Retirement Answer Man Roger Whitney, CFP®, CIMA®, RMA, CPWA®
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A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com
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How to Manage Your Scarcity Brain with Michael Easter
Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings.
Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:38] Clarification on the 5-year Roth conversion rule [4:36] Simple IRA rules [6:50] The tax impact of waiting to take Social Security PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER [12:00] Why Michael pursued the concept of the comfort crisis [18:32] How discomfort becomes rewarding [20:20] How we can change our decisions in small ways [24:25] How to manage your scarcity brain in retirement [33:48] We often focus too much on the numbers [36:59] The scarcity loop TODAY’S SMART SPRINT SEGMENT [41:10] Take the stairs Resources Mentioned In This Episode BOOK - The Comfort Crisis by Michael Easter
BOOK - Scarcity Brain by Michael Easter
Stutz
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
Overcoming Frugality in Retirement with Dan Crosby
For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life.
This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DAN CROSBY [3:38] Overcoming frugality [10:56] How to gain confidence in the midst of uncertainty [19:19] What are things you can do to overcome your frugality LISTENER QUESTIONS [26:52] How do people in retirement spend less money than more money? [33:44] Does it make sense to use money allocated for a 401K for a second home? [37:33] A comment on this past Retirement Plan Live [39:20] How to fund my HSA in retirement [42:13] How to look for blind spots once you have your feasible plan of record TODAY’S SMART SPRINT SEGMENT [47:16] Is there something else important that you could add to your life or retirement Resources Mentioned In This Episode BOOK - The Soul of Wealth by Dan Crosby
BOOK - The Top 5 Regrets of the Dying by Bronnie Ware
BOOK - Die with Nothing by Bill Perkins
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
What is True Retirement Planning? With Christine Benz
Retirement planning has changed over the years, but has the industry evolved to keep up?
Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective.
Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.
Listen in to gain more perspective as you navigate your retirement journey.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ [4:55] The state of retirement planning as a process [18:30] The state of investments for retirement planning [22:16] The state of long-term care [25:26] How to begin to plan for retirement decumulation LISTENER QUESTIONS [30:45] About opening a Roth for a child [32:51] How to create a 5-year income floor with financial capital [37:11] On using bonds to fund the 5-year income floor [41:44] Should you keep investment accounts under the FDIC and SIPC limits? [46:30] Should I have a Simple IRA and Solo 401K? TODAY’S SMART SPRINT SEGMENT [50:00] Understand what this year’s retirement contribution levels are Resources Mentioned In This Episode BOOK - More than Enough by Mike Piper
BOOK - Die with Zero by Bill Perkins
Morningstar Christine Benz
The Longview Podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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How Systems Thinking Can Improve Your Retirement with Rick Nason
This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month.
Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON [4:20] Defining simple, complicated, and complex [9:11] Why it is important to identify whether you’re dealing with complicated vs complex [18:10] How to approach complex problems [29:30] How AI plays into the discussion of complex vs complicated thinking LISTENER QUESTIONS [38:50] On portfolio performance calculations [46:18] How to decide whether to stay with an advisor or move to another firm? [51:38] How to take your RMD [57:02] On the Dying with Zero book [57:31] On Don Quixote BOOKS I READ THIS MONTH [58:56] The books I read this month BRING IT ON WITH DR. BOBBY DUBOIS [1:04:02] Exploring uncertainty [1:09:53] Uncertainty in retirement [1:22:14] How to test anxiety treatments TODAY’S SMART SPRINT SEGMENT [1:25:27] Please fill out our listener survey Resources Mentioned In This Episode Align Financial
The Fog of War
Trillion Dollar Bet
BOOK - Horse by Geraldine Brooks
BOOK - Lessons in Chemistry by Bonnie Garmus
BOOK - Life of Pi by Yann Martel
BOOK - Die with Zero by Bill Perkins
BOOK - When Genius Failed by Roger Lowenstein
BOOK - It’s Not Complicated by Rick Nason
BOOK - The Comfort Crisis by Michael Easter
BOOK - The Scarcity Brain by Michael Easter
BOOK - From Strength to Strength by Arthur Brooks
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
What Can I Learn from the FIRE Movement?
Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right.
What can you learn from FIRE? Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore.
Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests.
Listen in to learn how you can create a rich life now without waiting until retirement.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:55] When I retire I will… [5:10] Lessons to learn from FIRE movement [13:43] What financial lessons to learn from FIREd people [16:23] Planning from the inside out LISTENER QUESTIONS [22:18] What is the payoff/penalty of using my IRA to do a Roth conversion? [30:25] Moving money from an IRA to an HSA [34:07] On refilling the pie cake [38:47] Make sure you have enough taxes withheld when doing Roth conversions [41:39] Can Gail open a Roth for her granddaughter? TODAY’S SMART SPRINT SEGMENT [43:33] Write down one thing that you know well and question it with a mindset of curiosity Resources Mentioned In This Episode Arthur Brooks
Cal Newport
Designing Your Dream Life with Arthur Brooks
Mark’s Money Mind
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
The Challenges of FIRE
Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since.
This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:58] The challenges of leaving traditional work early [10:55] Healthcare is one of the challenges [17:28] The non-financial challenges of FIRE LISTENER QUESTIONS WITH ANDY PANKO [27:44] Which Social Security benefit should we take? [31:28] Relating to working with a bad financial advisor [36:47] What to do with an overfunded whole life insurance policy [43:07] How are IRMAA surcharges calculated? TODAY’S SMART SPRINT SEGMENT [47:55] When you’re in a disagreement with someone, step out and reset yourself to gain perspective Resources Mentioned In This Episode Retirement Planning Education podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center