Retirement Answer Man

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#261 - How to Live Without a Paycheck: Keeping Your Buckets Full Feb 13, 2019

Show notes

Now that you have your buckets full do you think the retirement planning is over? Sorry, but no, it’s not. 6 months later you have to do it all over again. The problem is life keeps changing. Expenses keep changing. So how do you overcome this? How do you constantly adjust? Constantly adjusting to new conditions is what retirement is. Agile retirement management means you can’t put financial management on autopilot. Learn how to set yourself up for success so that you can make the best of the only life you have on this episode of Retirement Answer Man.

How to set yourself up for success in managing change

Working with an advisor is like working with a doctor who is trying to diagnose an ailment. The doctor is really smart and well trained to try and figure out what is wrong and what the best course of action may be. But only you know your body. The same is true with your finances. A financial advisor is very well trained and can help you plan your future, but only you know what is truly right for you. When you abdicate everything to an advisor it can lead to poor solutions that aren’t in your best interests. Financial advisors have never dealt with the baby boomer generation before, so they are working with a blank slate.

Delegation vs. collaboration

One way to take more control of your finances is to collaborate with a financial advisor rather than delegate all the financial decisions. Collaboration means that you aren’t handing over all the control. It means that your retirement planning is an ongoing project. The client works alongside the advisor in a collaborative role. You are the expert in you. You know what your needs, wants, and fears are. And only you understand your changing priorities. An advisor has gained wisdom over time. They are the expert in the journey, you are the expert in you. Don’t delegate your retirement planning, collaborate.

What happens once you begin to drain the cash reserves that you have set up?

It is important to make sure the wind is at your back. Your cash reserves don’t have to be just sitting there doing nothing. They could be in a high-yield money market account, CDs or high-quality short-term bonds. You should also think about the different tax types of accounts from which you will fill your bucket. You have much more control now over which tax bracket you will be in. Filling your buckets from the right sources is important in controlling how much you will pay in taxes, not just now, but in the years to come as well.

How do you refill your buckets?

It is important to refill your buckets twice a year. Its good to revisit your finances in retirement every 6 months since this is all new to you. After a while, you might find your sea legs and fine tune your spending. But life has a way of throwing us curve balls just when we think we have things all figured out.

How do you refill your buckets if the markets are performing poorly? If the markets take a nosedive it is important to mitigate the damage. There is a reason that you count the costs as needs, wants, and wishes. If the markets aren’t doing so hot you can slow down your discretionary spending. You can also decrease how often you refill the buckets in order to let the markets bounce back. Learn how to manage your money in retirement so that you don’t just survive retirement, but rock retirement on this episode of Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[5:23] How to set yourself up for success in managing change with an advisor
[9:50] Delegation vs. collaboration

PRACTICAL PLANNING SEGMENT

[12:40] What happens once you begin to drain the cash reserves that you have set up?
[17:32] You have much more control now over which tax bracket you will be in
[21:14] When should you refill your buckets?
[23:00] How do you refill your buckets if the markets are performing poorly?

THE HAPPY LAB SEGMENT

[25:56] Add some time in your calendar

TODAY’S SMART SPRINT SEGMENT

[28:17] Schedule sometime next week to work on you

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#259 - How to Live Without a Paycheck: Making Sure You Have Enough Money in Retirement Feb 06, 2019

Show notes

Everyone’s biggest worry is if they will have enough money in retirement. Are you prepared to live life without a paycheck? Over the next month, we will explore how to get you ready to live your life without a paycheck. A paycheck can be like a security blanket and learning to live life without it can be scary. That’s why it’s important to prepare for life without a paycheck now. Learn how to make sure you have enough money in retirement by listening to this episode of Retirement Answer Man.

Is your paycheck your superpower?

Do you remember your first paycheck? Do you remember the power you felt when you had that money in your hands? Your paycheck equals power, so what happens when it disappears? With a paycheck you earn money, you can save money, and watch your wealth grow. Once your paycheck disappears it can be like stripping away a superpower. Your wealth begins to dissipate as you withdraw from your savings each month. This can scare anyone. Learn how to gain your powers back by planning for life without a paycheck.

Don’t fall for the scarcity mindset

Many people enter a mindset of scarcity even if they have plenty of money tucked away for retirement. A scarcity mindset can zap away all your fun retirement plans. There is a tipping point at which you realize that you won’t run out of money. Unfortunately, by the time this usually happens, most are too old to really enjoy their money. Learn how to manage your money in retirement so that you can partake in all the retirement fun on this episode of Retirement Answer Man.

Is your systematic withdrawal strategy your behind the times?

The first step in learning how to live without a paycheck is to plan how you will pay for your lifestyle. In the past calculating your retirement was a simple math equation. Figure out how much you have and divide equally to plan your yearly withdrawal amount. This system of retirement planning is one-dimensional and antiquated. It may not serve your ideal retirement lifestyle very well. A one-dimensional withdrawal strategy could lead to underspending in the go-go years. Is your withdrawal strategy set up to ensure that you can make the most of your retirement?

Why you need an agile retirement plan to manage money in retirement

With an agile retirement plan, you don’t have a set withdrawal ratio each year. Some years you may have a 10% withdrawal ratio and then there will be others in which you have a 2% withdrawal ratio. Gone are the days when you simply sell stocks when you need the money. You can now create clarity on how you will pay for your retirement lifestyle. With an agile retirement plan, you can plan each year differently. Do you want to take all the grandkids to Disney World, or plan an epic trip around the country? Will you have a low key year after a year of spending big? With an agile retirement plan, you can take advantage of the go-go years to spend big when you have the opportunity.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[3:02] Your paycheck equals power

PRACTICAL PLANNING SEGMENT

[10:05] A systematic withdrawal strategy can be dangerous
[15:19] We need a withdrawal system that gives us more clarity
[20:13] Over the next few episodes we’ll be talking about creating these systems

THE HAPPY LAB SEGMENT

[21:28] Find people that you resonate with

TODAY’S SMART SPRINT SEGMENT

[22:25] How will you pay for retirement?

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

Flexible Retirement Planner

The Retirement Answer Man Facebook Page

#258 - Tips from the Rock Retirement Club Jan 30, 2019

Show notes

On this last episode in the counting the costs series of the Retirement Answer Man Show, the Rock Retirement Club steps in to provide some tips on how to make the best of all this work. Counting the costs of retirement can be intimidating. It can cause stress and worry. In this episode, those that have counted the costs of retirement and thrived step up to provide tips on how to handle this stressful part of retirement planning. Listening to the experience of others who have not only walked the walk but done so successfully can ease some of the worries that come with crunching the numbers while planning for retirement. Listen to this episode to hear tips from members of the Rock Retirement Club.

Don’t let the stress of retirement planning overwhelm you

There are so many unknowns to retirement, it is easy to become overwhelmed by the enormity of it all. But worry, stress, and fear can become debilitating. Allowing yourself to become overwhelmed by the enormity of the financial side of retirement planning can lead to poor decision-making. Stress can further impact your financial planning by influencing how you make decisions. You may think that it is easier to stick your head in a hole and ignore the counting the costs step. Or you may try and patch together an easy financial solution together rather than implement a well-thought-out retirement plan. Don’t let worry overwhelm you. Planning your retirement costs will pay off in the end.

What can you do to combat the stress of retirement planning?

Regain perspective - Change the conversation in your head. It’s easy to dwell on the enormity of planning for retirement. It’s easy to lose your mental game. Coach yourself to make it to the next step rather than concentrate on the big picture. This helps you feel as though you have made progress.
Realize there are many adjustments to make in retirement, but you don’t have to make them all today.
Everything you worry about you create yourself. Your big worry might not be a big deal if you are intentional.
Surround yourself with the right people. Having a supportive crowd surrounding you can help you celebrate the small wins along the way. It helps to talk with people that are on the retirement journey. There is something to learn from those ahead of you in the process as well as those that are behind you.

Some tips from the Rock Retirement Club

Rock Retirement Club members have an Intentional spirit and are community-oriented. The club motto is “Walk with the wise and become wise.” We have had many productive and active conversations. Here are some tips from others that are on the same journey as you:

Estimate your expenses in Excel. Look for variances year to year.
One RRC member helps the elderly plan their budgets. This volunteer has created a win-win situation. Budgeting with the elderly helps her learn from others while teaching them. Not only does it help her get a handle on her own financial situation. She can also learn what the costs are from others that are further down the road.
One member has realized that spending can increase from before retirement. More free time equals more opportunities to spend on entertainment, shopping, gas, and eating out. How will you spend your time once you retire?
Another member is trying to live on his proposed retirement budget before he retires to get a feel for what that would be like.
Jon created multiple spending scenarios through a flexible retirement planner

Listen to this episode to hear all the tips from our Rock Retirement Club members and discover which ones can help you on your own journey in counting the costs of retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[3:53] Don’t let the stress of retirement planning overwhelm you
[8:35] What can you do to combat the stress of retirement planning?

PRACTICAL PLANNING SEGMENT

[16:20] Advice from Rock Retirement club members

THE HAPPY LAB SEGMENT

[27:15] Thanks to Nichole

TODAY’S SMART SPRINT SEGMENT

[28:30] Listen to the tips and figure out which one fits your life

Resources Mentioned In This Episode

Good Budget App

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#257 - The Bare Necessities: Tallying the Cost of Your Needs in Retirement Jan 24, 2019

Show notes

Over the past few episodes we have been counting the costs of your wants and wishes in retirement and on this episode, we get down to basics. What are your needs? You may think that defining your needs is the easy part: food, water, shelter, clothing, and healthcare, right? Well, it’s actually a bit more complicated than that. As a matter of fact, defining your needs can be much more complicated than coming up with your wants and wishes. Everyone has different needs in their life. What one may consider a need, someone else may scoff at. Listen to this episode of Retirement Answer Man to help you count the costs of your true needs in retirement.

How do you decide what your needs are?

Defining your needs is not as easy as it seems. To define your needs you have to consider what the deal breakers are. What can you really not live without? Everyone has different needs. For example, consider a golf club. Many would consider a golf club membership a want or wish, but for others, this is their primary social outlet. For these people, a golf club membership is a need. On one hand you need to be practical and consider what you truly need, but on the other hand, you don’t want to build a cage around yourself. Complicating your needs can actually lead to a very sad life so think carefully about what is important for you to live a happy life.

Why do we break things down this way?

You may be thinking, why do I need to define my needs, wants, and wishes? You may think that moving through these exercises is a waste of time. But defining these categories is a way to help when you come to a crossroads. When it is time to dial things down as you take away income sources, or maybe when the markets are performing well and you have a bit extra you can examine these categories and decide how to negotiate with yourself. Having everything broken down into categories allows you to consider more choices. Defining your needs, wants, and wishes is an important first step to rock retirement.

What is your baseline?

To consider what your needs are you have to think about your baseline. There are 2 ways to determine your baseline. You can look at it from a top-down perspective. To do this, take your income and subtract your savings. This equals your consumption. You can also come at it from a bottom-up point of view. With the bottom-up way determine what your costs will be for healthcare, housing, taxes, utilities, food, transportation, and basic fun. You can either jot these costs down on paper or make a spreadsheet. Having an idea of what your baseline costs will be can really help you gain perspective on how you will rock retirement.

What are the average costs of basic needs in retirement?

The costs of basic needs change quite a bit from state to state and from lifestyle to lifestyle. The costs of taxes also vary greatly between the states. Some states are trying to become more baby-boomer friendly to attract retirees. These states have low taxes on things like pensions and property. Here’s the breakdown of average costs in other categories:

Housing: $1322/month

Transportation: $550/month

Healthcare: $500/month

Food: $500/month

Entertainment $200/month

Whether you use a top-down approach or a bottom-up method, begin to calculate the costs of what your basic needs will be in retirement. Don’t worry about getting it perfect, costs will change over time. Counting the costs is an important step in learning how to rock retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[4:28] How do you decide what your needs are?

PRACTICAL PLANNING SEGMENT

[12:25] Never take a risk that will jeopardize your baseline
[14:24] What are the basic needs?
[22:34] What are the average costs of needs in retirement?

THE HAPPY LAB SEGMENT

[25:20] Get your body moving to make you happy

TODAY’S SMART SPRINT SEGMENT

[27:09] Go dance!

Resources Mentioned In This Episode

Healthcare Before Medicare Series: Episode 211, Episode 212, Episode 213, Episode 214

BOOK - Good to Great by Jim Collins

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#256 - Wants and Wishes: How to Make Room for Important Extras Jan 16, 2019

Show notes

How are we supposed to dream big when we are so unsure of how to provide for ourselves in the future? The future seems so unsure after the terrible month of December. Some may be tempted to give up and just put all their money into a safe money market account or cd. You know for certain that you will get 2.5%-4% returns and life wouldn’t seem so scary. On today’s episode, you’ll learn why you want to have an agile retirement plan in place to help you through the rough patches so that you can rock retirement and get back to dreaming of those retirement wants and wishes.

Finally, we get to the wishes

On the previous episodes this month we discussed how to budget for your needs and wants in retirement and on this episode we finally tackle the wishes. Wishes can seem extravagant whether you are overfunded or underfunded in your retirement. Those that are overfunded may find it hard to dream big after years of being good stewards of their money. Those that are underfunded may balk at the idea of having so much leftover that they should shoot for the stars. Whichever category you fall into you should still go through this exercise as an expression of your values and to really shoot for the stars. Whether it's leaving an inheritance, gifting your grandkids with a college education, planning an epic trip, buying a home for your whole family to enjoy, or setting up a charitable foundation, dreaming big can be a wonderful way to start rocking your retirement.

Inheritance planning

There are many ways that you can leave money at the end for family members that you care about. A trust can be formed that will help protect the money after you pass. For instance, if you leave someone $500,000 it could be misspent, lost in a divorce, or lost by a spouse that overspends. By setting up a trust the money is protected in these cases. Another way to leave a legacy to those you love is by gifting it now. You can gift $15,000 each year without any tax consequences and your spouse can gift the same amount. You can even gift your child’s spouse an additional $15,000 without tax consequences as well which brings the total to $60,000 per year of tax-free gifting. Another way to give to those you love is by setting up a 529 savings plan for your grandchildren. These plans are highly flexible and you can even switch the beneficiaries or split it between multiple grandchildren. Have you thought of the legacy that you want to leave your loved ones?

3 Protips on dreaming big

There is a fine line between helping someone that is doing well continue on their path and enabling someone that is not heading in the right direction. They need to learn to own their own problems. Think about whether you are supporting or enabling before you give. Make sure you are giving your loved one fuel to go the right direction.
It doesn’t have to be fair. You don’t have to be consistent with your giving. One child may be heading in the right direction and the other one may be making poor choices. Trust planning could help make your giving more equitable or it can be a smart choice to have an intermediary. You don’t have to give 15 k a year. Don’t lead them to expect. These things could gain momentum as you age.
Giving unexpected gifts can be fun. Don’t lead your heirs to believe they will be getting yearly gifts if that is something that you can’t provide.

Gifting to charity

Just like there are many ways to give to your heirs, there are several ways that you can give to charity. One way is to create a donor-advised fund. This is a fund that you can create where you can help manage the investments and annually you can decide what you want to give and to which organizations. You can even use it as a foundation and plan the distributions as a family. With the new tax rules consider lumping your gifts into specific years to get the maximum tax write-offs. There are so many ways that you can leave a legacy behind. It all depends on your values and the kind of legacy you want to leave. So how will you dream big?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[2:23] How can we dream big when we are so unsure of how to provide for ourselves in the future?
[9:52] How do you count the costs of the things you want and need?
[11:19] Evaluating performance can be tricky if you don’t have the right perspective

PRACTICAL PLANNING SEGMENT

[20:56] Finally we get to dream big and focus on wishes
[22:34] Inheritance planning
[28:55] How can you help grandkids plan their college education?
[31:23] How can you create experiences with those you love?
[33:05] 3 Pro tips
[37:02] Gifting to charity
[39:42] Other considerations

THE HAPPY LAB SEGMENT

[42:25] What are some things that can make you happy that don’t cost any money?

TODAY’S SMART SPRINT SEGMENT

[45:15] Start to brainstorm what the spice of your life would be

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#255 - Wishin' and Hopin': Dreaming Up Your Big Retirement Jan 09, 2019

Show notes

What are your wants and wishes in retirement? This generation is redefining retirement. In the past retirement meant sitting on the park bench of life and taking it easy in the golden years. Today’s retirees are active and involved. They are living longer than ever and usually doing so without the safety net of the pension plans that were common in past generations. Since today’s retirees enjoy a longer period of health, retirement is an excellent time to live it up. How will you rock retirement? Discover ideas on how to pursue and fund your retirement dreams on this episode of Retirement Answer Man.

Think big when planning your wants and wishes

Whether your retirement fund is tight or grandiose, don’t be afraid to dream big. Living big shouldn’t be confused with spending big. Think about what you do for enjoyment now. How would you like to spend your time when you have more of it? Do you want to travel, learn to play an instrument, take cooking classes, or go back to school? The options are limitless and they don’t have to be costly, there are usually many different price points to having fun with your hobbies. How will you dream big to rock retirement?

You don’t have to be trapped in your current life

Our lives are arranged a certain way due to the limiting factors of our lives. But now those limitations may no longer be there. Upon retirement, you can rearrange your life the way you want. Think about what you want to be doing on a daily basis in retirement. Who will you be spending time with? Perhaps you want to be near grandkids, family, or maybe you want to move to a place with a certain type of people. What is your ideal climate? What is the size of your ideal town? Is it rural, urban, or suburban? You don’t have to be trapped by what is. Do you dream of a change of scenery with your retirement?

How do you define what is important to you?

You have been toiling in the fields of the workplace during your entire life, but retirement is your harvesting time. This is your time to define what is really important to you. To really rock retirement you need to give some thought on how to make the most of it. Travel is a goal for many retirees, but travel itself is too broad. You need to define it further, how exactly will you travel? Internationally, throughout the U.S., or locally? Once you start narrowing down what is really important to you-you can plan to rock retirement. So what do you envision for yourself in your retirement?

4 pro-tips on planning your wants and wishes

Figure out how to make your hobbies more social. You can increase your social activities and make friends of all ages with similar interests. Think about joining a cycling club, a knitting group, or a book club.
Plan for the seasons of retirement. Many of the activities you may have in mind are best-suited for the go-go years while you are still healthy and active. When financially planning your retirement think about how long you will want to be involved in your hobbies. How long can you realistically travel internationally? Will you need a country club membership for your entire life?
Be creative in how you want to go about attaining your wants and wishes. Instead of buying a second home think about renting for a season instead. If you are considering RV travel rent one for a month and see if you still have the itch afterward. There are many creative ways that you can fulfill your dreams without breaking the bank.
Think about how you can set yourself up to enjoy your wants and wishes before you retire. If you do buy a second home, a motorcycle, RV, or boat do so while you still have the income from your job.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[2:35] This generation is redefining retirement
[4:25] When planning your wants and wishes think big

PRACTICAL PLANNING SEGMENT

[10:30] Retirement is your harvesting time
[15:34] How to define what is important to you
[20:00] Pro tips on planning your wants and wishes

THE HAPPY LAB SEGMENT

[24:24] Retirement planning can be scary, take a cue from Nichole and laugh more!

TODAY’S SMART SPRINT SEGMENT

[26:23] Start to define your costs for retirement

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#254 - Know Your Numbers: Will You Have Enough Money in Retirement? Jan 02, 2019

Show notes

As the markets worsen and the talk of recession begins are you wondering if you will have enough money in retirement? Are you wondering what you should start doing now to ensure that you can live the life you want? On this episode of Retirement Answer Man, I encourage you to take intentional action so that you can rock retirement. Today you will learn to count the costs so that you can know how much it will cost to live the life you want after you leave full-time work. Listen to this episode to hear how you can start planning now to rock your retirement.

Are you experiencing the not-so thrifty 50’s?

I read a study recently where a group of people in their 80’s and 90’s were surveyed. The age most said they would like to return to is their 50’s. Your 50s can be a time of great abundance. Many of us are earning the highest income we’ve ever had. In addition to that many in their 50’s are left with empty nests as our children transition into adulthood. Is all this extra money going to fuel your retirement fund or are you buying all the toys of adulthood? Have you stopped budgeting now that you know that you’ll have enough money to cover it all? Be wary of creating a financial cage for yourself.

What can you do now to ensure you have enough money in retirement?

I have a few tips for you to act on now to ensure that you’ll have enough money to rock your retirement.

If you’re married make sure both voices are heard. Usually, one spouse takes over the financial management of the household and this is the spouse that leads the retirement planning as well. Oftentimes we think we know what our spouse wants, but what they really want is much different. Ensure that both of you get some of what you want by having open discussions. Give each other space to express yourselves.
Don’t confuse wants with needs
Budget. Many of us have fallen out of the habit of budgeting. It’s time to flex your budgeting muscle.
Look backward first, then forward. Look back at your last 3 months of spending and analyze it. Now you can look forward. After analyzing your prior 3 months of spending make a budget for the year. Understand which payments are fixed, which are, variable, and which are discretionary. Label these accordingly.
Map out your spending with spreadsheets until age 92. Having a guide to help you will ensure that you are more focused and in control of your spending.

Act now!

If you are ready to rock your retirement then now is the time to start. Start out by analyzing your spending so that you can create your budget. Count your costs now and identify your wants and needs. This way you can know how much it will cost to rock your retirement. Your most valuable asset, human capital, is starting to diminish. So it is important to know exactly how much you need to live the life you want. One more thing you can do to help you on your retirement journey is to join the Rock Retirement Club. Enrollment is open until January 3, 2019, so make sure you get in before it closes!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[3:08] Are you experiencing the not-so thrifty 50s?

PRACTICAL PLANNING SEGMENT

[11:35] Make both of your voices heard
[14:40] Flex your budgeting muscle
[15:35] Map out your spending
[18:54] What will we be talking about over the next few episodes?

THE HAPPY LAB SEGMENT

[20:23] Join the Rock Retirement Club!

TODAY’S SMART SPRINT SEGMENT

[22:30] Do a 3-month study on your spending

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover

The Retirement Answer Man Facebook Page

#253 - Are You Using the Wrong Age to Plan Retirement? Dec 26, 2018

Show notes

What age are you using to plan retirement? When we think of age we usually think of the number of years that we have lived and not the physical state of our bodies. But maybe we should rethink the way we use age to plan retirement. I recently attended a fascinating seminar about the science of aging that has me rethinking age and retirement. During the Practical Planning segment, I discuss the merits of telomere testing while in the Hot Topic segment we talk about the Baader-Meinhof phenomenon. Listen to this episode to discover whether you are using the right age to plan retirement.

Is your glass half full or half empty?

The Baader Meinhof phenomenon is what we call our tendency to see things with uncommon frequency after we start thinking about something. Internet advertising has begun to take advantage of this and now repeatedly shows us all the things we have been thinking of buying. I liken this to our tendency to see the glass half full or half empty. You will find what you look for. People that are always looking for negative things to happen end up finding negativity. How are you viewing your retirement plans? Are you hoping to just scrape by and survive retirement or are you preparing to rock retirement?

Are you ready to rock retirement?

What are you doing to prepare yourself for retirement? Are you setting yourself up to simply survive retirement or are you ready to rock retirement? The Rock Retirement Club is now open for enrollment for a short time only. Head over to the website to take a peek. We have events and tours of the clubhouse that you can take before the enrollment period ends on January 3. The 60 founding members are all ready to welcome you and spread their knowledge. Joining the Rock Retirement Club is a fantastic way to gain insight and really connect with others on the same journey. Check out the Rock Retirement Club now before the enrollment period ends.

What is biological age?

The entire system of retirement is based on thinking about chronological age. We use chronological age to tell us when to take social security and our chronological age decides when we can withdraw from our Roth IRA without penalties. But what if you are physically much younger than the years that you have lived? Would that affect your decision on when to collect social security? If you knew that your body was that of a 55-year-old when you are 65 would you delay in taking social security? Your biological age may be different than your chronological age. Listen to this episode to hear more about the difference between the two.

How can knowing your biological age help you plan retirement?

There may be a better way to measure age. Scientists have developed a new test that measures the length of your telomeres which can help determine the biological age of your body. This could be very useful in your retirement planning. Living a long life would be a blessing, but it is one that you need to be prepared for. The older you become the more money you will need. If there is a probability of living a long life then you may want to use your human capital for a longer period than you thought. Are you curious about your biological age? Do you think knowing your biological age would change your views on pretirement?

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT

[2:58] What is the Baader-Meinhof phenomenon?
[5:53] Are you preparing to survive retirement or rock retirement?

PRACTICAL PLANNING SEGMENT

[10:15] What is biological age?
[11:45] Is chronological age the best way to make retirement decisions?
[13:22] A better way to test longevity
[17:54] How long should you use your human capital for?

THE HAPPY LAB SEGMENT

[20:25] Finding out my biological age will make me happy

TODAY’S SMART SPRINT SEGMENT

[21:28] Find the word that will be the guiding light for you for the next year

Resources Mentioned In This Episode

Teloyears.com

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

3-video Series: 5 Minute Retirement Makeover