Retirement Answer Man

Latest Episodes:

#21 How to Accept the Worry and Start Planning for Retirement Jul 14, 2014

Show notes

In this episode, I'll show you how to come to terms with your worry and the uncertainty about retirement. "I worry"

I talk to a lot of people about retirement. Not only clients but most everyone I meet over age 50. I'll always ask them what their #1 thought is on retirement. I've learned a lot from this exercise. The most important thing I've learned is that people worry about retirement....alot!.

They worry about:

all the uncertainty
living without a paycheck
inflation
running out of money
maintaining my standard of living
my health and healthcare costs
being a burden to my children
long-term care costs
losing money in the markets
the economy
my country

In this episode, I'll show you how to come to terms with your worry and the uncertainty about retirement. Once you've done that, you'll be free to build a system to manage through the uncertainty in your life. I discuss:

Market uncertainty
Economic uncertainty
Uncertainty in your life

How to begin to manage it by:

Scheduling "little conversations"
Using checklists
Making lots of little adjustments as your life unfolds during retirement

Building this structure is really what this blog, the Retirement Answer Library and podcast is all about. Retirement Tip of the Week

The importance of tax diversity on your balance sheet as you near retirement. If you're within 5 years from retirement, why it may make sense to significantly lower the amount you save in your 401(k) retirement plan. Resources Discussed

Enjoy the Podcast?
A big THANK YOU to Dean for sending me your kind note, thanking me for the podcast and Retirement Answer Library. So glad it's been helpful to you. It really means the world to me.
[button_2 align="center" href="https://itunes.apple.com/us/podcast/plan-well-invest-wisely/id834314596"]Subscribe in iTunes[/button_2]

Unwrapping Medicare: The Basics Jul 06, 2014

Show notes

“How do I understand Social Security and Medicare?” This is a question I hear most often from people planning for retirement. It's understandable. Social Security and Medicare benefits will play a big part in your retirement.

In this episode we begin to unwrap both and begin to build a framework for you make decisions about your Social Security and Medicare benefits. I say we “begin” intentionally. These are BIG subjects. In future episodes, we’ll continue to improve your understanding of your Social Security and Medicare. Announcements

If you enjoy the podcast, I would consider it a great favor if you subscribed in iTunes and leave a review. This helps others discover the show.
Last week I announced my Retirement 2.0 project. This is an initiative to redesign the retirement planning process to serve you better. To help, go here and share your thoughts on retirement.

Retirement Tip of the Week
I suggest you visit and explore our government's Social Security website. It is an easy to navigate, useful resource to help you manage your Social Security benefits. YES, I just said “useful” and “government” in the same sentence. They did a great job designing the site.
You can easily:

Apply for benefits,
Check the status of an application
Set up direct deposit
Estimate your Social Security
Estimate your spouse’s benefit
Sign up for your Social Security benefit
Set up direct deposit
Access their Retirement Toolkit (a great PDF document that outlines key dates for Social Security and Medicare)

Unwrapping Medicare: The Basics

This week I talk with Misty Kimbrough, a local insurance expert about the basics of Medicare. She outlines the basic parts of Medicare and the 3 most common missteps people make when planning medicare benefits for retirement.

Part A “major medical” coverage covering health care costs at hospitals

Part B Covers the costs of health care outside of a hospital. Doctor visits, outpatient procedures, x-lab test and related services

Medicare Supplements (Medigap)

Part C Medicare Advantage Plan

Part D Prescription Drug Plan

3 Common Medicare Missteps Resources Discussed

Hate Keeping a Monthly Budget? Here is an Easier Way Jun 30, 2014

Show notes

I Hate Keeping a Monthly Budget.

Yes, I know that keeping a monthly budget is personal finance 101. Over the years I've tried, repeatedly, to track every expense in a monthly budget. Each time I failed after a few months. It's just too much work. I have better things to do than be a part-time bookkeeper. Do You Hate to Keep a Monthly Budget?

Tracking all your expenses is easier than ever. Programs like Quicken and Mint have powerful accounting tools in simple to use packages. Still...most of us don't track monthly expenses or keep monthly budget for one simple reason; We have better things to do than being a part-time bookkeeper.

In this episode, I walk you through my budget system which gets you 80% of the benefits of detailed budgeting, without all the work. In just four easy steps you can take control of your spending and capture the excess income as savings.

I Call It the Cash Flow Bucket System.

The advantages of the Cash Flow Bucket System:

1. You don’t waste time tracking every transaction.

2. You have less stress deciding how to spend money each month.

3. You don’t spend money just because it’s there.

4. You easily capture (save) excess income as savings.

5. You can make smarter decisions on allocating savings.

6. You maintain flexibility for unexpected expenses. Try It and Stop Feeling Guilty About Not Keeping a Monthly Budget

I've added a worksheet to the Retirement Answer Library to walk you through the process. It's free, just sign up here. The Retirement Tip of the Week

I give you Sammy's 5 secrets to living a happier retirement. These are worth listening to!

Deal With Death By Celebrating Life Jun 22, 2014

Show notes

Deal with Death By Celebrating Life

Last week, I wrote about my sister's passing and her wish that her family have a "Celebration of Life" picnic (you can read it here).

In this podcast, I share my thoughts on my sister's choice and how you can do the same. How to Overcome New Car Fever

New car fever is a difficult bug to beat. Everyday, driving, you window shop as you drive, imagining yourself in the car models you see whizz by. Once you're bitten, the fever typically ends in you in a shiny new car.

Remember your priorities
Detail your car at least every other month
Pay for a complete car wash once per week
Buy a some key accessories to refresh your cars look

A Useful App to Help You Identify Spending Habits
Once every two months you should track your spending habits with an app like Expensify to:

Create an opportunity to discuss spending habits
Reconcile your spending habits with your stated financial priorities
Identify wasteful spending habits
Keep you and your partner accountable to each other

Resources Discuss

Storyline 2.0, by Donald Miller
Expensify
How to Budget
How My Sister's Death Became a Celebration of Life

Managing Cash Flow During Retirement Jun 16, 2014

Show notes

This week we discuss:

Why you should ask your advisor about their succession plan
How to manage cash flow during retirement

Less Than 10% of Advisors Have a Succession Plan

This is a scary number considering that if your advisor is unable to serve you due to injury or death, the retirement plan you’ve put in place could be in jeopardy.

Who will service you?
Who will advise you?
What communication will you receive?
Who will manage your assets?

These are just some of the important questions that need to be asked by you to assure your retirement plan is not disrupted.

I discuss:

the importance of asking your advisor about their written succession plan
what items to look for
the communication plan that should be in place
how to protect your retirement plan in the event your advisor is suddenly unavailable.

This month, I’ll post a checklist in the Retirement Library of items you should look for in your advisors succession plan to assure some continuity of service.

Listener Question: Lynn asks, “How do I manage my cash flow during retirement?

How to manage cash flow during retirement is one of the questions I’m asked most. Not receiving a monthly paycheck during retirement can be unnerving. In retirement, it is important to have a system to create a paycheck to pay your monthly retirement expenses.

I outline the Cash Flow Reserve system we use to help clients cover their retirement expenses.

The Benefits of the System

It can help you feel safer about meeting your needs
It provides a margin of safety during turbulent markets
It positions you to make smarter financial decisions
It gives you more flexibility to adjust as conditions change
It helps you sleep at night

How It Works

Checking Account—To pay your lifestyle expenses
Cash Reserve Account—maintain 2 year’s expected living expenses, distributing a monthly “paycheck” to your checking account
Extraordinary fund—Maintain cash reserves for extra expenses you will incur over the next 12 months
Long-term Investment—Long-term investment assets that include bonds maturing in 3-5 years
Review and adjust every 6 months

This week I’ll post a detailed outline on how to build your Cash Flow Reserve system in the Retirement Answer Library.

Resources Discussed

Retirement Answer Library

Enjoy the Podcast?

You can do me a big favor by subscribing in iTunes and leaving your honest review.

This would help bring more listeners and questions so we can all work together to PLAN WELL and INVEST WISELY for retirement.

Second-Act Careers: The Benefits of Working During Retirement Jun 08, 2014

Show notes

Working during retirement could be the best thing you do to find meaning, stay healthy and earn money while doing what you love.

In her book, Second-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement, Nancy Collamer has created a great resource for anyone wanting to take their passion and earn income from it during retirement.

Nancy Collamer is a speaker, career coach, and author who writes a semi-monthly career column for NextAvenue.org (PBS) and Forbes.com. Her home on the internet is mylifestylecareer.com. In This Podcast We Discuss:

Why second-act careers are a second chance to do what you love
How Baby Boomers will change the concept of retirement
Why it is important to fill your days with meaning
How to blend your passion and work to live more fully during retirement
How part-time income during retirement can allow you to retire earlier
How to take things you love (like travel) and make money doing it during retirement
How to test drive retirement work options before committing
Examples of others that are doing what they love during retirement and earning an income
Common mistakes retirees make with second-act careers

Also, 4 Reasons You Should Completely Ignore Extreme Market Predictions Want access to the free Retirement Answer Library?
Last week, I introduced a great resource to help you find the answer to your retirement questions.
The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.
Gain Access Here
Resources Discussed

My Lifestyle Career website
Second-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement, by Nancy Collamer
The Retirement Answer Library
Nextavenue.org, online magazine for people over 50

Jeff Goins Doesn't Want You to Miss Out on Your Life Jun 01, 2014

Show notes

Jeff Goins doesn't want to miss his life. And he doesn't want you to either.

His latest book, "The In-Between: Embracing the Tension Between Now and the Next Big Thing" serves as a reminder to himself, and everyone that most of our lives are spent "in-between" the big things. It is in these moments we can find opportunities to live more fully. In This Podcast We Discuss:

Practicing being present in your life
Regrets and how they can lead to positive change
Managing the natural tension between living well today and planning for tomorrow
Jeff's retirement plan
The portfolio of life concept of living
The prediction that, by 2030 over half of the population will be working as freelancers
Embracing that life is a journey, not a destination

Also, I answer a listener question
When Should I take Social Security?
Want access to the Retirement Answer Library?
Last week, I introduced a great resource to help you find the answer to your retirement questions.
The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.
Gain Access Here
Resources Discussed

14: Jon Chevreau: Discusses His Book Findependence Day and Host Roger Whitney Talks About a Recent Cyber Attack on His Practice May 26, 2014

Show notes

Want a great gift for a graduating high school or college senior?

Jon Chevreau’s book, Findependence Day, is a great gift that teaches important financial lessons within an interesting fictional story of a young couple walking through life.

We discuss:

The definition of financial independence
Life energy and the cost of spending
The war against consumerism
Why it’s harder to save than it used to be
The danger of paying too much attention to financial media
The call to action of “Freedom Not Stuff”
The secret costs of moving homes

Are Your Password Safe?
Last week a client of ours had his e-mail hacked. The hacker then requested a wire from the client's account. Our security measures prevented it (Thankfully). The story should make you seriously consider being more diligent about using strong passwords. I explain how I manage my passwords.
Want access to the free Retirement Answer Library?
This week we introduced this great resource to help you find the answer to your retirement questions.
The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.
Gain Access Here
Resources Discussed

In Honor of Those That Serve
A big thank you this week to Frank Gustafon of One Bold Move for his service and for leaving a review of the podcast in iTunes. Frank is a Marine and has a great podcast for Service Members.
Lead like a Marine is a weekly podcast focused on helping Marines and other Service Members translate their leadership skills and abilities as they transition back into the civilian job market. We interview those who “have been there and done that”. Great stories of successful transition into the civilian marketplace.
If you enjoy the podcast and are so moved, I sure would appreciate a honest review in iTunes. It would help us build the Plan Well community which helps everyone make smarter financial decisions
Happy Memorial Day Friends

Retirement & Planning for Housing May 18, 2014

Show notes

Johns Hopkins University's Center for Innovative Care and Legg Mason recently issued a study titled "Aging and It's Financial Implications: Planning for Housing.

Kathleen Pritchard, Managing Director with Legg Mason, talks with host Roger Whitney about the importance of planning ahead for housing during retirement

There are three typical phases during retirement. The:

Go Go Years--when you are healthy and active (60s & 70s)
Slow Go Years--when you slow down due to health issues (70s & 80s)
No Go Years--the late retirement years (80s & beyond)

By planning ahead for each of these phases, you can make smarter financial decisons and maintain control over your lifestyle choices.

There are five basic housing options for retirees:

Aging in place
55+ independent living communities
Continued care retirement communities (CCRCs)
Assisted living facilities
Skilled nursing facilities

You can find due diligence worksheets to help you find the option that is right for you at rogerwhitney.com/worksheets

Do You Have a Question About How to Plan for Retirement? [Podcast] May 12, 2014

Show notes

"He who asks a question is a fool for five minutes; he who does not ask a question remains a fool forever." - Chinese proverb

There really are no stupid questions.

We're told this all the time but I don't think most of us truly believe it. As a result, we leave many very important questions unasked. When your planning for your financial future this can be, at best, an inconvenience, at worst, financially devastating.

The mission of this blog and my podcast, PLAN WELL INVEST WISELY, is to help you make smarter financial decisions and answer those retirement planning questions that keep you up at night.

Have a question? Ask me here In this week's episode, I answer questions from three listeners.

Sam Asks “How do you even go about coming up with a plan to pay down debt when the future holds student loan debts for two children in the next few years? Basically, What realistic steps could a family take without completely changing their lifestyle?"
Lisa Asks “I wondered if at some point you might touch upon establishing the necessary documents for elderly parents?”
Kevin asks "What is the best way to consolidate all of the retirement accounts I've accumulated over the years and find good advice to help me plan for retirement?

Resources Discussed

Have a retirement planning question you'd like answered? Ask me here.

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected