Retirement Answer Man

Latest Episodes:

Should I Switch My Bond Portfolio to CDs? Oct 12, 2022

Show notes

If you are getting close to retirement you have probably been watching the financial news to help you stay up to date with what is going on in the world. If so, you won’t want to miss out on hearing why this is not a good idea.

Today, I’ll also answer questions about bonds, charitable gifting, and how to find a financial advisor. Make sure to stick around until the end to hear about upcoming changes to Medicare with, Medicare expert, Danielle Roberts from Boomer Benefits. Keeping up with the news won't help you navigate your way through retirement

Have you read the news lately? It’s not pretty out there. Inflation, bear markets, rising interest rates, political craziness, a poor economy: it’s non-stop fear peddled 24-7. Staying up with the news will not help you navigate your retirement journey. Trying to stay on top of the news will only bring you more stress and worry.

You're not going to weather this bear market by keeping up with the headlines. Instead, you’ll navigate it by getting to the bottom of things, relaxing, using a process, and making a judgment call. If you are interested in the process that we teach, join one of our live meetups on October 27 or 29. Register at LiveWithRoger.com Should I switch my bond portfolio to CDs?

When choosing which type of investments to own it is crucial to use a process and consider what the money will be used for. You’ll need to ensure that you have an emergency fund and 5 years of prefunded consumption before building your long-term income floor.

You can prefund your first 5 years of consumption with individual assets that mature when you need them by using CDs, treasury bills, Treasury Inflation-Protected Security (TIPS), MYA-guaranteed annuities, or individual bonds. Build this income floor by creating an income ladder that matures at the time you will need to use it. The current market is a good example of why you wouldn’t want to use stocks and bond funds for these first 5 years of cash on hand.

Beyond the first 5 years, you’ll build a portfolio that contains a mix of stocks and bonds. At this point, rather than buying individual bonds you may want to purchase ETFs and managed index bonds. This way, as interest rates rise, the funds get reinvested back into your portfolio.

By ensuring that you won’t need these funds for 5+ years, you don’t have to worry about the markets or rising interest rates. Look out for these upcoming changes to Medicare

Medicare’s annual open enrollment period is coming up soon, so Danielle Roberts joins me to discuss the real and potential changes coming to this essential benefit. Listen in to learn about the crucial difference between the annual open enrollment period and the one-time-only initial enrollment period that occurs when you turn 65.

You’ll also hear about how recent legislation will change drug coverage for many common drugs. Danielle offers a wealth of information, so you won’t want to miss out on her expertise. Stick around until the end to hear her take on what is happening in Medicare news. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[2:11] Staying on top of the news will only bring you more stress and worry

LISTENER QUESTIONS

[7:23] Should I switch my bond portfolio to CDs?
[12:07] What to use for your middle bucket
[13:48] On using charitable gift annuities in retirement planning
[17:27] How to find a financial advisor to help plan retirement
[21:44] Should taxable and tax-free assets be weighted differently on a net worth statement?

MEDICARE NEWS WITH DANIELLE ROBERTS FROM BOOMER BENEFITS

[24:53] Changes to Medicare to look out for
[37:30] What to look out for in your mailbox
[45:35] Potential changes upcoming in 2023

TODAY’S SMART SPRINT SEGMENT

[47:20] Stop trying to stay on top of things

Resources Mentioned In This Episode
LiveWithRoger.com - Make sure to secure your spot for the live event on October 27 or 29!
Boomer Benefits
RetireAgile.com
NAPFA.org can help you find a fee-only, fiduciary financial advisor
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Which Account Should I Begin Drawing from First in Retirement? Oct 05, 2022

Show notes

RMD tables, bond classes, international exposure, and 1099s–we’ve got answers to your questions. First up is which account is best to begin drawing from in retirement. Listen to these answers to listener questions and take some time to reflect with me about how too much data can inhibit our ability to make good decisions. Press play to listen. Too much data can hinder your decision-making process

There comes a point where more information doesn’t help you make decisions, it can actually hurt your decision-making. A new low in this bear market recently passed taking it down 22.4% for the year. Rather than dwelling on this fact by looking up news articles, try changing your perspective. Use the data to flip the narrative. Instead of focusing on the current downward trajectory focus on the 10 years of growth that we had beforehand. When you have a feasible, resilient plan in place you won’t need to worry about this bear market. Are you curious about the Rock Retirement Club?

Have you heard me talk about the Rock Retirement Club in previous episodes but still aren’t sure exactly what it is? The RRC is a group of just under 1000 members from all over the country all within 10 years of retirement. Our focus is on how to live your best life as you make the transition into retirement.

We do that with a masterclass that helps you create an agile retirement plan. This isn’t simply a class where you watch videos and take a quiz at the end. This structured masterclass walks you step by step as you build your own agile retirement plan. Once you create your plan, then, you’ll learn how to make it resilient by testing it against common risk factors. Next, you’ll optimize and enhance your plan.

In addition to the master class and the camaraderie of the group, you’ll also get the experience of our team of coaches who will coach you through the financial and non-financial aspects of retirement.

Our goal is to give you the tools to create the ideal retirement plan for you and lifelines to reach out to when you need help. If you would like to learn more about the Rock Retirement Club sign up for our live meetups on October 27 or 29 at LiveWithRoger.com. Which account should I begin drawing from first in retirement?

One of the classic optimization questions is which account to draw from first. Many are often drawn to the after-tax assets first, but if you take all these away, you will only be left with tax-deferred assets. These are subject to RMDs once you turn 72, so you could be left with a situation where you have to take more out than you need. Consider taking advantage of lower tax brackets now to pay today’s low tax rate.

Listen in to hear the answer to this retirement question and many others. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[1:56] More data can cause you to distort your view
[6:34] What is the Rock Retirement Club?

LISTENER QUESTIONS

[12:42] Which account should I begin drawing from first in retirement?
[16:46] What are the actual percentages of RMDs taken each year
[20:10] Comments on my recent comments on international exposure
[21:59] What to consider as a 1099 contractor
[26:10] What is the best bond asset class to buy?
[28:44] How to take advantage of NUA?
[35:49] Do you need a personal financial advisor?

TODAY’S SMART SPRINT SEGMENT

[39:25] Gain some perspective

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

What Is the Best Way to Save Money for Our Grandchildren? Sep 28, 2022

Show notes

Many people choose to save money for their kids and grandkids in a 529 account, but one listener wonders if there is a better way to give. Learn the answer to this question and more on this episode of the Retirement Answer Man show.

Make sure to stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. Kevin and I discuss growth and accepting challenges in retirement. Find out why it is so important to continue to challenge yourself in retirement. What is the best way to save money for the grandkids?

Like many people, Kathy saves money for her grandchildren in a 529 account, but she wonders if this is the best way to save for them. What if they choose not to go to college?

Before analyzing the best way to save for the grandkids, consider how you should think through this issue. What are your goals in saving for the grandchildren?

What do you want to accomplish? Do you want them to graduate from college without debt? Do you want to help them get launched to give them a great start to adult life? Do you want to buy them their first car or help them put a down payment on their first house? Think about your ultimate purpose for giving. Various methods that can be used for giving

If you would like to ensure that the kids graduate without debt, then, the 529 is an excellent vehicle to accomplish this goal. It’s also important to note that by keeping the 529 in your name you can change the beneficiaries from one child to another.

Another way to save for the kids is by creating a separate account in your name that you earmark for a specific child in mind. Then later on if that child veers down a wrong path, you can choose not to support their bad decisions. This option also allows for you to have control and you ensure that you aren’t making decisions for them too early.

The Uniform Gift to Minors Act provides a way to transfer financial assets to a minor without establishing a formal trust. A UGMA account is managed by you until the minor comes of age, at which point they assume control of the account. At this point, you relinquish all control over the funds.

If part of your goal is to help your kids while they raise their kids, then paying for private school or university directly is one way that you could do this. You can even pay directly for medical expenses as well. As long as you are paying the provider directly then you can give unlimited funds.

If your goal is to gift your assets as a part of estate planning, remember that you can give up to $16,000 to anyone you want each year.

Before gifting anything, understanding your motivation for the gift is essential. Find purpose with action to propel yourself forward

Thinking about things is, oftentimes, an avoidance behavior. The only way we discover who we are or the things that we enjoy is by doing them.

“A sense of purpose doesn’t come from thinking about it. It comes from taking action that moves you towards the future. The moment you do this you activate a force more powerful than the desire to avoid the pain of loneliness or inactivity. We call this the force of forward motion.” Phil Stutz.

Continue to challenge yourself physically, socially, and intellectually. By continually expanding you prevent rigid mindsets from setting in. Without challenge, the status quo sets in and while we may feel comfortable with our lives, before long we may discover that our lives will actually shrink without growth.

How will you challenge yourself in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING

[1:10] Find purpose by doing things

LISTENER QUESTIONS

[2:45] Giving to grandkids
[10:44] Is there a list of the major retirement benchmarks?
[15:00] Who does the RRC consist of?
[17:22] Social Security claiming

COACH’S CORNER WITH KEVIN LYLES

[24:27] Try new things in retirement
[31:55] Developing new routines can help

TODAY’S SMART SPRINT SEGMENT

[34:10] Do what needs to be done not what you feel like doing

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

Should I Switch My 401K Contribution to the Roth Option Near Retirement? Sep 21, 2022

Show notes

Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it’s about how we touch and are touched by the people we meet.

Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more.

I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question. Check out these resources to learn more about inflation in retirement and the RRC

Have you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We’ll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you.

Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement. Trying to make friends as a single person in retirement can be a challenge

In many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs.

However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations.

Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions. Why keep international equities?

Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy.

I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren’t based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[5:23] On making friends
[8:23] The value of international diversification

LISTENER QUESTIONS

[12:05] Should I contribute to my Roth 401K or just a 401K near retirement
[16:12] Are investment advisor fees worth it?
[26:00] Why haven’t I heard back from the IRS?
[29:06] Where do my 401K profits go when inflation goes up?
[32:33] How does the 4% rule apply to dividends?
[35:22] Is 15% enough to save for retirement?
[37:20] Why is there a disclaimer about indices at the end of the show?

TODAY’S SMART SPRINT SEGMENT

[40:43] Be inclusive make an effort to reach out to new people you meet

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

Should We Consider a Mortgage for Building Our Retirement House? Sep 14, 2022

Show notes

We’re back again answering your retirement questions! On the docket for today are questions like whether should you consider taking on a mortgage in retirement, whether it’s feasible to hold only ESG investments in retirement, and if you need life insurance in retirement.

In addition to answering these listener questions, I’ll also share several book suggestions that I got in response to the 6-Shot Saturday newsletter and reflect on insights I learned from my time in Colorado.

Don’t miss out on upping your retirement game. Press play to hear answers to questions from listeners like you! Dealing with inflation in retirement

Have you been worried about how you will deal with inflation in retirement? If so, you are not alone. That is why my team and I created an Inflation in Retirement Guide to help you understand and navigate inflation as you approach retirement. In this FREE guide, you’ll learn 6 tactics to consider and practical ways to help you think through the issues that rising inflation brings to retirement. 6 insights from my time in Salida, Colorado

My goal with the Retirement Answer Man show is to help you navigate not just the financial side of retirement, but also the life side. You need to have both sides in order to really rock retirement.

If you have listened to the show in the past you may know that my wife and I go to Salida, Colorado, and rent a house for about a month each summer. We love it up there which is why we purchased a lot there last year with the intention of building a home and eventually splitting our time or relocating in the future.

We just returned from our most recent trip, so I thought I would share a few insights that I gained from my time there.

Set yourself up to experience the things you enjoy. I realized that one of the reasons that I love Salida is that it sets us up to easily do the things we love to do. We love hiking and mountain biking and these activities are easily accessible as opposed to our home in Fort Worth where partaking in these activities requires more planning. In retirement, consider moving closer to the things you love to do.
It’s easier to make friends in Salida. This smaller town has a slower pace and lacks the hustle and bustle of Fort Worth. People are more open to having conversations, so it is easier to make connections.
Just do it! Just do the things you enjoy doing. Acting is better than (over)thinking. It is easy to think about doing things rather than acting upon them, but the only thing that will move you forward is actually doing the thing you want to do.
It is harder to make decisions when your heart is involved. It is difficult to gain perspective on your own life. Oftentimes, your head goes along with what your heart wants. Listen in to hear how a recent decision backfired on me when I pulled the trigger and acted with my heart.
Home is an important base to have. As much as we enjoy our yearly trips to Salida, a month in a rental never feels like home.
Spend big on the important things and be ruthless about everything else. It is important to strike a balance in life, so make sure that your spending is aligned with what you care about.

Should we take a mortgage to build our retirement dream house?
This listener is careful with money and has been mortgage and debt free for over a decade. They are looking to build their dream home their “castle in the sky” and are considering whether they should take a mortgage out to build this home. The mortgage would only take 20% of their retirement pension. Is it worth it or should they pay cash for the home? What do you think? Listen in to hear my answer.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:30] Insights from my time in Colorado
[12:38] Listener book suggestions

LISTENER QUESTIONS

[14:45] Mortgage in retirement
[22:00] How challenging is it to control where your retirement investments come from?
[32:03] On the necessity of life insurance in retirement
[38:41] On credit in retirement
[42:12] If relying on a dividend approach they need to be diverse

TODAY’S SMART SPRINT SEGMENT

[45:54] Think about your affluence - are you protecting it?

Resources Mentioned In This Episode
DoRetirementRight.com - check out our FREE inflation guide to retirement!
BOOK - Red Teaming by Bryce Hoffman
BOOK - Building a Second Brain Tiago Forte
BOOK - My Dear Hamilton by Stephanie Dray
BOOK - Path Between the Seas by David McCullough
BOOK - All That Moves Us by Jay Wellons
BOOK - Five Presidents by Clint Hill
BOOK - The Boys in the Boat by Daniel James Brown
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How Should I Pay for Big Ticket Expenses Near Retirement? Sep 07, 2022

Show notes

Are you nearing retirement and wondering how you should pay for large out-of-pocket expenses? Should you dip into your emergency fund, take from your retirement savings, or is there another way?

We’ll consider this question, hear how Larry is living intentionally, learn how visual aids can help when trying to discuss finances with elderly parents, and discuss dollar cost averaging a lump sum payment on this episode of Retirement Answer Man.

All month we’ll be answering your questions. If you have a question that you would like to submit head on over to RogerWhitney.com/AskRoger and type in a question or use the record a question function to shorten the wait. We love audio questions so we bump those to the front of the line!

Tune in to hear these listener questions plus a summary of what was on my summer reading list. Make sure that you are signed up for the 6-Shot Saturday newsletter to learn all the details about the books I read this summer. How to pay for big-ticket expenses as you approach retirement

One listener would like to know the best way to pay for large expenses as she approaches retirement. She has already retired from her career and is now working (for minimum wage) as a teacher’s aide while her husband still works. They live in a high-cost of living area, and while their home is paid for, it requires a bit to keep it up.

Digging into cash reserves for big-ticket expenses can be scary since it is a drain on the assets, so she would like to know if her husband should decrease his 401K contributions so that they can increase their cash flow.

This is a good time to ensure that you have enough cash reserves in your after-tax bucket. While you are in the middle of dealing with a large expense it can be challenging to look ahead. But while it is important to meet those immediate needs, it is also essential to plan ahead.

Take some time to map out your plans for the near future. How long does your husband plan to work? Do you plan to stay in your high-cost-of-living area? Do you plan to downsize? This way you can explore the options you have to discover how to get on a sustainable path for the future. Building a decision-making framework can empower you to improve your situation and your future. How I approach reading

Before I share the books that I’ve been reading over the past couple of months, I wanted to share with you my approach to reading so that you can better understand my system and where I’m coming from.

I try to make reading my default activity. Instead of looking at my phone or turning on the TV, if I have some extra time, I grab a book and read.
The books I read vary based on my interest at the time, but I mostly read nonfiction books about business and retirement.
I always have more than one book going on at a time. I generally have an audiobook and a few different physical books around the house.
I learned a few years back that I don’t have to finish a book and that changed my life! Sometimes I don’t read a whole book, rather, I use certain books like reference books and pick and choose what I want to get out of them.
I prefer physical books to ebooks. I also write, highlight, and underline in my books so that I can easily refer back to them.

Books I’ve been reading
Now that you understand how I use books and reading in my life you can check out my summer reading list.
The Lost City of Z by David Grann
Hero of Two Worlds by Mike Duncan
A Tale of Two Cities by Charles Dickens
On the Shortness of Life by Lucius Annaeus Seneca
The Second Mountain by David Brooks
The How of Happiness by Sonja Lyubomirsky
Originals by Adam Grant
Red Teaming by Bryce G. Hoffman
I’d love to hear any book recommendations that you have. You can simply reply to the 6-Shot Saturday newsletter to let me know what you have enjoyed reading this summer.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK RECOMMENDATIONS

[3:30] How I approach reading
[6:22] What I’ve been reading this summer

LISTENER QUESTIONS

[14:32] On making your portfolio an all ETF IRA
[20:21] How Larry is living intentionally in retirement
[22:39] Dollar cost average or a lump sum
[27:02] Using a visual aid to help elderly parents understand overspending
[29:15] Large expenses approaching retirement

TODAY’S SMART SPRINT SEGMENT

[33:54] Instead of taking big actions find tiny actions that you can do consistently

Resources Mentioned In This Episode
Rock Retirement Club
The Pie Cake episode
Cal Newport
BOOK - The Lost City of Z by David Grann
BOOK - Hero of Two Worlds by Mike Duncan
BOOK - A Tale of Two Cities by Charles Dickens
BOOK - On the S...

Living a Heroic Retirement: How to Walk the Hero’s Journey Aug 31, 2022

Show notes

Michael Balchan from Heroic and I have been discussing how to live a heroic retirement for the last several episodes. Today, we wrap up this theme and learn to integrate the subjects we have discussed in the past 4 episodes into rocking retirement.

As usual, after the main theme, I’ll answer your listener's questions. If you have a question that you would like answered on the show, now is a good time to ask since next month we’ll focus solely on answering your questions. You can submit your question at RogerWhitney.com/AskRoger. You have the option to either type in your question or leave an audio question. We love audio questions, so leaving an audio recording is like getting a fast pass to the front of the line. Rekindle your best self each morning

If you have ever been camping you understand the importance of building a campfire. This camping essential provides heat and a way to cook, however, each night you must turn it off when you go to sleep. In the morning, you rekindle the fire to warm yourself up and start the morning off right.

This is just like living your best self. Each morning you must wake up and consciously rekindle your fire. By setting your intentions, you provide a way to set yourself up for success each day. Live each moment to create your best life

Since all we have is the now, each moment is an opportunity to live your best life. All you can do is show up one moment at a time to live life fully and completely. Looking back on your life you’ll see a bunch of separate great and not-so-great moments strung together to create a life.

If you are prepared to show up one moment at a time and live fully and completely you’ll find that those movements create an amazing life. Rocking retirement is about living heroically while mastering your finances

Here on this show, in my book, Rock Retirement, and the Rock Retirement Club, we talk about rocking retirement all the time. So it’s important to understand what I mean by rocking retirement. Rocking retirement is integrating the business of retirement with the act of living a heroic life.

The business side of retirement means getting the financial side of retirement correct. With agile retirement management, you’ll adjust your financial plan in a series of little changes so that you can have the confidence to weather the storms that life throws at you

By living a heroic retirement, you’ll create an amazing life for yourself each day by showing up and consciously choosing to become a better person. The RRC can help you live a heroic retirement

The Rock Retirement Club helps people with both sides of their retirement journey. Marrying the two together is how to really rock retirement.

The Rock Retirement Club is a safe place both online and in person to take the baby steps to set you on your way to rocking retirement. In the club, you’ll receive a world-class education from financial and retirement experts while walking this journey with other like-minded individuals who are traveling the same path.

Our next enrollment for the RRC is at the end of October, so be on the lookout if you have been considering joining the club. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[4:38] It can be easy to beat yourself up for being human
[9:52] How living your best self has to do with rocking retirement

LISTENER QUESTIONS

[12:12] Does Social Security count 401K withdrawals as income
[14:58] Single retirees are often struggling alone
[16:30] Should we charge for the podcast?
[17:37] Does it make sense to sell higher fee funds and reinvest in lower fee funds?
[24:00] On balancing the portfolio in today’s market

COACH’S CORNER WITH KEVIN LYLES

[30:45] Finding Kevin’s retirement identity

TODAY’S SMART SPRINT SEGMENT

[36:00] Discover a morning ritual

Resources Mentioned In This Episode
BOOK - Atomic Habits by James Clear
Episodes on retiring single: 210, 219, 220, 221, 222
Heroic app
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

How to Live a Heroic Retirement Today Aug 24, 2022

Show notes

“You are who you are here and now” – Bruce Lee

We all live life with the best intentions, yet rocking retirement is all about what we are actually doing–not intending to do. Do the things that you say are important to you now.

In this episode of the Living a Heroic Retirement series, you’ll learn how you can begin to live a heroic life today. Michael Balchan and I break down what we are doing to live our best lives. We bring the macro level that we have been discussing in the past few episodes down to the micro level. Press play to learn how to embody your virtues by taking baby steps towards your goals. Life is like a game

When you are young, you going to school is like a game where you get motivation and rewards for doing well. You get to level up each year and then move on to the next stage. Work is also like a game. There are boundaries, a scorecard, and of course, more leveling up.

In retirement, you have a clean slate, but since we are already so gamified you might as well continue playing. The difference is, that now you get to decide the rules of the game you are playing. Take the game and personalize it to your own needs. How to play the game

Your virtues are how you want to play the game. Once you decide which virtues ring true to yourself then you can set targets that align with those virtues. Set 3 targets that you can do today to make sure that you are living a life that aligns with your virtues. These targets are a way to make commitments to the behaviors that you want to act upon.

When you set your intention your attention follows.

Remember that this is your own game so set yourself up for success. Listen in to hear how Michael and Roger play their games differently using the Heroic app. Why celebration is important

It is important to celebrate your wins, but many of us have a hard time doing so. Celebrating your wins can feel inauthentic, or manufactured. However, celebrating acting on your virtues use positive reinforcement for your brain. Positive reinforcement creates a reward system for your brain to help you rewire and create positive habits. By celebrating your wins you create an internal sense of joy and satisfaction and therefore become more likely to make positive decisions OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[4:03] In retirement, you get to decide the rules of the game you are playing
[8:50] Set targets
[18:24] Be excited about showing up in the next moment
[19:52] Why is it so important to celebrate the wins?
[29:38] The heroic app gamifies living out your virtues

LISTENER QUESTIONS

[36:09] Bart’s inherited IRA question
[38:48] David’s question on the pie cake
[47:38] Adam’s simple question
[49:51] How to fund a hybrid long-term care insurance policy

TODAY’S SMART SPRINT SEGMENT

[53:33] Set one target that supports living your best self

Resources Mentioned In This Episode
The Heroic app
BOOK - 12 Rules for Life by Jordan Peterson
BOOK - Beyond Order by Jordan Peterson
BOOK - Top 5 Regrets of the Dying by Bronnie Ware
BOOK - An Audience of One by Robin Dellabough
The Long-Term Care series - Episodes 311, 312, 313, 314
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

#448 - Living a Heroic Retirement: The 3 Identities a Hero Should Have Aug 17, 2022

Show notes

“What one can be, one must be.”--Abraham Maslow

Do you know who you want to be in retirement? Here at the Retirement Answer Man, we want to give you the confidence to not just survive retirement but to rock retirement. To truly rock retirement you need to have both a financial and non-financial plan.

Over in the Rock Retirement Club, we have licensed Michael Balchan’s Heroic app and in these past few episodes, we have been discussing how to live a heroic retirement. Today we’ll discuss the 3 domains that are important to develop aspirational identities. You’ll learn why this is important and how to create your own aspirational identities in these 3 areas.

Make sure you are signed up to 6-Shot Saturday so that you can get the free workbook to help you develop your identity in these 3 domains. Break big things down into smaller chunks

How do you run a marathon? One step at a time. By breaking down big things into smaller chunks you can string them together and keep them in motion.

It’s okay if you don’t know what you are going to do with your entire life. The goal isn’t to have one giant all-encompassing purpose that you strive towards forever. Instead, aim for Ikigai. Ikigai is the current goal, meaning, or purpose that you are working towards right now. Identity drives behavior

Most people think that sour feelings drive our behaviors but this isn’t true. Our identity drives our behaviors which then drive our feelings. Our identities are linked to what we do and who we are is what we repeatedly do. Every behavior we display and action we complete is casting a vote for the person that we want to be.

Think about who you are when you are at your best. You can draw from previous experience or visualize the person that you want to be. That exemplar self is who you are striving to be. The 3 identity domains

Our identities are so often linked to what we do for a living so when we retire its like we lose a part of our identity. Now that you are no longer the VP of sales, the corporate attorney, or the head of HR, who are you? You have a blank slate to work from and the ability to reinvent yourself in retirement.

Breaking identity down into 3 domains helps you understand how the different parts of your life intertwine.

Energy is the foundation of everything.
Work doesn’t have to mean a traditional career. It can mean your avocation, activities, or hobbies.
Love means how you show up relationally with your partner, family, friends, or even acquaintances.

When choosing your new identity, it doesn’t have to be set in stone. Pick something that means something and is important to you. If it works well, then that’s great. If not, switch it up. Playing around with your new identity will help you consider how you want to live up to your best self.

Listen in to hear how I identify with each of these three identity domains. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:25] the 3 identity domains
[6:45] Ikigai - what is the current thing you are working towards?
[14:34] Be willing to break big things into smaller chunks
[18:56] Identities drive behaviors that drive feelings
[30:14] Your work identity

LISTENER QUESTIONS

[41:00] Should Randy sell his home to enjoy the go-go years?
[49:09] Steve’s suggestions
[51:46] How to help Cheryl’s parents
[56:58] Santiago’s Social Security question

TODAY’S SMART SPRINT SEGMENT

[1:00:32] What can you be at your very best in energy, work, and love?

Resources Mentioned In This Episode
Boomer Benefits
Heroic
BOOK - The Happiness Equation by Neil Pasricha
BOOK - Ikigai by Hector Garcia
BOOK - Atomic Habits James Clear
BOOK - Hero’s Journey by Joseph Campbell
Tony Robbins
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Living a Heroic Retirement: The Virtues of a Hero Aug 10, 2022

Show notes

This month on the Retirement Answer Man we are learning how to live a heroic retirement. Michael Balchan joins me to discuss what it takes to be the hero of your own story. On this episode, we explore the virtues that heroes embody.

If you are looking to be an exemplar then you’ll exhibit some core universal virtues plus some that are uniquely your own. Learn about these virtues and what it takes to be a hero on this episode of Retirement Answer Man. Keep striving toward your ideal self

Hercules is a typical hero. We often think of him as being a hero because he was strong, but it was because he put himself on the line and faced mythical beasts to help others.

Before you can help others you must know yourself and what you are capable of. Striving to be your best self is a heroic act. Self-actualization–expressing the best version of yourself–is impossible yet continually working towards self-actualization will make you a better person.

Striving toward your ideal self is an asymptotic act, like the curved line in mathematics that gets closer and closer to another line without ever touching. You may get closer and closer to your ideal but never actually realize it. You may continually advance on your best self but you’ll never actually reach your highest form. What is important to recognize is that even though you will never reach your ideal, it is important to keep striving. 4 Universal virtues

Every ancient tradition recognized 4 universal virtues

Wisdom is knowing the game you are playing and playing it well.
Self-mastery is having the discipline, temperance, and structures in place so that you can pause before responding.
Courage comes from the heart and allows you to take action in the place of fear.
Love means being present, connected, genuine, and encouraging.

Put your virtues into action
Rather than seeing yourself as falling short of your ideal self, if you keep doing the hard work involved in self-improvement you will continually improve yourself. Instead of judging yourself based on a past or future outcome, study your process. Are you striving to do your best at this moment? If you didn’t make the right choice, try to do so next time. Keep going and do what needs to be done. Our ideals are like a guiding light rather than a distant shore.
You won’t want to miss this episode to hear the rest of the virtues of positive psychology. Listen in to learn how you can apply the virtues and actions test to your heroic retirement quest.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:11] You will never achieve self-actualization
[13:53] The 4 ancient virtues
[21:12] The 5 virtues of positive psychology
[27:52] Personal virtues

LISTENER QUESTIONS