Retirement Answer Man

Latest Episodes:

Unexpected Retirement: Annie Duke on How to Decide Oct 14, 2020

Show notes

Retirement brings an onslaught of life-changing choices, so one thing you can do to help you rock retirement is to become a better decision-maker. If you are wondering how you can do that, then you’ll want to listen to this interview with Annie Duke. Annie Duke is the author of Thinking in Bets and she just released a new book called How to Decide. She knows that people can improve the quality of their decisions and she’s here to teach us how. Press play to learn how you can make better decisions so that you can rock your retirement. There are 2 things that create a great life

There are only 2 things that determine the way your life turns out: luck and the quality of your decisions. You don’t have any control over the luck part, but you do have control over the quality of your decisions. It is important to acknowledge that luck has a role to play in the quality of your life. Once you have come to terms with that then you can focus on improving the quality of your decisions. Decisions are made with incomplete information

Unfortunately, this isn’t a perfect world where you have all the information needed to choose wisely. There are so many unknown factors that affect your choices, so how can you possibly choose correctly? Uncertainty, luck, and imperfect information all impact our decisions. But rather than being paralyzed by these factors, you can use probability to help you.

Think about how you can get more information. Most of the time we are making our decisions behind a veil of ignorance. This is why it is so important to ask questions. When you ask you are doing something, you are improving your data set. Gain some information but don’t become overwhelmed with information overload. Set some parameters to help guide you in your decision making. Have you defined your values and goals?

Before making any major life choices you’ll want to have a clear understanding of your values and your goals. Having well-defined values and goals can help you choose. Think about how positive or negative results of your decisions will move you toward your goals. Don’t just go with your gut

So many people use their guts to make decisions, but the gut is not the right tool to use. You can’t measure it. You want to make sure that you use a process, strategy, and tactics to help you decide. It’s also important to examine your decision making by going back and reflecting on your decisions. Learn why this is so important in this interview with Annie Duke.

If listening to this episode wasn’t enough and you want to learn more about making better decisions, then make sure you’re signed up for the 6 Shot Saturday newsletter to receive a free chapter of Annie’s new book, How to Decide. You’ll also get an invite for the webinar taking place on October 29 at 7 pm CDT. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[3:32] There are 2 things that create a great life
[6:02] Are high stakes decisions more important than smaller decisions?
[12:50] How we judge decisions
[21:37] Don’t just go with your gut
[27:40] What hindsight can teach us
[33:48] A thought experiment
[44:23] Use decision tools to help you

TODAY’S SMART SPRINT SEGMENT

[48:03] Sign up for 6-Shot Saturday to get a FREE chapter of How to Decide

Resources Mentioned In This Episode
BOOK - How to Decide by Annie Duke
BOOK - Thinking in Bets by Annie Duke
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: 5 Things to Do When You’re Suddenly Retired Oct 07, 2020

Show notes

The Coronavirus pandemic has brought about so many disruptions to our daily lives. In addition to all the health precautions we must take, many of us have had to deal with job loss as well. Whether it was a furlough, layoff, or early retirement, the results are the same. You used to be working and now you’re not. During this entire month, we will discuss what you can do when you are retired unexpectedly. On this episode, you’ll learn 5 things you can do when you are suddenly retired. What is triage?

Triage means assigning priority to projects based on where resources can be best used in order to increase the likelihood of success. We often hear the term triage in medical circumstances, but we can use it with financial situations as well.

The first thing to do to triage a situation is to assess where you are. Once you do that you can determine what to do first. When life throws you a curveball triage your state of affairs before reacting. 5 things you need to do if you are pulled into retirement

When you receive notice that you’ve been laid off or even if you are offered an early retirement package it can feel like the bottom has dropped out from under you. Before you can figure out your next move you need to give yourself some breathing room to contemplate the change. You can follow these 5 steps to give yourself the structure you need to move forward.

Get organized. You need to take stock of your financial life. Understand your spending. How much money do you need each month? Take some time to map out the monthly debts you owe yourself over the next 12 months. This step will help you get back on your feet.
Check your liquidity. Next you’ll want to map out your income sources for the year. This will help you figure out the deficit between your expenditures and revenue. This is also a good time to reorganize your financial assets and refresh your net worth statement.
Reassess what is important to you. Are your priorities in order? Now is a good time to revisit what those priorities are and to make sure that your life is a reflection of those priorities.
Gather your team. Now is the time to seek counsel. Talk to your spouse, your advisor, your CPA, and good friends whose opinion you value. It can be hard to gain perspective from where you sit, so having another opinion can help you see things from a different point of view.
Determine what to do first. This is the step that most people get stuck on. There are so many decisions to make that it can be overwhelming. Choose one thing to do first, then move on to the next. Don’t try to do everything all at once.

Don’t miss the upcoming webinar!
Following these steps can help you take control of your circumstances and ultimately make better decisions. If you have been unexpectedly retired recently you won’t want to miss the webinar on October 29 at 9 pm. Make sure you are signed up for the 6-Shot Saturday newsletter to get your invitation.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[4:06] What is triage?

PRACTICAL PLANNING SEGMENT

[7:10] 5 things you need to do first if you are pushed into unexpected retirement
[21:42] Figure out the next version of you
[25:20] Join our live webinar on October 29 at 7 pm central

Q&A SEGMENT

[26:35] The pros and cons of choosing a certain month to retire
[31:02] What to do about an early retirement package?

TODAY’S SMART SPRINT SEGMENT

[36:09] Try being consciously incompetent

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

How Does Medicare Work? Making Your Medicare Decision Sep 30, 2020

Show notes

The retirement decisions that you make today will impact you for years to come. This can be a scary thought since we don’t know what the future holds. The Medicare decisions that you make now can affect your future self so you don’t want to take these decisions lightly.

For the past 4 episodes, we have discussed the inner workings of the Medicare system which has given us a good basis of knowledge to work from. Danielle Roberts from Boomer Benefits joins us one last time to help us understand how to make Medicare decisions. The retirement choices you make now will affect you for years to come

Choosing a Medicare plan is one of the most important and long-lasting choices that you will make in retirement. It’s hard to make these choices that will affect our future selves who may not be as healthy or alert as we are now. It is important to strike a balance between overanalyzing this decision and not analyzing it enough. How to start to make your Medicare decision

Thankfully Danielle Roberts has returned to the show with her sage advice on how we can begin to make these choices. She recommends a few things to help you narrow down your choices.

First off, start your research early. (Listening to this How Does Medicare Work series is a good start.)

Next, you need to decide whether to choose a Medigap or Medicare advantage plan. To help with this decision, start at your doctor’s office. You’ll need to ask whether they accept original Medicare. If they do this means that they accept Medigap plans. Then you’ll want to find out whether they participate in any Medicare Advantage plans. There are many questions that come with Medicare

You’ll start thinking of more questions that you want to ask your doctor as you learn more about Medicare so start creating your list of questions to ask your doctor now.

There are a lot of considerations when deciding between Medigap or Medicare Advantage. Do you have a lot of different doctors? Do you want inexpensive copays? Do you have the money set aside to afford large deductibles or hospital stays down the road? Consider your future self when making you Medicare decisions

It’s easy to choose what’s right for today rather than considering your future self. Ask yourself if you are going to be ok with this coverage not just now, but if you have a year where you aren’t as healthy. Don’t be afraid to ask questions. Sleep on it to see if you have a few more questions.

You may want to consider using a broker like Boomer Benefits. Since they are a brokerage there is no cost to the consumer. All costs are worked into the insurance plans. Learn more about the whole Medicare system by listening to the entire How Does Medicare Work series. This will help you make the right Medicare decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[3:03] The latest happenings of the Retirement Answer Man show

PRACTICAL PLANNING SEGMENT

[9:20] How to make good Medicare decisions
[15:30] Should you ask a specialist the same questions you ask your primary care doctor?
[21:04] Know the risks of each plan that you are considering
[23:08] What about dental and vision plans?
[25:46] What are the benefits of using a brokerage?

COACHES CORNER WITH B.W.

[30:21] Don’t you let your life shrink in retirement

TODAY’S SMART SPRINT SEGMENT

[39:43] What are you doing to expand yourself?

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

How Does Medicare Work? Common Medicare Mistakes Sep 23, 2020

Show notes

Danielle Roberts from Boomer Benefits joins The Retirement Answer Man Show again to help us understand the nuances of the Medicare system. She has a new book coming out soon called 10 Costly Medicare Mistakes that you won’t want to miss. In this episode, you’ll learn from Medicare horror stories, the biggest mistakes you can make with Medicare, and why you need to check your plan every year. Make sure to sign up for 6 Shot Saturday to get free resources by Danielle Roberts, our Medicare expert! Make sure you are prepared to jump into retirement

Sometimes retirement can come at you suddenly. Are you ready to jump into retirement? You may be suddenly thrust into this whole new world. However, for others, retirement can seem like a cliff where they are standing on the edge. It can be hard to take that leap; some people end up waiting and waiting forever for the right time to jump. Educating yourself and planning ahead can help you prepare for retirement. Listening to Retirement Answer Man can help you prepare to take that leap into this amazing new world. Will dropping Medicare Part D help this listener eliminate IRMAA?

One listener got a notification in the mail that he would be charged an IRMAA surcharge for his Medicare Part B and D plans. Since he uses a discount drug plan apart from Medicare Part D he was just thinking of dropping Medicare Part D altogether.

He can drop Part D and forgo the IRMAA surcharge on that plan, however, doing so will mean that he has to wait until the next election period if he decides he wants back into the program. Additionally, he will then have to pay a penalty for each month that he went without the Part D drug plan. Listen in to learn how much that penalty is and discover a Medicare mistake that you won’t want to make. Biggest medicare mistake

Medicare is a tricky system to learn, especially if you haven’t done any research. The biggest mistake you can make is waiting until the last minute to learn about this healthcare system. Danielle shares that there are many people who are under the impression that Medicare is free and then are shocked to learn that they don’t have enough money saved to cover their healthcare expenses in retirement. Make sure that you don’t make this mistake. Listen to the entirety of the How Does Medicare Work series to help you begin to learn the intricacies of the Medicare system. Check your plan every year

Medicare has so many different ‘open enrollment’ periods so it can be confusing to know which ones are the most important. Your plan will change from year to year, so when you get a packet in the mail in the fall pay careful attention to the changes. You can also check your plan changes at MyMedicare.gov and use the plan finder tool to compare your plan with different plans. Don’t miss it when Danielle explains why it is so important to check the different plans that are offered from year to year. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:33] How retirement is similar to hang gliding

PRACTICAL PLANNING SEGMENT

[9:08] Will dropping Medicare Part D help this listener eliminate IRMAA?
[13:35] The biggest Medicare mistake
[15:22] Did your job prevent you from paying into Medicare?
[17:57] Medicare horror stories
[22:19] Why it is important to check your plan every year
[26:37] Danielle shares her biggest pet peeve

Q&A SEGMENT

[30:22] To an RV finance or not to finance
[35:54] Renting in retirement?

TODAY’S SMART SPRINT SEGMENT

[39:03] What will it take to make you jump into retirement?

Resources Mentioned In This Episode
BOOK - 10 Costly Medicare Mistakes by Danielle Roberts
Boomer Benefits
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center

How Does Medicare Work? Medigap and Medicare Advantage Sep 17, 2020

Show notes

Over the past few weeks, we have talked about the different pieces that make up our Medicare system. Medicare is a fairly complex system with a lot of nuances to be aware of. One of the things you may have noticed is that there are some gaps in Medicare coverage. Today Danielle Roberts from Boomer Benefits is back to help us understand these gaps and what we can do to fill them.

Medicare isn’t the only place we see gaps in retirement. Often time there are other places where we have gaps in our retirement planning. Listen in to discover how to fill these gaps in Medicare and elsewhere in retirement. Analyze your gaps in retirement

In project management, there is something called gap analysis which helps project managers identify gaps. Gap analysis has 5 basic steps.

Identify the area to be analyzed and identify the goals to be accomplished in that area.
Establish an ideal future state. What is the ideal outcome?
Analyze the current state. What is it like now?
Compare the ideal state to the current state,
Identify the gap between the current state and the ideal state so that you can begin to close that gap.

Gaps in retirement planning
In retirement planning, people often skip step 2 when analyzing their own gaps. Rather than identify the ideal state for their retirement, they only analyze their current state. I argue that the project management method of gap analysis is a much better way to approach retirement.
When you first establish what your ideal retirement will look like and then figure out the rest you start with a blank slate. Isn’t that what you are looking for in retirement? Learn how you can start your retirement off right. Start with a blank slate rather than limit yourself by where you are currently.
Filling the gaps that Medicare leaves
If you have been listening to the past few episodes, you probably noticed that there are some gaps in the Medicare system. If you have been wondering how to fill those gaps, then you’ll definitely want to listen to one of the top Medicare experts in the country, Danielle Roberts, from Boomer Benefits.
Medigap and Medicare Advantage plans
There is a difference between traditional Medigap plans and newer Medicare Advantage plans. Medigap plans are generally more expensive but they offer more flexibility and a wider variety of plan choices. Medicare Advantage plans cost less and sometimes they are even free, however, these plans come with many more limitations. These plans are gaining popularity over the past few years. Listen to Danielle’s expert analysis of these different types of plans to help you decide the best way to supplement your Medicare coverage.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN?

[1:48] What is a gap?

PRACTICAL PLANNING SEGMENT

[6:43] Check out Danielle’s new book!
[8:22] How does Medigap insurance work?
[14:29] What you need to consider when choosing a Medigap provider
[19:08] What do Medigap plans cost?
[25:30] What is a Medicare Advantage plan?
[31:16] How does Medicare work while traveling?

Q&A SEGMENT

[35:25] You could lose your coverage if you are still working
[36:52] A Roth 401K question

TODAY’S SMART SPRINT SEGMENT

[45:49] Let me know if you are experiencing challenges in unexpected retirement

Resources Mentioned In This Episode
BOOK - 10 Costly Medicare Mistakes You Can’t Afford to Make by Danielle Roberts
Boomer Benefits
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center

How Does Medicare Work? Part D and What Medicare Doesn’t Cover Sep 09, 2020

Show notes

Medicare Part D has similarities and differences to Parts A and B. On this episode of our How Does Medicare Work? series, we’ll explore Part D. We’ll also discuss what Medicare doesn’t cover. How much do you know about Medicare and how it works? Are you trying to figure out how this new type of insurance will be different from what you are used to? Make sure to listen to the whole series to help you understand the changes that enrolling in Medicare will bring to your life. Live a life without regret

The number one regret that people have upon death is that they say they wish they would have had the courage to live a life true to themselves. During most of our lives, we have a series of obligations that make it hard to really live a life true to ourselves. Retirement is a time when we can finally shed those obligations. What will it take for you to live a life without regrets? Think about what living a life that is true to yourself really means for you. What is Medicare part D?

Danielle from Boomer Benefits joins me again today to help us understand Medicare part D. Danielle has a knack for explaining the complexities of Medicare in a way that laypeople can understand.

Medicare part D is the prescription drug coverage portion of Medicare. It actually wasn’t rolled out until 2006. Since prescription drug coverage wasn’t typically covered in the 1960s, it wasn’t included in the original Medicare plans. Can you imagine what Medicare was like before Part D? How does Medicare Part D work?

Medicare Part D is a bit different than parts A and B but it does have some similarities. It’s a voluntary plan that you have to opt into. But unlike parts A and B, you don’t enroll in part D at the Social Security office. Each state has private insurance companies that offer Medicare part D.

Just like Medicare parts A and B, there are 4 stages to the plan. The first is the deductible. There is a deductible set by Medicare each year and the drug companies are allowed to build that into their plan how they choose as long as it is within the parameters. After your deductible has been met then you’ll move into the second stage of the plan which is the copay. Listen in to discover how Medicare part D works and why your choice in pharmacy could really affect your drug costs. Where are the gaps in Medicare?

Medicare isn’t perfect, there are still gaps to consider. We are often used to our employer-sponsor health plans covering dental and vision, but along with hearing, these services aren’t covered under Medicare. In a subsequent episode, we will discuss the Advantage plans that can help you bridge these gaps.

It’s also important to remember that Medicare doesn’t pay for long-term care. To ensure that you are fully prepared, you’ll have to plan on how you’ll handle a long-term care event. Discover why it is important to review your Medicare plan each year by listening to Danielle on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN?

[1:32] Let’s define regret

PRACTICAL PLANNING SEGMENT

[5:24] Part D is a relatively new option
[7:12] How does Medicare Part D work?
[15:34] What is the total out of pocket you could pay?
[19:32] Are there drug assistance programs within Medicare part D?
[20:33] Where are the gaps in Medicare?

Q&A

[29:12] How to fund a special needs trust?
[31:31] What is the benchmark for decide when there is a gain or loss to fill your bucket?
[35:52] How to easily settle an estate

TODAY’S SMART SPRINT SEGMENT

[38:35] What does being true to yourself really mean?

Resources Mentioned In This Episode
The Pie Cake episode
Long term care episodes - Start here
MyMedicare.gov
Boomer Benefits
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center

How Does Medicare Work? - Part A and Part B with Danielle K. Roberts Sep 02, 2020

Show notes

I cannot believe that this is our first time doing a monthlong series on Medicare! Thankfully, this is a five-week month, so we can really dive deep into this complex topic. Let me lay out the month for you. This week we’re talking about Medicare Part A and B. During the next episode we’ll discuss part D and all the things that Medicare doesn’t cover. Following that episode, we’ll discuss Medigap and Medicare Advantage as well as mistakes we can make with Medicare. Finally, we will dive in deep to help build a framework that we can use to best serve ourselves when it comes to Medicare. Are you ready to start your Medicare learning journey? Press play to start your Medicare education now. How does Medicare work?

Danielle K. Roberts is a Medicare expert from Boomer Benefits. She helps people educate people on their Medicare journey all the time and she has even helped out in the Rock Retirement Club. I have invited her on the show to help all of us better understand Medicare. Today she is helping us learn about Medicare Part A and B. Medicare benefits can be so confusing, especially since most of us are coming from a completely different system of insurance. Are you ready to hear what is covered, what is not covered, what requires copays, and if you can ever fully exhaust your benefits? Well then, start listening now. What is Medicare Part A?

Medicare Part A started in the 1960s and was modeled after the old Blue Cross Blue Shield health insurance. Part A covers inpatient hospital stays and outpatient medical care related to a hospital stay. Included in Part A coverage are the hospital room, doctors, nurses, drugs, nursing facility visits, and hospice care. Medicare Part A does have its limits in coverage which could result in expensive copays and eventually exhausting the benefits fully. Listen in to find out what those limits are. What is Part B?

Whereas Medicare Part A covers your hospital stays, Part B covers all that other stuff. For example, Part B covers chemotherapy, radiation, blood work, and doctor visits. However, Part B has a completely different deductible and coinsurance setup than Part A. The good news is that the deductible is only $198. The bad news is that there is no cap on the 20% coinsurance. Who do you pay?

Doctors’ visits can be so confusing. Should you pay the doctor at the time of your visit? Should you wait for the bill to come in the mail? What about those statements that Medicare sends? Danielle’s advice is to wait for Medicare to process the doctor’s bill before you pay. The doctor will then bill you if there are any excess fees. She also advises to ask plenty of questions and become an advocate for yourself. Even though Medicare can seem confusing at first, this system has been in place for a long time and actually runs quite well.

If you are interested in receiving resources to help you make your own Medicare decisions, sign up for 6-Shot Saturday at RogerWhitney.com OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:13] What is fear?

PRACTICAL PLANNING SEGMENT

[5:05] Our plan for the month
[7:14] What is Medicare Part A?
[11:30] What should people be aware of?
[13:32] What is Part B?
[16:12] Who do I pay?

Q&A SEGMENT

[26:58] Place yourself in the future when making a decision
[31:02] A Social Security survivor benefit question
[33:34] Comparing a first position HELOC instead of a mortgage

TODAY’S SMART SPRINT SEGMENT

[43:09] Sign up for 6-Shot Saturday at RogerWhitney.com to get a Medicare resource packet

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

A Framework for Better Decision Making Aug 26, 2020

Show notes

This whole month of August we have talked about improving decision making. Retirement brings about hundreds of choices. If you aren’t well-prepared to make those decisions you might simply revert to the default choice. Do you really want your retirement to be set to default? In this episode, you’ll learn how to create a framework to make tactical decisions. If you’re ready to learn how to make decisions that will help you rock retirement then press play now. What is the difference between strategy and tactics?

A strategy is an overarching plan to help you achieve the kind of life you envision for yourself. Strategies don’t change very often. Tactics are the specific actions or steps you take to accomplish the strategy create an amazing life. This sequence can be hard to achieve because we often jump straight to the tactical decisions without thinking about the strategy first. It’s important to keep in mind your strategy first. Have you thought about the strategy that you want to use to create the retirement of your dreams? Retirement changes the trajectory of your life

The trajectory of your life is changing in retirement. Your life is coming off autopilot and so that leads to hundreds of small decisions. It can be hard to adjust to making all these new decisions, we often just resort to the default choice. But if you can change the way you make decisions it can have a huge impact on your life. Think about the butterfly effect that has led to the life you live right now. One tiny change in the state of your life can really make an impact in the long term. If you are wondering how you can improve your decision-making press play to hear how. Use a process-strategy-tactics approach

Before learning to make tactical decisions it is important to have some other things in place before jumping into making decisions. It is important to start with your values. Once you have a clear vision of your values then you can set goals that align with those values. After you have clear goals in place then you can develop a strategy to achieve your goals. Finally, within that strategy come the tactics. You’ll use these tactics to execute the strategy to achieve your goals that are in line with your values. How do you make tactical decisions?

Once you have your goals and strategy in place you can make the most of your decisions by using this decision-making framework. Ask yourself these questions before making any decisions. Try it out on small decisions first before jumping into the bigger ones.

What is your objective?
What does success look like after you make the decision?
What is the ideal outcome if you make this decision?
What is the worst-case scenario?
What are the consequences of the decision?
What are the effects of this decision? Test it out. Use first-order and second-order thinking tease out what those effects might be.

Listen in to hear how some real-life retirement decisions could play out using this framework. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN?

[1:20] What is the difference between strategy and tactics?

PRACTICAL PLANNING SEGMENT

[5:50] If you can get just a little better at making tactical decisions it can have a huge impact on your life
[9:52] How do you make tactical decisions?
[16:45] A framework for tactical decision making

COACHES CORNER

[24:44] Choosing leisure activities to add spice to your retirement

TODAY’S SMART SPRINT SEGMENT

[35:31] Test out this decision-making framework

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

Process, Strategy, Tactics: A Formula for Better Decisions Aug 19, 2020

Show notes

We’ve been talking about decision making for the past several episodes and today I want to help you build a framework to rely upon when making decisions in retirement. This framework for better decision making will help ensure that you are living the life you really want. If you are ready to create a strategy that reflects your values so that you can rock retirement then press play now. Why do you need to build a decision-making framework?

Have you really thought about your values? A person’s values are their principles or standards of behavior. Values are what you feel is important to your life. If you want to build a retirement and a life that you love then you need to live a life that reflects your values. The life that you lead is based on the decisions that you make. So if you want to enjoy a life that stays true to your values you need to put some thought into the decisions that you make. Having a decision making framework in place will help you stay true to your values. How to create a strategy that reflects your values

So now you know why you need a decision-making framework, but how do you build one? You can create a strategy that reflects your values in just 4 easy steps.

Step one is easy to remember. Start with your values! Before you can begin to build your framework you need to establish what is important in your life. What are your values?
Create a vision of what you want your life to look like. This may sound a bit cheesy, but try and picture what you want your life to look like. It doesn’t have to be perfect. It just has to be important to you. Try asking yourself this question: at the end of your life what would make you think that your life was amazing?
What’s your mission? This question leads to the how. How you are going to achieve your vision?
Create strategic objectives that follow your mission. What strategic objectives will you focus on first? How will you focus on your mission?

Build your decision-making framework today.
That’s it! Your framework can be as detailed or loose as you need it to be. But if you start taking these 4 steps you can build the strategy to make decisions that will reflect your values. Stay true to yourself and rock your retirement by creating a decision making strategy that you can implement. The ideal framework will reflect your values and set you up to live a life you truly love.
Some real-life examples
If you are curious about how these steps play out in the real world listen in to hear a couple of examples. You’ll discover how I started my firm and how my values are reflected in what I do. You will also hear how this strategy can be applied to life in retirement. You also want to listen in to hear Tanya Nichols help me answer some listener questions.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN?

[1:31] Values are your judgment of what is important to you

PRACTICAL PLANNING SEGMENT

[4:31] Build your framework
[6:30] Some examples of building a framework
[9:44] An example of how you can build your framework in retirement

Q&A SEGMENT WITH TANYA NICHOLS

[12:28] What is the best and worst decision Tanya has made
[15:21] Does it make sense to have a trust as a beneficiary?
[17:52] How to predict taxable investment income from year to year
[26:55] What is a good strategy for asset allocation after taxes?

TODAY’S SMART SPRINT SEGMENT

[34:12] Sign up for 6 shot Saturday to help you figure out your top 10 values

Resources Mentioned In This Episode
Holistiplan
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

48 Days to the Work and Life You Love with Dan Miller Aug 12, 2020

Show notes

What is your retirement strategy? Do you have one? A strategy is born from a process and tactics are born from that strategy. This is why it is so important to make sure that you have a process and strategy in place when planning for retirement. Your strategy will help you drive those important decisions.

Your decisions during the accumulation phase of life were much different than they will be in retirement. This is why I’ve got Dan Miller joining me to discuss his book 48 Days to the Work and Life You Love. Why did Dan decide to change the title of his book?

Dan Miller recently changed the title of his best-selling book from 48 Days to the Work You Love to 48 Days to the Work and Life You Love. He changed the title to reflect the fact that work is just one tool in a successful life. What people really want is a successful life. His book can help you discover what drives you and how to dig in and strive toward building a life you love. Why 48 days?

Dan mentions that although 48 is a somewhat arbitrary number, it is enough time to get you on the road to change your life. No, it isn’t scientifically tested, but if you work at it those 48 days can give you a roadmap to build a life you love. It is enough time to assess where you are, create a plan, and act on it. When making decisions and changes in your life it is important to have constraints. It is much too easy to sit back on your heals and wait for changes to act upon you. By setting a deadline of 48 days you are able to take control of your life. How do you deal with your identity when you leave your work behind?

Our identities are so wrapped up in the titles of our jobs. In retirement or upon leaving any job, it can often feel like we are leaving our identity behind. But this shouldn’t be the case. Who you are should include more than just the work that you do. I

t is important to realize the difference between these three things: vocation, career, and job. Your vocation is who you want to be remembered for, this should include your mission, your purpose, your destiny, and your calling. Your career is simply a subset of that vocation. Your job has an even smaller role; it is just what you do from day to day.

So, what is your identity? How do you define your vocation? There are 3 main problems in retirement

In retirement, three of the biggest problems that people experience are no friends, no money, and no purpose. The lack of money and friends can easily be changed, but what about the lack of purpose. It’s important to really define what your purpose is and what it will be in retirement. You can use your background, training, and network to help you figure out what you really want to do, who you really want to be in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

[7:31] Why did Dan Miller decide to change the title of his book?
[12:12] Why is there a deadline of 48 days?
[16:20] How do you deal with your identity when you leave your work?
[27:32] Procrastination is the enemy of change

Q&A SEGMENT WITH FRITZ GILBERT