Retirement Answer Man

Today is a day to say “Yes” to something. I mean it. There are so many opportunities out there, so many experiences to enrich your life. What could happen if you took the time to say “yes” to one of those opportunities? You’ll only know if you do it. I’m so thankful you’ve joined me today. We’re going to cover some listener questions today about caring for a dependent adult child as retirement nears, combining retirement accounts, and taking distributions from retirement accounts when you’re blessed to retire before the normal retirement age. And of course, we’re going to talk about the power of saying, “yes.” The term, “Brexit” is in the news lately. What is that all about? You may have heard that the nation of Great Britain is considering a move away from the European Union, an economic affiliation of nations that use a shared currency, the Euro. The voters of Britain are set to vote this week as to whether their country will remain in the union. Today I’m going to cover a small bit of how this is impacting the markets and how I think we should all think about this event. That’s in my “What Does that Mean” and “Hot Topic” segments, so be sure to listen if you’re concerned about those issues (and even if you’re not). I’m nearing retirement and have a developmentally delayed adult son. How do you recommend I think of retirement in light of that responsibility? This real world question came from a listener to the Retirement Answer Man and I’m happy to give the answer my best shot. It’s a matter close to my heart because I once had a relative in the same situation, but it was back in the early to mid part of the previous century when people born with disabilities were often shuffled off to an insane asylum. But that’s not what happened in my family, I had a valiant grandmother who took on the responsibility of caring for that relative and it changed the lives of everyone in the family. I give my best, most heart-felt suggestions to this listener today and think there are some lessons to be learned for all of us regarding how we care of those we love even when we’re retired and beyond. Can you combine your retirement accounts? And should you? On this episode of The Retirement Answer Man a listener wrote in to ask if he should combine his retirement accounts. He’s near retirement and doesn’t believe he’ll be making any additional contributions to any of the accounts, so he’s curious if there are advantages or disadvantages to putting all of those funds in one pot. It’s a great question and I recommend that he does combine them, for a handful of reasons. You can hear what those reasons are and how I got to that conclusion on this episode of the show. Retiring before the legal age for retirement account withdrawals? What do you do? On today’s episode a listener asks what he can do to make withdrawals from his retirement accounts since he’s been blessed to retire before the age he can legally make withdrawals from those accounts. That’s a situation most of us have never even thought about. There are actually some legal ways to make withdrawals from retirement accounts in a situation like that, and I cover them on this episode. But I also throw another consideration into the mix and challenge this listener to evaluate the ways he can continue to add value to society and provide a greater amount of security for his retirement at the same time - all while remaining flexible and “retired” in ways that matter. Curious? Take some time to listen to this one. 5 benefits that come from saying, “Yes.” There are two schools of thought on the issue of saying yes to things. Some people feel that they say yes to far too many things, stressing themselves out and overloading their schedules. Others, out of fear, don’t say yes to enough things, cloistering themselves away in a self-protective shell. As retirement nears, either one of these could happen and it really depends on your personality and background as to which you might do. On this episode I briefly tell of some of the great experiences I’ve gotten by saying “Yes” to things that I might not have normally said yes to. I end up with a challenge you won’t want to miss, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Welcome to this episode of The Retirement Answer Man.[1:04] How you can get in on my Six Shot Saturday email resource.WHAT DOES THAT MEAN? SEGMENT [2:24] Understanding “Brexit,” a combination of “Britain” and “exit.”HOT TOPIC SEGMENT [3:47] Britain is set to vote about staying in the European Union or not.[4:37] The primary concerns relating to Britain’s possible move.PRACTICAL PLANNING SEGMENT [6:01] Listener question: Caring for a disabled adult child as retirement nears, any thoughts?[14:44] Listener question: 3 retirement accounts: I won’t be making any more contributions, can I combine all three?[17:03] Listener question: Can I access retirement accounts if I retire before 55 ½?  THE HAPPY LAB [22:21] The power to say “Yes” and 5 great things that come from saying yes.TODAY’S SMART SPRINT SEGMENT [28:01] Say yes to something, even something you’re not quite sure about.RESOURCES MENTIONED IN THIS EPISODE Andy Traub’s  Take Permission podcastContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

For as long as I’ve been aware of Social Security there’s been concerned that there won’t be enough funds to support future retirees. Well here we are in 2016 and the Social Security system is going along as it always has. Today’s guest is an expert on the topic, which is why I’ve invited her to be a part of this show. Emily Guy Birken is going to help us understand the changes that have happened in Social Security recently, why we should not put all our eggs in the SS basket, and what we can expect from the system for the next 75 years. It’s all on this episode. The largest U.S. Pension fund cuts its retirees benefits. When something like that happens it’s enough to make anyone a bit skittish about whether their own retirement funds are safe or not. And for me, it’s a lesson in why each of us need to be a bit more proactive in creating our own retirement rather than waiting on someone else (like a pension fund) to do it for us. On this episode I tell you what I think about the defunding of a pension fund, how Social Security feeds into the concerns surrounding it, and how I would advise one of my clients to view the situation. I hope you take the time to listen. In the midst of writing a book about Social Security, the Social Security system changed. Emily Guy Birken had just finished her book about the Social Security system and sent it off to her publisher when the announcement came that some major changes were being made to the way the Social Security system works for beneficiaries. She had to recall the book, make the needed changes, then resubmit it - all in time for her deadline. On this episode you’re going to hear about that testy time in her book writing career, how Emily has come to be one of the foremost experts on the Social Security system, and why she recommends that nobody depend on Social Security as their sole source of retirement income. Isn’t Social Security there to help you retire comfortably? The operative word in that sentence is “help.” My guest on today’s episode says that Social Security was never created to be a sole source of income for anyone. Instead, it’s supposed to serve as a safety net, a small stipend to ensure that nobody is going hungry during their retirement years, but it’s far from something you could or even should depend on. Emily has lots of advice on what you should do in light of the small role Social Security really plays in the retirement of most people, on this episode of The Retirement Answer Man podcast. Are there more big changes ahead for Social Security? According to Emily Guy Birken, the answer is, “Definitely, Yes.” Emily says that SS has some very serious problems still, and the powers that be over the Social Security Administration have already announced the issues that will be on the chopping block within the next few years. Some of them will have a significant impact on the benefits and income of retirees, so we should expect that. The main problem is that we don’t know when the changes are slated, and the SSA is not telling. All the more reason to have more control and more diversification in your retirement strategy, and we’ll cover that on this episode of the podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] My introduction to this great episode.HOT TOPIC SEGMENT [2:12] The largest U.S. Pension cuts retirement benefits.[3:54] What this news says to all of us who are in a pension fund.PRACTICAL PLANNING SEGMENT [4:26] My introduction to my guest, Emily Guy Birkin.[5:20] Emily’s struggle to write the book given recent changes in Social Security benefits.[7:17] The real purposes and uses of Social Security: a safety net.[11:07] Why changes in Social Security show us that we need to make other plans as well.[11:53] Things people do wrong when planning in light of Social Security.[14:05] When some Social Security benefits could be taxed.[15:59] Does it make sense to “spend down” assets in light of Social Security?[17:50] Are more big changes in Social Security ahead?[19:46] Should Baby Boomers be concerned about Social Security?[21:14] Where you can find Emily’s book.RESOURCES MENTIONED IN THIS EPISODE Pension fund cuts link:  http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-largest-us-pension-funds-set-cut-retiree-benefitswww.EmilyGuyBirken.com    Emily’s book:  Making Social Security Work For YouRoger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan 

I invite you to engage with the audio on this page, for the sake of your future, your happy retirement, and your overall happiness in life. That’s because the Retirement Answer Man is not just about numbers and figures, it’s about building a life that you can be proud of and satisfied with once you do retire. On this episode I’m going to talk with a man who has spent a good deal of time alongside Chess Grandmasters to apply the lessons learned to their investment strategies. You’re going to get a fresh perspective - no doubt about that - so be sure you listen. What do YOU think you’ll miss most relating to work after you retire? That is a very interesting question, and one that was asked in a recent study and survey. Those who responded or not yet retired mentioned that one of the things they would miss, although a minor thing, would be the personal interactions with coworkers. By comparison, those who were actually retired already said that the personal interactions with co-workers was one of the things they missed most. What will it be for you? On this episode I give you a quick suggestion on how you can maximize relationships now, before you retire. Investment strategy is more than thinking ahead. How many people hear the words, “investment strategy” and immediately think of planning ahead? Doug Goldstein, today's guest, says that investment strategy is much more than thinking ahead. It’s looking at the overall picture, not just the individual components that make it up. On this episode Doug shares insight he discovered when researching for his new book, “Rich As A King, “ a comparison of the game of chess to the act of investing. You are going to want to take notes on this one because Doug has some great things to share. Watch out for those things that initially look like great opportunities. There are many great investment opportunities out there. But many times the things that sound like great opportunities are nothing but a trap in disguise. Doug Goldstein discovered this as he was researching for his new book that compares chess-playing and chess strategy to the act of investing. many of the promises are there in the world of investing are like an opponent’s feigned “mistake” on the chessboard. It’s a ruse to get you to commit, then you get in trouble. Find out more of Doug’s insights on this episode. Have you signed up for my “Six Shot Saturday” list yet? Why not? Every Saturday I send out a brief email outlining some of the main resources I’ve discovered, used, or recommended over the past week, including many that I never mention on the Retirement Answer Man podcast. I also allow recipients of that email to respond to me directly with any questions or scenarios and I respond personally. If you’d like to get on my Six Shot Saturday email list, you can find out how to do it on this episode of the show. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] My welcome to you! Thanks for listening.[0:50] How you can get my “Six Shot Saturday” each week.[1:48] My mindset about the resources I share on this show.HOT TOPIC SEGMENT [3:53] A study asking people about what they will miss most after retiring.[4:45] The comparison between those respondents and actual retirees.THE HAPPY LAB [6:20] My personal experiment to build relationships.[9:01] The will to be uncomfortable for the sake of building relationships.WHAT DOES THAT MEAN? SEGMENT [9:35] What does “strategy” mean?PRACTICAL PLANNING SEGMENT [11:57] My introduction to Doug Goldstein.[15:25] Why strategy is more than thinking ahead.[18:25] Looking at the whole board is a powerful way to look at investing.[19:40] How chess mimics diversification and asset allocation.[22:01] Why flexibility is a powerful tool for investments and chess.[25:43] Watching out for the ruses and scams.[29:35] The primary take aways from Doug’s book.[30:48] 64 strategies to make you as rich as a king.[31:16] How you can connect with Doug.TODAY’S SMART SPRINT SEGMENT [32:08] Write out your investment strategy - and sent it to me if you would like! RESOURCES MENTIONED IN THIS EPISODE www.RichAsAKing.com and www.GoldsteinOnGelt.com  Doug’s BOOK: Rich As A KingBOOK: Half TimeContact Roger: http://www.rogerwhitney.com/retirementanswers/The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Risk Management: It’s a boring topic most of the time, but not this time - I guarantee it! Welcome back to this episode of The Retirement Answer Man. I’m happy you’re here (I’m Roger Whitney, by the way). I hope that you’re ready for an important conversation today. And I mean that, it really is a vital conversation when it comes to safeguarding your assets and preparing you for retirement in a way that fits where you are at now and where you will be in the future. It has to do with risk management - which is the way in which you assess the amount of risk to your financial portfolio and life that exists, and what you’re going to do about it. Be sure you listen. This could save you thousands of dollars. What exactly IS Risk Management? The very term “risk management” sounds like an oxymoron. I mean, how can you really expect to manage all the risks that exist in life? When we talk about risk management we’re not saying that you can manage all the risks of life, what we ARE saying is that you should manage those that you ARE able to manage. So proper risk management begins with assessing what you actually have that is at risk in terms of assets - your financial portfolio, your health, your income, and other important things. On this episode we go deep into the subject but keep it at a level that you can easily digest, so make sure you stick around for this episode. Why I’m talking with an insurance agent about risk management. When it comes to managing the risk you have in terms of asset risk, you are either going to bear all of that risk yourself or you’re going to pay someone else to take on some of the risk. That’s where insurance, and a good insurance agent, comes into the picture. Today I’m chatting with Brian Certain. Brain is an experienced Allstate insurance agent in my neck of the woods and I haven’t met a person who’s a better resource for helping us understand this whole topic in layman’s terms. He brings it down to a level that anyone can understand on this episode so be sure you take the time to learn what you need to know about protecting your assets from the risks of life. You probably know that your insurance needs will change over time, but do you know why? Most of us understand that our insurance needs change as we go through life. For example, a married father of four needs a different type and amount of life insurance than a retired widower of 84. But there’s another reason insurance needs change that has to do with your assets. As you accumulate more and have more net worth in particular, you have more to lose if you were to be sued. That’s where having a great insurance agent in your corner is of paramount importance. Your insurance agent knows the details of risk management like nobody else, but also is able to help you assess your needs at the various stages of your life. On this episode we’re going to give you some great tips to help you assess whether your assets are adequately protected and the S.M.A.R.T. spring segment is going to give you a simple assignment that will help you take the first steps to making sure they are. Are you risking hundreds of thousands of dollars over $100 a month? On this episode of The Retirement Answer Man my guest is Brian Certain, an experienced insurance agent from the state of Texas. Brian said that he often hears people say something like this, “I don’t really like or trust my insurance agent but his price is $100 a month less than the closest competitor, so I stick with him.” Think about that reasoning for a minute as it relates to your homeowners insurance. Why are you willing to risk an investment of $200,000 or more for the sake of $100 a month by placing it into the hands of a guy you don’t trust? That doesn’t make much sense. You need an agent who you KNOW is giving you sound advice and on this episode we’re going to walk you through the “gotchas” you should look out for when dealing with agents and insurance. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:26] Roger’s introduction to this episode of The Retirement Answer Man.[1:39] Roger’s experience with Brian CertainWHAT DOES THAT MEAN? SEGMENT [3:04] Today’s term: Risk Management.[3:44] Identifying and prioritizing the risks in life (and in retirement).[4:20] The key to the risk management process - mitigation.[5:39] Transferring risk to others (companies).HOT TOPIC SEGMENT [8:02] Auto insurance rates are rising at rapid rates.[8:30] How claims are driving costs up.[10:13] The possibilities of insurance costs changing further.PRACTICAL PLANNING SEGMENT [10:50] Brian Certain’s approach to risk management and liability.[12:42] Assessing where your assets are for the sake of risk management.[14:30] How a normal person approaches auto insurance amounts.[17:22] What is a personal umbrella policy and what is it for?[21:16] What sort of “net worth” are we talking about when doing risk management?[22:05] Understanding deductibles and why they are in place.[22:50] Looking at additional forms of insurance.[24:26] How to avoid the “gotchas’ when it comes to insurance.[29:53] Why a trustworthy agent is such a vital piece of the decision-making process.TODAY’S SMART SPRINT SEGMENT [31:34] Connect with your insurance agent to assess your situation AND get some independent quotes.THE HAPPY LAB [32:42] How risk management has impacted happiness: a perceived overload of risk.[34:04] The little things we can do to remain happy in dealing with risk. RESOURCES MENTIONED IN THIS EPISODE Brian Certain’s website:  https://agents.allstate.com/brian-certain-arlington-tx.html Texas Department of Insurance Comparison ToolContact 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 that time of the week again - time for another episode of The Retirement Answer Man featuring your very own Retirement Answer Man, Roger Whitney (that’s me). On this episode I’m going to introduce you to the concept of what is being called the “sharing economy” (in case you didn’t know what it was already), and give you some tips about how you can take the steps to utilize the various aspects of the sharing economy in your retirement years. I think you’re going to find this episode to be chock full of great, actionable stuff that you can use. So be sure you take the time to listen. The sharing economy is here. Are you willing to be a part of it? Do you know what the sharing economy is? It’s the idea that people with excess resources (like a spare room, an empty garage, or even an extra seat in your car) make those resources available to others who have a need for that resource on a temporary basis. I believe that there are many, many opportunities for those moving into their retirement years to supplement their retirement income and build a better life. If you’re curious what’s possible in your situation, you’ll be surprised by the things I chat about with my friend Glenn, from the Casual Capitalist. You could get income from things you already have that you’re not using. One of the big concerns for those who are moving into retirement is whether they will have adequate income for the expenses it will take to live a comfortable and happy life. Today’s episode is focused on ways that retirees can utilize the sharing economy to build new avenues of income using things they already own or possess. You could rent out your car, a spare room in your home, extra storage space, or even drive people around your area for a fee. You can find out about many of the opportunities out there on this episode of The Retirement Answer Man. The sharing economy could help you stay connected to people during retirement. While more and more Baby Boomers are working within the sharing economy to build their income, many of them are finding an unexpected benefit: they are enjoying the relationships they are having with people they serve. It’s a surprising way that many are keeping themselves engaged in society and out of their homes, avoiding the danger of becoming isolated and lonely. Today’s guest on The Retirement Answer Man is Glenn, from the Casual Capitalist and he’s got loads of great information to share about what the sharing economy is, how it works, and what you can do to get involved for the sake of increasing your income and even building new relationships during your retirement years. Interested? Be sure you listen. Would you like some simple, actionable retirement tips sent to your inbox every Saturday? I’ve recently put together a new offering that’s absolutely free, designed to help you discover ways to make the most out of your retirement years and build a great life even though you’re out of the workforce. The things I share are not shared anyplace else, so I encourage you to sign up for my “6 Shot Saturday” emails to get practical help every, single week. If that sounds of interest to you, go to www.RogerWhitney.com and sign up today! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] Roger’s introduction to this episode.[0:46] The Retirement Answer Man has just broken the Top 10 in iTunes![2:00] How you can get your 6-shot Saturday episodes.THE HAPPY LAB [3:26] What do you do when you haven’t been doing the things that bring you enjoyment.[5:15] THE CHALLENGE: Identify the things that make you happy and figure out how to do them.HOT TOPIC SEGMENT [5:38] How Baby Boomers are moving into the cities from the suburbs.[7:22] Why older folks are moving into the cities: My ideas.WHAT DOES THAT MEAN? SEGMENT [9:24] What is “the sharing economy?”[10:25] An example of the sharing economy in action.PRACTICAL PLANNING SEGMENT [12:48] Roger’s introduction to Glenn Carter from The Casual Capitalist - and this topic.[13:50] What Glenn means when he talks about “The sharing economy.”[15:57] How can the sharing economy be an opportunity for Baby Boomers?[18:30] How the sharing economy helps meet a fundamental need for Baby Boomers.[20:52] Income averages for people who are “sharing economy workers.”[21:58] Examples of sharing economy platforms.[34:27] Tips for using the various platforms that exist.[35:40] How you can use the quiz Glenn offers.TODAY’S SMART SPRINT SEGMENT [36:57] Check out the sharing economy websites so you can learn how they work and what they are.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/RetirementAnswerManwww.TheCasualCapitalist.com/DigitalSenior  - Glenn’s website and his offer for you.www.AirBNB.com - Housingwww.AirDNA.co - Housing reviews and needswww.Uber.com - Driving and transportationwww.TaskRabbit.com - Handyman or task based serviceswww.WiseAnt.com - tutoring and teaching www.Upwork.com - freelancers or virtual assistants

Welcome back to another episode of The Retirement Answer Man podcast, I am Roger Whitney, your host. In a financial climate like the one we are currently living in, when interest rates are low, how should you think about those fixed-income investments in your portfolio such as bonds? On this episode of the show I am going to take a deep dive into bonds of various sorts the help you navigate the treacherous waters of fixed-income investing. One of the ways I’ve noticed that people are happier about their investing? When it comes to people who actually take the time to invest as they should there are two types of investors I have met over the years. The first are the ones who entrust their investing to an advisor and don't bother to ask him out the details very much at all, and the second are people who have at least an elementary knowledge of their investment strategy and understand why they're doing what they're doing. In my experience the second group of people are the ones who tends to be happier overall and are actually a bit more successful in their investing as well. On this episode I want to encourage you to be this type of investor. Do you really understand what a bond is? Most people have at least an elementary understanding of what a bond is when it comes to government issued bonds. But did you know there are other types of bonds as well? And do you really know how bonds work? When this episode of the podcast I am taking a deep dive into the issue bonds and talk about why you should still invest in them when interest rates are so low as they are now, and how you should go about doing that in a wise and prudent manner. It's all on this episode of The Retirement Answer Man podcast. The major risks of investing in fixed income investments (like bonds). Most financial advisors recommend that every investment portfolio contains fixed income investments, like bonds. But one of the more obvious risks to this kind of investment is that when interest rates are low they don't typically get a very good return for the investor. On this episode of the podcast I'm going to walk you through some strategies that can help you mitigate those risks and feel better about the fixed-income investments in your own portfolio. It may not sound possible, but I assure you that it is. When is the last time you assessed your fixed income strategy? On every episode of The Retirement Answer Man podcast I walk you through what I call my “Smart Sprint” segment where you are encouraged to take small, actionable steps to advance your retirement goals. On this episode my challenge surrounds your fixed-income strategy and how you're managing it in your current portfolio. It's time to a set, it's time to make those small adjustments that can make a big difference. I'm going to walk you through it on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] Roger’s intro to the show.THE HAPPY LAB [1:50] Those who are engaged in some way with their investment strategy and the “why” behind it tend to be happier.HOT TOPIC SEGMENT [3:10] The recent bad news from the FED, and whether rates will rise in June.[4:30] What’s the outlook on equity shares in light of this news?WHAT DOES THAT MEAN? SEGMENT [7:03] What exactly IS a bond?[7:50] The unique terms and structures related to bonds.PRACTICAL PLANNING SEGMENT [12:26] The major risks of investing in “fixed income” (bonds).[21:30] A listener question about cash “buckets” available for retirement.[25:00] The other possibilities for retirement “cash reserves.”[26:30] The wrong options for cash reserve strategies.[27:40] How can I invest in bonds when they don’t seem profitable?[29:57] Why the pure science of asset allocation is not enough.[31:28] Things you can do to mitigate the risks.[35:02] The strategy of using “floating rate” bonds.[36:56] What about a “bond ladder?”[39:15] Roger’s thoughts about a “barbell” approach to bonds.TODAY’S SMART SPRINT SEGMENT [40:50] Today’s challenge: Assess your fixed income investments. 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 Marketwatch article mentioned in the show

If you want to learn how to maximize both your preparation and enjoyment of retirement, you’ve found the best way to do that. It’s here on The Retirement Answer Man podcast. This episode is focused on a very important issue - understanding the Social Security system (which is no small task). I’ve got a great guest on the show today - Devin Carroll - who is one of the best sources of understanding on this issue of anyone I know and you’re going to get some very actionable things you can do to not only understand your Social Security benefits but also to make the most of them now and in the future. Do you worry too much? As we grow older we begin to move into a time of life where we naturally understand less and less about the world and the way things are going. It’s a time when worry can start to creep in and get the best of us. But worry is never, ever a good idea. In fact, it’s been shown to be one of the most detrimental internal behaviors. On this episode I’m going to lead you through a few questions to help you assess your level of worry and adopt a mindset to help you offload your worry and get into a healthier mental place. Ready? Let’s do it! Complexity can be the enemy of wise retirement planning. It befuddles me to no end when I see financial advisors come up with retirement plans that are hundreds of pages long. What in the world?!!! There’s no reason for a retirement plan to be that complex. Complexity is our enemy because it keeps us from looking at the simple, bare facts of a situation and taking correspondingly wise action. On this episode I’m going to show you how you can adopt a simpler, easier to understand approach to your retirement planning so that you not only understand what you should do to plan for retirement, but can actually do it. How to navigate the complex Social Security System. If you go to either of the Social Security websites you’ll find over 10,000 pages of content having to do with what the system is and how it works. Even experts on the system, like my guest today, Devin Carroll, have to refer back to those sites over and over in their lifetimes. On this episode Devin and I chat about the 3 most important things that you can do in order to make sure you’re getting the most out of your Social Security benefits. Talk about simplicity, this conversation is aimed at being exactly that! If you need help with your Social Security benefits, Devin’s the man! My friend Devin Carroll has devoted a good deal of his life to understanding the Social Security system and has positioned himself to help everyday Americans utilize the benefits of the SS system that was created for their benefit. If you have a Social Security related issue (disability, survivor benefits, or retirement benefits) that you need help with, I recommend you contact Devin and his team. You can find out how to do that on this episode of The Retirement Answer Man as we talk about 3 ways you can maximize your Social Security benefits. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:30] Roger’s introduction to this episode of the show.THE HAPPY LAB [2:24] The question of the day: “Do you worry too much?”[3:42] The power of “Cest La Vie”[4:22] The benefit of letting stuff roll off of you: saving your mental and emotional energy.HOT TOPIC SEGMENT [5:07] Warren Buffett’s annual shareholder meeting.[9:00] How Warren Buffett sees the manner in which Wall Street makes money.WHAT DOES THAT MEAN? SEGMENT [9:46] Today’s term: Complexity.PRACTICAL PLANNING SEGMENT [14:13] Roger’s conversation with Devin about maximizing Social Security.[15:45] Survivor benefits and disability benefits.[16:57] The process of getting qualified for Social Security disability.[18:35] 3 things to do regarding your Social Security benefits.[21:54] How you can check your SS earnings every year.[24:00] Will Social Security be around in years to come?[29:08] Understanding how Social Security is taxed and why it’s important.TODAY’S SMART SPRINT SEGMENT [33:52] Register and get your Social Security earnings history. RESOURCES MENTIONED IN THIS EPISODE www.SocialSecurityIntelligence.com - Devin’s website.Set up your own SSA account: https://secure.ssa.gov/RIL/SiView.doContact Roger: http://www.rogerwhitney.com/retirementanswers/The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Retirement Planning is what thisshow is about, and I’m glad you’re here to be a part of theconversation. I’m Roger Whitney, The Retirement Answer Man and thisis the show where I seek to guide you through my years ofexperience as a retirement planner into not only planning for theretirement of your dreams but toward living the life of your dreamsnow. On today’s episode I want to chat a bit about the #1 regretpeople have when they are coming to the end of their lives - and Iwant to do it so that you can think about the kind of life you’reliving and make course corrections now so that you can be true toyourself.What does it mean to live a life that is true toyourself?Many people have dreams anddesires when they are young about what they want to do and bethrough the course of their lives. But things come up -expectations, responsibilities, needs, tragedies, and the course oflife gets reshaped over time. On this episode we’re going to lookinto the question of what it would mean to live a life true to whoyou are and discover some ways that you could be living to pleaseothers instead of living out the purpose for which you are on theplanet. Sounds a bit deep, but trust me - it is a conversation thatcould reshape the way you think about retirementplanning.Life is meant to be lived, not tiptoedthrough.It is vitally important in lifeto care about people. You might even say it’s the reason we’re onthe planet in the first place. But sometimes caring out what peoplethink of us and the things we are doing in life can lead us down apath of “people pleasing” instead of doing what we are meant to do.On this episode I’m going to dig into some of the expectations thatare placed on us during the seasons of our lives and how each ofthem could prevent us from living out our true calling, if we’renot careful. I think you’ll have some great food for thought fromthis episode.Retirement Planning is all about positioning yourselfto truly live.Many people approach retirementplanning as a sort of exercise in fear-avoidance. They plan aheadto avoid the pitfalls and fears that could happen during theretirement years. That’s great, and well worth doing - but you’rebeing underserved if all you’re being advised to do is stockpilethings so that you can be comfortable during your retirement years.I think it’s wise to approach retirement planning with a view towhat you want to be doing in the later years of your life that willallow you to continue being a blessing and contributor to theworld. When you have that kind of larger view, a world ofpossibilities open up. Do what you can to make some time to listento this episode. You’ll be glad you did.Maybe, just maybe the economy is on therise.Many companies are beginning topost their earnings right here after the first quarter of 2016, and74% of them are posting gains. That’s good news for the Americaneconomy overall, but there are some very interesting things withinthose numbers that give a bit of concern. For example, for thefirst time in 9 years, Apple computer posted a loss for the firstquarter with iPhone sales being down significantly. What does itmean for the economy? I’ve got some thoughts about it (as you mighthave guessed) and I’m going to share them with you on this episodeof the podcast.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWERMAN[0:24] Roger’s introduction to this episode andwhat you can get from “Six Shot Saturday.”THE “BE HAPPY” SEGMENT[2:43] The biggest regrets of those about todie: a summary.[4:35] Many people say, “I wish I’d lived trueto myself, not what others expected.”[9:34] What are the expectations YOU are tryingto live up to?[12:32] How retirement planning enables you tobe true to yourself and the life you are meant to live.[14:50] The courage to let others bedisappointed in us.TODAY’S SMART SPRINT SEGMENT[15:41] What are you doing based on others’expectations?[16:32] How can you extract yourself from thosethings?HOT TOPIC SEGMENT[16:54] 74% of companies are showing earningshigher than expectations.[18:00] Apple Computer is down for the firsttime in 9 years.WHAT DOES THAT MEAN? SEGMENT[19:14] What is a benchmark?[21:00] Why benchmarks can be misleading and abad source for good decisions.PRACTICAL PLANNING SEGMENT[23:28] John asks about creditor protectionwhen rolling over funds.[24:47] A recent Supreme Court ruling regardingIRA protection against creditors.[25:23] How do widower benefits for SocialSecurity work?[26:45] A young listener asks about hisinvestment strategy.RESOURCES MENTIONED IN THIS EPISODEContact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learningcenter: www.RogerWhitney.com/learnThe Retirement Answer ManFacebook page: www.Facebook.com/RetirementAnswerManHappy Lab link: http://www.theguardian.com/lifeandstyle/2012/feb/01/top-five-regrets-of-the-dying Hot topic Link: http://www.factset.com/websitefiles/PDFs/earningsinsight/earningsinsight_4.29.16What’s That Mean link:http://www.investopedia.com/terms/b/benchmark.aspwww.SocialSecurityIntellegence.com 

Are you ready to make the most of the life you have? I’m Roger Whitney and I’m here to help you do exactly that - not just for your retirement years, but for your entire life. On today’s show you’ll have the opportunity to dive into all kinds of good stuff, including my weekly happy lab, hot topics, practical planning tips, and the top 6 mistakes I’ve seen retirees make during their retirement years. You’ll get a lot of great tips from this episode so I hope you take time to listen. Why are you working so hard? I’m the last person to say that you shouldn’t work hard. Hard work is one of the hallmarks of living a responsible life. But it’s interesting to note that we often get out of balance when it comes to work. We invest too much of our identity and worth in what we do, to the exclusion of more important things. On this week’s Happy Lab I’m going to give you a couple of suggestions about balancing that for the sake of your happiness - both now and in your retirement years. Being “present” is one of the greatest gifts you can give your family. If you’re going to make the most of your life now and in the future, you need to realize that one of the biggest components of the happy kind of life you want is the quality relationships that you develop over the course of your life. Naturally, that includes your family and the friends you meet along the way. It’s important, for the sake of those relationships, that you learn how to put down your smart phone, disconnect from work, and be present for the people who are closest to you. It’s a decision you have to make and stick to and on today’s episode of The Retirement Answer Man I’m going to give you some thoughts to ponder along that line. Why you need to learn from the mistakes of others - before you retire. We all make mistakes, and we should be learning from them when we do. But as you near retirement a lot more is riding on you making the right choices simply because you have less time to make up for the mistakes and adjust your course. On this episode I outline the top 6 mistakes that I’ve seen retirees make over the course of my retirement planning career, in hopes that I can give you a heads-up about the pitfalls ahead so that you can adjust your mindset, prepare for what’s coming, and make wise decisions now, before you retire. Should you be maximizing your wealth? That may sound like a an odd question. Don’t we always want to maximize wealth? Prior to retirement, yes. But once you hit retirement your mindset needs to adjust. Retirement is the time of life that all your wealth maximization effort were aimed toward. It’s the time for you to benefit from all those years. But it’s not an easy transition to make and the adjustment can be more than a little uncomfortable. On this episodes Practical Planning segment I’m going to walk you through this one and help you make some mental notes that will help you enter retirement with the right mindset and approach so that your retirement years can be some of your happiest yet. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:45] Welcome to this episode!THE HAPPY LAB [2:31] People about to die often wish they hadn’t worked so hard. Really?TODAY’S SMART SPRINT SEGMENT [6:16] The task of being “present” with those you are with (kids, spouse, etc.)HOT TOPIC SEGMENT [7:58] Jobless claims and the participation rate are improving.WHAT DOES THAT MEAN? SEGMENT [9:42] What are “Fund Flows?”[11:40] Understanding Fund Flows is important to understand for long term investors.[15:01] The Fund Flows of U.S. equity strategies over a 5 year period.PRACTICAL PLANNING SEGMENT [16:54] Learning from the mistakes of others.[19:48] Why learning from others’ mistakes during retirement is so important.[20:14] Don’t neglect your spending plan (budget).[22:47] Is wealth maximization the right focus for a retiree?[27:38] Do you really need to support those adult children?[29:55] Is that big home still necessary?[32:10] The ostrich is the only one who should have his head in the sand.[34:34] You’ve got to learn not to run for the exits so quickly. RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerManHot Topic link:  http://www.marketwatch.com/story/jobless-claims-fall-to-42-year-Low-2016-04-21 What Does That Mean Link: http://www.investopedia.com/terms/f/fund-flow.asp

Should I rollover my 401(k) to an IRA? Most advisors say yes, but It’s not always the best idea. In this episode we share what you should consider to make the choice that’s right for you.Listen to the Audio  Happy Lab Over the last few weeks we’ve been reviewing the top 5 regrets people have at the end of their life.Here's the list so far; #5: I wish I had allowed myself to be happier#4: I wish I had stayed in touch with my friendsAnd this week, #3: I wish I had shared my feelings more.S.M.A.R.T. Sprint Stay connected with people you care about. In the next 7 days, call a friend you haven’t spoken to in awhile.What’s That Mean?? Style Drift.Why do you buy an investment strategy? The obvious question is to make us money. But one investment strategy is typically part of an overall portfolio is designed to work together. Each piece of the portfolio (or asset allocation) has a role to play. Much like each contractor used to build a house does. The plumber, put in the plumbing. The landscaper, puts in the landscape. And so forth.  As long as they execute their roles, you can get a great house (or portfolio). If, however, the plumber starts to putting flowers in your pipes you may not notice right away, but you’ll have a problem. Likewise, if that small cap strategy starts buying large caps, you won’t notice at first but eventually you’ll have a different experience than you bargained for. That’s style drift.It’s the same with your portfolio. Each investment strategy has a role to play. Hot Topic This WeekLast week major world oil producers met in Qatar to discuss a production free. News of the upcoming discussions helped stabilize oil markets in recent weeks. Unfortunately, as expected, they were  unable to come to an agreement.  We'll discuss the possible implications it could have global equity markets.Practical PlanningOn this week's show we answer listener questions including:•Does it matter when I rollover my 401(k) to an IRA? What should I consider when making this decisions?•When designing a balanced portfolio, should I count my company pension plan (which gives me $100,000 a year) as part of my bond portfolio?•In retirement, is retail income considered earned income? Would rental income factor into whether my Social Security would be taxed?Have a retirement question you’d like answered? Ask it here!