Retirement Answer Man

Latest Episodes:

#152 - Financial Forecasting: 2017 Predictions And The Impact They Have On YOU Jan 11, 2017

Show notes

Financial forecasting season is upon us! It’s the new year and there’s always a handful of predictions you see regarding politics, markets, social trends, and much more. If you spend much time listening to the talking heads out there you can come away very confused. Why? Because you’ll hear as many opinions and forecasts as there are talking heads! On this episode of The Retirement Answer Man, I’m going to talk a bit about the role financial forecasting should play in your financial decisions. You’re going to find out what I think of all the expert advice out there, so be sure you give this one a listen. Financial forecasting is often primarily about attention, not truth.

Don’t get me wrong, the people out there making their financial forecasts truly believe that what they are saying is really going to happen. But they’re not making their forecasts solely for the sake of helping you know what to do. They are trying to get attention, to get eyes on themselves and their organizations. That enables them to be positioned as an expert in the field and hopefully (they are hoping) they will get some clients or business as a result. So how should YOU take action based on the forecasts? I’m going to tell you what I think, on this episode. What is a donor advised fund and how can you use one?

On this episode of The Retirement Answer Man, I received a question from a listener about the wisdom of putting some assets into a “donor advised fund.” What is that you may ask? A donor advised fund is essentially a philanthropic financial vehicle established at with some public charity. It allows you - or any donor for that matter - to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. So in this way, as a donor, you are able to also be an advisor to the fund regarding what they do with the money that's given. So in answer to my listener’s question I dive into those types of funds and give a bit of advice about how you can wisely contribute to and participate in them. Do you have retirement funds in an ESOP? Is there any way to move them out?

One of the things I love to do on The Retirement Answer Man show is answer listener questions - and on this episode, I got a great one about ESOP accounts. An ESOP is an employee stock ownership plan. It’s a qualified plan designed to invest primarily in the stock of the company where you are employed. ESOPs are "qualified" in the sense that the ESOPs sponsoring company, the selling shareholder and participants receive various tax benefits. But the listener who asked the question wants to diversify the account. Is it possible? I’ve got some suggestions for him on this episode, so be sure you listen. Are you device-addicted? You should take the question seriously.

I recently saw a video created by a very thoughtful and wise guy named Simon Sinek. He was talking about the tendency among Millennials to be “device addicts.” He pointed out that the “ding” of a device notification stimulates the very same chemicals in the brain as shot of cocaine. That means we are able to become physically addicted to the sensation on certain levels. Why am I asking the question? Because I’m concerned not just about retirement planning, but retirement planning that leads to a HAPPY life. And if you’re addicted (to anything) I doubt you’re going to be your happiest. Find out how I suggest you go about answering the question on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:32] My introduction to this episode of the podcast and an invite to check out the blog.
[2:31] Retirement Plan LIVE begins February 1st with a new couple!

HOT TOPIC SEGMENT

[4:26] The issue of predictions for the markets for 2017.
[6:49] How I think about predictions (it’s all about attention).
[9:10] What you have to do practically in light of predictions.
[14:13] High value activities regarding your portfolio.

PRACTICAL PLANNING SEGMENT

[15:45] QUESTION: How wise are donor-advised funds and how should I approach them?
[22:01] QUESTION: My portfolio is full of company stock only by requirement (ESOP). Is that legal?
[26:06] QUESTION: Can a spouse take an early SS benefit on their own then “upgrade” to the higher benefit of their spouse when the time comes?

TODAY’S SMART SPRINT SEGMENT

[30:06] In the next 7 days, update your net worth statement for 2016.

THE HAPPY LAB SEGMENT

[31:15] Do you have a device-addition? Do a self examination.

RESOURCES MENTIONED IN THIS EPISODE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
www.RogerWhitney.com/blog - check out my new blog!
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
TWEETS YOU CAN USE TO SPREAD THE WORD
#152 - #FinancialForecasting: #2017Predictions And The Impact They Have On YOU
#FinancialForecasting is often primarily about #attention, not #truth
What is a #donor advised #fund and how can you use one?
Do you have #RetirementFunds in an #ESOP? Is there any way to move them out?
Are you #DeviceAddicted? You should take the question seriously

#151 - Setting Retirement Goals and Working Toward Them: How One Couple Is Doing It Jan 04, 2017

Show notes

Welcome, welcome welcome! It’s 2017 and time to address those retirement goals you’ve been putting off. And I’m here to help. I’m Roger Whitney, otherwise known as The Retirement Answer Man. I’m here every week to help you think through, plan for, and take action toward a better retirement than you can conceive! Well, maybe not that extreme but I do want you to have a happy and healthy retirement that is personally rewarding for you and yours. This podcast is all about that end goal. On this episode, I’ve got a lot to share about where we’re headed in the next year and we talk with our very first participant in the Retirement Plan Live event from a few years ago, Carl. I hope you’ll take the time to listen. I’m now BETTER EQUIPPED to help you with your retirement goals.

As I was looking toward 2017 and trying to focus on the things that I believed would help me serve you and my clients better, I decided that I needed to make a huge change in my life. I dropped some of the licenses that I’ve held for over 20 years. Why would I do that? Because now there is a lot less government regulation inhibiting the kind of things I can talk about on this podcast and on my blog. Now I can actually mention common retirement vehicles like "mutual funds" and others. I’m better equipped to help you navigate your retirement goals and am eager to do so. Find out how I do it week to week on this episode of the Retirement Answer Man. Retirement goals are not something you should put off.

Most people wait far too long to begin setting retirement goals. It’s easy to think that you have plenty of time but the sad reality of the way life goes is that time sneaks up on you and retirement is here before you know it. You’ve got to start setting goals and reaching for them NOW so that your retirement is a happy, secure, and meaningful one. On this episode, I’m talking with the very first person who participated in my annual Retirement Plan Live event, Carl - and he’s going to share how he’s doing with his retirement plan and the enthusiasm that has come into his life from doing so. You’re going to want to hear this one. How sharing your story could help someone else navigate their own retirement.

In this episode of The Retirement Answer Man, I talk with Carl. He and his wife were two of the very first people I worked alongside in my Retirement Plan Live event a few years ago. Carl has begun to share his own story of planning and moving toward retirement in his own blog. What he’s discovered is that his story is beneficial to others who are on the same path he is - and I would venture to say that every one of you has the same ability to impact others with YOUR story. So what are you waiting for? Listen to this episode to find out how you can tell your story among the Retirement Answer Man community and see how it encourages others. Our very first Retirement Plan Live participant is on the way to his retirement goals.

Carl and his wife are just a few years away from retirement. They’ve got their retirement goals laid out before them and are systematically ticking them off the list, one at a time. In this conversation, Carl and I talk about their recent move from their long-time home to a cabin in another community 100 miles away. The transition has gone well and Carl points to a few things they did that he believes made the transition less of a hassle than they expected. He also shares how he’s built a “bridge” into his retirement and why he recommends that everyone who is a few years away from retirement do the same thing. Carl’s a wise man and you’ll learn a lot from his experience, so be sure you listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[1:51] My word for the year that I’m going to be focusing on: Focus
[1:30] What is YOUR word that you want to focus on this coming year?

HOT TOPIC SEGMENT

[2:20] Why 2017 is the year the gloves are coming off.
[4:15] Why I’ll be talking a bit more freely and why investment management will be a topic of conversation.
[6:18] How you can ask your questions.

PRACTICAL PLANNING SEGMENT

[7:44] Our first ever Retirement Plan Live participant: Carl.
[9:10] How sharing our stories helps other people plan their retirement.
[9:45] How Carl is doing with his retirement plans as highlighted in RPL.
[12:10] The transition from one home to another as part of the retirement plan.
[16:30] The current retirement plan Carl is working through - and where he is in it.
[18:11] Plans to quit work earlier and why Carl is not doing it.
[21:40] Discussions about how they will be husband & wife in the retirement years.
[24:00] Carl’s blog and the enthusiasm that has come from it.
[28:00] Why it’s important to build a bridge into your retirement years.

THE HAPPY LAB SEGMENT

[33:21] Finding dreams to fuel you while you still have time.

TODAY’S SMART SPRINT SEGMENT

[35:13] In the next 7 days, subscribe to this podcast and leave some comments on the blog posts - OR ask your own question.

RESOURCES MENTIONED IN THIS EPISODE
www.TheRetirementManifesto.com - Carl’s blog about retirement
Leave your questions: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#150 - Dealing With Failure By Seeing It As Feedback Dec 21, 2016

Show notes

Dealing with failure is never an easy thing. We all have things we regret, wish we could do over, or would like to have never done in the first place. This episode of The Retirement Answer Man is filled with YOUR feedback to this show - over 220 responses you sent in at my request, responses to my annual listener survey. And you didn’t hold back! There was lots of great advice for making the show better and a few criticisms that I have to admit stung a bit. But I’m not going to take it personally - I’m making the choice to deal with the potential failures revealed in your feedback as exactly that - feedback. I’m going to use it to become better! I hope you listen in. The Retirement Answer Man 2016 Listener Survey - the results are in!

I am one of the few podcasters I know who actually does a listener survey each year - and I do it for a very specific reason. I honestly feel that the podcast is about you. I want to talk about the things that YOU feel will be most helpful to you, so I need to hear how the things I’m doing are impacting you on a practical level. As a result of the excellent feedback I received this year, I have some changes to announce and some promises to make about the show going forward. If you want to know what’s coming on the RAM show in the next year, take a listen to this episode! Could you use some practical case studies of real-life retirement issues?

Apparently, all of you who listen to The Retirement Answer Man show are a practical bunch. The listener survey reveals that you want me to do more case studies - you know, the practical stuff that helps you apply retirement strategies and principles to real-life situations. And because you asked for it, that’s exactly what I’m going to do in 2017. In addition to my annual “Retirement Plan Live” (which is coming up after the first of the year), I’m going to do a few more case studies of various sorts throughout the year. I want the show to be as helpful to you as possible, so thanks for letting me know what you want! Do you feel like a failure when it comes to your retirement planning?

Many people wait far too long to start planning for a happy and healthy retirement. It takes time to build up the funds needed for a secure retirement and you know, time has a way of sneaking up on us all too quickly. If you’re feeling fearful about your retirement I want to encourage you that it’s never too late to start. There are some important things you can begin to do today to mitigate the damage of procrastination and get moving in the right direction. Don’t worry about what’s coming in the future. Start focusing on what you can do now to make your future better. These are the top fears people have when it comes to retirement.

The 220 participants in my 2016 Listener survey were very clear and honest when it came to expressing their top fears relating to retirement. Would you like to hear what they said? Number one on their list of fears was the rising cost of healthcare. That makes complete sense because our senior years are often years of rising medical costs. A close second on the list is a related issue in a sense, and that is that they will run out of funds to live on before they run out of life! What can you do to offset your fear and ensure that they never come true? One thing you can do is listen to The Retirement Answer Man podcast. Each week I’m aiming at helping you prepare for the happy and healthy retirement of your dreams. You could learn a lot by listening. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:24] The quote I’ve learned to live by and how we need to think about failure and feedback.
[1:15] A personal example of my first major failure: debate class.

HOT TOPIC SEGMENT

[3:20] The responses I received from 220 of you on my annual listener survey!
[7:15] Your most enjoyed segments of the show!
[8:31] The things you want to see more of on this podcast.
[9:15] What excites you most about retirement - survey responses.
[10:35] The things you are most worried about when retirement comes.
[11:34] Your comments and ideas about how the show can become better.
[15:51] The changes you can expect for the 2017 version of The Retirement Answer Man.

PRACTICAL PLANNING SEGMENT

[21:20] The end of the road map personal planning option I’ve been providing and the advent of something new.
[24:58] Book recommendations from listeners like you!
[30:30] How you can leave a book review.

TODAY’S SMART SPRINT SEGMENT

[30:43] Your 7 day goal for this week: Make a commitment to take a step back and not worry.

RESOURCES MENTIONED IN THIS EPISODE
BOOK: Bounce Back: Overcoming Setbacks in Business and Life
BOOK: Winning the Loser’s Game
BOOK: Outwitting the Devil
BOOK: Living Forward
Roger(at)wwkllc.com - reach out to Roger if you want to be on retirement plan live.
www.RicherSoul.com - Rocky’s site.
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#149 - How The Temptation of Hyperbolic Discounting Can Bite You In the End. Dec 14, 2016

Show notes

You may not even know what “hyperbolic discounting” is. But it’s something we all fall prey to numerous times, at least weekly. It’s the temptation to do something now that you know is not the best long-term. On this episode, I tell the story of how I bought a set of noise canceling headphones even though I knew that the money spent on them could have been invested more wisely in other ways. It’s an example of hyperbolic discounting that I use to show you how you and I need to be careful that we’re not making decisions today that will come back to bite us tomorrow. Is your retirement fund really going to be there when you need it?

As human beings we have this amazing capacity to convince ourselves that the decisions we’re making are the best decisions we could make, when in fact, they simply aren’t. It’s called self-deception and it’s part of being human. One of the ways we do that is by giving in to the temptation of hyperbolic discounting - justifying a choice that’s a short-term gain at the expense of a bigger long-term payoff. It’s why we eat the cookie now rather than “being good” for the sake of reaching that ideal level of fitness that we really want. On this episode, I’m talking about the role that hyperbolic discounting plays in retirement planning and why it’s important to have the outside perspective and help of a qualified advisor. I hope you’ll take the time to listen - for the sake of your long-term goals. My 3rd annual Retirement Plan LIVE will begin in February. Do you want in?

One of the most popular and helpful things that I do on The Retirement Answer Man podcast is the annual Retirement Plan LIVE. It’s where I take a real-life person (maybe you) and work through their financial situation alongside them to devise a plan toward the things they want to have in place when they reach retirement. But I can’t do it alone. I need someone who’s willing to be the subject of the plan. Is that you? You can find out who I’m looking for and whether you’d be a good fit on this episode of The Retirement Answer Man! Anytime an advisor makes recommendations before he understands your situation, you should run!

A listener wrote to me to ask what the difference is between annuities and a whole life insurance policy. It turns out her questions stem from a conversation she’s been having with an insurance advisor who’s encouraging her to look into the possibility of whole life insurance instead of annuities. I don’t know enough about her situation to say that he’s giving her bad advice but I do know this: Anytime and advisor begins to point you in a certain direction without having assessed the entire situation, you need to be very, very careful. Find out why I’m so cautious, on this episode. One way you can avoid hyperbolic discounting is by taking a small step of immediate action.

Hyperbolic discounting is when you choose a small benefit today at the expense of a larger benefit later. It’s the opposite of practicing delayed gratification. On my smart sprint segment of this podcast episode I give you a simple, easy plan to increase your retirement contributions that you won’t even feel month to month but that will enable you to avoid the temptation of doing nothing at all to increase your retirement. You can find out what it is on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] The struggle with temptation we all face and the cost they can have on life..

HOT TOPIC SEGMENT

[3:00] Beginning 2/1/2017 - The 3rd annual Retirement Plan LIVE begins!
[5:00] What it takes for YOU to be my RPL subject for this year!

WHAT DOES THAT MEAN? SEGMENT

[8:30] What is Hyperbolic discounting?

PRACTICAL PLANNING SEGMENT

[12:37] How should you evaluate your insurance needs in light of current insurance plans?
[17:05] Why a second opinion on issues is important.
[19:40] QUESTION: How should you evaluate annuities VS insurance solutions?
[21:38] QUESTION: What should I do with extra money each month?

TODAY’S SMART SPRINT SEGMENT

[25:33] Go to your retirement accounts and review your allocations, then increase your contributions by 1%.

THE HAPPY LAB SEGMENT

[26:21] The importance of having little conversations all through life - and why you need more positive things to keep you on track.

RESOURCES MENTIONED IN THIS EPISODE
Roger’s email: Roger(at)wwkllc.com - submit yourself for Retirement Plan LIVE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan
TWEETS YOU CAN USE TO SPREAD THE WORD
#149 - How The #Temptation of #HyperbolicDiscounting Can Bite You In the End
Is your #RetirementFund really going to be there when you need it?
My 3rd annual #RetirementPlan LIVE will begin in February. Do you want in?
Anytime an #advisor makes recommendations before he understands, you should run!
One way you can avoid #HyperbolicDiscounting is by taking a small step of immediate #action

#148 - Maximizing Social Security For Your Best Retirement Ever! Dec 07, 2016

Show notes

You want to get the most out of your Social Security benefits, right? I’m with you, maximize Social Security as much as you can! But there’s a lot of conflicting advice out there about what you should do to make that happen. Some advisors are saying you should take early but reduced benefits in view of life expectancy while others are saying the early benefit is wise because social security is not a very stable system and it may not be around by the time you can take the increased benefits. What should you do? On this episode I’m going to walk you through the outline of a presentation I gave on this very subject, so grab your thinking cap and let’s get to work! Why are more retirees taking their early, reduced social security benefits?

It’s more common than ever in recent years that people who qualify for taking social security are doing so at the earliest possible moment. It’s totally legal and OK to do, but when you do you get a reduced rate of benefit - and you’re locked into that rate for the rest of your retirement years. If you get less money, why are more people doing it? On this episode of The Retirement Answer Man, I’m going to explain it to you and even walk you through a few scenarios of what the numbers look like if you take the early benefit VS waiting. I think you’ll be surprised at the difference! Is social security even going to be around when you reach your maximum benefit age?

There are many people who take the early but reduced benefit on their social security because they are not confident that the social security system is stable enough to last until their full benefit age. I get that. There’s been lots of scary prognosticating surrounding the viability of social security that’s made the rounds over the years. Coupled with that is the sentiment many people have that they’ve worked hard all these years to fill their social security fund so the minute it’s available, they want it! On this episode, I’m going to give you my opinion about whether or not the good old SS administration will be around for very long. I hope you listen. Before you decide to take your social security benefits at the earliest date, think of your family.

I totally get the eagerness many people have to tap into their social security benefits the moment they can legally do it. But when you do so you need to realize that the decision you make will not only impact you, it will also impact your spouse and possibly your surviving children. On this episode of The Retirement Answer Man, I’m going to walk you through a scenario or two to show you what could happen by taking your benefits early and give you some things to consider about whether it’s the best move or not. If you want to maximize social security maybe you should work some during early retirement.

I know, it sounds crazy to work during retirement. But on this episode, I’m going to show you the huge financial difference it could make if you simply work a small amount during the earliest years of your retirement. It will not only help you maximize social security for your own benefit but will also dramatically change the quality of life you enjoy during the later years of your retirement. Interested? I think you will want to hear this perspective. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:21] My introduction of this episode about maximizing your social security benefits.

HOT TOPIC SEGMENT

[4:04] Michael Hyatt’s “Your Best Year Ever” course and why I’m promoting it!

PRACTICAL PLANNING SEGMENT

[6:04] My whirlwind tour of Texas, speaking to CPAs.
[8:08] Something important to consider about social security.
[10:55] Why you need to review your SS earnings statements.
[13:15] How some people take a reduced rate on Social Security benefits.
[15:40] Calculating the “break even” age to decide if a reduced rate makes sense.
[17:00] How longevity statistics impact the decision.
[20:00] Why the decision is not only about your life but those of your family members too.
[22:05] Why working during early retirement is making more sense all the time.
[24:55] How it could be a bad decision to take early, reduced Social Security benefits.
[27:04] A quick example of what could happen in either case.

TODAY’S SMART SPRINT SEGMENT

[33:18] Choose a word to guide you in making decisions this coming year.

THE HAPPY LAB SEGMENT

[34:36] What I did yesterday that made me very happy! I didn’t get out of bed until 1 PM - and I didn’t guilt myself out!

RESOURCES MENTIONED IN THIS EPISODE
Michael Hyatt’s Best Year Ever Course
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#147 - Avoid The Retirement Crisis By Building Retirement Dreams Nov 30, 2016

Show notes

I’ve been hearing a lot lately about the so-called retirement crisis that’s happening in the United States. And what I think has happened is this - a long-held belief that rising costs and the decreasing value of the dollar make retirement more and more difficult - has conditioned us to think in terms of survival instead of in terms of possibility. We approach retirement planning with a crisis mindset instead of taking the time to dream about what might be possible. On this episode, I walk you through how I would advise one of my clients to dream up their ideal retirement to avoid any crisis thinking and live their best life as a result. Why you need to ignore the news about the so-called retirement crisis.

It’s easy to get into negative ways of thinking without even knowing it. Pessimism comes naturally to people who want to think wisely, which most people who actually engage in retirement planning are. How do we get out of the pessimism trap when it comes to our retirement planning? I think first off we have to realize that there IS no retirement crisis. It’s really a crisis in how we think about retirement. I’ve got some ideas about how you can plan for your ideal retirement from a place of possibility and dreams instead of a place of pessimism. Listen to this episode and you’ll get an earful of how I have seen it happen. Learn to dream about your retirement to open the door to possibilities.

One thing I’ve learned from taking trips is this: you aren’t able to see the next mile down the road until you first travel the mile you’re on. It’s a simple and obvious truth about the way life is. When it comes to retirement planning you’re not going to know what’s possible unless you first take steps toward those possibilities - and one of the primary ways you can do that is by dreaming. I mean the nothing-off-limits dreaming we're often afraid of. It helps you set the stage for what your ideal retirement could be. On this episode of The Retirement Answer Man, I walk you through how I advise my clients to dream up an incredible retirement and then show you how we plan for it practically. It’s not theory or rainbows and unicorns, it’s real life planning that makes for a great retirement. Avoid the retirement crisis by getting your financial spaghetti in order.

I like to think of retirement planning like a plate full of delicious spaghetti. There are 3 primary things that go into the dish. The pasta, the sauce, and the spices that give it the “zing” you want in a good Italian dish. If you miss any of those things you won’t have the flavor you want and won’t be very satisfied as a result. Too many people approach their retirement planning with a focus on only one of the very important things that go into a great retirement. Can you guess what that is? On this episode, I’m going to tell you what it is - and tell you how to avoid the kind of thinking that gets you into that situation in the first place. Your retirement is YOUR retirement. Make it what YOU want it to be.

As I work alongside clients I see it time and time again - people who are concerned that they have the same kinds of things their parents had during retirement, or that they are able to maintain a standard of living comparable to a friend who just retired. You know, I get that way of thinking but I can’t say it’s the best approach. That’s because your retirement needs to be exactly what YOU want it to be, not some vague standard set by somebody else who traveled the road before you. On this episode, I want to say few words about this important issue because if you can make the switch to think of your retirement as truly YOURS, you’re going to discover a retirement that makes you truly happy. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:28] Why I’m going to emphasize how you can think bigger and thrive in retirement.

HOT TOPIC SEGMENT

[2:58] Michael Hyatt’s “Best Year Ever” event is coming up.
[4:35] Custom conference calls we can use together after attending the event.

PRACTICAL PLANNING SEGMENT

[5:24] Dream up your ideal retirement life when you meet with your financial planner.
[8:01] Don’t be reasonable - just WAG a number.
[9:23] Retirement planning is not just about the money (the numbers).
[12:02] Why investing in relationships is more crucial than ever before.
[13:41] Figuring out your purpose in life and what that really means.
[15:53] Dealing with the financial part of retirement planning - it’s like spaghetti.
[22:35] Why you need to separate your retirement planning into 3 categories.

TODAY’S SMART SPRINT SEGMENT

[27:18] How you can get Michael Hyatt’s free assessment (6 shot Saturday).

THE HAPPY LAB SEGMENT

[28:52] My recent experience getting a manicure and what it teaches me about being open to new experiences.

RESOURCES MENTIONED IN THIS EPISODE
Text “Sixshot” to “33444” to get 6 Shot Saturday
The Rusty Lion Academy
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#146 - The Strength of the Dollar, The Forex Market, and Listener Questions About Asset Allocation Nov 23, 2016

Show notes

In case you haven’t noticed, the recent election has had a pretty significant impact on the strength of the dollar worldwide. The U.S. dollar is actually gaining strength in the world economy - it’s at a 13 year high - and it’s in large part because of what financial gurus around the world believe is going to happen in the U.S. economy because of the election of Donald Trump. But do you know what impact the growing power of the dollar will have on you? If you want to hear how this phenomenon happens, why it happens, and what it means for you, I’ve got you covered on this episode of The Retirement Answer Man. Do you understand what the FOREX market is?

The term “FOREX” stands for “Foreign Exchange Market” and it’s where people worldwide trade in currencies. You may not have even known such a thing happens. But anytime you go to another country and you have to trade U.S. dollars for another currency, you’re taking part in a FOREX style trade - one currency value compared to another and exchanged in kind. With the rising value of the dollar these days the FOREX market is going a bit nuts at the moment. Find out why and what it means for you on this episode. Is your long-term care policy safe even if your company is no longer providing long-term policies?

After my comments on the last episode of the podcast about John Hancock’s announcement that it will be getting out of the long-term care business, some of you were a bit concerned. You have JH long-term policies so you’re wondering what’s going to happen to that policy. On this episode, I walk you through the scenarios of what typically happens when a large insurer like John Hancock makes an announcement of this type, including how they take care of the policy holders they already have on the books. I think you’ll find that it’s not as bad for you as you may be fear. Should long-term market averages impact the way you draw cash from your retirement account?

A listener to the podcast wrote to me this last week pointing out that long-term averages indicate that market downturns are almost always corrected over time. Looking at that fact he suggested that because the market will correct itself in time we shouldn’t be so concerned if we are living through a market downturn during retirement. But I’ve got a slightly different take on the issue simply because even though the facts and figures do add up just like he’s saying, we are emotional creatures and aren’t always able to live with the reality of what’s happening around us. You can hear my entire train of thought about the subject clanking along the tracks, on this episode. What retirement-related issues do you want to hear on this show?

It’s time once again for my annual listener survey. It may not sound like a very exciting thing for you to take part in but the responses I receive from the listener survey are the primary way I determine what I’m going to be talking about over the next year’s episodes of the podcast. I’d really love to get your feedback and input. It’s a great way that you can help me help you! If you’d like to know how you can take part in this year’s survey I cover it step by step on this episode of the podcast so set aside some time and give it a listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] My introduction to this Thanksgiving episode - and my plans for the show moving forward.
[1:19] My 2nd annual listener survey - would you help me create better content?

WHAT DOES THAT MEAN? SEGMENT

[3:34] What is the Forex market?

HOT TOPIC SEGMENT

[5:27] The 13 year HIGH the U.S. Dollar is on right now.
[6:45] How President-elect Trump’s policies are stimulating this change.
[7:52] The impact of a high priced U.S. Dollar, worldwide.

PRACTICAL PLANNING SEGMENT

[9:48] Mike asks, “We are concerned about John Hancock’s future when it comes to our long-term care insurance. Can you help us understand what might happen?”
[12:49] John asks, “How do I know the best way to manage my cash reserves and investments in bad markets?”
[15:42] Eric asks, “Since market downturns usually average out over time why not invest entirely in equities?”
[29:39] Why are bonds typically included in investment portfolios?

TODAY’S SMART SPRINT SEGMENT

[33:54] Two steps this week: #1 - Complete my survey in the 6 Shot Saturday email. #2 - Look for the ebook in 6 Shot Saturday, take a look at it.

THE HAPPY LAB SEGMENT

[35:20] Take some time to interact with family this holiday instead of getting stuck in front of the football games.

RESOURCES MENTIONED IN THIS EPISODE
Sign up for 6 Shot Saturday - text “SixShot” to “33444”
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#145 - Year End Financial Issues You Should Consider Nov 16, 2016

Show notes

It’s almost time for that year end tax planning. 2017 is going to be here before you know it! Over the past few weeks, I’ve been talking with quite a few of my clients about their year end financial planning and realized that the things I’ve been talking about week after week these days could also be of help to YOU! So on this episode, I’m going to walk you through some of the most common things I suggest to my clients at the end of the year that can put them in a better tax and financial position as the end of the year approaches. I hope you find it helpful! The year ends with some BIG NEWS from John Hancock insurance.

Did you hear the latest news from John Hancock insurance? The company announced just this month that they will no longer be offering long-term care insurance. That may not sound like such a big deal to you but with the rising cost of healthcare, and especially the type of care that’s often needed in the later years of life, this is a big deal - because John Hancock is one of the biggest players in the insurance industry. Does this indicate a move that other insurance carriers will be making in the future? You can hear my thoughts on the subject on this episode of The Retirement Answer Man. Are embedded capital gains going to mess up your year end financial planning?

You have those investments that you never think about - they’re often part of a retirement or investment package that you have in your company plan. Part of the perk you get from those kinds of investments is that they accrue investment profits (hopefully) without you even having to give them a second thought. BUT, when it comes to your year end planning and trying to offset your tax liability you can often get a bite from those plans because the gains you've accrued through them are more than you expect - or you forget about them altogether. On this episode, I explain what embedded capital gains are and how you can take them into account for better year end planning. Don’t forget about managing your gains and losses to minimize your liability.

It happens every year. I see it again and again. Someone comes to me eager to reduce their tax liability just before taxes are due and they did nothing before the previous year ended to effectively manage their losses and gains to offset their tax liability. Folks, you’ve got to start thinking about those things now, before the year ends to ensure you’ll be able to do the smartest things you can before you have to pay your taxes. That’s just one example of a handful of things you can keep in mind as you do your planning for the next year. Be sure to listen, I share the most common ways you can make better year end decisions, on this episode. Do you have a flexible savings account with cash in it? Use it up before you lose it!

Many people don’t realize that flexible savings accounts - though a great financial tool to use - are typically set up in a way that you have to use the cash in it before the calendar year ends. So if you don’t use it - that’s right - you lose it! On this episode, I give you some suggestions (not advice mind you) about the kinds of things you could do to make the best use of those funds before your time runs out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:34] My welcome to this episode!

HOT TOPIC SEGMENT

[3:36] Big economic news: John Hancock will no longer be selling traditional long term care insurance.
[6:15] The rise of hybrid policies and what it means for you and me.
[7:31] Why traditional policies have plummeted in popularity.
[9:45] How I typically deal with long term care issues with clients in my practice.

WHAT DOES THAT MEAN? SEGMENT

[11:26] Today’s term: Embedded Capital Gains

PRACTICAL PLANNING SEGMENT

[13:52] Items you should think about when you do year-end planning.
[14:30] Charity giving before the end of the year.
[15:40] Managing gains and losses to reduce your capital portfolio.
[17:00] Required Minimum Distributions and inherited IRA issues.
[18 :05] Giving to individuals is a significant way to reduce tax liability.
[20:53] Prepaying items you’ll need to pay eventually anyway.
[20:53] You might want to use up your flexible savings account cash.
[21:51] Health savings account contributions can be a big deal.
[22:52] Reviewing your 401 K and considering an increased contribution amount.
[23:32] How would a Roth IRA transfer impact your situation?

THE HAPPY LAB SEGMENT

[24:06] The mean video my wife sent me.

TODAY’S SMART SPRINT SEGMENT

[25:24] Determine which of the things I’ve mentioned apply to you and get started with your year end planning.

RESOURCES MENTIONED IN THIS EPISODE
www.Morningstar.com
Text “6 shot” to “33444” to get the listener submitted reading list.
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#144 - The Power of Reading For Life, Success, and A Better Retirement. Nov 09, 2016

Show notes

The power of reading is something you shouldn’t underestimate. Even if you don’t enjoy reading. That’s because there’s no other resource in the world where you can spend $20 and get a potential return of thousands of dollars, increased happiness, greater success, and a whole lot more. I’ve been thinking about this a lot lately because I’m discovering that the older I get the more I appreciate books. On this episode, I’m going to let you listen in on a conversation I had with Jeff Brown, the guy behind the Read to Lead podcast. He’s got some great insights into the power of reading, what it can do for you, and even gives us some tips on how to get more out of our reading. I hope you take the time to listen. 42% of college graduates will never read a book after graduation.

Can you believe that? It’s really a shocking statistic but apparently, it’s how the world is going these days. I think it’s a tragic sign of the passive way people are going about life in the modern era. People appear to be losing their motivation to make something of their lives - and it may seem strange that I’m making that conclusion based on stats about the decline of reading, but it’s really common sense. Reading is one of the primary ways anyone can increase their knowledge and improve their life without having to depend on anyone else. But it requires initiative, doesn’t it? On this episode I hope to challenge you to pick up a book and get busy learning, growing, and making more of yourself. It doesn’t matter if you’re retired or not, you can always learn something and make your life happier by reading a book. You’ve heard it said that leaders are readers, right? It turns out it’s true.

Every successful person you can think of is a purposeful reader. Warren Buffett, Bill Gates, Mark Zuckerberg, Elon Musk, Jeff Bezos, Mark Cuban, and many other highly successful people have openly shared that they read significant amounts every day. In fact, when Elon Musk was asked how he learned to build rockets his answer was, “I read books.” On this episode my guest, Jeff Brown is going to share what he’s discovered about the importance of reading on his path to entrepreneurship after years in the corporate work world. He says it's imperative that you be a reader if you are going to develop the new mindsets you need in order to make a change for the better in your life. And we all want to see “better” happen in our lives, right? Would you like to know how you can better tap into the power of reading?

On this episode of The Retirement Answer Man, my goal is to challenge you to increase your happiness and quality of life both before and after your retirement by becoming a more effective reader. Toward that end, I’ve invited Jeff Brown on the show to share some insights from his experience in reading great books and interviewing the people who have written them. You’re going to find yourself not only challenged but also inspired by what Jeff has to share. He’s got some great tips for how you can get even more out of your reading. I hope you’ll take up his challenge to be more intentional about the way you read. My listener recommended book list is ready for you! Here’s how you can get it.

For the past few months, I’ve been compiling a list of book recommendations that listeners to my podcast have submitted. The books on the list cover all sorts of topics, from financial planning to personal development and growth. If you’d like to see the top books that my very intelligent and world-changing listeners recommend, you can get them free of charge. All you need to do is sign up for my “6 Shot Saturday” emails - and you can find out how to do that by listening to this episode where I chat with Jeff Brown from the Read to Lead podcast. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:22] The impact of my discussion with Dr. Andrew Scott a few weeks ago.
[2:12] A peek into this episode with Jeff Brown from “Read To Lead.”

HOT TOPIC SEGMENT

[3:10] Stats about reading in the United States.
[4:22] How does reading connect to success?

WHAT DOES THAT MEAN? SEGMENT

[6:24] The word for today: APPLICATION

PRACTICAL PLANNING SEGMENT

[9:49] My introduction to Jeff Brown and his podcast, “Read to Lead.”
[10:55] Why Jeff began his podcast, Read to Lead.
[15:15] New books VS old books - is there a difference?
[18:27] How reading helped Jeff build the entrepreneurial life he enjoys now.
[21:46] Research proves a powerful way to extract more from books: take notes.
[25:50] How Jeff journals through books (taking notes).
[28:15] Three books Jeff found helpful as he transitioned to his entrepreneurial life.

THE HAPPY LAB SEGMENT

[30:10] Some stuff I’ve recently learned about state of mind, happiness, and confidence.

TODAY’S SMART SPRINT SEGMENT

[32:05] A challenge for you to highlight 10 books you’ll read next year.

RESOURCES MENTIONED IN THIS EPISODE
BOOK: The 100 Year Life
Jeff Brown’s “Read To Lead” podcast.
www.StatisticBrain.com
BOOK: Rich Habits
BOOK: Essentialism
BOOK: Purple Cow
BOOK: The 5 Dysfunctions of a Team
BOOK: Good to Great
Michael Hyatt’s blog
BOOK: Linchpin
BOOK: 48 Days to the Work You Love
BOOK: Die Empty
BOOK: Louder Than Words
BOOK: The Art of Work
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#143 - Sunk Cost Bias and How It Makes YOU Your Biggest Retirement Obstacle Nov 02, 2016

Show notes

Do you understand the concept of sunk cost? It refers to anything you’ve invested time or money in and afterward discover that the thing is not going to play out the way you thought. It could be an investment, a hobby, a project of some kind, a purchase, even a political candidate. The tendency we have when this happens is to stick with the unproductive thing simply because we’ve sunk so much into it already (the sunk cost). In the long run, it may be better to cut those losses and move on. On this episode of The Retirement Answer Man, I’m going to walk you through a number of areas where you might be your biggest retirement obstacle because of a bias you have regarding sunk costs. Intrigued? I hope so. Let’s do it! Sunk cost bias can keep you stuck when you don’t need to be.

There are many reasons we won’t give up on things that are clearly not taking us in the direction we desire, but one of the most prevalent is what is called “sunk cost bias.” It’s when we have invested so much in the direction of a failing effort that we’re unwilling to give up all that investment. In reality, that’s probably the very best thing we could do because it will enable us to move on to more profitable things. If you’re unwilling to admit it you might be holding yourself back from the opportunity to make a bad situation into a better one. This episode is full of examples of how sunk cost bias can cost us and includes a couple of tips to help you get past the losses and move ahead to your goals. Do you need to cut a loser investment out of your portfolio?

Sometimes sunk cost bias can be an issue when it comes to investing. Maybe it’s a particular stock or opportunity that we spent a lot of time researching or examining and then finally took the plunge to invest in. But over time it’s become apparent that the investment we thought was going to be such a great opportunity has turned out to be a real loser. It’s hard to cut that investment loose because it reminds us that we misjudged it in the first place - and to cut it loose would be an admission of failure. But hey, we all make mistakes, right? Maybe it’s time to cut it loose, get out of your own way, and start using the funds you have left to build something better? Are you being loyal to your company or are you holding yourself back?

Many people stay at the company they’ve been at for years simply because they have invested a good deal of their life in it. I understand that, but when you do so - no matter how you’re treated, no matter what changes have come to the company in terms of compensation, benefits, leadership, training, and more - you may be sticking around because it’s easier to stay than it is to go - and that’s a form of what is called “sunk cost bias.” I think you deserve more than that so on this episode I’m going to give you some ideas of how you can get past those kinds of SCB obstacles to move yourself, your career, and your life forward. To overcome sunk cost bias, get yourself some clear goals.

Nothing helps you unpack the baggage that comes with sunk cost bias (the belief that you’ve put too much into something to give up on it now) than having clearly defined goals. Once you’re able to say exactly what you’re shooting for you’ll be able to look at the things that pertain to that category and evaluate whether they are serving your goal or keeping you from it. You’ll be surprised how the simple act of setting clear goals can help you clarify what’s holding you back so you can get rid of it. Sunk cost bias is my topic on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:28] A personal example of why you are your biggest obstacle to a successful retirement.

WHAT DOES THAT MEAN? SEGMENT

[4:46] What are “sunk costs?”
[6:13] An example of sunk cost.

HOT TOPIC SEGMENT

[9:07] The sunk cost issue even impacts the current Presidential election.

PRACTICAL PLANNING SEGMENT

[10:32] What is sunk cost bias and what can you do about it?
[13:46] How sunk cost bias can impact the realm of investing.
[19:19] Career choices can be impacted by SCB as well.
[20:34] Your lifestyle decisions can also be negatively impacted by sunk cost bias.
[22:20] The power of goals in overcoming sunk cost bias.
[23:37] Accepting your own mistakes and proneness toward them is powerfully important.
[24:15] Discover your perfect picture of what you want to happen so you can build a plan based on possibility.

TODAY’S SMART SPRINT SEGMENT

[27:03] In the next 7 days identify something you’ve avoided that no longer fits where you are headed.

THE HAPPY LAB SEGMENT

[28:18] Dealing with your SCB can make you internally happier, step at a time!

RESOURCES MENTIONED IN THIS EPISODE
Test “6 shot” to “33444” to get the “6 Shot Saturday” email series.
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

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