning Guidebook, 3rd Edition — Wade Pfau / retirementresearcher.comTake the RISA® assessment.Submit a Question for Roger.Sign up for The Noodle.

Roger Whitney dives into practical strategies for navigating health care before Medicare, sharing insights from retirees, survey results, and listener questions. Together they explore real-world solutions for coverage gaps, timing withdrawals, and managing medical expenses in early retirement.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement but have confidence in your financial and life decisions.(00:40) Roger introduces the focus: pre-Medicare health care, survey insights, and practical strategies.LISTENER EXPERIENCES AND STRATEGIES(03:00) Roger shares experiences and questions from listeners navigating pre-Medicare coverage. They discuss timing COBRA versus ACA transitions, evaluating company retiree plans, managing risk when uninsured, and creative strategies like catastrophic insurance, health-sharing plans, and part-time work benefits. Listeners also explore using HSAs and inherited IRAs to manage costs and maximize subsidies, providing a broad view of practical approaches for early retirees.ROCKING RETIREMENT IN THE WILD(32:50) Jennifer retires at 59½, discovers watercolor painting, fitness classes, and increased spending patterns in early retirementSURVEY INSIGHTS(37:08) Roger summarizes key takeaways from over 400 survey respondents.SMART SPRINT(48:19) Action step: identify your “homies” for retirement planning. Notice how your closest relationships influence your retirement experience and take one step this week to strengthen those connections.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

Roger Whitney shifts from financial planning to the non-financial pillar of relationships, sharing a live conversation with Harry Reis about how to feel more loved and connected in retirement. Together they explore the science behind belonging and loneliness, introduce practical mindsets for deepening relationships, answer listener questions, and close with the team’s latest book recommendations.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement but have the confidence and clarity to lean in and rock it.(00:27) Roger outlines the month ahead: a focus on relationships, an upcoming financial deep dive with Wade Pfau, wisdom from retirees navigating health care before Medicare, a candid discussion on retirement calculators, and a live Noodle hangout.CONVERSATION WITH HARRY REISS(02:00) Roger introduces Harry Reis, co-author (with Sonja Lyubomirsky) of How to Feel Loved, for a conversation recorded live in the Rock Retirement Club.(05:17) Roger asks Harry what led him down the path to study relationships and partner with Sonja Lyubomirsky for the book.(15:00) Harry talks about the loneliness epidemic and the effects of not feeling loved.(17:45) Roger and Harry talk about the obstacles and myths of being loved. (23:15) Harry introduces the sea-saw framework for relationships.(27:00) Harry shares practical mindsets for strengthening connection, including listening to learn, radical curiosity, multiplicity, and mutual vulnerability.(43:30) Roger reflects on why this is important.LISTENER QUESTIONS(45:00) Listeners share questions about one-sided conversations, vulnerability, and love languages, leading to practical discussion about compatibility, communication, and choosing people willing to “play seesaw.”WHAT’S ON THE BOOKSHELF?(58:00) The team shares recent reads.SMART SPRINT(1:05:55) Consider one relationship you want to deepen. Practice listening to learn this week. Ask one more follow-up question than you normally would and notice what happens.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManHow to Feel Loved  by Sonja Lyubomirsky and Harry Reis

Roger Whitney wraps up the four-part series on navigating health care before Medicare by introducing a practical decision-making framework using the OODA Loop—observe, orient, decide, act—to help you avoid unforced errors and make a confident judgment call. He walks through organizing your retirement cash flow, estimating MAGI and ACA subsidy eligibility, evaluating COBRA, ACA, and private coverage options, and weighing tax optimization against simplicity and continuity of care. He’s joined by Taylor Schulte of Define Financial to discuss how professionals navigate Roth conversions, Social Security timing, ACA cliffs, and the trade-offs between optimizing for subsidies versus long-term tax planning.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence to lean in and rock it.(00:30) Roger introduces the final week of the health care before Medicare series and previews upcoming episodes with Harry Reese (co-author of How to Feel Loved) and retirement researcher Wade Pfau.PRACTICAL PLANNING SEGMENT(02:30) Roger reviews the three “heads” that must be managed before Medicare- cost, continuity of care, and complexity.(03:30) Roger talks about avoiding unforced errors that could cost you money, disrupt care, or create unnecessary stress.(05:18) Roger introduces the OODA Loop—observe, orient, decide, act—as a practical way to think step by step about health coverage choices. (05:52) Observe: Build a 5-year retirement income and spending plan, estimate taxes and MAGI, identify where you fall relative to the ACA subsidy cliff, and review withdrawal sources (taxable, pre-tax, Roth) along with future RMD implications.(14:21) Orient: Clarify what matters most to help you make a decision.(20:00) Decide & Act: Choose a direction, document your reasoning, update your plan of record, and implement the distribution strategy that supports your choice.CONVERSATION WITH TAYLOR SCHULTE(22:25) Roger introduces Taylor Schulte from Define Financial(23:15) Why health care before Medicare shouldn’t automatically delay retirement and how assumptions often go untested.(26:50) Evaluating alternatives beyond ACA, including COBRA as a short-term bridge and private plans.(31:50) The tension between Roth conversions and ACA subsidies, and how Social Security timing affects MAGI.(34:20) Avoiding the “optimization trap”: sometimes paying more for simplicity still results in a resilient retirement plan.(36:40) The key takeaway is that there’s no perfect answer—retirees should explore options, make informed decisions without fear, and use healthcare planning as a tool rather than a barrier or excuse to delay retirement.SMART SPRINT(43:35) Set a reminder to review your health care strategy using a structured approach—especially if retirement or Medicare enrollment is approaching. The goal is to be intentional, not reactive.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManKaiser Family Foundation (KFF)Healthcare.govDefine Financial- Taylor SchulteStay Wealthy Retirement Show- Taylor Schulte (podcast)

Roger Whitney continues the four-part series on navigating health care before Medicare, focusing this week on controlling costs—both through everyday decisions and by understanding how the Affordable Care Act (ACA) subsidy system works now that the expanded credits have expired. He explains the return of the 400% federal poverty level “cliff,” walks through how modified adjusted gross income (MAGI) impacts premiums, shares listener experiences with inflation and subsidy loss, and explores the ethical tension around optimizing for government benefits.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence to lean in and rock it.(00:30) Roger introduces week three of the four-part series on health care before Medicare, focusing on controlling health care costs and understanding ACA subsidies. He previews next week’s structured decision framework and conversation with Taylor Schulte of Define Financial.PRACTICAL PLANNING SEGMENT(02:35) Start with the fundamentals: staying or getting healthy through strength, cardio, mobility, screenings, and proactive chronic condition management to potentially reduce long-term costs.(04:58) Compare all available coverage options and use practical strategies like staying in-network, timing procedures, and shopping prescriptions to manage costs.UNDERSTANDING THE ACA SUBSIDY SCHEME (POST-2025 CHANGES)(08:48) Roger breaks down the Affordable Care Act’s premium subsidy scheme, designed to make health care more affordable and protect coverage for preexisting conditions. He explains how subsidies are based on income relative to the federal poverty level (FPL) and how the rules have changed over time, including expansions under the American Rescue Plan and temporary extensions during COVID.(11:55) Roger explains how the premium tax credit works, including that eligibility is based on having income between 100% and 400% of the federal poverty level, and that exceeding the threshold by even $1 eliminates any subsidies(14:00) Roger gives an example of a married couple comparing higher versus lower income, illustrating how managing income can significantly affect subsidies in the years before Medicare.(15:47) What counts toward Modified Adjusted Gross Income (MAGI) and what does not count.(18:00) Reconciliation risk: estimating income during open enrollment and potentially repaying subsidies if actual income exceeds projections.(22:30) Strategic planning opportunities: building tax diversification before retirement (taxable, Roth, HSA) to create flexibility in managing MAGI and avoiding unforced errors like unexpected capital gain distributions, RSU vesting, or inherited IRA withdrawals.(26:40) Common pitfalls that can unexpectedly reduce your health care subsidies, and why keeping a buffer below the income cliff matters.LISTENER QUESTIONS & OBSERVATIONS(30:25) Joe reflects on retiring in his early 50s and how health care costs quickly became a major factor in his retirement planning.(35:35) Clarification on ACA navigators and where to find assistance through HealthCare.gov and research from Kaiser Family Foundation.(37:00) David shares his experience navigating insurance before Medicare, highlighting how exploring different options helped manage costs.(38:36) Gene asks about handling a gap in coverage before Medicare, and Roger shares strategies to manage costs and explore available options.(45:20) Philosophical discussion on whether it is appropriate to intentionally manage income to qualify for subsidies, and how each person must reconcile financial optimization with personal values.SMART SPRINT(51:30) Choose one area of spending this week—health care or otherwise—and apply intentional cost awareness to build the habit of conscious cost control.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManKaiser Family Foundation (KFF)Healthcare.gov

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the clarity, confidence, and comfort to lean in and rock it.(00:30) Roger introduces week two of the four-part series on health care before Medicare and explains why assumptions about health care costs can shut down curiosity, create false tradeoffs, and delay retirement decisions.PRACTICAL PLANNING SEGMENT(05:05) After last week’s sticker shock, Roger shifts the focus to observing health care options before tackling cost mitigation next week.(05:28) Option #1 — COBRA: how continuation coverage works, who qualifies, how long it lasts, and why it can serve as a temporary bridge despite higher costs.(12:35) Option #2 — Affordable Care Act (ACA): marketplace coverage, guaranteed issue for preexisting conditions, plan tiers, and why the system is complex but flexible.(19:46) Option #3 — Part-time employer coverage: using part-time work to access group insurance, earn income, and maintain purpose and social connection.(25:20) Other alternatives, including private non-marketplace plans and health share plans, and why they require caution.LISTENER QUESTIONS(28:19) Joni asks about creating a trust will instead of a straight will, naming her son as beneficiary, and how traditional and Roth IRAs would be distributed under SECURE Act rules.(34:42) Christine asks whether it’s possible to anticipate capital gains distributions in open-end mutual funds before year-end.(38:45) Andy shares an observation about Monte Carlo simulations.SMART SPRINT(42:20) Roger encourages listeners to identify and challenge their assumptions about health care and retirement timing.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManKaiser Family Foundation (KFF)Healthcare.gov

Roger Whitney kicks off a month-long series on navigating health care before Medicare, introducing Cerberus—the three-headed dog of Greek mythology—as a framework for understanding the biggest challenges retirees face when leaving employer-sponsored coverage. He breaks down the three heads of Cerberus, answers listener questions about retirement planning, and shares recent book recommendations from himself and the team.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence to lean in and rock it.(00:30) Roger introduces the Cerberus framework and outlines the four-week series on health care before Medicare.HEALTH CARE BEFORE MEDICARE: THE THREE HEADS OF CERBERUS(02:20) Roger explains why retiring before Medicare requires a strategy and introduces the three “heads” of the health care Cerberus.(03:11) “Head” #1: The true cost of health care without an employer subsidy and why it creates sticker shock in retirement, especially when paid from pre-tax accounts.(10:50) “Head” #2: Coverage challenges, including narrower networks, fewer plan options, and the potential loss of trusted doctors and specialists.(15:13) “Head” #3: Increased complexity in choosing plans, managing care, and navigating ACA subsidies based on modified adjusted gross income.LISTENER QUESTIONS & OBSERVATIONS(19:20) Roger responds to listener questions about saving discipline, the 4% rule, geographic cost differences, values-based planning, and how taxes are modeled in retirement case studies.SMART SPRINT(33:00) Roger encourages listeners to review the health care assumptions in their retirement plan, especially for those retiring before Medicare age.WHAT’S ON THE BOOKSHELF(34:14) Roger and the team share recent book recommendations, including history, personal finance, purpose, habits, and wealth.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManKaiser Family Foundation (KFF)Healthcare.gov

As the Retirement Plan Live series wraps up, Roger Whitney shares wisdom from retirees further along the path to help Henry and Lucy think beyond the numbers. Listeners in their 50s, 60s, and 70s reflect on purpose, work, health, money, and joy—offering perspective on what really matters when retiring early. Roger closes with his own observations from decades of coaching, a Smart Sprint focused on learning from others, and listener-submitted words for the year.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but to have the confidence to lean in and rock it.(01:33) Two announcements: next month starts a healthcare-before-Medicare series and the listener survey in The Noodle is coming soon.WISDOM FROM RETIREES FURTHER ALONG(03:41) Roger reads listener reflections from retirees further along, sharing lessons on purpose, work, health, flexibility, and building a meaningful retirement.ROGER’S OBSERVATIONS (12:54) Roger shares his observations from decades of coaching on what leads to a fulfilling retirement, including permission, projects, community, service, and avoiding distraction or scarcity thinking.SMART SPRINT(22:12) Identify one challenge you’re facing and talk with someone who has already walked that path—before turning to books or the internet.LISTENER WORDS FOR THE YEAR(25:10) Roger shares listener words for the year and the personal meaning behind them.RESOURCESSign up for our next webinar!Submit a Question for RogerSign up for The NoodleThe Retirement Answer Man

As the Retirement Plan Live case study continues, Roger Whitney helps Henry and Lucy move from dreaming to feasibility, organizing the real financial resources available to support an early retirement in their 40s. This episode centers on trade-offs, confidence, and the reality of giving up earned income decades early. Roger and the couple walk through income assumptions, assets, and risk tolerance before closing with listener advice, a Smart Sprint, and words for the year.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but to have the confidence and comfort to lean in and rock retirement.(00:27) Roger introduces Week 3 of the Retirement Plan Live case study with Henry and Lucy.(02:15) What are Henry and Lucy giving up to retire early?RETIREMENT PLAN LIVE(05:00) Roger asks Henry and Lucy if they pick a word of the year.(06:05) Henry and Lucy reflect on why retiring even one year earlier feels uncomfortable without proof.(10:50) Review of Social Security assumptions and why it’s excluded from their base plan.(14:13) Confirmation that the plan assumes no earned income after retirement.(20:40) Overview of after-tax assets, cash buckets, and sinking funds.(26:20) Review of retirement accounts, savings rates, and long-term strategy.(31:30) Home equity, college savings, and inheritance assumptions.(33:40) Clarifying the goal for the after-tax bridge bucket.ADVICE FROM A RETIREE(38:39) Listener Bonnie shares an alternative approach using sabbaticals and flexible work.(41:10) Roger reflects on optionality, skill relevance, and maintaining professional networks.SMART SPRINT(42:30) Roger encourages listeners to organize or update their net worth statement.WORD FOR THE YEAR(43:40) Listener Alex shares his word for the year: Healing.(45:10) Listener Valerie shares her word for the year: Minimize.REFERENCESSign up for our next webinar!Submit a Question for RogerSign up for The NoodleThe Retirement Answer Man

As the Retirement Plan Live case study continues, Roger Whitney helps Henry and Lucy articulate what they want their FIRE retirement to actually look like—starting with values, dreaming without constraint, and then translating that vision into concrete goals. Along the way, Roger shares wisdom from older retirees about purpose, productivity, and flexibility, invites listeners to reflect on their own “magic,” and closes with a Smart Sprint and listener-submitted words for the year.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but to have the confidence and clarity to lean in and rock it.(00:23) Roger previews today’s focus: Henry and Lucy’s retirement goals, advice from seasoned retirees, a Smart Sprint, and listener words for the year.(01:00) Roger explains why retirement planning should begin with dreaming big—starting with “everything” before testing feasibility.RETIREMENT PLAN LIVE(03:25) Henry and Lucy walk through their core values and how those values shape their vision for retirement.(05:55) Roger reviews and discusses Lucy’s top ten values.(09:29) Henry talks about his top values.(11:40) Roger reflects on whether retiring early means “burying” one’s gifts, and considers how purpose and contribution can take many forms beyond traditional work.(13:44) Roger talks through Henry and Lucy’s goals for retirement and their budget for a great base life.(19:47) Lucy breaks down her thought process on her great base life budget.(23:00) Henry weighs in with his thoughts on their great base life.(24:05) They review discretionary goals such as travel, a camper van, hobbies, and future family commitments.(27:55) Lucy and Henry talk about aspirational wishes.(35:00) Lucy talks about how they react during uncertain times.WISDOM FROM RETIREES FURTHER ALONG(41:41) Listener Mike shares why he chose “FILE” (Financially Independent, Living Early) instead of full FIRE, emphasizing purpose and reduced stress.(45:10) Listener Renee offers perspective on flexibility, one spouse stepping away from work, and how lower stress improved family life.SMART SPRINT(48:08) Roger encourages listeners to separately write down their own “magic” retirement goals—without self-editing—then share and discuss them with their partner.WORD FOR THE YEAR(50:07) Roger shares listener words for the year.CLOSING THOUGHTS(53:17) Roger previews next week’s episode, where Henry and Lucy’s assets and resources will be evaluated to see what is feasible.REFERENCESSign up for our next webinar!Submit a Question for RogerSign up for The NoodleThe Retirement Answer Man

As the new year begins, Roger Whitney launches a new Retirement Plan Live case study, introducing Henry and Lucy, a couple in their mid-40s pursuing Financial Independence and Retire Early (FIRE). Roger revisits the 4% rule as a planning heuristic, explains when it can be helpful, and sets the stage for a live community analysis later this month. The episode closes with a Smart Sprint focused on updating your net worth statement and a listener’s word for 2026.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but to have the confidence to lean in and rock it.(00:30) Roger introduces a new Retirement Plan Live case study series and previews the upcoming live community meetup on January 29.RETIREMENT TOOLKIT(01:58) Roger revisits the 4% rule, explaining what it is, where it came from, and why it is often misunderstood.(04:55) Roger talks about the 25x rule commonly used in the FIRE community.(06:38) He discusses the drawbacks of using these heuristics and who they are best used for.(11:05) Roger shares how the 4% rule can help overfunded retirees move beyond scarcity and spend more intentionally.(13:55) A breakdown of FIRE- Financial Independence, Retire Early.RETIREMENT PLAN LIVE(17:41) Roger introduces Henry and Lucy.(20:01) They share how they discovered FIRE and what it means to them.(23:10) Lucy reflects on spending habits, saving, and budgeting(25:30) Henry talks about the start of their relationship.(28:12) Henry and Lucy discuss how saving impacted their lifestyle.(31:20) They discuss what drives their desire to retire early.(32:55) Roger reflects on his first impression of the FIRE Movement.(34:15) What are the obstacles of retiring so early?(38:45) Roger talks about the difference between a complicated problem and a complex problem.(40:35) Roger asks if they think about landmines that could pop up with such a long retirement.(43:57) Roger invites listeners further along the retirement path to share perspective and advice for their 40-something selves.SMART SPRINT(45:20) Roger encourages listeners to update their end-of-year net worth statement and identify trends for the year ahead.WORD OF THE YEAR(47:31) Listener Lindsay shares her word for 2026: Listen, and Roger reflects on the value of deep listening.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManLivewithroger.comThe Millionaire Next Door: The Surprising Secrets of America's Wealthy- Thomas J Stanley, Ph.D.

As the year comes to a close, Roger Whitney reflects on the power of words, walks through an important year-end tax planning reminder for retirees, shares listener stories and perspectives, and invites listeners to choose a guiding word for 2026 as a way to approach retirement with greater intention and clarity.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but have the confidence and clarity to lean in and rock it.(00:45) Roger reflects on slowing down, reclaiming meaning in familiar words, and recommitting to clearing the battlefield as we head into a new year.RETIREMENT TOOLKIT(03:22) Roger explains why estimated quarterly tax payments matter in retirement and how they can help prevent unwelcome tax surprises.(05:44) He outlines safe harbor rules and practical best practices for withholding taxes from Social Security, IRA distributions, and pensions.RETIREMENT LIFE LAB(13:33) Roger shares listener responses about corporate words and phrases people are eager to retire when they leave the workforce.ROCKING RETIREMENT IN THE WILD(19:33) Mick and Patty share reflections on fitness, travel, and meaning in retirement, including experiences shaped by history and family.FOCUSING FORWARD: A WORD FOR 2026(21:10) Roger discusses the practice of choosing a single word to define the coming year and reads listener-submitted words for 2026.(28:40) Roger reveals his own word for 2026.SMART SPRINT(34:07) Roger encourages listeners to reflect on the season they are entering and consider choosing a word to help guide decisions in 2026.CLOSING THOUGHTS(34:55) Roger responds to listener feedback on charitable giving and enjoying retirement, emphasizing balance, generosity, and intentional living as the year ends.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManFinancial Calculators from Dinkytown.net

In this Christmas Eve episode, Roger Whitney explores the basics of charitable giving as part of an intentional retirement plan, with a timely focus on year-end decisions. He explains how charitable deductions work, common planning mistakes to avoid, and why generosity is most effective when paired with a resilient financial plan. Roger also shares a Rocking Retirement in the Wild story from a listener who is actively living a purpose-filled retirement, reflects on the corporate language we can leave behind when we retire, and answers listener questions on retirement readiness, gifting inheritance early, and the risks of relying on high-yield bonds for retirement income. He closes the episode with personal reflections on lessons learned, reminding listeners how to keep retirement simple, resilient, and meaningful while making a positive impact on others.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but confidently lean in and rock it.(00:20) Roger introduces a Christmas Eve episode focused on charitable giving, listener stories, answering questions, and reflecting on intentional retirement living.RETIREMENT TOOLKIT(03:45) Roger walks through the basics of charitable giving, including qualified charities, documentation requirements, and how deductions work with standard versus itemized returns.(07:55) Year-end timing rules for checks, credit cards, stock transfers, and donor-advised funds.ROCKIN’ RETIREMENT IN THE WILD(09:30) A listener shares how, at 67, he backpacked 121 miles through Maine’s 100-Mile Wilderness, reconnecting with longtime friends and staying physically engaged in retirement.(12:28) Roger reflects on why rocking retirement doesn’t have to be impressive—only meaningful to the person living it.RETIREMENT LIFE LAB(13:03) Roger explores the idea of “retiring” corporate jargon in retirement and how simplifying language can help us reconnect and speak more human again.(18:21) Listeners are invited to share the words and phrases they are most looking forward to leaving behind.LISTENER QUESTIONS(19:50) Don asks why most people enter retirement with relatively little savings and what that reality means for financial and social stability.(29:25) A listener asks how to give inheritance before death without triggering taxes.(33:46) James asks whether using high-yield corporate bonds as the foundation for retirement income is a safe strategy.SMART SPRINT(42:08) In the next seven days, Roger challenges listeners to choose a single word for 2026 to serve as a guiding focus for the year ahead.CLOSING THOUGHTS(43:59) Roger shares final reflections on the lessons of the episode, emphasizing elegant simplicity, financial resilience, and showing up to help others in meaningful ways.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

In this episode, Roger Whitney walks listeners through the complexities of inherited IRAs, highlighting the impact of the SECURE Act of 2019 and clarifying the distinctions between eligible and non-eligible designated beneficiaries. He explains how these classifications affect withdrawals and tax planning, making the rules easy to understand. Roger also answers listener questions on topics like retirement team selection and funding health insurance with HSA accounts. Beyond the numbers, he shares practical strategies for creating more meaningful holiday conversations, drawing on real-life examples to show how curiosity and intentionality can help you connect more deeply with the people you care about.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you rock retirement.(00:30) In today’s episode, Roger Whitney covers the rules around inherited IRAs, explores ways to foster deeper and more meaningful conversations during the holidays and beyond, and answers listener questions.RETIREMENT TOOLKIT(01:00) Today ​in ​the ​Retirement ​Toolkit ​we're ​going ​to ​talk ​about ​the ​rules ​around ​inherited ​IRAs.(02:40) Differences between eligible and non-eligible designated beneficiaries for inherited IRAs are explained.(14:32) Roger talks about ROTH IRAs and how they work.RETIREMENT LIFE LAB(16:04) Roger explains how approaching conversations with curiosity and intentionality, especially with older family members or those with different interests, can create more meaningful and enriching interactions.LISTENER QUESTIONS(25:37) Ira asks what to ask a financial advisor’s team to understand their retirement planning services and team longevity.(37:02) Mary Jane asks if she can use Health Savings Account funds tax-free to pay for private health insurance premiums before Medicare eligibility.SMART SPRINT(38:42) In the next week, approach holiday or New Year’s gatherings with curiosity by asking questions and engaging with people you don’t see often to create more meaningful interactions.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

In this episode, Roger Whitney, a retirement planner with 30 years of experience, breaks down annual gifting limits and year-end planning. He shares practical strategies for giving that make a real impact and create meaningful experiences for loved ones. Roger also answers listener questions, providing clear guidance to help you navigate your retirement with confidence.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This podcast is dedicated to helping you rock retirement.(00:57) Today Roger talks about annual gifting limits.RETIREMENT TOOLKIT(01:45) In today’s Retirement Toolkit, Roger explores year-end planning by breaking down the 2025 annual gift exclusion.(04:05) Roger discusses giving money during your lifetime and shares the reasons why it can be beneficial.(12:05) Roger shares his observations on giving money, noting that gifts can feel most meaningful when attached to a specific purpose rather than given with expectations.(14:21) Strategies for impactful gifting are explored, including transferring appreciated assets, paying medical expenses, and covering tuition directly, showing ways to help others while maximizing meaning and efficiency.LISTENER QUESTIONS(19:00) Mary shares feedback on qualified charitable distributions (QCDs).(21:27) Lee describes his “shoulder bonus” strategy to spend excess retirement funds while staying within a safe withdrawal rate.(30:10) John asks when to switch from a general financial advisor to a retirement planner(34:19) Rick asks about gifting appreciated stocks to adult children.(35:17) Steve asks about building a resilient retirement plan at age 80.SMART SPRINT(38:13) In the next seven days: Do you want to give? Can you? How much and to whom? Can it have a purpose? Even small gifts can make a big impact.CLOSING THOUGHTS(40:00) Giving money can bring profound joy, often the greatest gift is the one you give yourself by helping others. REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

💬 Show NotesIn this episode, Roger Whitney kicks off a month-long series on year-end planning for retirement. He shares insights on tax loss harvesting, a technique that can help you minimize capital gains tax. Listen in as Roger explains the basics of capital gains, the importance of proactive planning, and the potential benefits of offsetting gains with losses. Plus, he introduces a smart sprint action item to help you optimize your tax strategy before the year's end!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This podcast is dedicated to helping you rock retirement.(01:07) Roger shares that he recently finished George Orwell’s 1984, his first in a new hobby of collecting classic authors.RETIREMENT TOOLKIT (03:43) Roger breaks down the basics of tax loss harvesting, explaining capital gains, the difference between short-term and long-term gains, and how they impact year-end retirement planning.(09:17) Roger explains how to implement tax loss harvesting by estimating your realized capital gains, identifying losses in your taxable accounts, selling positions to offset gains, and being mindful of the IRS wash sale rule that prevents repurchasing the same security within 61 days.(16:50) Using losses in taxable accounts strategically can help reduce capital gains taxes.ROCKIN’ RETIREMENT IN THE WILD(18:28) Share your story of rocking retirement at askroger.me to inspire others with your confidence and passion.(19:30) Mark plans to pivot into business consulting after retiring so he can keep learning, adding value, and connecting with people while enjoying more freedom and purpose.LISTENER QUESTIONS(21:54) Richard is preparing for retirement at 67 and asks how he should handle his 401(k) and income to make his plan work best.(25:00) Kathy asked how a new bill will affect those 65+ with year-end tax planning, and Roger said he’ll provide a checklist to guide Noodle subscribers through the changes.(25:42) Karen pointed out that annuity payments aren’t inflation-adjusted and emphasized balancing them with other investments.(30:08) Dan asks: “Where should I keep the cash for living expenses and market downturns?”SMART SPRINT(33:59) Smart Sprint: In the next seven days, review your after-tax investment accounts, estimate year-end capital gains or losses, and consider selling positions with unrealized losses to offset gains while avoiding the 31-day wash sale rule.CLOSING THOUGHTS(35:18) Over Thanksgiving, Roger continued his childhood tradition of watching the Lions lose, ending up jumping in a pool after a bet with his nephew Graham, a devoted Packers fan.REFERENCES1984- George OrwellSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

💬 Show NotesIn this Thanksgiving Eve episode, Roger Whitney encourages listeners to carry gratitude into everyday life, emphasizing the value of recognizing specific moments and taking “mental snapshots” of what matters. He also addresses common retirement questions, including how to think about traditional versus Roth IRAs and whether to use IRA withdrawals or pursue Roth conversions. It’s a clear, practical discussion to help you reflect and make informed planning decisions.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you rock retirement (00:40) Roger reflects on thankfulness and gratitude.RETIREMENT TOOLKIT(08:33) Roger gives a quick refresher on the three main types of accounts used in retirement planning and how each is treated for tax purposes.LISTENER QUESTIONS(14:16) Roger walks through how to approach the common dilemma of using a traditional IRA for living expenses versus doing Roth conversions. (26:49) Dominic asks why qualified charitable distributions can’t be used to fund a donor-advised fund, even though the donation is tax-deductible.(30:31) BB and Shell ask whether contributing to a Roth versus traditional 403(b) and 457 plans makes sense given their high current tax rate and plans to retire and move to a lower- or no-tax state.SMART SPRINT(34:35) This week’s Smart Sprint challenges listeners to make thankfulness meaningful by telling someone specifically why they are grateful for them.CLOSING THOUGHTS(35:18) Roger shares his gratitude for listeners and feedback, acknowledges the complexity of retirement planning, and emphasizes his commitment to providing actionable advice while reminding everyone it’s okay not to have all the answers.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

💬 Show NotesIn this episode, Roger Whitney dives into the essentials of required minimum distributions, explaining the age thresholds, how the amounts are calculated using IRS life expectancy tables, and how to manage multiple IRAs and 401(k)s. He also answers listener questions, including whether a flexible premium deferred income annuity might make sense and how to determine how much you can safely give to loved ones or charity now. Packed with practical advice and actionable insights, this episode helps listeners navigate the rules and strategies that can impact their retirement planning.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you have the confidence to rock retirement.THE RETIREMENT TOOLBOX(01:18) In this Retirement Toolbox segment, we take a timely look at required minimum distributions—what they are and how they work for the accounts you own.(03:22) A quick breakdown of the current IRS rules for required minimum distributions, outlining the different start ages based on your birth year.(05:22) How RMDs are calculated using your year-end balance and IRS life expectancy tables.(08:30) When should you take your money out, and what happens if you don’t?(10:48) How to handle RMDs across multiple IRAs and 401(k)s and why long-term planning and account consolidation matter.(14:00) What are some strategies to minimize or mitigate your future required minimum distributions?LISTENER QUESTIONS(15:23) Submit your questions through AskRoger.me, and we’ll help you take a baby step toward a rock-solid retirement.(15:54) Our title question comes from Rich, who asks if a flexible premium deferred income annuity would be a good idea given his retirement savings, Social Security, pension, and minimal debt.(27:14) A listener asks how to determine how much they can safely give to loved ones or charity now, rather than leaving it as an inheritance later.SMART SPRINT(33:22) In the next seven days, estimate your future RMD—even if it’s 10 years away—assuming your IRA or 401(k) grows at a reasonable rate.CLOSING THOUGHTS(34:04) An update on the merger of Tanya Nichols’ and Roger’s advisory firms, with a new unified brand—Retire Agile—coming in 2026 and opportunities for client feedback on branding and design.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManSchwab RMD CalculatorFidelity RMD Calculator

💬 Show NotesIn this episode, Roger Whitney explores the psychology of loss aversion and how it affects financial decision-making. He introduces the new Retirement Toolbox segment, offering practical, actionable tools to help you strengthen your retirement plan. We also cover the benefits of Qualified Charitable Distributions and answer listener questions on retirement planning and asset allocation. Don’t miss this insightful discussion designed to help you confidently navigate and optimize your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but rock itPRACTICAL PLANNING SEGMENT(01:00) Roger breaks down loss aversion and how it relates to retirement.THE RETIREMENT TOOLBOX(04:35) Roger launches a new segment on essential financial tools, starting with the Qualified Charitable Distribution, a timely, tax-smart way to give at year-end.LISTENER QUESTIONS(11:53) Wes asks how to build retirement reserves before retirement without triggering higher taxes.(17:12) Roger responds to John’s critique of the “Process Over Panic” episode, clarifying why a retirement plan should be treated as a living, flexible guide rather than a rigid set of rules.(22:52) Feedback from David highlights why factoring early losses in Monte Carlo simulations can boost confidence despite slight double-counting.(26:35) Thoughtful listener disagreements are welcomed as a way to deepen understanding and improve retirement planning insights.(27:43) Thomas has some questions about getting started with a retirement planner.SMART SPRINT(36:07) In the next seven days, anyone within three years of retirement should map out their liquidity and consider reallocating assets to protect against market swings in the early years, avoiding unnecessary risk if funds will be needed soon.CLOSING THOUGHTS(37:05) I've been building a personal library of classics, including fiction and nonfiction, and welcome book suggestions via The Noodle to help expand the reading list.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManThinking, Fast and Slow- Daniel Kahneman

💬 SHOW NOTESIn this episode, Roger Whitney explores the art of retirement goal setting with his signature blend of practical advice and thoughtful reflection. He sits down with Cesar Aguirre, who shares how leaving a corporate career led to a purposeful and fulfilling retirement, the evolution of his book, and the importance of aligning goals with personal values rather than just chasing big achievements. Roger also addresses listener questions on planning, discretionary spending, and shifting mindsets around money, offering actionable insights to help create a retirement that’s intentional, joyful, and aligned with personal values.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but rock it(01:07) The cost-of-living adjustment for Social Security was announced.ROCKIN’ RETIREMENT IN THE WILD WITH CESAR AGUIRRE(02:05) Roger talks with Cesar about his book and how he is rockin’ retirement.(02:41) Roger introduces Cesar Aguirre, author of Retirement with Purpose: The 10 R's for a Joyful Retirement.(05:55) At 65, Cesar realized many people approached retirement without a plan, inspiring him to document his process so others could find structure and clarity in their own journey.(08:35) The pandemic slowed Cesar’s busy career, prompting him to shift from focusing on leaving work to discovering what he was retiring to.(11:35) Cesar shares how a five-year assignment abroad led to a permanent move to the U.S. in the early ’90s, marking a pivotal shift in his life and career.(12:25) Cesar reflects on cultural views of retirement, blending Mexico’s family-centered “jubilación” with the U.S. ideal of independence to create a more balanced, proactive approach to this new season of life.(14:51) There are 10 R’s in the book, starting with Review.(17:25) Roger asks Cesar how to answer the question, “What do I want?”(20:17) Cesar explains that creating his book with a service purpose removed pressure, letting him focus on making it useful, reach a broader audience, and now develop a Spanish edition.(21:56) Cesar encourages newly retired listeners to create structure, revisit plans, and embrace retirement as a journey with purpose.LISTENER QUESTIONS(24:18) In an audio question, Gary, who will retire in 2026, shares how managing “old” retirement savings feels different from spending a paycheck and asks for guidance on navigating this shift in mindset.(33:56) A listener, who chose to remain anonymous, asks how to distinguish between the essentials of a “base great life” and the discretionary spending that falls into the “wants” category.’(35:55) A listener praised Roger’s shift from chasing big goals to focusing on values and creating conditions to explore life personally and meaningfully.(38:20) Dennis asks about the Retirement Podcast Network, and Roger explains that while it’s still active, he and Taylor Schulte decided to prioritize other projects and let this one remain on the back burner.SMART SPRINT(40:01) In the next seven days, reflect on the phrase, “you can’t take it with you.”BONUS(41:03) In this wrap-up, Roger addresses listener feedback from a past episode on organic food.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManRetirement With Purpose: The 10 R's for a Joyful Retirement: A practical and thoughtful guide to rediscovering yourself and flourishing in the retirement stage.- Cesar Aguirre

💬 Show Notes In this episode, Roger Whitney wraps up our four-week series on smarter retirement goal setting. He dives into the ideas of buoyancy and Maslow’s hierarchy of needs, showing how they play a role in planning a retirement that actually works for you. Using two relatable avatars – the Grinder and the Dreamer – Roger shares practical, real-world strategies to help navigate the twists and turns of retirement planning. Tune in for insights that will help you make your retirement not just secure, but truly rock! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This is the last of a four-week series on better retirement goal settingPRACTICAL PLANNING SEGMENT(01:58) The first concept for today is the concept of buoyancy.(04:50) Roger talks about Maslow’s hierarchy of needs.(07:50) A look inside the Advice Lab Roger runs with his work team.AVATAR CASE STUDY- THE GRINDER AND THE DREAMER(10:10) Introduction of two avatars created by the team — the Grinder and the Dreamer.(10:58) First, Roger breaks down the Grinder.(14:27) What are triggers that might help a grinder reevaluate retirement planning?(16:57) What do Grinders crave?(18:50) How do you navigate as a Grinder or as someone in a relationship with a Grinder?(21:50) The pillars of retirement are a helpful framework when it comes to Grinders.(27:00) Next, Roger breaks down the avatar of the Dreamer.(29:30) What are the triggers that a Dreamer faces?(32:30) Roger breaks down the retirement pillars for Dreamers.(37:00) Roger reflects on how his partnership with Tanya mirrors the Dreamer and Grinder archetypes, showing how balancing vision and execution can lead to better communication and more effective retirement goals.LISTENER QUESTIONS(38:14) You can submit questions at AskRoger.me(38:40) Barbara shares thoughts on a recent episode.(42:04) Roger shares an audio clip from Tom.(44:27) One listener shares that drawing down the accounts is a mental challenge.(45:49) Rod asks what portion of a 71-year-old’s $5–6M retirement portfolio could go into low-risk private credit.SMART SPRINT(48:38) In the next seven days, reflect on where you fall between Dreamer and Grinder and consider that when setting or refreshing your retirement goals, so you can better balance your approach.REFERENCESSign up for our next Webinar!Submit a Question for RogerSign up for The NoodleThe Retirement Answer ManMaslow's Hierarchy of Needs

💬 Show NotesIn this episode, we continue our four-week series on better retirement goal setting with Roger Whitney. This week, we delve into the dynamics of navigating retirement goals as life unfolds and the concept of opportunity cost. In the second half, Roger has enlightening discussion with Dr. Bobby, where he explores the pros and cons of organic food and its relevance to our health and finances. Discover how to align your retirement goals with your evolving self and make informed choices about your lifestyle. Tune in for practical insights that can help you rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This is week three of a four-week series on better retirement goal setting, plus Roger chats with Dr. Bobby about the cost-benefit of buying organic.(02:55) Roger encourages registration for his next live meetup at livewithroger.com.PRACTICAL PLANNING SEGMENT(03:40) Roger reflects on setting goals that will align with the current version of you and also who you are becoming.(05:44) Roger explores how goals evolve over time, the barriers that make it hard to recognize and adapt to those changes, and a simple protocol to help ensure your goals stay aligned with what matters most.(07:15) Priorities shift over time as what once mattered may lose importance and new values emerge.(10:27) Life events like health changes, family needs, or loss can rapidly reorder goals.(12:41) Common barriers to noticing change include inattention, sunk cost fallacy, and social pressure.(16:01) Regular reflection helps keep goals aligned with what’s truly important.(20:05) Review spending regularly to ensure it reflects your current priorities.CHAT WITH DR. BOBBY(23:20) Roger introduces Dr. Bobby to talk about organic foods.(25:52) What are organic foods?(29:03) Dr. Bobby breaks down the cost of organic food.(33:00) What are the benefits of organic food? Is it worth the cost?(38:15) Roger acknowledges that some people feel strongly about buying organic as a way to take control of their health.(40:57) 80% of the US population doesn't get enough fruits and vegetables.(42:16) Dr. Bobby breaks down the ROI on buying organic.(48:23) If you do buy organic, which products should you buy?(52:20) Bobby talks about his podcast and the power of positive thinking when dealing with illness.SMART SPRINT(53:13) In the next seven days, pull out your retirement plan of record and review your goals.REFERENCES Live Long and Well with Dr. Bobby- podcastSign up for our next Webinar!Submit a Question for RogerSign up for The NoodleThe Retirement Answer Man

In this episode, Roger Whitney continues his four-week series on retirement goal setting, focusing on the importance of building agile retirement goals. He emphasizes creating the right conditions for discovering what you truly want in retirement, rather than fixating on specific desires. Roger shares insights on self-discovery, the anatomy of goals, and the significance of establishing a solid foundation for a fulfilling retirement. Tune in to learn how to navigate your retirement journey with confidence and purpose!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This week Roger talks about building agile retirement goals.PRACTICAL PLANNING SEGMENT(03:10) The intent is to build goals that are more meaningful to you so you can rock retirement.(07:00) How do you set goals that are meaningful to you in an agile way?(07:39) You want to start with self-discovery and establishing or revisiting your values.(09:53) Focus on creating conditions to explore your values and build a life where fulfillment naturally follows. (13:43) You have to experiment to determine what is right for you.(18:30) Roger talks about the anatomy of a goal, specifically low stakes goals that maximize optionality in retirement planning.(21:08) Roger talks about high stakes goals.(25:04) Low-stakes goals help you experiment, make confident decisions, and discover what truly supports a fulfilling retirement. LISTENER QUESTIONS(27:30) Roger answers Melissa’s questions about rolling over an IRA without penalty and whether to trust a flat-fee fiduciary firm that offers to manage her accounts. (33:06) Greg asks Roger to revisit healthcare before Medicare. (34:17) Rob asks about deferring Social Security to age 70 and whether he still receives COLA increases in addition to the 8% delayed retirement credit.(36:03) Chris asks about using only a total world stock and bond index for his portfolio.(40:20) Roger advises keeping a local contingency fund so you always have accessible cash and don’t feel “cash poor.”SMART SPRINT(43:20) Go back to your retirement goals and the plan you’ve put together. Look at them through the lens of our recent discussionRESOURCESSign up for our next Webinar!Scarcity Brain: Fix Your Craving Mindset and Rewire Your Habits to Thrive with Enough- Michael EasterSubmit a Question for RogerSign up for The NoodleFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, Roger Whitney kicks off a four-week series on retirement goal setting, tackling the paradox of knowing what you want in retirement. He discusses the challenges of articulating desires for a life stage that many have never experienced, emphasizing the importance of not oversimplifying retirement goals. Tune in to explore how to set the right conditions for a fulfilling retirement and avoid the pitfalls of external scripts and societal expectations.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING(01:32) We are starting a four week series on retirement goal setting.(02:44) Why “What do you want to spend in retirement?” isn’t the right question.(05:54) Next week, we'll talk about how to be more nuanced when setting retirement goals.(09:40) The problem with following other people’s scripts(13:14) The problem of getting too detailedLISTENER QUESTIONS(16:36) Am I required to keep an Inherited IRA separate from my other IRA's or can it be combined with an existing IRA for simplicity?(19:11) Richard wants to noodle on the retirement distribution order.(23:40) I’m 3-5 years from retirement. Is now the right time to join Rock Retirement Club?(26:29) Estate preparation hint from Jane on the three passwords a family needsSMART SPRINT(28:19) In the next seven days, revisit your retirement goals.EXTRA(29:11) Shauna and I are celebrating our 35th wedding anniversary this week!REFERENCESSubmit a Question for RogerSign up for The NoodleFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

SHOW NOTESIn this episode, Roger Whitney sits down with Carl Richards, a financial advisor-turned-artist, to talk about keeping retirement planning simple and meaningful. They dive into the idea of “elegant simplicity,” the importance of knowing your goals, and making decisions that actually work for you. Plus, hear inspiring stories from club members to help you rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) The ultimate goal in building a retirement plan of record is elegant simplicityCHAT WITH CARL RICHARDS(02:00) Roger introduces Carl Richards.(03:50) Carl started sketching to help explain complex financial concepts.(07:33) Roger asks Carl about his new book coming out in October.(11:00) Roger and Carl talk about the differences between simplistic and elegant simplicity in retirement planning.(17:55) How do you decide when you have enough information to make a decision?(22:19) There are many different types of decisions that need to be made- Decisions where you need a lot of research versus decisions where you already have all of the information.(26:58) Writing makes decisions tangible versus rehashing them in your brain(28:19) Carl talks about mimetic desire and figuring out what it is that you really want.(39:45) Carl says he loves the idea of experiment design.(41:40) Carl talks about living a life of meaning.(46:50) There is a deep source of identity and purpose that comes from work. When you remove that, what do you replace it with?(52:58) Carl talks about competing values.(55:00) Roger talks about the Retirement Life Lab in the Rock Retirement ClubSMART SPRINT(56:43) In the next seven days, review your retirement plan and look for ways to simplify it so it’s easier to manage.CONCLUSION(57:37) Roger says that what stuck out to him from the conversation is how difficult it can be to truly know what we want and how easy it is to just grab someone else’s goals, when what we really need is to slow down and take the time to define our own so we don’t end up living a life that doesn’t fit us.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManBehaviorGap.com- Carl RichardsFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

SHOW NOTESIn this episode, we tackle the often-overlooked topic of taxes in retirement with expert Erin Coe, an enrolled agent. Discover how to avoid unexpected penalties and interest on your IRA distributions and Roth conversions. We also share an inspiring retirement success story from Lottie, reminding us of the importance of clarity and simplicity in planning. Tune in for practical advice that will help you rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today Erin Coe joins Roger to talk through penalties and interest during retirement, what those things are.ROCKIN’ RETIREMENT IN THE WILD(01:30) Lottie says she got caught up in ideas about the perfect retirement and it was getting in her way.PRACTICAL PLANNING SEGMENT WITH ERIN COE(03:31) Today we're going to talk about penalties and interest when it comes to taxes.(04:52) Erin explains the difference between a tax penalty and interest.(11:14) Roger asked Erin how to calculate an estimated quarterly tax if not doing safe harbor?(13:55) Erin shares her tips on tax returns.(16:08) Being prepared is always better than being taken by surprise when it comes to taxes.LISTENER QUESTIONS(16:40) Roger makes a correction on a past statement.(17:25) Jeff asks a question about the pie-cake explainer video.(20:30) Dave asks a question about helping his elderly mother with her finances.(26:11) Robert asks about getting two mortgages near retirement.SMART SPRINT(32:15) Over the next seven days, download the 1040 form and review how it applies to your retirement income. Decide whether you’ll handle taxes through estimated payments, safe harbor payments, or automatic withholdings from distributions.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManIRS.gov FormsFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 SHOW NOTESIn this episode, we focus on empowering you to navigate retirement with confidence. We break down the process of reading a Social Security statement, examining each section and its significance. Additionally, we tackle listener questions regarding retirement strategies, second mortgages, and Roth conversions. Join us for practical insights that will help you make informed decisions as you approach this new chapter in life.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today on the show we are going to walk through how to read a social security statement.(01:10) Roger talks about doing extensive blood work every year and the similarities between the protocol of blood tests and retirement planning.PRACTICAL PLANNING SEGMENT(09:52) Sign up for the Noodle to watch a video of Roger walking through the Social Security statement.(10:30) Roger breaks down the Social Security statement section by section- go to SSA.gov to get a pdf version of your statement.(17:07) Roger reads through a few of the Important Things to Know bullet points on page two of the statement.LISTENER QUESTIONS(21:21) Jeff asks if there is any difference in retirement strategy if he decides to delay retirement until age 70.(25:22) Mary says she is going through a divorce at age 63 and recently started listening to the podcast to educate herself on retirement and asks for advice for finding a retirement planner.(29:36) Julie says her husband is looking at sudden retirement at age 59 ½. She wants to know if there are any episodes or resources Roger can direct him to to get a great overview of retirement. (32:48) Joy has a question about ROTH conversions.SMART SPRINT(34:18) In the next seven days, make sure you have your most recent Social Security statement.REFERENCES Submit a Question for RogerSign up for The NoodleThe Retirement Answer ManSocial Security AdministrationFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode of the Retirement Answer Man, Roger Whitney sits down with Peter Lazaroff, Chief Investment Officer at Plancorp, for a thoughtful conversation on the power of simplicity in retirement planning. Together, they unpack the common traps of overcomplicating investments and the cognitive biases that often lead us astray. Peter also offers valuable insights into private equity and other complex investment strategies—highlighting when they might help, and when they might hurt. Don’t miss this episode if you're looking to build a retirement plan rooted in clarity, confidence, and peace of mind.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today Roger chats with Peter Lazaroff about bringing simplicity to retirement planning strategies.(02:44) We tend to overcomplicate everything when it comes to retirement planning.(04:09) Complexity makes us think something is better or more sophisticated.(05:35) “Anything one needs to market heavily is either an inferior product or an evil one.”- Nassim TalebROCKIN’ RETIREMENT IN THE WILD(06:22) Todd shares reflections on why he travels in retirement.INTERVIEW WITH PETER LAZAROFF(10:16) Think of your assets that you need to rock retirement in their own bucket, if you have excess- put it in its own bucket.(11:05) Complex investments are just active managers in a different wrapper.(11:45) Peter Lazaroff joins Roger to discuss retirement investing and private equity.(12:25) Peter discusses his books and announces that he has a new one coming out in 2026.(15:00) The core intent of retirement planning is to have core confidence that you can live the life you want now, but also when you're ninety.(15:51) Ultimately the goal in retirement planning is elegant simplicity. (20:00) Peter reflects on the business of investing.(23:02) Investing creates an illusion of control.(26:38) Peter discusses the benefit of simplicity and how it helps living heirs when it is time to settle an estate.(28:33) Roger chats about an executive order paving the way for private equity to become part of 401ks.(30:08) Peter talks about the steps of the probabilistic decision framework.(35:48) From 2020 to present, private equity has not added return over public equity.(38:30) If the yield is high and you can’t find the risk, it doesn’t mean it's not there.(42:08) Private investments are not inherently good or bad, but they are not necessary and can add complications.(42:50) Peter shares an example of complexity that he would be more welcome to.(47:25) If you don’t believe in traditional active management- you should be out on private investments.SMART SPRINT(48:00) In the next seven days, choose one area—retirement planning, investments, or any aspect of life you want to improve. Before adding anything new, ask: What can I remove or simplify first?REFERENCESPlancorp- Your Financial Life AdvocatePeterLazaroff.com: Free BookBOOKSScarcity Brain- Michael EasterAntifragile: Things That Gain from Disorder- Nassim Nicholas TalebMaking Money Simple: The Complete Guide to Getting Your Financial House in Order and Keeping It That Way Forever- Peter LazaroffFOLLOW US ON SOCIALS!Follow Us on FacebookFollow Us on Instagram

💬 Show NotesIn this episode, we explore the intricacies of navigating Medicare in 2025 with Medicare expert Danielle Roberts from Boomer Benefits. Discover the recent changes in Medicare Advantage and Part D plans that could impact your healthcare decisions. We also share inspiring stories of individuals embracing life in retirement and discuss the importance of reviewing your Medicare options annually. Tune in for valuable insights and practical tips to ensure you make the best choices for your health coverage!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today on the show, we are going to explore how to navigate Medicare in 2025ROCKIN’ RETIREMENT IN THE WILD(01:30) Roger shares a story from a listener who was “jolted” into action.(03:00) Jamie says she plays mahjong with a group of retired ladies and started a book club.PRACTICAL PLANNING SEGMENT(04:55) Roger introduces Danielle with Boomer Benefits to chat about Medicare(05:25) What is the state of Medicare right now?(10:25) How important is it to pay attention to the annual notice of change?(12:15) What are the key things to pay attention to when they get these notices?(17:41) Medicare Advantage is heavily marketed and people have strong opinions about Medicare Advantage versus original Medicare.(25:05) Roger talks about the company- Boomer Benefits.(26:40) What is the service level of Boomer Benefits? What kind of support do you get after you enroll?LISTENER QUESTIONS(31:26) Visit Askroger.me to submit questions.(31:46) Terri asks for reputable sources for buying health insurance after retirement.(35:40) Beth asks a question about the Affordable Care Act and putting contributions into an HSA account without an employer deduction. SMART SPRINT(38:36) In the next seven days, put a date on your calendar for October to review your healthcare coverageBONUS(39:30) Roger shares about what he has been doing in Colorado for the last three weeks.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManBoomer BenefitsMedicare.govInflation Reduction ActHealthcare.govFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 SHOW NOTESIn this episode, we explore the implications of the saying 'nothing is for free' in the context of retirement planning. Join Roger Whitney, a seasoned retirement planner, as he shares a heartfelt story from a listener, David, who exemplifies the spirit of 'rocking retirement.' Additionally, Roger tackles the critical question of whether to accept a free retirement analysis from brokers, discussing the potential costs and consequences involved. Tune in for insightful advice on navigating your retirement journey with confidence!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Roger Whitney: This podcast is dedicated to helping you rock your retirementROCKIN’ RETIREMENT IN THE WILD(01:06) David emailed in saying he and his wife are leaning into rocking retirement.PRACTICAL PLANNING SEGMENT(03:00) Our title question today came from Phil- he wants to know if it is worth going through free retirement analysis.(07:15) What are some of the cautions or things you want to understand about free retirement analysis?LISTENER QUESTIONS(13:37) Doug shares feedback about my Smart Sprint on being present.(15:11) Rick says he'd like to simplify portfolio.(19:30) Cliff sent in a question about stress testing your retirement plan.(27:09) Dave has a question about moving a 401k to an independent advisor upon retirement.(32:55) Bob asks which retirement plan should you use first: Social Security or savings.SMART SPRINT(38:10) In the next seven days, pay attention to “free” offers—whether it’s a retirement analysis, discount, or credit card perk—and notice the hidden costs or unintended consequences that may come with them.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, Roger explores how naming and recognizing the different phases of life can bring clarity to the retirement journey. A listener’s question about inherited money sparks a conversation about direct indexing—what it is, when it makes sense, and what to watch out for. He also shares how to navigate calm, choppy, and rough waters in retirement planning so listeners can move forward with more confidence and control.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today we will talk about direct indexing and answer some more of your questions.(01:04) Roger talks about acknowledging and naming things in life.(04:19) There are four levels that Roger wants to acknowledge with clients- calm waters, choppy waters, rough waters, and change of course.ROCKIN RETIREMENT IN THE WILD(08:55) Brian says he focuses on spending time with family in retirement.(09:20) Don says electric bikes are game changers.PRACTICAL PLANNING SEGMENT(10:30) John asks a question about direct indexing.(13:17) Direct indexing is when you buy the individual stocks of an index in your own account instead of a fund, allowing for tax benefits and customization but with more complexity.(16:32) Should you do this if you are concerned about taxes? What are the benefits? The drawbacks?(20:38) Roger says exchanging traded funds has some advantages over indexing.LISTENER QUESTIONS(21:20) Scott has a follow up question about getting a mortgage in retirement.(28:45) An anonymous listener says it's too late for long term care and wants a recommendation for a low risk investment.(35:40) Our next question comes from John related to being an executor for an estate.(39:17) Dan asks a question about rebalancing.SMART SPRINT(43:46) In the next seven days, take a small step by naming the season of life you’re in—calm, choppy, rough, or changing direction—so you can better focus your energy on where to lean in right now.UP NEXT(44:40) Next week Roger chats with Tanya Nichols on the show and answers some of your questions.REFERENCES Submit a Question for RogerSign up for The NoodleThe Retirement Answer ManFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, Roger Whitney welcomes elder law expert Kathy McNair to discuss the often-overlooked but crucial topic of elder care, especially for those retiring solo. They explore what elder law really means, how it differs from traditional estate planning, and why having the right legal documents—like healthcare proxies and powers of attorney—is vital for protecting your future and legacy. Alongside practical insights on guardianships and conservatorships, Roger shares a fresh perspective on gratitude and contentment as essential mindsets for a meaningful retirement. Plus, he answers listener questions and wraps up with a special personal announcement.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today on the show, we are going to start exploring elder care with an expert in the area, Kathy McNair.(01:06) Let’s talk about gratitude and contentment.ROCKIN RETIREMENT IN THE WILD(04:40) Roger and Kimberly are embracing retirement as an opportunity to live fully and give back and reconnect with things that matter most.INTERVIEW WITH KATHY MCNAIR(06:26) Roger introduces Kathy, an elder attorney and founder of seniorsolutionsinfo.com and SoloAllies.com(08:16) Kathy explains elder law and talks about her background.(10:20) What is the difference between a guardianship and a conservatorship? (12:00) Roger says one of his clients has a question about his aging mother and how to approach the situation.(17:26) Is a power of attorney enough when someone is not cognitively capable?(21:33) Kathy talks about starting SoloAllies.com.(25:35) For seniors who are aging without close family, the key is to start building your team while you’re still healthy and capable. (31:30) The hardest role to solve sometimes is the healthcare proxy role.LISTENER QUESTIONS(33:07) Submit questions on AskRoger.me.(35:45) Joe asks a question about the interview with Charles Ellis.(42:30) Joe asks “Can you explain some comments in Charles Ellis book?”(45:00) Brian says he’s thinking of doing an NUA with company stock.SMART SPRINT(49:13) In the next seven days, pick an activity and don’t listen to music or a podcast or anything. Be Present.BONUS(49:00) Roger explains that Agile Retirement Management has merged with Align Financial.REFERENCESSoloAllies.comKathy McNair- SeniorSolutions.comSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, Roger Whitney returns after a month off, ready to help you rock your retirement! He answers listener questions on a range of topics, including the benefits of choosing between Fidelity and Vanguard, the Rule of 55 for 401(k) withdrawals, and inherited IRA distributions. Roger also chats with  discusses the importance of finding the right retirement coach. Join us for practical advice and insights to help you navigate your retirement journey!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Roger Whitney answers your retirement questions on today's showROCKIN’ RETIREMENT IN THE WILD(01:08) Brian says he and his wife are playing pickleball during retirement.CHAT WITH KEVIN LYLES(03:30) Roger talks to Kevin Lyles about a financial advisor versus a retirement coach(06:29) How does someone determine if they need an advisor or a coach?(10:15) Define what you are looking for before finding a coach.(12:44) A good coach will listen and have good intuition about what is really going on.LISTENER QUESTIONS (14:47) Barb says she was thinking of moving her Fidelity assets to Vanguard.(21:44) Mark has a question about the Rule of 55.(25:53) Craig asks a question about an inherited IRA(27:54) Scott says he has discovered something about TSP withdrawals.(30:53) An audio question about my Switzerland interview with Scott from a few weeks backSMART SPRINT(32:05) In the next seven days, define something you would like to do and find one person who has done this thing.BONUS(35:00) Roger reflects on how he is going to spend the next 5 weeks.REFERENCESThe Retirement Collective- BookThe Retirement Coaches AssociationSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManFOLLOW US ON SOCIALS!Follow Us on Facebook!Follow Us on Instagram

In this episode, Roger Whitney welcomes Michael Easter, New York Times bestselling author of 'The Comfort Crisis' and 'Scarcity Brain.' They delve into the concept of overcoming frugality and the evolutionary mismatches that affect our resource management in retirement. Discover how short-term discomfort can lead to long-term growth, the importance of taking the stairs in life, and the psychological implications of our modern abundance. Tune in for insights that can help you not just survive retirement, but thrive in it!*Episode originally aired March 27, 2024OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[01:04] Today we have Michael Easter, author of Scarcity Brain, on the show.PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER[02:20] Roger introduces Michael Easter to the show[03:14] The Comfort Crisis falls into the Energy Pillar- building energy so you can show up for your life.[04:30] Roger asks Michael what his objective was in exploring the Comfort Crisis[09:40] Why is it a bad thing to be comfortable?[12:40] How do we start being more uncomfortable?[16:11] The Scarcity Brain falls into the Vision Pillar.[18:00] Why do we have a constant feeling that we don’t have enough?[25:25] Quantifying goals is not always the best thing to do.[29:01] Michael defines what the scarcity loop is.TODAY’S SMART SPRINT SEGMENT[33:21] In the next seven days, take the stairs! Do something that most people don't do.RESOURCESBOOK - The Comfort Crisis by Michael EasterBOOK - Scarcity Brain by Michael EasterStutzRock Retirement ClubFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

In this enlightening episode, we tackle the often overlooked mental shift required in retirement: transitioning from a saver to a spender. Join us as we revisit a compelling conversation with Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisory Services. We'll explore the psychological barriers many face in letting go of frugality and how to embrace the resources they've accumulated to enhance their lives. Discover practical strategies to gain confidence in spending, overcome the fear of uncertainty, and ultimately, live a fulfilling retirement without the regret of dying with too much money. Tune in for insights that could transform your approach to retirement!*This episode originally aired March 20, 2024OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[00:30] Overcoming frugality is a major crisis for many in retirementINTERVIEW WITH DAN CROSBY[01:19] Roger introduces Daniel Crosby.[02:50] How do we overcome frugality?[04:30] There are a lot of behavioral things that change when you leave full-time work.[09:45] How to gain confidence in the midst of uncertainty.[17:22] People are wired to avoid regret.[18:01] What are some basic things people can do to overcome frugality?[22:16] You can't undo 40 years of programming in 4 minutes- experiment with behavior and small commitments.TODAY’S SMART SPRINT SEGMENT[25:15] In the next seven days, I challenge you to examine your retirement plan and ask yourself- is there something else I should add that’s important to my life?RESOURCESBOOK - The Soul of Wealth by Dan CrosbyBOOK - The Top 5 Regrets of the Dying by Bronnie WareBOOK - Die with Nothing by Bill PerkinsRock Retirement ClubFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

In this episode, we explore the journey of retirement through the eyes of Brad, a member of the Rock Retirement Club. Brad shares his experience of moving to The Villages in Florida, detailing his decision-making process, the community's offerings, and how it has transformed his retirement lifestyle. Join us as we uncover valuable insights and tips for anyone considering retirement living, all while enjoying the vibrant atmosphere of this unique community.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANA MINI CASE STUDY[01:30] Roger introduces Brad and asks how he discovered The Villages Retirement Community in Florida.[09:30] Roger asks Brad what led them to explore 55+ communities.[11:35] Brad explains how The Villages community is organized.[19:14] Roger asks Brad what advice he would give to someone exploring places to retire.TODAY’S SMART SPRINT SEGMENT[22:09] In the next seven days, think about where you are going to live in retirement.RESOURCESThe Villages CommunityRock Retirement ClubFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

All of July we will be replaying some of our popular past episodes. In this episode, we engage with retirement planning expert Michael Kitces as we explore the evolving landscape of retirement planning. Discover the importance of flexibility in retirement spending and how to select the right retirement planner for your needs. We also discuss the implications of dying with too much money and the critical questions you should ask when interviewing potential advisors. Tune in for insights that will empower you to not just survive, but truly rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(0:00) The key to finding a retirement planner is to find someone that puts YOU and not your money in the center of everything.(00:45) Today we have a replay of last year's interview with Michael Kitces.INTERVIEW WITH MICHAEL KITCES(02:11) Roger introduces Michael Kitces and chats about flexibility.(13:30) Michael says as a professional, he does not want to have a client fail on his watch.(19:21) Roger says the quote that comes to mind when he thinks about retirement planning is: “You’re never going to be exonerated from uncertainty, pain, or the need to do work” Stutz(24:00) Most people understand that change is to be expected.(29:05) Michael talks about risk tolerance.(32:55) Michael reflects on the question “How do we help clients actually make better decisions?”(33:51) Tips on how to choose a retirement planner.SMART SPRINT (45:55) In the next seven days, evaluate the quality of your process for making decisions in retirement.RESOURCESBOOK - Die with Zero by Bill PerkinsBOOK - It’s Not Complicated by Rick NasonKitces.comBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning CenterFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

All July long, we’re featuring a special replay series of standout episodes—and this week is no exception.Join us for a special episode as we welcome Christine Benz to discuss her book, "How to Retire." In a captivating conversation in the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.*Episode Originally Aired December 4, 2024*OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN(00:55) We are going to play some past impactful episodes for the whole month of July INTERVIEW WITH CHRISTINE BENZ(01:28) Today we start off the month with a replay of our interview with Christine Benz.(03:17) Roger asks about the goal for the readers of this book.(04:48) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.(06:10) Roger thinks the interview style of the book helped make it more approachable.(08:13) Roger asks Christine about any big, unexpected insights that came up when she was writing her book.(11:12) Fritz Gilbert says I give Christine serious kudos for the approach she took and the amount of homework she did.(12:35) Christine tells Fritz that she loves his methodical approach to dealing with the years leading up to retirement.(14:16) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.(18:15) Roger says when it comes to portfolio construction, it's easy to overcomplicate things(21:14) Larry asks Christine what challenges her or confounds her most about her own retirement planning.(23:35) Larry asks “Are you concerned that we may not find people to provide long term care?”(31:08) Kevin Lyles asks Christine about asset allocation in retirement.(37:55) Laura asks: When talking about high quality bond portfolios, do bond funds work?(42:00) Roger asks about indexes and broad diversification. (44:37) Roger says someone had a comment related to some of the research on small cap value and asks Christine her view on having a more diversified small cap value tilt?(48:19) Eric asks “what is the argument for using TIPS (Treasury Inflation-Protected Securities)  for retirees?” (51:28) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.(53:52) Roger says the optimization part of retirement sometimes dominates the conversation.(54:44) Roger asks Christine: Have you found in your own life a balance between making sure you don’t get too complicated in investments?(57:55) Brianna asks Christine what question she has been reflecting on after the 20 interviews?(58:45) Christine she’s been thinking more about whether the concept of retirement is flawed.BONUS(01:01:26) Roger reads an excerpt from his grandfather's WWII journalResources Mentioned In This EpisodeWade PfauMorningstar The Retirement Manifest- Fritz GilbertDaughterhood.orgChristine BenzSix Shot SaturdayBOOKSHow to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement - Christine BenzBeing Mortal: Medicine and What Matters in the End - Atul GawandeKeys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years - Fritz GilbertRock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future - Roger Whitney

💬 Show NotesThis week on the Retirement Answer Man show, we kick things off with a couple of Rockin’ Retirement in the Wild stories from listeners living out their retirement dreams. Then we dive into a mini case study from a listener recently laid off who’s wondering if early retirement is on the table, we’ll walk through the numbers and stress test his plan. We wrap up our month of travel talk with a fun chat with Chris and Cathy about their retirement adventures and how they’re making the most of their freedom to explore. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) In this episode, we wrap up our travel reflections and explore a listener's question about the pros and cons of retiring at age 59.(01:40) Looking ahead, July will feature 'Best of' episodes of the Retirement Answer Man podcast and August will focus on listener questions.ROCKIN’ RETIREMENT IN THE WILD(02:50) Rock Retirement Club member, Pete, has a podcast called Retiring with Enough and that podcast just hit episode 150.(04:04) Listener, Adrianne, sent in a letter about rocking retirement.LISTENER CASE STUDY(04:45) An anonymous listener reached out to share that he’s considering early retirement after a job loss caused by the downturn in the automotive industry. Today, we explore whether he can make it work.(09:20) A breakdown of the listener’s financial situation.(13:35) We have to make some assumptions about investment and will use software to simulate different scenarios.(17:00) Let’s look at the results- a feasible plan is not necessarily resilient. (19:40) Let’s do some basic stress testing to see how your plan holds up when life throws curveballs.TRAVEL STORIES WITH CHRIS AND CATHY(24:52) Two recent retirees, Chris and Cathy, have focused on domestic travel now that work is out of the way.(29:10) Roger: What was one moment that stood out from your entire trip that stands out for each of you?(31:45) Roger: Do you two talk when you're on road trips or do you audiobook or something?(32:23) Chris and Cathy said they retired together and knew they wanted to go back to Jersey.(33:21) Roger: How did you adjust to being together 24/7?(34:55) Chris and Cathy discuss how they will approach travel in retirement. (36:17) Roger: Over a twelve month period, what percentage of time do you travel? And what is the pull to travel so much?(39:36) Roger: Do you think this three months a year travel cycle is a season or do you think this is a new identity as explorers?(42:05) Roger: What tips or suggestions would you give to others who have never traveled internationally or have never planned a big road trip?(46:55) Roger: What is it internally that travel you feel adds to your life?SMART SPRINT(48:19) In the next 7 days, confirm that you have at least two years of safe assets, cash or short-term reserves, to cover your lifestyle expenses not covered by income. Even if your plan looks feasible on paper, test its resiliency. Would it hold up if the market took a hit tomorrow?BONUS(48:55) Now that we’ve finished my grandfather’s journal, to end the show I will share things I’m geeking out on. Today: electric bikes.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManRetiring with Enough Podcast with Dr. Peter GuidryTRAVEL WEBSITESFree Range Fun Hogs- Travel BlogFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, we tackle the intricacies of retirement planning and the importance of trusting your financial projections. Join us as we explore the concept of 'productive paranoia' and how it can help you avoid costly errors in your retirement strategy. We'll also hear a heartfelt travel story from Scott, who shares how he embraced international travel after a significant life change. Don't miss this enlightening discussion that will empower you to take charge of your retirement journey!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN (00:00) This show is dedicated to helping you have the confidence to rock retirement.(01:15) How do you have confidence in your retirement plan?(04:44) How do you quality check your plan?(05:07) Let’s start by talking about the concept of productive paranoia from Jim Collins’ Great by Choice—a mindset of staying hyper-aware, building buffers, and zooming out for perspective to strengthen your retirement plan even when things seem to be going well.(07:09) Quality checking a retirement plan means making sure the inputs and results align with your goals.(08:33) What are the most common unforced errors?(12:21) What are some of the obstacles to quality checking your plan?(13:30) How do we quality check a retirement plan using metacognition?(19:30) What is the benefit of reading your goals out loud?(22:45) Another tactic is running your plan through another system.INTERVIEW WITH SCOTT (24:40) Roger continues talking about traveling in retirement.(26:20) Roger reads an email from his client Larry, an avid RV traveler.(28:30) Roger introduces Scott for a conversation about international travel.(34:30) Scott shares thoughts about both solo and group travel.(39:30) Scott talks about traveling after his wife of 30 years passed away.(41:25) Some people feel intimidated being the third wheel even when they're invited(43:50) Roger says he is really interested in the micro communities of people who are comfortable enough to travel together.(47:55) Roger asks Scott what advice he would give to people to embrace single traveling.(50:30) Roger reflects on how we often overlook the beauty of our own surroundings and asks Scott what deeper meaning travel holds for him in retirement.SMART SPRINT(53:20) In the next seven days, quality check your plan of record using some of the tools we talked about.BONUS(53:50) Roger reads the last entry in his grandfather’s WWII journal.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManBOOKSGreat by Choice: Uncertainty, Chaos, and Luck- Why Some Thrive Despite Them All- Jim CollinsTRAVEL WEBSITESFree Range Fun Hogs- Travel BlogRick StevesFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, Roger Whitney dives into the essential elements of not just surviving, but thriving in retirement. We kick off with a listener's story about the challenges of early retirement and the important questions that arise during this transition. Then, we shift gears to a practical planning segment on how to rebalance your retirement portfolio as life and market conditions change. Lastly, we hear from Karen and Shannon, two adventurous retired women, as they share their inspiring experiences traveling internationally and building confidence in their new lifestyles. Tune in for insights that can help you rock your retirement!SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you rock retirement.(00:54) Next week on the show we are going to talk about how to quality check your retirement plan.ROCKIN’ RETIREMENT IN THE WILD(01:34) A listener sent in an email about her retirement experience.PRACTICAL PLANNING SEGMENT(04:50) In the practical planning segment, Roger reviews how to rebalance your portfolio in retirement.(06:30) What is rebalancing, and why does it matter in retirement?(08:30) How often should you rebalance your portfolio?(09:20) Step 1: Review your actual spending compared to your plan of record.(11:03) Step 2: Adjust or update your projected spending for the year ahead.(13:30) Step 3: Refresh your income estimates and update asset values.(15:19) Step 4: Run a feasibility check—use Monte Carlo simulations or your household balance sheet.(16:01) Step 5: Test your plan’s resilience and update your allocation strategy.(18:45) Step 6: Consider your contingency fund—how much cushion do you need, and how will you refill your 5-year income floor?INTERVIEW WITH SHANNON AND KAREN ABOUT TRAVELING IN RETIREMENT(22:51) Roger talks with Shannon and Karen about traveling internationally in retirement as single women.(31:10) You had several hurdles to overcome.(33:13) Karen says she likes traveling with a group and hiring individual guides.(37:05) Newer tours are much more curated and intimate than they used to be.(42:25) What advice would you give to someone who is single and nervous about traveling internationally alone?SMART SPRINT(47:34) ​In ​the ​next ​seven ​days,​ schedule an hour to an hour and a half during the third quarter of the year for a “retirement rebalancing meeting,” clearly outlining your plan on your calendar so you can prepare and follow through effortlessly.BONUS(48:30) Roger reads from his grandfather’s WWII journal.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManTRAVEL WEBSITESThe History Chicks PodcastZingerman’s Food ToursRoad ScholarFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on Instagram

💬 Show NotesIn this episode, we explore the joys and motivations behind traveling in retirement. Join us as we discuss why travel is a common goal for retirees, featuring insights from Andrew Motiwala, founder of A Good Life Abroad. Discover how to enhance your retirement travel experiences and learn about the various obstacles retirees face when planning their adventures. Tune in for inspiring stories and practical tips to help you feel 'awake' and engaged in your retirement journey!SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:35) Today on the show, we're going to talk about how to improve retirement travel.ROCKIN’ RETIREMENT IN THE WILD(02:26) Two quick rocking life in retirement stories.TRAVEL IN RETIREMENT(04:22) Why do we want to travel in retirement? (10:25) When we're thinking about traveling, what are obstacles?(13:11) Roger talks about types of travel to perhaps overcome some obstacles.(14:00) There are lots of travel opportunities in the United States or even regionally if International travel is too much.INTERNATIONAL TRAVEL WITH ANDREW MOTIWALA(17:22) Roger chats with Andrew Motiwala- the founder of Good Life Abroad.(20:35) The Good Life Abroad helps people live abroad in a vetted curated apartment for a month or two at a time with on the ground support.(24:00) What are the advantages to using The Good Life Abroad versus booking it all yourself?(25:33) Roger asks Andrew his opinion about why people want to travel in retirement.(30:05) Roger asks what people do that take travel to a whole new level?(31:13) What percentage of people who use Good Life Abroad are solo travelers?SMART SPRINT(32:30) In the next 7 days, go somewhere new in your own zip code. Try a new park, museum, trail, or even a local brewery. Step outside your usual routine and give your brain a spark. BONUS(33:01) Roger reads from his grandfather’s WWII journal.REFERENCESRegister for my LIVE WebinarsSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManThe Good Life AbroadFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on InstagramShow notes created by https://headliner.app

💬 Show NotesIn this episode, we wrap up our series on Process Over Panic by focusing on what truly deserves your attention in retirement planning. Plans change, life surprises us, and retirement is unpredictable. But a solid planning process — one you revisit and refine — will help you rock retirement. Join us for an insightful discussion that includes practical advice, personal anecdotes, and answers to listener questions. SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) In this episode, we wrap up our Process Over Panic series by focusing on what truly deserves your attention in retirement planning. Inspired by Eisenhower’s quote — “Plans are worthless, but planning is everything” — we explore why your process, not your plan, is what will carry you through retirement with confidence.ROCKIN’ RETIREMENT IN THE WILD(01:50) Roger shares a heartfelt retirement message through a set of creative prompts sent by a clientPRACTICAL PLANNING SEGMENT(03:40) What should you pay attention to?(04:50) When you are doing retirement planning, you are planning for the future- something totally unpredictable.(06:31) What deserves your attention in retirement planning?(08:04) What is the intent of retirement planning?(09:13) What are the obstacles to achieving our intent?(13:10) Roger talks about how his experience in retirement planning gives him confidence.(13:50) The Four Pillars of Retirement Planning help to build a flexible map for retirement.(17:58) Roger explores the concept of the “Retirement Plan of Record” as a living document—not a one-time decision. Just like in relationships, decisions made once can lose their relevance over time if not revisited and reinforced.(19:25) Roger goes back through the Four Pillars to talk about how often you should revisit them.(24:10) Real-life reactions can reveal mismatches between theory and reality.(25:06) Roger recommends compartmentalizing your retirement planning.LISTENER QUESTIONS(27:30) John says he didn’t like how Roger said “don't follow your retirement plan” in a recent episode.(29:07) Steve asks a question about asset allocation.(31:03) Steven asks which retirement certification to look for in a retirement advisor or coach.(33:02) Anonymous listener says they're looking to purchase financial management software that is secure and does good analysis.(34:41) Susan asks about Medicare penalties and health insurance while still employed after age 65.SMART SPRINT(37:30) In the next seven days, I want you to schedule your retirement planning meetings for the rest of the year.BONUS(38:33) Roger reads from his grandfather’s WWII journal.REFERENCESRegister for my LIVE WebinarsSubmit a Question for RogerSign up for The NoodleThe Retirement Answer ManBOOKSThe Retirement Collective: Shared Wisdom From Top Retirement Coaches- Retirement Coaches AssociationFOLLOW US ON SOCIALSFollow Us on Facebook!Follow Us on InstagramShow notes created by https://headliner.app

💬 Show NotesIn this episode, Roger sits down with renowned investment expert Charles Ellis to explore what truly matters in retirement investing. Together, they focus on the key elements investors can actually control, the importance of maintaining cash reserves in retirement, and practical strategies to manage inflation risk.Roger and Charles also revisit timeless lessons from Ellis’s classic book, Winning the Loser’s Game, drawing on his decades of experience in investment management. The episode wraps up with thoughtful answers to listener questions on asset allocation, indexing, and rebalancing.SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today the show is going to focus on investing.(01:15) Roger explains the pie-cake and says there will be a video in The Noodle this week.(02:38) What can we control and what can we not control in regards to investing?(04:55) Let’s talk about building a retirement portfolio.(06:52) What can you NOT control when building out a portfolio?(09:40) What can you control in retirement planning? INTERVIEW WITH CHARLES ELLIS(13:24) Roger introduces Dr. Charles Ellis, author of Winning the Loser’s Game.(18:54) Roger asks Charlie about indexing and passive investing.(24:32) Dr Ellis talks about behavioral economics and recommends the book Thinking Fast and Thinking Slow.(27:20) Roger talks to Dr. Ellis about minimizing unforced errors(30:30) How do things change when you're in retirement and need to draw from assets?(35:32) Roger says for an average person, the concept of having all of their financial assets in equities would be unnerving. What advice would you give to someone who doesn’t understand the financial concepts and the kind of volatility comes with this kind of account?(38:43) Dr. Ellis talks about the current administration and the economy and how difficult times don’t last.(42:02) Roger asks Dr. Ellis about his choice to not retire.(46:34) Roger asks a question: What advice would you give me so I don’t look back with regret when I’m your age?(51:34) Dr. Ellis answers a question about fear and worry regarding the future.(54:22) Roger thanks Dr. Ellis for writing his books and helping so many.LISTENER QUESTIONS(54:52) Today's show will focus on investing questions.(55:11) Kevin says he doesn’t understand Roger’s concept of pie-cake- how to allocate your resources to fund your life.(56:28) Vince submitted an audio question about the retirement floor.(59:42) John asks for Roger’s thoughts on investing in multiple index funds versus all-in-one funds. And what is the difference between a mutual fund and an index?(01:08:07) Ben asks about rebalancing and current market conditions.SMART SPRINT(01:12:30) In the next seven days, take an assessment of the process you use when investing your assets for retirement.BONUS(01:13:28) Roger thanks listeners for their positive feedback.(01:14:13) Roger reads from his grandfather’s WWII journal.REFERENCES Retirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)BooksThinking Fast and Thinking Slow- Daniel KahnemanRethinking Investing- Dr. Charles EllisWinning the Loser’s Game- Dr. Charles EllisShow notes created by https://headliner.app

It’s a super-sized episode today—and for good reason. We spend the bulk of the show in a deep, insightful conversation with Dr. Meir Statman, a leading voice in behavioral finance. I also walk you through the four non-financial pillars of retirement: mindset, energy, passions, and relationships. We'll talk about how to manage what you can control—and how to respond when life throws you the stuff you can’t. Plus, we answer a few of your questions. There’s a lot here, but it’s worth every minute. Let’s get to it.SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This podcast is dedicated to helping you survive retirement with confidence(00:34) Today on the show we are going to focus on the non-financial realm as we continue talking about process and things we can control versus what we can’t control.ROCKIN RETIREMENT IN THE WILD(02:14) Roger shares an anonymous message from a listener about her husband retiring and the confidence they have built in their retirement.PRACTICAL PLANNING SEGMENT(04:50) Sometimes in retirement planning, we tend to overemphasize the financial side of things and forget about the rest of our lives.(06:23) Roger identifies controllables and non-controllables within the non-financial pillars of retirement. (14:50) Roger talks about some examples of people who focused on things that they could control and found success.(16:19) Roger says that the Rock Retirement Club has been a source of inspiration for him.INTERVIEW WITH MEIR STATMAN(18:13) Roger introduces Meir Statman, author of A Wealth of Wellbeing.(19:34) Roger asks what motivated Dr. Statman to write his latest book.(22:10) Dr. Statman talks about his relationship with Nobel Prize winner, Harry Markowitz(25:57) Roger talks about behavioral finance and what it means from his perspective.(30:02) We talk about financial wellbeing but you also need to focus on life wellbeing.(31:06) Dr. Statman discusses a u-curve in life wellbeing.(37:25) Roger and Dr. Statman talk about accepting who you are.(39:30) Dr. Statman talks about the components of wellbeing.(41:49) Roger asks about social capital in retirement.(49:00) Starting a conversation is really important, Meir says(51:19) What is cultural capital?(57:32) Developing social, cultural, and personal capital becomes harder as you get older.(01:01:38) What is personal capital?LISTENER QUESTIONS(01:04:42) Listener Brian sends a question about generating his retirement paycheck.(01:17:52) Another listener named Brian asks about investing in annuities.SMART SPRINT(01:22:20) In the next seven days, before you get out of bed, smile and tell yourself it is going to be a great day!BONUS(01:22:48) Roger reads from his grandfather’s WWII journal.REFERENCESNick Vujicic- Motivational SpeakerNelson Mandela Mier StatmanRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday) BOOKSMan's Search for Meaning by Viktor FranklI Know Why the Caged Bird Sings by Maya AngelouA Wealth of Well-Being: A Holistic Approach to Behavioral Finance by Meir StatmanThe Second Mountain: The Quest for a Moral Life by David BrooksBowling Alone: Revised and Updated: The Collapse and Revival of American Community by Robert PutnamThe How of Happiness: A Scientific Approach to Getting the Life You Want by Sonja LyubomirskyThinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke

This week, we continue our Process Over Panic theme by focusing on how to take back control in uncertain times. Learn how to shift your energy toward what you can control—and let go of what you can’t. Plus, Marcia Mantell joins us to break down the latest updates on Social Security and what they mean for your retirement plan. Tune in and take one more step toward a confident, purposeful retirement.SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not just survive retirement, but rock it!(01:58) We have to focus on things we can control and manage the things that we can’t.(3:08) Today we are going to talk about social security- what we can control and what we can’t. ROCKIN’ RETIREMENT IN THE WILD(03:52) Roger shares a “Rockin’ Retirement in the Wild” story from a listener and member of the RRC.PROCESS OVER PANIC- SOCIAL SECURITY WITH MARCIA MANTELL(06:30) There have been a lot of changes coming out of the Social Security Administration.(07:40) What is controllable with Social Security?(09:56) What are the uncontrollables with Social Security?(13:51) To help us understand the current state of Social Security, we're talking with Marcia Mantell.(15:38) Marcia says facts over fear are SO important and she is not fearful but watchful.(18:49) What changes have happened recently with social security?(23:00) There are different proposals floating around regarding Social Security to improve the implementation of the program.(25:10) Marcia discusses her thoughts on the idea that Social Security will run out by 2033.(28:55) How easy is it to create a sustainable Social Security system?(31:47) The goal of Social Security is to provide a basic income, roof over our head, and food on the table.(33:10) Over 50% of people rely on Social Security for their primary source of income.(36:10) If you are 55 or older, should you make a material change related to what you anticipate your Social Security to be?SMART SPRINT(40:56) In the next seven days, identify one thing in your retirement planning you can’t control that’s draining your energy. Then, take one small action to shift that focus toward what you can control. Awareness is the first step to rocking retirement—and life.BONUS(41:49) Next installment from missions flown by Roger’s grandfather in World War IIREFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Mantell Retirement ConsultantsSocial Security AdministrationShow notes created by https://headliner.app

💬 Show NotesIn this episode, we tackle the pressing question, "Is this time different?" as we navigate the complexities of today's political and economic landscape. Join us as we explore the importance of perspective in retirement planning and discuss the basics of structured notes. We'll also introduce our upcoming events and share insights from renowned experts in the field. Don't miss this enlightening discussion that aims to help you not just survive retirement, but thrive!SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) The narratives that you consume and ultimately create for yourself define your reality(00:45) Today we are going to finish up our basics with the basics of structured notes and also talk about “process over panic” regarding the current state of affairs.IS THIS TIME DIFFERENT?(04:10) Roger discusses whether the issues in the economy are different this time around then in times past. (07:40) The point of this discussion is to identify what is happening and how to respond to it.(08:40) A better question when it comes to planning is “Is this time permanent?”(10:58) Roger talks about the current markets versus historical markets.(11:46) Since 1928, there have been around 26–28 bear markets, averaging a 35% drop and lasting about 9.6 months. They tend to come around every five years—and they’ve never been permanent. (12:47) From presidential elections to battles with the Fed, these cycles may feel chaotic—but they’re nothing new and they’re not permanent.(14:31) Roger talks about “process over panic” STRUCTURED NOTES(21:34) Roger goes over the basics of structured notes.(22:17) Roger uses food as a metaphor to break down investments—organic options like stocks and bonds are simple and transparent. But structured notes? They're the Twinkies of the investment world.(25:50) Structured notes at their core are debt. (26:57) Roger compares structured notes to wine—different types, different flavor profiles, and even the same variety can vary from year to year or region to region.(28:31) What are some types of structured notes?(29:22) What should you know about your structured notes?(32:00) Each structured note has a prospectus, a legal document that investment managers are required to create, but they are very difficult to understand(34:21) Roger sees structured notes as a potential building block for a retirement portfolio but avoids them due to their complexity. SMART SPRINT(36:35) In the next seven days, take five or ten minutes to write out your process for retirement planning.BONUS(37:44) Roger reads from his grandfather’s WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Thomas SowellWall Street JournalClaude AIChatGPT

💬 Show NotesIn this episode, we dig into fixed annuities and U.S. Treasuries—how they can bring stability and income to your retirement. We’ll also discuss Social Security risks and how to stress-test your plan so you can retire with confidence. Let’s get you one step closer to rocking retirement!SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today we talk about the basics of fixed annuities.(00:59) Roger continues the discussion on navigating retirement planning during uncertain times.(02:06) Listener, Christina, asks Roger to consider stress testing including Social Security for the average potential retiree.(07:17) Roger defines fixed annuities and how they fit into the retirement planning process.(07:54) Roger evaluates the similarities and differences between CDs and fixed annuities.(10:08) What are the negatives of fixed annuities?(12:27) How are the rates of annuities determined?(14:08) What are the primary uses of fixed annuities?(15:12) Roger goes through an example of optimization using fixed annuities.LISTENER QUESTIONS(19:38) Listener, Barbara, asks Roger to educate listeners about the basics of treasuries.SMART SPRINT(24:36) In the next seven days, I want you to shift the way you approach your retirement planning. Think of yourself as a scientist—you're on a mission to discover and understand. When we run these stress tests or feasibility tests, the goal is to uncover where potential risks might exist and where opportunities could be hiding.BONUS(25:25) Roger reads from his grandfather’s WWII JournalREFERENCES Retirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Social Security AdministrationTreasuryDirectImmediate AnnuitiesBooks:The Wild Blue: The Men and Boys Who Flew the B-24s Over Germany- Stephen AmbroseShow notes created by https://headliner.app

💬 Show NotesIn this episode, Roger Whitney takes on one of the biggest challenges facing retirees today: how to plan confidently when the markets are anything but steady. He’s joined by Dr. Bobby Dubois for a thoughtful conversation about building the energy and vitality needed for a meaningful retirement. Together, they share simple, practical steps to help listeners take charge of their physical well-being—so they can show up strong, not just today, but for years to come. Plus, listeners will hear an inspiring story of someone making real progress on their retirement journey.SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Retirement planning is about creating a great life.(01:19) Roger celebrates team members Erin and Troy today.(02:08) Roger reflects on the messaging surrounding the current state of the markets.(04:45) What should you do to cope with the turbulent markets and economy?PRACTICAL PLANNING WITH DR. BOBBY(10:16) Today's practical planning is focused on building energy so you can show up for retirement.(11:00) Roger introduces Dr. Bobby Dubois and talks about his podcast, Live Long and Well.(12:10) Dr. Bobby talks about the basics of building energy.(13:30) The power of compounding little consistent habits over time makes a big difference.(15:20) Roger and Dr. Bobby discuss the importance of weight for overall health.(17:55) What basic things can you focus on to help with building energy?(18:05) Dr. Bobby talks about sleep and gives tips on how to improve sleep quality.(22:45) Exercise is important for building energy- focus on cardio, strength, and balance.(35:10) Dr. Bobby talks about optimal weight and two simple yet effective tips to maintain a healthy weight.(40:00) There will be links to specific episodes of Live Long and Well in our newsletter, The Noodle, this week.ROCKIN’ RETIREMENT IN THE WILD(42:28) Roger reads a note from an anonymous listener about rocking retirement.RETIREMENT ANSWER MAN LISTENER SURVEY(44:45) Roger shares some results from The Retirement Answer Man listener survey.SMART SPRINT(47:14)  In the next seven days, start by putting a few of Dr. Bobby’s ideas into action—get moving and build some momentum around your physical health. Once you’ve got a little rhythm going, shift your focus to tackling the stress that comes with market uncertainty. One step at a time—that’s how we build a more confident retirement. BONUS(48:24) Roger reads an excerpt from his grandfather's WWII journal.REFERENCESLive Long and Well Podcast with Dr. BobbyRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)BOOKS:Tiny Habits: The Small Changes That Change Everything- BJ Fogg, PHDShow notes created by https://headliner.app

💬 Show NotesIn this episode, we break down the essentials of asset allocation and time management in retirement planning. Join us as we explore why it's crucial to focus on the basics rather than getting lost in market predictions and investment products. We also share insightful listener questions and another entry from my grandfather's World War II journal. Tune in to learn how to rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This week we continue talking about the basics with asset allocation.(02:00) Time is your most precious resource.(03:36) Retirement planning is a means to an end.(05:45) We don’t want to waste time on trying to predict the future but on more important things like spending time on and in your life.(06:15) Spend time on the basic building blocks of retirement planning.(07:05) How does asset allocation fit into retirement planning?(09:10) Inflation is the natural increase in the cost of living over time.(13:52) What is asset allocation?(16:10) Part of asset allocation is a concept called diversification.(18:48) What is asset allocation best used for? (21:50) Two of the biggest determinants of where your asset allocation should be are your psychological preference and your time horizon.LISTERNER QUESTIONS(24:13) Steve asks whether they should use a single vendor for all their accounts or diversify where they have their money housed in terms of investment firms.(26:29) The next question comes from Nick related to asset allocation. (32:18) Question from an RRC member about Vanguard offering a direct conversion.(35:48) Audio question from Leah about using IRA contributions to start building out a bond ladder or a shorter term allocation.(39:50) Audio question from Patty who recently retired and needs to decide what to do with her 401k assets and how to choose an advisor.ROCKIN’ RETIREMENT IN THE WILD(49:01) James says he is overfunded for retirement even with a 10%-15% market correction but will aim to do better.SMART SPRINT(50:47) In the next seven days, think about your asset allocation and think about it within time segments.BONUS(51:33) Roger reads from his grandfather’s WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Show notes created by https://headliner.app---🎙️ Thanks for podcasting with Headliner!

💬 Show NotesIn this episode, we kick off a month-long series on retirement basics, emphasizing the crucial role of partnership in planning for retirement. We discuss why it's vital for both spouses to be actively engaged in financial conversations, ensuring that neither partner feels overwhelmed or excluded. Plus, we hear inspiring stories from a couple of listeners who are thriving in their retirement journeys! Don't miss this episode!OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN(00:38) We're starting a month-long series on retirement basics.(00:56) Today we are going to talk about what every spouse should know about their retirement plan.(01:45) It's important for each spouse to delegate responsibilities when planning for retirement.(03:00) Roger talks about the pressure of being the retirement planner in a couple and the risks of being the non-planner.  (05:00) Audio clip from our paraplanner Erin about a recent experience volunteering for Tax Aide.(07:40) What spousal participation should there be in retirement planner meetings? And what meetings need to happen?(08:07) Roger goes through the four initial meetings of building a retirement plan of record.(15:19) At least twice a year, the non-planner spouse should participate in a planner meeting to refresh all of these things.(15:30) What should the planner spouse do to help create a productive meeting?(17:45) What are the risks as the financial manager spouse?(19:29) What should non-financial manager spouses do?(22:50) Roger talks about what the non-financial manager spouses should know.(25:30) What should your advisor do if you are working with one?PUBLIC SERVICE ANNOUNCEMENT RELATED TO SOCIAL SECURITY(27:50) WEP and GPO changes are causing confusion with Social Security recipients.ROCKING RETIREMENT IN THE WILD(29:56) Listener shares about the challenges of decumulation and overcoming a lifetime of frugal habits.(32:28) Listener Kathleen talks about dog-sitting in retirement.SMART SPRINT(33:53) In the next seven days, review the time sensitive action items that may apply to you when it comes to the month of April.BONUS(35:19) Roger reads an excerpt from his grandfather's WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Show notes created by https://headliner.app

💬 Show NotesIn this episode, we embark on a journey of navigating retirement amidst uncertainty. Join us as we explore the importance of taking action, building confidence, and reframing our approach to financial security. Listen in as we share practical steps to manage risks, reassess spending, and make informed decisions in these unpredictable times. With insights drawn from real-life experiences and the wisdom of past challenges, this episode aims to empower you to build a resilient retirement, step by step.OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN(00:35) This week’s show stems from a number of conversations I have had with listeners to the show.(02:35) Today, we’re diving into the challenges of retiring in uncertain times, exploring common concerns, potential risks, and the essential steps you should take to secure your future.(03:12) **Political disclaimer**  Today we are going to talk about what is going on in the political world today and how it relates to us in retirement planning.(04:45) Retirement planning should remain as independent as possible from political strategies or opinions.(08:28) What are the dangers that happen during this type of environment?(14:50) The risk lies in how we respond to these dangers and act on our worries.(16:00) We start to let our convictions and opinions about the future bleed into the retirement planning realm and act on the worst fears that we have.(18:00) At the end of the day the questions are:  Am I okay? What should I do?(18:55) What you should focus on is what you can do right now to improve your situation. (19:59) First, I’ll chat with those who already have a retirement plan in place, then I’ll turn to those who haven’t gotten around to it yet and share some tips for both groups moving forward.(27:06) Now let's switch gears to listeners who don’t have a plan yet.(32:05) None of these paths that we walked through have anything to do with what the government is doing.RETIREMENT IN THE WILD(33:04) An anonymous listener shared their retirement journey, thanking the podcast for inspiring positive steps.(34:40) New listener says he started listening to your podcast about a year ago and says Roger’s philosophy from 10 years ago still rings true today(35:40) Listener asks if there is an index of episodes he can search.SMART SPRINT(36:52) In the next seven days, take some of the action steps we talked about today.BACKGROUND ON ROGER(37:30) Roger talks about his origin story and financial experience background.(39:25) Roger goes over his practical experience in the industry.BONUS(43:44) Roger reads another excerpt from his grandfather’s WWII journals.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)BOOKThe Power of Agency: The 7 Principles to Conquer Obstacles, Make Effective Decisions, and Create a Life on Your Own Terms- Paul Napper, Psy. D and Anthony Roo, Ph. DShow notes created by https://headliner.app

💬 Show NotesIn this episode, we explore the importance of cultivating curiosity as a part of the non-financial pillar of retirement planning- mindset. Join us as we discuss how curiosity can enhance your mindset and well-being in retirement, along with practical tools to foster this trait. We also address listener questions about retirement strategies amidst economic uncertainty. Don't miss this insightful episode packed with actionable advice!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(01:11) Today, we're going to answer some listener questions related to building a retirement plan and focus on one of the nonfinancial pillars- mindset.(02:10) Roger says he has been doing financial planning for over 35 years and noticed that it seems that the happiest and well adjusted people have a healthy sense of curiosity.(02:55) What is curiosity?(04:50) It is easy as we age to naturally fall into indifference, apathy, and close-mindedness.(06:06) Curiosity drives learning, learning creates cognitive resilience, and cognitive resilience enables further curiosity. (07:05) Let's look at some examples of curiosity and recommend some books.(10:17) How do you build curiosity? LISTENER QUESTIONS(19:19) Drew asks a question about gifting.(21:51) Tom asks about permissible investments in ROTH IRAS.(26:55) The next question comes from John related to building a retirement allocation for retirement using the pie cake.(32:16) Mary asks about putting money in an HSA or money market account.(37:22) Our next email is from Nick related to target date portfolios for retirementSMART SPRINT(43:05) In the next seven days, work on cultivating curiosity.BONUS(43:57) Roger reads from his grandfather's WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)Books“Surely You’re Joking, Mr. Feynman!”: Adventures of a Curious Character- Richard FeynmanHow to Think Like Leonardo da Vinci: Seven Steps to Genius Every Day- Michael GelbThe Gifts of Imperfection- Brene BrownBlogRajib Roy- The History of my Future! (First Draft!)Show notes created by https://headliner.app

💬 Show NotesIn this episode, we explore the essential steps to setting up your retirement paycheck to ensure financial stability and confidence in your retirement years. Join us as we discuss the importance of tracking your cash flow, identifying spending trends, and creating a structured paycheck system that mimics the rhythm of a traditional paycheck. We also dive into listener questions about MYGAs, private equity, and inheritance planning, providing valuable insights to help you navigate your retirement journey.OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you not go bankrupt in retirement!(00:25) Today we'll talk about how to set up your paycheck ahead of retirement(01:16) Sign up for my weekly newsletter- The Noodle.(01:44) In retirement, you lose the natural pulse of income coming into your checking account so it is important to have a system setup.(03:05) What is the intent in setting up a paycheck in retirement?(07:35) Roger talks about a default paycheck structure and how to set it up.(12:30) What should you do about extraordinary expenditures? (13:14) How should you have your pretax account set up for a retirement paycheck?(17:45) Setting up a retirement paycheck helps identify trends in spending or saving.(19:22) There will be an explainer video exclusive in our weekly newsletter- The NoodleLISTENER QUESTIONS(20:00) I got an email from Bill, a demographer, giving me more insight about the question- “how long should we plan to live?”(24:00) Adam sent in a question about MYGAs- Multi-Year Guaranteed Annuities.(28:43) John sends feedback on our private equity episode.(30:32) David asks how to factor a substantial inheritance into his retirement plan.SMART SPRINT(39:35) In the next seven days, look at your payroll system and how you construct it.BONUS(40:25) Roger reads an excerpt from his grandfather’s WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)The Retirement Answer Man Free Worksheet LibraryShow notes created by https://headliner.app

💬 Show NotesIn this episode, Roger Whitney tackles the critical question of life expectancy in retirement planning. With statistics from the CDC, he guides listeners through the complexities of determining how long they should plan for their retirement. Roger addresses the cognitive bias known as the "curse of knowledge," providing clarity on how to approach life expectancy assumptions. He also shares insights on the importance of using personalized data rather than general averages, and discusses practical tools for assessing longevity. Tune in for valuable advice that can help you plan confidently for your future!OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN(00:00) What life expectancy should you use in your retirement plan?(00:39) We have a change happening to our Six Shot Saturday email.(02:18) Roger discusses the concept of ‘The Curse of Knowledge.’(03:38) Listener, D.S., sends in a question about life expectancy in retirement.(05:58) Roger discusses how to interpret the data from the Social Security Administration life expectancy calculator.(9:30)  Roger uses age 92 for a male and 94 for a female for a base assumption in retirement planning.LISTENER QUESTIONS(11:26) Thrift savings plans will allow Roth conversion starting in 2026.(12:13) Karen asks about the pie-cake and the purpose of a 6 month emergency fund.(15:35) Karen asks a second question about suggestions for saving vehicles that are not US treasury bonds.(17:27) Evan asks “How does a pension figure into a net worth statement?”(22:00) Gene asks how to look at the total allocation of your retirement portfolio.(25:00) Roger reads feedback from listener Scott about last week’s episode.ROCKING RETIREMENT IN THE WILD (27:01) Scott has been helping federal employees think through their retirement plans.SMART SPRINT(30:42) In the next seven days, revisit the age you are going to use in your retirement plan.BONUS(31:12) Roger reads an entry from his grandfather’s WWII journal.REFERENCESRetirement Answer ManSign up for The Noodle (previously known as Six Shot Saturday)The Retirement Answer Man Free Worksheet LibrarySocial Security Life Expectancy CalculatorThe Retirement Researcher Show notes created by https://headliner.app

In this episode, we tackle the complexities surrounding private equity in retirement portfolios. Join Roger as he navigates a listener's inquiry about the necessity and implications of investing in private equity, especially in light of recent discussions and literature on the topic. With insights from investment expert Peter Lazaroff, we explore the pros and cons, the importance of having a solid retirement plan, and whether private equity is truly a beneficial addition to your portfolio. Tune in to gain clarity and confidence in your retirement investment strategy!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Complexity is your enemy. Any fool can make something complicated. It is hard to keep things simple.-Richard Branson(00:38) Today’s episode is about private equity.(01:33) Roger reads an email from listener Dave with a question about investing in private equity.(02:28) Roger says that this episode features his opinion and judgment on private equity.(06:45) Don't think about private equity until you have a vision for what you want your retirement to look like. (10:20) Consider the second order consequence of making an investment.(12:00) Unless you are significantly overfunded and have an interest in private equity- Roger thinks private equity is unnecessary for creating a great life.INTERVIEW WITH PETER LAZAROFF(14:10) Introduction of Peter Lazaroff, author of Making Money Simple(16:39) What is private equity?(17:38) Who is traditionally invested in private equity?(26:12) When markets are under stress, private equity correlations go a lot higher.(27:49) What is the normal fee structure for investing in private equity?(31:15) What you're seeing more often these days are semi-liquid funds that offer liquidity windows.(34:30) There is no evidence to suggest that fewer companies going public is causing an issue.(40:15) We can’t predict when a bad decade of returns is going to come.(41:35) Peter: I am more concerned about implementing a bad idea than missing out on a good one.SMART SPRINT(42:39) In the next seven days, take a moment and remind yourself of the purpose of retirement planning which is to create a great life.BONUS(43:20) Roger reads an excerpt from his grandfather's WWII journal.REFERENCESTony RobbinsPeter LazaroffWall Street JournalBook- Making Money SimpleRetirement Answer ManThe Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!Show notes created by https://headliner.app

💬 Show NotesIn this episode, we explore the essential questions of retirement planning with financial expert Roger Whitney and guest Tanya Nichols from Align Financial. They dissect the case studies of Laura and Nick, highlighting their unique approaches to retirement and how their lifestyles influence their financial decisions. Tune in for insights on spending, confidence in planning, and the importance of resilience in your retirement strategy!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Stage one of retirement planning involves answering the central questions(00:54) Today, Roger chats with Tanya Nichols about the Retirement Plan Live case studies.DEBRIEF WITH TANYA NICHOLS(02:40) Roger introduces Tanya Nichols with Align Financial.(03:28) Roger and Tanya discuss Laura’s RPL plan.(05:25) What risks are associated with having a lean spending plan?(08:35) Once people realize they can achieve something, they pause and evaluate reality.(09:58) Roger asks Tanya how she determines how hard to push clients when they're afraid of the next step.(12:10) Tanya and Roger discuss Nick’s RPL plan.(14:50) If you have a plan that is feasible and resilient, you will likely have an inheritance even if it isn't planned for.(17:00) Roger talks about the importance of a resilient plan.(21:18) Roger and Tanya compare/contrast Nick and Laura’s plans(23:10) Roger asks Tanya how she incorporates current world events into retirement and life choices.LISTENER QUESTIONS(25:06) John asks a question about best utilizing extra income.(29:38) Edward asks a question about diversification versus safety.SMART SPRINT(38:21) In the next seven days, I encourage you to start organizing your tax documents and get them to your CPA as early as possible.BONUS(39:34) Next installment of Roger’s grandfather’s WWII journal.REFERENCESRetirement Answer ManThe Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!Retirement Plan Live ReplayAlign FinancialShow notes created by https://headliner.app

💬 Show NotesIn this episode, we tackle the essentials of retirement planning with an engaging discussion led by Roger Whitney. We explore the importance of prioritizing what truly matters in your retirement journey and how to create a resilient plan that secures your desired outcomes. Roger emphasizes that retirement planning is merely a tool to achieve a fulfilling life, not the end goal itself. Joining him is Nicole Mills, who shares insights and updates on Six Shot Saturday and reads listener questions about retirement. Don’t miss this enlightening episode!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:30) Roger says retirement planning is not that interesting, but a means to an end.(01:41) Roger challenges listeners to take action on what is talked about THIS week.PRACTICAL PLANNING SEGMENT(02:50) Retirement planning is a self-interested process.(05:28) What questions do you want to answer in a healthy way?(06:45) Now is the time to make sure you have a resilient plan.(10:54) How do we make a plan resilient?(18:30) Markets are at an all time high, don’t get overly optimistic.LISTENER QUESTIONS(20:05) Nichole Mills joins Roger on the show.(20:45) We have some changes happening with Six Shot Saturday. (22:22) Listener TJ asks about building a bond ladder as he gets closer to retirement.(28:25) Jeff asks an optimization question about withdrawals from assets in retirement.(31:37) DJ is a new retiree and asks how Roger determines whether to make withdrawals annually, semi-annually, quarterly, or monthly.(36:30) Bill says he interviewed a financial planner and asks for clarification on fiduciary and non-fiduciary advisors.ROCKING RETIREMENT IN THE WILD(39:30) Roger talks about his new segment.(40:45) Listener Jeff talks about his retirement, irrational fears of the unknown, and how his plan gave him confidence.SMART SPRINT(43:50) In the next seven days, if you are within three years of retirement, get a resilient plan of record in place.BONUS(45:40) Roger shares the next mission from his grandfather’s WWII journal.REFERENCES Retirement Answer ManThe Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!

💬 Show NotesIn this episode, we explore the complexities of retirement planning amidst a rapidly changing economic landscape. Join us as we discuss the importance of having a structured decision-making process and avoiding unforced errors that could jeopardize your financial future. We also share insights on how to navigate uncertainty in the market and the significance of clarity in your retirement planning. Don't miss out on the actionable tips that could help you rock your retirement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:55) In a couple of weeks Roger will talk with Tanya Nichols and do a recap of the Retirement Plan Live Series(01:49) Roger talks about not flying by feeling through retirement for the practical planning segment this week.PRACTICAL PLANNING SEGMENT(02:15) A few weeks ago we had the announcement of the Chinese AI engine- Deepseek.(03:45) The new presidential team is seemingly focused on a shock and awe strategy in changing the rules of government and economy.(05:45) Roger uses driving to Colorado as an analogy to managing an uncertain economy in retirement.(09:35) “We do not want to fly into retirement just by our gut.”(10:14) What are the causes of unforced errors in general?(13:40) What are some signs that you are not following a good process? (16:00) The process that you have should be focused on defining the true objective.(18:56) Next week Roger will talk about resilience.LISTENER QUESTIONS(19:30) Roger says all of this change is disruptive, and worrisome.(20:00) We are going to share the 2025 important numbers worksheet in Six Shot Saturday. (20:40) Listener Mary says it's better to be alone than wish you were.(21:55) Clem says he learned the hard way that you are replaceable at work.(25:40) Wade asks about managing real estate in retirement and how to find financial advisors.ACTION IN THE WILD(29:45) Roger got an email from listener Todd about the actions he has taken from listening to the podcast.SMART SPRINT(33:13) In the next seven days, write out, as specifically as possible, the pillars and steps in your retirement planning process.BONUS(35:38) Roger reads from his grandfather's WWII journal REFERENCES Align FinancialNational Association of Personal Financial AdvisorsRetirement Answer ManThe Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!The Holy Grail of Investing: The World's Greatest Investors Reveal Their Ultimate Strategies for Financial Freedom by Tony RobbinsShow notes created by https://headliner.app

In this final episode of the Retirement Plan Live series, we welcome back Laura and Nick to discuss their unique perspectives on investment risk and aging, particularly from the viewpoint of individuals without a traditional support network. They share their insights on how to navigate financial planning while maintaining a fulfilling life in retirement. Join us as we explore the importance of resilience and community in retirement planning, and don't miss the upcoming live events for deeper engagement!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today is the last in the Retirement Plan Live series with Laura and Nick.(00:45) On this episode Roger will talk about retiring as a single person with no children.LAURA’S VIEWS(01:58) Laura says she doesn’t want to spend her retirement just managing finances.(06:52) Roger asks Laura about her experience with markets and risks in investment.(12:15) Roger asks Laura what her ideal situation would be for housing and how she plans to maintain her home as she ages.(15:50) "As we age, the current pulls us to isolation." Roger talks about Laura’s social plans in retirement.(18:25) One area that Laura is going to have more evolved skills is living alone and navigating socially as a single person.(21:19) On January 30th, Roger and Laura are going to review Laura's vision in a LIVE webinar.NICK’S VIEWS(22:36) Roger asks Nick if there is anything else that has come to mind from previous conversations on the show.(25:30) Roger and Nick talk about investing when it comes to risk in stocks and bonds.(29:05) Roger weighs in on becoming more financially conservative in early retirement.(35:52) Nick reflects on aging and maintaining his home as a single man with no children.(37:45) Nick says he lives in a multifamily home with a robust community with a senior center.(47:50) Roger talks to Nick about living in a metropolitan area and volunteering in retirement.(53:12) On February 3, Roger and Nick are going to review Nick's vision in a LIVE webinar.SMART SPRINT(55:22) In the next seven days, visit the Hartford website link that we share in Six Shot Saturday to explore the MIT Age Lab studies.BONUS(56:58) Roger reads from his grandfather’s WWII journal.REFERENCESRetirement Answer ManRegister for the Retirement Plan Live results webinars!The Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!Meals on WheelsShow notes created by https://headliner.app

💬 Show NotesJoin us in this episode as we celebrate a special birthday and dive into the intricacies of retirement planning with our ongoing case study featuring Laura and Nick. Discover the unique financial journeys of Laura, who built her assets in the private sector, and Nick, who leveraged his military and government service benefits. We explore the importance of understanding your resources, conducting feasibility tests, and redefining the concept of retirement. Get insights into how setting clear goals, managing assets, and maintaining health and fitness can lead to a fulfilling next phase of life. Plus, learn how to participate in our live results show and open house for the Rock Retirement Club. Tune in for a wealth of knowledge and inspiration!OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) Today is Roger’s birthday(00:50) Today we talk about the resources that Nick and Laura have(01:40) One thing that's critical in doing a retirement plan of record is knowing what's feasible(04:50) When you work just because you want to, you look at decisions differently.LAURA’S RESOURCES(07:11) Laura talks about care for her elderly mom.(08:00) Laura reflects on her goals and values from last week’s episode.(10:11) Roger and Laura talk about health and fitness.(13:50) Today we talk about how Laura will pay for her goals and the three sources of capital.(19:08) Roger asks about human capital and Laura’s plans.(20:23) Laura and Roger discuss financial assets.(27:05) Roger asks Laura about her house and debt.(28:35) Laura discusses end of life plans for her aging mother.(30:30) Now we need to do a feasibility study.(31:12) Laura asks Roger about taxes.(35:45) Next week we will talk about risks.NICK’S RESOURCES(36:05) Roger asks Nick how the year has started for him and asks what his word for 2025 might be.(37:55) Today Roger and Nick discuss the three sources of capital that are needed to fund Nick’s goals.(42:55) Roger asks Nick if he plans to work at all after retirement.(44:00) They discuss Nick’s financial assets and investments.(47:00) Roger inquires about Nick’s expected inheritance.(50:20) Nick discusses his current debt.(51:08) Roger asks Nick what he splurges on for himself.SMART SPRINT(54:49) In the next seven days, I challenge you to update your net worth statements.BONUS(56:16) Roger reads another excerpt from his grandfather's WWII journal.RESOURCESRetirement Answer ManRegister for the Retirement Plan Live results webinars!The Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!Social Security AdministrationBOOKSUnreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect- Will GuidaraShow notes created by https://headliner.app

Welcome to the latest episode of the Retirement Answer Man Show, where we explore the journey to a fulfilling retirement. Join us as we continue our live case studies with Laura and Nick, who share their goals and aspirations for their ideal retirement life. This episode offers insights into planning for a future that aligns with your values, including discussions on long-term care, financial independence, and the importance of self-reflection. Plus, we tackle a listener's question about retirement planning conferences and share details about our upcoming Rock Retirement Club Roundup.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:30) We are on week 2 of our LIVE case studies with Laura and Nick.(01:30) Question from listener Brad about retirement planning conferences.(03:35) We will share the agenda from the 2024 Roundup in our Six Shot Saturday email.LAURA’S GOALS FOR RETIREMENT(04:30) Laura reflects on talking about herself on the show.(08:30) Laura talks about her mom and helping her navigate old age.(12:20) This week we're going to focus on turning your values into goals.(13:35) Laura shares her estimated monthly expenses to maintain a base great life.(16:07) Laura talks about her transportation and car buying habits(18:40) Laura discusses potential home improvements in the next 10 years.(20:05) Laura estimates the cost for her moms continued care.(23:12) We estimate an annual travel expense for 15 years.(28:00) Next week, we'll examine what resources you have to pay for your lifeNICK’S GOALS FOR RETIREMENT(28:35) Today we're going to talk about what Nick wants for retirement(30:15) What does it cost to live the life of Nick on an annual basis?(31:24) Nick talks about healthcare costs.(33:25) We talk about other nonnegotiables for Nick.(34:20) Nick talks about travel plans in retirement.(36:33) Nick discusses his desire to be able to leave some money to his nieces and nephews.(39:40) Nick plans to leave some money for the charitable organizations he supports.(41:55) Nick talks about purchasing longterm care as he ages versus joining a continuing care community.(46:25) Are you planted community wise? Is this where you're going to be longterm?(48:17) Was there anything that you wanted to put on that lifestyle design worksheet that you didn’t?SMART SPRINT(50:55) In the next seven days, grab the retirement lifestyle workbook from our Six Shot Saturday email and start to think about what it is that you want in retirement.BONUS(51:55) Roger reads from his grandfather's WWII log.RESOURCESRetirement Answer ManRegister for the Retirement Plan Live results webinars!The Retirement Answer Man Free Worksheet LibrarySign up for 6-Shot Saturday!BooksDie With Zero: Getting All You Can from Your Money and Your Life by Bill PerkinsThe Five Regrets of the Dying by Bronnie WareAuthor- Arthur BrooksShow notes created by https://headliner.app

This episode explores the exhilarating concept of "rocking retirement," inspired by Hunter S. Thompson's famous quote. Join us as we dive into the stories of Laura and Nick, two people on the brink of retirement, each with unique paths and values. Discover how they plan to embrace retirement as single individuals, and learn the importance of identifying your personal values to achieve a fulfilling life. Plus, find out how to participate in our upcoming live events and gain insights into crafting your retirement journey.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(01:14) Agile Retirement Management focuses on helping people go all in on their retirementMEET LAURA(06:35) Introducing Laura(11:14) Laura is caring for her mother in addition to working full-time(13:07) Her thoughts on living alone from a social standpoint and replacing the social network of coworkers(15:07) Laura’s hobbies(16:13) Laura says she lives within her means and is very frugal(18:18) Laura’s top 10 values(20:00) Her experience and perspective on losing friends to cancer at a young age(22:46) The importance of making your own decisions, not always doing what society saysMEET NICK(29:19) Roger introduces Nick(30:26) Why Nick volunteered for retirement plan live(33:00) Nick was a budget analyst in the military for 22 years, then transitioned to civil service(34:49) Nick is ready to leave government work(39:12) What is it about a paycheck that changes Nick’s feelings about work?(41:56) Nick’s values exercise(44:41) Why is travel a common goal in retirement?(47:58) Reading the list of Nick’s values(53:00) Values direct our goalsSMART SPRINT(55:01) Grab the values worksheet and complete itBONUS(55:13) Roger’s grandfather's log from World War IIResources:Sign up for 6-Shot Saturday.Register for the Retirement Plan Live results webinars!Book - Essentialism: The Disciplined Pursuit of Less by Greg McKeownThe Retirement Answer Man Free Worksheet LibraryRetirement Podcast Network

💬 Show NotesWelcome to 2025! In this episode, we kick off the new year with Tanya Nichols from Align Financial to discuss the unique considerations of retiring single with no children. As part of our January series, Retirement Plan Live, we explore the journey of two individuals, a man and a woman, both navigating retirement alone. From planning for legacy and financial security to building a supportive social network, we delve into the complexities and opportunities faced by singles at or near retirement. Join us as we unpack the essentials of retirement planning for singles and set the stage for the month-long exploration of their stories.PRACTICAL PLANNING SEGMENT(00:00) The show is dedicated to helping you not just survive retirement, but have confidence(01:20) This January, we're focusing on two individuals facing retirement as a single person with no children.(04:02) Tanya Nichols from Align Financial discusses retirement planning for single people(05:30) 90% of the journey is the same but there are just slightly different considerations.(07:15) If you're single and facing retirement, what are some things that are overlaying on top of the normal planning process?(10:20) I think another thing that’s missing is having a thinking partner to exchange ideas and worries with.(12:35) It’s very difficult to make a new, old friend.(15:48) You have to be intentional about making connections and building a network of support.(17:32) When we think about the future, we think about long term care but one thing we don't think about as much is who is going to help with the day to day.(20:35) As you're single and retiring does this lean towards a safety first approach in terms of taking money that you have and turning on guaranteed income?(22:15) As you’re aging by yourself, sometimes you are not aware of cognitive issues.(23:30) Even if you are married, there will be a point in your life where one of you are singleLISTENER QUESTIONS(24:51) Lauren asks about a new mortgage product that merges your mortgage with your personal banking.(27:31) Jim asks about tracking down old 401ks.(30:04) Greg asks a question about being the tax preparer for the family and his aging mother.SMART SPRINT(34:10) In the next seven days I want you to establish a file for year end statements from all of your accounts and any tax information you get from those providers.BONUS(35:23) Roger reads another excerpt from his grandfather's WWII journal.REFERENCESAlign Financial- Tanya Nicholshttps://www.align.financial/tanya-nichols/Roger Whitneyhttps://rogerwhitney.comBook- Gospel of Wealth  by Andrew Carnegiehttps://www.carnegie.org/publications/the-gospel-of-wealth/Mark's Money Mind Podcasthttps://marksmoneymind.comLife Changer Loanhttps://lifechangerloan.comShow notes created by https://headliner.app

In this special Christmas Day episode, we explore the art of reflection as we approach the end of 2024. Join us as we dive into Tanya Nichols' year-end reflection protocol and challenge ourselves to look back on our successes, failures, and lessons learned. We'll also answer listener questions on topics ranging from Roth contributions to mortgage strategies. Plus, get a sneak peek into 2025 with upcoming episodes focused on retiring single and live case studies. Don't miss this opportunity to glean wisdom and set intentions for the new year.PRACTICAL PLANNING SEGMENT (00:45) It is a good time of year to reflect on 2024(03:00) Today we are going to work through Tanya Nichol’s end of year 2024 worksheet.(03:47) What are some successes you achieved this year, professionally and personally?(06:15) What are some failures this year that you're not proud of?(06:56) What are some things you wish you had done in 2024?(07:27) What are things that you thought were really critical last year that are meaningless now?(08:03) The next category for 2024 reflection is what made me truly happy in 2024?(09:10) What made you deeply sad this last year?(10:00) Next category. Something new I discovered about myself this year(10:50) What did you love in 2024?(11:12) When you reflect on 2024, what seasons are ending for you?(12:15) What new seasons are coming?(14:20) My theme for 2025 is outdoors. I want to be outdoors more next year.(15:00) Our team word for 2025 is HONE. LISTENER QUESTIONS(15:51) Bob asks about Roth contribution limits as a low earned income household for 2024(18:11) Listener Brian has found a way to keep his brain active by attending college courses to work on his Mindset nonfinancial pillar.(21:01) Our next question comes from Jim related to paying down a mortgage(26:50) Nancy just wanted to share her gratitude as a long time listener of the show.SMART SPRINT(27:17) Grab the intention worksheet that we're going to share on Six Shot Saturday and reflect on your 2024BONUS(28:06) Roger shares the next entry from his grandfather's WWII journalShow notes created by https://headliner.app

💬 Show NotesJoin us in this episode as we delve into the complexities of retirement planning with Dr. Daniel Crosby, author of The Soul of Wealth. Discover the importance of learning what to ignore and how to trust your inner voice amidst the noise. We also explore the nuances of health management with Dr. Bobby Dubois, discussing how to tailor your health journey to your unique style. Plus, get a sneak peek into the upcoming Retirement Plan Live case study and exciting changes for the show in 2025.(00:30) Today we are going to talk to Doctor Daniel Crosby and Doctor Bobby Dubois(04:20) Retirement Plan Live starts in January. We will have two subjects this go round, both are retiring single, with no children.(05:30) In 2025, the show will be more focused on retirement.INTERVIEW WITH DANIEL CROSBY(06:20) Welcome Doctor Daniel Crosby to the show.(07:00) We are going to focus on a chapter in The Soul of Wealth, Learning What to Ignore.(08:15) Daniel: I feel like our attention is being pulled in negative ways...We live in a world where we are utterly unprepared for the amount of information coming our way.(10:35) Daniel: Going back to the top of your funnel and figuring out what you want can be deeply obscured by focusing on the wrong thing.(12:35) Daniel: The reason that we are at the top of the food chain is our ability to work cooperatively together and part of working together is benchmarking with each other.(13:20) Roger: Whatever your vision is should be a reflection of your values.(17:55) Roger: We have to know what to pay attention to when it comes to practical planning so we don't spend too much time focusing on the wrong thing. What are those filtering questions?(19:05) Question 1:  Do you have a reason to believe the accuracy of this information?(21:31) Question 2: What is the motivation of the person giving forecast or information?(26:20) Daniel: That which we obtain too easily, we esteem too lightly.(27:15) Question 3: Will I care about this in the next 5 years?(29:29) Daniel: “Given the state of everything,” is kind of how everyone feels all the time.(30:30) Last question: Does this matter to my finances or my soul?(33:40) Daniel: When people look back on their lives, they don’t care about work and money all that much.INTERVIEW WITH DR BOBBY DUBOIS(35:50) Dr. Bobby Dubois joins us to talk about energy and retirement.(36:41) Today we are going to talk about HOW we approach our health.(38:06) Bobby: One size fits all doesn't reflect our personality types. How things motivate us are not the same from one person to another.(40:02) Roger: Quote from Neal Stephenson might apply to today's longevity discussion. Most of us are too busy living our lives to think about longevity.(41:35) Bobby: There are five different health types and there's a quiz to identify them(42:11) Bobby: The first type is the holistic health hacker, wellness is front and center.(43:52) Bobby: Next is single minded achievers, they focus on one or two things and can get tunnel vision. (45:55) Bobby: Purposeful path planners are folks who are motivated about their health but can get overwhelmed by information.(47:39) Bobby: Contentment creators have mastered the art of enjoying life. Life is front and center and health is secondary.(49:40) The last type is the smallest in my database, hopeful health seekers. They keep at it and don’t give up but they haven’t found the way toward health.(51:17) Bobby talks about Roger being a purposeful path planner.(55:36) Roger: There's a difference between deciding, indecisive, and undecided(59:40) Your health type may change over time.SMART SPRINT(01:05:42) IN the next seven days, I challenge you to use Dr Crosby’s focusing questions to strengthen the muscle around what you should pay attention to and what you should ignore.BONUS(01:06:23) All right, mission number seven and eight, July 8, 1944. Ship number 188, sortie 5th ViennaShow notes created by https://headliner.appRational optimism✍️ Episode ReferencesDr. Daniel Crosbyhttps://www.danielcrosby.com/The Soul of Wealthhttps://harriman.house/books/the-soul-of-wealth/Dr. Bobby Duboishttps://www.drbobbylivelongandwell.com/James Clearhttps://jamesclear.com/Cal Newporthttps://www.calnewport.com/books/deep-work/The Rational Optimist: How Prosperity Evolves- Matt Ridleyhttps://www.amazon.com/Rational-Optimist-Prosperity-Evolves-P-s/dp/0061452068

In this episode, Roger discusses the impact of our relationship with "stuff" on our retirement journey. With the holiday season upon us, we're all about giving and receiving, but how does this accumulation affect us long-term? Michael Easter, author of The Comfort Crisis and Scarcity Brain, joins the conversation and shares insights on distinguishing between gear and stuff. Michael shares insights on the psychological and societal influences driving consumption and offers practical tips for making more mindful purchasing decisions. We also address listener questions on topics like the tax implications of campaign promises and master limited partnerships. Tune in for a thought-provoking discussion that might just change the way you view your possessions and retirement planning.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[01:00] Our relationship with stuff can have second and third order consequences in retirement[01:50] How watching the Buy Now documentary inspired Roger to think about possessions[03:10] The impact of clutter on retirementGEAR VS. STUFF CHAT WITH MICHAEL EASTER[05:40] How the amount of items in the average home has changed over time and why[07:36] Michael Easter defines gear and stuff [09:39] Humans evolved to get as much information as possible[12:00] Managing gear vs. stuff in holiday shopping[12:45] How ecommerce platforms have taken features from casinos to help speed purchases[14:25] Strategies to reduce needless purchases[19:50] Roger’s plan for gifts this yearLISTENER QUESTIONS[23:45] David’s comment on verse and versus[24:55] Mary on how to ask better questions[26:26] Armand asks why we aren’t discussing potential elimination of income tax on Social Security[30:41] Todd has a question about master limited partnership stocksSMART SPRINT[38:00] Be aware of your purchases this holiday season - are you buying gear or stuff?Resources Mentioned In This EpisodeMichael EasterCal NewportBooks: The Comfort Crisis and Scarcity Brain by Michael EasterNetflix documentary Buy NowSix-Shot Saturday

Join us for a special episode as we welcome Christine Benz to discuss her new book, "How to Retire." In a captivating conversation at the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.INTERVIEW WITH CHRISTINE BENZ(01:26) Rock Retirement Club welcomes Christine Benz to chat about her new book, How to Retire(02:40) Roger asks about the goal for the readers of this book.(04:00) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.(05:09) Roger: I was surprised that you did the book in the interview style, I think it helped make the book more approachable.(07:24) Roger: Did you have any big insights that were unexpected?(10:18) Fritz: I give Christine serious kudos for the approach she took and the amount of homework she did.(11:47) Christine to Fritz: I love your methodical approach to dealing with the years leading up to retirement(13:19) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.(17:28) Roger: When it comes to portfolio construction, it's easy to overcomplicate things(20:30) Larry asks Christine what challenges her or confounds her most about her own retirement planning.(22:53) Larry asks “Are you concerned that we may not find people to provide long term care?”(30:11) Kevin Lyles asks about asset allocation when you retire(30:47) Christine: My chapter on asset allocation addresses the bucket approach, which I do find very customizable.(36:56) Laura asks: When you talk about high quality bond portfolios, do bond funds work?(41:06) One question I have when we're talking about indexes is about broad diversification. (43:42) Roger: Now someone had a comment related to some of the research on small cap value. Do you have any view on that research on having a more diversified small cap value tilt?(47:19) Eric asks “what is the argument for using tips for retirees?” (50:24) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.(52:50) Roger: The optimization part sometimes dominates the conversation.(53:38) Roger asks Christine: Have you found, even in your own life, a balance between making sure you don’t get too complicated in investments?(56:45) Biranna asks after 20 interviews, what question now rests in your mind?(57:40) Christine: I've been thinking more about whether the concept of retirement is flawed(58:59) We're going to share a link with members offering a discount to Morningstar.(59:55) Next week on the show, we're going to chat about with Michael Easter about Gear vs StuffBONUS(01:00:30) Roger reads an excerpt from his grandfather's WWII journalREFERENCESWade PfauMorningstar The Retirement Manifest- Fritz GilbertDaughterhood.orgChristine BenzSix Shot SaturdayBOOKSHow to Retire: 20 lessons for a happy, successful, and wealthy retirement- Christine BenzBeing Mortal: Medicine and What Matters in the End- Atul GawandeKeys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years- Fritz GilbertRock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future- Roger WhitneyShow notes created by https://headliner.app

Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!PRACTICAL PLANNING SEGMENT(00:30) Today we are going to talk about charitable and family giving.(00:53) I misquoted the HSA contribution limits in episode 565(02:40) In January we are doing another Retirement Plan Live series.03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.(04:21) Today we're going to talk about charitable and family giving(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.(07:41)What are ways of giving to a charitable organization?(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.(14:42)  Let’s talk about family giving. You can give up to $18,000 a year in family giving.(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.LISTENER QUESTIONS (18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”SMART SPRINT(37:55) In the next seven days review your charitable and family giving.BONUS(38:15) Roger shares another excerpt from his grandfather's WWII journal.REFERENCESSimon Sinek- Originator of Humble Pie Quotehttps://simonsinek.com/Red Crosshttps://www.redcross.org/Schwab Donor-Advised Fundhttps://www.schwabcharitable.org/Fidelity Donor-Advised Fundhttps://www.fidelitycharitable.org/Upcoming Podcast Guests:Christine Benzhttps://www.morningstar.com/people/christine-benzMichael Easterhttps://eastermichael.com/Daniel Crosbyhttps://orion.com/thought-leader/daniel-crosbyTanya Nicholshttps://www.align.financial/tanya-nichols/Retirement Podcast Networkhttps://retirementpodcastnetwork.com/Six Shot Saturdayhttps://rogerwhitney.com/six-shot-saturdayShow notes created by https://headliner.app

Join us in this insightful episode as we continue our series on year-end action items, focusing on optimizing your retirement planning. Today, we delve into the intricacies of withdrawing assets, discussing everything from flexible spending accounts to inherited IRAs. We also explore the concept of "gear, not stuff" with insights from Michael Easter, and how making thoughtful purchasing decisions can impact your financial health and the environment. Don't miss our deep dive into tax strategies and the importance of building a resilient retirement plan. Plus, we answer listener questions about decumulation, working with financial advisors, and more. Tune in to take actionable steps toward a secure and fulfilling retirement!PRACTICAL PLANNING SEGMENT(00:00) This week we continue to discuss year end action items to optimize your retirement planning(00:50) We are gearing up for a retirement plan live case study for January. This time we will be focusing on someone who is single with no children.(02:10) Roger shares an anecdote about having his kitchen cabinets painted and discusses gear versus stuff.(05:00) Roger discusses the importance of buying high quality items that last.(07:25) Today we're going to talk about accounts we should consider withdrawing money from before the end of the year. First up are FSA accounts.(08:14) The next accounts we are going to talk about are inherited pre-tax accounts.(09:30) If you inherited an IRA prior to January 1, 2020, your required minimum distribution is required to be taken out by the end of this year.(10:48) What happens if you inherited an IRA after 2020?(12:25) Since the Secure Act 2.0 started in 2023, the penalty for not taking the required minimum distribution is 25% of what you should have taken.(13:35) The next type of required minimum distributions we are going to talk about are those that are age related for original IRA owners.(15:03) Proactively taking qualified distributions can lower your overall tax rate in retirement.LISTENER QUESTIONS (20:44) Next Month, we'll focus on answering some of your questions on AskRoger.(21:12) The first question comes from Scott about principal versus interest and decumulation.(28:59) Next, Joy says she needs help with retirement planning and decumulation of assets.(32:45) Mike asks about decumulation and resilience. How should pre-retirees position retirement assets as they reach the last five years or so before retirement?(39:11) Tom asks about the five year rule for Roth 401k conversions.SMART SPRINT(41:08) Take a look at the items that we talked about in terms of withdrawing assets.BONUS(41:45) Roger reads another excerpt from his grandfather's war journal.REFERENCESAsk Rogerhttps://www.rogerwhitney.com/askrogerMichael Easterhttps://twopct.comDinkytown Calculators- specifically the 1040 tax estimatorhttps://dinkytown.netSchwab Required Minimum Distribution Calculatorhttps://www.schwab.com/ira/ira-calculators/inherited-ira-distribution-calculatorSix Shot Saturdayhttps://6shotsaturday.comShow notes created by https://headliner.app

Join us as we dive into year-end financial planning strategies to optimize your retirement plan. This episode unpacks the essentials of contributing to various accounts like 401(k)s, IRAs, Roth IRAs, HSAs, and donor-advised funds before the year ends. We also discuss Roth conversions and answer listener questions about IRMAA brackets and required minimum distributions. Plus, hear a special tribute to veterans, featuring the first mission of Roger’s grandfather, a WWII bomber pilot. Don’t miss this comprehensive guide to maximizing your retirement savings and honoring those who served!SMART PLANNING SEGMENT(01:01) Rock Retirement Club is having its last open enrollment for the year.(02:26) This month the theme has been to look at year end planning items in order to optimize your plan of record.(03:40) This week we focus on contributing to assets between now and the end of the year. We will start off by discussing contributing to your 401K account.(05:30) The second thing we want to look at is contributing to an IRA or Roth IRA.(08:37) The next account you might consider contributing to is your health savings account.(10:07) Another thing you might consider contributing to is a donor advised fund or any type of charity.(15:03) The next one I’ll talk about today is 529 education plans.(17:00) Another account you might want to contribute to is your after tax investment account.LISTENER QUESTIONS(20:00) Roger talks about 51 missions that his grandfather flew during World War II in honor of Veterans Day.(21:10) Reid is concerned about IRMAA in 2026 regarding Roth conversions.(24:35) David asks a question about projected required minimum distributions for Roth conversions.(28:30) Joe asks about tax brackets and Roth conversions.(31:13) Denise says the more she reads about Roth conversions, the more confused she gets. SMART SPRINT(35:00) If you want to try to do some optimization, grab the worksheets from Six Shot Saturday and go through the lists.IN HONOR OF VETERANS DAY(35:54) In honor of Veterans Day, I'm going to share some missions from my grandfather to thank all of our veterans.REFERENCES Six Shot SaturdayRock Retirement ClubRetirement Answer Man- FREE Resource CenterShow notes created by https://headliner.app

Welcome to a transformative episode where we delve into year-end financial strategies to optimize your retirement planning. Join us as we discuss tax-loss harvesting with Erin Coe, a seasoned planner and tax expert. Learn how to strategically sell capital assets at a loss to reduce your tax burden and explore the nuances of capital gains, wash-sale rules, and more. Plus, we answer listener questions about Roth conversions and annuities. Don't miss this insightful guide to maximizing your financial health!PRACTICAL PLANNING SEGMENT(00:25) Today on the show we begin to explore year-end action items.(02:23) So now that we're into tax season, we're going to do a primer on tax-loss harvesting with Erin Coe.(03:59) Tax-loss harvesting is the act of intentionally selling capital assets at a loss(05:25) Defining what a capital loss is(08:42)The intent is to reduce taxable income and reduce taxable liability (10:12) How do you gauge the impact of this?(13:34) Leave some buffer room to be careful on tax cliffs(15:35) The wash-sale rule means you can't sell a capital asset and claim that loss and then repurchase it within 30 days(21:27) What are some gotchas that we need to watch out for when evaluating portfolios?(22:24) Another problem is those carry forwards, you need to track it every year whether you are using it or not.(25:38) Tax loss harvesting is not just a December activity, it’s a year-round sportLISTENER QUESTIONS(28:05) Greg asks a question about Roth conversions for his older relative(34:24) Stanley says his wife has a taxable MYGA, multi year guaranteed annuity, and wants to know if he should take the lump sum or roll it into something else.(40:28) Jay asks about the pie or bucket approachSMART SPRINT(46:50) Review your after-tax accounts looking for unrealized losses and examine whether you can use them productively Join our live event on Roth conversions at livewithroger.com or sign up for the replay at sixshotsaturday.com.REFERENCES Dinkytown.netTurbo TaxRetirement Podcast NetworkSix Shot SaturdayRetirement Answer Man

Welcome to our latest episode, where we focus on empowering your retirement journey with clarity and energy. Today, we delve into two powerful mental models, Occam's Razor and Hanlon's Razor, to simplify your retirement planning and decision-making processes. We also welcome back Dr. Bobby Dubois in our Rock Life segment, where he shares insights on living longer and more energetically. Don't miss our discussion on practical steps to enhance your life and retirement.PRACTICAL PLANNING SEGMENT(00:55) Roger will host a live online meetup on November 7 to discuss ROTH Conversions(02:30) Today we are going to talk about Occam’s Razor and Hanlon’s Razor(04:20) Occam’s Razor talks about when confronted with multiple options, the simplest is the best. Don’t overcomplicate things.(05:20) How to apply Occam's Razor in retirement planning(10:43) Hanlon's razor says never attribute to malice that which can be adequately explained by  incompetence or ignorance(12:15) Humans are messy and are usually not trying to harm or cause problems(12:50) How do you apply Hanlon’s Razor to retirement planning?INTERVIEW WITH DR. BOBBY(15:53) Today we are going to focus on building energy and discuss four different studies about inflammation.(17:00) The first study talks about how sleep impacts inflammation.(21:45) The next study discusses measures of inflammation that can be tested in the blood and what they suggest.(26:05) Third study shows exercise can improve our sleep and reduce inflammation(28:20) One study looked at five characteristics of an 80 year old to determine who was more likely to live to 100.(30:54) The takeaways are, there are things we can do that can really help us live long and well. Sleep, exercise, and diet can really make a difference in longevity. SMART SPRINT(32:40) I want you to look for an opportunity to practice Occam’s or Hanlon’s Razor in the next seven days.Six Shot Saturday Email Retirement Answer Man Webinar RegistrationBooks:The Great Mental Models- Shane ParrishPodcasts:Live Long and Well with Dr. Bobby- Episode 3: Sleep

In this episode, we delve into the concept of the Circle of Competence, a key principle in the mental mindset arsenal. We also feature Karen's inspiring story of transitioning from accumulation to decumulation, redefining her retirement journey. Join us as we explore the importance of deep knowledge versus surface understanding, and how you can apply these insights to your life. Also, don't miss our upcoming live online meetup on November 7, where we'll discuss Roth conversions and introduce the Rock Retirement Club. Sign up at livewithroger.com and take the first step towards rocking your retirement!PRACTICAL PLANNING SEGMENT(00:00) This week we will talk about the Circle of Competence and decumulation (01:05) Live online meet up 11/ 7 at 7pm central about Roth conversions and RRC Open House(04:33) The internet creates false competence and internet experts(07:05) Circle of competence says individuals should focus their efforts within areas where they have a deep understanding or expertise (07:32) Warren Buffett is a master at staying within the Circle of Competence (12:10) Your competence in retirement is informed by your experience and research(14:00) How do you know who is competent at some level in retirement planning?(15:10)  As competence goes up, sometimes confidence can diminish(18:40) If you’re not in your Circle of Competence, what should you do?(21:30) How do you gauge someone's Circle of Competence?INTERVIEW WITH KAREN ABOUT DECUMULATION(24:27) Karen shares her story and journey to understanding decumulation(25:20) Karen became a widow five years before she retired from pediatrics at age 62(26:50) Karen learned from the RRC about the concept of decumulation(29:30) Second Order consequence of not touching principal (33:00) Karen talked about a degenerative issue from a vision standpoint in your family(35:56) I asked RRC members for recommendations on where to go, what to do(38:00) Karen recaps her travels as a single elderly lady traveling alone and with groups(40:29) So I'm thinking of you in decumulation, that change in conception and seeing in detail that it’s okay to spend x amount of money on various things.SMART SPRINT(43:11) In the next seven days, I want you to think about the distinction between accumulation and decumulation.REFERENCESGreat Mental Models-  Rhiannon Beaubien Shane ParrishInto Thin Air- Jon KrakauerLive Long and Well with Dr. BobbyOverseas Adventure TravelThe History Chicks PodcastRoad ScholarsThe Soul of Wealth- Dr. Daniel Crosby

Join us in this insightful episode as we explore the concept of 'The Map vs. The Territory' in retirement planning. Discover how mental models can enhance decision-making and lead to a more fulfilling retirement. Our special guest, Dr. Daniel Crosby, discusses his latest book, "The Soul of Wealth," offering profound insights into achieving soulful wealth beyond mere numbers. Learn how to balance maps and reality, and the importance of feedback loops in financial planning. Plus, get practical advice on adapting to the unpredictable nature of life and finances. Don't miss this engaging conversation on rocking retirement with agility and purpose!PRACTICAL PLANNING SEGMENT(00:30) Talking about the map versus the territory and how it applies to retirement(2:00) Personal anecdote about GPS maps (4:00) Maps are a good abstraction to help us navigate things but understand maps are not reality(5:15) Practical example using map versus territory(07:25) Maps can be very useful in retirement planning, but they can also have limitations(9:00) If we view map as reality, it’s easy to create static rules and can reduce our ability to adapt(10:00) In the context of retirement planning, the map is the plan and comes with a lot of limitations.(12:31) There are multiple ways to deal with variability of inflationINTERVIEW WITH AUTHOR DR. DANIEL CROSBY(16:22) Dr. Daniel Crosby is the author of the newly released book The Soul of Wealth(18:25) Use a phrase called soulful wealth to describe what makes life rich(20:00) Retirement is not a spreadsheet(22:48) Martin Seligman is the father of positive psychology and the PERMA Model(29:37) You have to get very specific in what it means to have meaning in life(31:00) The Three B’s of having purpose in life- Believing, Belonging, Becoming (35:26) What is it, especially around retirement, that creates this crisis of confidence with people?(39:25) Identify when you are lying to yourself and it becomes harder to be complacent (40:45) Have a purpose for your money(44:55) One of the most fulfilling ways to spend money is giving it awaySMART SPRINT(48:32) In the next seven days, evaluate whatever retirement plan you have in place and identify specifically what is the feedback loop to improve that plan.RESOURCESDr. Daniel Crosbyhttps://www.danielcrosby.comThe Soul of Wealthhttps://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441Six Shot Saturdayhttps://sixshotsaturday.comOrion Advisor Serviceshttps://www.orion.comMartin Seligmanhttps://www.authentichappiness.sas.upenn.edu

Welcome to the second week of our series on improving decision-making skills with mental models to help you rock retirement! This week, we delve into the concept of second order thinking, also known as the law of unintended consequences. Learn how to think beyond immediate outcomes and explore the long-term impacts of your decisions, whether it's buying a new car or helping your child with a down payment. We'll also share insightful stories from RRC retirees who have navigated the transition to retirement, offering wisdom on what they were excited about, what they worried about, and how their perspectives have changed. Plus, we answer your questions and discuss practical applications of second order thinking in retirement planning. Join us for an episode packed with valuable insights and tips to enhance your retirement journey! PRACTICAL PLANNING SEGMENT(00:00) This week's show focuses on improving decision making skills ahead of retirement(01:15) Revisiting inversion thinking with listener feedback(03:18) Shoutout to RRC Member Kevin(5:00) Starting our second mental model: Second order thinking or the law of unintended consequence(9:00) Reflecting on giving money productively to children using second order thinking (12:58) Second order consequence thinking can help you tease out downstream consequences of retirement planning(13:40) Building a retirement plan of record thinking in second order consequence thinking.RRC RETIREE INTERVIEWS(15:20) Talking to our own Kevin Sebesta about retirement (18:09) What is a fun bucket?(23:00) Talking with two-year retiree, Bob, about what his concerns were before retirement and what he was most looking forward to.(27:54) Bob talks about making indulgent purchases in retirement.(30:46) Asking Bob what advice he would have given his younger self.(33:01) Talking to five-year retiree, Becky, about her concerns prior to retirement.(36:06) When you retired, would you say you were overfunded or very constrained?(38:00) How were you comfortable with the unknown going into retirement?(39:30) How important is it to have friends who are on a similar journey?(44:57) Talking to four-year retiree, Jack, about his concerns two years prior to retirement.(48:35) Jack talks about volunteering at food pantries and food banks.(50:46) How do you avoid getting bored in retirement?(52:04) What would you have done differently when it comes to transitioning to retirement?(53:15) Talking with five-year retiree, Chip, about transitioning from professional to retiree.(55:55) A year or two before retirement, what were your biggest concerns?(56:50) “Getting laid off was probably the best thing that ever happened to me.”(59:17) It's been a journey after retirement figuring out how to manage your time(01:03:10) Looking back, is there anything you would’ve done differently?LISTENER QUESTIONS(01:05:14) Mikey asks about withdrawing social security before seventy.(01:09:23) Mike and Bonnie ask about using debt for tax management purposes(01:16:21) Dirk asks about principle protected, structured ETFs(01:17:25) What is principal protection structured ETF?(01:23:59) Tim asks about investing based on newsletters.SMART SPRINT(01:28:59) Use second order thinking to help you make low-stakes decisionsREFERENCESRock Retirement Clubhttps://rockretirementclub.com Six Shot Saturdayhttps://sixshotsaturday.com Roger Whitneyhttps://rogerwhitney.comCatching Up to FI Podcasthttps://catchinguptofi.comFooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219

Welcome to another insightful episode where we kick off a month-long series on improving your decision-making abilities. This week, we delve into the concept of inversion, a powerful mental model that can significantly enhance your retirement planning. Learn how to avoid common unforced errors and make better decisions to ensure a successful retirement. Plus, get answers to listener questions about HSAs, security issues, and investment strategies. Don't miss this episode packed with practical advice and useful tips! PRACTICAL PLANNING SEGEMENT(00:30) This week starts a month-long series on improving your decision-making abilities(04:38) First mental model- Inversion(10:30) Inversion in investing(12:20) Combining inversion with the vision pillar to determine what you want your life to be(15:00) Using things you don’t want to help build goals of what you DO want(15:54) Inversion with energy pillar. What do I need to AVOID to get more energy?LISTENER QUESTIONS(17:55) Jay asks about HSA and transferring funds(21:55) Questions from Connie about password website, onepassword.com, and about securing social security account.(24:55) Question about financial advisors and Dimensional Funds(30:12) Linda asks about asset allocation and optimization.BRING IT ON SEGMENT                                  (33:33) Kevin Lyles comes on to talk about identity(37:15) Identity after retirement and losing your work identity (43:07) Identify what you got from your career identity-wise that you want to continue in retirementSMART SPRINT(52:55) In the next 7 days when faced with a decision, think about inverting the question.RESOURCESRock Retirement Clubhttps://rockretirementclub.comSix Shot Saturdayhttps://sixshotsaturday.comRoger Whitneyhttps://rogerwhitney.comVanguardhttps://vanguard.comCharles Ellis, Winning the Loser's Gamehttps://www.amazon.com/Winning-Losers-Game-Strategy-Investing/dp/1264257697Bronnie Ware, The Top Five Regrets of the Dyinghttps://www.amazon.com/Top-Five-Regrets-Dying-Transformed/dp/140194065XOne Passwordhttps://1password.comLastPasshttps://lastpass.comLogin.govhttps://login.govID.mehttps://id.meDimensional Fund Advisorshttps://us.dimensional.comAvantis Investorshttps://www.avantisinvestors.comThe Retirement Collective- Shared Wisdom from Top Retirement Coacheshttps://www.amazon.com/Retirement-Collective-Shared-Wisdom-Coaches/dp/1951915186

In this episode of the Retirement Answer Man, Roger Whitney wraps up his series on the eight pillars of a great retirement plan by diving into the last two non-financial pillars: passion and relationships. Discover how your hobbies, curiosities, and social connections can significantly impact your retirement happiness. Roger also shares personal stories and practical tips on maintaining energy, fostering a growth mindset, and building a fulfilling post-retirement life. Tune in for insights and strategies to help you rock your retirement! PRACTICAL PLANNING SEGMENT(00:26) Eight pillars are needed as a foundation for having a great retirement plan(02:50) Importance of showing up and doing the work(04:12) Having projects is a core component of living an enriching, full life(04:49) Passion is our next nonfinancial pillar, find projects you’re passionate about(07:19) What are the obstacles to pursuing passion and projects outside of retirement(08:50) Roger’s personal anecdote about digital obstacles(10:30) Plan for developing passions(11:52) Last of the four non-financial pillars is relationships(15:17) What are the obstacles of building relationships?LISTENER QUESTIONS    (18:50) Mark asks about spousal IRA(20:09) Question from Beth: Should I keep 401k or roll over to an individual IRA?(24:28) Fund choices can be a determinant of your 401K success(27:07) Simplification and consolidating your assets into an IRA(30:21) Listener feedback on losing a spouse(34:50) It only takes one account or property to force probateSMART SPRINT(37:20) Identify one thing that you are curious about and pull that thread

This week, we continue our journey through the eight pillars of rocking retirement, shifting our focus to the non-financial realm. We delve into the first two non-financial pillars: Energy and Mindset. These pillars are crucial for showing up fully in life and maintaining a growth-oriented perspective. We'll explore how to overcome obstacles like stress, injuries, bad habits, and the impacts of aging, and discuss actionable plans to boost your energy and cultivate a growth mindset. Additionally, we’ll answer your pressing questions about Roth IRA contributions, tax planning, Social Security spousal benefits, and CD investments. Join us as we build a holistic retirement plan that goes beyond finances to truly rock your retirement!PRACTICAL PLANNING SEGMENT[00:33] Focus on the non-financial aspects of your retirement planning[01:35] Sign up for Six Shot Saturday[03:20] The first pillar that we want to talk about is energy[04:15] Obstacles that we face in having energy in our life[06:05] Plan when it comes to energy[08:43] Pillar number two is mindset[09:53] Obstacles to maintaining and growing a growth mindset[12:45] What is your plan for a growth mindset?[14:17] Reflecting on my father-in-law’s mindsetLISTENER QUESTIONS[16:56] Roger answers your questions on how to rock retirement[17:35] Beth: audio question about Roth contributions [20:30] Jim talks about managing taxes in retirement [24:38] Our next question comes from Patrick on Social Security spousal benefits[27:12] Daniel: I was wondering what your thoughts were on CD investmentsBRING IT ON SEGMENT[31:14] Mark Ross talks about mindset[33:30] I changed my self-talk and it changed the outcome [37:18] Tools to change to an abundance mindset SMART SPRINT[38:55] When you find yourself saying “I can’t,” add the word yet. “I can’t do that YET.”RESOURCESAgile Retirement Managementhttps://www.agileretirementmanagement.com Rock Retirement Club https://www.rockretirementclub.com Six Shot Saturday https://www.sixshotsaturday.com Younger Next Year [https://www.youngernextyear.com Limitless Mind by Jo Boalerhttps://www.amazon.com/Limitless-Mind-Learn-Lead-Live/dp/0062851748 Spartan Race https://www.spartan.com

This month, we're revisiting the eight pillars of rocking retirement. Today, we focus on the second two financial pillars: having a resilient plan of record and optimizing the plan to enhance the journey. Many people are good at setting goals and determining feasibility, but often overlook the importance of resilience in their retirement plan. We delve into how to stress test your plan for various risks like bear markets, health care shocks, and premature death, and how to build redundancies to make your plan more robust. We also discuss optimizing your plan with tax strategies, investment implementation, and legacy planning.PRACTICAL PLANNING SEGMENT-[00:35] - Introduction to the eight pillars of rocking retirement- [04:55] Building a Resilient Retirement Plan- [10:30] Building a funding strategy for the first five years of retirement- [14:38] The fourth pillar: OptimizationLISTENER QUESTIONS- [18:55] Mark asks about estimating Social Security benefits- [20:32] Mary inquires about investing in Real Estate Investment Trusts versus private crowdfunding platforms- [27:20] John seeks advice on choosing a retirement planner- [31:58] Tammy's question on whether to sell a high-value home for liquidityBRING IT ON SEGMENT- [36:37] Building relationships and the importance of micro rolesSMART SPRINT SEGMENT- [42:50] Assess the resilience of your retirement planResources Mentioned In This EpisodeSix Shot Saturdayhttps://sixshotsaturday.comJeremy Siegel's "Stocks for the Long Run"https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514Roger's YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANPRACTICAL PLANNING SEGMENT- 00:28 September will focus on the eight pillars of rocking retirement- 08:00 First two pillars of rock retirement are vision and feasibility- 08:14 Vision: What do you want when you retire? - 13:28 What are some of the obstacles to creating a vision in retirement?- 17:44 The next pillar in the financial realm is having a feasible planLISTENER QUESTIONS- 24:10 Listener Scott has a tip about going from two to one- 26:13 Bill discusses piecake - 27:44 Our next question is from Steve related to asset allocation in retirement- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investmentBRING IT ON - 38:33 Kevin Lyles talks passion in work and volunteering in retirement SMART SPRINT- 45:55 Think about your life as a clean slate✍️ Episode ReferencesSix Shot Saturdayhttps://sixshotsaturday.comThe Top Five Regrets of the Dying- Bronnie Ware https://bronnieware.com/regrets-of-the-dying/The Retirement Manifesto- Fritz Gilberthttps://www.theretirementmanifesto.com/Stocks for the Long Run- Jeremy Siegelhttps://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514

If you are exploring a unique retirement, it is important to do your research. The best way to research something is to talk to someone who has walked the walk. That’s why, on this episode of Retirement Answer Man, I chat with people who are living their own unique retirements.Press play to hear these unique stories. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN TODAY’S SMART SPRINT SEGMENT [6:02] Identify what type of community has served you well in lifeSTORIES FROM AN EXPAT [8:22] Meet Doug living the expat life in Thailand[15:03] How to maintain a US address[21:35] How to handle buying land in other countries[26:41] How does estate planning work?STORIES FROM A PARENT OF A DISABLED CHILD [29:53] Navigating retirement with children with special needs[31:11] How our retirement focus is different from other retirees[38:08] How Special Sitters coordinates care in Omaha, Nebraska[44:35] How they are making sure that their children are cared for[49:49] What else you should rememberSTORIES FROM A HUB AND SPOKE TYPE OF RETIREMENT [50:35] What Rhoda and Rob are doing in retirement [54:38] How they travel in retirement[1:04:44] How they managed their financesResources Mentioned In This Episode Special Sitters Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you ever thought about retiring abroad? It seems like a fun adventure, but how do you begin? On this episode of Retirement Answer Man, expat expert, Jane Mepham from Elgon Financial Advisors, joins me to discuss the financial and nonfinancial considerations of moving abroad in retirement. Press play to learn whether retiring abroad would be right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIRING AS AN EXPAT [3:46] What is the attraction of retiring to another country?[6:18] How to explore whether retiring abroad is right for you[12:01] Should you buy or rent?[14:54] How do you navigate your finances?[22:04] What other considerations should you think about?LISTENER QUESTIONS [37:09] Is it worth selling investments and incurring significant taxes to change firms to reduce fees?[46:03] How to plan retirement without using the 4% rule [52:25] Where to put your contingency fundTODAY’S SMART SPRINT SEGMENT [58:08] Examine the advice you’re getting and your processResources Mentioned In This Episode Elgon Financial AdvisorsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

If you have a special needs child, you know that your retirement plan will need to include plans for their future. How do you create a great retirement while honoring and caring for your child with special needs who will most likely live beyond your years? That’s what we’ll be learning today. In this episode, Matt from Haystack Financial Planning joins me to explore this question. His practice specializes in serving the disabled community and he offers years of experience in this area. Press play to learn what you can do to take care of your children while making the most of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLANNING WHEN YOU HAVE A SPECIAL NEEDS CHILD [2:30] Why Matt chose this path[4:25] How to plan for your child’s needs[7:40] How to determine the costs needed[12:02] What other tools do these children have available to them?[14:38] What is an ABLE account[20:07] How to approach guardianship[22:42] Resources to helpLISTENER QUESTIONS WITH NICHOLE [24:42] How Nichole has been doing[25:25] Maggie’s backdoor Roth conversion question[29:38] On the order of withdrawals in retirement[33:33] How much will I need to self-insure for long-term care?[40:46] How to handle finances as a newly married couple[45:55] My plans with Michael EasterTODAY’S SMART SPRINT SEGMENT [47:39] Limit your exposure to mainstream media related to the electionResources Mentioned In This Episode Haystack Financial Planning ABLE 529 accountBOOK - The Special Needs Planning Guide by John NadwornyBOOK - Retire Secure for Parents of a Child with a Disability by James LangeRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and retirement planner Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement. Over the next month, we’ll be exploring different ways of retiring. If you have special retirement circumstances, you won’t want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MILITARY RETIREMENT WITH SCOTT SANDBORN [3:40] Why did Scott become a retirement planner?[5:36] What it means to retire from the military[7:15] How retiring from the military is different[13:18] Understanding the healthcare benefits[17:55] Reimagining your second actLISTENER QUESTIONS [29:40] Penny is trying to decide whether to stay or move closer to family[37:28] How to decide when and how to relocate[39:41] How to pay the tax from my Roth conversions?[41:22] Is the IRMAA surcharge calculated each year?[42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month?[45:20] Standard deviation and creating an N of 1TODAY’S SMART SPRINT SEGMENT [47:55] Remember what your intent is Resources Mentioned In This Episode Scott SanbornRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

So many retirement questions have no right answers. They’re simply judgment calls. In this episode, we’ll explore whether it makes sense to switch to a Roth 401K.Don’t listen to find out the answer. Listen to learn the process to use to come up with your own answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:03] Does it make sense to switch to a Roth 401K[13:55] An IRMAA surcharge question[18:18] Can you use the Rule of 55 for a Solo 401K?[20:36] A backdoor Roth question[26:22] A 5-year rule Roth IRA question[28:36] An organized Social Security questionWISDOM FROM THOSE ON THE JOURNEY [31:31] What I wish I had known from Elaine[33:27] What a 70-year-old has learned about retirementTODAY’S SMART SPRINT SEGMENT [36:48] Relax and don’t worry about retirementResources Mentioned In This Episode My recent Forbes articleRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

You’ve got questions and we’ve got answers. On this episode of Retirement Answer Man, Taylor Schulte from the Stay Wealthy Podcast joins me to answer your retirement questions. Grab your earbuds and join us for this episode full of your questions. Make sure to listen to the pension or lump sum question to see how Taylor and I arrived at our differing opinions on what this listener should do with his pension. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:11] Which income sources are included in the IRMAA calculation?[10:12] On the retirement podcast network[12:35] How to use home equity as a retirement resource[22:35] Which rules should be used for this inherited IRA?[23:39] Why should I do a Roth conversion if I don’t want to?[30:47] What can I do with my small annuity?[36:01] Are closed-end funds good or bad?[47:10] Pension or the lump sum?TODAY’S SMART SPRINT SEGMENT [57:18] What have you been talking about more than doing? Take action.Resources Mentioned In This Episode Define FinancialStay Wealthy Podcast with Taylor SchulteRetirement Planning Education Podcast with Andy PankoRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

If you’ve ever searched for a financial professional you may have seen an endless string of letters after their names. Trying to figure out the financial advisor alphabet soup is exhausting.One listener threw his hands up and asked me what all those letters mean. On this episode, we’ll explore the meanings behind those designations and discuss what they mean for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:47] Understanding the financial advisor alphabet soup[20:24] Which designations are more important for you[22:58] Does it make sense to pay off the mortgage[31:35] On using a recast to pay off your mortgageROCK LIFE WITH DR. BOBBY [36:08] How weight relates to health[39:40] Intermittent fasting benefits[45:41] Intermittent fasting dangers?[52:00] On understanding science news articlesTODAY’S SMART SPRINT SEGMENT [1:00:47] Go have fun!Resources Mentioned In This Episode Live Long and Well with Dr. BobbyMark’s Money Mind PodcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

The moment you’ve been waiting for is here! The Rock Retirement Club has opened its doors once again. Enrollment is open until July 18, so head on over to Rock Retirement Club to sign up today.After you do that, listen to this episode to learn how to protect yourself and your data from scammers. On this episode, Pete, a cybersecurity expert, joins me to discuss ways to secure your personal information. Listen in to hear how you can defend your data.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:51] Are SMA’s the right choice for tax strategies?[10:45] On drawing down an HSA[14:01] How to get unbiased financial information[18:38] How do you define whether someone is overfunded, constrained, or underfunded?PRACTICAL PLANNING SEGMENT [23:20] What Pete does[26:50] What you should do first[41:04] Your level two line of defense[53:05] Level 3[1:01:44] Final thoughtsTODAY’S SMART SPRINT SEGMENT [1:03:12] Take one baby step from the list to protect your dataResources Mentioned In This Episode 1PasswordLastPassAlign.FinancialRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

The best predictor of happiness and health at age 65 is how many close relationships you have at age 45. To really rock retirement you need to build quality relationships. To do that you need to learn to be a better communicator. On this episode of Retirement Answer Man, Super Communicators author, Charles Duhigg, joins me to discuss how to become a super communicator. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOW TO BE A BETTER COMMUNICATOR [5:10] Relationships are key to stave off loneliness[10:42] What super communicators do[16:47] How to communicate with anyone[21:14] Understand the type of conversion you’re in [24:55] How to take away conversational anxiety[33:00] AI communicationLISTENER QUESTIONS [36:31] How to draw money from your portfolio in a down market[47:54] When to switch to decumulation mode in your portfolioTODAY’S SMART SPRINT SEGMENT [53:47] Practice identifying the types of conversations you are havingResources Mentioned In This Episode BOOK - Super Communicators by Charles Duhigg Michael EasterPODCAST - Deep Questions with Cal NewportRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Every one of us has a different tolerance for risk. We even have different risk tolerances at different points in our lives. In this episode, we’ll learn about Mike and Judy’s comfort level with their investments. Learn how they’ll develop an investment approach that matches their risk tolerance. If you have been enjoying Mike and Judy’s journey crafting their retirement plans, you won’t want to miss their live feasibility test on July 8. Join us on the latest Retirement Plan Live by signing up at LiveWithRoger.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MIKE AND JUDY’S PAST INVESTING EXPERIENCE [2:30] Your investment strategy needs to match your comfort level[5:16] Contemplating Judy’s news[17:19] Their investment philosophy[23:51] What worries them most about retirement[27:59] How will they pay for retirement?ROCK LIFE WITH KEVIN LYLES [31:30] Learning from those who have walked this path[35:33] What you can do to improve your competence in an areaTODAY’S SMART SPRINT SEGMENT [37:04] Review the RISA pdf to learn more about your risk toleranceResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

#544 - Legal Tender: Tallying Their Resources Planning for retirement isn’t about creating a new job for yourself, it’s about using what you have to create a great life. On this episode of Retirement Answer Man, I’ll help Mike and Judy tally up and organize their resources so they can come up with a feasible plan for retirement.Press play to hear how you can follow along and create your own plan of record. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MIKE AND JUDY’S RESOURCES [3:40] Some corrections from last time[8:41] Their social capital[12:34] Their estimated human capital[18:18] Their assetsLISTENER QUESTIONS [31:33] On investing to only keep pace with inflation[38:14] Should he take his RMDs monthly or yearly[45:16] Funding later in life healthcare costsTODAY’S SMART SPRINT SEGMENT [57:02] Use the worksheet from Six Shot Saturday to organize your resourcesResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

We all have our own dreams for retirement and today, Mike and Judy share theirs. On this episode of Retirement Answer Man, you’ll hear Mike and Judy describe their ideal retirement, then in the Rock Life segment, Kevin Lyles will lay out the 4 pillars for a balanced life. As a bonus, you’ll hear Mark Ross interview me about my imperfect journey and the purchases we’ve made in Colorado. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT MIKE AND JUDY WANT IN RETIREMENT [2:42] Their values[7:27] Their base great life[15:56] Their wantsROCK LIFE WITH KEVIN LYLES [30:33] 4 pillars for a balanced retirementTODAY’S SMART SPRINT SEGMENT [41:35] Think about your ideal retirementMY COLORADO UPDATE WITH MARK ROSS [42:40] Where did the Colorado idea begin?[49:50] How did Roger get to this next step?[54:47] How they ended up with two lots in Colorado[58:14] What are the plans now[1:03:28] How he’s reflecting on what he’s learnedResources Mentioned In This Episode WDW podcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Would you like to have the confidence to know that it is all going to be okay so that you can walk away from your career? So would Judy!In this episode of Retirement Answer Man, you’ll meet Mike and Judy, an educator and an attorney. They are both facing burnout and ready to throw in the towel, but before they retire, they want to make sure they can swing it.Join us over the next 4 episodes, to learn more about Mike and Judy’s journey to retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MEET MIKE AND JUDY [3:40] Why Judy wanted to join the show[6:42] A bit about Judy and Mike[10:28] What they want to accomplish[15:52] How she is helping with her dad[18:38] Mike and Judy’s ideal retirement date[24:21]Their overall objectiveROCK LIFE [28:16] What kind of sun protection do we really need?[29:07] The types of skin cancer and what to do about it[38:06] Who is at the most risk of skin cancer[42:04] Sun protectionTODAY’S SMART SPRINT SEGMENT [47:49] Complete the values worksheet from 6-Shot SaturdayResources Mentioned In This Episode  Live Long and Well with Dr. Bobby Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you heard of IRMAA? IRMAA can be an unwelcome surprise if you aren’t expecting her. On this episode of Retirement Answer Man, you’ll hear what to expect from IRMAA and your Medicare costs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:14] Recent feedback[6:57] What IRMAA surcharges areIN THE NEWS [14:55] Structured protection ETF[25:06] What the details showLISTENER QUESTIONS [30:23] Should we keep our life insurance policy?[34:42] Will the lack of a bachelor's degree hurt a retirement planning practice?[36:02] Where to get the materials for the Certified Retirement Counselor curriculumROCK LIFE [37:51] Cultivating a growth mindset through curiosity[40:58] How to cultivate curiosityTODAY’S SMART SPRINT SEGMENT [50:55] Practice asking a dumb questionResources Mentioned In This Episode International Foundation for Retirement EducationForm SSA-44Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

What is your risk tolerance? What does risk tolerance even mean? Why does it matter? We’ll explore these questions as I answer one of our listener’s questions on getting back into the stock market with a low risk tolerance. Listen in to learn why he may not need to follow the traditional way of doing things. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:00] How much risk to take in retirementIN THE NEWS [19:10] The AT&T data breach[23:03] What I’m going to do about it[26:00] How are password managers safer options for keeping passwords?LISTENER QUESTIONS [30:53] How does moving a 529 to a Roth IRA work?[33:32] How to know if Johnny should be looking for another financial plannerTODAY’S SMART SPRINT SEGMENT [37:35] Rethink your password protectionResources Mentioned In This Episode  1PasswordRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off?In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:08] Should Scott get a mortgage to build his retirement home?LISTENER QUESTIONS [12:13] HSA fees can be more expensive than the interest[15:14] What should John think about when deciding on whether to get a mortgage?[19:12] On using reverse dollar cost averaging[22:07] Can we use Roth conversions to do RMDs?[25:29] Understanding investment advisory fees[29:28] Tom’s perspective on his retirementROCK LIFE [33:41] On cultivating a growth mindsetTODAY’S SMART SPRINT SEGMENT [35:00] Take your thought and do it in the momentResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Let’s get back to basics—addition and subtraction two ways to get to the same answer. However, we have a tendency to stick with addition. Today we’ll learn how subtraction can help you come out ahead.Why am I talking about elementary math on a retirement podcast? Listen in to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:12] Is scarcity really a negative thing?[6:04] Stop trying to aim for precision[11:17] Stop making retirement planning your new job[14:03] Stop optimizing for returns[17:42] Stop thinking you have to retire to something rather than from something[21:25] Stop thinking you can wait[24:16] Stop thinking you need to resign yourself to what isLISTENER QUESTIONS [27:10] Turn off dividend reinvestment in your decumulation phase[30:00] A rucking comment[31:03] On Social Security survivor benefits[33:26] On inherited IRAsROCK LIFE WITH DR. BOBBY DUBOIS [35:15] Movement studies[45:05] Why does movement matter?[48:51] Why the Hadza’s sedentary lifestyle is different from ours[50:55] Why vitamin D is or isn’t helpfulTODAY’S SMART SPRINT SEGMENT [1:00:34] Find an opportunity to moveResources Mentioned In This Episode YouTube video - What You Should Know if You Inherited an IRAEpisode 532 -  How To Manage Your Scarcity Brain With Michael EasterEpisode 530 -  What Is True Retirement Planning? With Christine BenzRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you ever considered moving to a retirement community? With the freedom that retirement brings, many people begin to rethink their living arrangements. On this episode, you’ll hear how Brad and his wife decided to move to a retirement community. Listen in to hear how they approached their decision, the research they put in on where to retire, and how they enjoy their new locale. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MINI CASE STUDY [2:40] How Brad discovered The Villages[10:55] What led them to explore 55+ communities[13:10] How The Villages are organized[20:35] How to explore places to move in retirementLISTENER QUESTIONS [23:50] Should we consider getting I-bonds in 2024[29:50] Clarifying new catch-up rules in 2026[32:27] Charlie’s comment on systems thinking[36:18] Where to put taxes in your planning software[38:41] A suggestion for the podcastTODAY’S SMART SPRINT SEGMENT [40:06] Think about where you are going to live in retirementResources Mentioned In This Episode YouTube video - What You Should Know if You Inherited an IRA After January 1st, 2020I BondsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Does a withdrawal strategy in retirement have to be complicated or can you simply do a reverse of dollar cost averaging?In this episode, we’ll take a look at how reverse dollar-cost averaging would work by using an example and discover who it works for. Click play to learn if this withdrawal strategy would work for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH A LISTENER QUESTION [1:44] Is it okay to do a reverse dollar-cost average for withdrawals in retirement?IN THE NEWS [14:30] The rules have changed for Inherited IRAsLISTENER QUESTIONS [18:55] What should Vicky do with the proceeds from the sale of her home?[24:09] What to do with a 10-year inherited IRA[27:55] What is the best way to fund bucket #1 to prep for retirement?[35:10] A topic suggestionTODAY’S SMART SPRINT SEGMENT [36:11] Evaluate the resilience of your planResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one. In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [1:46] How much do I really need to retire?[20:30] A comment on the FIRE movement[22:09] How to change advisors[27:28] How to get into the decumulation state of mind[32:37] Feedback on the Michael Kitces interviewBOOKS I READ IN MARCH [34:00] Books I read this past monthTODAY’S SMART SPRINT SEGMENT [36:22] Revisit your feasible plan of record to see how resilient it isResources Mentioned In This Episode BOOK - Gulag Archipelago by Aleksandr SolzhenitsynBOOK - Tai Pan James ClavellBOOK - Soul of an Octopus by Sy Montgomery The State Of Retirement Planning With Michael KitcesWhat is the FIRE Movement?NewRetirement.comRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you been wondering what retirement is like for real retirees out in the wild? With the success of our Retirement Plan Live series, we decided to try mini-case studies to learn more about what retirees like you are doing to rock retirement. In this episode, you’ll hear some feedback from Sarah who asked a question on the show about a year and a half ago. Listen in to hear how she responded to the advice I gave. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MINI CASE STUDY [2:27] Sarah’s case [8:06] What you can do for you[10:01] A plan of record is the first stepLISTENER QUESTIONS [13:00] What should Lucas take into account as he prepares to pay off his mortgage[20:00] Investing in retirement with a pension[26:08] How Joe is incorporating the Die With Zero philosophy by giftingROCK LIFE WITH DR. BOBBY DUBOIS [28:24] What is rucking?[29:27] Why try rucking?[40:49] How do you get started rucking?[48:44] How to measure the benefits of ruckingTODAY’S SMART SPRINT SEGMENT [50:00] Go try rucking by walking with something on your back Resources Mentioned In This Episode  Retirement Plan Live: Their Financial Resources - listen to Sarah’s question hereGo RuckBOOK - Die with Zero by Bill PerkinsBOOK - The Power of Moments by Chip HeathRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Michael Kitces is one of the innovators in the retirement planning and financial services space. His blog and ecosystem of resources help retirees and financial advisors gain the base knowledge needed to rock retirement.On this episode of Retirement Answer Man, Michael joins me to discuss the state of retirement planning, how it has changed, and how you can live your retirement to its fullest. Listen to this interview with one of the great minds in retirement planning. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH MICHAEL KITCES [5:20] Trends in retirement planning[22:40] How to avoid dying with too much money [36:51] How to choose a retirement planner[43:38] How does someone choose a retirement planning firmTODAY’S SMART SPRINT SEGMENT [49:04] Evaluate the quality of your process for making decisions in retirementResources Mentioned In This Episode BOOK - Die with Zero by Bill PerkinsBOOK - It’s Not Complicated by Rick NasonKitces.comRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings.Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:38] Clarification on the 5-year Roth conversion rule[4:36] Simple IRA rules[6:50] The tax impact of waiting to take Social SecurityPRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER [12:00] Why Michael pursued the concept of the comfort crisis[18:32] How discomfort becomes rewarding[20:20] How we can change our decisions in small ways[24:25] How to manage your scarcity brain in retirement[33:48] We often focus too much on the numbers[36:59] The scarcity loopTODAY’S SMART SPRINT SEGMENT [41:10] Take the stairsResources Mentioned In This Episode BOOK - The Comfort Crisis by Michael EasterBOOK - Scarcity Brain by Michael EasterStutzRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life. This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DAN CROSBY [3:38] Overcoming frugality[10:56] How to gain confidence in the midst of uncertainty[19:19] What are things you can do to overcome your frugalityLISTENER QUESTIONS [26:52] How do people in retirement spend less money than more money?[33:44] Does it make sense to use money allocated for a 401K for a second home?[37:33] A comment on this past Retirement Plan Live[39:20] How to fund my HSA in retirement [42:13] How to look for blind spots once you have your feasible plan of recordTODAY’S SMART SPRINT SEGMENT [47:16] Is there something else important that you could add to your life or retirementResources Mentioned In This Episode BOOK - The Soul of Wealth by Dan CrosbyBOOK - The Top 5 Regrets of the Dying by Bronnie WareBOOK - Die with Nothing by Bill PerkinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Retirement planning has changed over the years, but has the industry evolved to keep up? Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective. Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ [4:55] The state of retirement planning as a process[18:30] The state of investments for retirement planning[22:16] The state of long-term care[25:26] How to begin to plan for retirement decumulationLISTENER QUESTIONS [30:45] About opening a Roth for a child[32:51] How to create a 5-year income floor with financial capital[37:11] On using bonds to fund the 5-year income floor[41:44] Should you keep investment accounts under the FDIC and SIPC limits?[46:30] Should I have a Simple IRA and Solo 401K?TODAY’S SMART SPRINT SEGMENT [50:00] Understand what this year’s retirement contribution levels areResources Mentioned In This Episode BOOK - More than Enough by Mike PiperBOOK - Die with Zero by Bill PerkinsMorningstar Christine BenzThe Longview PodcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month. Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON [4:20] Defining simple, complicated, and complex[9:11] Why it is important to identify whether you’re dealing with complicated vs complex[18:10] How to approach complex problems[29:30] How AI plays into the discussion of complex vs complicated thinkingLISTENER QUESTIONS [38:50] On portfolio performance calculations[46:18] How to decide whether to stay with an advisor or move to another firm?[51:38] How to take your RMD[57:02] On the Dying with Zero book[57:31] On Don QuixoteBOOKS I READ THIS MONTH [58:56] The books I read this monthBRING IT ON WITH DR. BOBBY DUBOIS [1:04:02] Exploring uncertainty[1:09:53] Uncertainty in retirement[1:22:14] How to test anxiety treatmentsTODAY’S SMART SPRINT SEGMENT [1:25:27] Please fill out our listener surveyResources Mentioned In This Episode Align FinancialThe Fog of WarTrillion Dollar BetBOOK - Horse by Geraldine BrooksBOOK -  Lessons in Chemistry by Bonnie GarmusBOOK - Life of Pi by Yann MartelBOOK - Die with Zero by Bill PerkinsBOOK - When Genius Failed by Roger LowensteinBOOK - It’s Not Complicated by Rick NasonBOOK - The Comfort Crisis by Michael EasterBOOK - The Scarcity Brain by Michael Easter BOOK - From Strength to Strength by Arthur Brooks Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right. What can you learn from FIRE? Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore. Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests. Listen in to learn how you can create a rich life now without waiting until retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:55] When I retire I will…[5:10] Lessons to learn from FIRE movement[13:43] What financial lessons to learn from FIREd people[16:23] Planning from the inside outLISTENER QUESTIONS [22:18] What is the payoff/penalty of using my IRA to do a Roth conversion?[30:25] Moving money from an IRA to an HSA[34:07] On refilling the pie cake [38:47] Make sure you have enough taxes withheld when doing Roth conversions[41:39] Can Gail open a Roth for her granddaughter?TODAY’S SMART SPRINT SEGMENT [43:33] Write down one thing that you know well and question it with a mindset of curiosityResources Mentioned In This Episode Arthur BrooksCal NewportDesigning Your Dream Life with Arthur BrooksMark’s Money MindRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since. This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:58] The challenges of leaving traditional work early[10:55] Healthcare is one of the challenges[17:28] The non-financial challenges of FIRELISTENER QUESTIONS WITH ANDY PANKO [27:44] Which Social Security benefit should we take?[31:28] Relating to working with a bad financial advisor[36:47] What to do with an overfunded whole life insurance policy[43:07] How are IRMAA surcharges calculated?TODAY’S SMART SPRINT SEGMENT [47:55] When you’re in a disagreement with someone, step out and reset yourself to gain perspectiveResources Mentioned In This Episode Retirement Planning Education podcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Now that we know what FIRE is, let’s learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE. Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don’t miss out on this informative episode! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:41] Life as a journey[3:00] Benefits of retiring earlyBRING IT ON WITH MARK ROSS [19:09] Why is creativity important?LISTENER QUESTIONS WITH TAYLOR SCHULTE [25:52] About the Retirement Podcast Network[28:43] How to choose between investing in a Roth 401K and a traditional investment account[33:55] Timing a reallocation of assets[39:45] A good, detailed, free retirement calculator[44:55] Why Rosie didn’t hire another financial plannerTODAY’S SMART SPRINT SEGMENT [50:28] Define whether your decisions are hats, haircuts, or tattoosResources Mentioned In This Episode New Retirement CalculatorThe Retirement Podcast NetworkStay Wealthy PodcastDefine FinancialBOOK - Coaching Beyond Words by Anna SheatherBOOK - How to Think Like Leonardo DaVinci by Michael GelbBOOK - Atomic Habits by James ClearPODCAST - Choose FIPODCAST - Catching Up to FIBOOK - The 100-Year Life by Andrew Scott and Lynda GrattonBOOK - The Second Mountain by David Brooks Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you heard of the FIRE movement? It’s become increasingly popular in the past few years. Even if you are technically too old to retire early, there is something we can all learn from FIRE seekers. In this episode, Kevin Sebesta, a real live FIREer joins me to discuss what FIRE is, how he achieved it, and what people who retire early do with their time. Make sure to stick around for the Bring It On segment with Dr. Bobby Dubois to learn whether supplements are worth the time and money we spend on them. Dr. Bobby helps us develop a framework for deciding whether supplements are right for us. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT I READ IN JANUARY [2:02] Books I read last monthPRACTICAL PLANNING SEGMENT [5:55] Meet Kevin[9:56] Defining FIRE[15:24] Who enjoys FIRE [21:23] Why FIRE has caught onBRING IT ON WITH DR. BOBBY DUBOIS [26:12] Why are supplements important?[30:54] How should we go about exploring supplements?[39:44] What do the studies show?[44:18] What about multivitamin supplements?[48:20] What supplements does Dr. Bobby support?[52:10] The takeawaysTODAY’S SMART SPRINT SEGMENT [53:58] Read a book!Resources Mentioned In This Episode BOOK - Scarcity Brain by Michael EasterBOOK - Moby Dick by Herman MelvilleBOOK - The Eye of the World by Robert JordanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

How do you manage a joint cash flow with separate assets? In addition to discussing Mark and Mary’s situation, today I chat with Kay about how she and her husband handled finances with their late in life marriage.Kay gives us some insight on how to manage finances in a financially unbalanced relationship. You’ll appreciate her perspective on how to manage the household cash flow when you haven’t always been married.Make sure to stick around to hear an update from Sam, our single Retirement Plan Live case study from 2018. She’ll let us know how she’s been doing, what has surprised her about retirement, and whether her retirement plan has changed. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [6:40] A comment about this RPL[8:12] How to discuss uncomfortable topics with your partner[13:56] Some examples of how separate assets can work[19:03] Chatting with Kay about her relationship and prenup[25:14] How they managed cash flow after they married[31:40] How they navigated the financial challenges in their marriageCATCHING UP WITH SAM FROM THE 2018 RETIREMENT PLAN LIVE [34:18] What Sam has been up to since we last chatted[38:01] How she has dealt with the ups and downs of the markets[42:26] Does her retirement plan look the same?[44:41] What has surprised her about retirementTODAY’S SMART SPRINT SEGMENT [50:24] Think about how you will manage your cash flow in retirementResources Mentioned In This Episode 2018 Retirement Plan Live with Sam  219,  220,  221,  222,  223Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

We’re back with Retirement Plan Live to explore how two adults who married later in life can share their resources as they age.Last week we looked at their goals both individually and together and today we’ll do the same with their resources. Listen in to hear the different ways that older adults who come together later in life can pool their resources so they can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [2:55] Let’s look at their resources[8:56] How can they use these resources together and separately[14:22] What to expect next weekBRING IT ON WITH MARK ROSS [15:30] How to have a positive attitude while you age[18:02] Developing a purposeful path to aging[20:03] 3 things to considerTODAY’S SMART SPRINT SEGMENT [22:06] Organize and refresh your financial resourcesResources Mentioned In This Episode BOOK - Who Do You Want to Be When You Grow Old? by Richard Leider and David ShapiroBOOK - The Comfort Crisis by Michael EasterRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Do you like lemonade? If so, you won’t want to miss out on the lemonade I make on today’s episode. We’re discussing goals on this episode of the Retirement Plan Live series and we get to catch up with Lori from the 2017 Retirement Plan Live. Find out what she is up to and how to work through shared and separate goals in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE  [3:42] Mark and Mary’s differences developed into a big conversation[9:00] Mark’s values[10:12] Mary’s values[14:01] Inferring their goals[16:03] When they will retireCATCHING UP WITH LORI FROM THE 2017 RETIREMENT PLAN LIVE [22:48] What Lori and Bruce are up to today[27:18] Has their retirement plan changed?[33:01] Their plans for the future[35:15] Her advice for new retireesTODAY’S SMART SPRINT SEGMENT [38:12] Revisit your goals for retirementResources Mentioned In This Episode RetireAgile.comLiveWithRoger.com2017 Retirement Plan Live with Lori and Bruce  193, 194,  195, 196Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

If you’re married, do you have retirement planning meetings? If you’re single do you plan a time to meet with yourself to plan your retirement? What or whom do you use as a sounding board?In this Retirement Plan Live, we’re getting to know Mark and Mary–two lovely people who have found each other later in life. This mature newlywed couple is trying to iron out the details of their finances. Sit back and enjoy this episode where we meet Mary and learn about her story and the financial challenges she and Mark are facing in their new marriage. As you listen to Mark and Mary’s story maybe you can use it to frame your own retirement planning conversation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A BIT OF HOUSEKEEPING [1:50] What is the retirement podcast network?[3:43] Books I read in December[7:00] A correction on a recent question[7:45] Some listener wisdom on what Rojo should do to retire at 60[13:43] Sign up for the results webinar!MEET MARY [14:38] What motivated her to volunteer for RPL?[19:03] Advice for anyone navigating the online dating world[20:15] How they ended up together[23:31] Mary’s aspirations for their relationshipBRING IT ON WITH KEVIN LYLES [37:10] The phenomenon of unretirement[43:44] What to do if you are considering unretirement[45:49] A Social Security tip if you do unretireTODAY’S SMART SPRINT SEGMENT [46:28] Have your retirement planning meeting for the yearResources Mentioned In This Episode BOOK - One Flew Over the Cuckoo’s Nest by Ken KeseyBOOK - Name of the Wind by Patrick RothfussBOOK - The Wise Man’s Fear by Patrick RothfussRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Today you’ll meet Mark–half of our newest case study for Retirement Plan Live. Mark and Mary are a year and a half into their new marriage and are trying to figure out how to plan the rest of their lives. On this episode, you’ll learn about Mark and his aspirations and concerns for their life together. In the next episode, you’ll meet Mary, in week three we’ll discuss their goals, the following week we’ll look at their resources, and finally, we’ll see how they manage their cash flow and learn who pays for what. Make sure that you’re signed up for the live webinar on February 1 at 7 pm CST. In this webinar, you’ll get to see how everything panned out for Mark and Mary. To sign up, head on over to LiveWithRoger.com and mark it on your calendar. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MEETING MARK [3:30] What motivated Mark to volunteer for this case study[9:15] Mark loves spreadsheets[15:26] How they merged their livesBRING IT ON WITH DR. BOBBY DUBOIS [22:54] Should you do a broad spectrum of tests?[24:10] Why you should or shouldn’t do these tests[38:10] Why I did some screenings[46:51] How to do screenings productivelyTODAY’S SMART SPRINT SEGMENT [50:24] Organize the tests you’ve had from your doctorResources Mentioned In This Episode Function HealthBOOK - Outlive by Peter AttiaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So they are wondering if they should pay off their mortgage early by withdrawing from their IRA. What would you do?Listen in to hear my response in addition to several other listener questions. We’ll also catch up with Rosie from the last Retirement Plan Live. Press play to learn if she implemented any of the things we discussed and how her retirement has been over the past year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:30] Should we pay off our mortgage with our IRA?[11:27] An inherited IRA question[17:55] The order of withdrawals in retirement[25:24] The benefits of a continuing care retirement communityCATCHING UP WITH ROSIE FROM THE 2023 RETIREMENT PLAN LIVE [27:34] How Rosie’s confidence level is now[29:00] How she implemented some financial changes this year[43:28] Her intentions for her new plannerTODAY’S SMART SPRINT SEGMENT [51:27] Refresh your vision, your feasible plan of record, and your resilient plan of recordResources Mentioned In This Episode Retirement Plan Live with Rosie -  468,  469,  470,  471Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

It seems like no matter how much we save we always have that nagging worry about whether it is truly enough. One of our listeners is looking for ways to reduce the chances of running out of money in retirement. My response to his question may surprise you. Listen in to hear what I have to say about improving his retirement trajectory. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:21] What can I do to ensure not run out of money in retirement[8:43] A rental property question[11:52] On Roths being separated in Fidelity[13:30] Can you roll over an old 401K into your current planCATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE [17:05] Joelle has formed a social network in her new town[19:23] How her finances have fared over the past 2 years[24:44] How a 5-year cash cushion has given her peace of mind[30:56] How Joelle has learned to let go of having one right way to do thingsTODAY’S SMART SPRINT SEGMENT [32:38] Enjoy your familyResources Mentioned In This Episode Retirement Plan Live with Joelle - Relocation For Retirement  416,  417,  418,  419Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you ever wondered how the subjects from our Retirement Plan Live series are doing now? Did everything turn out okay for them? Find out how Emma (from 2019 RPL) is doing on this episode of Retirement Answer Man.In the listener questions segment you’ll learn about the Rule of 55, donor-advised funds, and contributing to a teen’s Roth IRA. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:01] Can you directly contribute from an IRA or 401K to a donor-advised fund?[9:37] A rule of 55 clarification[11:41] Can I roll over the portion I don’t want under the rule of 55 provision?[15:19] Contributing to a teen’s Roth IRA[17:09] How to navigate financial planning for a special needs adult childCATCHING UP WITH EMMA FROM THE 2019 RETIREMENT PLAN LIVE [18:33] Having a great retirement after widowhood takes work[24:44] On finding her tribe[31:27] What’s next for Emma[32:48] Advice for othersTODAY’S SMART SPRINT SEGMENT [36:10] Embrace the boringResources Mentioned In This Episode Retirement Plan Live with Emma episodes  289,  290,  291,  292Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

The way does not exist–there is no one correct way to do things. We are all finding our own ways in life and retirement. Working with an agile structure will help give you the scaffolding to create a retirement plan in an organized way.On this episode, you’ll hear how drafting your agile retirement plan can help you discover your unique way to rock retirement. Continue listening to discover the books I read in November, the answers to several listener questions, and the way to create an exercise plan to boost your energy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ IN NOVEMBER [2:40] The books I read in NovemberLISTENER QUESTIONS [9:37] Books I have recommended in the past[12:25] A refilling tax buckets comment[16:50] Can you make a full HSA contribution for 2024?[19:35] A question on car loans[25:06] How do you know if your retirement plan is resilient[28:52] A book recommendationBRING IT ON WITH DR. BOBBY DUBOIS [30:39] How to show up with energy with exercise[35:43] How to set up an exercise program[39:13] Where to start[42:14] Convert your stationary life to a life of movement[50:16] How to fuel yourself for a workout[53:18] How to build a sustainable exercise programTODAY’S SMART SPRINT SEGMENT [57:00] Assess your process and strategy for retirementResources Mentioned In This Episode Episode 434 - Functional Health To Rock Retirement - Creating The Right Exercise PlanDoRetirementRight.comEpisodes with lists of books I’ve recommended - 138, 206, 287, 464The Retirement Answer Man GoodReads Book ClubBOOK - Die with Zero by Bill PerkinsBOOK - Be Useful by Arnold SchwarzeneggerBOOK - Total Recall by Arnold SchwarzeneggerBOOK - Only the Dead by Jack CarrBOOK - I’m Proud of You by Tim MadiganBOOK - The Road to Character by David BrooksRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you been wondering what you’re supposed to do when it comes to refilling your retirement income buckets? So has Michael. In this episode, I’ll go into further detail about how to do that.Stay tuned for the answer to Michael’s question and many others as well as a chat with Kevin Lyles on how to ease into retirement in the Bring It On segment. Press play to get started. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:38] How to reinvest retirement income floor[15:21] Contribute to grandchild’s Roth accounts to teach compounding[16:58] How is a non-deductible IRA contribution withdrawal handled?[19:51] The pros and cons of Everplans[24:26] On organizing booksBRING IT ON [25:45] How to ease into retirementTODAY’S SMART SPRINT SEGMENT [33:45] Check your liquidityResources Mentioned In This Episode BOOK - The Road to Character by David BrooksBOOK - The Second Mountain by David Brooks Everplans.comEpisode 473 -  How Is Deferred Compensation Taxed When I Receive It?Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

What would you do if your retirement planner said no when you asked them for a report? I’ll address this question and many more on this episode of the Retirement Answer Man Show.We’ll also discuss the two things you need to find happiness. Are you curious as to what they are? Listen in to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:13] Adding to my partial answer to a question in  episode 512[5:33] What to do when my advisor told me no to a report[11:05] On switching plans in Medicare’s open enrollment[14:41] What training someone should pursue to improve their financial education[18:10] The issues that come with trying to die with zero[21:03] Rules when you return to work[23:22] On securing long-term care insurance[25:51] Are the rules different for 457B accounts?BRING IT ON [29:57] Building protocols to improve your agencyTODAY’S SMART SPRINT SEGMENT [34:00] Write 5 things you are grateful for and 5 things you can do to build agencyResources Mentioned In This Episode Huberman Lab PodcastLTCI PartnersEpisode #281 - Is An Annuity Right For Retirement? The Role An Annuity Can Play In Your PortfolioBOOK - Die with Zero by Bill PerkinsEpisode #345 - How Does Medicare Work? Making Your Medicare Decision with Danielle RobertsBoomer BenefitsEpisode 512 - How Should I Pay Taxes On My Roth Conversions?Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

If you have different retirement accounts at various brokerage firms, you may wonder whether you should consolidate them. One listener asked me that very question today. I’ll answer it along with several others–don’t miss the one about my finance book recommendations. Are you curious about how you can improve your relationship in retirement? Then, make sure to listen to Mark Ross’s suggestions in the Bring It On segment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:51] Should Greg and his wife consolidate their accounts?[11:39] Using the Obsidian note-taking app[13:42] Larry’s question on RMDs and down markets[16:34] My recommendation on reading material for Sandy on money management[19:41] What is a LIRP?BRING IT ON WITH MARK ROSS [22:12] The relationship pillar requires communication[25:16] Have a retirement plan of recordTODAY’S SMART SPRINT SEGMENT [30:07] Review these end-of-year housekeeping tipsResources Mentioned In This Episode BOOK - The Behavioral Investor by Daniel CrosbyBOOK - 48 Days to the Work You Love by Dan MillerBOOK - Don’t Retire, Rewire by Jeri SedlarBOOK - Younger Next Year by Chris CrowleyBOOK - Stacked by Joe Saul-SehyBOOK - A Simple Plan to Wealth by J.L. CollinsBOOK - Winning the Loser’s Game by Charles EllisBOOk - The Retirement Income Guidebook by Wade Pfau The Retirement Answer Man GoodReads groupNotionObsidian note-taking appRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

“You do not rise to the level of your goals; you fall to the level of your systems.” James ClearI’ve been focusing on building up my systems lately and today I’ll provide you with an example of what that looks like for me. In addition, in this episode, you’ll hear several questions on how to optimize your tax burden. Then in the Bring It On segment, Kevin Lyles joins me to discuss the role of leisure in retirement.Join me today to take a baby step to improve your life in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:19] Building systems LISTENER QUESTIONS [6:31] How to pay taxes for Roth Conversions[14:44] On new rules for catch-up contributions[17:07] Can Larry contribute to his wife’s HSA?[19:26] The details on the taxes on selling a houseBRING IT ON [22:46] The role of leisure in retirement[25:06] The 6 categories of leisureTODAY’S SMART SPRINT SEGMENT [31:16] Look at your after-tax accounts and tally your realized capital gainsResources Mentioned In This Episode BOOK - Atomic Habits by James ClearSign up for the 6-Shot Saturday newsletter!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Bonds are a ubiquitous part of a balanced portfolio and in recent years bond funds have become even more attractive to many investors. However, due to rising interest rates, bond funds are now losing their appeal. One listener asks whether she should call it quits on her investment in bond funds. In this episode of Retirement Answer Man, Nichole and I will explore this and other questions from listeners like you. Stick around to hear my conversation with Dr. Bobby Dubois about energy and our relationship with caffeine. Find out once and for all whether caffeine is as bad for you as they say. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT I READ IN OCTOBER [1:30] Books I read in OctoberLISTENER QUESTIONS [5:01] Will it be a long way to get back to even on bond funds?[10:03] About the recommended withdrawal rate in retirement[12:12] How to figure out the net worth of a pension[14:41] A question about transferring IRA funds to HSA[16:23] Feedback on wisdom for our children[17:14] How far back should a newer listener go in the podcasts?[21:09] A comment on my YouTube video with Joe Saul-SehyBRING IT ON WITH DR. BOBBY DUBOIS [22:20] 85% of people have caffeinated beverages each day[28:22] How much caffeine should you have each day[30:12] What happens to your brain on caffeine[39:37] What to do with this informationTODAY’S SMART SPRINT SEGMENT [44:18] Join the Retirement Answer Man Goodreads group!Resources Mentioned In This Episode Join the Retirement Answer Man group on GoodreadsBOOK - The Count of Monte Cristo by Alexandre DumasBOOK - The Armor of Light by Ken FollettBOOK - Stillness is the Key by Ryan HolidayRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We often try to overcomplicate finances, but simplicity is the key. That’s not to say simplistic: simple doesn’t equal simplistic.On this episode, we wrap up our Wisdom for Our Children series by exploring your advice for spending, saving, and investing. We have tons of valuable guidance for the young people in our lives. Be sure to listen to hear all the suggestions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WISDOM FOR OUR CHILDREN [3:38] Learn to invest in yourself[9:02] How to create wealth[12:52] Some audio adviceAN INTERVIEW WITH MARK TRAUTMAN [21:24] Understanding compound interest[31:10] The best place for a young person to save[40:29] How to invest your long-term investmentsTODAY’S SMART SPRINT SEGMENT [48:44] Get a book for a young person in your lifeResources Mentioned In This Episode BOOK - The Daily Stoic by Ryan HolidayBOOK - Areté by Brian JohnsonBOOK - The Simple Path to Wealth by JL CollinsBOOK - Stacked by Joel Saul SehyBOOK - Profit First by Mike MichalowiczBOOK - The Scarcity Brain by Michael EasterRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Your family and friends are the people you walk life with, so it is important to choose wisely. In this episode of our Wisdom for Our Children series, Nichole joins me to reflect on what the younger generation should keep in mind when forming these valuable relationships.Press play to hear what it takes to build meaningful relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:17] What you do speaks so loudly I cannot hear what you have to say[8:15] How to love someone[16:55] Have high standards [18:52] Create boundaries with family [20:30] Comments from listenersTODAY’S SMART SPRINT SEGMENT [26:58] Check in on someoneResources Mentioned In This Episode BOOK - The 5 Love Languages by Gary ChapmanBOOK Series - The Crucial series by Kerry Patterson and Joseph GrennyBOOK - Boundaries by Henry CloudBOOK - Necessary Endings by Dr. Henry CloudBOOK - Love Does by Bob GoffBOOK - The Power of Moments by Chip and Dan HeathBOOK - The 4 Agreements by Miguel RuizBOOK - The Courage to Be Disliked by Ichiro KishimiBOOK - QBQ by John MillerBOOK - 4000 Weeks by Oliver BurkemanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month, as we meander through the different parts of life we are stopping to reflect on certain areas to pass on wisdom to our children. In this episode of the Retirement Answer Man Nichole Mills joins me to discuss career and retirement. Do you have a young person in your life who you would like to pass on some juicy nuggets of wisdom? If so, make sure you are signed up for the 6-Shot Saturday newsletter. At the end of this series, we’ll be sending out a carefully cultivated PDF full of sagacity that you can pass on. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:27] Can you transfer appreciated assets in kind to a charitable giving trust? [9:45] How CDs work and when to use them[13:43] How to manage finances when marrying late in life[18:23] When are HSAs not worth the triple tax advantage?WISDOM FOR OUR CHILDREN WITH NICHOLE MILLS [27:19] Think in 5-year increments[29:26] Build career capital[32:00] Cultivate an authentic network[35:27] Wisdom on retirement[39:43] Play by your own rules[40:21] Advice from our listenersTODAY’S SMART SPRINT SEGMENT [48:10] Cultivate your artistic natureResources Mentioned In This Episode BOOK - Designing Your Life by Bill Burnett and Dave EvansBOOK - Linchpin by Seth Godin Cal NewportRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

It is commonly said that youth is wasted on the young. Do you ever wish you could share the wisdom and perspective you have gained with someone young enough to benefit from it?As we approach our sunset years, many of us have a spiritual desire to give back to the next generation. There is an abundance of wisdom within this community which is why over the course of the next several episodes we will collect that wisdom to pass on to our children. Each episode will be designed around a separate area of life. This week we’ll focus on energy and mindset because without energy nothing else can fall into place. Come back next week to hear about career and retirement. Make sure to share this one with your favorite young people. There is a wealth of resources mentioned in this episode, so make sure to scroll down to the bottom of this page for all the links. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ LAST MONTH [2:30] The two books I read in SeptemberWHAT WE WISH OUR YOUNGER SELVES WOULD HAVE KNOWN [9:20] What we wish we would have known[14:43] Resources surrounding energy and mindset[16:23] Who Brian is[20:29] What does arete mean?[24:49] What Brian was like at 23[27:44] Advice Brian has for his younger self[41:54] How to gamify self-improvementLISTENER QUESTIONS [53:54] Clarifying my answer to a previous question on HSAs[55:47] Elaborating on not retiring[58:49] Susan’s comment on my interview with the Friends Talk Money podcast[1:01:18] How to look for a retirement plannerTODAY’S SMART SPRINT SEGMENT [1:08:48] What is one thing in each of the energy and mindset domains that you could stop doing to build a better life?Resources Mentioned In This Episode Join me October 26 or 28 to discuss The 4 Financial Pillars of a Great Retirement PlanGarrett Planning NetworkNAPFAFriends Talk Money podcastEpisode 499 - Should I Do A Roth Conversion?BOOK - Deep Work by Cal NewportBOOK - Tiny Habits by BJ FoggBOOK - The Power of Agency by Paul NapperBOOK - The Tools by Phil Stutz and Barry MichelsHeroic AppBOOK - Bright Line Eating by Susan Pierce ThompsonBOOK - The Comfort Crisis by Michael EasterBOOK - Why We Sleep by Matthew WalkerBOOK - Outlive by Peter AttiaBOOK - 4000 Weeks by Oliver BurkemanBOOK - Undaunted Courage by Stephen AmbroseRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

What is the difference between a passion and an interest? Why is it important to have a passion in retirement? In the Bring It On segment with Mark Ross, we’re discussing passions. You’ve probably heard that it is important to have a purpose in retirement, but today you’ll learn how to develop your interests and turn them into passions.You’ll also hear questions about when to stop contributing to pre-tax retirement accounts, what preferred stocks are, and whether QLACS can be used as QCDs. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:30] Future pre-tax contributions[13:48] What is the objective of having preferred stocks in a portfolio[17:03] Can a QLACS distribution be treated as a qualified charitable distribution?[18:54] Where should these 34-year-olds save?BRING IT ON WITH MARK ROSS [21:28] Are passions the same as interests?TODAY’S SMART SPRINT SEGMENT [27:00] Update your net worth statementResources Mentioned In This Episode LiveWithRoger.comBOOK - 4000 Weeks by Oliver BurkemanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Is there an ideal mix of before and after-tax retirement accounts? If so, what is it? In this episode, we’ll find out. We’ll also explore a number of other questions that have been eating away at listeners like you. Check out this episode to listen to these listener questions and stick around until the end to hear Kevin Lyle’s relief at no longer having to keep up with the Joneses. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:05] What is the ideal mix between before and after-tax retirement accounts?[6:46] What to do about a fee-heavy investment account[11:00] Finding a financial planner[12:09] The impact on energy levels[13:58] Saving for kids’ education[18:17] How to open a Roth with a high-incomeBRING IT ON [21:05] Keeping up with the JonesesTODAY’S SMART SPRINT SEGMENT [26:08] Check the way you compare yourself to othersResources Mentioned In This Episode Andy Panko’s advisor referral listGarrett Planning NetworkNAPFA BOOK - Outlive by Peter AttiaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

What are you doing to make friends in retirement? Mark Ross and I explore this challenge in our Bring It On segment. Listen in to hear how I made a new friend this week and stick around to hear the listener questions and what you could be doing to improve your social life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:36] What should Ronnie consider when transferring investment accounts?[14:30] Clarifying the 401K catch-up provision for high-income earners[20:12] Clarifying the 5-year rule with each conversion[22:44] Capital gains strategies for downsizing your primary residence[26:35] Will claiming a personal SS benefit early affect a spousal benefit?BRING IT ON WITH MARK ROSS [30:40] How do we make new friends in retirement?TODAY’S SMART SPRINT SEGMENT [37:57] Take stock of your social network to see how you could improveResources Mentioned In This Episode The Roth series 494, 495, 496, 497, 499BOOK - A Simple Path to Wealth by J.L. CollinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Did you know that there is another way to borrow money to purchase a home that is not a mortgage? Larry is thinking about using a securities-based line of credit against his after-tax investment account to borrow to buy a house. Discover my opinion on this optimization question on this episode of Retirement Answer Man.Listen in to also hear my August reads and learn about the importance of protein to keep strong as you age. Press play now. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ IN AUGUST [2:58] The Wager[6:02] American Prometheus[7:12] Outlive[9:09] The Courage to Be Disliked[10:06] The Big ShortLISTENER QUESTIONS [11:14] Should Larry use an after-tax investment account to borrow to buy a house?[21:33] Jennifer wants to hear more about pretirement[26:25] How to get the Roth clock ticking when you don’t qualify for a Roth[28:18] On discussing faith in the RRC[29:20] The costs of alcohol[30:12] Richard’s thank you on 500 episodes[31:34] Do the same (golden) rules apply to Roth 401Ks as Roth IRAsBRING IT ON WITH DR. BOBBY DUBOIS [35:30] Building energy using protein powder[41:00] How much protein people really need[44:02] Negatives of too much protein[48:12] Do people get enough protein?[50:06] More on protein supplements[57:55] How to ensure you are getting enough proteinTODAY’S SMART SPRINT SEGMENT [59:01] Keep a captain’s logResources Mentioned In This Episode BOOK - American Prometheus by Kai BirdBOOK - Outlive by Peter AttiaBOOK - The Wager by David GrannBOOK - The Courage to be Disliked by Ichiro KishimiBOOK - The Big Short by Michael LewisEpisode 502 - Should I Realign My 401K Now That I'm Retired? (with Kevin Lyles)Episode 500 - 500 Episodes and Still RockingA few episodes in which we discuss retirement -  183, 214, 244, 324, 430 Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

To really rock retirement you have to have the right mindset. On this episode of Retirement Answer Man, Kevin Lyles and I noodle on the power of wonder. You’ll learn why it is important to have a sense of wonder and learn three tips for digging into your own sense of wonder. We also have plenty of listener questions to answer. Press play to hear the answers to questions from listeners like you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BRING IT ON WITH KEVIN LYLES [3:44] The power of wonder[7:22] Kevin’s tips for experiencing wonderLISTENER QUESTIONS [12:47] Should Liz reallocate her 401K?[23:28] Should Barry be concerned about his asset allocation?[34:45] A rule of 55 issue[36:30] Getting conflicting answers from the Social Security Administration[40:29] On dealing with FOMO and building healthy cash reserves[43:59] How to get into retirement planning as a careerTODAY’S SMART SPRINT SEGMENT [48:40] Find some wonder in the worldResources Mentioned In This Episode RMA CertificationMaximizeMySocialSecurity.comEpisode 493 - How Can I Reverse Taking Social Security?The Huberman Lab PodcastBOOK - The Power of Wonder by Monica ParkerGet inspired by the Free Range Fun Hogs blog Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Should you use historical or projected returns in your retirement model? One of our listeners asks this question in a very eloquent way. On this episode of Retirement Answer Man, I’ll spend some time on this question and share my thoughts on which type of model you should use. You’ll also hear the answers to several other listener questions before Kevin Lyles and I discuss tips for having successful conversations with your spouse in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [1:30] Should we use historical or projected returns?[20:11] What is the intent?[23:00] What I sound like at 75% speed[24:05] How to rank spending priorities[28:24] Insurance options before Medicare[32:14] On estimating longevity in a retirement planBRING IT ON WITH KEVIN LYLES [35:48] Conversations to have with your spouse in retirement[38:11] Tips for successful conversations[40:42] Questions to ask each otherTODAY’S SMART SPRINT SEGMENT [50:32] Review your capital market assumptionsResources Mentioned In This Episode Viking CruisesRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK -  Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Thank you for hanging in with me for 500 episodes! Today’s episode will veer a bit from the norm as I pause to reflect on our journey and commemorate it with this milestone episode. Listen in to hear my reflections and thoughts from listeners about observations and the meaning of these past 500 episodes. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:33] What I’m proud of from this podcast[6:21] Observations on what it takes to rock retirementLISTENER COMMENTS ON 500 EPISODES [13:24] Jeanie has gained confidence in her retirement[16:11] Eric appreciates the word iterate[17:28] Mary Ellen appreciated the shows on the RV lifestyle[19:38] One listener appreciated the Wings for Widows link[20:53] The pretirement has helped expand John’s vision of retirement[23:48] Elaine appreciates one of my comments[24:11] Kevin’s thoughtsBRING IT ON WITH MARK ROSS [25:06] How to navigate retirement without passionsTODAY’S SMART SPRINT SEGMENT [30:00] Find something to celebrate todayResources Mentioned In This Episode Wings for WidowsEpisode 479 - Widowed In Retirement: Creating A New YouEpisode 442 - Can I Count On Average Returns And Inflation For Retirement? (the interview with Amy Bloom)The RV Series Episode 263, Episode 264, Episode 265, Episode 266 BOOK - Tiny Habits by BJ FoggBOOK - The Daily Stoic by Ryan HolidayRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Do you think the Roth conversion question is an essential part of retirement planning? If you do, you haven’t been paying attention to my podcasts!In this episode of the Retirement Answer Man show, we’ll work through how you can build a framework for deciding whether you should do Roth conversions. If you listened to the Roth conversion series you can’t miss this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:30] Books I read last month[5:12] Framework for building a Roth conversion[15:42] Considerations for making a Roth conversions[22:07] How to decideLISTENER QUESTIONS [27:21] Jeffrey appreciated the how of Roth conversions[28:05] A comment on the pro rata rule[29:15] On funding the years between retirement and pension[35:06] On HSA funding strategies in the final year of workBRING IT ON [38:41] On shifting your mindset[42:00] What thread are you carrying on?TODAY’S SMART SPRINT SEGMENT [42:35] Schedule a time to go through an OODA loop to decide on your Roth opportunityResources Mentioned In This Episode BOOK - Seveneves by Neal StephensonBOOK - Cryptonomicon by Neal Stephenson BOOK - Reamde by Neal StephensonBOOK - All Quiet on the Western Front by Eric Maria RemarqueBOOK - Dead Fall by Brad ThorEpisode 495 - The Rules for Roth ContributionsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Are you much of a drinker? Studies show that 60% of Americans are, and an even greater percentage of college-educated Americans are. In this episode, Dr. Bobby Dubois and I reflect on the effects of alcohol on retirement. We’ll get into everything: the good, the bad, and the ugly.Don’t worry, we’re still exploring Roths this week by answering your questions. All of our listener questions are related to Roths. If you have a question about our recent Roth series or anything retirement-related leave a voice recording or an email here. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:51] On contributing to a Roth via 401K[5:02] Getting pushback from advisors on converting a 401K to Roth[14:10] How does the 5-year rule apply to a new Roth account[17:28] On implementing a resilient plan[22:30] Clarification on the pro rata ruleBRING IT ON WITH DR. BOBBY DUBOIS [24:17] Who drinks alcohol and how much[32:41] The good and bad of drinking alcohol [38:56] The ugly of drinking alcohol[45:21] How does alcohol affect you?TODAY’S SMART SPRINT SEGMENT [48:52] Experiment with your relationship with alcoholResources Mentioned In This Episode Podcast - Huberman LabBOOK - Outlive by Peter AttiaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

After listening to the past two episodes you now know how to make Roth contributions and conversions, that was the easy part. Today we discuss the more complicated Roth rules for making withdrawals. To avoid unnecessary penalties and taxes you’ll want to make sure that you clearly understand the regulations surrounding Roth withdrawals. Listen to ensure that you don’t get caught unaware and needlessly get stuck paying avoidable taxes and fees. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:32] Building a target to work for to build healthy habits[6:20] The golden rule of Roth withdrawals[8:58] The order of withdrawals[11:08] How the five-year rule works with contributions[16:41] How the five-year rule works with conversions[19:33] How the five-year rule works with a Roth 401KLISTENER QUESTIONS [27:11] On taking money from a 401K and moving it to a Roth IRA so that someone can manage it[31:34] How to decide whether to convert funds into a Roth IRA[35:03] Estimating Social Security income using the detailed calculator[36:01] Clarifying the five-year rule start date[38:40] Deciding whether to claim Social Security earlyBRING IT ON  [43:14] Intentions vs actionsTODAY’S SMART SPRINT SEGMENT [46:42] Catch yourself setting intentionsResources Mentioned In This Episode Dexa ScanBOOK - Outlive by Peter AttiaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Many of us have missed the boat on Roth contributions, but we have another tool to get into Roths: Roth conversions. If you have been curious about all the hype about Roths you won’t want to miss this series. This month we dive deeper into Roths. In episode 494 we discussed what Roths are, last week we dove into contributions, and this week we demystify conversions. Listen in to learn how you can use Roth conversions to upgrade your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:44] I try to keep the main thing the main thing[3:49] Many of us have missed the boat on Roth contributions[7:11] How to perform a Roth conversion[8:45] How do you pay the tax on a Roth conversion?[14:05] The pros of paying from after-tax assets[16:22] The downsides of paying with after-tax assetsLISTENER QUESTIONS [19:05] A rule of 55 clarification[22:20] What happens if my income is too high to contribute to a Roth[23:52] How to create a 5-year cash bucket in down markets[30:13] On creating a bond portfolio ladderBRING IT ON [38:12] On relationship buildingTODAY’S SMART SPRINT SEGMENT [43:09] Get out of your normal routine and meet new peopleResources Mentioned In This Episode Episode 494 - Roth OpportunityRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

So many economic predictions for the year have proved incorrect. Since even the brightest economists don’t have a crystal ball, planning your retirement based on economic, market, or investment predictions can lead you astray. Instead of basing your retirement plan on wishful thinking, learn how to create a strategic retirement plan based on agency.Today, and during this entire Roth IRA series, we’ll see how you can use Roths to enhance your retirement plan. Listen to this episode to hear whether you should be making Roth contributions to help fund your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:48] How to make Roth IRA contributions[8:04] How backdoor Roth contributions work[13:47] The difference in the Roth 401KLISTENER QUESTIONS [19:45] Envisioning family legacy options[28:08] Spousal Social Security benefits[31:26] Optimizing taxes and estate planningBRING IT ON WITH KEVIN LYLES [39:20] On designing a phased retirement[45:02] Make sure your phased retirement isn’t an excuse to not retireTODAY’S SMART SPRINT SEGMENT [47:30] Examine whether you should be making Roth contributionsResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you’ve been wondering how Roth IRAs work in retirement you’ve come to the right place. All this month we’ll be exploring Roth IRAs–how they work, the 5-year rule, and the differences between Roth conversions and contributions and Roth IRAs and Roth 401Ks. My goal with this series is to level the playing field so that you can understand the opportunities that Roths provide. On this episode, you’ll learn how you can use a Roth to enhance your retirement. If you are ready to start optimizing your retirement press play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ LAST MONTH [2:10] What I’ve been reading and how I readPRACTICAL PLANNING SEGMENT [12:35] Roth accounts in retirement[16:16] What Roths are[20:56] Roth planning opportunitiesLISTENER QUESTIONS [32:45] A tip for using the detailed calculator on SSA.gov[33:52] How to search for a financial advisor[37:17] On consolidating your IRAs[42:26] Can Kelly roll over her 401K to a Roth IRA or is there a better option?BRING IT ON WITH DR. BOBBY DUBOIS [50:12] How to implement the tools Dr. Dubois gives us[52:32] Assessing your energy levels[59:22] How to start improving your energy[1:04:39] How to improve the mind-body connection[1:12:46] How to experiment on yourselfTODAY’S SMART SPRINT SEGMENT [1:14:10] Update your net worth statement and your cash flow statement so you can plan the rest of the yearResources Mentioned In This Episode Episode 487 - The 8 Pillars Of Rocking Retirement: Financial - Resilience And OptimizationThe Detailed calculator on SSA.gov not My SSA.govCatching Up to FI PodcastBOOK - Call Sign Chaos by Jim MattisBOOK - Fooled by Randomness by Nassim Nicholas TalebBOOK - The Alter Ego Effect by Todd HermanObsidian note taking appRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

There are so many questions that come with retirement which is why I focus on answering questions from listeners like you. As you listen to these questions and their answers consider how they fit into your ultimate objective. Listen in to learn why intent matters.In this episode, we’ll explore how to frame retirement questions around your intent, answer listener questions, and in the Bring It On segment you’ll hear a tip about how to rebalance your emotions during stressful conversations. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:12] How to use your 5-year cushion[11:32] Does having a civil judgment against me apply to my accounts in other states?[15:55] Bret wants to know more about how to maximize his accumulation stage[19:35] How to reverse a decision to claim Social Security [22:05] Examples of simplifying a portfolio by using ETFs or other all-in-one funds[26:38] How to diversify an overfunded portfolio[32:59] Should I stop the automatic reinvestment of dividends?BRING IT ON [36:00] A tip to rebalance your emotions in stressful situationsTODAY’S SMART SPRINT SEGMENT [37:50] Reexamine your intent when making decisionsResources Mentioned In This Episode Brian CainBOOK - Call Sign Chaos by Jim MattisJeremy SiegelBOOK - Stocks for the Long Run by Jeremy SiegelRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This podcast was created for you–not me. I’m here to help you think differently about retirement and find a concept or tool that will help you take action to rock retirement. I do this by answering your questions and bringing you content that will open your mind and spur you to get started. If you have a question you would like me to answer, head on over to RogerWhitney.com/AskRoger to leave an audio or written question.Investing in retirement shouldn’t be that complex. The simpler you can keep it the less confusion you’ll have. One listener wonders how she can keep her investments simple in retirement. Find out how to take the complexity out of investing in retirement by listening to this episode. Afterward, you can take action by considering how to simplify your own investments and make them retirement ready. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:20] What other listeners sayLISTENER QUESTIONS [5:42] What is the difference between a financial advisor and a wealth planner?[12:48] The KISS concept for investing[19:35] On using direct debt lending organizations[25:00] The difference between bank CDs and brokered CDs[30:18] How to make your retirement plan resilientBRING IT ON [39:21] On starting your own business in retirement[45:55] Steps to take to get startedTODAY’S SMART SPRINT SEGMENT [47:37] Take action on somethingResources Mentioned In This Episode FINRA.orgRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

The oldest person is 120 years old, but they probably didn’t have a plan to live that long. Many people don’t have a plan for the decades between 60 and 120. Do you?In this episode of the Retirement Answer Man show, you’ll hear from the CEO of a venture capital firm that funds companies that help people age well, you’ll also hear the answers to several listener questions–including one correction from an incorrect answer last week, and lastly, you’ll hear about developing a learning mindset from Mark Ross in the Bring It On segment. Can you guess which question I answered incorrectly last week? Listen in to find out and to hear it answered correctly. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN AN INTERVIEW WITH ABBY MILLER LEVY [2:30] What it was like to start a firm in the midst of the pandemic[6:35] Examples of their investments[13:24] How to plan for decades 6-12[21:52] Integrating AI in a human wayLISTENER QUESTIONS [25:36] I missed last week’s question - so here’s take two[32:47] How Mike is finding purpose in retirement[33:56] On self-funding long-term care by earmarking accountsBRING IT ON WITH MARK ROSS [40:06] On adopting a learning mindset in retirement[41:18] What you can do today to develop a learning mindsetTODAY’S SMART SPRINT SEGMENT [49:15] Stress test your plan against a long-term care eventResources Mentioned In This Episode BOOK - This Chair Rocks by Ashton ApplewhitePrimetime PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“If you are looking for someone to believe in, believe in yourself. The only authentic authority is your own original nature.” Vernon HowardAre you ready to start believing in yourself enough to rock retirement? If you have been following this show, hopefully, you are doing the work so that you can build the confidence to lean in and really rock retirement. On this episode, we have a guest that may help guide and empower you to do the work that you need to do to rock retirement. You’ll also hear about what I've been reading, Answers to listener questions, and how to use your toolkit to fit disease from Bobby Dubois in our Bring It On segment. Press play to feel empowered OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT I’M READING [1:38] What I’ve been reading latelyPRACTICAL PLANNING SEGMENT WITH VERONICA McCAIN [9:12] Who is Veronica McCain?[15:07] What people are lacking in retirement[21:44] Why she wrote a workbookLISTENER QUESTIONS [25:07] How does the 5-year rule work for Roth conversions?[29:43] Michael’s book suggestion[31:40] Focusing on the no-go years[36:27] A story on your legacyBRING IT ON WITH DR. BOBBY DUBOIS [39:25] Our tool kit can help fight heart disease[43:10] Understanding the risk factors of heart disease[57:33] How sleep affects heart disease[59:40] Mind-body work can also improve your risksTODAY’S SMART SPRINT SEGMENT [1:05:57] Pull one thing a day to declutterResources Mentioned In This Episode SavvyRetirementCoach.comBOOK - My Retirement My Way by Veronica McCainBOOK - Total Recall by Arnold SchwarzeneggerBOOK - Limitless Mind by Jo BoalerBOOK - The Alter Ego Effect by Todd HermanBOOK - The 12 Week Year by Brian MoranBOOK - You Learn by Living by Eleanor RooseveltBOOK - Metabolical by Robert LustigRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

It’s time to wrap up the eight retirement pillars with the final two non-financial pillars: passion and relationships. In this episode, you’ll learn why happy people always have projects and what you can do to get started building your own passion projects. You’ll also learn why it is so important to develop intentional relationships. Discover these final two non-financial pillars for a rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:15] Projects with purpose[5:43] Obstacles to creating passion projects[8:50] How to build a plan to develop your own passion[10:32] Relationships are an integral part of rocking retirementLISTENER QUESTIONS [17:50] A spousal IRA question[19:17] Rolling over a 401K to an IRA[28:44] A note on my wording[29:28] Feedback from people on going two to oneTODAY’S SMART SPRINT SEGMENT [36:27] Go out and take action on something that interests youResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rocking retirement requires focusing on both the financial and non-financial aspects of retirement. In  the previous two episodes we explored the four financial areas that help build a rocking retirement, and today, we begin to examine the non-financial areas starting with energy and mindset. After listening you’ll understand why rocking the non-financial part of retirement starts with building your energy. Learn how to improve your energy and mindset by listening to this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Energy is the first pillar4:17] Create a plan to improve your energy[7:10] Develop a growth mindset[12:46] An example LISTENER QUESTIONS [15:38] Do you have to be actively earning income to contribute to a Roth?[18:53] How doing their own taxes saved them thousands of dollars (and not only in tax preparer fees)[22:55] Will my spouse receive the COLA as well?[25:28] Are CDs a good way to invest?BRING IT ON WITH MARK ROSS [29:51] Foster an abundance mindset[35:34] Tools to use to practice an abundance mindsetTODAY’S SMART SPRINT SEGMENT [37:24] Be aware of the stories that you tell yourself and how they affect your mindsetResources Mentioned In This Episode BOOK - Limitless Mind by Jo BoalerRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rocking retirement requires getting your financial and nonfinancial ducks in a row. As we work through the 8 pillars of rocking retirement this month, we’ll explore both the financial and non-financial elements of retirement. This week, we’re reviewing the resilience and optimization stages of the financial side of retirement. If you didn’t listen to the previous episode, make sure to go back and do so first to about the first two financial pillars. In this episode, we’ll be reviewing the next two: resilience and optimization. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:40] What is the debt ceiling?[5:43] What will happen with the debt ceiling?PRACTICAL PLANNING SEGMENT [7:55] Make your feasible plan resilient[14:10] Build a funding strategy[18:07] Now it’s time for optimizationLISTENER QUESTIONS [22:45] Estimating Social Security using the detailed calculator[25:02] The pros and cons of investing in REITs and private funds[31:45] Choosing a retirement planner vs. a CFP[36:16] Should Tammy sell one of her rental propertiesBRING IT ON  [41:28] What micro roles can you play in various relationships?TODAY’S SMART SPRINT SEGMENT [47:20] Assess the resilience of your retirement planResources Mentioned In This Episode SSA.gov detailed calculatorEpisode 486 - The 8 Pillars Of Rocking Retirement: Financial - Vision And FeasibilityRetirement Plan Live episodes with Rosie - 468, 469, 470, 471Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you don't know where you are going any path will get you there. This is why it is so important to have a vision of where you want to go–you don’t want to end up anywhere!This series is dedicated to teaching you the 8 pillars to rock retirement. In this episode, we focus on creating a vision so that you can create a feasible pathway to get you to your vision. Listen in so that you aren’t wandering aimlessly through your retirement. Press play to learn how to visualize your goal and create a way to get there. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:52] What do you want?[6:32] What are your objectives?[8:14] What are the obstacles?[12:39] How to make your plan feasibleLISTENER QUESTIONS [18:54] A tip about going from two to one[20:57] A pie-cake baking tip[22:22] How to consider long-term investing when you get older[29:01] Would a stable value fund be a healthy or junk investment?BRING IT ON WITH KEVIN LYLES [34:17] How volunteering can improve your retirementTODAY’S SMART SPRINT SEGMENT [40:38] Think about your life as if it were a clean slateResources Mentioned In This Episode LiveWithRoger.comBOOK - The Top Five Regrets of the Dying by Bronnie WareFences for FidoRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month we’re heading back to basics. All month long we’ll be building your foundational understanding of how to create a rocking retirement. If you’re new to the show, this is a fantastic starting point. If you are a long-time listener you’ll appreciate this review.In this episode, you’ll learn how to solve the essential problems of retirement planning: how to live a life without regret and how to balance squeezing as much out of life as possible today while ensuring that you have enough financial stability so that you won’t be a burden to others in your later years. Listen in to learn how to build a retirement that you can be excited about. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ LAST MONTH [1:30] My monthly reading listPRACTICAL PLANNING SEGMENT [8:22] My experience in retirement planning[9:38] The retirement challenges you’re facing[15:35] Problems with traditional retirement planning[19:18] 3 things you need to have hope[21:10] Why I use an agile project management approachLISTENER QUESTIONS [27:33]Could joining the RRC help Matt help his mother-in-law?[30:05] On sharing the results of the survey[31:40] A book recommendation[33:33] How to transition to the decumulation stageBRING IT ON WITH DR. BOBBY DUBOIS [40:33] How exposure to heat and cold can benefit you[42:02] The history of using heat and cold to relax and heal[44:20] Defining heat and cold exposure[47:08] The evidence that supports exposure[53:09] The downsides[55:13] The benefitsTODAY’S SMART SPRINT SEGMENT [1:03:50] What is your planning process?Resources Mentioned In This Episode LiveWithRoger.com - Join me on May 11 or May 13, 2023, to learn the 4 phases of great retirement planning and to hear more about the Rock Retirement Club!BOOK - Unreasonable Hospitality by Will GuidaraBOOK - The Creative Act - Rick RubinBOOK - The Tiger by John VaillantBOOK - What Are People For? By Wendell BerryBOOK - Atomic Habits by James ClearBOOK - Tiny Habits by BJ FoggBOOK - Why Zebras Don’t Get Ulcers by Robert SapolskyEpisode 481 - I’m in My Fifties and Got Laid Off. What Should I Do?Morning Star’s The Long View Podcast - Retirement Planning Is Not Financial PlanningRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

How will Social Security benefits fit into your retirement equation? If you have a spouse, there is an added level of complexity when considering your Social Security claiming strategy. We explore this topic and more through listener questions on today’s episode of Retirement Answer Man. Learn what to consider and how to approach the Social Security question by pressing play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:49] Kathy shares Soaring Spirits International – a widows' group[4:33] Claiming Social Security strategies[9:55] Non-qualified stock options[18:39] Simplifying your investments going into retirementBRING IT ON [32:19] Having passions or projects to drive you[35:09] Plan your days in retirementTODAY’S SMART SPRINT SEGMENT [36:47] Declutter one thingResources Mentioned In This Episode Soaring Spirits InternationalSSA.govRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are thinking about retiring in the next few years you’re probably wondering what the best tools are to help you plan. Finding the right retirement planning software can not only help you plan retirement but help put your mind at ease so that you can Rock Retirement!One listener asks my opinion on the best retirement software to use. If you are curious about my answer you’ll press play. In this episode, you’ll also hear about the books I read in March, an interview with Steven Chen from the New Retirement Calculator, and learn the benefits of creating horizontal relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK REVIEWS [1:30] Books I read in MarchLISTENER QUESTIONS [5:30] Which retirement software should I use?[11:49] On using dividend investing to fund retirement[20:19] On using indexed annuities with downside protection[24:04] A recommendation for my wife, Shawna[24:55] Looking for a financial planner that is a retirement consultant STEVEN CHEN INTERVIEW ON THE NEW RETIREMENT CALCULATOR [26:45] What New Retirement Calculator users think about[33:06] Planning for the future[38:36] What’s new with the New Retirement CalculatorBRING IT ON [41:55] The benefits of creating horizontal relationshipsTODAY’S SMART SPRINT SEGMENT [47:10] Revisit your allocation planResources Mentioned In This Episode NAPFAGarrett Planning NetworkNew Retirement CalculatorMoney Guide Pro EliteFinancewareBOOK - The Courage to Be Disliked by Ichiro KishimiBOOK - Make Your Bed by William McCravenBOOK - Sea Stories by William McCravenBOOK - Build by Tony FadellBOOK - Top Five Regrets of the Dying by Bonnie WareMorningstar’s The Long View Podcast - Retirement Planning Is Not Financial PlanningLiveWithRoger.com - Register for the webinar on May 11, 2023 to discover the 4 Phases of a Great Retirement PlanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We continue our focus on you this month as we dive deeper into listener questions. Today we have a range of questions from various aspects of the retirement process.If you have a question you want to be answered, head on over to RogerWhitney.com/AskRoger. You can type in a question or leave an audio recording–those are my favorites!Listen in to learn how to work through the decumulation phase of retirement by developing a withdrawal plan that fits your needs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:32] What are the advantages or disadvantages to using bond funds to create an income floor?[9:21] How do I report a QCD on my income tax return?[14:50] Can you contribute to a Roth IRA with only a 1099 income?[16:00] On doing a series on grey divorce in the future[17:14] Where to pull money from first in the decumulation phase[23:04] Where to put your passwordsBRING IT ON [28:20] Are we ever enough?TODAY’S SMART SPRINT SEGMENT [31:01] Confirm that your spouse knows your passwordsResources Mentioned In This Episode Everplans1PassRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

All month long, I’ll be answering fantastic questions from listeners like you. Today, we’ll explore the steps you should take if you’re in your 50s and get laid off. Have you ever thought about what you would do in this situation? Listen in to find out. In the Bring It On segment, Dr. Bobby Dubois helps us understand the effects of stress and what we can do to combat stress so that we can live longer, healthier lives. You won’t want to miss his four exercises for working through everyday stressors. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:38] Who is listeningLISTENER QUESTIONS [6:38] In my fifties and laid off. What should I do?[17:08] Is there a widows group within the Rock Retirement Club?[18:11] What can retirees do to protect themselves from the effects of the government reaching the debt ceiling?BRING IT ON WITH DR. BOBBY DUBOIS [25:05] Another skill to keep you healthy [27:45] Defining mind-body activities[29:22] Defining stress[34:22] Stress affects many areas of our lives[38:35] What you can do to combat stress in your life[44:20] How to try stress relieving exercises to see if they work for youTODAY’S SMART SPRINT SEGMENT [46:40] Assess your situation and do some basic triageResources Mentioned In This Episode Wings for WidowsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Reimagining life after widowhood can be challenging. In the beginning, it may seem like something that is impossible to imagine. Even if life seems insurmountable at the beginning, it is crucial to remember that someday you will be able to enjoy life again. Just not yet. Yet is an important word. Yet helps you understand that things will not always be as they are now. Today you’ll learn how to change your mindset from I can’t do this to I can’t do this yet. On this episode of Retirement Answer Man, you’ll hear wisdom from those who have traveled this same journey. They open up and share their financial and nonfinancial experiences. You’ll hear what has helped and what hasn’t, their challenges and triumphs, and how they have learned to power through and begin to create new dreams.Listen in to hear these brave widows share their stories so you can understand that a new life after widowhood isn’t impossible. The power of yet can change your mindset and help you rebuild your dreams. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WIDOWS LIVING A GREAT LIFE [3:20] Emma has had difficulty navigating the nonfinancial side of widowhood[9:30] It has taken time to reimagine her goals[11:20] Insights from the financial side[17:03] Mary needed time to grieve[23:00] How Mary managed the project[25:12] The nonfinancial side of widowhood[28:20] The financial side of widowhood[35:15] A new widow’s perspectiveTODAY’S SMART SPRINT SEGMENT [42:40] Think about how you can use the word yet to envision what is yet to comeResources Mentioned In This Episode BOOK - Getting Grit by Caroline MillerEverplansRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Nobody wants to face life as a widow or widower. However, it is an unfortunate reality that many must face. Successfully navigating widowhood could be easier if you could prepare yourself in advance. In this Widowed in Retirement series, we aim to do just that. Today you’ll learn how you can start life again on your own. Mark Trautman joins me again to discuss his experience moving forward after the death of your spouse. He touches on prioritizing actions to take, setting up a summarized retirement plan, and rebuilding your life as a single person. While we didn’t have time for Listener Questions today, we have a bonus interview with Chris Bentley from Wings for Widows as well as a chat with Lori Mage in our Bring It On segment.Listen in to learn what you can do to rebuild your life and begin again. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT A CHAT WITH MARK TRAUTMAN [5:16] Our time is finite - make use of it[7:42] Could people have reacted better?[10:55] What were short-term actions[18:02] A retirement plan summary document[20:39] Going forwardA CHAT WITH CHRIS BENTLEY FROM WINGS FOR WIDOWS [23:04] How he decided to create Wings for Widows[31:52] Working with the financially illiterate [38:02] How to plan for widowhoodBRING IT ON WITH LORI MAGE [41:02] On relationships[43:33] What Lori did to build a relationship with herselfTODAY’S SMART SPRINT SEGMENT [50:30] When you mess up say it was a mis-takeResources Mentioned In This Episode Lori MageHeroic AppWings for WidowsFoundation for Financial PlanningBOOK - The Leadership Challenge by James KouzesBOOK - After the Death of Your Spouse by Mike PiperBOOK - Option B by Sheryl SandbergRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse. There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:26] A common myth of widowhood[5:11] What changes occur when you go from two to one[9:27] Expenses don’t change[16:44] Creating a new financial plan[20:20] Tax planning[25:25] Social Security benefitsLISTENER QUESTIONS [36:55] A 59 ½ IRA withdrawal rule question[38:52] How to calculate the 5-year rule for a Roth IRA[40:27] How to handle the cash bucket in a down market [45:03] Healthcare before MedicareBRING IT ON WITH MARK ROSS [49:11] What is passion?[51:23] How to explore your passions[55:15] Building boundaries around your passions so they don’t become workTODAY’S SMART SPRINT SEGMENT [58:45] Put dabble on your calendarResources Mentioned In This Episode BOOK - After the Death of Your Spouse by Mike PiperBOOK - Taking Stock by Jordan GrumetBOOK - AARP Checklist for My Family by Sally Balche HurmeBOOK - So Good They Can’t Ignore You by Cal NewportBOOK - How to Think Like Leonardo Da Vinci by Michael GelbEverplansEpisode 477 - Navigating Life ChangesRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Even though it is difficult to think about it, at some point, those of us who are married will have to think about one of you transitioning from two to one. This week we’re exploring the nonfinancial impacts of this transition with someone who has walked this journey. Rock Retirement Club member, Mark Trautman shares his personal journey through his life-changing experience. Mark shares the challenges and the tools that have helped him get through this heartbreaking part of his life so that he can move forward and rock retirement on his own. After the main segment, you’ll hear our listener questions and then we’ll Bring It On with Dr. Bobby Dubois. Dr. Bobby will help us understand why sleep is so important and what we can do to improve the quality of our sleep. Don’t miss out on this important episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:27] The more open you are the more you can deal[7:58] What you lose when you lose a spouse[11:38] Redefining goals after widowhood[16:23] Dealing with grief[21:33] Building community LISTENER QUESTIONS [31:20] My response to a scathing review on Retirement Plan Live[34:54] Another Retirement Plan Live review[37:28] How to replenish funds [44:48] A question about Rosie’s HELOC loan[46:31] Insight on huzzah!BRING IT ON WITH DR. BOBBY DUBOIS [48:41] Why is sleep so important[51:52] How to improve sleep[58:33] How to get to sleep[1:04:30] Dealing with chronic pain and sleepTODAY’S SMART SPRINT SEGMENT [1:14:59] Use Bobby’s tips to experiment with your sleepResources Mentioned In This Episode Examine.comBOOK - Why We Sleep by Matthew Walker Leeds sleep evaluation questionnaireBOOK - Taking Stock by Jordan GrumetRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you have been listening to this show for a while, chances are you already know how to rock your retirement. However, this can all change with the loss of a spouse. All of your best-laid plans change in an instant. That’s why this month we are focusing on going from two to one. Learn how to navigate your mindset–transition from this sucks, to how I will work through this, to having a great life. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:47] Announcements[6:44] Books I read in FebruaryLISTENER QUESTIONS [11:46] Roth conversions and taxes[17:31] Roth conversions or capital gains?[23:10] How to create a paycheck between ages 62-72BRING IT ON WITH KEVIN LYLES [29:12] Finding meaning and purpose in retirement [38:52] Create a mission statementTODAY’S SMART SPRINT SEGMENT [41:05] Think about your mindsetResources Mentioned In This Episode Episode 310 - The Pie CakeAndy PankoBOOK - Traction by Gino WickmanBOOK - Be 2.0 by Jim CollinsBOOK - Rethinking Positive Thinking by Gabrielle OettingenTV SERIES - SAS Rogue Heroes on MGM streamingTV SERIES - Shrinking on Apple TVRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Life is what happens to us when we are busy making other plans. This is especially true during transitions. As I transition to adding a new segment to this show, it’s gotten a bit messy. It’s been a bumpy road and not everything has gone according to plan.Listen in to hear how this applies to retirement planning. While you’re at it you’ll hear how to decide whether to rebalance a portfolio and how to nurture relationships. Press play so that you can start rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [0:39] Life is happening nowLISTENER QUESTIONS [5:35] Should I rebalance now?[11:52] Selling rental properties[16:13] Do I take the pension or the lump sum?BRING IT ON WITH NICK KENNEDY [21:28] The 4 quadrants of relational nutrients[29:29] Take action and be presentTODAY’S SMART SPRINT SEGMENT [31:50] Get the relational nutrient card and practice itResources Mentioned In This Episode Pension or Lump Sum on YouTubeBOOK - People Fuel by John TownsendRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Do you ever feel like a curmudgeon when you hear about new technology? Listen in to find out what has me putting on my sourpuss hat this week.We have a variety of interesting listener questions this week. Listen in to learn about purchasing brokerage CDs and CDs on the secondary market, how to decide whether to take the pension or the lump sum, and how to determine whether to become a 1099 contractor rather than a W2 employee.In the Bring It On segment you’ll hear about what work looks like in retirement from Mark Ross. Spoiler alert: you can work in retirement! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:06] Brokerage CDs and CDs on the secondary market[9:34] How to decide to take the pension or the lump sum[14:38] What does huzzah mean?[15:18] How to determine whether to become a 1099 contractor rather than a W2 employeeBRING IT ON WITH MARK ROSS [22:31] What work looks like in retirement[24:45] How to determine whether you should work in retirement[28:49] 3 categories of work[31:00] What you can do to help you determine your work in retirementTODAY’S SMART SPRINT SEGMENT [31:53] Download the Relational Nutrient CardResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Recently, we had the finale of the Retirement Plan Live series, so I want to share my observations on what we can all learn from Rosie’s experience. There was a lot to unpack from Rosie’s plan. Before we get to the Listener Questions segment, I’ll share my thoughts with you. Make sure to stick around after the listener questions to hear the Bring It On segment with Dr. Bobby Dubois. You’ll hear about building energy in retirement through your emotional, cognitive, and social well-being. Learn how to use these powerful ways to live longer and stay healthier in retirement. My observations on the latest Retirement Plan LIve with Rosie Rosie recently shared her retirement plan with all of us in our Retirement Plan Live series. This is a very public way to plan for retirement, so she was brave to put herself out there to share her situation openly. Unfortunately, Rosie’s current trajectory is not feasible and she and her husband are on track to run out of money within ten years. Coming to this understanding while live in front of 1000+ people is incredibly difficult, but now she can correct course to get back on track. This wasn’t only a learning experience for Rosie, it was for me as well. Here are a few of my takeaways from this experience. A plan must be feasible and resilient Rosie retired in mid-2021 in the middle of a bull market when interest rates were zero. She was working with a financial planner, so there were projections that showed her plan was feasible. However, there was nothing done to make that plan resilient in the face of challenging circumstances. Her withdrawal rate did not match up with the assets they have and nothing was done to compensate when the sequence of return risk reared its ugly head. Without resiliency designed into the plan, it fell apart quickly. They are now in a position where they have to make some tough decisions.A feasible plan is like a lit candle. It can burn; however, a gentle breeze will blow it out. Having a resilient plan is like having a fire. When a wind comes by it won’t go out–it may even gain more strength with the added fuel. An accumulation investment strategy doesn’t work in retirement Going into retirement Rosie and Dwayne were invested in 75% equities. Since they were already constrained as they approached retirement, they needed to be a bit more conservative. Their monthly systematic withdrawals came directly from selling those equities and they had no decumulation strategy. The result is that they are now underfunded. There is a difference between a financial advisor and a retirement planner Even though Rosie and Dwayne were using a certified financial planner, they still got blown off course. A financial advisor is similar to a general practitioner in medicine. They are not retirement specialists, so they may not understand how to build resiliency into a retirement plan. A retirement planner goes deeper on how to create a decumulation plan that has resiliency built in. They also understand that selling equities to meet withdrawals doesn’t work in a constrained retirement situation. Communication is crucial It was clear that there were communication issues between Rosie and her advisor. She assumed there was safe money set aside somewhere while there wasn’t. This incongruence between what she thought and what her advisor understood has also contributed to their current situation. While Rosie had conversations with her advisor, they were surface-level, and she didn’t pose follow-up questions to help improve her understanding of the situation. She didn’t understand the decumulation plan to create her retirement paycheck. This vital detail was missing. One year into retirement and her retirement plan fell apart. They didn’t analyze the opportunities to increase their social capital  Both Rosie and Dwayne took Social Security early so that they could try and preserve their assets as long as possible. This was always what they had planned, so they never considered anything else. Had they carefully considered a different strategy for filing for Social Security, it may have made a difference in their trajectory. Have you listened to the latest Retirement Plan Live series? Did you attend the results webinar? If you missed it check out the replay. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:05] My observations from the Retirement Plan Live webinarLISTENER QUESTIONS [11:40] Is deferred compensation considered earned income during the distribution period?[14:17] When can someone collect Social Security survivor benefits?[17:13] On setting aside a 5-year fund as the basis to building the pie cake[25:51] On spending psychology during the go-go yearsBRING IT ON  [30:43] On building energy in retirement through emotional, cognitive, and social well being[32:15] Your sleep, social, mind-body connection, and exposure to extreme climate can greatly affect your well-being in retirement[35:55] Why is sleep so important?[39:10] How social interaction affects your health[42:02] What do we mean by mind-body connection?[43:03] How does exposure help improve energy?TODAY’S SMART SPRINT SEGMENT [47:33] Choose one thing to start doing to improve your energyResources Mentioned In This Episode The Retirement Plan Live replayRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

I’m excited about our newest segment, Bring It On with Kevin Lyles. The Bring It On segment will discuss mindset and other non-financial aspects of retirement. In addition to our newest segment, today you’ll hear about the books I read in January and listener questions. Learn how to calculate a decreased benefit when retiring early, which accounts to draw from to minimize taxes, how to manage 401Ks through a company transition, and what to consider when choosing a financial advisor. Join me for this episode of Retirement Answer Man to explore the latest issues in retirement and beyond so that you can get ready to rock retirement. The latest books I’ve been reading In January I had the opportunity to finish reading four books. Most are nonfiction, but I threw a fiction book in for good measure.How to Think Like a Roman Emperor by Donald Robertson - This book is on stoicism and discusses the qualms we have when contemplating our own death and aging. The fear of death and aging can make us fearful, so by bringing that touchy subject out of the shadows, we can embrace the inevitable and live more fully in the moment.Never Finished by David Goggins - Since this book was written by a Navy SEAL, it has some salty language. However, David is a living example of what you people can endure and do. We have capabilities far beyond what we can imagine.The Boys from Biloxi by John Grisham - John Grisham writes formulaic legal thrillers, but his formula works. I enjoyed the history and background that he included of Biloxi, Mississippi.The Comfort Crisis by Michael Easter - This is another book about getting outside your comfort zone. Michael Easter completed a monthlong hunt in the Arctic–far outside of his comfort zone. This book was my favorite this month–it will challenge your thinking. Michael explores the idea of stretching yourself by doing something you think may not be possible. If you have any book recommendations for me reply to the 6-Shot Saturday newsletter. Why mindset is so important Mindset is the attitude that you bring to your life and retirement. It drives how you respond to the challenges you face when you’re transitioning and living your life. The mindset you bring to those challenges will make all the difference in the world.There is now more data regarding mindset with the science of positive psychology. Science shows that mindset matters and affects not only how you feel but outcomes. People who seek out the bad see more bad things, those who look for the good in the world see things in a more positive light. What to expect from the Bring It On segment In our newest nonfinancial segment, we’ll discuss several nonfinancial issues related to retirement: dealing with boredom, losing status, mindset, attitude, aging, identity, gratitude and so much more. Think about your own attitude about retirement and aging. What are the top five words that come to your mind? Discuss your thoughts with your loved ones. Could your thoughts be improved? Do you need to change your mindset? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:06] The books I’ve been readingLISTENER QUESTIONS [7:42] Addressing feedback on the show[9:32] Feedback from the past Retirement Plan Live[10:36] How to calculate a decreased benefit when retiring early[15:04] Which accounts to draw from to minimize taxes[20:42] How to manage 401Ks through a company transition[22:03] What to think about when choosing a financial advisorBRING IT ON WITH KEVIN LYLES [27:15] Why mindset is so important[32:04] How important a social network isTODAY’S SMART SPRINT SEGMENT [35:50] Write down what comes to mind when you think of aging and deathResources Mentioned In This Episode BOOK - Flourish by Martin SeligmanBOOK - How to Think Like a Roman Emperor by Donald RobertsonBOOK - Never Finished by David GogginsBOOK - The Boys from Biloxi by John GrishamBOOK - The Comfort Crisis by Michael EasterGoRuck.comSocial Security Detailed CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Retirement can be tricky. There are so many unknowns, so preparing yourself mentally can be a challenge. Mental toughness is the ability to remain positive and proactive in the most adverse situations. Our Retirement Plan Live volunteer, Rosie, is having to rely on mental toughness to stay on target through an extra challenging early retirement.Join Rosie and me today as we discuss the impact that the bear market had on her finances at the start of her retirement. Rosie is trying to get her retirement back on track Rosie and her husband Dwayne didn’t retire in the best circumstances. Inflation and market fluctuations haven’t been on their side. This sequence of returns at the beginning of their retirement is not faring well for their portfolio. Now they are trying to assess whether they are on a feasible path or whether they’ll need to make some adjustments. Simply by walking through this process they are already being proactive. They are assessing the damage and seeing how they can shape a plan for the future to get back on track. It’s challenging to enjoy the go-go years without a safety net While Rosie is more risk-averse, her husband Dwayne enjoys researching and investing in individual stocks. He uses about 10% of their total savings to play around in the market investing in his favorite publicly traded companies. Rosie estimates that about 75% of their total portfolio is in stocks and this makes her feel a bit anxious especially since their portfolio is down about 20% from last year. She would like to be enjoying her go-go years, however, without a healthy cash reserve in place, or a long-term care plan, she doesn’t have the security in place to let loose and rock retirement.Without a cash bucket set up, their $8,500 per month is coming from a systematic selling of their investments, but she’s not sure where they should go from here. Don’t miss the culmination of the past four episodes If your retirement isn’t going to plan, it is important to acknowledge where you are now so that you can mitigate the damages and reset your course. You can’t simply ignore the situation and wait for someone to tell you that everything is going to be okay. You’ll need to understand the nuances of your financial situation to determine the best way forward. Join us on February 2 at 7 pm CST for the grand finale of this year’s Retirement Plan Live. I’ll walk Rosie through her retirement plan and we’ll determine whether or not it is feasible. Then we’ll look for risks and opportunities. As a participant, you’ll have the opportunity to ask questions and see how the process plays out. After the live meetup, consider joining the Rock Retirement Club. The Club was created to give new retirees a solid framework and trusted tools to use to build a feasible, resilient retirement plan that will give members the confidence to rock retirement. In addition, RRC members have created an amazing, inviting community filled with people on the same journey. Learn more by joining the live meetup. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:47] Rosie’s questions[7:12] Understanding Rosie’s annuity[16:52] Understanding the software we use[18:32] Understanding the sequence of returns risk[27:07] Rosie’s experience with advisorsLISTENER QUESTIONS [36:36] Do you calculate using tax-deferred dollars to create a paycheck in retirement?[44:32] Using a draw-down strategy for a 401K[47:57] How to get a better interest rate from cashTODAY’S SMART SPRINT SEGMENT [50:40] Reassess your trajectory to achieving your goalsResources Mentioned In This Episode Join the live meetup on February 2 at LiveWithRoger.comMoney Guide Pro Elite retirement toolNew Retirement CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Take a breath, check yourself, and then observe where things are at. That’s what Rosie and I are doing on this episode of Retirement Plan Live.After the last episode in which Rosie planned out all her hopes and dreams for retirement, today we’re taking a look at her financial picture. We’ll walk through the sources of her social, human, and financial capital to see where she and her husband stand financially. Listen in and create your own plan as we go. Make sure to sign up for 6-Shot Saturday to ensure that you get all the worksheets to work through your own retirement plan with me and Rosie. Sign up for the grand finale on Feb 2, 2023 Have you signed up for the live webinar on February 2? This will be the grand finale to this year’s Retirement Plan Live. We’ll see if Rosie’s dream retirement is feasible with her resources. We’ll also identify potential risks and opportunities that she should watch out for. Head on over to LiveWithRoger to register. How will Rosie pay for those retirement dreams? We can never know anything for certain, about our financial future, but we can build a solid framework to build up our confidence in our plan. Last week, Rosie laid out her retirement goals and as she did so she tied those into her values. Our goals are really just a representation of our values. As we walk through Rosie’s finances we analyze three different types of capital: social, human, and financial. Social capital includes guaranteed payment sources. The most familiar example of social capital is Social Security. Rosie and Dwayne don’t have any pensions, but Rosie is collecting $2200 per month from Social Security. Soon Dwayne will also receive $1800 per month from Social Security as well. In about six years they will begin to receive a small annuity payment. Dwayne is the one providing human capital with his flexible part-time work online. This work contributes between $15-20,000 per year. He plans to continue working part-time for about six more years. Their financial capital includes $30,000 in after-tax assets, $680,000 in pre-tax assets, and $55,000 in tax-free assets. Build your net worth statement as you listen Listen in to hear what other kinds of assets Rosie and Dwayne have as we walk through building a net worth statement. When was the last time you updated your net worth statement? January is a great time to observe where you are financially so that you can marshall your resources to ensure that you can achieve your goals. As Rosie and I build her net worth statement you can too. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:20] Their social capital[6:30] Their human capital[7:35] Their financial capital[9:02] Their other assetsLISTENER QUESTIONS [15:54] A Social Security error - who to call?[19:36] What can Sarah do to get closer to retirement under less than ideal circumstances?[24:00] How to know if benefits will continue to increaseTODAY’S SMART SPRINT SEGMENT [26:56] Update your net worth statementResources Mentioned In This Episode SSA.gov - overpaymentSocial Security episodes 228, 229, 230, 231, 232Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Setting big goals is great, but they have to be the right goals or else they could become a trap. Rosie joins us again today to set her retirement goals. In this episode, you’ll hear her financial goals for her needs, wants, and wishes. We’ll discuss her financial expectations for each of these categories and how her goals fit into her values. Don’t miss out on this second episode of Retirement Plan Live. When you finish listening, head on over to LiveWithRoger.com to register for the live meet-up on February 2 where we will break down Rosie’s plan in detail and decide whether or not she’ll be able to live out her retirement dreams. Goals must be driven by values In the previous episode, you met Rosie and learned about her situation and her values. We start each Retirement Plan Live series with values because values are what drive our goals. If you set your goals up too rigidly or shoot for the wrong goals then you are working toward something without really desiring it.Goals are important to have because they framework of what you are trying to achieve. Listen in to learn how Rosie uses her values to drive her goals. What makes a base great life?  What does it take to build a base great life? The base great life is the line in the sand that you can’t cross. It is what you need to have in place to secure a basic life worth living. Rosie estimates that it would take about $5000 per month (excluding healthcare costs) to live her base great life. Listen in to hear what she includes in her base great life and why this doesn’t mean eating rice and beans every day. Rosie’s wants and wishes Rosie values travel and would love to spend about $24,000 per year for the next 5 years on travel expenses. After that, she estimates that she would continue to travel but would slow down on spending but still spend around $15,000 per year for the following 8 years. Other discretionary expenses would include $10,000 per year on eating out more frequently and spending on loved ones. Adding in these extra wants and wishes would take Rosie and her husband about $117,000 per year. Follow along and create your own agile retirement plan  This week, I encourage you to look at your retirement goals with fresh eyes so as not to limit your thinking. Really hone in on what it takes to build your base great life, then add in the layers that build up your wants and wishes. Shed away your inhibitions as you consider your wishes category.As you listen to Rosie’s journey, why not follow along for yourself? Make sure you are signed up for the 6-Shot Saturday newsletter to receive the corresponding worksheets for each episode. Every week during the Retirement Plan Live series we’ll send out a worksheet to help you work through each stage in the agile retirement planning process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:03] What is a base great life?[10:45] Discretionary spendingLISTENER QUESTIONS [25:33] Can Tim’s wife retire?[32:37] Can Crimaud collect Social Security without a green card?[35:25] How to work in tithing in retirementTODAY’S SMART SPRINT SEGMENT [40:38] Revisit your needs, wants, and wishesResources Mentioned In This Episode Collecting Social Security in CanadaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rosie and Dwayne retired in a bear market and now they wonder if they will have enough money to rock retirement. We will explore that question all month long in this Retirement Plan Live. Over the course of the next few weeks, you’ll learn about Rosie and Dwayne and their journey, their goals, their resources, and their investment strategy. Then we’ll wrap up this series together with a live webinar on February 2. Don’t miss out on the exciting finale, sign up at LiveWithRoger.com. Meet Rosie and Dwayne Rosie and Dwayne live a fairly simple lifestyle. They don’t own a big house or drive flashy cars. They don’t take lavish vacations or eat at fancy restaurants. Although they live simply they do have their own retirement dreams.When Rosie retired a year and a half ago she figured the worst of the Covid debacle was behind her. She had seen the flash bear market, but since then, the markets seemed to be doing well. Unfortunately, within a year of retiring, she watched her assets decrease by 25%. Now she is left wondering if she’ll ever be able to live out her retirement dreams. Rosie and Dwayne both worked in the IT sector before Covid hit. While Rosie was able to work from home, Dwayne was laid off and has since begun flexible part-time work. Working from home simply enticed Rosie to fully dive into retirement. What Rosie loves about retirement Rosie loves the time freedom that retirement brings. She has plenty to do to keep busy: spending her days with her grandkids, at the pickleball court, going to exercise classes, and cooking. Rosie is a natural organizer and creates a weekly plan complete with to-do lists. Enjoying the love of family and friends and traveling are what brings her joy and how she desires to spend her time in retirement. Rosie’s fears about retirement With Covid and the subsequent bear market, Rosie feels that she is missing out on fully enjoying retirement. She is very aware of the passing years and understands that time is precious. She feels frustrated that she may not have enough time to do all the things that she wants to do and go to all the places she wants to go. Her financial situation is much different than it was a year ago although that hasn’t caused her to change her spending habits. She’s trying not to let her emotions drive her decision-making. Rosie understands that she needs a clear mind and that she should stay the course that she and her husband laid out with their financial advisor. While she understands that logically, she is still concerned about their future.Over the course of this series, Rosie is looking for more input and a better understanding of what changes she needs to make to ensure that she can live out her retirement dreams. You can follow along with Rosie by using the Agile Retirement Planning process Follow along over the next four episodes to hear how we use the Agile Retirement Planning process to discover if she and Dwayne are really ready to live out their retirement dreams.As we work through this Retirement Plan Live series you can follow along and participate in your own retirement plan with the same helpful worksheets that Rosie is using to guide you on your way. Make sure that you are signed up for the 6 Shot Saturday email newsletter to get each week’s worksheet delivered to your inbox. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:35] Just say no to New Year’s resolutionsRETIREMENT PLAN LIVE [6:05] Let’s meet Rosie[15:17] What Rosie thinks about retirement so far[23:56] What makes her most frustrated[26:54] How retirement has been financially[30:45] Rosie’s top ten valuesLISTENER QUESTIONS [38:44] Is there an optimal balance among the allocation between tax categories[43:43] How to factor a whole life insurance policy into your retirement plan[47:51] The max limits to a 457 and 403B[50:42] Is it ever better to take Social Security at 62?TODAY’S SMART SPRINT SEGMENT [54:33] Make daily resolutions to improve your energy, work, and relationshipsResources Mentioned In This Episode Morningstar The Long View podcast #186 - Roger Whitney: Retirement Planning Is Not Financial PlanningRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This is our last episode of 2022, so naturally, there will be a bit of reflection alongside the practical planning and your listener questions. Kevin Lyles also joins me in the Coach’s Corner to discuss living your best life in retirement. Let’s noodle on what it means to live authentically and discover the answers to some fantastic questions that will help guide you on your retirement journey. Stick around until the end of the episode to hear my word for 2023 and how I plan to review my year. Be the author of your hero’s journey To be authentic literally means to be your own author. That’s what planning your retirement journey is all about. By building a framework to rock retirement you are writing your own story. I’m excited to wake up each day and help give you ideas to write your retirement story. By being the author of your own life you will be authentic and live without regret. To start the new chapter of your life consider where you are on your journey. The hero’s journey framework can help you navigate so that you can figure out what is important to you. Don’t miss the call to adventure The hero’s journey is a cycle of constant death, rebirth, and renewal. Some version of you has to die before you can become reborn into your new self. If you haven’t retired yet then you are still in Act One of the hero’s journey. In this first act you are being called to something other than your full-time career. Being called to an adventure can be a powerful force. It is a force so powerful that oftentimes our first response is to resist the call. However, if you embrace the call you can find mentors to help you along the way. These mentors can come in the form of books and podcasts and they can be people who are further along in their journey that you can look to answer questions along the way. Act Two requires a leap of faith To step into Act Two you must take the leap of faith. As you journey into retirement this means stepping away from your old life and into the unknown. Along the way, you’ll face allies and enemies, but you cannot know the trials and ordeals you will encounter throughout this adventure. You’ll need a framework to help you navigate Act Three  In our Third Act of your hero’s journey, you will overcome the trials and ordeals, but only if you have a framework to help us along the way. This is where I come in. Building that framework to help you through the trials and tribulations of retirement is what this show is designed to help you do. I aim to be your mentor and ally along the way.Some version of this journey plays out in different ways throughout our lives. I’m excited to begin this new chapter with you. We’ll be focusing on building out the financial plan, but as you know, a financial plan alone isn’t the only thing you need to conquer this journey and rock retirement. I look forward to helping you build your retirement in the new year and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:24] The hero’s journeyCOACH’S CORNER WITH KEVIN LYLES [9:01] How to live your best life in retirementLISTENER QUESTIONS [19:07] What a yield curve is and why it matters[20:42] Should I take my pension lump sum now or later?[26:35] Ron’s experience living overseas[29:56] Use the Social Security website to help optimize[31:07] Can I take outside IRAs and roll them into my 401K?[35:22] What should Doug do to help his spouse handle finances when he passes[37:51] Whether to take small pensions now or laterTODAY’S SMART SPRINT SEGMENT [41:08] Choose your word for 2023Resources Mentioned In This Episode Joseph Campbell The Heroic AppRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Do you wonder what you’ll do with all your free time in retirement? Planning your time by filling your days with purpose and passion can help ease the stress that comes with the sudden emptiness of leaving behind a full-time career. On this episode of Retirement Answer Man, we’ll discuss how dabbling in a few different activities can help you find your purpose. You’ll also hear the answers to questions posed by listeners like you. Coming soon to a podcast app near you: Retirement Plan Live! Are you ready for the next Retirement Plan Live? Beginning January 4, we’ll return to our most awaited annual series. The next RPL will feature Rosie and Dwayne, a couple that retired with already constrained assets during a bear market. While helping Rosie create her feasible plan of record, I’ll also help her understand how to handle retirement in a bear market and what she can do next to help her through this challenge. If this will be your first Retirement Plan Live series, or even if you are a veteran RPL listener, I encourage you to listen to the entire series and join us for the live webinar at the end of January so that you can get a true sense of how the agile retirement planning process works. Filling your suddenly empty itinerary in retirement can feel daunting I recently had a conversation with someone who was considering holding off on retirement because they didn’t know what they would do without the routine of work in their lives. We begin our social conditioning from the time we start school. School helps to begin to define the external structures of our lives by giving us a place to go, a reward system, a social network, and a vacation structure. This system continues as we enter our working years which makes it a challenge to suddenly leave this lifelong system and venture into the unknown. Try dabbling in something new Since retirement completely blows up the structure and rhythm of life, it can be intimidating to step out into the unknown and venture forth without a plan. Having a purpose in retirement can help you transition into something new. However, not everyone knows what their purpose will be. Dabbling in a few areas can be one way to try out new interests. In the way that many kids dabble in various sports and artistic activities when they are young, we can do so as well as we approach retirement. By dabbling in a few different activities you can see what fits without becoming overly invested in one particular area. Should Suzy buy out her husband’s portion of their shared rental property? Suzy has been going through a divorce for the past several years and is ready to finally financially settle. One of their shared assets is a $4 million property that could be used as a short-term or long-term rental. The property needs about $500,000 worth of work and it would require a $2 million loan to buy her husband out, so she is trying to decide whether it makes sense financially to take on such a mortgage at this stage in her life. To ensure that Suzy makes the best decision she can, it is important for her to consider what she wants her life to be like in the future. There are multiple pathways we can take in life so it is important to envision your future before jumping into any permanent decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:18] How to rock life outside the financial realm[11:03] What to do to set yourself up for some structureLISTENER QUESTIONS [13:25] What to do with Suzy’s rental property in her divorce[20:24] How the widow’s Social Security works[22:13] If I delay Social Security will I get the COLA increase as well?[23:55] Should I stop contributing to my 401K?TODAY’S SMART SPRINT SEGMENT [30:10] Dabble with somethingResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Are you curious about the changes that are coming next year on the Retirement Answer Man show? Today, you’ll have a sneak peek at one of our new segments: the Rock Life segment. Bobby Dubois joins me to discuss how to ensure that you have enough energy so that you can rock retirement. On this episode, you’ll also hear my holiday gift-buying suggestions as well as the listener questions segment. Don’t miss out on hearing what to do with a settlement, whether to file for Social Security if you are still working, and whether you should simplify your investments in retirement. Don’t miss this episode to hear the answers to these listener questions, get a preview of what’s to come next year, and to get some fantastic gift ideas. My holiday gift guide Buying and receiving gifts later in life can be challenging since many of us already have so much. I prefer to give experiences over anything else, but when an experience isn’t appropriate a game is my go-to gift. These are some of the games that I enjoy playing or might make great gifts for someone you loveSequence - easy enough for the whole family to enjoy Quix - a fast-paced dice gameEuchre - a midwesterner’s favorite Left Center Right - this can actually be played with dice or cards Ticket to Ride - a longer board game that’s worth learning Pictionary - great for parties Scattergories - another classic party game Kids Against Maturity - a twist on Cards Against Humanity that might be more appropriate for the family Play Nine - when golf meets cards Tri-Ominos - a triangular domino gameListen in to hear what our listeners recommend. One listener has a fantastic tip for learning new games. Should James apply for Social Security while still working full-time? James is still working and approaching full retirement age. He would like to apply for Social Security but continue to work yet he is confused by the whole process. There isn’t much information about collecting Social Security while working full time. An added complication is that signing up for Social Security will automatically enroll him in Medicare. However, he still has healthcare coverage through his employer and would like to continue his employer’s coverage. James is right. There isn’t much information about collecting Social Security and enrolling in Medicare while still employed full-time. And what is out there is really confusing. You can collect Social Security at full retirement age while still working. The financial ramifications may push you into a higher tax bracket. Boomer Benefits can help you navigate Medicare’s complexities One aspect of choosing to collect Social Security at full retirement age is that it will automatically enroll you in Medicare part A. Parts B and D can be delayed, but they must be turned on within eight months of leaving your employer-sponsored health plan. The good news is that Medicare part A will coordinate with your health insurance if you end up hospitalized. Since there are so many difficulties in navigating this question, I recommend that anyone in this situation contact a Medicare navigator like Boomer Benefits.Boomer Benefits is a company that deeply understands Medicare and the entire enrollment process. They don’t charge the consumer and aren’t trying to sell you anything–they are simply trusted advisors. They have numerous educational resources both on their website and on YouTube. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN GIFT BUYING GUIDE [1:34] Roger’s holiday gift buying guideLISTENER QUESTIONS [10:30] Should James file for Social Security if he is still working?[14:10] What to do with a settlement[23:10] Whether to simplify investments[29:20] If I just retired can I still make a Roth contribution?ROCK LIFE SEGMENT WITH DR. BOBBY DUBOIS [30:37] The 3 pillars to building energy in our lives[34:32] Intentionally observe what works for youTODAY’S SMART SPRINT SEGMENT [45:00] Go buy a game or experiment on yourselfResources Mentioned In This Episode Cozy Earth - enter RAM at checkout to receive a 35% discount!Boomer BenefitsBoomer Benefits on YouTubeWhoopOura RingStacking BenjaminsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Is it worth investing in individual stocks or should you simply go with ETFs? Joe has recently parted ways with his financial planner and is beginning to manage his portfolio himself and was wondering about the benefits of these choices. Tanya Nichols and I will explore Joe’s questions as well as others on this episode of Retirement Answer Man. Listen in to hear the benefits of owning ETFs vs individual stocks, how to structure your Roth conversions, and what to do about health insurance before Medicare. Making decisions is rarely a cut-and-dry process When making decisions, we usually look for a clear answer: yes or no, do it or don’t do it, jump or don’t jump. However, judgment calls are rarely so simple. Usually, we are operating without all of the pertinent information, so we have to make assumptions about how the future will look. The process of brainstorming is messy. There is no crystal clear way to go about making decisions, and once you do you probably won’t know if you chose correctly. When confronted with choices you’ll want to have a framework to explore decisions in an organized way. Then you’ll want to relax and consider all the options. When you take the pressure off you’ll have more opportunities to come to a good decision. Next, dive into the process and see what comes. You may explore several different scenarios before coming upon your final decision. What I’m reading My strategy for reading this year has been to make reading my default activity. Reading is what I go to when I’m waiting in line, have spare time at home, or when I’m taking a walk (via audiobooks, of course!). This new mindset has led me to read 33 books so far this year. Today I wanted to share with you the most recent books I have read and my thoughts on them. Boys in the Boat by Daniel James Brown is an inspiring book that I highly recommend. It chronicles a member of a crew team in the 1920s and 30s and his life journey from childhood and then on to the 1936 Olympics. Quit was written by Annie Duke the author of Thinking in Bets. Annie was a professional poker player turned decision-making expert. In this volume, she examines how hard it is to quit something once you have started.Put Your Ass Where Your Heart Wants to Be by Steven Pressfield is a fast read–you could finish it in a day. This is a great book that helps people work on challenging goals. This book will help you get past the resistance. Courage Is Calling by Ryan Holiday is a book that will enrich your soul. It Takes What It Takes was written by Trevor Moawad who was a performance coach for elite athletes. This book on mental conditioning promotes the thesis that if you want to be great at something you have to make a choice to do the things to make you great. Making the choice to be exceptional clears the path to greatness because it takes everything else off the table. The Dichotomy of Leadership by Jocko Willink was written for leaders on the aspects of finding the virtuous mean. If you have any great book recommendations I’d be happy to hear them. Just head on over the Ask Roger page and leave an audio suggestion or write it in. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:23] On making decisions[4:11] What I’ve been readingLISTENER QUESTIONS WITH TANYA NICHOLS [19:33] Should Joe invest in individual stocks or ETFs[27:36] What to put in Roth conversions[32:45] What should Todd do about insurance between the ages of 58 and Medicare?[42:22] Looking for resources on the ex-pat lifeTODAY’S SMART SPRINT SEGMENT [44:38] Treat people as they could beResources Mentioned In This Episode Align FinancialBOOK - Boys in the Boat by Daniel James BrownBOOK - Quit by Annie DukeBOOK - Put Your Ass Where Your Heart Wants to Be by Steven PressfieldBOOK - Courage Is Calling by Ryan HolidayBOOK - It Takes What It Takes by Trevor MoawadBOOK - The Dichotomy of Leadership by Jocko WillinkPhil StutzRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

There comes a time when retirement planning becomes retirement doing. Many people get stuck in that gap between knowing vs. doing. While it is important to learn what you can so that you can make educated decisions, you’ll want to build a foundation to give you the confidence to act. My goal is not only to teach you information but also to help you build the structure you need to go out and rock retirement.On this episode, we’ll discuss how to close the knowing vs. doing gap, answer listener questions, and check out what Kevin has to say in the Coach’s Corner. Listen in to hear a clarification on Social Security and COLA, a new perspective on whether to purchase long-term care insurance and how to find a financial advisor who will simply answer questions. Stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. David is still in the wealth accumulation phase David sounds like a younger listener since he has young children. He’s still in the wealth accumulation stage of life and has a healthy $120,000 emergency fund. He is considering whether he should use that emergency fund to go ahead and pay off his mortgage. The extra money each month could then be used to purchase a rental property or to invest. Consider the big picture Since David still has a long financial journey ahead, it is important to step away from focusing on the financial aspect of this picture for a moment and envision what he wants his life to look like. What is he trying to accomplish? Does he want more financial flexibility? Does he want more time with his young children? Any financial question should be framed with your goals in mind. You want your goals to shape the outcome of your decision rather than the other way around. How important is financial flexibility? By dipping into the emergency fund he takes away the financial flexibility. Having an emergency fund in place limits the number of choices a person has. Another option could be to pay the mortgage off by adding a bit extra each month to the mortgage payment over time. Paying off the mortgage early will improve the monthly cash flow, but at what cost? David needs to assess how he will pay off the mortgage and whether that increased cash flow is important enough to justify the decreased financial flexibility.Once David pays off the mortgage, then he can decide whether rentals or traditional investments would be the best option based on the financial goals he has for the future. Framing these choices within the context of the bigger picture is so important when making these types of decisions. Ask your own question If you would like to have your questions answered go on over to the Ask Roger tab on RogerWhitney.com where you can either submit a written question or an audio question. We love to play audio questions on the show, so if you would like your question answered sooner press record to submit. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:38] Be wary of suspicious text messages and emailsLISTENER QUESTIONS [7:34] Should David pay off his mortgage?[15:00] How does Social Security COLA work?[19:52] Beth’s perspective on long-term care insurance[23:31] How to find a financial advisor who will simply answer questionsCOACH’S CORNER [26:22] On categorizing retirement plansTODAY’S SMART SPRINT SEGMENT [33:50] Set a benchmark for things you want to accomplish in 2023Resources Mentioned In This Episode NAPFA.orgEpisode 444 - Will My Social Security Benefit Be Impacted By My Divorce? CozyEarth.com - use the code RAM to get 35% off!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Curiosity is an important quality to nurture as you get older; it can even help you find your purpose in retirement. Today, I’ll help you explore how to use your curiosity to discover your purpose as you embark on the next phase of your life. This episode is packed with questions that could help you rock retirement. Listen in to learn how to know if an annuity is right for you in retirement, how to apply for social security, whether you can contribute to a Roth IRA if you are an independent contractor, how to choose healthcare alternatives before Medicare, and 401K alternatives for the highly compensated employee. Curiosity can help lead you to your purpose in retirement Finding your purpose in retirement can be one of the most daunting tasks that you undertake in your retirement planning. Going from a career and a life that is essentially planned out for you to one that is completely open-ended can even bring on a bit of anxiety.However, if you let it, your purpose will come to you. It simply takes a bit of curiosity. Pulling on the threads of curiosity will lead you down the rabbit hole to the crux of what is essential to you. Listen in to hear how you can use your curiosity to ignite your passions. There is no way to completely remove the uncertainty of retirement Annuities are guaranteed income sources that can remove some of the uncertainty that comes with retirement planning. However, they are not without their downfalls. Using an annuity as a guaranteed income source early on in retirement will help to smooth out sequence of return risk, but it will enhance your inflation risk later on.Buying an annuity to turn on later in life will help with longevity protection, but what if you don’t need it? There is no way to completely remove the uncertainty that comes with retirement–there will always be the element of the unknown. How to know if an annuity is right for you in retirement There are two ways to consider an annuity to help fund retirement: qualitative or quantitative. On the quantitative side, it is easy to use calculators like the Schwab Annuity Calculator. While this can help you predict the math, it is important to remember that the best way to maximize guaranteed inflation-proof income is to fully delay claiming Social Security.To ensure that you are making a decision that is right for you, you’ll want to build a feasible, resilient plan of record that does not include an annuity. Then build out a what-if scenario and compare the two plans side by side. This will give you the context to make the judgment call. Although you will never have a crystal clear answer, this is the best way to work through this kind of question. By using an organized process, you’ll understand what it takes to build a base great life and have the confidence to spend your money and rock retirement. Consider when to turn on the annuity Next, comes the question of when you want to turn on the annuity. Will you want it today or later in life? Giving yourself optionality is important. As you age your priorities will change. It is important to do the research. First consider the quantitative aspects by using calculators and considering the rules, then consider the qualitative side of this decision. Then consider how much you want to go with a safety-first approach. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [6:10] How to know if an annuity is right for you in retirement[13:50] How to apply for social security[14:55] Can you contribute to a Roth IRA if you are an independent contractor?[16:17] A backdoor Roth contribution clarification[18:11] Healthcare before Medicare[23:15] 401K alternatives for the highly compensated employeeTODAY’S SMART SPRINT SEGMENT [26:37] Pull the thread and follow your curiosityResources Mentioned In This Episode SSA.govSchwab Annuity CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

The good life is a direction, not a destination. This is why we are so focused on the process of retirement planning. Rocking retirement is all about having an adaptable process to work through. On this episode of Retirement Answer Man, I answer a few process-based questions. You’ll learn how to work through the steps to rebalance a bond ladder and how to analyze whether you have enough to create a sound retirement. How retirement planning is like meditation Retirement planning has a lot in common with meditation. With meditation, the idea is to sit quietly and focus on one particular mantra or the breath. While this seems like an easy thing to do, the mind constantly wanders to other places, so the meditator has to bring the mind back to the primary focus. Just like with meditation, retirement planning has its own primary focus. The focus of process-based retirement planning is your goals. When you get distracted by the latest problem that you heard on the news, poor market returns, or whichever new, shiny thing comes along it is important to bring your attention back to the plan. We all want to optimize our retirement to achieve the best possible outcome, but we must first see how it all fits within our process. What is a bond ladder? A bond ladder is a great way to prefund consumption over the years. It is created by purchasing a bond portfolio with individual bonds that come to maturity over a period of time. There may be bonds that mature each year over several years. This creates an income floor in a type of stair-step fashion. As each bond comes due then you build out the next step of the bond ladder. How to rebalance a bond ladder As each bond in the ladder comes due you may wonder how and when to reallocate your portfolio. The bond portion of the portfolio is there to help you weather poor markets, so should you sell stocks while they are down to build your bond ladder back up? That kind of defeats the point of building up the bond safety net.Creating an income floor with a bond ladder ensures that you have time to allow your stock portfolio to be successful. There are several ways that you can make this happen. You can moderate your spending so that you lengthen the time period of the bond ladder so that it burns down more slowly or you can choose to only partly replenish it. There is no right or wrong way to work through this. By using a process-based strategy you can create several scenarios to navigate the situation. The benefit of having a structured process is that you can test it to see what works best for you. Think about your own retirement planning process. Do you return back to it when faced with a question or problem? Consider how you can use your planning process to help you reframe questions. You may find that answering those questions gets easier when you use your process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [6:33] How bond ladders work[12:29] Should Rich live on dividends and interest or sell?[14:17] How to systematically analyze variables[18:40] Is there a specific set of tests to determine whether a retirement plan is sound?TODAY’S SMART SPRINT SEGMENT [23:46] What is your mantra?Resources Mentioned In This Episode New Retirement PlanningCozy Earth use code RAM to get 35% off anything on the site!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early.Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement.Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. Accept where you are now “We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph CampbellIt is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. What is the rule of 55? Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account.Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%. The ins and outs of using 72(t) for qualified accounts Shane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty.Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t). OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:01] On radical acceptance in retirement planningLISTENER QUESTIONS WITH TAYLOR SCHULTE [6:40] What should I know before using 72T to fund retirement?[13:25] Jay wonders if there are pitfalls to having his family office fiduciary prepare his taxes[23:49] How to fund the first 5 years of retirement[30:18] Belinda’s question on whether to keep term life insurance in retirementTODAY’S SMART SPRINT SEGMENT [37:42] Radically accept one aspect of where you are nowResources Mentioned In This Episode Taylor Schulte - Define FinancialTaylor Schulte’s Stay Wealthy podcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If the bear market and inflation may have you worried, a bit of productive paranoia with a tinge of optimism may see you through. On this episode of Retirement Answer Man, we’ll discuss upcoming monthly themes, the next Retirement Plan Live case study, and ideas for new segments for the show. You’ll also hear answers to several listener questions. Today we’re putting our geek hats on to discuss commodity ETFs, perpetual withdrawal rates, single-pay annuities, and how to mix compounding with growth. Press play to get started. What is a commodity? During this bear market, people are becoming curious about different types of investments. Keith would like to know more about investing in commodity ETFs that follow the indices as a way to hedge against inflation. His big question is, should he invest in commodity ETFs to fight inflation? Before we can answer that question, we need to define what commodities are. A commodity is a hard good with economic value that is used to create products. Commodities are a capital gain type of investment that don’t produce any dividends and therefore don’t have a compounding effect. One of the attractions of commodities is that they aren’t correlated with other types of assets. Since interest rates and inflation are rising, commodities have become more appealing. They have the added benefit of not behaving in the way that stocks behave. How to invest in commodities There are a few ways that people can invest in commodities. They can buy the commodity directly and hold on to it. However, this creates the issue of how to store it. Another way to invest in commodities is to buy shares in companies that manage commodities. One example is Exxon, but since Exxon is an equity as well, that means that shares of Exxon are not pure commodities. To get more purity, people look for ways to follow the commodities’ indices. Since we can’t actually buy an index, we could buy an ETF that replicates the index to gain exposure in that market. Popular ETFs use financial instruments like futures contracts and swaps to simulate ownership Do commodities have a place in a retirement portfolio? While I’m not opposed to having commodities as a part of a diversified portfolio, it is important to first ask yourself a few questions.Which vehicle will you use? Which commodities will you track? Make sure that you don’t just choose one. You’ll want to ensure that you have a basket of commodities even though it will add a bit more complexity. How much do you plan to allocate? What is the right percentage? You’ll want to purchase enough so that it makes a dent in your portfolio, but it is important to recognize that commodities are volatile compared to other asset classes. Commodities can move drastically in one direction or another based on many factors. Allocating 5-10% in a growth-oriented portfolio might work, but will it really make a difference? Understand that adding commodities to your portfolio is a long-term decision. If you do add them then stick to your decision. If you don’t, then you negate the idea of asset allocation. It is important to find a process that is right for you and stick to it consistently. Adding commodities into your portfolio can be a useful hedge against inflation, as long as they are used as part of your long-term investment process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:40] Should I invest in commodity ETFs to fight inflation?[16:06] Can using a perpetual withdrawal rate increase portfolio security?[21:57] Would a single-pay annuity help David’s situation?[29:20] Barry’s suggestion for a monthlong theme[30:03] Ryan’s correction on NUAs[30:30] Jim’s question on compounding and growthTODAY’S SMART SPRINT SEGMENT [37:15] Grab the checklist from the 6-Shot Saturday newsletter and take actionResources Mentioned In This Episode  Cozy Earth - Enter RAM as a discount code to receive 35% offBOOK - Good to Great by Jim CollinsBOOK - Antifragile by Nassim Nicholas TalebRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you don’t qualify for a Roth IRA you may be interested in using a backdoor Roth to utilize the advantages of a Roth IRA. One listener wonders about the rules for contributing to a backdoor Roth. Today, I’ll clear up his question and answer many more. Other listener questions in this episode cover using RMDs as QCDs, dealing with capital gains, and target date funds. Don’t miss out on discovering the answers to questions from listeners like you. Press play now to listen. Should we be optimists or pessimists right now? Optimism can only get you so far. I tend to be an optimistic person, but that doesn’t mean that I put on rose-colored glasses. I can see that the present situation calls for something more than simply blind optimism.However, that doesn’t mean that we should reverse our stance and become pessimists. Pessimism is the tendency to see the worst aspect of things or believe that the worst will happen. It calls for a lack of hope or confidence in the future. This isn’t what we should strive for at all. So how should we view things instead? “Rather than practice pessimism, perhaps we should practice productive paranoia.” - Jim Collins How about a dose of productive paranoia? Jim Collins, author of Good to Great, helps us understand productive paranoia by explaining that the only mistakes you can learn from are the ones you can survive. Since conditions can change rapidly it is important to build in margins of safety so that you can handle disruptions from a position of strength. This will help ensure that you can mitigate damages or take advantage of opportunities. Use your angst to build structures to help you weather the storms that the market throws at you. Learn more about the Rock Retirement Club at our live meetup Join our live meetup tomorrow, 10/27, or 10/29 to hear how you can handle market disruptions from a position of strength by ensuring that you have an agile retirement plan in place. In the meetup, we’ll lay out how you can work through the process to develop your own agile retirement plan. We’ll also showcase the Rock Retirement Club so that you can gain a better understanding of what the Club is all about. Can backdoor Roth contributions be made throughout the year? Scott doesn’t quite qualify for a Roth IRA, so he has been looking into a backdoor Roth.His question is if he can make backdoor Roth contributions throughout the year or if he can only do them once during the year. Yes, you can make contributions throughout the year; however, there may be a reason that you want to set that money aside and wait until the end of the year to make your contribution. Listen in to hear why. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:30] Can backdoor Roth contributions be made throughout the year? [9:53] Can Dennis use RMDs as QCDs?[15:03] How to deal with capital gains[23:15] Should Marie switch from target date funds to separate funds?[28:08] Do you factor in the cost of Roth conversionsTODAY’S SMART SPRINT SEGMENT [37:43] Do something that intimidates youResources Mentioned In This Episode BOOK - Good to Great by Jim CollinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

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The latest news in retirement is that Social Security recipients are getting a raise in 2023. While that is helpful for everyone receiving their benefits, what about those who choose to delay taking Social Security? A couple of listeners have been wondering if they, too, will get inflation adjustments if they wait to file for Social Security. We’ll have the answer to that question and many others as well as feedback from recent episodes. If you have been on the fence about whether or not you should delay Social Security, you won’t want to miss out on this episode. It’s hard to be optimistic when you are in the middle of a storm We can all be optimists on a sunny day, but what do we do when we’re in the middle of a storm? It seems we are in the middle of a storm right now. Market downturns, high-interest rates, and high inflation make it difficult to be optimistic about the economic times ahead. Things could get better, or worse, or they could stay the same for a while. Although there is no way for us to know when the economy will get better, there are things we can do to improve our situation. Focus on the micro instead of the macro In a storm, it is important to stay calm, step back, and consider what to do next. You may have the impulse to do many things at once to do all that you can to try and survive the situation, but you’ll spread yourself too thin. Instead, it is important to focus on the micro rather than the big picture. Don’t worry so much about optimizing interest rates and whatnot. Alternatively, identify where you have the agency to make incremental changes so that you can weather whatever the storm may bring. Consider your next baby step to creating the life that you want to live. How will you cover your expenses?You may come out a bit battered and bruised, but if you make compromises, you’ll be able to use your agency to navigate the storm so that you can rock retirement in any weather. Will you still get COLA if you wait to file Social Security? Social Security recipients are in for a big raise again next year, so if you are planning to delay taking it, you may be wondering if you’ll eventually get that raise too. Karen is one listener that has that same question. The answer is yes, for the most part. COLA (cost of living adjustments) are included in your future Social Security payouts. There is only one group of individuals that won’t see a COLA adjustment. Listen in to hear who they are and how COLA works in Social Security.Don’t forget to register for the upcoming webinar on October 27 and 29 where I will share the retirement plan structure I use with my clients. This simple structure will help you gain confidence in your retirement plan so that you can rock retirement. Register at LiveWithRoger.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:21] What to do to weather a stormLISTENER QUESTIONS [9:17] 2 Questions on Social Security and inflation[14:01] The best use of a universal life insurance policy[18:14] Should Bill go with a smaller investment vehicle in retirement?[24:25] Retirement Plan Live case study[26:57] Feedback on how to meet people in retirementTODAY’S SMART SPRINT SEGMENT [34:00] Set a meeting with yourself or your partner to review your planResources Mentioned In This Episode Retirement Plan Live case studies MeetUp.comLong-term care series episode 311, 312, 313, 314Hugh Calc retirement calculatorValueYourPension.com retirement calculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are getting close to retirement you have probably been watching the financial news to help you stay up to date with what is going on in the world. If so, you won’t want to miss out on hearing why this is not a good idea. Today, I’ll also answer questions about bonds, charitable gifting, and how to find a financial advisor. Make sure to stick around until the end to hear about upcoming changes to Medicare with, Medicare expert, Danielle Roberts from Boomer Benefits. Keeping up with the news won't help you navigate your way through retirement Have you read the news lately? It’s not pretty out there. Inflation, bear markets, rising interest rates, political craziness, a poor economy: it’s non-stop fear peddled 24-7. Staying up with the news will not help you navigate your retirement journey. Trying to stay on top of the news will only bring you more stress and worry.You're not going to weather this bear market by keeping up with the headlines. Instead, you’ll navigate it by getting to the bottom of things, relaxing, using a process, and making a judgment call. If you are interested in the process that we teach, join one of our live meetups on October 27 or 29. Register at LiveWithRoger.com Should I switch my bond portfolio to CDs? When choosing which type of investments to own it is crucial to use a process and consider what the money will be used for. You’ll need to ensure that you have an emergency fund and 5 years of prefunded consumption before building your long-term income floor.You can prefund your first 5 years of consumption with individual assets that mature when you need them by using CDs, treasury bills, Treasury Inflation-Protected Security (TIPS), MYA-guaranteed annuities, or individual bonds. Build this income floor by creating an income ladder that matures at the time you will need to use it. The current market is a good example of why you wouldn’t want to use stocks and bond funds for these first 5 years of cash on hand. Beyond the first 5 years, you’ll build a portfolio that contains a mix of stocks and bonds. At this point, rather than buying individual bonds you may want to purchase ETFs and managed index bonds. This way, as interest rates rise, the funds get reinvested back into your portfolio. By ensuring that you won’t need these funds for 5+ years, you don’t have to worry about the markets or rising interest rates. Look out for these upcoming changes to Medicare Medicare’s annual open enrollment period is coming up soon, so Danielle Roberts joins me to discuss the real and potential changes coming to this essential benefit. Listen in to learn about the crucial difference between the annual open enrollment period and the one-time-only initial enrollment period that occurs when you turn 65. You’ll also hear about how recent legislation will change drug coverage for many common drugs. Danielle offers a wealth of information, so you won’t want to miss out on her expertise. Stick around until the end to hear her take on what is happening in Medicare news. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:11] Staying on top of the news will only bring you more stress and worryLISTENER QUESTIONS [7:23] Should I switch my bond portfolio to CDs?[12:07] What to use for your middle bucket[13:48] On using charitable gift annuities in retirement planning[17:27] How to find a financial advisor to help plan retirement[21:44] Should taxable and tax-free assets be weighted differently on a net worth statement?MEDICARE NEWS WITH DANIELLE ROBERTS FROM BOOMER BENEFITS [24:53] Changes to Medicare to look out for[37:30] What to look out for in your mailbox[45:35] Potential changes upcoming in 2023TODAY’S SMART SPRINT SEGMENT [47:20] Stop trying to stay on top of thingsResources Mentioned In This Episode LiveWithRoger.com - Make sure to secure your spot for the live event on October 27 or 29!Boomer BenefitsRetireAgile.comNAPFA.org can help you find a fee-only, fiduciary financial advisorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

RMD tables, bond classes, international exposure, and 1099s–we’ve got answers to your questions. First up is which account is best to begin drawing from in retirement. Listen to these answers to listener questions and take some time to reflect with me about how too much data can inhibit our ability to make good decisions. Press play to listen. Too much data can hinder your decision-making process There comes a point where more information doesn’t help you make decisions, it can actually hurt your decision-making. A new low in this bear market recently passed taking it down 22.4% for the year. Rather than dwelling on this fact by looking up news articles, try changing your perspective. Use the data to flip the narrative. Instead of focusing on the current downward trajectory focus on the 10 years of growth that we had beforehand. When you have a feasible, resilient plan in place you won’t need to worry about this bear market. Are you curious about the Rock Retirement Club? Have you heard me talk about the Rock Retirement Club in previous episodes but still aren’t sure exactly what it is? The RRC is a group of just under 1000 members from all over the country all within 10 years of retirement. Our focus is on how to live your best life as you make the transition into retirement.We do that with a masterclass that helps you create an agile retirement plan. This isn’t simply a class where you watch videos and take a quiz at the end. This structured masterclass walks you step by step as you build your own agile retirement plan. Once you create your plan, then, you’ll learn how to make it resilient by testing it against common risk factors. Next, you’ll optimize and enhance your plan.In addition to the master class and the camaraderie of the group, you’ll also get the experience of our team of coaches who will coach you through the financial and non-financial aspects of retirement. Our goal is to give you the tools to create the ideal retirement plan for you and lifelines to reach out to when you need help. If you would like to learn more about the Rock Retirement Club sign up for our live meetups on October 27 or 29 at LiveWithRoger.com. Which account should I begin drawing from first in retirement? One of the classic optimization questions is which account to draw from first. Many are often drawn to the after-tax assets first, but if you take all these away, you will only be left with tax-deferred assets. These are subject to RMDs once you turn 72, so you could be left with a situation where you have to take more out than you need. Consider taking advantage of lower tax brackets now to pay today’s low tax rate. Listen in to hear the answer to this retirement question and many others. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:56] More data can cause you to distort your view[6:34] What is the Rock Retirement Club?LISTENER QUESTIONS [12:42] Which account should I begin drawing from first in retirement?[16:46] What are the actual percentages of RMDs taken each year[20:10] Comments on my recent comments on international exposure[21:59] What to consider as a 1099 contractor[26:10] What is the best bond asset class to buy?[28:44] How to take advantage of NUA?[35:49] Do you need a personal financial advisor? TODAY’S SMART SPRINT SEGMENT [39:25] Gain some perspectiveResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Many people choose to save money for their kids and grandkids in a 529 account, but one listener wonders if there is a better way to give. Learn the answer to this question and more on this episode of the Retirement Answer Man show. Make sure to stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. Kevin and I discuss growth and accepting challenges in retirement. Find out why it is so important to continue to challenge yourself in retirement. What is the best way to save money for the grandkids? Like many people, Kathy saves money for her grandchildren in a 529 account, but she wonders if this is the best way to save for them. What if they choose not to go to college?Before analyzing the best way to save for the grandkids, consider how you should think through this issue. What are your goals in saving for the grandchildren? What do you want to accomplish? Do you want them to graduate from college without debt? Do you want to help them get launched to give them a great start to adult life? Do you want to buy them their first car or help them put a down payment on their first house? Think about your ultimate purpose for giving. Various methods that can be used for giving If you would like to ensure that the kids graduate without debt, then, the 529 is an excellent vehicle to accomplish this goal. It’s also important to note that by keeping the 529 in your name you can change the beneficiaries from one child to another. Another way to save for the kids is by creating a separate account in your name that you earmark for a specific child in mind. Then later on if that child veers down a wrong path, you can choose not to support their bad decisions. This option also allows for you to have control and you ensure that you aren’t making decisions for them too early. The Uniform Gift to Minors Act provides a way to transfer financial assets to a minor without establishing a formal trust. A UGMA account is managed by you until the minor comes of age, at which point they assume control of the account. At this point, you relinquish all control over the funds.If part of your goal is to help your kids while they raise their kids, then paying for private school or university directly is one way that you could do this. You can even pay directly for medical expenses as well. As long as you are paying the provider directly then you can give unlimited funds. If your goal is to gift your assets as a part of estate planning, remember that you can give up to $16,000 to anyone you want each year.Before gifting anything, understanding your motivation for the gift is essential. Find purpose with action to propel yourself forward Thinking about things is, oftentimes, an avoidance behavior. The only way we discover who we are or the things that we enjoy is by doing them. “A sense of purpose doesn’t come from thinking about it. It comes from taking action that moves you towards the future. The moment you do this you activate a force more powerful than the desire to avoid the pain of loneliness or inactivity. We call this the force of forward motion.” Phil Stutz.Continue to challenge yourself physically, socially, and intellectually. By continually expanding you prevent rigid mindsets from setting in. Without challenge, the status quo sets in and while we may feel comfortable with our lives, before long we may discover that our lives will actually shrink without growth. How will you challenge yourself in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING [1:10] Find purpose by doing thingsLISTENER QUESTIONS [2:45] Giving to grandkids[10:44] Is there a list of the major retirement benchmarks?[15:00] Who does the RRC consist of?[17:22] Social Security claimingCOACH’S CORNER WITH KEVIN LYLES  [24:27] Try new things in retirement [31:55] Developing new routines can helpTODAY’S SMART SPRINT SEGMENT [34:10] Do what needs to be done not what you feel like doingResources Mentioned In This Episode Rock Retirement ClubThe Retirement Manifesto blogRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it’s about how we touch and are touched by the people we meet. Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more. I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question. Check out these resources to learn more about inflation in retirement and the RRC Have you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We’ll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you. Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement. Trying to make friends as a single person in retirement can be a challenge In many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs. However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations. Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions. Why keep international equities? Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy. I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren’t based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:23] On making friends[8:23] The value of international diversificationLISTENER QUESTIONS [12:05] Should I contribute to my Roth 401K or just a 401K near retirement[16:12] Are investment advisor fees worth it?[26:00] Why haven’t I heard back from the IRS?[29:06] Where do my 401K profits go when inflation goes up?[32:33] How does the 4% rule apply to dividends?[35:22] Is 15% enough to save for retirement?[37:20] Why is there a disclaimer about indices at the end of the show?TODAY’S SMART SPRINT SEGMENT [40:43] Be inclusive make an effort to reach out to new people you meetResources Mentioned In This Episode Rock Retirement ClubDoRetirementRight.comRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We’re back again answering your retirement questions! On the docket for today are questions like whether should you consider taking on a mortgage in retirement, whether it’s feasible to hold only ESG investments in retirement, and if you need life insurance in retirement.In addition to answering these listener questions, I’ll also share several book suggestions that I got in response to the 6-Shot Saturday newsletter and reflect on insights I learned from my time in Colorado. Don’t miss out on upping your retirement game. Press play to hear answers to questions from listeners like you! Dealing with inflation in retirement Have you been worried about how you will deal with inflation in retirement? If so, you are not alone. That is why my team and I created an Inflation in Retirement Guide to help you understand and navigate inflation as you approach retirement. In this FREE guide, you’ll learn 6 tactics to consider and practical ways to help you think through the issues that rising inflation brings to retirement. 6 insights from my time in Salida, Colorado My goal with the Retirement Answer Man show is to help you navigate not just the financial side of retirement, but also the life side. You need to have both sides in order to really rock retirement. If you have listened to the show in the past you may know that my wife and I go to Salida, Colorado, and rent a house for about a month each summer. We love it up there which is why we purchased a lot there last year with the intention of building a home and eventually splitting our time or relocating in the future. We just returned from our most recent trip, so I thought I would share a few insights that I gained from my time there. Set yourself up to experience the things you enjoy. I realized that one of the reasons that I love Salida is that it sets us up to easily do the things we love to do. We love hiking and mountain biking and these activities are easily accessible as opposed to our home in Fort Worth where partaking in these activities requires more planning. In retirement, consider moving closer to the things you love to do. It’s easier to make friends in Salida. This smaller town has a slower pace and lacks the hustle and bustle of Fort Worth. People are more open to having conversations, so it is easier to make connections.Just do it! Just do the things you enjoy doing. Acting is better than (over)thinking. It is easy to think about doing things rather than acting upon them, but the only thing that will move you forward is actually doing the thing you want to do.It is harder to make decisions when your heart is involved. It is difficult to gain perspective on your own life. Oftentimes, your head goes along with what your heart wants. Listen in to hear how a recent decision backfired on me when I pulled the trigger and acted with my heart. Home is an important base to have. As much as we enjoy our yearly trips to Salida, a month in a rental never feels like home. Spend big on the important things and be ruthless about everything else. It is important to strike a balance in life, so make sure that your spending is aligned with what you care about. Should we take a mortgage to build our retirement dream house? This listener is careful with money and has been mortgage and debt free for over a decade. They are looking to build their dream home their “castle in the sky” and are considering whether they should take a mortgage out to build this home. The mortgage would only take 20% of their retirement pension. Is it worth it or should they pay cash for the home? What do you think? Listen in to hear my answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Insights from my time in Colorado[12:38] Listener book suggestionsLISTENER QUESTIONS [14:45] Mortgage in retirement[22:00] How challenging is it to control where your retirement investments come from?[32:03] On the necessity of life insurance in retirement[38:41] On credit in retirement[42:12] If relying on a dividend approach they need to be diverseTODAY’S SMART SPRINT SEGMENT [45:54] Think about your affluence - are you protecting it? Resources Mentioned In This Episode DoRetirementRight.com - check out our FREE inflation guide to retirement!BOOK - Red Teaming by Bryce HoffmanBOOK - Building a Second Brain Tiago ForteBOOK - My Dear Hamilton by Stephanie DrayBOOK - Path Between the Seas by David McCulloughBOOK - All That Moves Us by Jay WellonsBOOK - Five Presidents by Clint HillBOOK - The Boys in the Boat by Daniel James BrownRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Are you nearing retirement and wondering how you should pay for large out-of-pocket expenses? Should you dip into your emergency fund, take from your retirement savings, or is there another way? We’ll consider this question, hear how Larry is living intentionally, learn how visual aids can help when trying to discuss finances with elderly parents, and discuss dollar cost averaging a lump sum payment on this episode of Retirement Answer Man.All month we’ll be answering your questions. If you have a question that you would like to submit head on over to RogerWhitney.com/AskRoger and type in a question or use the record a question function to shorten the wait. We love audio questions so we bump those to the front of the line!Tune in to hear these listener questions plus a summary of what was on my summer reading list. Make sure that you are signed up for the 6-Shot Saturday newsletter to learn all the details about the books I read this summer. How to pay for big-ticket expenses as you approach retirement  One listener would like to know the best way to pay for large expenses as she approaches retirement. She has already retired from her career and is now working (for minimum wage) as a teacher’s aide while her husband still works. They live in a high-cost of living area, and while their home is paid for, it requires a bit to keep it up. Digging into cash reserves for big-ticket expenses can be scary since it is a drain on the assets, so she would like to know if her husband should decrease his 401K contributions so that they can increase their cash flow. This is a good time to ensure that you have enough cash reserves in your after-tax bucket. While you are in the middle of dealing with a large expense it can be challenging to look ahead. But while it is important to meet those immediate needs, it is also essential to plan ahead. Take some time to map out your plans for the near future. How long does your husband plan to work? Do you plan to stay in your high-cost-of-living area? Do you plan to downsize? This way you can explore the options you have to discover how to get on a sustainable path for the future. Building a decision-making framework can empower you to improve your situation and your future.  How I approach reading Before I share the books that I’ve been reading over the past couple of months, I wanted to share with you my approach to reading so that you can better understand my system and where I’m coming from.I try to make reading my default activity. Instead of looking at my phone or turning on the TV, if I have some extra time, I grab a book and read.The books I read vary based on my interest at the time, but I mostly read nonfiction books about business and retirement. I always have more than one book going on at a time. I generally have an audiobook and a few different physical books around the house. I learned a few years back that I don’t have to finish a book and that changed my life! Sometimes I don’t read a whole book, rather, I use certain books like reference books and pick and choose what I want to get out of them. I prefer physical books to ebooks. I also write, highlight, and underline in my books so that I can easily refer back to them. Books I’ve been reading Now that you understand how I use books and reading in my life you can check out my summer reading list. The Lost City of Z by David GrannHero of Two Worlds by Mike DuncanA Tale of Two Cities by Charles DickensOn the Shortness of Life by Lucius Annaeus SenecaThe Second Mountain by David Brooks  The How of Happiness by Sonja LyubomirskyOriginals by Adam GrantRed Teaming by Bryce G. HoffmanI’d love to hear any book recommendations that you have. You can simply reply to the 6-Shot Saturday newsletter to let me know what you have enjoyed reading this summer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK RECOMMENDATIONS [3:30] How I approach reading[6:22] What I’ve been reading this summerLISTENER QUESTIONS [14:32] On making your portfolio an all ETF IRA[20:21] How Larry is living intentionally in retirement[22:39] Dollar cost average or a lump sum[27:02] Using a visual aid to help elderly parents understand overspending[29:15] Large expenses approaching retirementTODAY’S SMART SPRINT SEGMENT [33:54] Instead of taking big actions find tiny actions that you can do consistentlyResources Mentioned In This Episode Rock Retirement ClubThe Pie Cake episodeCal NewportBOOK - The Lost City of Z by David GrannBOOK - Hero of Two Worlds by Mike DuncanBOOK - A Tale of Two Cities by Charles DickensBOOK - On the S...

Michael Balchan from Heroic and I have been discussing how to live a heroic retirement for the last several episodes. Today, we wrap up this theme and learn to integrate the subjects we have discussed in the past 4 episodes into rocking retirement.As usual, after the main theme, I’ll answer your listener's questions. If you have a question that you would like answered on the show, now is a good time to ask since next month we’ll focus solely on answering your questions. You can submit your question at RogerWhitney.com/AskRoger. You have the option to either type in your question or leave an audio question. We love audio questions, so leaving an audio recording is like getting a fast pass to the front of the line. Rekindle your best self each morning If you have ever been camping you understand the importance of building a campfire. This camping essential provides heat and a way to cook, however, each night you must turn it off when you go to sleep. In the morning, you rekindle the fire to warm yourself up and start the morning off right.This is just like living your best self. Each morning you must wake up and consciously rekindle your fire. By setting your intentions, you provide a way to set yourself up for success each day. Live each moment to create your best life Since all we have is the now, each moment is an opportunity to live your best life. All you can do is show up one moment at a time to live life fully and completely. Looking back on your life you’ll see a bunch of separate great and not-so-great moments strung together to create a life. If you are prepared to show up one moment at a time and live fully and completely you’ll find that those movements create an amazing life. Rocking retirement is about living heroically while mastering your finances Here on this show, in my book, Rock Retirement, and the Rock Retirement Club, we talk about rocking retirement all the time. So it’s important to understand what I mean by rocking retirement. Rocking retirement is integrating the business of retirement with the act of living a heroic life. The business side of retirement means getting the financial side of retirement correct. With agile retirement management, you’ll adjust your financial plan in a series of little changes so that you can have the confidence to weather the storms that life throws at youBy living a heroic retirement, you’ll create an amazing life for yourself each day by showing up and consciously choosing to become a better person. The RRC can help you live a heroic retirement The Rock Retirement Club helps people with both sides of their retirement journey. Marrying the two together is how to really rock retirement. The Rock Retirement Club is a safe place both online and in person to take the baby steps to set you on your way to rocking retirement. In the club, you’ll receive a world-class education from financial and retirement experts while walking this journey with other like-minded individuals who are traveling the same path. Our next enrollment for the RRC is at the end of October, so be on the lookout if you have been considering joining the club. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] It can be easy to beat yourself up for being human[9:52] How living your best self has to do with rocking retirementLISTENER QUESTIONS [12:12] Does Social Security count 401K withdrawals as income[14:58] Single retirees are often struggling alone[16:30] Should we charge for the podcast?[17:37] Does it make sense to sell higher fee funds and reinvest in lower fee funds?[24:00] On balancing the portfolio in today’s marketCOACH’S CORNER WITH KEVIN LYLES [30:45] Finding Kevin’s retirement identityTODAY’S SMART SPRINT SEGMENT [36:00] Discover a morning ritualResources Mentioned In This Episode BOOK - Atomic Habits by James ClearEpisodes on retiring single: 210, 219, 220, 221, 222Heroic appRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“You are who you are here and now” – Bruce LeeWe all live life with the best intentions, yet rocking retirement is all about what we are actually doing–not intending to do. Do the things that you say are important to you now.In this episode of the Living a Heroic Retirement series, you’ll learn how you can begin to live a heroic life today. Michael Balchan and I break down what we are doing to live our best lives. We bring the macro level that we have been discussing in the past few episodes down to the micro level. Press play to learn how to embody your virtues by taking baby steps towards your goals. Life is like a game When you are young, you going to school is like a game where you get motivation and rewards for doing well. You get to level up each year and then move on to the next stage. Work is also like a game. There are boundaries, a scorecard, and of course, more leveling up. In retirement, you have a clean slate, but since we are already so gamified you might as well continue playing. The difference is, that now you get to decide the rules of the game you are playing. Take the game and personalize it to your own needs. How to play the game Your virtues are how you want to play the game. Once you decide which virtues ring true to yourself then you can set targets that align with those virtues. Set 3 targets that you can do today to make sure that you are living a life that aligns with your virtues. These targets are a way to make commitments to the behaviors that you want to act upon. When you set your intention your attention follows. Remember that this is your own game so set yourself up for success. Listen in to hear how Michael and Roger play their games differently using the Heroic app. Why celebration is important It is important to celebrate your wins, but many of us have a hard time doing so. Celebrating your wins can feel inauthentic, or manufactured. However, celebrating acting on your virtues use positive reinforcement for your brain. Positive reinforcement creates a reward system for your brain to help you rewire and create positive habits. By celebrating your wins you create an internal sense of joy and satisfaction and therefore become more likely to make positive decisions OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:03] In retirement, you get to decide the rules of the game you are playing[8:50] Set targets[18:24] Be excited about showing up in the next moment [19:52] Why is it so important to celebrate the wins?[29:38] The heroic app gamifies living out your virtuesLISTENER QUESTIONS [36:09] Bart’s inherited IRA question[38:48] David’s question on the pie cake[47:38] Adam’s simple question[49:51] How to fund a hybrid long-term care insurance policyTODAY’S SMART SPRINT SEGMENT [53:33] Set one target that supports living your best selfResources Mentioned In This Episode The Heroic appBOOK - 12 Rules for Life by Jordan PetersonBOOK - Beyond Order by Jordan PetersonBOOK - Top 5 Regrets of the Dying by Bronnie WareBOOK - An Audience of One by Robin DellaboughThe Long-Term Care series - Episodes 311, 312, 313, 314Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“What one can be, one must be.”--Abraham MaslowDo you know who you want to be in retirement? Here at the Retirement Answer Man, we want to give you the confidence to not just survive retirement but to rock retirement. To truly rock retirement you need to have both a financial and non-financial plan. Over in the Rock Retirement Club, we have licensed Michael Balchan’s Heroic app and in these past few episodes, we have been discussing how to live a heroic retirement. Today we’ll discuss the 3 domains that are important to develop aspirational identities. You’ll learn why this is important and how to create your own aspirational identities in these 3 areas. Make sure you are signed up to 6-Shot Saturday so that you can get the free workbook to help you develop your identity in these 3 domains. Break big things down into smaller chunks How do you run a marathon? One step at a time. By breaking down big things into smaller chunks you can string them together and keep them in motion. It’s okay if you don’t know what you are going to do with your entire life. The goal isn’t to have one giant all-encompassing purpose that you strive towards forever. Instead, aim for Ikigai. Ikigai is the current goal, meaning, or purpose that you are working towards right now. Identity drives behavior Most people think that sour feelings drive our behaviors but this isn’t true. Our identity drives our behaviors which then drive our feelings. Our identities are linked to what we do and who we are is what we repeatedly do. Every behavior we display and action we complete is casting a vote for the person that we want to be. Think about who you are when you are at your best. You can draw from previous experience or visualize the person that you want to be. That exemplar self is who you are striving to be. The 3 identity domains Our identities are so often linked to what we do for a living so when we retire its like we lose a part of our identity. Now that you are no longer the VP of sales, the corporate attorney, or the head of HR, who are you? You have a blank slate to work from and the ability to reinvent yourself in retirement.Breaking identity down into 3 domains helps you understand how the different parts of your life intertwine. Energy is the foundation of everything. Work doesn’t have to mean a traditional career. It can mean your avocation, activities, or hobbies.Love means how you show up relationally with your partner, family, friends, or even acquaintances. When choosing your new identity, it doesn’t have to be set in stone. Pick something that means something and is important to you. If it works well, then that’s great. If not, switch it up. Playing around with your new identity will help you consider how you want to live up to your best self.Listen in to hear how I identify with each of these three identity domains. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:25] the 3 identity domains[6:45] Ikigai - what is the current thing you are working towards?[14:34] Be willing to break big things into smaller chunks[18:56] Identities drive behaviors that drive feelings[30:14] Your work identityLISTENER QUESTIONS [41:00] Should Randy sell his home to enjoy the go-go years?[49:09] Steve’s suggestions[51:46] How to help Cheryl’s parents[56:58] Santiago’s Social Security questionTODAY’S SMART SPRINT SEGMENT [1:00:32] What can you be at your very best in energy, work, and love?Resources Mentioned In This Episode Boomer BenefitsHeroicBOOK - The Happiness Equation by Neil PasrichaBOOK - Ikigai by Hector GarciaBOOK - Atomic Habits James ClearBOOK - Hero’s Journey by Joseph CampbellTony RobbinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month on the Retirement Answer Man we are learning how to live a heroic retirement. Michael Balchan joins me to discuss what it takes to be the hero of your own story. On this episode, we explore the virtues that heroes embody. If you are looking to be an exemplar then you’ll exhibit some core universal virtues plus some that are uniquely your own. Learn about these virtues and what it takes to be a hero on this episode of Retirement Answer Man. Keep striving toward your ideal self Hercules is a typical hero. We often think of him as being a hero because he was strong, but it was because he put himself on the line and faced mythical beasts to help others. Before you can help others you must know yourself and what you are capable of. Striving to be your best self is a heroic act. Self-actualization–expressing the best version of yourself–is impossible yet continually working towards self-actualization will make you a better person.Striving toward your ideal self is an asymptotic act, like the curved line in mathematics that gets closer and closer to another line without ever touching. You may get closer and closer to your ideal but never actually realize it. You may continually advance on your best self but you’ll never actually reach your highest form. What is important to recognize is that even though you will never reach your ideal, it is important to keep striving. 4 Universal virtues Every ancient tradition recognized 4 universal virtuesWisdom is knowing the game you are playing and playing it well.Self-mastery is having the discipline, temperance, and structures in place so that you can pause before responding. Courage comes from the heart and allows you to take action in the place of fear.Love means being present, connected, genuine, and encouraging.Put your virtues into action Rather than seeing yourself as falling short of your ideal self, if you keep doing the hard work involved in self-improvement you will continually improve yourself. Instead of judging yourself based on a past or future outcome, study your process. Are you striving to do your best at this moment? If you didn’t make the right choice, try to do so next time. Keep going and do what needs to be done. Our ideals are like a guiding light rather than a distant shore.You won’t want to miss this episode to hear the rest of the virtues of positive psychology. Listen in to learn how you can apply the virtues and actions test to your heroic retirement quest. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:11] You will never achieve self-actualization[13:53] The 4 ancient virtues[21:12] The 5 virtues of positive psychology[27:52] Personal virtuesLISTENER QUESTIONS [32:33] A bucketing question[35:30] A cash value insurance question[39:41] Optionality is undervalued[42:50] A Social Security survivorship benefit question[46:00] How to protect your legacy from financial abuse[51:40] Thoughts on Connie’s question from episode 434TODAY’S SMART SPRINT SEGMENT [54:24] Be aware of the moment between stimulus and responseResources Mentioned In This Episode Michael BalchanNew Retirement calculatorTal Ben ShaharBOOK - Mindset by Carol DweckBOOK - Rethinking Positive Thinking by Gabriele OettingenPersonal Virtues test Episode 434 with Connie’s questionFINRA BrokercheckRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

You may be planning a peaceful retirement, an active retirement, or an engaged retirement, but have you ever thought about living a heroic retirement? Over the course of the next several episodes, we’ll explore what it means to live a heroic retirement with Michael Balchan from Optimize. In this series, you’ll learn how to build a framework to lean into the kind of person you want to be every day. I’m excited to bring this teaching that we already use in the Rock Retirement Club to you. Listen to this episode to learn what a hero is and how you can be the hero of your own retirement. Michael Balchan understands the search for meaning Michael Balchan is 36 and not approaching retirement. However, he is working on his second act. His first career was as a commodity options trader and after achieving all of the outward trappings of success he had to reassess his life. He recognized that he had achieved everything he set out to achieve yet he felt that his life was a bit hollow. This led him to explore what would give him true satisfaction. Michael understood that the default path that he had fallen into brought wealth, fame, and popularity. These extrinsic goals were not bad goals to have, but they gave him no inner fulfillment. He then began to recognize that a deeply meaningful life comes from expressing the best version of himself in service of something greater than himself. What is a hero? Oftentimes, people’s second act steps away from the outward displays of success. They shift from a “what can I get” mentality to one that explores “what can I give?” This is why we are exploring the concept of the hero. The word hero comes from the Greek word and means the protector, but not necessarily in the way that you think. Greek heroes are protectors of the values and community that they hold most dearly. Heroes do the hard work by taking courageous action with their secret weapon: love. Heroes live a life of deep meaning by intentionally expressing the best versions of themselves in service of something greater. You can be a hero in your own life by looking for the places where you fall short and taking courageous action to improve them. Lean into the amazing abilities that you already have. Consider how you can help or connect with others. How to find your purpose The top tier in Maslow’s Hierarchy of Needs is self-actualization, however, it is said that there is actually a level beyond self-actualization: self-transcendence. We can go beyond self-actualization in service of something bigger than ourselves. However, being a hero doesn’t mean that you have to set out to save the world. You get to choose your sphere of influence. Being a mentor, a great neighbor, a grandparent, or a spouse are all ways that you can serve others. The size and scope of your impact is up to you. Upon retirement, you may not know your reason for waking up in the morning. Your purpose gives you energy and vitality so it is important to think about what lights you up. To find your purpose it can be helpful to look back at what you have done in the past. Look at your past experiences and consider what brought you meaning. Find the ways in which you already make an impact in what you are doing. How are you already creating purpose and meaning in your life? Start to look for other opportunities to make contributions in the lives of others.Make sure to come back next week to learn the core virtues you can use as guideposts to build intentionality into your retirement. If you found this episode helpful, make sure to share it with a friend! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:00[ What is a hero?[18:48] You get to choose your sphere of influence[21:05] How to find your purposeLISTENER QUESTIONS [30:08] How long does it typically take to recover from a bear market?[35:55] Should Bill’s wife take Social Security now or wait for Bill’s delayed benefit?[38:31] How should Steven allocate his mom’s savings?TODAY’S SMART SPRINT SEGMENT [43:40] Find the ways in which you already make an impact in your lifeResources Mentioned In This Episode LTCI PartnersHolding Out for a Hero by Bonnie TylerBOOK - The Second Mountain by David BrooksBOOK - Flourish by Martin SeligmanBOOK - The How of Happiness by Sonja LyubomirskyWilliam DamonHeroic AppMaslow’s Hierarchy of NeedsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Dealing with a bear market after the trials and tribulations of the past 3 years may have you feeling like you are being punched while you are down. Many of us are feeling burnt out and are wondering when the punches will ever end. In this episode of Retirement Answer Man, we’ll discuss how we can deal with this issue. Kevin Lyles joins me in the Coach’s Corner to offer his perspective on dealing with burnout. I’ll also answer some fantastic listener questions that range from how to decumulate during a bear market to how to plan for retirement with a disengaged spouse. Don’t miss this episode especially if you feel like you might soon be down for the count. It seems like the world keeps punching us while we’re down The past 3 years have dealt us one blow after another. Covid took us all by surprise in March of 2020 and was followed quickly by the fastest bear market in history, a total economic shutdown, quarantines, work-life disruptions, and so much worry about our health and the state of the world. 2021 wasn’t much better with the political polarization of the election, Covid’s continuation, mask and vaccine questions, and more2022 brought raging inflation, rising interest rates, war, and worldwide instability. And still, Covid rages on. Our normal rhythm of life has been disrupted. Without that rhythm, it's hard to create stability to ground yourself. No wonder so many of us are feeling burned out. We have more than our fair share of dents in our armor. Incremental changes are often the best course of action It makes sense if you are feeling worn out, but how you respond to these stressors is important. It may seem like drastic action is the best action to take, but during challenging times, often incremental changes are the best course of action. Small changes can help you avoid major unforced errors.You may want to take a cue from Muhammad Ali and take the punches while you are pinned against the ropes and conserve your energy until you have the opportunity to react. Steps you can take to deal with burnout If you are feeling the effects of the past 3 years weighing down on you conserve your energy and then see if you can take these steps to take action.Acknowledge what you have been through. Give yourself some grace for all that you have suffered.Bring past successes to mind. You have the capacity to get through hard things. Think about your past experiences to remind yourself of your resilience.Reexamine those around you. Search for people who are doing what you want to do. You won’t be able to follow their exact path, but you could find ways to integrate some of their strategies into your life. Walk with the wise to become wise. Surround yourself with support. Surround yourself with people who encourage you and are supportive of your journey. This includes your network of friends and acquaintances as well as the media you choose to consume. Build the confidence to punch back. Take care of yourself and your energy. Simple self-care is important when you are getting pummeled. Exercise, practice gratitude, and help others. Self-care will help ground you when you are burned out. Make sure to check out next month’s series on how to build a heroic retirement. Don’t forget to reply to the 6-Shot Saturday newsletter if you have any advice for Anna on planning retirement with a disengaged spouse. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] We have all been taking a beating over the past few years[7:23] Rhythms ground us[11:25] Steps to take to deal with burnoutLISTENER QUESTIONS [19:38] Should I reallocate during a bear market?[28:50] How to decumulate during a bear market[34:17] How to decide between taking a pension in a lump sum or monthly payments[38:46] How to deal with a disengaged spouseCOACH’S CORNER WITH KEVIN LYLES [46:21] Reframe your negative thoughts to find a positive outlookTODAY’S SMART SPRINT SEGMENT [55:14] Acknowledge how much you’ve been on the ropes this yearResources Mentioned In This Episode Boomer Benefits - check them out at no cost to you!BOOK - The Expectation Effect by David RobsonRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Does navigating this bear market in retirement terrify you? If so, you are not alone. No one can (or should try to) predict what will happen next. A financial advisor’s advice during bear markets is often ”stay the course,” however this can leave one feeling powerless. On this episode of The Retirement Answer Man, Tanya Nichols and I analyze what you can do if you are feeling terrified in a bear market, you’ll also learn how to navigate Social Security and an ex-spouse, and how to use retirement funds to self-insure long-term care. Press play to hear Tanya and I answer these listener questions and more. What to do when you are terrified about your financial future It is easy to be terrified about the future when every day you watch the value of your accounts drop precipitously across the board. Everywhere you look the markets are getting worse: the Nasdaq, the S&P 500, and even bonds are plummeting. The vision of the future that seemed so bright just months ago is no longer so optimistic. The words “I’m terrified” are not an overstatement when you are no longer working and you’re living on your life’s savings. What you can do in a bear market besides “stay the course” Tony is worried about the current market volatility and wants to do something besides “stay the course.” He understands that markets bounce back, but he also realizes that his time horizon may be shorter than it takes for the market to bounce back. He feels his dream retirement slipping further and further away. Unfortunately, no one can predict what the future will bring, so it is important to try not to beat the system during a bear market. If you jump out of the market at the wrong time your accounts may never recover. Instead of trying to calculate what will happen, it is important to build a framework to navigate these difficult financial situations. When you are confident in the framework you have built you’ll be able to think through challenges thoughtfully and avoid overreacting one way or the other.Your framework can help you map out where you want to go and how to get there. If you are feeling terrified, now is a good time to revisit your plan of record. Is it feasible? Is it resilient? Making small iterations while sticking with your carefully laid out process will ensure that you make it through these unsettling times. Doing something during a bear market provides a sense of agency Creating an action item can help give you a sense of agency when you have so little control of the big picture. That action item could be something as small as canceling Netflix, checking your net worth statement, or even reassessing your risk tolerance. However you choose to take action, remember to consider how that action fits into your overall financial plan. Using retirement funds to self-fund long-term care Long-term care insurance is expensive which can make planning for a long-term care event challenging. As with any financial plan, it is important to plan for long-term care in an organized way. Rather than writing off long-term care insurance as too expensive, consider all the options. One resource you can use to explore the various possibilities is LTCI Partners. Listen in to hear Tanya’s guidance on rebalancing, Social Security, and tax rates. Don’t miss the answers to all kinds of listener questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:08] Feedback from my recent conversation with Amy Bloom[6:48] Why I’m terrifiedLISTENER QUESTIONS WITH TANYA NICHOLS [15:40] Claiming Social Security based on an ex-spouse’s benefit[17:24] What to do when you are terrified about the future of retirement[26:18] A tax rate question[28:21] What to do with a CD to pay for a parent’s assisted living[30:19] On using retirement funds to self-fund long-term care[37:17] Guidance on rebalancingTODAY’S SMART SPRINT SEGMENT [44:38] Review your net worth statement and think about what you can doResources Mentioned In This Episode LTCI Partners - take the long-term care insurance questionnaire!Align FinancialBehavior Gap with Carl RichardsVanguard white paper on rebalancingEpisode 442 with Amy Bloom Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month we are answering your listener questions. If you have a question that you would like answered on the show you can jump the line a bit and take the fast track by submitting an audio question. Head on over to RogerWhitney.com/AskRoger and hit record to submit your question.Today I answer questions on a broad range of topics from paying off a mortgage on a rental property to determining the right balance for investment when there is a significant pension to whether to use a loan to pay for life while the market picks back up. Listen in to hear my thoughts on these questions so that you can not just rock retirement but rock life as well. Update your net worth statement (even if it is painful to look at) How often do you update your net worth statement? It is important to do so annually or every 6 months. I recommend this exercise because your net worth statement is a fantastic tool that shows you the financial impact of the decisions you make. However, due to the recent market volatility, opening your monthly investment statements isn’t as much fun as it used to be. Regardless of this fact, it is still important to understand where you stand financially so that you can work to improve your financial decisions. Should Tyler pay off his rental property mortgage?  Tyler is still young, has no debt besides his rental property, and is a great saver. He is wondering if he should pay off the mortgage on his rental property. The traditional wisdom is to keep the mortgage. Since he has a low-interest rate, mathematically it doesn’t make much sense to pay it off. But that doesn’t mean he shouldn’t pay it off. These types of decisions are rarely about math. It is important to factor in personal feelings as well. Tyler needs to consider all the factors involved and come to a decision that is uniquely his own. There is no wrong answer to this question. What is most important to consider is which choice will give him peace of mind. Should all of Adam’s investments be in equities since he’ll have a pension?  Adam will soon retire from the military with a $70,000 per year pension. He feels that the traditional 60-40 retirement portfolio won’t be aggressive enough since he has such a large pension. So, he is wondering if all his investments should be in equities. Instead of building your portfolio first, start by creating a retirement plan of record to forecast what you need to live a great base life. Consider your income from social capital (Social Security, pension), financial capital (investments), and human capital (work). Once you understand how much financial capital you will need, then you can build your pie cake which consists of an emergency fund and a secure income floor with 5 years of spending. Since you have 5 years of prefunded income, then you can invest as aggressively as you would like. This system is a fantastic way to help guide your spending in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:25] Opening your monthly statement isn’t as fun as it used to beLISTENER QUESTIONS [5:00] Should Tyler pay off his rental property mortgage?[9:40] Should all of Adam’s investments be in equities since he’ll have a pension? [16:50] Is there a method for deciding the best location to move to in retirement?[23:44] Using a loan vs. cashing out on stocks during a bear market[29:40] On reframing old age[31:38] Pros of cons of timing retirementTODAY’S SMART SPRINT SEGMENT [37:00] Update your net worth statementResources Mentioned In This Episode Boomer BenefitsTed LassoEpisode 412 - What Is a Retirement Plan of Record?Episode 310 - Investing in Retirement: The Pie Cake Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Many people are concerned about markets and inflation right now, but rather than focusing on this in today’s episode, I’ll answer your investment strategy questions. I choose to focus on strategy because if you can create a feasible, resilient retirement strategy, you’ll be able to weather all kinds of economic uncertainties.Make sure to stick around until the end to hear an interesting interview that may challenge you to rethink your preconceived ideas. You won’t want to miss it if you are open to hearing different perspectives. If you are looking for a fast pass to get your retirement question answered, record an audio question at RogerWhitney.com/askroger. Unfortunately, you won’t win retirement I have some bad news for you. You aren’t going to win retirement. There is no way you will figure everything out because there is no right answer. Despite this fact, you will be okay. By intentionally working through your decisions you’ll be able to enjoy retirement to its fullest. Not everything will turn out the way you want, but if you work through the decision-making process with the spirit of a scientist, you’ll continually improve. When faced with the results of a poor decision, take time to dissect what went wrong so that you will be able to improve your decision-making the next time around. Learning from your mistakes instead of stressing over them will help you improve your decision-making process so that you’ll achieve better results in the future. How to account for uncertainty in retirement? When creating a retirement plan, any room for error is scary. Even a 1% uncertainty can be unsettling. So what kind of market returns should one anticipate when using retirement calculators?The problem with retirement calculators is that you can’t believe the calculator. None of the scenarios that the calculator proposes will actually happen. This makes long-term planning hard to predict. It doesn’t matter how much you analyze your future spending, more accuracy will not improve precision. You can’t know what your spending will be in 10, 20, or 30 years, which means that you can’t make life decisions based on an imagined future. Rather than trying to completely remove uncertainty, make reasonable assumptions to manage that uncertainty. Managing uncertainty is the essence of retirement planning. A feasible, resilient plan will see you through retirement Once you figure out the basis that you need to live a great life in retirement then you can organize a feasible plan around that great life. Give yourself optionality by making your plan resilient. With your feasible, resilient plan you can use long-term calculations to plan for the short term. By creating a resilient plan you’ll create slack in the system so that you can change your mind as you change over time. Managing uncertainty instead of trying to eliminate it will give you agency and build confidence in your retirement plan.Listen to the answers to all sorts of retirement strategy questions and make sure to listen until the end to hear the riveting interview with Amy Bloom. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:50] Should Jennifer count on an average market in retirement?[13:52] Should I worry about poor investment returns or look for alternatives?[23:42] What about using laddered ETFs rather than a bond ladder?[25:07] On my language usage[26:40] On using a 72T before age 59.5[30:45] Should Dan continue to hold a life insurance policy if his house is paid off?[35:03] How to leave behind your life storyINTERVIEW WITH AMY BLOOM [40:16] Why did Amy choose to share her story?[43:00] When did Amy and Brian approach this topic?[50:25] How to be helpful with a life-changing diagnosis[51:27] On how to approach this situation[54:30] How they navigated the logistics[1:01:26] How did the family react?[1:04:43] What did Amy learn from this experience?TODAY’S SMART SPRINT SEGMENT [1:09:19] Reassess your relationship with the internet and newsResources Mentioned In This Episode LTCI PartnersDignitasBOOK - In Love by Amy BloomEpisode 441 - How to Leave a Lasting LegacyFidelity Retirement CalculatorFidelity 72T calculatorDan MillerRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If the market outlook has you feeling uncomfortable, you are not alone. This discomfort may cause you to want to change course, but consider that moments of extreme discomfort are often reverse indicators. Extreme discomfort can mean that you are on the right track to grow in a new direction. On this episode of Retirement Answer Man, I answer your questions about choosing a financial advisor, how to weather tumultuous financial markets, and using a Roth 401K. Learn what you can do in the midst of an uncertain future by pressing play. Is this the big one? Weathering market downturns can be like weathering a storm. When you are in the thick of it you may wonder if this is the big one that will wreck your home and change your life. Should you just hold on tight and hope that everything will all work out? No. No one can hold your hand and assure you that your finances will recover. The rules of investing change in retirement The rules of investing when you are in the accumulation period of life don’t work the same in when you are decumulating assets. Since you are nearing or already into retirement you don’t have a 40-year investment timeframe to work with, so you may not be around for the next market upswing. You're in a period of life where you will need money from your investments in a short time frame. This is why you’ll need a well-thought-out strategy that can help you to stay agile. As the situation unfolds, you can make little adjustments as needed. Staying agile will help you maintain flexibility and retain agency. In a situation that feels out of your control, it is important to find ways to retain agency to do what you have to do to control the things that you can. You don’t want to feel powerless, so focus on what you can control. Watch out for false prophets No one can predict what will happen in the future. However, there are many out there that claim that if you follow them they will lead you down the right path. We have to accept our own uncertainty and refrain from trying to figure it all out. Instead of trying to predict the future or following false prophets, it is important to create a plan that you can follow to actively navigate through these tumultuous waters which will see you through any eventuality. How to know when it is time to switch advisors How can you know if your financial advisor is doing a good job? What are some red flags that indicate that you should reevaluate your relationship with your advisor?One listener is concerned about his financial advisor since they had two misunderstandings in the last two years and is wondering if he change advisors.When researching financial advisors look for a specialist that can advise you through your specific financial situation. Consider whether they have the skillset and expertise to handle the problems and opportunities of your specific situation. Do they focus on what you need?Is your advisor an active thinker that makes decisions or do they simply follow a checklist? Since the decisions that you are making aren’t crystal clear, it is important to have a process to think through decisions in an organized manner. Does your advisor help you with this? Do they walk you through the pros and cons of each decision?Is the advisor product-focused or process-focused? If they are product-focused then this is a red flag. Another red flag is if they focus on trying to predict what the markets will do. Since no one can predict the future, it is important to find someone who will focus on the things that are within your control. Listen in to hear what else you should consider when choosing a financial advisor and when to consider finding a new one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:23] Moments of extreme discomfort are reverse indicatorsCOACH’S CORNER [7:38] Kevin wants to give to the kids while they're still here[12:15] On giving money without strings attached[17:25] Kevin is relearning to show his true colorsLISTENER QUESTIONS [19:39] How to know when it is time to switch advisors[34:05] What gives us the confidence that we will recover this time?[41:50] Should Jen switch to a Roth 401K?[48:23] What to use as a yield for net present value calculationsTODAY’S SMART SPRINT SEGMENT [50:07] Experiment with digital minimalism for a weekResources Mentioned In This Episode BOOK - The Checklist Manifesto by Atul GawandeBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We all want to leave a legacy to those we love, but leaving a legacy doesn’t mean simply making a will. To create a lasting financial and nonfinancial legacy you need to have a strategy that you can rely on. Today you’ll learn the steps to take to create a lasting legacy. Leaving a legacy is different from estate planning Often times we read about a hot investment or retirement planning tip in an article or hear some equally savory advice in a podcast and we jump to take action on it rather than thinking about how it could fit into our overall plan. I call this letting the tail wag the dog. Instead of letting the tail wag the dog, think about your actions first. Stop for a moment and think about how that new shiny idea or product would fit into your overall retirement plan. When you have a goal-based plan in place, it allows you to think through decisions in an organized way. You’ll want to use similar methods to build a plan to create the most impactful legacy that you can. How to begin creating your legacy plan There are a couple of steps you can take to begin creating a strategy that will allow you to develop a lasting legacy. The first step is to consider what you can afford to do. You can do this by determining how much excess capital you have. This can be a tricky number since there are so many unknowns to consider. These unknowns make it hard to determine how much you will have at the end of your life. Consider what is feasible considering your resources and your projected spending. You can gain a better understanding by using a plan of record. If you have never used a plan of record, keep your eyes open for this week’s 6-Shot Saturday newsletter to get a free template. If you aren’t signed up for the newsletter, head on over to RogerWhitney.com to fill out the form and subscribe. What are your legacy goals? Now that you have determined what is feasible given your life vision and resources you can move on to step 2. Consider what kind of financial and nonfinancial impact you want to have. What do you want to accomplish?Do you want to be able to contribute to your children’s retirement savings? Or maybe you want to help them buy their first home. Do you want to create a nonfinancial impact by developing the tradition of having a weekly family dinner? Do you plan on being an exemplar and coaching them through tough choices?Create intentionality with your legacy strategy by framing it in financial and nonfinancial ways and considering the impact you want to have during and after your life. After these first two steps, you can begin to create your strategy. You’ll want to think about maintaining flexibility with your strategy since markets won’t always cooperate with your plans. Your legacy should be built with discretionary money. The tactics will come easy if you focus on creating a strategy first. Listen in to hear how to build your lasting legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:43] Doctors don’t want you to engage and ask questions[8:00] Leaving a legacy is different from estate planning[13:17] What impact do you want to have during your life?[18:09] Take time making large stake decisions[25:50] The tactics are easy if you take these previous steps firstLISTENER QUESTIONS [27:22] The differences between the representative payee program and advanced designation in Social Security[32:20] How to create a discount factor using a household balance sheet[40:09] My thoughts on taking Social Security at 68 instead of 70[41:25] How the IRMAA brackets work[45:30] Reimbursing your Medicare Part B premiums from your HSATODAY’S SMART SPRINT SEGMENT [47:05] Map out what kind of financial and nonfinancial legacy that you want to leaveResources Mentioned In This Episode BOOK - Retirement Planning Guidebook by Dr. Wade PfauSSA.gov/payeeSSA-44How to Be a Better Advocate for Your HealthLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

When you think about leaving a legacy do you immediately think about passing on your assets? What may be more important than passing on money is leaving behind a nonfinancial legacy to those that you love. Have you considered how you will do this? If you would like to leave more than just a trust fund to your family then you won’t want to miss this episode of Retirement Answer Man. You’ll learn about setting a nonfinancial legacy objective, plus strategies, tactics, and more. Should you panic about a bear market? I just want to acknowledge that it can be challenging to have confidence in your retirement plan right now. We are now in a bear market which means that stocks are down 20% from their highs. That can give you plenty of anxiety, but since that bear market is paired with decreasing bond prices, this can lead to outright panic. Now is the time to reflect on your retirement plan. If you have created an objective-based agile retirement plan you will be able to weather this storm. Have confidence in your strategic plan. What is the objective of leaving a nonfinancial legacy? It will be nice to leave money for your loved ones but wouldn’t you like to leave more? To truly leave a legacy you need to be an exemplar. An exemplar is defined as one who serves as a role model or an example. Even if there is a gap in where you are in life and where you would like to be, your children and grandchildren are learning how to navigate the world based on your example. They emulate you, so being an exemplar is the best nonfinancial legacy that you can create. The more you can encourage others the better exemplar you will be. To encourage means to give courage to someone else. Give your loved ones the courage to lead their best lives. Help them on their journey to be their best selves. You can use finances to help others on their journey but encouragement is even more important. Strategies to use to leave a nonfinancial legacy Life is full of the mundane, the day today. But the peaks, pits, and transitions are the flagship moments that we remember. These are the moments that influence how we view the world. If you can help someone during one of these moments in their lives, it may go a long way in transforming their future. You can help your community by looking out for these moments in their lives and accentuating them. During the peaks, help them to put an exclamation point on that moment in time so that they can look back and reflect on that high. You won’t be able to fix their pits, but you can show up and help them through. An encouraging word can help mark transitions in ways that you may not predict.Fill in the pits. Mark the transitions. Celebrate the peaks. This is how to leave a lasting legacy.Listen in to hear how you can help your loved ones be the best versions of themselves through your nonfinancial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:22] What is the objective of leaving a nonfinancial legacy?[9:05] Strategies for leaving a nonfinancial legacy[17:55] Tactics for creating a nonfinancial legacyLISTENER QUESTIONS [20:52] How to use a solo 401K[28:28] Should you buy one $10,000 Ibond or multiple smaller amounts?[31:02] The pro-rata rule and Roth conversions[35:35] How can non-sporty people add exercise into their lives?TODAY’S SMART SPRINT SEGMENT [39:37] Listen to somebody with full presenceResources Mentioned In This Episode BOOK - The Power of Moments by Chip HeathBOOK - Giftology by John RuhlinBOOK - Tiny Habits by BJ FoggIndividualK.comCheck out Boomer Benefits, their services are free to you!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We all want to leave a legacy behind after we pass. The legacy you chose to leave is up to you. This episode is part of a 5 part series on leaving a lasting legacy. Today’s episode focuses on leaving a financial legacy. Make sure to look out for the next episode so that you can learn how to leave a non-financial legacy. Subscribe to 6-Shot Saturday We also have the answers to several listener questions on this episode and many others. To submit your own questions for me to answer on the show simply hit reply to the 6-Shot Saturday newsletter. If you aren't subscribed, consider signing up to receive a weekly summary of the show along with any helpful links or tidbits that I find interesting and want to pass along. The difference between estate planning and financial legacy  Estate planning and leaving a financial legacy are not the same. There is a difference between the two. When you pass away you will leave behind property, financial assets, and maybe some liabilities. Estate planning is the official process of closing the books on your financial life. If you leave behind more assets than liabilities then those assets will have to go somewhere. The probate process spells out how that will work. You get to decide how to distribute your assets. When deciding who will receive your assets it is important to analyze the outcomes you are trying to achieve. This process is the way to leave your financial legacy. Planning the outcomes  If you are married, it is important to ensure that your surviving spouse financially secure. That is usually the first consideration in leaving a financial legacy. Those that have children often choose to leave their legacy to their children, others choose to leave their bequeath to friends or charitable organizations. It is important to remember that if you don’t approve of the financial trajectory that one of your children is on, you don’t have to enable their poor behaviors. You get to choose who to bless with your assets and how. You do not have to support behaviors that you don’t want to support. There are strategies you can use to help your family while at the same time protecting them from themselves. There are obstacles that could stand in the way of achieving the financial legacy outcomes that you desire. Our culture makes discussing money a taboo subject. This could stand in the way of the outcome you seek. Many people avoid planning their legacy and choose to ignore this type of plan. A lack of planning will mean that you won’t achieve the outcome you seek. Strategies and tools to leave a financial legacy When you pass you’ll want to transfer your assets as efficiently as possible. While a will is the first tool that you should have in place, many people are surprised to realize that a will is not that efficient since it must pass through probate. There are other ways that you can pass your assets on to those you love without having to go through the probate process. A living trust is a revocable trust that bypasses probate. The trust document not only states who receives the assets, but it can also define how those assets are managed.Another way to efficiently manage your financial legacy is through beneficiary designations. By designating your beneficiaries in your IRAs and 401Ks these assets will bypass probate and flow to your chosen beneficiaries. Make sure that you revisit your beneficiaries regularly to ensure that they are up to date.Listen in to hear tactics you can use to leave your legacy both during your life and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:20] Estate planning and leaving a financial legacy are not the same[6:13] What outcomes do you want?[10:45] Obstacles to the outcomes[12:14] Strategies and tools to use to leave your legacy[17:48] Tactics to use to leave a legacy during your life[23:12] The ways you could giveLISTENER QUESTIONS [26:08] Dave’s question on investment classes[35:44] What exactly is the market?[40:11] Carl’s question on selling a large position in one stockTODAY’S SMART SPRINT SEGMENT [44:15] Be courageous. Act in the presence of fearResources Mentioned In This Episode LTCI PartnersMake sure that you are signed up for the 6-Shot Saturday newsletter!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Have you considered the legacy you will leave to those whose lives you touch? Does leaving a legacy need to be financial or something more? This month we explore how to leave a lasting legacy in an organized way. You’ll learn the ways that you can leave an enduring legacy during your life and beyond. Today we are defining legacy and noodling on what that means both financially and non financially. Next week, we’ll discuss the different strategies that you can use to leave a financial legacy, the following week we’ll explore non-financial legacies, and in the 4th episode of this series, you’ll learn how to create your own legacy strategy. Live a life true to yourself Some people are spurred into retirement because they have trouble compartmentalizing work and so it bleeds into other areas of their lives. They choose retirement to escape the pace of a grueling work life.However, many high performers experience a lot of guilt upon retirement. They may feel an obligation to their team or their clients to continue working and feel held back by other people’s expectations, but living a life true to yourself means letting go of others’ expectations. Learn how to not just survive retirement, but gain the confidence to rock retirement. Sign up for the 6-Shot Saturday newsletter to receive a weekly email with a summary of the answers to the questions from the show, plus links, tools, books, and other resources that will help you on your retirement journey What do you think of when you hear the word legacy?  When you hear the word legacy do you simply think of money or does legacy mean something more? My mom died young–she was only 48 when she passed. When I think back on her legacy I don’t consider the check I received from the lawyer a few months later. Instead, I am reminded of our conversations and debates on how best to live life. You could say that this podcast is an indirect result of her legacy. Mom insisted on living a life of delayed gratification so that she could save for the future–a future that she never got to enjoy. I argued that living life in the present was the way to go. However, finding a balance between living well today and delaying gratification is the best way to live a life without regret. Ultimately, that is what this podcast is all aobut. What does legacy mean?  The dictionary defines legacy as money or property given in a will, or something handed down from an ancestor. When you die you will leave a legacy. What you choose to leave behind is up to you. A nonfinancial legacy includes lessons, memories, and experiences that you share with others. How are you actively working to build a nonfinancial legacy in retirement? A financial legacy could be money, property, or other mementos that generally come to your loved ones in a sterile way. A financial legacy could give your heirs the financial fuel they need to get started or continue on their journey through life. Make sure to tune in next week to hear what tools you can use to build your financial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:35] What do you think of when you hear the word legacy?LISTENER QUESTIONS [14:48] A Daily Stoic blog post[16:14] Responses to Wendy’s question about postponing travel[19:03] A Roth conversion question from Joel[22:22] Joe’s question on planning for inflation[27:12] What should Joe’s CFP be doing in response to the current market conditions?[33:02] Where I learned to fly fish in ColoradoTODAY’S SMART SPRINT SEGMENT [34:17] Expand your thinking on legacyResources Mentioned In This Episode Legacy Is Not for You from the Daily Stoic blogBoomer Benefits - check out their FREE 6-day mini-course!Episode 429 - Should I Retire Earlier If I Have Health Issues?IRS Publication 505Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Navigating the healthcare world in this day and age can make your head spin. It is hard to understand what to believe and what not to believe since there are so many voices telling you their interpretation of the facts. This is why it is important to build a healthcare framework from which to operate. Your healthcare framework will ensure that you get your questions answered so that you can make the best decisions for your health. Building a healthcare decision-making framework is similar to the framework we build for making financial decisions. Dr. Bobby Dubois joins me again today for the last episode in the Functional Health to Rock Retirement series to discuss how to approach medical problems both conceptually and with your doctor. You won’t want to miss this important conversation, so press play to listen. Building a relationship with your primary care physician can help you feel confident in your healthcare decisions Whether you are dealing with a small, medium, or large medical problem it is important to ensure that you receive the right care. The right diagnosis leads to the right procedure, but that all begins with ensuring that you have the right healthcare provider. Many of us don’t have relational currency with our doctors anymore. Gone are the days of the doctor who has treated us and our family for ages. These family doctors have been replaced by the managed care model. Even if you haven’t been seeing your primary care doctor for long, you can try and build a relationship with them that puts them in the quarterback position of managing your overall health care. Listen in to hear how.If this isn’t a possibility you may want to look into finding a concierge doctor. Concierge medicine is an emerging industry that may be beneficial to retirees. For an extra yearly fee, these doctors offer personalized care and direct access since they limit their patient load. Use a systematic way to build a healthcare decision-making framework We all want to embrace life physically for as long as possible; however, at some point in our lives, we are all going to face medical challenges. How you choose to confront those challenges could be critical to overcoming them. This is why it is important to have a framework in place for dealing with health issues. It is important to approach medical problems in a systematic way so that you can organize your decision-making. Building a strong framework starts with asking the right questions To ensure that you get the right care you must be more than just a passive patient you need to be an active consumer that asks the right questions. Rather than creating a list of 100 questions, try to boil them down to 2-4 questions. Understand that doctors operate on a tight schedule, so it can be helpful to let them know that you have questions in advance. You can do this by sending them an email or handing your typed questions to the nurse at the beginning of your appointment. This way you are being proactive yet respectful of their time.After receiving a diagnosis ask your doctor these questions:How long will it last?How severe is it?How resilient am I?After discussing treatment options you can ask these questions:Why do I need this (procedure, surgery, medication…)?What happens if I don’t do it?Are there alternatives?What are the risks associated with this treatment?What is the (out of pocket) cost? What are the costs of the alternatives?Asking your doctor, how often do you see this? can help you to decide whether you should get a second opinion.Remember when putting together your framework for answering questions that a good theory is not evidence. Make sure that there is evidence that the treatment will work. A great question to ask is what is the evidence that supports this theory?The journey of rocking retirement starts with your feet–take that baby step in the right direction now to continue toward your goal of rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING WITH DR. BOBBY DUBOIS [4:06] How to approach medical problems with your doctor[12:25] Ensure that you get the right treatment[19:43] Questions to ask to build a framework[25:50] Randomized trials vs observational studies[31:12] A case study to understand how to talk to your doctor[40:02] A summary of functional health to rock retirementLISTENER QUESTIONS [43:33] How to characterize home equity in planning[49:27] On using an advisor for money management vs. keeping assets in a 401KCOACHES CORNER WITH KEVIN LYLES [56:47] 4 questions to consider to TODAY’S SMART SPRINT SEGMENT [1:10:30] Brainstorm a few of these steps to integrate into your lifeResources Mentioned In This Episode Galleri Cancer testOura RingWHOOPDan Miller 48 Days to the Work You LoveBOOK - Younger Next Year by Chris CrowleyBOOK - The Expectation Effect by David RobsonAndy Panko at Tenon FinancialLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

All this month we have been discussing functional health so that you can ensure your body works well enough to rock retirement. Last week we learned how finding the right exercise plan can help you stay strong enough to do all the things that you want to do when you retire.Today, we learn about the opposite side of the functional health coin: nutrition. You probably know that nutrition should be an important part of your overall health plan, but with so many conflicting diets out there how are you supposed to know what you should eat? Listen in to hear what functional health expert, Dr. Bobby Dubois recommends to maintain proper nutrition in retirement. It’s easy to fall into a nutrition rabbit hole If you head to the bookstore or ask a question on Google, you’ll quickly realize that there are tons of rabbit holes that you can fall into when it comes to nutrition. How can there be so many different ’right ways’ to eat?Before starting the cantaloupe diet or another such extreme measure it is important to understand the science that goes into nutrition. Why evidence-based nutrition is important Many fad diets are based on strong emotions and faux science rather than evidence-based science. Science is a process by which scientists answer questions. First, they come up with a hypothesis and then design a study to prove or disprove that hypothesis. Next, they test their study.Just because a scientist may come up with a beautiful theory doesn’t mean that they have any evidence to back it up. For years scientists figured that people with high cholesterol should restrict their cholesterol intake, but science has recently shown that the cholesterol we eat has little effect on the overall cholesterol in our bodies. Unfortunately, nutrition is a field that has been based on a lot of bad science. It has had plenty of strong theories but little evidence to back up those theories. Scientists all agree that obesity can lead to heart disease One area of nutrition that scientists can agree upon is that being overweight or obese can lead to heart disease and, ultimately, death. This is why it is important to maintain a healthy weight. Maintaining a healthy diet can help you stay at a healthy weight and help your body move more easily. Taking control of your diet can give you agency and help you make a change in your life.Rather than focus on the small details of what you should eat or not eat, it is more important to plan a basic diet. Since every person’s body works differently, a great way to choose the ‘right’ diet is to test it out for yourself. What works for someone else may not work for you. How to construct the ‘right’ nutrition plan It is important to have some humility when it comes to understanding nutrition. Scientists don’t know as much as they should and no one has the perfect nutrition plan, so you should be skeptical of anyone that claims to have the perfect nutrition plan. What we do know is that obesity is a big issue. This is why maintaining a balanced diet of ‘real’ foods is important. Try to shop around the rim of the grocery store to avoid the processed foods that lie in the middle. Next week, you’ll learn more about how to build a functional health framework so that you can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DR. BOBBY DUBOIS [7:10] There are many rabbit holes you can chase surrounding nutrition[14:13] What to focus on in nutrition[16:37] How to know what kind of nutrition is good and what’s bad?[26:58] How the placebo effect can affect diet[31:28] Having proper weight is important[41:20] TakeawaysLISTENER QUESTIONS [44:10] A Windfall elimination program question[47:20] A retirement regret observation[50:26] How to prepare a ‘death manual’ for a spouseTODAY’S SMART SPRINT SEGMENT [57:30] Start preparing a nutritional framework using guiding light principlesResources Mentioned In This Episode EverPlansBOOK - Checklist for My Family by Sally Balch HurmeDan MillerBOOK - How to Lie with Statistics by Darrell HuffBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

You may think that having saved a nice nest egg and having a purpose will ensure that you are all set to rock retirement. Unfortunately, you need to think again. Without functional health, you may not be able to enjoy your retirement savings and purpose. Creating a specified exercise plan can ensure that you develop the functional health necessary to do all the things you want to do so that you can rock retirement. Listen to this episode with Dr. Bobby Dubois to learn how to cultivate an exercise plan that will help you accomplish your goals. Don’t let the economy derail your retirement plan Watching the news these days can derail your confidence in rocking retirement. A combination of continued inflation, rising interest rates, and falling stock prices are downright scary when you’re in or approaching retirement. Uncertainty is not something that pairs well with carefully thought-out retirement plans. Some of us think that more data will help us better our plan for the future. However, no one knows what the future holds. Is this all just a blip on the economic radar or is it the start of something bigger?The only thing that remains consistent over time is our values. We can use our values as a guiding light to help us make decisions–especially when everything else is so unpredictable. Basing your decision-making on your values will help you stay agile and apply the protocols you have laid out that will see you through troubling times. Your values are the key to bolstering your confidence in your plan so that you can relax and rock retirement. Why is exercise important to retirement? You already know that you have to have financial means and meaning to rock retirement, but you won’t be able to enjoy either of these things if you don’t have the ability to do everything you want to do in retirement. Your body changes as you age. It starts to deteriorate and that deterioration is noticeable in the blood vessels, bones, and muscles. The depressing reality is that you are fighting a losing battle with your muscle mass. However, you can get ahead of this decline with exercise. Many people are familiar with the concept of doing crosswords and puzzles to keep their minds agile and you can use exercise much in the same way. By starting the aging process with more muscle strength, flexibility, and cardiovascular endurance you will be ahead of the game once mother nature kicks in. Regular exercise protects your body and makes it more resilient so that you can maintain function as you age. Steps to take to form your exercise plan so that you can rock retirement  Developing the right exercise plan starts with envisioning where you want to be in 10-20 years. Think about what you want to be able to do in the future so that you can understand the body that you will need. Consider the muscle groups, strength, balance, and aerobic stamina you will need. Next, analyze what kind of exercise you are doing now to help you reach this goal. Lastly, consider how you can fill in the gaps and start working on the specific movements that will help you achieve your goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DR. BOBBY DUBOIS [9:25] Why is exercise important to retirement?[18:44] Think about where you want to be in 10-20 years[24:44] Generic exercise helps improve the length of life[32:05] Balance is an important area to work on[33:55] How intensely should you focus on this?[36:13] How to factor in limitations to our exercise plan[39:20] Anaerobic strength requires a different set of muscles[42:42] Steps to take to form your exercise plan to rock retirement LISTENER QUESTIONS [45:09] You can withdraw your Roth contributions any time without penalty[47:14] Questions to ask your financial planner as you approach retirement[58:09] My thoughts on the pros and cons of closed-end mutual fundsTODAY’S SMART SPRINT SEGMENT [1:12:45] Evaluate your exercise regimenResources Mentioned In This Episode Don’t miss out on the live webinar on May 19! Register at LiveWithRoger.comAnna Greenberg YogaLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Purpose and finances are two important legs of the retirement stool; however, a stool needs 3 legs. Finances and dreams don’t mean anything if you can’t function well enough to enjoy them. The often-overlooked leg of the retirement stool is functional health–which is why this month we are focusing all 4 episodes on how to improve your functional health in retirement. Since I am not a health expert, I have invited Dr. Bobby Dubois to join me for this relevant discussion. This week Bobby helps me define exactly what functional health is and why it is important to retirement. In week two we’ll explore exercise and movement followed by week three’s examination of nutrition. On the last episode of this series, you’ll learn how to create your own functional health plan to help you navigate this essential part of your retirement plan. Press play to learn how important functional health is in retirement. What is functional health? We have seen a tremendous increase in longevity over the past 50 years. Now, it is not uncommon for people to live 90+ years. While longevity gives people quantity of life, functional health gives quality of life. Without investing in your functional health you will live longer but your life will suck more. When you are young you can do anything–play a round of pick-up basketball, hike up a mountain, or paint your house. But as you age you quickly learn that you aren’t in shape for everything anymore. Since you lose 1-2% of your muscle mass each year starting in your 30s, by the time you reach your 60s you may not be able to do these same activities with ease. The happiest retirees are those that have a high quality of life and the ability to do the things they want to do. Functional health doesn’t train you to run marathons or win bike races–unless those are goals that you have for your retirement. Instead, functional health can help ensure that you can pick up your grandkids, lift carry-on luggage over your head and into the compartment, or climb ancient cobblestone steps in Europe. How to set up a framework for functional health The best part of functional health is that you have control over how healthy you want to be. Setting up a functional health framework is much like the rest of retirement planning. You will begin with the end in mind. Who do you want to be in your last decade of life? What do you want to be doing when you are 90? Do you still want to be able to golf or hike? Or do you just want to be able to make it to the bathroom by yourself? Whatever your goal is, start from there. Be precise in setting your goals and creating your plan. Just like with a financial retirement plan, you’ll want to personalize your plan based on your goals. Traditional advice, like working out 30 minutes a day 3 days a week or walking 10,000 steps, isn’t the way to achieve your functional health goals. A one size fits all plan won’t work for your health plan just like it won’t work for your retirement plan. Next week, we’ll explore ways that you can use exercise and body movement to achieve your functional health goals. If you have a question or thought regarding functional health respond to the 6-Shot Saturday newsletter or hit the Ask Roger button at RogerWhitney.com to leave a voicemail question. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING WITH DR. BOBBY DUBOIS  [4:56] Why Dr. Dubois volunteered to discuss functional health on the show[9:54] You have to put money in your physical bank to enjoy the life you want to live[13:05] What is important to physical health?[15:34] What is functional health?[19:07] How to set up a framework for functional healthLISTENER QUESTIONS [28:18] When to convert from tax-deferred accounts to Roth[34:45] An SIPC protection question[37:45] Use the Social Security detailed calculator to personalize your earnings[40:07] To pay or not to pay off the mortgageTODAY’S SMART SPRINT SEGMENT [44:37] Think about how well rounded your health regimen isResources Mentioned In This Episode Register for the live webinar on May 19 at LiveWithRoger.comBoomer BenefitsSocial Security detailed calculatorEpisode 407 - Retirement Planning Guidebook With Wade Pfau Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Does inflation have you worried about retirement? If so, you’re not alone. A couple of listeners are looking for ways to inflation-proof their retirement. Can you inflation-proof your retirement?I’ll answer these questions and many more on this episode of Retirement Answer Man. But before we get to our current listener questions we’ll take a look back at a question that was asked earlier this month. I asked you all to help me answer it and today you’ll hear the responses. Listeners’ responses to Wendy’s question  On episode 429, Wendy asked for my thoughts on increasing her savings with the goal of retiring early or whether she and her husband should enjoy life now and travel more given her husband’s recent bout with cancer. After giving my thoughts on the matter, I turned the question over to all of you and I received many responses. One listener remarked that their 1 million dollar savings wouldn’t be enough to fund an early retirement when considering long-term care and health costs. Another listener, Craig, retired early at 62 and regrets not working longer. He feels bored and wishes that he had worked longer while slowing his savings rate. Joe took 3 months off of work, then started back to work part-time. He reminds us that we don’t have to choose between work and retirement. By working a flexible or limited schedule you can take advantage of pretirement and enjoy the best of both worlds. Retirement doesn’t have to be binary. Retirement isn’t about getting to a date–it’s about making the most of the time you have.Kate retired at 56 and is bored. She advises planning how you will create your new life and spend your time in retirement. Choices don’t have to be black and white–find a way to work with the grey areas While Wendy’s question was posed as a choice between two options, it is important to remember that you can go back and forth between the two. Things don’t have to be black and white. You can increase your savings a bit while increasing travel and living life to its fullest now. Don’t wait until retirement to enjoy life since no one is promised tomorrow. We must all live for today while doing our best to make the most out of tomorrow. Listen in to hear Kevin Lyle’s ideas on how to blend work into your retirement plans. Can you inflation-proof retirement? Since inflation has continued to rise more and more people are looking for ways to inflation-proof their retirement. Dave is looking at taking a mortgage on his house so that he can buy rental properties and another listener is curious about using gold as an inflation hedge. A couple of months ago we did a month-long series on inflation in retirement. You can start the first episode of the series here. In episode 423 we explored several inflation-fighting tactics you can use to enhance your retirement strategy. Some of those were I bonds, TIPS, money market funds, and utilizing debt instead of cash to make large purchases. It is important to understand that no retirement plan is inflation-proof. What you can do is ensure that you have a sound retirement strategy in place before rushing into any major decisions. Walkthrough your process and see how the choices align with your values and fit into your retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:40] Looking back at your responses to Wendy’s question from earlier this monthLISTENER QUESTIONS WITH KEVIN LYLES [11:27] A blended retirement questionLISTENER QUESTIONS WITH NICHOLE [20:44] Should Dave take on a mortgage to buy rental properties?[24:30] Is gold a good way to fight inflation?[27:55] The 5-year rule and opening of 2 separate Roth IRAs[29:41] Moving a 401K to a Roth IRA before retirement[31:43] Should Roy liquidate his stock options into cash and buy a 2nd home?[35:55] A rule of 55 question[39:03] Sally wants to consolidate accounts and buy crypto how should she do that/TODAY’S SMART SPRINT SEGMENT [44:26] When trying to decide how to balance life today with saving for tomorrow remember that tomorrow isn’t promised to anyoneResources Mentioned In This Episode Don’t miss the live webinar on May 19!Episode 423 - What Investments Help Protect Me from Inflation?LTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Today we are continuing our month-long series of listener questions. On this episode, you’ll hear questions about Roth conversions, interest rate-hedged ETFs, pension payments, and the value of dividends as a source of income in retirement. If you are ready to gain the wisdom that you need to rock retirement, press play now. Time to pull out your May calendars Next month we will be focusing on functional health in retirement. You’ll learn what you can do now to get your body in the right place so that you can do all the things that you have dreamed of in retirement. You won’t want to miss the interview we have lined up with a functional health expert, so be on the lookout for this series coming up in May.While you’re planning what to listen to in May, mark your calendar for May 19 at 7 pm CDT for our live webinar. During this interactive session, we’ll be chatting about the market and inflation, I’ll answer some retirement questions, and we’ll discuss the Rock Retirement Club’s open enrollment of the spring 2022 cohort.In this live webinar, you’ll learn more about our inclusive online community of more than 800 members where you can create your financial plan, take masterclasses, and attend online meetups on financial and non-financial topics. If you are looking for a way to meet new, like-minded people in the same situation as you and supercharge your retirement, don’t miss out on the May webinar to hear more about the Rock Retirement Club. How to calculate a pension on a net worth statement One listener has a question regarding pensions on their net worth statement. A net worth statement is a financial statement that lists your assets in one column and liabilities in another. By subtracting your liabilities from your assets you can calculate your net worth.Up until now he has included the lump sum of his wife’s pension in the assets column, but she will soon start collecting her monthly pension, so he no longer knows where to calculate the pension. Once you start collecting your monthly pension, you no longer have an asset. Instead what you have is social capital–similar to your Social Security benefit. Social capital doesn’t belong on a net worth statement; rather, it can be included on a household balance sheet. We use household balance sheets in the Rock Retirement Club when calculating projected retirement budgets. Are interest rate-hedged ETFs a good idea? Interest rate-hedged ETFs trade like stocks and hold like bonds. However, rather than being organic financial products, interest rate-hedged ETFs use derivatives to hedge price movements as interest rates rise. While these ETFs are a great idea, in theory, one problem is that much of your cost in buying these funds goes to the derivatives. Since these ETFs are manufactured and don’t naturally occur, they can be quite costly. Try to avoid these synthetic tools in your investments. Instead of using interest rate-hedged ETFs, you can look at purchasing TIPS (Treasury Inflation-Protected Securities) or I bonds. Another way to achieve the same goal is to build a bond ladder. Listen in to hear how a bond ladder works to see if that would be a good solution to building the bond portion of your pie cake. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:47] My recent win[4:46] My morning routineLISTENER QUESTIONS [7:52] Calculating a net worth statement[10:45] Are interest rate-hedged ETFs a good idea?[15:40] Where to put a lump sum payment so that you wouldn’t have to pay the taxes all at once[17:35] Does the 5-year rule apply in a backdoor conversion?[20:12] The value of dividends as a source of income in retirementTODAY’S SMART SPRINT SEGMENT [24:20] Write it out – Today is the day…Resources Mentioned In This Episode Boomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

This is a fantastic time to enjoy a pretirement tailwind. If you have ever considered using pretirement as a gateway into full retirement, the job market is desperately searching for experienced talent. Listen in to discover how this cultural shift in the workplace could benefit your retirement plans. On this episode, you’ll also hear the answers to a number of questions from listeners like you. If you are worried about how to shift from saving to spending, wondering how to plan for taxes in retirement, or how RMDs work for married couples then make sure to press play to hear the answers to these questions. Retirement is not binary Traditionally, retirement is considered to be the opposite of working. You work 40 years or so then one day you stop and retire. However, in today’s world, this does not have to be the case.There are plenty of ways that people can incorporate a pretirement phase before retiring fully. I like to call part-time work, consulting, or working a flexible schedule before full retirement pretirement. Pretirement can be a great way to ease into retirement while still benefiting from staying engaged in the working world. Companies are more flexible than ever before The pandemic reframed the way people work. Companies experimented with remote work and flexible schedules and many corporations that tried to reinstate traditional office work ended up seeing pushback from employees.This shift has created a talent shortage in many fields which has led to a desperate need for qualified, accomplished individuals to fill various positions. Since corporations are struggling in their search for skilled labor, many are rethinking their cultural rigidness and becoming more flexible. Many companies have realized that employees can be just as productive or even more so by working from home or on a flexible schedule. This corporate cultural shift has led to a huge opportunity for those that are seeking alternatives to traditional retirement. How to explore pretirement If you have been considering retirement, but aren’t sure if you are ready, consider exploring the boundaries with your current employer. You may be able to negotiate a 3 day a week schedule or a 100% remote position. If you have already retired and would like to enjoy the stimulation of working without the limitations of a full-time schedule, now is a great time to cash in on your career capital by reaching out to your network to explore your options. You may discover the right part-time, consulting, or contract position that allows you the time freedom of retirement while enjoying the mental stimulation and income of the working world. How to go from being a saver to becoming a spender? Since you have been saving for retirement your entire working career, making the transition to spending that savings takes a huge shift in mindset. One reason for this is the money scripts that we have ingrained in our minds since childhood. Money scripts are the stories we tell ourselves about money. Changing your money scripts will not happen overnight. In retirement, you will have to transition from saving to spending, but this isn’t as easy as flipping a switch. It is a process that you will slowly become comfortable with as you ease into your new life. It will take time, but slowly you will lean into the changes in your life and you will become comfortable with your new life rhythm. Listen in to hear how you can make the shift in mindset from a saver to a spender. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Enjoy the pretirement tailwindLISTENER QUESTIONS [7:08] How to go from being a saver to becoming a spender[12:55] Why Bob is lamenting being born in 1960[15:41] How to access a solo 401K plan[17:56] Deciding whether to keep a group universal life plan after retiring[21:10] How to include taxes as future liabilities[24:33] RMDs for married couplesTODAY’S SMART SPRINT SEGMENT [25:27] Reframe the idea that retirement is binaryResources Mentioned In This Episode  LTCI PartnersBOOK - So Good They Can’t Ignore You by Cal NewportRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Making retirement decisions brings plenty of questions and over the next month, I’ll be tackling your retirement questions. While I love answering your questions, I also enjoy hearing your thoughts. In today’s episode, there are a couple of questions that I’d love to hear your feedback on. If you have any thoughts to share with other listeners please respond to the 6-Shot Saturday newsletter. If you’re not signed up, head on over to RogerWhitney.com and scroll down to the bottom of the page to get weekly tips, news, and resources in your inbox every Saturday morning. Deciding to spend large sums of money in retirement can be unnerving Early on in retirement is when people want to have the most fun, but it can also be the most daunting time to spend money. Even if the numbers say that you’ll be ok financially, you can never be certain if you may need that cash when you’re 90. Making the decision to spend large amounts of money in retirement can be daunting.I got to thinking about decision-making recently when I wrote the biggest check I have ever written. This check will (hopefully) be an investment in my business, but it was still a difficult decision to make that took a lot of thought and counsel from others. How I employ my own decision-making tactics I actually practiced what I preached and used the same decision-making process that I teach on the show. I started with my vision by projecting where I want to be in the future. I thought about how this decision fits into my long-term goals for myself and my company. Then, I got to thinking about the result that I hoped for as well as the worst-case scenario. I seek the counsel of others Since I know I have blind spots in my own decision-making when it comes to myself and my business, I enlisted the help of others to bounce my ideas off of. I started with my wife, Shawna, then sought counsel from Nichole, and others that understand my situation. I encouraged them to challenge my assumptions and poke at my blind spots. We walked through alternatives and discussed opportunity costs. Ultimately, it was up to me to make the judgment call. I won’t know for quite some time whether I made the right decision, however, I know that the process that I used to make this decision was sound. With the right process, you can be secure in your decision making I share this with you, because you may be wondering if you should spend $30,000 to take an epic family trip next year, buy that vacation home, or RV across the country. The memories you create may be well worth the money, but you won’t know if you made the right choice until you reach the end of the road. Nobody can tell you what the correct decision will be for you, but if you work through your decision in an organized way starting with your vision then you’ll know that you made the best decision that you could. Speaking of big decisions, Wendy is trying to decide whether to increase her savings now that she and her husband will be empty nesters. Or should they continue to save for retirement at the same rate while taking time to travel and enjoy more of life now while they are both still healthy? Listen in to hear the details of her situation and then let her know what you think by responding in our 6-Shot Saturday newsletter. What would you do if you were in her shoes? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:32] My process as I work through a big decisionLISTENER QUESTIONS [11:05] Daniel’s comment on needs, wants, and wishes and my response[14:22] A consideration on relocating in retirement[17:10] Travel now or increase savings and retire early?[20:50] Bond accrual structural strategy[22:24] A Roth conversion question[26:06] On retirement regretTODAY’S SMART SPRINT SEGMENT [31:46] Check out our decision-making worksheet in 6-Shot SaturdayResources Mentioned In This Episode Boomer BenefitsPODCAST - Deep Questions with Cal Newport Episode 402 - The Tax Toolbox with Andy PankoEpisode 416 - Retirement Plan Live: Why We MovedEpisode 426 - How to Plan Your Agile Retirement: A Feasible Retirement StrategyBOOK - Wooden: A Lifetime of Observations and Reflections by John Wooden BOOK - Born Standing Up by Steve Martin BOOK - So Good They Can’t Ignore You by Cal NewportBOOK - Unstoppable Teams by Alden MillsBOOK - Antifragile by Nassim Nicholas TalebBOOK - The Way I Heard It by Mike RoweBOOK - How to Decide by Annie DukeBOOK - Grit by Angela DuckworthRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

“In preparing for battle I have always found that plans are useless but planning is indispensable.” Dwight D. EisenhowerIke is reminding us that the plan is not as important as the process. It is the practice of planning that is critical to success. You’ll never have everything figured out since the perfect retirement plan doesn’t exist, but by planning and staying agile you will be able to correct your course along the way. This month we have gone from theory to practice to mastery. On this episode of the Retirement Answer Man show, you’ll learn how to optimize your feasible, resilient plan so that you can rock retirement. Have a feasible, resilient plan in place before trying to optimize Most retirement planning blogs and articles focus on optimization since optimizing retirement plans is the bling of financial planning. However, without first having an inspiring goal for your retirement, you wouldn’t have the hope of rocking retirement. It is important to start with a goal at the beginning to ensure that you build a feasible, resilient plan before trying to optimize your retirement plan. Remember that you create a retirement plan to help you focus on achieving the life outcomes that you have envisioned for yourself in retirement not to find the best Roth conversion strategy or qualify for ACA credits. Retirement tax planning is the best way to optimize your retirement plan There are so many ways that you can optimize your retirement plan that it can end up being an infinite pool of possibilities. So you may be wondering what the best way to enhance your retirement journey is. The biggest way you can optimize your retirement journey is through tax management. In retirement, you have more control over your taxes than at any other time in your life. This means that instead of planning your taxes from year to year, you now have the capability to plan for lifetime tax savings. Retirement tax management is not about avoiding taxes, instead, it's about timing your taxesYou can plan your withdrawal strategy to optimize for taxes not just for this year but in the future as well. By forecasting your tax rate over the next 5-8 years using a traditional withdrawal approach you can gain an idea of what your RMDs will be once you turn 72. From there you can work backward to see if it would make more sense to do Roth conversions and pay more in taxes now so that you don’t have to withdraw so much later on in life. Listen in to hear how working backward can ensure that you focus on where you are going rather than where you are now. Timing your Social Security benefit is another way to optimize your retirement plan Social Security timing is another area that is important to think through in an organized way. Once you understand your withdrawal strategy then you can analyze where your Social Security benefits fall into your pie cake structure. Establish a retirement plan of record Once again it is important to start with the end in mind. As you revise your retirement plan it is important to create an abstract with a summary of all the decisions you have made so that you can have a log of how everything plays out within the context of your thinking. This method will give you the framework to see how your decisions fit together over time. Every 6 months you’ll want to revisit your plan and ask yourself what has changed. Are your goals still the same? If not, then you can realign as needed. By revisiting your plan you can focus on the risks and opportunities that lie ahead. Try to set action items that focus on 1 or 2 of these risks and opportunities. This will give you an inspiring goal to work toward, the agency to achieve it, as well as the confidence to rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:53] What can you do to enhance this journey?[6:12] Tax management is the biggest thing you can optimize[14:42] Should you try to get ACA healthcare subsidies?[16:21] Take a look at Social Security[20:55] The little conversationsLISTENER QUESTIONS [23:37] Why should you use your house on your net worth statement?[25:46] On using the strategic assumption of no inflation[28:17] A Social Security timing question[30:08] An observation on inflation[33:23] Using caveats on Roth conversions[36:34] How to report decreased income to MedicareTODAY’S SMART SPRINT SEGMENT [41:04] Map out the process that you want to take to walk through your strategy in a fresh wayResources Mentioned In This Episode Form SSA-44Episode 402 with Andy Panko - The Retirement Tax ToolboxLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Now that you have come up with a retirement vision and learned to create a retirement plan that reflects your vision it’s time to make your plan agile. On this episode, you’ll learn why you need to have an agile retirement plan and how to make your plan resilient to the unexpected forces that could derail your retirement plans. Make sure to stick around until the end of the episode to hear BW talk about why it’s so important to master the fundamentals of retirement planning. Don’t get overwhelmed by retirement planning Over fast few months I’ve been working with a project manager to create an SOP (standard operating procedure) for Agile Retirement Management. This is such a huge project and it can be easy to get overwhelmed. But just like planning your own retirement can be complicated and overwhelming when you break the giant project into smaller actionable steps, it becomes more manageable. Walking through baby steps one by one takes away a bit of the overwhelm that can come with such a grand project. Creating a resilient plan will help you prepare for the unexpected  In the last episode, you learned how to turn your retirement vision into a feasible plan. But just like with any plan, it can be easy to knock your retirement plan off course. This is why it is important to create a resilient plan. Incorporating resiliency into your plan will help you to prepare for the unexpected. What could knock you off course on your retirement journey? There are many things that could derail your retirement. Sequence of return risk is one. The markets don’t provide the same returns each year and these ups and downs can greatly affect your retirement–especially if there are a few bad years at the beginning of retirement. Those bad years could easily knock your retirement plans off course. Inflation is another issue. As we discussed all last month, inflation over time can put a dent in your purchasing power. Unplanned life events have a way of sneaking up and catching us off guard. Illness, death, long-term care events, or children in need are further events that could impact your retirement plan. The most common disruption of retirement plans is you. You may simply change your mind. Since you are always changing your needs, wants, and wishes change over time. Listen in to hear how you can make your retirement resilient against all of these bumps in your retirement road. How to develop slack in your retirement plan It is important to have slack built into your system. Similar to the way that a very taut rope may break if you try to adjust it, we need to ensure that there is a bit of slack in the line of your retirement plan so that you can ensure that your desired life outcomes are feasible. When you press play you’ll hear how building a pie-cake can help you create slack in your retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:08] You don’t need to get overwhelmed by retirement planning[5:05] You need to create a resilient plan to prepare for the unexpected[7:10] Why you need slack in your retirement plan[12:12] The difference between the return on your money and return of your money[14:32] How to build resilience into your retirement plan[25:27] How the pie cake can help you build resiliency in your planCOACHES CORNER WITH BW [32:45] Kevin’s experience with pivoting in retirementTODAY’S SMART SPRINT SEGMENT [40:39] Understand how much liquidity you have on your balance sheetResources Mentioned In This Episode Boomer Benefits DISC assessmentEnneagramRISA retirement profileRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

“Our mind is dyed with the color of our thoughts”--unknown. If this is true, then how are you thinking about retirement in the right way? To have confidence in your retirement plan you need to be thinking about the things that you can control and focusing on what has the biggest impact on your life. On this episode of Retirement Answer Man, you’ll learn how to create a feasible retirement strategy by analyzing your goals against where you are now. You’ll then learn about the three types of capital and how to build a net worth statement so that you can create a retirement plan of record. You won’t want to miss this important stage in developing your retirement plan, so press play now. Contrast your goal with where you are now  According to the latest goal-setting research, merely setting goals alone isn’t that empowering. It is important to cast your vision; however, you also need to contrast your goal with your current state of affairs. This way you can see where the gaps lie. These gaps may make you uncomfortable, but acknowledging the incongruency will help you understand how far you need to go to reach your goals. This way you can also start collecting the little wins that inch you closer to your goals. The 3 types of capital to fund your retirement  To create a feasible plan of record, you have to examine the resources that you have to fund your spending. To do this, you need to understand the different types of capital available to you in retirement. The first resource to consider is your social capital. Social capital is the payments you receive from a collective program like Social Security or a pension. These are guaranteed payments for the rest of your life. You’ll need to have a good estimate of what those payments are and when they start.Human capital is next. You may not realize it, but you have used human capital as your primary resource for your entire working life. Human capital is the work you use to create income. Traditionally in retirement, this resource is absent, but many people now choose to work differently during, what I call, pretirement. You may choose to do a bit of consulting, open a small business, or do some part-time work for a few years. No matter how small the income may be, include it in your plan of record. Project when will it start, when will it end, how much you plan to make. Whatever human capital and social capital don’t pay for has to come from your financial capital. Your financial capital is simply your money. You will need financial capital to fill the gap between your retirement goals and your projected income. You can gain a better understanding of your financial capital by creating a net worth statement. Make sure you’re signed up for this week’s 6 Shot Saturday newsletter to receive a net worth statement template that you can use to create your own. How to know whether your plan is feasible To understand whether your plan is feasible you’ll need to create your net worth statement by listing your assets and your liabilities. Even if you have no debt, you’ll want to list your future consumption as a liability to understand how your assets and liabilities balance out. By comparing both sides of the net worth statement you’ll understand your fundedness level. Listen in to hear how I use two ways to calculate fundedness to see whether a financial plan is feasible. On next week’s episode, you'll learn how to make your plan resilient, so make sure to check it out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:38] Contrast your ideal retirement with your current situation6:35] How to create a feasible plan of record[14:28] Your assumptions will be incorrect[18:03] How to know whether your plan is feasible[28:20] What does feasible mean?LISTENER QUESTIONS [30:10] Jim’s question on Social Security[34:05] Moving from a balanced fund to a stable value fund[38:30] Mark’s question about using I bonds in bond laddersTODAY’S SMART SPRINT SEGMENT [41:52] Take baby steps to create micro winsResources Mentioned In This Episode Social Security detailed calculatorLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Retirement is a journey into the unknown that can be intimidating. This is why you need to build up confidence in your plan so that you can rock retirement. To build your confidence it is important to master the fundamentals which simply means that you must practice them over and over again.  Last week you learned to let go of the things that are out of your control and how to concentrate on working with the controllables by using an agile approach. This will give you the agency you need to prosper in retirement. Today we’ll focus on developing an inspiring goal for your future. Over the rest of the month, we'll explore the pathways to get you to your goal. If you are ready to learn how to rock retirement press play now. 4 roadblocks that could hinder fulfilling your vision With retirement on the horizon, you are ready to jump right in, but there can be some things that could hinder your progress. The paradox of choice Who do you want to be when you grow up? This is a challenging question when you are already in your 50s or 60s. You have competency and interest in many domains at this stage of life, so it can be hard to choose what you want for your future. Or you may feel that when you set your goals they are set in stone since there's not a long time to change course. Don’t worry about this because you will change your mind. Life unfolds in twists and turns and plans will change. Don’t let the paradox of choice paralyze you. Start retirement with a clean slate If you are like most of us, your life has been organized around your work or children. When you retire, your commute disappears and your kids are will have been sprung. You can now design your life any way you want. Think about how you can start your new life fresh from a clean slate. The accumulation mindset  You have been a good saver your whole life and at this point, you have built up your net worth. Having these assets is comforting, so it can be challenging to begin to use your savings. However, you chose to defer that income to provide for your life in retirement. Eventually, the balance in your retirement accounts will level off or go down. You’ll have to overcome the fact that your savings are no longer growing. It is important to get over your frugality mindset to enjoy all that you have accumulated. Tomorrow is the day We often plan retirement thinking about tomorrow. We think that tomorrow is the day that we will start x, y, or z. But it is important to remember that we are not guaranteed any tomorrows. To truly rock retirement you have to live for today. Today is the day to show up and pay attention to your life. Life is happening now, so rock your life today. How to create a vision for your future Before you begin to financially plan for retirement you need to create a vision for your future. One way to do that is to use the wisdom from those at the end of their lives to make the most of your own. Listen in to hear the top 5 regrets of the dying to help you make the most of your own life.Have you given much thought to your values? Spend some time establishing your values so that you can envision building a life that is true to yourself. Once you have created a vision for your future you can create a plan to make it feasible. Don’t miss next week’s episode to learn how to create the pathways to reach your retirement vision. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:57] Who do you want to be when you grow up?[6:05] Your life is organized around your work[9:07] Tomorrow is the day[12:02] A 3 step process to create a vision for your future[19:10] How to bring these goals into a financial perspectiveLISTENER QUESTIONS [25:57] A question on the 4% expected return used in the Retirement Plan Live webinar[29:43] Why use a 5% expected return rate?[33:35] A question on delaying taking RMDs[35:50] How I pick case studies for Retirement Plan Live[40:03] What to do with an inherited IRATODAY’S SMART SPRINT SEGMENT [44:08] Create a compelling vision for your retirementResources Mentioned In This Episode Check out Boomer Benefits for all your Medicare questions!BOOK - Wooden by John WoodenBOOK - The Top 5 Regrets of the Dying by Bronnie WareRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

We can be easily distracted by the bright shiny objects of retirement planning which is why it is important to master the fundamentals first. Understanding the fundamentals of retirement planning will help you to create a solid foundation so that you can cope with all of the uncertainty that retirement brings. Here on the Retirement Answer Man show, I typically dive into the foundational concepts of retirement planning in bits and pieces by answering questions. However, I haven’t taken a deep dive into teaching the fundamentals here on the show.Over the course of this 5 week segment, we will start at the beginning and explore the fundamentals of retirement planning in greater detail so that you gain a working knowledge that will give you the confidence to execute your plan. If you have been wondering what Agile Retirement Management is this is the perfect time to press play. Areas where traditional retirement planning is lacking There are so many uncertainties surrounding retirement, but most people are worried about just one thing: running out of money.Traditional retirement planning methods help people build a financial plan to ensure that they don’t run out of money. In conventional planning, retirement becomes a one-dimensional math problem to be solved with investment products. Retirees are asked to place all their trust in the numbers of long-term returns and hope that all will be well.These planning methods focus solely on the financial future and without considering the person’s life goals. While it is important to plan for the future, life exists now. Retirement should be about living life to the fullest extent that you can. An agile approach to retirement helps you balance the future while living a great life today. What is an agile approach to retirement? I designed the agile approach to retirement planning by using a project management methodology. Agile retirement management focuses on achieving an objective by focusing on one thing at a time without trying to figure everything out all at once. With this approach, people are able to quickly iterate as needed as their situation changes. The key to an agile methodology lies in understanding the fundamentals of retirement planning so that you can increase your agency and control the controllables. This ensures that you can refine your goals and dreams based on what you can control. The principles of an agile approach to retirement planning An agile approach accepts that you can’t figure out everything. There is no way to predict what will happen with inflation, markets, or even your life in the future. This is why it is important to try not to dial in exactly what will happen 20 years from now. By staying agile, you’ll be able to quickly respond to any shifts in life or the markets and consider how to improve your reactions.These are the principles to developing an agile approach to retirement: Collaboration - It’s important to collaborate rather than delegating someone to plan your retirement. Use your strengths to inform your decision-making. Being creative together allows you to discover joint solutionsFlexibility - You can't figure out everything at once, so value optionality and flexibility.Prioritize - Try as you might, you can’t do everything at once. With so many levers to pull, it can be easy to focus on the wrong thing. Prioritize to improve focus and find the areas that will make the biggest impact on your life. Communication - Even if you do it on your own, you still need to have the right communication. Use a series of little conversations to check in with your plan to make sure that you are on the right track. Take action then review the action once it is complete. Periodically evaluate risks and opportunities in your plan.Traditional retirement planning doesn't allow you to explore the things that matter in life. You don’t want to miss out on the ride of life, so master the fundamentals of retirement planning. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:55] Why it is so important to master the fundamentals of retirement planning[9:40] What is an agile approach?[11:50] Principles of an agile approachLISTENER QUESTIONS [19:34] Worries about the long term stability of Anne’s annuity[23:29] Chen was relieved to hear Dom’s story[24:45] A life insurance question[26:41] How to determine payout options when the female has the pensionTODAY’S SMART SPRINT SEGMENT [30:28] Review the controllables that were discussed in your last retirement plan meeting Resources Mentioned In This Episode  Episode 422 - with Don’s interviewLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Welcome to the last episode in the 4 part series on inflation in retirement. If you are just now joining in, consider heading over to the first episode in this series which covers what inflation is and how to measure it. The second installment discusses the ways that inflation impacts retirement and the previous episode helped you build a framework for combating inflation in your retirement plan. I create these deep-dive series as a way to sharpen my own skills as a financial advisor and to refresh my thinking on a topic. The order of the episodes allows me to think through a subject in an organized way. This is why I encourage you to listen to the series in order so that you can understand the progression of the subject at hand. Press play now if you have already listened to the preceding episodes so that you can learn the tactical ways to fight inflation in your retirement plan. Strategy vs. tactics Before we dive into the tactical ways to fight inflation, it is important to understand the difference between strategy and tactics. A strategy is a framework for how you achieve a long-term goal. Tactics are the smaller steps that have a shorter time frame. Unlike strategy, tactics are easily started and discarded. They are a means to an end that complement and enhance the strategy. Your overall long-term goal is rocking retirement, and hopefully, after the last episode, you have begun to create your strategy to combat inflation so that you can rock retirement. Listen in to learn tactical measures that will enhance that strategy. The current tactical situation regarding inflation We are all wondering where this inflation is taking us. Are we experiencing a monumental shift away from the low inflation and low-interest rates of the past 20 years? At this point, we can’t say for certain that inflation is here to stay, but we can analyze the current situation. In January, we experienced 7.5% inflation. If this trend continues, we will see rising interest rates as a result. Rising interest rates can lead to changes in the financial dynamics across the board. Bond and money market rates will rise, but on the flip side, the cost of borrowing money will rise as well. Rising inflation has a financial impact on every part of the economy and we will see a shift of capital across the world. It is important to understand that we don’t know for certain what will happen in the future. All we can do is educate ourselves and have a sound strategy in place. Tactics to use if rising inflation becomes the new trend If inflation continues to rise there are many ways that you can adjust your tactics in line with your overall retirement strategy. Buy I bonds - These bonds adjust the amount of interest-based on inflation to preserve the purchasing power of the dollar over timeCheck out Treasury inflation-protected securities (TIPS)- TIPS are more like a traditional treasury bond. They adjust the principal balance of the bond based on an inflation factor to achieve the same goal. The price fluctuates based on interest rates and other factors.Hold money market funds - Hold more money market and cash assets. As interest rates rise you can lock in at higher interest rates. Use more debt to buy things - take advantage of the current low-interest rates to purchase things that are likely to rise in price in the futureBuy in bulk - Buy at today’s prices rather than tomorrow’s. Change jobs - The labor market is tight right now and wages have not kept up. This means that companies are starting to bid up.Invest - Investing in real estate, companies with pricing power, and commodities have historically been a good idea during times of inflation.Although there are many tactics you can use to fight inflation risk, it is important to do so with a sound strategy in place. Listen in to hear why you shouldn’t take extreme measures to tackle inflation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:20] Coming next month…[6:30] Where to go if you can’t afford a full-time financial advisor[8:42] Strategy vs. tactics[12:38] What is the current tactical situation regarding inflation?[20:20] Tactics to use if rising inflation is the new trend[26:55] What I am doing tactically to fight inflationCOACH’S CORNER WITH KEVIN LYLES [35:05] How retirement calculators treat inflation[39:34] What else inflates in retirement?TODAY’S SMART SPRINT SEGMENT [43:05] Define the guardrails for your tacticsResources Mentioned In This Episode Check out the Stacking Benjamins book tour–I’ll be at the Dallas event with Joe Saul-Sehy on March 1 Episode 417 with Joe Saul-SehyRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Inflation will affect your retirement one way or another. It’s up to you to create a strategy to manage that risk. On this episode of Retirement Answer Man, you’ll learn how you can build your own strategy to deal with the creeping risk of inflation.In the past two episodes, you learned what inflation is and how it can affect your retirement. Next week you’ll learn how to use tactics to tweak your strategy to optimize it for specific situations, but first, let’s go learn how to come up with your own plan to combat inflation. Data vs noise It is important to understand the difference between noise and signals when coming up with a strategy. It’s easy to be distracted by the everyday noise that surrounds us and fail to heed the signals that we should actually be watching for. In today’s overly connected world, we have access to information that is being transmitted instantly. Rather than learning from the signals that can help us create a course of action, we get distracted by the constant noise. As data flow increases, we tend to get overloaded with information. According to Nassim Taleb in his book, Antifragile, data is toxic in large and even moderate quantities because it increases our tendency to overreact to the noise. This is an important factor to recognize when coming up with a risk management strategy which is what a retirement plan really is. Strategies start with vision Coming up with a strategy for retirement planning is like checking a recipe before you go to the grocery store. You want to make sure that you have all the ingredients so that you can put them together in the correct portions to create a meal. If you don’t plan before your trip to the supermarket you could come home with plenty of food but nothing that will help you prepare a healthy meal. To ensure a healthy retirement, make sure that your retirement starts with your vision for life. How to create a strategy to manage inflation Now you understand that you need to have a goal in mind before you create a retirement strategy. The two risks that you must balance in retirement are sequence of return risk and inflation risk. Sequence of return risk is a near-term risk that occurs when your stocks go down in value shortly after you begin withdrawing from your accounts. The risk of inflation means that the value of your dollar decreases over a longer period of time. Your retirement strategy needs to balance these near-term and long-term risks. Listen in to hear how you can manage inflation risk while at the same time considering sequence of return risk.If some of the terminology I use confuses you, make sure to listen in the month of March. I plan to explain the fundamentals of retirement planning in greater detail. You’ll learn about the pie cake, agile retirement planning, and the retirement plan of record. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:29] Noise vs. signals[5:35] What is a strategy?[12:57] How to create a strategy to manage inflationLEARNING FROM DONALD’S SITUATION [20:40] Learning from Donald’s retirement plans[25:46] What happened to Donald’s wife[29:15] How Donald’s perspective has changed[33:08] How Donald’s financial plans have changed[35:20] Use the technology you have to record your loved onesTODAY’S SMART SPRINT SEGMENT [36:47] Evaluate your reaction to inflationResources Mentioned In This Episode LTCI PartnersWSJ article - The Trouble with a Stock Market Bubble by Jason ZweigFILM - The Social DilemmaBOOK - Antifragile by Nassim TalebRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Inflation is on everyone’s mind these days. If you have been wondering how inflation will affect your retirement, you’ve come to the right place.This is the 2nd episode in a 4 part series on inflation. Last week we defined inflation, today, we’re discussing the impact of inflation on retirement, next week we get strategic, and in the final episode, we’ll get tactical and answer your questions on inflation.Press play to learn what you need to know about the effects of inflation on your retirement. Just choose a number Inflation is nothing new. It has been affecting us over the course of our entire lives. This is important to remember when planning retirement so that you don’t overthink how you plan for inflation as you build your retirement plan of record.When building your retirement planning model, you’ll need to assume some number to plan for inflation. This number can be chosen based on history or another method. You don’t need to worry too much about where the number comes from as long as you’ve done a bit of research to get it. The most important thing to remember when choosing a number to assume for inflation is to leave it alone. It’s important to stay agile You’ll be consistently iterating and tweaking your retirement plan of record as your lifestyle changes from year to year. Even though inflation rates will fluctuate over the course of your retirement, leave your assumed inflation estimate alone.You won’t get any more accuracy from your model by tinkering with this number. Instead, you’ll end up tilting the numbers one way or another based on your proximity bias. Iterate based on the reality of your lifestyle rather than some projected assumption. Let your spending habits change based on your life choices. How does inflation impact your retirement? The best way to understand how inflation can impact someone over time is to crunch the numbers. If you spend $9,000 per month today and assume a 3% inflation rate, in 15 years your standard of living will decrease by 36%. If you change the inflation rate to 7%, the standard of living will worsen by 64%.Although these numbers can seem scary, you will have a bit of optionality in the way you spend your money. If inflation is high, you may choose to scale back your spending in many areas. Areas where you can’t scale back There are a couple of areas in life where you won’t be able to scale back spending. A healthcare event is not a choice and will need to be cared for whether you are ready or not.Unfortunately, due to the healthcare renaissance in medical technology, inflation in the medical field has risen by 3 times the average of other goods and services. Healthcare and long-term care are two areas that have higher than average inflation and you have little control over your need for them.Even though inflation will cause prices to rise, you will have a safety feature built into your retirement by way of social capital. Social Security has a cost of living adjustment built into the system based on CPI-W. Listen in to hear how these adjustments in addition to your human capital can help you combat inflation in your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Be careful with your assumptions[10:01] How does inflation impact your retirement?[21:48] How stocks and bonds react to inflationLISTENER QUESTIONS WITH TANYA NICHOLS  [28:40] How Frank can decide if he can continue with his early retirement[35:20] Where can someone with modest means go for retirement advice?[40:02] What is the role of bond funds in a retirement portfolio with a low-interest rate environment?[47:28] Clarification on signature requirements for IRAsTODAY’S SMART SPRINT SEGMENT [51:17] Review your inflation assumptionsResources Mentioned In This Episode Episode 405 - Don’t Let Perfect Be the Enemy of GoodLutheran Social Services Financial ServicesXYPNAlign FinancialBOOK - So Good They Can’t Ignore You by Cal NewportBOOK - The Good Entrepreneur by Nick KennedyRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Inflation is quite the buzzword lately. Every news network reports that inflation is on the rise which is apparent at the grocery store, the car dealerships, and even in the housing market. If you are planning on retiring soon, worries about inflation could keep you up at night. This is why over the next 4 weeks, we are going to study how to manage inflation in retirement. Today you’ll learn what inflation is and how it is measured. In week two of this series, we’ll discuss how inflation affects retirement, the following episode will study how to manage inflation from a strategic level, and our last episode on this topic will explore the investment vehicles that are available to help protect our portfolios against inflation. What is inflation? Everywhere you look you can see that inflation is on the rise which is why we are studying this topic in depth. Before we can learn how to battle it, we must first understand what it is.Inflation is the decline of purchasing power of a particular currency over time. This means that over time, your dollar will buy less of a particular good or service. We often reflect on the good ole days when a gallon of gas was less than a dollar, but we can see how inflation occurs across the board. Today a gallon of milk costs $3.59, but in 1995 it cost $2.50. A dozen eggs are $2.80 today, whereas, in 1990, that same dozen was only $1. This is inflation.The way we see inflation from a retirement perspective is that the purchasing power of your dollar buys less over time. A look at average historical inflation rates Since the 1920s, the average rate of inflation has been 2.88%. However, this does not mean that each year the inflation rate has been the same inflation fluctuates from year to year. The highest inflation rate was in the 80s and was 15.61%. In the past 20 years, the inflation rate has been lower than that 100-year average at 2.06%. Over the past 10 years, we really haven’t worried about inflation and we have had the added benefit of enjoying excellent return rates from the market, so if you retired in 2011, there hasn’t been much to worry about. But this isn’t always the case. In the 1970s, inflation was at 7% per year which was coupled with a rough decade in investment returns, this perfect storm could cripple retirements. Inflation risk can be compared to sequence of return risk as you enter into retirement. How inflation affects retirement planning When you are planning your retirement you want to understand how much things cost so that you can predict how much money you will need each year. If you spend $9000 per month now, in 20 years you’ll need much more to have that same purchasing power. No one can predict what will happen in the future, but if you study the past and take measures to protect your portfolio, you can hedge against this ever-present risk. Learn how inflation is measured why that is important to plan your retirement on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:00] What is inflation?[12:10] How inflation affects retirement planning[13:46] What causes inflation?[19:00] How do we measure inflation?LISTENER QUESTIONS WITH ANDY PANKO [26:30] Is it better to do a Roth conversion or take advantage of a 0% capital gains tax rate?[34:55] The difference between Roth conversions and Roth contributions[39:59] How to adjust the Social Security calculator for early retirement[46:45] Is inflation risk higher when one retires early?TODAY’S SMART SPRINT SEGMENT [56:55] Think about your optimization to see if you have enough slack in your systemResources Mentioned In This Episode Taxes in Retirement Facebook group with Andy PankoTenon Financial GroupLTCI PartnersWatch the Retirement Plan Live replay here!BOOK - Antifragile by Nassim Nicholas TalebRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

We learned in the first episode of Retirement Plan Live that Joelle and her husband Mike had moved to a new area to pursue their retirement dreams. Joelle and Mike are now learning how to build community and purpose in their new home. Listen in to learn how Joelle plans to make social connections and find purpose in retirement as she creates her new life. The Rock Retirement Club is open The Rock Retirement Club will be open for enrollment for ten days starting on 1/27. If you have been thinking about joining, this is the right time to act. We have implemented this short-term enrollment window so that new members can make connections with each other while working to build their retirement plan of record. This way, RRC freshmen can come in as a cohort and fully participate in their membership by taking full advantage of everything that the club has to offer. New members will participate in meetups and have access to the masterclass, retirement planning tools, and the private RRC podcast. Even if you are too late to join this enrollment, fill out the application and get on the waiting list so that you will be first in line when enrollment opens again. What will Joelle do with her time in retirement? Once you finally reach retirement you have to figure out what to do with all of your time. When Joelle moved to her new home in Washington she knew that she would need to find a way to fill 40 hours of her time that was previously spent working. Joelle has found a new yoga and pilates class to keep fit and connect with others and through these exercise classes, she was even able to connect with a hiking group. Exercise and connecting with others are important components of retirement. However, finding a purpose in retirement is even more important. Joelle understands that the success of her retirement hinges on finding a purpose which is why she sought out a nonprofit organization to volunteer with shortly after moving to her new home. Listen in to hear how Joelle found this organization and what she plans to do with her time in retirement. Making friends in a new place Moving to a new place can be challenging and when you do so upon retirement it is important to get involved in the community. Without workplace interactions, making friends is even more difficult than in the working years. Joelle has thrown herself into participating in her new exercise classes and volunteering with the nonprofit organization. Although she still doesn’t have anyone that she can truly call a friend, she has several acquaintances with whom she is looking forward to making a deeper connection.Do you have any strategies for making friends in a new place? How will you expand your friendship base in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE WITH JOELLE [1:30] What will Joelle do with her time in retirement?[10:18] Making new friends can be a challenge[16:09] Volunteering will give her a sense of purposeLISTENER QUESTIONS [19:13] Greg is worried that the Social Security system will run out of money[25:04] Strategies to improve the longevity of the Social Security system[27:20] How to find a retirement financial planner[29:58] Roth conversions vs. earned income[30:53] Where to find a retirement plan of record template[32:14] Using human capital and financial capital to retire early and receive ACA credits[36:07] Health savings account beneficiariesTODAY’S SMART SPRINT SEGMENT [38:44] Think about your strategy to create community and connections in retirementResources Mentioned In This Episode RetireAgile.comLiveWithRoger.comBOOK - How to Begin by Michael Steiner BungayRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

As you embark on your retirement journey, life’s question changes from what can you do to what will you do? You have so many choices that are available to you that the question of what to do next can be daunting. I explore these questions with Michael Bungay, author of the new book, How to Begin. Michael’s interview isn’t the only thing that’s in store for you today on the Retirement Answer Man show. This is the third installment of Retirement Plan Live with Joelle. Last week Joelle shared her dreams for retirement, so today we crunch some numbers to see how she will create her retirement paycheck. Make sure to sign up for the webinar on January 27 to see whether Joelle’s retirement will be feasible. What will you do next? Often in midlife, you reach a crossroads where you have to decide what’s next. At this age, you have experience, contacts, and resources which opens a wealth of opportunities. So, how can you figure out what you should focus on in your next chapter? Think about what will bring out the best in yourself. Should you create You+ or You 2.0? Michael likes to compare this process of reinventing yourself to technology. You have the choice of creating You+ or You2.0. You+ is like getting a new app on your phone. It will improve your life for a while, but then you begin to plateau and you have to think about what is next. You 2.0 is like getting an entirely new operating system that can last for decades. Take this time to think about what your You version 2.0 will be. Michael’s book, How to Begin, lays out the process to help you figure out how to create You 2.0. You’ll learn how to set a worthy goal and make a difference that lights you up all while moving you towards the edge of what is possible. How to begin the process with fresh eyes? Systems start breaking down once you reach the next level in anything that you do. The same holds true for reinventing yourself. To begin again you need to start by thinking about who you are so that you can set a worthy goal. Your first guess won’t be the best one, but as you work through the process it will help you to polish and refine your goal. The next step is to commit. Before you commit yourself to your goal, you’ll want to weigh your choices. Think about the prizes and punishments for completing or not completing your goal. Finally, it is time to make progress on your worthy goal. Goal setting is a challenging process, that is why it is important not to waste your time on the wrong goals. Your goals should be important to you and make the world a better place. What impact do you want to make on the world? If you are trying to figure out who you will become in the next phase of your life, check out How to Begin by Michael Bungay to help you get started. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE WITH JOELLE [3:37] Joelle feels content with her retirement dreams[7:18] Looking at Joelle’s social capital[12:40] Joelle won’t have any human capital[16:16] Let’s look at Joelle’s financial capitalMICHAEL BUNGAY INTERVIEW [25:25] Who is Michael Bungay?[29:36] Michael’s second mountain[32:50] The difference between Michael+ and Michael 2.0[35:38] How to begin the process with fresh eyesTODAY’S SMART SPRINT SEGMENT [53:46] Challenge yourself to see whether you are improving yourself or can you reimagine a new operating systemResources Mentioned In This Episode BOOK - How to Begin by Michael BungayBOOK - The Coaching Habit by Michael BungayPODCAST - 2 Pages with MBS BOOK - The Second Mountain by David BrooksBOOK - From Good to Great by Jim CollinsErin Weed - The DigRetirement Plan Live Webinar January 27LTCI PartnersSocial Security Detailed CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Welcome to the second installment of Retirement Plan Live. This is the episode where we run the initial numbers for Joelle’s retirement. We’ll walk through the 3 categories to define Joelle’s base needs, wants, and wishes and put number values to each of these areas. In addition to the interview with Joelle, you’ll hear listener questions about how to feel comfortable about retirement, converting 401Ks to Roth IRAs, and how my personal journey finding health insurance has turned out. As a bonus, you’ll hear an interview with Joe Saul-Sehy from the Stacking Benjamins podcast who has written a new book called Stacked. Listen in to hear if it is worth the read. Check your email this weekend to receive a free retirement planning worksheet If you are following along with Retirement Plan Live and creating your own retirement plan, make sure that you are signed up for the 6-Shot Saturday weekly newsletter. In this Saturday’s newsletter, you will receive a link to a simple worksheet that will help guide you through your own retirement plan the way that I am walking through Joelle’s retirement plan. 6-Shot Saturday is full of tips, news, listener questions, and more, straight from the Retirement Answer Man to your inbox. Simply head on over to RogerWhitney.com, scroll down to the bottom of the page, and enter your name and email address to sign up. Financial behavior is at the heart of all money management issues Have you ever listened to the Stacking Benjamins podcast with Joe Saul-Sehy? If so, you’ll want to check out his new book, Stacked. If you haven’t heard his podcast, check it out on your favorite podcasting app. Joe joins me today to discuss why he wrote his new book, how he wrote it, and why it’s important. Did you know that 150 million Americans have cried about money? This number doesn’t only include people who live paycheck to paycheck, people who earn more are also concerned about money. These people aren’t crying about the loss of the mega backdoor Roth or cryptocurrency. They are crying about their financial behavior.Many people who are educated about money and finances still struggle with their financial behavior. Mastering your finances isn’t about what you know, it's about what you do. Stacked helps readers take action to improve their financial situation Traditional finance books often overcomplicate finances or hype certain complicated financial strategies. Stacked helps readers understand what they should be thinking about when it comes to financial matters and why they should think about them.Since Joe discovered that people need actionable items to complete to successfully change their financial behavior he decided that his book should help readers change their financial behavior through action. The book is based on achievements that are built on micro-actions. Its format is award-based, similar to the way that many educational apps gamify learning. Joe begins financial planning with the end in mind Joe’s book begins with the end in mind. It is goal-based and helps readers create a timeline to put their goals in perspective. Since most of us are visual learners, the book helps to plot things visually so that readers can begin to work on their financial problems. As you read, you’ll be able to visualize your goals so that you can put a list together to understand what you truly value and how that applies to your financial plan. Check out Stacked if you are interested in a light-hearted approach to a serious subject matter that gives you actionable items to get you closer to your financial goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE WITH JOELLE [3:04] Joelle’s base spending needs[8:50] Joelle’s future expenses[20:25] Budgeting will be a new experience for Joelle and her husband[23:49] Joelle’s aspirations[29:35] They plan to age in placeLISTENER QUESTIONS [34:25] A 401K to Roth transfer question[38:39] How to help Tracy’s husband retire again[43:04] My health insurance journey[46:10] Reverse mortgagesJOE SAUL-SEHY INTERVIEW [47:09] Money management can be stressful[51:22] How Joe wrote his book[59:23] Begin with the end in mind[1:07:00] Joe’s goals for his bookTODAY’S SMART SPRINT SEGMENT [1:10:19] What will you wish you would have done at the end of this year?Resources Mentioned In This Episode BOOK - Stacked by Joe Saul-SehyBOOK - How to Begin by Michael Bungay StanierBOOK - Half Time by Bob BufordBOOK - The Second Mountain by David BrooksPODCAST - Stacking Benjamins with Joe Saul-SehyNeuYear.netPowell’s Books

A new year means a new Retirement Plan Live! Over the course of the next 4 episodes, you’ll hear about Joelle and Mike and their plans for their recent retirement. Then, at the end of the month on January 27, we’ll wrap RPL up with a live webinar that you can participate in. Head on over to LiveWithRoger.com to register.On this episode, you’ll learn about Joelle and Mike’s thought process on moving to a different state for their retirement. You’ll also hear from Kevin in Coach’s Corner as he explains his Zero Based Budgeting process. This episode is jam-packed with information including one correction to an answer that I recently gave to a listener question. Press play to listen now. Coach Kevin’s Zero-Based Budgeting process Creating your financial plan in retirement shouldn’t only include dollars and cents. It is important to build a plan that encompasses your life goals. Most people tackle their retirement budget from the wrong direction which is why Coach Kevin came up with his own budgeting process.Step 1 - Start with 2 major retirement questions. Where will you live? Will you work or generate an income? Both of these questions can drastically change your retirement budget. Think about whether you’ll move somewhere new or whether you’ll stay local and how that decision will affect your budget and your retirement plans. If you choose to work a bit in retirement, that choice won’t simply change your budget; it will also change how you spend your time.Step 2 - What activities will you do? Think about 3-5 activities that bring meaning and purpose to drive your life in retirement. Which activities would you like to build your life around? Set yourself up to do the things that you love to do. Step 3 - What would make retirement special for you? This is where you get to think big. What are your retirement dreams? Would you like to travel to distant lands, buy a boat or RV, or maybe renovate your home? Once you work through these 3 steps then you can begin to create your retirement budget. It is important to start with these steps rather than the money first so that you can ensure that you are making the most out of your retirement. Step 4 - Continue creating your retirement budget by planning your day-to-day activities in retirement. These activities could include gym memberships, golf fees, sporting event tickets, theater tickets, and other areas where you will spend your time in retirement.Step 5 - Finally, you can add in all the other expenses like food, utilities, household expenses, and healthcare.Leaving your comfort zone is always a bit scary Remember that the type of life change that retirement brings can be scary. Any time you disrupt the status quo you leave your comfort zone. The good news is that if you start acting out your retirement plans and they don’t measure up to your vision, you can always change the plans. The trick is to develop a plan where you can pivot. With this Zero-Based Budgeting process, you can iterate as needed rather than being stuck with the same plan over the next 30 years. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A CORRECTION [2:20] An HSA question correctionCOACH’S CORNER [3:52] How to create a retirement financial plan that encompasses your life goalsRETIREMENT PLAN LIVE WITH JOELLE [19:50] Why Joelle volunteered to be the new Retirement Plan Live subject[24:24] Joelle and her husband have different money styles[29:38] How Joelle’s life was different living in L.A.TODAY’S SMART SPRINT SEGMENT [37:42] Give yourself grace about beginning againResources Mentioned In This Episode Register for the Retirement Plan Live webinar on January 27 at 7 pm CSTLTCI PartnersRetirement ManifestoRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you own any cryptocurrency? First introduced in 2009, Bitcoin and other cryptocurrencies have exploded in popularity over the past few years. On this episode of Retirement Answer Man, we’ll discuss what cryptocurrency is, how it is revolutionizing the banking system and the drawbacks of this new type of currency. Listen in to learn whether you should add a bit of crypto to your retirement portfolio and you’ll also hear the answers to listener questions about IRA contributions and IRMAA surcharges. What is cryptocurrency? Nan is curious about whether Bitcoin or other cryptocurrencies would be good investments to add to her retirement portfolio to hedge against inflation. Before we get into the answer to that question, we need to understand exactly what cryptocurrency is. Stemming from the word cryptography, the word cryptocurrency means it is a currency that is encoded. This digital currency is secured by cryptography technology which prevents it from getting hacked. Why is cryptocurrency such a big deal? Cryptocurrency is separated into denominations called coins or tokens which are actually cryptographically protected codes. These new currencies are atypical in that they are issued by non-centralized networks or entities and not issued by any government. The value of a cryptocurrency coin or token is stored digitally and managed by a blockchain network that facilitates transactions. Blockchain is basically a digital bank replacement that is virtually frictionless. Transactions are instantaneous and can be confirmed quickly. The promise of cryptocurrency could revolutionize currency transfers and remove the need for a banking system. With encrypted digital currency there is no need for a bank. Transactions bypass the third-party gatekeepers that are typical of traditional banking transactions, so there is no need for any extra fees. How could cryptocurrency help combat inflation? Inflation occurs when a currency loses value over time. We have seen the inflation rate spike over the past year and the more money that comes into the system the less value the dollar will have. Since the US government is printing currency faster than ever, many people are worried that the dollar will continue to lose its value.New crypto coins or tokens can only be released by mining, so the value of the currency is based on a degree of scarcity. The finite supply of the currency’s structure is designed to retain its value over time. What are some concerns over cryptocurrencies? With all the benefits that come with this revolutionary financial technology come some drawbacks. Since it is so new, cryptocurrency has become a craze with new currencies being released each day. Much like the internet craze of the early 2000s, no one knows which currencies will come out on top. The novelty of this new trend has also created volatility in the values of different cryptocurrencies. Currency values can spike up or down 10%-20% in one day.Investing in cryptocurrency is a bit like heading out to the wild west to pan for gold. Since it is so new, there is little to no government regulation which, paired with the anonymity that these currencies provide, can attract bad actors and lead to money laundering and tax evasion.Listen in to hear whether I recommend adding cryptocurrency to a retirement portfolio to hedge against inflation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:05] Is investing in cryptocurrency a good way to combat inflation in retirement?[11:51] Why is cryptocurrency such a big deal?[17:01] What are some concerns over cryptocurrencies?[22:10] Contribution limitations in the year that you retire[24:41] Appealing the IRMAA surcharge[26:27] What counts as income when calculating ACA credits?TODAY’S SMART SPRINT SEGMENT [28:16] Finalize your 2021 net worth statementResources Mentioned In This Episode Episode 300 - Medicare and IRMAAForm SSA-44 - Medicare Income-Related Monthly Adjustment Amount - Life-Changing EventRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you have a system for estimating what your future RMDs will be? Should you keep a mortgage or pay off the balance of your house in retirement? What should you do with the money that you withdraw to fill up your tax bracket? These are just a few of the questions that will be answered on this episode of Retirement Answer Man. Press play to check it out! My word of the year The end of the year is always a good time to think about beginning anew in the next year. I’m not big on celebrating New Year, but I enjoy the renewal process that comes with the start of the new year. If you have listened to the show in the past, you have heard me discuss my word of the year. I choose a word each year as part of my own process of renewal. I try to use my word of the year as my guiding light to help me stay focused on my goals for the year ahead. Have you ever chosen a word of the year to help you focus on your goals? Listen to this episode to hear what my word is this year. How do you calculate what your future RMDs will be? You know RMDs are coming at age 72, but how can you estimate what they will be? To calculate your RMDs you can create your own spreadsheet to get an estimation. Once you have a feasible retirement plan in place and you know how you will fund your retirement you can use this fantastic exercise to help you optimize your retirement plan. To estimate future RMDs, I set up a simple spreadsheet with these columns: your age, the year, the RMD ratio, the end of the year account value for the prior year, estimated withdrawals, and the year-end value. Once you have these values in place you can take the total and divide it by the value provided by the IRS uniform lifetime table to estimate your future RMD. How estimating your RMDs could benefit your retirement plan One way that this exercise can benefit you is by allowing you to project the risks that you might encounter in retirement. You may realize that you won’t need this much money to live on and decide that it is a good idea to fill up your tax bracket by withdrawing from your IRA sooner so that you can lower your RMD in the future. What to do with the money that you withdraw from your IRA to fill up your tax bracket  If you do decide to withdraw from your IRA or 401K to fill up your tax bracket you will have the benefit that you know what your tax rate will be, but what should you do with the money? The way I see it you have 5 options. You can spend it, save it, give it away, invest it in after-tax vehicles, or convert it to a Roth IRA. The most important thing to do when making these arrangements is to think through your process in an organized way. What would you do if you decided to fill up your tax bracket? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] My word of the yearLISTENER QUESTIONS [6:55] How do you calculate what your future RMDs will be?[15:33] Is it a good idea to keep a mortgage in retirement?[21:34] What do you do with the money that you withdraw from your 401K?[26:20] A suggestion from Mike[28:21] The efficacy of using balanced fundsTODAY’S SMART SPRINT SEGMENT [36:18] What will be your word of the year next year?Resources Mentioned In This Episode LTCI Partners Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you have a net worth statement that you update regularly? Whether or not you do, you’ll want to learn about the psychological benefits that this exercise can create. In this episode of The Retirement Answer Man show, we’ll discuss what a net worth statement is and how you can gain from creating one regularly. You’ll also hear several listener questions that range from inherited IRAs to I-bonds, to SPIA annuities. If you are interested in rocking retirement, you’ll need to arm yourself with the knowledge to help you navigate this change in life. Listen in to get started on your retirement education journey. A Rock Retirement Club announcement If you are looking to join the Rock Retirement Club you can sign up for the waiting list until we open enrollment again in late January. We closed enrollment in early December to restructure the club a bit and introduce periodic enrollment so that new members can be a part of a cohort. This will help freshmen members to take full advantage of their membership as they work their way through all the benefits that the club provides. If you are interested in checking out the Rock Retirement Club, head on over to the website and join the waiting list to receive the latest email updates. What is a net worth statement? If you have listened to the Retirement Answer Man show in the past, then you already know that a net worth statement is a statement of the resources you have accumulated with your wealth. Your net worth statement lists all of your assets and their values and your debts and their values. Assets like your retirement accounts, investment accounts, or property are listed on the left side of the net worth statement. These assets can be categorized by whether they are tax-deferred, after-tax, or tax-free accounts. On the right side is the debt column. Total each column up to see the value of each. Once you do that you’ll subtract the debts from your assets and have your net worth. Creating this valuable financial tool is a way to understand the cumulative impact of the financial decisions you have earned. Do you have a net worth statement that you update regularly? The 5 ways you can use your income Since there are only 5 things that you can do with your income, your net worth statement reflects those financial decisions that you have made. These are the 5 ways that you can use your money:Spend it. Pay down debtGive it away.Save it as cash in an emergency fund.Invest for the future.For every dollar you have earned you have made a decision (whether consciously or unconsciously) to do one of these 5 things, so your net worth statement is a reflection of these choices. Creating a net worth statement provides a psychological impact By updating your net worth statement periodically you’ll be able to compare how your finances reflect your values and whether you are using your finances to stay in line with your goals. If you identify any incongruencies then you can address the behavior before it gets out of hand. Have you ever put together a net worth statement? When was the last time you updated it? As a rule of thumb try revisiting it every 6 months.Make sure to listen to the next episode to hear my word of the year! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:56] What is a net worth statement?[4:50] Creating a net worth statement provides a psychological impactLISTENER QUESTIONS [11:21] You can work with LTCI Partners directly[14:45] Mike asks if I-bonds are a no-brainer[20:12] Examples of how people have blended retirement with meaningful work[24:28] A comment about SPIA annuities[32:25] Alternatives for the fixed income portion of assets in retirement [35:27] Navigating the changes to the inherited IRA RMD rulesTODAY’S SMART SPRINT SEGMENT [37:51] Consider creating experiences rather than giving gifts for the holidaysResources Mentioned In This Episode BOOK - Retirement Planning Guidebook by Wade PfauWade Pfau - Retirement ResearcherTreasuryDirect.govLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

You have probably heard me refer to a retirement plan of record in the past few episodes, but you may be wondering what exactly this is. I have had several listeners reach out and ask me to define this term, so in addition to hearing listener questions, today you’ll learn exactly what a retirement plan of record is and how it can help you plan your retirement. Press play to check it out. What is a plan of record? The retirement plan of record is something that I work on with my clients and I am in the process of developing a template that will be available in the Rock Retirement Club masterclass. This plan of record will help you create a current representation of your decision-making framework so that you can walk through a decision-making process in an organized way. Why is it important to have a plan of record There is so much to consider in retirement planning--asset allocations, withdrawal rates, Roth conversions, IRMAA, taxes, not to mention who your friends will be and what you’re going to do all day. With all of these considerations, it is easy to become overwhelmed by the choices if you don’t have an organized way to make decisions. Without a clear direction, your decision-making process could have you bouncing around like crazy. The 3 pillars of the agile process When creating a retirement plan of record, it is important to organize your financial goals into 3 pillars so that your plan can remain agile. First, develop a feasible plan, then, make it resilient, and lastly, optimize your plan. If you can arrange your decisions under these 3 pillars, then you can think through the process in an organized way. A retirement plan of record can ensure that your decisions reflect your values and goals. You’ll be able to create feasible spending goals based on your resources. Your plan needs to be resilient so that you can manage risks. Once you have your plan of record in place then you can work through each decision while referring to your plan. You’ll be able to see the changes you are considering within your organized process and create a what-if scenario by making a copy of your plan of record and adjust accordingly. This way you’ll be able to flush out the implications of this new variable so that you can examine the decision in a thoughtful way. The plan of record is a useful tool to accomplish organized thinking that you can execute in a consistent rhythm so that you can stay agile and make the most of your life regardless of what happens. Your plan of record allows you to focus on what you can control. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [3:50] What is a plan of record?OUR SPONSOR [12:22] Check out LTCI Partners for your long-term care insurance needsLISTENER QUESTIONS [13:31] Lee is worried about inflation--should she work longer?[22:05] Thinking about Social Security claiming strategies[28:18] How IRMAA surcharges work each year[33:26] How to deal with switching from an HSA to Medicare[35:32] Filling up tax bracket bucketsTODAY’S SMART SPRINT SEGMENT [39:03] Review your retirement contributions to make sure you are hitting the numbers you wantResources Mentioned In This Episode Episode 385 - The 4% RuleEpisode 395 - Retirement Risk BasicsCheck out LTCI Partners for your long-term care insurance needsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Rocking retirement doesn’t mean getting your Roth conversions right, it means minimizing your regrets. At the end of your life, you don’t want to think “yay, I paid fewer taxes!” you want to think “wow, my life was awesome!” Overcoming the frugality that stems from a lifetime of saving is one way to live a life free of regret in retirement.To ensure that you can live life to the fullest, create a retirement plan that can iterate as life unfolds. When you have a feasible, resilient retirement plan that utilizes the resources you have you’ll be able to build the life you want. You’re already well on your way to rocking retirement by listening to the Retirement Answer Man show. On dialing back Recently I committed publicly to publishing 2 episodes per week in an effort to improve the show. However, very shortly after making this change, I realized that it wasn’t a good change for me. For this reason, I decided to pivot back to one episode per week. I realized that it is important to live my life true to myself rather than base my choices on the expectations of others. Have you ever made a decision that you quickly had to undo? Should Gene pay off his house from a pretax retirement account? Gene is considering paying off his house from his 401K account. He owes $200,000 at 2.5% on a 25-year loan. He would like to know what the best course of action would be in his situation. As with any major retirement planning question, my recommendation is to refer to your retirement plan of record. (To get a more detailed understanding of the retirement plan of record, make sure to listen to the next episode!) After walking through that plan with the mortgage in place, then you can create a what-if scenario in which you pay off the mortgage. This way you can compare each choice side by side to see which one would best serve your overall goals.Listen in to hear why I wouldn’t take the funds from my 401K to pay off my house and hear what I would do instead. How to move from accumulation to distribution phase of life You have saved for decades, so when the time comes to start spending that savings it can be a challenge to loosen the purse strings. Retirement is not simply about spending money: it’s about living your life to the fullest. Think about why you chose to save your money and act frugally for so many years. Chances are, you did so to achieve financial security and to pay for the best retirement lifestyle that you could afford. Achieving financial security means that you feel comfortable with your retirement plan. If you don’t have faith in your plan, consider having a professional look over your plan to bolster your confidence so that you can rock retirement. How to improve your life and overcome frugality If you are a naturally frugal person, you may think that you have everything you need at this point in life, so there is no reason to spend more than you do. However, there are many ways that you can improve your life by spending money. Consider whether these activities would enhance your life.Eating out with friends more frequentlyAttending physical therapyGetting regular massagesHiring a personal trainer to improve fitnessHiring a nutritionist to help you plan mealsOvercoming frugality can help you live your life to the fullest and rock retirement. Think about how you could increase your spending to maximize your life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:00] A correction on QLACs[5:05] Social Security and Cola[9:25] An urgent inherited IRA question[12:30] On dialing back[15:08] Whether or not to pay off the house from a 401K[20:48] One listener appreciated learning about Roth conversions COACH’S CORNER WITH KEVIN LYLES [26:18] On overcoming frugality[29:42] Spending guaranteed income is much easier[31:26] How you can improve your life by spending[34:25] 3 tips to incorporate to spend your moneyTODAY’S SMART SPRINT SEGMENT [42:55] Look for ways to enhance your life todayResources Mentioned In This Episode Start here to listen to the Retirement Tax Management series with Andy PankoBrian Johnson’s Optimize.meRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

How do you pivot from a moderately aggressive portfolio in the accumulation stage of retirement planning to the decumulation stage? In today’s episode, we tackle two listener questions about the mechanics of decumulation in retirement planning. You’ll also hear a question about using QLACs to reduce RMDs. If you are wondering about the details on how exactly you are going to make this retirement thing work then be sure to press play. Retirement plan live is coming soon to a podcast near you!  In January we’ll be hosting the next edition of Retirement Plan Live. Retirement Plan Live is an extremely popular series that we run each year where I walk out the logistics of creating a retirement plan over the course of 4 episodes with a listener. At the end of the series, we host a live webinar where we analyze whether that particular plan is feasible. Our last Retirement Plan Live series dealt with Trish and her unexpected retirement. If you would like to be the next subject of RPL, make sure you are signed up for the 6-Shot Saturday newsletter so that you can access the link to the application form. We’ll choose one listener from the dozens of applications we receive. We will make sure to change the name and details of your situation while at the same time keeping the generalities in check. Listen in to hear the details. How to get the most bang for your buck in your retirement portfolio Steve has invested moderately aggressively, but as he turns 65 and enters retirement he is looking to become more conservative while at the same time getting the most bang for his buck. He is trying to figure out how to structure his portfolio conservatively while providing a bit of growth and income through dividends.The best way to approach this or any retirement planning question is to take a top-down approach. If you start at the bottom and work your way up you miss out on how your question fits into the big picture. Retirement planning starts with your overall goals for retirement. Then you need to understand how this particular question fits into your retirement plan. Once you have a feasible plan, then you can build a cash flow model which plans out your spending over the next 5 years and beyond. Once you have this cash flow model in place then you can make that model resilient. This is where your question comes in. How would you make your plan resilient? Do you want to optimize your portfolio for more money and higher returns or do you prefer to have a high level of confidence in your spending no matter the market? Rather than getting the most bang for your buck, consider what kind of outcome you would prefer to secure. How to simplify retirement accounts without taking a huge tax hit Karen is planning on retiring at age 61, but before she does she would like to simplify her retirement accounts. Currently, she has over 50 different investments. She wants to simplify the accounts into as few funds as possible and rebalance them without taking a huge tax hit. Once again, we must approach this problem in an organized way. When you consider what you are trying to accomplish by simplifying your accounts then you can see how this exercise will fit into your overall retirement plan. How would you approach this question? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] News on the showLISTENER QUESTIONS [6:25] Using QLACs in retirement planning to reduce RMDs[11:35] Rita is interested in another series on long term care[12:46] Steve’s question getting the most bang for his buck during decumulation[30:20] Karen’s question about simplifying her portfolioTODAY’S SMART SPRINT SEGMENT [40:14] Go beyond the normal thankful things--think about the things that warm your spiritResources Mentioned In This Episode Retirement Plan Live 2021 - start hereDecumulation series - start hereRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

We often have monthly themes to guide the topics of this show, but this month on Retirement Answer Man we are doing a bit of a mishmash. Today I want to share some thoughts I had on retirement in general and answer a few retirement questions. As you listen, think about which topics apply to you and your situation and see if you can come up with actions that can get you closer to your retirement goals. Overcoming frugality can be a challenge After decades of saving your money and delaying gratification, suddenly letting loose to spend money on the things that make you happy may not come easy. If you have been a diligent saver over the years, you may find it challenging to shift from a saving mindset to a spending mindset especially when that mindset shift is timed with the loss of income from your human capital. The good news is that shifting to a spending mindset doesn’t need to happen like flipping on a light switch. This is a gradual change that can occur slowly. One way to help yourself become more open to spending is to construct a framework to help you make decisions.Becoming a new version of yourself takes time. Give yourself grace and time to make change happen. Retirement planning is complicated If anyone ever tells you that they have all the answers to retirement planning, run in the other direction. This is because no one can ever have all the answers to something so complicated as retirement planning. The way I like to go about planning is by organizing decisions under 3 separate categories. Are your dreams feasible? Consider the life you want and whether it is feasible given your resources. This means that you need to consider your values and what you really want. Next, you’ll want to discuss it with your spouse if you are married and run the numbers to see if your dreams are truly feasible.Is your plan resilient? The winds of change will come and they could take many forms. They could come in the form of inflation, uncooperative markets, death, or healthcare bills. Having a resilient plan will help you stay the course that you set. Ways that you could make your retirement plan resilient could be through cash flow planning, matching your assets, and managing your risks in an organized way. Can your plan be optimized? Optimization is a way to enhance your journey. Tax planning, asset allocation, Roth conversions, ACA credits, and Medicare decisions all fall under the category of optimization. These are ways that you can enhance your plan to improve it. However, it is important to remember that these are the extras, not the plan itself. Organize your retirement planning to stay on track By organizing your retirement planning under these 3 pillars you can ensure that you aren’t letting the tail wag the dog. Having an organized way to deal with your retirement plan will ensure that you aren’t missing out on an aspect of retirement that could have a major impact on your life. Make sure to stick around for the listener questions segment of the show. You’ll hear me answer questions on how to calculate modified adjusted gross income to include capital gains and I’ll even respond to a recent critique that I had from one listener. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN REFLECTIONS ON RETIREMENT [4:35] Overcoming frugality is a challenging thing for many recent retirees[6:50] Retirement planning is complicatedLISTENER QUESTIONS [13:07] Modified Adjusted Gross Income [16:33] My response to Janet’s critique[18:57] Otto’s comments on a recent question I answeredTODAY’S SMART SPRINT SEGMENT [22:28] Think about something that you need to undoResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Ever since listeners enjoyed our Retirement Tax Management series with Andy Panko we have received an influx of questions surrounding taxes. I’ll answer several questions today about filling up your tax buckets. I’ll also respond to queries about planning when to take Social Security when you will have excess RMDs and how to incorporate balanced funds into your asset allocation. Don’t miss this episode if you still have burning tax questions left over from last month’s series on retirement tax management. The Rock Retirement Club has so much to offer The Rock Retirement Club recently hosted the Retirement Rodeo Round-Up in Fort Worth, Texas. I was so impressed by the levels of motivation and excitement that I saw from the participants. Everyone who attended was excited to share their knowledge and learn from each others’ journeys so that they could make the most out of their retirement. Have you considered joining the Rock Retirement Club? If so, or even if you just want to learn more about it, check out the virtual open house that we’re having on November 16. At the open house, you’ll get a sneak peek of the Club’s Retirement Master Class and preview member tools like Everplans and the New Retirement Planner Plus calculator. The open house will be a great way to decide whether the RRC is right for you. Register for this event at LiveWithRoger.com. Are you having trouble overcoming frugality? One common concern from the participants at the Retirement Rodeo Round-Up conference was the challenge of overcoming frugality. Like many Retirement Answer Man listeners, RRC members are amazing savers, but after saving and delaying gratification for so many years it is hard to break the habit. There is a mental shift that must take place to switch from saving to spending and shifting your mindset can be difficult. Instead of watching your accounts grow, you now see them stay stagnant or decrease over time and this can set off alarm bells in your mind. Have you experienced difficulty navigating this change? What did you do to shift your mindset from saving to spending? When should Jenny claim Social Security? Jenny has been a diligent saver and will end up having excess RMDs. This issue has caused her to think about the most beneficial time to claim Social Security. She is considering taking Social Security at age 62 to lower her income, but I have another strategy for her to consider. Listen in to hear my thoughts on what you should do if you have substantial projected RMDs. How to fill up your tax bracket bucket in retirement One of the strategies that Andy Panko and I talked about last month in the Retirement Tax Management series was filling up your tax bracket. When filling up your tax bracket you'll want to take funds from your IRAs or other tax-deferred accounts and either spend that money, invest it in after-tax assets, or convert it to a Roth IRA. Work out the best situation for you by creating a retirement plan of record and then test different outcomes. Have you created a retirement plan of record yet? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:40] It takes a big mental shift to stop saving and start spending[4:01] How much to allocate to asset allocation if you have balanced funds in your portfolio?[7:05] How Social Security works with RMDs[13:10] How to fill up the tax bracket bucket[15:15] What to do with the money that you fill up your tax bracket with[16:26] Scott really enjoyed the episodes with Tanya NicholsTODAY’S SMART SPRINT SEGMENT [17:10] Calculate your projected income for 2021Resources Mentioned In This Episode Register for the Rock Retirement Club’s virtual open house at LiveWithRoger.comTanya Nichols with Align FinancialCheck out Tanya Nichols in the Women in Retirement series - Start HereRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you wish you could find a comprehensive guidebook to help you plan your retirement? If so, you won’t want to miss this interview with Dr. Wade Pfau. Wade is the founder of the Retirement Researcher website and a retirement income professor at the American College. He is also the author of several books and his newest, the Retirement Planning Guidebook, was recently published. This book is the most detailed retirement guide that you will find, so don’t miss out on this interview to hear what to expect from Wade’s guidebook. There is no one way to plan for retirement Unfortunately, there isn’t a simple answer to how to plan your retirement. The way that works for you may not be ideal for your next-door neighbor. This is why it's important to come up with a strategy first. That way you can build your retirement plan according to your strategy. If you can come up with a flexible solution then you can make iterations based on changes in the world around you. Retirement planning is all about preparing for uncertainty. With the right strategy, you can make educated decisions to carry you through those uncertain times. Retirement choices cause a ripple effect throughout other areas The choices you make in retirement have a ripple effect in many areas and one decision can create unexpected consequences in another part of your retirement plan. This makes it challenging to make any choices and can lead to analysis paralysis. Let’s see how one decision could lead to a domino effect. Say that you are trying to diversify your portfolio. If you sell a major position that you hold then you could end up with capital gains which could push you into another tax bracket which could eliminate the possibility of using ACA credits and so on. Rather than be paralyzed by the fear of making the wrong decision, you need to think in an organized way about what problem you would like to solve. If you are trying to lessen your market risk you will need to sell to diversify your portfolio. However, if you are trying to focus on getting ACA credits the decision to diversify all at once may not be the best strategy. How much should we consider tax policy in retirement planning Taxes are one of the great unknowns in retirement planning. No one can say for certain how tax policy may change in the future. So how much should you try to predict tax policy changes when planning for retirement?It is always good to start with a basis and then test different outcomes. The current tax rates are a good starting point for building your retirement plan of record. Once you build this foundation, you can tease out different outcomes as you learn more information. Retirement tax planning isn’t made on a yearly basis, rather you should plan to try and reduce your overall lifetime tax bill.Learn how to utilize Social Security, plan for the unknown, and lower your lifetime tax bill on this episode of Retirement Answer Man with Wade Pfau. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WADE PFAU INTERVIEW [3:30] One decision you make in retirement affects others[10:21] There is no one way to plan for retirement[13:31] How much should we consider tax policy in retirement planning?[16:45] Social Security considerations[25:53] Consider the premium cliffs that are out there[31:31] How to factor in a cognitive decline[34:58] How to navigate the lump sum vs. lifetime income decisionResources Mentioned In This Episode BOOK - Retirement Planning Guidebook by Dr. Wade PfauRetirement Researcher websiteThe American CollegeBOOK - How to Decide by Annie DukeBOOK - Because a Little Bug Went Ka-Choo by Rosetta StoneRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you understand what you need to do to build a happy retirement? My guest today has studied the data to tell the story of happy retirees in his new book, What the Happiest Retirees Know. Wes Moss is not only an author of multiple books, he is the host of the live radio show, Money Matters, and the Retire Sooner podcast. Learn the habits to develop now to create a happy retirement by listening to this interview with Wes Moss. Are you retiring to something or away from something? The real-world data shows that 70% of people don’t like their job and 20% of people actively hate their job so much that they want to hurt the company they work for.These sad statistics lead to people thinking that retirement is the answer to their unhappiness. However, it isn’t enough to retire away from something. We must retire towards something to find happiness in retirement. Is your objective to retire away from your job or towards happiness? Think about what you would like to retire towards. Do pre-retirees have misconceptions about what a happy retirement really is? Most people have a preconceived notion about retirement. They believe that once you reach a certain level of financial security, you’ll stop working and then the skies will open up and the world will become a happy place. They feel like retirement will be some version of heaven.However, the reality is much different. There is a period of transition and not an instant magical change. Preparing well in advance will help to create a happy retirement and avoid disappointment. It only takes $75,000 per year to be happy One of the biggest worries in retirement is having enough money, but research shows that it only takes between $70,000 and $80,000 per year to create a happy life. Having more money won’t increase levels of happiness. It doesn’t take as much as you think to avoid an unhappy retirement. Even though many people feel the loss of a sense of purpose and increased loneliness once they retire, with a bit of preparation, anyone can create a happy retirement. Habits to develop to create a happy retirement Wes describes ten categories in his book that contribute to happiness in retirement. These habits include: Money habitsCuriosity habitsFamily habitsLove habitsFaith habitsSocial habitsHome habitsHealth habitsInvesting habitsWithin these categories, only a few areas actually have to do with money. If you can build up a solid foundation of healthy habits before you retire, you will have a greater chance of creating a happy retirement. What the Happiest Retirees Know can even be used as a workbook. As you read through, find the habits that you want to improve and see how you can stack them to work on 3 or 4 together at the same time. Listen in to hear how golfing is a way that I habit stack areas that I am actively working on in my own life. What are you working on to ensure that you create a happy retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WES MOSS INTERVIEW [2:30] The data tells the story[3:55] Do pre-retirees have misconceptions about what a happy retirement really is?[11:54] It only takes $75,000 per year to be happy[15:14] If your base is in place then you don’t need to worry so much about money[21:45] How to use Wes’s book as a workbookResources Mentioned In This Episode BOOK - What the Happiest Retirees Know by Wes MossBOOK - You Can Retire Sooner Than You Think by Wes MossRetire Sooner podcastMoney MattersBOOK - The Top Five Regrets of the Dying by Bronnie WareRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you let perfection get in the way of progress? Trying to reach perfection could prevent you from reaching your goals. Retirement coach, BW joins me to discuss forward movement and setting realistic goals. In this episode, you’ll also hear listener questions about claiming spousal Social Security, preparing for retirement after divorce, and annoying financial surprises. You won’t want to miss the differing points of view on benefit protections, so make sure to listen until the end. What can Hazel do to prepare for retirement? Hazel is 51 and going through a divorce. She doesn’t plan to retire until she is age 65 even though she is eligible for a pension at age 55. She is looking ahead to what she should be doing to prepare for her retirement in the midst of her divorce. The first thing that she needs to do is to get through this divorce. Divorces can be messy or they can be amicable. While no one wants to create a messy divorce, it is important to make sure to take care of yourself first. Don’t mistake being nice with sacrificing your own interests. The next thing to do is to continue to save in a 401K. Even though Social Security and the pension will be Hazel’s main income streams in retirement, it is important to continue to build her retirement savings. The last thing that Hazel and you can do to prepare for retirement is to head over to DoRetirementRight.com and download this guide that will walk you through the steps to take in the years leading up to retirement. How to time the spousal Social Security benefit Mike has a question about the timing of his wife’s spousal Social Security benefit. He is considering taking his benefit early at age 62, but his wife is 3 years younger than him. If he takes his benefit at 62, his wife will still not be eligible for her benefit until she turns 62. However, if he waits until full retirement age at 66 then she could take her benefit at age 62. A great way to begin to plan this out is to create a retirement plan of record using the full retirement age as the basis and then to create different what-if scenarios. You can use the Spousal Social Security calculator to help calculate the percentage that your spouse would receive. Check out this recent interview I had with Wade Pfau to hear just how important Social Security is to retirement plans. An annoying financial surprise or spousal protection? Rhonda doesn’t have a question but rather a comment on annoying surprises that she has discovered in her finances. She has a pension and has to decide how she wants to take it. Recently, she discovered that if she decides to take the maximum benefit that only covers her own lifespan then her husband has to sign off on the form to approve this benefit selection. This isn’t the only thing that she has noticed that she needs her husband’s notarized signature for. If she chooses to change her beneficiaries on her retirement accounts she must also get approval from her husband. Rhonda feels like this is one more obstacle for women to overcome to live life in a man’s world, but I have another perspective. These rules (which vary state by state) were actually created to help protect women when men were the main breadwinners. How do you see these rules? Do they protect women or make it more challenging for them to keep their hard-earned money? Don’t let perfect be the enemy of the good As we finish off the month-long series on retirement tax management it can be easy to get caught up in the details of optimizing your situation. However, trying to get something perfect can lead to analysis paralysis. Sometimes we just have to point ourselves in the right direction and move ahead. It is important to be realistic about what is possible. There are so many unknowns when it comes to future tax planning that it is hard to be precise. The most important thing to do is to get the big things right and let the small things take care of themselves. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What can Hazel do to prepare for retirement?[8:30] Mike’s Social Security question[12:36] You don’t need to feel dumb[15:12] Rhonda discovered annoying surprises to deal with as a womanCOACHES CORNER WITH BW [21:07] Don’t let perfect be the enemy of the goodTODAY’S SMART SPRINT SEGMENT [29:18] Have a safe HalloweenResources Mentioned In This Episode Start listening to the Women in Retirement series hereSpousal Social Security calculatorWade Pfau interviewDoRetirementRight.comRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Over the past several episodes you have learned so much about tax planning in retirement. You learned why tax planning is important, all about the hidden tax bombs, and tools that you can use to defuse those tax bombs. Now it’s time to incorporate all of this newfound knowledge into your retirement plan.Andy Panko from Tenon Financial joins me once again to discuss how to incorporate tax planning into your retirement plan. Press play to hear how you can create a retirement plan that incorporates tax planning. How to become comfortable with uncertainty Oftentimes people are looking for a hard and fast rule to follow to make their retirement plan foolproof; however, there is no magical number or rule to create an iron-clad retirement plan. We can’t predict the unknowable, so we have to become comfortable with the uncertainty that retirement brings. To help you conquer that uncertainty, it is important to build a process that will help you make better decisions. The way that you can do this is by creating a retirement plan of record and testing projections and what-if scenarios. By setting up a decision-making framework, you will be able to manage your retirement finances in an uncertain world. Tax planning is a way to optimize your retirement plan Before you can start tax planning you need to ensure that you have the basics in place. As long as you can first map out the fundamentals of retirement planning like your expenses, your retirement paycheck, and your asset allocation you will then be able to optimize your retirement journey with tax planning. Remember that tax planning isn’t the main part of retirement planning, it is simply a way to enhance your retirement experience and financial plan in retirement. Choose a retirement planning tool and stick with it There are plenty of tools on the market that can help you create your retirement plan and projections. In the Rock Retirement Club we use the paid version of the New Retirement Calculator, but there is also a free version that you can use. You may be happy by creating a simple spreadsheet to help guide you.Just like there is no perfect retirement plan, there is also no perfect retirement planning tool. Whatever you decide to use, stick with that tool the way that you stick with the same scale to check your weight. You don’t want to flip flop back and forth between different calculators since the numbers may not look the same. Make an educated guess Even though you can’t predict what will happen in the future with tax legislation, you can make educated guesses about what would work best for you based on your own situation. Educated guesses are not just guesses. By using your retirement plan of record and modeling what-if scenarios you know that you are doing your best to make the best decisions for your retirement. Your decisions won’t always be the ‘right’ decisions, but that doesn’t mean that you shouldn’t plan in the first place. By creating a retirement plan of record and making projections you will be able to create a model that you can work from. Staying agile is the most important way to establish a successful plan so that you can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:30] Build a process to make better retirement decisions[7:52] Create a resilient plan[11:11] What if scenarios are important to creating a retirement plan[17:35] Educated guessing is a big part of retirement planning[24:24] Action items[30:05] How to choose a financial advisor or tool to help you planTODAY’S SMART SPRINT SEGMENT [31:40] Start the process of getting a plan of record in placeResources Mentioned In This Episode Tenon FinancialBOOK - Thinking in Bets by Annie DukeBOOK - How to Decide by Annie DukeThe New Retirement CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Roth conversions, HSAs, pension choices, risk management: these are the topics of today’s listener questions. Susan, Gina, IM, and Daniel all submitted their questions to me via RogerWhitney.com/AskRoger and you can too! If you have any retirement questions, or even if you simply want to leave a comment about the show, click on the link to present your question. Whether you are looking to learn more about HSAs, Roth conversions, or evaluate your pension choices, listening to other listeners’ questions can help you learn how to frame your own questions and consider your options by always keeping your goals in mind. How to evaluate the best way to take a pension? Susan recently asked her financial advisor how she should take her pension and wasn’t satisfied with his answer. There are several options to choose from when deciding how to take a pension. One choice is to take the pension for a larger monthly sum for the duration of the pensioner’s life. Another option is to take a smaller amount over the course of the lives of both the pension holder and their spouse. A third option is to opt for a lump sum payment and forgo the monthly payments altogether.When making this decision there are a few ways to evaluate your choices. Create a what-if scenario to help you compare all the options. Then evaluate them next to your retirement plan of record. Listen in to hear how I perform this exercise with my clients. HSAs after age 65 HSAs are amazing tools that can help you reach your retirement goals. Gina’s question is about HSAs after age 65. She is still employed and plans to continue working for a few more years. She would like to continue to stay enrolled in her high deductible insurance plan so that she can continue to contribute to her HSA, but she isn’t sure how that would affect her Medicare choices. This is a great idea but navigating these waters is tricky since the rules surrounding Medicare are so complicated. Making a mistake could lead to a gap in coverage or even a lifetime penalty on parts B and D premiums. You’ll first want to check the rules surrounding your Medicare eligibility with your employee health insurance provider. Next, you should contact a Medicare navigator like Boomer Benefits. Should IM roll over her 401K to a Roth if she is worried about financial protections? IM writes in with a question about rolling over a 401K to a Roth IRA. She is worried about losing ERISA coverage when transitioning this money. ERISA stands for the Employee Retirement Security Income Act which was put in place to protect workers’ retirement plans. 401Ks are covered under this federal law; however, the protections for IRAs vary wildly from state to state. The first thing to do when considering this question is to check on the rules governing Roth IRA protections in your state. Next, you’ll want to evaluate your personal financial risk and how important this kind of coverage is to you. Make sure to scroll down to the bottom of the show notes to check out all the links to the resources mentioned in this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:41] Which pension choice best suits Susan’s needs?[13:40] A question about HSAs after age 65[17:23] Do the risks associated with Roth IRAs outweigh the benefits?[22:12] Daniel has a few Roth conversion questions[30:22] Daniel has a few HSA questionsResources Mentioned In This Episode YouTube episode with Andy Panko on retirement tax bombsBoomer BenefitsBOOK - Retirement Planning Guidebook by Wade PfauInterview with Wade PfauThe Retirement and IRA ShowNeuYear.netRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Are you worried that you won’t be able to live the life of your dreams in retirement? This is one of the main issues facing many people on the cusp of retirement. That’s why I created the Retirement Answer Man Show. I want to help you find the confidence to truly rock retirement.One way that you can become more confident in your retirement plan is by utilizing the tax planning tools that are available to you. Andy Panko from Tenon Financial is here to help you identify all the tools available in your tax toolbox. Press play to open up your tax toolbox and see what is inside. Opening your tax toolbox  Before you can pick up a tool from the tax toolbox you must start with a broad understanding of your tax situation both now and in the future. This means that you’ll have to do some educated guessing to figure out what your future tax situation will be.Projecting your tax situation out 10 or 20 years down the road won’t be an exact science, so don’t try to make it so. More accuracy doesn’t mean more precision in future tax planning; there are too many factors at play.Simply because your tax situation won’t be exactly the way that you estimate it to be doesn’t mean that you shouldn’t take the time to map it out. You must take this step to get the framework you need to make educated decisions. This framework will be your basis for making practical decisions. 4 useful tools in your tax planning toolbox Fill up your tax brackets. If you retire before you start taking Social Security you may find yourself in an unusual situation. You may not have any income and therefore you won’t have a tax bill! Rather than marveling at this newfound freedom from the taxman, you may actually want to realize enough income to stay within the 12% tax bracket. By paying a bit in taxes now you could be utilizing an opportunity to lower your lifetime tax bill. Remember that those tax-deferred accounts are sitting there waiting for you to pay taxes on them when you reach age 72. Do Roth conversions. While you’re filling up the lower tax brackets you can convert your tax-deferred assets to Roth. The money will continue to grow, but you’ll be able to rest easy knowing that the taxes have already been paid. By performing Roth conversions you'll ensure that you won’t have all of your assets in tax-deferred accounts waiting for your RMDs. By converting some of your assets into Roth you’ll provide yourself with more flexibility, control, and optionality. Tax-loss and gains harvesting. Tax-loss and gain harvesting is a little-utilized tool that applies to brokerage accounts when you sell a position and realize a gain or a loss. You can use these gains and losses strategically to optimize your tax situation. Listen in to hear how this tool could work for you. Qualified charitable donation. If you are charitably minded QCDs are a great way to give to your favorite charity and save money on taxes at the same time. The trick with QCDs is that they must transfer directly from the IRA custodian to the charity. In retirement, tax planning isn’t the same as in your working years. You need to plan ahead so that you can optimize your lifetime tax bill.Next week you’ll learn how to incorporate all of these tools into your retirement plan so that you can avoid those tax bombs. Don’t miss that episode so that you can build a retirement plan that will give you the confidence to rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Financial planning should be a collaborative process[7:25] Opening your tax toolbox [13:29] Filling up your tax brackets should be your first tool[21:44] Roth conversions[29:39] Tax-loss and gains harvesting[39:36] Qualified charitable donationTODAY’S SMART SPRINT SEGMENT [42:03] Map out your future income and build a net worth statementResources Mentioned In This Episode Tenon FinancialJordan PetersonRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do you feel like you are late to the ball game in saving for retirement? Have you ever wondered if an annuity could take some of the stress out of writing your own retirement paycheck? Are you trying to figure out the best way to self-fund long-term care for you or your spouse? All of these questions come directly from listeners like you. If you have questions about retirement, Fridays are a great time to tune in. We are now releasing 2 episodes a week: one focused on the monthly theme and the other focused on listener questions. If you have a query of your own question head on over to RogerWhitney.com/AskRoger to submit your retirement questions. How to maximize retirement savings after getting a late start Catherine writes that this podcast has helped her get over the shame and frustration of not prioritizing her retirement savings earlier. Now that she has worked her way through those feelings she wonders what the best way to increase her retirement savings would be after getting a late start.Catherine is maxing out her 401K, and her husband has a simple IRA and no access to a 401K. However, if he could convince his partners to switch to a 401K he could max out the contributions and begin to expand their savings. Another way to get plenty of bang for your buck is to use an HSA. Many people don’t consider the HSA as a retirement account, but it can be a great way to help play catch up. You can contribute up to $7200 per year to your health savings account if you are enrolled in a high deductible insurance plan. Not only do you get to use pre-tax assets, but you can invest those assets to use in retirement. If you invest your HSA aggressively, it can become like a supercharged Roth IRA. Would an immediate annuity be a good idea for Mary? Mary is considering purchasing an immediate annuity with the proceeds from the sale of her house. She would like to receive between $1000-2000 per month from the $300,000 profit.A single premium immediate annuity (SPIA) could provide this kind of stable return, but before she jumps into such an arrangement she should consider the pros and cons of this type of annuity. The pros and cons of purchasing a SPIA One of the main reasons that people consider purchasing an annuity is their ease. With the SPIA Mary won’t have to manage her investments or worry about the markets. She’ll be receiving a guaranteed income for the rest of her life. There is definitely an advantage to this kind of simplicity. On the other hand, if she passes away shortly after purchasing the annuity then the money will not be hers to pass on to her heirs. By giving up her $300,000 and committing to an annuity she loses out on optionality. One way to combat this would be to make sure to have liquid assets on hand in case of an unforeseen event.Press play to hear my thoughts on purchasing an annuity and to learn how to self-fund for long-term care. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:57] Getting over the regret of not saving better sooner[10:06] Tom wonders if there will ever be an audiobook version of Rock Retirement[11:46] Would an immediate annuity be a good idea?[17:34] How to best self-fund for long-term careResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Have you been incorporating tax management into your retirement plan? If you have, you won’t want to miss this series, and if you haven’t, you definitely won’t want to miss this series. Last week we set the stage for this retirement tax planning series when we discussed how planning for taxes can work within your retirement plan. This week we’ll make you aware of the hidden tax bombs that could wreck your retirement plan. In next week’s episode, we’ll learn which tools you can use to defuse those tax bombs, and then in the last week of this series, we’ll learn how to integrate those tax tools into your retirement plan.My goal is to give you an organized way to incorporate tax planning into your overall retirement plan which is why I have invited retirement tax expert Andy Panko from Tenon Financial to join me to discuss the nuances of retirement tax planning. If you are ready to learn about the hidden tax bombs that are awaiting you in retirement then press play now. Required minimum distributions, the tax bomb that begets other tax bombs When you contribute your taxable income into a 401K, 403B, or other tax-deferred accounts your taxable income is reduced in the year that you make that contribution. However, many people forget that they are simply deferring that taxable income until later. Remember that taxes are never a question of if you will pay them, it's always a matter of when. Required minimum distributions (RMDs) are the government’s way of insisting that you pay the piper. RMDs begin at age 72 and at that time you must take 3.9% out of your tax-deferred accounts at this time. The percentage that you must take from these tax-deferred accounts grows each year.The best way to defuse this bomb is to project the total that your tax-deferred accounts will grow to so that you can get a feeling of how much you will need to withdraw when the time comes. Yes, Social Security can be taxed! Did you know that Social Security is taxable? It has been since 1984 and up to 85% of your Social Security benefit can be taxed. Just how much is taxable depends on your other sources of income. The more gross income you have, the bigger percentage of your Social Security benefit will be taxed. If you are curious about the percentage of your Social Security income that could be taxed then make sure that you are signed up for the 6-Shot Saturday newsletter. Do ACA subsidies fit into your retirement plan? If you are in need of health care before the age of 65 you may want to use Healthcare.gov. The way the marketplace works is by using a tax subsidy system. If a person makes between 1-4 times the poverty level ($17,000) then they can qualify for tax subsidies on a sliding scale.If you can keep your income below the threshold, then you could qualify for the ACA tax credits. Keeping your income low needs to be balanced with the rest of your retirement goals which is why it is important to have a retirement plan of record. There are several more tax bombs out there ticking away. To learn what they are you’ll have to press play to listen.If your interest in retirement tax planning has been piqued by this series and you want to learn more, check out Andy’s Taxes in Retirement Facebook group. With over 16,000 members, this group is a great way to exchange ideas with others who are on the same journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:50] RMDs are the first tax bombs[11:30] Social Security is the next tax bomb[15:46] Will Social Security go broke?[21:41] Taking advantage of the ACA subsidies[31:00] When you need to watch out for IRMAA[37:50] Do you need to be careful of NIIT?[38:55] A change in marital status could surprise youTODAY’S SMART SPRINT SEGMENT [44:29] Understand the important numbers sheet in the 6-Shot Saturday emailResources Mentioned In This Episode Tenon FinancialAndy’s Taxes in Retirement Facebook groupRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Are you a bit behind on your retirement savings and wondering how you’ll ever be able to retire? One of our listeners feels the same way. In this Listener Questions episode, I’ll answer his question as well as how to handle net unrealized appreciation (NUA), how to shift retirement savings after a job loss, and we’ll wrap it up by discussing the ramifications of taking Social Security early.We’re trying a new format this month and releasing 2 episodes a week. On Tuesdays, we’ll release the main segment which focuses on the theme of the month, and on Fridays, you’ll hear listener the questions. Make sure to check out all the episodes and let us know if you like the new structure. Change is hard! October has been a month full of change for me and change doesn’t always go smoothly. Not only am I publishing 2 episodes per week, but I’ve stopped drinking alcohol and started exercising in the mornings rather than in the afternoons. Any time you bring about changes to the rhythm of your life it can be a challenge. This is why the transition into retirement can bring such trepidation. Even if something new seems daunting, with practice over time the situation will improve. The more you practice the bigger your muscles will get.With a bit of research, planning, and action, you can learn how to create a paycheck for yourself in retirement, how to tackle your taxes, and how to navigate the healthcare system. Listening to retirement podcasts like this one is a great way to get started. How to go from zero to retired Not everyone has a 7 figure retirement portfolio, in fact the majority of the population finds themselves wondering how they’ll ever be able to stop working. One listener asks how he’s supposed to be able to catch up on retirement savings at age 50. The first thing you need to do if you feel behind in your retirement savings is to acknowledge and accept where you are. The next thing you need to understand is that there is only so much catching up that you can do at this point. Social Security will be a large part of your retirement equation After you realize that there is only so much you can do it is time to figure out how to maximize your Social Security benefit. There are a couple of ways that you can do this. The first one is to work longer so that you can increase your benefit. The next idea is to navigate when would be the best time for you to file for your Social Security benefit. If you take it early at age 62 you may see your benefit decreased by 30%. Waiting until the full retirement age at 66 or 67 will ensure that you get your full benefit amount, and each year that you wait to file your benefit will increase by 8%. The beauty of Social Security is that it is adjusted each year for inflation and it lasts for the rest of your life. Retirement is about living out the best version of yourself To create a retirement plan you can live with, you’ll want to increase your income and decrease your monthly obligations as soon as possible. Identify which bills you can pay off and try using the debt snowball method to pay down your debts. The less you can live on the more prepared for retirement you will be. Try to create a living environment that doesn’t require a lot of money. Remember that rocking retirement isn’t about spending loads of money, it’s about creating an environment where you can live the best version of yourself. If you have a question to ask head on over to RogerWhitney.com/AskRoger to send a written question or leave a voice message. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [5:00] How to go from zero to retired in 10 years[12:08] How to handle net unrealized appreciation (NUA)[20:23] How to shift retirement savings after a job loss[25:25] The ramifications of taking Social Security earlyResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Tax planning in retirement isn’t the same as in your working years. This is why we are dedicating an entire series to helping you understand how to manage your taxes in retirement. To help me navigate this complicated topic, I’ve invited retirement tax expert Andy Panko to join me for the whole month-long program. Over the course of this series, you’ll learn why tax planning is important in retirement, which tax land mines to look out for, what tools to include in your tax toolbox, and how to integrate tax planning into your retirement plan. Are you ready to dive deep into retirement tax planning? Press play now to learn why tax planning in retirement is so important. How does tax planning change in retirement? In your working years, tax planning isn’t that complicated. Since your income is based on your wages, you don’t have much control over your tax bracket. However, in retirement, you can control your tax bracket from year to year.Chances are, you have been contributing to tax-deferred accounts like 401K, 403B, or IRAs for much of your life. These have been wonderful vehicles for retirement savings that has allowed you to defer a bit of your taxable income. Now that you are coming to retirement age, it is time to pay the tax man. These retirement distributions will be taxed, but when you decide to take them is up to you--up to a certain point. Use long-term tax planning to save money in retirement In retirement, there are multiple tax planning opportunities that you can take if you plan for the long term. Since you have more control over your sources of income, you have a tax advantage that you didn’t have in your working years. This can make planning complicated and challenging; however, with a bit of research and practice you could end up saving thousands of dollars over the course of your retirement. Taxes aren’t the only thing to consider in retirement Don’t let the tax tail wag the dog. Even though it is important to consider your taxes in retirement it is also important to remember that taxes are not the end all be all of retirement planning. What Andy and I are trying to do is to help you build a framework so that you can consider your tax planning in an organized way. When you come up with a strategy to guide your decisions it will help make the complicated world of tax planning a bit easier to digest. Check out this episode on YouTube Did you know that we are now recording the Retirement Answer Man as a biweekly show? Make sure to check back in on Friday mornings to hear the Q&A part of the show. You can also watch this episode in a video format on YouTube so that you can see the charts and tables that we share. When you are done listening head on over to RogerWhitney.com and scroll down to the bottom of the homepage to sign up for the 6-Shot Saturday newsletter so that you can receive the worksheets mentioned in this episode OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:33] What are the changes in taxes in retirement?[7:00] Think long-term when tax planning in retirement[11:36] Taxes are important but not the end all be all[17:17] Trying to understand the tax systemTODAY’S SMART SPRINT SEGMENT [28:26] Pull out your tax return to find your AGIResources Mentioned In This Episode Tenon Financial Andy’s Taxes in Retirement Facebook GroupRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

If you are the non-planning type, it can be easy to worry about whether your retirement plan is on track. How are you supposed to know what is going on and whether you should have the confidence to know if your plan is working?On this episode of Retirement Answer Man, you’ll learn 5 things that you can check periodically to give you an idea if your retirement plan is on the right track. If you are wondering how to investigate whether or not your retirement plan is on track, then make sure to listen to this episode to learn what you need to know. Where does confidence come from? The whole point of retirement planning is to give you the confidence to live life in your retirement without worry. Before you create your retirement plan you need to understand what it is that will give you confidence in that plan. Confidence comes from understanding. To understand your plan you need to first set your goals. What is your vision? Once you have a vision of your ideal retirement then you can deconstruct that vision to map out your journey. That journey will take you from the current version of yourself to the future you. To map your journey you need to have clear action items to lead you along each step of the way. There is no need to look around at others on their journey since each one is personal. Your retirement journey is yours alone. 5 things you should track to feel confident in your retirement plan Have your goals changed? Assess your goals with your significant other or advisor to make sure they still reflect what you really want. Are you still aiming for the same target? Is this still the life you want to build or has anything changed? Check in with your spending. How is your current spending relevant to your overall plan? Track your spending goals to see if they are still relevant. At the end of each year look back at what you actually spent your money on. You’ll want to make sure to track how you did relative to your plan. Sometimes you may deviate from the plan a bit, but by tracking you can identify trends over the long term. Tracking can help you to tease out opportunities and risksIs your plan still feasible? Should you make a change? Big expenditures can pop up, the market could go down, expenses could go up: all of these things could change your plan’s feasibility. One way to check to see if your plan is still feasible is to track your withdrawal ratio. This is the percentage of your assets that you take out of your portfolio each year. Tracking your withdrawal ratio can help you recognize whether your retirement plan is sustainable. Listen in to learn what else you should consider to ensure that your plan will actually work.Make sure your retirement plan is sustainable. Is it resilient? Do you have enough financial nutrients in the near term, midterm, and long term? Check out last week’s episode to hear more about how to plan for the short-term, mid-term, and long-term in retirement. Focus on the WHAAM. Think about what you should do next. Then figure out how to do it, get accountability, take action, and finally, achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself.If you want to ensure that you will rock retirement, then continually check in with these 5 areas. Are you ready for more Retirement Answer Man? For the past 7 years without fail, we have brought the Retirement Answer Man to your earbuds on a weekly basis. That is about to change.Starting in October we will be splitting the podcast into two separate parts released on two different days. Coming on Tuesdays you’ll hear the Q&A part of the show. On Fridays, we’ll focus on the monthly theme. This split will allow us to dive a bit deeper into our monthly topics and answer more of your questions. It will also allow you to decide to listen to what you want to hear. We value your feedback, so please let us know what you think of this new setup.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:25] A triathlon story to illustrate how humans overcomplicate things[14:40] Where does confidence come from?[16:13] 5 things you should track to feel confident in your retirement planLISTENER QUESTIONS [27:00] How does Josh designate pretax and post-tax contributions when they are commingled[33:26] How to understand the options to deal with precious metalsCOACHES CORNER WITH BW [37:31] What do people need to know about retirement planning the non-financial side of retirement?[39:26] How will you spend your days in retirement?TODAY’S SMART SPRINT SEGMENT [43:34] Get answers to the 5 things we coveredResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

As the non-planner of your family, you may not be interested in all the nitty-gritty details of retirement investments, but it is important to know the basics. That’s why today we will cover the main concepts about investing your assets. Hopefully, my nutrition analogy will help make these financial concepts more understandable. Press play to hear what you need to know about investment basics for the non-planner. Investing in retirement is all about solving for risk Last week you learned how inflation and market volatility are the two risks to overcome when investing in retirement. Solving for these risks are the most important part of creating a retirement portfolio. To explain retirement investing, I like to think of nutrition. When you eat you solve the problem of being hungry now, but you also solve the problem of getting nutrients to your body to help ensure that you stay healthy in the future. Investing also serves to help you in the short and long-term. How are you nourishing your investments in the short-term and the long-term? With every meal you eat you are investing in your short-term energy. The vitamins and minerals that you may take help you invest in your long-term health. We keep enough cash and bonds on hand to sustain ourselves for the next 1-5 years and protect from market risk. Stocks and real estate investments can have ups and downs which can be scary in the short term but in the long-term they help to hedge against inflation. Ask your financial planning partner how you are nourishing your investments in the short-term and the long-term. The building blocks of investment It is important to learn the building blocks of retirement investing. Building a retirement portfolio is much like building a meal. There is the salad, the main course, and the dessert. Short-term investments are the funds that you plan to use within 1-5 years, mid-term investments will be used within 5-10 years, and long-term investments are funds that you don’t plan to use for more than ten years. Listen in to learn how these different investments are like building a meal. Be sure to join us in October for the Taxes in Retirement series Make sure to join us next month as we dive into taxes in retirement. We have certainly covered this topic before, but a lot has changed since the last time we discussed taxes. We’ll explore proposed tax law changes and discuss how that could affect you and your retirement. Andy Panko from the Taxes in Retirement Facebook Group will join me over the course of the entire series. If you are really looking to nerd out on taxes, then don’t miss the episode with Wade Pfau who joins me to discuss his tax management academic research. If you are a part of the RRC you’ll get the added benefit of having both of these guests in the Clubhouse for meetups. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] An investment analogy[10:04] How to invest for the short and long-term[18:25] The building blocks of investmentQ&A WITH NICHOLE [22:51] What are some solutions to the Social Security funding problem[29:19] The Rock Retirement book has been helpful to Steven[33:32] Why I haven’t covered the sale of a business to fund retirement[35:25] Will Jim’s retirement strategy work?TODAY’S SMART SPRINT SEGMENT [40:24] Think about how you will pay for life in the short-term, mid-term, and long-termResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Are you the person in your family that stays away from financial planning? Do numbers and financial jargon put you to sleep? If so, this is the right retirement planning series for you. This episode is the third in the Retirement Planning for Non-Planners series. In this series, I explain what you need to know without all the financial lingo so that you can understand the most important aspects of retirement planning. In this episode, Fritz Gilbert from The Retirement Manifesto blog joins me to discuss the basics of retirement planning risks. Listen in so that you can understand what to look out for in retirement planning. This is a financial jargon-free series If you aren’t interested in finance it can be difficult to discuss retirement planning with someone who is. They start throwing terms like RMD, sequence of returns risk, and the 4% rule. When people start using these terms it can be easy to become overwhelmed. The purpose of this series is to empower you so that you can have an understanding of what is happening with your money to help make better choices. My goal is to explain retirement planning in a non-geeky way that anyone can understand. What are the financial risks in retirement? Retirement brings different types of risks for your money. Essentially there are two types of risks to be aware of: short-term and long-term risks.Think about a teeter-totter. On either side of the teeter-totter, you have your short-term risk and your long-term risk. The short-term risk is losing money today and the long-term risk is losing money in the future. You need to come up with a solution that balances both of these risks without tilting too much to one side. We lose money in the short term through market risk. If the market takes a tumble, you could lose a significant portion of your savings. The solution to that is to take all of your money out of investments and have it sit in cash. Unfortunately, this solution to the short-term risk doesn’t work in the long term. The long-term financial risk is inflation. You may have noticed gas prices or food prices increasing over time. This means that your dollar today won’t be worth the same as your future dollar. As prices increase the value of your money decreases. We combat long-term inflation risk with investing, however, this solution puts us at risk in the short term. How to balance retirement risk To balance both sides of the risk spectrum it is important to think about how much money you will need to support your lifestyle in the near future. You’ll want to consider how much cash you should have on hand if the market drops. This will help you mitigate the short-term risk while at the same time leaving the rest of your savings to grow in the long term. The goal of balancing these risks is to have the confidence to have money to spend next year and also to spend when you are 80. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH FRITZ GILBERT [2:30] Financial lingo can be intimidating[6:37] Short term risks[10:47] Inflation is a long term risk[18:37] How to deal with spending shocks[25:55] Understand what types of questions to ask[28:39] Catching up with Fritz in retirementLISTENER QUESTIONS WITH NICHOLE [38:24] 6-Shot Saturday drama[42:15] Should Shari take the lump sum or an annuity?[48:20] How do I feel about LIRPs?[54:36] What are the non-financial boundaries of a fiduciary?[1:00:24] A question about my pronunciation of words[1:02:47] A proposal for changing the GAA acronymTODAY’S SMART SPRINT SEGMENT [1:04:34] Organize the strategy that best works for youResources Mentioned In This Episode Retirement Manifesto Retirement Planning for Non-Planners - start with this first episodeRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

When you hear financial lingo do you immediately begin to tune out? Does retirement planning make you nervous? If so, this is the right series for you. You’re listening to a 5-part series on retirement planning specifically designed for non-planners. The goal of this series is to educate you on retirement planning without all of the confusing lingo. We’re going to keep it simple and focus on teaching you the most important aspects of retirement planning. If you haven’t listened to episode 393, go back and check it out so that you can understand how to begin planning for retirement. You only need to focus on the important aspects of retirement planning There are many retirement planning geeks out there that love to focus on the economy, markets, and business cycles. They relish mapping out different Roth conversion scenarios to reduce their RMDs. But if you aren’t a planning geek, talking to those people can make retirement planning seem overwhelming. You’ll be happy to learn that to successfully plan for retirement you don’t need to have a degree in economics, you just need to make sure that you focus on the most important things. That is what we are doing here today. I’m here to help you understand what the most important aspects of retirement planning are. Can your retirement dreams come true? During the previous episode, you created a vision of your ideal retirement. Now it’s time to see if you can make your retirement dreams a reality. The biggest question everyone has in retirement planning is will I run out of money? The answer is, no one knows. The economy, life’s surprises, and people’s perpetual habit of changing their minds make it impossible to be sure. There are too many unknowns to be certain about the future. However, it is okay to have that uncertainty. If you can get a good approximation of a retirement plan then you can make adaptations to your plan as life unfolds. I use agile retirement management to help my clients make adjustments to their retirement plan when life shocks or bad markets disrupt their plan. Where will your retirement income come from? When planning your retirement you’ll want to consider the income you will receive from Social Security, pensions, or even part-time work. The rest of your retirement income will need to be covered by your retirement savings. There are many software tools that can help you plan your retirement. It is important to use a retirement calculator to estimate how much money you will need to live out your retirement dreams. In the Rock Retirement Club, we use the New Retirement Plus Calculator. A retirement calculator can give you a long-term projection of your retirement income needs. Have your first 5 years of retirement income readily available While retirement planning software can help you plan out the long-term, you’ll want to understand where your money is coming from in the near term. You should have the next 5 years of spending readily available in accounts that aren’t exposed to the winds of the economy like money market accounts or CDs. Listen in to learn what the most important aspects of retirement planning are so that you don’t get worried about getting caught up in the small details that don’t matter as much. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:51] Can you safely pay for your dream retirement?[6:55] Where will your retirement income come from?[13:45] Recheck your retirement compass periodicallyLISTENER QUESTIONS [19:31] Does it make sense to make after-tax 401K contributions?[23:14] How to estimate MAGI for an IRMAA appeal?[28:12] Can you start Social Security benefits from one spouse early and then wait for the other spouse’s benefit?[29:35] Should I open a non-retirement account?TODAY’S SMART SPRINT SEGMENT [33:45] Understand the resources you have available to use in retirementResources Mentioned In This Episode NewRetirement.comRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Do your eyes glaze over when your significant other starts talking about money? Or maybe you are single and you know that retirement is coming soon, but you simply can’t get motivated to plan it out? Or perhaps you are the planner of the family and you would like your partner to take an interest in what lies ahead in retirement? If so, then this is the series for you!Those of us who are into retirement planning can quickly overcomplicate things, but to someone that is new to all this or not really into this planning stuff, retirement planning can be overwhelming. In this Retirement Planning for Non-Planners series, I will introduce you to retirement planning in a lingo-free way that won’t put you to sleep. The objective of the Retirement Planning for Non-Planners series My goal for this series is to give you the power to participate in the retirement planning process. If you are planning your retirement on your own I want you to understand what you need to take care of and understand the basics without becoming overwhelmed. You’ll learn the fundamentals and be able to discuss retirement planning in an educated way. Are you ready to get started? Press play now! What do you envision yourself doing after your working life? What do you want for your life after work? Have you thought about this question? This is actually one of the most difficult questions to answer, but it is also the basis for retirement planning.It can be challenging to consider your life after work. There are so many options to consider and you are starting with a clean slate. Many of us treat this question the way we chose a major in college or our first job. But you don’t have to take this so seriously. Your life will not be ruined if you don’t get this question right. Since we use an agile approach to retirement planning, if you want to switch gears you can. Consider your future life after your working years. What can you imagine? The retirement fundamentals Once you know what you want to do in retirement, the next question is can you afford it?After you discover whether you can afford your dream life then you need to learn how to pay for it. You’ll want to find out how you actually create a retirement paycheck. The last question we’ll consider is how to gain the confidence to make it all work. You must have confidence in your plan to rock retirement. Over the course of this series, we’ll be taking a look at these questions so that you can build a retirement plan that works for you. Set your retirement goals To prepare for your retirement you’ll need to forecast your spending. To do so, can create different levels of spending. Your must-haves are things like housing, electricity, water, gas, and food. These barebones expenses are nonnegotiables.In the next category, put the things you would like to do in retirement. Maybe you would like to play golf once a week, travel once a year, or eat out a few times a month.The last level is your unspoken dreams that you like to think about but you may have never written down. This is your opportunity to think big.You’ll want to group these different types of spending so that you can have an idea of how much money each type of retirement would need. Listen in to hear why this type of exercise is so important in your retirement planning. You won’t want to live a life of regret thinking about what you might have been able to do had you thought bigger when planning your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:55] What are the fundamentals of retirement planning?PRACTICAL PLANNING SEGMENT [5:49] What do you want?[8:34] Setting retirement goals[13:45] Don’t let someone else dictate your life[18:51] What will you do every day in retirement?LISTENER QUESTIONS [22:29] When to apply for Social Security[23:32] How to reduce the effect of inflation in your 5-year income floor[27:48] How to get started early in retirement planning and saving[34:30] My own plans for retirementTODAY’S SMART SPRINT SEGMENT [39:48] Think about your must-haves, like-to-haves, and cool-to-havesResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

You may notice that this is an extra episode this month. I wanted to make sure that we mark a special ending to the August Women, Money, and Retirement series, so at the beginning of the month I reached out to some amazing female financial professionals. I asked them all for a piece of financial wisdom to share with other women. You can hear their fantastic insight by pressing play now. Cristina Guglielmetti’s words of wisdom Cristina Guglielmettti from Future Perfect Planning offers suggestions about making 401K contributions. She recommends that you update your contributions regularly, especially if your salary has increased. Set a goal for yourself. How much would you like to save each year? Are you reaching that goal?If your goal contribution is more than your current contribution then changing it immediately could eat into your take-home pay and disrupt your budget. Instead of trying to achieve your goal contribution all at once, try increasing your contribution rate a little at a time. Then set a reminder for yourself to increase your contribution quarterly until you reach your target percentage. This way you won’t feel the decrease in take-home pay all at once. Small, repeatable changes are easier to keep up with which makes it easier to maintain your financial plan. Listen in to hear what else you can do to increase your retirement savings. Jane Mepham shares financial advice passed down from her mother Jane Mepham from Elgon Financial Planning grew up in a different country in a male-dominated society which meant that she had to learn a lot to get ahead in life. When she was young, her mother shared financial advice that she uses even to this day. She knows that attitude is the key to mastering money and it will determine the strategies and tactics that you will use to plan your retirement. Enjoy these words of wisdom from her mother. Make sure you can support yourself financially. You don’t ever want to have to rely on someone else to support you. Don’t eat your future today, however enticing it is. Regardless of how tight your budget is, prioritize saving for the future. If something affects you on a daily basis it is important. You need to know enough about it to make independent, smart decisions. The way you spend your money should align with your values Stephanie Sammons from Sammons Financial and Stephanie McCullough from Sofia Financial have similar advice. They want you to identify what is most important to you. They both stress that you need to define your values so that you can align your spending to reflect what you value the most. All your money decisions should be in alignment with your values and your life. Many people often separate their financial decisions from the rest of their life, however, money is connected to everything we do. By aligning your financial life with the rest of your life you will give meaning to your money. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WORDS OF FINANCIAL WISDOM FROM THE EXPERTS [1:20] Cristina’s recommendation[3:13] Jane Mepham’s words of advice[6:25] Stephanie Sammon’s proactive step to improve your financial life[9:26] Stephanie McCullough Resources Mentioned In This Episode BOOK - How to Be Here by Rob Bell Retirement Money Gal podcastTake Back Retirement podcastSofia Financial - Stephanie McCulloughSammons Financial - Stephanie SammonsElgon Financial Planning - Jane MephamFuture Perfect Planning - Cristina GuglielmettiRock Retirement Club

We have given the entire month of August to the ladies! Since this is the last Wednesday in August, it is the last episode that we are dedicating to the theme of Women, Money, and Retirement. However, that doesn’t mean we’re going to stop taking questions from women. This is simply the last episode to focus solely on women’s questions. We want to ensure that no matter who you are, you have the confidence to rock retirement.  Make sure to come back next month for the series, Retirement Planning for Non-Planners. This series will speak to those who have little interest in retirement. That means we’ll take out all the jargon and focus on the basics of what you need to know. Even if you don’t want to dive into the day-to-day details, it’s important to have an understanding of how to build a retirement plan. If you have any questions related to this theme please ask them at RogerWhitney.com/AskRoger.  What does it mean to put the “I” in retirement? We’re closing out this month with an episode titled, How Do I Put the I in Retirement? But what does the I in retirement really mean?  Over the course of the retirement planning process, most people focus on their financial situation, but it is more important to understand what you want to do in retirement. When planning your retirement, you are planning the next stage of your life and you have the opportunity to remake yourself to be anything you want. This is a fantastic time to uncover your deepest desires and make your voice heard.  Live a life true to yourself The most common regret that people have at the end of their lives is that they wish they had lived a life true to themselves. Many people simply do what is expected of them without ever thinking about what they want for themselves.  Retirement is a fantastic time to set aside what others expect of you and explore what you genuinely want to do.  Since the human condition tends to work in moderation, sometimes you have to peel away the layers to get to the bottom of what you want. Don’t stuff down your needs, dig deep to discover your true self. Have you lived a life true to yourself or do you have a hard time voicing your desires?  How to define what you really want Peeling back the layers can be a challenge, but to live a life true to yourself you’ll have to define what you want out of life. If you don’t voice your desires you’ll never be able to achieve your dreams.  Think about what you have always wanted to do that you haven’t had the time or space to think about. If you don’t have a clear vision yet, that’s okay, take the time to consider this question with wide-eyed curiosity. Retirement is a time of experimentation, so if you haven't completely defined what you want you’ll soon have an opportunity to further explore your desires.  If you have a partner, explore this question with them in little conversations over time. Those little conversations can lead to big ideas and create the space to open up a world that you might not have dreamed of before.  Once you have dreamed up your ideal retirement then you can see how your financial situation fits. You don’t want to go at this from a different perspective. First dream big, then work your retirement plan around your dreams.  Why join the Rock Retirement Club? The Rock Retirement Club has everything you need to create your retirement plan. When you join the club, you’ll gain access to education and tools to help you build your own plan.  Not only that, the club gives you access to a team of professionals that are dedicated to helping you rock retirement.  Last, but certainly not least, you’ll become part of an amazing community. The RRC is filled with a community of like-minded people who all want to rock retirement. When walking through a huge life change it helps to connect with those who are a bit ahead of you on the same journey. Come check out what the Rock Retirement Club is all about.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [5:40] What does the I in retirement mean? [13:15] You have to speak up and voice what you want LISTENER QUESTIONS WITH TANYA [19:20] What should you be doing within 6 months of retirement? [20:55] Making decisions immediately after the loss of a spouse [22:52] How to balance the load of caregiving [28:14] How to divvy up parental support between siblings [33:22] How to bring up retirement planning without the jargon [35:13] How to deal with an unexpected divorce in retirement TODAY’S SMART SPRINT SEGMENT [43:35] How will you put the “I” in retirement? Resources Mentioned In This Episode Thinking Ahead Roadmap BOOK - Moving Forward on Your Own by Kathleen Rehl BOOKS - Suddenly Single Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Women ask many types of questions that men don't, which is why we’re dedicating this entire month to a series on women, money, and retirement. This series gives you the space to dig in, have your voice heard, and your questions answered.  You’re listening to the 3rd episode in this series and today we’ll be answering so many of your questions. Tanya Nichols from Align Financial joins me once again to add her womanly input and expertise.  There are a lot of women out there with similar concerns. Are you one of them? Find out if your burning questions about retirement have been answered on this episode of Retirement Answer Man. The Rock Retirement Club can help you build confidence in your retirement plan Are you looking for a way to build your confidence in your retirement plan, or maybe you're just looking for ways to create a retirement plan. If so, the Rock Retirement Club is the right place for you.  The RRC provides you with everything you need to educate yourself to build your retirement plan, allowing you to rest easy. By joining the RRC you’ll have access to on-demand courses, education, and tools so that you can learn what you need to know to rock retirement.  Join now to gain access to this information and our knowledgeable team of experts. In the clubhouse, you can ask questions from our experts and enjoy conversations with hundreds of more people who are riding the same retirement wave. The Rock Retirement Club is a great place to share inspiration and get ideas to create the retirement of your dreams.  Should single women with no children consider long-term care insurance? Several women have asked about long-term care insurance. Navigating long-term care is a major concern for women that have no close family or children. They see long-term care insurance as a way to help pay for their care when they may no longer have the capacity to represent themselves.  When looking for a long-term care insurance plan, be sure to specifically look for a plan that features a care navigator. Another possibility is to hire a care navigator out of pocket who only works for your interests. This representative can help you navigate the system so that you know that you will be cared for.  Long-term care navigators are an emerging field, so it can be hard to find someone that specializes in this industry. One way to find this type of representative is to talk to long-term care providers or even your state health department. Have you ever considered hiring a care navigator for your declining years? What kind of questions do you have about retirement?  In this episode, we answer many of your listener questions like what is the difference between a trust and an estate, how to prepare to deal with financial issues during cognitive decline, where to get cash from during the go-go years, the best way to navigate healthcare before Medicare, and many more. Listen in to hear if your pressing questions have been answered. If you have any more questions that weren’t answered in this episode, make sure to join the live meet-up on August 26 at 7 pm CDT. This live webinar will be about an hour long and I’ll be joined, once again, by the lovely Tanya Nichols. We’ll answer your questions live in real-time. These webinars provide a relaxed atmosphere where you can learn the answers to your questions and maybe even hear answers to questions that you haven’t even thought of yet. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS WITH TANYA NICHOLS [5:30] Don’t miss the live meet up on August 26 at 7 pm CDT [6:37] Long term care insurance for those with no close family [11:00] Trust vs. estates [11:50] How to deal with financial issues during cognitive decline [16:11] Where to take cash from in the go-go years [19:02] How to navigate healthcare before Medicare [26:35] How do you calculate the 4% rule? [30:28] Spend less money than you make [32:07] What to look for in a bond TODAY’S SMART SPRINT SEGMENT [37:22] An update on my smart sprint from last week [41:13] Look at your net worth statement history Resources Mentioned In This Episode Align Financial Don’t miss the live meetup on August 26 at 7 pm sign up here Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome back to the 2nd episode of the Women, Money, and Retirement series. All month long we will be discussing issues specific to women in retirement. Since I am not a woman, I have invited Tanya Nichols from Aligned Financial to co-host the show with me throughout this series. Tanya is here to provide a woman’s perspective and to help me answer your questions. If you are a woman you won’t want to miss this series that is created especially for you  What does it mean to rock retirement? If you have listened to the show before, you know that I frequently use the phrase rock retirement. I even wrote a book called Rock Retirement and I created the Rock Retirement Club, but what do I mean by rocking retirement?  When you are rocking retirement that means you are using your resources to live your best-imagined life. I want you to use the assets you have to design your ideal life in retirement. There are so many decisions to make in retirement. Many people mistakenly think that their financial decisions are separate from their life decisions, but life and money are never separate. Your money should be helping you to create the best life that you can imagine.  How do women excel in retirement planning? Men and women have different strengths and weaknesses in just about every area of their lives. This is no different in financial planning. As financial advisors, Tanya and I see the differences between the sexes every day. These differences are generalizations, but we have noticed that women excel in several areas of financial planning.  Women are more comfortable with vulnerability; they don’t try to control the uncontrollable. Women look ahead toward the outcome. Women realize the value of collaboration.  Women are more thorough and take more time to make decisions.  Women don’t mind speaking openly about their worries. Think about yourself. How do you excel in financial planning? Is it in one of these areas or in another way? How to confidently plan for retirement when you don’t have much to start with Debbie is worried about retirement. As a single woman without a huge retirement portfolio, she feels overwhelmed and doesn’t know where to start. She feels that financial advisors are only for the wealthy, but she knows that she must start learning about her finances somewhere.  The good news is that Debbie is listening to a financial podcast! That means that she has already started educating herself. Unfortunately, the financial planning industry hasn’t done a good enough job of successfully reaching average income earners. However, this doesn’t mean that financial planning is only for the wealthy.  In addition to listening to retirement and financial podcasts, there are other ways that people can educate themselves in these matters. Garrett Planning Network and XY Planning Network are 2 networks of more affordable financial planners that work on a monthly subscription basis. Listen in to hear more resources that can help you gain the confidence to truly rock retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:10] What does rocking retirement mean? PRACTICAL PLANNING SEGMENT [3:34] What do women excel at in retirement planning? Q&A SEGMENT [11:04] Women are less prepared for retirement than men [17:12] How to tackle the feeling you aren’t good enough [19:15] How to generate an income stream in retirement [22:20] Are there common pitfalls for women in transition periods? [27:27] A Social Security planning question [33:14] Who gets to keep a death certificate? [36:28] Make sure spouses communicate regularly about finances TODAY’S SMART SPRINT SEGMENT [38:43] Chat with your spouse about your net worth statement and financial plan Resources Mentioned In This Episode Episode 310 - The Pie Cake Social Security Calculators Aligned Financial Garrett Planning Network XY Planning Network BOOK - The Power of Habit by Charles Duhigg Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

With the financial industry being dominated by men, it makes sense to dedicate time to focus solely on financial issues related to women. Since I am not a woman and can’t speak personally about these issues, I have invited my good friend, Tanya Nichols from Align Financial, to help me tackle this month-long series on Women, Money, and Retirement. Tanya is one of Investopedia’s Top 100 financial advisors and she and her firm work mainly with women.  I’m excited to have Tanya help me explore this area further. We can tackle your questions and you can gain the confidence you need to live the life you want in retirement. With a bit of education, anyone can learn how to manage their finances in retirement. 3 financial power moves women can take now Women often have their own set of issues surrounding money due to traditional gender roles and a misogynistic financial services industry. But once women face these issues head-on they can trample these hurdles and take control of their own financial situation. Learning these 3 power moves can help you take charge of your financial life. Anyone can learn about money. In years past, finances were often left to the husband to control, so the financial industry has typically been dominated by men. The financial services industry likes to make money sound much more complicated than it is, but financial planning is actually a lot like project management. Learning about money is just like learning about anything else and you can learn about money just as well as you can learn about fitness, nutrition, or child-rearing. You can learn to plan your finances regardless of your background. So if you have an interest in your money, then dig in and start learning.  Think of yourself first. Do you often put your family’s needs ahead of your own? Women often sacrifice their entire lives for the ones they love. If you can acknowledge that you should consider yourself first when it comes to finances then you can begin to plan a life that is true to yourself. Before making financial decisions think to yourself: is this at the expense of something that is important to me? You have a rightful seat at the financial advisor’s table and an equal seat at the financial table of your marriage. It is no secret that the finance industry is dominated by men and even has a history of misogyny. You should never have to earn your seat at the table to talk about your money. That seat is already yours. Don’t put up with anyone diminishing you or dismissing your concerns.  What to do if someone diminishes your questions or concerns Unfortunately, women’s questions and concerns are often dismissed in financial settings. If this happens to you make sure to address the situation immediately and clearly state how and why you feel diminished or dismissed.  If the professional you’re working with doesn’t respond in a satisfactory manner then go somewhere else. It is important to find a financial professional that you can trust. They need to be able to listen to you and hear what your priorities are. Have you ever felt slighted by a financial professional? If you can’t find the right person to work with, don't be afraid to DIY your finances. With a bit of education, managing your own finances is totally doable. Own your awesomeness. You can plan your retirement just as well as the next person. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] A disclaimer [6:33] 3 power moves for women [14:50] A 3 step process if someone diminishes your role LISTENER QUESTIONS [19:45] How do bond funds work? [23:22] What to do if almost all your cash is in a 401K [29:30] Should she consider putting her dad in a nursing home? [32:47] Decisions that couples make in their 50s and 60s will affect the women later [35:37] How will I be cared for if my husband dies first? TODAY’S SMART SPRINT SEGMENT [39:11] Plan your seat at the table Resources Mentioned In This Episode Align Financial My Fitness Pal Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Choosing the right withdrawal strategy is a big part of rocking retirement. Knowing how you will withdraw your money each month will ease the pressure that comes with leaping into retirement and boost your confidence. The right retirement withdrawal strategy for you may not be the same as the one your friend uses, the one you just read about, or even the one your advisor recommends.  On this episode of Retirement Answer Man, we are wrapping up our 4 part series on retirement withdrawal strategies by learning how to build a framework to find the strategy that fits your individual needs. Press play to hear how to piece together the information you have learned in the past 3 episodes to create your own income distribution plan so that you can gain the confidence to really rock retirement.  Changing the language you use could change your mindset about retirement Planning retirement can be like planning to have kids. You don’t often think of the sticker shock that comes with it. Learning that a comfortable retirement might cost you $5 million might give you heart palpitations. But just like with having kids, you don’t have to pay that amount all at once. This amount is spread out over the years and you have control over how much you may spend. This is why it is important to get into the right mindset.  One way you can change your money mindset about retirement is to reframe the way you word things. Yes, you are choosing a retirement withdrawal strategy, but the word withdraw means to take away. That isn’t the most attractive thought.  A better way to think about your financial capital is to realize that it is simply deferred income. You have been deferring this income for decades and the time has finally come to access the income that you have already earned. A simple change in wording can completely change your mindset and help you rock retirement. To choose the right withdrawal strategy, first, consider your financial situation  The first step to take to build your retirement withdrawal strategy is to consider your retirement situation. Think about whether your retirement is overfunded, constrained, or underfunded. To do this, compare your retirement liabilities to your resources. Consider all of your sources of income including your social capital, human capital, and financial capital.  Next, you’ll want to consider the different withdrawal strategies that you have learned about over the past 3 episodes. If you consider each of those retirement withdrawal strategies as being on a dial from 0-10 you can then place your financial situation on that dial. Chances are you land somewhere in the middle of the dial rather than on either extreme. This means that you may want to take a moderate approach to income distribution. Listen in to hear where each withdrawal strategy lands on the dial and how that could affect your personal income distribution plan.  Don’t ignore the qualitative aspects of retirement Not everything in life is about numbers and this is true for retirement as well. This means that you’ll need to consider more than just your finances to create your retirement withdrawal strategy. You’ll want to consider your age, life expectancy, and health. Do you need to fit as much living as you possibly can in the next few years? Or do you need to make your money last on the chance that you live to be 100? In addition, you’ll need to consider your family situation. Are you single or married? Do you have children? These external factors will also play a role in your income distribution plan.  One last consideration is your personality profile. You may need more security even if you are overfunded. Every person has their own risk tolerance threshold. Whichever way you choose to distribute your income in retirement, you need to feel comfortable and confident so that you can rock retirement. Press play now so that you can learn what you need to know to develop your retirement withdrawal strategy.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:00] How do you find the strategy that fits for you [7:31] The language you use to describe things really matters [10:00] Think about this in an organized way [17:55] What to take into account to help you evaluate all the aspects [24:01] How does your social capital fit into the equation? ANDY PANKO INTERVIEW [30:21] Why do people have so many questions about this? [34:20] How does Andy approach this question with his own clients? [36:54] How does Andy deal with tax planning in retirement? [44:46] Don’t let the internet scare you into doing something you don’t need COACHES CORNER WITH BW [48:38] Choosing the right strategy can give you the permission to spend [52:08] How BW chose his withdrawal strategy TODAY’S SMART SPRINT SEGMENT [59:35] Map out how you think about your quantitative and qualitative aspects of retirement Resources Mentioned In This Episode Check out the Facebook Live in Andy’s Taxes in Retirement group  Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

When it comes to creating your retirement withdrawal strategy there is no one-size-fits-all solution. You have to determine what is right for you. That’s why we have been exploring different withdrawal strategies this month on the Retirement Answer Man show.  If you missed the last couple of episodes go back and listen to learn about the safety-first strategy and safe withdrawal rates. On this episode, we are digging into asset-liability matching. Press play to learn more about this hybrid approach to withdrawing your assets in retirement.  What is asset-liability matching?  Asset liability matching is a term that is used in the pension planning world, but you can use it to describe your own assets and liabilities. Your liabilities are your spending or the debts that you need to cover. Your assets are your financial capital. If you prefer, you can also think of your 401K as deferred income rather than as your investment assets if that helps you come to terms with spending it.  Basically, asset-liability matching is when you match up your deferred assets with your consumption to make sure that you have your spending covered in retirement.  Where does this strategy fall among the retirement withdrawal strategies? On one end of the spectrum, the safe withdrawal rate strategy skims along the top of your investments. It only dips into them as needed. On the other side of the coin, the safety-first approach prefunds all or the majority of your retirement journey.  Asset liability matching falls somewhere in between these two extremes. I may be biased towards this approach since I use this structure coupled with agile retirement management with my own clients. Since I value flexibility in retirement, this withdrawal strategy fits my ideology.  Start thinking about which way you lean on this spectrum, so you can begin to build your retirement withdrawal strategy framework in the next episode. What's your baseline? To execute the asset-liability matching strategy, you’ll first need to establish a contingency fund or a standard emergency fund as a buffer. The next step is to plan your spending over the first 5 years of retirement including your tax estimates.  Once you isolate how much you’ll need from your financial capital, then you can build an income floor. The rest of your assets can then go into a core, growth-based investment portfolio. With this strategy, you’ll get a mix of protection against sequence of return risks in the near term and a hedge against inflation in the long term.  What are the benefits of asset-liability matching?  This is a good strategy to use if you value optionality. Since retirement is such a big life change it is nice to have a lot of liquidity early on. Retirement does not simply mean that you stop working. Your entire life changes and it can be difficult to understand how it will change when you are in the planning stage. Having this liquidity in the income floor can give you confidence and flexibility as you navigate this momentous life change.  Another benefit of asset-liability matching is that you mitigate the sequence of return risk. Having an income floor in place can give you many options if the world falls apart early on in retirement.  You may want to pivot to a safety-first approach or safe withdrawal rate as you age, but asset-liability matching gives you plenty of room to adjust while you are figuring this whole retirement thing out.  I am naturally biased towards matching assets to spending since this is the strategy that I use with my clients, but there is no single best withdrawal strategy to use in retirement. You’ll need to consider what is right for you. Make sure to listen to all 3 Retirement Withdrawal Strategies episodes to consider which strategy fits your needs and come back next week so that you can learn how to create a framework to navigate this crucial piece of retirement planning.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What is asset-liability matching? PRACTICAL PLANNING SEGMENT [6:39] Where does asset-liability matching fall in line with the other withdrawal strategies? [9:20] What is a baseline? [12:50] How will you find adjustments along the way? [13:43] What are the benefits of this strategy? LISTENER QUESTIONS WITH NICHOLE [19:15] How to calm the worry about retirement [25:21] Do I take the pension or the lump sum?  [29:55] What happens if your money management platform gets hacked? TODAY’S SMART SPRINT SEGMENT [35:42] Do you know of a void in your first year of retirement? 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

One of the biggest questions of retirement is how to withdraw your money. You can’t have a successful retirement without first planning how to withdraw your money. That is why we are discussing different retirement withdrawal strategies this month. Last week we covered the infamous 4% rule and today you’ll learn about the safety-first approach. In our next episode, you’ll hear about a hybrid approach and in the last episode of this series, you’ll discover how to build a framework for your own retirement withdrawal strategy. Are you ready to educate yourself on the various ways that you can withdraw your money in retirement? Press play to get started.  What is the safety-first strategy? In the previous episode, you learned about a safe withdrawal strategy using the 4% rule. Whereas the 4% rule is a portfolio-based strategy, the safety-first strategy takes the opposite approach. Safety first ignores safe withdrawal rates and asset allocation. Instead, it focuses on creating income sources via various guaranteed income vehicles. The idea behind the safety-first approach is that retirement is too important to have variables like sequence of return risk that could ruin your retirement.  How to implement the safety-first approach  Since you only get one shot at retirement, the safety-first method secures a base income by using the assets you have. Prioritization is a key component to safety first. The first thing one must do to utilize the safety-first approach is to calculate your base needs over the span of your lifetime. Once you have this number, then you’ll subtract the income from your social capital so that you can see what’s left. With safety-first, you will secure your base needs by utilizing bond ladders or income annuities. After creating your income floor, then you can focus on building your contingency fund to help with life shocks. Once both of these bases are met then you can focus on any other retirement goals you may have.  What are the advantages to safety-first? The first advantage that comes to mind with safety-first is peace of mind. By using the safety-first approach you won’t have to worry about the markets because you know that no matter what happens your base needs will be met. Another advantage is that this approach is easy to manage. There is not much to do after you have the plan in place but collect your monthly paycheck which makes this plan ideal for later in life. One more advantage is that since your needs are met you can focus on being more growth-oriented with the rest of your portfolio.  The disadvantages of this approach The main disadvantage that I see with this approach is the lack of flexibility. If you have listened to the show before, you know that my methodology is all about staying agile. People change their minds a lot and life can completely change after retirement, so tying up your assets in an annuity can take away the power to change your mind. Another downfall to safety first is increased inflation risk. Most annuities do not adjust for inflation, so if there are any spikes in inflation you could be at risk. Listen in to discover if the safety-first approach is the right one for you.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] What is the safety-first strategy? [4:35] What are secure assets? [8:06] When to implement the safety-first strategy [10:20] Advantages and disadvantages to the safety-first strategy LISTENER QUESTIONS [17:55] How should I incorporate an inherited IRA into my retirement plan? [20:10] Taxes and Roth conversions [23:45] Does the 4% rule take into account social capital?  [24:54] How do bonds work? [28:38] A pro-rata question TODAY’S SMART SPRINT SEGMENT [30:40] Do a basic calculation to figure how much of your base needs will be covered by guaranteed income sources THE FEEDBACK BOOTH [32:43] Women run the finances too [34:35] My 3rd attempt to discuss financial planning fees Resources Mentioned In This Episode Wade Pfau BOOK - Safety First Retirement Planning by Wade Pfau Michael Kitces Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Have you considered what kind of withdrawal strategy you plan to use in retirement? There are more to choose from than you may realize. Over the next 4 episodes, we will focus on different withdrawal strategies and how to choose one that fits your needs.  On this episode of Retirement Answer Man, we’ll cover the most notorious retirement withdrawal strategy: the 4% rule. In week 2 of this series, we’ll discuss the safety-first strategy. In the 3rd episode of the Retirement Withdrawal Strategies series, we’ll learn how to utilize matching liabilities to spending, and finally, in the last week of July, you will learn how to create a framework to help you decide which retirement withdrawal strategy will work best for you.  This episode is packed with information and even includes an interview with Jamie Hopkins, author of Rewirement. Get ready to buckle down and learn what you need to start the decumulation phase of life.  There are 3 big rocks in retirement planning It can be easy to get sidetracked when planning for retirement. There are so many different areas that you need to consider. You don’t want to focus on the wrong thing, but how are you supposed to know what the right thing is when there is so much information out there. I believe that you need to focus on the 3 rocks of retirement planning. Feasibility - This means what is possible given your resources. You’ll want to figure out how to squeeze the most life out of the assets that you have to create the best life that you can.  Resiliency - You don’t want to get thrown off course by inflation, bad markets, or life. This is where choosing the best withdrawal strategy comes into play. Optionality - This covers the tools you can use to enhance the journey - tax planning asset allocation etc What is the 4% rule? The 4% rule was created by William Bengen in 1994 in a landmark academic article. Mr. Bengen wanted to know if there was a fixed amount of money that you could pull from your assets safely each year and never run out of money. To investigate, Bengen looked at historical data and ran models to search for a percentage rate that one could withdraw safely over a typical lifetime. He learned that 4% is the amount that you could withdraw from a portfolio to stay ahead of inflation yet never run out of money. Over the years the paper has gained momentum until it eventually became a rule of thumb. What are the advantages and disadvantages of the 4% rule? As with any withdrawal strategy or general rule, there will be advantages and disadvantages. One advantage of the 4% rule is that it provides you with a safe withdrawal rate. You can be confident that your portfolio is secure and you won’t run out of money. Another advantage is that this rule is simple.  Simplicity is nice because it is easy to follow, however, everyone is different and what works for everyone may not work for you. The 4% rule may be too simplistic and too unbending. The 4% rule also doesn't account for changing market conditions, inflation, and life surprises. Another disadvantage is that you are likely to die with more money than you would like to. This could lead to regret.  Please leave a review! If you have been enjoying the show, make sure to leave an honest review on your favorite podcast app. Reviews help to ensure that those who are walking the same path of life can find this podcast easily. If you’d like the resources that go along with this episode and future episodes, make sure to sign up for the 6 Shot Saturday newsletter. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:40] There are 3 big rocks in retirement planning INTERVIEW WITH JAMIE HOPKINS [7:40] Going from accumulation to decumulation can be a challenge [13:30] How to get in the right mind frame to spend in retirement [19:53] Set boundaries at work to create balance [22:45] What can you do to feel better about a decreasing balance sheet PRACTICAL PLANNING SEGMENT [29:48] The 4% rule is a safe withdrawal rate [32:31] Advantages of a safe withdrawal rate LISTENER QUESTIONS [38:15] Mountain bike questions [42:22] Assumed portfolio investment returns [51:24] Can you do Roth conversions if you plan to retire early? [54:44] Does home equity help when considering net worth? TODAY’S SMART SPRINT SEGMENT [58:37] Watch this domino chain reaction video Resources Mentioned In This Episode BOOK - Rewirement by Jamie Hopkins Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome back to the last episode in this Listener Questions series. From time to time I step away from our usual monthly themes and dedicate an entire month to answering your questions. This week I have requested help from friends to answer your burning retirement questions. Press play to learn more about the rule of 55, Social Security, using HSAs before Medicare, and more.  Will I regret not paying off my mortgage? Mark and his wife are planners. Most of their life has gone according to the plans they made; including their timeline for retirement. However, recently their retirement plans changed. Instead of paying off their house in preparation for retirement, they decided to buy a new home by the beach with a mortgage. After careful assessment, they realized that they have enough money to live comfortably on their pensions with this mortgage payment, but Mark wonders if he will eventually regret the decision to keep the mortgage and not pay off the house.  Have you grappled with the decision of whether to pay off your mortgage or not in retirement? Listen in to hear Chad Smith from the Financial Symmetry podcast answer this question. He may provide some insight that you hadn’t considered.  Should you use a 3-4% increase in Social Security benefits when planning your retirement? You may have noticed that many financial planning tools default to increasing Social Security benefits 3-4% per year in their projections. While a 3-4% increase is the average cost of living adjustment for the program, it does not increase at the same rate each year. As a matter of fact, There have been many years in recent history when Social Security hasn’t risen at all.  Taylor Schulte from the Stay Wealthy podcast prefers to be more conservative in his predictions. He uses a 1% average increase in projected Social Security benefits when helping his clients create their retirement plans. He has found that it is better to be conservative when making assumptions so that his clients are prepared for extreme, unpredictable situations. In retirement, you don’t want to be caught off guard.  Meaning and purpose in retirement To have a successful retirement, you must have meaning and purpose in your life. You may agree with this statement, but have you ever defined these terms?  Meaning is an internal concept that is important to you and gives you pleasure. Meaning allows you to use your unique gifts and talents to feel useful. Since meaning is internal, it doesn’t matter whether society thinks something is meaningful, meaning can only be defined by you.  Purpose is an external concept that involves looking outside yourself to make a difference in the world. It doesn’t matter if that difference is earth-shattering or whether it is as simple as bringing joy to your grandkids.  The key to a successful retirement is to find activities that provide both meaning and purpose. Decide which activities are meaningful to you. Look around to see how you can make a difference in your world so that you can attain a sense of fulfillment. What will you do to find meaning and purpose in your retirement?  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [1:30] A rule of 55 question [4:10] The ramifications of the decision to not pay off the mortgage [8:38] A Social Security question [11:27] Using health savings accounts vs. health reimbursement accounts before age 65 COACHES CORNER WITH BW [14:04] Defining meaning and purpose in retirement Resources Mentioned In This Episode Andy Panko, Tenon Financial Group Andy Panko’s Taxes in Retirement Facebook group Chad Smith from Financial Symmetry Taylor Schulte Stay Wealthy podcast Tanya Nichols, Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome back to the Retirement Answer Man show. This month we have stepped away from our typical monthly themes, and instead, we are tackling your listener questions regarding retirement. Make sure to listen in July as we discuss retirement withdrawal strategies and join Tanya Nichols and me in August to discuss women in retirement.  Check out this episode to hear how you can create your retirement lifestyle framework, how to source your retirement paycheck, and whether it is best to keep the cash or pay down the mortgage.  Finding a retirement lifestyle framework A big part of beginning your retirement planning is finding a retirement lifestyle framework that you agree with. Many are drawn to the simplicity of the 4% withdrawal rule, but it doesn’t take into account your retirement lifestyle.  One member of the RRC explained that he was looking to maximize his lifestyle given his assets. This is what we are all looking to do, but it’s not as easy as you think. Many people think that you can simply come up with a base number that you can spend each year, but this is based on the assumption that your lifestyle will not change over time.  How to design your retirement lifestyle framework Without a framework in place, people tend to grab onto any random retirement planning strategy and that will drive all of their retirement decision-making.  Instead of asking yourself, how much do I need? A better way to design your retirement framework is to ask yourself how much do I need for this lifestyle? To define this you’ll need to ask yourself more questions. Where do you want to live? Define the location where you will be the happiest. What activities do you want to do in retirement? Asking yourself these questions will help you to create a plan of record. This is a more organized way of considering your life after work. You won’t get it perfect, but it will put you in a much better position to be able to iterate and change your course as needed. How to source your retirement paycheck  One listener wants to know how to source her retirement paycheck. Traditional retirement planning dictates that you drain your after-tax assets first, then move to Roth, and lastly, tax-deferred assets.  I don’t think this is a very efficient way to source your paycheck. First, determine how much you need from your financial assets over the next 5-10 years. Then, estimate what your required minimum distributions will be. (Check out the 6-Shot Saturday newsletter for a handy RMD calculator. Next, look at your 5-year income estimate. What kind of income will you have each year? You’ll always want to consider multi-year tax planning in retirement. Keep the cash or pay down the mortgage? Another listener wonders whether he should keep the $100,000 in cash that he has or should he pay down his mortgage. It is common to think of these decisions by themselves, however, you should build your retirement framework first. This will help you create a feasible plan for retirement. After creating your retirement framework, then you can create a what-if scenario. Creating the process first will allow you to be able to see the question from a big picture perspective. Listen in to hear why you may not want to zap all of your liquidity.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RANDOM THOUGHTS [2:30] Find a retirement lifestyle framework that you agree with [8:02] Questions to ask yourself LISTENER QUESTIONS [12:33] Sourcing your retirement paycheck [16:27] Keep the cash or pay down the mortgage? [21:22] Is 3% average return on investment a good conservative average? TODAY’S SMART SPRINT SEGMENT [23:45] Go take a purposeful walk to think about what you want out of life over the next 3-5 years Resources Mentioned In This Episode Cal Newport Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

You’ve got retirement questions; I’ve got answers. This month I’m tackling your listener questions. I’m also taking time to reflect on random thoughts I have about the retirement scene. Join me for this laid-back month with no set theme to learn the answers to questions from listeners like you.  Random thoughts on the retirement scene Retirement planning is not about optimizing returns. It is about securing outcomes so that you can feel confident that you can live the life you truly want. You can accomplish anything if you can just get over yourself.  Life happens in the inefficient moments.  Building long-lasting relationships requires making deposits along the way.  “If you don’t change direction you may end up where you are heading.” -- Lao Tzu There are quality, highly competent, and collaborative financial advisors out there. The industry is changing away from a salesy, male-centric attitude to becoming a true profession. Life changes, so it is important to stay agile. Make sure to adjust your plan accordingly so that you can adapt. Should you get more conservative with your portfolio as you enter retirement? Conventional wisdom dictates that as you approach retirement you should become more conservative with your investments. In investment speak, this means having a bigger portion of your asset allocation in bonds or fixed income than in equities.  However, not every person needs to follow traditional wisdom. Rather than consider your retirement portfolio from an asset allocation standpoint, consider the time frame. In retirement planning, your time frame matters. Think about how to match your assets to your retirement liabilities or yearly expenditures. You’ll want to be more conservative with the money you need in the short term but you can let your long-term assets run wild. Listen in to hear how a bucket or pie-cake strategy can help you plan your asset allocation in retirement.  How to calculate pension on a net worth statement in retirement Getting a good overall idea of your financial assets is an important part of the retirement planning process. To help you do so, you’ll want to create a net worth statement so that you can better understand where you stand financially. One recent listener asked where his pension should go on his net worth statement. The answer is nowhere.  Since your net worth statement is a list of your assets and liabilities, a pension would not belong. A pension is neither an asset nor a liability, instead, it can be described as social capital. The 3 sources of income in retirement are social capital, human capital, and financial capital. A net worth statement only takes into account financial capital. Rather than include your social capital on a net worth statement, you can instead put it on a household balance sheet where it can be classified as the net present value of cash flow. You can download a household balance sheet by clicking on the resources tab at RogerWhitney.com. While you’re there check out the other resources we have available to help you get started on your retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RANDOM THOUGHTS [2:46] Retirement planning is about securing outcomes [6:22] Have you had a bad experience with a financial advisor? [9:07] If you don’t change direction you may end up where you are heading Q&A SEGMENT [10:26] A withdrawal rates and returns question  [21:20] Should you get more conservative with investments in retirement? [27:22] How to calculate pension on a net worth statement in retirement TODAY’S SMART SPRINT SEGMENT [32:50] Go do something fun! Resources Mentioned In This Episode Tanya Nichols Andy Panko Taylor Schulte Benjamin Brandt PODCAST - Wild at Heart, Summer Recovery Plan episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

This month on the Retirement Answer Man show, we are tackling your listener questions. Although we don't have a monthly theme like we usually do, I am also sharing my random thoughts from the retirement scene. If you miss the monthly theme, you can look forward to July and August.  In July we’ll be discussing your withdrawal strategy for retirement and August will be a month dedicated to women in retirement. Since I can’t speak to being a woman, Tanya Nichols will join me then to share her wisdom. Make sure to join us for those month-long topics.  If you have been enjoying the show, please head over to your favorite podcast app and leave a review! Random thoughts on retirement Real financial planning takes time and isn’t scalable. Should is a dangerous word. Be careful how you use it.  Generating income to live off of is not a good retirement strategy. Rather than thinking about generating income in retirement, think about total return instead.  In retirement, taxes are all about timing. Limit your taxes by choosing whether to pay them sooner or later. You can't actually control your emotions, desires, fears. However, you have the choice of whether to nurture them or let them drift by.  What about rental properties in retirement?  Where do rental properties fit into a retirement plan? Rental properties can be fantastic for generating income, but they can also be a lot of work. Of the many people that have rental properties, some choose to continue renting their properties well into retirement. Whether or not you choose to continue as a landlord in retirement should be based on whether you enjoy the work. If you opt to continue having rentals in retirement, they will have their place in your retirement plan just like any other business.  Keep the books in order Just like any business, rentals have revenues and expenses. Make sure to keep a separate set of books on your rentals to understand their cash flow. Keeping the books in order will help you understand the income they generate and how the rental properties fit into your net worth statement. This practice will help you explore how lucrative the properties are and whether you would like to keep them as a way to generate income in retirement. When you understand where you stand with your rental properties you can be more strategic in building your retirement plan.  Incorporating rental properties into your retirement plan With the books and net worth statement in order, you can start building your retirement plan. Consider how your retirement plan would look with the rental properties in place and also what it would look like if you sold them. When creating your retirement plan, you’ll want to consider your social capital, human capital, and financial capital. Since the retirement properties are a business that generates income they are considered human capital. This type of planning will give you a framework to consider whether to sell the properties or keep them. You should also consider your experience. Do you enjoy keeping rentals or is it work that you dread? What kind of experience have you had with rental properties? Do you plan on keeping your rental properties in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RANDOM THOUGHTS [2:20] Real financial planning isn’t scalable LISTENER QUESTIONS [6:52] What about rental properties in retirement? [12:39] Is it better to buy slower growth dividend stocks now or in retirement? [16:05] What to do with RMDs that are more than you need? [21:05] If you have twice the assets, why pay an advisor twice as much? TODAY’S SMART SPRINT SEGMENT [33:30] Estimate what your RMDs will be with our RMD calculator included in the 6-Shot Saturday newsletter 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

Over the next several episodes I’ll be answering your questions. Rather than having a central topic for the month, I am dedicating each episode to tackling your burning retirement queries. You can head on over to RogerWhitney.com/AskRoger to leave a voicemail or you can send an email. Enjoy hearing my response to questions like where do I start and how do I max out an HSA in the same year that I retire? Press play to discover the answers.  5 tips from the retirement scene  Consistency is key. Do you feel like you jump around from one process to another in your retirement planning? Whether you are changing your financial planning or investment management process, if there is no consistency in your decision making it’s like you have no process at all. It’s one thing to tweak your process a bit to adapt and stay agile, but don’t change the process completely.  Trying to estimate future market returns is a fool’s game. It’s impossible to tell what future returns will bring. There is no reason to try and guess what they might be. Instead of trying to predict the market, focus your time and energy on the things you can control.  Retirement planning shouldn’t revolve around your investments. Instead, your life should be at the center of your retirement planning.  Learn to say no. It’s okay to say that doesn’t work for me. Don’t allow many different things to put demands on your time.  Don’t depend on the 4% rule. People tend to focus on the 4% rule since it estimates a sustainable withdrawal rate, but if you base your retirement planning on this rule you’ll likely end up with way more money than you had expected. Not only that, but you’ll miss out on life experiences in the process.  Where to start? One listener recently started listening to the show and was wondering where she should start first. It’s hard to say since that all depends on what you’re looking for. One way to begin is to listen to the Retirement Plan Live series. These case studies can help get you thinking about what you should do first in your retirement planning. Do you have any suggestions on where she should begin? Send me an email so I can let everyone know where they should begin listening.  Learn from my cautionary tale I have shared the tale of the RV that I purchased with my brother-in-law several years ago on past episodes and now I can finally bring that anecdote to a conclusion. I share my experience with you as a cautionary tale of keeping something around simply because I wasn’t in urgent need to sell it. For 7 years I have been paying to store this RV and not once has it been used. Listen to my story to learn how to recognize the changing seasons of life so that you don’t end up spending $6300 to store something you’ll never use again. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RANDOM THOUGHTS [3:20] Random thoughts on the retirement scene [9:04] Learn to say no LISTENER QUESTIONS  [12:34] What do I do first? [16:10] Steve is excited and scared at the same time [17:17] HSA plans in the year of retirement LESSONS LEARNED [22:20] I just got rid of the RV that I bought 7 years ago [28:25] Lessons learned from my cautionary tale TODAY’S SMART SPRINT SEGMENT [32:37] Identify one thing to clean out this week Resources Mentioned In This Episode Episode 259 - How to Live Without a Paycheck  January’s Retirement Plan Live episodes start here  BOOK - Basic Economics by Thomas Sowell  Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Life is like a river that flows and changes over time. There are gradual twists and turns that we make in life and retirement is one of those. To ensure that your retirement flows in the right direction it is important to plan ahead.  In this episode, we explore how to create the direction of the new flow of your life in retirement. You won’t want to miss hearing BW from the Rock Retirement Club as he defines the 6 arenas of life that require our time and energy. Listen in to check it out. What does it mean to rock retirement? I am always talking about rocking retirement here and in the Rock Retirement Club, but I haven’t ever defined what that actually means.  On a recent live meet-up with 600 of you, we were able to piece it together and create a working definition of what rocking retirement means. Rocking retirement is a verb--an action word that describes a way of being.  Rocking retirement is a state in which you work towards aligning your resources to create your best-imagined life. Money is important to rocking retirement, but decisions about money and life are always intertwined, so It’s important to create a retirement plan that helps you create a rocking retirement! What you need to ask yourself to get into the right groove Your life has created a well-defined groove that you have followed for decades and work has been essential to helping create that groove. Now that your working years are slowing down or coming to an end, it’s time to create a new groove that is different from the old one. Think about the direction you want your new life to take. What will your lifestyle look like? What can you afford? When can you start this new journey? What can you afford to do? Defining the answers to these questions is integral to creating the rhythm of your new life in retirement.  The phases of retirement There are several stages to retirement and right now you are probably in the planning stage. This is the time when you are trying to get it all figured out. You are trying to envision your retirement journey.  The second step of retirement is the honeymoon phase. This stage is a celebration of your new life. Everything you do in this stage is exciting and you will probably be actively enjoying your life. After the honeymoon phase, many retirees reach stage 3 which is a point of inflection. They start to question their choices. They may atrophy a bit and wonder if life will be like this forever. However, this is when it is time to rock retirement! Listen in to learn how you can really rock this sometimes challenging stage of retirement Design your life energy To get intentional about retirement planning you need to consider the 6 life arenas. The first one is labeled career, but this doesn’t have to be a traditional career. It can be whatever gives your life purpose or meaning. Think about what you are trying to accomplish. The next stages are family, relationships, self, spiritual, and leisure. Think about where you are spending your life energy. Is it in line with your priorities? Sit down and think about the direction of your life. Listen to this chat with the RRC head retirement coach, BW to learn how you can get your retirement moving in the right direction.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [5:03] What is rocking retirement? PRACTICAL PLANNING SEGMENT [6:55] The steps to creating your new journey in life COACHES CORNER WITH BW [11:35] The 6 life arenas [18:35] Think about how you are spending your life energy Q&A SEGMENT [21:22] A question on the Rule of 55 [24:25] How dividend aristocrats can be integrated into your retirement plan [30:10] Share your retirement wisdom TODAY’S SMART SPRINT  [31:31] Pick one area of your non-financial life to improve 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

Our theme this month is your non-financial retirement plan and in this episode, we’ll explore how relationships and play fit into that plan. These are two key components to a happy, fulfilled life. You guys know how important this subject is which is why we had more than 500 people join the webinar last week. If you missed out on that webinar you can watch the recording at RogerWhitney.com/resources. Press play to hear how important people and play are to your non-financial retirement plan.  Have your relationships suffered over the last year? Covid has tested many of our relationships over the past year. If you are like me, your family relationships have thrived, yet your friendships have suffered from the lack of in-person connection. With grey divorce at all-time highs, the spousal relationship is essential to remain happy, but friendships matter too. Hopefully, the change in lifestyle that we have all experienced this past year has given you time to reflect on the relationships that matter the most to you. Loneliness disproportionately affects the elderly Loneliness is a major contributor to depression and it disproportionately affects the elderly. As people age, they tend to spend more and more time alone. A recent study showed that time spent alone increases as people get older. People in their 20s and 30s generally spend 4 hours a day alone whereas those in their 60s spend 6 hours a day alone. People in their 80s tend to spend 8 hours a day by themselves and may only spend 1 hour with friends.  Cultivate relationships with a younger crowd One way to pursue new friendships is by forging relationships with those that are younger. Not only do younger people tend to be more active, but a younger crowd will likely not leave you as the last man standing as you age.  If you don’t have younger friends it is easier to do less and less each day. It can become harder to leave the house and stay active without the motivation of others to help you stay engaged. This can lead to atrophy--mentally, physically, and emotionally. Retirement isn’t a time to just sit around waiting for what is to come. You’ll likely have 30+ years ahead of you. The more you get out and play now the better quality of life you’ll have in the years ahead.  Retirement isn’t an event, it’s a transition Our relationships evolve over time, and retirement can change the friendships that you have. Some friendships may fall away as the season of your life changes. However, it’s important to recognize the relationships that are worth preserving. Some friendships should be fostered through the changes in life. Retirement isn’t a single event, it’s a transition. This is a time in life when you can cultivate new relationships. Think about who you choose to associate with foster friendships that will challenge you to be your best self.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:30] As we age our network of people decreases over time [9:40] It’s harder to get out of the house as you age COACHES CORNER WITH BW [12:35] 6 essential characteristics of a healthy relationship [26:02] Grey divorce is more and more common Q&A SEGMENT [30:15] Should Richard take Social Security [31:56] Navigating Medicare after moving to a different state [34:03] Security surrounding online money management platforms [39:07] A word of wisdom from Cynthia TODAY’S SMART SPRINT SEGMENT [42:40] Let what you learned about relationships and play marinate this week Resources Mentioned In This Episode Ted Lasso Boomer Benefits Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How do you introduce yourself at parties? Do you use your job title or do you define yourself in other ways? Oftentimes, our work becomes part of our identity and we begin to think that our job is who we are. This can lead to an identity crisis in retirement which is why it is important for you to define your identity and purpose outside of your career.  In this episode of Retirement Answer Man, we continue to focus on the non-financial retirement plan while homing in on your identity and purpose. Are you ready for some self-exploration? Hit the play button to learn how to define your identity and purpose outside of your career. Does your business card reveal your identity? Do you remember when you got your first business card? That card with your job title let the world know your role in the company and in society. Your business card along with the degrees and certifications that you may have hanging on your office wall can say a lot about what you do for a living, but do those items really reflect your identity?  In the work world, titles are important to understanding people's roles that we often never think beyond the traditional symbols of identity. However, when you retire, you’ll leave that work world behind and need to find other ways to express who you really are.  How do you define yourself? When you retire you no longer have your career tied to your identity. Your career is no longer the focal point of who you are. If you define your worth by your job title, that can leave you feeling lost when your position changes or disappears.  Have you ever thought about who you really are? Think about how you can separate your identity from your job title. Dig deeper to really discover who you are. How do you define yourself? You don’t want to lose yourself when you lose your business card.  What is your purpose? One way to begin to identify yourself outside of your career is to define your purpose. Think about what is your purpose now. How will your purpose change once you leave your career behind?  To define your purpose, think about what is important to you. Your purpose doesn’t have to be momentous or world, rather, it should be something that is significant to you. Do you want to be an amazing grandparent, an explorer, a creator? Identifying your purpose is a fantastic way to ensure that you don’t get distracted by all the things that can pull you away from your goals.  Express your identity to have lifetime growth  Retirement can be whatever you want to make of it. If you want this transitional time to be one of growth then think about your identity and purpose. Who do you want to be in this new stage in life? What role will you now play in the world? As humans, we continue to grow and change over time, but to ensure that you are changing in the direction that you want you’ll need to understand your true identity and define your purpose. Once you do, you will be ready to rock retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:00] Separate your identity from your title [9:32] How do you define your purpose?  Q&A WITH NICHOLE  [17:25] An after-tax catch-up contribution question [24:22] How to save for a child’s upcoming education [29:34] Tips on TIPS TODAY’S SMART SPRINT SEGMENT [32:44] How do you identify yourself? Resources Mentioned In This Episode BOOK - Effortless by Greg McKeown BOOK - Essentialism by Greg McKeown Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Retirement is about much more than finances. Money is important to mastering retirement, however, it isn’t everything. To have a successful retirement you must start with a strong financial plan and then begin to consider everything else. Over the next 4 episodes, we will discuss your non-financial plan. You must have a strong understanding of what is important to you before you begin retirement because someone or something is sure to fill your time when you retire.  Make your retirement count by identifying your purpose to help you determine your new rhythm of life. This 4 part series will help you realize the importance of your non-financial plan in retirement.  Start by getting your money right The key to beginning any non-financial plan is by first ensuring that your finances are in order. You can’t begin to focus on the rest of your retirement without having your financial plan in place.  The first step to any financial plan is by separating your desires into needs, wants, and wishes. Think about what a fulfilling life would look like to you and then consider how you will pay for it.  There are 3 ways to pay for life in retirement: social capital, human capital, and financial capital. After identifying how much money you will have from those first 2 areas you can then understand how much of your savings--your financial capital--you’ll need each month. The key to creating a financial plan in retirement is by staying agile.  What do you lose when you leave full-time work? When you leave your full-time job to retire you lose more than just a paycheck. Many people don’t consider this, but a lot of the anxiety over planning for retirement is about the void that is created by stepping away from the professional world.  You will need to learn how to create a paycheck in retirement but you’ll also need to learn how to create structure, social connections, and how to establish an intentional rhythm to your life. Have you considered how you will fill the void that your work life will leave behind?  What are the elements of life that will help you rock retirement? What do you need to live a good life? I’m not referring to the material things that surround you, I mean the non-tangible elements in life. Relationships, congruency, self-growth, gratitude, and agency are all examples of these intangible elements that are so important to living a fulfilling life. You’ll need to consider these intangibles if you want to create an amazing life in retirement. Listen in to discover why the intangibles are so important to your non-financial plan.  Join me for the live webinar! If you found this episode helpful, be sure to check out next week’s webinar. On May 13 at 7 pm CDT I’ll be hosting a live webinar where you will learn what it takes to build your own non-financial retirement plan. Not only will you learn all about how to use the pie cake retirement investment plan, but you’ll also learn the elements to consider on the non-financial side of retirement. Additionally, you’ll get a sneak peek into the RRC. Click here to register now! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:02] What are the elements of life that will help you rock retirement? [8:45] What do you lose when you leave full-time work? [13:20] Start by getting your money right Q&A SEGMENT [16:58] A question about a 457 plan [18:31] What are the pros and cons of listing your estate as a beneficiary? [21:30] The pro-rata rule TODAY’S SMART SPRINT SEGMENT [23:43] What non-financial elements of your life will change in retirement? Resources Mentioned In This Episode LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

As you start retirement planning you’ll want to think about using various types of retirement vehicles. This is why we are exploring different asset allocation ingredients in this series. I want you to understand the basics of these investment vehicles so that you can make an educated decision on what to include in your retirement portfolio.  Today you’ll learn about closed-end mutual funds, UITs, and structured notes. Listen in and learn why it’s important to keep your investments simple. Don’t need to overcomplicate your investments.  What is a closed-end mutual fund? The biggest difference between a closed-end mutual fund and an ETF or open-ended fund is they issue a fixed number of shares. Because of this, closed-end mutual funds act more like individual stocks. They even have an initial public offering just like a stock does. Sometimes they will even roll out a secondary offering. Since there are a limited number of shares, that means there is no more money coming in or out of the fund. Closed-end funds also use leverage as a way to improve returns.  What are the advantages of closed-end mutual funds? Open-ended funds and ETFs always trade at net asset value, however, closed-ended funds can trade at a premium or at a discount. They aren’t typically purchased at the net asset value.  Closed-ended funds don’t experience cashflow issues since they have a fixed amount they are investing. They don’t have to sell securities just because someone needs the money. People usually buy closed-end funds because of the distribution yields they payout. But it is important to remember that the high yield is usually due to the leverage they use. Discover the disadvantages of closed-end funds by pressing play.  What is a unit investment trust (UIT)? A unit investment trust (UIT) is a fixed portfolio. You’ll get a basket of securities in certain percentages that stays consistent over time. At a predetermined date, this trust matures like a bond and you’ll receive the cash value. The benefits of UITs are the costs and the lack of yearly capital gains. Since the trust matures at a certain time you will only need to worry about capital gains taxes at that time. They are also low in cost due to less management. Discover why I haven’t used UITs and why I really don’t like structured funds by listening. Check out the Rock Retirement Club The Rock Retirement Club is our online university that will empower you to rock retirement. The online courses will teach you how to build your retirement plan step by step. You’ll learn how much is enough and when you can retire. In addition to being part of the amazing community of like-minded people walking the same journey, you’ll also gain access to retirement calculators, spreadsheets, and other tools to help you rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] What is a closed-end mutual fund? [8:31] What are the advantages and disadvantages of closed-end mutual funds? [12:57] What is a unit investment trust (UIT)? Q&A SEGMENT [19:17] How much is too much for a 5-year plan? [25:03] A healthcare before Medicare question [30:34] Self-funding long term care insurance using your home TODAY’S SMART SPRINT SEGMENT [37:13] Think about what you can accomplish between now and the end of the year Resources Mentioned In This Episode Check out the long term care insurance series by starting here Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger

Retirement planning takes many different forms, but to effectively manage your money in retirement it is important to know the types of investment accounts that are available. This is why I am hosting the Asset Allocation Ingredients series.  Over the course of this series, we explore what goes into your investment mix. This episode focuses on separately managed accounts. You’ll learn what they are and their advantages and disadvantages.  Make sure to stick around for the listener questions segment to hear answers to questions from listeners like you.  What is transformation? Transformation means a dramatic change in form or appearance. However, there are many transformations we can make in life that aren’t physical. Common life transformations occur when we leave school and enter the professional world, go from single to married life, and of course, from working to retired.  A transformation can be triggered by a few different things. It could be triggered by a life event, or it could be a gradual change over time, or simply by you looking for a change in your life. Are you working towards any transformations in your life?  What is a separately managed account? A separately managed account is a portfolio managed by a third party. Essentially, you are assigning the management of funds to a money manager who is implementing the portfolio that you have hired them for.  A separately managed account is different from an ETF or mutual fund in that you open an investment account at a firm and the account manager will build the portfolio based on the strategy you choose. It’s like a mutual fund that is completely unwrapped. You own each individual position in that account rather than in a bundle.  What are the advantages and disadvantages of separately managed accounts? Some advantages to SMAs are:  You have access to institutional managers that don’t manage mutual funds. You can customize your account by setting restrictions on what is allowed.  You maintain better control of the realization of gains and losses. There are a few disadvantages: There are fewer options to choose from. The baseline to open an account is higher. Fees are generally higher than other types of accounts. They add more complexity to your portfolio. Are separately managed accounts a part of your portfolio? What do you like about them? What’s coming up next on Retirement Answer Man Make sure to check out the next episode where we will explore UITs and structured notes. After this deep dive into the financial aspect of retirement, next month our focus will shift to the non-financial side of things. You won’t want to miss out on building your non-financial retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:10] What is transformation? PRACTICAL PLANNING SEGMENT [5:49] The basics of a separately managed account [10:08] Disadvantages to this kind of structure for investments Q&A SEGMENT [14:24] A thank you from Dennis [18:21] How to choose mutual funds [21:38] The tax deductibility of long-term care  [23:52] How did I calculate the discount rate in the Retirement Plan Live webinar [31:11] What do you do with tax liability on a net worth statement? TODAY’S SMART SPRINT SEGMENT [34:05] Think about a transformation that you are working toward 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

This month we are discussing the ingredients that make up your retirement portfolio--your pie cake. In the previous episode, we took a deeper look at ETFs, and in this episode, we explore mutual funds.  You probably have mutual funds somewhere in your portfolio, but you may not know exactly what they are. On this episode of Retirement Answer Man, we will take a look at what a mutual fund is so that you can determine if you should have one in your retirement toolbox.  Is the Rock Retirement Club right for you? To truly rock retirement you need to do 3 things.  Build a solid retirement plan that will act as your decision-making framework to help you implement an agile process throughout your retirement.  Find a safe place where you can get unstuck whenever you get stuck building your retirement plan. You need a place where you can keep your momentum going and you can get answers to the questions you have. Surround yourself with people who are intentional about living this part of their life. Get inspired by others and inspire others so that you can all rock retirement together.  You can find all 3 of these things in the Rock Retirement Club. If this sounds like it could help you plan the next chapter of your life check out RockRetirementClub.com. Have you collected investments and accounts? As you approach retirement, you may notice that you have a lot of financial clutter. You have probably worked a few different jobs and over time, you may have collected retirement investment accounts in various places. You may also have several types of investments in different accounts.  When you are approaching retirement this can be a problem. These investments can be a financial mess. The complexity can be confusing and overwhelming. When building a retirement investment portfolio take the time to make it simple. Determine what kind of portfolio you want to build to support your retirement. What are open-ended mutual funds?  Mutual funds are similar to ETFs which we discussed in the previous episode. However, in a mutual fund investors pool their money together into an existing portfolio. Mutual funds are priced only once per day based on the net asset value and they are traded only once per day based on that price. What are the advantages and disadvantages of open-ended mutual funds? Just like any other investment, mutual funds are neither good nor bad. They are simply a tool to add to your investment toolkit. One advantage of mutual funds is that there is no tracking error since it is priced on the net asset value. They are easy to invest and there is a huge menu of investment options. Open-ended mutual funds are extremely liquid so you can get in and out of them easily. Listen in to hear what the disadvantages of mutual funds are. You’ll also hear me answer several listener questions with Nichole. Press play now. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] Have you collected investments and accounts? [7:25] What are open-ended mutual funds? [9:51] What are the advantages and disadvantages of open-ended mutual funds? [19:07] Open-ended funds are neither good nor bad  Q&A WITH NICHOLE [21:52] How to use a set portfolio to build your pie cake? [26:41] Should your withdrawal strategy change if you don’t have kids? [30:37] What to do with a 457B plan? TODAY’S SMART SPRINT SEGMENT [34:36] Question what you are doing--what else could you be doing? Resources Mentioned In This Episode Episode 370 - The recent episode with Fritz Gilbert Episode 372 - Start here if you want to learn more about building your pie cake Episode 363 - The beginning of the Let’s Get Physical health series BOOK - Atomic Habits by James Clear Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

If you have listened to this show for a while you know that I like to create a retirement withdrawal strategy based on the pie cake. However, we haven’t discussed what goes into the mix.  Over the next several episodes, we’ll dive into the details of asset allocation. You’ll learn a bit about ETFs, mutual funds, separately managed accounts, and UITs. On this episode, in addition to answering listener questions with Andy Panko from Retirement Planning Demystified, you’ll learn about ETFs and their pros and cons.  Building your pie cake In retirement, your portfolios need to reflect when you plan on spending those funds. I separate these portfolios into what I call the pie cake. The basis of the pie cake, is of course, the plate. Your plate will contain your contingency fund and emergency fund. The first layer of your pie cake contains the money that you will use to fund your life over the next 4-5 years. The next layer will contain funds that have a different asset allocation. It may contain funds that are more of a mix of stocks and bonds. In your last layer, you have your long-term assets which will consist mainly of stocks.  What are the ingredients of the pie? Now that you have the cake set up you’ll need to consider what you’re going to put into each pie. Each layer of the pie cake is different and must be made separately. You’ll want to consider what ingredients you want to add. How many ingredients do you want to have in your mix? I like to have as few ingredients as possible. Try adding complexity to your ingredients by diversification rather than simply adding more ingredients. What would you prefer in your pie--simple ingredients or complex ones with names you can’t pronounce? What is an exchange-traded fund? An exchange-traded fund (ETF) is an instant portfolio. It is different from traditional mutual funds in that an ETF trades like a stock--you can buy call options or put options. They can be highly managed or not depending on what you buy, so pay careful attention to the fees attached.  One unique mechanism ETFs have is that the managers buy stocks that represent the portfolio you are trying to match. They track very closely to the net asset value. Learn more about ETFs by listening to this episode of Retirement Answer Man--make sure to stick around for the listener questions with Andy Panko. What are some advantages and disadvantages to ETFs? ETFs aren’t all good or all bad. They have their pros and cons. One advantage to an ETF is that you have an instant portfolio. Another advantage is the clarity. You know what is inside the fund at all times. They are also transferable between different brokerage houses and are quite tax efficient.  On the flip side, if you buy an ETF that is focused on an index you may get less diversification than you think. So make sure to dig under the hood a bit to understand what it is that you are buying. ETFs can also be more expensive if it is more actively managed. Press play to hear the difference between an organic and manufactured ETF. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:50] How to build your pie cake [3:23] What ingredients do you need to create your pie? [7:48] What is an exchange-traded fund? [11:28] What are some advantages and disadvantages to ETFs? [15:31] There are organic and manufactured ETFs Q&A SEGMENT WITH ANDY PANKO [19:23] Tax planning in retirement [23:40] Can you use one spouse's HSA to pay for the other spouse’s medical expenses? [26:55] How to balance retiring with college expenses ahead of you [31:30] Roth conversions and the pro-rata rule [38:32] Andy gives me some tax advice [42:28] Can I recommend a First Pen? TODAY’S SMART SPRINT SEGMENT [43:45] Take a look at your portfolios and ask yourself if they are too complex Resources Mentioned In This Episode Taxes in Retirement Facebook group Retirement Planning Demystified on YouTube BOOK - Thinking in Bets by Annie Duke Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Do you know what you should be doing in the 5 years leading up to retirement? Are you doing everything you can to get yourself retirement-ready?  This is the last episode in a 5 part series that expands upon what you need to do in the final push before retirement. If you’d like to start at the beginning of the series click here.  Today we’ll hear from the audience. I have asked those that have already retired to share what they wish they would have known before retirement. Listen in to hear their words of wisdom so that you can make sure to rock your retirement.  Your mental model can determine your success How do you envision your retirement? Are you stressed about the logistics? Can you visualize yourself living out your retirement dream? Many of us get caught up in the numbers side of retirement planning. And although it is important to have a good financial plan in place, what can be even more important is your model of what is achievable. If you don’t think your goal is achievable you’ll never be able to realize it.  One way to adjust your mental model is to hang out with and learn from people that are already there living the way you want to live. Learning from them can help you evolve your own mental model. Listen in to expand your vision of what is possible in retirement.  Words of wisdom from current retirees Over the past month, I have been asking listeners who are recent retirees to chime in with pieces of advice that they wish they had known before they retired. I got some fantastic responses via email and voicemail.  Chase wishes he had talked with others about their Medicare plans before choosing his own. Even after all his time researching, he felt like he made a poor choice of plans. During his next enrollment period, he’ll go with a different plan that a friend uses. Kyle wishes he had paid more attention to tax brackets. He was a fantastic saver over the years, but didn’t focus on the different types of accounts he was saving in. This won’t be helpful when it comes to tax planning in retirement.  On the flip side, Doug is very pleased that he laid out an income strategy in his retirement plan. Tax planning was a big part of the way he planned. Glen recommends paying off the mortgage in the years leading up to retirement. Not only did it feel great to pay off, but this also allowed him to test drive his retirement budget. Listen in to hear how Glen did that. Create your retirement plan and stay agile Looking at the big picture and creating your retirement model will help you envision the life you want. Engage with your spouse if you are married and discuss what life could be like. Knowing where you want to go helps create the mindset you need to move forward with confidence and to live life without regrets.  Organization is power, so have a game plan and be ready to execute it. You can always make adjustments as the retirement game unfolds. If you stay agile then you can adjust your plan as needed.  Don’t miss out on all the words of wisdom from our listeners. They have some fantastic advice to get you moving on your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Your mental model of what is achievable is just as important as everything else [4:42] Ask others about their Medicare plans [6:36] Building out a retirement helps to picture what could be [8:31] knowing where you want to go creates the proper mindset to move forward with confidence [10:02] Kyle wishes they had paid more attention to tax brackets [11:53] It’s important to have nonwork friends [16:09] You will lose your life insurance if it is through work [18:44] Wishes he put more 401K into Roth [22:02] Allow yourself to relax Q&A SEGMENT [24:29] A long-term care buyout question [30:35] A MYGA fixed annuity question TODAY’S SMART SPRINT SEGMENT [33:11] Think about your mental model -- is it holding you back? Resources Mentioned In This Episode Long-term care series - Start at episode 311 Breaking the 4 Minute Mile from Harvard Business Review  Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Are you within 5 years of retirement? If so, it’s time to start training. Retirement is like a marathon, and you need to be ready to run it. This episode is part 4 of a 5 part series on what to do in the 5 years leading up to retirement. Today you’ll learn how to properly train for the marathon that is retirement so that you can enjoy the run when you get there. Are you signed up for the 6-Shot Saturday newsletter? Make sure to get on the email list so that you can receive a comprehensive guide that lays out what you need to focus on in the 5 years leading up to retirement. Next week you’ll hear tips from current retirees who are a few steps ahead of you on this journey, so don’t miss it! Expert advice from those who have walked the walk Many of you have wondered how our Retirement Plan Live case study participants have fared in retirement. A few years ago, our first participant, Carl, came out of the closet to let everyone know that he is actually Fritz Gilbert from The Retirement Manifesto.  Fritz joins me today to share his experience in writing his blog and what he learned from planning his retirement. Now that he has a few years of retirement under his belt he can reflect on what worked, what didn’t, and what were the integral parts of his retirement planning. Come listen to those who have already walked this walk. Let’s see what we can learn from them. Listen in to hear Fritz’s story.  Fritz’s takeaways from his retirement planning So, what did Fritz learn from his retirement planning? He did so much to plan for retirement, but certain things that he did proved more helpful than others. During his one phase of planning for retirement, Fritz created a pre-retirement checklist.  He had never made a budget before but knew he had to have an understanding of how much he and his wife spent each month. They successfully tracked their spending by category for 11 months so that they could break those expenditures down into necessities and discretionary spending.  After having a better understanding of his spending he was able to lay everything out in a cash flow timeline. Fritz projected his cash flow for the first 5 years of retirement which helped him understand how and where he needed to put his money.  What was the biggest adjustment for Fritz in retirement? One thing that people don’t plan for is how they will move from the accumulation phase of investing to the withdrawal phase. This stage of investing requires a completely different approach to managing a portfolio.  Your new investment plan must be in place from day 1 of retirement, so it will need to be planned out a few years prior to retiring. Have you considered hiring a financial planner as a consultant to check your retirement plan? The non-financial aspects of retirement are just as important as the financials When people talk about the changes of retirement they are referring to the non-financial aspects of this stage of life, yet most people focus solely on planning the financial part of the puzzle. Your best chance for a great retirement is finding out what gets you excited about life. What will give you purpose when you retire?  When you retire you’ll leave your network of friends, the structure, routine, challenges, and rewards of your work life behind. This freedom can be liberating or paralyzing. Think about ways that you can give back and focus on others. Listen in to find out how Fritz’s 10 commandments of retirement helped him stay focused on rocking retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:56] What is a marathon? [4:25] Retirement is like a marathon [12:03] Your marathon should be enjoyable PRACTICAL PLANNING SEGMENT [15:10] Fritz Gilbert aka Carl reflects on his retirement planning [18:12] Fritz was never a budgeter [21:15] Were there any spending surprises? [27:50] Get your investing plan in place [32:14] The non-financial aspects of retirement can be a source of anxiety as well  [46:07] Define your values  Q&A SEGMENT [49:09] Are there any tax consequences to consolidating your retirement accounts? [51:19] How will Social Security work with a disabled child? [54:30] What are you trying to optimize for in your planning? TODAY’S SMART SPRINT SEGMENT [58:22] Start to put your plan together Resources Mentioned In This Episode Retirement Manifesto Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Have you ever tried Googling your specific retirement questions? Chances are, those Google searches gave you more confusion than clarity. We all want to rock retirement, but there is a long road from where you are today to the retirement of your dreams.  My goal with the 5 episode What to Do in the 5 Years Before Retirement series is to teach you what you need to focus on in those years leading up to retirement. I want you to have the knowledge and power you need to truly rock retirement. If you want to learn what it takes to fulfill your retirement dreams then press play now.  Identify your values Many people think that they are most worried about the financial aspect of their retirement but they don’t want to acknowledge the fact that they are worried about other areas of retirement as well. Instead of recognizing these worries, they redirect their worries to the financial areas.  One way to begin to get started planning the non-financial side of retirement is by identifying your values. Think about who you want to be. What do you want your life to represent? You can create a new identity for yourself in retirement that reflects your true self.  Once you identify your values you can then create your mission statement. Take some time to reflect on what you really want as you work through these exercises. Get off the career treadmill In your career, you have been focused on achievement for decades, but in the last 5 years of retirement, you need to mentally separate yourself from your career. Work has always come first, but it won’t be that way for long. Since you are no longer trying to get that next promotion it’s time to start setting boundaries.  Try taking a retirement rehearsal. Think about where you want to live and what you want to do in retirement and take a month off of work to go there and do what you would be doing.  Expert advice from those who have walked the walk Listen in to this episode to hear this interview with the Rock Retirement Club’s very own retirement coach, Kevin (Beachwalker) Lyle. He’ll share his experience from his own retirement as well as the wisdom he has learned from others in his time coaching with the RRC. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:39] Acknowledge the stress you feel [8:02] Identify your values [13:22] You need to get off the career treadmill [19:05] Book recommendations  Q&A SEGMENT [22:34] Why don’t more planners use a fee-only structure?  [33:30] Annuities are now offered in 401K and 403B plans, are there any plans with lower fees? [35:47] Stop looking for a deeper meaning to everything [37:05] Can you use an HSA plan for healthcare premiums? TODAY’S SMART SPRINT SEGMENT [40:23] Think about the non-financial changes that will happen in retirement Resources Mentioned In This Episode BOOK - Halftime by Bob Buford BOOK - Boundaries by Henry Cloud BOOK - The New Retirementality by Mitch Anthony Annuity series Rock Retirement Club

Are you trying to gain the confidence you need to rock retirement? If so, you’re in the right place. Welcome to the Retirement Answer Man show, you’ve joined the second episode in a 5-week series geared toward those who are within 5 years of retirement. If you’d like to listen to the first episode of this series head on over to episode 367.  The purpose of this series is to get you to start thinking about the things in the financial realm to prepare yourself for this monumental life transition. Most blogs, podcasts, and other retirement resources focus on the retirement sizzle -- this series will serve you the steak. Press play if you are ready to build a strong foundation to rock retirement.  How to build your foundation so that you can rock retirement When you are within 5 years of retirement it's time to start thinking about your retirement plan. This is not the time to get fancy, instead, it’s time to start building your foundation. You can do this by creating your initial plan of record. This is the plan that balances all the cool things you want to do in retirement with all the resources you have available to make it happen.  Your initial plan of record will help you start to make decisions. You can use fancy charts and tables to help you build your success ratios, but what is missing is what you can do to make it so. You want to know exactly how your plan is going to work. Where are you going to get your paycheck? Your plan of record is the chart that helps you get into the specifics of how to make retirement work.  Is your plan feasible? Once you get it all laid out in your plan of record, then you’ll want to map out your first 5 years of retirement to help you make decisions on where to allocate your resources.  It is important to stay agile. You may have to change your plan based on external factors like the markets, your dreams, your health, or whatever obstacles pop up.  To check the feasibility of your plan you’ll need to dial in your needs, wants, and wishes and your 3 sources of capital. Once you have determined these things then you’ll begin to build your process to determine the feasibility of your plan. Listen in to hear how.  Use the right tools You probably know about many of the retirement planning spreadsheets and calculators that are out there. It can be tempting to jump around and use different sources, but once you find one you’ll want to stick with it. Find a scale that you can use to dial in your information that you use consistently over time in an agile way to make decisions.  Map out the first 5 yrs of retirement Now it’s time to think about your income sources and projected spending for the first 5 years of your retirement. Look back at your 3 sources of capital: social capital, human capital, and financial capital. Will you use social capital like a pension or Social Security? Will you work part-time or start a small business? If so, what is your projected income from those sources? Will it cover your spending? If not, the deficit that remains will be covered by your financial capital. Listen to this episode to really dig in and discover how you can build your retirement plan for those first 5 years.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:31] If you are already retired please share your wisdom at RogerWhitney.com/askroger [4:37] Create an initial plan of record [9:12] Is your plan feasible? [12:44] Map it out [16:36] Now is the time to check on your Social Security benefit [22:33] Where do you put your excess cash flow? [25:41] What is liquidity? Q&A SEGMENT [29:57] Isn’t there an exception to the 5-year rule of Roth conversions? [30:35] Are real estate syndications good or bad? [36:14] Pay off the house or make a Roth conversion? [41:00] Are there examples of Retirement Plan Lives with people who have fewer resources for retirement? TODAY’S SMART SPRINT SEGMENT [41:44] Create a simple spreadsheet that maps out the first 5 years of your retirement Resources Mentioned In This Episode SSA.gov If you are already retired please share your wisdom at RogerWhitney.com/askroger Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Do you want to have the confidence to truly rock retirement? Are you within 5 years of retirement? If so, this is the series for you. Over the next 5 episodes, we’ll explore what you should be focused on in the years leading up to retirement.  Today we’ll explore the opportunities and risks that come within this time frame. Next week, we’ll start setting the stage to prepare you for retirement. After that, we’ll explore the financial and non-financial aspects of preparing for retirement. In the 4th episode of this series, you’ll learn how to put it all into a plan. And lastly, you’ll hear an episode full of wisdom from people who are a bit ahead of you in this retirement journey. Are you ready to get started? Press play now! Preparing for retirement is much like prepping for an adventure In the 5 years leading up to retirement, you need to get ready. It’s as though you are preparing for an adventure. I liken it to a backpacking trip I took a few years back. First, my partner and I had to decide where we wanted to go. Then we had to arrange the logistics. Next, we had to assess whether we had the right equipment for our journey. Then we had to consider both our physical and mental readiness. After that, we had to acquire the things we needed. Once we finally got to our destination we had to assess the trail ahead. We even had to add extra supplies based on those trail conditions. We had to remain agile throughout the course of our journey.  The opportunities and barriers to preparing for retirement At this point in your career, you are probably making more money than you ever have before. You have a reputation and a vast professional network. You may even be at the tail end of the various financial engagements that come with raising a family. Now is a good time to evaluate your life.  There are some barriers that you may need to overcome as you prepare for retirement. I often refer to the 50s as your not-so-thrifty 50s. It’s easy to save more and spend less now that you are earning more. It’s also easy to create a financial cage for yourself. Be careful of financial obligations like 2nd mortgages, RV or boat payments, or even that adult child that you continue to subsidize. These obligations could force you to work longer than you would like. Listen in to hear about more barriers you might face as you prepare for life in retirement.  What can you do now to set yourself up for retirement? There are several steps you can take to begin to set yourself up for retirement.  Start to assess your risks and opportunities by dialing in your income, expenses, and savings. Think about your expenses. What does it really cost to live your life? Separate your discretionary and non-discretionary spending to realize what it takes to live a good baseline life. Create your net worth statement listing your assets and liabilities.  Assess your boundaries at work. You have worked hard to build your career, but have you built up boundaries between work and home life? Assess your social life. Who would you call to have coffee with tomorrow? Do you need to broaden your social network? Assess your purpose. If you had 2 weeks to not think or talk about work what would you do each day? It’s a great time to join the Rock Retirement Club! Are you signed up for the 6-Shot Saturday newsletter? You’ll want to make sure that you are so that you can get our free net worth and expense worksheets. Have you been on the fence about joining the Rock Retirement Club? Now is a great time to join because on March 16 we are starting a 3-week sprint to assess your needs, wants, and wishes. You can try it out for 30 days with a money-back guarantee. Go ahead and join now to see whether it is right for you.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] A Rock Retirement Club update [4:04] The five years leading up to retirement is much like prepping for an adventure [7:27] You have opportunities that you don’t want to miss in the 5 years  [11:37] What can you do now to set yourself up for retirement? Q&A SEGMENT [21:51] Using a Roth IRA to fund long term care [27:11] Roth IRAs and the 5-year rule [30:04] Roth IRAs and Game Stop TODAY’S SMART SPRINT SEGMENT [31:57] Start to dial in your expenses and update your net worth statement Resources Mentioned In This Episode Share your wisdom with future retirees! RogerWhitney.com/askroger Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Over the past 3 episodes, we have been talking about different ways that you can improve your health in retirement. Today you’ll take action. Choose the habits you want to build and learn how to actually build these habits and set yourself up for success. Learning about health and nutrition is one thing, but taking action is something else entirely. Press play so you don’t miss out on these tips to learn how to create and stick with healthy habits. Do you need to redefine your fitness identity? When we are young it can be easy to take on a fitness identity. I’m a mountain biker. He’s a basketball player. She’s a swimmer. But as we age we can face a fitness identity crisis. Our fitness becomes more about mobility and nutrition.  To help yourself create your new fitness identity think about what you want to accomplish. What do you want to improve about yourself? What new version of yourself would you like to see? Think about your motivation. Why do you want to have a healthy body? This is how you can define yourself. Listen in to hear my new motivation for good health. Choose the habits you want to build The power of good (or poor) health comes from habits. Positive and negative habits compound over time so to begin a healthy lifestyle you have to start by building healthy habits. You could start by building a huge meal plan or exercise routine, but that could also set you up for failure. Rather than creating a strict workout routine try tinkering with your movements to explore healthy activities that you really enjoy.  How to build a habit and make it stick You may already understand the importance of building healthy habits but some of us don’t know how to make them stick. Many of us try to create a routine but then struggle to maintain the habits we have created. Luckily, starting and keeping up healthy habits doesn’t have to be as complicated as you think. Try using these tips to help you create and maintain your healthy habits.  To create healthy habits: Set yourself up for success. Make the habit simple to do.  Create friction. Take a bad habit and make it hard to do.  Start with a small habit. Plan on starting with 5 or 10 minutes a day.  To maintain and build up your new habits: Over time increase your routine in small ways. As you build up your routine, split it up into separate times each day.  When you falter restart quickly and don’t beat yourself up about it.  You have the opportunity to change your health Retirement gives you the freedom to change your lifestyle. You have the opportunity to structure your day in a more purposeful manner. Think about who you want to be in retirement and get started building the habits you need to become that person. Listen in to the Coaches Corner segment with BW to hear how movement and mindset can shape your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Most of us have to redefine our fitness identity as we age  [7:25] How to build a habit [15:32] Two stories to demonstrate different life views  COACHES CORNER WITH BW [19:45] Movement and mindset can help keep you young [26:52] Use technology to improve your health TODAY’S SMART SPRINT SEGMENT [34:36] Start to make a change to improve your health Resources Mentioned In This Episode Streaks app Noom app Peloton app Oura Ring James Clear Habit Guide BOOK - Atomic Habits by James Clear Stride app Leave me a comment!  Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

If you are interested in living a healthy life you have to consider the food that you put into your body. The food you consume fuels your body and shapes your life. On this episode of Retirement Answer Man, you’ll learn 5 tips for ensuring excellent nutrition. You’ll also discover a few resources that can help you improve your thinking around nutrition. Grab your headphones and dive into this episode so that you can rock retirement by living a healthy life.  What is diet? Americans have an interesting relationship with the word diet. The word often invokes thoughts of failure and restrictions and no one likes to feel restricted.  However, there are two definitions of the word diet. A diet is a special course of food to which one restricts oneself either to lose weight or for medical reasons and it also means the kind of food a person or animal eats. As we’re discussing diet today we should consider the second definition rather than the first. This definition encompasses our whole lifestyle rather than considering the short term. To rock retirement, we want the cumulative benefits of a healthy diet rather than a short-term fix. When you consider the word diet I encourage you to think of it as a way to reset your eating habits to a healthier version.  What is your relationship with food We all have a relationship with food and often that relationship was built when we were young. But you may not want to continue eating the same way you did when you were in your teens and twenties. When we were young we could eat anything without seeing much of a change in our bodies. This is because our metabolism was high. But as we age our body chemistry changes and we don’t burn through calories like we did in the past. Think about your relationship with food. Do you still eat like you did in your twenties? Modern food is made for convenience, not health Everything about modern, industrialized food is created for mass production, shelf life, and consistency of flavor. As a result, modern food is high in fat, sodium, and sugar which makes it unhealthy. Added to the lack of nutrition, our portion sizes have gotten bigger in recent years. It is no wonder that our bodies haven’t adjusted to the modern diet.  How to build a healthy diet To create a healthy diet you want to make sure to eat food - not food products. This means eating fresh foods that don’t have a shelf life. Add colors to your plate by eating fruits, leafy greens, and whole grains. Eating well means that you’ll have to plan your meals and give up on convenience food. Are you ready to change the way you eat? Listen to this episode of Retirement Answer Man to learn 5 tips you can use to improve your nutrition.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is diet? PRACTICAL PLANNING SEGMENT [7:27] We all have a relationship with food [10:02] Modern food is produced to be unhealthy [16:16] Understand how to read labels Q&A WITH TANYA NICHOLS [22:21] How to save later in life [27:55] Feedback on the Parent Project series TODAY’S SMART SPRINT SEGMENT [32:44] Start reading the labels in your pantry Resources Mentioned In This Episode BOOK - The Mind Diet by Maggie Moon PODCAST - The Doctor’s Farmacy by Dr. Mark Hyman Noom App The Parent Project series Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

To rock retirement, you have to have the right tools, and the most important tool you have is your body. To keep up your strength and mobility your body needs to be fine-tuned. On this episode of Retirement Answer Man, we continue discussing your physical health. You’ll learn what you can do to maintain your strength and mobility so that you can rock retirement.  What is mobility? Mobility means having healthy muscles, bones, and joints so that you can freely move about. In retirement, it is important to have the mobility to do all the typical things you have to do and also so you can enjoy your favorite hobbies. Staying healthy and fit isn’t the same now as it was in your 20s. Back then you exercised to keep up your good looks, but now, exercise is critical to maintaining mobility so that you can rock retirement and do all of the things you want to do. Health and fitness can be your job in retirement Many people struggle without the routine of work to keep their life in balance in retirement. In the book, Younger Next Year, the author, Chris Crowley, makes the argument that you should make health and fitness your job in retirement.  This is an interesting idea that I want you to consider since exercise can provide you with not only structure but goals and rewards as well. When you devote time to your health you can see measurable results. Added to that, exercise can provide you with a social outlet and an ability to connect and work with other people. It can even draw you closer to your partner as you both work to attain your goals.  This important job can become the center of your life now that you won’t have the busyness of work life. It may even help give you a new identity to help you transition from your work-related identity. What do you think about making health and fitness the center of your life in retirement? How to build a body to support you to do all the things you want to do You may have heard that you can lose up to 50% of your muscle mass by the time you are 50. However, the aged muscle can be repaired if you are willing to work to maintain it. It is important to build a plan with your doctor and you may want to include a personal trainer and nutritionist to help you build that plan.  You’ll also want to work on increasing your flexibility. Your muscles get shorter as you get older causing your flexibility to decline. This can reduce your range of motion and lead to back pain, joint issues, and bad balance. Listen in to hear what apps you can use to help you maintain your exercise plan in retirement.  Be sure to check out this week’s 6-Shot Saturday email newsletter! Make sure that you are signed up for 6-Shot Saturday this week. Not only can you complete our annual listener survey, but we’ll have a link to a study guide for you to follow while you read the book, Younger Next Year. This study guide will give you a good idea of the kind of work we do in the Rock Retirement Club. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is mobility? PRACTICAL PLANNING SEGMENT [3:45] You should make health and fitness your job in retirement [7:25] Use exercise for functional health Q&A WITH TANYA NICHOLS [20:36] Tanya exercises to stay sane [21:44] Can you roll over only part of a retirement account? [25:16] The pros and cons of multi-year guaranteed annuities [32:21] Do I take the pension or the lump sum? TODAY’S SMART SPRINT SEGMENT [38:10] Go buy the book Younger Next Year Resources Mentioned In This Episode Align Financial BOOK - The Power of Zero by David McKnight Episode 310 - The Pie Cake Daily Burn app Apple Fitness Plus FitBit Coach Peloton app Strava app BOOK - Younger Next Year by Chris Crowley Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Good health is not something you can buy, but it can be an important savings account for your future. Over the course of the next 4 episodes, we will focus on how to stay healthy and fit in retirement. We’ll discuss exercise, mobility, and nutrition. In the final episode of the Let’s Get Physical series, you’ll learn how to create an action plan to build and maintain healthy habits throughout retirement. Press play to get started on creating a healthy life. What is the difference between hurt and harm? The difference between hurt and harm is somewhat obvious but it may not be readily apparent when it comes to making decisions. You may put off going to the dentist to get your tooth fixed because you know it is going to hurt. We generally try to avoid hurt, but hurt can be beneficial. Hurt itself, isn’t a bad thing. Eating junk food and choosing not to exercise doesn’t hurt, but it does harm you. It is important to recognize the difference between hurt and harm to help you stay healthy. Modern medicine provides longevity, not quality of life Modern medicine is amazing, however, there is a dark underbelly to our healthcare system. Longevity is the goal of modern medicine, not quality of life. If you are unhealthy, medications can keep you alive much longer than you would have ever been alive in years past. You may even be able to live as long as a healthy person. But those additional years that drugs and doctors’ care provide you will not be high quality and productive, instead, life will be painful and stagnant.  The costs of being unhealthy Choosing an unhealthy lifestyle ends up being costly. The more unhealthy you are, the more you will pay for healthcare. And although this number can be quantified in dollars, there are other costs as well. These social costs aren’t easily quantifiable, but they will certainly be felt.  Rather than being an active participant in life, an unhealthy person becomes a spectator. Their mindset changes and they tend to break from the person they once were. They shift from a growth dynamic to a decaying dynamic. Are you willing to take the risks that come with an unhealthy life? You can’t change the choices you made in the past, but you can change your unhealthy habits now.  Good habits compound over time Small habits make us who we are. Just like saving money, our habits (good or bad) compound over time. You can’t buy good health, but you can invest in it. Building healthy eating and exercise habits doesn’t have to be about your weight or how you look. The purpose of creating healthy habits in retirement is to build energy and increase functionality. Listen in to learn how to create healthy habits so that you can rock retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is the difference between hurt and harm? PRACTICAL PLANNING SEGMENT [4:48] The goal of modern medicine is longevity, not quality of life [8:18] Healthy habits compound over time Q&A SEGMENT [12:20] The keys to ETFs and mutual funds [15:11] A health savings account question [19:11] My thoughts on the 4% rule [22:37] Can Gary’s 401K annuity be moved within the 401K? TODAY’S SMART SPRINT SEGMENT [25:18] Pay attention to your eating and exercise habits Resources Mentioned In This Episode Episode 310 - The Pie Cake  BOOK - Atomic Habits by James Clear BOOK - Younger Next Year by Chris Crowley BOOK - Boundaries by John Townsend Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

This is it -- the last episode of Retirement Plan Live 2021! We have walked Trish through her unexpected retirement to see if she has what it takes to build the retirement of her dreams. Over the past 4 episodes, we have gotten to know Trish and her situation. We have taken an in-depth look at her goals, resources, and net worth to help her assess whether she is ready to retire. If you would like to start this series from the beginning, head back over to episode 359, if you’ve already listened then press play now.  Don’t miss the live webinar! Please join us tomorrow, January 28 at 7 pm CST, for the live webinar where I’ll help Trish discover if this dream of hers is attainable. We’ll identify the risks and opportunities she has to create a feasible plan to rock retirement. During this live webinar, you can ask questions and have them answered. You can even use Trish’s example as a case study to help you build your own retirement plan.  What is identity? Identity encompasses everything about you. It is a mishmash of your memories, experiences, values, and relationships. All together this big pot creates who you are.  Consequently, identity is not fixed -- it changes over time. There are pivot points in your life, like those transitions from high school to college, college to career, marriage, and family. We can use these points in life as opportunities to start with a fresh slate and remake our identities.  Retirement is another opportunity to start over and remake your identity. If you haven’t spent enough time creating your identity outside of work it can feel scary to think about who this new you is going to be. Have you thought about who you want to be in retirement?  Trish lost her sense of control after getting laid off Trish had worked at her job for 29 years. We don’t see that very often anymore. She truly thought that she would work there until she chose to retire at age 55. So when she was laid off unexpectedly this past October, it was like a kick in the gut. She is still reeling from the effects.  Every day she keeps the same routine, she gets up, goes for a run, gets dressed, and heads to her home office to search for work from 8-5. Will coming up with a retirement plan help ease her worries? What does this make possible? When we are in the midst of a problem it can be easy to lose perspective. This is why it is important to slow down and make purposeful decisions. One question to ask yourself when dealing with the unexpected is: what does this make possible? Can Trish begin to see the possibilities? Can she start looking ahead? What about you? Do you know how you can create a meaningful life after retiring? Listen in to hear from retirement coach, BW, he has helpful advice for Trish that may resonate with you as well.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:11] What is identity? PRACTICAL PLANNING SEGMENT [7:25] Trish wasn’t happy to get laid off [14:35] Would not needing a job help her relax? [20:53] What is she doing to help herself get through this? COACHES CORNER WITH BW [25.11] Slow down and be purposeful [31:03] Trish can find the balance TODAY’S SMART SPRINT SEGMENT  [35:05] Let yourself be happy Resources Mentioned In This Episode Register for the live webinar on 1-28 at 7 pm CST Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Last week in Retirement Plan Live, Trish dreamed up big dreams for her retirement. In this episode, we are going to outline her resources to see if she has the ability to fund those dreams. Organizing your resources is an important step in retirement planning. Listen in to learn how important it is to plan what you want to use your resources for, and let’s see if Trish has what it takes to build her retirement dreams.  What is a resource? A resource is a natural source of wealth or revenue. It is also a natural feature that enhances the quality of life. It’s what you do with your resources that matters. If you are listening to this show you are probably over 50 which means that you have spent decades building your resources. You’ve built up all 3 categories of resources -- human capital, social capital, and financial capital. Human capital includes your skillset and reputation. Social capital includes pensions and Social Security. Financial capital doesn’t only include your money, it also includes houses and boats in addition to your retirement accounts.  What will you use your resources for? When you look at your resources in retirement you have to ask yourself to what end are all these resources for? What is this money for? In retirement, your resources are meant to be used to express your values through your goals that you live out in the season of retirement.  Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values. Think about what you want to do with your abundance. Be intentional and create the life that you want. Explore the options you have now so that you don’t leave your resources like a neglected crop left to be absorbed back into the earth.  What kind of capital does Trish have? In our last episode, Trish dreamed big -- European vacations, a second and maybe 3rd home, a convertible, the works. Now that we’ve got her thinking big, we have to see what she can afford. It’s time to take stock of her resources.  Just like you and I, Trish has social capital, human capital, and financial capital. She will collect Social Security when the time comes and would like to use her human capital in some capacity until she is 59. Listen in to hear how I walk her through her balance sheet and organize her resources. Check out the Rock Retirement Club to help you organize your own resources Have you been enjoying Retirement Plan Live? Would you like to have guidance as you organize your resources? In the Rock Retirement Club, we have a Retirement Masterclass that does just that. We walk you through all of this planning with worksheets and trainings and there is even an entire module that helps you organize all of your capital. Check it out at RockRetirementClub.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is a resource? PRACTICAL PLANNING SEGMENT [11:02] What kind of social capital does Trish have? [15:32] Trish plans on using her human capital [25:35] We organize Trish’s financial capital Q&A WITH NICHOLE [36:10] How did we do on our words for 2020? [37:32] Lisa asks how the 4% rule changes if you retire at 55 [40:35] Should Jackie stop saving in her Roth IRA since her husband got laid off? [44:53] Can Jim’s mother transfer an IRA to him? TODAY’S SMART SPRINT SEGMENT [48:43] What is your word for 2021? Resources Mentioned In This Episode BOOK - So Good They Can’t Ignore You by Cal Newport Social Security Detailed Calculator Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to week 2 of Retirement Plan Live 2021! Last week, in episode 359, you got to meet Trish who was unexpectedly laid off last year. She had been hoping to retire within 5 years, but with this layoff, she is exploring the idea that maybe she can retire now. Over the next few episodes, we will walk her through the steps I take with clients to create and test a retirement plan.  “You are never too old to set another goal or dream another dream,” -- C.S. Lewis. What is a goal? Before we begin, let’s examine what a goal is. Simply put, a goal is something you want to achieve in the future. We often have larger goals and smaller, more immediate goals. They should be a stair step to your bigger vision.  All of my goals stem from my values and vision. Before coming up with your goals, it is important to have a clear understanding of your values -- articulate them and define them. The idea is that your goals help you to live out your values. Have you defined your values, vision, and goals? Needs and wants Let’s talk about needs, wants, and wishes. I like to create 3 categories of spending when creating a retirement plan. This way we can determine a person’s level of fundedness.  The first category is the needs category. This is what a person needs to live their baseline life. However, it doesn’t mean simply eating rice and beans every day. Trish estimates that she needs $10,000 per month to live comfortably.  The next area is the wants category. One of Trish’s wants is a convertible when they move south. What kind of wants would you put under this heading? Can Trish dream big? The last section we examine is wishes. This is where you dream big without holding back. Some people struggle with this, but others take on this challenge whole-heartedly. Are you able to dream big? What are your most extravagant wishes? Listen in to hear what Trish includes in her wishes, and maybe you’ll find some inspiration for your own planning.  Create your own retirement plan If you would like to follow along and do these same exercises on your own, be sure that you are signed up for the 6-Shot Saturday email newsletter to receive worksheets each week to examine your own retirement readiness as we work through this Retirement Plan Live with Trish.  Are you curious to discover whether Trish has what it takes to retire? Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com. This is when we put Trish’s retirement plan to the test to see if she can retire now or if she needs to continue working for the next few years. Don’t miss out! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What is a goal? PRACTICAL PLANNING SEGMENT [9:10] Trish lays out her needs and wants [20:47] I help Trish dream big Q&A WITH NICHOLE [29:14] An asset allocation question [31:40] Robert asks if he should cash out his mother-in-law’s annuities [35:18] A pie cake question TODAY’S SMART SPRINT SEGMENT [38:25] Think through your spending for the year Resources Mentioned In This Episode Episode 310 - The Pie Cake  Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to the Retirement Answer Man show, this month we’ll be doing a Retirement Plan Live! The Retirement Plan Live series allows you to take an in-depth look at a person’s goals, resources, and net worth to determine whether they are ready to retire. At the end of the month, on Thursday, January 28th, we will wrap it all up with a live webinar that you can join to see how it all works out. Register for that event at LiveWithRoger.com. Make sure you are signed up for the 6-Shot Saturday newsletter which will have a summary of my conversation with Trish each week and it will also include worksheets to help you organize your resources to create your own retirement plan.  Begin with the end in mind On your last day on earth, the person you become will meet the person you could have become. Will those two people know each other or will they be strangers?  When you retire you finally get to organize your life to express the person that you are and want to become.  You have worked for decades saving and investing as you built your career. Now you can use those resources to become who you really want to be. You get to magnify your best self. Who is Trish? Trish is 51 years old and her spouse is 60. Her plan was to retire at age 55, however, that plan was foiled since she was recently let go from her job. Trish worked for the same company for 30 years and despite receiving almost 1 year of severance pay, she feels lost. Losing her job has been devastating and she feels like she has lost her identity. How would you feel if you suddenly lost your job? Is your identity tied to your career? What would Trish like to accomplish? Everyone has a dream of retirement, and Trish is no different. She and her partner hope to get a house in a warmer climate and be snowbirds for a bit before finally settling down in that location. She pictures herself going to the beach every day and drinking fancy drinks with umbrellas in them.  But Trish doesn’t only think of herself. She and her spouse are very family-oriented and love to take trips with their siblings and nieces and nephews. The real question is how big can she dream? We’ll tackle that question in the next episode. Do you wish you could do your own Retirement Plan Live? The Retirement Master Class in the Rock Retirement Club mirrors what we do here in the Retirement Plan Live series. This master class walks you step by step and helps you build your own retirement plan based on who you want to become. You’ll learn how to identify your goals, organize your resources, and discover what is feasible. We teach you how to dream with the end in mind by focusing on who you want to become. Check out the Rock Retirement Club to learn more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:14] Beginning with the end in mind RETIREMENT PLAN LIVE SEGMENT [3:44] The Retirement Master Class helps you build your retirement plan [7:28] Who is Trish? [13:08] Losing her job has been like losing her identity [18:10] What would she like to have accomplished at 80? CATCHING UP WITH SAM [22:57] Sam retired early with no regrets [26:58] She has made time for the things she enjoys [30:37] Have her spending estimates been accurate? [35:09] What is she excited about? TODAY’S SMART SPRINT SEGMENT [36:57] Have the courage to live a life true to yourself Resources Mentioned In This Episode LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Today we finish up The Parent Project. This has been an important theme to tackle and fortunately, we had 5 weeks to spend learning how we can help our parents age gracefully. If you haven’t listened to the other episodes in this series you can start here.  To wrap up The Parent Project, Christine Benz from Morning Star joins me to discuss how you can help manage your parents’ finances. Not only is Christine a financial expert, but she has had firsthand experience taking the reins of her parents’ finances.  Stick around until the end to hear how our very first Retirement Plan Live test subject is faring all these years later.  What does gracefully mean? At the beginning of this series, we talked about the stages of aging: independence, interdependence, dependence, crisis management, and end of life. We will all go through these steps as we age, but some will pass more quickly than others. Unfortunately, none of us can predict which of these periods may be drawn out over time. As children guiding our parents, we can strive to help them age gracefully. Gracefully means in a respectful and dignified way. A gift we can give to our parents or elders is to give them the opportunity to pass through the stages of aging gracefully. Communication is key There’s that word again: communication. Communication has been a common theme throughout The Parent Project series. The value of communication cannot be overstated when it comes to helping your parents as they age.  Christine Benz finds it challenging to find one-size-fits-all advice for everyone when it comes to caring for their parents since every family is so different. The only common thread is communication.  Christine feels that it is important to open a dialogue with your parents and siblings as your parents move through the stages of aging. Have you opened a dialogue with your parents about their finances? If you haven’t started yet, listen in to hear a fantastic tip that Christine shares with us.  Who will be in charge? When there are multiple siblings involved sometimes you may wonder who will take the reins when mom and dad need help. Oftentimes there is an obvious choice, but the best option may be to divide and conquer. This way you can divvy up the duties. One sibling could be in charge of doctors’ appointments, another in charge of day to day finances, and yet another could handle the investments. Keep the lines of communication open to respect your parents’ wishes and to keep all interested parties up to date.  How has The Parent Project helped you? What have you learned in this series that you want to take action on? Have you begun talking to their parents about their wishes? Do you think you have learned something that you can apply to your own retirement?  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What does gracefully mean? PRACTICAL PLANNING SEGMENT [4:58] Christine Benz shares her views on managing the parents’ finances [10:23] Have you considered having 2 financial managers? CATCHING UP WITH FRITZ GILBERT AKA CARL [23:02] Fritz Gilbert, aka Carl was the first Retirement Plan Live test subject [25:08] Is Fritz rocking retirement? [31:02] You leave your identity behind when you retire TODAY’S SMART SPRINT SEGMENT [40:29] Let’s just get through tomorrow! Resources Mentioned In This Episode The Retirement Manifesto blog Christine Benz Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

There may come a time in your parents’ life (and in your own) when they begin to lose their agency. They may no longer have the ability to act upon their own path. Do you know what steps to take if that happens? In this episode of Retirement Answer Man, we’ll investigate when, what, and how to take over when the time comes. Today, I have 2 guests joining me who will share their firsthand experience with the process of caring for a parent.  Join me for the 4th installment of the Parent Project series. If you haven’t listened to the first 3 be sure to check those out when you’re done with this one.  What does guardianship mean?  Guardianship is a legal process used to protect individuals who are unable to care for their own well being due to incapacity or disability. The way it works is that the court appoints a legal guardian to care for a person who needs special protection.  First, an attorney must petition the court, and then they must provide evidence as to why the person needs to have a guardian appointed. Then the court decides if the person is sufficiently incapacitated and also if the person requesting guardianship meets the guidelines. Listen in to learn whether having a power of attorney could eliminate the need for guardianship.  Is there a better option? Gaining guardianship over your parents or aging family members should be a last resort. Hopefully, your parents have planned ahead and made your situation a bit easier by setting up a legal plan including a power of attorney. Listen in to hear whether joint accounts, power of attorney, or a traunch would be the best course of action when the time comes. Naomi Karp shares her experience Naomi Karp is an attorney and longevity expert that has worked on longevity for over 30 years. Her work has focused on law, aging, and policy and has included research, advocacy, and legislative work. She specialized in elder abuse and cognitive impairment and she is now getting firsthand experience in the caregiving process by caring for her mother. Don’t miss out on learning from her expertise.  What would you like to learn about elder care? Family members make a significant portion of elder caregivers. There is so much to learn when jumping into a caretaker role, but it mostly requires on the job learning. Listening to stories from people like Naomi and Sarah can be extremely helpful and lessen the learning curve. Have you had to learn how to care for an aging family member? What is one thing you wish you had known before you started? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What does guardianship mean? PRACTICAL PLANNING WITH NAOMI KARP [4:46] Naomi Karp has both the expertise and the personal knowledge of caregiving [9:52] How do you take over your parents’ finances without being abusive? [14:59] How to choose a power of attorney [20:43] What kind of duty are you taking on if you become a guardian [32:20] Check out the When I’m 64 podcast PRACTICAL PLANNING WITH SARAH [43:20] Sarah started noticing problems with both parents when her dad was hospitalized [46:52] How to know when to take over [50:42] Make sure your siblings and the doctors are on the same page [54:40] Use their tax returns to help you identify their different accounts [1:00:24] Hypotheticals can take you far [1:02:44] Gaining power of attorney is so important [1:09:05] What she wishes she had known [1:13:44] Music is powerful for someone with dementia TODAY’S SMART SPRINT SEGMENT [1:15:04] Check out ElderLawAnswers.com Resources Mentioned In This Episode Naomi Karp When I’m 64 podcast EverSafe Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to the third installment of the Parent Project series. As your parents age, they may need you to pick up the reins and help out a little -- or a lot. Helping your parents get older with grace and dignity can be fulfilling, but at the same time challenging. The more prepared you are for this challenge the easier it will be. After you listen to this episode make sure that you are signed up for the 6-Shot Saturday newsletter so that you can receive all of the FREE resources to help you prepare for this next phase of life.  What is preparation?  The word preparation means getting ready for an event or undertaking. You prepare for trips, parties, and all kinds of things. When you prepare financially you make financial life more stable, organized, and consistent. You don’t even know if our parents will need help so why should you prepare for it now? You may not think that you need to prepare to manage your parents’ finances but the more prepared you are the more ready you will be if an unforeseen event happens.  How can you talk to your parents about their finances?  Talking to your parents about finances and estate planning can be uncomfortable. No one wants to sit down and have that big conversation. So instead of having a big uncomfortable conversation try having smaller conversations over time. When you strike up smaller conversations it’s easier to keep the dialogue open. Try opening the door to a smaller conversation the next time you see your parents.  The 3 types of aging parents Everyone’s parents are different. Some parents don’t want to deal with any of their finances, this type of parent may need you to be a project manager. Others may want a little bit of assistance, if so, then you could take on the role of a coach. And other elderly parents may want you to take a hands-off approach. They may appreciate you feeding them small pieces of information along the way. What kind of parents do you have? Tips for talking to your parents about their finances Keep the financial conversation separate from family time Don’t have too many cooks in the kitchen Take an inventory of their accounts Create a net worth statement Set up online access for all of their accounts  Use a password manager Get organized and create a diagram Have digital records Get introduced to key people Listen in to hear the details about how to create this dialogue so that you can get prepared to help your parents. Whether they need it or not, being prepared for the financial conversation will give you some peace of mind as your parents get older. Make sure to stick around to hear a first-hand story from retirement coach, Mark Ross and catch up with Lori from Retirement Plan Live.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is preparation? PRACTICAL PLANNING SEGMENT [6:17] Have little conversations [8:05] What kind of parents do you have? [16:30] Create an organizational diagram AN INTERVIEW WITH MARK ROSS [22:02] Mark has been on a long journey with his parent project [24:50] He turned an overwhelming project into an enjoyable journey [25:57] How did he manage the conversations with his parents? [29:37] How did he deal with his siblings? [35:47] It all works out in the end [38:42] What is he doing differently now that he has learned about aging? TODAY’S SMART SPRINT SEGMENT [40:50] Check out Everplan AN INTERVIEW WITH LAURIE FROM RETIREMENT PLAN LIVE [43:04] Bruce has since retired and Lori is still working part-time Resources Mentioned In This Episode Check out Lori’s Retirement Plan Live - start with episode 194 Everplans.com LastPass 1Password Estate Planning in Retirement episodes 332, 333, 334, 335, 336 BOOK - Built to Sell by John Warrillow Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Have you had the talk with your parents or loved ones? You know the one. Maybe it pertains to their driving or their finances, or it could be about their health or living situation. Whatever the conversation is about; it is uncomfortable for everyone involved.  What if there was an easier way that you could address these subjects with your parents? On this episode of Retirement Answer Man, you’ll learn how you can talk to your parents or loved ones about the matters that are so important to discuss as they age.  What is a caregiver? Generally, when we think of a caregiver we think of a medical professional. (Someone other than ourselves.) However, a caregiver can include anyone who regularly looks after someone that needs help. Caregiving can mean nursing, but it also means cooking, cleaning, paying the bills, etc. Most of the time the caregiver ends up being a family member. As a matter of fact, 29% of the population provides care for chronically ill family members and often those people spend 20 hours per week providing care.  Creating an open dialogue is critical We often wait until a big event happens to address important subjects with our parents, but that isn’t the most effective way to address uncomfortable subjects. Instead of waiting until the last minute to bring up a nursing home or another issue, try creating little conversations before a stressful situation arises. Starting a dialogue early with your parents or family member creates an open space to address difficult subjects before they come up. Learn how to open up this conversation by listening to this episode of Retirement Answer Man.  What should these conversations be about? Now that you understand the need to have several smaller conversations with your parents rather than a big bombshell, it is important to think about the issues. What do you need to address? There are a number of issues that may arise: driving, finances, housing, health, safety, and cognitive abilities are all factors that may need to be addressed. Remember the earlier that you bring these matters up the better they will go.  Tips for bringing these conversations to light It can be challenging to bring up issues that you have never had to address with your parents or family members. Everyone is on their own journey in life and aging can impact one’s ego and sense of privacy. It is important to be empathetic and understanding of their journey. Here are some tips you can remember to help you make the most of the conversation:  Choose the right messenger. Use hypotheticals. Test the waters with little things. Bring solutions and resources Don’t give advice, guide them to the answers Listen - choose the right time and place Be empathetic, not condescending After you listen in make sure that you are signed up for the 6-shot Saturday email newsletter to receive all the resources that go along with each episode.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:10] What is a caregiver? PRACTICAL PLANNING SEGMENT [4:43] Create an open dialogue [7:00] What should these conversations be about? [11:21] Tips for bringing these conversations to light A RETIREMENT PLAN LIVE UPDATE [21:16] An update with Emma [29:20] How to say yes to things after a loss TODAY’S SMART SPRINT SEGMENT [30:45] Check out David Solie’s book - How to Say It to Seniors Resources Mentioned In This Episode Episode 289 - Retirement Plan Live with Emma and Luca BOOK - How to Say It to Seniors by David Solie Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Over the next 5 episodes, we’ll be tackling an important series that I call The Parent Project. No parent wants to be a burden to their children, but as longevity increases with advances in healthcare, your parents may need you to help them out as they age. Are you helping to care for a parent or an aging family member? My goals for this series are to help you help a parent prepare for this stage of life, to help you prepare for this stage in your own life, and to share bits of wisdom along the way. You won’t want to miss this pertinent series, so press the play button now! What is aging? The word aging can be a noun or an adjective. Aging is both the process of getting older and a way to describe the signs of growing old. We all know that aging is a natural process that we go through, but that doesn’t mean that it’s fun.  We are aging for a longer period of time due to health and medical advancements. We all go through 5 stages of aging -- although some may happen more quickly than others. The 5 stages of aging are independence, interdependence, dependence, crisis management, and end of life.  6 ways that aging parents can impact your life Diving into the parent project can have a big impact on your life. We want to honor our parents in this vulnerable part of their lives, but we also want to live our own life. Many of you are retired or on the cusp of retirement and caring for aging parents can greatly affect your retirement plans. These are 6 ways that aging parents could impact your life. Retirement date - You may delay your retirement due to your parents’ condition. Living arrangements - You may decide not to move or limit where you can live. Time - The bureaucracy of caregiving, court documents, and everything else can eat into your time. Psychologically - The psychological effects of caring for loved ones can lead to many feelings like guilt and disappointment. Finances - You may need to subsidize your parents’ care. Relationships - How are your relationships with your spouse and siblings affected? What can David’s story teach you? We have a saying over at the Rock Retirement Club, ‘walk with the wise to become wise.’ The RRC is a place to learn from each other to increase our understanding and gain knowledge of a topic. Since I’m not an expert on this topic, I have invited David to come on the show to share his story.  David has recently dealt with the incapacitation and passing of his mother while also arranging for the care of his father. He learned a lot about the parent project along the way. Listen in to learn from his story so that you can start considering the different things to keep in mind as you and your parents age.  As we work through the different topics over the next 5 episodes consider creating a file of resources for yourself. Sign up for 6-Shot Saturday to get FREE resources to help you prepare for your parents’ and your own aging process.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [3:07] What is aging? PRACTICAL PLANNING SEGMENT [6:39] 6 ways that aging parents can impact your life [13:01] What can you do to ease the transition for your parents and for yourself? AN INTERVIEW WITH DAVID [14:37] How did David’s parent project start? [22:08] How to broach the conversation of moving to a facility [28:11] David knew that he needed an elder law attorney [32:36] How has this event impacted his relationships? TODAY’S SMART SPRINT SEGMENT [37:10] Check out caring.com Resources Mentioned In This Episode Caring.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

This is a time of year when many people give thanks for what they have. On this episode of Retirement Answer Man, I explore the definition of thankfulness and gratitude with our Rock Retirement Club retirement coach, BW. He even brings us 5 tips that can help us to cultivate gratitude on a regular basis.  Tanya Nichols joins me again to help answer listener questions. You’ll learn what you can do if you are worried about a market crash, what to do if you think you are too old for long-term care insurance, and we’ll discuss Roth conversions from a 403B. Press play now to join me to hear the answers to listener questions and more. What are you thankful for? The definitions of thankfulness and gratitude are very similar. Thankfulness is the consciousness of benefit received from others. Gratitude is a thankful appreciation for what an individual receives both tangible and intangible.  One way to combat worry is to create a habit of thankfulness. I have done this personally and it has changed my life. Practicing gratitude contributes to greater happiness and it allows us to focus on what we have rather than what we lack. Listen in to hear what I am grateful for this year. 5 tips to help cultivate gratitude on a regular basis Cultivating a gratitude practice can seem like a good idea but it often falls by the wayside after a few days or weeks. The beauty of practicing gratitude is that it shifts your mindset. You can use these 5 tips to help you become more thankful by creating your own practice of gratitude each day.  Write and send a thank you note to someone who has had an impact on your life each month. Get in the habit of saying thank you to at least one person each day.  Keep a gratitude journal. You get bonus points if you try and come up with different things to be thankful for each day. Pray. If you are religious, praying can help you cultivate gratitude. Meditate. Instead of focusing on your inner self, try focusing on gratitude in the moment. Does sequence of return risk keep you up at night?  The world around us seems so unstable right now. Many people worry that we could be at the start of the next big crash. What if we are at the beginning of several years of zero returns? Sequence of return risk is one of the biggest worries of those on the cusp of retirement. Although people worry about sequence of return risk, if you look back at history and study bear markets, youĺl see that even within those years there were good years and bad years. It’s also good to remember that your portfolio won’t directly reflect the S&P 500, we simply use it as a planning tool.  How to balance market risk against inflation risk Why do we take market risk when we are worried about sequence of returns? Inflation! Inflation risk is just as big, but it creeps up slowly over time. You have to balance the risk of inflation with market risk.  You can take market risk. You just have to know how much you are comfortable with. The first thing you need to do is understand the minimum effective dose of investment risk you need in order to create the life you want. Next, you’ll want to time segment your money by building your cash flow model early in retirement. Plan for statistically probable outcomes and then test for outliers. Listen in to hear the details of how you can protect yourself from both inflation risk and market risk. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is thankful? PRACTICAL PLANNING SEGMENT [5:02] Is Chris too old for long-term care insurance? [8:11] A 403B and Roth conversion question [12:12] A new learning experience as a couple [14:06] What are the chances that the market crashes? COACHES CORNER WITH BW [22:09] Practice gratitude to improve your happiness [26:17] 5 tips to help cultivate gratitude on a regular basis TODAY’S SMART SPRINT SEGMENT [30:16] Give yourself and everyone around you some grace this Thanksgiving Resources Mentioned In This Episode Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

There are so many things to take care of in retirement. It can all feel overwhelming. Many people worry about their jobs, the state of the world, retirement, and their uncertain future. On this episode of Retirement Answer Man, you’ll learn what you can do to ease your worries about the unknown as well as discover the answers to questions from listeners like you. Join Tanya Nicols and me as we answer questions about an early retirement package, what to do when you have a significant portion of your net worth in one stock, and how to use second to die life insurance. What is worry? Worry is a noun that means a state of anxiety and uncertainty over actual or potential problems. It can also be a verb meaning to give way to anxiety or unease. Are you a worrier? Although worry is a healthy thing, oftentimes people allow their minds to dwell on difficulties or (perceived) troubles. There is a fine line between healthy worry and overwhelming worry.  The fine line between healthy and unhealthy worry can be hard to walk Just like how exercise creates stress in your muscles and grows them, worry can do the same to your mind. Worry can spur you into action causing you to improve your situation. However, worry taken to excess can be paralyzing. It can cause you to lose perspective so that you can no longer see clearly. You can’t let worry overwhelm you so much that it steals your life away. Listen in to hear what you can do to help ease your worries about the state of the world, life, and retirement.  How do you perceive the wealth you have created? It is often said that money is the root of all evil, but this isn’t true. The love of money is the root of evil.  Do you feel guilty about the wealth you have created? Guilt is a common theme for many successful people. Many create an emotional attachment to their money. Rather than judging yourself for creating your wealth, use that wealth as a tool. How you use it is important. What will you do with your wealth to create an amazing life?  What to do when you have a significant portion of your assets in one stock One listener has ⅓ of her net worth tied up in one particular tech stock. She is looking for some guidance on how to handle this.  A great question to ask is: what would happen to your net worth if that stock simply vanished? This question can get you thinking about how much you need to have a good life. Once you have thought deeply about your life then you can be methodical about this asset. Set a number to help guide you and don’t let taxes sway your decision.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:40] What is worry? Q&A WITH TANYA NICHOLS [10:56] How do you feel about your wealth? [16:52] What to do when you have a significant portion of your assets in one stock? [22:57] How to balance Social Security, taxes, and an early retirement package [25:46] Second to die life insurance TODAY’S SMART SPRINT SEGMENT [30:47] Control your input Resources Mentioned In This Episode Align Financial BOOK - The Daily Stoic by Ryan Holiday BOOK - The Rational Optimist by Matt Ridley BOOK - The Power of Agency by Anthony Rao Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Do you use an HSA? If not, you may want to start one after listening to this episode. Find out how you can use an HSA to help lessen healthcare costs in retirement and stick around to hear the answers to listener questions on this episode of Retirement Answer Man.Are you trying to figure out how to deal with an unexpected retirement? Would you like to come on the show? We are looking for a volunteer for the next Retirement Plan Live coming up in January. If you would like some help in navigating your unexpected retirement head on over to RogerWhitney.com/rpl to put your name in the hat and potentially become our next case study for Retirement Plan Live. What is focus? Focus is the act of concentrated activity on something. You choose where to place your focus in your life. What do you choose to focus on? Do you choose to focus on fear, problems, and all that could go wrong? Or do you choose to focus on the present and future excitement? When you focus on a problem does it seem huge and overwhelming? Or do you break that problem up into chunks so that you can determine what to do next? I like to say focus on the WHAM. Figure out what the problem is, how to do it, get accountability, take action, and achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself. Can you still contribute to a Roth IRA with only a 1099R? One listener has a question about Roth IRA contributions. He is no longer working and receives a pension, but would still like to contribute to a Roth IRA since he is under the income limitations. Unfortunately, this isn’t allowed since the income must be ‘earned income’ according to the IRS. But the good news is, his wife can still contribute to his Roth IRA since he is considered a nonworking spouse. Learn the specifics of his question and the answer by listening to this episode of Retirement Answer Man. HSAs are like ‘SuperRoths’ Lynn wrote in to encourage us to discuss HSAs a bit more. This is a great idea since HSAs can be like ‘SuperRoths’. I knew I was missing out on having an HSA so when I was shopping for healthcare plans last year I specifically looked for a healthcare plan that was HSA compliant. With an HSA an individual can contribute $3500 per year and a family can contribute $7100. A great way to use an HSA for retirement healthcare costs There are a few things that make an HSA is so fantastic. The money you put into an HSA is tax-deductible and the money you take out is tax-free. HSAs are also extremely flexible. You can pay your healthcare expenses out of pocket now and save the receipts for reimbursement any time you want to. Listen in to find out how you can use the HSA as a medical expense slush fund and grow it in the long term. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:42] What is focus?PRACTICAL PLANNING SEGMENT [11:26] Can you still contribute to a Roth IRA with only a 1099R?[13:38] HSA’s in preretirement[18:46] How valuable is 2 months of your life?[22:26] Fire calc and inflation risksTODAY’S SMART SPRINT SEGMENT [29:37] Realize your focusResources Mentioned In This Episode BOOK - The Rational Optimist by Matt RidleyFireCalc.comNew Retirement CalculatorRogerWhitney.com/rplRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

November is finally here and Nichole is back! That means it’s time for listener questions. This month is my planning month where I take the time to map out the next year so that I’m not just drifting along. I try to be intentional about where the show is going and where my practice and life are going too. Listen in to hear what’s in store for 2021 on the Retirement Answer Man and find out the answers to several listener questions. How to balance enjoying life now with planning for later A listener, who describes herself as being in the constrained category of retirement readiness, asks how she can balance enjoying her life now with saving for retirement. This is a question that everyone struggles with, even those that are overfunded. We all tend to think of saving for retirement like climbing a mountain. This climb is filled with sacrifice and denial of comfort and pleasure. I argue that we must change our mindset when it comes to retirement. We must stop thinking of retirement as a destination and start enjoying this never-ending journey now. It helps to map out your spending and separate it into 3 categories. Listen in to hear what those categories are and how you can map out your cash flow to make you feel more at ease about retirement. How to decide whether to take the full pension or the pension with survivor benefits One listener is faced with yet another retirement decision. Soon he must decide whether to take a full pension or a lesser amount with survivor benefits. How should one decide what to do? Just like with the previous question, it’s important to build a model first. Map out your cashflow and test it out by using different scenarios. This will give you a good idea of how much you really need to live the life you want. When should my spouse collect Social Security if her benefit is based on mine? Mark and his wife have calculated that she will collect a larger benefit it is based on her husband’s earnings rather than her own. Spousal benefits are 50% of the higher-earning partner. However, the secondary partner can’t claim their benefits until the primary spouse claims theirs. So if the primary beneficiary decides to wait until age 70 to collect their benefit, then the secondary must wait to collect as well. Listen in to discover what the secondary spouse can do in the meantime to start the cash flowing in. Julie is looking for a safe investment for her 5 years of cash reserves Julie wants to have 5 years of cash reserves but would like that large chunk of money to be earning a bit as well. It is hard to find a way to do this right now with interest rates so low. High yielding money market accounts may only yield .5%. CD’s aren’t much better and range between .65% - 1%. Individual bonds also have terrible returns. I do have one suggestion if you don’t mind a bit of complexity and paperwork. Listen in to find out what it is.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [3:06] What is intention?LISTENER QUESTIONS WITH NICHOLE [11:20] How to balance enjoying life now with planning for later[16:46] Deciding whether to take the full pension or the pension with survivor benefits[19:40] When should my spouse collect Social Security if her benefit is based on mine?[23:26] Julie is looking for a safe investment for her 5 years of cash reserves[28:39] How to get a second set of eyes on his portfolio?TODAY’S SMART SPRINT SEGMENT [30:47] Look at your investment assets and see if they are giving distribution estimations so you can do some tax planningResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

What do you do if you lose your job but you’re still not ready to retire? Whether it’s personally, professionally, or financially, if you’re not ready to retire then you’ll have to take action to find new employment. How do you fill that gap between this job loss and retirement? On this episode of Retirement Answer Man, we’ll brainstorm some ways that you can take action to find your next job. What happens to you when you lose your job? Losing your job sucks. It never feels good to get pushed in a direction that you aren’t ready to take. It can zap your confidence even if the job loss had nothing to do with your performance. There are several things that happen when you lose your job. You lose your connections. You lose the rhythm of your life. You lose the intellectual challenge. And of course, you lose your income. Losing your job can make it feel like all your dreams have been zapped away. What next? While it’s okay to have feelings of anger, sadness, and remorse, you don’t want to wallow in them. One outlet you can take is to journal. When I’m faced with a difficult situation, I like to get all my feelings out on paper. I essentially yell into the page. This form of release can even help me figure out what my next step will be. If you find yourself floundering and you don’t know what to do next, be sure to listen to episode 346 to discover some first steps to take when you lose your job. It’s important to start to get that forward momentum going so you don’t just sit there shellshocked. Ways to fill the income gap quickly What if you are really strapped for cash and you need income right away? If you don’t have the cash reserves to wait out a lengthy job search there are several ways that you can start earning income quickly. File for unemploymentRegister at temp agencies like Manpower. Declutter your house and sell things on OfferUp or eBay. Deliver groceries or food with UberEats or drive for Uber. Consider a job at Starbucks if you need health benefits.Tutor online or teach English remotelyNone of these are perfect solutions, but they can help you be proactive and gain forward momentum. How do you move forward in your job search? The first step to take in your job search is to update your resume. It may have been a while since you have done so. Here are some tips for resume writing from an experienced HR professional:Look for keywords in the jobs that you want. Listen in to hear why your resume often won’t make it past the screening stage without these keywords.Have a base resume then tweak it to the specific job. Gone are the days when you only have one resume.Review resume examples for the job you want. Make your resume simple and easy to read. Focus on measurable accomplishments. Put the most important information first and only use the last 10 years of your work history in your resume.Use these action verbs to help your resume stand out. Listen in to hear what you should do after you update your resume to help you take action and find your next job. Stick around until the end to hear the Coaches Corner segment with BW to learn about your changing relationships in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:52] What happens to you when you lose your job unexpectedly?[10:02] Ways to fill the gap quickly [13:08] How do you move forward in your job search?COACHES CORNER WITH BW [20:20] Changing relationships with your spouse[23:40] What can you do to help your relationship?[28:12] Define your roles[31:04] Communication is keyTODAY’S SMART SPRINT SEGMENT [38:47] Pick a couple of ways to take actionResources Mentioned In This Episode 139 Action VerbsEpisode 346 - 5 Things to do When You’re Suddenly RetiredRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

A result of the infamous year 2020 is that companies are looking left and right for ways to cut costs. One way many companies are trimming the fat is by offering early retirement packages to their most experienced team members. There are many questions you should ask yourself if you have received the offer of an early retirement package. Listen in to discover what you need to be thinking about in this situation. Even if you have been planning to retire you may not be ready just yet  You may have been considering and planning your retirement for a while now. But even if you are well prepared for that future date, receiving an early retirement offer can still feel like you are being thrown a curveball. You may not feel like you are ready to pack it in just yet. Even after all of your planning, there is an internal struggle. What should you do if you are offered an early retirement package? If you receive an early retirement offer you may have a limited amount of time to make your decision. The first thing you should do is seek counsel. Gather your team together. This should include your spouse and anyone whose opinion you value in these matters. Next, you’ll want to consider how the package can serve you. Will it simply move forward all the things you were planning? Questions to consider before taking the package There are many questions you should consider before coming to a decision. How will this package affect your benefits like pension, life insurance, and your vestedness within the company? How will it affect your healthcare options? Filling the gap between workplace provided health insurance and Medicare is the biggest challenge of early retirement. Listen in to hear all the questions to ask yourself if you are offered an early retirement package. What if you’re still not ready to retire?  What should you ask yourself if you say no? Do you want to continue and stay in your role at the company? If you do, what will that look like? Will your job become harder? If you don’t accept the package will that affect workplace politics? Before you come to any decision you need to make sure that you have a feasible plan in place. If you aren’t sure how to create that plan, consider joining the Rock Retirement Club. We have a masterclass where we teach you how to build a plan that is designed just for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:07] What should you ask yourself if you receive an early retirement package offer?Q&A SEGMENT [16:08] A question from a listener that received an early buyout package[21:24] A suggestion for a series theme[22:35] How to migrate to a more balanced portfolio[24:20] A bond index questionTODAY’S SMART SPRINT SEGMENT [29:46] Work on your retirement planning projectResources Mentioned In This Episode The Pie Cake episodeThe bond series - Start hereRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Retirement brings an onslaught of life-changing choices, so one thing you can do to help you rock retirement is to become a better decision-maker. If you are wondering how you can do that, then you’ll want to listen to this interview with Annie Duke. Annie Duke is the author of Thinking in Bets and she just released a new book called How to Decide. She knows that people can improve the quality of their decisions and she’s here to teach us how. Press play to learn how you can make better decisions so that you can rock your retirement. There are 2 things that create a great life There are only 2 things that determine the way your life turns out: luck and the quality of your decisions. You don’t have any control over the luck part, but you do have control over the quality of your decisions. It is important to acknowledge that luck has a role to play in the quality of your life. Once you have come to terms with that then you can focus on improving the quality of your decisions. Decisions are made with incomplete information Unfortunately, this isn’t a perfect world where you have all the information needed to choose wisely. There are so many unknown factors that affect your choices, so how can you possibly choose correctly? Uncertainty, luck, and imperfect information all impact our decisions. But rather than being paralyzed by these factors, you can use probability to help you. Think about how you can get more information. Most of the time we are making our decisions behind a veil of ignorance. This is why it is so important to ask questions. When you ask you are doing something, you are improving your data set. Gain some information but don’t become overwhelmed with information overload. Set some parameters to help guide you in your decision making. Have you defined your values and goals?  Before making any major life choices you’ll want to have a clear understanding of your values and your goals. Having well-defined values and goals can help you choose. Think about how positive or negative results of your decisions will move you toward your goals.  Don’t just go with your gut So many people use their guts to make decisions, but the gut is not the right tool to use. You can’t measure it. You want to make sure that you use a process, strategy, and tactics to help you decide. It’s also important to examine your decision making by going back and reflecting on your decisions. Learn why this is so important in this interview with Annie Duke. If listening to this episode wasn’t enough and you want to learn more about making better decisions, then make sure you’re signed up for the 6 Shot Saturday newsletter to receive a free chapter of Annie’s new book, How to Decide. You’ll also get an invite for the webinar taking place on October 29 at 7 pm CDT. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:32] There are 2 things that create a great life[6:02] Are high stakes decisions more important than smaller decisions?[12:50] How we judge decisions[21:37] Don’t just go with your gut[27:40] What hindsight can teach us[33:48] A thought experiment[44:23] Use decision tools to help youTODAY’S SMART SPRINT SEGMENT [48:03] Sign up for 6-Shot Saturday to get a FREE chapter of How to DecideResources Mentioned In This Episode BOOK - How to Decide by Annie DukeBOOK - Thinking in Bets by Annie DukeRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyWork with RogerRoger’s Retirement Learning Center