Retirement Answer Man

I’ve been hearing a lot lately about the so-called retirement crisis that’s happening in the United States. And what I think has happened is this - a long-held belief that rising costs and the decreasing value of the dollar make retirement more and more difficult - has conditioned us to think in terms of survival instead of in terms of possibility. We approach retirement planning with a crisis mindset instead of taking the time to dream about what might be possible. On this episode, I walk you through how I would advise one of my clients to dream up their ideal retirement to avoid any crisis thinking and live their best life as a result. Why you need to ignore the news about the so-called retirement crisis. It’s easy to get into negative ways of thinking without even knowing it. Pessimism comes naturally to people who want to think wisely, which most people who actually engage in retirement planning are. How do we get out of the pessimism trap when it comes to our retirement planning? I think first off we have to realize that there IS no retirement crisis. It’s really a crisis in how we think about retirement. I’ve got some ideas about how you can plan for your ideal retirement from a place of possibility and dreams instead of a place of pessimism. Listen to this episode and you’ll get an earful of how I have seen it happen. Learn to dream about your retirement to open the door to possibilities. One thing I’ve learned from taking trips is this: you aren’t able to see the next mile down the road until you first travel the mile you’re on. It’s a simple and obvious truth about the way life is. When it comes to retirement planning you’re not going to know what’s possible unless you first take steps toward those possibilities - and one of the primary ways you can do that is by dreaming. I mean the nothing-off-limits dreaming we're often afraid of. It helps you set the stage for what your ideal retirement could be. On this episode of The Retirement Answer Man, I walk you through how I advise my clients to dream up an incredible retirement and then show you how we plan for it practically. It’s not theory or rainbows and unicorns, it’s real life planning that makes for a great retirement. Avoid the retirement crisis by getting your financial spaghetti in order. I like to think of retirement planning like a plate full of delicious spaghetti. There are 3 primary things that go into the dish. The pasta, the sauce, and the spices that give it the “zing” you want in a good Italian dish. If you miss any of those things you won’t have the flavor you want and won’t be very satisfied as a result. Too many people approach their retirement planning with a focus on only one of the very important things that go into a great retirement. Can you guess what that is? On this episode, I’m going to tell you what it is - and tell you how to avoid the kind of thinking that gets you into that situation in the first place. Your retirement is YOUR retirement. Make it what YOU want it to be. As I work alongside clients I see it time and time again - people who are concerned that they have the same kinds of things their parents had during retirement, or that they are able to maintain a standard of living comparable to a friend who just retired. You know, I get that way of thinking but I can’t say it’s the best approach. That’s because your retirement needs to be exactly what YOU want it to be, not some vague standard set by somebody else who traveled the road before you. On this episode, I want to say few words about this important issue because if you can make the switch to think of your retirement as truly YOURS, you’re going to discover a retirement that makes you truly happy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] Why I’m going to emphasize how you can think bigger and thrive in retirement.HOT TOPIC SEGMENT [2:58] Michael Hyatt’s “Best Year Ever” event is coming up.[4:35] Custom conference calls we can use together after attending the event.PRACTICAL PLANNING SEGMENT [5:24] Dream up your ideal retirement life when you meet with your financial planner.[8:01] Don’t be reasonable - just WAG a number.[9:23] Retirement planning is not just about the money (the numbers).[12:02] Why investing in relationships is more crucial than ever before.[13:41] Figuring out your purpose in life and what that really means.[15:53] Dealing with the financial part of retirement planning - it’s like spaghetti.[22:35] Why you need to separate your retirement planning into 3 categories.TODAY’S SMART SPRINT SEGMENT [27:18] How you can get Michael Hyatt’s free assessment (6 shot Saturday).THE HAPPY LAB SEGMENT [28:52] My recent experience getting a manicure and what it teaches me about being open to new experiences.RESOURCES MENTIONED IN THIS EPISODE Text “Sixshot” to “33444” to get 6 Shot SaturdayThe Rusty Lion AcademyContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

In case you haven’t noticed, the recent election has had a pretty significant impact on the strength of the dollar worldwide. The U.S. dollar is actually gaining strength in the world economy - it’s at a 13 year high - and it’s in large part because of what financial gurus around the world believe is going to happen in the U.S. economy because of the election of Donald Trump. But do you know what impact the growing power of the dollar will have on you? If you want to hear how this phenomenon happens, why it happens, and what it means for you, I’ve got you covered on this episode of The Retirement Answer Man. Do you understand what the FOREX market is? The term “FOREX” stands for “Foreign Exchange Market” and it’s where people worldwide trade in currencies. You may not have even known such a thing happens. But anytime you go to another country and you have to trade U.S. dollars for another currency, you’re taking part in a FOREX style trade - one currency value compared to another and exchanged in kind. With the rising value of the dollar these days the FOREX market is going a bit nuts at the moment. Find out why and what it means for you on this episode. Is your long-term care policy safe even if your company is no longer providing long-term policies? After my comments on the last episode of the podcast about John Hancock’s announcement that it will be getting out of the long-term care business, some of you were a bit concerned. You have JH long-term policies so you’re wondering what’s going to happen to that policy. On this episode, I walk you through the scenarios of what typically happens when a large insurer like John Hancock makes an announcement of this type, including how they take care of the policy holders they already have on the books. I think you’ll find that it’s not as bad for you as you may be fear. Should long-term market averages impact the way you draw cash from your retirement account? A listener to the podcast wrote to me this last week pointing out that long-term averages indicate that market downturns are almost always corrected over time. Looking at that fact he suggested that because the market will correct itself in time we shouldn’t be so concerned if we are living through a market downturn during retirement. But I’ve got a slightly different take on the issue simply because even though the facts and figures do add up just like he’s saying, we are emotional creatures and aren’t always able to live with the reality of what’s happening around us. You can hear my entire train of thought about the subject clanking along the tracks, on this episode. What retirement-related issues do you want to hear on this show? It’s time once again for my annual listener survey. It may not sound like a very exciting thing for you to take part in but the responses I receive from the listener survey are the primary way I determine what I’m going to be talking about over the next year’s episodes of the podcast. I’d really love to get your feedback and input. It’s a great way that you can help me help you! If you’d like to know how you can take part in this year’s survey I cover it step by step on this episode of the podcast so set aside some time and give it a listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] My introduction to this Thanksgiving episode - and my plans for the show moving forward.[1:19] My 2nd annual listener survey - would you help me create better content?WHAT DOES THAT MEAN? SEGMENT [3:34] What is the Forex market?HOT TOPIC SEGMENT [5:27] The 13 year HIGH the U.S. Dollar is on right now.[6:45] How President-elect Trump’s policies are stimulating this change.[7:52] The impact of a high priced U.S. Dollar, worldwide.PRACTICAL PLANNING SEGMENT [9:48] Mike asks, “We are concerned about John Hancock’s future when it comes to our long-term care insurance. Can you help us understand what might happen?”[12:49] John asks, “How do I know the best way to manage my cash reserves and investments in bad markets?”[15:42] Eric asks, “Since market downturns usually average out over time why not invest entirely in equities?”[29:39] Why are bonds typically included in investment portfolios?TODAY’S SMART SPRINT SEGMENT [33:54] Two steps this week: #1 - Complete my survey in the 6 Shot Saturday email. #2 - Look for the ebook in 6 Shot Saturday, take a look at it.THE HAPPY LAB SEGMENT [35:20] Take some time to interact with family this holiday instead of getting stuck in front of the football games.RESOURCES MENTIONED IN THIS EPISODE Sign up for 6 Shot Saturday - text “SixShot” to “33444”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

It’s almost time for that year end tax planning. 2017 is going to be here before you know it! Over the past few weeks, I’ve been talking with quite a few of my clients about their year end financial planning and realized that the things I’ve been talking about week after week these days could also be of help to YOU! So on this episode, I’m going to walk you through some of the most common things I suggest to my clients at the end of the year that can put them in a better tax and financial position as the end of the year approaches. I hope you find it helpful! The year ends with some BIG NEWS from John Hancock insurance. Did you hear the latest news from John Hancock insurance? The company announced just this month that they will no longer be offering long-term care insurance. That may not sound like such a big deal to you but with the rising cost of healthcare, and especially the type of care that’s often needed in the later years of life, this is a big deal - because John Hancock is one of the biggest players in the insurance industry. Does this indicate a move that other insurance carriers will be making in the future? You can hear my thoughts on the subject on this episode of The Retirement Answer Man. Are embedded capital gains going to mess up your year end financial planning? You have those investments that you never think about - they’re often part of a retirement or investment package that you have in your company plan. Part of the perk you get from those kinds of investments is that they accrue investment profits (hopefully) without you even having to give them a second thought. BUT, when it comes to your year end planning and trying to offset your tax liability you can often get a bite from those plans because the gains you've accrued through them are more than you expect - or you forget about them altogether. On this episode, I explain what embedded capital gains are and how you can take them into account for better year end planning. Don’t forget about managing your gains and losses to minimize your liability. It happens every year. I see it again and again. Someone comes to me eager to reduce their tax liability just before taxes are due and they did nothing before the previous year ended to effectively manage their losses and gains to offset their tax liability. Folks, you’ve got to start thinking about those things now, before the year ends to ensure you’ll be able to do the smartest things you can before you have to pay your taxes. That’s just one example of a handful of things you can keep in mind as you do your planning for the next year. Be sure to listen, I share the most common ways you can make better year end decisions, on this episode. Do you have a flexible savings account with cash in it? Use it up before you lose it! Many people don’t realize that flexible savings accounts - though a great financial tool to use - are typically set up in a way that you have to use the cash in it before the calendar year ends. So if you don’t use it - that’s right - you lose it! On this episode, I give you some suggestions (not advice mind you) about the kinds of things you could do to make the best use of those funds before your time runs out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:34] My welcome to this episode!HOT TOPIC SEGMENT [3:36] Big economic news: John Hancock will no longer be selling traditional long term care insurance.[6:15] The rise of hybrid policies and what it means for you and me.[7:31] Why traditional policies have plummeted in popularity.[9:45] How I typically deal with long term care issues with clients in my practice.WHAT DOES THAT MEAN? SEGMENT [11:26] Today’s term: Embedded Capital GainsPRACTICAL PLANNING SEGMENT [13:52] Items you should think about when you do year-end planning.[14:30] Charity giving before the end of the year.[15:40] Managing gains and losses to reduce your capital portfolio.[17:00] Required Minimum Distributions and inherited IRA issues.[18 :05] Giving to individuals is a significant way to reduce tax liability.[20:53] Prepaying items you’ll need to pay eventually anyway.[20:53] You might want to use up your flexible savings account cash.[21:51] Health savings account contributions can be a big deal.[22:52] Reviewing your 401 K and considering an increased contribution amount.[23:32] How would a Roth IRA transfer impact your situation?THE HAPPY LAB SEGMENT [24:06] The mean video my wife sent me.TODAY’S SMART SPRINT SEGMENT [25:24] Determine which of the things I’ve mentioned apply to you and get started with your year end planning.RESOURCES MENTIONED IN THIS EPISODE www.Morningstar.comText “6 shot” to “33444” to get the listener submitted reading list.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 power of reading is something you shouldn’t underestimate. Even if you don’t enjoy reading. That’s because there’s no other resource in the world where you can spend $20 and get a potential return of thousands of dollars, increased happiness, greater success, and a whole lot more. I’ve been thinking about this a lot lately because I’m discovering that the older I get the more I appreciate books. On this episode, I’m going to let you listen in on a conversation I had with Jeff Brown, the guy behind the Read to Lead podcast. He’s got some great insights into the power of reading, what it can do for you, and even gives us some tips on how to get more out of our reading. I hope you take the time to listen. 42% of college graduates will never read a book after graduation. Can you believe that? It’s really a shocking statistic but apparently, it’s how the world is going these days. I think it’s a tragic sign of the passive way people are going about life in the modern era. People appear to be losing their motivation to make something of their lives - and it may seem strange that I’m making that conclusion based on stats about the decline of reading, but it’s really common sense. Reading is one of the primary ways anyone can increase their knowledge and improve their life without having to depend on anyone else. But it requires initiative, doesn’t it? On this episode I hope to challenge you to pick up a book and get busy learning, growing, and making more of yourself. It doesn’t matter if you’re retired or not, you can always learn something and make your life happier by reading a book. You’ve heard it said that leaders are readers, right? It turns out it’s true. Every successful person you can think of is a purposeful reader. Warren Buffett, Bill Gates, Mark Zuckerberg, Elon Musk, Jeff Bezos, Mark Cuban, and many other highly successful people have openly shared that they read significant amounts every day. In fact, when Elon Musk was asked how he learned to build rockets his answer was, “I read books.” On this episode my guest, Jeff Brown is going to share what he’s discovered about the importance of reading on his path to entrepreneurship after years in the corporate work world. He says it's imperative that you be a reader if you are going to develop the new mindsets you need in order to make a change for the better in your life. And we all want to see “better” happen in our lives, right? Would you like to know how you can better tap into the power of reading? On this episode of The Retirement Answer Man, my goal is to challenge you to increase your happiness and quality of life both before and after your retirement by becoming a more effective reader. Toward that end, I’ve invited Jeff Brown on the show to share some insights from his experience in reading great books and interviewing the people who have written them. You’re going to find yourself not only challenged but also inspired by what Jeff has to share. He’s got some great tips for how you can get even more out of your reading. I hope you’ll take up his challenge to be more intentional about the way you read. My listener recommended book list is ready for you! Here’s how you can get it. For the past few months, I’ve been compiling a list of book recommendations that listeners to my podcast have submitted. The books on the list cover all sorts of topics, from financial planning to personal development and growth. If you’d like to see the top books that my very intelligent and world-changing listeners recommend, you can get them free of charge. All you need to do is sign up for my “6 Shot Saturday” emails - and you can find out how to do that by listening to this episode where I chat with Jeff Brown from the Read to Lead podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:22] The impact of my discussion with Dr. Andrew Scott a few weeks ago.[2:12] A peek into this episode with Jeff Brown from “Read To Lead.”HOT TOPIC SEGMENT [3:10] Stats about reading in the United States.[4:22] How does reading connect to success?WHAT DOES THAT MEAN? SEGMENT [6:24] The word for today: APPLICATIONPRACTICAL PLANNING SEGMENT [9:49] My introduction to Jeff Brown and his podcast, “Read to Lead.”[10:55] Why Jeff began his podcast, Read to Lead.[15:15] New books VS old books - is there a difference?[18:27] How reading helped Jeff build the entrepreneurial life he enjoys now.[21:46] Research proves a powerful way to extract more from books: take notes.[25:50] How Jeff journals through books (taking notes).[28:15] Three books Jeff found helpful as he transitioned to his entrepreneurial life.THE HAPPY LAB SEGMENT [30:10] Some stuff I’ve recently learned about state of mind, happiness, and confidence.TODAY’S SMART SPRINT SEGMENT [32:05] A challenge for you to highlight 10 books you’ll read next year.RESOURCES MENTIONED IN THIS EPISODE BOOK: The 100 Year LifeJeff Brown’s “Read To Lead” podcast.www.StatisticBrain.comBOOK: Rich HabitsBOOK: EssentialismBOOK: Purple CowBOOK: The 5 Dysfunctions of a TeamBOOK: Good to GreatMichael Hyatt’s blogBOOK: LinchpinBOOK: 48 Days to the Work You LoveBOOK: Die EmptyBOOK: Louder Than WordsBOOK: The Art of WorkContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Do you understand the concept of sunk cost? It refers to anything you’ve invested time or money in and afterward discover that the thing is not going to play out the way you thought. It could be an investment, a hobby, a project of some kind, a purchase, even a political candidate. The tendency we have when this happens is to stick with the unproductive thing simply because we’ve sunk so much into it already (the sunk cost). In the long run, it may be better to cut those losses and move on. On this episode of The Retirement Answer Man, I’m going to walk you through a number of areas where you might be your biggest retirement obstacle because of a bias you have regarding sunk costs. Intrigued? I hope so. Let’s do it! Sunk cost bias can keep you stuck when you don’t need to be. There are many reasons we won’t give up on things that are clearly not taking us in the direction we desire, but one of the most prevalent is what is called “sunk cost bias.” It’s when we have invested so much in the direction of a failing effort that we’re unwilling to give up all that investment. In reality, that’s probably the very best thing we could do because it will enable us to move on to more profitable things. If you’re unwilling to admit it you might be holding yourself back from the opportunity to make a bad situation into a better one. This episode is full of examples of how sunk cost bias can cost us and includes a couple of tips to help you get past the losses and move ahead to your goals. Do you need to cut a loser investment out of your portfolio? Sometimes sunk cost bias can be an issue when it comes to investing. Maybe it’s a particular stock or opportunity that we spent a lot of time researching or examining and then finally took the plunge to invest in. But over time it’s become apparent that the investment we thought was going to be such a great opportunity has turned out to be a real loser. It’s hard to cut that investment loose because it reminds us that we misjudged it in the first place - and to cut it loose would be an admission of failure. But hey, we all make mistakes, right? Maybe it’s time to cut it loose, get out of your own way, and start using the funds you have left to build something better? Are you being loyal to your company or are you holding yourself back? Many people stay at the company they’ve been at for years simply because they have invested a good deal of their life in it. I understand that, but when you do so - no matter how you’re treated, no matter what changes have come to the company in terms of compensation, benefits, leadership, training, and more - you may be sticking around because it’s easier to stay than it is to go - and that’s a form of what is called “sunk cost bias.” I think you deserve more than that so on this episode I’m going to give you some ideas of how you can get past those kinds of SCB obstacles to move yourself, your career, and your life forward. To overcome sunk cost bias, get yourself some clear goals. Nothing helps you unpack the baggage that comes with sunk cost bias (the belief that you’ve put too much into something to give up on it now) than having clearly defined goals. Once you’re able to say exactly what you’re shooting for you’ll be able to look at the things that pertain to that category and evaluate whether they are serving your goal or keeping you from it. You’ll be surprised how the simple act of setting clear goals can help you clarify what’s holding you back so you can get rid of it. Sunk cost bias is my topic on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] A personal example of why you are your biggest obstacle to a successful retirement.WHAT DOES THAT MEAN? SEGMENT [4:46] What are “sunk costs?”[6:13] An example of sunk cost.HOT TOPIC SEGMENT [9:07] The sunk cost issue even impacts the current Presidential election.PRACTICAL PLANNING SEGMENT [10:32] What is sunk cost bias and what can you do about it?[13:46] How sunk cost bias can impact the realm of investing.[19:19] Career choices can be impacted by SCB as well.[20:34] Your lifestyle decisions can also be negatively impacted by sunk cost bias.[22:20] The power of goals in overcoming sunk cost bias.[23:37] Accepting your own mistakes and proneness toward them is powerfully important.[24:15] Discover your perfect picture of what you want to happen so you can build a plan based on possibility.TODAY’S SMART SPRINT SEGMENT [27:03] In the next 7 days identify something you’ve avoided that no longer fits where you are headed.THE HAPPY LAB SEGMENT [28:18] Dealing with your SCB can make you internally happier, step at a time!RESOURCES MENTIONED IN THIS EPISODE Test “6 shot” to “33444” to get the “6 Shot Saturday” email series.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 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles. America’s practice of peaceful transition of power enables a healthier economy. In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times. Did you know that financial stress can make you feel older? It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life. If you want to insulate your finances from market volatility, here are some tips for you. It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode. There will always be financial ups and downs. Should they dictate your happiness? One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:34] My thoughts about our current election and some thoughts from what I’ve read this week.[1:26] The election of 1828 between John Quincy Adams and Andrew Jackson.WHAT DOES THAT MEAN? SEGMENT [5:23] What is a peaceful transfer of power?[6:17] The U.S. holds the record for the longest running peaceful transfer of power.[6:53] How this practice impacts financial planning.HOT TOPIC SEGMENT [8:30] How financial stress can make you older.PRACTICAL PLANNING SEGMENT [12:04] What can you do to insulate your investments from market downturns?[14:42] The reality of market turmoil and the need for insulating your finances.[15:09] How do markets react during an election cycle?[17:50] What happens internationally during U.S. election cycles?[19:07] What happens in emerging markets during U.S. Presidential election cycles?TODAY’S SMART SPRINT SEGMENT [23:23] Look at your taxable investment assets and identify your realized gains for the year so you can offset gains if you need to do so.THE HAPPY LAB SEGMENT [26:46] How we do some fun things for Halloween and my remote control fart machine.[29:40] Why it’s good to be goofy as you grow older. RESOURCES MENTIONED IN THIS EPISODE Market Watch article on financial stress and aging:  http://www.marketwatch.com/story/stress-about-money-can-make-you-look-older-2016-10-24Text “6 shot” to “33444” to get 6 Shot SaturdayContact 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 putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen. Financial planning is good, but is it the only kind of retirement planning you need to do? When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.” How is longevity going to affect your retirement? If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode. Are you still living in a 3-stage approach to life? In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode. Retirement is about the experiences of life as much as it is the financial security. I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and I’d even say it’s not the most important consideration. What’s more important? Let me get to it by asking you a question… What good would it do you to be financially secure in retirement but to have a life that’s not very enjoyable or that you feel is being wasted? It’s more important that the quality of your life is what it needs to be - and what you want it to be - than the amount of money you have to fall back on. The younger generations are getting this one right in a lot of ways. They are buying experiences and finding ways of making meaningful contributions more than working to accumulate wealth. I don’t believe it’s an either-or thing, but I do think we’re a bit out of balance on this one. You can learn more about how I see the issue on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] Reasons it was easier for our parents and previous generations to retire.[1:40] One of my biggest beef to financial and retirement planning.[2:32] The story of “Who Moved My Cheese?”HOT TOPIC SEGMENT [6:20] Is there a retirement crisis in the United States? Recent reports say there is.WHAT DOES THAT MEAN? SEGMENT [8:49] Today’s term: Thrive - what does it mean for today in this retirement environment?PRACTICAL PLANNING SEGMENT [10:25] Why the “paint by numbers” approach doesn’t work - and the reason I invited author Andrew Scott to be on the show.[12:40] Is it a bit scary to you to think of living 100 years or more?[14:10] Learning to live all of life fully instead of shooting for retirement as your goal.[16:09] What’s wrong with a 3-stage model of life (education - work - retirement) in this new age we live in?[18:20] How the concept of retirement is changing and the implications it has on how you plan for it.[21:40] Why the 3-stage model of life can become a curse in today’s world.[26:38] Why the 40s are a great time to reassess and re-strategize for retirement.[29:43] How younger generations are learning a better approach to life, work, and retirement.[31:02] Be aware that there’s more to consider regarding retirement than finances.TODAY’S SMART SPRINT SEGMENT [32:24] Read: “Who Moved My Cheese?” - Think about it from the standpoint of what has moved on you.THE HAPPY LAB SEGMENT [33:22] My 26th wedding anniversary celebration - my lesson learned from not reading the card carefully - and the importance of laughter and giving grace. RESOURCES MENTIONED IN THIS EPISODE Email Roger your book recommendations: roger(at)wwkllc.comBOOK:  Who Moved My Cheese?BOOK: The 100 Year LifeRoger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go. Find a way to live a life of courage. It will keep you young longer. My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode. The Social Security Administration has changed a few things, and you may not like it. There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage! What’s the real value of having a financial advisor? When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey. Should I take my pension or a lump sum amount? This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] My Paint-by-Number story, and how it applies to this episode about courage.WHAT DOES THAT MEAN? SEGMENT [3:22] What is “courage” anyway?HOT TOPIC SEGMENT [5:56] Your reminder to get 6 shot Saturday.[7:42] Why you may experience a decrease in your Social Security benefits.PRACTICAL PLANNING SEGMENT [9:40] Listener question from Howard: What is the value of an advisor?[16:23] Question from Jack: Should I take my pension or a lump sum amount?[25:32] Bob’s question: Can my wife do profit sharing, etc. as a freelancer?[28:33] Another Bob asks another question: Should I add bonds to specific accounts within my portfolio? RESOURCES MENTIONED IN THIS EPISODE Get 6 shot Saturday by texting “Planning to “33444” Street article about SS amounts changing.Contact Roger: http://www.rogerwhitney.com/retirementanswers/

When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions. What IS dementia, anyway? On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode. Every single one of us needs to deal with the possibility of losing our minds. None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid. The primary way to avoid losing your mind: DIET. You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years. Happiness is forged one day at a time. If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:50] My introduction to this episode’s topic: The biggest fear people have.WHAT DOES THAT MEAN? SEGMENT [3:40] What IS dementia?[4:52] Symptoms of dementia & forms of dementia.HOT TOPIC SEGMENT [6:34] Dementia facts and figures.PRACTICAL PLANNING SEGMENT [8:34] My guest today, Maggie Moon, and the prevention of dementia.[12:20] What is the M.I.N.D. diet and why is it important for mind health?[14:02] How Maggie started researching brain and mind health.[18:12] The importance of whole grains in the diet.[20:12] How to understand and implement proper serving sizes.[21:33] The easiest way to make meal planning work for you.[23:36] The intimidation of the kitchen and how to get past the fear.THE HAPPY LAB SEGMENT [25:55] You create a happy life one day at a time.TODAY’S SMART SPRINT SEGMENT [28:03] The challenge to keep a food log. RESOURCES MENTIONED IN THIS EPISODE BOOK:  The Mind Diet Bookwww.MindDietMeals.comContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan 

Anyone who is a reader would be happy to give you their “top 10” list of book recommendations. But today’s episode is not about my top 10 - it’s simply a list of books that have had a great impact on my life through the years. Your list will by default be different than mine and that’s OK. I just wanted to put these books on your radar so that if you’re not familiar with them, you might consider them as a resource for your growth as an investor and as a human being. So grab a pen and paper so you can jot down these titles and the synopsis I give of each one - OR you can sign up for my Six Shot Saturday emails and you’ll get them sent directly to you. Either way, I hope this list of influential books is helpful to you. Today I’m giving you 5 investing book recommendations and 5 “other” book recommendations. You’d expect a guy called “The Retirement Answer Man” to give you a list of financial or investment related books for you to read. But those aren’t the only types of books I think you should be reading. There’s a ton of great insight out there into what it takes to be a better and more productive person who makes greater contributions to the world we live in. So I also wanted to give you some recommendations of books that could help you in that realm. And if you’ve got books that didn’t make my list, that’s great! Listen to the episode to find out how you can recommend your favorites to the entire listener community! If you’re not a reader, you’re missing out on a lifetime of education. I get it. For various reasons reading may be difficult for you. But I’m often reminded of the people all over the globe who literally CAN’T read and would give anything to be able to learn the skill. Most of them feel that way because they know that reading and the knowledge that comes from it can change their lives. This episode is an encouragement for you TO read as much as it is my recommendations of WHAT you should read. And don’t forget, audiobooks are now an option for you, so there’s really no excuse to be busy about the work of growth, education, and development in your own life. One of the ways you have to be careful about what you read these days. We are in a new era of publishing. Have you noticed? Now it’s possible for anyone to publish a book of their own making without any gatekeepers at a huge publishing house telling them they can or cannot publish their book. It’s a wonderful opportunity for us regular guys and gals to share the insights we’ve learned throughout life. But just like it’s wonderful that anyone can publish a book these days, there’s also a downside: anyone can publish a book these days. That means there’s a whole lot of junk out there you’ve got to wade through in order to find the good stuff. That’s one reason I’m giving you my book recommendations for investing and personal growth, on this episode. I trust it will be helpful. Do you have book recommendations the listening community might enjoy? Inevitably, when someone shares their recommended reading list with an audience (like I do on this episode) there’s going to be somebody who says, “What? I can’t believe you didn’t include (insert book title)!” It’s impossible to share every influential book, especially because books can have a particular impact on each of us at different times and seasons of life. So I invite you to listen to this episode to share your personal book recommendations in the areas of finance and personal growth. I will compile the list, create a PDF resource, and share it with the community in one of my 6 Shot Saturday emails. Are you game? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:25] My introduction to this episode about books I’ve read (that you should read).WHAT DOES THAT MEAN? SEGMENT [3:38] What is a “book” these days?[4:50] Some of the disadvantages of the self publishing movement (for readers).HOT TOPIC SEGMENT [6:22] According to PEW Research less Americans are reading these days.[7:29] The age group breakdown: younger folks are more likely to be readers.PRACTICAL PLANNING SEGMENT [8:49] My book list for your consideration, dear listener. :)[10:33] 5 books that have impacted me in terms of investing.[18:59] 5 non-investing books that have helped me.TODAY’S SMART SPRINT SEGMENT [27:52] Email me an investing book and another book that has impacted you. I’ll compile all the recommendations and share them with you via “6 Shot Saturday.”RESOURCES MENTIONED IN THIS EPISODE  PEW Research study on American’s and ReadingBOOK:  Winning the Loser’s GameBOOK:  The Rational OptimistBOOK:  The Behavior GapBOOK:  How to Lie With StatisticsBOOK:  Stocks For The Long Run  BOOK:  Great By ChoiceBOOK:  20,000 Days And CountingBOOK:  Necessary EndingsBOOK:  EssentialismBOOK:  Living ForwardContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan