A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
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Listeners of Retirement Answer Man that love the show mention:The Retirement Answer Man podcast hosted by Roger is an exceptional resource for anyone interested in retirement planning. Roger breaks down complex topics into simple terms that make sense, making it easy for listeners to understand and apply the information to their own lives. The podcast covers a wide range of retirement-related topics, from financial planning to lifestyle considerations. It also features guest experts who provide additional insights and perspectives. Overall, this podcast provides thought-provoking content that encourages listeners to think about their future and take action.
One of the best aspects of The Retirement Answer Man podcast is the holistic approach it takes towards retirement planning. While many other podcasts focus solely on the financial aspects, Roger goes beyond that and explores other important factors such as health, lifestyle, and goal-setting. This comprehensive approach helps listeners consider all aspects of their retirement and develop a well-rounded plan. Additionally, the podcast covers both basic and advanced topics, making it accessible to listeners at different stages of retirement planning.
There are very few negative aspects of The Retirement Answer Man podcast. However, some listeners may find that certain episodes repeat information or cover similar topics, which can be repetitive for long-time listeners. Additionally, while Roger does an excellent job of simplifying complex concepts, some episodes may still be challenging for those with limited knowledge or experience in finance and retirement planning.
In conclusion, The Retirement Answer Man podcast is a highly informative and valuable resource for anyone interested in retirement planning. With its engaging content, diverse range of topics, and expert insights, this podcast offers practical advice and guidance that can help listeners shape their future retirement years with confidence. Whether you're just starting your retirement journey or have been planning for years, this podcast is definitely worth listening to.
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
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
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
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 Podcast NetworkRetirement 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
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
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://2pct.comDinkytown Calculators- specifically the 10/40 tax estimatorhttps://dinkytown.netSchwab Required Minimum Distribution Calculatorhttps://www.schwab.comSix 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.(26:40) 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.com
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.com
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 life STORIES 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 remember STORIES 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 finances Resources Mentioned In This Episode Special Sitters Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 fund TODAY'S SMART SPRINT SEGMENT [58:08] Examine the advice you're getting and your process Resources Mentioned In This Episode Elgon Financial Advisors Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 help LISTENER 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 Easter TODAY'S SMART SPRINT SEGMENT [47:39] Limit your exposure to mainstream media related to the election Resources Mentioned In This Episode Haystack Financial Planning ABLE 529 account BOOK - The Special Needs Planning Guide by John Nadworny BOOK - Retire Secure for Parents of a Child with a Disability by James Lange Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - 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 CFP 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 CFP? [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 act LISTENER 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 1 TODAY'S SMART SPRINT SEGMENT [47:55] Remember what your intent is Resources Mentioned In This Episode Scott Sanborn Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 question WISDOM 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 retirement TODAY'S SMART SPRINT SEGMENT [36:48] Relax and don't worry about retirement Resources Mentioned In This Episode My recent Forbes article Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 Financial Stay Wealthy Podcast with Taylor Schulte Retirement Planning Education Podcast with Andy Panko Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 mortgage ROCK 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 articles TODAY'S SMART SPRINT SEGMENT [1:00:47] Go have fun! Resources Mentioned In This Episode Live Long and Well with Dr. Bobby Mark's Money Mind Podcast Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 thoughts TODAY'S SMART SPRINT SEGMENT [1:03:12] Take one baby step from the list to protect your data Resources Mentioned In This Episode 1Password LastPass Align.Financial Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 communication LISTENER QUESTIONS [36:31] How to draw money from your portfolio in a down market [47:54] When to switch to decumulation mode in your portfolio TODAY'S SMART SPRINT SEGMENT [53:47] Practice identifying the types of conversations you are having Resources Mentioned In This Episode BOOK - Super Communicators by Charles Duhigg Michael Easter PODCAST - Deep Questions with Cal Newport Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 area TODAY'S SMART SPRINT SEGMENT [37:04] Review the RISA pdf to learn more about your risk tolerance Resources Mentioned In This Episode Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger'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 assets LISTENER 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 costs TODAY'S SMART SPRINT SEGMENT [57:02] Use the worksheet from Six Shot Saturday to organize your resources Resources Mentioned In This Episode Rock Retirement Club Roger's YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Roger's Retirement Learning Center