Retirement Answer Man

Last week in Retirement Plan Live, Trish dreamed up big dreams for her retirement. In this episode, we are going to outline her resources to see if she has the ability to fund those dreams. Organizing your resources is an important step in retirement planning. Listen in to learn how important it is to plan what you want to use your resources for, and let’s see if Trish has what it takes to build her retirement dreams.  What is a resource? A resource is a natural source of wealth or revenue. It is also a natural feature that enhances the quality of life. It’s what you do with your resources that matters. If you are listening to this show you are probably over 50 which means that you have spent decades building your resources. You’ve built up all 3 categories of resources -- human capital, social capital, and financial capital. Human capital includes your skillset and reputation. Social capital includes pensions and Social Security. Financial capital doesn’t only include your money, it also includes houses and boats in addition to your retirement accounts.  What will you use your resources for? When you look at your resources in retirement you have to ask yourself to what end are all these resources for? What is this money for? In retirement, your resources are meant to be used to express your values through your goals that you live out in the season of retirement.  Dying with too much money is poor stewardship. It means that your resources were never harvested to live out your values. Think about what you want to do with your abundance. Be intentional and create the life that you want. Explore the options you have now so that you don’t leave your resources like a neglected crop left to be absorbed back into the earth.  What kind of capital does Trish have? In our last episode, Trish dreamed big -- European vacations, a second and maybe 3rd home, a convertible, the works. Now that we’ve got her thinking big, we have to see what she can afford. It’s time to take stock of her resources.  Just like you and I, Trish has social capital, human capital, and financial capital. She will collect Social Security when the time comes and would like to use her human capital in some capacity until she is 59. Listen in to hear how I walk her through her balance sheet and organize her resources. Check out the Rock Retirement Club to help you organize your own resources Have you been enjoying Retirement Plan Live? Would you like to have guidance as you organize your resources? In the Rock Retirement Club, we have a Retirement Masterclass that does just that. We walk you through all of this planning with worksheets and trainings and there is even an entire module that helps you organize all of your capital. Check it out at RockRetirementClub.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is a resource? PRACTICAL PLANNING SEGMENT [11:02] What kind of social capital does Trish have? [15:32] Trish plans on using her human capital [25:35] We organize Trish’s financial capital Q&A WITH NICHOLE [36:10] How did we do on our words for 2020? [37:32] Lisa asks how the 4% rule changes if you retire at 55 [40:35] Should Jackie stop saving in her Roth IRA since her husband got laid off? [44:53] Can Jim’s mother transfer an IRA to him? TODAY’S SMART SPRINT SEGMENT [48:43] What is your word for 2021? Resources Mentioned In This Episode BOOK - So Good They Can’t Ignore You by Cal Newport Social Security Detailed Calculator Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to week 2 of Retirement Plan Live 2021! Last week, in episode 359, you got to meet Trish who was unexpectedly laid off last year. She had been hoping to retire within 5 years, but with this layoff, she is exploring the idea that maybe she can retire now. Over the next few episodes, we will walk her through the steps I take with clients to create and test a retirement plan.  “You are never too old to set another goal or dream another dream,” -- C.S. Lewis. What is a goal? Before we begin, let’s examine what a goal is. Simply put, a goal is something you want to achieve in the future. We often have larger goals and smaller, more immediate goals. They should be a stair step to your bigger vision.  All of my goals stem from my values and vision. Before coming up with your goals, it is important to have a clear understanding of your values -- articulate them and define them. The idea is that your goals help you to live out your values. Have you defined your values, vision, and goals? Needs and wants Let’s talk about needs, wants, and wishes. I like to create 3 categories of spending when creating a retirement plan. This way we can determine a person’s level of fundedness.  The first category is the needs category. This is what a person needs to live their baseline life. However, it doesn’t mean simply eating rice and beans every day. Trish estimates that she needs $10,000 per month to live comfortably.  The next area is the wants category. One of Trish’s wants is a convertible when they move south. What kind of wants would you put under this heading? Can Trish dream big? The last section we examine is wishes. This is where you dream big without holding back. Some people struggle with this, but others take on this challenge whole-heartedly. Are you able to dream big? What are your most extravagant wishes? Listen in to hear what Trish includes in her wishes, and maybe you’ll find some inspiration for your own planning.  Create your own retirement plan If you would like to follow along and do these same exercises on your own, be sure that you are signed up for the 6-Shot Saturday email newsletter to receive worksheets each week to examine your own retirement readiness as we work through this Retirement Plan Live with Trish.  Are you curious to discover whether Trish has what it takes to retire? Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com. This is when we put Trish’s retirement plan to the test to see if she can retire now or if she needs to continue working for the next few years. Don’t miss out! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What is a goal? PRACTICAL PLANNING SEGMENT [9:10] Trish lays out her needs and wants [20:47] I help Trish dream big Q&A WITH NICHOLE [29:14] An asset allocation question [31:40] Robert asks if he should cash out his mother-in-law’s annuities [35:18] A pie cake question TODAY’S SMART SPRINT SEGMENT [38:25] Think through your spending for the year Resources Mentioned In This Episode Episode 310 - The Pie Cake  Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to the Retirement Answer Man show, this month we’ll be doing a Retirement Plan Live! The Retirement Plan Live series allows you to take an in-depth look at a person’s goals, resources, and net worth to determine whether they are ready to retire. At the end of the month, on Thursday, January 28th, we will wrap it all up with a live webinar that you can join to see how it all works out. Register for that event at LiveWithRoger.com. Make sure you are signed up for the 6-Shot Saturday newsletter which will have a summary of my conversation with Trish each week and it will also include worksheets to help you organize your resources to create your own retirement plan.  Begin with the end in mind On your last day on earth, the person you become will meet the person you could have become. Will those two people know each other or will they be strangers?  When you retire you finally get to organize your life to express the person that you are and want to become.  You have worked for decades saving and investing as you built your career. Now you can use those resources to become who you really want to be. You get to magnify your best self. Who is Trish? Trish is 51 years old and her spouse is 60. Her plan was to retire at age 55, however, that plan was foiled since she was recently let go from her job. Trish worked for the same company for 30 years and despite receiving almost 1 year of severance pay, she feels lost. Losing her job has been devastating and she feels like she has lost her identity. How would you feel if you suddenly lost your job? Is your identity tied to your career? What would Trish like to accomplish? Everyone has a dream of retirement, and Trish is no different. She and her partner hope to get a house in a warmer climate and be snowbirds for a bit before finally settling down in that location. She pictures herself going to the beach every day and drinking fancy drinks with umbrellas in them.  But Trish doesn’t only think of herself. She and her spouse are very family-oriented and love to take trips with their siblings and nieces and nephews. The real question is how big can she dream? We’ll tackle that question in the next episode. Do you wish you could do your own Retirement Plan Live? The Retirement Master Class in the Rock Retirement Club mirrors what we do here in the Retirement Plan Live series. This master class walks you step by step and helps you build your own retirement plan based on who you want to become. You’ll learn how to identify your goals, organize your resources, and discover what is feasible. We teach you how to dream with the end in mind by focusing on who you want to become. Check out the Rock Retirement Club to learn more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:14] Beginning with the end in mind RETIREMENT PLAN LIVE SEGMENT [3:44] The Retirement Master Class helps you build your retirement plan [7:28] Who is Trish? [13:08] Losing her job has been like losing her identity [18:10] What would she like to have accomplished at 80? CATCHING UP WITH SAM [22:57] Sam retired early with no regrets [26:58] She has made time for the things she enjoys [30:37] Have her spending estimates been accurate? [35:09] What is she excited about? TODAY’S SMART SPRINT SEGMENT [36:57] Have the courage to live a life true to yourself Resources Mentioned In This Episode LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Today we finish up The Parent Project. This has been an important theme to tackle and fortunately, we had 5 weeks to spend learning how we can help our parents age gracefully. If you haven’t listened to the other episodes in this series you can start here.  To wrap up The Parent Project, Christine Benz from Morning Star joins me to discuss how you can help manage your parents’ finances. Not only is Christine a financial expert, but she has had firsthand experience taking the reins of her parents’ finances.  Stick around until the end to hear how our very first Retirement Plan Live test subject is faring all these years later.  What does gracefully mean? At the beginning of this series, we talked about the stages of aging: independence, interdependence, dependence, crisis management, and end of life. We will all go through these steps as we age, but some will pass more quickly than others. Unfortunately, none of us can predict which of these periods may be drawn out over time. As children guiding our parents, we can strive to help them age gracefully. Gracefully means in a respectful and dignified way. A gift we can give to our parents or elders is to give them the opportunity to pass through the stages of aging gracefully. Communication is key There’s that word again: communication. Communication has been a common theme throughout The Parent Project series. The value of communication cannot be overstated when it comes to helping your parents as they age.  Christine Benz finds it challenging to find one-size-fits-all advice for everyone when it comes to caring for their parents since every family is so different. The only common thread is communication.  Christine feels that it is important to open a dialogue with your parents and siblings as your parents move through the stages of aging. Have you opened a dialogue with your parents about their finances? If you haven’t started yet, listen in to hear a fantastic tip that Christine shares with us.  Who will be in charge? When there are multiple siblings involved sometimes you may wonder who will take the reins when mom and dad need help. Oftentimes there is an obvious choice, but the best option may be to divide and conquer. This way you can divvy up the duties. One sibling could be in charge of doctors’ appointments, another in charge of day to day finances, and yet another could handle the investments. Keep the lines of communication open to respect your parents’ wishes and to keep all interested parties up to date.  How has The Parent Project helped you? What have you learned in this series that you want to take action on? Have you begun talking to their parents about their wishes? Do you think you have learned something that you can apply to your own retirement?  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:30] What does gracefully mean? PRACTICAL PLANNING SEGMENT [4:58] Christine Benz shares her views on managing the parents’ finances [10:23] Have you considered having 2 financial managers? CATCHING UP WITH FRITZ GILBERT AKA CARL [23:02] Fritz Gilbert, aka Carl was the first Retirement Plan Live test subject [25:08] Is Fritz rocking retirement? [31:02] You leave your identity behind when you retire TODAY’S SMART SPRINT SEGMENT [40:29] Let’s just get through tomorrow! Resources Mentioned In This Episode The Retirement Manifesto blog Christine Benz Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center  

There may come a time in your parents’ life (and in your own) when they begin to lose their agency. They may no longer have the ability to act upon their own path. Do you know what steps to take if that happens? In this episode of Retirement Answer Man, we’ll investigate when, what, and how to take over when the time comes. Today, I have 2 guests joining me who will share their firsthand experience with the process of caring for a parent.  Join me for the 4th installment of the Parent Project series. If you haven’t listened to the first 3 be sure to check those out when you’re done with this one.  What does guardianship mean?  Guardianship is a legal process used to protect individuals who are unable to care for their own well being due to incapacity or disability. The way it works is that the court appoints a legal guardian to care for a person who needs special protection.  First, an attorney must petition the court, and then they must provide evidence as to why the person needs to have a guardian appointed. Then the court decides if the person is sufficiently incapacitated and also if the person requesting guardianship meets the guidelines. Listen in to learn whether having a power of attorney could eliminate the need for guardianship.  Is there a better option? Gaining guardianship over your parents or aging family members should be a last resort. Hopefully, your parents have planned ahead and made your situation a bit easier by setting up a legal plan including a power of attorney. Listen in to hear whether joint accounts, power of attorney, or a traunch would be the best course of action when the time comes. Naomi Karp shares her experience Naomi Karp is an attorney and longevity expert that has worked on longevity for over 30 years. Her work has focused on law, aging, and policy and has included research, advocacy, and legislative work. She specialized in elder abuse and cognitive impairment and she is now getting firsthand experience in the caregiving process by caring for her mother. Don’t miss out on learning from her expertise.  What would you like to learn about elder care? Family members make a significant portion of elder caregivers. There is so much to learn when jumping into a caretaker role, but it mostly requires on the job learning. Listening to stories from people like Naomi and Sarah can be extremely helpful and lessen the learning curve. Have you had to learn how to care for an aging family member? What is one thing you wish you had known before you started? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What does guardianship mean? PRACTICAL PLANNING WITH NAOMI KARP [4:46] Naomi Karp has both the expertise and the personal knowledge of caregiving [9:52] How do you take over your parents’ finances without being abusive? [14:59] How to choose a power of attorney [20:43] What kind of duty are you taking on if you become a guardian [32:20] Check out the When I’m 64 podcast PRACTICAL PLANNING WITH SARAH [43:20] Sarah started noticing problems with both parents when her dad was hospitalized [46:52] How to know when to take over [50:42] Make sure your siblings and the doctors are on the same page [54:40] Use their tax returns to help you identify their different accounts [1:00:24] Hypotheticals can take you far [1:02:44] Gaining power of attorney is so important [1:09:05] What she wishes she had known [1:13:44] Music is powerful for someone with dementia TODAY’S SMART SPRINT SEGMENT [1:15:04] Check out ElderLawAnswers.com Resources Mentioned In This Episode Naomi Karp When I’m 64 podcast EverSafe Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Welcome to the third installment of the Parent Project series. As your parents age, they may need you to pick up the reins and help out a little -- or a lot. Helping your parents get older with grace and dignity can be fulfilling, but at the same time challenging. The more prepared you are for this challenge the easier it will be. After you listen to this episode make sure that you are signed up for the 6-Shot Saturday newsletter so that you can receive all of the FREE resources to help you prepare for this next phase of life.  What is preparation?  The word preparation means getting ready for an event or undertaking. You prepare for trips, parties, and all kinds of things. When you prepare financially you make financial life more stable, organized, and consistent. You don’t even know if our parents will need help so why should you prepare for it now? You may not think that you need to prepare to manage your parents’ finances but the more prepared you are the more ready you will be if an unforeseen event happens.  How can you talk to your parents about their finances?  Talking to your parents about finances and estate planning can be uncomfortable. No one wants to sit down and have that big conversation. So instead of having a big uncomfortable conversation try having smaller conversations over time. When you strike up smaller conversations it’s easier to keep the dialogue open. Try opening the door to a smaller conversation the next time you see your parents.  The 3 types of aging parents Everyone’s parents are different. Some parents don’t want to deal with any of their finances, this type of parent may need you to be a project manager. Others may want a little bit of assistance, if so, then you could take on the role of a coach. And other elderly parents may want you to take a hands-off approach. They may appreciate you feeding them small pieces of information along the way. What kind of parents do you have? Tips for talking to your parents about their finances Keep the financial conversation separate from family time Don’t have too many cooks in the kitchen Take an inventory of their accounts Create a net worth statement Set up online access for all of their accounts  Use a password manager Get organized and create a diagram Have digital records Get introduced to key people Listen in to hear the details about how to create this dialogue so that you can get prepared to help your parents. Whether they need it or not, being prepared for the financial conversation will give you some peace of mind as your parents get older. Make sure to stick around to hear a first-hand story from retirement coach, Mark Ross and catch up with Lori from Retirement Plan Live.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is preparation? PRACTICAL PLANNING SEGMENT [6:17] Have little conversations [8:05] What kind of parents do you have? [16:30] Create an organizational diagram AN INTERVIEW WITH MARK ROSS [22:02] Mark has been on a long journey with his parent project [24:50] He turned an overwhelming project into an enjoyable journey [25:57] How did he manage the conversations with his parents? [29:37] How did he deal with his siblings? [35:47] It all works out in the end [38:42] What is he doing differently now that he has learned about aging? TODAY’S SMART SPRINT SEGMENT [40:50] Check out Everplan AN INTERVIEW WITH LAURIE FROM RETIREMENT PLAN LIVE [43:04] Bruce has since retired and Lori is still working part-time Resources Mentioned In This Episode Check out Lori’s Retirement Plan Live - start with episode 194 Everplans.com LastPass 1Password Estate Planning in Retirement episodes 332, 333, 334, 335, 336 BOOK - Built to Sell by John Warrillow Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Have you had the talk with your parents or loved ones? You know the one. Maybe it pertains to their driving or their finances, or it could be about their health or living situation. Whatever the conversation is about; it is uncomfortable for everyone involved.  What if there was an easier way that you could address these subjects with your parents? On this episode of Retirement Answer Man, you’ll learn how you can talk to your parents or loved ones about the matters that are so important to discuss as they age.  What is a caregiver? Generally, when we think of a caregiver we think of a medical professional. (Someone other than ourselves.) However, a caregiver can include anyone who regularly looks after someone that needs help. Caregiving can mean nursing, but it also means cooking, cleaning, paying the bills, etc. Most of the time the caregiver ends up being a family member. As a matter of fact, 29% of the population provides care for chronically ill family members and often those people spend 20 hours per week providing care.  Creating an open dialogue is critical We often wait until a big event happens to address important subjects with our parents, but that isn’t the most effective way to address uncomfortable subjects. Instead of waiting until the last minute to bring up a nursing home or another issue, try creating little conversations before a stressful situation arises. Starting a dialogue early with your parents or family member creates an open space to address difficult subjects before they come up. Learn how to open up this conversation by listening to this episode of Retirement Answer Man.  What should these conversations be about? Now that you understand the need to have several smaller conversations with your parents rather than a big bombshell, it is important to think about the issues. What do you need to address? There are a number of issues that may arise: driving, finances, housing, health, safety, and cognitive abilities are all factors that may need to be addressed. Remember the earlier that you bring these matters up the better they will go.  Tips for bringing these conversations to light It can be challenging to bring up issues that you have never had to address with your parents or family members. Everyone is on their own journey in life and aging can impact one’s ego and sense of privacy. It is important to be empathetic and understanding of their journey. Here are some tips you can remember to help you make the most of the conversation:  Choose the right messenger. Use hypotheticals. Test the waters with little things. Bring solutions and resources Don’t give advice, guide them to the answers Listen - choose the right time and place Be empathetic, not condescending After you listen in make sure that you are signed up for the 6-shot Saturday email newsletter to receive all the resources that go along with each episode.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:10] What is a caregiver? PRACTICAL PLANNING SEGMENT [4:43] Create an open dialogue [7:00] What should these conversations be about? [11:21] Tips for bringing these conversations to light A RETIREMENT PLAN LIVE UPDATE [21:16] An update with Emma [29:20] How to say yes to things after a loss TODAY’S SMART SPRINT SEGMENT [30:45] Check out David Solie’s book - How to Say It to Seniors Resources Mentioned In This Episode Episode 289 - Retirement Plan Live with Emma and Luca BOOK - How to Say It to Seniors by David Solie Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Over the next 5 episodes, we’ll be tackling an important series that I call The Parent Project. No parent wants to be a burden to their children, but as longevity increases with advances in healthcare, your parents may need you to help them out as they age. Are you helping to care for a parent or an aging family member? My goals for this series are to help you help a parent prepare for this stage of life, to help you prepare for this stage in your own life, and to share bits of wisdom along the way. You won’t want to miss this pertinent series, so press the play button now! What is aging? The word aging can be a noun or an adjective. Aging is both the process of getting older and a way to describe the signs of growing old. We all know that aging is a natural process that we go through, but that doesn’t mean that it’s fun.  We are aging for a longer period of time due to health and medical advancements. We all go through 5 stages of aging -- although some may happen more quickly than others. The 5 stages of aging are independence, interdependence, dependence, crisis management, and end of life.  6 ways that aging parents can impact your life Diving into the parent project can have a big impact on your life. We want to honor our parents in this vulnerable part of their lives, but we also want to live our own life. Many of you are retired or on the cusp of retirement and caring for aging parents can greatly affect your retirement plans. These are 6 ways that aging parents could impact your life. Retirement date - You may delay your retirement due to your parents’ condition. Living arrangements - You may decide not to move or limit where you can live. Time - The bureaucracy of caregiving, court documents, and everything else can eat into your time. Psychologically - The psychological effects of caring for loved ones can lead to many feelings like guilt and disappointment. Finances - You may need to subsidize your parents’ care. Relationships - How are your relationships with your spouse and siblings affected? What can David’s story teach you? We have a saying over at the Rock Retirement Club, ‘walk with the wise to become wise.’ The RRC is a place to learn from each other to increase our understanding and gain knowledge of a topic. Since I’m not an expert on this topic, I have invited David to come on the show to share his story.  David has recently dealt with the incapacitation and passing of his mother while also arranging for the care of his father. He learned a lot about the parent project along the way. Listen in to learn from his story so that you can start considering the different things to keep in mind as you and your parents age.  As we work through the different topics over the next 5 episodes consider creating a file of resources for yourself. Sign up for 6-Shot Saturday to get FREE resources to help you prepare for your parents’ and your own aging process.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [3:07] What is aging? PRACTICAL PLANNING SEGMENT [6:39] 6 ways that aging parents can impact your life [13:01] What can you do to ease the transition for your parents and for yourself? AN INTERVIEW WITH DAVID [14:37] How did David’s parent project start? [22:08] How to broach the conversation of moving to a facility [28:11] David knew that he needed an elder law attorney [32:36] How has this event impacted his relationships? TODAY’S SMART SPRINT SEGMENT [37:10] Check out caring.com Resources Mentioned In This Episode Caring.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

This is a time of year when many people give thanks for what they have. On this episode of Retirement Answer Man, I explore the definition of thankfulness and gratitude with our Rock Retirement Club retirement coach, BW. He even brings us 5 tips that can help us to cultivate gratitude on a regular basis.  Tanya Nichols joins me again to help answer listener questions. You’ll learn what you can do if you are worried about a market crash, what to do if you think you are too old for long-term care insurance, and we’ll discuss Roth conversions from a 403B. Press play now to join me to hear the answers to listener questions and more. What are you thankful for? The definitions of thankfulness and gratitude are very similar. Thankfulness is the consciousness of benefit received from others. Gratitude is a thankful appreciation for what an individual receives both tangible and intangible.  One way to combat worry is to create a habit of thankfulness. I have done this personally and it has changed my life. Practicing gratitude contributes to greater happiness and it allows us to focus on what we have rather than what we lack. Listen in to hear what I am grateful for this year. 5 tips to help cultivate gratitude on a regular basis Cultivating a gratitude practice can seem like a good idea but it often falls by the wayside after a few days or weeks. The beauty of practicing gratitude is that it shifts your mindset. You can use these 5 tips to help you become more thankful by creating your own practice of gratitude each day.  Write and send a thank you note to someone who has had an impact on your life each month. Get in the habit of saying thank you to at least one person each day.  Keep a gratitude journal. You get bonus points if you try and come up with different things to be thankful for each day. Pray. If you are religious, praying can help you cultivate gratitude. Meditate. Instead of focusing on your inner self, try focusing on gratitude in the moment. Does sequence of return risk keep you up at night?  The world around us seems so unstable right now. Many people worry that we could be at the start of the next big crash. What if we are at the beginning of several years of zero returns? Sequence of return risk is one of the biggest worries of those on the cusp of retirement. Although people worry about sequence of return risk, if you look back at history and study bear markets, youĺl see that even within those years there were good years and bad years. It’s also good to remember that your portfolio won’t directly reflect the S&P 500, we simply use it as a planning tool.  How to balance market risk against inflation risk Why do we take market risk when we are worried about sequence of returns? Inflation! Inflation risk is just as big, but it creeps up slowly over time. You have to balance the risk of inflation with market risk.  You can take market risk. You just have to know how much you are comfortable with. The first thing you need to do is understand the minimum effective dose of investment risk you need in order to create the life you want. Next, you’ll want to time segment your money by building your cash flow model early in retirement. Plan for statistically probable outcomes and then test for outliers. Listen in to hear the details of how you can protect yourself from both inflation risk and market risk. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is thankful? PRACTICAL PLANNING SEGMENT [5:02] Is Chris too old for long-term care insurance? [8:11] A 403B and Roth conversion question [12:12] A new learning experience as a couple [14:06] What are the chances that the market crashes? COACHES CORNER WITH BW [22:09] Practice gratitude to improve your happiness [26:17] 5 tips to help cultivate gratitude on a regular basis TODAY’S SMART SPRINT SEGMENT [30:16] Give yourself and everyone around you some grace this Thanksgiving Resources Mentioned In This Episode Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

There are so many things to take care of in retirement. It can all feel overwhelming. Many people worry about their jobs, the state of the world, retirement, and their uncertain future. On this episode of Retirement Answer Man, you’ll learn what you can do to ease your worries about the unknown as well as discover the answers to questions from listeners like you. Join Tanya Nicols and me as we answer questions about an early retirement package, what to do when you have a significant portion of your net worth in one stock, and how to use second to die life insurance. What is worry? Worry is a noun that means a state of anxiety and uncertainty over actual or potential problems. It can also be a verb meaning to give way to anxiety or unease. Are you a worrier? Although worry is a healthy thing, oftentimes people allow their minds to dwell on difficulties or (perceived) troubles. There is a fine line between healthy worry and overwhelming worry.  The fine line between healthy and unhealthy worry can be hard to walk Just like how exercise creates stress in your muscles and grows them, worry can do the same to your mind. Worry can spur you into action causing you to improve your situation. However, worry taken to excess can be paralyzing. It can cause you to lose perspective so that you can no longer see clearly. You can’t let worry overwhelm you so much that it steals your life away. Listen in to hear what you can do to help ease your worries about the state of the world, life, and retirement.  How do you perceive the wealth you have created? It is often said that money is the root of all evil, but this isn’t true. The love of money is the root of evil.  Do you feel guilty about the wealth you have created? Guilt is a common theme for many successful people. Many create an emotional attachment to their money. Rather than judging yourself for creating your wealth, use that wealth as a tool. How you use it is important. What will you do with your wealth to create an amazing life?  What to do when you have a significant portion of your assets in one stock One listener has ⅓ of her net worth tied up in one particular tech stock. She is looking for some guidance on how to handle this.  A great question to ask is: what would happen to your net worth if that stock simply vanished? This question can get you thinking about how much you need to have a good life. Once you have thought deeply about your life then you can be methodical about this asset. Set a number to help guide you and don’t let taxes sway your decision.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:40] What is worry? Q&A WITH TANYA NICHOLS [10:56] How do you feel about your wealth? [16:52] What to do when you have a significant portion of your assets in one stock? [22:57] How to balance Social Security, taxes, and an early retirement package [25:46] Second to die life insurance TODAY’S SMART SPRINT SEGMENT [30:47] Control your input Resources Mentioned In This Episode Align Financial BOOK - The Daily Stoic by Ryan Holiday BOOK - The Rational Optimist by Matt Ridley BOOK - The Power of Agency by Anthony Rao Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center