On this episode of Retirement Plan Live: Flying Solo Edition we tackle a challenging question. Is retiring single risky? This episode is all about risk and the special or riskier situations that retired singles may find themselves in. Single people have different considerations than married people and may need to plan their retirement in more detail. I ask Sam, my guest, and case study for this edition of Retirement Plan Live, about what types of concerns she has retiring single. You’ll want to make sure that you listen to this episode so that you can begin to think about all of the circumstances you may encounter when retiring single. Should you embrace risk or hide from it? There are risks to everything in life, but to live a full life you have to take on a certain amount of risk. If you run away from risk entirely you end up living a smaller life. The more you embrace risk the more it can broaden your life. There is a certain amount of freedom that comes with being a single person. You don’t have anyone that you need to check in with, you can travel whenever and wherever you want. But there are situations that a single person needs to prepare for more than a married person. Listen to this episode of Retirement Answer Man to start thinking about how much risk you are willing to take in your retirement and your life. What are some of the normal risks that are increased for singles? Retired singles have an increased chance of loneliness as they age. You can begin to combat loneliness in your elderly years by establishing a strong network of friends now. Making friends with similar interests is easy to do. There are groups and clubs for just about every hobby, even solo activities like knitting and fishing can be enjoyed with others. Another consideration you may not have thought of is whether or not you have someone to use as a sounding board for big decisions. Making life altering decisions can be a challenge and it is always helpful to have someone you trust to help you talk things out. Listen to this episode to hear several considerations that you may not have thought of that you will need to plan for as a single person. How do you plan your estate when you’re single? If you don’t have any heirs you may think that what happens to your estate doesn’t really matter, but you do need to think about who you would like to be the executor of the estate. There are professionals that can be hired to do this job if you don't have anyone to ask. Long-term care insurance is a good option when thinking about what will happen when to you when you are no longer able to care for yourself. But have you considered who will have power of attorney and can handle the personal medical decisions that may be faced if you are incapacitated? This episode may not be as fun as the dreaming big episode, but it is important nonetheless. Listen in to hear many of the significant considerations that you may not have thought of when retiring single. What are Sam’s worries about retiring single? Sam has been considering retirement for quite some time and has put a bit of thought into many things. She has been working with a financial planner whom she trusts for many years. He has helped her weather the financial upheaval of 2008. Sam thought it was important to purchase long-term care insurance, so as not to burden her daughters with caring for her if she becomes unable to care for herself. Sam considers herself pretty conservative and not much of a risk taker, so listen to her concerns as she considers retiring single on the practical planning segment of this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [2:42] The live results webinar is on Thu June 7 HOT TOPIC SEGMENT [6:22] What are some of the normal risks that are more heightened for singles? [17:22] How do you plan your estate when you’re single? PRACTICAL PLANNING SEGMENT [21:21] How does she handle her investment accounts? [27:21] What are her worries as a single person? [32:03] How did she find her investment professional? THE HAPPY LAB SEGMENT [40:02] How do you balance taking risks and staying safe? TODAY’S SMART SPRINT SEGMENT [42:39] What risks am I allowing to restrict my life? Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com  

Welcome to Retirement Plan Live: Flying Solo Edition. On each Retirement Plan Live, I walk prospective retirees through the same agile retirement planning session that I do with my clients. This edition is created by popular demand for singles who are planning to retire. There are so many retirement planning resources out there geared toward married couples, but hardly any are focused on singles. This series hopes to change that. Listen to this episode of Retirement Answer Man as Sam and I discuss the resources she has at her disposal to help us plan her ideal retirement. What resources do you have to achieve your ideal retirement? The last episode in this series focused on dreaming big. Sam shared her retirement dreams and I dared her to dream even bigger. We start to come back down to earth in this episode as we focus on what resources she has to plan her retirement. It’s great to dream big, but then you have to find a way to fund it. The next step in creating a retirement plan is uncovering what resources are available to you. Resources are any income sources you may have, these may include income, pension benefits, social security, etc. Listen to this episode to discover how to take the next step in your retirement plan. Create an action plan When you create an action plan you have to organize yourself and your finances. Luckily on this week’s 6 Shot Saturday I include a heap of resources for you to use to create your own action plan. This action plan will help you consider all of the income streams that are available to you that you may not have even thought of. Your action plan may include pretirement income, downsizing your home, or even social security from an ex. Be sure to listen to this episode so that you can begin your action plan to help you plan your ideal retirement. Do you have a net worth statement? Many people have never even heard of a net worth statement, and many more haven't created one. I’m here to tell you: you need one! A net worth statement can seem intimidating to create, but you will feel much better once you have one in place. It will help you become more intentional in your retirement planning. A net worth statement gives you an easy snapshot of all of your available resources. I love net worth statements so much that I am including a worksheet to help you create your own in this week’s 6 Shot Saturday. So make sure you are signed up to get all the goodies that I have coming your way to help you build your ideal retirement plan. Does Sam have a net worth statement? Last week Sam got to dream big, but this week we come back to earth a bit and discuss how to make those dreams happen. Sam has heard of a net worth statement but has never created one herself. I walk her through a series of questions to build an understanding of her assets and debts so that I can create an accurate net worth statement for her. We also discuss her different income sources, inheritance, pensions, and pretirement options. Listen to the practical planning segment as I walk Sam through the steps to build her net worth statement and action plan. These steps will help you build your own agile retirement plan.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:22] What resources do you have to identify your ideal retirement? [8:02] Do you have a net worth statement? PRACTICAL PLANNING SEGMENT [[12:00] How did it feel to hear herself on the podcast? [14:35] What are Sam’s income sources? [18:23] Sam and I build a net worth statement [31:22] Next week we’ll discuss risks THE HAPPY LAB SEGMENT [32:59] Building a net worth statement can be intimidating, but it helps you be more intentional TODAY’S SMART SPRINT SEGMENT [33:47] Get the resource in 6 shot Saturday to build your own net worth statement   Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com  

Retirement Plan Live is flying solo this time around. Retirement Plan Live is a series of episodes on the Retirement Answer Man podcast designed around real, live case studies with listeners that would like to retire in the near future. This time I looked high and low for the perfect single potential retiree. Sam agreed to come on the show and share her retirement dreams, goals, and aspirations as well as her financial realities. This conversation focuses on the fun stuff. We envision what her ideal retirement would look like. Listen to this episode of Retirement Answer Man to hear Sam’s retirement dreams so that you can get some great ideas on how to plan your own single retirement. How do we deal with this retirement dilemma? The age-old retirement dilemma is how do you have as much fun as you can while you still can and have enough left over to see you through the rest of your life? So many of us worry about spending anyways, and once we stop working the anxiety can worsen. When you’re single this can prove even more challenging. You don’t have anyone next to you help you bring balance to your financial planning. You won’t want to miss the Retirement Plan Live: Flying Solo series if you are planning a single retirement. So make sure you listen to this episode to help you get started in your retirement planning. Are you looking for tips on how to plan your retirement? When you are planning for a single retirement it can be a challenge in many ways. There is only one income and you don’t have anyone to bounce ideas off of. A great way to get started planning your single retirement is to draw your own retirement vision board. Think of what your ideal life would look like. Concentrate on these aspects: environment, relationships, hobbies, and health. Thinking of these categories will help you negotiate and prioritize where your money should go and keep your eye on the fun. Listen to this episode of Retirement Answer Man to hear some great tips on your retirement planning. Start retirement planning by focusing on your ideal retirement What would your ideal retirement look like? If you could have anything you want in the world and money was no option, what would you do? Would you have a garage full of fancy cars, travel around the world, or maybe spend quality time with family? The best way to get started planning your retirement is by shooting for the stars. After you have really dreamed big, then you can start trimming away to find a balance between the dream and the perfect lifestyle that is within your reach. Make sure you are signed up for 6 shot Saturday to get a worksheet to help you begin to plan your retirement fun. Listen to this episode to hear more about how you can begin planning your single retirement. What does Sam’s ideal retirement look like? Sam joins me for a fun conversation on the practical planning portion of the show. She and I discuss what her ideal retirement would look like. We plan big trips, work on her house, family time, healthcare and more. She gives me some ideas on how much her ideas cost and I help her guestimate some expenditures. This is the fun part of planning for retirement and you won’t want to miss hearing what Sam is envisioning in her single retirement. Tune in to the practical planning segment to hear what Sam’s ideal single retirement sounds like and to get some great ideas on how to begin planning your own retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:55] How do we deal with this retirement dilemma? [10:43] Tips for dealing with the retirement dilemma PRACTICAL PLANNING SEGMENT [18:38] Sam defines her ideal lifestyle [26:22] What are Sam’s big expenditures? [29:29] What does her travel look like? [34:38] All of the other extras Sam may want in retirement THE HAPPY LAB SEGMENT [39:19] Planning your ideal retirement can be fun TODAY’S SMART SPRINT SEGMENT [40:33] Sit down and dream up your ideal retirement Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Can you be single and still rock retirement? This Retirement Plan Live series focuses on a single person. Over the next four weeks, I’ll help Sam make up her personalized retirement roadmap based on her individual needs. Being single in retirement is a topic that isn’t covered by me or by other retirement resources nearly enough, so I’m glad to be investigating retirement as a single person over the next four episodes. If you are flying solo and ready to rock retirement, you won’t want to miss this episode or the ones to come. There are few retirement resources geared toward singles You can look high and low, but there isn’t much out there to help single people plan for retirement. Just about everything is geared toward married couples. Single people have different concerns than married couples when planning their retirement. Listen to the Hot Topic segment to meet Sam, the subject of this Retirement Plan Live and then stick around for the Practical Planning segment as I interview several other singles that are embarking on their retirement planning journey. Meet Sam, the next subject of Retirement Plan Live We don’t talk about single people enough in the retirement planning industry. That is why I decided to focus this series on a single retiree. Sam is the subject of this month’s Retirement Plan Live. Sam is 59 and lives in Arizona. She is trying to figure out what kind of lifestyle she can afford in retirement with the amount of money that she has. Her goal for this series is to find out how she can balance lifestyle, money, and longevity. If you are single and thinking about retirement you won’t want to miss this series, so listen to episode 219 to begin. What are the biggest worries as a single retiree? In the Practical Planning segment, I chat with several different singles to get a feel for what their concerns are as they plan for retirement. The biggest worry for each of them seems to be when they reach old age. As a single person, this brings on different types of worries than a married couple. It may be advantageous to start planning for old age while you are still relatively young and have all of your faculties. You’ll want to hear how these people are planning to handle old age in different ways. Use this episode as a starting point for your retirement plan as a single retiree. Planning for retirement as a single person doesn’t have to be scary, it can be quite exciting Planning for retirement isn’t all gloom and doom. Think about it: what are you excited about when you think about retiring as a single retiree? I ask several different people this question. The answers range from freedom, to travel, to giving back to the community. This episode of Retirement Answer Man is all about planning your retirement as a single person. Get started planning now by listening to the Retirement Plan Live series so that you can enjoy all the freedoms that retirement brings just as soon as you are ready. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Retirement Plan Live is back! HOT TOPIC SEGMENT [5:05] Let’s meet Sam and hear why she chose to do this [6:59] What are we trying to figure out? PRACTICAL PLANNING SEGMENT [11:27] What are Elizabeth’s biggest worries as a single person? [20:29] How is Lisa planning her retirement? [27:18] Kirbie would like to hear more about possible paths forward for single people [32:54] Jen lives in a high cost of living area and wants to connect in her community [39:44] What does Twila think is different between retirement planning when you are single vs. when you’re married? THE HAPPY LAB SEGMENT [46:14] Don’t mislabel things, they can be pretty cool if you make them your own TODAY’S SMART SPRINT SEGMENT [47:49] Sign up for 6-Shot Saturday Resources Mentioned In This Episode BOOK - The One Thing by Gary Keller and Jay Papasan BOOK - AARP Guide: The Single Woman’s Guide to Retirement by Jan Cullinane Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Episode 218 is the final episode in the April Bond series. We’ve walked through all the benefits and dangers of bonds over the past few weeks. In this episode, we talk about some gadgets that could help you save your portfolio against a couple of evil villains. You’ll want to hear about all the gadgets that will serve you and your portfolio as you plan for your retirement years. Make sure you listen to this episode to hear about all the coolest gadgets that are out there to help you fight rising rates and avoid getting your assets kicked.Who are the villains in this investing mission?There are two villains to be fought when planning for retirement. And just like James Bond, you need tools to fight the bad guys. The first villain is inflation. You have to keep up with inflation because it will zap your purchasing power and steal your lifestyle away over time if you let it. Volatility is the second villain. There’s always the chance of losing your money because you were too aggressive in your investments. So where do bonds stand against these bad guys? Well, bonds generally stink at fighting inflation, so they are definitely not the gadget you want for that job. They do a great job at fighting volatility though. If you want to hear about how a few bond gadgets can help you fight off the evil villains listen to this episode of Retirement Answer Man.There is such a thing as too many gadgetsHow subtle do you want your gadgets to be? Think about what the mission is that you’re on with your investing. It’s easy to get caught up in the excitement and potential of certain proposals. When you look at the possibility of returns it can be exciting. However you have to remember that it is a proposal, and proposals are meant to sell you something. All you should care about is whether they can deliver what they promise. You need to investigate further to see if they can actually replicate past results. Listen to this episode to hear about some of the coolest gadgets in the investment world and how you to make sure they are right for you.What are a few of the gadgets that Q has in store for you?There are many kinds of gadgets you can use to help battle against rising rates. Lower duration or maturity bond investments can help with volatility. Even foreign bonds can play a role in your portfolio. Different economies are in different economic cycles, so when one goes down the another may be going up. Another gadget you can use is to buy individual bonds rather than a portfolio. These will mature, whereas bonds in a portfolio will never actually mature. These are just a few of the gadgets that a bond investor can use to battle the bond villains. Listen to this episode to hear all of the gadgets that I employ and see if some are a good fit for you.How gadgety do you want to be?Think about what you are really trying to accomplish with your bonds before you come up with a strategy to use. Are you looking to be subtle with your gadgets like James Bond, or flashy like Ironman? Before you use any gadgets make sure you understand what you’re getting into. I like to use a fixed and flexible approach to investing and try an maintain 50% passive investments and about 50% using gadgety strategies. Adding complexity to your portfolio can be as easy or as complicated as you make it. Listen to this episode to hear how you can employ some awesome gadgets in your portfolio.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MANHOT TOPIC SEGMENT[4:55] What is the mission that we’re on with our bonds?[7:22] Who are the villains on this mission?PRACTICAL PLANNING SEGMENT[11:29] You can spend so much money on gadgets[14:44] Lower duration or maturity bond investments can help with volatility[16:22] Foreign bond can play a role in a diverse portfolio[20:10] A bond ladder[22:15] High yield bonds[26:01] Stable value funds[27:49] What is a barbell strategyTHE HAPPY LAB SEGMENT[31:58] Who are the Q’s in your life that help make your life awesome?TODAY’S SMART SPRINT SEGMENT[33:42] Look at your asset allocation and see if it’s working for you?Resources Mentioned In This EpisodeRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyAsk Roger a questionWork with Roger3-video Series: 5 Minute Retirement MakeoverRoger’s Retirement Learning CenterThe Retirement Answer Man Facebook PageIntro music by bensound.com

This is the third episode in our April series on bonds. On this episode, we discuss interest rates and how they affect bonds. One question we explore is, are interest rates the nemesis of bonds? To help me explore this question and explain a bit about bonds Chief Investment Strategist, John Lynch of LPL Financial joins me. Together we discuss rising inflation and interest rates and find out what this all really means for the economy and your portfolio. If you are worried about what rising interest rates mean for your portfolio then you’ll want to listen to John’s explanation Interest rates are rising, but what does that mean? Now that interest rates are rising everyone is in a panic, but the reality is that interest rates have been at a historic low and were dropping for more than 30 years. We still aren’t even back to normal levels. The Fed’s job is to control the rate at which interest rates rise and it ensures that they don’t rise too high too fast. So even though interest rates are rising it’s not the end of the world. Learn more about what rising interest rates mean to you by listening to this episode of Retirement Answer Man. How do rising interest rates affect bonds? Interest rates and bonds have an inverse relationship. When interest rates drop, bond returns increase. So now that interest rates are on the rise again after 37 years of falling, bond prices will probably fall. According to Bloomberg Barclays U.S. Aggregate, interest rates may continue to increase. These rising interest rates can seem scary for the bond market, but it may not be as scary as you think. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bonds in your portfolio. Bad news for interest rates leads to good news These rising interest rates seem like really bad news, but rising interest rates and inflation are actually good news for the economy. The economy is growing and employment rates are on the rise. Inflation means growth for the economy. The interest rates have been artificially low to stimulate the economy but now that the economy is moving again the Fed doesn’t have to keep interest rates artificially low. The Fed can now help them to rise slowly back to normal rates. Listen to this episode of Retirement Answer Man to hear how this bad news is actually good news all around. What is duration? Duration is the mathematical formula that indicates the value of a bond. It is the amount of time that an investor has to receive coupon payments to and get the principal back. It is a useful tool that investors use to measure risk or volatility. The benchmark used by financial professionals is Bloomberg Barclays U.S. Aggregate. Barclays predicts that long-term investors should not have a problem with interest rates and duration as long as bonds are used in a balanced approach to your portfolio. Listen to this episode of Retirement Answer Man to hear how and why you should still add bonds to your mix. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Are rising interest rates the villains of bonds? HOT TOPIC SEGMENT [5:36] Interest rates may rise faster than we are used to [7:26] Meet John Lynch [13:29] What do interest rates mean in terms of bond performance [15:15] Bad news leads to good news PRACTICAL PLANNING SEGMENT [22:44] What is the relationship between bonds and interest rates [27:40] What is duration? THE HAPPY LAB SEGMENT [33:03] Who is your favorite villain? TODAY’S SMART SPRINT SEGMENT [34:49] Look at where you keep your cash reserves so that you don’t leave money on the table Resources Mentioned In This Episode John Lynch on LinkedIn BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Why would you ever add bonds to your portfolio if their return is so low? This is the second episode in the April bond series. This month we are learning all about bonds. On this episode, we delve into the question: why do we even have bonds in our asset allocation? I really get into the science behind why bonds are in our portfolios. If you are planning on retiring soon your role as an investor is changing and you may want to have more bonds than you think. Find out why you need bonds in your mix and what bonds add to your portfolio by listening to this episode of Retirement Answer Man. What is the difference in investing when you’re younger vs when you’re older? When you’re younger you have a lot of time for your investments to work for you. When you’re in the wealth accumulation mode of youth you’re on autopilot, socking away money each month without even paying attention. This strategy no longer serves you when you are preparing to retire and you stop accumulating wealth. Now your role is changing, soon you will start tapping your wealth. So when the markets dip you will actually feel it in your portfolio. Psychologically you will feel more vulnerable because the market volatility becomes pretty scary. This changes the way you think about markets and investing. Listen to this episode to understand how your role as an investor has shifted with age. What can bonds add to your investment cocktail? Bonds add more than you think to your portfolio. Soon you will stop adding to your portfolio and you will be taking money out of it. Now that you don’t have as much time to play the markets, the security that bonds bring to your investments will provide peace of mind. And a healthy mix of bonds in your asset allocation can actually bring about good returns while also providing stability and less risk. It may be time to start thinking about managing your assets differently. Listen to this episode to understand how bonds can lead to the perfect investment cocktail. What is the science behind asset allocation? Let’s get to the science behind why we have different asset classes and what their benefits are. The modern portfolio theory is considered the best practice in portfolio management. This theory states that for a given level of return you will try to minimize as many risks as possible. And that for a given level of risk you will try to optimize returns and get the most bang for your buck. We measure this by using standard deviation. Is this bringing on flashbacks from college? Listen to me explain standard deviation in a way that you can finally understand, I promise there won’t be a pop quiz at the end! What does modern portfolio theory mean for your assets? Modern portfolio theory is great for helping to measure your risk tolerance. And this is the whole reason that your financial planner asks you to fill out risk tolerance questionnaires. The problem with all this science is that once you reach your 50’s and 60’s everything changes. You should no longer be measuring your maximum amount of risk tolerance, but how to live the life that you really want to. This episode will help you to understand how much science and how much art you should apply when managing your money, so grab your favorite pair of headphones and listen in. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What can bonds add to your investment cocktail? HOT TOPIC SEGMENT [4:00] What happens when you accumulate assets when you’re younger? PRACTICAL PLANNING SEGMENT [11:02] What role do bonds have in your investment cocktail? [12:25] Let’s understand the science behind different asset classes [17:28] Why are risk tolerance questionnaires are so important? THE HAPPY LAB SEGMENT [24:42] Try a new cocktail (or a new recipe!) TODAY’S SMART SPRINT SEGMENT [26:13] What is the role of the bonds in your portfolio Resources Mentioned In This Episode BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

April is Bond Month on the Retirement Answer Man podcast. Over the next four weeks, we will be discussing all things bonds. This is the first episode in the bond series in which we will discuss what exactly a bond is and why we all love them. You’ll want to listen to this series to find out what a good bond is and how to get one. Start learning about bonds by listening to this episode to find out exactly what a good bond is, how to buy them, and what the future holds for bonds. Is our love affair with bonds coming to an end? We have had a love affair with bonds for the last 30 years, but is the love affair with bonds coming to an end? The reason we have had such a good run with bonds is that they have had great returns while at the same time being a pretty low risk. Over the past 37 years, bonds have yielded an average of 8% a year. The worst year in bonds has brought -10% profit. Let's compare bonds with the stock market during the same period. The stock market yield has averaged 10.4%, not much higher than bonds. But the stock market low was -50%! Listen to this episode of Retirement Answer Man to find out if the stability and high rate of return of the bond market are at the beginning of the end. What do interest rates have to do with bonds? Interest rates may end up spoiling our love of bonds. Interest rates and bonds have always had an inverse relationship. As interest rates have dropped, bond returns have increased. Over the past 37 years, interest rates have dropped steadily, but it looks like that time has come to an end. According to Barclays, interest rates may continue to increase. These rising interest rates can be scary for the bond market. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bond market. What is a bond? A bond is basically a loan to someone else. Different bonds have different ratings depending on the borrower’s credit rating. The coupon rate is the amount of interest that the borrower pays depending on their credit rating. The maturity date is the length of time that the money is borrowed for. There are many different types of bonds including treasury bonds, corporate bonds, municipal bonds, and international bonds. All of these different types have various characteristics. If you want to learn all about bonds you need to listen to this episode of Retirement Answer Man. How do you buy a good bond? There are a couple of different ways that you can go about buying good bonds. You can research the kinds of bonds that you are interested in and have your broker find them for you. The pricing of bonds is a bit shady and not as straightforward as with stocks and it’s hard to tell whether you are getting a good deal. Make sure to diversify your bond portfolio. Mutual funds and exchange-traded funds are ways to diversify. By buying mutual funds your portfolio never really matures like with buying individual bonds. But they make it easy to reinvest the interest payments. Listen to this episode of Retirement Answer Man to hear about the various ways to buy good bonds so that you can decide what’s right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:52] This month we explore bonds HOT TOPIC SEGMENT [4:01] We have seen a steady decrease in interest rates for 37 years [6:29] Let's look at bond returns [9:19] Is the love affair with bonds coming to an end? PRACTICAL PLANNING SEGMENT [10:40] What is a bond? [15:23] What are the different types of bonds [16:57] How do you buy a bond? [20:06] Next week we discuss what role bonds play in your portfolio THE HAPPY LAB SEGMENT [21:05] What is your favorite James Bond theme song or soundtrack? TODAY’S SMART SPRINT SEGMENT [21:58] Identify what kind of bond investments are in your portfolio Resources Mentioned In This Episode Listen to listener questions on Retirement Answer Man on YouTube BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

This is the fourth and final episode of the Healthcare Before Medicare series. On this episode, we discuss two more options to consider when thinking about healthcare before Medicare: taking on a part-time job for the insurance benefits and COBRA. We also answer some listener questions and comments in the practical planning segment of the show. Learn more about which companies are the best for part-timers to receive healthcare benefits as well as whether COBRA may be a good option for your healthcare coverage needs listen in to gain more knowledge about how to maneuver our complex medical insurance system. Have you thought about pretirement? Will you take a pretirement phase of retirement? Would you enjoy finding low-key meaningful work to ease yourself into full-blown retirement? I often refer to this option as pretirement. A part-time job can be a fun way to work your way into retirement and it could also provide you with insurance benefits. You could find something fun that you enjoy doing as a part-timer. One example of this is if you enjoy handy work you might enjoy a part-time position at Home Depot. You’ll definitely want to factor in your physical limitations and you certainly don’t want to go back to the grind of full-time employment. Listen to this episode to find out which companies offer benefits to part-time employees. Would COBRA work for you? You can maintain COBRA coverage for up to 18 months after leaving your work so if you are close to Medicare age you may want to consider COBRA. COBRA is also a good option if you don’t qualify for ACA subsidies. The good news is that you have 60 days to notify the insurance company that you would like to elect COBRA coverage. COBRA is probably the closest you will come to your current healthcare coverage, so if you have many healthcare needs you may want to consider this option. There are a lot of great benefits when choosing COBRA, listen to this episode to hear them all. How do you decide what the right choice is for you? Are you curious to find out which healthcare option I will choose? This entire series has come at a great time for me since my wife recently left her job and we are seeking alternative healthcare options. The ACA is a nonstarter for my family due to the exorbitant costs for us without a subsidy. We have narrowed our choices down to Medishare and COBRA. Planning for every eventuality is challenging, especially since no one wants to think about a catastrophic medical event happening to them, but that is the point of having medical insurance. Listen to this episode as I walk through my thought process in making this decision for myself and my family. Who knows, maybe my process may help you with a difficult decision of your own. Who do you turn to help you figure out health insurance? As usual, my listeners have some fantastic questions and comments. One listener asks, who can help you figure insurance out? An insurance broker, a financial planner, a tax consultant? That’s a tricky question! Listen to the answer to this question and a few others during the practical planning segment. There are so many different factors to consider when choosing the right healthcare option for you before Medicare kicks in, be sure to listen to the whole 4-part series to help you make your healthcare before Medicare decision. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] April’s theme will be all about bonds HOT TOPIC SEGMENT [3:55] Will you take a pretirement phase of retirement? [5:12} What kind of work might you enjoy? [9:12] Would COBRA work for you? [12:24] What are my options? [22:21] How do you decide? PRACTICAL PLANNING SEGMENT [24:46] A listener comment from a health insurance broker [28:55] Who is the best person to talk with about healthcare? [31:48] A customer comments about their Medishare experience [34:41] What are some other options and ethical questions? THE HAPPY LAB SEGMENT [38:30] Check out the think up affirmation app TODAY’S SMART SPRINT SEGMENT [40:14] Identify one area where you need to be healthier Resources Mentioned In This Episode careerpivot.com Forbes Article on benefits for part-time workers Think Up App BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Over the past few weeks on the Healthcare Before Medicare series, we have been exploring the different ways to solve the question of how to pay for medical insurance before you reach Medicare age. On this week’s episode, we are getting creative. We are thinking outside the box of regular insurance and we are exploring medishare arrangements. Medishare is not typical insurance, so we will learn what the difference is between these programs and traditional medical insurance. I continue my discussion with Keith and Linda to hear more about their research into healthcare and I also have Michael Gardner from Christian Healthcare Ministries on to get the details on this medishare program. If you are thinking of retiring before retirement age or simply interested in insurance alternatives you will want to see if this is a good option for you. Listen to this episode as we explore all the options on how to get healthcare before Medicare. What is medishare? Medishare is an alternative to traditional health insurance. Medishare is a medical cost-sharing program, an arrangement between a group of people to share medical expenses. Although it is not traditional health insurance, there are some similarities between the two. There is a monthly fee similar to a health insurance premium and there is a yearly out of pocket portion that your family is expected to reach before asking the medishare community for help. Listen to this episode to hear about the medishare option when researching healthcare before Medicare. Medishare is not insurance, it’s a community The biggest difference between health insurance and a medishare ministry is that the money you pay each month goes to help another member of your community. When you pay your monthly share amount this money goes directly to another member who needs care. Healthcare sharing companies are nonprofit Christian based cost-sharing programs. Being part of this community is just one benefit of the medishare model. Listen to this episode to hear Michael Gardner discuss all of the benefits of joining the Christian Healthcare Ministries community. What about the ACA? If this isn’t insurance, how do people stay in compliance with the ACA? Medishare communities are insurance alternatives that have been around for about 30 years. Being as such, there is a provision in the ACA for these health sharing communities. Since these organizations are faith-based they can get around the religious loophole in the law that was put in place. These faith-based organizations require a statement of faith that must be signed as well as certain agreements to live a healthy lifestyle. Listen to this episode of Retirement Answer Man to hear all the details about medishare programs and how they can help in your search for healthcare before Medicare. Why would you not want to participate in a medishare community? During the Practical Planning segment, I continue my discussion with Keith and Linda. They were on the show last week to discuss their research into the ACA. This week Keith shares all that he has learned about medishare communities in his research into the subject of healthcare before Medicare. Keith discovered many great reasons to use a medishare community, but he also encountered some downfalls. I know you’ll want to hear why they decided not to go with this option, so listen to the show to discover the lowdown on medishare communities.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:32] Alternative to health insurance [6:06] Michael Gardner shares the basics of what medishare is [9:09] What are some distinctions between the Christian Care ministry and insurance [15:52] How efficient is the system? [22:28] Extra perks from medishare PRACTICAL PLANNING SEGMENT [26:15] What does Keith think about medishare? [31:42] What was the application process like? [35:43] Why did they not choose it? [41:55] What are the benefits of each company? THE HAPPY LAB SEGMENT [52:50] My book Rock Retirement is officially out! TODAY’S SMART SPRINT SEGMENT [54:30] If your mom is around, call her! Resources Mentioned In This Episode Christian Healthcare Ministries Medishare Liberty Health Share Samaritan Ministries BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

John Leland is a New York Times columnist and best-selling author of Happiness is a Choice You Make. He spent a life-changing year talking to six really old people. John thought that the year would be somewhat depressing, but it turned out to be quite different than he expected. He gained a lot of insight from his interactions with his subjects. Each person was quite different and they came from all walks of life. But even though they were such different people they shared the knowledge that they defined themselves by the choices they made. He learned so much in writing his book, mostly he learned how to live in the present moment and not worry about the future. His book is a fascinating insight into the wisdom of people that have so much life experience. You’ll want to hear this interview with John as he discusses some of the more memorable subjects in his book. Listen to this great interview to hear wonderful tips on happiness from those who know how to enjoy life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] On this special bonus episode I chat with John Leland [3:25] What was it like hanging out with really old people? [5:44] John discusses one of his subjects, John [10:42] Lessons from Ping, who worked hard her whole life [13:48] Lessons from Fred who really chose happiness [16:48] Jonas was a fascinating case filled with wisdom [19:10] Some commonalities between the subjects in the book [21:12] John used this experience to make a choice to be happy Resources Mentioned In This Episode BOOK - Happiness is a Choice You Make by John Leland BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

This is the second episode in our Healthcare Before Medicare series and one you will not want to miss! This episode covers ACA and COBRA and we have a lot of ground to cover. The whole point of this series is to help you guys (and myself) figure out how to afford medical insurance before Medicare kicks in. If you have ever considered early retirement this is an important series for you to listen to since the healthcare system in the United States can be extremely confusing. So grab your headphones and a pen and paper to take notes because you’ll want to take in all the information you can in this important episode on the ACA and COBRA. The ACA is a mess! But is it a mess that you need to consider? The Affordable Care Act or Obamacare is a mess. I mean a political mess, no one knows what the next year, or 2, or 5 will bring for this attempt at healthcare reform. Even with the political turmoil that surrounds it, the website is actually quite good and the support staff is very well trained. The ACA is set up differently in each state. All the plans have gold, silver, and bronze categories. Obamacare covers young adult kids up to age 26 and chronically ill people or those with pre-existing conditions can’t be denied. The cost of premiums depends on a person’s modified adjusted gross income, or MAGI. Listen to this episode to hear how your MAGI drastically affects your premiums when dealing with the ACA. How does the ACA work? The ACA was created to help people that couldn’t afford health insurance be able to afford it. This is why 85% of ACA users have some sort of subsidy or advanced premium tax credit. The amount a person pays for coverage depends on how much they make. Take for example a random couple aged 55 that lives in Texas and makes $100k annually would pay $1660 per month, reduce that income to $75k and they would pay $1440 per month, but if you reduce that income to $50k then the couple would pay only $350 per month! The trick here for retirees is all about where your money is coming from. Listen to this episode to hear the details about how where you should be taking money from to fully benefit from the ACA tax credits. Have you considered balancing self-insuring some things to help keep costs down? My guests Keith and Linda have been down this road recently. They are aged 53 and 58 and recently retired. Keith started researching the ACA two years ago and has learned a lot. As an engineer, it was only natural that he tried to break down this decision into a spreadsheet, but he soon realized that part of this health care decision is emotional and doesn’t simply come down to numbers. He and his wife had to decide how important it was to them to keep all of their beloved doctors. Keith also considered the costs in self-insuring some procedures since convenience and familiarity come at a high cost with the ACA. Listen to this episode to hear Keith’s insight after two years of painstaking research into the ACA and COBRA. What do you need to consider when checking into the ACA? After all his research Keith feels that spending lots of time on the ACA website really helped him find clarity in the muddy pool of the U.S. healthcare system. What Keith realized is that there is no one size fits all solution to the healthcare system. The biggest factors in premium costs are your income, whether you’re rural or urban, and which state you live in. If you want to get the best deal that works for your family it will take a lot of diligent research. Listen to this episode to get started in your research into the ACA and COBRA and hear about all the things you need to consider. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] I want to make sure that you can afford healthcare before you get to Medicare age HOT TOPIC SEGMENT [3:22] The ACA is a mess! [5:12] Here’s what I can explain to you about how ACA works [12:53] Here’s an example of a hypothetical couple that wants to sign up for ACA [15:43] Here’s what it would cost me to be insured through ACA PRACTICAL PLANNING SEGMENT [18:20] Keith and Linda have been down this road [22:12] How important was keeping their Dr. or self-insuring [24:03] Have you ever tried to get a quote for a procedure? [28:13] Keith’s perspective on the ACA [36:10] What do you need to consider with the ACA THE HAPPY LAB SEGMENT [40:23] Nicole’s cell phone fast has really made her happy TODAY’S SMART SPRINT SEGMENT [41:58] What is one step you can take to better your health Resources Mentioned In This Episode BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

This is it, the long-awaited beginning of the Healthcare Before Medicare series!! I’ve been meaning to cover this topic on the show for awhile and the timing couldn’t be better because I’m now deep in the search for my own insurance. So as I dive in to research this topic for all of you I will be looking to cover my wife and I as well. I think together we can get this insurance quandary all figured out. I am no insurance expert so you’ll have to take everything I tell you with a grain of salt. If you are one of the 67% of Americans that retire before the age of 66, or even if you are part of the 100% of Americans that are confused about the insurance system then you will want to listen to this episode and the whole series to come about insurance before Medicare. What are all the health insurance options? Searching for insurance can be so confusing! So, what are the options that are out there for those of us looking for medical insurance before we reach Medicare age? Basically, there are 4 options for people that haven’t reached Medicare age and need to find insurance solutions. We will be delving into some of these options in greater detail over the next few weeks. The ACA or ‘Obamacare’ is the first option. There are also alternative Medishare programs out there as well. Another option is to work part-time for a large company primarily for the health insurance. The fourth option isn’t much of one, but some people choose it, and it’s simply being uninsured. Listen to this episode and the rest of the episodes in this series to hear greater details about all of the healthcare options that you have available to you before you reach retirement age. Are you one of the 67% of Americans that will need alternative insurance solutions? Health insurance is a big issue for so many people. 67% of the American population retires before the Medicare retirement age of 66, so that means that 67% of Americans will need alternative insurance solutions at one time or another. The ACA can be a quagmire for just about anyone, but thankfully the website is much improved from the early days. There is actually some great information on there that can be very helpful. When choosing to go the ACA route there are many considerations. Listen to this episode to hear about what you need to think about when considering the ACA. What are some of the challenges facing the ACA? The ACA is a challenge to plan for since no one knows what the future of the health exchanges will look like. This brings up so many questions when one tries to plan for the future. There are plenty of ways to improve the program, but unfortunately, no one knows what the politicians and insurance companies will choose to do with the program.The different health insurance companies involved in ACA either drop off or raise their rates sky high each year. There is no clarity as to the future of the program, and no one is quite sure as to what will happen in the next year or two. The average cost of an ACA premium is a staggering $1000 or more a month. Listen to this episode as we discuss the ups and downs of the health insurance beast. What types of insurance are there for the nomads? Our listener questions are all about health insurance. The first one is about what type of health insurance is available to retirees without a permanent address. More and more retirees are hitting the road and choosing to enjoy the nomadic life for a while after retiring. Is there any sort of insurance available to those who wander? Another listener wonders if there will be a multi-state health exchange in the future. If you have any questions of your own or perhaps some helpful experience to share make sure to leave a comment on our website so that we can address it during this month as we explore healthcare before Medicare. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Time stamped outline according to the “segments” of Roger’s show HOT TOPIC SEGMENT [3:36] My own search begins for health care before Medicare [5:02] What are all the options that we have before Medicare? PRACTICAL PLANNING SEGMENT [11:12] What sources or funds are not included in the calculation for ACA [12:52] What health insurance is available to retirees without a permanent address [17:45] Will there be a multistate exchange in the future? THE HAPPY LAB SEGMENT [19:27] Try and figure out whether you should fix it or feel it TODAY’S SMART SPRINT SEGMENT [21:04] Send us an email with your comments and questions about health care before Medicare Resources Mentioned In This Episode Healthcare.gov BOOK - Rock Retirement  by Roger Whitney (Pre-Order this book now!) Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Many of my listeners have remarked about how I am always giving advice for married couples, they feel that some of my information may not be directed toward them. But what about those of you who are single? I have plenty of listeners that are single, widowed or divorced. Are you wondering what you need to consider to retire as a single person? On this episode, we will discuss special considerations for single people; the costs, networks, and networking as a single retiree. Retired singles, this episode is just for you! Listen to this episode to hear how to rock being single in retirement. There may be some extra considerations that retired singles may not have thought of Did you know that half of the women over 65 are likely to be single? Way more women than men are single in their retirement years. Being single in retirement is not a negative and there is so much freedom to be enjoyed. But being single means there is more pressure on you to build your resources to support yourself during retirement. Just because you are single doesn’t mean that your cost of living is half as much as a married couple. There are many things to consider as a single retiree such as life insurance, long-term care, and medical decisions. Listen to this episode to hear all of the considerations that you may not have thought of as a single retiree. What kind of network do you have in place to help you? Being single is great for the freedom to drop everything and fly off to Rome at a moment’s notice, but what about the dog? As a single retiree, it is even more important to have a strong network to support you. Whether it’s a handyman, a driver, a pet sitter, or just an ear to talk to, you will need to have a support system in place as you get older. Having a network of friends and confidants can help you make difficult decisions and support you during challenging times. Listen to this episode to hear how to build your support network to help you in your golden years. How to rock being at being retired and single You can rock being a retired single person, but it takes planning. You will need to be extra diligent when planning your income streams to ensure that you have a consistent cash flow to sustain you throughout your retirement years. Without a spouse, you will need to have an emergency plan and trusted proxy in place for whatever emergency may arise. You won’t have the need for life insurance but you may need to consider long-term care insurance. Long-term care can be an important consideration for single retirees. Listen to this episode to hear how to plan your retirement well so that you can rock being a single retiree. How do you find a financial advisor? During the Practical Planning segment, a listener asks how to find a financial advisor. This can be tricky since financial advisors like myself cannot ask for testimonials from clients. Many people choose their advisors through a referral from a friend. This is a great way to find someone, but you need to make sure to use due diligence. When choosing a financial advisor it is important to be armed with the right questions. You can get the Retirement Answer Man advisor interview worksheet in the Learning Center. These questions will give you a framework to find someone to serve you the way that you need. One benefit of living in the modern age is that you have a huge selection. You can hire someone anywhere in the country and meet with them virtually. Listen to the Practical Planning segment to hear more fantastic advice on how to find a financial advisor that best suits your needs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:22] What are some considerations to being single and retired? [1:34] Are you single and interested in becoming the next case study for Retirement Plan Live? HOT TOPIC SEGMENT [4:10] How to rock being single in retirement [5:58] What are some considerations if you are thinking of retiring single? [13:48] Who is your network? PRACTICAL PLANNING SEGMENT [17:13] How do you find an advisor? [21:55] A cash flow bucket question [25:05] When are we going to discuss healthcare before Medicare? THE HAPPY LAB SEGMENT [27:26] Learn to be happy without someone else - Own your happiness TODAY’S SMART SPRINT SEGMENT [28:42] Are you owning your own happiness? Resources Mentioned In This Episode Advisor Interview Worksheet Episode #204 - Is Your Financial Advisor Worth the Cost? BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

We need to have a social network in retirement. A good network of friends can help you live your life to its fullest and expand the quality of your life. Retirees with the most robust network of friends are happier, healthier and more engaged than those who are lonely. Your social network doesn’t have to be a huge group of friends. Making new friends will also help you figure out who you are as you enter this new phase of your life. Listen to this episode to hear how to find some great ways to embark on new friendships. Making new friends can help you define who you are Who are you? It is easy to label yourself in your younger years. You are what you do, right? When you hit retirement the previous label you gave to yourself no longer applies. So you need to base your answer on what your interests are and exactly who you really are. Think about how you will spend your time in retirement. These thoughts can help you discover how and where to look for a new circle of friends. Making new friends will help you figure out who you are and who you want to be in this next phase of your life. Listen to this episode of Retirement Answer Man to get an idea of how you can start defining yourself and finding new friends in retirement. Don’t be left lonely On a previous episode, I touched on loneliness and how vulnerable the elderly are to loneliness. Our circle of friends can shrink as we get older as people move away or pass away. Sometimes if our spouse passes away then we can be left even more lonely. Our circles of friends get even smaller as we age and become more sedentary. This is why making a solid friend base early on in your retirement years is vital to combating loneliness as you age. I give some fantastic tips for combating loneliness in your retirement years on this episode of Retirement Answer Man so listen to the full episode to hear them all. How do we make friends in retirement? Sometimes it’s harder to make friends when you’re older. If you’re not in school or working where do you even begin to make friends? One way is to follow your passion. What do you like to do? Passion brings a commonality. If you’re a knitter, join a knitting group. If you’re a reader, join a book club, If you enjoy yoga, hang out after class and get to know other yogis. Get outside. Become a joiner. Make acquaintances first and see if they turn into friendship.People crave human connection and are often looking for new friendships. Build friendships with those that are younger than you and this will support you in the years that lie ahead. Listen to this episode of Retirement Answer Man to hear how you can get out there and make some friends. What can you do in pre-tirement? On the Practical Planning segment, we discuss pre-tirement. Pretirement is that sweet spot when you are still working but maybe not full time. It’s like a dimmer switch, where you plan your life to slowly move from full-time work to part-time work to full-time retirement. The time to think about pre-tirement is while you're still working. Do some research to discover what you might like to do. Research who you want to serve and what problem they are trying to solve and help them solve it. Listen to this episode to find out if pre-tirement is right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What is an introvert? HOT TOPIC SEGMENT [4:46] Our circle of friends can shrink as we get older [6:25] How do we make friends during retirement? PRACTICAL PLANNING SEGMENT [14:02] What are some ideas for pre-tirement? [20:58] Can you earn money and defer it to retirement accounts while not having your social security benefits reduced? THE HAPPY LAB SEGMENT [26:29] We define who we are by what we do TODAY’S SMART SPRINT SEGMENT [27:44] Who are you? Resources Mentioned In This Episode BOOK - Building a Story Brand by Donald Miller Pretirement Episode BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com

Let’s talk marriage! On this episode of Retirement Answer Man, I want to spark a discussion on how to have a happy marriage so that you don’t spend your retirement years alone. People with happy marriages live longer and are healthier than single retirees. Divorce in the retirement years can completely destroy your finances and even your social life. So having a healthy marriage comes with a lot of benefits. Listen to this episode to discover how to help your marriage thrive so that you can make the most of your retirement and your life. The hidden benefits of a healthy marriage Retirement can be an inflection point in a marriage because you are really There with that other person. One of the most common times that divorce happens is when couples hit retirement. But did you know that people with great marriages live longer, have fewer rates of heart disease, stroke, and advanced cancer at diagnosis? Married retirees are generally happier and don’t suffer the same rates of depression as their single counterparts. It turns out that having a healthy marriage leads to a healthy life overall. Listen to this episode of Retirement Answer Man to hear all of the health benefits that having a great relationship can bring you. Are you familiar with the law of familiarity? The law of familiarity states that when you become too familiar with someone you dismiss all their greatness and instead focus on their small annoyances. Because we're so familiar with our spouses over a long-term relationship we take for granted their good stuff. That is the natural battle to fight in the flow of relationships. When was the last time that you noticed something special about your spouse? This episode of Retirement Answer Man can help you learn not to take your spouse for granted, so listen in! What can you do to create a better relationship? Having a great marriage is good for your health, your mental health, and even your finances. So, how can you make the best of your relationship? One way is to learn to have fun together and share some common interests. If you are having trouble in your marriage give pause and appreciate your spouse and all of their good traits. Do you want some great tips to help your marriage not just survive but thrive? If so, you'll want to hear some more of these great ideas to bring back that spark and enjoy each other again. My listeners ask the best questions Once again my listeners have asked some excellent questions. I take some time in the Practical Planning segment to answer two great questions. The first is a very important question about the role of bonds in asset allocation. Here’s the question -- Nobody talks about what kind of bonds you should invest in. They just tell you to invest in bonds. Does it matter what type of bonds you should invest in? Another listener asks about low cost investing and using robo-accounts to manage your asset allocation. Listen to the Practical Planning segment to hear the answers to these interesting listener questions.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What are the danger zones for marriages HOT TOPIC SEGMENT [4:39] How do you make your marriage thrive? [6:40] What is the law of familiarity? [9:25] Intentionally of make a better relationship PRACTICAL PLANNING SEGMENT [14:01] What type of bonds should you invest in? [28:33] What is my opinion on robo accounts? [32:03] I have some general comments on investing THE HAPPY LAB SEGMENT [38:52] What does your spouse want to receive from you? TODAY’S SMART SPRINT SEGMENT [40:36] Think about what your spouse needs from you Resources Mentioned In This Episode BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

On this great episode of Retirement Answer Man I touch on the recent developments in the markets, but I'm here to really discuss loneliness. Loneliness can be a limiting factor during the retirement years. It can seriously degrade quality of life and even lead to an untimely demise. Loneliness can be caused by many different reasons and if you don’t begin to take action now you could end up alone at a time of life when you are most vulnerable. Listen to this episode to hear some great ways to begin to combat loneliness right now so that this doesn’t become a problem for you in your retirement years. How not to be lonely in retirement Loneliness may be an aspect of retirement that you haven’t thought of before, but it actually can threaten not only your quality of life but your life itself. Loneliness is a leading cause of death in those over 60. It can cause depression and isolation from the world around you. Loneliness affects the elderly more than any other demographic. If you are looking for some ways to stay active and combat loneliness in your retirement then starting now is key. Listen to this episode of Retirement Answer Man to hear how not to be lonely during your retirement years. What are some causes of loneliness? There are many causes of loneliness in retirement. Work has a built-in social aspect. It gives you a social network to foster relationships, but once you stop working you may lose the network of friends that you once had. Loneliness can also be caused by the loss of a spouse. Oftentimes your entire social realm is created by your marriage and the loss of a spouse can lead to the loss of all of your social outlets. Immobility is another cause of loneliness, as you get older this can lead to loss of physical mobility or the decreased ability to travel by car or plane. Listen to this episode to hear how you can combat loneliness as you age. How to combat loneliness Combating loneliness can be an intimidating endeavor. It might put you out of your comfort zone. The key is finding a way to meet people with similar interests. This can be done by finding a book club, a meetup, taking crafting classes and opening yourself up to meeting new people. Building connections with younger people can guarantee that you are not the last man standing so to say. Another way to combat loneliness is to cultivate your purpose. We often lose our purpose when we stop working. Find out now what gets you out of bed in the morning. Listen to this episode to hear some great ways to cultivate friendships with people either your age or younger Be intentional about fostering relationships As we get older we begin to have more and more limitations that play a factor in our lives. But you can’t control everything that your body does. Instead, you can change what can you control and free yourself from the burden of the things that you can't control. Be intentional about fostering relationships with new and interesting people. If you only see the limitations that you have you will not give yourself an opportunity to create new relationships. Create a happier retirement by learning how to combat loneliness now. Listen to this episode to hear some fantastic tips on how to be proactive about creating a diverse network of friends that will take you into retirement and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:22] Let’s talk about the recent markets HOT TOPIC SEGMENT [4:10] Loneliness can kill you [10:02] How to combat loneliness PRACTICAL PLANNING SEGMENT [15:40] I correct an error I made - the best way to track non deductible contributions [17:40] Merriman’s ultimate buy-hold allocation [19:19] Vanguard’s payout fund [21:21] Some comments on mortgages THE HAPPY LAB SEGMENT [23:55] I have rebuilt my network to create a happier life TODAY’S SMART SPRINT SEGMENT [25:20] Take an inventory of your social network Resources Mentioned In This Episode Merriman’s blog BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

What are you filling your head with? The "Facebook effect" or "social media effect" can lead us to be mentally consuming more junk than we would like. That’s why now it is even more important than ever to be intentional about what you read. Each year I buy dozens of books to line my bookshelves. This year I have compiled a list of books that I would like to read over the year. I'm sure I will read more than just these books, but I created this list of books as a way to ensure that I will get to them. If you have ever wondered what is on my bookshelf, then listen to this episode to hear my book list for this year. Upgrade your beliefs by changing what you read You are what you eat. We’ve all heard that expression our whole lives, but the more accurate description is that we are what we read. My intentional book list for this year covers a variety of genres, one is finance related, one is about growing my business, another is a cookbook, one will help me practice agile thinking. I also have a few books that I have enjoyed so much that I reread them each year. Are you curious to hear about what I am reading? Listen to this episode to hear which books are on my nightstand and then you can create your own intentional reading list. What is a melt-up and do you need to worry about one? In the news recently there has been a hubbub of an impending melt-up. Have you heard this worrisome term being thrown around on various media outlets? Are you curious about what it actually means? One listener heard about a melt-up that happened in Japan and is concerned that the same thing could happen here in the U.S. A melt-up is a dramatic and unexpected improvement in the performance of an asset class driven by a stampede of investors.  Listen to this episode to hear if a melt-up is something that you may need to worry about. Social security can leave us with a lot of questions - here’s one from a listener One listener asks about social security, his spouse isn’t eligible to draw on social security as a survivor, so should he go ahead and draw on it early? The government never makes these questions easy to answer; you can’t just do the math and simply figure it out. While mathematically you can figure out the break-even point, there are other considerations to take into account like what are your other income sources in early retirement. What do you need the income for? Listen to this episode to hear all of the questions you should ask yourself when considering this question. Choose what you read Live life more intentionally by choosing a personal reading list this year. I’ve chosen to live my life more intentionally by removing social media from my constant attention and in doing so I have been able to consume content that I have deliberately chosen. This book list will give me a broad range of reading material that may even help me better myself. If you would like to find out what’s on my book list and why then listen to this episode to hear the full reading list, you’ll even get to hear what Nichole is reading too!   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What are you filling your head with? HOT TOPIC SEGMENT [2:02] Some new books that I am going to read this year [10:21] Books that I reread every year PRACTICAL PLANNING SEGMENT [13:54] What’s on Nichole’s book list [15:29] What is a melt-up? [21:33] A social security question [26:34] How can you tithe from investments THE HAPPY LAB SEGMENT [29:07] What happened when I deleted social media from my phone? TODAY’S SMART SPRINT SEGMENT [31:22] Create an intentional reading list for the year Resources Mentioned In This Episode BOOK - Washington: A Life by Ron Chernow BOOK - The Daily Stoic by Ryan Holiday BOOK - The One Thing by Gary Keller and Jay Papasan BOOK - Essentialism by Greg McKeown BOOK - Necessary Endings by Henry Cloud BOOK - Your Best Year Ever by Michael Hyatt BOOK - The Advisor Playbook by Duncan MacPherson BOOK - The Back of the Napkin by Dan Roam BOOK - The Mind Diet by Maggie Moon BOOK - QBQ! by John G. Miller BOOK - Great by Choice by Jim Collins BOOK - Checklist for My Family by Sally Balch Hurme BOOK - The Automatic Millionaire by David Bach BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Sometimes people use retirement as a reason to stop planning. This is a bad idea. The purpose of my retirement planning services is not simply to manage your money. My goal is to give my clients the best retirement that they can have. But without planning this can’t be done. Planning helps people make great things happen. Without a plan people often find themselves drifting through life without anything meaningful to work towards. This episode of Retirement Answer Man is your gentle reminder that you need a plan. Listen to this episode to hear why you don’t ever want to stop planning and making goals. Don’t just wait for your retirement to happen Hopefully, this podcast has helped you understand that you can’t just sit back and expect to live a perfect retirement without proper planning. You should have a good vision of the meaningful life that you want to work towards.  If you don’t start planning for your retirement and stay on top of your financial goals there’s no way you will be able to make your retirement the best that you can. When you plan on the best you can achieve the best. Listen to this episode to hear how proper planning can help you achieve your retirement goals. Make this year your best year ever Have you ever found that if you sit back on your heels and just let life happen then you are not at your best? Being intentional and setting an action plan helps you move forward and keeps you happy and connected. I’m reading a great book that has helped me reconnect and reassess my life. This is a great time to think about how you can continue to move forward in your life by reassessing your goals and finding something meaningful to work towards. Listen to this episode to hear some great tips on how to set goals and to plan for the best year ever. If you sign up for 6 Shot Saturday you will even get a worksheet to help you assess your life and see where you can make some improvements. How to upgrade your belief system Part of reassessing life and making future plans can include reassessing your old belief systems. I went through a process of upgrading my beliefs and making myself a better man a few years ago. This completely changed my life and made me the man that I am today. I had to shed my limiting beliefs about the world, other people and about myself. I have since surrounded myself with people that help support a growth mindset and because I did all this I am more connected, happy, and my life has a purpose. How are your current beliefs limiting the way you think? Listen to this episode and sign up for 6 Shot Saturday to hear how upgrading your belief system can help you change your mindset. Some fantastic listener questions My listeners have some great questions, and unfortunately, those questions have backed up over the past months. I examine a few listener questions on this episode of Retirement Answer Man. One question covers how much you can put into a Roth IRA without penalties. Another listener is curious to find out if his cash reserves could be put into short-term bond funds. Another asks about passive investments. Listen to the practical planning segment to hear the answers to questions about Roth IRAs, cash reserves, and passive investments. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:18] To have the best retirement you have to be intentional HOT TOPIC SEGMENT [3:13] Make this your best year ever [6:33] A quick book recommendation [9:13] Upgrade your belief system PRACTICAL PLANNING SEGMENT [14:55] Backdoor Roth IRA [16:52] Cash reserves vs. short-term bond funds [22:55] What do I mean by passive or side investments THE HAPPY LAB SEGMENT [26:35] Find something meaningful to look forward to TODAY’S SMART SPRINT SEGMENT [28:53] Sign up for 6 Shot Saturday to get the wheel of life worksheet Resources Mentioned In This Episode BOOK - Your Best Year Ever by Michael Hyatt BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover  Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

The cost of financial advisors vary greatly, but so does the value that they provide. On this episode of Retirement Answer Man, I address the question, is a financial advisor worth the cost? This is a tough question to answer, especially since I am a financial advisor myself! In this episode, you will learn about an important tool to measure the overall cost of your financial advisor and some ways that your advisor may be helping you. These areas will help you see if he or she is providing the best value for your investment management. Listen in to the episode so that you can fully understand how to measure their worth. The financial advising world is changing The world of financial advising is changing from investment management to client lifestyle planning. A financial advisor no longer simply invests your money. Good advisors bring the whole package to the equation. They are able to advise you on spending, risk management, forecasting, retirement planning and much more. The question remains, are advisors really worth their value? Is a financial advisor worth the money spent on them? Different advisors provide different values for their services and either they are a colossal waste of money or the best money you’ve ever spent. Listen to this episode of Retirement Answer Man to learn how to determine the qualities of a great financial advisor so that you can make the most of your money. How can you quantify the value of a financial advisor How do you determine whether an advisor's services are worth the investment and whether it is cost-effective to utilize their services? Determining the value of a financial advisor's service can be a challenge, but luckily Vanguard provides a process in which the layperson can help determine this value. Vanguard's Advisor Alpha Study actually breaks down the value of a financial advisor into six different areas. During this episode, I describe each of the six steps and how the Vanguard index can help you to measure your financial advisor’s worth. You probably have not thought of all of these points when considering whether or not to hire a financial advisor. Listen to this episode of Retirement Answer Man to hear all the different indexes that the Vanguard Advisor Alpha Study uses to measure the cost of a financial advisor. You will learn how you can assess whether your financial advisor is providing the optimum value that they should. What are other areas where advisors can add value If you use an advisor the value shouldn’t be in investment management alone. Your financial advisor should also provide the holistic strategizing and wisdom that can help you see your assets through the retirement years. It is also important that your financial advisor gets to know you so that they have a history with you and understand the vision that you see for your life and future. A holistic advisor understands more than just the markets, they understand their clients, and how they desire to live their lives. This type of value is hard to quantify and something that you can’t simply measure with an index or measuring tool. Listen to this episode to see if your financial advisor is providing the type of value that you really need. Is your financial advisor providing you with a good value? Weighing the cost and benefits of your financial advisor can be a challenge, but determining whether or not you are benefitting from their services is an important way to stay on top of your investments. Use the knowledge you gain from this episode along with the tools that I give you in this 6 Shot Saturday to decide whether your financial advisor is a good fit for you. Together these tools will give you an excellent reference to check whether you are getting the value you deserve from your financial advisor. Listen to this episode to hear all the details about how you can measure the performance of your financial advisor and whether or not they are worth the investment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] How can I justify the cost of a financial advisor HOT TOPIC SEGMENT [5:46] How to quantify the worth of a financial advisor with Vanguard’s Alpha Study [17:38] What are other areas where advisors can add value? PRACTICAL PLANNING SEGMENT [21:38] Life distractions, spend time on what is actually important to you [22:47] How to take equity from a house, if needed [33:34] On staying active in later years [36:30] Target date funds THE HAPPY LAB SEGMENT [39:39] My new favorite app - Sticky TODAY’S SMART SPRINT SEGMENT [40:55] If you use an advisor, evaluate the value that they add Resources Mentioned In This Episode Vanguard’s Advisor Alpha Study Sticky App BOOK - Resilience by Eric Grietens BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page  

There are many big questions that don’t get touched on in portfolio management sessions. Instead of asking the important questions, you and your advisor may be solely focused on market performance or market projections during these annual meetings. But what do these things actually have to do with your life and your retirement? On this episode of Retirement Answer Man, we discuss the important questions. We will find out what you should really be asking yourself, your advisor, and your money! Grab a pencil and listen to this episode to get the answers to the questions that you really should be asking. Don’t become distracted by the details When dealing with investments and money managers it is easy to get distracted by the details. Investment managers tend to overcomplicate money matters and rather than advising you on the things that really make sense, they focus on the small details of the markets, market performance, and market projections. Their talk can be a distraction from what you should be thinking about. This can be overly complicated and without the answers you are actually looking for. This doesn’t add any value to your situation and the conversations become too technical. Keep the main thing the main thing. The main thing is how can you live your best life now and in retirement. Listen to this episode to hear what you should be talking about with your investment manager, or the questions you should be asking yourself if you manage your own investments. What is the purpose of your investments? Often advisors want to become portfolio managers. While attempting to do so they often begin diversifying assets. But over-diversification can be a distraction. This adds no value to the situation and can be intimidating. And you should never feel intimidated when discussing your money. Investment managers often get focused on pulling all the strings, being the manager, instead of the purpose of your investments. Portfolio management will not save you and advisors can’t portfolio manage your life. Think about what the purpose of your retirement investment is. On this episode of Retirement Answer Man, we discuss the questions that you should be asking, like when can I retire? If you’d like to hear all the questions you should be focusing on with your retirement investments, listen in to hear. What kind of investment questions should you be focused on?  On the practical planning segment of this show, I answer some listener questions. One listener asks about using the Sortino ratio vs. using the Sharp ratio to measure returns. He asks what these are and which he should use to measure his returns. While this is a great question which I answer fully, my real advice is to focus on the questions that really matter to your retirement. Try not to get bogged down with overly complicated measures and investment strategies. It is easy to get distracted from the business of living your fullest life now and in retirement when you get overloaded with the heavy questions of the investment industry. Listen to the full episode to hear all the listener questions that I answer. Focus on living your best life  The purpose of your retirement investments is to create a process for having a great life now and a great life later. Don’t lose focus on the real questions which are: when can I retire, how can I live now and how can I live better in retirement? By focusing on these questions during every strategy session you can stick to what really matters rather than the minutiae of typical strategy sessions with financial advisors. This keeps both you and your advisor focused on the real goal, which is living your best life. Listen to this episode of Retirement Answer Man to find out more questions that you should be asking yourself and your financial advisor to keep you and your money both focused on living your best life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Time for an annual review - what are the questions you should be asking in your review HOT TOPIC SEGMENT [7:49] Don’t become distracted by the details [10:05] When your investment advisor tries to become a portfolio manager PRACTICAL PLANNING SEGMENT [15:55] Geeky question time [16:32] What do Sortino ratio and Shark ratio mean, and which should you use? [21:10] What are the pros and cons of QLAC [25:53] Is eating healthy really more expensive? THE HAPPY LAB SEGMENT [26:35] Celebrate, my word for 2018 - what is your word that guides you this year? TODAY’S SMART SPRINT SEGMENT [28:18] Get a pre-release copy of my book, Rock Retirement Resources Mentioned In This Episode BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

This is the third episode in the Market Correction Fire Drill series. On this episode, we discuss how much cash you need to have on hand to be prepared for the inevitable market correction. When investing for retirement it is imperative to keep thinking about your long-term goals. It can be easy to lose sight of this if and when the markets take a tumble. One way to always focus on the long-term is by making sure that you have liquidity on your balance sheet to get you through the short-term. This ensures that your investment strategy has the time to make a recovery in the event of a market correction. My goal today is to ensure that you have enough cash reserves on hand in your retirement investments to help you ride out a market correction with grace. If you’re curious to hear how much cash you need to have on hand, then you’ll need to listen to the full episode. What is the magic number you need to have in liquid assets? How much cash reserves do you really need to have on hand? The basic rule of thumb is that you need to have 3-6 months of cash on hand for an emergency. This money is specifically for an emergency. The exact number really depends on the stability of your income and employer. In the next bucket of cash, you’ll need the extraordinary cash reserves that will be needed within the next year. For instance, a child going off to college or a new roof for your house. Listen to the full episode to learn how to calculate just how much liquid assets you need to have to be prepared for any eventuality. You can’t use short-term thinking for long-term assets By having cash reserves, you can appropriate your long-term investments exactly how long-term investments need to be managed. If you constantly have to worry about the next eventuality, you won’t have the piece of mind to manage your investments the way that they need to be. By having a reserve set aside for the short term you’ll be able to concentrate on getting the most out of your retirement investments. Remember that you can’t use long-term assets in the short term. Learn how to make the most out of your retirement investments on this episode of Retirement Answer Man. The real return on cash reserves The ROI of cash on hand doesn’t come from the cash itself obviously. The real return comes from the power of not having to sell investments that are down or not having to pay extra taxes or capital gains because you weren't prepared. The real return on having cash on hand is having emotional resilience and flexibility in financial decision making. Life is not a simple math problem and neither are your investments. You must be able to position yourself to create the kind of lifestyle that you really want in your retirement. If you want to be able to invest your long-term assets in a way that is free of worry then you’ll need to hear about the real return on investment of having cash reserves in this episode. Achieving a happy balance with your investments Thinking about a market correction can be a daunting thought when planning for retirement, but being well prepared mitigates the risk. Just because the S&P is at all time highs does not mean that you should get comfortable. If your investments are going well and have been over the past few years, that’s great! But, having enough cash on hand to see you through everything that may pop up at you over the next couple of years will ensure that you will be able to make the most of your long-term investments. If you want to invest your long-term assets in a way that is free of worry then you’ll need to hear how to achieve the balance that I lay out in this episode.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:31] When investing for retirement keep the long term in the long-term [5:13] The first line of defense [7:00] The next line of expenses [11:18] What is the ROI for cash reserves? PRACTICAL PLANNING SEGMENT [16:02] How to repurpose a nondeductible contribution to an IRA? [18:32] What are the risks of the lump sum vs. single life annuity? [20:33] What is the best vehicle to save when you have a pension? [22:25] When you should consider purchasing earthquake insurance THE HAPPY LAB SEGMENT [24:18] What can you reflect on with pride from the past year Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

This episode of Retirement Answer Man is the second in the Market Correction Fire Drill series. After listening to the previous episode you know that a market correction is inevitable and how to measure your risk tolerance to help you become prepared for every eventuality. On this episode, we discuss how to rebalance your portfolio. Are you wondering why all of this is important to your retirement planning? Listen to this episode so that you fully understand how important rebalancing your asset allocation is to your portfolio, being prepared for the market correction, and your future lifestyle. Apply your risk tolerance to your portfolio Last week we discussed how to measure your risk tolerance and how to connect that tolerance to the life you want to live. On this episode, I cover how to implement what you learned in the Market Correction Fire Drill Step 1. Hopefully, you have been able to analyze your risk tolerance and discover how much risk you are comfortable with and match that risk accordingly to the life that you desire. When you listen to this episode, you will learn how to rebalance your portfolio to match the risk level that you have set for yourself. Listen to this episode to hear how regularly rebalancing your portfolio can help you keep in line with your risk tolerance. What does rebalancing mean? I know you are wondering what I mean by rebalancing your portfolio. Rebalancing means adjusting your portfolio to reflect the risk level that you have intentionally set for yourself. The better your stocks are faring the more off balance your portfolio can become, which means that you may be taking on more risk than you are comfortable with. As with all of your investment strategies, always keep your future retirement lifestyle in mind. Listen in to the full episode to hear examples so that you can truly understand what a rebalanced portfolio looks like. How often should you rebalance your portfolio? Remember to rebalance according to your retirement goals. If you don’t rebalance your assets could be out of balance and set up for more risk than you want. As the markets rise your assets can get out of balance. When your investments grow you’ll need to step back and analyze your portfolio. That way you can adjust your asset allocation so that you can get back on track and back into your comfort zone. The questions of when and how often you should do this can be challenging. While it might be different for each individual, if you listen in to this episode I’ll give you a good rule of thumb about when to do this and how often. Rebalancing can be harder than you may think It is hard to sell when you are doing well in the markets, sometimes you just want to ride the wave. When we rebalance regularly we ensure that you are thinking about how far you want to ride each particular investment. This can be very counterintuitive. We tend to want more of the good and less of the bad. But rebalancing regularly helps ensure that you sell high and buy low, which is what investing is all about. Listen to this episode to hear more detailed advice on how and when you should be buying and selling. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:56] Rebalancing your portfolio [5:52] How often should you rebalance [7:02] Rebalancing can be harder than you may think PRACTICAL PLANNING SEGMENT [10:26] How can a portfolio of pure stocks have a probability of success so close to a 50/50 stocks/bonds [13:54] Is there a benefit to paying your January mortgage in December? [14:59] How do you decide between an annuity and a lump sum? THE HAPPY LAB SEGMENT [18:02] What is the key to a Merry Christmas? TODAY’S SMART SPRINT SEGMENT [20:23] Rebalance your asset allocation that is tied to your goals Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Talking about a market correction can either seem scary or far-fetched in this economic climate. But it is important to understand that a market correction will happen. And it is important is to know what to do when the market correction does happen. On this episode, we will go over how to prepare for when the market correction happens. This episode explains step one of a multi-step process. You will want to make sure to listen to this episode and all the episodes in this series to help you prepare for the impending market correction. Don’t let the market catch you off guard! What are the most important things to do to help prepare your portfolio for any eventuality? How do we fortify our investments when the market correction happens? If you are near retirement assessing your risks is one of the most important things you can do to prepare yourself for retirement. On this episode, we go over two important questions to have in mind to see if you are really prepared for any eventuality. As you get closer and closer to retirement age you need to reassess your risks and their connection to how you hope to live in your retirement. Listen to this episode to find out which questions you should be asking yourself to prepare yourself for the inevitable market correction. How do you measure your risk tolerance? Have you really thought about your risk tolerance when it comes to your retirement investments? This episode will make you think again. You need to make sure you know how much risk you are taking in your investments. The investment industry maximizes your risk tolerance, but the last time you thought about risk may have been some time ago. Sign up for 6-Shot Saturday to get the PDF tables that I have created to help you really analyze your risk. You’ll want to listen to this episode to understand how to ensure that you are taking the right amount of risk for your comfort. Is your risk tolerance tied to the life that you want to live? Make sure your risk tolerance is actually tied to the life that you want to live in retirement. Sometimes the risks you can tolerate may have no actual connection to the lifestyle that you hope to live in retirement. Take some time to this week to really analyze the risks that your portfolio is set up to take. Are these the risks that you are willing to withstand, and how could these potential risks affect your retirement? You can use the PDF models that I will send out in 6-Shot Saturday to help you analyze your risk tolerance. Be sure to listen to the full episode to find out what else you should be thinking about to prepare for the market correction. Find your balance As you begin to move from the accumulation phase to the distribution phase of your investing your risk-taking behaviors may need to be tweaked. Finding the right balance that you are looking for is the first step in preparing for a market correction. The PDF models that I use will really help you get a grasp of your risk tolerance and help you visualize your chances of success with different planning models. These models will help you strike the balance that you are looking for in your investments. Make sure you listen to this episode to hear how mitigating your risk can help you prepare for any market correction and be sure to sign up for 6-Shot Saturday to get the free PDF model to help you make the right choices for your investments. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] A market correction hasn’t happened for eight years, how will you handle the next one? HOT TOPIC SEGMENT [4:52] What to do when the market correction will happen [9:20] Let’s learn about risk tolerance PRACTICAL PLANNING SEGMENT [18:47] I answer questions on health insurance costs [21:50] What are some book recommendations for retired people THE HAPPY LAB SEGMENT [26:11] On self talk becoming your reality TODAY’S SMART SPRINT SEGMENT [28:21] Understand how much investment risk you are taking and analyze whether that is the risk you are willing to take Resources Mentioned In This Episode  BOOK- Essentialism by Greg McKeown BOOK- The Slight Edge by Jeff Olsen BOOK - Investing for a Lifetime by Dr. Richard Marston BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center  The Retirement Answer Man Facebook Page  

What can we control in life? How can we identify factors beyond our control? The trouble with retirement planning is that so much of it relies on factors beyond our control. Join me today as I discuss the impending force of a market correction and answer some listener questions from our Retirement Plan Live Webinar. We must learn to accept that there are things beyond our control. Once we do that and we learn to only worry about the things that are within our power to change we begin to feel much freer. So listen in to today’s episode to find out how to identify forces that are within your control to free yourself of inner turmoil about your retirement. Market corrections may not be all that scary Vanguard published a report recently stating that there is a 70% chance that there will be a stock market correction. I’m here to tell you that that’s not true, there is a 100% chance of that happening! Unfortunately, no one can accurately predict when this will happen. There is so much concern that head of Goldman Sachs feels unnerved by things going on in the stock market. Listen in to hear what his 8 reservations are. As scary as market corrections are, they can be healthy, similar to a forest fire. They help to burn off the excess, weaker growth in the markets. Find out what I mean by this by listening to this episode of Retirement Answer Man. What can we control? We know a correction is going to happen but not when or how extensive it will be. So, knowing all this, what do we do with this information? We can’t control or predict when a market correction will happen, but we can control how we allocate our assets to work towards a life that we want. Right now is the best time to discover how to control your balance sheet and make sure that your financial plan is fully in order. Listen in as I discuss how to financially weather a market correction and what you should be doing to prepare yourself for the inevitable market correction. How do taxes affect your retirement plan? Are you curious as to how to apply what you learned in the Retirement Plan Live Webinar to your own retirement plan? You guys chimed in with some incredible questions about our Retirement Plan Live webinar. On this episode, I address some listeners’ questions and make things clearer on how we can take Lori and Bruce's situation and apply it to you. Listen in as I answer some fantastic listener questions about taxes and retirement. We discuss state income tax and when to contribute to a Roth IRA. Listen to the Q&A portion of the show to find out to what extent the planning tool takes taxes into account and how moving states can affect your retirement plans. What you can do to raise your confidence level in your retirement plan Are you concerned about confidence levels in your own retirement plan? One listener is. Listen to this show as I address this question. You may feel concerned that your money could run out. But what can you do to up your confidence level in your retirement plan? Think of the all the levers you could pull; work longer, spend less in retirement, save more, take more risk. What could you do to become more confident in your retirement? I get down to the heart of this question so listen in to hear my thoughts on this matter and discover why is an 80% confidence level ok when talking about retirement. We must make smart, balanced choices to live a great life today but be confident about tomorrow. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Today I discuss market corrections and answer some questions from listeners HOT TOPIC SEGMENT [3:36] Vanguard says there is a 70% chance for a stock market correction [4:42] The 8 worries that the head of Goldman Sachs has for the stock market [8:42] What can we control in the market? PRACTICAL PLANNING SEGMENT [12:52] Listeners comments and questions about Lori and Bruce [13:52] Listener questions about taxes [20:10] Confidence scores in retirement THE HAPPY LAB SEGMENT [27:56] On Christmas decorating and allowing yourself to fully celebrate events TODAY’S SMART SPRINT SEGMENT [30:02] Make a list of events to celebrate at a higher level than in the past Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

This may surprise you, but there are youngins out there that we can learn from! My guest today is only 34 years old, but he knows quite a bit about retirement. Deacon Hayes is the author of a new book called You Can Retire Early and he has a fantastic website full of resources that can help you start planning your early retirement. Don’t let his age fool you, Deacon is full of great retirement advice. Listen to today’s show to hear about some innovative ways to prepare for your retirement. Find your why It’s not just me! I’ve been telling you guys all along that you need to find your why. Deacon Hayes agrees that finding your why is so important. Deacon advocates early retirement, but having a reason to get out of bed and have a goal is important to everyone. Whether you're 35 or 65 you need to focus on your why to help you stick to your financial goals. Without your why behind you, it’s easy to lose focus and get off course. Listen to this conversation to hear Deacon’s point of view on finding your why. Retire towards something, not away from something Do you have antiquated ideas about retirement? Just like workplaces, retirement is evolving. These days retirement doesn’t mean that you stop working and sit on your couch watching the news for the rest of your life. Like me, Deacon feels that retirement is an opportunity to live your life with purpose. He says that you should retire towards something, not away from something. Deacon shares with me a wealth of excellent information on today’s show about how retirement is changing and the traditional way of spending our golden years may be a thing of the past. I think you’re going to like what he has to say, so listen in to hear more!   Do you really need millions of dollars in the bank to retire? So now that we know that you won’t be spending your retirement the same way that your parents and grandparents did, how will you fund this new form of retirement? Maybe you don’t need to have millions of dollars saved up in your 401k. I love talking to Deacon since he really thinks outside the box. Listen to this discussion to hear about some innovative ways of making money in your twilight years. How to deal with life outside the paycheck Since Deacon advocates early retirement and finding different ways of making money, how does he deal with the instability of not having a steady paycheck? It’s tricky when you are living life outside of the box, but by diversifying your income streams you can find a bit more stability when hard times hit one sector. Listen to our discussion to find out how to handle your finances without a biweekly paycheck. Deacon has some great strategies that you can use to transition into a life without a steady paycheck. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Welcome Deacon Hayes HOT TOPIC SEGMENT [2:44] The webinar replay is available, email me your questions and comments PRACTICAL PLANNING SEGMENT [4:03] Let’s meet Deacon Hayes [4:32] How does Deacon define retirement [11:32] Build a nest egg but also build skill set [12:01] What will Deacon’s retirement look like? [13:29] How do you deal when you don’t have a consistent income [17:12] Understanding the choices that we make that impact your long-term financial goals THE HAPPY LAB SEGMENT [22:58] Turn things off and be with the people you love TODAY’S SMART SPRINT SEGMENT  [23:54] Sit down and write 5 things that you are going to stop doing in 2018 Resources Mentioned In This Episode Deacon’s website - WellKeptWallet.com BOOK - You Can Retire Early! By Deacon Hayes Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Many people love to travel, as a matter of fact, it is at the top of just about everyone’s list of things to do when they retire. Usually, when we think of travel we think of stays in 4 or 5-star resorts and all-inclusive hotels. But what if you could find a deeper meaning to travel? Chris Niemeyer joins me today as we discuss meaningful travel. On this show, Chris and I discuss how you can create more meaningful experiences through travel. When you travel with focus and meaning you can incorporate my favorite acronym -- FOR, family, occupation, and recreation all in one fantastic experience. If you are looking for some insider secrets on how to incorporate meaningful travel into your retirement then listen in to this show to get the scoop. What is voluntourism? Is it possible to have a mission trip and a vacation all in one? Is voluntourism only for Christian missionaries? The answers to these questions and more are on this show! My guest, Chris Niemeyer, specializes in voluntourism. Chris is the founder of Mission Travel, a website that helps people find real travel volunteer opportunities all over the world. Would you like to find out how to incorporate helping others into your next trip? Listen to this conversation to find out some excellent insider tricks to plan how to volunteer to help others on your next vacation. How to plan a multigenerational trip Have you ever thought about traveling with your family? Enjoying travel with grandkids creates an incredible common bond with them that no Christmas toy ever will. Would you like your family to discover and learn about different cultures all while helping others? My guest, Chris Niemeyer, founder of Mission Travel, helps people do just that. As a matter of fact, he has taken his four young children all over the world to learn about and experience different cultures all while assisting those in need. Find out some fantastic ways to plan your next multigenerational travel experience by listening to my interview with Chris. Live like the locals Have you ever wondered what it would be like to live like the locals whenever you travel abroad? Travel expert, Chris Niemeyer, gives me some excellent ideas on how to travel and learn more about local cultures by actually living like them. Chris teaches us how we can expand our comfort zones to go deeper and have a richer travel experience. Chris describes how connections with locals have been the best part of his travels. Listen in to our conversation to understand how traveling like a local can provide you a more authentic experience How can you save money when you travel Are you looking for some money saving ideas for your next vacation? Travel expert, Chris Niemeyer, gives me some insider tips on how to do just that! Listen to the show to find out how traveling during ‘shoulder’ seasons can save you money and give you a richer experience on your next vacation. Find out which websites and apps are helpful to saving money by listening to my chat with Chris. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:58] Register for the free webinar on Monday to hear how I walk through Lori and Bruce’s retirement plan HOT TOPIC SEGMENT [4:08] What do you want in your pretirement and retirement years [5:02] FOR - what does this stand for PRACTICAL PLANNING SEGMENT [7:12] How can we combine family occupation and recreation through travel to create meaningful experience [13:48] How can you travel more like a local [17:58] Experience of missions [20:52] How can you find purposeful travel [22:53] Multigenerational travel [26:02] Chris’s mission podcast THE HAPPY LAB SEGMENT [27:03] Living up to our values TODAY’S SMART SPRINT SEGMENT [28:54] Play a game with someone Resources Mentioned In This Episode Mission Travel Podcast Mission Travel Website Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

This is my third episode of the Retirement Plan Live case study. Over the past few weeks, we have gotten to know Lori as she has shared many details of her finances, lifestyle, and how she and Bruce have begun to prepare for retirement. Today we continue our journey by delving deeper into their finances and learning how they have prepared for the unexpected. Listen to hear how Lori and Bruce have prepared for some major retirement risks and to see if you have considered these risks when planning your own retirement. How much money does the average American retiree live on? The answer may surprise you! Some of you have emailed me with concerns that Lori and Bruce may not be the best examples to use as my case study. Many feel that this couple doesn’t best represent the average American retirees. On this episode I address these concerns, we discuss how much money the average American retiree lives on, and we discuss how to manage retirement risks. You’ll want to listen to this episode since you may be surprised by some of the answers. You also need to listen to find out how to register for the live webinar where I break down the details of Lori and Bruce’s retirement so that you can learn how to do this to plan your own retirement.  Have you planned for the financial surprises that can pop up in retirement? What lessons can we learn from Lori and Bruce? I realize that they may not represent what Your financial situation looks like. But regardless, we Can learn something from them. You can use their situation to consider your needs vs wants. Everyone’s financial profile is unique, and each situation is different, so use this information to help you decide what is best for you. Listen in to hear how Lori handles the little extra financial surprises as well as how they plan for the big surprises. Do you plan for the car breaking down? How about major illness? Listen in to hear about these and other retirement risks that are important for everyone to consider. How well do you track your spending? It is important to track your spending well. You must really pin down your spending numbers to accurately plan your retirement. Since Lori and Bruce have such a low overhead I drill Lori on the details, how they track their budget, how they have their money invested, and whether or not they still have life insurance. Listen in to find out all the small details you need to be keeping track of when planning your retirement budget. What are the three biggest risks to your retirement? Do you need to continue a life insurance policy after the rates go up? Have you thought about this? I ask Lori about their insurance policy and if they are financially prepared for long-term specialized care. These are important things to consider when planning retirement. Listen in to today’s podcast so you can discover the three major risks to your retirement and how to prepare for them.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] I read a few emails I have received about whether Lori and Bruce are good examples of the average American retirees HOT TOPIC SEGMENT  [5:32] What is the average retirement cost for the average American couple [9:32] Needs vs. wants when it comes to retirement [11:52] Make sure you register for the webinar PRACTICAL PLANNING SEGMENT  [13:39] I ask Lori about the details of how they live on 24k a year [19:53] We discuss inflation and how that may impact their retirement plans [20:45] How Lori invests her money [24:35] We discuss the major risks to Lori and Bruce‘s retirement THE HAPPY LAB SEGMENT [34:02] On being grateful TODAY’S SMART SPRINT SEGMENT [35:10] Write a sentence describing these 3 risks to retirement Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover  Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Try the online Rubik's Cube simulator! Set up a random scramble then try to figure out the solution!

No matter how much money you may have, worrying about money is part of human nature. We all worry that we may not have enough no matter what our tax bracket is. Even though that is the case, I still say money does not come first when planning retirement. When planning out your financial resources to prepare for retirement, first think about the life you want, then think about the money. This is the second episode in a four-part series where I use Lori and Bruce as a case study to help you to discover how to plan your own retirement. You will want to make sure that you listen in to the full series to understand how to plan your retirement. Do you have a net worth statement? On this episode, I discuss what a net worth statement is and why you need one. Make sure you listen so that you can find out how to prepare one for yourself. This tool is indispensable when tracking your financial resources. You definitely want to make sure that you have one of these prepared when you begin thinking about retirement. A net worth statement is a financial dashboard that lists all your assets and debts so that you can understand your worth and work towards planning a great retirement. Are you curious as to what a net worth statement is and how to build one? Listen in today to find out how to use this invaluable tool to help you plan your retirement. What is the next step of Your financial plan for retirement? On this episode, I continue my discussion with Lori and we move on to the next step of her and Bruce’s plan for retirement. Last week we discussed what their ideal retirement lifestyle would look like and in doing so we talked about Family, Occupation, and Recreation. This is the FOR part of my acronym FORM. Today is we get to the M part -- Money. Lori discloses her financial resources so that we can get a better feel for how well they are prepared for their impending retirement. How are you preparing your life for retirement? Find out how Lori and Bruce downsized their life in preparation for retirement. They used to have the large house and dual incomes and decided that they needed to start preparing for retirement by downsizing their house. Lori gives us the nitty-gritty about their financial resources so that we can discuss their financial plans for retirement. Lori also tells us how she got started as a virtual assistant and how this has been like a pre-tirement phase in her life.  If you've been thinking of having a transition period between full-time employment and retirement, you will want to listen to this episode as we discuss Lori and Bruce's preparations for full retirement. Have you thought about at what age you would like to retire? Will you wait until age 65, or retire a bit early? Do you need to wait a bit longer? These questions cannot be answered entirely until you have a full grasp of your financial resources. The first step in understanding your financial resources is to have a net worth statement. Make sure you listen in to this show to hear the case study of Lori and Bruce and to learn what a net worth statement is and how and why you need to prepare one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:02] Money doesn’t come first HOT TOPIC SEGMENT [2:57] Nobody feels like they have enough money [3:57] FORM- Family, Occupation, Recreation, and lastly, Money [5:32]  What is a net worth statement [7:02] The difference between a use asset and a productive asset [8:56] Six shot saturday is where you can find the tools to help you build a net worth statement PRACTICAL PLANNING SEGMENT [9:39] Lori explains how they downsized their life to prepare for retirement [13:56] We discuss the possibility of full retirement at the age of 66 for both of them [19:15] We discuss their assets [21:52] Lori discusses how she got started as a virtual assistant THE HAPPY LAB SEGMENT [29:03] Find a way to reach out to someone that may need some help, however little TODAY’S SMART SPRINT SEGMENT [31:50] Create a net worth statement Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

On today’s show, I interview Lori and we begin to plan her ideal retirement. There is no one size fits all retirement plan out there. Everyone’s ideal retirement will look different since we all have different priorities and financial goals. Listen in on this show to find some excellent resources to plan your own retirement. You’d be surprised to hear where the challenges are in planning this important stage of your life. Planning is the first step in ensuring that you are not left in the dark for what may be a thirty to forty year period. Listen in for important tips today as I walk Lori through the first steps that I take with my clients as we begin the retirement planning process. What are the barriers to retirement? There are many out there who claim that retirement is dead. This doesn’t have to be true. It’s important to have a plan in place so that you can enjoy this time of your life without the worry that you’re overspending. Planning for retirement can be a daunting process. There are a few challenges that we face when retirement planning that you need to pay attention to. Listen in to today’s show to learn what the obstacles to planning a sound retirement are and how to address them. You don’t want to get stuck on the last barrier when planning your retirement! It’s OK to dream big when planning your retirement! When planning your retirement it’s important to think of your needs, your wants, and then your wishes. Dreaming and wishing for things to do in your retirement is OK! But first, you must plan what you need. What are your basics for everyday living? After you get that down then you can start thinking bigger. Listen in on today’s story to hear how we can plan your retirement step by step. You’ll learn what the acronym F.O.R. is for and how thinking about it can help you with your planning process. How will you spend your retirement? We met Lori on last week’s episode, and this week we delve into her needs and wants to try and learn how best to prepare her and Bruce for the next thirty years. One of the problems they had when planning their ideal retirement was thinking big. They have lived frugally for so long that dreaming big didn’t come naturally to them. How about you? Do you have trouble thinking of big ways to spend your retirement? Listen in today to find out how I helped Lori think big when planning her golden years. Are healthcare fears preventing you from retiring early? Have you thought about healthcare if you plan on retiring before the age of 65? Is this stopping you from retiring early? Retiring before 65 can happen, but healthcare is a big priority when planning your retirement. Find out the creative way that Lori and Gene have discovered to cover their health insurance needs by listening to today’s episode. If you are at all considering retiring before the age of 65 you will really want to listen to Lori’s solution to this important issue. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] The benefits of enrolling in 6 Shot Saturday HOT TOPIC SEGMENT [4:20] Barriers to retirement [11:38] How do we get over those barriers PRACTICAL PLANNING SEGMENT [18:14] Lori's ideal perspective of retirement [21:54] What Lori and Bruce's basics are [26:56] Insurance needs [31:52] Their wants and needs THE HAPPY LAB SEGMENT [39:46] Define and envision your future TODAY’S SMART SPRINT SEGMENT  [40:29] Define your needs, wants, and wishes for retirement in the worksheets from 6 Shot Saturday Resources Mentioned In This Episode Roger’s Kindle Book Rock Retirement Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page  

Planning for the future has many challenges and you may not know what could be a threat to your retirement. There’s something you may not have thought about when planning your retirement. Over the next four weeks, we’ll be learning about Lori and Bruce in my Retirement Plan Live case study. By studying them you will gain great insight into how to prepare for your own retirement. Listen today as I introduce Lori and we discuss marriage and how a healthy marriage can lead to a healthy retirement. Investing in your marriage is an investment in your retirement. You may not think about this as a threat to your retirement, but divorce, especially when you are close to retirement age, can have a huge impact on how you retire. You’d be surprised by how many people get divorced in their fifties and sixties. Why would this be a threat to your retirement? What are some great tips for a healthy marriage? Listen in on this episode of Retirement Answer Man to find out how a healthy marriage can help ensure a financially healthy retirement. Have you ever thought of investing in your marriage? What are the 3 phases of life in which people think about divorce? I’m no expert, but I have noticed that there are three seasons in life where couples begin to contemplate divorce. I have Ted Lowe, a Real marriage expert, and author of Your Best Us, here with me to see if we can come up with some everyday ideas that you can use to invest in your marriage. Many people have thought about divorce at times, even in a healthy marriage. However, they may not think about how divorce affects their finances and how that could affect their retirement. Listen in on my discussion with Ted Lowe as we talk about how to invest in a strong marriage.  Is fun an important part of marriage? What marriage tips and strategies can you learn from Ted Lowe? Ted gives us some wonderful advice on how to maintain a great relationship each day so that you don’t have those big blow-ups that can lead to divorce. Does your wife want to be heard or helped? This can be a challenging question, and knowing when she wants help is important. Do you think fun an important part of marriage? Listen to what Ted Lowe has to say about these questions and other fantastic tips on marriage on this episode of Retirement Answer Man. Words don’t lead to connections, connections lead to words. We all think about ourselves, that’s natural, but should we bring the “Me” mindset into marriage? Connection is a huge part of marriage and Ted gives us some great advice for learning how to connect with our spouse during the different seasons of marriage. Listen now to hear how you can make real connections with your spouse. A stronger marriage can lead to a stronger place in retirement. I gained so much insight in my chat with Ted Lowe, I can’t wait to implement his suggestions in my own marriage! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN {00:05] Investing in your marriage [00:30] Reasons for NOT getting a divorce in your 50’s and 60’s HOT TOPIC SEGMENT [3:15] All about Retirement Plan Live case study to learn how to help yourself [5:43] Let’s meet Lori [7:32] We discuss longevity and life quality [9:20] What Lori and Bruce will be excited about in retirement PRACTICAL PLANNING SEGMENT [13:32] Let’s discuss marriage and divorce [17:00] Meet my guest, Ted Lowe, author of Your Best Us [23:10] How can we diffuse difficult situations in marriage [27:30] How can we manage our marriage through the stages of life [32:30] Where will our connections lead us THE HAPPY LAB SEGMENT [40:51] What can we do to make each other happy TODAY’S SMART SPRINT SEGMENT [41:53] Sign up for Six Shot Saturday and start thinking about your retirement RESOURCES MENTIONED IN THIS EPISODE Ted Lowe Your Best Us: Marriage is Easier Than You Think by Ted Lowe The Slight Edge by Jeff Olson Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

My grandmother lived through the great depression. She was 10 years old when it started and remembers the struggle. What she went through during those years has shaped her decision-making process. She is very frugal. I can remember her saving small bits of wrapping paper when I would have thrown them out. For many of us, we have been affected similarly by the Great Recession and make decisions based on that experience. Many of you might be asking the question, “Is another crash just around the corner?” Tune in to this episode of the Retirement Answer Man to find out.   Focus on what you can control, not on what you can’t.   The ever-present question looms in the back of our minds, “Will the markets crash again?” No one knows the answer to this question. Many financial forecasters are very vocal about their opinions warning about the impending crash. Some people are making extreme future decisions based on those forecasts. How smart is that? Should we rest our future on such forecasts? Maybe the best plan is to worry about what we can control, not stress about the things we can’t.   Insurance premiums are rising, what should I do?   As the market changes many people are falling victim to the ever-rising premiums of Long Term Care policies. On this weeks show a listener writes in with this very concern and wants to know what options they have. They could always drop the plan. But then they would have to self-insure. They could lower their coverage to keep their lower premium which might leave them without needed coverage. Or they could suck it up and pay the higher premiums. It’s a tough decision. Listen in to this episode to hear my thoughts.   My House is Leaking!   Nichole walked into her home the other day to find water soaking her closet. Her AC system had sprung a leak and soaked a hole through her ceiling. Her in-laws came to visit and help fix the damage. Family in the house can be uncomfortable at times but they can often line a huge helping hand. It’s often good to live near family to have a support network. If you live with or near family and often find it challenging, take time this week to look for the good in the situation.   Could the data breach cost me my house?   With this Equifax data breach, our imaginations can run wild with possibilities our information could be used maliciously. It’s possible someone could steal your identity and take out a loan on your home causing you to possible lose it. There is a service being advertised that monitors the title of your house for any fraudulent filings and notifies you. While this might seem like an easy hands-off way of staying proactive, it could be just as easy to check on your title yourself. Make sure to catch this episode to hear more.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] My grandmother lived through the Great Depression [1:37] Nowadays many of us have lived through the Great Recession and it has laid the foundation for our decision making. [2:00] Is another recession just around the corner?   HOT TOPIC SEGMENT [4:17] We are in the 2nd longest Bull market in S&P 500 history. [6:30] Are you asking the question, “Is another crash on the horizon?” [8:54] Making extreme decisions on forecasts is not the wisest move. [10:38] What do we do? [10:50] Focus on what you can control not on what you can’t. [14:00} What investment actions can we take?   PRACTICAL PLANNING SEGMENT [17:11] Listener questions with Nichole. [17:15] Our new voice coach. [20:11] I am self-employed. Should I set up a company 401k plan? [27:20] The premiums on my long-term care plan are going up. Should I continue to pay the premiums or should I lower my coverage? [33:18] Is Title Lock Insurance worth the investment?   THE HAPPY LAB SEGMENT [37:22] Nichole’s house is leaking! [37:30] It’s great to live around family and have them as a support network.   TODAY’S SMART SPRINT SEGMENT [39:16] Take the time this week to check your title and see in anything has been filed against it. [40:00] The subject for Retirement Answer Man Live has been chosen. Sign up for Six Shot Saturday to receive all the details.   RESOURCES MENTIONED IN THIS EPISODE   Ask a question   Work with Roger   3-Video Series: 5 Minute Retirement Makeover   Roger’s retirement learning center The Retirement Answer Man Facebook page

I’ve been married to my wife for 27 years. That’s a long time! I have noticed that there has been a rhythm within our relationship over the years where, as we have become more comfortable with each other, we begin to become disengaged. Not disengaged in a spiteful way but simply not as focused as a team. This happens in any relationship whether it be a parent and a child, the relationship between spouses, or even between you and your advisor. Listen to this episode of Retirement Answer Man to hear my tips for staying on track in your relationships and keeping your advisor on the same page. An advisor in Colorado Springs has allegedly stolen millions from clients. This financial advisor seemed like a great person. There was no past history of dishonesty or crime and no red flags seemed to pop up. It seems very easy to be fooled into a bad relationship like this one. Are there ways you can stay on top on the relationship and catch the red flags if they arise? There certainly are and I will outline 4 steps you can take in your relationship with your financial advisor to keep the relationship healthy. Pursuing purpose in retirement On this episode of Retirement Answer Man, I’ll interview a friend of mine, Jeff McManus, who is turning his passion into an income stream he can benefit from during retirement. Jeff is the director of Landscape services to the University of Mississippi. He has a wealth of horticultural knowledge and has found joy in applying it to his career. Now, as he is nearing retirement and thinking of the future he is applying that knowledge in unique ways to grow opportunities for himself in retirement. Listen to this episode to hear his story. Don’t wait for Retirement to pursue your joy, start now! My books are finally here!! I’ve been working on my book for about 4 years and I just got the call that it is ready. Since I contractually have to buy 2500 copies I decided to have them all sent to my house so I could see what that many books looked like. I didn’t rationalize it, I just dove in and ordered them. They arrived on 2 pallets and have taken over a room of my house. It's been so fun looking over them and signing them for friends and family and even for the delivery lady. Is there something you think will bring you joy? Are you waiting for the perfect moment? Are you waiting for retirement? Don’t! Jump in now and experience the joy, don’t wait until it is too late. Tune in to this episode to hear all about the book delivery. This time of year is a great time to get on the same page with your financial advisor. As we near the end of the 4th quarter a great opportunity to refocus is presented. Take the chance to have a quarterly meeting with your advisor and refocus on your goals and make sure you both are on the same page. Trust me, you don’t want to begin the new year without being unified on your savings and the direction of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:33] It’s easy to become disengaged after many years of marriage. [1:00] Constant vigilance is needed to keep a good relationship of any kind. [1:40] The same goes for your relationship with your advisor. HOT TOPIC SEGMENT [3:25] An advisor in Colorado Springs has allegedly stolen missions from clients. [4:00] The longer a relationship continues the more likely you are to become disengaged and draw apart. [6:00] If you have quality meetings with your advisor you will have a better idea of what is happening with your money. [6:30] Keep it formal. [7:00] Have an agenda. [7:50] Have an agreed upon plan. [9:30] Make sure your goals are mutually agreed upon and addressed in order of importance. PRACTICAL PLANNING SEGMENT [12:05] One baby boomer is making a change and living his dream! [14:50] We all want some measure of control and freedom in our life. [17:00] Cultivate a culture of teamwork and collaboration and grow a mutual passion. [19:27] Setting up a passion and source of income you can devote yourself to during retirement. [23:19] A vision for retirement. [25:19] Get your foot in the door of your passion. THE HAPPY LAB SEGMENT [28:15] My book is finally here!! [29:11] Hear about the delivery ladies response in Six Shot Saturday [29:30] What can you do that may not be practical but will bring you joy. TODAY’S SMART SPRINT SEGMENT [29:54] It’s nearing the end of the 4th Quarter. Make sure you have a 4th Quarter meeting to stay on track. RESOURCES MENTIONED IN THIS EPISODE Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page Get Jeff’s book here on Amazon

Several years ago I participated in an Ironman Triathlon. I didn’t win, not even close. I finished in the 77th percentile. Turns out, the winner could have started 6 ¼ hours after me and still beat me. So was this experience a failure? It depends on how you look at it. I enjoyed the experience, I loved the cycling and felt refreshed by the countryside surroundings. So for me, this was definitely not a failure. Comparison is important to keep us on track with our goals but when we put all of our focus on our performance v.s. someone else's performance...we often become unhappy. Regardless of where you are in life or how much you have saved for retirement, comparison could be the death of joy. Listen to this week’s episode to hear my thoughts on how to stay on track without letting go of your joy.   A Fidelity study shows exactly how much you should have saved for Retirement   A recent Fidelity study lays out exactly how much you should currently have in savings for retirement based on your age. They say that by age 30 you should have 1x your annual income in savings, 3x at age 40 and 7x at age 55. For some of us on the journey to retirement that may feel like a daunting task. Many of us don’t start saving as early as we should, I know I didn’t. But are these numbers really where we need to be? Can we make it work with less? Join me this week on the retirement Answer Man show to hear my thoughts.   Are my assets safe in the hands of my advisor?   Recently a financial advisor absconded with over 1 million dollars of their client's money. The advisor had no history of fraud and seemed to be a good person. If anyone can snap and steal from us, how can we trust our advisor? In this episode, I’ll dive into a few things to look for in your advisor to help you decide whether or not they are trustworthy. I’ll also outline some red flags that signal something fraudulent might be happening with your money. If you want to make sure your advisor can be trusted with your money, listen to this episode of Retirement Answer Man.   How should I allocate my 401K contributions to provide future security?   A listener called in with a question. He is making contributions to his 401K and wants to know how he should allocate his assets. Of course, I can’t give him specific advice but I can give guidelines of how you should think of your contributions based on your retirement goals. Make sure you catch this episode to hear my advice.   Life is full of changes. Go along for the ride and have fun.   Fall has come to Texas. It’s not as unbearably hot and pumpkins are selling in all the stores. I love the change of seasons, the change of pace and the excitement. Life, like the earth, often has many seasonal changes as we get older and they can be exciting as or sometimes challenging. Whether or not you are ready for the next season of life remember that there is nothing you can do to stop it so you might as well go along for the ride and focus on being happy.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0.28]  Several years ago I participated in an Ironman Triathlon [3:29]  I finished behind many. But was it a failure? HOT TOPIC SEGMENT [6:38] Fidelity study shows what you should have saved for retirement. [7:50] Regardless of where you are, you compare yourself to others. [9:01] By age 50 you should have 6x your annual salary saved for retirement. [11:57] Many of us start saving late. [12:00] Many of us make bad savings and investing decisions. [13:50] Comparison can be the death of joy. PRACTICAL PLANNING SEGMENT [14:33] Listener questions with Nichole. [16:04] How safe is my money with a financial advisor? [20:00] How can I verify an advisor’s trustworthiness? [27:00] Be wary of private investment opportunities. [28:01] How should I allocate my 401k contributions? [32:08] I have 80% of my 401K in stock. How can I balance my investments? THE HAPPY LAB SEGMENT [37:57] Fall has come to Texas [38:39] The seasons are changing. Whether you like it or not, try to enjoy the ride. TODAY’S SMART SPRINT SEGMENT [39:22] Look at all of your investment assets and see, based on Fidelity’s study, where you are based on your age.   RESOURCES MENTIONED IN THIS EPISODE Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

Indexes are comprised of many companies. Yet only the top few companies drive the index. What happens if we hit a rocky patch in the markets and those companies falter? On this episode of the Retirement Answer Man, I dive into the pros and Cons of investing passively v.s actively and what might happen if a Bear Market does indeed come. Bear Markets might be bad news for your Retirement. A Bear Market is a self-sustained drop of the market and if one of these shifts does happen, it might impact your ability to retire. Passive based investing becoming very popular nowadays, but if the majority of your strategy is comprised of these kinds of investments you might be in for trouble if a Bear Market shift happens before or during your retirement. A shift like this would affect the big companies in the major indexes, causing the index to drop. A drop like this could negatively affect your investments. You could always wait for things to stabilize but you may not have the luxury of waiting. In this episode of Retirement Answer Man, I’ll give you a rundown on what you can expect in a Bear Market and how you can act wisely to mitigate your risk. Passive based investing is sweeping the nation. What is passive based investing? Well, whatever it is it makes us more than %40 of the nation's investments. In this episode of Retirement Answer Man, I’ll dissect the differences between active and passive based investing and which one might be the best for you and your retirement. I also talk about how a market downturn affects them and what steps you can take to be safe. Should I use my raise to pay off debt or add to my investments? A raise can make your year! Not only does it say “good job” it gives you options to change aspects of your lifestyle, investment strategy or even the lives of someone you know. There are many things we could do with a raise.  You could spend it, invest it, pay down debt to free up future cash, or even give a gift to someone in need. In this episode of Retirement Answer Man, I’ll expound on the options a raise make possible and give you a framework for deciding what is the financial priority in your life. I’m looking to work with a retirement advisor, what red flags should I look for? On this week’s episode of Retirement Answer Man a listener writes in with a question about an advisor he is looking to work with. The advisor has worked for many firms and not stayed long at any one. Is this a red flag? Should he be worried? Tune in to this episode to hear my thoughts and get tips for asking your advisor the right questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN   [0:26]  Would you like to place a wager against Warren Buffett? [2:00] Should we all switch to passive investments? HOT TOPIC SEGMENT [2:59] Passive based investing is taking over the investing world. [4:47] Does passive make the market more or less efficient? [5:33] Passive investing is driven by the “hot” sectors of the market. [6:50] Jim Rogers says Bear Market is coming! [8:50] We are down to the wire in Retirement, there is no more time to wait. PRACTICAL PLANNING SEGMENT [12:27] Should I allocate my raise into my investments? [14:50] What should I do with a raise? [17:50] How does unstable politics affect my investment strategy? [19:58] Ed’s question about advisor research. [24:40] Think of an advisor as an investment. How can you have the best returns? [28:50] Should I pay off debt or fund a 401K? RESOURCES MENTIONED IN THIS EPISODE Ask a question   Work with Roger   3-Video Series: 5 Minute Retirement Makeover   Roger’s retirement learning center   The Retirement Answer Man Facebook page

Have you ever had your identity stolen? I have. It’s not fun. It can leave you feeling helpless and frustrated as you try to prove who you are and undo the false financial claims against you. In this modern era data is everything. Your life is wrapped up in one 9 digit code, your Social Security Number. If someone were to get that number they could open credit cards in your name, access your life savings, and even take out a mortgage. While the dangers are high, there are effective ways to protect yourself and your assets. I will outline some of the most effective ones in this episode of the Retirement Answer Man. Equifax has been breached by hackers Equifax has been breached by hackers. Almost 60% of the American population’s cyber data is in the wind. For many of us, this is a fearful thing. We have spent our whole lives planning for our future. As we draw near to retirement we can see the light at the end of the tunnel as all our hard work starts to pay off. Identity theft could put a serious damper on those retirement plans and could take years to recover from. Luckily, you are not at the mercy of these hackers. There are steps you can take to ensure that your data stays safe. Listen to this episode of Retirement Answer Man to hear my simple steps to guard your identity. 5 simple steps to guard your identity With the daily increase of cyber threats facing our modern world, it is essential that you know what to do if your information is compromised. Over 100 Million Americans were affected by the Equifax breach. Odds are you are probably one of them. It’s never too early to take offensive steps to make sure your credit is monitored and you will be alerted to any suspicious activity. Is new technology all it’s cracked up to be? Apple has just announced the release of a few new devices, an Apple watch that can be used as a cell phone and the new I Phone X. The ads for these devices portray them as just what you need to fill the technology gap in your life. Having the new I Phone will make your life easier, safer, and on the cutting edge. Are these claims true? Think back to the last time you got a new device. It feels great and it’s exciting, but after a few days or a week, the excitement fades away. It becomes normal. Did it really bring you joy? We might be better off searching for joy in an area that doesn’t put a dent in our bank account. Don’t let your identity fend for itself. I’ve created a Free Credit Breach Protection Plan that you can find on my website. It gives simple instructions to help you take steps to protect yourself, your assets and your loved ones. Don’t wait until it’s too late, be proactive and protect what you have worked so hard for. Don’t miss this episode of the Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] Have you ever had your identity stolen? [1:50] It can be difficult to regain your footing after an id breach. HOT TOPIC SEGMENT [3:47] Hackers infiltrated the Equifax database. [4:20] The information of 60% of the American population has been compromised [5:49] There's a way you can know if you have been affected by this breach. [6:00] What does this mean for me? PRACTICAL PLANNING SEGMENT [8:24] Protecting yourself without becoming a cybersecurity expert. [9:18] Credit Protection Action Plan [9:50] 5 Basic ways to protect your cyber data. [14:24] The best ways to respond to this data threat. THE HAPPY LAB SEGMENT [21:39] The new Iphone X [22:08] The “new” is overrated TODAY’S SMART SPRINT SEGMENT [23:45] Download the Free Credit Breach Action Plan

My listeners have been asking great retirement questions, and this podcast episode is focused on giving answers to some of those. I’m excited today to bring on my awesome sidekick, Nichole, to play the part of the listener and ask the questions. One really important question is whether your financial advisor should have access to your 401(k), including your username and password. While this can be convenient for you and for your advisor, it’s not a good idea and is typically not allowed. Listen to today’s episode to find out why. Important differences in spending cycles for single and two-person households Spending habits change for people, depending on age and household size. The changes in spending habits are important for each household to understand, because they affect planning for retirement. In the Hot Topic section of this episode, I explain why the changes are quite different for single and two-person households, and how each needs to consider how this affects their retirement planning. Listen to find out how spending cycles might affect your household and hear answers to other retirement questions, and then follow up with today’s Smart Sprint and get clear about your financial needs in retirement. Should I lower 401(k) contributions to build up my emergency fund and college savings? Bill is 59 ½ and has all his savings in his 401(k). He puts in 9% with an employer match of 3% and has a son going to college. His retirement question is whether he should lower his contribution to 6% to start building his emergency fund. On this episode, I explain several reasons why it would be a good idea to lower his contributions even further to give him more flexibility in how he makes financial decisions, and Nichole and I have a conversation about whether or not parents should cover college expenses from their retirement account and what other options might be available. When thinking about jobs for pre-tirement, be sure to consider the work environment Mark Miller at careerpivot.com sent in a helpful comment about pre-tirement jobs. He suggests that people carefully consider the physical aspects of the job, such as whether their body can handle walking on cement floors all day. There is also a concern for retirees working in retail environments where the schedules are not given with advanced notice, which creates problems for the time-freedom someone might be expecting in pre-tirement. On this episode, you can hear the details about these considerations, and also get answers to other retirement questions. Listener ideas for pre-tirement Quite a few listeners have chimed in with comments or questions about the pre-tirement episode a few weeks ago. On this episode, we’ll take another look at the math from that show, and demonstrate how numbers significantly lower than the ones we used can still work for you. We’ll also hear the ideas that various listeners have for jobs they would like to do in pre-tirement. Listen in to hear their thoughts and also get answers to other listeners’ retirement questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:00] Equifax data breach. Action plan - six steps you can take to minimize credit fraud and stay vigilant. [1:02] To get to great, you have to blow up what’s good! [1:44] Intro this episode - listener questions with Nichole Mills. [2:49] Disclaimer - Don’t take financial advice from me on this show. This is tips and education. HOT TOPIC SEGMENT [3:12] Important differences in spending cycles for single and two-person households. PRACTICAL PLANNING SEGMENT [7:17] Bill’s question: Should I lower my 401(k) contribution to start building my emergency fund? [9:47] Should parents consider covering college expenses with their retirement account? [11:47] Should my advisor have access to my 401(k)? [14:08] Mark Miller: When thinking about jobs for pre-tirement, be sure to consider the work environment. [16:16] John: Is the math in the pre-tirement episode a little high to be realistic? [18:36] When is your book coming? [19:26] Ideas for pre-tirement jobs from Michael, John, and others. THE HAPPY LAB SEGMENT [21:51] You can even make a commute happy as long as you are intentional about it. TODAY’S SMART SPRINT SEGMENT [23:33] 7-day goal: Dial in what your financial needs are for retirement RESOURCES MENTIONED IN THIS EPISODE Free Credit Action Plan for those affected by the Equifax breach Episode #183 - How PRE-tirement could save your retirement Ask a question Work with Roger (now accepting new clients) 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

#186 - Retirement Travel - One Way to Fund Your Dreams Do you have dreams for traveling in retirement? Everyone’s dreams are different, but every dream is going to cost some money. On today’s episode of The Retirement Answer Man, my friend Jamie joins me to talk about one creative way to fund your travel dreams. Discover how you can use your home to produce income when you’re not there, so that you can enjoy your travels. Learn what a sharing economy is and how it can benefit you and fund your dreams for retirement travel. What is a sharing economy, and how can it help fund my retirement dreams? A sharing economy is an economic system in which assets or services are shared between private individuals for a fee. Uber is one example. AirBnb and VRBO are systems that can work for you to fund your retirement travel by renting out your house, earning money when you are not there. It allows you to monetize your home as an asset to fund your retirement travel dreams. My friend Jamie has had great experience with AirBnb, and joins me on today’s podcast to discuss how it works. The benefits of renting out your home while you travel Renting out your home to fund retirement travel takes a bit of preparation and work. But the benefits are worth it. Not only do you create income while you are away, but you also have someone staying in your home without paying a house-sitter. And, in my friend Jamie’s experience, you have the opportunity to build clients and become friends with repeat guests. Listen to today’s podcast episode to hear Jamie’s story of how renting out their home has benefitted his family. How to prepare your home for rental when you are away Sharing your space with other people may seem overwhelming at first. But you can start small and acclimate to the process as you go. To get started, check your local listings on AirBnb and VRBO to see what is available in your area and what the prices are. On this episode, my friend Jamie describes some of the things he has done to prepare his family’s home to be shared. From buying fresh linens to learning how to effectively advertise his home, Jamie’s insights will help you get started on this new adventure. How do you vet who will stay in your house when you rent it out? Many people have concerns about renting their home to strangers. But my friend Jamie’s experience is that people will actually take very good care of your home. On this episode, Jamie shares how he has found that the way you advertise your property and the price you set has a lot to do with who will rent it. Listen in to hear Jamie’s perspective on getting the right clients to rent your home and getting the best price for your rental as well. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] Regardless of what your dream is, you will need a way to fund it. HOT TOPIC SEGMENT [5:06] What is a sharing economy? [6:23] In terms of funding retirement travel, how might the sharing economy help you? PRACTICAL PLANNING SEGMENT [10:46] My friend Jamie’s vacation experience in Mexico, and how he funded it. [17:24] How to prepare your home for rental when you are away. [19:30] How do you vet who is going to stay in your house? [20:29] If you’re going to rent out your house, how can you get top price? [23:55] How renting out your house opens up possibilities of owning a second home. [24:58] You can rent our your home even just once or twice a year. [26:58] Building clients and return guests. [27:58] What are the downsides of renting out your home? [29:21] What are the next steps to get ready to rent out your home? THE HAPPY LAB SEGMENT [30:52] Blow up what is to start working towards what could be. TODAY’S SMART SPRINT SEGMENT [31:46] Plan a weekend trip and rent something on AirBnb or VRBO. RESOURCES MENTIONED IN THIS EPISODE AirBnb VRBO Shure TalkShoe Ask a question Work with Roger (Currently accepting clients) 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

In the news today, credit card debt has reached over 1 Trillion dollars. In addition, we have 1.2 Trillion dollars in auto debt, 13% above the previous record. Impulse shopping is easier than ever, and this can be bad news for your retirement! On this episode of The Retirement Answer Man Podcast, I talk about spending and some safeguards you can put in place so that you don’t overspend on things you don’t need and may not even really want. Listen in and learn to differentiate between needs and wants, and get some great tips to help you avoid unnecessary impulse spending. You don’t want to be one of those people who are over-leveraged on their debt As you are heading into your retirement, you don’t want to get over your head into debt because of personal spending. Lifestyle choices are crucial. In retirement, how much money is needed for your needs, wants, and wishes? On this episode, I describe how you can avoid unnecessary debt and save that money for the things that really matter to you. The happiest clients I have seen are those who value experiences over things. Listen to today’s podcast and start thinking clearly about what you value most and how your spending reflects it. To prevent overspending, differentiate between needs and wants We have grown into a society where things that technically are wants are considered needs. On this episode, I talk about defining for yourself what is a need and what is a want. Keeping this distinction clear can help a great deal with reducing unnecessary spending and credit card debt. Listen in to start thinking about needs and wants and how they affect your spending and your retirement lifestyle. To prevent overspending, build friction into your ability to do transactions Shopping used to be more difficult. You had to plan out how to get what you wanted, get in the car, drive to a store, find what you wanted, and write a check for it. Now, all you have to do is click and you can have it in an hour. Marketers are experts at taking away the friction and making impulse purchases seem normal. On this episode, I suggest several ways that you can build friction back into your shopping so that you have more opportunities to make wise spending decisions as you approach your retirement. Listen in and take back control of your spending. The Retirement Answer Man Responds to Listener Questions Today in the Practical Planning Segment, I respond to questions sent in by listeners like you: Should I pay off my mortgage first, or max out my 401K first? What are the pros and cons of rolling over a 401K to an IRA upon retirement? Should I include my home equity in the asset pool for tapping living expenses in retirement? On this episode, I clarify the considerations that need to be taken into account when making these decisions for your retirement. Listen to today’s questions and answers and then feel free to send in a question of your own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:40] Shopping used to be more difficult. [3:22] Don’t take financial advice from me on this show. Consider it as helpful tips and education. [3:50] The 5-minute retirement makeover HOT TOPIC SEGMENT [4:48] In the news today, credit card debt has reached over 1 Trillion dollars. [6:43] You don’t want to be one of those people who are over-leveraged on their debt. [7:44] To prevent overspending, differentiate between needs and wants. [9:06] Build friction in your ability to do transactions. Here’s how. [12:22] Value experiences, not things. PRACTICAL PLANNING SEGMENT [13:35] Answering listener’s questions today. [14:20] Current plan is to hit the mortgage hard and pay it off in two years, then transfer that effort into maxing out that 401K. Is that the right thing?  [19:46] What are the pros and cons of rolling over a 401K to an IRA upon retirement, vs keeping it in the 401K? [29:46] Should I include home equity in the asset pool for tapping living expenses in retirement? TODAY’S SMART SPRINT SEGMENT [37:05] 7-day challenge: Come up with one way you can increase some friction in your life of commerce. THE HAPPY LAB SEGMENT [37:55] Listening to the audio book Steve Jobs, by Walter Isaacson. Commencement story. “Remembering that I’ll be dead soon.” We’re all going to leave this world. Be as intentional as possible on how we live our life, invest our assets, and make little decisions. We don’t want to wake up and say we didn’t follow our heart because we were living for other people’s expectations. RESOURCES MENTIONED IN THIS EPISODE TheStreet.com Book: Steve Jobs, Walter Isaacson Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

Passive investment management has taken over the world. Nine of the top ten mutual funds are based on passive investing. On this episode, I explain what passive investing is and how it works, the top two indices that most funds are based on, and the advantages and disadvantages of investing based on those indices. I also take some time today in the Practical Planning Segment to answer listener questions. Listen in to expand your understanding of passive investing and hear answers to questions that you might be asking. The two indices that most passive investment portfolios are trying to model Eight of the top ten passive investment funds are focused on the S&P500 and the Total Market Index. On this episode, I describe asset allocation within these funds and how the funds are weighted. Is this model an efficient way to for you to implement a passive investment strategy? I’ll fill you in on the advantages and some of the questions around these funds on today’s episode of The Retirement Answer Man. Are market indices focused on a smaller segment of the market than it first appears? The S&P 500 and the Total Market Index have, respectively, 500 and 3600 individual equities. So at first it appears that passive investments that mimic these indices would be spread out among those equities. On today’s episode, I explain how the equities are weighted and the percentage of the indices that are in large or giant companies. Listen in to get a clearer picture of these two popular indices and to think about whether or not that is an efficient way for you to implement a passive investing strategy. Index rebalancing on fixed dates is like the Nike store on Black Friday. Have you seen the videos, or experienced in person, what it is like to shop for great deals on Black Friday? When the indices rebalance on fixed dates three times each year, any funds invested to mimic the index will be moved as quickly as possible. Everybody is running in the exact same place at the same time. Kind of like the Nike store on Black Friday. On this episode, I talk about this downside of passive investing based on the two most popular indices. Listen in to learn why I’m a fan of passive investing but wonder if there could be a more thoughtful way of doing it. Answers to listeners’ questions I’m always glad when listeners send in their questions. On the Practical Planning segment of today’s episode, I respond to questions that have recently come in. “What about the ‘Equal Weight’ S&P 500?” “What happens with a 401K loan if your company switches you to independent contractor status?” “Should I adjust my asset allocations as I head into retirement?” and “Should I empty my retirement account to pay off my credit card debt?” Listen in for answers to these questions and an invitation to send in questions of your own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Black Friday madness [2:33] Disclaimer - Don’t take advice from me on this show. [2:50] Today’s topic: Mutual Funds that mimic indices HOT TOPIC SEGMENT [3:22] Passive investment management has taken over the world. [5:13] What hypothetical portfolio is a passive investment trying to model? [7:13] If we accept that passive investing makes sense, what passive investment strategies make the most sense for us? [8:00] Understanding the Total Market Index [9:45] Understanding the S&P 500 Index. [11:46] Index rebalancing on fixed dates is like the Nike store on Black Friday. [14:43] Does passive investing have to track one of the most popular indices? PRACTICAL PLANNING SEGMENT [16:24] The “Equal Weight” S&P 500 index gives you broader exposure, but here’s why I’m not a fan. [19:31] Be aware of 401K loan penalties if you leave employment or change to independent contractor status. [22:00] A balanced approach to taxable and non-taxable asset allocations for retirement. [27:53] Paying off credit card debt without dipping into your retirement account. TODAY’S SMART SPRINT SEGMENT [31:16] Go to RogerWhitney.com and ask a question. THE HAPPY LAB SEGMENT [32:09] Do what’s right for you, not what’s expected of you. RESOURCES MENTIONED IN THIS EPISODE Ask a question Work with Roger 3-Video Series: 5 Minute Retirement Makeover Roger’s retirement learning center The Retirement Answer Man Facebook page

Pre-tirement is that phase between full-time work and what we think of as traditional retirement, and it could be the key to you having a great retirement. Traditional retirement planning that focuses only on investing just doesn’t work. It doesn’t inspire much confidence or clarity about what your future could be. On this episode, I explain the advantages of pre-tirement and give you some ideas to get you started thinking about it. Listen in to learn why you should consider pre-tirement before retirement! Why is pre-tirement important? Saving and investing for retirement is extremely important. But it is not all of the story. Your nest egg cannot be all of it. It just doesn’t work. As you think about your retirement, consider pre-tirement as part of your plan. It takes some pressure off of the saving mentality and allows you to build a better life when you do reach full retirement. On this episode, I give you a number of reasons why pre-tirement is important, explain the advantages, and suggest ways you can go about it. Listen in and get started on planning your pre-tirement! Pre-tirement offers numerous financial benefits Pre-tirement (thinking of retirement like a dimmer switch) offers numerous financial advantages over full retirement (the on-off switch). On today’s episode, I will explain how pre-tirement benefits you in terms of preserving investments, delaying Social Security, reducing health-care costs, and moderating spikes in post-retirement spending. Listen in to learn what you need to know about pre-tirement and how it could save your retirement! Pre-tirement offers qualitative advantages that you could miss out on with full retirement As you are planning your retirement, qualitative considerations are as important as financial ones. When you treat retirement like an on-off switch, you miss out on a number of qualitative advantages that come with treating retirement like a dimmer switch, by embracing pre-tirement. Join me on this episode to learn about the difference that pre-tirement can make in your social network, your sense of purpose, and in your mental and physical health and motivation. What can I do to start exploring pre-tirement? You want to start planning your pre-tirement sooner than later. On this episode, I describe several steps you can take to get started and provide a few questions you can begin thinking about. Should you stay in your same industry or do something different that you love? How do you go about building a new network? What opportunities should you consider? Listen to this episode of The Retirement Answer Man Podcast for answers to these questions and more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] What is pre-tirement? [0:33] Why do I need something different than traditional retirement planning? [2:23] Disclaimer HOT TOPIC SEGMENT [3:04] Why Americans are still not confident or ready for retirement. PRACTICAL PLANNING SEGMENT [5:38] What excites you most about retirement? [7:30] What does pre-tirement look like? [12:24] Why is the pre-tirement phase important? [14:57] Transitioning into retirement is a period of significant change. [15:35] Pre-tirement preserves your savings. [17:29] Pre-tirement allows you to delay Social Security and keep your full benefit. [19:49] Pre-tirement can reduce health-care costs. [21:34] Pre-tirement can help you moderate post-retirement spending. [23:45] Pre-tirement helps you maintain a robust social network. [26:42] Pre-tirement can help you maintain a sense of purpose. [28:25] Pre-tirement supports your mental and physical health. [29:10] Getting started tip #1 - Start planning earlier than later. Questions to ask. [31:09] Getting started tip #2 - Build your networks. [32:19] Getting started tip #3 - Be open to opportunities. [32:50] A few ideas for pre-tirement work TODAY’S SMART SPRINT SEGMENT [34:17] Think about what you might do in a pre-tirement phase. (Share it with me so I can share the ideas on another show). THE HAPPY LAB SEGMENT [35:12] Want to be happy? Focus on how you respond to things. RESOURCES MENTIONED IN THIS EPISODE Book: Built to Sell, by Book: The One-Hundred Year Life by Lynda Gratton and Andrew Scott Martin Miller, Career Pivot Episode 98 with Michael Kitces Ask Roger a question Abe & Louie’s Steakhouse, Boston 3-Video Series: 5 Minute Retirement Makeover Contact Roger Joe Saul-Sehy of Stacking Benjamin’s - hosting podcast meet-up at McFadden’s Anaheim on Tuesday, August 22 at 7:30 pm Six-shot Saturday (Scroll down to a box on the right to subscribe to this weekly e-mail). Roger’s retirement learning center The Retirement Answer Man Facebook page

If you want a great retirement, you don’t need better answers, you need better questions. Pretty much everyone in financial advice and the media want us to stay with tactical questions like “How should I allocate my investment account?” “Are interest rates going to go up soon?” and “Am I saving enough?” These tactical questions are like tools in a toolbox that can’t be used well until after you decide what you are building! On today’s episode, I’m going to suggest some better questions that will help you make better decisions. You’ll learn to start with the design and work your way down to the tactical decisions for a great retirement. Address the incongruence between your financial worries and what you are actually doing A recent Gallup poll pointed out the top three financial worries in America. On this episode, I’ll share those with you and point out the ways that our actions tend to be incongruent with what we are concerned about; how we often are not actually doing anything that addresses the concern about not having enough money for a great retirement. Listen in and get motivated to take specific steps that can actually help to mitigate the financial worries that you have. Power questions you can ask when you’re feeling stuck on a decision When you’re feeling stuck on a decision, it’s important to be able to step out of the immediate moment and ask questions that will help you move forward. On today’s episode, I’ll share a couple of power questions that can help you get unstuck and get a clear vision of what really matters to you. Don’t look for better answers, listen in and start asking better questions so that you can move forward towards a great retirement. Key questions to ask when you’re thinking about your future When you are thinking about your future and a great retirement, it is important to ask yourself some good questions that will help you envision what you really want. On this episode, I’ll give you some key questions to ask, not only as you are planning your retirement, but also along the way into and through retirement as your goals and priorities change. Listen to learn the questions that matter far more than just what you should do with your portfolio. Keep good questions in front of you to help you make better decisions Asking good questions is essential to a great retirement. On this episode, I’m sharing what I think are the important questions to have in front of you. This week’s Smart Sprint is to write those questions on a card and keep them top of mind for a week so that you can refer to them whenever you are in a quandary and use them to help you make better decisions. Listen to today’s podcast to start asking yourself good questions and taking steps to get out of the tactical world and start taking intentional action to build the life that your 90-year-old self is going to be proud of.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] Tactical, transactional questions are great, but should never be discussed first. [2:32] Disclaimer. Don’t take advice from me on this show. HOT TOPIC SEGMENT [3:02] The 5-minute Retirement makeover - not your parents’ retirement planning. [3:53] America’s top three financial worries. [5:09] The incongruence between financial worries and what people are actually doing. PRACTICAL PLANNING SEGMENT [8:36] Design first, and work your way down to tactical. [12:16] Question #1 - “If I knew the answer (hypothetically), what would it be?” [14:00] Question #2 - “What would my 90-year-old self want me to do?” [16:19] Question #3 - Do I still want to do this? [17:30] Question #4 - What does this make possible? [18:40] Question #5 - How does this help me towards my goal? [20:08] Question #6 - What can I do next? [21:24] Get out of the tactical world and start taking intentional action that to build the life that your 90-year-old self is going to be proud of. TODAY’S SMART SPRINT SEGMENT [22:08] 7-day goal: Keep the focusing questions top of mind and refer to them to make better decisions. THE HAPPY LAB SEGMENT [23:04] In a dinner group, try to get everyone focused on one conversation instead of all the side conversations. RESOURCES MENTIONED IN THIS EPISODE 3-Video Series: 5 Minute Retirement Makeover Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

The top financial stress in America, according to a Gallup poll, is not having enough money for retirement. Some people choose to ignore it to avoid the stress, but for others, the worry is a motivator to be proactive and get moving in the right direction. In this podcast interview with Emily Guy Berkin, we will discuss why there is so much financial stress, how to get a better understanding of your relationship with money, and specific steps you can take to decrease your stress about money. Listen in and stop financial stress now! What does money mean to you? Money is just little green pieces of paper. It doesn’t have any meaning except for the meaning that we humans assign to it. In today’s podcast interview, Emily Guy Berkin gives us tools to help us start thinking about what money means to us, how our relationship with money changes over time, and the influence of our culture on how we think about money. Listen in and begin to identify the meaning of those little green pieces of paper in your life. How has your relationship with money changed over time? Your relationship with money changes throughout your life. One really big change in your relationship with money is when you retire and no longer have a job. We often don’t prepare for the emotional stress that comes with this change in relationship. Listen to this episode of The Retirement Answer Man podcast to learn to identify your relationship with money, manage the change in your relationship with money, and decrease the financial stress that often comes with retirement. Financial security is a myth Financial security is a myth, and pursuing it can be destructive. Find out why on this episode of the Retirement Answer Man podcast, where I talk with Emily Guy Berkin about how the idea of financial security can actually contribute to our financial stress and be counterproductive. Listen in to learn about what matters more than building a big nest egg and how you can take steps to reduce your financial stress regardless of how much money you have saved up. How to decrease your financial stress What would it mean to you and to your family if you could stop the financial stress that you are facing as you head into retirement? In today’s interview with Emily Guy Berkin, we will discuss how to identify what money means to you and to recognize when you are doing things that are counterproductive. Listen in to learn how to bring your mind back into the way you use money and to recognize when your emotions about money may be leading you down the wrong path. If you want to stop financial stress, then this episode is for you! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Financial stress comes when life seasons change. [2:37] Disclaimer - Don’t take advice from Roger Whitney on this show. [3:12] Getting confidence and clarity about managing your financial life in retirement. HOT TOPIC SEGMENT [4:05] The top financial worry in America is not having enough money for retirement. PRACTICAL PLANNING SEGMENT [6:54] Introducing Emily Guy Berkin. [7:26] Emily’s experience with financial stress. [10:00] The meanings we put on money cause our financial stress. [11:49] How has your relationship with money changed over time? [13:59] The messages of our culture influence the way we use money. [16:56] How to decrease financial stress. [19:32] Financial security is a myth. [22:33] How to manage the day-to-day spending. [24:43] Helpful tools can be found in Emily Guy Berkin’s book, End Financial Stress Now. TODAY’S SMART SPRINT SEGMENT [25:21] Identify one area of your life where you have financial stress, and take one proactive action to deal with it. THE HAPPY LAB SEGMENT [26:12] It’s a great feeling when you can help direct a young life. RESOURCES MENTIONED IN THIS EPISODE Book: End Financial Stress NOW by Emily Guy Berkin Emily Guy Berkin on Twitter Emily Guy Berkin’s website Mint financial management app 3-Video Series: 5 Minute Retirement Makeover Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Have you ever considered that it might be advantageous to retire overseas? Where your home will be when you retire can dramatically change what the landscape might look like financially. There is a growing trend of Americans retiring outside of the country. Should you be one of them? That’s the topic of today’s episode and interview with Keith & Tina Paul, who are retired and living in Cuenca, Ecuador. Listen in to get a glimpse of what it is like to retire overseas and find out how you can begin exploring the idea. The top ten countries for retirement living There can be some huge advantages from a financial perspective if you have the spirit to do something like retiring in another country. On this episode, we’ll talk about those advantages and I’ll tell you the current top ten countries for retirement and give examples of how much it costs per month to live there. If you think, even for a moment, that you might like to retire overseas, then this episode of the Retirement Answer Man podcast is for you! A window into overseas retirement living What would it be like to retire in another country? How would you go about finding a place? Keith and Tina Paul, of RetireEarlyandTravel.com, are retired and enjoying life in Cuenca, Ecuador. On today’s episode, they share their story of how they planned, researched, and found their new home and what it is like for them to live there. Listen in and enjoy this glimpse into what it is like to retire overseas, and then take my Smart Sprint challenge to dream a little! I’d like to retire overseas, but what about . . . ? If you are thinking about retiring outside of the US, you likely have a number of questions and concerns. What about health care? Would I feel isolated? Is it safe? These questions and more are addressed in today’s podcast interview with Keith and Tina Paul. Listen in to find out why they think the health care is even better, their experiences in connecting with people, and what the crime rate is like where they live. If you have questions about the wisdom of a decision to retire overseas, you will love this episode of the Retirement Answer Man! Home is where the heart is Do you feel that a different house in a different location will never feel like home? I know exactly what that is like. On today’s Happy Lab segment of The Retirement Answer Man podcast, I’ll tell you my story and how I found out that home really isn’t a house. It’s where your heart is. And your heart can change locations. If you’re feeling concern about moving to a different home or a different country, today’s episode just may give you the encouragement that you need. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Choosing to live somewhere less expensive can buy you retiring 3-4 years earlier. [3:25] Have you watched the 5-minute makeover videos yet? HOT TOPIC SEGMENT [4:16] There is a growing trend of Americans retiring outside of the country. [5:08] The top ten places to retire overseas. [06:30] Use your vacation to explore places you might like to live. PRACTICAL PLANNING SEGMENT [08:15] Introduction to Keith and Tina, bloggers of RetireEarlyandTravel.com. [9:14] How did two American professionals end up moving internationally? [11:01] Keith and Tina’s criteria, research, and visit to find a place to retire overseas. [15:27] If you retire overseas, what about health care? [17:04] Does retiring in another country make you feel isolated? [20:27] Do you feel a lack of purpose because of the overseas retirement lifestyle? [22:23] The financial aspects of overseas retirement. [23:34] What to look for when considering retirement outside of the US. [25:11] Is it safe to retire overseas? [26:30] You need a bit of a sense of adventure. [27:45] Do I need to know the language? [29:29] What about 15-20 years later, when you are starting to slow down? [30:58] To do this, you don’t actually have to retire. THE HAPPY LAB SEGMENT [32:03] Home is where the heart is. THE SMART SPRINT SEGMENT [34:22] 7-Day Challenge: “What if?” questions to get you started talking. RESOURCES MENTIONED IN THIS EPISODE 3-Video Series: 5 Minute Retirement Makeover Keith & Tina’s Blog: Retire Early and Travel International Living - Short list of best countries to retire in. Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s Retirement Learning Center The Retirement Answer Man Facebook page

Do you want to have a great retirement? Make sure you value the right things. It is possible to make a million dollars and feel poor, or to make $60K and live a rich and full life. On today’s episode, Jason Parker joins me to talk about how to calculate your retirement spending and make wise choices that will benefit you long-term in your retirement years. Listen in to learn about the new software tool that Jason has developed that helps with this process and to find out how you can get started on counting the cost of retirement. The empty-nester lifestyle can be wonderful . . . and dangerous As empty-nesters, there are many opportunities for us to spruce up our homes and enjoy some time freedom that we have not had in years. But there is a danger with the spending increase that can come along with this life phase as well. On today’s hot topic segment, I’ll explain what I mean by this danger, and how you can avoid falling into it. Listen in to learn to count the cost and prepare well for retirement spending. Understanding your spending is key to your retirement cash flow plan Did you know that the more income people have, the worse they are at understanding what they are spending? As Jason Parker says in this episode, one of the most important pieces of a good retirement cash flow plan is understanding your spending. Listen to today’s interview to find out why you need to count the cost on your lifestyle, how you can get a clearer picture of your spending, and where to find a great software tool that will help simplify the process. A simple tool to estimate retirement spending Jason Parker, host of the Sound Retirement Planning podcast, has developed a software tool that can help you understand your current spending and help you plan for retirement spending. On this episode, Jason talks with me about how this new tool came about, how it works, how it is different from other budgeting tools, and where you can get it. My listeners will get 50% off, so be sure to listen to the podcast and get the coupon code. It’s never too soon to start planning for retirement costs Whether you are retiring next month or in 20 years, getting a clear understanding of your spending is an important part of your overall financial well-being. On this episode, Jason Parker and I talk about the importance of calculating your spending and your retirement costs and explain how to do it. We cover how to account for costs that don’t fall into your monthly expenses and how to balance your money so that you don’t run out too soon. Listen in and then take my seven-day challenge to begin getting a clear picture of your spending. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Make sure you value the right things. Don’t build a financial cage that gives you no options in life. You can make a million and feel poor and scared, and make 60,000 and live one of the richest lives. Conversation on spending and counting the cost for retirement. Jason Parker[3:13] Disclaimer[3:53] Traditional retirement planning doesn’t work. Doesn’t give you much confidence about the future. Just completed a 3 video series called the 5-minute retirement makeover. Go to fiveminuteretirementmakeover.com.HOT TOPIC SEGMENT [5:09] How empty nester lifestyle creep can mess up your retirement. Kids are leaving, you’re making more money than you ever have, starting to define your life without kids. Can also be dangerous. You have more time freedom. Can explore other activities. Can update the house, etc. Re-nesting as an empty nester. But, when you increase your lifestyle, it’s always hard to scale back again. You can expand your lifestyle in your 50’s and then it’s hard to maintain when you retire. PRACTICAL PLANNING SEGMENT [09:49] How do you count the cost on your lifestyle?[10:57] How accurate are you when it comes to what you think you spend?[14:49] How to account for costs that are not included in your monthly spending.[19:34] Can you afford “Go-Go” years?[20:21] The Retirement Budget Calculator is different from other budgeting tools.[23:53] How you can approach using the budget calculator without being overwhelmed.[25:05] When should someone start counting the cost for expenses in retirement?[27:39] How safe is the data on the Retirement Budget Calculator software? TODAY’S SMART SPRINT SEGMENT [30:23] 7-day goal: Get a clear picture of your monthly spending. THE HAPPY LAB SEGMENT [31:31] Get excited about your purpose instead of your things. RESOURCES MENTIONED IN THIS EPISODE Sound Retirement Planning podcastRetirementBudgetCalculator.com (50% discount with coupon code “Roger”)Roger’s Five Minute Retirement Makeover videosContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

There is a lot of weird science out there when it comes to investment management. But if we’re going to be successful in investing for retirement, we need sound science. Last time we talked about asset allocation for the flexible portion of your portfolio. Today we’re going to talk about the science behind the fixed portion. Index-based investing is currently the popular way to manage this side of your investments. But remember, you want to “know what you own and know why you own it” (Peter Lynch). Listen to this episode and follow through with the 7-day goal to gain a better understanding of what you own and why! What is an investment index? Index-based investing is taking over the world. But what, exactly, is an index? It is not something you can invest in directly. It is a mathematical model that represents a broad swath of the US equity markets. Index-based investment products try to mimic the model. On this episode, we’ll use the S&P 500 index as an example and explain how it works. Listen in to learn more about what the index is and how it affects asset allocation in your portfolio. Following an index when allocating assets might boost your retirement Index-based investing has a few distinct advantages, one of them being lower cost. As I explain the science behind an index, using the S&P 500 as an example, I will describe the factors that reduce costs for index-based investments and make them more efficient. Listen in to learn how index-based asset allocation can benefit your portfolio. Your retirement might suffer if you follow the S&P 500 When looking at index-based investments, there are nuances to consider that may be disadvantages. On today’s episode, I will explain how the S&P 500 index works, and why it can be great when huge companies are doing well, but concerning if they are not. I’ll also describe how the changes made annually to the index can result in inefficient trading and higher prices. Listen in to learn about index-based asset allocation so that you can know what you own and why you own it. Are there options other than an index-based product for the fixed portion of your portfolio? It is important to carefully consider your options when investing. While index-based products are the popular “go-to” for the fixed portion of your portfolio, there are other options out there. On this episode, I’ll talk about these options, which for some people may be a smarter way of investing. Listen in to learn about index-based asset allocation, other options, and what you can do in the next seven days to get a better understanding of what you own. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] There is a lot of weird science when it comes to investment management.[1:04] How do you go about thinking about the fixed allocation to index-based portfolios?HOT TOPIC SEGMENT [2:22] Index-based investing is taking over the world.PRACTICAL PLANNING SEGMENT [6:28] How do we choose managers to invest the passive/fixed part of a portfolio?[8:08] What is an index?[9:42] What are the advantages of following an index like the S&P 500?[11:09] What are the potential disadvantages of following an index like the S&P 500?[18:29] Are there other options out there?[20:09] Focus on the things you can control.[21:21] Please send me your questions about this topic or series.TODAY’S SMART SPRINT SEGMENT [21:58] Get a better understanding of what you own by looking at the fact sheets.THE HAPPY LAB SEGMENT [23:06] Take some time to appreciate someone else and to acknowledge appreciation you receive.RESOURCES MENTIONED IN THIS EPISODE The Five-Minute Retirement MakeoverContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

David Booth once said, ““The important thing about an investment philosophy is that you have one.” But how many people who are actively planning for their retirement actually DO have one? You’d probably be surprised to know that much of the planning side of “retirement planning” is pretty haphazard. Even among investment advisors. But I've learned that it’s vital to know what your goals are and WHY you invest in certain types of investments so that you can know if what you’re investing in will get you to your goals. Does that make sense? On this episode of The Retirement Answer Man, I’m going to walk you through “5 Ps” of a good investment philosophy that you need to consider in order to make the best choice for reaching your goals. When it comes to investment philosophy, all we care about is repeatability. When you assess the investment opportunities before you, there’s really only one thing you should care about in the long run. That’s what I call “repeatability.” Will the investment you’re considering continue to perform at the rate and along the line of what it’s done in the past? That’s a pretty difficult question to answer when you get right down to it. That’s why I have decided to publish this episode of the show, to walk you through the things I consider when doing my “due diligence” part of helping a client determine their investment philosophy. It takes some time, but it’s worth it to ensure that what you’re investing your money in is actually going to give you the outcome you want. To assess an investment philosophy, look at People, Parent, Process, Performance, and Product. When it comes to the analysis of a potential investment you need to look deeper than the returns it’s currently getting. There are a number of factors that impact that return and looking deeper will provide you the opportunity to see patterns in a number of areas that will indicate whether that return is normal, will continue or can be expected to taper off. So what should you look at to make your decision? I call them “5 Ps” - People, Parent, Process, Performance, and Product. You can hear what I mean by each of those and even how I go about assessing them, on this episode of The Retirement Answer Man. Why it’s important to know something about the people behind an investment fund. One of the things most investors don’t think about when it comes to assessing an investment fund is that they need to keep abreast of the goings on within the company that is managing their investment. That means knowing something about the individuals who manage the fund and make the decisions about how it will be run. If you’re able to see patterns in the behavior and decisions of those individuals, or if you see that personnel changes have taken place within the investment firm, you’re able to pay closer attention to see how or if that change is going to impact your investments. But if you aren’t paying attention in the first place, you could experience outcomes you weren’t expecting. Find out more about how to assess the people behind your investments, on this episode. I don’t consider any investment that has less than 10 years of track record. Your investment philosophy needs to be built on a solid set of data, clear numbers that indicate why the investment choices you make are good choices for your goals. One of the things I have made a rule of thumb for myself (and therefore my clients) is that I won’t even consider an investment possibility that has a track record of fewer than 10 years. Why? Because there’s simply no way I can tell how the investment will perform. Any recommendation I make to a client in that scenario is nothing more than a guess.... And my clients deserve better than that. On this episode, you can hear how I go about assessing an investment’s track record to help my clients attain their retirement goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:31] My decision to get on the “smart thermostat” bandwagon![4:30] Considering your investment philosophy decisions in the same way: not always the best approach.HOT TOPIC SEGMENT [7:53] The 2017 Mutual Fund Landscape Report - the highlights.[12:37] Taking a look at the winners in the report and how they did the next year.PRACTICAL PLANNING SEGMENT [16:15] How DO you actually choose the right strategy for your “flexible” investments?[19:30] Things to be aware of when it comes to making your decision.[22:00] Most advisors don’t have a detailed “due diligence” process they use to assess investment options.[23:56] Learn about the people behind the investment.[26:11] It’s vital to know something about the “parent” company behind the investment.[27:52] What type of process is used to manage the portfolio?[32:10] What role does performance play in assessing an investment philosophy?[35:04] What is the specific product you’re looking at?[36:16] An example from the 1990s to show you why these things are important.TODAY’S SMART SPRINT SEGMENT [38:35] Look at your holdings and write out why they make sense: Are they helping you achieve your goals?THE HAPPY LAB SEGMENT [39:08] Two friends who experienced abrubt changes in their lives and how they reacted postively.RESOURCES MENTIONED IN THIS EPISODE Nest ThermostatEcoBee ThermostatContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan  

“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life. Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement? Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility. Tie your investment strategy to the goals that you want to achieve Asset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement. The “Fixed and Flexible” approach to retirement investing The way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility. Evaluate your investment types according to your retirement goals In the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] Why learn the formulas?[4:03] How do we break some of these rules to serve us in creating a great life?[4:20] Disclaimer. HOT TOPIC SEGMENT [5:05] Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?[8:56] What are the benefits of the asset allocation model?PRACTICAL PLANNING SEGMENT [14:03] Asset allocation is a sound framework for investment decisions, but not the entire solution.[15:52] The “Fixed and Flexible” approach - asset allocation.[21:56] The “Fixed and Flexible” approach - Actively managed investment vehicles.TODAY’S SMART SPRINT SEGMENT [32:46] Identify what types of investment mandates your funds have.THE HAPPY LAB SEGMENT [34:04] Scott & Jeannine Fitzgerald. Children’s Book - Buddy Pegs podcast. Kickstarter for new book Buddy Pegs Taking the Lead.RESOURCES MENTIONED IN THIS EPISODE Buddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter)Contact RogerRoger’s retirement learning centerThe Retirement Answer Man Facebook page