Retirement Answer Man

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

August is listener question month on Retirement Answer Man. The You Asked series devotes the entire 5 weeks to answering listener questions. During the hot topic segment, I discuss an interesting article that I read recently about the stats of alcohol abuse in retirement. You may be surprised to find out that over 3 million older adults abuse alcohol. You may even know someone that abuses alcohol yourself. Alcohol abuse is a concern for many retirees, listen now to hear many fantastic listener questions and to hear the main reasons that older adults abuse alcohol. The main reasons for alcohol abuse among retirees 3 million Americans over age 65 abuse alcohol. There are many different reasons that may contribute to alcohol abuse among retirees. Studies have found that involuntary retirement leads to excess drinking. If you weren’t ready to retire or forced out of your job, you may be apt to drink too much. Another reason for alcohol abuse is your social network. If you live a party lifestyle then your friends may drink more and lead you to drink more. There are many retirement communities that enjoy that party atmosphere. Listen to this episode to hear the other reasons that may contribute to the high stats of alcohol abuse among retirees. What is the best way to buy a home in cash? One listener asks how to buy a home in cash when using the assets of the house he is in. He is trying to not be limited by the time frame from the sale of his house. There are a few ways around this. One way is to sell your home first and then live with relatives or find a rental. Another way is to take out a bridge loan. If you have a relationship with your bank or credit union this may be a good choice. Another way is to obtain a line of credit on your current home. Listen to this episode to hear if the last way is the right way for you. How do you make your 401k and IRA into an income stream? Be careful when thinking of creating an income stream from your 401k or IRA. Creating an income stream is traditionally how we think about getting income from a portfolio. But that is a dangerous way for baby boomers to think about retirement income because it can lead to investments that may have a lot of yields but have their own risks associated with them But on the other hand, if you just start taking funds out of the IRA or 401k the money could eventually run out. The core investments in your portfolio need to be about total return rather than income investments. This will help you grow your assets. Listen to this episode to hear how to take a more holistic approach to your retirement spending. What are the pros and/or cons of setting up a gift annuity for charitable giving? Just what is a charitable annuity? A charitable annuity is usually created after someone receives a large, highly-appreciated, taxable asset. One way to give to a favorite charity and get more from a tax perspective is to gift the asset to a charity and in turn, receive an annuity for the expected duration of your life. This is really a legacy issue and could be considered if you have the desire and wherewithal to do it. The annuity is taxed in different ways, but you would get a sizeable deduction for a portion of the gift. Listen to this episode to hear more about annuities and a lengthy answer to a tricky bond question. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:17] What are the main reasons for alcohol abuse in retirement? [7:55] Almost half of Americans shop online while drunk PRACTICAL PLANNING SEGMENT [10:24] What is the best way to buy a home in cash without having to wait for the sale of the other home? [13:34] A social security clarification [14:49] How do you make your 401k and IRA into an income stream? [18:18] What are the pros and/or cons of setting up a gift annuity for charitable giving? [22:02] A bond question THE HAPPY LAB SEGMENT [29:54] Treat people the way you want to be treated TODAY’S SMART SPRINT SEGMENT [31:20] How can you practice self-control? Resources Mentioned In This Episode Retirement and Alcohol Abuse article 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  

Episode 233 is the second episode in the You Asked series. During the entire month of August, I answer listener questions. In the hot topic segment, I confront the constant precursor that begins every financial conversation - “Given this market.” What does this phrase really mean? Why are people suddenly concerned with the markets now, should they be, and just what markets are they talking about? During the practical planning segment, I get the opportunity to answer several interesting listener questions. You won’t want to miss this episode. Listen now to learn about ‘this market’ and investing for retirement. Given this market . . . People think there’s something special about the markets right now, but the truth is, there has always been something going on with ‘this market.’ We had inflation in the 80s. The early 90s presented us with massive corporate layoffs. In the late 90s, we had the tech boom. Real estate was down, then it was up, then it was way up, then down again. We will always feel worried about the things that we can’t control. The most important way to combat ‘this market’ is by diversifying and managing your balance sheet, not just your investments. Listen to this episode to learn why you should be mindful of ‘this market’ all the time and to hear what you should be doing to help you in ‘this market.’ What market are you talking about? When you preface the investment question with ‘given this market,’ just which market are you talking about? The market is not just the S&P 500. There are so many different markets out there. If you have a well-diversified portfolio then you should have investments in a range of markets. Yes the S&P 500 has had an average rate of return of over 10% over the past 10 years. It has been a nice long run. But this only includes U.S. stocks. The global market has only had an average rate of return of over 2.8%. It is important to know where your money is invested and just how diversified your balance sheet really is. Listen to this episode to hear why it is so important to have an agile approach when investing for retirement. Why is it so important to have an agile investment practice? The first thing to consider when investing for retirement is to know what kind of life you want to live in retirement. Next, you need to be agile. Your investment practice should be agile enough so that you can move with ease and without worry when one market gets a bit hairy. Lastly, you must pay attention. Paying attention to what is going on with your balance sheet will allow you to make little adjustments along the way. Investing for retirement is not a sure thing which is why it is so important to diversify and to stay on top of what is happening in ‘this market.’ Listen now to find out how to keep your retirement investment practice an agile one. My listeners ask the best questions Are you curious about 401k’s or Roth IRA’s? Do you know about the backdoor Roth IRA? One listener asks about the best way he should be investing for retirement. Have you ever considered buying a small home overseas to use for part of the year? Is this a good idea? When is it a good time to take social security early? What should you do if you get laid off at age 60? I answer all of these questions and much more on the practical planning segment. Listen now to hear my best answers to interesting listener questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:39] Why do we always preface our investment questions with ‘given this market’? [4:14] What market are you talking about? [7:18] Why is it so important to have an agile investment practice? PRACTICAL PLANNING SEGMENT [12:15] Should we put more into Roth than 401K? [16:59] How to invest a large lump sum for retirement? [19:33] How to purchase a small apartment overseas [22:08] When is it a good time to take social security early? THE HAPPY LAB SEGMENT [25:38] Think about what does this make possible? TODAY’S SMART SPRINT SEGMENT [27:54] Respond to our email so we can work to serve you better Resources Mentioned In This Episode Episode 231 on Maximizing Social Security 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

This month on Retirement Answer Man we are focusing on you! We will be answering listener questions all month long. Since we just finished the Maximizing Social Security series I will answer some social security questions on this episode while the information is still fresh in our minds. If you had any more questions after listening to the Maximizing Social Security series then you will definitely want to listen to this episode to hear some excellent listener questions that I answer to the best of my abilities. Listen now to learn more about social security benefits. Why should you have an agile retirement plan? Have you ever wondered how are you doing relative to your peers? We all want to know how we are doing in comparison to our peers. When it comes to retirement savings sometimes it can be hard not to compare ourselves to others. But the truth is other people are on a completely different journey in life. It is important to be agile in your retirement planning so that you are ready for whatever obstacles may arise. Almost half of people end up leaving the workforce earlier than they had planned. This can be due to disability or a layoff from a decline in their field. Listen to hear some interesting facts about retirement to help you understand that it is important to have an agile retirement plan in place. How do you calculate opportunity costs? When trying to plan your retirement one challenge is factoring in when to claim social security and when to begin drawing on your own investments. One listener would like to know how to calculate these costs. No one can predict exactly what the market will do, but you need to look at specifically where the money is coming from. The first thing you should think about is: is the money coming from pretax assets or is it taxable? Another factor is whether you are married or not since this will bring spousal benefits into play. Listen to this episode to hear what else you should consider when calculating opportunity costs. When is the best time to take survivor benefits? A listener whose husband passed early on asks about survivor benefits. She is only 50 and wonders when the best time to draw survivor benefits is. The answer is different in each situation. Survivor benefits can start at age 60, but it may be a good idea to wait and claim it until full retirement age. You could claim your own benefits at age 62 and then wait until 66 to get the survivor benefits. Or you could do the reverse, you could claim survivor benefits starting at age 60 and then wait up until age 70 to claim your own benefits. One thing to remember is that you cannot double dip. Listen to this episode to hear more about social security benefits. Can my husband file for social security and then suspend? One listener asks about the file and suspend strategy for social security that has been used in the past. The social security administration has closed many of the loopholes that were once in play. File and suspend was one of these, so this strategy is no longer an option. Now your spouse must wait until you claim your benefits to receive spousal benefits. Another listener asks about inflation. Inflation is calculated into social security, but I’m not sure exactly how. Listen to hear the answers to all of these excellent listener questions and more on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:06] How are you doing relative to your peers? [8:02] Almost half of people leave the workforce earlier than they planned PRACTICAL PLANNING SEGMENT [12:00] If I defer my social security benefit until full retirement age can my wife claim half at 62? [13:23] Is your social security income adjusted for inflation? [14:58] How do you compare taking social security early as to withdrawing from investments? [19:37] Can my husband file for his benefit early and then suspend it after I start receiving spousal benefits? [21:32] A question about survivor benefits THE HAPPY LAB SEGMENT [24:35] If you want to live a happy sometimes you have to laugh at yourself TODAY’S SMART SPRINT SEGMENT [27:00] There is always someone that needs a little more grace, give it to them! Resources Mentioned In This Episode 20 Retirement Stats That Will Blow You Away article 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 final episode of the Maximizing Social Security series. In this episode, we get down to business. When do you file? How do you make this decision? If you are wondering these things then you need to listen to this episode. During the Practical Planning segment, I welcome social security guru, Devin Carroll. He has been studying social security for years and even has a book dedicated to learning the basics of social security. You won’t want to miss this final episode which answers your big questions about social security: when to file, when to relax, and when to panic. Listen now help you discover your best social security strategy. How do you make the decision of when to file for social security? The big question is when do you file for social security. Unfortunately, there is no easy answer. There are many things to consider, but ultimately you need to think about what your ultimate goal is. It’s not just math. What is your confidence level in your retirement? Taking full retirement social security benefits can give you more confidence in retirement. Understand what it is that you are trying to accomplish when considering whether to file early or wait until full retirement age. When you factor in your big picture then when to file could be a game changer. Listen to this episode to help you understand this multidimensional issue and help you rock your retirement. What are some things to consider when trying to decide the best time to file for social security? There are many factors to consider when trying to decide the best age to file for social security benefits. Some considerations are: will you have additional income? How is your health? How is your spouse’s health? What is the age difference between spouses? Do you really need the money? There are also tax implications to consider. If you fall into a certain income class then you could be taxed on 85% of your social security benefits. This could really affect your taxes and your IRAs. Before you decide when to file for your social security benefits, be sure to consider all of these questions. Listen to this episode to get a boost in your social security education. In what situation would it be smart to file for social security benefits as early as possible? You can file for social security benefits as early as age 62. You will not receive your full retirement benefits at this age, but there are some situations where this may still be a good choice. One mistake some people make is that they file for their social security benefits rather than disability if they can’t keep working due to a disability. If a disability is keeping you from working, be sure to file for disability benefits instead. If you really need an income, then filing at age 62 is a smart choice. Listen to this episode to hear all the reasons that you may consider filing for social security as early as possible. How does retiring while in your peak earnings years impact your social security benefit? Many people want to retire early. But does retiring while you are in your peak earning years impact how much you will receive for your social security benefit? Most of us still have 35 years of work history behind us by the time we are considering taking an early retirement, but these years often include low wage jobs. Retiring early can impact your social security benefit. But unfortunately, there is not a good way to estimate how it would affect your benefits. Devin would love to create a calculator to help others estimate the difference in benefits to help others. Listen to this episode to hear how your benefits could be affected by retiring early. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:32] How to make this decision for you? [7:18] What are some things to consider? PRACTICAL PLANNING SEGMENT [8:28] How does Devin Carroll help people choose social security strategies? [11:00] What situation would it be smart to file as early as possible? [15:39] How do you navigate who takes what benefit when in a spousal situation? [17:34] There are some uninformed reasons to file early [19:08] Survivor benefits [27:04] How does retiring while in your peak earnings years impact your social security benefit? THE HAPPY LAB SEGMENT [31:22] Nichole is reading Oola For Women TODAY’S SMART SPRINT SEGMENT [32:55] Send us a question that you want to be answered Resources Mentioned In This Episode Devin’s website: Social Security Intelligence BOOK - Social Security Basics by Devin Carroll Devin Carroll’s podcast - Big Picture Retirement BOOK - Oola For Womenby Dave Braun 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

This month on Retirement Answer Man we are maximizing social security benefits. All month long we are discussing the ins and outs of social security. The government doesn’t make anything simple, and social security is no different. So be sure to catch the entire series, beginning with episode 228 to fully understand the complexities of social security and how to maximize your benefits. This episode is dedicated to learning how earning income during retirement can impact your social security benefit amount. Listen to this episode to help you learn how to maximize your social security benefit and rock retirement. This feature of social security is underappreciated Did you know that social security is adjusted for cost of living? This added benefit was added in 1975. Each year social security is increased by COLA or cost of living adjustment. Since 1975 the average COLA increase has been 3.9%. This sounds awesome, right? The past 20 years the inflation increase has only averaged 2.1%, and in the past 10 years, we have only seen an increase of 1.7%. Well, at least it’s something! Listen to this episode of the Maximizing Social Security series to learn more about your social security benefit. What happens if you take social security prior to your full retirement age? Not everyone wants to work until the full retirement age of 66. The goal for many of us is to retire early. If you decide to retire early and take social security benefits starting at 62 or any time before age 66 you will receive less than the full retirement amount. Another penalty that you will incur is that if you earn over $17,040 your benefit will be reduced by one dollar for every 2 that you make over that amount. The government will eventually make it up to you over time, but of course, it will be rather complicated and paid out over 15 years. Listen to this episode to help you understand the social security complexities of taking early retirement. If you work until full retirement age you could get the best of both worlds Ideally, social security is not to be drawn until the full retirement age of 66. You will receive a higher benefit and you can earn as much as you want without a benefit reduction. This is why I am a huge proponent of pretirement. Taking on some sort of pretirement work like consulting, part-time work, or starting your own business offers an alternative to taking your retirement early and reducing your benefits. Are you ready to rock retirement? If so, listen to this episode to begin maximizing social security benefits. What happens to your social security after full retirement age? Although you receive your full benefit amount at age 66 this doesn’t mean that it’s all yours free and clear. Part of your benefit is taxable if you earn over certain amounts. For example, if you earn between $25-34,000 you will be taxed on half of your social security benefit. If you earn more than $34,000 then you will be taxed on 85% of your social security check. Each situation is different, so that is why it is so important to use more than simply numbers to decide when you want to start rocking your retirement. Start your social security education today by listening to this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:17] This is a feature of social security that most don’t think about [6:46] How is cola calculated? PRACTICAL PLANNING SEGMENT [10:05] What happens if you take social security prior to your full retirement age? [14:55] If you work until full retirement you could get the best of both worlds [15:30] What happens to social security benefits after full retirement age? THE HAPPY LAB SEGMENT [19:40] Go get a little kookie TODAY’S SMART SPRINT SEGMENT [21:14] Evaluate what type of income you may earn from age 62 on Resources Mentioned In This Episode Social Security Administration website 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

Social security is an important part of retirement even if you have plenty of assets. That is why we are dedicating the whole month to learn how to maximize your social security benefits. This is the second episode in the four-episode series in which we discuss the best social security benefits calculators. This may not be the most exciting topic, but it is important to learn how to get the most out of your social security benefits. Listen to this episode to hear how to find the best social security calculators as well as how to use them. How to protect your social security Protecting your social security number is so important to keeping your identity and benefits safe. 158 million people had their social security number exposed just last year. That’s half the population of the country! There are a few protective measures that you can take to guard your social security number. You don’t need to carry your social security card with you at all times since it can easily get stolen. Instead, leave it at home in a safe place. Some organizations like medical offices ask for your social security number but don’t actually need it. You don’t have to give it to them. Listen to this episode to hear more tips on how to keep your social security number safe. How to calculate your benefits The social security administration is a great resource you can use to calculate your benefits. They send you a yearly statement with your lifetime earnings as well as a projected benefit amount. The important thing to remember is that the benefit amount they use assumes that you will continue to earn the same amount that you are earning right now all the way until you reach full retirement age. So if you plan on retiring early or taking a pretirement phase where you are not earning much then that number will change. Listen to this episode to hear how you can calculate your benefits if you plan to retire early or enjoy pretirement. If you download your statement make sure to encrypt it You can download your social security statement to your computer by going to the social security administration’s website. If you choose to do so, it is important to protect the file. Your social security statement is a treasure trove of information. It has such goodies as your name, address, the last four digits of your social security number, and your earnings from an entire lifetime. If you have your statement downloaded on your computer it is important to password protect the file to avoid all of that information being stolen by hackers. Learn how to password protect it on a Mac by listening to this episode. What kinds of calculators should you use? Ssa.gov has benefits calculators that can help you estimate your benefits based on your earnings. If you are going into pretirement or plan on retiring before full retirement age you will want to use their detailed calculator. This will give you the most precise estimate of what your benefits will be. You actually have to download the calculator onto your computer which brings another layer of complexity to things as only the government can do. The detailed calculator can help you decide when would be best for you to retire. There are several other calculators both on the social security administration website as well as through private organizations. Listen to this episode to hear which calculators you should use to help you understand when the ideal time to retire will be for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:52] Protecting your social security number so important PRACTICAL PLANNING SEGMENT [11:04] How to calculate your benefits [15:08] If you download your statement password protect it [16:22] What kinds of calculators should you use? [19:56] A lot of financial planning is about maximizing the numbers [23:55] What are some other websites that can help calculate your social security benefits? THE HAPPY LAB SEGMENT [26:13] Hobbies can make you happy TODAY’S SMART SPRINT SEGMENT [29:22] Check out one of the social security calculators or make time for your hobby 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

The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible. You may think that social security won’t play a very big role in your retirement if you have a lot of assets, but after listening to this series you’ll see that social security is more important to your retirement than you think. Get started with your research on social security by listening to this episode today. What are the benefits of social security? Even if you have plenty of assets, social security benefits are an important part of retirement. As with any benefit you need to learn how to maximize it to its fullest. There are different branches of benefits through the social security system; disability benefits, dependent benefits, and survivor benefits. The one we think the most about though, is retirement benefits. You pay into the system year after year and can begin to receive the benefits at age 62. Social security is a fantastic resource that helps many retire with dignity. You need to learn how to get the most out of it and can start learning as much as you can by listening to this episode of Retirement Answer Man. Will social security be there when you need it? Social security is 90% of income for about a third of American retirees, and for 50% of retirees, it consists of half of their income. So it is scary to think that this benefit could be exhausted as soon as 2022. Fortunately, according to the social security administration website, the fund will not completely disappear at this time. It will only cover about 75% of what it needs to, but it will not totally vanish. The reason there is a problem with funding is that there are more baby boomers retiring and receiving benefits than there are people contributing to the system. Listen to this episode to find out if you need to worry about vanishing social security and how that could affect your retirement plans. How to fix social security Since there is a maximum amount that you can receive, social security is a bit of a redistribution system. It is a highly politicized topic, but if it is to continue, a solution must be found to funding social security in the future. There are several ways that we could continue to fund social security in the years to come. Being that it is a significant income source for many retirees, finding a solution is important. Some ways to solve the funding issue are by increasing social security taxes on incomes, eliminating the maximum deposit, reducing benefits, modifying the cost of living adjustments, raising the retirement age, and closing loopholes. Listen to this episode to hear about the many different ways that we could easily help fund social security in the future. How are benefits calculated? How do you qualify for social security benefits? Social Security is earned over a 35-year work history. You earn credits each quarter and you need 40 quarters of wages to qualify to receive benefits. The amount you receive is determined by your work and earnings history. If you retire before retirement age the amount calculated will add zeros to your average. This will bring down your average earnings and reduce your benefits. The way they average the amount earned is called the AIME: or average indexed monthly earnings amount. It is important to consider your AIME if you are planning to retire early. Listen to this episode to hear how to download your latest social security statement and check your earnings record so that you can begin to calculate your estimated benefit amount. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:25] What are the basics of social security? [5:54] Will social security be there when you need it? [7:33] How to fix the social security problem PRACTICAL PLANNING SEGMENT [11:11] How are benefits calculated? [16:05] What is the eligibility for spousal benefits? THE HAPPY LAB SEGMENT [18:38] The next time that someone slights you, respond with grace TODAY’S SMART SPRINT SEGMENT [20:15] Go to my YouTube channel and subscribe to find some fun bits of retirement wisdom and info Resources Mentioned In This Episode Social Security Administration Website 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 last episode in the Entrepreneurship in Retirement series on Retirement Answer Man. We have been discussing the dream of entrepreneurship after retiring during the past three episodes of this series. This episode closes the series as I interview 3 different entrepreneurs that got sick of the rat race and struck out on their own. These entrepreneurs have very different stories about how they launched and lived their dream. They share what motivated them to entrepreneurship, how they started, and what their lives look like now. Listen to this episode to learn from their retirement lessons as you embark on your own entrepreneurial journey. Vinnie quit his dream job to strike out on his own and now has so much time freedom that he never wants to retire Have you ever heard about people that say they never want to retire? That is the case of my friend Vinnie. Vinnie was a sports photographer. He had a dream job at a newspaper traveling the world and photographing major sporting events. Vinnie won several awards for his photography but still only made about $15 an hour. Once his wife got pregnant with his first child he realized that his dream job was unsustainable for a family. This spurred him to pursue opening a freelance photography business of his own. After several years Vinnie pivoted his business to something that would free his time more than his wedding photography business. Listen to the valuable lessons Vinnie relays and hear why he doesn’t plan to ever retire. Is entrepreneurship right for you? Carey Green doesn’t think it’s for everyone After more than 20 years as a pastor, Carey Green lost his passion for his career. He knew he needed to start his own business after discovering that a change in career fields wouldn’t pay enough money to support his family. He did some audio editing for an online friend and soon discovered his niche. Carey has learned to scale his business slowly over time by implementing systems that will allow him to step away from the day to day operations. This will allow him more time freedom as his podcast company grows. Listen to this episode to hear why Carey feels that entrepreneurship is not for everyone. Mark Ross helps those that are considering a pretirement stage to their retirement Mark Ross worked for 30 years in public service at the parks department. At age 58 he retired after realizing that he should be doing something else with his life. He just wasn’t quite sure what it was. Mark says that letting go of a steady paycheck was the scariest thing he has ever done. Although he wanted to work, he wanted to do so on his own terms. This transition has led Mark to become a coach to those in their 40's and 50's who are contemplating pretirement. He has so much to teach his clients about how to discover the possibilities of pretirement and how to implement them. Listen to Mark’s retirement lessons for those considering a pretirement phase of their retirement. What can these guests teach you about entrepreneurship? All three of my guests come from very different backgrounds and have pursued their entrepreneurial dreams for different reasons. They each have valuable lessons to teach our listeners about many aspects of entrepreneurship. If you are considering opening any sort of business in retirement you’ll want to listen to the entire Entrepreneurship in Retirement series starting with episode 224. The lessons over the past four episodes are a great start to the research you will need to begin to get started on your own entrepreneurial journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [2:22] In July we will tackle social security so be sure to listen in if you have any questions HOT TOPIC SEGMENT [3:14] Meet Vinnie, a sports photographer, turned wedding photographer, turned writer [22:33] Meet Carey Green, pastor turned podcast editor [39:05] Welcome Mark Ross, a solopreneur after 30 years in public service THE HAPPY LAB SEGMENT [60:46] If you really want to pursue the entrepreneurial journey then meet some other people taking that journey TODAY’S SMART SPRINT SEGMENT [61:58] Vince Pugliese has a group for those that are entrepreneurs, join it! Resources Mentioned In This Episode Next Thing Group with Mark Ross - get his free PDF to help you decide what to do next! Email Mark Ross Carey Green’s - Podcast Fast Track website Vinnie’s website: The Freelance Tribe BOOK - Freelance to Freedom by Vincent Pugliese BOOK - 48 Days to the Work You Love by Dan Miller BOOK - Don’t Retire Rewire by Jeri Sedlar BOOK - Will it Fly by Pat Flynn BOOK - Rich Dad Poor Dadby Robert Kiyosaki BOOK - Lynchpin by Seth Godin BOOK - Total Money Makeover by Dave Ramsey 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