Retirement Answer Man

Ask anyone and they'll most likely say they want to have a great retirement. But looking at the day to day financial decisions of most people might tell a different story. What you do speaks so loud that I cannot hear what you say.Ralph Waldo EmersonIt's not enough to want a great retirement. You need to decide what it will look like, create a plan to work towards it and execute your plan day by day. In short, you need to live an intention life.This was the message I heard loud and clear from this week's listener story. Favorite Quote From This Week's Story "To this day, when I want something, I think through it and make sure I want it" Lessons Learned From Ken, Jr. Intentional decision making helps you think ahead and avoid rash decisions.Don't overthink investing. Patience is a key to success.Parent's play a big role in shaping how kids think about moneyNot letting your lifestyle creep up as your income grows is essential to wealth creationWho is Ken Jr. Ken, Jr. was a Corporate computer guy for almost 20 yearsMarried 20 yearsNo  KidsAverage age late 40’sBoth retiredWhat Does Retirement Means to You?   “I think mostly the freedom to set my own schedule. To enjoy anything I want to do."“I do computer consulting on the side.”“I do volunteer presentations at senior centers on technology.”“I loved my day job, its just I wanted all of my own schedule."The truth is, I feel much busier now that I can’t catch up with all the things I saved up wanting to do.” What Are You Most Excited About Retirement? “Actually, part of it is the challenge of planning money over time.”“I just like doing whatever we want to do that week we’ve planned.” What Are You Most Worried About Retirement? “The usual three things, investment return income, expenses and inflation and longevity.” Who Do You Use in Your Life to Help Make Smart Financial Decisions?   “It’s been on my list to do”. I planned aggressively for retirement 8 years before I retired.”“I need to…to give me a checkpoint, an alternative view and to help me check in every year or two.”"Mine wasn’t how to get to retire, it’s how to manage the puzzle into the future.” What Has Been Your Worst Financial Decision? “Was not knowing about Total Market Indexes, 20 years ago.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “It has been the fine tuning and optimizing…” What Resources Have Had the Most Impact in Your Life? ”My parents led by example. They lived below their means. They lived on one salary.  They tracked their spending every day.”"My parents taught me patience.""Clarke Howard" How Do You Want to Be Remembered? “As a whole, I just want to be a good, helpful person.”

"The younger generation is ruining this country!" This was said about the baby boomers. Now it's said about the millennials. The fact is, each new generation brings a fresh perspective that helps our society and country renew itself. Recently I spoke with a "millennial" who, like you and I did, is working to raise a family and save for the future. Want to Learn How to Draw From Your Savings During Retirement? I'll show you the system I use with clients during a free webinar on May 26th at 2:00 pm CST. A free replay will be available to all that register.CLICK HERE to register Favorite Quote "My goal is to get compound interest on my side as quickly as possible." Lessons Learned From Jordan's Journey Millennials are rejecting debt and working hardThere's a big difference between being frugal and cheap. It's important not to rush into big purchases. How important it is for couples to walk together as they manage their finances.About Jordan 27 years oldMarried, one child and one on the wayVery cheap or frugalSchool teacherLoves working with kidsWhat Does Retirement Means to You?   The idea if being a millionaire really struck meThat idea of being wealthy sounds goodThe idea of traveling a lot is wonderful What Are You Most Excited About Retirement? What Are You Most Worried About Retirement?Health, obviouslyI think my biggest worry right now is will I have enough money. I think that’s what drives me to save.The other thing that scares me….is the idea of inflation. What inflation will be like in 30, 40, 50 years.My goal is to get compound interest on my side as quickly as possible. How Do You Think You’re Doing? “Based on where most people are, I’d give myself an A” Do You Use a Financial Planner? “I do but probably not as well as I should.” What has Been Your Worst Financial Mistake? Being cheap rather than frugal when buying their home. What Do You Struggle With When Managing Your Finance? She (my wife) just wishes we could spend a little more money and I ‘m just more on the frugal side.…I wish I was a little bit less frugal, but then again I wouldn’t be in the situation I’m in now.” What Resources Have Had the Most Impact on Your Life? Dave RamseyRick Edelman Podcast How Do You Want to Be Remembered? The most important thing to me is to be a good father and husband

We all screw up along the way to retirement. We blow all our earnings. We accumulate a pile of debt. We dig a hole so deep, we wonder if we can every get out and prosper financially.In my 20's I bought a nice BMW and my wife and I built a fancy custom home. Both of us were earning good money and our prospects for future increases were great.  I thought this adult career thing was easy. Projecting "normal" wage increases on our income, meant that we would be on easy street. I mean my income could never go down could it?Lets just say I spent my 30's learning hard lessons and cleaning up the mess I made in our 20's. Jen's Journey to Retirement In this week's journey to retirement story, we here from a smart lady that screwed up with debt, dug herself out of her hole and is now prospering.If you're feeling like you're in a financial hole, listen to her story. She dug out and so can you. About Jen Native CalifornianDivorcedMid-40’s (aka 29)No childrenWorks in middle managementWhat Does Retirement Mean to You? “I do believe that as we’re exposed to new ideas…our values shift”“I didn’t realize how much debt could be shackles to your future”“Retirement is freedom for me. Freedom in terms of my determining where I want to spend my time”“Maybe for me it’s not really retirement, it’s financial freedom and independence” What Are You Most Excited About Retirement? “That ability to make spur of the moment decisions” How Would You Have Changed Your 20’s? “I would not have lived what I thought a typical american lifestyle was. I would not have lived beyond my means.” What Are You Most Worried About Retirement? “That I’m not going to make it and if I do my health won’t be there.”“What am I missing now since I’m deferring so much for this date in the future.”“The fact that maybe it’s too late. That I won’t be able to make that catch up date.”“Retirement is the language I grew up hearing. We all work until we’re 65 and then we collect Social Security”.“I don’t want to be that person that I have to augment my retirement.”“You can’t bank on the fact that you have good health in retirement and that you’ll be able to work” How Do You Think You’re Doing? “I would love it if someone could look into their crystal ball and say I’m okay.” Do You Use a Financial Planner? “I’m afraid I’m going to choose someone that is inexperienced or has dealt with a situation similar to mine” What is the Worst Financial Decision You’ve Ever Made? “Oh there are SO many”The decision to be a self employed individual and I was ill prepared with what that meant”.“I got into something like $40,000 of credit card debt”."“I understand depression. When you wake up and there’s nothing and there is nothing I can do to get out of this mess.” What Has been the Hardest Thing to Deal With Personally in Managing Your Finances? “There’s a fear that any moment now my good fortune could disappear.” What Resources Have Had the Most Impact on Your Life? The Little Engine That CouldYoung, Fabulous and Broke, by Suzi OrmanWhy you need FU money, Jlcollinsnh.comMr. Money MustacheHow Do You Want to Be Remembered? “I’m hoping who ever I meet…that I impact them positively.”

Despite what the media and some financial advisors tell us, preparing for retirement isn't about fancy strategies or the best investment. This week listener "Rick" shares his story of how he became a 401(k) millionaire by using a simple but powerful strategy."Rick" was the first listener to share his story. Rick isn't his real name and in order to present you a better image of who he is, I asked him what his financial "spirit animal" was. After an awkward pause he replied tortoise and after hearing his story, I thought it was perfect!As you listen to Rick's story, you may feel like I did...a little jealous.  Rick grew up with a sound financial basis from his parents. As you heard last week, I didn't. In fact, I think most of us didn't. If you're like me, don't worry. Regardless of where you are, you can begin a journey towards financial independence. About "Rick" Age 59Has worked for the same company for 30 yearsMarried 30 yearsSame House 30 years3 grown kidsShares hobbies with spouseWhat Does Retirement Means to You?   “I found it a little bit frightening"“I love my work…though I;m caught between the parts I like and the parts I don’t like”“I’ve always had a big lazy streak…work has so much structure and so many demands that it keeps me going”. What Are You Most Excited About Retirement? “The lack of stress!""That I’ll have time to do the things I like to do”. What Are You Most Worried About Retirement? “I think it would be health issues”.“I’ve seen a lot of healthy people get hit with significant deseases out of the blue.”“Nobody lives for every but I’d love to have 20-30 years of health left in my life.” How Do You Think Your Doing? “We probably have saved 20% of more of my pay since day 1.”“Even in the early years when my income wasn’t anything special we saved.”“We’re 401k millionaire now.”“Money doesn’t come into our lives just so we can get as many toys as possible, it’s there to help people.”“If you don’t save it, it doesn’t matter what your rate of return is, you’ll never have much.” What Has Been Your Worst Financial Decision? “I didn’t make many money mistakes because my parents were kinda Dave Ramsey people, long before Dave  was born.”"When we first got enough money to afford cars, we bought new cars”. What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “I really don’t know an answer to this one.” What Resources Have Had the Most Impact in Your Life? How to Win Friends and Influence People. "That ability to communicate and sell my ideas had as much to do with my intellect when it came to the success of my career.”What Do You Want to Be Remembered By? “I think really all I really want is my kids to remember me a certain the way, like I remember my parents.”“Someone that is honest, generous and was a loving father.” Want to Share Your Story? Tell me below. I'll send you the questions and details on how it will work.As a thank you for contributing to the community, you'll receive a free 30 minute consultation to address any financial planning issue you want.

There are plenty of people around today that will offer their services as a “life coach” or “business coach.” Few have the demonstrated history of success as businessman, family man and friend to man as Aaron Walker. Register for May 26th's Webinar: How to Manage Cash Flow in Retirement Click Here to RegisterIn this episode, Aaron shares his Journey Towards Retirement. Below are some notable quotes from our talk. Aaron Walker's Journey to Retirement What Does Retirement Means to You?   “I won’t ever retire. I may slow down but I love building…”   “Retirement means, I just want to be safe because I may not be able to work”“I don’t want to quit, but I do believe we should have common sense” What Are You Most Excited About Retirement? “I’m excited I’m able to help ordinary men become extraordinary….pouring knowledge and whatever little bit of wisdom I have into others” What Are You Most Worried About Retirement? “What creeps up sometimes is the fear of not being healthy”“Recently I started paying attention to my health…I’ve lost 40 lbs since November 1st” How Do You Think You're Doing? “I’m a big real estate guy, 75% of my retirement is in real estate”“I wish I’d saved a little more cash”“I worry sometimes if I’m balanced properly”Who Do You Use in Your Life to Help Make Smart Financial Decisions? “For the most part, I’ve done it for myself, that’s the reason I’m not as balanced as I should be” What Has Been Your Worst Financial Decision? “I’ve never blown money, I work to hard to make it”“Its simultaneous with one of my biggest successes. It was when I was 27 years old and I sold my business”“Looking back now, I think I probably could have parlayed that into something larger”.“I didn’t know I was going to get bored as fast as I did”“I came from a very poor family…when to opportunity came along, it was the most money I could ever imagine” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “In managing my finances, I’m self reliant and I probably should have been looking outward more and seeking more expert advice” What Resources Have Had the Most Impact in Your Life? Essentialism: The Disciplined Pursuit of Doing LessHow to Win Friends and Influence PeopleThe BibleTED TalksMastermind groups “absolutely a game changer for me” What Do You Want to Be Remembered for? “I want to be remembered as the guy that helped other achieve their goals and dreams”‘I want to be remembered as the guy that stops waiting to talk and fully engages” Free Resources From Aaron Walker to Help you Find Meaning Click Here to Get Aaron's Free ResourcesA Personal AssessmentWhat Do I Want?Steps to a Productive Day 

At the end of day, all that matters is what retirement means to you. Forget what the commercials say. Forget what the brochures say. Forget much of what your advisor may say. You don't have a "number", you have a life that you get to define and live. This week, I'm starting a new series called Retirement to Me, where you, the listener, get to share the lessons you've learned along your journey and what retirement means to you. Your Story is Important.  Each of you have unique experiences, knowledge and perspective about money and retirement. By sharing your story, you can have a positive impact on other's journey and help them view retirement from a fresh perspective. My guess is, by telling your story you'll learn more about yourself as well. Here's How it Works I'll interview willing listeners for approximately 20 minutes about their money and retirement story.Our conversation will be just that: an informal conversation (no fancy interview structure).I'll ask the same 10 questions (see below).You'll get the exact questions beforehand.Our talk will be prerecorded to allow for review and editing before publishing on the podcast.You can share as much or as little as you're comfortable with. In order to protect your identity, you can change your name and/or elements of your story.As a thank you, any participant whose talk is aired will receive a 30 minute planning call with me to address any financial issue they'd like to discuss.Interested? Let me know here (remember to include your e-mail!) I'll Go First To start things off, here is my money and retirement story. 

If you want to retire and are looking for guidance don't just find someone smart. There are plenty of smart advisors with plenty of smart ideas. It's been my experience that smart by itself, isn't enough. If you want to retire successfully, it's better to seek out wisdom."It ain't what you don't know that gets you into trouble. It's what you know that just ain't so."In this episode, I discuss some of the value a wise advisor can bring to your financial life. Including:Finding blindspots in your retirement planBring perspective learned from walking the journey with others on the same pathCreative solutions to your unique lifeManage emotions that can derail the best laid plan to retireDiligence to help you address the right issues,Consistent communication to assure the right conversations happen in the right frequency so you can make adjustments as your life unfoldsListener Question One question I had is if the Monte Carlo model factors in the different investment bucket assumptions. My assumption is it assumes the regular draw out amounts occurs evenly between the buckets in good times and bad.  If this is the case then not drawing on the equity bucket during bad time will help to increase the likelihood of not running out of money in retirement.  Please clarify.  Thanks, MonteGreat observation Monte. How you manage drawing from your assets during retirement is critical. Do it wrong and you could seriously handicap your chances of maintaining your lifestyle. In this episode, I answer your question directly.How to manage drawing from your assets during retirement is one of the most common questions I get.  To help you understand, it will be the focus of my next webinar. How to Manage Cash Flow in Retirement Webinar During the webinar I'll show you how to:Draw from your assets for incomeSet up and manage your cash flow reserve bucketsManage cash flow during down marketsevaluate the best strategy for youWhen:  Tuesday, May 26thTime:  2:00 CSTClick Here to register 

If you work for a company you're a cog in the machine. You're a replaceable part, easily eliminated or replaced if it suits the needs of the company. Sorry to be so blunt. I'm not trying to hurt your feelings. It's just important you accept this if you're going to thrive in the years ahead.Marc Miller is the founder of Career Pivot, which helps Baby Boomers design careers they can grow into for the next 30 years. Miller authored the book “Repurpose Your Career: A Practical Guide for Baby Boomers.” You can follow Miller on Twitter or Facebook. In this episode we discuss: What to do when you're offered a buyoutWhat is negotiableHow to evaluate a buyout packageHow to maintain your professional networkThe loss of the "social contract" How to succeed in the freelance economyWhy everyone is an entrepreneur

Most of the personal finance blogs you read focus on how to be more frugal. How to cut costs so you can safe and invest for retirement. it's important to be frugal but frugal only goes so far.I've invited Paula Pant from Afford Anything to chat about frugality and what might be a better place to focus your time if you're saving for retirement.Paula, is a thirtysomething that has chosen a unique path for her life. She's rejected the "normal" work path baby boomers learned and has embraced the opportunities of the growing freelance economy. Us "old folks" can learn from this sharp lady.Show Topics Include:The diminishing returns of frugalityThe opportunities to earn incomeA different way to approach retirementUnderstanding the new freelance economyWhat side hustle isHow to find income opportunitiesHer article Flex Your Hustle MusclePLUS Listener Questions & Webinar Feedback What are the actual mechanics of drawing money from my accounts during retirement?Can you explain return sequence risk?Is iCloud storage save for my In Case of Emergency plan?How do distributions work from an inherited IRA

Just because Bill & Sally can't achieve their ideal retirement, doesn't mean they can have a great retirement. In this episode,  we'll discuss: Why it's okay to not be able to achieve an ideal retirementCommon ways to adjust your retirement planUncommon ways to adjust your planHow to gauge how much investment risk to take during retirementPreview tomorrow's webinar results showHow to Access Tomorrow's Free Webinar If you've signed up to plan alongside Bill and Sally, you'll receive an e-mail with all the details.Thursday, March 26 at 7:00 pm CSTWebinar replay available to those that registerIf you haven't and want to attend...Click Here