Retirement Answer Man

How are we supposed to dream big when we are so unsure of how to provide for ourselves in the future? The future seems so unsure after the terrible month of December. Some may be tempted to give up and just put all their money into a safe money market account or cd. You know for certain that you will get 2.5%-4% returns and life wouldn’t seem so scary. On today’s episode, you’ll learn why you want to have an agile retirement plan in place to help you through the rough patches so that you can rock retirement and get back to dreaming of those retirement wants and wishes. Finally, we get to the wishes On the previous episodes this month we discussed how to budget for your needs and wants in retirement and on this episode we finally tackle the wishes. Wishes can seem extravagant whether you are overfunded or underfunded in your retirement. Those that are overfunded may find it hard to dream big after years of being good stewards of their money. Those that are underfunded may balk at the idea of having so much leftover that they should shoot for the stars. Whichever category you fall into you should still go through this exercise as an expression of your values and to really shoot for the stars. Whether it's leaving an inheritance, gifting your grandkids with a college education, planning an epic trip, buying a home for your whole family to enjoy, or setting up a charitable foundation, dreaming big can be a wonderful way to start rocking your retirement. Inheritance planning There are many ways that you can leave money at the end for family members that you care about. A trust can be formed that will help protect the money after you pass. For instance, if you leave someone $500,000 it could be misspent, lost in a divorce, or lost by a spouse that overspends. By setting up a trust the money is protected in these cases. Another way to leave a legacy to those you love is by gifting it now. You can gift $15,000 each year without any tax consequences and your spouse can gift the same amount. You can even gift your child’s spouse an additional $15,000 without tax consequences as well which brings the total to $60,000 per year of tax-free gifting. Another way to give to those you love is by setting up a 529 savings plan for your grandchildren. These plans are highly flexible and you can even switch the beneficiaries or split it between multiple grandchildren. Have you thought of the legacy that you want to leave your loved ones? 3 Protips on dreaming big There is a fine line between helping someone that is doing well continue on their path and enabling someone that is not heading in the right direction. They need to learn to own their own problems. Think about whether you are supporting or enabling before you give. Make sure you are giving your loved one fuel to go the right direction. It doesn’t have to be fair. You don’t have to be consistent with your giving. One child may be heading in the right direction and the other one may be making poor choices. Trust planning could help make your giving more equitable or it can be a smart choice to have an intermediary. You don’t have to give 15 k a year. Don’t lead them to expect. These things could gain momentum as you age. Giving unexpected gifts can be fun. Don’t lead your heirs to believe they will be getting yearly gifts if that is something that you can’t provide. Gifting to charity Just like there are many ways to give to your heirs, there are several ways that you can give to charity. One way is to create a donor-advised fund. This is a fund that you can create where you can help manage the investments and annually you can decide what you want to give and to which organizations. You can even use it as a foundation and plan the distributions as a family. With the new tax rules consider lumping your gifts into specific years to get the maximum tax write-offs. There are so many ways that you can leave a legacy behind. It all depends on your values and the kind of legacy you want to leave. So how will you dream big? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:23] How can we dream big when we are so unsure of how to provide for ourselves in the future? [9:52] How do you count the costs of the things you want and need? [11:19] Evaluating performance can be tricky if you don’t have the right perspective PRACTICAL PLANNING SEGMENT [20:56] Finally we get to dream big and focus on wishes [22:34] Inheritance planning [28:55] How can you help grandkids plan their college education? [31:23] How can you create experiences with those you love? [33:05] 3 Pro tips [37:02] Gifting to charity [39:42] Other considerations THE HAPPY LAB SEGMENT [42:25] What are some things that can make you happy that don’t cost any money? TODAY’S SMART SPRINT SEGMENT [45:15] Start to brainstorm what the spice of your life would be Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

What are your wants and wishes in retirement? This generation is redefining retirement. In the past retirement meant sitting on the park bench of life and taking it easy in the golden years. Today’s retirees are active and involved. They are living longer than ever and usually doing so without the safety net of the pension plans that were common in past generations. Since today’s retirees enjoy a longer period of health, retirement is an excellent time to live it up. How will you rock retirement? Discover ideas on how to pursue and fund your retirement dreams on this episode of Retirement Answer Man. Think big when planning your wants and wishes Whether your retirement fund is tight or grandiose, don’t be afraid to dream big. Living big shouldn’t be confused with spending big. Think about what you do for enjoyment now. How would you like to spend your time when you have more of it? Do you want to travel, learn to play an instrument, take cooking classes, or go back to school? The options are limitless and they don’t have to be costly, there are usually many different price points to having fun with your hobbies. How will you dream big to rock retirement? You don’t have to be trapped in your current life Our lives are arranged a certain way due to the limiting factors of our lives. But now those limitations may no longer be there. Upon retirement, you can rearrange your life the way you want. Think about what you want to be doing on a daily basis in retirement. Who will you be spending time with? Perhaps you want to be near grandkids, family, or maybe you want to move to a place with a certain type of people. What is your ideal climate? What is the size of your ideal town? Is it rural, urban, or suburban? You don’t have to be trapped by what is. Do you dream of a change of scenery with your retirement? How do you define what is important to you? You have been toiling in the fields of the workplace during your entire life, but retirement is your harvesting time. This is your time to define what is really important to you. To really rock retirement you need to give some thought on how to make the most of it. Travel is a goal for many retirees, but travel itself is too broad. You need to define it further, how exactly will you travel? Internationally, throughout the U.S., or locally? Once you start narrowing down what is really important to you-you can plan to rock retirement. So what do you envision for yourself in your retirement? 4 pro-tips on planning your wants and wishes Figure out how to make your hobbies more social. You can increase your social activities and make friends of all ages with similar interests. Think about joining a cycling club, a knitting group, or a book club. Plan for the seasons of retirement. Many of the activities you may have in mind are best-suited for the go-go years while you are still healthy and active. When financially planning your retirement think about how long you will want to be involved in your hobbies. How long can you realistically travel internationally? Will you need a country club membership for your entire life? Be creative in how you want to go about attaining your wants and wishes. Instead of buying a second home think about renting for a season instead. If you are considering RV travel rent one for a month and see if you still have the itch afterward. There are many creative ways that you can fulfill your dreams without breaking the bank. Think about how you can set yourself up to enjoy your wants and wishes before you retire. If you do buy a second home, a motorcycle, RV, or boat do so while you still have the income from your job. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:35] This generation is redefining retirement [4:25] When planning your wants and wishes think big PRACTICAL PLANNING SEGMENT [10:30] Retirement is your harvesting time [15:34] How to define what is important to you [20:00] Pro tips on planning your wants and wishes THE HAPPY LAB SEGMENT [24:24] Retirement planning can be scary, take a cue from Nichole and laugh more! TODAY’S SMART SPRINT SEGMENT [26:23] Start to define your costs for retirement Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

As the markets worsen and the talk of recession begins are you wondering if you will have enough money in retirement? Are you wondering what you should start doing now to ensure that you can live the life you want? On this episode of Retirement Answer Man, I encourage you to take intentional action so that you can rock retirement. Today you will learn to count the costs so that you can know how much it will cost to live the life you want after you leave full-time work. Listen to this episode to hear how you can start planning now to rock your retirement. Are you experiencing the not-so thrifty 50’s? I read a study recently where a group of people in their 80’s and 90’s were surveyed. The age most said they would like to return to is their 50’s. Your 50s can be a time of great abundance. Many of us are earning the highest income we’ve ever had. In addition to that many in their 50’s are left with empty nests as our children transition into adulthood. Is all this extra money going to fuel your retirement fund or are you buying all the toys of adulthood? Have you stopped budgeting now that you know that you’ll have enough money to cover it all? Be wary of creating a financial cage for yourself. What can you do now to ensure you have enough money in retirement? I have a few tips for you to act on now to ensure that you’ll have enough money to rock your retirement. If you’re married make sure both voices are heard. Usually, one spouse takes over the financial management of the household and this is the spouse that leads the retirement planning as well. Oftentimes we think we know what our spouse wants, but what they really want is much different. Ensure that both of you get some of what you want by having open discussions. Give each other space to express yourselves. Don’t confuse wants with needs Budget. Many of us have fallen out of the habit of budgeting. It’s time to flex your budgeting muscle. Look backward first, then forward. Look back at your last 3 months of spending and analyze it. Now you can look forward. After analyzing your prior 3 months of spending make a budget for the year. Understand which payments are fixed, which are, variable, and which are discretionary. Label these accordingly. Map out your spending with spreadsheets until age 92. Having a guide to help you will ensure that you are more focused and in control of your spending. Act now! If you are ready to rock your retirement then now is the time to start. Start out by analyzing your spending so that you can create your budget. Count your costs now and identify your wants and needs. This way you can know how much it will cost to rock your retirement. Your most valuable asset, human capital, is starting to diminish. So it is important to know exactly how much you need to live the life you want. One more thing you can do to help you on your retirement journey is to join the Rock Retirement Club. Enrollment is open until January 3, 2019, so make sure you get in before it closes! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:08] Are you experiencing the not-so thrifty 50s? PRACTICAL PLANNING SEGMENT [11:35] Make both of your voices heard [14:40] Flex your budgeting muscle [15:35] Map out your spending [18:54] What will we be talking about over the next few episodes? THE HAPPY LAB SEGMENT [20:23] Join the Rock Retirement Club! TODAY’S SMART SPRINT SEGMENT [22:30] Do a 3-month study on your spending Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

What age are you using to plan retirement? When we think of age we usually think of the number of years that we have lived and not the physical state of our bodies. But maybe we should rethink the way we use age to plan retirement. I recently attended a fascinating seminar about the science of aging that has me rethinking age and retirement. During the Practical Planning segment, I discuss the merits of telomere testing while in the Hot Topic segment we talk about the Baader-Meinhof phenomenon. Listen to this episode to discover whether you are using the right age to plan retirement. Is your glass half full or half empty? The Baader Meinhof phenomenon is what we call our tendency to see things with uncommon frequency after we start thinking about something. Internet advertising has begun to take advantage of this and now repeatedly shows us all the things we have been thinking of buying. I liken this to our tendency to see the glass half full or half empty. You will find what you look for. People that are always looking for negative things to happen end up finding negativity. How are you viewing your retirement plans? Are you hoping to just scrape by and survive retirement or are you preparing to rock retirement? Are you ready to rock retirement? What are you doing to prepare yourself for retirement? Are you setting yourself up to simply survive retirement or are you ready to rock retirement? The Rock Retirement Club is now open for enrollment for a short time only. Head over to the website to take a peek. We have events and tours of the clubhouse that you can take before the enrollment period ends on January 3. The 60 founding members are all ready to welcome you and spread their knowledge. Joining the Rock Retirement Club is a fantastic way to gain insight and really connect with others on the same journey. Check out the Rock Retirement Club now before the enrollment period ends. What is biological age? The entire system of retirement is based on thinking about chronological age. We use chronological age to tell us when to take social security and our chronological age decides when we can withdraw from our Roth IRA without penalties. But what if you are physically much younger than the years that you have lived? Would that affect your decision on when to collect social security? If you knew that your body was that of a 55-year-old when you are 65 would you delay in taking social security? Your biological age may be different than your chronological age. Listen to this episode to hear more about the difference between the two. How can knowing your biological age help you plan retirement? There may be a better way to measure age. Scientists have developed a new test that measures the length of your telomeres which can help determine the biological age of your body. This could be very useful in your retirement planning. Living a long life would be a blessing, but it is one that you need to be prepared for. The older you become the more money you will need. If there is a probability of living a long life then you may want to use your human capital for a longer period than you thought. Are you curious about your biological age? Do you think knowing your biological age would change your views on pretirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:58] What is the Baader-Meinhof phenomenon? [5:53] Are you preparing to survive retirement or rock retirement? PRACTICAL PLANNING SEGMENT [10:15] What is biological age? [11:45] Is chronological age the best way to make retirement decisions? [13:22] A better way to test longevity [17:54] How long should you use your human capital for? THE HAPPY LAB SEGMENT [20:25] Finding out my biological age will make me happy TODAY’S SMART SPRINT SEGMENT [21:28] Find the word that will be the guiding light for you for the next year Resources Mentioned In This Episode Teloyears.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Each year I choose one word to be my guiding light throughout the year. On this episode of Retirement Answer Man, I will help you understand why choosing one word can help you rock your retirement plan in the upcoming year. Many people choose the New Year as a time to make resolutions for the year ahead. But narrowing your resolution to concentrate on one word can help you improve your focus so that you can stay on track to reach your goals. Listen to this episode of Retirement Answer Man to hear how choosing one word can help you narrow your focus and achieve your retirement goals. So what’s your word going to be? Why choose one word? Many people make resolutions at the start of each year. I have found that the problem with New Year's resolutions is that no one seems to keep them. We often set the bar so high or focus on goals that are too far ahead that the resolutions become impossible to keep. They seem to always result in failure. Instead of making a resolution this year try shifting your focus to choosing one word to serve as your guide over the next year. This word can really help better yourself or help you plan to rock your retirement. What’s your word for the new year? How do I choose my word for the year? I say I choose a word each year, but really it chooses me. A few years ago I quit the practice of making a New Year’s resolution each year. My whole life was really changing. I wanted to become more intentional and focus my skills in a new way. I began to focus on agile retirement management and I started this podcast. I realized that God was never going to come down and hold my hand through my life changes. I knew that I had to simply trust that I was doing the right thing. That is how trust became the word of the year that first year. Are you shifting your focus toward retirement? How will you choose your word? How will it impact your retirement plans? What’s your word? Think about your own life. Has your focus begun to shift? What do you want to work on over the next year? If you think about these things your word will naturally find you. Use your word as your guiding light throughout the year. I try to ensure that it naturally comes into my consciousness each day. One year I had my word stitched into my sports coats. Another year I used it in the signature line of my emails. Think about what your word will be and how you will remind yourself of your focus. Let your word become a filter for all the opportunities and situations that come up throughout the year. What’s my word for the upcoming year? Last year, Nichole’s word was simplify. She wanted to simplify her life a bit more and not get bogged down with so many commitments. She didn’t feel that she did the best job with her word this year. Maybe next year she will do better, she chose flow as her focus for next year. Hopefully, she can learn how to go with the flow. This past year my word was celebrate. I often don’t pause to celebrate my accomplishments, especially when it comes to working. I am always driven to focus on the next thing. I did celebrate my life more by taking some big trips and doing more things with my wife. Listen to this episode to hear the word I chose for the upcoming year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:11] The importance of one word to narrow your focus [4:09] How I began my one-word focus [9:37] Tips for keeping your word relevant in your life PRACTICAL PLANNING SEGMENT [11:50] How did I do this year with my word? [14:15] How did Nichole do this year? [18:06] What are their words for 2019? THE HAPPY LAB SEGMENT [21:32] Reflect on what made you happy in 2018 TODAY’S SMART SPRINT SEGMENT [23:10] What will your word be in 2019? Resources Mentioned In This Episode Parenthood Movie The Trashmen Surfin’ Bird Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Welcome to the Retirement Answer Man show. On episode 251 we discuss what you can do to battle Alzheimer’s in the Hot Topic segment and Dan Crosby joins me to discuss behavioral investing in the Practical Planning segment. This is the podcast dedicated to helping not just survive retirement, but rock retirement! One way to really rock retirement is to surround yourself with people that are in the same boat. If you are surrounded by people that are motivated and intentional and working toward the same goal then that is a great way to ensure that you will rock your retirement. Join the Rock Retirement Club waitlist to arm yourself with the best retirement resources and community. What can you do to keep Alzheimer’s at bay? Increasing longevity is a scientific marvel. While it is exciting that people are living longer and longer, longevity can be a source of worry as well. Alzheimer’s disease is now battling heart disease for the rank of the top killer of the elderly. One way that you can combat this scary disease is to keep learning. People that are continually learning are exercising their mental muscles. Work is another fantastic way to keep the mind active. Work actually creates a type of cross-training for your brain. Find out why work could be just what the doctor ordered to combat Alzheimer’s disease on the Hot Topic segment. Why don’t we talk about the behavioral aspects of investing? People are always discussing active vs. passive investment strategies, but no one ever brings up the behavioral side of investing. Making better financial decisions depends on much more than just whether one is passively or actively investing. Behavioral investing actually requires something more from people. You have to stop and consider how your behaviors really affect your choices. Debating passive vs. active is a much easier debate. Considering investor behavior requires sacrifice and introspection. Listen to Dan Crosby describe why it is not easy for us as humans to change our behaviors even when it’s for the best. What are the 4 tendencies that impact investor behavior? There are 4 tendencies that impact investor behavior. They are conservatism, attention, emotion bias, and ego. Conservatism is an overreliance on the status quo. We as humans love to stick with the way things already are. Attention means that we tend to confuse sensationalism and the lure of the improbable with the probable. Emotion bias means we think that things that we like must be safe. Ego means that we have a tendency to be overconfident. We think that we are smarter than we are, and we think that we are luckier than we are and we also think that we can be more precise than we actually can. Find out why intelligence is not a factor in good investing. The decumulation phase of investing is the least understood Pending retirement means you are going from the accumulation phase of investing into the decumulation phase. This can be a scary and disempowering feeling to go from saving to withdrawing assets. Not only that, but retirees entire life purposes are changing and they are no longer generating income. This shift in mindset can cause people to feel out of control. Dan feels that you have to be just as diligent as putting your psychological realities in order as your finances. Discover how the PERMA model for happiness can help you prepare for the psychological realities of retiring by listening to Dan Crosby on the Retirement Answer Man show. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:21] Alzheimers and longevity can be scary thoughts [4:45] What can you do to lessen your chances of Alzheimer's PRACTICAL PLANNING SEGMENT [8:17] Dr. Dan Crosby is here to discuss the behavioral aspects of investing [10:05] Why don’t we talk about behavioral aspects of investing enough? [14:14] The 4 tendencies that impact investor behavior [21:55] The decumulation phase is the least understood [24:46] The PERMA model for happiness THE HAPPY LAB SEGMENT [29:24] Acknowledge that stress can cause a temporary decrease in intelligence TODAY’S SMART SPRINT SEGMENT [31:08] Go check out Dan Crosby’s book, The Behavioral Investor Resources Mentioned In This Episode BOOK - The Behavioral Investor by Dan Crosby BOOK - The Laws of Wealth by Dan Crosby Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

On episode 250 of Retirement Answer Man we investigate the investment strategy of global diversification. With the U.S. stock market on a tear, is global diversification really worth it? In 2018 international investing has been a drag on our portfolios. As with everything, there are positives and negatives to investing internationally, but it is important to diversify your portfolio. David Stein, from the podcast Money for the Rest of Us, and I discussed the pros and cons of holding international stocks at FinCon recently and I share a bit of our conversation with you all. Listen to our discussion and hear some interesting facts about longevity on this episode of Retirement Answer Man. Longevity is here to stay Longevity is a big issue if you are approaching retirement since you will probably live longer than you think. This increase in longevity is important to consider when planning your retirement. Longevity has grown so much that the fastest growing population is that of centenarians. Between 2001 and 2015 deaths due to heart disease decreased while Alzheimer's deaths increased. As of now, the natural life expectancy seems to peak at 120 years old, but scientists are constantly looking for ways to increase it. The truth is we are getting healthier and staying productive for a longer time. Listen to the Hot Topic segment to find out what increasing longevity means for your retirement. Pretirement is a great way to redefine retirement Gone are the days when you can just stop working and do nothing. If you may live another 40 or so years after your retirement then pretirement is a great way to gain time freedom and it combats your feeling of having little or no control over your income and your time. If you simply stop working it can be much harder to jump back into the workforce if you ever need or want to. Pretirement helps to keep the mind active which is an important way to combat Alzheimer’s disease. Learn how to redefine retirement by listening to this episode of Retirement Answer Man. Why do we need global diversification in our portfolios? The S&P 500 has been on a roll over the past ten years while developed international markets have performed quite poorly. So if global markets are doing so badly, why should we even have them in our portfolio? There are positives and negatives to global diversification. There are quite a few quality companies that are traded overseas, like BMW, Shell and Volvo which you may want to invest in. Limiting your portfolio to companies that are only traded in the U.S. limits the reach of your portfolio. While holding international equities can be more complicated and take more research they can be a great way to bring balance to your portfolio. Discover the pros and cons of global diversification on this episode of Retirement Answer Man. A conversation with David Stein on the pros and cons of global diversification I recently chatted with David Stein from the Money for the Rest of Us podcast. We discussed whether global diversification is really worth it. The question of holding international investments is important to consider since the U.S. market has been outperforming global markets for over 10 years. David pointed out that if we want to hold a truly diverse portfolio then it should reflect the fact that over 40% of companies are held abroad. With a diverse portfolio it can always feel like you are missing out on something and that you have holdings which are dragging you down. How do you feel about your portfolio? Is it globally diverse? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:42] Longevity is a reality [8:33] Why is pretirement so important? PRACTICAL PLANNING SEGMENT [12:10] What are the positives and negatives of holding international equities? [16:07] Some data from the MSCI-EAFE index [22:26] Why you still should hold international investments [24:08] What does David Stein think of international diversification? THE HAPPY LAB SEGMENT [27:55] Longevity can lead to loneliness--so make some younger friends TODAY’S SMART SPRINT SEGMENT [29:10] Review your asset allocation and identify your exposure to global markets Resources Mentioned In This Episode David Stein Money for the Rest of Us BOOK - The 100 Year Life by Andrew Scott Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

The end of days is coming! Well, at least the end of days in 2018. This can be a time of year of frantic holiday spending, but you shouldn’t let holiday shopping blow the budget. On this episode of Retirement Answer Man, you’ll learn how not just to rock retirement, but to rock the holidays as well. In the Hot Topic segment, I’ll give you some strategies on how to control your holiday spending. And in the Practical Planning segment, we’ll go over an end of year checklist to help you plan for the end of the year. If you’re ready to rock the holiday season listen to this episode for tips on how to prepare for the end of days in 2018. You can’t let Christmas shopping blow the budget Not surprisingly, Americans will be spending more on Christmas gifts than they did last year. The average holiday spending amount is between $800-900 per family. We seem to spend more and more on the holidays every year. There always seems to be the next new thing that you just have to buy. People (especially kids) have gift expectations that can really blow the budget. Do you have a Christmas budget? How do you plan your holiday spending? Listen to this episode to hear 5 ways you can prepare your budget and rock the holidays. 5 things you can do to prepare for the holidays and save your budget Avoid temptation. When you are out shopping a lot you tend to see things you want to buy. Shopping online and staying out of stores can help ease the temptation to buy more. Think personally. just buy to give, a random gift. Try and think of a gift that is meaningful for the recipient. Avoid the fallacy of the deal. Black Friday, Cyber Monday, the day after Christmas sale--these are all just ways to get you to spend more money. You’re not saving any money if you weren’t planning on buying that thing to begin with. Pick one splurge. The splurge will depend on your specific financial situation. Choose where to spend your money. You can splurge, but do it in a meaningful way specific to your financial situation. Make a list of people you want to buy gifts for. Once you know who you’re buying for then set a dollar amount that you want to spend this year. Deposit that money in a separate account for Christmas. And be intentional on how you spend the money. An end of year checklist to take advantage of time-sensitive opportunities The end of the year is a wonderful time to take advantage of time-sensitive opportunities that can save you money and leave you more financially prepared for retirement and the coming year. This is the perfect time of year to revisit y our retirement contributions to your Roth IRA, 401K, and HSA. Analyze whether you can add a bit more. If you have a student in college now is the time to reimburse yourself for those approved college expenses from your 529 plan. You’ll also want to take advantage of your flexible savings account dollars. You need to listen to this episode to hear the entire checklist and learn more about donor-advised funds, tax harvesting, and tricks for the self-employed. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [1:56] Gift giving expectations can really blow the budget [3:03] What can you do to control your budget and still rock the holidays PRACTICAL PLANNING SEGMENT [7:43] Time sensitive opportunities for the end of year checklist THE HAPPY LAB SEGMENT [14:56] What can we do to make interactions with people more enjoyable TODAY’S SMART SPRINT SEGMENT [17:32] Create a list of those to buy for and preplan what you want to buy Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

Is thankfulness the key to a happy life and retirement? It seems like everything I read about happiness contains the common theme of gratitude. Being a thankful person can greatly increase your happiness and the Thanksgiving holiday is a wonderful opportunity to give thankfulness a try. So this Thanksgiving edition of Retirement Answer Man focuses on being thankful to help you create your best life and retirement. If you are trying to maintain a thankful perspective in this harsh world, this is the episode to listen to because I’ll give tips on how to be more thankful. So listen in while you prepare that holiday dinner or get ready for the onslaught of holiday guests. 3 forces that pull us away from the spirit of thankfulness You have to maintain constant vigilance on your spirit of gratitude. Society always seems to be pulling us away from thankfulness by encouraging us to want the next best thing. Marketing messaging constantly tells us that we are inadequate in some way. The news media exposes us to the horrors of modern society which can lead us to be less appreciative of our own good fortune. Social media compels us to compare ourselves with others in a way we can never measure up to since people only post the best version of themselves. Although it can be challenging there are ways to become more thankful. Tips on how to become more thankful Surrounding yourself with positive people makes it easier to maintain a thankful attitude. I know it can be hard to be thankful if you are truly depressed, but sometimes if you fake it until you make it, this can lead to an attitude of gratitude. Volunteering or attending a group activity where people share information about themselves is a wonderful way to gain perspective of what others go through and can really increase your level of gratitude. Journaling is a powerful way to channel your thankful thoughts. As a matter of fact, you can go to RogerWhitney.com/thankful and tell us what you're grateful to enter to win a free journal. What are Nichole and I thankful for? Nichole joins me to discuss thankfulness and share what she is thankful for. We both have God at the top of our lists. I have so much to be grateful for including family, health, and an amazing work life that I don’t have to separate from my home life. My work gives me a way to connect with wonderful people and gives me a creative outlet. Plus I get to work with Nichole! Nichole is also grateful for family and work, but she has a female spin on her gratitude list. If you’re curious to hear her gratitude list listen in to this Thanksgiving edition of Retirement Answer Man. What are you grateful for in your life and retirement? As you prepare for the holiday madness try and maintain a spirit of gratitude. Really give a thought about what you have to be thankful for not just on this Thanksgiving, but throughout the year as well. One important key to happiness is maintaining a spirit of gratitude. Let us know what you are thankful for at RogerWhitney.com/thankful and you’ll have an opportunity to win a free gratitude journal. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [1:55] Thankfulness seems to be the key to happiness [3:43] 3 forces of anti-thankfulness [6:55] 5 Tips on how to be more thankful PRACTICAL PLANNING SEGMENT [12:10] Some things Nichole and I are thankful for TODAY’S SMART SPRINT SEGMENT [19:58] Don’t beat yourself up about what you eat today Resources Mentioned In This Episode Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

November is that time of year when we gear up for the holiday season. Although the season seems to start earlier and earlier each year. Now that we’re in full consumerism mode, it’s great to have some gift ideas to help ease the stress of the holidays. So this year, we’ve come up with 10 gift ideas for gifts that keep on giving. They are not too expensive and have a personal touch that you can apply. I have found that the best gifts aren’t the ones with a high dollar value but that are personal or have experiences attached to them. Listen to the Hot Topic segment to hear our 10 gift ideas for gifts that keep on giving then stick around to hear the answers to listener questions in the Practical Planning segment. 10 personalized gift ideas that keep on giving Fracture Me is a company that mounts pictures on glass. It is a beautiful way to display photos, you could send photos of a race or event, or maybe a vacation memory. Just send them your high-resolution photos and they will mount it directly on the glass. The Yootech wireless charger can wirelessly charge your phones. It works with both Android and iPhones. Your loved one will never have to look for their charger again. Cutco knives are a lovely gift for anyone that appreciates a quality knife set. You can add a personal touch by having them engraved. Do you know someone that is approaching retirement? My book, Rock Retirement, is a great gift to help guide their transition. Tom Podnar from Tennessee makes gorgeous barn wood signs. A handmade personal gift is always something special. Do you have a meat lover in the family? Perini Ranch has an amazing mesquite-smoked peppered tenderloin that you can have delivered to your door. Try it out, you won’t be disappointed. Booking an experience like tickets to a show, a weekend getaway, or a golf outing is always meaningful for the recipient as long as you consider their tastes and you actually book the experience. (Don’t simply give them a note that you plan to do it!) Board games are fun for the whole family. Board games are ta great way to spend time with those you love. Stick with simple ones that everyone can enjoy like Sequence, King Domino, or Stockpile. Even a deck of cards with a book of card games is a fun gift idea. Do you always mean to go on a date night with your partner but never find the time? One idea is to buy a gift card to a favorite restaurant and plan regular weekly date nights. If you have already spent the money on the experience then you’ll be less likely to skip it. Are you curious about the last one? It’s really a good one and a gift that keeps on giving. Nichole joins me to share this fantastic idea to share with your family. Listen in to hear the best one on the list and let us know what you think. Which one is your favorite? On the Practical Planning segment, I answer listener questions on social security, how to withdraw your money, and leveraged ETF’s. You’ll want to listen in as I describe how retiring early can affect your social security benefit and how to plan the best way to withdraw your yearly expenses during retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:22] 10 personalized gift ideas to help you through the season [15:56] Nichole joins me for the last awesome gift idea PRACTICAL PLANNING SEGMENT [19:42] A social security question [22:10] A question on withdrawal rules [26:15] An aggressive investor wants to know more about leveraged ETF’s THE HAPPY LAB SEGMENT [32:23] Less materialistic gifts are more fun to give and more fun to get TODAY’S SMART SPRINT SEGMENT [33:17] Share your gift ideas Resources Mentioned In This Episode BOOK - When Genius Failed by Roger Lowenstein Social Security Administration detailed calculator Story Worth Perini Ranch - the mesquite smoked tenderloin is the best! Tom Podnar The Furniture Guy - he makes beautiful barn wood signs Cutco knives Yootech wireless charger Fracture Me Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page