Retirement Answer Man

As exciting as it is, the thought of retirement can be a scary one. By the time you reach retirement age, it seems like you have life all figured out. Now you’ll have to start all over again in the big, scary unknown. Why should you leave the comfort, income, and respect that you have in your career for a life of instability and the unknown? Listeners share their worries as well as their hopes for retirement in the practical planning segment and I discuss the sunk cost fallacy and how it pertains to retirement on the hot topic segment. Listen to this episode of the Retirement Answer Man to ensure that you don’t fall for the sunk cost fallacy. What is the sunk cost fallacy? Have you ever held onto a stock that was tanking? Even though you knew you should sell, you just couldn’t let it go for pennies on the dollar. Sometimes we feel that because we put money, time, or effort into something that we value more than it is really worth. The truth is we only have what we have today. What something was worth yesterday, last week, or last year doesn’t matter anymore. Listen to this episode to hear what the sunk cost fallacy has to do with you and your retirement. How sunk cost bias can color your decisions to retire We all have a sunk cost in where we live, where we work and in our status quo. It can be hard to let these things go and embrace the unknown of retirement. It's easier to just keep working, it’s the known thing, people respect and like you, and you have a steady paycheck. When you retire you give up a great income, friendships, and the respect of your colleagues. Don’t let the sunk cost bias influence your decision on retirement. Position your life so that it is where you want to be. Even though you’ll never feel 100% ready, retirement awaits. Are you worried about increasing life expectancy? Increasing longevity brings about an interesting paradox in retirement planning. On the one hand, living longer would be great, but on the other hand, how are you going to pay for it? Increasing life expectancy is actually one of the main concerns for many that are about to retire. People are worried that their money will run out before they do. Another concern for future retirees is health care, if you are interested in retiring before 65 then figuring out how to pay for health insurance is a big consideration. Many have even opted to just wait to retire until they are eligible for Medicare. What is your biggest retirement worry? Pretirement can be a solution to many retirement worries Increasingly people are looking to find a pretirement solution to ease their worries of too much freedom, not enough money, or health care woes. Pretirement appeals to those looking for more flexibility yet who are not ready for full-on retirement. One listener mentions that he’s not looking to retire by sitting on a beach in Florida. Retirement in this day and age is a whole different ball game. That’s why it’s comforting to have a tribe of people that are walking the same walk. Be sure to hop over to the Rock Retirement Club and get on the waiting list to join the club to help you ease your retirement worries. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:12] The sunk cost bias [8:14] You’ll never feel 100% ready to retire PRACTICAL PLANNING SEGMENT [10:56] Wendy is in the pretirement phase of life [13:36] Pretirement is a great way to ease retirement worries [17:01] What do people miss about working? THE HAPPY LAB SEGMENT [22:27] The Rock Retirement Clubhouse construction is going well TODAY’S SMART SPRINT SEGMENT [24:31] Who is in your fab 5? Give them a call! 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

Have you ever wondered what recent retirees wish they had known before they retired? Recently I asked a group of listeners what kind of resources they would get the most value from to help them prepare for retirement. I am creating an online club that will help you Rock Retirement. On this episode, I share with you conversations that I had with listeners about retirement hopes and fears. These listeners are close to retirement or recently retired. They discuss what they are most excited about and what their retirement worries are. Listen in to hear about retirement hopes and fears from real listeners as well as the exciting news about the Rock Retirement Club. What is the Rock Retirement Club? Coming in January 2019 is the Rock Retirement Club. This club is created for people just like you, people that like to do things for themselves, but don’t want to go it alone. This will be a premier platform where people can talk freely about retirement. Rock Retirement Club will be a community of like-minded people that share their dreams, aspirations, and fears about retirement. The Rock Retirement Club is meant to be an inspirational community where you don’t have to worry about a sales pitch at the end of the deal. Check out the website and entire your email to get on the waiting list for the open enrollment period to join the club. What are people looking forward to in retirement? In my discussions with newly retired folks and those that aren’t quite there yet I always wonder what they are looking forward to the most in their new phase of life. Ray is excited about the freedom it will bring. Stephanie is looking forward to following her passions. Paulette can’t wait to spend more time with family. Lee is simply looking forward to not having to manage people all the time. Listening to others’ excitement is so contagious. What are you looking forward to in your retirement? What are people anxious about as they approach retirement? Retirement is a time to live it up, enjoy freedom, and fulfill lifelong dreams, but it can cause a lot of anxiety too. Many people worry about how to make their money last. A huge worry for those that would like to retire early is healthcare. It’s such a big worry that some simply continue working. Lee worries that he will have too much idle time on his hands and be bored. Do you have any worries about retirement? Listen to this episode to hear if you can learn from others as they share their hopes and fears about retirement. How do you know when enough is enough? One question I ask those that I meet is: how do you know when you have enough? One of the biggest worries among retirees and future retirees is if their money will last them their lifespan. So how do they figure out when the right time to retire is? Some people are very calculated and have their savings and spending all mapped out. Others simply hope for the best. Figuring out how much you need to retire is a huge aspect of retirement. What about you? How will you know when enough is enough? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:22] What is the Rock Retirement Club? PRACTICAL PLANNING SEGMENT [4:21] Gary shares what he wishes he knew before he retired [6:47] George discusses what surprised him about retirement [10:07] Ray is excited about the freedom [12:05] Stephanie can’t wait to follow her passions [13:49] Paulette is looking forward to spending more time with family [16:50] Susan is looking forward to more flexibility [18:25] Lee is excited about not having to manage people anymore THE HAPPY LAB SEGMENT [21:12] Nichole has a fun fall tradition TODAY’S SMART SPRINT SEGMENT [23:25] Spend a bit of time acknowledging what you might be anxious about or excited about in 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

Debt is not a new invention, it has been around for thousands of years. But the modern idea of debt really came into being during the baby boomer generation. The availability of credit has made it so easy for anyone and everyone to get into debt. It comes as no surprise then, that debt among the 65 and over crowd is on the rise. The age-old question of whether you should pay off your house before retirement remains. On this episode, I attempt to answer this question to the best of my ability. If you have been wondering whether you should pay off your house, then you will definitely need to listen to this episode of Retirement Answer Man. Debt has become the new norm The availability of credit skyrocketed during the baby boomer generation. Suddenly everyone could buy anything they wanted on credit. People began to finance houses, cars, electronics, and education. Once you reach your 60’s your timeline of earning potential decreases and it is important to become intentional on how you use debt. Managing debt wisely can have a huge impact on your life. You don’t want to become one of the rising population of 60+ that has filed for bankruptcy. Listen to this episode to hear how to become intentional about debt. Should I pay off my house? Paying off the mortgage is a dream for many, but why? Many people have finally paid off all of their debts when they reach retirement age, so this leaves them with the question: should I pay off my house? On the one hand, there is one less payment to make each month. On the other hand, paying off the house takes away your savings. If there is a catastrophic event, then you may have to go back into debt to pay for it. Why do you want to pay off your house? Can you really afford it? Where will the money come from? Listen to this episode to hear what you should consider if you are thinking of paying off your house. Should you pay down your mortgage and refinance? Craig has come up with a strategy to pay down his mortgage and then refinance his home in the next 4 years. He is 62 years old and knows that there is no way he can pay off his house in the next 4 years, so he thinks that this could be a good plan. Some things he should consider are: what kind of house is it? Could he resize his house and maybe relocate? Does he have a decent amount in a tax-deferred account? He also needs to consider that he needs to refinance before he retires to make sure he has an income. Listen to this episode to help you develop your strategy for paying down your mortgage. If an asset is tapped for providing an income stream, is it removed from your net worth statement? Once an asset is tapped to provide an income stream it still has the potential to provide wealth. It should not be removed from your net worth statement. Part of agile retirement planning means that you should be tapping different assets to help you manage your pretax and post-tax assets. Another listener asked a great question about whether you should reinvest dividends, capital gains, and interest or leave them as cash in retirement. Listen to the answer to this question and more listener questions on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:22] The availability of credit skyrocketed during the baby boomer generation PRACTICAL PLANNING SEGMENT [6:56] Paying off the mortgage is a dream for many, but why? [9:40] Should Craig pay down his mortgage? [14:17] If an asset is tapped for providing an income stream, is it removed from your net worth statement? [16:03] Texas teachers plan question [18:02] Should you reinvest dividends, capital gains, and interest? THE HAPPY LAB SEGMENT [20:00] The 2018 annual pumpkin carving contest announcement TODAY’S SMART SPRINT SEGMENT [21:05] What is your mortgage pay down strategy? 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  

You Asked is back! On this episode of Retirement Answer Man, a listener asks an excellent question about ageism and whether it is possible to find meaningful work after 50. You may not have experienced ageism directly, but that doesn’t mean that it isn’t a problem. With the United States experiencing an increasingly aging population, there is a large percentage of the population over the age of 50 and that percentage will continue to increase. Listen to this episode to learn about ageism and what you can do to protect yourself against this form of discrimination. With the American population increasing in age, ageism is a problem Discrimination comes in all shapes and sizes and age is one of them. Ageism is discrimination that is specifically based on age, whether old or young. Finding a job after 50 can be a challenge. On average it takes someone over 55 3 months longer to find a job than a younger person. There can be all kinds of difficulties involved in trying to find work as an older person. An older person can be less likely to highlight all of the positives that they bring to the workplace. Listen to this episode to find out what you can do to be proactive about ageism and find or continue meaningful work after 50. How can you be proactive in protecting yourself against ageism? Some older individuals are less likely to highlight the amazing qualities they bring to the workplace. One way to ensure that you continue to stay employed is to make sure that you are appreciated in your work. Ensure that from an outward perspective people see all the good you do in your workplace. Another way to protect yourself is to expand your network to include those that appreciate you. Make sure that your resume and LinkedIn profile are always up to date. You will also want to continue your career development. This makes you more valuable to the company you work for. Listen to this episode to hear all the tips on how you can be proactive in protecting your future employment opportunities. What are the differences between a SEP IRA and a solo 401K? A SEP IRA stands for a Simplified Employee Pension plan. With a SEP IRA, you can contribute 25% of your total compensation up to $25,000. A SEP IRA is managed just like a traditional IRA. A solo 401k is a little bit different and you can’t have any employees with this 401k. It is like a regular 401k you in that you can make the typical contribution, but you can contribute up to $60,000. So you can defer a lot more with the 401k. If you are looking to shelter as much as you can then the 401k is a good idea. If you are a bit behind in planning then you may want to choose the SEP IRA. Listen to this episode to find out why. How can one learn about asset-based long-term care insurance? One listener asks about long-term care insurance. He would like to find an impartial website to learn more about it. There are two ways to buy long-term care insurance, you can either buy it as a rider to a life insurance policy or as its own separate entity. Unfortunately, everyone seems to have skin in the game so it can be hard to find an impartial source to learn more about long-term care insurance. If you sign up for 6 Shot Saturday, I’ll be sure to send you a link to what I have found. Listen to this episode to find out what I know about asset-based long-term care insurance. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [1:22] With the American population increasing in age, ageism is a problem [8:25] How do you fight potential agism? PRACTICAL PLANNING SEGMENT [15:57] What are the differences between a SEP IRA and a solo 401K? [20:33] Is meaningful work too hard to find after age 50? [24:55] Where can one find an impartial website to learn about asset-based long-term care insurance? THE HAPPY LAB SEGMENT [28:31] Never stop learning TODAY’S SMART SPRINT SEGMENT [30:02] What can you do to make yourself more marketable? Resources Mentioned In This Episode BOOK - Lynchpin by Seth Godin 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

Do you have too much stuff? Are you like me? Have you lived in your home for several years and have a lifetime supply of clutter? If you are planning on moving in retirement then you must purge some of this stuff. On the Hot Topic segment, I provide tips on purging. In the Practical Planning segment, I help you discover how to make the most of your new locale. Listen to this episode for valuable tips on decluttering your life, exploring whether relocating is right for you and learning how to make the most of your new locale. How can you purge your stuff to set yourself up for a successful transition? Purging is a must. Not only will you help with staging your house, but you will also have less to pack, you might earn a few bucks, and it will bring less stress in your move. It’s important to start decluttering early, it is too stressful to wait until the last minute. I’m trying to tackle purging a room a month, I don’t want to try to do too much all at once. Here are some questions to ask yourself when sorting through a lifetime of memories. When is the last time you used it? If you haven’t used it in the last year you probably don’t need it. Can you digitize it? Do you really need it? Has that season passed in your life? Listen to how I set up my 3 box system so you can learn to organize your purge on this episode of Retirement Answer Man. How can you make a successful transition? Combining two of the most stressful transitions in life together could be a bad idea. You may want to take them one at a time. Retiring will bring about a big change in lifestyle and it could be overwhelming to throw in a move on top of the new life dynamic. You could consider slowing down first and adjusting to retirement then relocate at a later time. This way you pace yourself as you tackle these transitions. Listen to this episode to hear how to make your transition to retirement and a new locale as seamless as possible. How will you pay for it? If you are looking to get a mortgage on your new home you need to be able to qualify for it. Mortgage companies use incomes as the primary factor in deciding who qualifies for a mortgage and many people get denied for mortgages even when they have a hefty net worth. Find out if a manual underwriter is what you need by listening to this episode. If you decide to pay cash how will you fund it? Should you draw from a retirement account? Do you sell your current home and use the funds from the sale to purchase the new home? Should you buy another home while you still own the home you're in? Listen to this episode of Retirement Answer Man to find out what the best way for you to pay for your next house Are you sure you have chosen the right area? Sometimes people buy the land to build a house or a retirement home early and then realize that they don’t really want to be in that area. Think to yourself if you really want to retire to that chosen locale. Have you spent enough time in the area to know the about community, the taxes, and the facilities? There is a lot to consider when choosing a new locale. You also need to think hard if your current house and neighborhood are that bad. Listen to this episode of Retirement Answer Man to help you choose your new locale, or even if relocating is the right choice for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:19] Do you have too much stuff? [4:58] How can you purge to set yourself up for a successful transition? [11:02] Should you sell or donate? PRACTICAL PLANNING SEGMENT [12:45] How can you make a successful transition? [14:26] How will you pay for it? [19:55] Are you sure this is the right area? THE HAPPY LAB SEGMENT [26:01] Think about your needs vs. wants are your wants distractions? TODAY’S SMART SPRINT SEGMENT [28:00] Take the purge challenge 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

Where you live in retirement does not depend on the school district, your job, or having a bigger house for the kids. For the first time in your life you can live anywhere you want with no restrictions. If you are thinking of relocating in retirement then you’ll definitely want to listen to the Relocation in Retirement series of this show. On this episode, we’ll be discussing what the considerations are to finding the perfect place to retire. If you have been thinking that you may want to relocate when you retire then you will definitely want to listen to this episode and discover how to find the perfect place to retire. Retirement and moving are among the top ten stressors, so why do both? Most people decide to age in place, but there are many people that do wish to relocate as part of their retirement plan. Both retirement and moving among the top ten stressors that you can have in your life. So when you are talking about doing both and at the same time it can be a rough ride. This is why it is so important to go about retirement and moving with the right attitude. If you let the stress get to you it can be overwhelming, but if you bring the right perspective then relocation in retirement can be a wonderful choice. Listen to this episode to help you learn how to find your happy place to retire. What are the motivators for moving in retirement? People choose to move in retirement for a number of reasons. The home equity accrued can make up a large portion of your net worth. Your mortgage is probably pretty well paid down and in addition, right now, most home markets are doing quite well. This can be a big motivator to sell the house. Some people feel the need to ‘right-size’ their house. After the kids are grown many people end up with too much house, and along with that come big taxes and upkeep. By downsizing, you can save a substantial amount of money. What are your motivators for moving in retirement? What should you look for in a forever home? Once you make the decision to sell your house, what should you look for in a house where you plan to live for the rest of your life? You shouldn’t think about what suits your life just now, but how it will suit you on down the road when you become less mobile. Does it have attributes for you to age in place? You don’t want to have to deal with stairs as you age, so a multi-story home could be a challenge. You should also consider if the doorways are wide enough to accommodate a walker or wheelchair. Listen to this episode to hear all the considerations you may not have thought of when moving to a forever home. What type of community are you looking for? When choosing a different community to live in there are many things to consider. How close is it to the family? Kids and grandkids can be a big draw, but what happens if they decide to move? Cost of living is also a huge consideration. You probably don’t want to live somewhere that will break the bank. Living somewhere with a lower cost of living can completely change the way you live your retirement. You could stop working sooner, travel more, or spend money on extras. Another consideration is, what kind of community services are there? Look at hospitals, doctors, assisted living centers, or churches. Listen to this episode of Retirement Answer Man to find out all the things you need to consider when looking for the right place to retire. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:45] Retirement and moving are among the top ten stressors [3:26] What are the motivators of moving in retirement? PRACTICAL PLANNING SEGMENT [8:21] Does it have attributes for you to age in place? [9:55] Where are the kids? [11:35] What is the cost of living? [13:57] What type of environment are you looking for? [17:13] What is the tax situation like? THE HAPPY LAB SEGMENT [18:38] What is the happiest thing about a relocation? TODAY’S SMART SPRINT SEGMENT [20:18] Think about where you would live if there were no constraints 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

Although most retirees choose to retire in place, I have seen a significant number of my clients choose to move as they retire. Over the next three episodes, we will be discussing relocation in retirement. Retirement and moving are both on the list of top 5 most stressful life event so I want to arm you with as much information as possible to help you get through the challenge of moving in retirement. On this episode, we’ll discuss how to make the most out of the sale of your home. Listen to this episode to hear my special guests, Joe from the Stacking Benjamins podcast, and Mindy Jensen, from the Bigger Pockets podcast, they both give great advice on your home sale. What are the motivations of wanting to move? Why do some people choose to move at an already stressful time in their life? There are many possible reasons. Often the house they were living in was the one that they raised their children in and is now too big for the next stage in life. Now with retirement ahead, proximity to work or being in the right school district doesn’t matter. Some move to be closer to adult children and grandkids. And some people just want to be in a more desirable location. Listen to this episode to hear why many retirees choose to pack up and relocate Tips for moving Mindy Jensen, the author of How to Sell Your Home, joins me on the Practical Planning segment of the show to give tips on how to get the most out of your home sale. There are a lot of little things you can do to maximize the price and make a quick sale. A great way to start preparing your home for sale is to clean and declutter. No one wants to look at a dirty, cluttered house. If you can’t bear to part with your treasures, renting a storage unit is a great way to hang on to your memorabilia and keep a tidy, depersonalized home. Mindy has some great money saving tips on how to spruce up your house to get the most out of your home sale. Why are you selling? To maximize everything about your home sale you first need to understand why you are selling. If you want to sell your home quickly you should use a real estate agent. If you have plenty of time and want to do things your way you could try to sell your home on your own. Once you understand your reasons you can decide how to choose an agent if you choose to use one. Before listing your house you also need to do your own homework. Learn which agents are the best in your area to help you decide whether you want to go with a big name or whether you should choose someone that can devote more time to you. Listen to this episode of Retirement Answer Man to hear how to go about choosing a real estate agent. To rent or not to rent One of the trickiest parts of moving is the timing. How do you know when to look for a new house? Should you wait until after you’ve already sold your home? What if you have found the perfect house and your house isn’t even on the market yet? Should you rent a house while you look for the right one? There are so many questions involved when trying to figure out how to relocate. Unfortunately, there is no one size fits all answer, but there are some tricks to making the timing of the sale of your home as painless as possible. Listen to this episode of Retirement Answer Man to discover how to get the timing right on your home sale. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:30] What are the motivations of wanting to move? [8:50] Joel Saul Sehy makes an appearance [15:33] The Stacking Benjamins world tour [20:33] Most people want to stay in place, but why would someone want to move [25:30] Tips for moving PRACTICAL PLANNING SEGMENT [29:38] Mindy Jensen cohosts the Bigger Pockets Money podcast [31:23] Should you use a realtor? [38:01] What do you do to improve to sell your house? [44:55] Take honest photos [47:33] Pricing the house correctly is important [50:45] Should you sell then rent? THE HAPPY LAB SEGMENT [54:52] I try my hand at some jokes TODAY’S SMART SPRINT SEGMENT [56:10] Share some funny jokes with us on Facebook or Twitter Resources Mentioned In This Episode Stacking Benjamins Tour Bigger Pockets Money Podcast BOOK - How to Sell Your Home by Mindy Jensen 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

For many retirees, retiring is more about time freedom rather than not working. This is why so many people decide to become entrepreneurs and enjoy a pretirement phase of life. My guest on episode 237 is author Mike Michalowicz who helps entrepreneurs learn how to step away from their business. He is the author of three fantastic entrepreneurial books and he has a new book that just released called Clockwork. Clockwork is a book that helps entrepreneurs design a business that runs itself. If you are thinking of starting your own business or are already in your pretirement phase, you’ll want to hear this interview. Listen now to hear Michael explain why you should be able to step away from your company by designing a business that runs itself. How to automate your business To run a business on automatic you first need to train your mindset. Without the proper mindset, you won’t be able to spark the idea of automating your business. To get the business to move forward to where you really want it to be you have to get other people to do work in the business. Running a business on automatic doesn’t necessarily mean that there are robots involved, although there are many automated systems that can help achieve this. An automated business means that there is a consistent, predictable outcome without effort from the owner. Listen to this episode to hear why the entrepreneur’s job should be to achieve the predictable outcome achieved by automating the business Why do entrepreneurs end up working harder than if they just had a job? Many entrepreneurs start a business with everything they’ve got. They work so hard to get their business off the ground that they think they must continue to do everything on their own. This isn’t true. Oftentimes, the owner’s way of doing things isn’t even the best way. As your business grows it is important to be able to hire people to specialize in certain areas so that you don’t have to be the one doing everything all the time. Being able to remove yourself from your business for a period of time is a great way to determine just how successful the business really is. Listen to this episode to hear Michael Michalowicz describe why it is important to learn how to step away and create a business that runs itself. The 4-week vacation Just about every element of most businesses happens during a 4-week period of time. This is why Mike suggests that preparing your business for a 4-week break from you is a great way to judge if you really have freedom from the business. This means there are several aspects to your company that must become automated. If an owner can remove him or herself for this amount of time then it is a business that can run itself. While you are taking this vacation, the time off can give you a completely different perspective on your business. Listen to this episode to hear how Michael Michalowicz describes why a 4-week vacation is exactly what an entrepreneur needs. Your business is only worth what someone is willing to pay for it Many entrepreneurs are so involved in their business that there is no way to extract the owner from the business itself. This makes the company worthless from a sales standpoint. By making the company all about the owner, you are actually making it impossible to sell. When entrepreneurs go to sell their business they often think of the blood, sweat, and tears that went into it and base their sale price on that. But this is not the true value of the business. The only amount a business is worth is the amount that someone is willing to pay for it. Listen to this episode to hear how Michael Michalowicz explains how to increase the value of your business. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [2:22] The earlier you start getting your business processes in place the better off your business will be [6:28] Mike Michalowicz discusses his new book, Clockwork [8:10] Why do entrepreneurs end up working harder than if they just had a job? [10:08] Mike defines the term “automatic” [11:18] The 4-week vacation [20:46] Your business is worth only what someone is willing to pay you [23:40] What makes 4 yr olds happy? [25:06] What can you do to start extracting yourself from your business Resources Mentioned In This Episode BOOK - Clockwork by Mike Michalowicz BOOK - Profit First by Mike Michalowicz BOOK - The Pumpkin Plan by Mike Michalowicz Roger’s YouTube Channel - Roger That 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  

Have you ever rented a vacation home for a large family gathering? Or have you invited friends to come to visit you while you’re in a vacation rental? That is what my wife and I have decided to do next summer. On this episode of Retirement Answer Man, I give tips for finding and renting a vacation home. During the practical planning segment, I answer several listener questions since this is the last episode of the 5-week You Asked series. Listen to episode 236 to hear the answers to thoughtful listener questions as well as tips for renting a vacation home. What kind of experiences have you created with your loved ones? When all is said and done and you have left this earth, what will your loved ones remember of you? We would all like to leave something behind for our children to enjoy, but nothing can be as important as wonderful memories. If you know that you will be able to leave your children a bit of inheritance, why not take some of that money and create beautiful experiences with them. One way to do that is by taking trips as a family or setting up a way to enjoy your loved ones in a fun setting. My wife and I have recently booked a vacation home for rent in Colorado next summer. Listen to this episode to hear how we did it and the experiences that we are trying to create. Tips for finding a vacation home to rent Finding a vacation home to rent is much easier than it used to be. There are many different websites that you can use to find a vacation rental. Look at as many different resources as you can, like HomeAway, Airbnb, and VRBO. Make sure you book in advance to ensure availability during the time you would like. One way to save money is to plan your vacation just before or just after the peak season. This way you can usually still enjoy the great weather and activities that a place has without the crowds and the hefty price tag. Another thing you may want to consider is the logistics of travel. How easy is this place to get to? Will your family be able to come? Listen to this episode to hear these tips and more for renting a vacation home. What do you do if there is a market correction right before you decide to retire? One listener asks how they can prepare for a market correction that may occur right as they get ready to retire. This is where agile retirement management plays a big role. With agile retirement planning, you are always testing your retirement plan. Another way to prepare for this scenario is to have plenty of cash reserves built up before you reach the time of retirement. Another way to be prepared is to become increasingly conservative with your investments during this time of change. This will help to ease your worries in case anything should happen. Listen to this episode to hear more ways to prepare for any eventuality during your transition to retirement. What can you do when you inherit a large sum of money? If you inherit or receive a large sum of money it is important to think tactically. Using a process strategy leads to tactics that you can use to plan what to do with the money. First, you should think about where are you in your life and what you want to accomplish in the next 3-5 years. What does your net worth statement look like? After thinking about these things then you really only have 5 choices. You can spend it, put it in cash savings, pay down debt, give the money away, or invest it. Any time a client receives a lump sum I walk them through this process to help them move forward. Listen to this episode to hear how I help clients strategize what to do with their money. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:23] A great way to spend time with loved ones is by creating experiences [7:00] Tips for finding a vacation home to rent PRACTICAL PLANNING SEGMENT [14:36] What tax strategies can one use to lessen the burden of taking 2 RMDs? [16:50] Confidence ratio is good but then there is a market correction [20:14] What can you plan for when you inherit a large sum of money? [23:50] What is Roger’s take on annuities? THE HAPPY LAB SEGMENT [27:30] Let’s think about our first cars TODAY’S SMART SPRINT SEGMENT [30:22] Know what your realized capital gains are in your taxable accounts 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

On Episode 235 of Retirement Answer Man, I share helpful tips on adulting. Some of us in our 50s and 60s may not have everything in life figured out quite as much as we thought we would by now. I discuss an article that I read recently that has adulting tips that actually include great advice and I add in some (expert) advice of my own. This episode is the third episode in the You Asked series and our listeners continue to ask fantastic, intelligent questions. To hear the answers to these interesting listener questions as well as hearing some great life tips, listen to this episode now. Adulting tips You would think that by the time we are in our 50s and 60s we would have this life thing all figured out. Well, sometimes I do feel that way and sometimes I don’t. It’s great to be reminded of what we can do to make the most out of the one life we have. Number one on the list is: what you do every day is more important than what you do once in a while. What are you doing every day to improve your life? Listen to this episode to hear more tips like how every medicine can become poison, why you should play your own game, and how you will find what you seek. What questions do I wish a prospective client would ask? We have a list of questions on our resources page that you can use to ask potential advisors in your interviews with them. But one listener asks what I would like a prospective client to ask me in our initial interview. Truthfully, I would like potential clients to listen more than ask. Listen to your advisor's worldview. Do their views line up with your own? Are they talking gloom and doom or rainbows and butterflies? You also need to find out how they view retirement. Are they speaking purely in numbers, or do they take a holistic view in retirement planning? Listen to this episode to hear how to listen to your potential financial advisor. What steps should someone put in place for late retirement years? One listener asks an important question in regards to late retirement years especially as cognitive control may diminish. They ask how one can plan for decreased cognitive function in later years. What can we do to prepare our finances and our well being? This is a great question that I would like to explore deeper in a separate series. There are some things that you can do in advance to prepare for this eventuality. You can start by researching your healthcare network, touring care facilities before you need them, and finding a trusted third party to become involved in financial decisions. Listen to this episode to hear the full answer to this important question. Where should you invest when stocks and bonds are questionable? Nothing is certain about investing. This is why it is so important to diversify. One listener is worried about investing in stocks and bonds and would like to know where else they can invest. It is important to remember to always think about your balance sheet and not simply about asset allocation. First ask these questions, how much cash reserves do you need? How much money do you need to pay yourself? How much extra do you need? What are your long-term assets and how do you allocate them? Then you can look at how well you are diversified. There are different classes of stocks and bonds that can give you a large variety. If stocks and bonds still worry you then you can look into real estate. Listen to this episode to hear the answer to all the different layers that there really are to diversification.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:42] Tips for being a better adult PRACTICAL PLANNING SEGMENT [11:55] What questions does Roger wish a prospective client would ask? [15:03] What steps should someone put in place for late retirement years? [20:17] Where to invest when stocks and bonds are questionable? [25:33] Some social security calculators you can use THE HAPPY LAB SEGMENT [27:22] Get outside and socialize and get dirty TODAY’S SMART SPRINT SEGMENT [28:33] Get the social security calculator from 6 Shot Saturday to help you calculate your Social Security benefit 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