Retirement Answer Man

Latest Episodes:

CLASSIC EPISODE The 8 Pillars of Rocking Retirement: Vision and Feasibility Sep 03, 2024

Show notes

This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.

The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

- 00:28 September will focus on the eight pillars of rocking retirement

- 08:00 First two pillars of rock retirement are vision and feasibility

- 08:14 Vision: What do you want when you retire?

- 13:28 What are some of the obstacles to creating a vision in retirement?

- 17:44 The next pillar in the financial realm is having a feasible plan

LISTENER QUESTIONS

- 24:10 Listener Scott has a tip about going from two to one

- 26:13 Bill discusses piecake

- 27:44 Our next question is from Steve related to asset allocation in retirement

- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investment

BRING IT ON

- 38:33 Kevin Lyles talks passion in work and volunteering in retirement

SMART SPRINT

- 45:55 Think about your life as a clean slate

✍️ Episode References

Six Shot Saturday
https://sixshotsaturday.com

The Top Five Regrets of the Dying- Bronnie Ware
https://bronnieware.com/regrets-of-the-dying/

The Retirement Manifesto- Fritz Gilbert
https://www.theretirementmanifesto.com/

Stocks for the Long Run- Jeremy Siegel
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514

Stories from Unique Retirements Aug 28, 2024

Show notes

If you are exploring a unique retirement, it is important to do your research. The best way to research something is to talk to someone who has walked the walk. That’s why, on this episode of Retirement Answer Man, I chat with people who are living their own unique retirements.

Press play to hear these unique stories. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN TODAY’S SMART SPRINT SEGMENT

[6:02] Identify what type of community has served you well in life

STORIES FROM AN EXPAT

[8:22] Meet Doug living the expat life in Thailand
[15:03] How to maintain a US address
[21:35] How to handle buying land in other countries
[26:41] How does estate planning work?

STORIES FROM A PARENT OF A DISABLED CHILD

[29:53] Navigating retirement with children with special needs
[31:11] How our retirement focus is different from other retirees
[38:08] How Special Sitters coordinates care in Omaha, Nebraska
[44:35] How they are making sure that their children are cared for
[49:49] What else you should remember

STORIES FROM A HUB AND SPOKE TYPE OF RETIREMENT

[50:35] What Rhoda and Rob are doing in retirement
[54:38] How they travel in retirement
[1:04:44] How they managed their finances

Resources Mentioned In This Episode
Special Sitters
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Retire Without Borders: An Expat Primer Aug 21, 2024

Show notes

Have you ever thought about retiring abroad? It seems like a fun adventure, but how do you begin?

On this episode of Retirement Answer Man, expat expert, Jane Mepham from Elgon Financial Advisors, joins me to discuss the financial and nonfinancial considerations of moving abroad in retirement. Press play to learn whether retiring abroad would be right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIRING AS AN EXPAT

[3:46] What is the attraction of retiring to another country?
[6:18] How to explore whether retiring abroad is right for you
[12:01] Should you buy or rent?
[14:54] How do you navigate your finances?
[22:04] What other considerations should you think about?

LISTENER QUESTIONS

[37:09] Is it worth selling investments and incurring significant taxes to change firms to reduce fees?
[46:03] How to plan retirement without using the 4% rule
[52:25] Where to put your contingency fund

TODAY’S SMART SPRINT SEGMENT

[58:08] Examine the advice you’re getting and your process

Resources Mentioned In This Episode
Elgon Financial Advisors
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Securing Their Future - Retiring with Special Needs Children Aug 14, 2024

Show notes

If you have a special needs child, you know that your retirement plan will need to include plans for their future. How do you create a great retirement while honoring and caring for your child with special needs who will most likely live beyond your years? That’s what we’ll be learning today.

In this episode, Matt from Haystack Financial Planning joins me to explore this question. His practice specializes in serving the disabled community and he offers years of experience in this area. Press play to learn what you can do to take care of your children while making the most of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLANNING WHEN YOU HAVE A SPECIAL NEEDS CHILD

[2:30] Why Matt chose this path
[4:25] How to plan for your child’s needs
[7:40] How to determine the costs needed
[12:02] What other tools do these children have available to them?
[14:38] What is an ABLE account
[20:07] How to approach guardianship
[22:42] Resources to help

LISTENER QUESTIONS WITH NICHOLE

[24:42] How Nichole has been doing
[25:25] Maggie’s backdoor Roth conversion question
[29:38] On the order of withdrawals in retirement
[33:33] How much will I need to self-insure for long-term care?
[40:46] How to handle finances as a newly married couple
[45:55] My plans with Michael Easter

TODAY’S SMART SPRINT SEGMENT

[47:39] Limit your exposure to mainstream media related to the election

Resources Mentioned In This Episode
Haystack Financial Planning
ABLE 529 account
BOOK - The Special Needs Planning Guide by John Nadworny
BOOK - Retire Secure for Parents of a Child with a Disability by James Lange
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Service, Sacrifice, and Second Acts: Military Retirees Aug 07, 2024

Show notes

Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and retirement planner Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement.

Over the next month, we’ll be exploring different ways of retiring. If you have special retirement circumstances, you won’t want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MILITARY RETIREMENT WITH SCOTT SANDBORN

[3:40] Why did Scott become a retirement planner?
[5:36] What it means to retire from the military
[7:15] How retiring from the military is different
[13:18] Understanding the healthcare benefits
[17:55] Reimagining your second act

LISTENER QUESTIONS

[29:40] Penny is trying to decide whether to stay or move closer to family
[37:28] How to decide when and how to relocate
[39:41] How to pay the tax from my Roth conversions?
[41:22] Is the IRMAA surcharge calculated each year?
[42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month?
[45:20] Standard deviation and creating an N of 1

TODAY’S SMART SPRINT SEGMENT

[47:55] Remember what your intent is

Resources Mentioned In This Episode
Scott Sanborn
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Roth 401K or Not? When Should I Switch? Jul 31, 2024

Show notes

So many retirement questions have no right answers. They’re simply judgment calls. In this episode, we’ll explore whether it makes sense to switch to a Roth 401K.

Don’t listen to find out the answer. Listen to learn the process to use to come up with your own answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[2:03] Does it make sense to switch to a Roth 401K
[13:55] An IRMAA surcharge question
[18:18] Can you use the Rule of 55 for a Solo 401K?
[20:36] A backdoor Roth question
[26:22] A 5-year rule Roth IRA question
[28:36] An organized Social Security question

WISDOM FROM THOSE ON THE JOURNEY

[31:31] What I wish I had known from Elaine
[33:27] What a 70-year-old has learned about retirement

TODAY’S SMART SPRINT SEGMENT

[36:48] Relax and don’t worry about retirement

Resources Mentioned In This Episode
My recent Forbes article
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

What Income Sources are Included for the IRMAA Calculation? Jul 24, 2024

Show notes

You’ve got questions and we’ve got answers. On this episode of Retirement Answer Man, Taylor Schulte from the Stay Wealthy Podcast joins me to answer your retirement questions. Grab your earbuds and join us for this episode full of your questions.

Make sure to listen to the pension or lump sum question to see how Taylor and I arrived at our differing opinions on what this listener should do with his pension. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[2:11] Which income sources are included in the IRMAA calculation?
[10:12] On the retirement podcast network
[12:35] How to use home equity as a retirement resource
[22:35] Which rules should be used for this inherited IRA?
[23:39] Why should I do a Roth conversion if I don’t want to?
[30:47] What can I do with my small annuity?
[36:01] Are closed-end funds good or bad?
[47:10] Pension or the lump sum?

TODAY’S SMART SPRINT SEGMENT

[57:18] What have you been talking about more than doing? Take action.

Resources Mentioned In This Episode
Define Financial
Stay Wealthy Podcast with Taylor Schulte
Retirement Planning Education Podcast with Andy Panko
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Financial Advisor Certifications - What They Mean for You Jul 17, 2024

Show notes

If you’ve ever searched for a financial professional you may have seen an endless string of letters after their names. Trying to figure out the financial advisor alphabet soup is exhausting.

One listener threw his hands up and asked me what all those letters mean. On this episode, we’ll explore the meanings behind those designations and discuss what they mean for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[5:47] Understanding the financial advisor alphabet soup
[20:24] Which designations are more important for you
[22:58] Does it make sense to pay off the mortgage
[31:35] On using a recast to pay off your mortgage

ROCK LIFE WITH DR. BOBBY

[36:08] How weight relates to health
[39:40] Intermittent fasting benefits
[45:41] Intermittent fasting dangers?
[52:00] On understanding science news articles

TODAY’S SMART SPRINT SEGMENT

[1:00:47] Go have fun!

Resources Mentioned In This Episode
Live Long and Well with Dr. Bobby
Mark’s Money Mind Podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Steps to Secure Your Personal Information Jul 10, 2024

Show notes

The moment you’ve been waiting for is here! The Rock Retirement Club has opened its doors once again. Enrollment is open until July 18, so head on over to Rock Retirement Club to sign up today.

After you do that, listen to this episode to learn how to protect yourself and your data from scammers. On this episode, Pete, a cybersecurity expert, joins me to discuss ways to secure your personal information. Listen in to hear how you can defend your data.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[4:51] Are SMA’s the right choice for tax strategies?
[10:45] On drawing down an HSA
[14:01] How to get unbiased financial information
[18:38] How do you define whether someone is overfunded, constrained, or underfunded?

PRACTICAL PLANNING SEGMENT

[23:20] What Pete does
[26:50] What you should do first
[41:04] Your level two line of defense
[53:05] Level 3
[1:01:44] Final thoughts

TODAY’S SMART SPRINT SEGMENT

[1:03:12] Take one baby step from the list to protect your data

Resources Mentioned In This Episode
1Password
LastPass
Align.Financial
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Be a Super Communicator with Charles Duhigg Jul 03, 2024

Show notes

The best predictor of happiness and health at age 65 is how many close relationships you have at age 45. To really rock retirement you need to build quality relationships. To do that you need to learn to be a better communicator.

On this episode of Retirement Answer Man, Super Communicators author, Charles Duhigg, joins me to discuss how to become a super communicator. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOW TO BE A BETTER COMMUNICATOR

[5:10] Relationships are key to stave off loneliness
[10:42] What super communicators do
[16:47] How to communicate with anyone
[21:14] Understand the type of conversion you’re in
[24:55] How to take away conversational anxiety
[33:00] AI communication

LISTENER QUESTIONS