Retirement Answer Man

Yeah, you read that right.  Bill and Sally cannot achieve their ideal retirement. That really sucks....or does it???Remember in episode 55, when I outlined Bill and Sally's ideal retirement? I said "too many people are being too reasonable when setting their retirement goals" and challenged you to think BIG about yours. Well, that's what Bill and Sally did. The fact that they can't achieve their ideal demonstrates that they did it right. They thought BIG about what their life could be. Now that they realize that "ideal" isn't reasonable, they can begin the work of prioritizing what matters most to them. That's an awesome accomplishment. Only by thinking BIG first were they able to identify everything they might want. Now they can choose the most important things.In this episode, I review their ideal retirement goals, financial resources and the results of their ideal retirement analysis. Here Are Your Action Items for the Week: Listen to the episode and think creatively about how we can build a plan for their retirementReview the ideal retirement analysis, are we missing anything?Answer the challenging questions.  This is important because YOUR input will be used in our live webinar on March 26th. Help Create Their Retirement Plan What possible changes can they can make?What changes would have the most impact?What are some "outside-the-box solutions you've seen?If they are unwilling to take more investment risk, what is the impact on their life goals?Go Here and submit your answers and I'll work to incorporate them into next week's webinar. Bill & Sally Want to Retire Webinar, March 26th at 7:00 CST If you're not already signed up to plan along side Bill and Sallysign up for the webinar here. 

If you asked me what was the most important item you should do to track your financial health I would tell you to track your net worth. A net worth statement is the most powerful tool you can use to track your financial progress over time. This simple one page document represents the sum of all your financial decisions over time.  There's no hiding with good intentions on a net worth statement. Ultimately, I think, it reflects what you value most. Organizing Your Financial Resources Now that Bill and Sally have dreamed big and identified their needs, wants and wishes for retirement, it's time to see what resources they have to work with.This week, we review their cash flow (income sources and expenses) and create a net worth statement to see their assets and debts.If you've signed up to plan alongside Bill and Sally, here are your action items for the week. (Haven't signed up yet? see the bottom of this post) Here’s Your Action Items for This Week: Make sure to listen to the episode. I review your comments and walk through Bill and Sally's financial situation.Review Bill and Sally’s cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.Watch the short video. I walk you each step of  identifying your income sources and creating your net worth statement.Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It’s worth the effort. Your net worth statement will be the key document you use to track your financial life.Estimate future retirement income sourcesBuild your net worth statementManage your current lifestyle and cash flowChallenging Questions of the Week Should they pay off their car loans? Why or why not?Should they contribute to ROTH IRAs? Why or why not?Are they saving enough? Why or why not?Respond with your answers here. It's Not Too Late Get All the Free Resources and Access to the Webinar on March 26th Click Here to Sign Up

Too many people are being too reasonable when setting their retirement goals. STOP! When you start your planning for retirement it is critical that you think big. There's time enough later to be reasonable. Right now, focus on what your ideal life would look like....what would your life be if you could "have it all"? I know, thinking big about your future, is much harder than it seems, especially when it comes to retirement. That okay, I'll help you snap out of it. Dream Up Your Ideal Retirement In this first step of planning with Bill and Sally, I personally challenge you to suspend our reasonableness. Sit down with your spouse and a glass of your favorite beverage (for these talks, this is mine) and dream big. Your Action Items for This Week: (For those of you that signed up to plan along)Listen to this episode. You'll learn what their ideal retirement looks like and some issues they face.Review Bill & Sally's Ideal Retirement Summary (If your not signed to receive it go here).Watch the short video. In it I give quick tips on how to think BIG about your retirement.Complete your own IDEAL retirement worksheet. Start off with your needs, dream a little and jot down some wants and then dream a lot more and add your wishes. DON'T BE REASONABLE, just put down needs, wants and wishes that would truly be meaningful to you.Ask questions. Having trouble dreaming big about your retirement?  Shoot me an e-mail. I’ll do my best to answer your question. Send me an e-mail or go here. Challenging Questions of the Week How should Bill and Sally address their personality differences?How have you dealt with a similar issue?What other potential issues do you see in their ideal retirement?Send me an e-mail or go here to give my your answers. It's Not Too Late to Get All the Free Resources to Plan Too  Just Click Here 

Want to retire a year earlier? Maybe have a bigger lifestyle budget for travel? You might be able to if you change your relationship with your car. "According to Edmunds.com, the average monthly payment on a new vehicle is $479. Considering your existing car is trouble-free, saving that $479 per month means an annual savings of $5,748 by postponing the purchase of a new vehicle" (bankrate.com).In this episode I talk with James Kinson from Cash Car Convert. James is on a mission to change how people think about and buy cars. What to look for when you're buying a used car.The value of buying usedThe dangers of long car loansHow to buy a used carThe value of buying a used car from a new car dealerHow long a car can last (and still look great)Why you should do all the schedule maintenanceIn the Market for a Car? Connect with James and learn how to do it rightThe Cash Car Convert blogThe Cash Car Convert podcastBill and Sally Want to Retire Based on your feedback from January's Can Carl Retire series, I've created a case study for us to work through in the month of March. Meet Bill and Sally :Bill is 58 years old. Sally is 59They've been married for 13 years (their 2nd marriage)Both work outside the homeEach has an adult child from a previous marriageNeither has a pensionBoth started saving later in life (early 40's)Bill is very worried about the markets and world economySign up and plan alongside Bill and Sally and get access to an exclusive retirement planning webinarrogerwhitney.com/billsally

Okay, you're planning for retirement, but what exactly are you planning for? I don't think most of us think about this. We work and save and work and save, but spend little time figuring out what we'll actually do when we retire. In this episode, I interview Tom Schwab of Goodbye Crutches and Inbound for eCommerce.  Tom is a great example of someone that overcame a potentially devastating business set back to build a build a business that he can enjoy well into retirement. There are a lot of great lessons we can learn from his story. Such as:How your lifestyle choices can set the tone for your entire lifeWhy we're created to serveThe importance of focusing on people and experience rather than thingsHow to organize your life to stay engaged well into "retirement"How to think intentionally about your career

I'm still amazed at the level of engagement and transparency "Carl" has had throughout the process of creating his retirement plan on the show. I'm just as amazed at how much the series has resonated with you, the listener. Your questions, comments, suggestions and thank you's made the series better.In this episode, you'll get to hear directly from Carl and Jane as we discuss the Can Carl series, retirement, planning, investing and where they go from here. Recently, while on a business trip, I had the privilege of spending an evening with Carl and Jane at their home. After a great dinner (thank you Jane), we sat together and I recorded our conversation. Lots of pearls of wisdom here, so it's worth a listen. A Personal Reflection on “Can Carl Retire”….  On September 5th, 2014 a listener to The Retirement Answer Man wrote the following email to Roger:Roger, New to you, impressed. Spent 30 mins in your library today - well done. Wondered if you'd be interested in doing a "deep profile" as a blog? I could share all my detail, you could use as a case study for a blog (keeping me anonymous, preferably?). I'm 51, manage my own $, have ~ $1.8 M net worth and pension, looking to sell house to downsize to cabin (2nd home at the moment),  have a detailed tracking of actually spending by month. Question: Out by 54, 55, or 56?  How much "cushion" is worth the extra time being a corporate rat vs pursuing our dream of RV'ing and working seasonal jobs in National Parks. I could share any level of detail you'd ask for to build an interesting case study. Interested?That listener was me, who you all now know as Carl.Three nights ago I had the wonderful experience of sharing dinner in my home with Roger and my wife (who you know as Jane), and found it to be a perfect celebration of success. Success via an innovative podcast series which grew from that seed of an idea first planted in that email 5 months ago.  It’s personally very rewarding to have conceived of an original idea and participated as the idea grew to a beneficial fruition, and I’d challenge all of you to seek similar opportunities. So…..……What worked?Beneficial:  To me (free retirement review), The Retirement Answer Man (interesting podcast fodder) and The Listener (education and free resources).  Find something that brings value to folks beyond yourself.Mentally Stimulating: The podcast recording sessions with Roger were a blast.  I’ve been 100% “Self Studied” until now, having the opportunity to banter with a pro was stimulating.  Find something that stimulates your mind.Assuring:  Having a professional review of this critical question (Can You Retire?) goes a long way in steading nerves as you approach perhaps the most important decision in your working career. Find something that answers that “nagging question” in your life.Relationships:  They’re important, and a new relationship was built between Carl and Roger that I am confident will continue for years to come.  Find ways to build relationships.To close:  Carl didn’t do anything extraordinary.  He came up with an idea (case study), identified the right platform (podcast), then approached the right person for the concept (The Retirement Answer Man).  Any of you can do the same, and I hope this series encourages you to try. Your Feedback [feature_box style="2" only_advanced="There%20are%20no%20title%20options%20for%20the%20choosen%20style" alignment="center"]From Dave "After living through the dot com downturn in 2000-2001, I never really recovered in my ability to deal with the market volatility and staying the course in downturns.  As a result, I have generally stayed out of the market for many years. I know that inflation risk is an issue so I am slowly getting back into the markets.  I would like to see you cover a case study or set of recommendations / strategies that would address these issues."From Kevin"I’ve been enjoying your blog & podcast for the last three months, your content is interesting especially for finance geeks like me.  I would be interested in either another real world example or case study of a plan you've previously worked on that does not include a large pension."From Ken"I really enjoyed the podcast series with Carl.......I would like for you to do another with someone that isn't perhaps as well off financially and much closer to retirement... I think this would prove beneficial to all age groups."  You Get to Help Me Answer: Can Bill and Sally Retire?  Starting March 4th, I'll start a new series with a fact set based on your feedback. And the best part is, this time, YOU GET TO HELP. Just like last time, you'll have the chance to sign up to plan along side Bill and Sally and attend a live webinar at the end of the month.Unlike last time, this will be a pure case study (no live subject) and you'll get to help build the plan for Bill and Sally. Each week, as we walk through each step of process, I'll ask you to brainstorm solutions to help Bill and Sally get close to their IDEAL retirement. I'm still working out some of the details but here are the basic facts:Bill is 56, Sally is 57Married 13 years (2nd marriage)Both work and their household income is $180k2 children, age's 20 and 25 (one his, one hers)No pension Started saving late (late 30's)Worried about the markets and economyMore Details Soon (I think this is going to be great!)    

WOW, your response to the Can Carl Retire? series in January and last Friday's results webinar were off the charts. I received so many kind comment and sharp questions from you. In today's episode, I'll answer a portion of your questions and will work to get to the rest of them in next week's episode. Please keep them coming. If you're wondering, no doubt thousands of others are too. Want to Watch the Webinar Replay? The webinar replay will remain available until Sunday, February 8th (11:59 pm). You can watch it by clicking below.rogerwhitney.com/webinar Listener Questions Answered in This Episode From Ken "I didn't see you mention an emergency fund, why is that?"From Ken "What provision is made to pay for taxes on his 401(k) plan when required minimum distributions are required since most of his wealth is in tax-deferred plans?"From Randy "Quicken sells software, called "WillMaker Plus", to create "a Will, Health Care Directive, Durable Power of Attorney for Finances and other essential documents".  Do you have an opinion on the value of such software?"From Joe. "I appreciate the webinar yesterday; helps me in thinking thru retirement planning.  The question came up around pensions and taking a lump sum vs. taking annuity payments.  You said something to the effect of "99% of the time it's better to take the annuity." That's one of my central planning questions, as I have a company pension that I will eventually be drawing from.From Ken. (Ken was getting into this) "I just listened to the replay and thought it was very informative and provided a nice example of the process. As you mentioned during the webinar, given Carl is lucky enough to have a healthy pension which is rare these days, it would be interesting to know what the equivalent lump sum in current investable assets would need to be to get him to the same answer if he did not have the pension."From Dave. Good podcast and interesting information about Carl's situation.  I am wondering whether your estimated returns for Carl were too aggressive.  Where the estimated returns (8+%) that you were showing after tax returns?  It just seems, while the portfolio would be a nice blend, that the return estimates were higher than I have been estimating in my personal returns.  Regards, DaveQuestion for You: What do you want next? The Can Carl Retire? series really resonated with most of you. It's been exciting to see you participating and asking question.What would you like me to focus on next:Another real world example?Case studies of plans I've worked through (good and bad)What to do if you're behind on savings?More webinars?  If so, on what? Social Security Maximization, goal planning or understanding market returns are some topics that come to mindClick here and let me know

Don't Skip This Step!  Sign Up for Friday's Webniar HereOne of the most heartbreaking things I've seen over 24 years advising families is a surviving spouse or family member dealing with an unorganized estate. Not having your affairs in order, puts a huge burden on your family and compounds the stress of there loss.According to a recent survey, 61% of people don't have a will. Even those that have a will, have failed to organize their financial information to make it easy for their loved ones to act.  Don't be one of them.Leaving a big mess of your affairs and estate plan will make life suck for your family when you die. A messy estate can take major financial and emotional tolls on your family.Take the simple steps outlined this week and give a beautiful gift to those you leave behind.Here Are Your Action Items for the WeekListen to episode 50.  We discuss, the basics of organizing your estate.Review these worksheets. These 3 worksheets will give you the basics to make things easier for your heirs: 9 Important Estate Planning StepsWhat Your Survivors Need to KnowWhat to Do When A Loved One DiesCompete these to give your spouse or family the gift of an organized estate. Organizing Your Financial LifeCreate an I.C.E. PlanFamily Love LetterAsk questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.Don't Miss Friday's WebinarDon't forget to tune in to the Can Carl Retire? Results Webinar this Friday at 3:00 CST.You'll watch live as Carl finds out whether he can achieve his ideal retirement.Plus, you see live as I stress test Carl's plan against the most common worries in retirement:Bad market returnsHigh inflationLong-term care costsOutliving his assets 

Risks can rob you from living a great life. Focus too much on them and you can miss out on a full life. Ignore risks and you can destroy your family's financial security. If you've started planning for retirement, you're probably overwhelmed with all the things you should worry about. This week, we'll address, head on, some of the biggest risks during retirement and help you assess  how to handle them. Important Note: If you haven't listened to step 1 or 2 of Carl's Plan you'll want to start there:Step 1 Imagine Your Ideal RetirementStep 2 Identify and Organize Your Financial ResourcesThis week, you'll focus on identifying and managing some of the big risks we all face during retirement.Longevity risk--Will you live to 100? Here's a calculator to estimate our chancesInflation risk--What could the cost of living be 15 years from now? Find out hereMarket riskTax riskHealth care riskLong-term care riskHere's Your Action Items for This Week   Make sure to listen to the episode. I discuss each one of these retirement risks and provide some insights into how you can plan for them.Review Carl's health care cost estimates. This will give you some insight into what you can expect.Review worksheets. Review the Facing the Complexities of Medicare and Choosing Long-Term Care Insurance worksheets. These will give you the basics on how to address each area.Complete the Will I Live to 100? calculator. The odds might be greater than you think.Complete the Retirement Health Care Cost Estimator (optional). If you submit it, you'll receive a free personalized estimate of your retirement health care costs to help you plan for the future.Finally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. Simply click here and ask your questions.In week 4, we'll discuss how to organize your affairs and set a gifting strategy for those you  love.   Want Access to the Free Resources to Plan Along Side Carl? It's Not Too Late to Create Your Ideal RetirementSign up (rogerwhitney.com) and  you'll receive:All the retirement planning resources from week 1 and 2This week's resourcesAccess to next week's webinar to find whether Carl is positioned to achieve his ideal retirement.

Well, Were You Able to Dream Up Your Ideal Retirement? It can be hard to think big. Hopefully, you stretched yourself. No worries, if you're not finished. Your life is always a work in progress.Important Note: Sign up late? If you'd like the resources from week one, replay and let me know.This week, you'll focus on identifying and organizing your financial resources. In this step you'll create a clear snapshot of your current financial situation. This is a critical step. Don't get bogged down in getting every number right. You can fine tune things later on. Just focus on getting a read on your current financial picture.For some, this can be hard to look at. If that's you, please relax. We've all walked a similar road (including me!). If you've made mistakes (maybe BIG mistakes), forgive yourself. The fact that you're receiving this e-mail proves, you are working to create the best life you can. Here's Your Action Items for This Week (To get assess to these resources sign up at rogerwhitney.com) Make sure to listen to the episode. There are a number of subtle points made that will help you as you plan. For example, Carl made an important statement early in our talk. He said "Retirement planning should be about running to something, rather than running away from something."Review Carl's cash flow summary and net worth statement. This will give you a snapshot of what the end result can look like.Watch the short video. In it I give quick tips on how to think BIG about your retirement.Complete these worksheets. It might take a little homework to get the estimated value of your social security, pension, assets and liabilities. It's worth the effort. Your net worth statement will be the key document you use to track your financial life.Estimate future retirement income sourcesBuild your net worth statementManage your current lifestyle and cash flowFinally, ask questions. If you're stuck or unclear about something, shoot me an e-mail. I'll do my best to answer your question. In week 3, we'll discuss some of the financial risks during retirement and ways to decide what to do about them. It's Not Too Late to Create Your Ideal Retirement Sign up (rogerwhitney.com) and receive weekly e-mails with all the resources we've covered.