Retirement Answer Man

When you think about leaving a legacy do you immediately think about passing on your assets? What may be more important than passing on money is leaving behind a nonfinancial legacy to those that you love. Have you considered how you will do this? If you would like to leave more than just a trust fund to your family then you won’t want to miss this episode of Retirement Answer Man. You’ll learn about setting a nonfinancial legacy objective, plus strategies, tactics, and more. Should you panic about a bear market? I just want to acknowledge that it can be challenging to have confidence in your retirement plan right now. We are now in a bear market which means that stocks are down 20% from their highs. That can give you plenty of anxiety, but since that bear market is paired with decreasing bond prices, this can lead to outright panic. Now is the time to reflect on your retirement plan. If you have created an objective-based agile retirement plan you will be able to weather this storm. Have confidence in your strategic plan. What is the objective of leaving a nonfinancial legacy? It will be nice to leave money for your loved ones but wouldn’t you like to leave more? To truly leave a legacy you need to be an exemplar. An exemplar is defined as one who serves as a role model or an example. Even if there is a gap in where you are in life and where you would like to be, your children and grandchildren are learning how to navigate the world based on your example. They emulate you, so being an exemplar is the best nonfinancial legacy that you can create. The more you can encourage others the better exemplar you will be. To encourage means to give courage to someone else. Give your loved ones the courage to lead their best lives. Help them on their journey to be their best selves. You can use finances to help others on their journey but encouragement is even more important. Strategies to use to leave a nonfinancial legacy Life is full of the mundane, the day today. But the peaks, pits, and transitions are the flagship moments that we remember. These are the moments that influence how we view the world. If you can help someone during one of these moments in their lives, it may go a long way in transforming their future. You can help your community by looking out for these moments in their lives and accentuating them. During the peaks, help them to put an exclamation point on that moment in time so that they can look back and reflect on that high. You won’t be able to fix their pits, but you can show up and help them through. An encouraging word can help mark transitions in ways that you may not predict.Fill in the pits. Mark the transitions. Celebrate the peaks. This is how to leave a lasting legacy.Listen in to hear how you can help your loved ones be the best versions of themselves through your nonfinancial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:22] What is the objective of leaving a nonfinancial legacy?[9:05] Strategies for leaving a nonfinancial legacy[17:55] Tactics for creating a nonfinancial legacyLISTENER QUESTIONS [20:52] How to use a solo 401K[28:28] Should you buy one $10,000 Ibond or multiple smaller amounts?[31:02] The pro-rata rule and Roth conversions[35:35] How can non-sporty people add exercise into their lives?TODAY’S SMART SPRINT SEGMENT [39:37] Listen to somebody with full presenceResources Mentioned In This Episode BOOK - The Power of Moments by Chip HeathBOOK - Giftology by John RuhlinBOOK - Tiny Habits by BJ FoggIndividualK.comCheck out Boomer Benefits, their services are free to you!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We all want to leave a legacy behind after we pass. The legacy you chose to leave is up to you. This episode is part of a 5 part series on leaving a lasting legacy. Today’s episode focuses on leaving a financial legacy. Make sure to look out for the next episode so that you can learn how to leave a non-financial legacy. Subscribe to 6-Shot Saturday We also have the answers to several listener questions on this episode and many others. To submit your own questions for me to answer on the show simply hit reply to the 6-Shot Saturday newsletter. If you aren't subscribed, consider signing up to receive a weekly summary of the show along with any helpful links or tidbits that I find interesting and want to pass along. The difference between estate planning and financial legacy  Estate planning and leaving a financial legacy are not the same. There is a difference between the two. When you pass away you will leave behind property, financial assets, and maybe some liabilities. Estate planning is the official process of closing the books on your financial life. If you leave behind more assets than liabilities then those assets will have to go somewhere. The probate process spells out how that will work. You get to decide how to distribute your assets. When deciding who will receive your assets it is important to analyze the outcomes you are trying to achieve. This process is the way to leave your financial legacy. Planning the outcomes  If you are married, it is important to ensure that your surviving spouse financially secure. That is usually the first consideration in leaving a financial legacy. Those that have children often choose to leave their legacy to their children, others choose to leave their bequeath to friends or charitable organizations. It is important to remember that if you don’t approve of the financial trajectory that one of your children is on, you don’t have to enable their poor behaviors. You get to choose who to bless with your assets and how. You do not have to support behaviors that you don’t want to support. There are strategies you can use to help your family while at the same time protecting them from themselves. There are obstacles that could stand in the way of achieving the financial legacy outcomes that you desire. Our culture makes discussing money a taboo subject. This could stand in the way of the outcome you seek. Many people avoid planning their legacy and choose to ignore this type of plan. A lack of planning will mean that you won’t achieve the outcome you seek. Strategies and tools to leave a financial legacy When you pass you’ll want to transfer your assets as efficiently as possible. While a will is the first tool that you should have in place, many people are surprised to realize that a will is not that efficient since it must pass through probate. There are other ways that you can pass your assets on to those you love without having to go through the probate process. A living trust is a revocable trust that bypasses probate. The trust document not only states who receives the assets, but it can also define how those assets are managed.Another way to efficiently manage your financial legacy is through beneficiary designations. By designating your beneficiaries in your IRAs and 401Ks these assets will bypass probate and flow to your chosen beneficiaries. Make sure that you revisit your beneficiaries regularly to ensure that they are up to date.Listen in to hear tactics you can use to leave your legacy both during your life and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:20] Estate planning and leaving a financial legacy are not the same[6:13] What outcomes do you want?[10:45] Obstacles to the outcomes[12:14] Strategies and tools to use to leave your legacy[17:48] Tactics to use to leave a legacy during your life[23:12] The ways you could giveLISTENER QUESTIONS [26:08] Dave’s question on investment classes[35:44] What exactly is the market?[40:11] Carl’s question on selling a large position in one stockTODAY’S SMART SPRINT SEGMENT [44:15] Be courageous. Act in the presence of fearResources Mentioned In This Episode LTCI PartnersMake sure that you are signed up for the 6-Shot Saturday newsletter!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Have you considered the legacy you will leave to those whose lives you touch? Does leaving a legacy need to be financial or something more? This month we explore how to leave a lasting legacy in an organized way. You’ll learn the ways that you can leave an enduring legacy during your life and beyond. Today we are defining legacy and noodling on what that means both financially and non financially. Next week, we’ll discuss the different strategies that you can use to leave a financial legacy, the following week we’ll explore non-financial legacies, and in the 4th episode of this series, you’ll learn how to create your own legacy strategy. Live a life true to yourself Some people are spurred into retirement because they have trouble compartmentalizing work and so it bleeds into other areas of their lives. They choose retirement to escape the pace of a grueling work life.However, many high performers experience a lot of guilt upon retirement. They may feel an obligation to their team or their clients to continue working and feel held back by other people’s expectations, but living a life true to yourself means letting go of others’ expectations. Learn how to not just survive retirement, but gain the confidence to rock retirement. Sign up for the 6-Shot Saturday newsletter to receive a weekly email with a summary of the answers to the questions from the show, plus links, tools, books, and other resources that will help you on your retirement journey What do you think of when you hear the word legacy?  When you hear the word legacy do you simply think of money or does legacy mean something more? My mom died young–she was only 48 when she passed. When I think back on her legacy I don’t consider the check I received from the lawyer a few months later. Instead, I am reminded of our conversations and debates on how best to live life. You could say that this podcast is an indirect result of her legacy. Mom insisted on living a life of delayed gratification so that she could save for the future–a future that she never got to enjoy. I argued that living life in the present was the way to go. However, finding a balance between living well today and delaying gratification is the best way to live a life without regret. Ultimately, that is what this podcast is all aobut. What does legacy mean?  The dictionary defines legacy as money or property given in a will, or something handed down from an ancestor. When you die you will leave a legacy. What you choose to leave behind is up to you. A nonfinancial legacy includes lessons, memories, and experiences that you share with others. How are you actively working to build a nonfinancial legacy in retirement? A financial legacy could be money, property, or other mementos that generally come to your loved ones in a sterile way. A financial legacy could give your heirs the financial fuel they need to get started or continue on their journey through life. Make sure to tune in next week to hear what tools you can use to build your financial legacy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:35] What do you think of when you hear the word legacy?LISTENER QUESTIONS [14:48] A Daily Stoic blog post[16:14] Responses to Wendy’s question about postponing travel[19:03] A Roth conversion question from Joel[22:22] Joe’s question on planning for inflation[27:12] What should Joe’s CFP be doing in response to the current market conditions?[33:02] Where I learned to fly fish in ColoradoTODAY’S SMART SPRINT SEGMENT [34:17] Expand your thinking on legacyResources Mentioned In This Episode Legacy Is Not for You from the Daily Stoic blogBoomer Benefits - check out their FREE 6-day mini-course!Episode 429 - Should I Retire Earlier If I Have Health Issues?IRS Publication 505Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center 

Navigating the healthcare world in this day and age can make your head spin. It is hard to understand what to believe and what not to believe since there are so many voices telling you their interpretation of the facts. This is why it is important to build a healthcare framework from which to operate. Your healthcare framework will ensure that you get your questions answered so that you can make the best decisions for your health. Building a healthcare decision-making framework is similar to the framework we build for making financial decisions. Dr. Bobby Dubois joins me again today for the last episode in the Functional Health to Rock Retirement series to discuss how to approach medical problems both conceptually and with your doctor. You won’t want to miss this important conversation, so press play to listen. Building a relationship with your primary care physician can help you feel confident in your healthcare decisions Whether you are dealing with a small, medium, or large medical problem it is important to ensure that you receive the right care. The right diagnosis leads to the right procedure, but that all begins with ensuring that you have the right healthcare provider. Many of us don’t have relational currency with our doctors anymore. Gone are the days of the doctor who has treated us and our family for ages. These family doctors have been replaced by the managed care model. Even if you haven’t been seeing your primary care doctor for long, you can try and build a relationship with them that puts them in the quarterback position of managing your overall health care. Listen in to hear how.If this isn’t a possibility you may want to look into finding a concierge doctor. Concierge medicine is an emerging industry that may be beneficial to retirees. For an extra yearly fee, these doctors offer personalized care and direct access since they limit their patient load. Use a systematic way to build a healthcare decision-making framework We all want to embrace life physically for as long as possible; however, at some point in our lives, we are all going to face medical challenges. How you choose to confront those challenges could be critical to overcoming them. This is why it is important to have a framework in place for dealing with health issues. It is important to approach medical problems in a systematic way so that you can organize your decision-making. Building a strong framework starts with asking the right questions To ensure that you get the right care you must be more than just a passive patient you need to be an active consumer that asks the right questions. Rather than creating a list of 100 questions, try to boil them down to 2-4 questions. Understand that doctors operate on a tight schedule, so it can be helpful to let them know that you have questions in advance. You can do this by sending them an email or handing your typed questions to the nurse at the beginning of your appointment. This way you are being proactive yet respectful of their time.After receiving a diagnosis ask your doctor these questions:How long will it last?How severe is it?How resilient am I?After discussing treatment options you can ask these questions:Why do I need this (procedure, surgery, medication…)?What happens if I don’t do it?Are there alternatives?What are the risks associated with this treatment?What is the (out of pocket) cost? What are the costs of the alternatives?Asking your doctor, how often do you see this? can help you to decide whether you should get a second opinion.Remember when putting together your framework for answering questions that a good theory is not evidence. Make sure that there is evidence that the treatment will work. A great question to ask is what is the evidence that supports this theory?The journey of rocking retirement starts with your feet–take that baby step in the right direction now to continue toward your goal of rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING WITH DR. BOBBY DUBOIS [4:06] How to approach medical problems with your doctor[12:25] Ensure that you get the right treatment[19:43] Questions to ask to build a framework[25:50] Randomized trials vs observational studies[31:12] A case study to understand how to talk to your doctor[40:02] A summary of functional health to rock retirementLISTENER QUESTIONS [43:33] How to characterize home equity in planning[49:27] On using an advisor for money management vs. keeping assets in a 401KCOACHES CORNER WITH KEVIN LYLES [56:47] 4 questions to consider to TODAY’S SMART SPRINT SEGMENT [1:10:30] Brainstorm a few of these steps to integrate into your lifeResources Mentioned In This Episode Galleri Cancer testOura RingWHOOPDan Miller 48 Days to the Work You LoveBOOK - Younger Next Year by Chris CrowleyBOOK - The Expectation Effect by David RobsonAndy Panko at Tenon FinancialLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

All this month we have been discussing functional health so that you can ensure your body works well enough to rock retirement. Last week we learned how finding the right exercise plan can help you stay strong enough to do all the things that you want to do when you retire.Today, we learn about the opposite side of the functional health coin: nutrition. You probably know that nutrition should be an important part of your overall health plan, but with so many conflicting diets out there how are you supposed to know what you should eat? Listen in to hear what functional health expert, Dr. Bobby Dubois recommends to maintain proper nutrition in retirement. It’s easy to fall into a nutrition rabbit hole If you head to the bookstore or ask a question on Google, you’ll quickly realize that there are tons of rabbit holes that you can fall into when it comes to nutrition. How can there be so many different ’right ways’ to eat?Before starting the cantaloupe diet or another such extreme measure it is important to understand the science that goes into nutrition. Why evidence-based nutrition is important Many fad diets are based on strong emotions and faux science rather than evidence-based science. Science is a process by which scientists answer questions. First, they come up with a hypothesis and then design a study to prove or disprove that hypothesis. Next, they test their study.Just because a scientist may come up with a beautiful theory doesn’t mean that they have any evidence to back it up. For years scientists figured that people with high cholesterol should restrict their cholesterol intake, but science has recently shown that the cholesterol we eat has little effect on the overall cholesterol in our bodies. Unfortunately, nutrition is a field that has been based on a lot of bad science. It has had plenty of strong theories but little evidence to back up those theories. Scientists all agree that obesity can lead to heart disease One area of nutrition that scientists can agree upon is that being overweight or obese can lead to heart disease and, ultimately, death. This is why it is important to maintain a healthy weight. Maintaining a healthy diet can help you stay at a healthy weight and help your body move more easily. Taking control of your diet can give you agency and help you make a change in your life.Rather than focus on the small details of what you should eat or not eat, it is more important to plan a basic diet. Since every person’s body works differently, a great way to choose the ‘right’ diet is to test it out for yourself. What works for someone else may not work for you. How to construct the ‘right’ nutrition plan It is important to have some humility when it comes to understanding nutrition. Scientists don’t know as much as they should and no one has the perfect nutrition plan, so you should be skeptical of anyone that claims to have the perfect nutrition plan. What we do know is that obesity is a big issue. This is why maintaining a balanced diet of ‘real’ foods is important. Try to shop around the rim of the grocery store to avoid the processed foods that lie in the middle. Next week, you’ll learn more about how to build a functional health framework so that you can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DR. BOBBY DUBOIS [7:10] There are many rabbit holes you can chase surrounding nutrition[14:13] What to focus on in nutrition[16:37] How to know what kind of nutrition is good and what’s bad?[26:58] How the placebo effect can affect diet[31:28] Having proper weight is important[41:20] TakeawaysLISTENER QUESTIONS [44:10] A Windfall elimination program question[47:20] A retirement regret observation[50:26] How to prepare a ‘death manual’ for a spouseTODAY’S SMART SPRINT SEGMENT [57:30] Start preparing a nutritional framework using guiding light principlesResources Mentioned In This Episode EverPlansBOOK - Checklist for My Family by Sally Balch HurmeDan MillerBOOK - How to Lie with Statistics by Darrell HuffBoomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

You may think that having saved a nice nest egg and having a purpose will ensure that you are all set to rock retirement. Unfortunately, you need to think again. Without functional health, you may not be able to enjoy your retirement savings and purpose. Creating a specified exercise plan can ensure that you develop the functional health necessary to do all the things you want to do so that you can rock retirement. Listen to this episode with Dr. Bobby Dubois to learn how to cultivate an exercise plan that will help you accomplish your goals. Don’t let the economy derail your retirement plan Watching the news these days can derail your confidence in rocking retirement. A combination of continued inflation, rising interest rates, and falling stock prices are downright scary when you’re in or approaching retirement. Uncertainty is not something that pairs well with carefully thought-out retirement plans. Some of us think that more data will help us better our plan for the future. However, no one knows what the future holds. Is this all just a blip on the economic radar or is it the start of something bigger?The only thing that remains consistent over time is our values. We can use our values as a guiding light to help us make decisions–especially when everything else is so unpredictable. Basing your decision-making on your values will help you stay agile and apply the protocols you have laid out that will see you through troubling times. Your values are the key to bolstering your confidence in your plan so that you can relax and rock retirement. Why is exercise important to retirement? You already know that you have to have financial means and meaning to rock retirement, but you won’t be able to enjoy either of these things if you don’t have the ability to do everything you want to do in retirement. Your body changes as you age. It starts to deteriorate and that deterioration is noticeable in the blood vessels, bones, and muscles. The depressing reality is that you are fighting a losing battle with your muscle mass. However, you can get ahead of this decline with exercise. Many people are familiar with the concept of doing crosswords and puzzles to keep their minds agile and you can use exercise much in the same way. By starting the aging process with more muscle strength, flexibility, and cardiovascular endurance you will be ahead of the game once mother nature kicks in. Regular exercise protects your body and makes it more resilient so that you can maintain function as you age. Steps to take to form your exercise plan so that you can rock retirement  Developing the right exercise plan starts with envisioning where you want to be in 10-20 years. Think about what you want to be able to do in the future so that you can understand the body that you will need. Consider the muscle groups, strength, balance, and aerobic stamina you will need. Next, analyze what kind of exercise you are doing now to help you reach this goal. Lastly, consider how you can fill in the gaps and start working on the specific movements that will help you achieve your goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DR. BOBBY DUBOIS [9:25] Why is exercise important to retirement?[18:44] Think about where you want to be in 10-20 years[24:44] Generic exercise helps improve the length of life[32:05] Balance is an important area to work on[33:55] How intensely should you focus on this?[36:13] How to factor in limitations to our exercise plan[39:20] Anaerobic strength requires a different set of muscles[42:42] Steps to take to form your exercise plan to rock retirement LISTENER QUESTIONS [45:09] You can withdraw your Roth contributions any time without penalty[47:14] Questions to ask your financial planner as you approach retirement[58:09] My thoughts on the pros and cons of closed-end mutual fundsTODAY’S SMART SPRINT SEGMENT [1:12:45] Evaluate your exercise regimenResources Mentioned In This Episode Don’t miss out on the live webinar on May 19! Register at LiveWithRoger.comAnna Greenberg YogaLTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Purpose and finances are two important legs of the retirement stool; however, a stool needs 3 legs. Finances and dreams don’t mean anything if you can’t function well enough to enjoy them. The often-overlooked leg of the retirement stool is functional health–which is why this month we are focusing all 4 episodes on how to improve your functional health in retirement. Since I am not a health expert, I have invited Dr. Bobby Dubois to join me for this relevant discussion. This week Bobby helps me define exactly what functional health is and why it is important to retirement. In week two we’ll explore exercise and movement followed by week three’s examination of nutrition. On the last episode of this series, you’ll learn how to create your own functional health plan to help you navigate this essential part of your retirement plan. Press play to learn how important functional health is in retirement. What is functional health? We have seen a tremendous increase in longevity over the past 50 years. Now, it is not uncommon for people to live 90+ years. While longevity gives people quantity of life, functional health gives quality of life. Without investing in your functional health you will live longer but your life will suck more. When you are young you can do anything–play a round of pick-up basketball, hike up a mountain, or paint your house. But as you age you quickly learn that you aren’t in shape for everything anymore. Since you lose 1-2% of your muscle mass each year starting in your 30s, by the time you reach your 60s you may not be able to do these same activities with ease. The happiest retirees are those that have a high quality of life and the ability to do the things they want to do. Functional health doesn’t train you to run marathons or win bike races–unless those are goals that you have for your retirement. Instead, functional health can help ensure that you can pick up your grandkids, lift carry-on luggage over your head and into the compartment, or climb ancient cobblestone steps in Europe. How to set up a framework for functional health The best part of functional health is that you have control over how healthy you want to be. Setting up a functional health framework is much like the rest of retirement planning. You will begin with the end in mind. Who do you want to be in your last decade of life? What do you want to be doing when you are 90? Do you still want to be able to golf or hike? Or do you just want to be able to make it to the bathroom by yourself? Whatever your goal is, start from there. Be precise in setting your goals and creating your plan. Just like with a financial retirement plan, you’ll want to personalize your plan based on your goals. Traditional advice, like working out 30 minutes a day 3 days a week or walking 10,000 steps, isn’t the way to achieve your functional health goals. A one size fits all plan won’t work for your health plan just like it won’t work for your retirement plan. Next week, we’ll explore ways that you can use exercise and body movement to achieve your functional health goals. If you have a question or thought regarding functional health respond to the 6-Shot Saturday newsletter or hit the Ask Roger button at RogerWhitney.com to leave a voicemail question. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING WITH DR. BOBBY DUBOIS  [4:56] Why Dr. Dubois volunteered to discuss functional health on the show[9:54] You have to put money in your physical bank to enjoy the life you want to live[13:05] What is important to physical health?[15:34] What is functional health?[19:07] How to set up a framework for functional healthLISTENER QUESTIONS [28:18] When to convert from tax-deferred accounts to Roth[34:45] An SIPC protection question[37:45] Use the Social Security detailed calculator to personalize your earnings[40:07] To pay or not to pay off the mortgageTODAY’S SMART SPRINT SEGMENT [44:37] Think about how well rounded your health regimen isResources Mentioned In This Episode Register for the live webinar on May 19 at LiveWithRoger.comBoomer BenefitsSocial Security detailed calculatorEpisode 407 - Retirement Planning Guidebook With Wade Pfau Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Does inflation have you worried about retirement? If so, you’re not alone. A couple of listeners are looking for ways to inflation-proof their retirement. Can you inflation-proof your retirement?I’ll answer these questions and many more on this episode of Retirement Answer Man. But before we get to our current listener questions we’ll take a look back at a question that was asked earlier this month. I asked you all to help me answer it and today you’ll hear the responses. Listeners’ responses to Wendy’s question  On episode 429, Wendy asked for my thoughts on increasing her savings with the goal of retiring early or whether she and her husband should enjoy life now and travel more given her husband’s recent bout with cancer. After giving my thoughts on the matter, I turned the question over to all of you and I received many responses. One listener remarked that their 1 million dollar savings wouldn’t be enough to fund an early retirement when considering long-term care and health costs. Another listener, Craig, retired early at 62 and regrets not working longer. He feels bored and wishes that he had worked longer while slowing his savings rate. Joe took 3 months off of work, then started back to work part-time. He reminds us that we don’t have to choose between work and retirement. By working a flexible or limited schedule you can take advantage of pretirement and enjoy the best of both worlds. Retirement doesn’t have to be binary. Retirement isn’t about getting to a date–it’s about making the most of the time you have.Kate retired at 56 and is bored. She advises planning how you will create your new life and spend your time in retirement. Choices don’t have to be black and white–find a way to work with the grey areas While Wendy’s question was posed as a choice between two options, it is important to remember that you can go back and forth between the two. Things don’t have to be black and white. You can increase your savings a bit while increasing travel and living life to its fullest now. Don’t wait until retirement to enjoy life since no one is promised tomorrow. We must all live for today while doing our best to make the most out of tomorrow. Listen in to hear Kevin Lyle’s ideas on how to blend work into your retirement plans. Can you inflation-proof retirement? Since inflation has continued to rise more and more people are looking for ways to inflation-proof their retirement. Dave is looking at taking a mortgage on his house so that he can buy rental properties and another listener is curious about using gold as an inflation hedge. A couple of months ago we did a month-long series on inflation in retirement. You can start the first episode of the series here. In episode 423 we explored several inflation-fighting tactics you can use to enhance your retirement strategy. Some of those were I bonds, TIPS, money market funds, and utilizing debt instead of cash to make large purchases. It is important to understand that no retirement plan is inflation-proof. What you can do is ensure that you have a sound retirement strategy in place before rushing into any major decisions. Walkthrough your process and see how the choices align with your values and fit into your retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:40] Looking back at your responses to Wendy’s question from earlier this monthLISTENER QUESTIONS WITH KEVIN LYLES [11:27] A blended retirement questionLISTENER QUESTIONS WITH NICHOLE [20:44] Should Dave take on a mortgage to buy rental properties?[24:30] Is gold a good way to fight inflation?[27:55] The 5-year rule and opening of 2 separate Roth IRAs[29:41] Moving a 401K to a Roth IRA before retirement[31:43] Should Roy liquidate his stock options into cash and buy a 2nd home?[35:55] A rule of 55 question[39:03] Sally wants to consolidate accounts and buy crypto how should she do that/TODAY’S SMART SPRINT SEGMENT [44:26] When trying to decide how to balance life today with saving for tomorrow remember that tomorrow isn’t promised to anyoneResources Mentioned In This Episode Don’t miss the live webinar on May 19!Episode 423 - What Investments Help Protect Me from Inflation?LTCI PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

Today we are continuing our month-long series of listener questions. On this episode, you’ll hear questions about Roth conversions, interest rate-hedged ETFs, pension payments, and the value of dividends as a source of income in retirement. If you are ready to gain the wisdom that you need to rock retirement, press play now. Time to pull out your May calendars Next month we will be focusing on functional health in retirement. You’ll learn what you can do now to get your body in the right place so that you can do all the things that you have dreamed of in retirement. You won’t want to miss the interview we have lined up with a functional health expert, so be on the lookout for this series coming up in May.While you’re planning what to listen to in May, mark your calendar for May 19 at 7 pm CDT for our live webinar. During this interactive session, we’ll be chatting about the market and inflation, I’ll answer some retirement questions, and we’ll discuss the Rock Retirement Club’s open enrollment of the spring 2022 cohort.In this live webinar, you’ll learn more about our inclusive online community of more than 800 members where you can create your financial plan, take masterclasses, and attend online meetups on financial and non-financial topics. If you are looking for a way to meet new, like-minded people in the same situation as you and supercharge your retirement, don’t miss out on the May webinar to hear more about the Rock Retirement Club. How to calculate a pension on a net worth statement One listener has a question regarding pensions on their net worth statement. A net worth statement is a financial statement that lists your assets in one column and liabilities in another. By subtracting your liabilities from your assets you can calculate your net worth.Up until now he has included the lump sum of his wife’s pension in the assets column, but she will soon start collecting her monthly pension, so he no longer knows where to calculate the pension. Once you start collecting your monthly pension, you no longer have an asset. Instead what you have is social capital–similar to your Social Security benefit. Social capital doesn’t belong on a net worth statement; rather, it can be included on a household balance sheet. We use household balance sheets in the Rock Retirement Club when calculating projected retirement budgets. Are interest rate-hedged ETFs a good idea? Interest rate-hedged ETFs trade like stocks and hold like bonds. However, rather than being organic financial products, interest rate-hedged ETFs use derivatives to hedge price movements as interest rates rise. While these ETFs are a great idea, in theory, one problem is that much of your cost in buying these funds goes to the derivatives. Since these ETFs are manufactured and don’t naturally occur, they can be quite costly. Try to avoid these synthetic tools in your investments. Instead of using interest rate-hedged ETFs, you can look at purchasing TIPS (Treasury Inflation-Protected Securities) or I bonds. Another way to achieve the same goal is to build a bond ladder. Listen in to hear how a bond ladder works to see if that would be a good solution to building the bond portion of your pie cake. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:47] My recent win[4:46] My morning routineLISTENER QUESTIONS [7:52] Calculating a net worth statement[10:45] Are interest rate-hedged ETFs a good idea?[15:40] Where to put a lump sum payment so that you wouldn’t have to pay the taxes all at once[17:35] Does the 5-year rule apply in a backdoor conversion?[20:12] The value of dividends as a source of income in retirementTODAY’S SMART SPRINT SEGMENT [24:20] Write it out – Today is the day…Resources Mentioned In This Episode Boomer BenefitsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center

This is a fantastic time to enjoy a pretirement tailwind. If you have ever considered using pretirement as a gateway into full retirement, the job market is desperately searching for experienced talent. Listen in to discover how this cultural shift in the workplace could benefit your retirement plans. On this episode, you’ll also hear the answers to a number of questions from listeners like you. If you are worried about how to shift from saving to spending, wondering how to plan for taxes in retirement, or how RMDs work for married couples then make sure to press play to hear the answers to these questions. Retirement is not binary Traditionally, retirement is considered to be the opposite of working. You work 40 years or so then one day you stop and retire. However, in today’s world, this does not have to be the case.There are plenty of ways that people can incorporate a pretirement phase before retiring fully. I like to call part-time work, consulting, or working a flexible schedule before full retirement pretirement. Pretirement can be a great way to ease into retirement while still benefiting from staying engaged in the working world. Companies are more flexible than ever before The pandemic reframed the way people work. Companies experimented with remote work and flexible schedules and many corporations that tried to reinstate traditional office work ended up seeing pushback from employees.This shift has created a talent shortage in many fields which has led to a desperate need for qualified, accomplished individuals to fill various positions. Since corporations are struggling in their search for skilled labor, many are rethinking their cultural rigidness and becoming more flexible. Many companies have realized that employees can be just as productive or even more so by working from home or on a flexible schedule. This corporate cultural shift has led to a huge opportunity for those that are seeking alternatives to traditional retirement. How to explore pretirement If you have been considering retirement, but aren’t sure if you are ready, consider exploring the boundaries with your current employer. You may be able to negotiate a 3 day a week schedule or a 100% remote position. If you have already retired and would like to enjoy the stimulation of working without the limitations of a full-time schedule, now is a great time to cash in on your career capital by reaching out to your network to explore your options. You may discover the right part-time, consulting, or contract position that allows you the time freedom of retirement while enjoying the mental stimulation and income of the working world. How to go from being a saver to becoming a spender? Since you have been saving for retirement your entire working career, making the transition to spending that savings takes a huge shift in mindset. One reason for this is the money scripts that we have ingrained in our minds since childhood. Money scripts are the stories we tell ourselves about money. Changing your money scripts will not happen overnight. In retirement, you will have to transition from saving to spending, but this isn’t as easy as flipping a switch. It is a process that you will slowly become comfortable with as you ease into your new life. It will take time, but slowly you will lean into the changes in your life and you will become comfortable with your new life rhythm. Listen in to hear how you can make the shift in mindset from a saver to a spender. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Enjoy the pretirement tailwindLISTENER QUESTIONS [7:08] How to go from being a saver to becoming a spender[12:55] Why Bob is lamenting being born in 1960[15:41] How to access a solo 401K plan[17:56] Deciding whether to keep a group universal life plan after retiring[21:10] How to include taxes as future liabilities[24:33] RMDs for married couplesTODAY’S SMART SPRINT SEGMENT [25:27] Reframe the idea that retirement is binaryResources Mentioned In This Episode  LTCI PartnersBOOK - So Good They Can’t Ignore You by Cal NewportRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyWork with RogerRoger’s Retirement Learning Center