Retirement Answer Man

Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right. What can you learn from FIRE? Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore. Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests. Listen in to learn how you can create a rich life now without waiting until retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:55] When I retire I will…[5:10] Lessons to learn from FIRE movement[13:43] What financial lessons to learn from FIREd people[16:23] Planning from the inside outLISTENER QUESTIONS [22:18] What is the payoff/penalty of using my IRA to do a Roth conversion?[30:25] Moving money from an IRA to an HSA[34:07] On refilling the pie cake [38:47] Make sure you have enough taxes withheld when doing Roth conversions[41:39] Can Gail open a Roth for her granddaughter?TODAY’S SMART SPRINT SEGMENT [43:33] Write down one thing that you know well and question it with a mindset of curiosityResources Mentioned In This Episode Arthur BrooksCal NewportDesigning Your Dream Life with Arthur BrooksMark’s Money MindRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since. This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:58] The challenges of leaving traditional work early[10:55] Healthcare is one of the challenges[17:28] The non-financial challenges of FIRELISTENER QUESTIONS WITH ANDY PANKO [27:44] Which Social Security benefit should we take?[31:28] Relating to working with a bad financial advisor[36:47] What to do with an overfunded whole life insurance policy[43:07] How are IRMAA surcharges calculated?TODAY’S SMART SPRINT SEGMENT [47:55] When you’re in a disagreement with someone, step out and reset yourself to gain perspectiveResources Mentioned In This Episode Retirement Planning Education podcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Now that we know what FIRE is, let’s learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE. Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don’t miss out on this informative episode! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:41] Life as a journey[3:00] Benefits of retiring earlyBRING IT ON WITH MARK ROSS [19:09] Why is creativity important?LISTENER QUESTIONS WITH TAYLOR SCHULTE [25:52] About the Retirement Podcast Network[28:43] How to choose between investing in a Roth 401K and a traditional investment account[33:55] Timing a reallocation of assets[39:45] A good, detailed, free retirement calculator[44:55] Why Rosie didn’t hire another financial plannerTODAY’S SMART SPRINT SEGMENT [50:28] Define whether your decisions are hats, haircuts, or tattoosResources Mentioned In This Episode New Retirement CalculatorThe Retirement Podcast NetworkStay Wealthy PodcastDefine FinancialBOOK - Coaching Beyond Words by Anna SheatherBOOK - How to Think Like Leonardo DaVinci by Michael GelbBOOK - Atomic Habits by James ClearPODCAST - Choose FIPODCAST - Catching Up to FIBOOK - The 100-Year Life by Andrew Scott and Lynda GrattonBOOK - The Second Mountain by David Brooks Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Have you heard of the FIRE movement? It’s become increasingly popular in the past few years. Even if you are technically too old to retire early, there is something we can all learn from FIRE seekers. In this episode, Kevin Sebesta, a real live FIREer joins me to discuss what FIRE is, how he achieved it, and what people who retire early do with their time. Make sure to stick around for the Bring It On segment with Dr. Bobby Dubois to learn whether supplements are worth the time and money we spend on them. Dr. Bobby helps us develop a framework for deciding whether supplements are right for us. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT I READ IN JANUARY [2:02] Books I read last monthPRACTICAL PLANNING SEGMENT [5:55] Meet Kevin[9:56] Defining FIRE[15:24] Who enjoys FIRE [21:23] Why FIRE has caught onBRING IT ON WITH DR. BOBBY DUBOIS [26:12] Why are supplements important?[30:54] How should we go about exploring supplements?[39:44] What do the studies show?[44:18] What about multivitamin supplements?[48:20] What supplements does Dr. Bobby support?[52:10] The takeawaysTODAY’S SMART SPRINT SEGMENT [53:58] Read a book!Resources Mentioned In This Episode BOOK - Scarcity Brain by Michael EasterBOOK - Moby Dick by Herman MelvilleBOOK - The Eye of the World by Robert JordanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

How do you manage a joint cash flow with separate assets? In addition to discussing Mark and Mary’s situation, today I chat with Kay about how she and her husband handled finances with their late in life marriage.Kay gives us some insight on how to manage finances in a financially unbalanced relationship. You’ll appreciate her perspective on how to manage the household cash flow when you haven’t always been married.Make sure to stick around to hear an update from Sam, our single Retirement Plan Live case study from 2018. She’ll let us know how she’s been doing, what has surprised her about retirement, and whether her retirement plan has changed. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [6:40] A comment about this RPL[8:12] How to discuss uncomfortable topics with your partner[13:56] Some examples of how separate assets can work[19:03] Chatting with Kay about her relationship and prenup[25:14] How they managed cash flow after they married[31:40] How they navigated the financial challenges in their marriageCATCHING UP WITH SAM FROM THE 2018 RETIREMENT PLAN LIVE [34:18] What Sam has been up to since we last chatted[38:01] How she has dealt with the ups and downs of the markets[42:26] Does her retirement plan look the same?[44:41] What has surprised her about retirementTODAY’S SMART SPRINT SEGMENT [50:24] Think about how you will manage your cash flow in retirementResources Mentioned In This Episode 2018 Retirement Plan Live with Sam  219,  220,  221,  222,  223Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

We’re back with Retirement Plan Live to explore how two adults who married later in life can share their resources as they age.Last week we looked at their goals both individually and together and today we’ll do the same with their resources. Listen in to hear the different ways that older adults who come together later in life can pool their resources so they can rock retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [2:55] Let’s look at their resources[8:56] How can they use these resources together and separately[14:22] What to expect next weekBRING IT ON WITH MARK ROSS [15:30] How to have a positive attitude while you age[18:02] Developing a purposeful path to aging[20:03] 3 things to considerTODAY’S SMART SPRINT SEGMENT [22:06] Organize and refresh your financial resourcesResources Mentioned In This Episode BOOK - Who Do You Want to Be When You Grow Old? by Richard Leider and David ShapiroBOOK - The Comfort Crisis by Michael EasterRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

In this episode of Retirement Plan Live, the host discusses the importance of shared and separate goals in retirement. The guest from the 2017 Retirement Plan Live, Lori, shares updates on her retirement plans and offers advice for new retirees. The podcast also covers topics such as managing money in a relationship, continuing work after retirement, changing retirement plans and financial decisions, purchasing preferences and future plans, and retirement planning and finding purpose.

If you’re married, do you have retirement planning meetings? If you’re single do you plan a time to meet with yourself to plan your retirement? What or whom do you use as a sounding board?In this Retirement Plan Live, we’re getting to know Mark and Mary–two lovely people who have found each other later in life. This mature newlywed couple is trying to iron out the details of their finances. Sit back and enjoy this episode where we meet Mary and learn about her story and the financial challenges she and Mark are facing in their new marriage. As you listen to Mark and Mary’s story maybe you can use it to frame your own retirement planning conversation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A BIT OF HOUSEKEEPING [1:50] What is the retirement podcast network?[3:43] Books I read in December[7:00] A correction on a recent question[7:45] Some listener wisdom on what Rojo should do to retire at 60[13:43] Sign up for the results webinar!MEET MARY [14:38] What motivated her to volunteer for RPL?[19:03] Advice for anyone navigating the online dating world[20:15] How they ended up together[23:31] Mary’s aspirations for their relationshipBRING IT ON WITH KEVIN LYLES [37:10] The phenomenon of unretirement[43:44] What to do if you are considering unretirement[45:49] A Social Security tip if you do unretireTODAY’S SMART SPRINT SEGMENT [46:28] Have your retirement planning meeting for the yearResources Mentioned In This Episode BOOK - One Flew Over the Cuckoo’s Nest by Ken KeseyBOOK - Name of the Wind by Patrick RothfussBOOK - The Wise Man’s Fear by Patrick RothfussRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

Today you’ll meet Mark–half of our newest case study for Retirement Plan Live. Mark and Mary are a year and a half into their new marriage and are trying to figure out how to plan the rest of their lives. On this episode, you’ll learn about Mark and his aspirations and concerns for their life together. In the next episode, you’ll meet Mary, in week three we’ll discuss their goals, the following week we’ll look at their resources, and finally, we’ll see how they manage their cash flow and learn who pays for what. Make sure that you’re signed up for the live webinar on February 1 at 7 pm CST. In this webinar, you’ll get to see how everything panned out for Mark and Mary. To sign up, head on over to LiveWithRoger.com and mark it on your calendar. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MEETING MARK [3:30] What motivated Mark to volunteer for this case study[9:15] Mark loves spreadsheets[15:26] How they merged their livesBRING IT ON WITH DR. BOBBY DUBOIS [22:54] Should you do a broad spectrum of tests?[24:10] Why you should or shouldn’t do these tests[38:10] Why I did some screenings[46:51] How to do screenings productivelyTODAY’S SMART SPRINT SEGMENT [50:24] Organize the tests you’ve had from your doctorResources Mentioned In This Episode Function HealthBOOK - Outlive by Peter AttiaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center

One of our listeners actually has a better mortgage rate than me! However, as they begin to test their retirement budget they have found that the mortgage payment leaves that budget a bit tight. So they are wondering if they should pay off their mortgage early by withdrawing from their IRA. What would you do?Listen in to hear my response in addition to several other listener questions. We’ll also catch up with Rosie from the last Retirement Plan Live. Press play to learn if she implemented any of the things we discussed and how her retirement has been over the past year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:30] Should we pay off our mortgage with our IRA?[11:27] An inherited IRA question[17:55] The order of withdrawals in retirement[25:24] The benefits of a continuing care retirement communityCATCHING UP WITH ROSIE FROM THE 2023 RETIREMENT PLAN LIVE [27:34] How Rosie’s confidence level is now[29:00] How she implemented some financial changes this year[43:28] Her intentions for her new plannerTODAY’S SMART SPRINT SEGMENT [51:27] Refresh your vision, your feasible plan of record, and your resilient plan of recordResources Mentioned In This Episode Retirement Plan Live with Rosie -  468,  469,  470,  471Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement  by Roger WhitneyRoger’s Retirement Learning Center