Retirement Answer Man

Latest Episodes:

#231 - Maximizing Social Security: When to File, When to Relax, and When to Worry Jul 25, 2018

Show notes

Welcome to the final episode of the Maximizing Social Security series. In this episode, we get down to business. When do you file? How do you make this decision? If you are wondering these things then you need to listen to this episode. During the Practical Planning segment, I welcome social security guru, Devin Carroll. He has been studying social security for years and even has a book dedicated to learning the basics of social security. You won’t want to miss this final episode which answers your big questions about social security: when to file, when to relax, and when to panic. Listen now help you discover your best social security strategy.

How do you make the decision of when to file for social security?

The big question is when do you file for social security. Unfortunately, there is no easy answer. There are many things to consider, but ultimately you need to think about what your ultimate goal is. It’s not just math. What is your confidence level in your retirement? Taking full retirement social security benefits can give you more confidence in retirement. Understand what it is that you are trying to accomplish when considering whether to file early or wait until full retirement age. When you factor in your big picture then when to file could be a game changer. Listen to this episode to help you understand this multidimensional issue and help you rock your retirement.

What are some things to consider when trying to decide the best time to file for social security?

There are many factors to consider when trying to decide the best age to file for social security benefits. Some considerations are: will you have additional income? How is your health? How is your spouse’s health? What is the age difference between spouses? Do you really need the money? There are also tax implications to consider. If you fall into a certain income class then you could be taxed on 85% of your social security benefits. This could really affect your taxes and your IRAs. Before you decide when to file for your social security benefits, be sure to consider all of these questions. Listen to this episode to get a boost in your social security education.

In what situation would it be smart to file for social security benefits as early as possible?

You can file for social security benefits as early as age 62. You will not receive your full retirement benefits at this age, but there are some situations where this may still be a good choice. One mistake some people make is that they file for their social security benefits rather than disability if they can’t keep working due to a disability. If a disability is keeping you from working, be sure to file for disability benefits instead. If you really need an income, then filing at age 62 is a smart choice. Listen to this episode to hear all the reasons that you may consider filing for social security as early as possible.

How does retiring while in your peak earnings years impact your social security benefit?

Many people want to retire early. But does retiring while you are in your peak earning years impact how much you will receive for your social security benefit? Most of us still have 35 years of work history behind us by the time we are considering taking an early retirement, but these years often include low wage jobs. Retiring early can impact your social security benefit. But unfortunately, there is not a good way to estimate how it would affect your benefits. Devin would love to create a calculator to help others estimate the difference in benefits to help others. Listen to this episode to hear how your benefits could be affected by retiring early.

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

[2:32] How to make this decision for you?
[7:18] What are some things to consider?

PRACTICAL PLANNING SEGMENT

[8:28] How does Devin Carroll help people choose social security strategies?
[11:00] What situation would it be smart to file as early as possible?
[15:39] How do you navigate who takes what benefit when in a spousal situation?
[17:34] There are some uninformed reasons to file early
[19:08] Survivor benefits
[27:04] How does retiring while in your peak earnings years impact your social security benefit?

THE HAPPY LAB SEGMENT

[31:22] Nichole is reading Oola For Women

TODAY’S SMART SPRINT SEGMENT

[32:55] Send us a question that you want to be answered

Resources Mentioned In This Episode

Devin’s website: Social Security Intelligence

BOOK - Social Security Basics by Devin Carroll

Devin Carroll’s podcast - Big Picture Retirement

BOOK - Oola For Womenby Dave Braun

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#230 - Maximizing Social Security: How Earning Income Impacts Your Benefit Amount Jul 18, 2018

Show notes

This month on Retirement Answer Man we are maximizing social security benefits. All month long we are discussing the ins and outs of social security. The government doesn’t make anything simple, and social security is no different. So be sure to catch the entire series, beginning with episode 228 to fully understand the complexities of social security and how to maximize your benefits. This episode is dedicated to learning how earning income during retirement can impact your social security benefit amount. Listen to this episode to help you learn how to maximize your social security benefit and rock retirement.

This feature of social security is underappreciated

Did you know that social security is adjusted for cost of living? This added benefit was added in 1975. Each year social security is increased by COLA or cost of living adjustment. Since 1975 the average COLA increase has been 3.9%. This sounds awesome, right? The past 20 years the inflation increase has only averaged 2.1%, and in the past 10 years, we have only seen an increase of 1.7%. Well, at least it’s something! Listen to this episode of the Maximizing Social Security series to learn more about your social security benefit.

What happens if you take social security prior to your full retirement age?

Not everyone wants to work until the full retirement age of 66. The goal for many of us is to retire early. If you decide to retire early and take social security benefits starting at 62 or any time before age 66 you will receive less than the full retirement amount. Another penalty that you will incur is that if you earn over $17,040 your benefit will be reduced by one dollar for every 2 that you make over that amount. The government will eventually make it up to you over time, but of course, it will be rather complicated and paid out over 15 years. Listen to this episode to help you understand the social security complexities of taking early retirement.

If you work until full retirement age you could get the best of both worlds

Ideally, social security is not to be drawn until the full retirement age of 66. You will receive a higher benefit and you can earn as much as you want without a benefit reduction. This is why I am a huge proponent of pretirement. Taking on some sort of pretirement work like consulting, part-time work, or starting your own business offers an alternative to taking your retirement early and reducing your benefits. Are you ready to rock retirement? If so, listen to this episode to begin maximizing social security benefits.

What happens to your social security after full retirement age?

Although you receive your full benefit amount at age 66 this doesn’t mean that it’s all yours free and clear. Part of your benefit is taxable if you earn over certain amounts. For example, if you earn between $25-34,000 you will be taxed on half of your social security benefit. If you earn more than $34,000 then you will be taxed on 85% of your social security check. Each situation is different, so that is why it is so important to use more than simply numbers to decide when you want to start rocking your retirement. Start your social security education today by listening to this episode of Retirement Answer Man.

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

[2:17] This is a feature of social security that most don’t think about
[6:46] How is cola calculated?

PRACTICAL PLANNING SEGMENT

[10:05] What happens if you take social security prior to your full retirement age?
[14:55] If you work until full retirement you could get the best of both worlds
[15:30] What happens to social security benefits after full retirement age?

THE HAPPY LAB SEGMENT

[19:40] Go get a little kookie

TODAY’S SMART SPRINT SEGMENT

[21:14] Evaluate what type of income you may earn from age 62 on

Resources Mentioned In This Episode

Social Security Administration website

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#229 - Maximizing Social Security: The Best Social Security Benefits Calculators Jul 11, 2018

Show notes

Social security is an important part of retirement even if you have plenty of assets. That is why we are dedicating the whole month to learn how to maximize your social security benefits. This is the second episode in the four-episode series in which we discuss the best social security benefits calculators. This may not be the most exciting topic, but it is important to learn how to get the most out of your social security benefits. Listen to this episode to hear how to find the best social security calculators as well as how to use them.

How to protect your social security

Protecting your social security number is so important to keeping your identity and benefits safe. 158 million people had their social security number exposed just last year. That’s half the population of the country! There are a few protective measures that you can take to guard your social security number. You don’t need to carry your social security card with you at all times since it can easily get stolen. Instead, leave it at home in a safe place. Some organizations like medical offices ask for your social security number but don’t actually need it. You don’t have to give it to them. Listen to this episode to hear more tips on how to keep your social security number safe.

How to calculate your benefits

The social security administration is a great resource you can use to calculate your benefits. They send you a yearly statement with your lifetime earnings as well as a projected benefit amount. The important thing to remember is that the benefit amount they use assumes that you will continue to earn the same amount that you are earning right now all the way until you reach full retirement age. So if you plan on retiring early or taking a pretirement phase where you are not earning much then that number will change. Listen to this episode to hear how you can calculate your benefits if you plan to retire early or enjoy pretirement.

If you download your statement make sure to encrypt it

You can download your social security statement to your computer by going to the social security administration’s website. If you choose to do so, it is important to protect the file. Your social security statement is a treasure trove of information. It has such goodies as your name, address, the last four digits of your social security number, and your earnings from an entire lifetime. If you have your statement downloaded on your computer it is important to password protect the file to avoid all of that information being stolen by hackers. Learn how to password protect it on a Mac by listening to this episode.

What kinds of calculators should you use?

Ssa.gov has benefits calculators that can help you estimate your benefits based on your earnings. If you are going into pretirement or plan on retiring before full retirement age you will want to use their detailed calculator. This will give you the most precise estimate of what your benefits will be. You actually have to download the calculator onto your computer which brings another layer of complexity to things as only the government can do. The detailed calculator can help you decide when would be best for you to retire. There are several other calculators both on the social security administration website as well as through private organizations. Listen to this episode to hear which calculators you should use to help you understand when the ideal time to retire will be for you.

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

[2:52] Protecting your social security number so important

PRACTICAL PLANNING SEGMENT

[11:04] How to calculate your benefits
[15:08] If you download your statement password protect it
[16:22] What kinds of calculators should you use?
[19:56] A lot of financial planning is about maximizing the numbers
[23:55] What are some other websites that can help calculate your social security benefits?

THE HAPPY LAB SEGMENT

[26:13] Hobbies can make you happy

TODAY’S SMART SPRINT SEGMENT

[29:22] Check out one of the social security calculators or make time for your hobby

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#228 - Maximizing Social Security: How it Works and Will It Be There When You Need It? Jul 04, 2018

Show notes

The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible. You may think that social security won’t play a very big role in your retirement if you have a lot of assets, but after listening to this series you’ll see that social security is more important to your retirement than you think. Get started with your research on social security by listening to this episode today.

What are the benefits of social security?

Even if you have plenty of assets, social security benefits are an important part of retirement. As with any benefit you need to learn how to maximize it to its fullest. There are different branches of benefits through the social security system; disability benefits, dependent benefits, and survivor benefits. The one we think the most about though, is retirement benefits. You pay into the system year after year and can begin to receive the benefits at age 62. Social security is a fantastic resource that helps many retire with dignity. You need to learn how to get the most out of it and can start learning as much as you can by listening to this episode of Retirement Answer Man.

Will social security be there when you need it?

Social security is 90% of income for about a third of American retirees, and for 50% of retirees, it consists of half of their income. So it is scary to think that this benefit could be exhausted as soon as 2022. Fortunately, according to the social security administration website, the fund will not completely disappear at this time. It will only cover about 75% of what it needs to, but it will not totally vanish. The reason there is a problem with funding is that there are more baby boomers retiring and receiving benefits than there are people contributing to the system. Listen to this episode to find out if you need to worry about vanishing social security and how that could affect your retirement plans.

How to fix social security

Since there is a maximum amount that you can receive, social security is a bit of a redistribution system. It is a highly politicized topic, but if it is to continue, a solution must be found to funding social security in the future. There are several ways that we could continue to fund social security in the years to come. Being that it is a significant income source for many retirees, finding a solution is important. Some ways to solve the funding issue are by increasing social security taxes on incomes, eliminating the maximum deposit, reducing benefits, modifying the cost of living adjustments, raising the retirement age, and closing loopholes. Listen to this episode to hear about the many different ways that we could easily help fund social security in the future.

How are benefits calculated?

How do you qualify for social security benefits? Social Security is earned over a 35-year work history. You earn credits each quarter and you need 40 quarters of wages to qualify to receive benefits. The amount you receive is determined by your work and earnings history. If you retire before retirement age the amount calculated will add zeros to your average. This will bring down your average earnings and reduce your benefits. The way they average the amount earned is called the AIME: or average indexed monthly earnings amount. It is important to consider your AIME if you are planning to retire early. Listen to this episode to hear how to download your latest social security statement and check your earnings record so that you can begin to calculate your estimated benefit amount.

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

[2:25] What are the basics of social security?
[5:54] Will social security be there when you need it?
[7:33] How to fix the social security problem

PRACTICAL PLANNING SEGMENT

[11:11] How are benefits calculated?
[16:05] What is the eligibility for spousal benefits?

THE HAPPY LAB SEGMENT

[18:38] The next time that someone slights you, respond with grace

TODAY’S SMART SPRINT SEGMENT

[20:15] Go to my YouTube channel and subscribe to find some fun bits of retirement wisdom and info

Resources Mentioned In This Episode

Social Security Administration Website

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#227 - Entrepreneurship in Retirement: Lessons From Those Who Launched and Lived the Dream Jun 27, 2018

Show notes

Welcome to the last episode in the Entrepreneurship in Retirement series on Retirement Answer Man. We have been discussing the dream of entrepreneurship after retiring during the past three episodes of this series. This episode closes the series as I interview 3 different entrepreneurs that got sick of the rat race and struck out on their own. These entrepreneurs have very different stories about how they launched and lived their dream. They share what motivated them to entrepreneurship, how they started, and what their lives look like now. Listen to this episode to learn from their retirement lessons as you embark on your own entrepreneurial journey.

Vinnie quit his dream job to strike out on his own and now has so much time freedom that he never wants to retire

Have you ever heard about people that say they never want to retire? That is the case of my friend Vinnie. Vinnie was a sports photographer. He had a dream job at a newspaper traveling the world and photographing major sporting events. Vinnie won several awards for his photography but still only made about $15 an hour. Once his wife got pregnant with his first child he realized that his dream job was unsustainable for a family. This spurred him to pursue opening a freelance photography business of his own. After several years Vinnie pivoted his business to something that would free his time more than his wedding photography business. Listen to the valuable lessons Vinnie relays and hear why he doesn’t plan to ever retire.

Is entrepreneurship right for you? Carey Green doesn’t think it’s for everyone

After more than 20 years as a pastor, Carey Green lost his passion for his career. He knew he needed to start his own business after discovering that a change in career fields wouldn’t pay enough money to support his family. He did some audio editing for an online friend and soon discovered his niche. Carey has learned to scale his business slowly over time by implementing systems that will allow him to step away from the day to day operations. This will allow him more time freedom as his podcast company grows. Listen to this episode to hear why Carey feels that entrepreneurship is not for everyone.

Mark Ross helps those that are considering a pretirement stage to their retirement

Mark Ross worked for 30 years in public service at the parks department. At age 58 he retired after realizing that he should be doing something else with his life. He just wasn’t quite sure what it was. Mark says that letting go of a steady paycheck was the scariest thing he has ever done. Although he wanted to work, he wanted to do so on his own terms. This transition has led Mark to become a coach to those in their 40's and 50's who are contemplating pretirement. He has so much to teach his clients about how to discover the possibilities of pretirement and how to implement them. Listen to Mark’s retirement lessons for those considering a pretirement phase of their retirement.

What can these guests teach you about entrepreneurship?

All three of my guests come from very different backgrounds and have pursued their entrepreneurial dreams for different reasons. They each have valuable lessons to teach our listeners about many aspects of entrepreneurship. If you are considering opening any sort of business in retirement you’ll want to listen to the entire Entrepreneurship in Retirement series starting with episode 224. The lessons over the past four episodes are a great start to the research you will need to begin to get started on your own entrepreneurial journey.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[2:22] In July we will tackle social security so be sure to listen in if you have any questions

HOT TOPIC SEGMENT

[3:14] Meet Vinnie, a sports photographer, turned wedding photographer, turned writer
[22:33] Meet Carey Green, pastor turned podcast editor
[39:05] Welcome Mark Ross, a solopreneur after 30 years in public service

THE HAPPY LAB SEGMENT

[60:46] If you really want to pursue the entrepreneurial journey then meet some other people taking that journey

TODAY’S SMART SPRINT SEGMENT

[61:58] Vince Pugliese has a group for those that are entrepreneurs, join it!

Resources Mentioned In This Episode

Next Thing Group with Mark Ross - get his free PDF to help you decide what to do next!

Email Mark Ross

Carey Green’s - Podcast Fast Track website

Vinnie’s website: The Freelance Tribe

BOOK - Freelance to Freedom by Vincent Pugliese

BOOK - 48 Days to the Work You Love by Dan Miller

BOOK - Don’t Retire Rewire by Jeri Sedlar

BOOK - Will it Fly by Pat Flynn

BOOK - Rich Dad Poor Dadby Robert Kiyosaki

BOOK - Lynchpin by Seth Godin

BOOK - Total Money Makeover by Dave Ramsey

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#226 - Entrepreneurship in Retirement: The Pros and Cons of Buying a Franchise Jun 20, 2018

Show notes

So you want to start a business, but starting everything from scratch seems like so much work. Isn’t there an easy way to buy into an already proven system and execute it? If you think this sounds like a good way to start a business, then buying a franchise might be right for you. On this episode of Retirement Answer Man franchise attorney Josh Brown joins me to explain the pros and cons of buying a franchise. He is a leading expert in national franchise law that can explain how to create a franchise as well as how to purchase one. You’ll want to listen to this episode if you have ever thought of buying a franchise, or even if you want to pursue any form of entrepreneurship in retirement.

What exactly is a franchise?

The franchise idea sounds interesting, but what exactly is a franchise? A franchise is a system that has everything you need to start a business based on the model of a certain business. When most people think of franchises, they think of the gold standard: McDonald's. There is a good reason for this: fast food is the leading industry for franchises. Franchises don’t come cheap. The upfront cost of a franchise system can range from $100,000-1 million. For this cost, you get the entire business system which generally includes uniforms, payroll, and even coaching. Statistically, franchises fare much better than a private entrepreneur that strikes out on their own. Listen to this episode to learn more about the pros and cons of buying a franchise and begin your research into whether a franchise may be right for you.

Who is a franchise good for?

A franchise needs a strong leader who is an implementer and an excellent communicator. You may want to buy a franchise if you would rather implement a system than create your own. It is important to note that if you buy a franchise you will be able to use little to none of your own creative expression. If you do want to pursue this option you will need to have plenty of capital and time. This will not be a side-hustle as a franchise does not allow you much time freedom. A franchise requires a lot of hard work, but you could eventually get someone to operate it for you or sell it later on down the road. Franchises are not for the faint of heart, listen to this episode to find out if you may be a good candidate for buying your own franchise.

What should you evaluate when you are thinking of purchasing a franchise system?

The first thing you should think about when contemplating purchasing a franchise is yourself: is this the right form of entrepreneurship for you? Do you have the mentality to work within a franchise system? The way franchises are set up you don’t call the shots; you must follow their rules. If you are thinking of setting up your own business you need to think about whether you really want to follow someone else’s rules. It is extremely important to enter a franchise with your eyes open. It can be 18 months after you open your first store that you begin to bring in money. Listen to this episode of Retirement Answer Man hear the pros and cons of buying a franchise and to learn how to decide if a franchise is right for you.

How do you know the good franchises from the bad?

Of the thousands of franchises available in the United States, there are good ones, bad ones, and terrible ones. So how do you know the good from the bad? You need to look at the system that they have in place and decide, is this a good system? One way to do this is to talk to franchisees. There is a lot of good information in the legal documents if you know how to look for it. You can discover how many people have left the system and contact them to find out why. A good system will provide community and make you feel part of a team. Listen in as franchise expert, Josh Brown explains how to tell the good franchises from the bad.

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

[2:14] What is a franchise?
[9:38] Who is a franchise good for?

PRACTICAL PLANNING SEGMENT

[11:48] Meet Josh Brown
[12:46] What should you evaluate when you are thinking of purchasing a franchise system?
[24:12] Let’s discuss cash flow

THE HAPPY LAB SEGMENT

[30:35] It’s easy to get excited and plan, but make sure it’s the journey you want to be on

TODAY’S SMART SPRINT SEGMENT

[33:04] Do some soul searching on what kind of journey you want to be on, ask yourself: to what end?

Resources Mentioned In This Episode

Josh F. Brown’s email, his phone number - 317 688 9111

Josh’s website

TV show - Alone

BOOK - The E-Myth Revisited by Michael E. Gerber

MOVIE - Founder (about the McDonald’s franchise)

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

#225 - Entrepreneurship in Retirement: Harness the Mindset and Retire Like a Boss Jun 13, 2018

Show notes

On this episode, we explore the aspect of mindset and explore the question: What are some of the mindset attributes of a successful entrepreneur? Mindset is a huge hurdle for so many entrepreneurs. You need to get into the mindset right before you ever consider entrepreneurship. At this stage in life, you don’t have the time to make up for any mistakes the way that you would if you were in your 20s. This is your one shot at becoming an entrepreneur, so you must make the most of it. If you are considering entrepreneurship in retirement you definitely don’t want to miss this episode to hear how you can adjust your mindset for success.

What are some bad reasons to start a business?

You need to think about whether you are starting a business for the right reasons. Just because you can start a business doesn’t mean that you should. If you are planning to open a business simply because you need a change, then you need to rethink. Starting a business isn’t a great way to run away from a bad job. This mindset won’t set you up for success. Boredom is another bad reason to become an entrepreneur. There are much less expensive ways to fill your time. Are you starting a business simply because you have a good idea? Well, I have bad news for you, ideas are the easiest part of entrepreneurship. Make sure you listen to this episode if you are thinking of starting a business.

Money won’t solve mindset problems

Becoming an entrepreneur in your 50s and 60s is much different than in your 20s. Most people have more money at this time in their lives than they have ever had before. Just because you have the money doesn’t mean you should throw it all at your new business venture. Some people get caught up in looking the ‘right’ part. They spend too much money on all the shiny things that they think they need when just starting out. The truth is you need to bootstrap as much as possible when beginning a new business venture. That way if you fail, you will fail cheaply. Listen to this episode to hear why having more money can actually lead to the wrong money mindset.

What are some mindsets of unsuccessful entrepreneurs?

There are many reasons that most new businesses fail. The biggest reason is the business owner has the wrong mindset. Most new business owners do not have the right mindset to create a successful business. If you are becoming an entrepreneur for the first time in your 50s or 60s then you must step away from the employee mindset and switch gears to that of a successful entrepreneur. Unsuccessful entrepreneurs often get stuck in the same routines. They are unable to pivot when something doesn’t work out. Listen to this episode of Retirement Answer Man to hear what kind of mindset it takes to become a successful entrepreneur.

How do successful entrepreneurs think?

Successful entrepreneurs come from many different walks of life, but successful ones share similar mindsets. A successful entrepreneur is action-oriented. When there is a problem with their business they don’t sit around pondering the situation. They are agile; after taking action a successful entrepreneur can quickly adjust to any situation and pivot as needed. Successful entrepreneurs are overly optimistic, yet always worried about what will happen next. Do you have the mindset needed to become a successful entrepreneur? Listen to this episode of Retirement Answer Man to find out.

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

[3:11] What are some of the bad reasons to start a business?
[12:10] What are some bad mindsets for entrepreneurship?
[13:43] The curse of capital
[14:41] You can stick to your dreams too long

PRACTICAL PLANNING SEGMENT

[16:57] Mindset attributes of a successful entrepreneurs
[18:11] Be an optimist, yet be scared

THE HAPPY LAB SEGMENT

[27:58] Watch The Greatest Snowman movie

TODAY’S SMART SPRINT SEGMENT

[30:08] Go to my YouTube channel and watch the interview with Fritz

Resources Mentioned In This Episode

The Greatest Showman

The Retirement Manifesto Blog

BOOK - EMyth Revisited by Michael E. Gerber

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

#224 - Entrepreneurship in Retirement: The How, When, and What The Heck Am I Doing? Jun 06, 2018

Show notes

Why do people start businesses in retirement? Over the next few weeks, we explore this question in the Entrepreneurship in Retirement series. Just because you retire doesn’t mean that you stop living. Many people have so much to give back after they retire that they choose to start their own business. This episode will cover the whys, the ways, and the hows of beginning entrepreneurship in retirement. If you are thinking of starting your own business or having a pretirement phase to your retirement you won’t want to miss this series. Listen to this episode to get started planning your own entrepreneurship dreams.

Why do people start businesses in retirement?

More people between the ages of 55 and 64 start businesses than people under the age of 25. This fact surprised me. Why do baby boomers want to pursue entrepreneurship in retirement? There are several reasons. Just because we retire doesn’t mean we stop living. We still have a purpose. Many people start a business in retirement to pursue their passions. Some people want a bit more money to supplement their lifestyle, others find it a great way to give back to their community. Many want to share their expertise with the world. Why are you thinking of entrepreneurship in retirement? Listen to this episode to hear the many reasons people start businesses in their retirement years.

What are you trying to accomplish?

Before you start a new business you should ask yourself, what are you trying to accomplish? Are you strictly looking to supplement your income? Are you looking to follow your passions? Are you trying to give back to your community? The reason that you choose entrepreneurship in retirement is important. This will shape how you form your business. You don’t want to start a business where your goal is to have flexibility and then find yourself working 60 hours a week. Listen to this episode to hear why it is important to think about why you want to start a business first before you actually begin.

What are the different ways to start a business?

There are many different ways to start a business. A solopreneur is someone who wants to strike out on their own. A solopreneur could make crafts to sell, have a coaching business, or pursue a passion. Usually, a solopreneur doesn’t want to grow too big. A franchise is a way to buy a ready-made business that already has a plan and structure in place. A service business is a business where you can serve others. These different types of businesses have different structures and varying start-up costs. Listen to this episode to help get you thinking about the type of business you would like to start.

Be careful that you don’t commit financial suicide

When you retire you probably will have access to more money than you ever had before. This can be tempting when you want to start your own business. You may want to start your business small so that you can see if it is actually a viable business plan. Test your idea to ensure that it fits your finances as well as the market. You may find that your passion may not be the passion of others. If you start out small you can always find a way to pivot your business without committing financial suicide. Listen to this episode to hear why it is so important not to throw all of your money at your new business.

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

[2:49] Why do people start businesses in retirement?
[8:54] What to expect in this series of episodes of Retirement Answer Man

PRACTICAL PLANNING SEGMENT

[9:51] What are the ways that you could start a business?
[12:20] What are you trying to accomplish?
[15:50] Be careful that you don’t commit financial suicide
[19:55] Make sure that your business idea fits the market
[21:17] What are some tools you can use to help you get started?

THE HAPPY LAB SEGMENT

[23:20] Change your mindset to control your life

TODAY’S SMART SPRINT SEGMENT

[25:10] Go to the resource section and get a book to help you get started

Resources Mentioned In This Episode

BOOK - 48 Days to the Work You Love by Dan Miller

BOOK - The Lean Start-Up by Eric Ries

BOOK - The Pumpkin Plan by Mike Michalowicz

BOOk - The E-Myth Revisited by Michael E. Gerber

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

#223 - Retirement Plan Live: Flying Solo Edition, Your Most Stressful Retirement Questions Answered May 30, 2018

Show notes

Welcome to the last episode in this Retirement Plan Live series. This is the Flying Solo Edition where you can learn how to rock single retirement. Several listeners offer fantastic retirement questions and comments that I answer on this episode and the answers will interest you. On the practical planning segment of the show I am joined by Herb who gives us a male perspective on retiring single, so you won’t want to miss that. Be sure to listen to this episode as well as the webinar on June 7th to hear the grand finale and find out what happens to Sam’s retirement plans.

How do you save your own retirement funds from an ill spouse?

The first retirement question is actually from a married person, but she brings up an interesting point. Jackie is concerned that she and her husband’s shared retirement funds may run out with his exorbitant end of life medical expenses. She would like to know if there is a way to protect her own IRA account so that she will have enough money for herself to live on after he passes. End of life medical expenses can be incredibly costly, so this is a valid question that affects so many. Singles may not realize that this question is one advantage of being single. Listen to the hot topic segment to hear my answer to this challenging retirement question.

What inflation rate should be used for retirement planning?

Another listener has a retirement question about inflation rates. It is important to hedge against inflation when planning retirement. I use a rate of 4% even though there has only been a 2% inflation rate over the past 15 years. It is important to use all the available data over a long period of time to get a better idea of what inflation could do. If one only relies on 15 years of data to plan then it doesn’t paint a complete picture of what could happen. Listen to this episode of Retirement Answer Man to hear retirement questions and why and how I calculate inflation for retirement planning.

What can you learn from my aunt and uncle about retirement planning?

My own aunt and uncle join me on the practical planning segment to give us their perspective on retirement issues that you may not have considered. Recently after my aunt had surgery they were surprised to find that Aunt Patty needed 24-hour care for a whole week after a routine surgery. This brings about the retirement question: how do you plan for 24-hour care? This is hard enough for a married couple to plan for, and if you’re single it may take serious consideration. If you are considering moving to a new area after you retire you may also want to consider the medical facilities available. Listen to this episode as my aunt and uncle share insight that only comes with hindsight.

Finally, a single man volunteers to represent half the population!

Herb steps up to give a male perspective on retiring single. He recently contacted me and was the only male to volunteer to share his point of view on retirement. Thankfully Herb is a great candidate to represent half the single retirement population. Herb is 55 and planning on retiring in 3-5 years. Since he lives where there is a high cost of living he would prefer to move when he retires. One of the benefits of retiring single is that the choice is all his, and he won’t have to compromise. Herb is great at getting out of his comfort zone and feels that this will help him to create a network of friends wherever he decides to land. Listen to the practical planning segment to hear Herb’s perspective on retiring single.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[1:22] Find out about the webinar where you discover the results of Sam’s retirement conundrum

HOT TOPIC SEGMENT

[4:08] Jackie has a question about how to save her own retirement funds from her husband’s medical expenses
[6:39] Carla asks: what inflation rate should she use for retirement planning?
[7:40] Scott would like to know: Why does Roger use such a high inlfation rate?
[10:10] Mark remarks on travel plans
[11:40] K.J. asks where can she find affordable financial planning
[13:27] Sarah feels less weird about being a happily single woman after listening to this series

PRACTICAL PLANNING SEGMENT

[15:10] My aunt and uncle join me on the show to discuss healthcare
[27:27] Herb joins me to give a male perspective on retiring single

THE HAPPY LAB SEGMENT

[36:02] Embrace life, be adventurous

TODAY’S SMART SPRINT SEGMENT

[37:10] Go buy my book, it really will help give you a better perspective

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com

#222 - Retirement Plan Live: Flying Solo Edition, Is Retiring Single Risky? May 23, 2018

Show notes

On this episode of Retirement Plan Live: Flying Solo Edition we tackle a challenging question. Is retiring single risky? This episode is all about risk and the special or riskier situations that retired singles may find themselves in. Single people have different considerations than married people and may need to plan their retirement in more detail. I ask Sam, my guest, and case study for this edition of Retirement Plan Live, about what types of concerns she has retiring single. You’ll want to make sure that you listen to this episode so that you can begin to think about all of the circumstances you may encounter when retiring single.

Should you embrace risk or hide from it?

There are risks to everything in life, but to live a full life you have to take on a certain amount of risk. If you run away from risk entirely you end up living a smaller life. The more you embrace risk the more it can broaden your life. There is a certain amount of freedom that comes with being a single person. You don’t have anyone that you need to check in with, you can travel whenever and wherever you want. But there are situations that a single person needs to prepare for more than a married person. Listen to this episode of Retirement Answer Man to start thinking about how much risk you are willing to take in your retirement and your life.

What are some of the normal risks that are increased for singles?

Retired singles have an increased chance of loneliness as they age. You can begin to combat loneliness in your elderly years by establishing a strong network of friends now. Making friends with similar interests is easy to do. There are groups and clubs for just about every hobby, even solo activities like knitting and fishing can be enjoyed with others. Another consideration you may not have thought of is whether or not you have someone to use as a sounding board for big decisions. Making life altering decisions can be a challenge and it is always helpful to have someone you trust to help you talk things out. Listen to this episode to hear several considerations that you may not have thought of that you will need to plan for as a single person.

How do you plan your estate when you’re single?

If you don’t have any heirs you may think that what happens to your estate doesn’t really matter, but you do need to think about who you would like to be the executor of the estate. There are professionals that can be hired to do this job if you don't have anyone to ask. Long-term care insurance is a good option when thinking about what will happen when to you when you are no longer able to care for yourself. But have you considered who will have power of attorney and can handle the personal medical decisions that may be faced if you are incapacitated? This episode may not be as fun as the dreaming big episode, but it is important nonetheless. Listen in to hear many of the significant considerations that you may not have thought of when retiring single.

What are Sam’s worries about retiring single?

Sam has been considering retirement for quite some time and has put a bit of thought into many things. She has been working with a financial planner whom she trusts for many years. He has helped her weather the financial upheaval of 2008. Sam thought it was important to purchase long-term care insurance, so as not to burden her daughters with caring for her if she becomes unable to care for herself. Sam considers herself pretty conservative and not much of a risk taker, so listen to her concerns as she considers retiring single on the practical planning segment of this episode.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN