291 episodes

A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® 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

Retirement Answer Man Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®

    • Investing

A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, AIF® 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

    How Does Medicare Work? Medigap and Medicare Advantage

    How Does Medicare Work? Medigap and Medicare Advantage

    Over the past few weeks, we have talked about the different pieces that make up our Medicare system. Medicare is a fairly complex system with a lot of nuances to be aware of. One of the things you may have noticed is that there are some gaps in Medicare coverage. Today Danielle Roberts from Boomer Benefits is back to help us understand these gaps and what we can do to fill them. 
    Medicare isn’t the only place we see gaps in retirement. Often time there are other places where we have gaps in our retirement planning. Listen in to discover how to fill these gaps in Medicare and elsewhere in retirement. 
    Analyze your gaps in retirement In project management, there is something called gap analysis which helps project managers identify gaps. Gap analysis has 5 basic steps. 
    Identify the area to be analyzed and identify the goals to be accomplished in that area. Establish an ideal future state. What is the ideal outcome? Analyze the current state. What is it like now?  Compare the ideal state to the current state,  Identify the gap between the current state and the ideal state so that you can begin to close that gap. Gaps in retirement planning In retirement planning, people often skip step 2 when analyzing their own gaps. Rather than identify the ideal state for their retirement, they only analyze their current state. I argue that the project management method of gap analysis is a much better way to approach retirement. 
    When you first establish what your ideal retirement will look like and then figure out the rest you start with a blank slate. Isn’t that what you are looking for in retirement? Learn how you can start your retirement off right. Start with a blank slate rather than limit yourself by where you are currently. 
    Filling the gaps that Medicare leaves If you have been listening to the past few episodes, you probably noticed that there are some gaps in the Medicare system. If you have been wondering how to fill those gaps, then you’ll definitely want to listen to one of the top Medicare experts in the country, Danielle Roberts, from Boomer Benefits. 
    Medigap and Medicare Advantage plans There is a difference between traditional Medigap plans and newer Medicare Advantage plans. Medigap plans are generally more expensive but they offer more flexibility and a wider variety of plan choices. Medicare Advantage plans cost less and sometimes they are even free, however, these plans come with many more limitations. These plans are gaining popularity over the past few years. Listen to Danielle’s expert analysis of these different types of plans to help you decide the best way to supplement your Medicare coverage. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:48] What is a gap? PRACTICAL PLANNING SEGMENT [6:43] Check out Danielle’s new book! [8:22] How does Medigap insurance work? [14:29] What you need to consider when choosing a Medigap provider [19:08] What do Medigap plans cost? [25:30] What is a Medicare Advantage plan? [31:16] How does Medicare work while traveling? Q&A SEGMENT [35:25] You could lose your coverage if you are still working [36:52] A Roth 401K question TODAY’S SMART SPRINT SEGMENT [45:49] Let me know if you are experiencing challenges in unexpected retirement Resources Mentioned In This Episode BOOK - 10 Costly Medicare Mistakes You Can’t Afford to Make by Danielle Roberts
    Boomer Benefits
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 49 min
    How Does Medicare Work? Part D and What Medicare Doesn’t Cover

    How Does Medicare Work? Part D and What Medicare Doesn’t Cover

    Medicare Part D has similarities and differences to Parts A and B. On this episode of our How Does Medicare Work? series, we’ll explore Part D. We’ll also discuss what Medicare doesn’t cover. How much do you know about Medicare and how it works? Are you trying to figure out how this new type of insurance will be different from what you are used to? Make sure to listen to the whole series to help you understand the changes that enrolling in Medicare will bring to your life. 
    Live a life without regret The number one regret that people have upon death is that they say they wish they would have had the courage to live a life true to themselves. During most of our lives, we have a series of obligations that make it hard to really live a life true to ourselves. Retirement is a time when we can finally shed those obligations. What will it take for you to live a life without regrets? Think about what living a life that is true to yourself really means for you. 
    What is Medicare part D? Danielle from Boomer Benefits joins me again today to help us understand Medicare part D. Danielle has a knack for explaining the complexities of Medicare in a way that laypeople can understand.
    Medicare part D is the prescription drug coverage portion of Medicare. It actually wasn’t rolled out until 2006. Since prescription drug coverage wasn’t typically covered in the 1960s, it wasn’t included in the original Medicare plans. Can you imagine what Medicare was like before Part D?
    How does Medicare Part D work? Medicare Part D is a bit different than parts A and B but it does have some similarities. It’s a voluntary plan that you have to opt into. But unlike parts A and B, you don’t enroll in part D at the Social Security office. Each state has private insurance companies that offer Medicare part D. 
    Just like Medicare parts A and B, there are 4 stages to the plan. The first is the deductible. There is a deductible set by Medicare each year and the drug companies are allowed to build that into their plan how they choose as long as it is within the parameters. After your deductible has been met then you’ll move into the second stage of the plan which is the copay. Listen in to discover how Medicare part D works and why your choice in pharmacy could really affect your drug costs. 
    Where are the gaps in Medicare? Medicare isn’t perfect, there are still gaps to consider. We are often used to our employer-sponsor health plans covering dental and vision, but along with hearing, these services aren’t covered under Medicare. In a subsequent episode, we will discuss the Advantage plans that can help you bridge these gaps. 
    It’s also important to remember that Medicare doesn’t pay for long-term care. To ensure that you are fully prepared, you’ll have to plan on how you’ll handle a long-term care event. Discover why it is important to review your Medicare plan each year by listening to Danielle on this episode of Retirement Answer Man.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:32] Let’s define regret PRACTICAL PLANNING SEGMENT [5:24] Part D is a relatively new option [7:12] How does Medicare Part D work? [15:34] What is the total out of pocket you could pay?  [19:32] Are there drug assistance programs within Medicare part D? [20:33] Where are the gaps in Medicare? Q&A [29:12] How to fund a special needs trust? [31:31] What is the benchmark for decide when there is a gain or loss to fill your bucket? [35:52] How to easily settle an estate TODAY’S SMART SPRINT SEGMENT [38:35] What does being true to yourself really mean? Resources Mentioned In This Episode The Pie Cake episode
    Long term care episodes - Start here
    MyMedicare.gov
    Boomer Benefits
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger

    • 40 min
    How Does Medicare Work? - Part A and Part B with Danielle K. Roberts

    How Does Medicare Work? - Part A and Part B with Danielle K. Roberts

    I cannot believe that this is our first time doing a monthlong series on Medicare! Thankfully, this is a five-week month, so we can really dive deep into this complex topic. Let me lay out the month for you. This week we’re talking about Medicare Part A and B. During the next episode we’ll discuss part D and all the things that Medicare doesn’t cover. Following that episode, we’ll discuss Medigap and Medicare Advantage as well as mistakes we can make with Medicare. Finally, we will dive in deep to help build a framework that we can use to best serve ourselves when it comes to Medicare. Are you ready to start your Medicare learning journey? Press play to start your Medicare education now. 
    How does Medicare work? Danielle K. Roberts is a Medicare expert from Boomer Benefits. She helps people educate people on their Medicare journey all the time and she has even helped out in the Rock Retirement Club. I have invited her on the show to help all of us better understand Medicare. Today she is helping us learn about Medicare Part A and B. Medicare benefits can be so confusing, especially since most of us are coming from a completely different system of insurance. Are you ready to hear what is covered, what is not covered, what requires copays, and if you can ever fully exhaust your benefits? Well then, start listening now.
    What is Medicare Part A? Medicare Part A started in the 1960s and was modeled after the old Blue Cross Blue Shield health insurance. Part A covers inpatient hospital stays and outpatient medical care related to a hospital stay. Included in Part A coverage are the hospital room, doctors, nurses, drugs, nursing facility visits, and hospice care. Medicare Part A does have its limits in coverage which could result in expensive copays and eventually exhausting the benefits fully. Listen in to find out what those limits are. 
    What is Part B? Whereas Medicare Part A covers your hospital stays, Part B covers all that other stuff. For example, Part B covers chemotherapy, radiation, blood work, and doctor visits. However, Part B has a completely different deductible and coinsurance setup than Part A. The good news is that the deductible is only $198. The bad news is that there is no cap on the 20% coinsurance. 
    Who do you pay?  Doctors’ visits can be so confusing. Should you pay the doctor at the time of your visit? Should you wait for the bill to come in the mail? What about those statements that Medicare sends? Danielle’s advice is to wait for Medicare to process the doctor’s bill before you pay. The doctor will then bill you if there are any excess fees. She also advises to ask plenty of questions and become an advocate for yourself. Even though Medicare can seem confusing at first, this system has been in place for a long time and actually runs quite well. 
    If you are interested in receiving resources to help you make your own Medicare decisions, sign up for 6-Shot Saturday at RogerWhitney.com
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:13] What is fear? PRACTICAL PLANNING SEGMENT [5:05] Our plan for the month [7:14] What is Medicare Part A? [11:30] What should people be aware of? [13:32] What is Part B? [16:12] Who do I pay? Q&A SEGMENT [26:58] Place yourself in the future when making a decision [31:02] A Social Security survivor benefit question [33:34] Comparing a first position HELOC instead of a mortgage TODAY’S SMART SPRINT SEGMENT [43:09] Sign up for 6-Shot Saturday at RogerWhitney.com to get a Medicare resource packet Resources Mentioned In This Episode Boomer Benefits
    MyMedicare.gov
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 47 min
    A Framework for Better Decision Making

    A Framework for Better Decision Making

    This whole month of August we have talked about improving decision making. Retirement brings about hundreds of choices. If you aren’t well-prepared to make those decisions you might simply revert to the default choice. Do you really want your retirement to be set to default? In this episode, you’ll learn how to create a framework to make tactical decisions. If you’re ready to learn how to make decisions that will help you rock retirement then press play now.
    What is the difference between strategy and tactics? A strategy is an overarching plan to help you achieve the kind of life you envision for yourself. Strategies don’t change very often. Tactics are the specific actions or steps you take to accomplish the strategy create an amazing life. This sequence can be hard to achieve because we often jump straight to the tactical decisions without thinking about the strategy first. It’s important to keep in mind your strategy first. Have you thought about the strategy that you want to use to create the retirement of your dreams?
    Retirement changes the trajectory of your life The trajectory of your life is changing in retirement. Your life is coming off autopilot and so that leads to hundreds of small decisions. It can be hard to adjust to making all these new decisions, we often just resort to the default choice. But if you can change the way you make decisions it can have a huge impact on your life. Think about the butterfly effect that has led to the life you live right now. One tiny change in the state of your life can really make an impact in the long term. If you are wondering how you can improve your decision-making press play to hear how. 
    Use a process-strategy-tactics approach Before learning to make tactical decisions it is important to have some other things in place before jumping into making decisions. It is important to start with your values. Once you have a clear vision of your values then you can set goals that align with those values. After you have clear goals in place then you can develop a strategy to achieve your goals. Finally, within that strategy come the tactics. You’ll use these tactics to execute the strategy to achieve your goals that are in line with your values. 
    How do you make tactical decisions? Once you have your goals and strategy in place you can make the most of your decisions by using this decision-making framework. Ask yourself these questions before making any decisions. Try it out on small decisions first before jumping into the bigger ones. 
    What is your objective?  What does success look like after you make the decision? What is the ideal outcome if you make this decision?  What is the worst-case scenario? What are the consequences of the decision?  What are the effects of this decision? Test it out. Use first-order and second-order thinking tease out what those effects might be. Listen in to hear how some real-life retirement decisions could play out using this framework. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:20] What is the difference between strategy and tactics? PRACTICAL PLANNING SEGMENT [5:50] If you can get just a little better at making tactical decisions it can have a huge impact on your life [9:52] How do you make tactical decisions? [16:45] A framework for tactical decision making COACHES CORNER [24:44] Choosing leisure activities to add spice to your retirement TODAY’S SMART SPRINT SEGMENT [35:31] Test out this decision-making framework Resources Mentioned In This Episode Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 38 min
    Process, Strategy, Tactics: A Formula for Better Decisions

    Process, Strategy, Tactics: A Formula for Better Decisions

    We’ve been talking about decision making for the past several episodes and today I want to help you build a framework to rely upon when making decisions in retirement. This framework for better decision making will help ensure that you are living the life you really want. If you are ready to create a strategy that reflects your values so that you can rock retirement then press play now. 
    Why do you need to build a decision-making framework? Have you really thought about your values? A person’s values are their principles or standards of behavior. Values are what you feel is important to your life. If you want to build a retirement and a life that you love then you need to live a life that reflects your values. The life that you lead is based on the decisions that you make. So if you want to enjoy a life that stays true to your values you need to put some thought into the decisions that you make. Having a decision making framework in place will help you stay true to your values. 
    How to create a strategy that reflects your values So now you know why you need a decision-making framework, but how do you build one? You can create a strategy that reflects your values in just 4 easy steps. 
    Step one is easy to remember. Start with your values! Before you can begin to build your framework you need to establish what is important in your life. What are your values? Create a vision of what you want your life to look like. This may sound a bit cheesy, but try and picture what you want your life to look like. It doesn’t have to be perfect. It just has to be important to you. Try asking yourself this question: at the end of your life what would make you think that your life was amazing? What’s your mission? This question leads to the how. How you are going to achieve your vision?  Create strategic objectives that follow your mission. What strategic objectives will you focus on first? How will you focus on your mission? Build your decision-making framework today.  That’s it! Your framework can be as detailed or loose as you need it to be. But if you start taking these 4 steps you can build the strategy to make decisions that will reflect your values. Stay true to yourself and rock your retirement by creating a decision making strategy that you can implement. The ideal framework will reflect your values and set you up to live a life you truly love.
    Some real-life examples If you are curious about how these steps play out in the real world listen in to hear a couple of examples. You’ll discover how I started my firm and how my values are reflected in what I do. You will also hear how this strategy can be applied to life in retirement. You also want to listen in to hear Tanya Nichols help me answer some listener questions. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:31] Values are your judgment of what is important to you PRACTICAL PLANNING SEGMENT [4:31] Build your framework [6:30] Some examples of building a framework [9:44] An example of how you can build your framework in retirement  Q&A SEGMENT WITH TANYA NICHOLS [12:28] What is the best and worst decision Tanya has made [15:21] Does it make sense to have a trust as a beneficiary? [17:52] How to predict taxable investment income from year to year [26:55] What is a good strategy for asset allocation after taxes? TODAY’S SMART SPRINT SEGMENT [34:12] Sign up for 6 shot Saturday to help you figure out your top 10 values Resources Mentioned In This Episode Holistiplan
    Align Financial
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center
     

    • 37 min
    48 Days to the Work and Life You Love with Dan Miller

    48 Days to the Work and Life You Love with Dan Miller

    What is your retirement strategy? Do you have one? A strategy is born from a process and tactics are born from that strategy. This is why it is so important to make sure that you have a process and strategy in place when planning for retirement. Your strategy will help you drive those important decisions. 
    Your decisions during the accumulation phase of life were much different than they will be in retirement. This is why I’ve got Dan Miller joining me to discuss his book 48 Days to the Work and Life You Love. 
    Why did Dan decide to change the title of his book? Dan Miller recently changed the title of his best-selling book from 48 Days to the Work You Love to 48 Days to the Work and Life You Love. He changed the title to reflect the fact that work is just one tool in a successful life. What people really want is a successful life. His book can help you discover what drives you and how to dig in and strive toward building a life you love. 
    Why 48 days? Dan mentions that although 48 is a somewhat arbitrary number, it is enough time to get you on the road to change your life. No, it isn’t scientifically tested, but if you work at it those 48 days can give you a roadmap to build a life you love. It is enough time to assess where you are, create a plan, and act on it. When making decisions and changes in your life it is important to have constraints. It is much too easy to sit back on your heals and wait for changes to act upon you. By setting a deadline of 48 days you are able to take control of your life. 
    How do you deal with your identity when you leave your work behind?  Our identities are so wrapped up in the titles of our jobs. In retirement or upon leaving any job, it can often feel like we are leaving our identity behind. But this shouldn’t be the case. Who you are should include more than just the work that you do. I
    t is important to realize the difference between these three things: vocation, career, and job. Your vocation is who you want to be remembered for, this should include your mission, your purpose, your destiny, and your calling. Your career is simply a subset of that vocation. Your job has an even smaller role; it is just what you do from day to day. 
    So, what is your identity? How do you define your vocation?
    There are 3 main problems in retirement In retirement, three of the biggest problems that people experience are no friends, no money, and no purpose. The lack of money and friends can easily be changed, but what about the lack of purpose. It’s important to really define what your purpose is and what it will be in retirement. You can use your background, training, and network to help you figure out what you really want to do, who you really want to be in retirement. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [7:31] Why did Dan Miller decide to change the title of his book? [12:12] Why is there a deadline of 48 days? [16:20] How do you deal with your identity when you leave your work? [27:32] Procrastination is the enemy of change Q&A SEGMENT WITH FRITZ GILBERT [34:07] Fritz’s spending process in retirement [40:40] An planned early retirement question [52:35] Should they stop saving in pretax assets [57:30] A five year ladder strategy question TODAY’S SMART SPRINT SEGMENT [1:09:45] Do you have a strategy in place? Resources Mentioned In This Episode Episode 45 - Can Carl Retire?
    Retirement Manifesto Resources
    48Days.com/Roger
    BOOK - 48 Days to the Work and Life You Love by Dan Miller
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 1 hr 12 min

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