Retirement Answer Man

Welcome to another episode of the Retirement Answer man, as always I am Roger Whitney the retirement answer man. This week's show is a hodgepodge of great actionable content that might give you the edge you need in your retirement plan. We’ll discuss why alcohol abuse is a problem for many people in retirement and lay out the reasons why. Listen as I answer listener questions and give my tips for investing your Social Security income. Stay tuned to hear it all! Alcohol abuse is a huge problem in retirement. Studies are showing that Alcohol abuse is the number one substance abuse problem for older adults. As Billy said in this episode, retirement almost turned him into an alcoholic. Alcoholism is not an inescapable fate. There are several reasons why one might abuse alcohol once retired. In this episode, I will talk about 6 factors that contribute to retirees drinking too much. Don’t miss this episode of the Retirement Answer Man. Refinancing your home can be a benefit and a curse. Noni wants to know if it would be a good idea to refinance her home and take money out to pay off credit card debts and put her kids through college. Although refinancing a home can be a smart move and paying off debt is almost always a good idea, there are situations where you should use caution. I’ll share my ideas with Noni as to whether or not her situation would benefit from a refinance and borrowing against her house. Stay tuned to hear my warnings so you don’t make a potential mistake. Does taking Social Security early mean more money to invest? Conventional wisdom would say that investing money annually at a good interest rate will bring you out on top. This is not always the case. On this episode of the Retirement Answer Man, Ruth asks for my thought on taking Social Security early in order to invest it. Her calculations show that she will reach age 80 with substantial financial growth having invested her Social Security instead of spending it. Stay tuned to see me run her figures through an investment forecast report taking into consideration the historical changes in the market. You might be surprised at the outcome. A plan is no good if you don’t live long enough to retire After exercising on Sunday, my back became extremely sore and stiff. It has been a struggle to go about daily life. Yet feeling this discomfort makes me thankful that I do not deal with an illness that puts me in a constant state of pain. The condition of our bodies is important. We cannot hope to live a full life if we are neglecting our health. Join me in this episode of the Retirement Answer Man to discuss listening to your body and doing what is best for it. Your retirement will thank you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN[0:29] Retirement almost turned billy into an alcoholic.[2:05] Stay tuned for listener questions.HOT TOPIC SEGMENT[3:35] Alcohol abuse is a big problem with older adults.[7:15] The quality of your marriage will contribute heavily to your happiness in retirement.PRACTICAL PLANNING SEGMENT[8:46] Should I refinance my house and borrow money for credit card debt and children’s educations?[4:35] Should I take social security and invest it?[19:42] Investment projection reports.[25:43] How safe are the password managers?[28:48] Is retirement is all about math?TODAY’S SMART SPRINT SEGMENT[3:29] Check the interest rates on all of your loans, house, car, credit cards. See if it would be prudent to refinance them.THE HAPPY LAB SEGMENT[31:22] Take care of yourself. Listen to your body.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/RetirementAnswerManSara’s book  A Couple’s Guide to Happy Retirement.

After my last knee surgery, my doctor told me that I should NEVER AGAIN attempt to run like I have previously. That’s when it hit me, my best days physically are behind me. That was a sobering thought and a bit depressing. Thinking like this has a tendency to affect how we live and can very easily seep into every aspect of life; it could affect how I relate to my family, do my job, or how I view retirement planning. When it comes to retirement...are our best days behind us? Are we approaching a time where we are unproductive, broken, and tired? Dan Miller doesn’t think so! Listen to this episode of the Retirement Answer Man to hear why and to hear my guest Dan explain how to start living a fulfilling retirement now. We’ve got retirement planning all wrong. With the current life expectancy and medical care, we will live longer and healthier in retirement than ever before. This is a great thing but it presents a problem. A problem known as the retirement crisis where many Americans will not be able to save enough for retirement. Because of this very real issue, our cultures main goal in retirement planning is to save and invest and hopefully have enough when we retire. Doing so is stressful and can cause our relationships to suffer. When all we can think about is working as much as possible to provide for the future, we forget to think of the present. When retirement arrives, you are worn out and may have damaged your relationships to such an extent that there is not much to live for. Dan Miller, my guest on this episode, thinks there is a better way to approach retirement planning. Don’t miss it! Why wait for Retirement to start doing what you love? Dan Miller believes that a retirement of ease and relaxation is short lived. Even if you have managed to save enough to lounge on a beach, you may be lacking in purpose. Our purpose is what drives us, what keeps us breathing. If we have built great financial assets and are able to live it up but don’t have a purpose, life becomes depressing. Dan is convinced that the key to a happy retirement is to fill it with financially productive endeavors that bring you joy and ignite your passion. Having these sources of income will relieve much of the stress we often feel in the years leading up to retirement and can save us from the heartaches of misplaced priorities. But why wait until you retire to find those things that make you happy AND earn you money? Dan says we shouldn’t wait, and in this episode, he gives a simple framework to help you find your passion and start pursuing it now. Retirement isn’t a time, it’s a lifestyle. Our culture thinks of retirement as a time when you are free of your lifelong career and hopefully have the financial assets to enjoy a lifestyle you couldn’t previously. While this is true in many cases, it doesn’t have to be. Dan Miller wrote a book entitled 48 Days to the Work You Love. Through this book, he teaches you how to find something that you are passionate about and turn it into a revenue stream. By making a switch from your current career to a job that fulfills you and that you work on your own time you can start living that retirement lifestyle now. Tune into this episode to hear Dan share stories of how people have done this. Holistic retirement planning gives you power. The binary view of retirement as a set time for which we have to plan and save can rob us of our joy and our ability to be creative. A holistic approach to retirement as a lifestyle gives you the freedom to pursue your dreams and passions and express your creativity. You could even start today. This does away with stringent and stressful retirement planning and gives you the ability to live. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] My best days are behind me! HOT TOPIC SEGMENT [3:06] The problem with retirement.[4:42] Our number one focus is on saving and investing.[5:35] The numbers don’t work. We can’t continue to think of retirement as a time of inaction.[5:49] Thinking of retirement in such a binary way stifles our creativity and ability to problem solve.[7:09] What resources do we have to solve this retirement crisis?[9:23] Most retirement advice you are getting falls short and limits your ability to create a great life. PRACTICAL PLANNING SEGMENT [10:16] Conversation with Dan Miller.[14:00] Why would you wait for retirement to start doing what you love to do?[17:45] If retirement is less of a date and more of a pivot into living your passion, how do you make that change?[20:32] Examples of people following their dreams.[25:11] You might have to change your expectations in order to do what makes you happy.[28:35] Going through the process and finding what you love gives you control of your life. TODAY’S SMART SPRINT SEGMENT [33:50] Listen to Dan Miller’s podcast. THE HAPPY LAB SEGMENT [34:30] We are more creative than we give ourselves credit for. Thinking holistically about life and retirement gives you back the power to create an awesome life. 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/RetirementAnswerManDan Miller’s Site: http://www.48days.comDan Miller’s Podcast: http://www.48days.com/category/48-days-podcastDan’s book:  48 Days to the Work You LoveTWEETS YOU CAN USE TO SPREAD THE WORD #Holistic #RetirementPlanning #RetirementAnswerMan @DanMiller48daysWe’ve got #retirementplanning all wrong #RetirementAnswerMan @DanMiller48daysWhy wait for Retirement to start #doingwhatyoulove? #RetirementAnswerMan @DanMiller48days#Retirement isn’t a time, it’s a lifestyle. #RetirementAnswerMan @DanMiller48days#Holistic #retirementplanning gives you power. #RetirementAnswerMan @DanMiller48days

Welcome to another episode of the Retirement Answer Man podcast. I am Roger Whitney the Retirement Answer Man and this weeks' topic is all about working during retirement. We all can agree that saving and investing are important but they often prove to be challenging. I believe there is another option a more fulfilling one. Work. On this episode, we will talk with Marc Miller, an author, and coach, about how we can structure our retirement to be both fulfilling and productive - and avoid the so-called retirement crisis altogether. Listen to this episode to hear Marc’s tips on working during retirement. You can’t save your way into a good retirement. It’s becoming clear that many Americans will not be able to save enough for retirement. The average American makes $50,000 per year, and with the cost of living in our economy, there is little to no room for retirement savings. This is what many are referring to as the “retirement crisis.” Is there another way or are we destined to live on the street? Marc Miller gives us hope in this episode of the Retirement Answer Man that there indeed is a way to have a great retirement by finding a way to work on your own terms at a job that you love. Stay tuned to hear how you can make the transition from your current career into your dream job. My goal is to never retire. Marc Miller doesn’t want to retire. He wants to live to the end of his life pursuing the things that make him happy and helping others do the same. He plans on doing this by pursuing a job that he can work on his own schedule. This will give him income late into his life as well as purpose and fulfillment. He figured out how to be his own boss and you can too. Listen to this episode to find out how you can avoid what many are calling the “retirement crisis.” The thing that fulfills you might be the answer to your retirement questions. If you are in the same boat that many Americans are and won’t be able to save enough for retirement, you’ll most likely need to have a job in retirement. The conventional full-time or part-time job can be taxing and deplete you emotionally and physically. A better option is to work for yourself doing what you love or find your dream job. But how can you find that thing you love? In this episode, I issue a challenge for the week that can help you identify what it is that you might pursue as an income generating activity in retirement. Listen to this episode to hear how. Are you your biggest cheerleader? I realized this last week that I tend to put myself down. I don’t give myself credit where I should and I belittle my abilities. Even though I have been doing this subconsciously, it still takes a toll on my motivation and how qualified I feel to accomplish my goals. I realized that I need to be my biggest cheerleader to encourage myself into greater opportunities and accomplishments. Are you your biggest cheerleader? Listen to this episode to hear more. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0.27] About 40% of the US workforce has no retirement savings.[1.06] Is saving the only way to avoid this retirement crisis?HOT TOPIC SEGMENT[2.47] Saving and investing is not the only answer to the retirement planning question.[5.05] For many people, working during retirement will be a requirement.PRACTICAL PLANNING SEGMENT[9.10] Conversation with Marc Miller.[9.36] Marc’s goal is to NEVER retire.[13.28] How do I change things so that I can work on my own terms and generate more time freedom.[17.26] What skills do you want to continue to use and what skills do you want to leave behind?[18.13] The first step is self-awareness where you see whether or not your current lifestyle is meeting your needs and goals.[27.19] Marc’s book creates a framework to guide you through making a pivot towards working on your own terms.TODAY’S SMART SPRINT SEGMENT[32.48] What are you passionate about? What do you enjoy doing most? What gives you fulfillment? This week I want you to start thinking about these questions and come up with answers for them.THE HAPPY LAB SEGMENT[33.47] I tend to put myself down and I realized this week that I need to be my biggest cheerleader.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/RetirementAnswerManMarc Miller’s book  Repurpose your Career TWEETS YOU CAN USE TO SPREAD THE WORD #RetirementCrisis: Why Work You Love Might Be The #Answer #retirementanswerman @CareerPivotYou can’t save your way into a good #retirement. @retirementanswerman @CareerPivotMy #goal is to never #retire. #retirementanswerman @CareerPivotThe thing that #fulfills you might be the answer to your #retirement questions. #retirementanswerman @CareerPivot

Last week I got a call from a good friend. His sister-in-law believes her financial advisor has been stealing from her. I offered to help them get to the bottom of this and figure out what exactly what has been happening. Investment risk is a very real threat in today’s world. Scam artists are everywhere and many of them are very good at appearing legitimate. There are several ways to research a potential investment or adviser that will give you insight into whether or not they are trustworthy. Join me in this episode to hear my tips on how you can be confident you are working with a trustworthy advisor or find out if your current advisor is not what he seems. Avoid the most common types of investment fraud. Investment fraud is very common. Many of us don’t know what to look for in potential investments to verify whether it is trustworthy or not. You may not understand how everything works and feel unqualified to assess the legitimacy of the investment. However, there are a few telltale signs that will tell you whether or not you should trust the investment opportunity or advisor. In this episode, I will explain 4 of the most common types of investment fraud and walk you through how to identify them. You don’t want to miss this! Simple ways to make sure your advisor won’t steal from you. It’s our worst nightmare, and for some of us, it has come true. Having your financial advisor, the one you have trusted with your money, steal from you can ruin your life. With so many different types of investment opportunities available today it is easier than ever to get scammed. How can you make sure the financial advisor you are considering is who they say they are and won’t steal from you? It’s actually quite easy. Stay tuned to this episode of the Retirement Answer Man to hear me explain how to check the legitimacy and trustworthiness of you advisor. Your beliefs will dictate how you react to crises. Believe it or not, your beliefs dictate your responses; in the easy times as well as in the hard times. While you may not wake up to find that you have been a victim of investment fraud, chances are, something will go wrong today. Rather than reacting negatively to the hardships that are inevitable, you could react with joy and happiness choosing to have a good day regardless. Do you want to know how to do this? It starts with telling yourself what you believe about the day. First thing in the morning, set your belief to be positive and you will naturally tend to react in a positive way. Listen to this episode to hear a great and simple way to do this. Are Password management services a safe choice? Passwords are a pain, but they are essential. In today’s world, we have more passwords than ever. Netflix account password, online banking password, cell phone account password and the list goes on and on. How do you remember all of these passwords and keep them safe? Today on the Retirement Answer Man show I interview TJ from 1Password, a top notch password management service. He explains how password managers work and why they are far more secure and easy to use than a spreadsheet or physical file. He also talks about the possible vulnerabilities of using a password manager and gives practical advice on avoiding huge password mistakes. I am confident you will learn a lot from what TJ shares, make sure you listen to the whole interview. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:23] My advisor has stolen all of my money.[1:24] How should you begin researching a potential advisor?HOT TOPIC SEGMENT[7:45] The most common types of investment fraud.[9:20] How can you avoid a Ponzi scheme?[12:26] Avoiding an affinity fraud.[13:10] Life settlement fraud.[17:03] Unregistered investment fraud.[17:43] How do you avoid becoming a victim of fraud?PRACTICAL PLANNING SEGMENT[20:27] Interview with TJ from 1Password.[21:24] How does 1Password work?[31:02] What are the vulnerabilities of 1Password?TODAY’S SMART SPRINT SEGMENT[36:25] Perform a thorough check of your advisor this next week.THE HAPPY LAB SEGMENT[37:04] The trick to having a great day.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/RetirementAnswerManOnline password management service: 1Password.comTWEETS YOU CAN USE TO SPREAD THE WORD My #investor stole my money. A simple way to avoid #investment #fraud. #retirementanswerman @tjluoma  Avoid the most common types of #investment #fraud. #retirementanswerman @tjluoma  Simple ways to make sure your #advisor won’t steal from you. #retirementanswerman @tjluoma  Your #beliefs will dictate how you react to #crises. #retirementanswerman @tjluoma  Are Password management services a safe choice? #retirementanswerman @tjluoma 

The election of President Trump was unexpected, and there is no denying that it has affected the markets. But instead of a crash, we are seeing all time highs. Since the election, the market has been accelerating like never before until last week when we saw it slow down. This begs the question, Will the Trump bump Become the Trump Dump? In this episode, I seek the opinions of two of my favorite people, Joe Saul-Sehy of Stacking Benjamins and Burt White of LPL Financial. They will tell us what they expect to see in the markets and how we should plan our investment and retirement, and if this Trump Bump will continue. This episode is fun, fast-paced, and full of great advice, make sure you join us. President Trump’s election has led to an all-time high in the markets.  Since the election, we are seeing all-time highs in the market. US Equity Indexes have been on a tear. The S&P 500 has set multiple all-time highs and the Dow Jones has hit 20000 which it has never hit before. This growth is exciting and is giving many people hope for the next 4 years. People are taking action based on what we are seeing in the markets, but is this the right move? Stay tuned to hear my tips on how to react to these market changes. Should we take action on current market changes?  Markets surged after the election of President Trump, until last week where we had the worst week since the election. Does this bode ill for the Trump administration? Should we take steps to mitigate this risk now before something terrible happens? On today’s show, we have my good buddy Joe Saul-Sehy of Stacking Benjamins. He has great tips for us about how we should think regarding the changes we are seeing. Is it prudent to sell as soon as the markets begin to drop significantly? Based on personal experience, Joe says “No.” It’s best to keep a level head and be smart with your investments. The markets will rise again, we don’t know when but we don’t want to sell if it will jump back up tomorrow. Will President Trump’s agenda of growth make us stronger?  President Trump has an agenda of growth and many of us were not aware just how much growth might be possible. In the past growth has been driven by the consumer but with our president focused on nationwide growth, businesses may be gaining confidence that they previously have not had. It’s easy to invest in new employees if things go bad you can let them go. But it's another thing entirely to invest in a new factory or distribution system. If you do that, you are committed on a far deeper level. Burt White from LPL Financials believes that  President Trump’s agenda of growth might give businesses the confidence to invest in themselves. He predicts that this may drastically increase not only the taxable income of the government but also the number of jobs. The Seas are calm, it’s time to swab the deck.  During a storm is not the best time to make repairs and adjustments to your ship, calm seas are much better suited for that. The same is true for our economic ship. Market downturns are not the time to rethink your investment strategy or reallocate funds to fit your changing risk tolerance. It is a much better idea to make those changes when the markets are good like they are now. On this week’s show, I encourage you to have those little conversations with yourself and make those changes to repair and maintain your ship while the seas are calm. Make sure you listen to this week’s Retirement Answer man Show to find out how. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] Market bump since election day[1:20] Will this bump last?HOT TOPIC SEGMENT [3:15] Joe Saul-Sehy and his thoughts on the market jumps we are experiencing.[6:15] Are the changes that are happening actionable?[8:33] Indexes are created to be positive machines.[10:06] The best time to rethink your investment strategy is when times are good.[12:23] Should I sell when the market begins to fall?PRACTICAL PLANNING SEGMENT [14:19] Burt White thinks market drops are inevitable.[15:56] President Trump’s plan is growth based and the market is beginning to focus on that.[18:05] Businesses may gain confidence to invest in their own growth.[20:35] How does someone working toward retirement structure their investment?[24:20] How do bonds fit into my investment plan?TODAY’S SMART SPRINT SEGMENT [29:26] Times are good, it’s time to check your investment strategy and make sure everything is Ship Shape.THE HAPPY LAB SEGMENT [30:47] Little conversations and the value of having them.[32:05] I found my dream mountain bike!RESOURCES MENTIONED IN THIS EPISODE  Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan Stacking Benjamins Facebook Page: https://www.facebook.com/IStackBenjamins/?ref=br_rs

Welcome back to the Retirement Answer Man Show. I’m Roger Whitney and I’m sad to say it, but Retirement Planning is broken! The mainstream retirement planning method that has worked for years is falling short in our modern world. It is frustrating, disappointing, and fails to give you the leverage you need to create a great retirement. In this episode, we will dive into the good, the bad, and the ugly of modern retirement planning and you will see why it no longer offers an empowering course of action. Fear not. There is a better way and I will tell you what it is in this episode. Make sure you listen to this one. Modern Retirement Planning is broken. Mainstream retirement planning is based on numbers, not people. You, your lifestyle goals, and your assets are plugged into a formula. The outcome is a rigid plan based solely on the numbers. It rarely offers you an encouraging plan and you are left with next to no levers to pull to create your ideal retirement. Change is inevitable. We must adapt to it. But the modern retirement plan is not flexible and you might end up without options. An effective retirement plan is one that looks at each person as what they are, a person. You are not a number in a formula, you are a human being and you have unique goals, desires, and beliefs that need to be considered while planning for your future. Modern planning is rigid and impersonal but there is a better way. Listen to this episode to learn more. Hiring a retirement planner is not always a recipe for success. We can all agree that using an online retirement planning service will result in an impersonal plan, but is working with a retirement planner a better option? Sometimes it can be, but often times it won’t result in a flexible and encouraging plan. Planners will listen to you and hear your goals and dreams but in the end, you are still plugged into a formula and have to deal with the rigid outcome; an outcome that does not inspire action, is not flexible enough to adapt to change and does not encourage you to chase your dreams. Working with a retirement planner might give you an educated prediction of the future, but it’s only a guess. Listen to this episode to discover a better way! What worked for your parents might not work for you. Mainstream retirement planning was once effective. It worked for our parents, but it’s not working for our generation. Why? There are many reasons, one of which is pensions. Our parents had pensions and they provided for most of their retirement years. Some of you have pensions and that’s great. But we are faced with an average of 30 years of life after we retire that we have to plan for. A pension won’t fully cover it so we need to get creative with our assets and goals. Our parents also lived more simply that we do. Retirement often consisted of sitting on the porch watching the neighborhood children play. Today we are presented with the opportunity to live our lives in ways that we have not been able to previously, and that costs money. Creativity and flexibility are the keys to a good retirement plan and on this episode, I’m going to give you an idea what that could look like for you. Don’t miss it! Agile Retirement Planning may be the key Agile Retirement planning is a method I have developed to work with the challenges of our modern world and provide you with options to create an ideal retirement. It’s adaptive and focuses on managing change rather than predicting the future. This will give you flexibility and hope when challenges present themselves. It allows you to be in control of your retirement rather than putting your trust entirely in chance or in your retirement planner. I’m going to dive deep into the 4 main impacts that I have seen in my client's lives as we have worked through the agile retirement method. Make sure you listen to the whole show to get it all. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:30] Today’s retirement planning method is broken.[1:00] Stan and Barbara’s retirement plan[10:49] Why mainstream retirement planning falls short.PRACTICAL PLANNING SEGMENT [12:36] Will a retirement planner help you create a reasonable solution?[16:30] Working with a retirement planner usually yields the same results as doing it yourself would.[19:50] Mainstream retirement planning is “rigid” and has a negative impact on you.[21:10] What worked for your parents probably won’t work for you.[25:45] Agile retirement planning and why it works.[29:07] Real life impacts of Agile Retirement planning.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

We all have heard the term living simply and possibly associate it with a minimalistic lifestyle. Is there a way we can take the concepts of simple living and apply that to our retirement plan without compromising what is important to us? On this episode of the Retirement Answer Man, we will look at the costs of a large lifestyle and the benefits of simplifying. We all know that a larger house costs more, not only up front but also in the day to day maintenance. Not only that but it is human nature to acquire “stuff” to fill the space in which we live. The larger our house, the more “stuff” we collect. Listen to this episode to hear my advice on how approaching retirement planning with a simplicity mindset can give you amazing confidence and stability. Home Ownership is great, but it doesn’t define us. Home ownership and the American Dream go hand in hand, don’t they? We are taught that one of the first steps, after embarking out on your own or getting married, is to buy a house. In my case, it was a 1600 square foot home. From there I soon felt the need to upgrade to a larger house with a larger back yard that I could outfit for the kids and give us space to grow. This might sound like a common situation and it is. Many Americans go through this same journey and it’s not always a bad journey. However in my case, by following the path of our culture we ended up building a cage that trapped us financially. In this week’s show, we’ll address whether or not Home Ownership as our culture sees it is best for retirement and if there is a better way to go. Stay tuned! I’m not rich, is there a normal person’s retirement plan? Some of you might be saying, “Roger, I’m not rich. The retirement plans you have been outlining don’t fit me.” You are totally correct, what we have outlined so far on this show is not the average American retirement. That is why I will be creating a “normal” person's retirement plan with someone who might not have as many assets or an adequate nest egg. If you feel something like this would help you in your journey towards retirement, make sure you listen to this episode as well as future episodes to find out what I’m planning. Buying my home limited my ability to build wealth. Building wealth and acquiring assets is arguably one of the biggest parts of planning for retirement. Without adequate savings or a means of sustainable income, we can’t expect to retire and keep our desired lifestyle. When my family and I upgraded to a larger home we essentially built a cage around us, a cage of financial obligations. The yard needed to be maintained, the house needed to be cleaned, and the mortgage and taxes had to be paid. These obligations limited my ability to build future wealth for my family and lessened the effect with which I could create assets. If our mindset had been different, we could have enjoyed close to the same lifestyle without the possibility of compromising our future. Listen to this episode to hear a better solution. Living simply gives us the ability to say “yes.” Every decision we make in life comes with its own set of obligations. When we choose to live largely we often find ourselves obligated to maintain our lifestyle, or at least pay for it. This can limit our ability to be spontaneous and enjoy the experiences of life. Living simply can reduce the number of obligations in our life, freeing us up to say “yes” to those opportunities that we might otherwise have had to forgo. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:31] Home ownership and the American Dream[2:34] My average housing expense.[3:30] Bobby’s housing change.PRACTICAL PLANNING SEGMENT [5:21] SJ and her simplified retirement plan.[7:22] Getting an accurate idea of your living expenses.[9:31] Is living in a trailer bad?[12:46] My housing choices hurt my ability to build wealth.[14:43] Simplifying our lives can enable a successful retirement.THE HAPPY LAB SEGMENT [20:21] Living simply gives you flexibility to say “Yes”[21:00] My trip to Mongolia TODAY’S SMART SPRINT SEGMENT [21:15] Look for ways to say “Yes”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

Welcome back to the Retirement Answer Man show. I am Roger Whitney and I’m so excited to have you with me. Today we will be talking about certainty in retirement and how it is, in fact, absurd! The only thing that is certain in life is uncertainty. No matter how hard we try to plan for the future we can never be 100% certain things will turn out the way we’ve hoped. Things will go wrong and we have to find a way to deal with uncertainty. If you follow the guidelines I lay out in this episode, you can feel confident in your future retirement and your ability to cope with the changes ahead. Be sure to tune in to hear this great advice. You’ve planned well for retirement. GREAT! You may still have to live in a trailer. Regardless of how well we plan for our future retirement, the unexpected can always happen. Interest rates may fall, taxes may skyrocket, your health may decline, and the government might go bankrupt. If these things happen, your well thought out plan is worthless. You may be forced to live in a trailer. Uncertainty is the only thing we can accurately plan for. But don’t doubt the importance of a retirement plan. Having a plan and being ready for the possibility of unexpected changes will help you cope with them when they come. If you remain willing to make small changes the big disasters will not affect you as drastically as they may affect others. Dealing with uncertainty comes down to being willing to compromise in little areas all through life. Doing so will allow you to be flexible and keep your priorities where they need to be even if things go horribly wrong. Our world is changing rapidly, how can we ever hope to plan for the future? In the last several decades we have seen the decline of the physical retail market and the rise of the online market. We have seen the birth of mobile technology that makes it possible to work from home and stay connected on the go. There is no denying that change in our modern world is real and is drastically reshaping our economy and life. On this episode of the Retirement Answer Man, a listener wants to know how we can effectively plan for retirement in light of the massive change we see around us. Many of you may doubt that a reliable plan can be created, but I encourage you to not give up hope. In this episode, I talk about how to keep your mind set on your priorities and be flexible so that you can adapt to the change. The verdict is in, will Kim and Joe be able to retire? We just held the Retirement Plan Live Webinar with Kim and Joe and we found out if their ideal retirement plan will work or not. Make sure you listen to this show to find out the details. Many of you wrote in with questions and observations about the live webinar and its outcome. Today I will share a few of those questions and hopefully give you some answers. Listen to this episode to learn how the concepts we applied to Kim and Joe can help you in your retirement planning. Go deeper to avoid a catastrophe. This week I received some heartbreaking news regarding an acquaintance. It’s possible the situation could have been prevented if little problems were taken care of early on. Often times we never know how big of a problem something is until it has blown up and forever changes our lives. Our culture often tends to steer us away from digging deep into our life and relationships to find the hidden problems. If it appears fine on the surface we don’t see a need to look any further. Listen to this episode of the Retirement Answer Man to hear my advice on how to find those small problems and stay vigilant in the face of uncertainty. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:30 ] Living in a Trailer[2:31] The power of managing change.HOT TOPIC SEGMENT [4:43] Kim and Joe’s retirement plan did not work.[7:23] Info on how you can get access to the replay of the webinar.[12:05] Why is managing change so important?[15:05] Is our inflation projection accurate?[19:50] Is a rollover from a 401K to an IRA a good strategy?[25:28] Change is occurring so rapidly, how can we plan our future in light of the change?PRACTICAL PLANNING SEGMENT [8:17] Do most aspects of retirement turn out as expected?THE HAPPY LAB SEGMENT [37:08] Are we intentional on a deep level, with our relationships and with ourselves?TODAY’S SMART SPRINT SEGMENT [39:15] Go have and earnest conversation with someone you love.

Hey, there, and welcome back to the Retirement Answer Man show. I’m Roger Whitney and I am THE Retirement Answer Man. This week’s show is all about Net Worth. Today I answer several listener questions regarding net worth statements. I also offer a caution about the dangers of comparisons in your retirement planning and how they can ruin your well-made plans. I’ll help you set your focus where it should be so that even though you can’t fully avoid comparisons, you can assure they will have minimal effect on you and your retirement. Make sure you take the time to catch this episode, your retirement will thank you! Playing the comparison game could cost you your retirement. We all do it. We compare ourselves to others. We compare our car, our job, even our net worth. While this is a natural part of human nature, it can be a very dangerous game to play. Comparing ourselves to others takes our focus off of our goals and what we need to do to accomplish them and puts the focus on our perceived value in relation to others. Comparing ourselves to someone with a higher net worth can make us feel discouraged, hopeless and possibly cause us to give up. On the other hand, if we compare ourselves to someone who’s net worth is lower than our own, we may feel so proud of our achievements that we stop working hard towards our goals. Even though comparisons are inevitable, there is a way you can focus on what is important. Listen to this episode to find out how. I have a negative net worth, is there any hope for me? Many people find themselves in this situation. It has become normal in our culture to live our lives without thinking of retirement only to find ourselves getting older with little savings and next to no assets. This is a scary situation to be in, and one that a listener finds himself in. He asks a question about planning for retirement and working with an advisor even though he has a negative net worth. He wants to know if there is a way to succeed. While the road to retirement is much more difficult when you are in this type of a situation, fear not, it is not hopeless. Listen to this episode to hear the advice I give this listener. Will Kim and Joe be able to afford their ideal retirement? Find out tonight! Tonight is the Retirement Plan Live webinar where I walk Kim and Joe through the conclusions of our planning and we find out together if they can afford their ideal retirement. You don’t want to miss the exciting end to this year’s Retirement Plan Live. But not everyone can join the webinar, you have to be invited. Listen to this episode to find out how you can get one of these special invitations. I hope to catch you tonight! Taxes. Who likes Taxes? Is there anything I can do to lessen the impact of taxes on my investments?  Taxes aren’t fun, but we can’t escape them and we are forced to deal with them. A listener on today’s show is feeling the tax burden. He has done a good job of building assets but knows that he’ll be forced to draw taxable income during retirement which he fears might push him into a higher tax bracket. He wants to know if there is anything he can do to protect his IRA from heavy taxes. My answer, YES! There are some completely legal steps you can take to lessen the weight of taxes on your investments. You’ll hear my suggestions of how he can convert or draw from his IRA in order to make taxes easier to deal with during retirement. RESOURCES MENTIONED IN THIS EPISODE  Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Hey, hey - it’s great to have you along for another episode of The Retirement Answer Man. I’m Roger Whitney and I am THE Retirement Answer Man. This episode of the show is all about how the habit of binary thinking can derail your retirement planning goals. What is binary thinking? I’m glad you asked! On this episode, I’m going to walk you through a couple of examples of binary thinking, including one I experienced with a friend of mine in years past, to show you exactly what it is and how it can be detrimental to your life - and your retirement planning. And… I’m going to answer some listener questions about this year’s Retirement Plan LIVE. I hope you’ll make the time to listen. You’ll want to hear this one! What is binary thinking and how can it negatively impact your retirement planning? On. Off. On. Off. That’s essentially what binary thinking is. It’s thinking in terms of one thing, or another - and nothing else. When you get into the habit of thinking in a binary sort of way, you can miss a whole world full of options that might otherwise be open to you. I hope you can see how bad that can be when it comes to the way you approach retirement planning. This episode, I’m going to give you some example of how you can avoid binary thinking. Is retirement preparation only about saving and investing? Nope. That’s too binary. On this episode of The Retirement Answer Man, I highlight some good news that comes from the latest stats about retirement savings. Fidelity says that the average household savings rate has gone up to 8%. Wooohoooo! That’s always a good thing. BUT, it’s not the only thing that matters. You can’t ONLY save and invest and expect that you’re going to be all set for retirement. You need to think more broadly, less binary. That way you can make the most of every option you have. On this episode, I’m going to highlight some of the ways you can do that, so be sure you hear these great tips. What are the old stories you need to stop telling yourself? All of us have, what a colleague of mine calls, “old stories.” They are the things about ourselves that perhaps USED to be true but are no longer true - but we continue to talk (and think) as if they are still true. For example, you’ve heard me talk on the show about how I almost ruined my marriage because of the self-centered way I was living. If I continue to think of myself in those terms even though I’ve changed, I could sabotage my own ability to move my life forward. When it comes to our ability to build a great retirement, those old stories can be especially damaging. On this episode, we’re going to dive into what you can do to avoid living according to your version of those old stories. You’ll want to hear this one. Don’t miss this year’s Retirement Plan LIVE webinar. Here’s how you can get in on it! We’ve wrapped up the podcast episodes of this year’s Retirement Plan LIVE, and like we do every year, we’ll be summarizing and revealing the actual retirement plan for this year’s participants (Joe and Kim) in a LIVE webinar. It’s a fun way to wrap up and for you to see how retirement planning is actually done. You can get in on it via personal invitation. How do you get one of those golden tickets? Listen to this episode to find out! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] The story of Ralph - and the trap of binary thinking.[2:47] The solution to the retirement crisis is somewhere in between the extremes.HOT TOPIC SEGMENT [4:51] Retirement savings are at an all time high (according to Fidelity)![6:15] Savings and investing are only part of the retirement equation.PRACTICAL PLANNING SEGMENT [8:52] Q & A about Kim and Joe’s case study from Retirement Plan LIVE.[11:01] One listener’s concerns about Kim and Joe’s retirement situation.[13:35] Will Social Security really increase like Kim expected it to?[17:10] Would it be best for Joe and Kim to knock out their mortgage before retirement?[20:08] Is it possible to live off $24K a year as one financial guru suggests?[24:00] How you can get access to the LIVE webinar of this years Retirement Plan LIVE.TODAY’S SMART SPRINT SEGMENT [24:54] Continue to organize your online passwords - and are the password managers really that safe?THE HAPPY LAB SEGMENT [27:21] A group call experience I had… and woman who says she’s too gruff with others.[28:47] The old stories we tell about ourselves and why we need to STOP.RESOURCES MENTIONED IN THIS EPISODE www.RogerWhitney.com/blog - find my core values as shared on this episode.1 PasswordLastPassContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan