Retirement Answer Man

Do you remember your high school sweetheart?  I remember.....all of them. Young "love" is exciting how often does it turn into true love, that lasts into retirement?  I found my true love, Shauna, in college. This year, we'll celebrate our 25th anniversary. When did you meet your true love?In this week's journey to retirement story, we hear from true high school sweethearts, John and Patti.Lessons LearnedYour story matters. It’s great to hear couples have conversations based on the stories you share on this podcast.Retirement is more about having flexibility in what you do than simply not working.Fixing things yourself can save a lot of money and keep you engaged.Not knowing when retirement is possible and what it could look like is a central issues people struggle with.You and your retirement goals will evolve over time. It's important you have a nimble process to help you make good retirement decisions along the way.John and Patti Patti age early 50’s and has worked for the same company of 28 yearsJohn works in the technical fieldThey've dated since age 17 (how sweet is that??)Two grown DaughtersGearing up for retirementWhat Does Retirement mean to you? Patti:  Retirement means doing a lot more things, doing the things I want to do. I don’t think I could not do something. It’s flexibility at an age when you can still enjoy it.John:  I’m kind of a do it your selfer. There’s really a lot of money to be saved by fixing things yourself. Retirement for me is going to be doing the things I want to do, on my terms. That in a nutshell is what I’m hoping for. I’ve got a laundry list of things I want to do.What are you most excited about? John:  Right now I commute an hour each way. I’ll have 2 hours my day back just like that. There are some things I’ll probably be doing in my 70’s that I could never think I would do.Patti:  Moving to a warmer climate in the winter. Maybe downsizing our main home.What are you most worried about? John: Do I have enough money. Am I going to run out of money. That kind of thing.  I have a lot of things I’m planning on doing. Am I going to be able to do them?  Is my health going to be okay?Patti: The worry for me would be managing the money properly so we have enough. We always worry about the health care costs. I think that will be a major cost that’s hard to predict. How do you think your doing? Based on the calculators we’ve run, I guess, we’re not panicking. We’re doing the best we can. If it means working longer that’s what we’ll do. If it means retiring earlier, that’s what we’ll do. Do You Use a Financial Planner? We do a lot ourself.What I’m looking for is someone to help me with a plan to move forward, give us recommendation and Patti and I execute them.A lot of the places say we need to transfer all our money to this financial institution in order for them to manage it.What is the worst financial decision you’ve ever made? John: Before we got married…I read a book on penny stocks and I proved that book wrong. What are some of the things you have to deal with personally when your managing your finances? John: I think the biggest thing is…it’s (financial planning) not exciting. You can see it’s important but it’s not urgent so it doesn’t get the attention it desereves.Patti: The budget part. John wants to stick to it more than I do. He wants it all documented whereas I know more of what I spent and what I didn’t. What is the one resource that has had the most impact on your lives? Patti: My parents. I think being brought up in a modest home and working at a young age…has made me into a conscientious spending adult. How do you want to be remembered? Patti: I’d like to be remembered for helping others and being a core part of the family.John: For the positive experiences we’ve had together.Have a question or want to share your story? Click Here. 

You'd never intentionally make a stupid investment for your retirement. Yet, most of us do everyday. We invest or should I say digest horrible things into our body. Over time these bad "investments" rob us of the most important thing in retirement, our health, and potentially give us a huge negative return in the form of high health care expenses. Luckily, there are some simple things you can do now to create a healthy retirement. Simple Investments to Create a Healthier Retirement. Pharmacist, Phil Carson of carsonnatural.com has counseled patients for years on medications to treat their health problems. Over those years, he's seen the long-term effects of treating symptoms and not the causes of common health issues.In this episode he shares his simple advice to create a healthier retirement. Highlights From Our Conversation  "I want to help those that are half living to learn that they can live fully alive.""You get to that point when your retired and you don’t want to end up spending all of your money on health care. You have this nice nest egg and they start to see it dwindle away because they have to spend so much on healthcare because they didn’t do what was necessary before hand.""Be proactive. Don’t wait until your dealing with a health issue like high blood pressure or cholesterol .""What I see a lot are people at retirement age that have been working to build up that nest egg, waiting to retire. When they finally retire and then they get sick because they’ve pushed themselves so hard. They failed to stop to thing and be proactive in taking care of their body.""When your talking about health and being proactive and taking care of your body, I look at that as an investment in your future.""It’s not just about the quantity of life, you’ve got to think about the quality.""A lot of medications are designed to just treat symptoms. They’re not designed to treat the underlying cause."Don’t just look at treating symptoms, treat the cause.""The majority of people with high chlorestorol issues, its because of their lifestyle problems" 5 Simple Health Investments to Make Now DRINK WATER (one half your body weight in ounces).Get source minerals from spring water or supplements.Replace electrolytes.Eat more food instead of food products.Exercise.Diagnosed with Diabetes or Pre-Diabetes? Facts From Dr. Phil Carson29 million diagnosed with diabetes86 million diagnosed with pre-diabetesStatistics show that if within 5 years, these folks don’t make some type of lifestyle changes they will be in a diabetic state.Making lifestyle modifications can help turn things around for most that have been diagnosed with pre-diabietes.A health coach can make all the difference in helping you make lifestyle habits.A lot of times we need that person to come along side us to give us that nudge and help keep us on track.Find More From Phil Carson Here

IS ANYONE THERE???  I ask because, no one wants to talk about dying or end of life costs. Seriously, when does one bring this subject up?  At a family dinner?? Maybe on your Saturday date night???  Most likely the subject is broached when you bear witness to the devastating effects it has on someone you know. The Emotional and Financial Costs of End of Life Care I've learned a lot about the devastating costs of end of life care lately. Over the last year, there's been a lot of death in my family. Last year my sister, Barbara passed away at age 51 and my aunt Nicola passed too. Now, at age 96, my grandmother is tiring out and is in hospice.When someone you love is dying, it takes a toll on everyone close to them. If you're not careful the emotional and financial toll can be devastating.In this episode,We'll discuss:How to manage the emotional cost of end of lifeThe role of family in end of lifeThe average cost of end of life careThe uncertainty of the end of life processWays to plan for end of life costsThe importance of good estate planning documentsHow to write a family love letterListener Question After listening to episode #69 I have had a question I have needed answered for a while.. .Quick background Im 33yrs old have no retirement working on life/work balance.Married 3 kidsBuilt my own business for last 8 years best profits have come last 2 years and current year.I have no debt personally besides my mortgage.I have some business debt im paying off over next 2 years.  My question is how much should I start investing in retirement vs reinvesting into my company to help it grow. Up until age 30 I have had the mindset that ill invest in my retirement later and building the companyGreat question!  I struggled with this question as well and work with many owners that have the some issue. We business owners tend to be very confident in our abilities and company. Most business owners have the majority of their assets tied to their business. Makes sense, since typically the best return on investment is investing in themselves.If we're not careful, though, we can become addicted to fueling our business and fail to diversify our assets outside our business.We'll discuss:The difference between a cash flow business and enterprise.How to decide when to start diversifying your assets outside your business.The difference between wealth creation and wealth preservation and growth.The importance of not getting "addicted to the deal."How to separate your business and personal finances.The importance of "don't go broke" money. 

You may die tomorrow. You may get sick. There's no way to predict it and there's nothing you can do about it. Yeah, It sucks, I know. I've got the same deal. As important as planning for retirement is, its just as important...no, more important....you make the most of the only life you have. The one that's happening right now!The frailty of life is so easy to forget. We're so busy planning, worrying and doing we can miss enjoying the here and now. Lately, I've had lots of reminders of how important enjoying today is. Last year, my sister passed and aunt passed away, my grandmother (age 96) is in hospice and a old neighbor was just diagnosed with MS. I think of events like these as taps on the shoulder. God reminding me, that I was created to live NOW.Don't just plan a great retirement. Not at the expense of living today. To create a great life, you need to find that balance between living well today AND planning for tomorrow. I know, it's a hard balance to achieve. It might be impossible. You still need to try though. And don't wait, as many do, for a health issue to force your hand. Start today to:Dream up, plan out and begin living an amazing life.In this week's episode, we here Amy's journey to retirement and how health issues helped bring into focus the need to find better balance between living today and planning for retirement? Lessons Learned From Amy's Story Don’t postpone living. Tomorrow is promised to no one. Health issues can hit at any time.Resist the urge to inflate your lifestyle as your income rises. Society has trained us to be consumers and it can rob us of our financial security.Even after financial ruin, you can have a great life.Who is Amy? 46 married 15 yearsTwo children, 19 and 20Owned our own business, CPATeaches part time at a local universityShares the same financial philosophy as her spouseVery debt adverseWhat Does Retirement Means to You?   “I enjoy working. I consider being a professor being retired from being a CPA.”“I don’t see us every not doing anything.”“We envision traveling and work camping to help pay expenses.”“I am disabled and my mobility has gotten worse as I’ve gotten older.” What Are You Most Excited About Retirement? “Not having to worry about the money”“Being able to travel”“Retirement means being able to go do what I want to do.” What Are You Most Worried About Retirement? “My health.”“It (health issues) kinda opens your eyes that you’re not promised tomorrow.” How Do You Think You’re Doing? “My grandparents were always a good role model.”“Being a CPA and seeing a lot of people struggle. I didn’t want to structure.” What’s the Worst Financial Decision You’ve Ever Made? “One thing we both regret, as the careers were lifting off…you always think you’re supposed to have that next big thing. The Cars the boats, the house…So we traded in this really nice house for this big mammoth..house. We got into it thinking that is what we were supposed to have.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “I think telling myself that we have enough….because we had nothing and I never we want to go back there.”“For the past 40 years we’ve been accumulating and accumulating. It’s hard now to decompress and flip that switch.” What Resources Have Had the Most Impact in Your Life?  It comes from your multitude of experiences.Mr. Money MustacheFinancial blogsHow Do You Want to Be Remembered? “Just a good mother, wife and someone that gave back.”“I just want to be happy and for my family to be happy. That’s how I want to be remembered.” I Need Your Help Many of you have asked questions about Social Security benefits.  Smart move. Your Social Security benefit may be the most important retirement assets you have. I'm in the process of creating educational materials on how to maximize your Social Security benefits. What are the 3 things you'd like to learn about taking your Social Security benefit?Click here and let me know.

If you're working to build a great retirement, stop listening to weekend investment talk radio. The economics of these local shows encourage the sale of investment product rather than offering sound investment advice.  In this week's episode, I answer listener questions and talk about the difference between investment and investment product and why too much worry will rob you of your life. Brenda asks:  "What do you think about those weekend radio shows where they talk about "no risk investing" and how their clients "never lose money"? Are they legit?" In my answer I discuss: The economics of weekend investment talk radio.Why you should be careful in responding to messages playing off your fear or greed.The differences between investments and investment products.How to make smarter investment decisions.Janie Asks: Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years--prior to that paying off student loans, building business etc.) We have no credit card debt and no car payments. What stresses me out, is that I don't have a traditional 401K so I don't know what is "normal" amount saved.  I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high? Frankly, I want to be safe. I had a very uncertain, unstable childhood. I've built a great life for myself but I find myself not being able to enjoy my efforts because I'm constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol). In my answer I discuss: Why Janie needs to STOP worrying and start living more (I say it with love).Why Janie and her husband should be PROUD of their progress.The dangers of constant financial worry.How a having sound plan can help lessen financial worries.How a good financial planner might bring needed perspective and structure to their financial life.Want to Make Smarter Financial Decisions? Get free access to resources to help you:Create a net worth statementManage cash flow if you hate to budgetUnderstand the basics of Social SecurityClick here and get access to these and over 30 other retirement resources.

Have you noticed how these Journey to Retirement stories have little to do with money? Each listener story has focused on freedom and experiences. Favorite Quote From This Week's Story "It (retirement) means the freedom to do what we want, when we want and where we want.” Lessons Learned It’s important to think about what financial situation your spouse will be in when you pass.Pay attention to fees and make sure the fees pay are adding value to your financial life.Brake the habit of using consumer debt. It can be a major drag on building wealth.Who is Harold Age 56Retired Air ForceCurrent civil servantMarried 23 yearsGoal to retire in 6 yearsWhat Does Retirement Means to You?   "It means the freedom to do what we want, when we want and where we want.” "Our big hold up is not having the time to do the things we love."“Our time is limited and everything we want to do feels rushed.” What Are You Most Excited About Retirement? “I’m excited about…well, see above answer.”“Traveling is our big thing.” What Are You Most Worried About Retirement? “My main worry is...if something happens to me that she is taken care of.”“I used to assist widows and widowers upon the death of their spouse. I saw so many times when the main breadwinner died and they were in horrible financial straights. I want to assure my wife is not in the same boat.”“I want to make sure she knows where everything is because I don’t want her to feel paralyzed if something happens to me.” How Do You Think Your Doing? “I’m feeling very good.” Who Do You Use in Your Life to Help Make Smart Financial  Decisions? “I have not and I’ve come close on three different occasions.” What Has Been Your Worst Financial Decision? “I really don’t have a big financial mistake, but I have several small ones.”“Prior to my wife coming into my life, I was not at all bothered by carrying debt. After she came into my life, she put a stop to that quickly.”“I never used to pay attention to fees on the mutual funds I would get into.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “The 2001-2002 and 2007-2008 markets were very hard to watch the bottom fail out of the market.”“Putting money in is easy to me. Taking money out (in retirement) I think will be mentally a little more difficult.” What Resources Have Had the Most Impact in Your Life? “The Truth About Money” by Ric Edelman“Buckets of Money” by Ray Lucia How Do You Want to Be Remembered? “Well Roger, I’d like to think of myself as a loyal, kind family 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.