Retirement Answer Man

Latest Episodes:

The Parent Project: When, What, and How to Take Over When the Time Comes Dec 23, 2020

Show notes

There may come a time in your parents’ life (and in your own) when they begin to lose their agency. They may no longer have the ability to act upon their own path. Do you know what steps to take if that happens?

In this episode of Retirement Answer Man, we’ll investigate when, what, and how to take over when the time comes. Today, I have 2 guests joining me who will share their firsthand experience with the process of caring for a parent.

Join me for the 4th installment of the Parent Project series. If you haven’t listened to the first 3 be sure to check those out when you’re done with this one.

What does guardianship mean?

Guardianship is a legal process used to protect individuals who are unable to care for their own well being due to incapacity or disability. The way it works is that the court appoints a legal guardian to care for a person who needs special protection.

First, an attorney must petition the court, and then they must provide evidence as to why the person needs to have a guardian appointed. Then the court decides if the person is sufficiently incapacitated and also if the person requesting guardianship meets the guidelines. Listen in to learn whether having a power of attorney could eliminate the need for guardianship.

Is there a better option?

Gaining guardianship over your parents or aging family members should be a last resort. Hopefully, your parents have planned ahead and made your situation a bit easier by setting up a legal plan including a power of attorney. Listen in to hear whether joint accounts, power of attorney, or a traunch would be the best course of action when the time comes.

Naomi Karp shares her experience

Naomi Karp is an attorney and longevity expert that has worked on longevity for over 30 years. Her work has focused on law, aging, and policy and has included research, advocacy, and legislative work. She specialized in elder abuse and cognitive impairment and she is now getting firsthand experience in the caregiving process by caring for her mother. Don’t miss out on learning from her expertise.

What would you like to learn about elder care?

Family members make a significant portion of elder caregivers. There is so much to learn when jumping into a caretaker role, but it mostly requires on the job learning. Listening to stories from people like Naomi and Sarah can be extremely helpful and lessen the learning curve. Have you had to learn how to care for an aging family member? What is one thing you wish you had known before you started?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:30] What does guardianship mean?

PRACTICAL PLANNING WITH NAOMI KARP

[4:46] Naomi Karp has both the expertise and the personal knowledge of caregiving
[9:52] How do you take over your parents’ finances without being abusive?
[14:59] How to choose a power of attorney
[20:43] What kind of duty are you taking on if you become a guardian
[32:20] Check out the When I’m 64 podcast

PRACTICAL PLANNING WITH SARAH

[43:20] Sarah started noticing problems with both parents when her dad was hospitalized
[46:52] How to know when to take over
[50:42] Make sure your siblings and the doctors are on the same page
[54:40] Use their tax returns to help you identify their different accounts
[1:00:24] Hypotheticals can take you far
[1:02:44] Gaining power of attorney is so important
[1:09:05] What she wishes she had known
[1:13:44] Music is powerful for someone with dementia

TODAY’S SMART SPRINT SEGMENT

[1:15:04] Check out ElderLawAnswers.com

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

The Parent Project: Organizing Your Parents’ Finances and Estate Plan Dec 16, 2020

Show notes

Welcome to the third installment of the Parent Project series. As your parents age, they may need you to pick up the reins and help out a little -- or a lot. Helping your parents get older with grace and dignity can be fulfilling, but at the same time challenging. The more prepared you are for this challenge the easier it will be.

After you listen to this episode make sure that you are signed up for the 6-Shot Saturday newsletter so that you can receive all of the FREE resources to help you prepare for this next phase of life.

What is preparation?

The word preparation means getting ready for an event or undertaking. You prepare for trips, parties, and all kinds of things. When you prepare financially you make financial life more stable, organized, and consistent.

You don’t even know if our parents will need help so why should you prepare for it now? You may not think that you need to prepare to manage your parents’ finances but the more prepared you are the more ready you will be if an unforeseen event happens.

How can you talk to your parents about their finances?

Talking to your parents about finances and estate planning can be uncomfortable. No one wants to sit down and have that big conversation. So instead of having a big uncomfortable conversation try having smaller conversations over time. When you strike up smaller conversations it’s easier to keep the dialogue open. Try opening the door to a smaller conversation the next time you see your parents.

The 3 types of aging parents

Everyone’s parents are different. Some parents don’t want to deal with any of their finances, this type of parent may need you to be a project manager. Others may want a little bit of assistance, if so, then you could take on the role of a coach. And other elderly parents may want you to take a hands-off approach. They may appreciate you feeding them small pieces of information along the way. What kind of parents do you have?

Tips for talking to your parents about their finances

Keep the financial conversation separate from family time
Don’t have too many cooks in the kitchen
Take an inventory of their accounts
Create a net worth statement
Set up online access for all of their accounts
Use a password manager
Get organized and create a diagram
Have digital records
Get introduced to key people

Listen in to hear the details about how to create this dialogue so that you can get prepared to help your parents. Whether they need it or not, being prepared for the financial conversation will give you some peace of mind as your parents get older. Make sure to stick around to hear a first-hand story from retirement coach, Mark Ross and catch up with Lori from Retirement Plan Live.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:30] What is preparation?

PRACTICAL PLANNING SEGMENT

[6:17] Have little conversations
[8:05] What kind of parents do you have?
[16:30] Create an organizational diagram

AN INTERVIEW WITH MARK ROSS

[22:02] Mark has been on a long journey with his parent project
[24:50] He turned an overwhelming project into an enjoyable journey
[25:57] How did he manage the conversations with his parents?
[29:37] How did he deal with his siblings?
[35:47] It all works out in the end
[38:42] What is he doing differently now that he has learned about aging?

TODAY’S SMART SPRINT SEGMENT

[40:50] Check out Everplan

AN INTERVIEW WITH LAURIE FROM RETIREMENT PLAN LIVE

[43:04] Bruce has since retired and Lori is still working part-time

Resources Mentioned In This Episode

Check out Lori’s Retirement Plan Live - start with episode 194

Everplans.com

LastPass

1Password

Estate Planning in Retirement episodes 332, 333, 334, 335, 336

BOOK - Built to Sell by John Warrillow

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

The Parent Project: How to Have the Talk with Your Parents (and Siblings) Dec 09, 2020

Show notes

Have you had the talk with your parents or loved ones? You know the one. Maybe it pertains to their driving or their finances, or it could be about their health or living situation. Whatever the conversation is about; it is uncomfortable for everyone involved.

What if there was an easier way that you could address these subjects with your parents? On this episode of Retirement Answer Man, you’ll learn how you can talk to your parents or loved ones about the matters that are so important to discuss as they age.

What is a caregiver?

Generally, when we think of a caregiver we think of a medical professional. (Someone other than ourselves.) However, a caregiver can include anyone who regularly looks after someone that needs help.

Caregiving can mean nursing, but it also means cooking, cleaning, paying the bills, etc. Most of the time the caregiver ends up being a family member. As a matter of fact, 29% of the population provides care for chronically ill family members and often those people spend 20 hours per week providing care.

Creating an open dialogue is critical

We often wait until a big event happens to address important subjects with our parents, but that isn’t the most effective way to address uncomfortable subjects. Instead of waiting until the last minute to bring up a nursing home or another issue, try creating little conversations before a stressful situation arises.

Starting a dialogue early with your parents or family member creates an open space to address difficult subjects before they come up. Learn how to open up this conversation by listening to this episode of Retirement Answer Man.

What should these conversations be about?

Now that you understand the need to have several smaller conversations with your parents rather than a big bombshell, it is important to think about the issues. What do you need to address? There are a number of issues that may arise: driving, finances, housing, health, safety, and cognitive abilities are all factors that may need to be addressed. Remember the earlier that you bring these matters up the better they will go.

Tips for bringing these conversations to light

It can be challenging to bring up issues that you have never had to address with your parents or family members. Everyone is on their own journey in life and aging can impact one’s ego and sense of privacy. It is important to be empathetic and understanding of their journey. Here are some tips you can remember to help you make the most of the conversation:

Choose the right messenger.
Use hypotheticals.
Test the waters with little things.
Bring solutions and resources
Don’t give advice, guide them to the answers
Listen - choose the right time and place
Be empathetic, not condescending

After you listen in make sure that you are signed up for the 6-shot Saturday email newsletter to receive all the resources that go along with each episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:10] What is a caregiver?

PRACTICAL PLANNING SEGMENT

[4:43] Create an open dialogue
[7:00] What should these conversations be about?
[11:21] Tips for bringing these conversations to light

A RETIREMENT PLAN LIVE UPDATE

[21:16] An update with Emma
[29:20] How to say yes to things after a loss

TODAY’S SMART SPRINT SEGMENT

[30:45] Check out David Solie’s book - How to Say It to Seniors

Resources Mentioned In This Episode

Episode 289 - Retirement Plan Live with Emma and Luca

BOOK - How to Say It to Seniors by David Solie

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

The Parent Project: 6 Ways Aging Parents Can Impact Your Retirement Dec 02, 2020

Show notes

Over the next 5 episodes, we’ll be tackling an important series that I call The Parent Project. No parent wants to be a burden to their children, but as longevity increases with advances in healthcare, your parents may need you to help them out as they age. Are you helping to care for a parent or an aging family member?

My goals for this series are to help you help a parent prepare for this stage of life, to help you prepare for this stage in your own life, and to share bits of wisdom along the way. You won’t want to miss this pertinent series, so press the play button now!

What is aging?

The word aging can be a noun or an adjective. Aging is both the process of getting older and a way to describe the signs of growing old. We all know that aging is a natural process that we go through, but that doesn’t mean that it’s fun.

We are aging for a longer period of time due to health and medical advancements. We all go through 5 stages of aging -- although some may happen more quickly than others. The 5 stages of aging are independence, interdependence, dependence, crisis management, and end of life.

6 ways that aging parents can impact your life

Diving into the parent project can have a big impact on your life. We want to honor our parents in this vulnerable part of their lives, but we also want to live our own life. Many of you are retired or on the cusp of retirement and caring for aging parents can greatly affect your retirement plans. These are 6 ways that aging parents could impact your life.

Retirement date - You may delay your retirement due to your parents’ condition.
Living arrangements - You may decide not to move or limit where you can live.
Time - The bureaucracy of caregiving, court documents, and everything else can eat into your time.
Psychologically - The psychological effects of caring for loved ones can lead to many feelings like guilt and disappointment.
Finances - You may need to subsidize your parents’ care.
Relationships - How are your relationships with your spouse and siblings affected?

What can David’s story teach you?

We have a saying over at the Rock Retirement Club, ‘walk with the wise to become wise.’ The RRC is a place to learn from each other to increase our understanding and gain knowledge of a topic. Since I’m not an expert on this topic, I have invited David to come on the show to share his story.

David has recently dealt with the incapacitation and passing of his mother while also arranging for the care of his father. He learned a lot about the parent project along the way. Listen in to learn from his story so that you can start considering the different things to keep in mind as you and your parents age.

As we work through the different topics over the next 5 episodes consider creating a file of resources for yourself. Sign up for 6-Shot Saturday to get FREE resources to help you prepare for your parents’ and your own aging process.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN?

[3:07] What is aging?

PRACTICAL PLANNING SEGMENT

[6:39] 6 ways that aging parents can impact your life
[13:01] What can you do to ease the transition for your parents and for yourself?

AN INTERVIEW WITH DAVID

[14:37] How did David’s parent project start?
[22:08] How to broach the conversation of moving to a facility
[28:11] David knew that he needed an elder law attorney
[32:36] How has this event impacted his relationships?

TODAY’S SMART SPRINT SEGMENT

[37:10] Check out caring.com

Resources Mentioned In This Episode

Caring.com

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

What Are the Chances We Have a Market Crash, and How Do I Protect Myself? Nov 25, 2020

Show notes

This is a time of year when many people give thanks for what they have. On this episode of Retirement Answer Man, I explore the definition of thankfulness and gratitude with our Rock Retirement Club retirement coach, BW. He even brings us 5 tips that can help us to cultivate gratitude on a regular basis.

Tanya Nichols joins me again to help answer listener questions. You’ll learn what you can do if you are worried about a market crash, what to do if you think you are too old for long-term care insurance, and we’ll discuss Roth conversions from a 403B. Press play now to join me to hear the answers to listener questions and more.

What are you thankful for?

The definitions of thankfulness and gratitude are very similar. Thankfulness is the consciousness of benefit received from others. Gratitude is a thankful appreciation for what an individual receives both tangible and intangible.

One way to combat worry is to create a habit of thankfulness. I have done this personally and it has changed my life. Practicing gratitude contributes to greater happiness and it allows us to focus on what we have rather than what we lack. Listen in to hear what I am grateful for this year.

5 tips to help cultivate gratitude on a regular basis

Cultivating a gratitude practice can seem like a good idea but it often falls by the wayside after a few days or weeks. The beauty of practicing gratitude is that it shifts your mindset. You can use these 5 tips to help you become more thankful by creating your own practice of gratitude each day.

Write and send a thank you note to someone who has had an impact on your life each month.
Get in the habit of saying thank you to at least one person each day.
Keep a gratitude journal. You get bonus points if you try and come up with different things to be thankful for each day.
Pray. If you are religious, praying can help you cultivate gratitude.
Meditate. Instead of focusing on your inner self, try focusing on gratitude in the moment.

Does sequence of return risk keep you up at night?

The world around us seems so unstable right now. Many people worry that we could be at the start of the next big crash. What if we are at the beginning of several years of zero returns? Sequence of return risk is one of the biggest worries of those on the cusp of retirement.

Although people worry about sequence of return risk, if you look back at history and study bear markets, youĺl see that even within those years there were good years and bad years. It’s also good to remember that your portfolio won’t directly reflect the S&P 500, we simply use it as a planning tool.

How to balance market risk against inflation risk

Why do we take market risk when we are worried about sequence of returns? Inflation! Inflation risk is just as big, but it creeps up slowly over time. You have to balance the risk of inflation with market risk.

You can take market risk. You just have to know how much you are comfortable with. The first thing you need to do is understand the minimum effective dose of investment risk you need in order to create the life you want. Next, you’ll want to time segment your money by building your cash flow model early in retirement. Plan for statistically probable outcomes and then test for outliers. Listen in to hear the details of how you can protect yourself from both inflation risk and market risk.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:30] What is thankful?

PRACTICAL PLANNING SEGMENT

[5:02] Is Chris too old for long-term care insurance?
[8:11] A 403B and Roth conversion question
[12:12] A new learning experience as a couple
[14:06] What are the chances that the market crashes?

COACHES CORNER WITH BW

[22:09] Practice gratitude to improve your happiness
[26:17] 5 tips to help cultivate gratitude on a regular basis

TODAY’S SMART SPRINT SEGMENT

[30:16] Give yourself and everyone around you some grace this Thanksgiving

Resources Mentioned In This Episode

Align Financial

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

How Do I Stop Feeling Guilty About Success So I Can Enjoy Retirement? Nov 18, 2020

Show notes

There are so many things to take care of in retirement. It can all feel overwhelming. Many people worry about their jobs, the state of the world, retirement, and their uncertain future. On this episode of Retirement Answer Man, you’ll learn what you can do to ease your worries about the unknown as well as discover the answers to questions from listeners like you. Join Tanya Nicols and me as we answer questions about an early retirement package, what to do when you have a significant portion of your net worth in one stock, and how to use second to die life insurance.

What is worry?

Worry is a noun that means a state of anxiety and uncertainty over actual or potential problems. It can also be a verb meaning to give way to anxiety or unease.

Are you a worrier? Although worry is a healthy thing, oftentimes people allow their minds to dwell on difficulties or (perceived) troubles. There is a fine line between healthy worry and overwhelming worry.

The fine line between healthy and unhealthy worry can be hard to walk

Just like how exercise creates stress in your muscles and grows them, worry can do the same to your mind. Worry can spur you into action causing you to improve your situation. However, worry taken to excess can be paralyzing. It can cause you to lose perspective so that you can no longer see clearly. You can’t let worry overwhelm you so much that it steals your life away. Listen in to hear what you can do to help ease your worries about the state of the world, life, and retirement.

How do you perceive the wealth you have created?

It is often said that money is the root of all evil, but this isn’t true. The love of money is the root of evil.

Do you feel guilty about the wealth you have created? Guilt is a common theme for many successful people. Many create an emotional attachment to their money. Rather than judging yourself for creating your wealth, use that wealth as a tool. How you use it is important. What will you do with your wealth to create an amazing life?

What to do when you have a significant portion of your assets in one stock

One listener has ⅓ of her net worth tied up in one particular tech stock. She is looking for some guidance on how to handle this.

A great question to ask is: what would happen to your net worth if that stock simply vanished? This question can get you thinking about how much you need to have a good life. Once you have thought deeply about your life then you can be methodical about this asset. Set a number to help guide you and don’t let taxes sway your decision.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:40] What is worry?

Q&A WITH TANYA NICHOLS

[10:56] How do you feel about your wealth?
[16:52] What to do when you have a significant portion of your assets in one stock?
[22:57] How to balance Social Security, taxes, and an early retirement package
[25:46] Second to die life insurance

TODAY’S SMART SPRINT SEGMENT

[30:47] Control your input

Resources Mentioned In This Episode

Align Financial

BOOK - The Daily Stoic by Ryan Holiday

BOOK - The Rational Optimist by Matt Ridley

BOOK - The Power of Agency by Anthony Rao

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

How Do I Use an HSA for Retirement Healthcare Costs? Nov 11, 2020

Show notes

Do you use an HSA? If not, you may want to start one after listening to this episode. Find out how you can use an HSA to help lessen healthcare costs in retirement and stick around to hear the answers to listener questions on this episode of Retirement Answer Man.

Are you trying to figure out how to deal with an unexpected retirement? Would you like to come on the show? We are looking for a volunteer for the next Retirement Plan Live coming up in January. If you would like some help in navigating your unexpected retirement head on over to RogerWhitney.com/rpl to put your name in the hat and potentially become our next case study for Retirement Plan Live. What is focus?

Focus is the act of concentrated activity on something. You choose where to place your focus in your life.

What do you choose to focus on? Do you choose to focus on fear, problems, and all that could go wrong? Or do you choose to focus on the present and future excitement?

When you focus on a problem does it seem huge and overwhelming? Or do you break that problem up into chunks so that you can determine what to do next?

I like to say focus on the WHAM. Figure out what the problem is, how to do it, get accountability, take action, and achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself. Can you still contribute to a Roth IRA with only a 1099R?

One listener has a question about Roth IRA contributions. He is no longer working and receives a pension, but would still like to contribute to a Roth IRA since he is under the income limitations.

Unfortunately, this isn’t allowed since the income must be ‘earned income’ according to the IRS. But the good news is, his wife can still contribute to his Roth IRA since he is considered a nonworking spouse.

Learn the specifics of his question and the answer by listening to this episode of Retirement Answer Man. HSAs are like ‘SuperRoths’

Lynn wrote in to encourage us to discuss HSAs a bit more. This is a great idea since HSAs can be like ‘SuperRoths’.

I knew I was missing out on having an HSA so when I was shopping for healthcare plans last year I specifically looked for a healthcare plan that was HSA compliant. With an HSA an individual can contribute $3500 per year and a family can contribute $7100. A great way to use an HSA for retirement healthcare costs

There are a few things that make an HSA is so fantastic. The money you put into an HSA is tax-deductible and the money you take out is tax-free. HSAs are also extremely flexible. You can pay your healthcare expenses out of pocket now and save the receipts for reimbursement any time you want to. Listen in to find out how you can use the HSA as a medical expense slush fund and grow it in the long term. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:42] What is focus?

PRACTICAL PLANNING SEGMENT

[11:26] Can you still contribute to a Roth IRA with only a 1099R?
[13:38] HSA’s in preretirement
[18:46] How valuable is 2 months of your life?
[22:26] Fire calc and inflation risks

TODAY’S SMART SPRINT SEGMENT

[29:37] Realize your focus

Resources Mentioned In This Episode
BOOK - The Rational Optimist by Matt Ridley
FireCalc.com
New Retirement Calculator
RogerWhitney.com/rpl
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center

Listener Questions: How Can We Enjoy Life Now and Be Okay When We’re Older? Nov 04, 2020

Show notes

November is finally here and Nichole is back! That means it’s time for listener questions. This month is my planning month where I take the time to map out the next year so that I’m not just drifting along. I try to be intentional about where the show is going and where my practice and life are going too. Listen in to hear what’s in store for 2021 on the Retirement Answer Man and find out the answers to several listener questions. How to balance enjoying life now with planning for later

A listener, who describes herself as being in the constrained category of retirement readiness, asks how she can balance enjoying her life now with saving for retirement. This is a question that everyone struggles with, even those that are overfunded. We all tend to think of saving for retirement like climbing a mountain. This climb is filled with sacrifice and denial of comfort and pleasure.

I argue that we must change our mindset when it comes to retirement. We must stop thinking of retirement as a destination and start enjoying this never-ending journey now.

It helps to map out your spending and separate it into 3 categories. Listen in to hear what those categories are and how you can map out your cash flow to make you feel more at ease about retirement. How to decide whether to take the full pension or the pension with survivor benefits

One listener is faced with yet another retirement decision. Soon he must decide whether to take a full pension or a lesser amount with survivor benefits. How should one decide what to do? Just like with the previous question, it’s important to build a model first. Map out your cashflow and test it out by using different scenarios. This will give you a good idea of how much you really need to live the life you want. When should my spouse collect Social Security if her benefit is based on mine?

Mark and his wife have calculated that she will collect a larger benefit it is based on her husband’s earnings rather than her own. Spousal benefits are 50% of the higher-earning partner. However, the secondary partner can’t claim their benefits until the primary spouse claims theirs. So if the primary beneficiary decides to wait until age 70 to collect their benefit, then the secondary must wait to collect as well. Listen in to discover what the secondary spouse can do in the meantime to start the cash flowing in. Julie is looking for a safe investment for her 5 years of cash reserves

Julie wants to have 5 years of cash reserves but would like that large chunk of money to be earning a bit as well. It is hard to find a way to do this right now with interest rates so low. High yielding money market accounts may only yield .5%. CD’s aren’t much better and range between .65% - 1%. Individual bonds also have terrible returns. I do have one suggestion if you don’t mind a bit of complexity and paperwork. Listen in to find out what it is. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[3:06] What is intention?

LISTENER QUESTIONS WITH NICHOLE

[11:20] How to balance enjoying life now with planning for later
[16:46] Deciding whether to take the full pension or the pension with survivor benefits
[19:40] When should my spouse collect Social Security if her benefit is based on mine?
[23:26] Julie is looking for a safe investment for her 5 years of cash reserves
[28:39] How to get a second set of eyes on his portfolio?

TODAY’S SMART SPRINT SEGMENT

[30:47] Look at your investment assets and see if they are giving distribution estimations so you can do some tax planning

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

Unexpected Retirement: How Do I Find Work to Fill the Gap? Oct 28, 2020

Show notes

What do you do if you lose your job but you’re still not ready to retire? Whether it’s personally, professionally, or financially, if you’re not ready to retire then you’ll have to take action to find new employment. How do you fill that gap between this job loss and retirement? On this episode of Retirement Answer Man, we’ll brainstorm some ways that you can take action to find your next job. What happens to you when you lose your job?

Losing your job sucks. It never feels good to get pushed in a direction that you aren’t ready to take. It can zap your confidence even if the job loss had nothing to do with your performance.

There are several things that happen when you lose your job. You lose your connections. You lose the rhythm of your life. You lose the intellectual challenge. And of course, you lose your income.

Losing your job can make it feel like all your dreams have been zapped away. What next?

While it’s okay to have feelings of anger, sadness, and remorse, you don’t want to wallow in them. One outlet you can take is to journal. When I’m faced with a difficult situation, I like to get all my feelings out on paper. I essentially yell into the page. This form of release can even help me figure out what my next step will be.

If you find yourself floundering and you don’t know what to do next, be sure to listen to episode 346 to discover some first steps to take when you lose your job. It’s important to start to get that forward momentum going so you don’t just sit there shellshocked. Ways to fill the income gap quickly

What if you are really strapped for cash and you need income right away? If you don’t have the cash reserves to wait out a lengthy job search there are several ways that you can start earning income quickly.

File for unemployment
Register at temp agencies like Manpower.
Declutter your house and sell things on OfferUp or eBay.
Deliver groceries or food with UberEats or drive for Uber.
Consider a job at Starbucks if you need health benefits.
Tutor online or teach English remotely

None of these are perfect solutions, but they can help you be proactive and gain forward momentum. How do you move forward in your job search?

The first step to take in your job search is to update your resume. It may have been a while since you have done so. Here are some tips for resume writing from an experienced HR professional:

Look for keywords in the jobs that you want. Listen in to hear why your resume often won’t make it past the screening stage without these keywords.
Have a base resume then tweak it to the specific job. Gone are the days when you only have one resume.
Review resume examples for the job you want.
Make your resume simple and easy to read.
Focus on measurable accomplishments.
Put the most important information first and only use the last 10 years of your work history in your resume.
Use these action verbs to help your resume stand out.

Listen in to hear what you should do after you update your resume to help you take action and find your next job. Stick around until the end to hear the Coaches Corner segment with BW to learn about your changing relationships in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:52] What happens to you when you lose your job unexpectedly?
[10:02] Ways to fill the gap quickly
[13:08] How do you move forward in your job search?

COACHES CORNER WITH BW

[20:20] Changing relationships with your spouse
[23:40] What can you do to help your relationship?
[28:12] Define your roles
[31:04] Communication is key

TODAY’S SMART SPRINT SEGMENT

[38:47] Pick a couple of ways to take action

Resources Mentioned In This Episode
139 Action Verbs
Episode 346 - 5 Things to do When You’re Suddenly Retired
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center

Unexpected Retirement - Do I Take the Retirement Package? Oct 21, 2020

Show notes

A result of the infamous year 2020 is that companies are looking left and right for ways to cut costs. One way many companies are trimming the fat is by offering early retirement packages to their most experienced team members. There are many questions you should ask yourself if you have received the offer of an early retirement package. Listen in to discover what you need to be thinking about in this situation. Even if you have been planning to retire you may not be ready just yet

You may have been considering and planning your retirement for a while now. But even if you are well prepared for that future date, receiving an early retirement offer can still feel like you are being thrown a curveball. You may not feel like you are ready to pack it in just yet. Even after all of your planning, there is an internal struggle. What should you do if you are offered an early retirement package?

If you receive an early retirement offer you may have a limited amount of time to make your decision. The first thing you should do is seek counsel. Gather your team together. This should include your spouse and anyone whose opinion you value in these matters. Next, you’ll want to consider how the package can serve you. Will it simply move forward all the things you were planning? Questions to consider before taking the package

There are many questions you should consider before coming to a decision. How will this package affect your benefits like pension, life insurance, and your vestedness within the company? How will it affect your healthcare options? Filling the gap between workplace provided health insurance and Medicare is the biggest challenge of early retirement. Listen in to hear all the questions to ask yourself if you are offered an early retirement package. What if you’re still not ready to retire?

What should you ask yourself if you say no? Do you want to continue and stay in your role at the company? If you do, what will that look like? Will your job become harder? If you don’t accept the package will that affect workplace politics?

Before you come to any decision you need to make sure that you have a feasible plan in place. If you aren’t sure how to create that plan, consider joining the Rock Retirement Club. We have a masterclass where we teach you how to build a plan that is designed just for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT