Retirement Answer Man

Latest Episodes:

How Much Money Do I Really Need to Retire? Apr 17, 2024

Show notes

We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one.

In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[1:46] How much do I really need to retire?
[20:30] A comment on the FIRE movement
[22:09] How to change advisors
[27:28] How to get into the decumulation state of mind
[32:37] Feedback on the Michael Kitces interview

BOOKS I READ IN MARCH

[34:00] Books I read this past month

TODAY’S SMART SPRINT SEGMENT

[36:22] Revisit your feasible plan of record to see how resilient it is

Resources Mentioned In This Episode
BOOK - Gulag Archipelago by Aleksandr Solzhenitsyn
BOOK - Tai Pan James Clavell
BOOK - Soul of an Octopus by Sy Montgomery
The State Of Retirement Planning With Michael Kitces
What is the FIRE Movement?
NewRetirement.com
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Ask Better Retirement Questions Apr 10, 2024

Show notes

Have you been wondering what retirement is like for real retirees out in the wild? With the success of our Retirement Plan Live series, we decided to try mini-case studies to learn more about what retirees like you are doing to rock retirement.

In this episode, you’ll hear some feedback from Sarah who asked a question on the show about a year and a half ago. Listen in to hear how she responded to the advice I gave. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MINI CASE STUDY

[2:27] Sarah’s case
[8:06] What you can do for you
[10:01] A plan of record is the first step

LISTENER QUESTIONS

[13:00] What should Lucas take into account as he prepares to pay off his mortgage
[20:00] Investing in retirement with a pension
[26:08] How Joe is incorporating the Die With Zero philosophy by gifting

ROCK LIFE WITH DR. BOBBY DUBOIS

[28:24] What is rucking?
[29:27] Why try rucking?
[40:49] How do you get started rucking?
[48:44] How to measure the benefits of rucking

TODAY’S SMART SPRINT SEGMENT

[50:00] Go try rucking by walking with something on your back

Resources Mentioned In This Episode
Retirement Plan Live: Their Financial Resources - listen to Sarah’s question here
Go Ruck
BOOK - Die with Zero by Bill Perkins
BOOK - The Power of Moments by Chip Heath
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

The State of Retirement Planning with Michael Kitces Apr 03, 2024

Show notes

Michael Kitces is one of the innovators in the retirement planning and financial services space. His blog and ecosystem of resources help retirees and financial advisors gain the base knowledge needed to rock retirement.

On this episode of Retirement Answer Man, Michael joins me to discuss the state of retirement planning, how it has changed, and how you can live your retirement to its fullest. Listen to this interview with one of the great minds in retirement planning. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH MICHAEL KITCES

[5:20] Trends in retirement planning
[22:40] How to avoid dying with too much money
[36:51] How to choose a retirement planner
[43:38] How does someone choose a retirement planning firm

TODAY’S SMART SPRINT SEGMENT

[49:04] Evaluate the quality of your process for making decisions in retirement

Resources Mentioned In This Episode
BOOK - Die with Zero by Bill Perkins
BOOK - It’s Not Complicated by Rick Nason
Kitces.com
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How to Manage Your Scarcity Brain with Michael Easter Mar 27, 2024

Show notes

Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings.

Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[2:38] Clarification on the 5-year Roth conversion rule
[4:36] Simple IRA rules
[6:50] The tax impact of waiting to take Social Security

PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER

[12:00] Why Michael pursued the concept of the comfort crisis
[18:32] How discomfort becomes rewarding
[20:20] How we can change our decisions in small ways
[24:25] How to manage your scarcity brain in retirement
[33:48] We often focus too much on the numbers
[36:59] The scarcity loop

TODAY’S SMART SPRINT SEGMENT

[41:10] Take the stairs

Resources Mentioned In This Episode
BOOK - The Comfort Crisis by Michael Easter
BOOK - Scarcity Brain by Michael Easter
Stutz
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Overcoming Frugality in Retirement with Dan Crosby Mar 20, 2024

Show notes

For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life.

This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DAN CROSBY

[3:38] Overcoming frugality
[10:56] How to gain confidence in the midst of uncertainty
[19:19] What are things you can do to overcome your frugality

LISTENER QUESTIONS

[26:52] How do people in retirement spend less money than more money?
[33:44] Does it make sense to use money allocated for a 401K for a second home?
[37:33] A comment on this past Retirement Plan Live
[39:20] How to fund my HSA in retirement
[42:13] How to look for blind spots once you have your feasible plan of record

TODAY’S SMART SPRINT SEGMENT

[47:16] Is there something else important that you could add to your life or retirement

Resources Mentioned In This Episode
BOOK - The Soul of Wealth by Dan Crosby
BOOK - The Top 5 Regrets of the Dying by Bronnie Ware
BOOK - Die with Nothing by Bill Perkins
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

What is True Retirement Planning? With Christine Benz Mar 13, 2024

Show notes

Retirement planning has changed over the years, but has the industry evolved to keep up?

Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective.

Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.

Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ

[4:55] The state of retirement planning as a process
[18:30] The state of investments for retirement planning
[22:16] The state of long-term care
[25:26] How to begin to plan for retirement decumulation

LISTENER QUESTIONS

[30:45] About opening a Roth for a child
[32:51] How to create a 5-year income floor with financial capital
[37:11] On using bonds to fund the 5-year income floor
[41:44] Should you keep investment accounts under the FDIC and SIPC limits?
[46:30] Should I have a Simple IRA and Solo 401K?

TODAY’S SMART SPRINT SEGMENT

[50:00] Understand what this year’s retirement contribution levels are

Resources Mentioned In This Episode
BOOK - More than Enough by Mike Piper
BOOK - Die with Zero by Bill Perkins
Morningstar Christine Benz
The Longview Podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How Systems Thinking Can Improve Your Retirement with Rick Nason Mar 06, 2024

Show notes

This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month.

Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON

[4:20] Defining simple, complicated, and complex
[9:11] Why it is important to identify whether you’re dealing with complicated vs complex
[18:10] How to approach complex problems
[29:30] How AI plays into the discussion of complex vs complicated thinking

LISTENER QUESTIONS

[38:50] On portfolio performance calculations
[46:18] How to decide whether to stay with an advisor or move to another firm?
[51:38] How to take your RMD
[57:02] On the Dying with Zero book
[57:31] On Don Quixote

BOOKS I READ THIS MONTH

[58:56] The books I read this month

BRING IT ON WITH DR. BOBBY DUBOIS

[1:04:02] Exploring uncertainty
[1:09:53] Uncertainty in retirement
[1:22:14] How to test anxiety treatments

TODAY’S SMART SPRINT SEGMENT

[1:25:27] Please fill out our listener survey

Resources Mentioned In This Episode
Align Financial
The Fog of War
Trillion Dollar Bet
BOOK - Horse by Geraldine Brooks
BOOK - Lessons in Chemistry by Bonnie Garmus
BOOK - Life of Pi by Yann Martel
BOOK - Die with Zero by Bill Perkins
BOOK - When Genius Failed by Roger Lowenstein
BOOK - It’s Not Complicated by Rick Nason
BOOK - The Comfort Crisis by Michael Easter
BOOK - The Scarcity Brain by Michael Easter
BOOK - From Strength to Strength by Arthur Brooks
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

What Can I Learn from the FIRE Movement? Feb 28, 2024

Show notes

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 out

LISTENER 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 curiosity

Resources Mentioned In This Episode
Arthur Brooks
Cal Newport
Designing Your Dream Life with Arthur Brooks
Mark’s Money Mind
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

The Challenges of FIRE Feb 21, 2024

Show notes

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 FIRE

LISTENER 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 perspective

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

The Benefits of FIRE Feb 14, 2024

Show notes

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 early

BRING 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 planner

TODAY’S SMART SPRINT SEGMENT

[50:28] Define whether your decisions are hats, haircuts, or tattoos

Resources Mentioned In This Episode
New Retirement Calculator
The Retirement Podcast Network
Stay Wealthy Podcast
Define Financial
BOOK - Coaching Beyond Words by Anna Sheather
BOOK - How to Think Like Leonardo DaVinci by Michael Gelb
BOOK - Atomic Habits by James Clear
PODCAST - Choose FI
PODCAST - Catching Up to FI
BOOK - The 100-Year Life by Andrew Scott and Lynda Gratton
BOOK - The Second Mountain by David Brooks
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

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