Retirement Answer Man

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

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

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

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

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

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

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

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

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

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