Retirement Answer Man

Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisory Services, delves into the psychological hurdles retirees face in shifting from saving to spending. He highlights the struggle many experience with frugality and provides practical strategies to embrace spending confidently. The conversation emphasizes the importance of experiences over accumulated wealth, urging listeners to prioritize meaningful moments with loved ones. Discover how to overcome regret aversion and transform your retirement into a fulfilling journey, rather than holding back out of fear.

Discover the vibrant life in a Florida retirement community through Brad's eyes. He shares his journey from Iowa and the thought process behind moving to The Villages. Listeners learn about the energetic lifestyle, rich activities, and strong community ties that define retirement living. Brad offers valuable insights on making the leap to a 55+ community, highlighting both the joys and challenges. This engaging conversation encourages everyone to envision their ideal retirement living arrangements.

In this insightful discussion, Michael Kitces, Chief Financial Nerd at Kitces.com, shares his expertise on retirement planning. He emphasizes the necessity of flexibility in financial strategies, steering away from rigid models. Kitces also explains how to choose a planner that prioritizes your unique goals over mere finances. Plus, he evaluates the risks of having excess wealth as you age and the importance of proper decision-making processes. Tune in for practical tips that can transform your retirement journey!

Christine Benz, a seasoned retirement planning journalist from Morningstar and author of 'How to Retire,' shares her invaluable insights about retirement. She discusses the significance of combining financial and emotional elements in planning. Topics include the complexities of long-term care, the practicalities of the 4% rule, and custom investment strategies. Benz emphasizes the need for simplification and the importance of personal stories in retirement, making it clear that a holistic approach is key to a rewarding retirement experience.

This conversation kicks off with inspiring stories from listeners embracing their retirement dreams. It also addresses a listener's dilemma about retiring early after a job loss, breaking down financial scenarios and potential challenges. The hosts reflect on their own travel adventures, highlighting memorable moments on a road trip and exploring the joys of newfound freedom. They discuss the allure of travel through the experiences of nomadic lifestyles, emphasizing how exploration enriches life while offering practical financial insights for a fulfilling retirement.

Discover how to ensure your retirement plan is on track by diving into the idea of 'productive paranoia.' Learn to identify common mistakes and embrace strategies for quality checking your financial goals. Engaging techniques, like verbalizing your plans, can enhance clarity and decision-making. Additionally, hear a heartfelt travel story that highlights the joy and meaning found in exploring new places during retirement. This enlightening discussion empowers you to navigate your retirement journey with confidence and purpose.

The podcast dives into the emotional journey of transitioning to retirement, sharing a listener's challenges. It emphasizes the importance of rebalancing financial portfolios and adapting to life's changes. Practical tips are offered for updating spending and income estimates to maintain financial accuracy. The conversation also celebrates the adventures of retired travelers, highlighting group travel experiences and the connections made along the way. Solo travel stories inspire listeners to embrace independence while navigating new horizons.

In this lively discussion, Andrew Motiwala, founder of A Good Life Abroad, shares his expertise on enhancing retirement travel experiences. He explores the emotional and social benefits of travel for retirees, emphasizing the importance of community and support while living abroad. Listeners learn practical tips on overcoming common obstacles like health and financial concerns. Andrew highlights the joy of short-term immersive living in vetted accommodations, helping retirees seize the adventures they've always dreamed of!

In this discussion, the importance of the retirement planning process takes center stage over fixed plans. Life is unpredictable, so adaptability is key. Personal anecdotes provide insight into how experiences shape confidence in retirement. The four pillars of retirement planning serve as a flexible guide, highlighting what truly deserves your attention. Listeners are encouraged to embrace the journey of planning, learning to refine strategies as circumstances change.

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