Retirement Answer Man

One hundred minus your age in equities. This is is the rule of thumb for asset allocation we've all heard. Recent research, however, has questioned the logic of whether during retirement you should become more conservative in your investment allocation. This best practice may not be best after all.Michael Kitces, the chief nerd at the Nerd's Eye View, discuss:The difference between achieving life goals vs. wealth maximization.Why it may make sense to get more aggressive in your allocation as you age.How the return sequence of your portfolio is more important than your average return during retirement.The equity glide path.The danger years for every retiree.You can get links to the sources mentioned in the show at rogerwhitney.com

Good day to you once again and welcome to this show notes page for the Retirement Answer Man podcast. I’m Roger Whitney, your host… and I’ve once again been blessed to put together a great episode of practical information for you, to help you get underway on the retirement journey. On this episode there’s lots of good stuff, almost too much! You’ll hear about my upcoming Retirement Plan Live session that begins in 2016 and how you can be involved in that event in some very practical ways, you’ll learn what “High Yield Bonds” are and how they’re in the news these days, and a bit from my guest, Todd Tresidder of www.FinancialMentor.com. All of that is crammed into this ONE episode of the show, so be sure you listen!  Retirement Plan Live is ready to go! Coming up in January 2016 I’ll be hosting my second Retirement Plan Live, where I’ll be leading a couple of volunteers through an actual retirement planning session - as an example for you to learn from as we walk through each step. This multi-session event is going to allow you to be involved in some conference calls where you can ask questions, create your own retirement plan with the free worksheets I provide, and follow along as we navigate the various real life hurdles our demo-couple brings to the table. You won’t find a more practical way of learning about and planning for your retirement needs as you will as a part of this free event. If you want to find out more, go to www.RogerWhitney.com/RPL What are “High Yield Bonds” and why should you know about them?  The “why” is the easy part… because high yield bonds are in the news today and are going to be impacting many, many investors who have tried to benefit from them. A company just this week announced that they are not allowing the investors in their high yield bonds to cash out their bonds, and that they will be liquidating their bonds for whatever price they can get to pay back their investors. That means that a lot of people will be out a lot of money. But what ARE high yield bonds? They’re an investment vehicle that you need to know about… and you can learn all about them by listening to this episode of The Retirement Answer Man. Todd Tresidder’s amazing journey to early retirement at 33 years of age.  I think you’d agree with me that 33 is not only young to retire, but it’s young to be ABLE to retire. Todd achieved that amazing feat because he learned some non-intuitive ways to go about building wealth and on this episode we’re going to dig into his expertise and strategies, including a discussion about why neither of us agree with the “retirement number” way of approaching retirement planning. And true to form, Todd’s going to give you an alternative to what he suggests instead. You’ll not only get to hear Todd’s incredible journey into retirement and how he got there, you’ll also get to hear what he experienced once he got there, and how he’s had to adjust things as a result. It’s all on this episode! Today’s smart sprint is simple: Beneficiaries.  Each week I give you a small chunk of action you can take to put some smart things into practice in your life and this week I’m focusing on all those tax-deferred accounts you’ve got. IRAs, 401Ks, others… and I want you to consider looking into the beneficiaries you’ve designated for each of those. It’s not uncommon for people to have no beneficiary set, or to have people receiving their investments upon their death who they don’t want to receive those funds any longer. So take a little bit of time to check on that information and you could save your family a ton more grief than they’ll already have because of your passing. Find out how I advise going about it, on this episode. Stress is one of the biggest detriments to true happiness.  I know that’s an obvious statement, but sometimes we need the obvious to shake us into reality. Overwhelm is one of the main things that causes stress in modern society and the happy reality is that you can actually take control of your life to a degree that you remove that sense of overwhelm from your experience. How? By managing your responsibilities and activities to a greater degree, by keeping tabs on how you’re feeling about the load you’re carrying, and by adjusting things as you begin to feel that sense of overwhelm creeping higher on your emotional thermostat. That’s the focus of today’s “Be Happy” segment on the Retirement Answer Man, and I think you’re going to like it!    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:24] A Christmas Gift idea![1:15] The upcoming Retirement Plan Live and an introduction to this year’s participants.[2:09] How you can plan your retirement alongside this year’s example and how you can sign up.  WHAT DOES THAT MEAN? SEGMENT  [3:41] What are “High Yield Bonds?” (Junk bonds)[5:46] Reasons you might consider purchasing a high yield bond.[7:39] The risks involved with high yield bonds. HOT TOPIC SEGMENT [9:35] How high yield bonds are in the news today.[12:48] Steps you might want to take in light of the high yield blowups happening now. PRACTICAL PLANNING SEGMENT [13:28] Introduction of today’s guest, Todd Tresidder.[14:07] Why Todd began his Financial Mentor website.[16:27] The unconventional things Todd thought would earn him pushback.[18:12] Why a “retirement number” is not a reality.[19:40] The difference between the simple answer and the more advanced answer.[20:54] How to approach retirement from a fuller perspective.[23:10] One of the greatest deceptions in the world of investing.[26:20] How Todd goes about creating range of outcomes for retirement planning on the asset based side of retirement.[28:35] An example of how there are a variety of things you can think about for retirement.[30:35] Why lifestyle design for retirement is just as important as the financial side.[32:32] Todd’s story of creating his early retirement.[35:39] What people can do to get started planning on a more realistic level.[43:01] Todd’s website and what you can find there.TODAY’S SMART SPRINT SEGMENT [45:10] Renew the beneficiaries of your IRAs, Annuities, 401Ks and and other retirement investments.  THE “BE HAPPY” SEGMENT [46:46] The importance of not allowing yourself to be overwhelmed… a key to happiness. RESOURCES MENTIONED IN THIS EPISODE  www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan BOOK: Essentialism: The Disciplined Pursuit of Less Todd’s website: www.FinancialMentor.co...

Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do with a bit of humor and make it fun (I hope). But before we get into all of that make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way. Do you know when it’s time to begin withdrawing your pension?  It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider - much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you! Rebalancing: A financial term you hear, but what exactly is it?  Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment. What’s the emotional component of the financial decisions you make?  Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode! What’s the impact of a simple smile?  Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy. :) OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:29] Welcome to the episode.[1:01] The Retirement Plan Live begins next month![1:40] Get updated information, resources, and video from Roger for the ongoing Retirement Plan Live! HOT TOPIC SEGMENT [3:39] ROGER MADE A MISTAKE![4:07] When should someone withdraw their pension? JARGON TALK SEGMENT  [8:56] What does “rebalancing” mean? It has to do with asset allocation![10:50] Why should be concerned about rebalancing?[12:37] An example to consider.[15:36] Considerations surrounding rebalancing.  PRACTICAL PLANNING SEGMENT [ 20:36] Carl shares his experience, 1 year after his participation in the first Retirement Plan Live event, last year. TODAY’S SMART SPRINT SEGMENT [33:28] The challenge to you this week: track every penny you spend for 7 days.  THE “BE HAPPY” SEGMENT [35:01] The “neutral face” and how you should adjust it, a bit. RESOURCES MENTIONED IN THIS EPISODE  www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan www.FreeErisa.org - get from 5500 on your company pension www.PensionRights.org - Learn how to read form 5500

Well hello and welcome to the Retirement Answer Man. I am your host, Roger Whitney and today’s show is packed full of great retirement information for you to use to educate yourself on your own retirement planning. But make sure you know this: The things I talk about on this show are purely for entertainment and informational purposes. I’m not able to give you specific retirement advice because I don’t know you. If you need that kind of advice, go to your local tax accountant or financial planner, someone who knows you a heck of alot better than I do! Alright, enough of that stuff… on with the show! Retirement Plan Live is going to be happening in the new year! Help me make it great!  I’m soon going to be rolling out the 2nd edition of “Retirement Plan Live,” a live workshop where I use the financial situation of one lucky listener as an example so that everyone in the listening audience (that’s you) can follow along and do your own retirement planning at the same time. Last year I provided some handouts and other nifty things but I know there’s probably some additional things I could do to make this year’s RPL even better. So if you’ve got any ideas on how I can provide you great resources to make it a practical and helpful resource for you, go to www.RogerWhitney.com/RetirementAnswers and let me know what you’d like to see. Thanks! Standard Deviation: What in the heck is that?  In the “Jargon Talk” segment of today’s show I’m going to do my utmost to unpack the concept of “standard deviation.” It’s a term that has to do with comparing investment portfolios and the way in which they might perform in either volatile or non volatile ways. It’s a bit much for me to put in one little paragraph on a show notes page like this, so take a bit of time and listen in to this segment. It just might help you get a better handle on your portfolio. And if not, you’ll learn a little bit about weather and whitewater rafting (those are the examples I use). A great idea to set yourself up for a very merry Christmas.  For the first time ever I did something to help my family prepare for the Christmas season and it gained me $1400, took only a little bit of time, and involved some exercise equipment and a pool table. Can you guess what it was? You got it! I sold some things that were sitting around my house to scrape together a bit of extra cash to pay for Christmas. On this episode I’m going to tell you exactly how I did it and give you a couple of handy safety tips to help you sell your stuff without putting yourself or your family at risk. A listener inherited some funds in an IRA. What’s he got to do to remain legal?  I just love answering questions from listeners. There’s nothing more practical and helpful than real life scenarios. In this episode I actually have two listener questions. One of them has to do with some money that was inherited from an IRA account of the deceased family member. Are there timelines and procedures that have to be followed in order to keep the funds tax free or tax deferred? Does the money have to be moved into a special kind of IRA account? If you don’t know the answers to those questions, that’s OK. I’m going to tell you how it all works on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:29] Welcome to the episode.[1:01] The upcoming Retirement plan live is going to be happening soon. Roger needs your help in knowing how to make this year’s event the best ever!JARGON TALK SEGMENT  [3:50] Today’s “jargon”: Standard Deviation - what in the heck is that?[4:39] The boat trip VS whitewater rafting analogy.[5:40] The temperature analogy.[7:53] How these analogies relate to financial investments.  HOT TOPIC SEGMENT [8:23] Christmas shopping has begun… now is the time to consider what you might be able to repurpose or sell, in order to pay for Christmas.[10:23] Tips for how to resell items you don’t need anymore.[12:22] Craigslist tips for the sake of safety. PRACTICAL PLANNING SEGMENT [14:45] A 25 year old needs info on how to use her IRA more effectively.[19:30] Steve has a question about handling an IRA he received in an inheritance.  TODAY’S SMART SPRINT SEGMENT [24:08] Today’s S.M.A.R.T Spring challenge: Get a realized gain and loss report. Identify the losses, and consider selling to offset gains.[26:27] What could you do if you only have losses?  THE “BE HAPPY” SEGMENT [27:27] Avoiding the “3 Ps” when hard times hit - What?[29:30] The “personal” hurt rejection brings.[30:05] The temptation toward believing one rejection is “pervasive.”[30:23] Don’t believe that the bad situation is “permanent.”RESOURCES MENTIONED IN THIS EPISODE  www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan TWEETS YOU CAN USE TO SPREAD THE WORD  How to legally handle funds inherited from an #IRA, on this episode of The Retirement Answer Man Do you know what #StandardDeviation means for your investment portfolio? Find out… When hard times hit, you want to avoid the 3 Ps. Find out how on this episode How you can fund your Christmas buying and simplify your life at the same time#RetirementPlanLive is coming up in the new year. Here’s how you can be involved

Welcome once again, to the only retirement focused show that gives you ME - Roger Whitney, the Retirement Answer Man. In this episode I’ve got a ton of great things to share with you - everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen! Would YOU like to get a free retirement plan done by THE Retirement Answer Man?  One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to www.RogerWhitney.com/RPL A mutual fund mistake I made years ago that I want you to avoid!  When I first started out as a retirement advisor - you know, way back before I was THE retirement answer man - a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry? Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was?  You’re going to hear it in this “true confession” time on this episode. You can save for Christmas by saving on your taxes. I’m going to show you how!  The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer man I’m going to give you 3 ways that you can do that. Take a listen! A “S.M.A.R.T. Sprint” for the Thanksgiving season.  I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff - as you’ll see from my examples - but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode. OK, so what’s with the “time traveling” reference?  No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry, and all the other things that get into our heads and cause us to live anywhere but in the present. When we do that we actually make ourselves unhappy - because we’re focusing on things that we can’t do anything about. What I’m learning is that I can keep myself in the present moment, focusing on the things in my life that are going well, and keep myself from “time traveling” to those places that do nothing but bring harm to my life. Want to know more? You can, by listening to this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:29] Welcome - and Happy Thanksgiving![0:39] A HUGE announcement - the 2nd edition of “Retirement Plan LIVE”[3:10] How you can connect with Roger to be considered as a candidate for the RPL.JARGON TALK SEGMENT  [4:32] DEFINITION: Capital gains and dividend distributions.[6:47] Why you need to understand what these terms mean!  HOT TOPIC SEGMENT [8:03] Christmas is right around the corner![8:15] How would you like to have a free Christmas? It only takes some wise tax planning in many cases.[9:10] Review how you could offset your realized capital gains.[11:58] Contribute to a charity or make gifts to family to offset taxes.[12:41] Maximize your IRA contribution. PRACTICAL PLANNING SEGMENT [13:06] Introduction of today’s guest: Emily Guy Birkin[13:25] What can people learn about retirement from Emily’s book?[14:42] Coming to terms with where you’re at in your retirement goals.[16:42] How does “dreaming big” figure into the retirement picture?[18:44] Learning how you are wired when it comes to money.[20:47] How your wiring can impact your close relationships.[23:58] The biggest retirement myths that impact how you plan for retirement.[25:47] The many aspects of retirement beyond saving and investing.[27:49] The reason great balance is needed in retirement planning.[28:49]  TODAY’S SMART SPRINT SEGMENT [29:49] What lessons are you thankful for that came from bad things that happened?[30:43] The lesson Roger learned when his mother died young.[31:22] What Roger’s marriage problems taught him.[32:22] How almost bankrupting his family taught Roger good things.[33:21] Losing big clients taught Roger some great lessons.[34:04] The lesson learned when Roger hurt his back (numerous times). THE “BE HAPPY” SEGMENT [35:06] A concept Roger just “got” that is helping him become more happy.[35:38] “Stop Time Traveling?” What’s that all about?RESOURCES MENTIONED IN THIS EPISODE  www.RogerWhitney.com/RPL - sign up to be considered for Retirement Plan LIVE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerManEmily’s book: Choose Your Retirement

Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man, with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness”, Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it! What is a S.M.A.R.T. Sprint and how can you use them in life?  One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very, well, long. :) But that doesn’t mean you have to give up on goals that might take longer. You can break them up into what I call “S.M.A.R.T Sprints.” What’s a sprint? It’s something you focus on for a shorter period of time and as you do so, you give it all you’ve got. You’ll be surprised how much a time of focused intensity can help you overcome some obstacles or set some new habits that will enable you to progress faster over time. Today I’m going to explain that topic a bit more clearly than I did last week and show you why these S.M.A.R.T. Sprints are a great idea. Do you know the difference between various types of financial services people - and why it’s important?  Do you know how the various people who work in the financial services industry are paid? Do you know the legal standards they are under when it comes to how they do their job and how they relate to you? If you’re going to make decisions that you are confident is truly in your best interest, then you really need to know those difference and rules. So today, I’m filling you in on all of that so you can know the difference between someone who is trying to sell you a financial product and someone whose main job is to give you investment advice. You’re going to find some very practical tips in this section, so make sure you give this show a good listen. Today’s S.M.A.R.T. Sprint is one we all need.  Today’s S.M.A.R.T. Sprint is a life oriented project, and after you hear what it is you’re going to see why it’s such an important personal skill we all should develop. Here’s a little hint as to what I’m talking about… there’s an old quote and we’re not exactly sure who originally said it, but it’s value is unmistakeable. Here’s the quote: “Be kind, for everyone you meet is fighting a hard battle.” That’s a very insightful statement that we can all relate to simply because we’ve hard times in our lives when we fought our own hard battles that others knew nothing about. My challenge in today’s S.M.A.R.T. Sprint segment is one that I’m asking you to participate in… and to connect with me and other listeners on the Retirement Answer Man Facebook page to keep each other accountable. Are you up for the challenge? Do you know what true happiness is?  Today’s episode makes me really, really happy? Why? Because Dr. Sonja Lyurbomirski did a great kindness to me by agreeing to be my guest on the show. She’s known as the “Happiness Doctor” because she’s done extensive research on the issue of personal happiness - and she’s got some great insights to share with us. In particular, I was eager to hear her thoughts on how planning toward important things such as retirement, figure into our happiness quotient, and how we should be thinking about those things in light of her research findings regarding what truly makes people happy. Is that intriguing? It should be because it’s a great conversation, so be sure to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:29] Welcome to this episode of the Retirement Happy Man.[0:35] A summary of our guest and things covered on this episode.JARGON TALK SEGMENT  [3:14] DURATION: What is it and what is it all about?[4:22] How to use the concept of “duration” when you manage your portfolio? PRACTICAL PLANNING SEGMENT [6:26] A great illustration from a family road trip. [8:17] What IS a SMART sprint and how can you use them in your retirement planning?[10:37] Places in your life you can set some SMART sprints.[12:11] How long should a SMART sprint be? HOT TOPIC SEGMENT [12:32] The tendency toward skepticism even when we want to trust people.[13:28] What is a fiduciary standard and why is the current debate going on?[15:05] Product based financial businesses VS advisory based financial businesses.[18:12] The current battle going on surrounding this issue.[18:38] Simple fixes to resolve the issues (my take on it). TODAY’S SMART SPRINT SEGMENT [20:04] The things we all face.[21:59] Today’s SMART sprint: Show somebody some grace.THE “BE HAPPY” SEGMENT [23:34] My conversation with “The Happiness Doctor” - Dr. Sonja Lyubomirski[23:44] What makes us happy? - Research suggests 3 things.[24:22] How retirement plans are related to desires to be happy.[26:14] Why happiness is not an achievement, but a lifetime of growth.[27:54] The relationship between happiness and contentment.[28:54] Scientifically proven steps we can take to increase happiness.[30:59] Why the cliches are not cliches.[32:12] The Happiness Doctor’s view of retirement as it relates to happiness. RESOURCES MENTIONED IN THIS EPISODE  Dr. Sonja’s book: “The How of Happiness.” Another of her books: “The Myths of Happiness.” Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Hello there and welcome to this show notes page for episode 92 of the Retirement Answer man, I’m Roger Whitney, THE retirement answer man and on this episode I’m shaking it up a bit, throwing in some new segments that I believe are going to simplify and energize your retirement planning. I’d love to hear your feedback on this episode’s new format, so feel free to shoot me a note or record a message to me at www.RogerWhitney.com/RetirementAnswers . I LOVE to hear from listeners to the show… and if you leave a question or comment that seems particularly helpful to the rest of the listeners, you just may hear yourself “on the air” on an upcoming show. So don’t be shy… let me know what you think! Are you tired of all the JARGON yet?  To be topped only by the U.S. Government, the financial planning industry has more than its fair share of jargon and acronyms. Because of that I’m bringing you my new “Jargon Talk” segment each week to break down the terms you may have heard repeatedly, but were too embarrassed to ask, “What in the HECK does that mean?”  In today’s segment I’m going to address a phrase that’s gone around a lot over the past 4 to 5 years and that is “interest rate risk.” Do you know what that means? If so, good for you! But do you know what impact it has on your retirement planning and why you should be concerned? I’m going to unpack it on this “Jargon talk” segment for you, so stick around to listen to the show. You can optimize your retirement planning by doing a number of smaller, “SMART sprints.”  You may have heard the acronym S.M.A.R.T. It stands for Specific - Measurable - Actionable - Realistic - and Time-bound. Most of the time people use it in referring to goal setting or planning. Since we’re addressing retirement planning it fits very well. This is yet another new feature I’m bringing to the show starting today because I want to be as much service to you as I possibly can by providing practical things you can put into action right away. Today, on the very first “SMART Sprint” I’m laying down a challenge to you.. something that could save you $5000 in one year’s time and allow you to make serious headway toward your retirement goals. It’s so simple, it makes me hungry… that’s a hint. Listen in to find out what I’m talking about. More Social Security Changes are coming… and you need to know about this one!  In last week’s show I spoke about the changes that the Budget Reconciliation Act is having on the way you’re able to maximize the use of your Social Security retirement fund. A listener took me to task for only focusing on one aspect of those changes so today I’m bringing you another element of the changes that could have a huge impact on your future plans. You see, in the past you could File for SSI benefits prior to actually retiring so that the non-bread-winning spouse could begin receiving spousal benefits - then you were allowed to suspend your filing. That allowed the spouse to get the benefits and the bread winner to wait before drawing theirs. But the Budget Reconciliation Act is taking that loophole out of the picture. In today’s episode I cover that and outline what it might mean for the way you plan for your retirement. Are you interested? Find out more on this episode. A listener mentions “Preferred Stocks” as a great strategy his father used in his retirement planning. Is it still as good an option for modern investors?  Once upon a time there was a great benefit to using what is known as “Preferred Stocks” to set yourself up for retirement. But as is often the case with long-lasting financial instruments, preferred stocks have changed over the years. Nowadays they are so tied to interest rates (for reasons I’ll cover in this episode) that they’re not necessarily the best way to go, especially in an economy like ours where everyone is concerned about interest rates going higher any day. You can listen in as I answer this listener’s question - and you can ask a question of your own so that I can answer it on future episodes. I tell you how on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:01] Kevin’s retirement announcement![0:57] Congratulations to Kevin![1:37] How you can leave a message for Roger.[2:31] A different format today...JARGON TALK SEGMENT [3:53] Introduction to the new “Jargon Talk” segment.[4:32] What is “interest rate risk” and how does it impact the value of your fixed income portfolio?TODAY’S SMART SPRINT  [6:22] Intro to the “SMART Sprint Segment.”[7:35] What is a “Smart Sprint” when it comes to retirement planning?[9:33] Roger’s first “sprint” challenge: Take your lunch to work every day this week. HOT TOPIC SEGMENT [11:58] The changes to Social Security law and the “file and suspend” aspect.[12:53] What is the “File and Suspend” aspect of Social Security law? PRACTICAL PLANNING SEGMENT [17:56] Listener Question: How does it work to take out money from my 401K without penalty after I’m 55, but before I retire?[20:59] Listener Question: Why don’t I hear more advisors talking about “preferred stocks” as a retirement planning option?   THE “BE HAPPY” SEGMENT [30:36] What is this new segment about?[31:46] The power of gratitude in being happy. RESOURCES MENTIONED IN THIS EPISODE  http://www.RogerWhitney/com/retirementanswers - leave your question for RogerContact Roger: http://www.rogerwhitney.com/retirementanswers/

Hey friends, Roger here, and I want thank you - truly THANK YOU - for being a part of the Retirement Answer Man community. My greatest hope is that the information I share on this podcast enables you to retire happily and wisely so you can make the most of your future. I kind of consider this episode to be a “star studded” episode because I’m featuring two powerful guests who you should get to know if you don’t know them. First, in the “hot topic” segment I have a great conversation with Joe of “Stacking Benjamins” who has some important updates about changes in federal laws regarding social security benefits and then, in the main topic segment I chat with Chris Hogan of the Dave Ramsey group about his upcoming book, “Retire Inspired.” You’re going to hear some great information on this episode, so stick around. Many people have taken advantage of a Social Security loophole… but it’s soon going away!  The recently passed Budget Reconciliation Act is like your typical legislation - there’s pages and pages of stuff that is irrelevant to the average citizen. But down deep in the verbiage is a section that addresses some loopholes in Social Security law that made it possible for retirees to get as much as $60,000 more from their SS retirement than if they didn’t use it… and that issue is changed in the legislation. It’s going to make a big impact on retirement planning from here on out so it would do you good to hear the details… and thankfully, I’ve got Joe from “Stacking Benjamins” with me to go over the specifics. There is a difference between retiring and retiring inspired.  In my main segment today I’m thrilled to have Chris Hogan with me. Chris is one of the big shot guys at Dave Ramsey’s organization and he specializes in the area of retirement. He’s got a new book coming out in January 2016, “Retire Inspired.” He’s trying to make sense of the retirement scene with the same clarity and life inspiring challenge that is characteristic of the Ramsey group, so I’m eagerly awaiting his book’s debut. In this episode we cover some of the topics he addresses in his book and chat about why it’s important to aim for a specific number, not a specific  year for your retirement. What’s that all about? You’ll have to listen to get the specifics. One of the biggest tips for retiring inspired…  Don’t go it alone. There are probably hundreds of thousands of people who simply put their cash into a 401K or IRA and expect that they’ve done the best they can do toward their retirement. But the reality is that very few of us are a retirement expert so our efforts, however good or well intentioned they may be, are likely going to fall quite a bit short of what is possible. As a result we won’t maximize our retirement through better investments, better strategies, or better planning. It may sound like a simple thing (and it is on one level) but it’s one of those simple things in life that makes a huge difference. Chris Hogan spells out that issue for us on this episode of The Retirement Answer Man and gives practical tips on how you can take advantage of the expertise of others to help you retire inspired. If you’ve not maximized your retirement planning and you’re getting up in years, it’s not too late.  In this conversation with Chris Hogan, of the Dave Ramsey group, I had a great time hearing his thoughts on the place many people find themselves: They’re past 55 or even 65 and haven’t done a very good job of planning for retirement. As a result it looks like they may not get to retire at all. Chris gives a very encouraging example of a woman he worked with who discovered (through his counsel) that she could put aside an extra $600 every month toward her retirement, which created a very positive snowball effect to build her retirement quickly and effectively. It’s just one example, and of course, every situation is different. But it serves to show that if you take a close look at your situation with the right kind of help, you can carve out small steps that make a difference and turn into big steps in time. Listen to this episode to hear more of Chris’ advice on this important topic. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:27] Welcome to this star-studded episode of the RAM, featuring Joe (host of Stacking Benjamins) and Chris Hogan (of the Dave Ramsey Group).[1:37] Roger’s thanks to the participants of the live webinars - and the introduction of “The Retirement Master Class” (enrollment ends Nov. 7, 2015. )  HOT TOPICS SEGMENT [3:48] A big change for filing Social Security from the Budget Reconciliation Act.[5:36] A story that illustrates the changes this legislation enacts. MAIN SEGMENT  [10:05] Introduction of Chris Hogan, today’s guest.[10:49] The habits Chris saw that motivated him to focus on retirement issues.[13:19] Why retirement is not an age, but a certain number.[15:08] The value of intention in retirement planning.[15:50] The biggest question for people planning for retirement.[16:37] How you can feel confident planning your retirement amount.[18:51] How to play “catch up” at an older age.[19:51] How taking small steps can empower you to change your financial future.[21:37] The self-sabotaging behaviors that Chris has seen.[22:31] How to get out of the credit card debt trap.[23:47] The difference between retiring and retiring inspired.[25:49] What is YOUR plan to retire inspired, Chris?[27:10] Roger’s thanks to YOU, for joining him on this episode. RESOURCES MENTIONED IN THIS EPISODE  Register for the Retirement Master Class: www.RogerWhitney.com/RMC Get your copy of Chris’ free tool “The RIQ” - www.ChrisHogan360.com Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Hello friends, Roger here. Today’s podcast is going to be a bit unusual, but not too unusual. I’m going to strictly be answering listener questions about the question I’ve been dealing with all month long, “When I Can I Retire?” We’ve got questions about taxes, balancing portfolios, average expenses for the various stages of retirement, and a little bit of a rebuke to me about my comments from a few weeks ago when I was talking about buying a brand new automobile. You’ll find lots of good stuff in this episode so let’s get started! How are taxes figured into my retirement number?  One of the questions I got over the past few weeks had to do with figuring taxes so that the “retirement number” can be nailed down nice and pretty. But the problem I have with the question is that I’m not so sure that figuring a “retirement number” is the best way to go about it. In fact, I don’t know that you really CAN calculate any retirement number. There are just too many variables. But that doesn’t mean I didn’t give an answer about taxes, which was the gist of the question in the first place. So listen in to hear who I advise to consider the tax liabilities you might have during your retirement years, on this episode of The Retirement Answer Man. An investment company has advised me to balance my portfolio? Is this a good time to be buying bonds?  That’s the question a listener asked after chatting with someone from their investment company. The company was concerned that the investor’s portfolio had too much equities and not enough bonds to achieve a 75% equity to 25% bond balance. But is this a good time to be buying bonds? Well, it’s not quite that simple to answer unless you first understand and accept the principles behind portfolio theory, which I do… but I also believe from my experience that there’s an art to it as much as their is a science. So... the answer is, maybe. You can hear my response in its entirety (and I do say more than just “maybe”) as you listen to this episode. What are you thinking, Roger? Wanting to buy a brand new car!???  OK, I deserve this one. A listener heard me mention a couple of weeks back that I was considering buying a brand new Jeep Cherokee (they’re really nice). He wrote me an email to chide me for making such a rash and thoughtless comment, after all, the depreciating value of a brand new vehicle can be demonstrably shown to be a bad investment. Agreed. This listener’s rebuke is well founded and I deserved his rant. However, I just want to say… a guy can dream a bit, can’t he? You can hear my full response in today’s episode. Are you signed up for my upcoming webinar yet?  Coming up on October 21st and October 22nd I’m hosting a real live, in person webinar to walk you through the 4 steps you need to consider when answering the question, “When can I retire?” It’s not a complex question to answer IF you have a wise approach, and I’m going to do my best to give you that in these free webinars. You can be a part of these webinars, which will include Q & A, by going to www.RogerWhitney.com/4steps and registering. And even if you can’t be there at the exact time of the webinars, go ahead and register. I’ll offer a 7 day replay for those of you who sign up but don’t attend. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:24] Roger’s introduction to today’s episode.[1:52] Still time to register for the upcoming webinar!  LISTENER QUESTION SEGMENT  [4:32] Question #1: How are taxes figured into the retirement number?[9:46] Question #2: Is this the time to be buying bonds?[19:52] Question #3: What are the average expenses for people in the go-go, slow-go, and no-go stages of retirement?[22:30] Question #4: What are you THINKING by considering buying a brand new car, Roger? RESOURCES MENTIONED IN THIS EPISODE  Register for the retirement webinar: www.RogerWhitney.com/4steps Contact Roger: http://www.rogerwhitney.com/retirementanswers/

You know, there’s a lot of talk these days about the human lifespan being extended because of medical breakthroughs. Is it really going to happen? I tend to think that it’s likely just because of all the advances in nutrition, medicine, and even DNA research. If it does, what are the impacts that living longer is going to have on your retirement? In case you hadn’t noticed, I’ve been doing a bit of thinking on the topic and believe it’s worth sharing. So on this episode of The Retirement Answer Man, you get to hear me, Roger Whitney, wax philosophical and retirement investing as it relates to your later years… which could be longer than you expect. HOT TOPIC: Oil prices are low… way low. What impact does it have on you?  Yes, the immediate answer is that decreased oil prices mean savings at the pump and on your utility bills, and with winter already hitting some parts of the Unites States that’s nothing but good news to your monthly budget. But oil prices being this low have other effects that aren’t so easy to spot because they are international effects that have to do with countries, governments, politics, and lots more. That, in turn, can impact your investments. I’ve been giving this some thought and want to give you some insights into those global issues and share with you how it could affect the decisions you make about your investments and your retirement… so give this episode of The Retirement Answer Man a listen. If you live longer, your income level during retirement could increase.  For some of you that’s a no-brainer. You understood it the moment you read it. But for others, you’re kind of scratching your head. So let me explain… The assumption I’m making is that if you’re living longer, it’s because overall, you’re healthier. And if you’re healthier, you’re going to be able to generate income longer, even if it’s just a part time job you love or a hobby you turn into an online venture. Either way, you’ll have the potential to not only live on your retirement savings and investments, but also to add to the household budget by bringing in additional income on the side. That’s just one of the impacts longevity could have on your retirement. You can hear the rest on this episode of the show. OK, I’ll give you one more impact longevity could have on your retirement: your monthly spending.  Why would living longer impact your monthly spending? There are actually a number of ways but let me give you just one. If you’re living longer because of the advances in medicine and science that we’re hearing so much about, it will mean that you’re generally healthier at an older age than has traditionally been the case. That means that instead of slowing down, you may be in better physical shape to enjoy the first season of your retirement years. You could be more active, more eager to get out and do things you always wanted to do, to see the world, see the grandkids, and all kinds of other great things. And all of those things take what? Money. So do you see how that could impact the amount you need to save for retirement? In this episode of the show I’ll be giving some of my thoughts on how you can plan for that possibility. When can you retire? I’m doing a free webinar to help you figure that out.  It’s not a very smart idea to simply retire from your job because you’re 65, or because it’s traditional. You need to know that you will have enough money saved up to last you for your projected lifetime. That makes answering the question of when you’ll be able to retire much more difficult. Coming up on October 28th and 29th I’ll be doing a free webinar to educate you on all the variables involved in setting a retirement date. It’s going to be an interactive, fun, hands-on process where you can figure out the formulas using your own income and information. If you want in on this webinar, you can register for it by going to www.RogerWhitney.com/4steps - and if you can’t make the live webinar, I’m going to have a limited time replay available, so be sure to sign up anyway. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN  [0:24] Welcome and intro to this episode: Current oil prices, how Longevity can impact your retirement, and a couple of listener questions.[2:40] Roger’s upcoming webinar October 28th & 29th!  THE HOT TOPIC SEGMENT  [13:00] The dangers associated with low oil prices.[18:31] What should you do in light of lower oil prices, as an investor and as one preparing for retirement? PRACTICAL PLANNING TIP SEGMENT  [12:09] The 5 major impacts longevity could have on your retirement.[13:39] Life expectancy continues to rise in the Unites States. [16:15] Spending issues impacted by longevity. [19:27] Income potential could increase because of longevity. [23:27] The impact on mind and body. [27:45] Lifestyle choices are impacted by longevity. [30:10] Your investments can be impacted by longevity issues.  RESOURCES MENTIONED IN THIS EPISODE  Register for the retirement webinar: www.RogerWhitney.com/4steps Contact Roger: http://www.rogerwhitney.com/retirementanswers/