Retirement Answer Man

David Booth once said, ““The important thing about an investment philosophy is that you have one.” But how many people who are actively planning for their retirement actually DO have one? You’d probably be surprised to know that much of the planning side of “retirement planning” is pretty haphazard. Even among investment advisors. But I've learned that it’s vital to know what your goals are and WHY you invest in certain types of investments so that you can know if what you’re investing in will get you to your goals. Does that make sense? On this episode of The Retirement Answer Man, I’m going to walk you through “5 Ps” of a good investment philosophy that you need to consider in order to make the best choice for reaching your goals. When it comes to investment philosophy, all we care about is repeatability. When you assess the investment opportunities before you, there’s really only one thing you should care about in the long run. That’s what I call “repeatability.” Will the investment you’re considering continue to perform at the rate and along the line of what it’s done in the past? That’s a pretty difficult question to answer when you get right down to it. That’s why I have decided to publish this episode of the show, to walk you through the things I consider when doing my “due diligence” part of helping a client determine their investment philosophy. It takes some time, but it’s worth it to ensure that what you’re investing your money in is actually going to give you the outcome you want. To assess an investment philosophy, look at People, Parent, Process, Performance, and Product. When it comes to the analysis of a potential investment you need to look deeper than the returns it’s currently getting. There are a number of factors that impact that return and looking deeper will provide you the opportunity to see patterns in a number of areas that will indicate whether that return is normal, will continue or can be expected to taper off. So what should you look at to make your decision? I call them “5 Ps” - People, Parent, Process, Performance, and Product. You can hear what I mean by each of those and even how I go about assessing them, on this episode of The Retirement Answer Man. Why it’s important to know something about the people behind an investment fund. One of the things most investors don’t think about when it comes to assessing an investment fund is that they need to keep abreast of the goings on within the company that is managing their investment. That means knowing something about the individuals who manage the fund and make the decisions about how it will be run. If you’re able to see patterns in the behavior and decisions of those individuals, or if you see that personnel changes have taken place within the investment firm, you’re able to pay closer attention to see how or if that change is going to impact your investments. But if you aren’t paying attention in the first place, you could experience outcomes you weren’t expecting. Find out more about how to assess the people behind your investments, on this episode. I don’t consider any investment that has less than 10 years of track record. Your investment philosophy needs to be built on a solid set of data, clear numbers that indicate why the investment choices you make are good choices for your goals. One of the things I have made a rule of thumb for myself (and therefore my clients) is that I won’t even consider an investment possibility that has a track record of fewer than 10 years. Why? Because there’s simply no way I can tell how the investment will perform. Any recommendation I make to a client in that scenario is nothing more than a guess.... And my clients deserve better than that. On this episode, you can hear how I go about assessing an investment’s track record to help my clients attain their retirement goals. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:31] My decision to get on the “smart thermostat” bandwagon![4:30] Considering your investment philosophy decisions in the same way: not always the best approach.HOT TOPIC SEGMENT [7:53] The 2017 Mutual Fund Landscape Report - the highlights.[12:37] Taking a look at the winners in the report and how they did the next year.PRACTICAL PLANNING SEGMENT [16:15] How DO you actually choose the right strategy for your “flexible” investments?[19:30] Things to be aware of when it comes to making your decision.[22:00] Most advisors don’t have a detailed “due diligence” process they use to assess investment options.[23:56] Learn about the people behind the investment.[26:11] It’s vital to know something about the “parent” company behind the investment.[27:52] What type of process is used to manage the portfolio?[32:10] What role does performance play in assessing an investment philosophy?[35:04] What is the specific product you’re looking at?[36:16] An example from the 1990s to show you why these things are important.TODAY’S SMART SPRINT SEGMENT [38:35] Look at your holdings and write out why they make sense: Are they helping you achieve your goals?THE HAPPY LAB SEGMENT [39:08] Two friends who experienced abrubt changes in their lives and how they reacted postively.RESOURCES MENTIONED IN THIS EPISODE Nest ThermostatEcoBee ThermostatContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan  

“Learn the rules like a pro so you can break them like an artist” (Pablo Picasso). When I was taking a math refresher course for my certification, I had to memorize and practice calculating investment specific formulas. I have never had to use that skill again. But it did serve a purpose in giving me a greater appreciation for the rules as well as an understanding of where those rules are useful and where they are not. It’s important to understand the rules. In this episode on the role of asset allocation in retirement, I’ll talk about how we also need to break some of the rules to serve us in creating a great life. Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement? Asset allocation is focused on maximizing return for a given level of risk. It is not tied to your retirement goals or your life. So why does almost everyone use asset allocation in retirement planning? On this episode, I’ll explain how asset allocation works, its benefits, and its downsides. Now that we’re not dealing with accumulation of assets but are starting to deal with decumulation of assets (retirement), we are starting to see that asset allocation may not be the entire answer. That doesn’t mean we throw it out. Listen to today’s podcast to find out what I do to balance it with more flexibility. Tie your investment strategy to the goals that you want to achieve Asset allocation builds a solid foundation for making better investment decisions. But you also need to have an investment strategy that is tied to the goals you want to achieve during the retirement (decumulation) stage. On this episode, I help you understand the need for more than just asset allocation in retirement planning. Listen in to hear how I implement portfolios with clients as they are entering and in retirement. The “Fixed and Flexible” approach to retirement investing The way that I have come to manage assets with clients is what I call “Fixed and Flexible.” It starts with fixed allocation as a foundation and then adds actively managed investment vehicles for more flexibility. On this episode, I describe how to choose where you want to be in the “river” of capital markets, and I clarify the difference between actively managed vehicles that are flexible and those that are not. Listen in to learn how to develop an approach that has both stability and flexibility. Evaluate your investment types according to your retirement goals In the next seven days look at each of your managers, ETF’s, mutual funds, whatever it is you own and identify what type of investment mandate they have. Are they passive, active, or flexible managers? Why do you have these different types and these different portions and how does that relate to what you are trying to achieve for your family? Listen to today’s podcast to get the information you need to ask and answer these important questions about your investment portfolio. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] Why learn the formulas?[4:03] How do we break some of these rules to serve us in creating a great life?[4:20] Disclaimer. HOT TOPIC SEGMENT [5:05] Why is asset allocation what everyone uses if it doesn’t really work 100% for retirement?[8:56] What are the benefits of the asset allocation model?PRACTICAL PLANNING SEGMENT [14:03] Asset allocation is a sound framework for investment decisions, but not the entire solution.[15:52] The “Fixed and Flexible” approach - asset allocation.[21:56] The “Fixed and Flexible” approach - Actively managed investment vehicles.TODAY’S SMART SPRINT SEGMENT [32:46] Identify what types of investment mandates your funds have.THE HAPPY LAB SEGMENT [34:04] Scott & Jeannine Fitzgerald. Children’s Book - Buddy Pegs podcast. Kickstarter for new book Buddy Pegs Taking the Lead.RESOURCES MENTIONED IN THIS EPISODE Buddy Pegs Taking the Lead, Scott and Jannine Fitzgerald (Kickstarter)Contact RogerRoger’s retirement learning centerThe Retirement Answer Man Facebook page

What you base your assumptions on when it comes to market forecasting and retirement planning will determine the course of action you take. Forecasting typically comes from respected “experts” who we all look to for advice, but here’s the problem: None of them are 100% accurate. In fact, even with all their knowledge and experience, they are often way off in what they predict. How can you plan for retirement when you don’t know which market forecast to rely on? That’s the topic of this episode of The Retirement Answer Man. Imagine trying to track your weight when every scale gives you a different number? I experience this every time I go to my Doctor. The nurse takes me to the scale before I take a seat in the exam room and it almost always shows me to weigh 8 to 10 pounds heavier than my scale at home. Naturally, I wonder: “Which scale is right?” To me, that’s the same thing we all experience when it comes to looking at the market forecasts the experts make. They all tell us something different is going to happen. Sometimes the differences are negligible, but other times they are huge. Who should we trust? I don’t think we can fully trust any of them, and on this episode, I tell you why - and what I do instead. Assumptions about investment returns are one of the ways market forecasting goes awry. Every market forecaster has to make assumptions. It’s the only way they can have any sense of continuity to their predictions that are tied to reality. But notice, their predictions are only TIED to reality, they’re not reality itself. In order for a market forecast to be reality itself, we’d have to have a crystal ball that could tell us exactly how investments are going to perform in the future, and none of us has that kind of foresight. But there are ways you can use the historic data to inform predictions that don't require you to follow a given expert in lock-step. Find out how on this episode of The Retirement Answer Man. Are your investment decisions for retirement tied to your lifestyle goals? They should be. One of the things that happen when using return assumptions to plan for retirement is that our fear of pessimism prompts us to make decisions based on those assumptions (whether accurate or inaccurate) instead of on what really matters: the type of lifestyle you want to have during retirement - and what is needed to provide it. It’s a nuance you’ll have to have explained a bit more in order to understand, but you’re in luck! That’s what I address on this episode of the podcast, so I hope you take the time to listen. How much of your investment portfolio is based on market guesses? I know that's an odd question, but it’s one that reveals a lot about how you’ve approached investing up to this point. If you’re making investment decisions based on what you or some expert THINKS is going to happen, you’re simply guessing. Yes, it may be an educated guess, but it’s a guess nonetheless. What’s the alternative? This episode of the Retirement Answer Man is an introduction to a more agile way of retirement planning that I believe you’ll find helpful. Be sure to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:30] The thing I don’t like most about going to the Doctor: weighing myself.[3:41] The benefit of one consistent source of data when it comes to asset allocation.HOT TOPIC SEGMENT [5:30] How forecasters view the art of forecasting markets (not like you might think).PRACTICAL PLANNING SEGMENT [8:49] The wrinkles that come into play using investment return assumptions for retirement.[11:07] What return assumptions should you use in retirement planning?[14:48] A look at the results of some of the more respected market forecasters.[20:34] How I approach retirement planning in light of market forecasting.[22:16] Why my approach doesn’t solve the problem, but does help make better decisions.TODAY’S SMART SPRINT SEGMENT [23:00] Your 7 day goal: Identify the parts of your portfolio that are based on market guesses.THE HAPPY LAB SEGMENT [23:46] Games I learned to play at my friend Joe’s house. Maybe some of these can put a little enjoyment into your life.RESOURCES MENTIONED IN THIS EPISODE Stacking Benjamins PodcastGames I learned at Joe’s place:Code Names GameTicket To Ride GamePuerto Rico GameMemoir ‘44 GameViticulture GameContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD #MarketForecasting: Who Can You Trust To Tell You What to Expect During #Retirement?Imagine trying to track your #weight when every scale gives you a different number?Assumptions about #investmentreturns are one of the ways #MarketForecasting goes awryAre your #investment decisions for #retirement tied to your #lifestyle #goals? They should beHow much of your #investment #portfolio is based on #market guesses?

Part of my job as the Retirement Answer Man is to help you face the current issues that impact your retirement planning decisions. Part of that is the non-glamorous task of assessing the traditional approaches to retirement planning to see if they still work. So on this episode, I’m going to take a fairly deep dive into the institutional approach to asset allocation that has been the basis for retirement planning for many years - and I think once you understand the premise behind it, you’ll see that it’s a bit antiquated for modern retirement planning purposes. But never fear, I’m also going to point you in the right direction regarding how you can make up for the deficit! An institutional approach for retirement asset allocation doesn’t work because YOU are not an institution. I say that with my tongue planted firmly in my cheek, but I also really mean it. Institutions do a very good job of allocating their assets for THEIR particular goals, but YOUR goals for retirement are vastly different than theirs, don’t you think? So following their pattern may be helpful (and it is, in some ways) but it’s not enough. You need to know the potential pitfalls of following an institutional lead and how to avoid them. That’s why I’m here. :) This episode of The Retirement Answer Man will point you in the right direction and then next week, we’ll follow up with some more practical tips to get your retirement planning mindset up to date! A Nobel Laureate says we have a problem with decumulation when it comes to retirement. What? I think he made up the word but, Nobel Laureate William F. Sharpe of Stanford University has determined that things in our modern society have changed so much that we need to reassess how we approach retirement planning. A big part of the problem (he says) is that we have a phenomenon happening called “decumulation.” It’s what happens when we hit retirement with resources that are inadequate to match our expected lifespan. As you can see, you’ll eventually run out of assets in that scenario. What’s he doing about it? He’s begun a study, naturally. On this episode of The Retirement Answer Man, I’m going to walk you through his premise and tell you how I approach the same problem, so be sure to listen. Institutions are not emotional. You are. How does that impact your retirement planning? As I’ve said before, we’ve long followed an institutional approach to asset allocation when it comes to retirement planning simply because the rationale was that the managers of financial institutions manage assets for a living, so they must know what they are doing. Generally speaking, that’s true - but the real issue is that institutions have different investment goals than individuals do, and they approach those goals non-emotionally - which individuals do NOT do. That alone makes a huge difference in how you are going to make decisions and could set you up for some serious disappointments. On this episode, I address those difference and give you some tips for how to offset them. What IS your desired outcome for retirement… hmmmmmm? As Zig Ziglar famously quipped, “If you aim at nothing, you’ll hit it every time.” It’s so obvious you probably laugh when you hear it said so bluntly. I do too. And I think part of why I laugh is because I see how applicable it is to retirement planning. If you don’t know what you really WANT for your retirement, how will you be able to plan in a way that enables you to accomplish it? You probably won’t even get close - which would be tragic. So, on this episode’s, “Smart Sprint” segment I have a challenge for you. Are you up for it? Listen to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:40] Personal accountability, potato chips on the couch, and other vices we want to change.HOT TOPIC SEGMENT [3:16] News that “decumulation” is a problem that smart minds are trying to address.[4:44] Longevity’s role in decumulation - and don’t forget about inflation and the timing of retirement income and spending patterns.[6:25] My take on how to handle this decumulation issue.PRACTICAL PLANNING SEGMENT [7:05] Is asset allocation alone enough to deal with decumulation?[8:43] The differences between your private situation and how institutions handle investments.[12:24] Does the institutional approach to asset allocation fit today?[16:25] Looking at historic averages for rolling returns.[19:25] When the magical power of dollar cost averaging starts to work in reverse. Uggg.TODAY’S SMART SPRINT SEGMENT [24:46] Start asking yourself, “What is my desired outcome for retirement?”THE HAPPY LAB SEGMENT [25:45] My experience doing a “breakout” session at the mall. It was a blast!RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerManThe Retirement Income Scenario Matrix Project - through Stanford University

Get ready for part three of our Retirement Investing series. On this week’s episode of the Retirement Answer Man, we’ll talk about risk management, types of risk to watch out for, and why the common approach to managing risk might not be a good fit for you. This one will be a lot more technical than our previous two shows, so get ready to get your geek on! You can’t get something from Nothing As my mother always said, “You can’t get something from nothing.” This rings true especially in the world of investing. You can’t expect to reap the rewards of your investments unless you are willing to give up something. For most that sacrifice comes in the form of risk. All investing has risks and the better you understand those risks and know which are worth taking, the better prepared you will be to invest wisely for your retirement. Stay tuned to get a glimpse of the different risks you might have to face. Diversify your portfolio to fit your goals Investment risk is very real, but if you are wise about how you invest your assets, you can reduce that risk. However, a diversified portfolio that eliminates risk might not help you meet your investment goals. It’s important that you become clear on what you want out of your retirement investments so that you can know how to diversify your assets in order to meet those goals. Join me in this episode of the Retirement Answer Man to hear my tips on how to create a good balance. Mainstream risk management might not be right for you Risk management is a topic we hear a lot about in our modern investing culture. There’s even a common method used to discern how much risk it too much. In this episode of the Retirement Answer Man, I'll discuss why I think the mainstream view of risk management falls short and how you can develop a balanced view that will help you achieve your retirement goals. Don’t listen to the Investment Professionals There is a huge disconnect between investment professionals and the regular person. Most people think of risk as losing money and are more concerned about what their investments can do for them to create their ideal retirement than they are about optimizing their portfolio. The professionals on the other hand look at risk management based on statistical factors in order to create an optimized portfolio. Often times an optimized portfolio has nothing to do with the life goals you and your family may have. In this episode, I dive into the thinking behind the professionals so we can figure out if the standard approach is right for you.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[0:30] You can’t get something for nothing.[0:45] In order to reap the benefits of potential investments, you have to be willing to give something up.HOT TOPIC SEGMENT[2:24] Markets are at an all time high and risk is being more sensationalized than ever before.[3:00] Mainstream Risk management.[4:00] Types of risk that are not talked about very often.[5:00] The Risk of Longevity.[6:00] The risk of Inflation.[6:45] Managing the boogie-man of risk.WHAT’S THAT MEAN SEGMENT[6:55] What is an index?[8:27} What is standard deviation?[12:08] What is a correlation?PRACTICAL PLANNING SEGMENT[14:00] “Between calculated risk and reckless decision making lies the dividing line between profit and loss.”[14:50] There is a huge disconnect between investment professionals and regular people.[16:55] 2 Major types of risk that we are affected by.[17:00] Risks can be reduced by the diversification of assets.[19:00] Systematic and Market risk. There is no way to eliminate these risks.[26:50] How do I know what my risk tolerance is?[27:00] The disconnect.TODAY’S SMART SPRINT SEGMENT[33:30] Figure out what the asset allocation is in your portfolio, and why.THE HAPPY LAB SEGMENT[34:28] I’m happy that we got through this discussion of risk. If you are having a hard time explaining something, hit the big points and tell stories.RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Hello everyone and welcome once again to the Retirement Answer Man Show, I am your host Roger Whitney and I am the Retirement Answer Man. This show is part 2 in our series on investing. Today we will look at why maintaining a strong investment foundation is so important as you enter retirement and what steps you can take to build it. We’ll walk through three major types of investments, their average returns and how inflation can affect them. It may have more of an impact than you realize. Keep listening to hear the details. Investing during retirement is like riding into the wind When we were younger, working in our career, and contributing regularly to our investments, we enjoyed a bit of flexibility. Flexibility to adapt to market downturns or to our own bad investment decisions because we had a constant flow of money going into our investment plan. However, now that we are nearing retirement, that flexibility is fading and will eventually be gone. We will no longer be working a job that allows us to contribute to our portfolio and we will most likely be drawing on our investments in order to sustain the life we desire in retirement. This loss of flexibility makes it crucial to have a strong investment foundation when you enter retirement so that you can pivot your investments to work for you instead of you working for your investments. Listen to this episode to hear how to build a great foundation. Common asset classes, their returns, and what history reveals There are three main asset classes we think of when we talk about investing. Cash or Cash-like assets, Bonds, and Stocks or equities. More than likely your portfolio is made up of a collection of these three classes. Some are useful in generating income for your retirement and some are not. In today’s episode, I want to dive into each of them and look at the historical returns to get a rough idea of how we can expect each of these asset classes to perform in the future. In addition, I’ll factor in inflation and see where that leaves these common three. Make sure you listen to this episode to get my thoughts on the usefulness of each of these assets. Taking steps towards Retirement Success In last week's show, I challenged you to gather up all of your investment statements into one place so that we could work on them together.. Well, the time has come. Go grab those statements and get ready to analyze them with honesty and discernment so that you can begin taking steps towards building a foundation for a great retirement. Don’t over rationalize happiness! If you are anything like me, there are activities you do that make you happy. For me, it is mountain biking. The feeling of a good workout, the exhilaration of pushing my limits, and the peace of relaxing in nature brings me a lot of happiness. The other day I was planning on going out for a ride, but as the time approached I found myself trying to talk myself out if it. I came up with some pretty good reasons why I shouldn’t go but in the end, I went anyway. When I finished, I realized that the happiness it brought me was worth it and I should try to not over-rationalize it again. Do you have something that brings you joy, that you often talk yourself out of? Don’t! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[0:30] The weird science of Investing.[2:56] Building a good investment foundation.HOT TOPIC SEGMENT[4:42] Investing wisely when you are nearing retirement is more important than ever.[5:00] When you need your investments to work for you to generate the life you want, you need a specialist to aid you.[7:00] When you are entering retirement, you have less ability to absorb market fluctuation.[8:45] Without the ability to continue contributing to your investments, it might feel like you are riding against the wind.[11:00] Investment mistakes become a much bigger deal once you reach retirement. One small fumble can have huge impacts on your quality of life.[13:00] IT’s time to get your investments working for you!WHAT’S THAT MEAN SEGMENT[14:00] What is an asset class?[15:52] What are returns?[16:43] What are Capital Market Assumptions?PRACTICAL PLANNING SEGMENT[10:20] Roadmap of the coming weeks.[19:27] The Bruce Lee philosophy.[20:00} Three main asset classes and what history teaches us.[21:00] Cash-like investments.[22:55] Bonds.[26:30] Stocks or equities.[30:25] How does inflation change this?THE HAPPY LAB SEGMENT[34:08] Are things you enjoy doing that you talk yourself out of? You shouldn’t.TODAY’S SMART SPRINT SEGMENT[354:15] Take out your investment accounts that you gathered in the last episode. Look at them while asking the question “Is this weird science or does this investment get me where I need to go?”RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Welcome back to the Retirement Answer Man show. Today begins a new series on Investing. I am very excited about being able to offer you this series and I hope you will find some value that fits your situation. In this week’s episode, we are chatting with a great guy, David Stein. He has many years of experience in the financial investing world and has seen it all. Today he shares some simple advice to help you not gamble away your retirement but rather approach your investing with clarity and confidence. Join me as I unpack the knowledge he has to offer. Stay tuned as well for a helpful tool I have found that makes your internet experience virtually ad free. Here we go! The Difference between Investing, Speculating, and Gambling Investing, Speculating, and Gambling are very different things. While all three can make you money, Speculating and Gambling have a much higher possibility of costing you your retirement. Our special guest today is David Stein, a former financial adviser and the host of the Money For The Rest Of Us podcast. David knows the risks that are inherent in investing, he worked through the 2008 market crash and was able to come out the other side on top. His mentality when it comes to investing later in life for retirement is to take a more passive approach. When you were young and frequently contributing to your investments was the time to have riskier investments, but now may not be the best time to take those chances. Rather, you should make your investments work for you to generate the life you want. David walks through a few questions to consider when investing to determine what a healthy risk level may be. Make sure you listen to this episode to hear this fantastic conversation. Marketplace trends and how to adjust to them The Marketplace has trends, and David Stein says that understanding these trends and recognizing them is key to investing. If we are aware of what the markets are doing and what they might do in the future we can make educated decisions instead of gambling on the unknown hoping for a favorable outcome. Make sure you listen to this whole episode to hear David’s helpful tips on how to avoid being a gambler. Moderating activity as you age to safeguard your happiness I was recently out mountain biking and having not done it in a while I was taking it slow. I avoided a few challenging routes until I felt comfortable in my abilities. When I finally attempted to traverse a challenging section, I crashed hard and banged myself up! Now I could have let that discourage me from going riding again, but instead, I went out again and moderated the risk by taking it slow. If you can do this in all areas of life as you get older, you will feel empowered, capable, and happy. Easy tool to keep your internet browsing ad free I came across a tool the other day that you can add to your web browser. It will blocks ads from showing on the web pages you visit. I am currently looking at the homepage of Yahoo Finance and it’s telling me it is blocking 44 ads. WOW! I can finally find what I am looking for without the distraction of ads and this may help me save a bit of money as well. I’ll tell you all about it in this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[0:31] When my mother died, I took my inheritance and bought my first investments[2:00] Your investment mindset needs to change when you near retirement[3:00] It’s time to stop accumulating wealth and start making that wealth work for you[3:30] Our special guest David SteinHOT TOPIC SEGMENT[4:47] Your internet experience[5:00] Adds are pervasive and companies are great at tracking your activity.[6:40] Adblock will automatically block ads on the sites you visitPRACTICAL PLANNING SEGMENT[8:36] Conversation with David Stein[10:25] Investment presentations[11:47] Difference between Investing, Speculating, and Gambling.[16:53] Fundamental questions to consider when investing[21:25] Trends in the markets and adjusting your risks to fit them[22:00] We should balance a generational view of our investing with a lifetime view[24:40] Pros and Cons of using an active manager[31:50] How to be an investor instead of a Speculator or GamblerTHE HAPPY LAB SEGMENT[34:45] Learn to moderate your activities as you get older. Don’t stop doing just find a healthy balanceTODAY’S SMART SPRINT SEGMENT[37:30] Gather your investment accounts and organize them. Figure out how you are allocated. This will get you ready for upcoming steps in future shows.RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerManDavid’s podcast Money For The Rest Of Us

Welcome back to the Retirement Answer Man Podcast. My name is Roger Whitney and I am the Retirement Answer Man. On this week’s episode, I will be answering several listener questions about dementia, HSA’s, and next level investing. I’ll also outline the road to “brokesville” so that you can steer clear of catastrophe in your retirement planning. Come along with me as we discuss how to learn from your mistakes to create a great retirement. Stay tuned to this episode to hear it all! The Road to “Brokesville” Not many people choose to be broke, but we often walk down paths that lead us straight to “brokesville” and a stressful retirement. In this week’s episode of the Retirement Answer Man, I’ll outline 7 major mistakes that can lead you down this road. Listen up and take notes, you’ll want to make sure you avoid these pitfalls and learn from your mistakes. Protect your retirement from dementia As we get older our memory isn’t always what it used to be. For some, it can go as far as full blown dementia. How can you safeguard your investments or your parent's investments from lapses in judgment or memory? Well, a listener wrote in with this very question. I’ve got some practical tips for him to protect the security of his family's investments. Make sure you listen to this episode to find out how. Work on your strengths, delegate your weaknesses I’m sure you have heard it said, “Identify your weaknesses and work on them.” This is often a good idea in order to grow as a well-rounded individual, but in the area of retirement I say work on your strengths and delegate your weaknesses. Our strengths are what make us happy and keep us feeling fulfilled while our weaknesses often times do the opposite. If you can find someone who is strong in areas in which you are weak and delegate to them, you will find yourself feeling happier and more optimistic about your future retirement. Ask yourself hard questions to protect your retirement. This week I challenge you to have a hard conversation with yourself. Walk through each of the steps to “brokesville” and ask yourself if they are true of you. You may find that you are making some of these mistakes right now. Face the hard truths and make the changes necessary to build a better future. Make sure you listen to this entire episode of Retirement Answer Man to hear what to avoid. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] Looking back in life on our mistakes.[1:30] Life is messy.[1:30] Planning for retirement is like riding a bike.HOT TOPIC SEGMENT [3:47] The road to “brokesville.” The 7 biggest mistakes.[6:03] Buying a big house.[8:13] Taking an 8-year car loan.[9:00] Flawed investment strategy.[10:18] Paying Uncle Sam too much.[11:11] Getting divorced.[12:28] Keeping up with the Joneses.[14:00] Cosigning on a loan.PRACTICAL PLANNING SEGMENT [17:00] Listener questions.[17:00] How do I lovingly help my elderly parent with dementia let go of managing his investments.[27:43] Is an HSA right for me?[30:00] Advanced savings steps.THE HAPPY LAB SEGMENT [33:16] Work at your strengths and delegate your weaknesses.TODAY’S SMART SPRINT SEGMENT [36:00] Walk through the 7 mistakes that lead to “brokesville” and see which ones you need to work at avoiding.RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

I love being an entrepreneur! Not only does it give me an avenue to exercise my creativity it gives me the flexibility to live the life I desire, work the way I want to work, and build a legacy for my family. The value of your business can be put into three categories: Cash flow, Lifestyle, and Enterprise value. On this week’s episode of the Retirement Answer Man, we will be talking with my special guest Randy Long about building your business in a way that grown its enterprise value. Having a strong enterprise value will enable you to create a successful business exit strategy that will help you create a lasting legacy for your family. Stay tuned to hear Randy’s helpful tips. Your internet provider might be selling you out! We all know that the internet can be dangerous, but now it might become riskier than ever. Congress recently lifted restrictions that required your internet provider to get your permission before selling your data. So now your browsing history, online habits, and who knows what else might be up for grabs to the highest bidder. There’s no doubt this could pose a security threat to people like me who work with very sensitive financial information. However, there is a solution, a way you can protect your data from the prying eye. Make sure you listen to this episode to hear how I keep my info secure online. Extracting enterprise value with Randy Long Today’s guest is Randy Long a certified exit planner and CEO of Long Business Advisory LLC. He has patented a Braveheart Planning Process where he works with entrepreneurs to help them maximize the value they can get from their business. In our conversation, we will discuss how to transition from building a business to building a legacy and how to structure your business to be appealing to buyers. There are some great tips that you won’t want to miss so stay tuned. Quantity time might be better than Quality time I just returned from a vacation with my wife in the Caribbean. We were gone for 8 days and at times that felt a bit too long and we laid around a lot without much to do. However, it afforded us time to connect and have some important conversations. We’ve all heard the term “Quality Time” and while I agree that you need to seek quality in the time that you have I also believe that you can’t have Quality time without Quantity time. Quantity time gives you the flexibility to create moments that you otherwise wouldn’t have been able to. Creating a Business Exit Strategy is an important step towards the future but it won’t bring you lasting joy. Quality relationships with the ones you love will bring you that joy! Listen to this episode to hear more of my thoughts on creating a happy life. Markets are at an all-time high, it’s time to assess your investment risk The markets are continuing at a record high since the election. Things are sunny in the investment world. This is the time when you need to make repairs and tweaks to your investment plan. Don’t wait for a drop in the market to reassess your risk tolerances, do it now while everything is good. If you need help with this assessment I can lend you a hand. Listen to this episode to hear how. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:26] I love being an entrepreneur.[1:43] Three ways you get value from a business you own.[2:18] What is enterprise value?HOT TOPIC SEGMENT [4:43] My Vacation to the Caribbean.[5:54] Your Internet service provider can legally sell your data.[7:28] What is a VPN and why should I use one?PRACTICAL PLANNING SEGMENT [9:28] There’s a difference between Knowledge and Wisdom.[10:10] Why do you build a business?[13:00] Transitioning from building your business to building a legacy.[16:10] Moving towards exiting your business.[19:10] Things that make a business appealing to buyers.[22:10] Making your business valuable apart from the cash flow.THE HAPPY LAB SEGMENT [30:45] Quantity time is better than Quality time.TODAY’S SMART SPRINT SEGMENT [33:29] Markets are at an all-time high which means it is time to assess your investment risk.RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan The BraveHeart Exit:: 7 Steps to Your Family Business Legacy Built to sell: Creating a Business That Can Thrive Without YouCloak Keep yourself safe with this Virtual Private Network tool

Hello everyone and welcome! I am Roger Whitney the Retirement Answer Man and today on the show we are talking about the Healthcare Dragon and the threat that it poses to your retirement as well as the lives of your family. It’s no surprise to hear that health care costs are rising, each year this beast continues to grow and unless you do something to combat it now, you might be in for a rough retirement. Tune into this episode to get some actionable tips to arm yourself against the Healthcare Dragon. The Healthcare Dragon might burn up your retirement. It’s growing, it’s hungry, and it eats retirement savings for breakfast! A recent survey showed that the average couple retiring in 2016 will need approximately $260K for health care costs during their retirement years. That’s a lot of money and can bite a sizeable chunk out of your retirement savings. If we are not proactive, our retirement savings could fall prey to this Healthcare Dragon. We have the perfect weapon to combat this threat, the Health Savings Account. Unfortunately, in our modern world, this sword is a bit dull. Join me on this episode of Retirement Answer Man as I discuss some practical ways to sharpen your HSA sword and defend you family and your retirement. 80% of people don’t plan for long-term health care. Our special guest Margie works with people who are in need of long-term health care in their later years, whether that be because of an accident or simply old age. She walks families through the challenges of long-term care and has seen how being prepared can save you a lot of heartache. She estimates that 80% of her clients are unprepared for long-term care. Having no plan puts stress on the individual as well as on the family and friends. If you want to avoid stress and have confidence in the midst of a health crisis, listen to this episode to hear Margie’s suggestions. Why you MUST understand your healthcare plan. If old age strikes or you are injured and in need of long-term health care there will be many things that need to be paid for. Some will be covered by your medical plan, some won’t. Being knowledgeable of your plan and knowing what it covers will help you prepare for the possibility of long-term care, giving you and your family peace of mind. Our guest Margie walks us through many of the aspects of health care that may not be covered by your plan. Listen to this episode to hear them all. Invest in yourself for a secure retirement. With health care during retirement requiring such a sizeable amount of money, it is wise to start preparing now. Starting an HSA or maximizing your current HSA can work wonders but that is not the only thing you can do. Investing in your health and your relationships can minimize the need of future long-term care and give you a strong community of people to turn to in your time of need. Click play on this episode of Retirement Answer Man to learn how to prepare. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] The Live Dragon of long term Health CareHOT TOPIC SEGMENT [2:20] Dragon slaying weapons[3:16] How a savings account works.[4:41] Our HSA sword is dull.[6:17] Steps we can take to improve our HSA.PRACTICAL PLANNING SEGMENT [9:37] Conversation with Margie about helping families navigate long-term care.[11:09] 80% of Margie’s clients have no long term care plans in place.[12:05] The benefit of thinking ahead.[15:15] The potential dangers of living independently.[21:35] Preparing for retirement and long-term care if you have no family.[23:17] The importance of understanding your medical plan.[26:07] How do people generally pay for long term care?[28:27] Do long-term care policies make the transition easier?TODAY’S SMART SPRINT SEGMENT [32:05] Look at your HSA. What is the maximum you can contribute and can you make that happen? If you don’t have an HSA, give some thought as to whether or not it would be a smart move for you and your family.THE HAPPY LAB SEGMENT [32:56] The average couple will need $260K for health care costs in retirement.[33:33] Take small steps to get an HSA if applicable, invest in your health, and invest in your life to make you feel more empowered to face the future.RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD Using Your #HSA To Slay The #Healthcare Dragon #RetirementAnswerMan The #Healthcare Dragon might burn up your #retirement #RetirementAnswerMan 80% of people don’t plan for long-term #healthare #RetirementAnswerMan Why you MUST understand your #healthcare plan #RetirementAnswerMan #Invest in yourself for a secure #retirement #RetirementAnswerMan