Retirement Answer Man

Latest Episodes:

#142 - How Do Financial Markets React To Presidential Election Cycles? Oct 26, 2016

Show notes

The 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles. America’s practice of peaceful transition of power enables a healthier economy.

In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times. Did you know that financial stress can make you feel older?

It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life. If you want to insulate your finances from market volatility, here are some tips for you.

It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode. There will always be financial ups and downs. Should they dictate your happiness?

One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:34] My thoughts about our current election and some thoughts from what I’ve read this week.
[1:26] The election of 1828 between John Quincy Adams and Andrew Jackson.

WHAT DOES THAT MEAN? SEGMENT

[5:23] What is a peaceful transfer of power?
[6:17] The U.S. holds the record for the longest running peaceful transfer of power.
[6:53] How this practice impacts financial planning.

HOT TOPIC SEGMENT

[8:30] How financial stress can make you older.

PRACTICAL PLANNING SEGMENT

[12:04] What can you do to insulate your investments from market downturns?
[14:42] The reality of market turmoil and the need for insulating your finances.
[15:09] How do markets react during an election cycle?
[17:50] What happens internationally during U.S. election cycles?
[19:07] What happens in emerging markets during U.S. Presidential election cycles?

TODAY’S SMART SPRINT SEGMENT

[23:23] Look at your taxable investment assets and identify your realized gains for the year so you can offset gains if you need to do so.

THE HAPPY LAB SEGMENT

[26:46] How we do some fun things for Halloween and my remote control fart machine.
[29:40] Why it’s good to be goofy as you grow older.

RESOURCES MENTIONED IN THIS EPISODE

Market Watch article on financial stress and aging: http://www.marketwatch.com/story/stress-about-money-can-make-you-look-older-2016-10-24

Text “6 shot” to “33444” to get 6 Shot Saturday

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

#141 - Why Longevity Makes Retirement a Whole New Game Oct 19, 2016

Show notes

I love putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen. Financial planning is good, but is it the only kind of retirement planning you need to do?

When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.” How is longevity going to affect your retirement?

If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode. Are you still living in a 3-stage approach to life?

In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode. Retirement is about the experiences of life as much as it is the financial security.

I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and I’d even say it’s not the most important consideration. What’s more important? Let me get to it by asking you a question… What good would it do you to be financially secure in retirement but to have a life that’s not very enjoyable or that you feel is being wasted? It’s more important that the quality of your life is what it needs to be - and what you want it to be - than the amount of money you have to fall back on. The younger generations are getting this one right in a lot of ways. They are buying experiences and finding ways of making meaningful contributions more than working to accumulate wealth. I don’t believe it’s an either-or thing, but I do think we’re a bit out of balance on this one. You can learn more about how I see the issue on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:25] Reasons it was easier for our parents and previous generations to retire.
[1:40] One of my biggest beef to financial and retirement planning.
[2:32] The story of “Who Moved My Cheese?”

HOT TOPIC SEGMENT

[6:20] Is there a retirement crisis in the United States? Recent reports say there is.

WHAT DOES THAT MEAN? SEGMENT

[8:49] Today’s term: Thrive - what does it mean for today in this retirement environment?

PRACTICAL PLANNING SEGMENT

[10:25] Why the “paint by numbers” approach doesn’t work - and the reason I invited author Andrew Scott to be on the show.
[12:40] Is it a bit scary to you to think of living 100 years or more?
[14:10] Learning to live all of life fully instead of shooting for retirement as your goal.
[16:09] What’s wrong with a 3-stage model of life (education - work - retirement) in this new age we live in?
[18:20] How the concept of retirement is changing and the implications it has on how you plan for it.
[21:40] Why the 3-stage model of life can become a curse in today’s world.
[26:38] Why the 40s are a great time to reassess and re-strategize for retirement.
[29:43] How younger generations are learning a better approach to life, work, and retirement.
[31:02] Be aware that there’s more to consider regarding retirement than finances.

TODAY’S SMART SPRINT SEGMENT

[32:24] Read: “Who Moved My Cheese?” - Think about it from the standpoint of what has moved on you.

THE HAPPY LAB SEGMENT

[33:22] My 26th wedding anniversary celebration - my lesson learned from not reading the card carefully - and the importance of laughter and giving grace.

RESOURCES MENTIONED IN THIS EPISODE

Email Roger your book recommendations: roger(at)wwkllc.com

BOOK: Who Moved My Cheese?

BOOK: The 100 Year Life

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

#140 - Do You Have The Courage To Color Outside the Lines? Oct 12, 2016

Show notes

When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go. Find a way to live a life of courage. It will keep you young longer.

My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode. The Social Security Administration has changed a few things, and you may not like it.

There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage! What’s the real value of having a financial advisor?

When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey. Should I take my pension or a lump sum amount?

This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:27] My Paint-by-Number story, and how it applies to this episode about courage.

WHAT DOES THAT MEAN? SEGMENT

[3:22] What is “courage” anyway?

HOT TOPIC SEGMENT

[5:56] Your reminder to get 6 shot Saturday.
[7:42] Why you may experience a decrease in your Social Security benefits.

PRACTICAL PLANNING SEGMENT

[9:40] Listener question from Howard: What is the value of an advisor?
[16:23] Question from Jack: Should I take my pension or a lump sum amount?
[25:32] Bob’s question: Can my wife do profit sharing, etc. as a freelancer?
[28:33] Another Bob asks another question: Should I add bonds to specific accounts within my portfolio?

RESOURCES MENTIONED IN THIS EPISODE

Get 6 shot Saturday by texting “Planning to “33444”

Street article about SS amounts changing.

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

#139 - The #1 Fear About Retirement: Losing My Mind Oct 05, 2016

Show notes

When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions. What IS dementia, anyway?

On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode. Every single one of us needs to deal with the possibility of losing our minds.

None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid. The primary way to avoid losing your mind: DIET.

You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years. Happiness is forged one day at a time.

If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:50] My introduction to this episode’s topic: The biggest fear people have.

WHAT DOES THAT MEAN? SEGMENT

[3:40] What IS dementia?
[4:52] Symptoms of dementia & forms of dementia.

HOT TOPIC SEGMENT

[6:34] Dementia facts and figures.

PRACTICAL PLANNING SEGMENT

[8:34] My guest today, Maggie Moon, and the prevention of dementia.
[12:20] What is the M.I.N.D. diet and why is it important for mind health?
[14:02] How Maggie started researching brain and mind health.
[18:12] The importance of whole grains in the diet.
[20:12] How to understand and implement proper serving sizes.
[21:33] The easiest way to make meal planning work for you.
[23:36] The intimidation of the kitchen and how to get past the fear.

THE HAPPY LAB SEGMENT

[25:55] You create a happy life one day at a time.

TODAY’S SMART SPRINT SEGMENT

[28:03] The challenge to keep a food log.

RESOURCES MENTIONED IN THIS EPISODE

BOOK: The Mind Diet Book

www.MindDietMeals.com

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

#138- 10 Powerful Book Recommendations For Investing And Personal Growth Sep 28, 2016

Show notes

Anyone who is a reader would be happy to give you their “top 10” list of book recommendations. But today’s episode is not about my top 10 - it’s simply a list of books that have had a great impact on my life through the years. Your list will by default be different than mine and that’s OK. I just wanted to put these books on your radar so that if you’re not familiar with them, you might consider them as a resource for your growth as an investor and as a human being. So grab a pen and paper so you can jot down these titles and the synopsis I give of each one - OR you can sign up for my Six Shot Saturday emails and you’ll get them sent directly to you. Either way, I hope this list of influential books is helpful to you. Today I’m giving you 5 investing book recommendations and 5 “other” book recommendations.

You’d expect a guy called “The Retirement Answer Man” to give you a list of financial or investment related books for you to read. But those aren’t the only types of books I think you should be reading. There’s a ton of great insight out there into what it takes to be a better and more productive person who makes greater contributions to the world we live in. So I also wanted to give you some recommendations of books that could help you in that realm. And if you’ve got books that didn’t make my list, that’s great! Listen to the episode to find out how you can recommend your favorites to the entire listener community! If you’re not a reader, you’re missing out on a lifetime of education.

I get it. For various reasons reading may be difficult for you. But I’m often reminded of the people all over the globe who literally CAN’T read and would give anything to be able to learn the skill. Most of them feel that way because they know that reading and the knowledge that comes from it can change their lives. This episode is an encouragement for you TO read as much as it is my recommendations of WHAT you should read. And don’t forget, audiobooks are now an option for you, so there’s really no excuse to be busy about the work of growth, education, and development in your own life. One of the ways you have to be careful about what you read these days.

We are in a new era of publishing. Have you noticed? Now it’s possible for anyone to publish a book of their own making without any gatekeepers at a huge publishing house telling them they can or cannot publish their book. It’s a wonderful opportunity for us regular guys and gals to share the insights we’ve learned throughout life. But just like it’s wonderful that anyone can publish a book these days, there’s also a downside: anyone can publish a book these days. That means there’s a whole lot of junk out there you’ve got to wade through in order to find the good stuff. That’s one reason I’m giving you my book recommendations for investing and personal growth, on this episode. I trust it will be helpful. Do you have book recommendations the listening community might enjoy?

Inevitably, when someone shares their recommended reading list with an audience (like I do on this episode) there’s going to be somebody who says, “What? I can’t believe you didn’t include (insert book title)!” It’s impossible to share every influential book, especially because books can have a particular impact on each of us at different times and seasons of life. So I invite you to listen to this episode to share your personal book recommendations in the areas of finance and personal growth. I will compile the list, create a PDF resource, and share it with the community in one of my 6 Shot Saturday emails. Are you game? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:25] My introduction to this episode about books I’ve read (that you should read).

WHAT DOES THAT MEAN? SEGMENT

[3:38] What is a “book” these days?
[4:50] Some of the disadvantages of the self publishing movement (for readers).

HOT TOPIC SEGMENT

[6:22] According to PEW Research less Americans are reading these days.
[7:29] The age group breakdown: younger folks are more likely to be readers.

PRACTICAL PLANNING SEGMENT

[8:49] My book list for your consideration, dear listener. :)
[10:33] 5 books that have impacted me in terms of investing.
[18:59] 5 non-investing books that have helped me.

TODAY’S SMART SPRINT SEGMENT

[27:52] Email me an investing book and another book that has impacted you. I’ll compile all the recommendations and share them with you via “6 Shot Saturday.”

RESOURCES MENTIONED IN THIS EPISODE
PEW Research study on American’s and Reading

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

#137 -How To Become A Better Decision Maker, Even In The Small Things Sep 21, 2016

Show notes

All of us can become better decision makers but we often don’t realize that one of the most important realms of life we need to do that in is relating to the small things. Small things add up over time to become really big things. Just ask the alcoholic or an inmate in a penitentiary. They’ll tell you that what I’m saying is true. On this episode, I continue my thoughts about how to make better decisions with a focus on the small decisions in life - and I respond to some listener feedback from last week’s episode of the show. I hope you’ll MAKE THE DECISION to listen. :) Are you aware of the compounding effect of small decisions?

Every one of us is a decision maker. We decide about things all the time and act on them. Getting out of bed each day. Brushing our teeth (or not). Eating healthy or unhealthy. Every one of these actions flows out of a decision we’ve made. But it’s important that we understand that small decisions like these are not actually small in the long run. They will each have their own little impact that contributes to the whole of our lives. Today’s episode is all about how we can take control of those little decisions that compound over time to ensure our lives benefit from them instead of suffering from them. If you want to be a better decision maker, it helps to define the issue.

After last week’s show, a listener wrote me to say that one of the most important parts of his decision making paradigm comes at the very beginning of his process. He takes the time to clearly define the issue he’s dealing with and why it’s important. I see the logic and the wisdom of what he’s saying - do you? If we don’t know exactly what it is we’re dealing with and why it matters we may not be as motivated to make effective decisions about it. That could result in us putting off the decision, or neglecting it. You can hear more helpful listener comments like that and my responses to them on this episode. When making decisions, Tony Robbins suggests you have a conversation with your older self.

One of the tips Tony Robbins often gives to people about the topic of decision making is to imagine yourself near the end of your life. You’re still healthy, still looking good, and still have all your wits about you, but you're looking back on a lifetime of experience. What would that older self say to you about the decisions you’re making right now? Is there any wise counsel to be found from that version of you? I can see how this could be a helpful way to get outside the limitations of your current thinking so that you can approach the situation with a fresh perspective. What do you think about this approach? I’d love to hear your thoughts! Decision makers who are effective usually set deadlines for their decisions.

When you’re faced with a decision it’s easy to get caught up in the minutia of what it takes to understand the situation and actually make the decision. It’s a paralysis of analysis that we all fall prey to now and then. Effective decision making requires that you set a deadline by which time you will make your decision so that you can avoid that trap. You should be wise about that timeframe so you don’t cut your time frame too short, but a deadline needs to exist. This gives you some internal accountability to not only make the decision but to do the research and investigation it takes to make it wisely. That was a concept one of my listeners sent to me after last week’s episode - and you can listen to today’s episode to hear more listener suggestions just as good as this one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:24] My introduction to this episode of the show.

WHAT DOES THAT MEAN? SEGMENT

[2:39] Today’s word: COMPOUNDING
[4:07] The concept of compounding when it comes to decision making.

HOT TOPIC SEGMENT

[6:13] CNBC reports that a librarian built a huge fortune.

PRACTICAL PLANNING SEGMENT

[8:58] Listener questions and comments about decision making.
[10:15] The importance of defining the issue.
[11:41] What would your older self say you should do?
[14:25] Making the decision about adjusting your retirement plan due to changes.
[17:31] Why deadlines for decisions can be a powerful help.

THE HAPPY LAB SEGMENT

[20:57] How decision making can improve your happiness.

TODAY’S SMART SPRINT SEGMENT

[22:29] Make a decision in the next 7 days (big or small).

RESOURCES MENTIONED IN THIS EPISODE

CNBC article about the Librarian who built a fortune

Text “Planning” to “33444” to get “6 Shot Saturday”

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

#136 - Decision Making: Getting It Right For Retirement (and the rest of life) Sep 14, 2016

Show notes

Decision making: It’s been said that not making a decision is actually making a decision. But we tend not to think of it that way because it doesn’t feel like we’re making a decision. It feels safer to go on the way things have been instead of making a change. But is that true? On this episode of the Retirement Answer Man, I’m excited to share some of the things I learned from a recent event I attended that have to do with making decisions that move you toward the goals and results you want to see happen in your life. What I learned is a 10 step approach to decision making that I think will benefit you greatly, so please - for your own sake - please take the time to listen. How inertia can be an enemy to good decision making.

I’m no physics professor but I know that inertia has to do with the movement of things that are already in motion. You may not think of it this way but there are many things in your life that are already in motion. Your career. The direction your family is headed. Your financial condition. And much more. Many times the existing inertia in various areas of life becomes an enemy to making good decisions that could move our lives into a better place. On this episode, I’m going to talk about how you can avoid the trap of inertia and make decisions that set you up for a happier and more secure retirement. Intentionality about life is the friend of good decisions.

Many times, the reason we don’t make decisions is that we’re not committed to actually DOING the things that are best for our own lives, families, and futures. We’ve got vague ideas of good things we’d like to see happen, but we haven’t committed ourselves to actually seeing them happen. Before you will be able to make good decisions about your future you have got to become intentional about it. You’ve got to become committed. Listen in as I ramble a bit about the importance of intentionality in decision making and give you 10 steps you can use to evaluate and make the best decisions for your life. If a decision moves you away from the vision you have for your life, well...

Doesn’t it make sense that if a decision is going to move you away from your life vision, you shouldn’t do it?

“But wait a minute Roger, what’s all this talk about life vision? I don’t even know what that is!”

Yeah, I get it. Most people don’t have a life vision. On a previous episode, I talked about the importance of having a life vision and how you can go about creating a clear and compelling vision for the rest of your life. And believe it or not, it’s an important compass for the rest of life, including this issue of making good decisions that I’m dealing with on this episode of the podcast. Why don’t you create a good old “pro and con” list for each decision?

Many things that we might consider “old” ideas are still around for a reason. They work. One of the 10 steps I give for making good decisions on this episode - it’s #9 - is to put together your own “pro and con” list regarding the decision. Brainstorm it. Write down every advantage and disadvantage to the decision you can. Sometimes this step alone brings enough clarity that you are able to see exactly what you should or should not do. And like I said, that’s just one of 10 steps I share on this episode so be sure you listen. It could help you make the best decision about that thing you’re contemplating right now! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] What is your decision making framework?

HOT TOPIC SEGMENT

[4:54] How do we make a choice about the current election situation?
[5:50] Is the situation corrupt or crude? (from an article I read)

WHAT DOES THAT MEAN? SEGMENT

[7:03] What is inertia?
[7:53] How inertia can be an enemy to good decision making.

PRACTICAL PLANNING SEGMENT

[13:27] A framework for making important decisions.
[15:14] Why intentionality is an important beginning step.
[17:19] #1 - Trust your gut (at least to admit what it says to you).
[18:20] #2 - Does the decision align with the vision for your life?
[19:32] #3 - Do your homework. Research what the outcome could be.
[20:00] #4 - Consult the important, trusted people in your life.
[20:51] #5 - Does a certain decision make you passionate.
[21:29] #6 - Do you have the strength to do it?
[24:08] #7 - Is it the right timing?
[27:09] #8 - Does this align with my personal values?
[28:49] #9 - Create a pros and cons list.
[29:40] #10 - Ask, “What’s the worst that could happen?”
[32:16] How you can get the worksheet for these steps.

RESOURCES MENTIONED IN THIS EPISODE
Get “6 shot Saturday” by texting “planning” to “33444”
www.StrengthLeader.com - Deb’s website
Episode about Life Vision
Episode about Personal Values
Episode about Choosing a Financial Advisor
Contact Roger: http://www.rogerwhitney.com/retirementanswers/

#135 - Why People In The Financial Services Industry Are Freaking Out! Sep 07, 2016

Show notes

It’s not a good things when the financial services industry is freaking out.

I mean really - these are people who are giving advice to you about your finances and retirement. Does it make YOU feel good when you see them freaking out? You might be wondering what in the world I’m talking about. It all has to do with a new regulation that’s being passed regarding how people who work in the financial services industry serve their clients and customers - and the people who have the most to lose because of this new regulation are those who haven’t been doing the best job all along. So… there are plenty of people freaking out. You can get the details on this episode because I’m going to tell you about them. :) Do you know what the term “fiduciary” means?

The new rule that’s causing such a stir in the financial services industry is aimed at making sure that people who are advising you what to do with your money are only able to directly benefit from the advice they give you when the advice is in your best interest. Serving a client in that way is serving as a “fiduciary.” In other words, these rules are trying to keep advisors from giving you advice solely because it will make them more money. That sounds like a good thing, right? Why you should hold everything close to the vest when you begin a conversation with a financial advisor.

On this episode, I’m laying out a handful of tips that I suggest you take into consideration when you’re interviewing a possible fiduciary (financial advisor). I want you to find the exact right person, a financial artist who is able to help you reach your goals for retirement and a happy life. The first of those is that you should hold your details and your situation close to the vest at first. The reason? You want to find out from them who their ideal client is before you reveal much about yourself. When you’re able to do that you’ll know right away if they are describing you or not - and whether there could be some ways that the relationship is not a good fit. Find out more on this episode. Has your financial advisor (or a potential advisor) jumped from company to company?

What’s the big deal if a financial advisor you’re considering has jumped from company to company? Well… it could show that the person has functioned as more of a salesperson than an actual fiduciary who works in the best interest of their clients over the long haul. It’s not the only thing you should look at but it could be a tell-tale sign. As I walk through a handful of things you should consider when looking for a financial advisor you should write down a few things so you’ll know the right questions to ask when you need to have that important conversation. Why somebody who is providing you financial services should have an optimistic view on life.

Think about this for a minute. What kind of advice will you receive from somebody who works in the financial services industry who has a pessimistic view of the world, or of life? They may be ultra conservative (not a bad thing, but possibly not a good fit for everyone). They may not be willing to make you aware of certain opportunities simply because they don’t think it’s a true possibility. Think it through… there are lots of potential issues. On this episode I want you to follow along as I walk through some potential “red flags” when you start interviewing potential financial advisors. You can thank me later. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:28] Recommended things to do in Chicago and an amazing painting I saw there.
[2:35] Comparing the artist to the painter.
[4:00] How do you find the artist (perfect financial advisor) to help you manage your investments?

WHAT DOES THAT MEAN? SEGMENT

[5:08] Today’s word: Artist (when it comes to financial advisors).

HOT TOPIC SEGMENT

[7:32] Why people are freaking out in the financial industry: new fiduciary rules.

PRACTICAL PLANNING SEGMENT

[10:24] A few reasons you may - or may not - want a financial advisor.
[20:25] 3 guidelines to help you identify a great financial advisor.
[25:06] 15 questions you should use to interview a potential fiduciary.
[28:36] Why YOU typically do a poor job interviewing potential financial advisors.

RESOURCES MENTIONED IN THIS EPISODE
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
www.Finra.org - type in the name - get a report.
www.SEC.gov - look up professional and disciplinary history.

#134 - Is Economic Growth Always A Good Thing? Aug 31, 2016

Show notes

Economic growth is always a hot topic when election year rolls around.

The candidates make it sound like a lack of growth is the worst thing that could ever happen during any President’s term. But is that true? And furthermore, are there actually benefits to having times of economic slowdown or even recession? On this episode of The Retirement Answer Man, I’m answering a handful of listener questions and one of those asks this exact question, “Is economic growth always best for the country?” If you want to hear why I think this listener could be onto something, you’ll have to listen to this episode of the podcast. Nature isn’t always in growth mode, why should the economy always be in growth mode?

Part of my philosophy about what we should look for in a healthy economy has to do with the natural cycles that happen all around us. I don’t see many really good things that are always in a state of incredible growth. Every year the seasons change and most plants and even some animals go dormant for a season. It’s a time to refresh, rest up, and reset for a period of rapid growth ahead. Is it possible that a healthy economy is going to have those same up and down times? If so, why should we be so concerned about it? On this episode, you’ll get to hear me wax philosophical about such things and give you some mindsets you can carry into those less than optimal economic times. What to be careful of when combining IRA accounts

As most of you know an IRA is a type of investment account that’s referred to as a “qualified plan.” It means that the government has qualified it as an investment you can do where the growth it experiences is tax deferred. It’s a benefit to you in many ways - but that’s not the issue I’m addressing at the moment. Right now I want to point out that if you move money that’s already in an IRA into a different IRA, you need to be careful how you do that. If you don’t you could cause yourself some tax consequences that you didn’t expect and definitely don’t want. I’m going to walk you through it in this episode - including some new guidelines from the IRS that make it a bit easier for you. Should you quit a job you hate or wait it out for the sake of your pension?

Most of us know what it’s like to feel stuck in a job that makes you feel miserable. But one of my listeners has it really bad because she’s only a handful of years away from retirement, which would provide a fully vested pension. But she’s not sure if she wants to endure more years of a job she really hates. How should you make a decision like that? As you might suspect I’ve got some thoughts on the situation - and I share them on this episode of The Retirement Answer Man. How would it impact your life if you could invest in deep work?

One of the things I’ve been learning lately is that I can be a pretty distracted guy. My smartphone notifications, email sounds, computer pop-ups - all of them contribute to me being “off task” more than I would like. Toward that end, I’ve been reading a book called, “Deep Work” by a guy named Cal Newport, and it’s challenged me to rethink the priority that I give to insignificant little things like smartphone notifications. On this episode, I want to share my thoughts with you about how we can get out of the “Pavlov’s dogs” cycle of responding to every notification and focus more on the things that matter. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:28] What should we be thinking about a slowing economy?

WHAT DOES THAT MEAN? SEGMENT

[3:10] What is an “IRA Rollover?”
[4:05] The importance of understanding the tax “gotchas” relating to rollovers.

HOT TOPIC SEGMENT

[6:20] New IRS guidelines for IRA rollovers.

PRACTICAL PLANNING SEGMENT

[8:53] QUESTION ONE: What are the issues to consider when dealing with a job we don’t love?
[12:26] QUESTION TWO: Is it always best for us to have economic growth?
[15:03] QUESTION THREE: Should I combine all of my IRAs?
[17:48] QUESTION FOUR: Should my wife and I have different financial planners?
[19:49] A love-hate relationship I have with writing and publishing (and my upcoming book).
[21:10] How you can get my “6 shot Saturday” emails (and give your ideas for titling my new book).

THE HAPPY LAB SEGMENT

[21:36] What IS deep work?

TODAY’S SMART SPRINT SEGMENT

[23:08] A day challenge: Turn off the notifications on your smart device so you can focus on what’s important.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

BOOK: Positive Intelligence

www.CareerPivot.com

BOOK: Deep Work

#133 - Economic Growth, the Upcoming Election, Life Satisfaction! Aug 24, 2016

Show notes

Economic growth is the hot button topic during this election.

Have you noticed? When politicians, analysts, and talking heads on the news use that term “economic growth” - what do they really mean by it? It’s easy to make assumptions and easy to get lost in the verbiage because it sounds like something we all want. But what if everyone who’s using the term is not meaning the same thing by it? On this episode, I’m going to clue you in on what economic growth really means, how it’s measured year by year, and whether or not we’re in as bad a situation as the politicians are making it out to be. I think you’ll get a lot out of this one. Does a slow period of economic growth make investments more risky?

It kind of seems like it would, but is it true? Some very reputable organizations out there do very careful analysis of these kinds of things, taking many different variables and factors into account. On this episode, I’m going to walk you through the findings of one of those outfits to give you an idea of whether or not your investment strategy should change during a time like this when everyone is decrying the poor economy. You might be surprised by what they say. ;) Productivity during retirement is one thing - but I want to enjoy my retirement!

I got a little bit of push-back this week from a listener who has heard me talk a lot about being purposeful during retirement as an antidote to a non-enjoyable life. But he’s coming back at me with a different perspective. He actually LIKES being a bit more uninvolved and laid back because he worked so many years non-stop. You might be interested to hear this little one sided exchange as I reply to his reply about my emphasis. Does that make sense? I think you’ll get it so be sure to listen. Should you keep some cash on the side to buy stocks during down times in the market?

I think one of my listeners has me confused with somebody else. :) He thought he heard me say that having some cash on hand during bad economic times so that you could buy up underperforming stocks was a good idea. Honestly, I can’t even IMAGINE that I’d say such a thing and am pretty sure I never have. That’s because I don’t feel that having that cash on hand is a good idea - at least not for those reasons. So listen in to my response to this listener so you can know what to do with your cash during down economic times - like this one.

I don’t have any trouble setting aside 20% for savings, but where should I put it?

I’m very proud of this listener. He’s got no problem living on 80% and saving 20% - he’s just a bit unsure what to actually DO with the 20% he’s setting aside. It’s a great problem to have and an even better question - and I’m going to answer it in a number of ways on this episode. So be sure you listen to learn some of the options for those savings that allows it to be liquid enough for you to access when needed but not so liquid that it’s not doing anything for you. It’s in this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] My introduction of this episode of the podcast.

WHAT DOES THAT MEAN? SEGMENT

[2:52] What does “economic growth” or “GDP” actually mean?

HOT TOPIC SEGMENT

[4:22] How is the GDP doing in the United States?
[5:50] The reasons why interest rates are low and stimulus packages are a topic of discussion.
[6:40] The impact of slow economic growth on the markets.

PRACTICAL PLANNING SEGMENT

[8:42] QUESTION ONE: How realistic is it to talk with family about “personal values” and how can you state them openly without setting yourself up for failure? And what about contentment in retirement instead of staying busy?
[12:39] QUESTION TWO: A listener correction to one of my answers to a listener question about retirement qualifications.
[14:06] QUESTION THREE: Is keeping cash on the side in order to buy stocks really a good idea? Isn’t that cash losing more than it’s potentially going to gain?
[19:12] QUESTION FOUR: Where do we put the extra 20% we’re saving? It’s hard to know where to allocate it.
[21:39] QUESTION FIVE: I only have a bit over 2 years before retirement but I really don’t like my job. Any ideas?

THE HAPPY LAB SEGMENT

[26:21] Making the life that you want because life doesn’t come to you.

TODAY’S SMART SPRINT SEGMENT

[28:04] The 7 day challenge: brainstorm one area of your life (an area that’s frustrating you) and figure out what YOU can do to improve the quality of your life in that area.

RESOURCES MENTIONED IN THIS EPISODE

Text “planning” to “33444” to get 6 shot Saturday

What does that mean resource: http://www.investopedia.com/terms/g/gdp.asp

Hot Topic resource: http://www.cnbc.com/2016/07/29/gdp-us-economic-growth-is-close-tozero.Html

Work with Roger: http://rogerwhitney.com/work-with-me/

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