Retirement Answer Man

Latest Episodes:

The 8 Pillars of Rocking Retirement: How to Build a Retirement You Can Rock May 03, 2023

Show notes

This month we’re heading back to basics. All month long we’ll be building your foundational understanding of how to create a rocking retirement. If you’re new to the show, this is a fantastic starting point. If you are a long-time listener you’ll appreciate this review.

In this episode, you’ll learn how to solve the essential problems of retirement planning: how to live a life without regret and how to balance squeezing as much out of life as possible today while ensuring that you have enough financial stability so that you won’t be a burden to others in your later years.

Listen in to learn how to build a retirement that you can be excited about. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ LAST MONTH

[1:30] My monthly reading list

PRACTICAL PLANNING SEGMENT

[8:22] My experience in retirement planning
[9:38] The retirement challenges you’re facing
[15:35] Problems with traditional retirement planning
[19:18] 3 things you need to have hope
[21:10] Why I use an agile project management approach

LISTENER QUESTIONS

[27:33]Could joining the RRC help Matt help his mother-in-law?
[30:05] On sharing the results of the survey
[31:40] A book recommendation
[33:33] How to transition to the decumulation stage

BRING IT ON WITH DR. BOBBY DUBOIS

[40:33] How exposure to heat and cold can benefit you
[42:02] The history of using heat and cold to relax and heal
[44:20] Defining heat and cold exposure
[47:08] The evidence that supports exposure
[53:09] The downsides
[55:13] The benefits

TODAY’S SMART SPRINT SEGMENT

[1:03:50] What is your planning process?

Resources Mentioned In This Episode
LiveWithRoger.com - Join me on May 11 or May 13, 2023, to learn the 4 phases of great retirement planning and to hear more about the Rock Retirement Club!
BOOK - Unreasonable Hospitality by Will Guidara
BOOK - The Creative Act - Rick Rubin
BOOK - The Tiger by John Vaillant
BOOK - What Are People For? By Wendell Berry
BOOK - Atomic Habits by James Clear
BOOK - Tiny Habits by BJ Fogg
BOOK - Why Zebras Don’t Get Ulcers by Robert Sapolsky
Episode 481 - I’m in My Fifties and Got Laid Off. What Should I Do?
Morning Star’s The Long View Podcast - Retirement Planning Is Not Financial Planning
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How Should Spouses Claim Their Social Security Benefits? Apr 26, 2023

Show notes

How will Social Security benefits fit into your retirement equation? If you have a spouse, there is an added level of complexity when considering your Social Security claiming strategy.

We explore this topic and more through listener questions on today’s episode of Retirement Answer Man. Learn what to consider and how to approach the Social Security question by pressing play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[3:49] Kathy shares Soaring Spirits International – a widows' group
[4:33] Claiming Social Security strategies
[9:55] Non-qualified stock options
[18:39] Simplifying your investments going into retirement

BRING IT ON

[32:19] Having passions or projects to drive you
[35:09] Plan your days in retirement

TODAY’S SMART SPRINT SEGMENT

[36:47] Declutter one thing

Resources Mentioned In This Episode
Soaring Spirits International
SSA.gov
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

What Retirement Planning Software Should I Use? Apr 19, 2023

Show notes

If you are thinking about retiring in the next few years you’re probably wondering what the best tools are to help you plan. Finding the right retirement planning software can not only help you plan retirement but help put your mind at ease so that you can Rock Retirement!

One listener asks my opinion on the best retirement software to use. If you are curious about my answer you’ll press play.

In this episode, you’ll also hear about the books I read in March, an interview with Steven Chen from the New Retirement Calculator, and learn the benefits of creating horizontal relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK REVIEWS

[1:30] Books I read in March

LISTENER QUESTIONS

[5:30] Which retirement software should I use?
[11:49] On using dividend investing to fund retirement
[20:19] On using indexed annuities with downside protection
[24:04] A recommendation for my wife, Shawna
[24:55] Looking for a financial planner that is a retirement consultant

STEVEN CHEN INTERVIEW ON THE NEW RETIREMENT CALCULATOR

[26:45] What New Retirement Calculator users think about
[33:06] Planning for the future
[38:36] What’s new with the New Retirement Calculator

BRING IT ON

[41:55] The benefits of creating horizontal relationships

TODAY’S SMART SPRINT SEGMENT

[47:10] Revisit your allocation plan

Resources Mentioned In This Episode
NAPFA
Garrett Planning Network
New Retirement Calculator
Money Guide Pro Elite
Financeware
BOOK - The Courage to Be Disliked by Ichiro Kishimi
BOOK - Make Your Bed by William McCraven
BOOK - Sea Stories by William McCraven
BOOK - Build by Tony Fadell
BOOK - Top Five Regrets of the Dying by Bonnie Ware
Morningstar’s The Long View Podcast - Retirement Planning Is Not Financial Planning
LiveWithRoger.com - Register for the webinar on May 11, 2023 to discover the 4 Phases of a Great Retirement Plan
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How Do I Report a QCD on My Income Tax Return? Apr 11, 2023

Show notes

We continue our focus on you this month as we dive deeper into listener questions. Today we have a range of questions from various aspects of the retirement process.

If you have a question you want to be answered, head on over to RogerWhitney.com/AskRoger. You can type in a question or leave an audio recording–those are my favorites!

Listen in to learn how to work through the decumulation phase of retirement by developing a withdrawal plan that fits your needs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

[3:32] What are the advantages or disadvantages to using bond funds to create an income floor?
[9:21] How do I report a QCD on my income tax return?
[14:50] Can you contribute to a Roth IRA with only a 1099 income?
[16:00] On doing a series on grey divorce in the future
[17:14] Where to pull money from first in the decumulation phase
[23:04] Where to put your passwords

BRING IT ON

[28:20] Are we ever enough?

TODAY’S SMART SPRINT SEGMENT

[31:01] Confirm that your spouse knows your passwords

Resources Mentioned In This Episode
Everplans
1Pass
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

I’m in My Fifties and Got Laid Off. What Should I Do? Apr 05, 2023

Show notes

All month long, I’ll be answering fantastic questions from listeners like you. Today, we’ll explore the steps you should take if you’re in your 50s and get laid off.

Have you ever thought about what you would do in this situation? Listen in to find out.

In the Bring It On segment, Dr. Bobby Dubois helps us understand the effects of stress and what we can do to combat stress so that we can live longer, healthier lives. You won’t want to miss his four exercises for working through everyday stressors. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:38] Who is listening

LISTENER QUESTIONS

[6:38] In my fifties and laid off. What should I do?
[17:08] Is there a widows group within the Rock Retirement Club?
[18:11] What can retirees do to protect themselves from the effects of the government reaching the debt ceiling?

BRING IT ON WITH DR. BOBBY DUBOIS

[25:05] Another skill to keep you healthy
[27:45] Defining mind-body activities
[29:22] Defining stress
[34:22] Stress affects many areas of our lives
[38:35] What you can do to combat stress in your life
[44:20] How to try stress relieving exercises to see if they work for you

TODAY’S SMART SPRINT SEGMENT

[46:40] Assess your situation and do some basic triage

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

Widowed in Retirement: Wisdom from Those on the Journey Mar 29, 2023

Show notes

Reimagining life after widowhood can be challenging. In the beginning, it may seem like something that is impossible to imagine. Even if life seems insurmountable at the beginning, it is crucial to remember that someday you will be able to enjoy life again. Just not yet. Yet is an important word. Yet helps you understand that things will not always be as they are now. Today you’ll learn how to change your mindset from I can’t do this to I can’t do this yet.

On this episode of Retirement Answer Man, you’ll hear wisdom from those who have traveled this same journey. They open up and share their financial and nonfinancial experiences. You’ll hear what has helped and what hasn’t, their challenges and triumphs, and how they have learned to power through and begin to create new dreams.

Listen in to hear these brave widows share their stories so you can understand that a new life after widowhood isn’t impossible. The power of yet can change your mindset and help you rebuild your dreams. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WIDOWS LIVING A GREAT LIFE

[3:20] Emma has had difficulty navigating the nonfinancial side of widowhood
[9:30] It has taken time to reimagine her goals
[11:20] Insights from the financial side
[17:03] Mary needed time to grieve
[23:00] How Mary managed the project
[25:12] The nonfinancial side of widowhood
[28:20] The financial side of widowhood
[35:15] A new widow’s perspective

TODAY’S SMART SPRINT SEGMENT

[42:40] Think about how you can use the word yet to envision what is yet to come

Resources Mentioned In This Episode
BOOK - Getting Grit by Caroline Miller
Everplans
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Widowed in Retirement: Creating a New You Mar 22, 2023

Show notes

Nobody wants to face life as a widow or widower. However, it is an unfortunate reality that many must face. Successfully navigating widowhood could be easier if you could prepare yourself in advance. In this Widowed in Retirement series, we aim to do just that.

Today you’ll learn how you can start life again on your own. Mark Trautman joins me again to discuss his experience moving forward after the death of your spouse. He touches on prioritizing actions to take, setting up a summarized retirement plan, and rebuilding your life as a single person.

While we didn’t have time for Listener Questions today, we have a bonus interview with Chris Bentley from Wings for Widows as well as a chat with Lori Mage in our Bring It On segment.

Listen in to learn what you can do to rebuild your life and begin again. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT A CHAT WITH MARK TRAUTMAN

[5:16] Our time is finite - make use of it
[7:42] Could people have reacted better?
[10:55] What were short-term actions
[18:02] A retirement plan summary document
[20:39] Going forward

A CHAT WITH CHRIS BENTLEY FROM WINGS FOR WIDOWS

[23:04] How he decided to create Wings for Widows
[31:52] Working with the financially illiterate
[38:02] How to plan for widowhood

BRING IT ON WITH LORI MAGE

[41:02] On relationships
[43:33] What Lori did to build a relationship with herself

TODAY’S SMART SPRINT SEGMENT

[50:30] When you mess up say it was a mis-take

Resources Mentioned In This Episode
Lori Mage
Heroic App
Wings for Widows
Foundation for Financial Planning
BOOK - The Leadership Challenge by James Kouzes
BOOK - After the Death of Your Spouse by Mike Piper
BOOK - Option B by Sheryl Sandberg
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Widowed in Retirement: Navigating Financial Changes Mar 15, 2023

Show notes

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse.

There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:26] A common myth of widowhood
[5:11] What changes occur when you go from two to one
[9:27] Expenses don’t change
[16:44] Creating a new financial plan
[20:20] Tax planning
[25:25] Social Security benefits

LISTENER QUESTIONS

[36:55] A 59 ½ IRA withdrawal rule question
[38:52] How to calculate the 5-year rule for a Roth IRA
[40:27] How to handle the cash bucket in a down market
[45:03] Healthcare before Medicare

BRING IT ON WITH MARK ROSS

[49:11] What is passion?
[51:23] How to explore your passions
[55:15] Building boundaries around your passions so they don’t become work

TODAY’S SMART SPRINT SEGMENT

[58:45] Put dabble on your calendar

Resources Mentioned In This Episode
BOOK - After the Death of Your Spouse by Mike Piper
BOOK - Taking Stock by Jordan Grumet
BOOK - AARP Checklist for My Family by Sally Balche Hurme
BOOK - So Good They Can’t Ignore You by Cal Newport
BOOK - How to Think Like Leonardo Da Vinci by Michael Gelb
Everplans
Episode 477 - Navigating Life Changes
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Widowed in Retirement: Navigating Life Changes Mar 08, 2023

Show notes

Even though it is difficult to think about it, at some point, those of us who are married will have to think about one of you transitioning from two to one.

This week we’re exploring the nonfinancial impacts of this transition with someone who has walked this journey. Rock Retirement Club member, Mark Trautman shares his personal journey through his life-changing experience.

Mark shares the challenges and the tools that have helped him get through this heartbreaking part of his life so that he can move forward and rock retirement on his own.

After the main segment, you’ll hear our listener questions and then we’ll Bring It On with Dr. Bobby Dubois. Dr. Bobby will help us understand why sleep is so important and what we can do to improve the quality of our sleep. Don’t miss out on this important episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:27] The more open you are the more you can deal
[7:58] What you lose when you lose a spouse
[11:38] Redefining goals after widowhood
[16:23] Dealing with grief
[21:33] Building community

LISTENER QUESTIONS

[31:20] My response to a scathing review on Retirement Plan Live
[34:54] Another Retirement Plan Live review
[37:28] How to replenish funds
[44:48] A question about Rosie’s HELOC loan
[46:31] Insight on huzzah!

BRING IT ON WITH DR. BOBBY DUBOIS

[48:41] Why is sleep so important
[51:52] How to improve sleep
[58:33] How to get to sleep
[1:04:30] Dealing with chronic pain and sleep

TODAY’S SMART SPRINT SEGMENT

[1:14:59] Use Bobby’s tips to experiment with your sleep

Resources Mentioned In This Episode
Examine.com
BOOK - Why We Sleep by Matthew Walker
Leeds sleep evaluation questionnaire
BOOK - Taking Stock by Jordan Grumet
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How to Rock Retirement on Your Own Mar 01, 2023

Show notes

If you have been listening to this show for a while, chances are you already know how to rock your retirement. However, this can all change with the loss of a spouse. All of your best-laid plans change in an instant. That’s why this month we are focusing on going from two to one.

Learn how to navigate your mindset–transition from this sucks, to how I will work through this, to having a great life. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[5:47] Announcements
[6:44] Books I read in February

LISTENER QUESTIONS