Retirement Answer Man

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.

 Are you ready to dream up your IDEAL retirement? This is week one of the Can Carl Retire? virtual retirement planning event.  If you signed up for the free resources, you should an e-mail with all the items you need to complete this first important step. Haven't signed up yet??? No worries, there's still time. Click here and learn how you can plan along with us. Dream Up Your Ideal Retirement  In this episode, you'll listen is as I help Carl clearly defines his IDEAL retirement. This is the week you get to think BIG about your future too. Don't worry about getting it all right. Your goals will change countless times. Focus on identifying what you care about right now. We'll discuss a process later, on how to adjust them as your life unfolds. Your Action Items for This Week 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 Ideal Retirement Summary. This will give you a snapshot of what the end result can look like.Think BIG. Not thinking big enough could rob you of your dreams. Suspend your reasonable attitude and focus on what "having it all" might look like. There will be time later to see what is actually possible. For now, focus on creating your IDEAL.Watch the short video. In it I give quick tips on how to think BIG about your retirement.If you're married, include your spouse. Each of us have our own dreams of the future. You're spouse's may be similar but different. Now is the time to hear each others dreams and to create dreams together. This way, the two of you will be in harmony about the future. This is crucial to a great marriage and a great retirement.Complete the worksheet. Start off using scratch paper and go crazy with your dreaming. No filters here. Then, identify the goals that truly mean something to you. Don't forget to rate them as described in the worksheet. This will be important later on.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 hit reply to the e-mail I sent you with the resources.It's Not to Late to Plan Alongside Carl  Click here 

It's New Year's Eve and I've got two important items to help you create a great year in 2015. So let's get to it. Item 1 Get Your Retirement On Track Starting January 7th, I'll be creating a retirement plan for a listener, "Carl", of the Retirement Answer Man Podcast ON THE SHOW. The best part is, you can plan along with Carl and I!!! Click here to find out all the details. Item 2 Start Making Your Dream a Reality (with Lady J) Tonight a special lady, Jevonnah Ellison, is hosting her book launching party. On January 19th, her book, You Have What It Takes: How to Finally Start Making Your Dreams a Reality, hits book stores. If you're feeling stuck and want to jumpstart your 2015, please listen to our talk and consider buying her book. She has an amazing message and spirit that just might start you on your journey.You can visit her blog and get a free worksheet to help you discover your purpose here. THANK YOU A big thank you, for all your e-mails, phone calls and messages. You're encouragement and content suggestions are great. I've got a lot of cool stuff planned for 2015 to help you find that balance between living well today and securing a great tomorrow.

One of the most common comments I get from readers is how hard it is to get straight answers to their most important retirement planning questions. "When can I retire?" "What lifestyle can I expect?" "Will I run out of money?" What am I missing???"Starting January 7th, I'll answer these questions for a fellow reader (Carl). You'll get to listen in as we create his retirement plan each week, culminating in a LIVE webinar where you (and Carl) will hear the results for the first time.NOTE: check out the bottom of this post for an opportunity to plan alongside CarlWho is Carl?51 years oldMarried 27 years with a 19 year old child29 year corporate executiveWhat He Wants From the Plan:When can I get out?Will I run out of money?How do I plan for worst case scenarios?How do I handle healthcare?During the webinar, you and Carl will watch LIVE as I stress test Carl's plan against the most common retirement worries:Bad market returnsHigh inflationLong-term care costsOutliving his assetsHere's the Schedule January 7th   Defining Carl's ideal retirementJanuary 14th Reviewing Carl's financial resourcesJanuary 21st  Identiflying risks to Carl's planJanuary 28th Reviewing Carl's estate and giving wishesJanuary 30th LIVE webinar presentation giving Carl his resultsRegister now and create your plan alongside Carl You'll get: Weekly summaries of Carl's planFree worksheets and checklists to plan alongside CarlFree video tutorials to help you in each step of the processRegistration to the LIVE webinar on January 30thGo to www.rogerwhitney.com/rpl

"Why won't someone give me a straight answer?" This is the comment I get most from listeners trying to find answers to their most pressing retirement planning questions. In 2015, I'm stepping up my game to help you find the answers to your most pressing retirement planning questions. Announcing Retirement Plan Live Want to find the answers to the most common retirement planning questions?Can I retire?What the risk is that I'll run out of money?What lifestyle can I expect during retirement?What risks could blow up my plan?Starting January 7th, you'll get the chance to listen in as I work with a fellow listener, "Carl" , to answer these very questions as we create his retirement plan.You'll listen in, as I walk Carl through each stage of the planning process culminating with a LIVE webinar in which I present the results of Carl's plan.Who is Carl? Carl is a listener to the show. He reached out to me earlier this year with a fantastic idea. He said, "What if, you work with me to create a retirement plan and recorded the whole process so listeners can hear how it works?" "BRILLIANT", I said, "I don't think it's ever been done". So we did it.Carl and I have never met and have only interacted for this project. Each week, we'll play our meeting for each stage of the planning process. On January 30th, we'll have a LIVE webinar where you can watch and listen as I present the results of Carl's plan. Frankly, I haven't done the analysis yet, so even I don't know the results.This is your chance to get a demonstration of the retirement planning process and hopefully see how your most important retirement questions can be answered. Want to Create Your Plan Along with "Carl"? Sign up for weekly e-mail updates and launch yourself towards a great retirement. Each week during the month of January you'll receive a worksheet along with an instructional video to walk you through each step of the process. How to Launch Yourself to a Great Retirement with Stacking Benjamins My favorite financial podcast (besides my own ;-) ) is Joe Saul-Sehy's Stacking Benjamins. It's informative, fun and often times just goofy.  To quote his site, " In a world of hard-hitting, deep-thought financial stories, SB’s goal is lighter, more relaxed entertainment about money."In this episode, Joe and I discuss his recent white paper,  "Why You Shouldn’t Follow Dave Ramsey, Suze Orman or the Motley Fool".Joe doesn't  argue that you shouldn't follow a money guru, just that it's important you follow the right one. The right one depends on what stage you're your at in your money journey.He says there are three stages of your financial journey and an appropriate guru for each stage.Stage One        (Launch) Getting off the groundStage Two        (Orbit) Achieving financial freedomStage Three    (You could die) Build serious wealth. Create an awesome legacyTo get a copy of his free white paper click here.