Retirement Answer Man

On this great episode of Retirement Answer Man I touch on the recent developments in the markets, but I'm here to really discuss loneliness. Loneliness can be a limiting factor during the retirement years. It can seriously degrade quality of life and even lead to an untimely demise. Loneliness can be caused by many different reasons and if you don’t begin to take action now you could end up alone at a time of life when you are most vulnerable. Listen to this episode to hear some great ways to begin to combat loneliness right now so that this doesn’t become a problem for you in your retirement years. How not to be lonely in retirement Loneliness may be an aspect of retirement that you haven’t thought of before, but it actually can threaten not only your quality of life but your life itself. Loneliness is a leading cause of death in those over 60. It can cause depression and isolation from the world around you. Loneliness affects the elderly more than any other demographic. If you are looking for some ways to stay active and combat loneliness in your retirement then starting now is key. Listen to this episode of Retirement Answer Man to hear how not to be lonely during your retirement years. What are some causes of loneliness? There are many causes of loneliness in retirement. Work has a built-in social aspect. It gives you a social network to foster relationships, but once you stop working you may lose the network of friends that you once had. Loneliness can also be caused by the loss of a spouse. Oftentimes your entire social realm is created by your marriage and the loss of a spouse can lead to the loss of all of your social outlets. Immobility is another cause of loneliness, as you get older this can lead to loss of physical mobility or the decreased ability to travel by car or plane. Listen to this episode to hear how you can combat loneliness as you age. How to combat loneliness Combating loneliness can be an intimidating endeavor. It might put you out of your comfort zone. The key is finding a way to meet people with similar interests. This can be done by finding a book club, a meetup, taking crafting classes and opening yourself up to meeting new people. Building connections with younger people can guarantee that you are not the last man standing so to say. Another way to combat loneliness is to cultivate your purpose. We often lose our purpose when we stop working. Find out now what gets you out of bed in the morning. Listen to this episode to hear some great ways to cultivate friendships with people either your age or younger Be intentional about fostering relationships As we get older we begin to have more and more limitations that play a factor in our lives. But you can’t control everything that your body does. Instead, you can change what can you control and free yourself from the burden of the things that you can't control. Be intentional about fostering relationships with new and interesting people. If you only see the limitations that you have you will not give yourself an opportunity to create new relationships. Create a happier retirement by learning how to combat loneliness now. Listen to this episode to hear some fantastic tips on how to be proactive about creating a diverse network of friends that will take you into retirement and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:22] Let’s talk about the recent markets HOT TOPIC SEGMENT [4:10] Loneliness can kill you [10:02] How to combat loneliness PRACTICAL PLANNING SEGMENT [15:40] I correct an error I made - the best way to track non deductible contributions [17:40] Merriman’s ultimate buy-hold allocation [19:19] Vanguard’s payout fund [21:21] Some comments on mortgages THE HAPPY LAB SEGMENT [23:55] I have rebuilt my network to create a happier life TODAY’S SMART SPRINT SEGMENT [25:20] Take an inventory of your social network Resources Mentioned In This Episode Merriman’s blog 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 you filling your head with? The "Facebook effect" or "social media effect" can lead us to be mentally consuming more junk than we would like. That’s why now it is even more important than ever to be intentional about what you read. Each year I buy dozens of books to line my bookshelves. This year I have compiled a list of books that I would like to read over the year. I'm sure I will read more than just these books, but I created this list of books as a way to ensure that I will get to them. If you have ever wondered what is on my bookshelf, then listen to this episode to hear my book list for this year. Upgrade your beliefs by changing what you read You are what you eat. We’ve all heard that expression our whole lives, but the more accurate description is that we are what we read. My intentional book list for this year covers a variety of genres, one is finance related, one is about growing my business, another is a cookbook, one will help me practice agile thinking. I also have a few books that I have enjoyed so much that I reread them each year. Are you curious to hear about what I am reading? Listen to this episode to hear which books are on my nightstand and then you can create your own intentional reading list. What is a melt-up and do you need to worry about one? In the news recently there has been a hubbub of an impending melt-up. Have you heard this worrisome term being thrown around on various media outlets? Are you curious about what it actually means? One listener heard about a melt-up that happened in Japan and is concerned that the same thing could happen here in the U.S. A melt-up is a dramatic and unexpected improvement in the performance of an asset class driven by a stampede of investors.  Listen to this episode to hear if a melt-up is something that you may need to worry about. Social security can leave us with a lot of questions - here’s one from a listener One listener asks about social security, his spouse isn’t eligible to draw on social security as a survivor, so should he go ahead and draw on it early? The government never makes these questions easy to answer; you can’t just do the math and simply figure it out. While mathematically you can figure out the break-even point, there are other considerations to take into account like what are your other income sources in early retirement. What do you need the income for? Listen to this episode to hear all of the questions you should ask yourself when considering this question. Choose what you read Live life more intentionally by choosing a personal reading list this year. I’ve chosen to live my life more intentionally by removing social media from my constant attention and in doing so I have been able to consume content that I have deliberately chosen. This book list will give me a broad range of reading material that may even help me better myself. If you would like to find out what’s on my book list and why then listen to this episode to hear the full reading list, you’ll even get to hear what Nichole is reading too!   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What are you filling your head with? HOT TOPIC SEGMENT [2:02] Some new books that I am going to read this year [10:21] Books that I reread every year PRACTICAL PLANNING SEGMENT [13:54] What’s on Nichole’s book list [15:29] What is a melt-up? [21:33] A social security question [26:34] How can you tithe from investments THE HAPPY LAB SEGMENT [29:07] What happened when I deleted social media from my phone? TODAY’S SMART SPRINT SEGMENT [31:22] Create an intentional reading list for the year Resources Mentioned In This Episode BOOK - Washington: A Life by Ron Chernow BOOK - The Daily Stoic by Ryan Holiday BOOK - The One Thing by Gary Keller and Jay Papasan BOOK - Essentialism by Greg McKeown BOOK - Necessary Endings by Henry Cloud BOOK - Your Best Year Ever by Michael Hyatt BOOK - The Advisor Playbook by Duncan MacPherson BOOK - The Back of the Napkin by Dan Roam BOOK - The Mind Diet by Maggie Moon BOOK - QBQ! by John G. Miller BOOK - Great by Choice by Jim Collins BOOK - Checklist for My Family by Sally Balch Hurme BOOK - The Automatic Millionaire by David Bach 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

Sometimes people use retirement as a reason to stop planning. This is a bad idea. The purpose of my retirement planning services is not simply to manage your money. My goal is to give my clients the best retirement that they can have. But without planning this can’t be done. Planning helps people make great things happen. Without a plan people often find themselves drifting through life without anything meaningful to work towards. This episode of Retirement Answer Man is your gentle reminder that you need a plan. Listen to this episode to hear why you don’t ever want to stop planning and making goals. Don’t just wait for your retirement to happen Hopefully, this podcast has helped you understand that you can’t just sit back and expect to live a perfect retirement without proper planning. You should have a good vision of the meaningful life that you want to work towards.  If you don’t start planning for your retirement and stay on top of your financial goals there’s no way you will be able to make your retirement the best that you can. When you plan on the best you can achieve the best. Listen to this episode to hear how proper planning can help you achieve your retirement goals. Make this year your best year ever Have you ever found that if you sit back on your heels and just let life happen then you are not at your best? Being intentional and setting an action plan helps you move forward and keeps you happy and connected. I’m reading a great book that has helped me reconnect and reassess my life. This is a great time to think about how you can continue to move forward in your life by reassessing your goals and finding something meaningful to work towards. Listen to this episode to hear some great tips on how to set goals and to plan for the best year ever. If you sign up for 6 Shot Saturday you will even get a worksheet to help you assess your life and see where you can make some improvements. How to upgrade your belief system Part of reassessing life and making future plans can include reassessing your old belief systems. I went through a process of upgrading my beliefs and making myself a better man a few years ago. This completely changed my life and made me the man that I am today. I had to shed my limiting beliefs about the world, other people and about myself. I have since surrounded myself with people that help support a growth mindset and because I did all this I am more connected, happy, and my life has a purpose. How are your current beliefs limiting the way you think? Listen to this episode and sign up for 6 Shot Saturday to hear how upgrading your belief system can help you change your mindset. Some fantastic listener questions My listeners have some great questions, and unfortunately, those questions have backed up over the past months. I examine a few listener questions on this episode of Retirement Answer Man. One question covers how much you can put into a Roth IRA without penalties. Another listener is curious to find out if his cash reserves could be put into short-term bond funds. Another asks about passive investments. Listen to the practical planning segment to hear the answers to questions about Roth IRAs, cash reserves, and passive investments. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:18] To have the best retirement you have to be intentional HOT TOPIC SEGMENT [3:13] Make this your best year ever [6:33] A quick book recommendation [9:13] Upgrade your belief system PRACTICAL PLANNING SEGMENT [14:55] Backdoor Roth IRA [16:52] Cash reserves vs. short-term bond funds [22:55] What do I mean by passive or side investments THE HAPPY LAB SEGMENT [26:35] Find something meaningful to look forward to TODAY’S SMART SPRINT SEGMENT [28:53] Sign up for 6 Shot Saturday to get the wheel of life worksheet Resources Mentioned In This Episode BOOK - Your Best Year Ever by Michael Hyatt 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 cost of financial advisors vary greatly, but so does the value that they provide. On this episode of Retirement Answer Man, I address the question, is a financial advisor worth the cost? This is a tough question to answer, especially since I am a financial advisor myself! In this episode, you will learn about an important tool to measure the overall cost of your financial advisor and some ways that your advisor may be helping you. These areas will help you see if he or she is providing the best value for your investment management. Listen in to the episode so that you can fully understand how to measure their worth. The financial advising world is changing The world of financial advising is changing from investment management to client lifestyle planning. A financial advisor no longer simply invests your money. Good advisors bring the whole package to the equation. They are able to advise you on spending, risk management, forecasting, retirement planning and much more. The question remains, are advisors really worth their value? Is a financial advisor worth the money spent on them? Different advisors provide different values for their services and either they are a colossal waste of money or the best money you’ve ever spent. Listen to this episode of Retirement Answer Man to learn how to determine the qualities of a great financial advisor so that you can make the most of your money. How can you quantify the value of a financial advisor How do you determine whether an advisor's services are worth the investment and whether it is cost-effective to utilize their services? Determining the value of a financial advisor's service can be a challenge, but luckily Vanguard provides a process in which the layperson can help determine this value. Vanguard's Advisor Alpha Study actually breaks down the value of a financial advisor into six different areas. During this episode, I describe each of the six steps and how the Vanguard index can help you to measure your financial advisor’s worth. You probably have not thought of all of these points when considering whether or not to hire a financial advisor. Listen to this episode of Retirement Answer Man to hear all the different indexes that the Vanguard Advisor Alpha Study uses to measure the cost of a financial advisor. You will learn how you can assess whether your financial advisor is providing the optimum value that they should. What are other areas where advisors can add value If you use an advisor the value shouldn’t be in investment management alone. Your financial advisor should also provide the holistic strategizing and wisdom that can help you see your assets through the retirement years. It is also important that your financial advisor gets to know you so that they have a history with you and understand the vision that you see for your life and future. A holistic advisor understands more than just the markets, they understand their clients, and how they desire to live their lives. This type of value is hard to quantify and something that you can’t simply measure with an index or measuring tool. Listen to this episode to see if your financial advisor is providing the type of value that you really need. Is your financial advisor providing you with a good value? Weighing the cost and benefits of your financial advisor can be a challenge, but determining whether or not you are benefitting from their services is an important way to stay on top of your investments. Use the knowledge you gain from this episode along with the tools that I give you in this 6 Shot Saturday to decide whether your financial advisor is a good fit for you. Together these tools will give you an excellent reference to check whether you are getting the value you deserve from your financial advisor. Listen to this episode to hear all the details about how you can measure the performance of your financial advisor and whether or not they are worth the investment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] How can I justify the cost of a financial advisor HOT TOPIC SEGMENT [5:46] How to quantify the worth of a financial advisor with Vanguard’s Alpha Study [17:38] What are other areas where advisors can add value? PRACTICAL PLANNING SEGMENT [21:38] Life distractions, spend time on what is actually important to you [22:47] How to take equity from a house, if needed [33:34] On staying active in later years [36:30] Target date funds THE HAPPY LAB SEGMENT [39:39] My new favorite app - Sticky TODAY’S SMART SPRINT SEGMENT [40:55] If you use an advisor, evaluate the value that they add Resources Mentioned In This Episode Vanguard’s Advisor Alpha Study Sticky App BOOK - Resilience by Eric Grietens 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  

There are many big questions that don’t get touched on in portfolio management sessions. Instead of asking the important questions, you and your advisor may be solely focused on market performance or market projections during these annual meetings. But what do these things actually have to do with your life and your retirement? On this episode of Retirement Answer Man, we discuss the important questions. We will find out what you should really be asking yourself, your advisor, and your money! Grab a pencil and listen to this episode to get the answers to the questions that you really should be asking. Don’t become distracted by the details When dealing with investments and money managers it is easy to get distracted by the details. Investment managers tend to overcomplicate money matters and rather than advising you on the things that really make sense, they focus on the small details of the markets, market performance, and market projections. Their talk can be a distraction from what you should be thinking about. This can be overly complicated and without the answers you are actually looking for. This doesn’t add any value to your situation and the conversations become too technical. Keep the main thing the main thing. The main thing is how can you live your best life now and in retirement. Listen to this episode to hear what you should be talking about with your investment manager, or the questions you should be asking yourself if you manage your own investments. What is the purpose of your investments? Often advisors want to become portfolio managers. While attempting to do so they often begin diversifying assets. But over-diversification can be a distraction. This adds no value to the situation and can be intimidating. And you should never feel intimidated when discussing your money. Investment managers often get focused on pulling all the strings, being the manager, instead of the purpose of your investments. Portfolio management will not save you and advisors can’t portfolio manage your life. Think about what the purpose of your retirement investment is. On this episode of Retirement Answer Man, we discuss the questions that you should be asking, like when can I retire? If you’d like to hear all the questions you should be focusing on with your retirement investments, listen in to hear. What kind of investment questions should you be focused on?  On the practical planning segment of this show, I answer some listener questions. One listener asks about using the Sortino ratio vs. using the Sharp ratio to measure returns. He asks what these are and which he should use to measure his returns. While this is a great question which I answer fully, my real advice is to focus on the questions that really matter to your retirement. Try not to get bogged down with overly complicated measures and investment strategies. It is easy to get distracted from the business of living your fullest life now and in retirement when you get overloaded with the heavy questions of the investment industry. Listen to the full episode to hear all the listener questions that I answer. Focus on living your best life  The purpose of your retirement investments is to create a process for having a great life now and a great life later. Don’t lose focus on the real questions which are: when can I retire, how can I live now and how can I live better in retirement? By focusing on these questions during every strategy session you can stick to what really matters rather than the minutiae of typical strategy sessions with financial advisors. This keeps both you and your advisor focused on the real goal, which is living your best life. Listen to this episode of Retirement Answer Man to find out more questions that you should be asking yourself and your financial advisor to keep you and your money both focused on living your best life. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Time for an annual review - what are the questions you should be asking in your review HOT TOPIC SEGMENT [7:49] Don’t become distracted by the details [10:05] When your investment advisor tries to become a portfolio manager PRACTICAL PLANNING SEGMENT [15:55] Geeky question time [16:32] What do Sortino ratio and Shark ratio mean, and which should you use? [21:10] What are the pros and cons of QLAC [25:53] Is eating healthy really more expensive? THE HAPPY LAB SEGMENT [26:35] Celebrate, my word for 2018 - what is your word that guides you this year? TODAY’S SMART SPRINT SEGMENT [28:18] Get a pre-release copy of my book, Rock Retirement Resources Mentioned In This Episode 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 is the third episode in the Market Correction Fire Drill series. On this episode, we discuss how much cash you need to have on hand to be prepared for the inevitable market correction. When investing for retirement it is imperative to keep thinking about your long-term goals. It can be easy to lose sight of this if and when the markets take a tumble. One way to always focus on the long-term is by making sure that you have liquidity on your balance sheet to get you through the short-term. This ensures that your investment strategy has the time to make a recovery in the event of a market correction. My goal today is to ensure that you have enough cash reserves on hand in your retirement investments to help you ride out a market correction with grace. If you’re curious to hear how much cash you need to have on hand, then you’ll need to listen to the full episode. What is the magic number you need to have in liquid assets? How much cash reserves do you really need to have on hand? The basic rule of thumb is that you need to have 3-6 months of cash on hand for an emergency. This money is specifically for an emergency. The exact number really depends on the stability of your income and employer. In the next bucket of cash, you’ll need the extraordinary cash reserves that will be needed within the next year. For instance, a child going off to college or a new roof for your house. Listen to the full episode to learn how to calculate just how much liquid assets you need to have to be prepared for any eventuality. You can’t use short-term thinking for long-term assets By having cash reserves, you can appropriate your long-term investments exactly how long-term investments need to be managed. If you constantly have to worry about the next eventuality, you won’t have the piece of mind to manage your investments the way that they need to be. By having a reserve set aside for the short term you’ll be able to concentrate on getting the most out of your retirement investments. Remember that you can’t use long-term assets in the short term. Learn how to make the most out of your retirement investments on this episode of Retirement Answer Man. The real return on cash reserves The ROI of cash on hand doesn’t come from the cash itself obviously. The real return comes from the power of not having to sell investments that are down or not having to pay extra taxes or capital gains because you weren't prepared. The real return on having cash on hand is having emotional resilience and flexibility in financial decision making. Life is not a simple math problem and neither are your investments. You must be able to position yourself to create the kind of lifestyle that you really want in your retirement. If you want to be able to invest your long-term assets in a way that is free of worry then you’ll need to hear about the real return on investment of having cash reserves in this episode. Achieving a happy balance with your investments Thinking about a market correction can be a daunting thought when planning for retirement, but being well prepared mitigates the risk. Just because the S&P is at all time highs does not mean that you should get comfortable. If your investments are going well and have been over the past few years, that’s great! But, having enough cash on hand to see you through everything that may pop up at you over the next couple of years will ensure that you will be able to make the most of your long-term investments. If you want to invest your long-term assets in a way that is free of worry then you’ll need to hear how to achieve the balance that I lay out in this episode.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:31] When investing for retirement keep the long term in the long-term [5:13] The first line of defense [7:00] The next line of expenses [11:18] What is the ROI for cash reserves? PRACTICAL PLANNING SEGMENT [16:02] How to repurpose a nondeductible contribution to an IRA? [18:32] What are the risks of the lump sum vs. single life annuity? [20:33] What is the best vehicle to save when you have a pension? [22:25] When you should consider purchasing earthquake insurance THE HAPPY LAB SEGMENT [24:18] What can you reflect on with pride from the past year Resources Mentioned In This Episode 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 episode of Retirement Answer Man is the second in the Market Correction Fire Drill series. After listening to the previous episode you know that a market correction is inevitable and how to measure your risk tolerance to help you become prepared for every eventuality. On this episode, we discuss how to rebalance your portfolio. Are you wondering why all of this is important to your retirement planning? Listen to this episode so that you fully understand how important rebalancing your asset allocation is to your portfolio, being prepared for the market correction, and your future lifestyle. Apply your risk tolerance to your portfolio Last week we discussed how to measure your risk tolerance and how to connect that tolerance to the life you want to live. On this episode, I cover how to implement what you learned in the Market Correction Fire Drill Step 1. Hopefully, you have been able to analyze your risk tolerance and discover how much risk you are comfortable with and match that risk accordingly to the life that you desire. When you listen to this episode, you will learn how to rebalance your portfolio to match the risk level that you have set for yourself. Listen to this episode to hear how regularly rebalancing your portfolio can help you keep in line with your risk tolerance. What does rebalancing mean? I know you are wondering what I mean by rebalancing your portfolio. Rebalancing means adjusting your portfolio to reflect the risk level that you have intentionally set for yourself. The better your stocks are faring the more off balance your portfolio can become, which means that you may be taking on more risk than you are comfortable with. As with all of your investment strategies, always keep your future retirement lifestyle in mind. Listen in to the full episode to hear examples so that you can truly understand what a rebalanced portfolio looks like. How often should you rebalance your portfolio? Remember to rebalance according to your retirement goals. If you don’t rebalance your assets could be out of balance and set up for more risk than you want. As the markets rise your assets can get out of balance. When your investments grow you’ll need to step back and analyze your portfolio. That way you can adjust your asset allocation so that you can get back on track and back into your comfort zone. The questions of when and how often you should do this can be challenging. While it might be different for each individual, if you listen in to this episode I’ll give you a good rule of thumb about when to do this and how often. Rebalancing can be harder than you may think It is hard to sell when you are doing well in the markets, sometimes you just want to ride the wave. When we rebalance regularly we ensure that you are thinking about how far you want to ride each particular investment. This can be very counterintuitive. We tend to want more of the good and less of the bad. But rebalancing regularly helps ensure that you sell high and buy low, which is what investing is all about. Listen to this episode to hear more detailed advice on how and when you should be buying and selling. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:56] Rebalancing your portfolio [5:52] How often should you rebalance [7:02] Rebalancing can be harder than you may think PRACTICAL PLANNING SEGMENT [10:26] How can a portfolio of pure stocks have a probability of success so close to a 50/50 stocks/bonds [13:54] Is there a benefit to paying your January mortgage in December? [14:59] How do you decide between an annuity and a lump sum? THE HAPPY LAB SEGMENT [18:02] What is the key to a Merry Christmas? TODAY’S SMART SPRINT SEGMENT [20:23] Rebalance your asset allocation that is tied to your goals Resources Mentioned In This Episode 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

Talking about a market correction can either seem scary or far-fetched in this economic climate. But it is important to understand that a market correction will happen. And it is important is to know what to do when the market correction does happen. On this episode, we will go over how to prepare for when the market correction happens. This episode explains step one of a multi-step process. You will want to make sure to listen to this episode and all the episodes in this series to help you prepare for the impending market correction. Don’t let the market catch you off guard! What are the most important things to do to help prepare your portfolio for any eventuality? How do we fortify our investments when the market correction happens? If you are near retirement assessing your risks is one of the most important things you can do to prepare yourself for retirement. On this episode, we go over two important questions to have in mind to see if you are really prepared for any eventuality. As you get closer and closer to retirement age you need to reassess your risks and their connection to how you hope to live in your retirement. Listen to this episode to find out which questions you should be asking yourself to prepare yourself for the inevitable market correction. How do you measure your risk tolerance? Have you really thought about your risk tolerance when it comes to your retirement investments? This episode will make you think again. You need to make sure you know how much risk you are taking in your investments. The investment industry maximizes your risk tolerance, but the last time you thought about risk may have been some time ago. Sign up for 6-Shot Saturday to get the PDF tables that I have created to help you really analyze your risk. You’ll want to listen to this episode to understand how to ensure that you are taking the right amount of risk for your comfort. Is your risk tolerance tied to the life that you want to live? Make sure your risk tolerance is actually tied to the life that you want to live in retirement. Sometimes the risks you can tolerate may have no actual connection to the lifestyle that you hope to live in retirement. Take some time to this week to really analyze the risks that your portfolio is set up to take. Are these the risks that you are willing to withstand, and how could these potential risks affect your retirement? You can use the PDF models that I will send out in 6-Shot Saturday to help you analyze your risk tolerance. Be sure to listen to the full episode to find out what else you should be thinking about to prepare for the market correction. Find your balance As you begin to move from the accumulation phase to the distribution phase of your investing your risk-taking behaviors may need to be tweaked. Finding the right balance that you are looking for is the first step in preparing for a market correction. The PDF models that I use will really help you get a grasp of your risk tolerance and help you visualize your chances of success with different planning models. These models will help you strike the balance that you are looking for in your investments. Make sure you listen to this episode to hear how mitigating your risk can help you prepare for any market correction and be sure to sign up for 6-Shot Saturday to get the free PDF model to help you make the right choices for your investments. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] A market correction hasn’t happened for eight years, how will you handle the next one? HOT TOPIC SEGMENT [4:52] What to do when the market correction will happen [9:20] Let’s learn about risk tolerance PRACTICAL PLANNING SEGMENT [18:47] I answer questions on health insurance costs [21:50] What are some book recommendations for retired people THE HAPPY LAB SEGMENT [26:11] On self talk becoming your reality TODAY’S SMART SPRINT SEGMENT [28:21] Understand how much investment risk you are taking and analyze whether that is the risk you are willing to take Resources Mentioned In This Episode  BOOK- Essentialism by Greg McKeown BOOK- The Slight Edge by Jeff Olsen BOOK - Investing for a Lifetime by Dr. Richard Marston 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 can we control in life? How can we identify factors beyond our control? The trouble with retirement planning is that so much of it relies on factors beyond our control. Join me today as I discuss the impending force of a market correction and answer some listener questions from our Retirement Plan Live Webinar. We must learn to accept that there are things beyond our control. Once we do that and we learn to only worry about the things that are within our power to change we begin to feel much freer. So listen in to today’s episode to find out how to identify forces that are within your control to free yourself of inner turmoil about your retirement. Market corrections may not be all that scary Vanguard published a report recently stating that there is a 70% chance that there will be a stock market correction. I’m here to tell you that that’s not true, there is a 100% chance of that happening! Unfortunately, no one can accurately predict when this will happen. There is so much concern that head of Goldman Sachs feels unnerved by things going on in the stock market. Listen in to hear what his 8 reservations are. As scary as market corrections are, they can be healthy, similar to a forest fire. They help to burn off the excess, weaker growth in the markets. Find out what I mean by this by listening to this episode of Retirement Answer Man. What can we control? We know a correction is going to happen but not when or how extensive it will be. So, knowing all this, what do we do with this information? We can’t control or predict when a market correction will happen, but we can control how we allocate our assets to work towards a life that we want. Right now is the best time to discover how to control your balance sheet and make sure that your financial plan is fully in order. Listen in as I discuss how to financially weather a market correction and what you should be doing to prepare yourself for the inevitable market correction. How do taxes affect your retirement plan? Are you curious as to how to apply what you learned in the Retirement Plan Live Webinar to your own retirement plan? You guys chimed in with some incredible questions about our Retirement Plan Live webinar. On this episode, I address some listeners’ questions and make things clearer on how we can take Lori and Bruce's situation and apply it to you. Listen in as I answer some fantastic listener questions about taxes and retirement. We discuss state income tax and when to contribute to a Roth IRA. Listen to the Q&A portion of the show to find out to what extent the planning tool takes taxes into account and how moving states can affect your retirement plans. What you can do to raise your confidence level in your retirement plan Are you concerned about confidence levels in your own retirement plan? One listener is. Listen to this show as I address this question. You may feel concerned that your money could run out. But what can you do to up your confidence level in your retirement plan? Think of the all the levers you could pull; work longer, spend less in retirement, save more, take more risk. What could you do to become more confident in your retirement? I get down to the heart of this question so listen in to hear my thoughts on this matter and discover why is an 80% confidence level ok when talking about retirement. We must make smart, balanced choices to live a great life today but be confident about tomorrow. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Today I discuss market corrections and answer some questions from listeners HOT TOPIC SEGMENT [3:36] Vanguard says there is a 70% chance for a stock market correction [4:42] The 8 worries that the head of Goldman Sachs has for the stock market [8:42] What can we control in the market? PRACTICAL PLANNING SEGMENT [12:52] Listeners comments and questions about Lori and Bruce [13:52] Listener questions about taxes [20:10] Confidence scores in retirement THE HAPPY LAB SEGMENT [27:56] On Christmas decorating and allowing yourself to fully celebrate events TODAY’S SMART SPRINT SEGMENT [30:02] Make a list of events to celebrate at a higher level than in the past Resources Mentioned In This Episode 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 may surprise you, but there are youngins out there that we can learn from! My guest today is only 34 years old, but he knows quite a bit about retirement. Deacon Hayes is the author of a new book called You Can Retire Early and he has a fantastic website full of resources that can help you start planning your early retirement. Don’t let his age fool you, Deacon is full of great retirement advice. Listen to today’s show to hear about some innovative ways to prepare for your retirement. Find your why It’s not just me! I’ve been telling you guys all along that you need to find your why. Deacon Hayes agrees that finding your why is so important. Deacon advocates early retirement, but having a reason to get out of bed and have a goal is important to everyone. Whether you're 35 or 65 you need to focus on your why to help you stick to your financial goals. Without your why behind you, it’s easy to lose focus and get off course. Listen to this conversation to hear Deacon’s point of view on finding your why. Retire towards something, not away from something Do you have antiquated ideas about retirement? Just like workplaces, retirement is evolving. These days retirement doesn’t mean that you stop working and sit on your couch watching the news for the rest of your life. Like me, Deacon feels that retirement is an opportunity to live your life with purpose. He says that you should retire towards something, not away from something. Deacon shares with me a wealth of excellent information on today’s show about how retirement is changing and the traditional way of spending our golden years may be a thing of the past. I think you’re going to like what he has to say, so listen in to hear more!   Do you really need millions of dollars in the bank to retire? So now that we know that you won’t be spending your retirement the same way that your parents and grandparents did, how will you fund this new form of retirement? Maybe you don’t need to have millions of dollars saved up in your 401k. I love talking to Deacon since he really thinks outside the box. Listen to this discussion to hear about some innovative ways of making money in your twilight years. How to deal with life outside the paycheck Since Deacon advocates early retirement and finding different ways of making money, how does he deal with the instability of not having a steady paycheck? It’s tricky when you are living life outside of the box, but by diversifying your income streams you can find a bit more stability when hard times hit one sector. Listen to our discussion to find out how to handle your finances without a biweekly paycheck. Deacon has some great strategies that you can use to transition into a life without a steady paycheck. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Welcome Deacon Hayes HOT TOPIC SEGMENT [2:44] The webinar replay is available, email me your questions and comments PRACTICAL PLANNING SEGMENT [4:03] Let’s meet Deacon Hayes [4:32] How does Deacon define retirement [11:32] Build a nest egg but also build skill set [12:01] What will Deacon’s retirement look like? [13:29] How do you deal when you don’t have a consistent income [17:12] Understanding the choices that we make that impact your long-term financial goals THE HAPPY LAB SEGMENT [22:58] Turn things off and be with the people you love TODAY’S SMART SPRINT SEGMENT  [23:54] Sit down and write 5 things that you are going to stop doing in 2018 Resources Mentioned In This Episode Deacon’s website - WellKeptWallet.com BOOK - You Can Retire Early! By Deacon Hayes 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