Retirement Answer Man

Latest Episodes:

Retirement Basics: What Every Spouse Should Know Apr 02, 2025

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💬 Show Notes

In this episode, we kick off a month-long series on retirement basics, emphasizing the crucial role of partnership in planning for retirement. We discuss why it's vital for both spouses to be actively engaged in financial conversations, ensuring that neither partner feels overwhelmed or excluded. Plus, we hear inspiring stories from a couple of listeners who are thriving in their retirement journeys! Don't miss this episode!

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

(00:38) We're starting a month-long series on retirement basics.
(00:56) Today we are going to talk about what every spouse should know about their retirement plan.
(01:45) It's important for each spouse to delegate responsibilities when planning for retirement.
(03:00) Roger talks about the pressure of being the retirement planner in a couple and the risks of being the non-planner.
(05:00) Audio clip from our paraplanner Erin about a recent experience volunteering for Tax Aide.
(07:40) What spousal participation should there be in retirement planner meetings? And what meetings need to happen?
(08:07) Roger goes through the four initial meetings of building a retirement plan of record.
(15:19) At least twice a year, the non-planner spouse should participate in a planner meeting to refresh all of these things.
(15:30) What should the planner spouse do to help create a productive meeting?
(17:45) What are the risks as the financial manager spouse?
(19:29) What should non-financial manager spouses do?
(22:50) Roger talks about what the non-financial manager spouses should know.
(25:30) What should your advisor do if you are working with one?

PUBLIC SERVICE ANNOUNCEMENT RELATED TO SOCIAL SECURITY

(27:50) WEP and GPO changes are causing confusion with Social Security recipients.

ROCKING RETIREMENT IN THE WILD

(29:56) Listener shares about the challenges of decumulation and overcoming a lifetime of frugal habits.
(32:28) Listener Kathleen talks about dog-sitting in retirement.

SMART SPRINT

(33:53) In the next seven days, review the time sensitive action items that may apply to you when it comes to the month of April.

BONUS

(35:19) Roger reads an excerpt from his grandfather's WWII journal.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)

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Is My Retirement Safe? Navigating Financial Security in Uncertain Times Mar 26, 2025

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💬 Show Notes

In this episode, we embark on a journey of navigating retirement amidst uncertainty. Join us as we explore the importance of taking action, building confidence, and reframing our approach to financial security. Listen in as we share practical steps to manage risks, reassess spending, and make informed decisions in these unpredictable times. With insights drawn from real-life experiences and the wisdom of past challenges, this episode aims to empower you to build a resilient retirement, step by step.

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

(00:35) This week’s show stems from a number of conversations I have had with listeners to the show.
(02:35) Today, we’re diving into the challenges of retiring in uncertain times, exploring common concerns, potential risks, and the essential steps you should take to secure your future.
(03:12) **Political disclaimer** Today we are going to talk about what is going on in the political world today and how it relates to us in retirement planning.
(04:45) Retirement planning should remain as independent as possible from political strategies or opinions.
(08:28) What are the dangers that happen during this type of environment?
(14:50) The risk lies in how we respond to these dangers and act on our worries.
(16:00) We start to let our convictions and opinions about the future bleed into the retirement planning realm and act on the worst fears that we have.
(18:00) At the end of the day the questions are: Am I okay? What should I do?
(18:55) What you should focus on is what you can do right now to improve your situation.
(19:59) First, I’ll chat with those who already have a retirement plan in place, then I’ll turn to those who haven’t gotten around to it yet and share some tips for both groups moving forward.
(27:06) Now let's switch gears to listeners who don’t have a plan yet.
(32:05) None of these paths that we walked through have anything to do with what the government is doing.

RETIREMENT IN THE WILD

(33:04) An anonymous listener shared their retirement journey, thanking the podcast for inspiring positive steps.
(34:40) New listener says he started listening to your podcast about a year ago and says Roger’s philosophy from 10 years ago still rings true today
(35:40) Listener asks if there is an index of episodes he can search.

SMART SPRINT

(36:52) In the next seven days, take some of the action steps we talked about today.

BACKGROUND ON ROGER

(37:30) Roger talks about his origin story and financial experience background.

(39:25) Roger goes over his practical experience in the industry.

BONUS

(43:44) Roger reads another excerpt from his grandfather’s WWII journals.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)

BOOK

The Power of Agency: The 7 Principles to Conquer Obstacles, Make Effective Decisions, and Create a Life on Your Own Terms- Paul Napper, Psy. D and Anthony Roo, Ph. D

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Curiosity: The Key to a Happy Retirement Mar 19, 2025

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💬 Show Notes

In this episode, we explore the importance of cultivating curiosity as a part of the non-financial pillar of retirement planning- mindset. Join us as we discuss how curiosity can enhance your mindset and well-being in retirement, along with practical tools to foster this trait. We also address listener questions about retirement strategies amidst economic uncertainty. Don't miss this insightful episode packed with actionable advice!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(01:11) Today, we're going to answer some listener questions related to building a retirement plan and focus on one of the nonfinancial pillars- mindset.
(02:10) Roger says he has been doing financial planning for over 35 years and noticed that it seems that the happiest and well adjusted people have a healthy sense of curiosity.
(02:55) What is curiosity?
(04:50) It is easy as we age to naturally fall into indifference, apathy, and close-mindedness.
(06:06) Curiosity drives learning, learning creates cognitive resilience, and cognitive resilience enables further curiosity.
(07:05) Let's look at some examples of curiosity and recommend some books.
(10:17) How do you build curiosity?

LISTENER QUESTIONS

(19:19) Drew asks a question about gifting.
(21:51) Tom asks about permissible investments in ROTH IRAS.
(26:55) The next question comes from John related to building a retirement allocation for retirement using the pie cake.
(32:16) Mary asks about putting money in an HSA or money market account.
(37:22) Our next email is from Nick related to target date portfolios for retirement

SMART SPRINT

(43:05) In the next seven days, work on cultivating curiosity.

BONUS

(43:57) Roger reads from his grandfather's WWII journal.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)

Books

“Surely You’re Joking, Mr. Feynman!”: Adventures of a Curious Character- Richard Feynman
How to Think Like Leonardo da Vinci: Seven Steps to Genius Every Day- Michael Gelb
The Gifts of Imperfection- Brene Brown

Blog

Rajib Roy- The History of my Future! (First Draft!)

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How to Set Up Your Paycheck in Retirement Mar 12, 2025

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💬 Show Notes

In this episode, we explore the essential steps to setting up your retirement paycheck to ensure financial stability and confidence in your retirement years. Join us as we discuss the importance of tracking your cash flow, identifying spending trends, and creating a structured paycheck system that mimics the rhythm of a traditional paycheck. We also dive into listener questions about MYGAs, private equity, and inheritance planning, providing valuable insights to help you navigate your retirement journey.

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

(00:00) This show is dedicated to helping you not go bankrupt in retirement!
(00:25) Today we'll talk about how to set up your paycheck ahead of retirement
(01:16) Sign up for my weekly newsletter- The Noodle.
(01:44) In retirement, you lose the natural pulse of income coming into your checking account so it is important to have a system setup.
(03:05) What is the intent in setting up a paycheck in retirement?
(07:35) Roger talks about a default paycheck structure and how to set it up.
(12:30) What should you do about extraordinary expenditures?
(13:14) How should you have your pretax account set up for a retirement paycheck?
(17:45) Setting up a retirement paycheck helps identify trends in spending or saving.
(19:22) There will be an explainer video exclusive in our weekly newsletter- The Noodle

LISTENER QUESTIONS

(20:00) I got an email from Bill, a demographer, giving me more insight about the question- “how long should we plan to live?”
(24:00) Adam sent in a question about MYGAs- Multi-Year Guaranteed Annuities.
(28:43) John sends feedback on our private equity episode.
(30:32) David asks how to factor a substantial inheritance into his retirement plan.

SMART SPRINT

(39:35) In the next seven days, look at your payroll system and how you construct it.

BONUS

(40:25) Roger reads an excerpt from his grandfather’s WWII journal.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)
The Retirement Answer Man Free Worksheet Library

Show notes created by https://headliner.app

What Life Expectancy Should I Use in My Retirement Plan? Mar 05, 2025

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💬 Show Notes

In this episode, Roger Whitney tackles the critical question of life expectancy in retirement planning. With statistics from the CDC, he guides listeners through the complexities of determining how long they should plan for their retirement. Roger addresses the cognitive bias known as the "curse of knowledge," providing clarity on how to approach life expectancy assumptions. He also shares insights on the importance of using personalized data rather than general averages, and discusses practical tools for assessing longevity. Tune in for valuable advice that can help you plan confidently for your future!

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

(00:00) What life expectancy should you use in your retirement plan?
(00:39) We have a change happening to our Six Shot Saturday email.
(02:18) Roger discusses the concept of ‘The Curse of Knowledge.’
(03:38) Listener, D.S., sends in a question about life expectancy in retirement.
(05:58) Roger discusses how to interpret the data from the Social Security Administration life expectancy calculator.
(9:30) Roger uses age 92 for a male and 94 for a female for a base assumption in retirement planning.

LISTENER QUESTIONS

(11:26) Thrift savings plans will allow Roth conversion starting in 2026.
(12:13) Karen asks about the pie-cake and the purpose of a 6 month emergency fund.
(15:35) Karen asks a second question about suggestions for saving vehicles that are not US treasury bonds.
(17:27) Evan asks “How does a pension figure into a net worth statement?”
(22:00) Gene asks how to look at the total allocation of your retirement portfolio.
(25:00) Roger reads feedback from listener Scott about last week’s episode.

ROCKING RETIREMENT IN THE WILD

(27:01) Scott has been helping federal employees think through their retirement plans.

SMART SPRINT

(30:42) In the next seven days, revisit the age you are going to use in your retirement plan.

BONUS

(31:12) Roger reads an entry from his grandfather’s WWII journal.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)
The Retirement Answer Man Free Worksheet Library
Social Security Life Expectancy Calculator
The Retirement Researcher

Show notes created by https://headliner.app

Should I Have Private Equity in My Portfolio? Feb 26, 2025

Show notes

In this episode, we tackle the complexities surrounding private equity in retirement portfolios. Join Roger as he navigates a listener's inquiry about the necessity and implications of investing in private equity, especially in light of recent discussions and literature on the topic. With insights from investment expert Peter Lazaroff, we explore the pros and cons, the importance of having a solid retirement plan, and whether private equity is truly a beneficial addition to your portfolio. Tune in to gain clarity and confidence in your retirement investment strategy!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00) Complexity is your enemy. Any fool can make something complicated. It is hard to keep things simple.-Richard Branson
(00:38) Today’s episode is about private equity.
(01:33) Roger reads an email from listener Dave with a question about investing in private equity.
(02:28) Roger says that this episode features his opinion and judgment on private equity.
(06:45) Don't think about private equity until you have a vision for what you want your retirement to look like.
(10:20) Consider the second order consequence of making an investment.
(12:00) Unless you are significantly overfunded and have an interest in private equity- Roger thinks private equity is unnecessary for creating a great life.

INTERVIEW WITH PETER LAZAROFF

(14:10) Introduction of Peter Lazaroff, author of Making Money Simple
(16:39) What is private equity?
(17:38) Who is traditionally invested in private equity?
(26:12) When markets are under stress, private equity correlations go a lot higher.
(27:49) What is the normal fee structure for investing in private equity?
(31:15) What you're seeing more often these days are semi-liquid funds that offer liquidity windows.
(34:30) There is no evidence to suggest that fewer companies going public is causing an issue.
(40:15) We can’t predict when a bad decade of returns is going to come.
(41:35) Peter: I am more concerned about implementing a bad idea than missing out on a good one.

SMART SPRINT

(42:39) In the next seven days, take a moment and remind yourself of the purpose of retirement planning which is to create a great life.

BONUS

(43:20) Roger reads an excerpt from his grandfather's WWII journal.

REFERENCES

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Retirement Plan Live Debrief with Tanya Nichols Feb 19, 2025

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💬 Show Notes

In this episode, we explore the essential questions of retirement planning with financial expert Roger Whitney and guest Tanya Nichols from Align Financial. They dissect the case studies of Laura and Nick, highlighting their unique approaches to retirement and how their lifestyles influence their financial decisions. Tune in for insights on spending, confidence in planning, and the importance of resilience in your retirement strategy!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00) Stage one of retirement planning involves answering the central questions
(00:54) Today, Roger chats with Tanya Nichols about the Retirement Plan Live case studies.

DEBRIEF WITH TANYA NICHOLS

(02:40) Roger introduces Tanya Nichols with Align Financial.
(03:28) Roger and Tanya discuss Laura’s RPL plan.
(05:25) What risks are associated with having a lean spending plan?
(08:35) Once people realize they can achieve something, they pause and evaluate reality.
(09:58) Roger asks Tanya how she determines how hard to push clients when they're afraid of the next step.
(12:10) Tanya and Roger discuss Nick’s RPL plan.
(14:50) If you have a plan that is feasible and resilient, you will likely have an inheritance even if it isn't planned for.
(17:00) Roger talks about the importance of a resilient plan.
(21:18) Roger and Tanya compare/contrast Nick and Laura’s plans
(23:10) Roger asks Tanya how she incorporates current world events into retirement and life choices.

LISTENER QUESTIONS

(25:06) John asks a question about best utilizing extra income.
(29:38) Edward asks a question about diversification versus safety.

SMART SPRINT

(38:21) In the next seven days, I encourage you to start organizing your tax documents and get them to your CPA as early as possible.

BONUS

(39:34) Next installment of Roger’s grandfather’s WWII journal.

REFERENCES

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Take Action Now for a Resilient Retirement Feb 12, 2025

Show notes

💬 Show Notes

In this episode, we tackle the essentials of retirement planning with an engaging discussion led by Roger Whitney. We explore the importance of prioritizing what truly matters in your retirement journey and how to create a resilient plan that secures your desired outcomes. Roger emphasizes that retirement planning is merely a tool to achieve a fulfilling life, not the end goal itself. Joining him is Nicole Mills, who shares insights and updates on Six Shot Saturday and reads listener questions about retirement. Don’t miss this enlightening episode!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:30) Roger says retirement planning is not that interesting, but a means to an end.
(01:41) Roger challenges listeners to take action on what is talked about THIS week.

PRACTICAL PLANNING SEGMENT

(02:50) Retirement planning is a self-interested process.
(05:28) What questions do you want to answer in a healthy way?
(06:45) Now is the time to make sure you have a resilient plan.
(10:54) How do we make a plan resilient?
(18:30) Markets are at an all time high, don’t get overly optimistic.

LISTENER QUESTIONS

(20:05) Nichole Mills joins Roger on the show.
(20:45) We have some changes happening with Six Shot Saturday.
(22:22) Listener TJ asks about building a bond ladder as he gets closer to retirement.
(28:25) Jeff asks an optimization question about withdrawals from assets in retirement.
(31:37) DJ is a new retiree and asks how Roger determines whether to make withdrawals annually, semi-annually, quarterly, or monthly.
(36:30) Bill says he interviewed a financial planner and asks for clarification on fiduciary and non-fiduciary advisors.

ROCKING RETIREMENT IN THE WILD

(39:30) Roger talks about his new segment.
(40:45) Listener Jeff talks about his retirement, irrational fears of the unknown, and how his plan gave him confidence.

SMART SPRINT

(43:50) In the next seven days, if you are within three years of retirement, get a resilient plan of record in place.

BONUS

(45:40) Roger shares the next mission from his grandfather’s WWII journal.

REFERENCES

Don't Fly by Feeling in Retirement Feb 05, 2025

Show notes

💬 Show Notes

In this episode, we explore the complexities of retirement planning amidst a rapidly changing economic landscape. Join us as we discuss the importance of having a structured decision-making process and avoiding unforced errors that could jeopardize your financial future. We also share insights on how to navigate uncertainty in the market and the significance of clarity in your retirement planning. Don't miss out on the actionable tips that could help you rock your retirement!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:55) In a couple of weeks Roger will talk with Tanya Nichols and do a recap of the Retirement Plan Live Series
(01:49) Roger talks about not flying by feeling through retirement for the practical planning segment this week.

PRACTICAL PLANNING SEGMENT

(02:15) A few weeks ago we had the announcement of the Chinese AI engine- Deepseek.
(03:45) The new presidential team is seemingly focused on a shock and awe strategy in changing the rules of government and economy.
(05:45) Roger uses driving to Colorado as an analogy to managing an uncertain economy in retirement.
(09:35) “We do not want to fly into retirement just by our gut.”
(10:14) What are the causes of unforced errors in general?
(13:40) What are some signs that you are not following a good process?
(16:00) The process that you have should be focused on defining the true objective.
(18:56) Next week Roger will talk about resilience.

LISTENER QUESTIONS

(19:30) Roger says all of this change is disruptive, and worrisome.
(20:00) We are going to share the 2025 important numbers worksheet in Six Shot Saturday.
(20:40) Listener Mary says it's better to be alone than wish you were.
(21:55) Clem says he learned the hard way that you are replaceable at work.
(25:40) Wade asks about managing real estate in retirement and how to find financial advisors.

ACTION IN THE WILD

(29:45) Roger got an email from listener Todd about the actions he has taken from listening to the podcast.

SMART SPRINT

(33:13) In the next seven days, write out, as specifically as possible, the pillars and steps in your retirement planning process.

BONUS

(35:38) Roger reads from his grandfather's WWII journal

REFERENCES

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Rocking a Solo Retirement: Nick's Views/Laura's Views Jan 29, 2025

Show notes

In this final episode of the Retirement Plan Live series, we welcome back Laura and Nick to discuss their unique perspectives on investment risk and aging, particularly from the viewpoint of individuals without a traditional support network. They share their insights on how to navigate financial planning while maintaining a fulfilling life in retirement. Join us as we explore the importance of resilience and community in retirement planning, and don't miss the upcoming live events for deeper engagement!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00) Today is the last in the Retirement Plan Live series with Laura and Nick.
(00:45) On this episode Roger will talk about retiring as a single person with no children.

LAURA’S VIEWS

(01:58) Laura says she doesn’t want to spend her retirement just managing finances.
(06:52) Roger asks Laura about her experience with markets and risks in investment.
(12:15) Roger asks Laura what her ideal situation would be for housing and how she plans to maintain her home as she ages.
(15:50) "As we age, the current pulls us to isolation." Roger talks about Laura’s social plans in retirement.
(18:25) One area that Laura is going to have more evolved skills is living alone and navigating socially as a single person.
(21:19) On January 30th, Roger and Laura are going to review Laura's vision in a LIVE webinar.

NICK’S VIEWS

(22:36) Roger asks Nick if there is anything else that has come to mind from previous conversations on the show.
(25:30) Roger and Nick talk about investing when it comes to risk in stocks and bonds.
(29:05) Roger weighs in on becoming more financially conservative in early retirement.
(35:52) Nick reflects on aging and maintaining his home as a single man with no children.
(37:45) Nick says he lives in a multifamily home with a robust community with a senior center.
(47:50) Roger talks to Nick about living in a metropolitan area and volunteering in retirement.
(53:12) On February 3, Roger and Nick are going to review Nick's vision in a LIVE webinar.

SMART SPRINT