Retirement Answer Man

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

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

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

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

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

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

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

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

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