Retirement Answer Man

Latest Episodes:

#102 - Want to Retire? Stop Watching the Markets, Watch This Jan 19, 2016

Show notes

Hey there, welcome back to another episode of The Retirement Answer Man. I’m Roger Whitney - THE Retirement Answer Man - and in case this is the first time you’ve ever wandered over to my show, welcome! I’m so glad you’re here. You’ve jumped right into the middle of my “Retirement Plan Live” series, where I’m helping a real life couple, James and Linda, do their very own retirement plan on the podcast for everyone to hear. You’ll hear lots of interesting things to consider as well as find out how you can play along and receive your own downloads to do your own retirement planning right alongside us. Find out more on this episode. The financial markets are a bit frightening right now.

The talking heads are saying that we’ve had the worst financial start to a new year since the great depression. That’s a comforting thought, isn’t it? But all kidding aside, an unstable time like this can be very unsettling on the average investor, and for all you above average folks too! So what should you think about a time like this? More importantly, what should you do? On this episode I’m going to walk you through a few things you should consider and give you some practical steps you can consider as well.

Have you ever drawn up your own “net worth” statement?

In my humble opinion, your net worth statement is one of the most vital documents you can use for your financial and retirement planning. It’s a quick, year to year snapshot of your financial picture that enables you to quickly see if you’re getting ahead or falling behind. On this episode you’re not only going to hear me explain what a net worth statement is, but I’m also going to do a real live example of how to create one, so make sure you listen to this episode.

Today’s S.M.A.R.T Sprint: Update your net worth statement.

If you don’t have an updated net worth statement, today is your lucky day. On this episode I walk Linda through the variables that need to be considered in calculating a net worth statement and I also share where you can get a handy dandy worksheet to help you create your own net worth statement. The New Year is a great time to get this document created so that you can begin to use it on an annual basis to keep track of your financial health.

A great tool for happiness as you move into retirement.

Many people (me included) get so busy with their careers and the responsibilities of life that they forget to invest in one of the most important, long-lasting resources they could have: friendships. I’d hate to see you facing retirement all alone, without a support system of good friends in place. On this episode I tell you my brief story of how I’ve begun to surround myself with friends and build good friendships, and how it can serve to equip you for the retirement stage of life.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:32] Roger’s welcome to you and the introduction to this episode.

HOT TOPIC SEGMENT

[2:18] What’s going on with the markets these days?
[4:20] How oil prices impact the political situation.
[8:01] How the current Presidential race impacts investment planning.
[9:20] Things to consider during tumultuous times like this.
[14:41] What should you do?

WHAT DOES THAT MEAN? SEGMENT

[19:29] What is a “Net Worth” statement?
[20:22] Why a “net worth” statement is one of the most critical documents you can have.

PRACTICAL PLANNING SEGMENT

[20:50] Retirement Plan Live is on! - Creating a net worth statement.
[22:36] Current income for Linda and James.
[25:11] Retirement income resources.
[26:26] Additional income sources from work during retirement.
[30:40] Current debt and terms.
[32:12] Assets to consider.
[37:50] Tax deferred investments and retirement plans.

TODAY’S SMART SPRINT SEGMENT

[47:00] Today’s S.M.A.R.T. SPRINT: Update your net worth statement.

THE “BE HAPPY” SEGMENT

[48:13] How to find a band of brothers (or sisters) who can support you.

RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - Find out more about 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
www.RogerWhitney.com/35 - The episode on market corrections.

#101 - How to Dream Up Your Ideal Retirement Jan 12, 2016

Show notes

It’s here! You know you’ve been waiting for it and now I’m able to bring it to you… this year’s installment of Retirement Plan Live! This is YOUR opportunity to hear me walk through a real life, honest to goodness retirement plan with a very real couple - Linda and James. Today we’re going to start dreaming big with Linda to discover all the things that the two of them desire to go into their retirement. And you can play along if you like by downloading my free resources to help you dream up your own grand retirement as well. Just listen to this episode to hear how you can get involved in Retirement Plan live! There’s a free Q & A session about retirement planning as part of this RPL event!

I want the Retirement Plan Live event to be the most practical, helpful, empowering session of podcast audio you’ve ever listened to (at least when it comes to retirement planning), so I’ve packed this event with resources for your benefit and consideration. One of those is an upcoming LIVE Q & A session where you and all the other RPL participants can get on a video chat with me, Roger Whitney, to ask your retirement related questions. Nothing’s off limits, so be sure you listen to find out how you can get into that free Q & A session. Why you should stick to your plan when the markets look so bad.

Well the henhouse is clucking… it’s all the financial analysts and talking heads, telling us that the first week of 2016 is the worst we’ve seen since 21008. When that sort of news comes out, everyone gets up in arms. So what should you do? How does it impact your investment strategy? On this episode I’m going to unpack what you should do, and it begins with that well-conceived plan you’ve already come up with! Be sure to stick around for that portion of the show. When missing your retirement goals are not a failure.

Goals are important. They’re the things we aim at when we’re trying to accomplish those big retirement dreams we’ve come up with. But did you know that missing a retirement goal does not mean you’ve failed? On this episode of The Retirement Answer Man I’m going to tell you why goals are desires and not predictions, and when it’s entirely appropriate for you to let go of at least some of your retirement planning goals. You might be surprised at what I have to say.

What goes into a good retirement plan? It all starts with a dream.

It’s impossible for anyone to project every expense that’s going to come up during the retirement years. But you’ve got to start somewhere… and I’ve learned that the “somewhere” you need to start is with a dream of what you want your retirement to be like. On this episode of the Retirement Answer Man, I’m chatting with one of our Retirement Plan Live participants, Linda, about what she and her husband James desire their retirement to look like. It’s a great peek into what this essential first step looks like, and can help you do the same thing for yourself.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:30] Roger’s introduction of today’s episode and the topic of today’s episode.
[1:20] How you can plan alongside James and Linda with free resources.

HOT TOPIC SEGMENT

[2:16] The worst, first week of the year since 2008.
[3:22] The need for caution.
[3:40] What contributes to such a bad start?
[5:40] What should WE practically do in light of these things? 3 things…

WHAT DOES THAT MEAN? SEGMENT

[9:37] A very fancy term: GOALS (in terms of dreaming up your retirement).
[10:48] When missing a goal is NOT a failure.

PRACTICAL PLANNING SEGMENT

[12:15] It all starts with a dream of what you want.
[13:54] Dreaming up a retirement plan with Linda and James.
[15:06] The ideal date Linda and James want to retire.
[17:05] The worst case acceptable retirement age.
[18:06] An idea lifestyle budget.
[20:22] Things Linda and James desire for their retirement (goals).
[24:75] Automobile expense planning.
[25:30] Major purchases.
[27:01] The “spice” part of the budget.
[28:05] Living arrangements for retirement.
[30:18] Subsidizing parent care.
[31:15] College expenses for the kids.
[33:35] “I don’t want to die broke.”
[35:00] Health care expenses.

TODAY’S SMART SPRINT SEGMENT

[37:39] Do your own retirement plan.
[41:37] The live Q & A session.
[42:04] How you can get involved.

THE “BE HAPPY” SEGMENT

[43:27] Roger’s “Be Happy” goal for this year.
[44:00] The Daily Journal.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

BOOK: 20,000 Days And Counting

#100 - How to Become a Super Saver in 2016 Jan 05, 2016

Show notes

Happy 2016 to all of you retirement interested folks out there, this is Roger Whitney, and in these parts I’m known as The Retirement Answer Man. I do a podcast each week to help you think about, plan for, and maximize your retirement years so that you can enjoy life, live to the fullest, and be the greatest blessing you can be to the world. I’ve got another great episode of the show today, including a short chat about the various interest rates that impact you and your monthly budget, a conversation with two friends of mine from the Stacking Benjamin’s website team about how you can save 50% of your income, AND the latest news on my upcoming Retirement Plan live event. Be sure to listen, there’s lots of good stuff in store.

Retirement Plan Live starts next week!

If you haven’t heard, you need to know: Beginning last year I created an annual “Retirement Plan Live” event that is aimed at helping you see how a professional retirement planner like me goes about helping an average Joe like you, plan for and execute a retirement plan. It’s packed full of all kinds of insights I can’t even begin to describe here. But in addition to all that goodness, you can plan alongside us using a ton of free resources that I’m providing for this year’s event. If you’d like to sign up to “plan along” with me and my RPL participants this year, listen to this episode to get the details on how you can do that.

The FED raised interest rates. So which rate are they talking about?

A few weeks ago the Federal Reserve Bank raised interest rates after a very long time of not touching them. That step is all abuzz in the news lately, but I wonder, do you know what rate it is they’re talking about and how it impacts you and your money? On this episode of The Retirement Answer Man I’m going to walk you through the 3 main rates that affect you, tell you what each of them is, how they impact each other, and what you need to be thinking about in light of this recent rate hike. Sound like something you’d like to know? Then be sure to listen.

Interest rates went up… but not the ones you were hoping for.

Yes, the Federal Reserve did increase the major interest rates a few weeks back, and that means you’ll be seeing higher rates when you want to buy a home, finance a car, or get a credit card. But it DOESN’T necessarily mean that you’ll see the interest rates offered for savings accounts, money markets, or CDs going up anytime soon. Why is that? In this episode of The Retirement Answer Man I’m going to explain that little known business practice to you and fill you in on what you can expect to see happening in savings interest rates over the next few months and years. Sounds crazy, but you could save up to 50% of your income.

The #1 thing most Americans surveyed say they’d like to change about their financial practices is that they’d like to put more of their hard earned cash into savings. That’s no surprise, but what might surprise you is that there is actually a way that you can save as much as 50% of your income each and every month. I know it sounds crazy, but my guests on this episode of the podcast - Kathleen and Joe - from the Stacking Benjamins team are going to fill us in on how their new program, Save50, could help you do exactly that. You won’t believe what you’re hearing, and how simple it really is. Be sure to give this conversation your attention. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:30] Happy New Year and Happy 100th episode, from Roger!
[1:10] Roger’s introduction to this episode and our guests.
[1:33] Next week, Retirement Plan live begins: here’s how you can play along!

WHAT DOES THAT MEAN? SEGMENT

[4:15] An interest rate primer.
[4:49] The 3 basic interest rates and how they can affect you.
[5:10] The FED Funds Rate.
[6:03] The Prime rate.
[7:11] The Libor rate.

HOT TOPIC SEGMENT

[8:34] Why the increase in the Prime rate is important and how it could impact you.
[10:38] Why you shouldn’t expect savings rates to go up as a result.

PRACTICAL PLANNING SEGMENT

[11:31] The top financial resolution of most people: Saving more money.
[12:42] Why savings is an important component of a retirement plan.
[13:10] How to start a super saver program: with Kathleen and Joe of Stacking Benjamins.
[14:30] The campaign Joe and Kathleen are working on in 2016!
[15:57] How Kathleen discovered she could save half her income.
[18:19] How is it even possible for the average person?
[20:42] Forgiving yourself for where you are at as the first step.
[22:03] Two things to do to take the next step.
[27:00] Why there’s only so much “frugaling” you can do.
[29:00] The outline of the course.
[30:40] How systems and community can make a huge difference.
[32:12] What you can do if you’re behind the eight ball on this?

TODAY’S SMART SPRINT SEGMENT

[33:44] Today’s smart sprint: staying off of social media.
[34:58] The value of limiting social media time and how you could benefit from it.

THE “BE HAPPY” SEGMENT

[37:01] A TED talk by Dr. Robert Waldinger about a study on adult happiness.
[38:20] The 3 discoveries that determined the happiness of the men studied.

RESOURCES MENTIONED IN THIS EPISODE

www.Save50.org - The Save 50 Program

www.StackingBenjamins.com

www.RogerWhitney.com/RPL - Find out more about 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

#99 - Five Reasons to be Thankful Interest Rates are Going Up Dec 29, 2015

Show notes

Welcome, welcome, welcome - to another episode of The Retirement Answer Man. My name is Roger Whitney and I am your host, companion, and guide to this episode, where we are going to navigate the farthest reaches of retirement theory and financial planning to help YOU create the retirement and future of your dreams. (Wow, that was a lot). On this episode I’ve got a bunch of good stuff for you, including the definition of a VERY important term (maximum drawdown), my take on the decision the FED made to raise interest rates, and I also get the great honor of introducing you to this year’s participants in my Retirement Plan Live event - James and Linda (not their real names). It’s packed, as you can see… so let’s get into it!

What in the HECK does “maximum drawdown” mean?

One of the features I’ve added to the Retirement Answer Man podcast recently is the “What Does That Mean” segment, where I explain sometimes complicated and other times boring terms that you really do NEED to know in order to plan wisely for retirement. This week, at the suggestion of a listener (Thank you, Rocky), I’m going to unpack the term “maximum drawdown.” You’ll not only hit the “stop” button at the end of this episode having learned what the term means, you’ll also know why it’s important in thinking through your retirement planning strategy when it comes to risk.

Well they finally did it. The Federal Reserve raised interest rates.

It’s been an unprecedented time of low interest rates for far longer than is normal, but just recently that came to an end as the FED finally decided to raise rates. It’s bad news for homebuyers but for everyone else it could actually be some very good news? Why? I’m going to tell you why. In fact, I’ve got 5 reasons for you to consider the interest rate hike a very good thing. It’s on this episode of the Retirement Answer Man, along with a lot of other goodies, so make sure you set aside the time to give it a listen.

This year’s participants in the Retirement Plan Live event are… (drumroll, please)

James and Linda! This couple has graciously agreed to lay their financial lives bare before the world as we do a few weeks of live planning sessions using their real numbers and situation. It’s an opportunity for them to get help and for you to learn a ton as I take them step by step through the things they’re looking to do towards retirement, saving for their children’s college educations, and supplementing an aging mother’s income. It’s a load of stuff and I’m eager to get into it with them. You can join us by doing your own planning right alongside… and you can get free resources to help you in the process. Give this episode of The Retirement Answer Man a listen so you can find out how to get the resources and when you can join us for the RPL sessions.

Instead of a New Year’s resolution, how about a whole life challenge?

Since New Year’s resolutions typically don’t stick, how about trying something different. Beginning in January I’m going to be taking part in a “whole life challenge,” a methodic way to intentionally work toward improvement in a handful of life areas. I’ve done this particular program before and found it very helpful. I’d like to invite you to join me this year as I start the program again. It’s a paid program (I’m paying, too), but I think you’ll discover that the support and accountability of doing it together will make it more than worth the cost. If you want to find out more… listen to my explanation of it near the end of this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:24] Roger’s introduction to this episode.
[0:40] What to expect from Linda and James, this year’s Retirement Plan Live participants.
[1:35] Get your own resources to work alongside this year’s Retirement Plan Live (it’s free).

WHAT DOES THAT MEAN? SEGMENT

[3:58] Why Roger is talking about “maximum drawdown” - a listener question from Rocky.
[5:47] What IS maximum drawdown?

HOT TOPIC SEGMENT

[9:50] The FED has finally raised interest rates…what’s it mean for you?
[11:06] Reason #1 to like the rate hike: We now KNOW what’s happening.
[11:52] Reason #2: The economy is progressing.
[12:56] Reason #3: Savings accounts will yield more interest.
[14:13] Reason #4: Corporations may begin to merge or acquire other companies.
[14:46] Reason #5: This could be a benefit to quality companies.
[16:09] BONUS REASON: The more they raise rates, the more we’ll be able to fight an economic shock in the future.

PRACTICAL PLANNING SEGMENT

[17:14] Roger’s introduction to Linda and James, this year’s Retirement Plan Live participants.
[17:34] Why Linda has agreed to have her financial life exposed on the podcast.
[18:45] What Linda’s hoping for through her participation.
[19:17] Linda’s biggest fears regarding her involvement.
[19:47] What Retirement Plan Live is going to look like.
[20:09] Linda and James’ situation: what they’ll be dealing with in RPL.

TODAY’S SMART SPRINT SEGMENT

[23:01] Why Roger doesn’t want you to make any resolutions this year.
[24:02] Would you like to be a part of the Whole Life Challenge with Roger?

THE “BE HAPPY” SEGMENT

[25:16] Finding your own path to happiness.
[26:34] Happiness for you is different than it is for another person.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - Find out more about 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

The Whole Life Challenge Website

Is Your Asset Allocation All Wrong During Retirement?? Dec 23, 2015

Show notes

One hundred minus your age in equities. This is is the rule of thumb for asset allocation we've all heard. Recent research, however, has questioned the logic of whether during retirement you should become more conservative in your investment allocation. This best practice may not be best after all.

Michael Kitces, the chief nerd at the Nerd's Eye View, discuss:

The difference between achieving life goals vs. wealth maximization.
Why it may make sense to get more aggressive in your allocation as you age.
How the return sequence of your portfolio is more important than your average return during retirement.
The equity glide path.
The danger years for every retiree.

You can get links to the sources mentioned in the show at rogerwhitney.com

#97 - How to Build Wealth with Todd Tresidder, The Financial Mentor Dec 15, 2015

Show notes

Good day to you once again and welcome to this show notes page for the Retirement Answer Man podcast. I’m Roger Whitney, your host… and I’ve once again been blessed to put together a great episode of practical information for you, to help you get underway on the retirement journey. On this episode there’s lots of good stuff, almost too much! You’ll hear about my upcoming Retirement Plan Live session that begins in 2016 and how you can be involved in that event in some very practical ways, you’ll learn what “High Yield Bonds” are and how they’re in the news these days, and a bit from my guest, Todd Tresidder of www.FinancialMentor.com. All of that is crammed into this ONE episode of the show, so be sure you listen!

Retirement Plan Live is ready to go! Coming up in January 2016 I’ll be hosting my second Retirement Plan Live, where I’ll be leading a couple of volunteers through an actual retirement planning session - as an example for you to learn from as we walk through each step. This multi-session event is going to allow you to be involved in some conference calls where you can ask questions, create your own retirement plan with the free worksheets I provide, and follow along as we navigate the various real life hurdles our demo-couple brings to the table. You won’t find a more practical way of learning about and planning for your retirement needs as you will as a part of this free event. If you want to find out more, go to

www.RogerWhitney.com/RPL

What are “High Yield Bonds” and why should you know about them?

The “why” is the easy part… because high yield bonds are in the news today and are going to be impacting many, many investors who have tried to benefit from them. A company just this week announced that they are not allowing the investors in their high yield bonds to cash out their bonds, and that they will be liquidating their bonds for whatever price they can get to pay back their investors. That means that a lot of people will be out a lot of money. But what ARE high yield bonds? They’re an investment vehicle that you need to know about… and you can learn all about them by listening to this episode of The Retirement Answer Man. Todd Tresidder’s amazing journey to early retirement at 33 years of age.

I think you’d agree with me that 33 is not only young to retire, but it’s young to be ABLE to retire. Todd achieved that amazing feat because he learned some non-intuitive ways to go about building wealth and on this episode we’re going to dig into his expertise and strategies, including a discussion about why neither of us agree with the “retirement number” way of approaching retirement planning. And true to form, Todd’s going to give you an alternative to what he suggests instead. You’ll not only get to hear Todd’s incredible journey into retirement and how he got there, you’ll also get to hear what he experienced once he got there, and how he’s had to adjust things as a result. It’s all on this episode!

Today’s smart sprint is simple: Beneficiaries.

Each week I give you a small chunk of action you can take to put some smart things into practice in your life and this week I’m focusing on all those tax-deferred accounts you’ve got. IRAs, 401Ks, others… and I want you to consider looking into the beneficiaries you’ve designated for each of those. It’s not uncommon for people to have no beneficiary set, or to have people receiving their investments upon their death who they don’t want to receive those funds any longer. So take a little bit of time to check on that information and you could save your family a ton more grief than they’ll already have because of your passing. Find out how I advise going about it, on this episode.

Stress is one of the biggest detriments to true happiness.

I know that’s an obvious statement, but sometimes we need the obvious to shake us into reality. Overwhelm is one of the main things that causes stress in modern society and the happy reality is that you can actually take control of your life to a degree that you remove that sense of overwhelm from your experience. How? By managing your responsibilities and activities to a greater degree, by keeping tabs on how you’re feeling about the load you’re carrying, and by adjusting things as you begin to feel that sense of overwhelm creeping higher on your emotional thermostat. That’s the focus of today’s “Be Happy” segment on the Retirement Answer Man, and I think you’re going to like it! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:24] A Christmas Gift idea!
[1:15] The upcoming Retirement Plan Live and an introduction to this year’s participants.
[2:09] How you can plan your retirement alongside this year’s example and how you can sign up.

WHAT DOES THAT MEAN? SEGMENT

[3:41] What are “High Yield Bonds?” (Junk bonds)
[5:46] Reasons you might consider purchasing a high yield bond.
[7:39] The risks involved with high yield bonds.

HOT TOPIC SEGMENT

[9:35] How high yield bonds are in the news today.
[12:48] Steps you might want to take in light of the high yield blowups happening now.

PRACTICAL PLANNING SEGMENT

[13:28] Introduction of today’s guest, Todd Tresidder.
[14:07] Why Todd began his Financial Mentor website.
[16:27] The unconventional things Todd thought would earn him pushback.
[18:12] Why a “retirement number” is not a reality.
[19:40] The difference between the simple answer and the more advanced answer.
[20:54] How to approach retirement from a fuller perspective.
[23:10] One of the greatest deceptions in the world of investing.
[26:20] How Todd goes about creating range of outcomes for retirement planning on the asset based side of retirement.
[28:35] An example of how there are a variety of things you can think about for retirement.
[30:35] Why lifestyle design for retirement is just as important as the financial side.
[32:32] Todd’s story of creating his early retirement.
[35:39] What people can do to get started planning on a more realistic level.
[43:01] Todd’s website and what you can find there.

TODAY’S SMART SPRINT SEGMENT

[45:10] Renew the beneficiaries of your IRAs, Annuities, 401Ks and and other retirement investments.

THE “BE HAPPY” SEGMENT

[46:46] The importance of not allowing yourself to be overwhelmed… a key to happiness.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - sign up to be considered 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

BOOK: Essentialism: The Disciplined Pursuit of Less

Todd’s website: www.FinancialMentor.co...

#96 - How to Evaluate When to Take Your Pension Dec 08, 2015

Show notes

Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do with a bit of humor and make it fun (I hope). But before we get into all of that make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way.

Do you know when it’s time to begin withdrawing your pension?

It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider - much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you!

Rebalancing: A financial term you hear, but what exactly is it?

Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment.

What’s the emotional component of the financial decisions you make?

Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode!

What’s the impact of a simple smile?

Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy. :)

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] Welcome to the episode.
[1:01] The Retirement Plan Live begins next month!
[1:40] Get updated information, resources, and video from Roger for the ongoing Retirement Plan Live!

HOT TOPIC SEGMENT

[3:39] ROGER MADE A MISTAKE!
[4:07] When should someone withdraw their pension?

JARGON TALK SEGMENT

[8:56] What does “rebalancing” mean? It has to do with asset allocation!
[10:50] Why should be concerned about rebalancing?
[12:37] An example to consider.
[15:36] Considerations surrounding rebalancing.

PRACTICAL PLANNING SEGMENT

[ 20:36] Carl shares his experience, 1 year after his participation in the first Retirement Plan Live event, last year.

TODAY’S SMART SPRINT SEGMENT

[33:28] The challenge to you this week: track every penny you spend for 7 days.

THE “BE HAPPY” SEGMENT

[35:01] The “neutral face” and how you should adjust it, a bit.

RESOURCES MENTIONED IN THIS EPISODE

www.RogerWhitney.com/RPL - sign up to be considered 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

www.FreeErisa.org - get from 5500 on your company pension

www.PensionRights.org - Learn how to read form 5500

#95 - Make Sure You Know This About Your Inherited IRA Dec 01, 2015

Show notes

Well hello and welcome to the Retirement Answer Man. I am your host, Roger Whitney and today’s show is packed full of great retirement information for you to use to educate yourself on your own retirement planning. But make sure you know this: The things I talk about on this show are purely for entertainment and informational purposes. I’m not able to give you specific retirement advice because I don’t know you. If you need that kind of advice, go to your local tax accountant or financial planner, someone who knows you a heck of alot better than I do! Alright, enough of that stuff… on with the show!

Retirement Plan Live is going to be happening in the new year! Help me make it great!

I’m soon going to be rolling out the 2nd edition of “Retirement Plan Live,” a live workshop where I use the financial situation of one lucky listener as an example so that everyone in the listening audience (that’s you) can follow along and do your own retirement planning at the same time. Last year I provided some handouts and other nifty things but I know there’s probably some additional things I could do to make this year’s RPL even better. So if you’ve got any ideas on how I can provide you great resources to make it a practical and helpful resource for you, go to www.RogerWhitney.com/RetirementAnswers and let me know what you’d like to see. Thanks!

Standard Deviation: What in the heck is that?

In the “Jargon Talk” segment of today’s show I’m going to do my utmost to unpack the concept of “standard deviation.” It’s a term that has to do with comparing investment portfolios and the way in which they might perform in either volatile or non volatile ways. It’s a bit much for me to put in one little paragraph on a show notes page like this, so take a bit of time and listen in to this segment. It just might help you get a better handle on your portfolio. And if not, you’ll learn a little bit about weather and whitewater rafting (those are the examples I use).

A great idea to set yourself up for a very merry Christmas.

For the first time ever I did something to help my family prepare for the Christmas season and it gained me $1400, took only a little bit of time, and involved some exercise equipment and a pool table. Can you guess what it was? You got it! I sold some things that were sitting around my house to scrape together a bit of extra cash to pay for Christmas. On this episode I’m going to tell you exactly how I did it and give you a couple of handy safety tips to help you sell your stuff without putting yourself or your family at risk.

A listener inherited some funds in an IRA. What’s he got to do to remain legal?

I just love answering questions from listeners. There’s nothing more practical and helpful than real life scenarios. In this episode I actually have two listener questions. One of them has to do with some money that was inherited from an IRA account of the deceased family member. Are there timelines and procedures that have to be followed in order to keep the funds tax free or tax deferred? Does the money have to be moved into a special kind of IRA account? If you don’t know the answers to those questions, that’s OK. I’m going to tell you how it all works on this episode of The Retirement Answer Man.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] Welcome to the episode.
[1:01] The upcoming Retirement plan live is going to be happening soon. Roger needs your help in knowing how to make this year’s event the best ever!

JARGON TALK SEGMENT

[3:50] Today’s “jargon”: Standard Deviation - what in the heck is that?
[4:39] The boat trip VS whitewater rafting analogy.
[5:40] The temperature analogy.
[7:53] How these analogies relate to financial investments.

HOT TOPIC SEGMENT

[8:23] Christmas shopping has begun… now is the time to consider what you might be able to repurpose or sell, in order to pay for Christmas.
[10:23] Tips for how to resell items you don’t need anymore.
[12:22] Craigslist tips for the sake of safety.

PRACTICAL PLANNING SEGMENT

[14:45] A 25 year old needs info on how to use her IRA more effectively.
[19:30] Steve has a question about handling an IRA he received in an inheritance.

TODAY’S SMART SPRINT SEGMENT

[24:08] Today’s S.M.A.R.T Spring challenge: Get a realized gain and loss report. Identify the losses, and consider selling to offset gains.
[26:27] What could you do if you only have losses?

THE “BE HAPPY” SEGMENT

[27:27] Avoiding the “3 Ps” when hard times hit - What?
[29:30] The “personal” hurt rejection brings.
[30:05] The temptation toward believing one rejection is “pervasive.”
[30:23] Don’t believe that the bad situation is “permanent.”

RESOURCES MENTIONED IN THIS EPISODE
www.RogerWhitney.com/RPL - sign up to be considered 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
How to legally handle funds inherited from an #IRA, on this episode of The Retirement Answer Man
Do you know what #StandardDeviation means for your investment portfolio? Find out…
When hard times hit, you want to avoid the 3 Ps. Find out how on this episode
How you can fund your Christmas buying and simplify your life at the same time
#RetirementPlanLive is coming up in the new year. Here’s how you can be involved

#94 - How to Save on Taxes and Pay for Christmas Nov 24, 2015

Show notes

Welcome once again, to the only retirement focused show that gives you ME - Roger Whitney, the Retirement Answer Man. In this episode I’ve got a ton of great things to share with you - everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen!

Would YOU like to get a free retirement plan done by THE Retirement Answer Man?

One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to www.RogerWhitney.com/RPL

A mutual fund mistake I made years ago that I want you to avoid!

When I first started out as a retirement advisor - you know, way back before I was THE retirement answer man - a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry? Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was? You’re going to hear it in this “true confession” time on this episode.

You can save for Christmas by saving on your taxes. I’m going to show you how!

The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer man I’m going to give you 3 ways that you can do that. Take a listen!

A “S.M.A.R.T. Sprint” for the Thanksgiving season.

I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff - as you’ll see from my examples - but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode.

OK, so what’s with the “time traveling” reference?

No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry, and all the other things that get into our heads and cause us to live anywhere but in the present. When we do that we actually make ourselves unhappy - because we’re focusing on things that we can’t do anything about. What I’m learning is that I can keep myself in the present moment, focusing on the things in my life that are going well, and keep myself from “time traveling” to those places that do nothing but bring harm to my life. Want to know more? You can, by listening to this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] Welcome - and Happy Thanksgiving!
[0:39] A HUGE announcement - the 2nd edition of “Retirement Plan LIVE”
[3:10] How you can connect with Roger to be considered as a candidate for the RPL.

JARGON TALK SEGMENT

[4:32] DEFINITION: Capital gains and dividend distributions.
[6:47] Why you need to understand what these terms mean!

HOT TOPIC SEGMENT

[8:03] Christmas is right around the corner!
[8:15] How would you like to have a free Christmas? It only takes some wise tax planning in many cases.
[9:10] Review how you could offset your realized capital gains.
[11:58] Contribute to a charity or make gifts to family to offset taxes.
[12:41] Maximize your IRA contribution.

PRACTICAL PLANNING SEGMENT

[13:06] Introduction of today’s guest: Emily Guy Birkin
[13:25] What can people learn about retirement from Emily’s book?
[14:42] Coming to terms with where you’re at in your retirement goals.
[16:42] How does “dreaming big” figure into the retirement picture?
[18:44] Learning how you are wired when it comes to money.
[20:47] How your wiring can impact your close relationships.
[23:58] The biggest retirement myths that impact how you plan for retirement.
[25:47] The many aspects of retirement beyond saving and investing.
[27:49] The reason great balance is needed in retirement planning.
[28:49]

TODAY’S SMART SPRINT SEGMENT

[29:49] What lessons are you thankful for that came from bad things that happened?
[30:43] The lesson Roger learned when his mother died young.
[31:22] What Roger’s marriage problems taught him.
[32:22] How almost bankrupting his family taught Roger good things.
[33:21] Losing big clients taught Roger some great lessons.
[34:04] The lesson learned when Roger hurt his back (numerous times).

THE “BE HAPPY” SEGMENT

[35:06] A concept Roger just “got” that is helping him become more happy.
[35:38] “Stop Time Traveling?” What’s that all about?

#93 - How to Be Happy: It's Easier Than You Think Nov 17, 2015

Show notes

Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man, with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness”, Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it!

What is a S.M.A.R.T. Sprint and how can you use them in life?

One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very, well, long. :) But that doesn’t mean you have to give up on goals that might take longer. You can break them up into what I call “S.M.A.R.T Sprints.” What’s a sprint? It’s something you focus on for a shorter period of time and as you do so, you give it all you’ve got. You’ll be surprised how much a time of focused intensity can help you overcome some obstacles or set some new habits that will enable you to progress faster over time. Today I’m going to explain that topic a bit more clearly than I did last week and show you why these S.M.A.R.T. Sprints are a great idea.

Do you know the difference between various types of financial services people - and why it’s important?

Do you know how the various people who work in the financial services industry are paid? Do you know the legal standards they are under when it comes to how they do their job and how they relate to you? If you’re going to make decisions that you are confident is truly in your best interest, then you really need to know those difference and rules. So today, I’m filling you in on all of that so you can know the difference between someone who is trying to sell you a financial product and someone whose main job is to give you investment advice. You’re going to find some very practical tips in this section, so make sure you give this show a good listen.

Today’s S.M.A.R.T. Sprint is one we all need.

Today’s S.M.A.R.T. Sprint is a life oriented project, and after you hear what it is you’re going to see why it’s such an important personal skill we all should develop. Here’s a little hint as to what I’m talking about… there’s an old quote and we’re not exactly sure who originally said it, but it’s value is unmistakeable. Here’s the quote: “Be kind, for everyone you meet is fighting a hard battle.” That’s a very insightful statement that we can all relate to simply because we’ve hard times in our lives when we fought our own hard battles that others knew nothing about. My challenge in today’s S.M.A.R.T. Sprint segment is one that I’m asking you to participate in… and to connect with me and other listeners on the Retirement Answer Man Facebook page to keep each other accountable. Are you up for the challenge?

Do you know what true happiness is?

Today’s episode makes me really, really happy? Why? Because Dr. Sonja Lyurbomirski did a great kindness to me by agreeing to be my guest on the show. She’s known as the “Happiness Doctor” because she’s done extensive research on the issue of personal happiness - and she’s got some great insights to share with us. In particular, I was eager to hear her thoughts on how planning toward important things such as retirement, figure into our happiness quotient, and how we should be thinking about those things in light of her research findings regarding what truly makes people happy. Is that intriguing? It should be because it’s a great conversation, so be sure to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

[0:29] Welcome to this episode of the Retirement Happy Man.
[0:35] A summary of our guest and things covered on this episode.

JARGON TALK SEGMENT

[3:14] DURATION: What is it and what is it all about?
[4:22] How to use the concept of “duration” when you manage your portfolio?

PRACTICAL PLANNING SEGMENT

[6:26] A great illustration from a family road trip.
[8:17] What IS a SMART sprint and how can you use them in your retirement planning?
[10:37] Places in your life you can set some SMART sprints.
[12:11] How long should a SMART sprint be?

HOT TOPIC SEGMENT

[12:32] The tendency toward skepticism even when we want to trust people.
[13:28] What is a fiduciary standard and why is the current debate going on?
[15:05] Product based financial businesses VS advisory based financial businesses.
[18:12] The current battle going on surrounding this issue.
[18:38] Simple fixes to resolve the issues (my take on it).

TODAY’S SMART SPRINT SEGMENT