381 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®

    • Business
    • 4.6 • 746 Ratings

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

    Listener Questions: Is an Immediate Annuity a Good Option for Me?

    Listener Questions: Is an Immediate Annuity a Good Option for Me?

    Do you feel like you are late to the ball game in saving for retirement? Have you ever wondered if an annuity could take some of the stress out of writing your own retirement paycheck? Are you trying to figure out the best way to self-fund long-term care for you or your spouse? 
    All of these questions come directly from listeners like you. If you have questions about retirement, Fridays are a great time to tune in. We are now releasing 2 episodes a week: one focused on the monthly theme and the other focused on listener questions. 
    If you have a query of your own question head on over to RogerWhitney.com/AskRoger to submit your retirement questions. 
    How to maximize retirement savings after getting a late start Catherine writes that this podcast has helped her get over the shame and frustration of not prioritizing her retirement savings earlier. Now that she has worked her way through those feelings she wonders what the best way to increase her retirement savings would be after getting a late start.
    Catherine is maxing out her 401K, and her husband has a simple IRA and no access to a 401K. However, if he could convince his partners to switch to a 401K he could max out the contributions and begin to expand their savings. 
    Another way to get plenty of bang for your buck is to use an HSA. Many people don’t consider the HSA as a retirement account, but it can be a great way to help play catch up. You can contribute up to $7200 per year to your health savings account if you are enrolled in a high deductible insurance plan. Not only do you get to use pre-tax assets, but you can invest those assets to use in retirement. If you invest your HSA aggressively, it can become like a supercharged Roth IRA.
    Would an immediate annuity be a good idea for Mary? Mary is considering purchasing an immediate annuity with the proceeds from the sale of her house. She would like to receive between $1000-2000 per month from the $300,000 profit.
    A single premium immediate annuity (SPIA) could provide this kind of stable return, but before she jumps into such an arrangement she should consider the pros and cons of this type of annuity.
    The pros and cons of purchasing a SPIA One of the main reasons that people consider purchasing an annuity is their ease. With the SPIA Mary won’t have to manage her investments or worry about the markets. She’ll be receiving a guaranteed income for the rest of her life. There is definitely an advantage to this kind of simplicity. 
    On the other hand, if she passes away shortly after purchasing the annuity then the money will not be hers to pass on to her heirs. By giving up her $300,000 and committing to an annuity she loses out on optionality. One way to combat this would be to make sure to have liquid assets on hand in case of an unforeseen event.
    Press play to hear my thoughts on purchasing an annuity and to learn how to self-fund for long-term care.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:57] Getting over the regret of not saving better sooner [10:06] Tom wonders if there will ever be an audiobook version of Rock Retirement [11:46] Would an immediate annuity be a good idea? [17:34] How to best self-fund for long-term care 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
     

    • 27 min
    Retirement Tax Management: Hidden Tax Bombs

    Retirement Tax Management: Hidden Tax Bombs

    Have you been incorporating tax management into your retirement plan? If you have, you won’t want to miss this series, and if you haven’t, you definitely won’t want to miss this series. 
    Last week we set the stage for this retirement tax planning series when we discussed how planning for taxes can work within your retirement plan. This week we’ll make you aware of the hidden tax bombs that could wreck your retirement plan. In next week’s episode, we’ll learn which tools you can use to defuse those tax bombs, and then in the last week of this series, we’ll learn how to integrate those tax tools into your retirement plan.
    My goal is to give you an organized way to incorporate tax planning into your overall retirement plan which is why I have invited retirement tax expert Andy Panko from Tenon Financial to join me to discuss the nuances of retirement tax planning. If you are ready to learn about the hidden tax bombs that are awaiting you in retirement then press play now. 
    Required minimum distributions, the tax bomb that begets other tax bombs When you contribute your taxable income into a 401K, 403B, or other tax-deferred accounts your taxable income is reduced in the year that you make that contribution. However, many people forget that they are simply deferring that taxable income until later. Remember that taxes are never a question of if you will pay them, it's always a matter of when. Required minimum distributions (RMDs) are the government’s way of insisting that you pay the piper. 
    RMDs begin at age 72 and at that time you must take 3.9% out of your tax-deferred accounts at this time. The percentage that you must take from these tax-deferred accounts grows each year.
    The best way to defuse this bomb is to project the total that your tax-deferred accounts will grow to so that you can get a feeling of how much you will need to withdraw when the time comes. 
    Yes, Social Security can be taxed! Did you know that Social Security is taxable? It has been since 1984 and up to 85% of your Social Security benefit can be taxed. Just how much is taxable depends on your other sources of income. The more gross income you have, the bigger percentage of your Social Security benefit will be taxed. If you are curious about the percentage of your Social Security income that could be taxed then make sure that you are signed up for the 6-Shot Saturday newsletter. 
    Do ACA subsidies fit into your retirement plan? If you are in need of health care before the age of 65 you may want to use Healthcare.gov. The way the marketplace works is by using a tax subsidy system. If a person makes between 1-4 times the poverty level ($17,000) then they can qualify for tax subsidies on a sliding scale.
    If you can keep your income below the threshold, then you could qualify for the ACA tax credits. Keeping your income low needs to be balanced with the rest of your retirement goals which is why it is important to have a retirement plan of record. 
    There are several more tax bombs out there ticking away. To learn what they are you’ll have to press play to listen.
    If your interest in retirement tax planning has been piqued by this series and you want to learn more, check out Andy’s Taxes in Retirement Facebook group. With over 16,000 members, this group is a great way to exchange ideas with others who are on the same journey. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:50] RMDs are the first tax bombs [11:30] Social Security is the next tax bomb [15:46] Will Social Security go broke? [21:41] Taking advantage of the ACA subsidies [31:00] When you need to watch out for IRMAA [37:50] Do you need to be careful of NIIT? [38:55] A change in marital status could surprise you TODAY’S SMART SPRINT SEGMENT [44:29] Understand the important numbers sheet in the 6-Shot Saturday email Resources Mentioned In This Episode Tenon Financial
    Andy’s Taxes in Retirement Facebook gro

    • 46 min
    Listener Questions: How Do I Go from Zero to Retired?

    Listener Questions: How Do I Go from Zero to Retired?

    Are you a bit behind on your retirement savings and wondering how you’ll ever be able to retire? One of our listeners feels the same way. In this Listener Questions episode, I’ll answer his question as well as how to handle net unrealized appreciation (NUA), how to shift retirement savings after a job loss, and we’ll wrap it up by discussing the ramifications of taking Social Security early.
    We’re trying a new format this month and releasing 2 episodes a week. On Tuesdays, we’ll release the main segment which focuses on the theme of the month, and on Fridays, you’ll hear listener the questions. Make sure to check out all the episodes and let us know if you like the new structure.
    Change is hard! October has been a month full of change for me and change doesn’t always go smoothly. Not only am I publishing 2 episodes per week, but I’ve stopped drinking alcohol and started exercising in the mornings rather than in the afternoons. 
    Any time you bring about changes to the rhythm of your life it can be a challenge. This is why the transition into retirement can bring such trepidation. Even if something new seems daunting, with practice over time the situation will improve. The more you practice the bigger your muscles will get.
    With a bit of research, planning, and action, you can learn how to create a paycheck for yourself in retirement, how to tackle your taxes, and how to navigate the healthcare system. Listening to retirement podcasts like this one is a great way to get started. 
    How to go from zero to retired Not everyone has a 7 figure retirement portfolio, in fact the majority of the population finds themselves wondering how they’ll ever be able to stop working. One listener asks how he’s supposed to be able to catch up on retirement savings at age 50. 
    The first thing you need to do if you feel behind in your retirement savings is to acknowledge and accept where you are. The next thing you need to understand is that there is only so much catching up that you can do at this point. 
    Social Security will be a large part of your retirement equation After you realize that there is only so much you can do it is time to figure out how to maximize your Social Security benefit. There are a couple of ways that you can do this. The first one is to work longer so that you can increase your benefit. 
    The next idea is to navigate when would be the best time for you to file for your Social Security benefit. If you take it early at age 62 you may see your benefit decreased by 30%. Waiting until the full retirement age at 66 or 67 will ensure that you get your full benefit amount, and each year that you wait to file your benefit will increase by 8%. The beauty of Social Security is that it is adjusted each year for inflation and it lasts for the rest of your life.
    Retirement is about living out the best version of yourself To create a retirement plan you can live with, you’ll want to increase your income and decrease your monthly obligations as soon as possible. Identify which bills you can pay off and try using the debt snowball method to pay down your debts. The less you can live on the more prepared for retirement you will be. Try to create a living environment that doesn’t require a lot of money. 
    Remember that rocking retirement isn’t about spending loads of money, it’s about creating an environment where you can live the best version of yourself. 
    If you have a question to ask head on over to RogerWhitney.com/AskRoger to send a written question or leave a voice message. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [5:00] How to go from zero to retired in 10 years [12:08] How to handle net unrealized appreciation (NUA) [20:23] How to shift retirement savings after a job loss [25:25] The ramifications of taking Social Security early Resources Mentioned In This Episode Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whi

    • 32 min
     Retirement Tax Management: Why It’s Important

     Retirement Tax Management: Why It’s Important

    Tax planning in retirement isn’t the same as in your working years. This is why we are dedicating an entire series to helping you understand how to manage your taxes in retirement. To help me navigate this complicated topic, I’ve invited retirement tax expert Andy Panko to join me for the whole month-long program. Over the course of this series,
    you’ll learn why tax planning is important in retirement, which tax land mines to look out for, what tools to include in your tax toolbox, and how to integrate tax planning into your retirement plan. Are you ready to dive deep into retirement tax planning? Press play now to learn why tax planning in retirement is so important.
    How does tax planning change in retirement? In your working years, tax planning isn’t that complicated. Since your income is based on your wages, you don’t have much control over your tax bracket. However, in retirement, you can control your tax bracket from year to year.
    Chances are, you have been contributing to tax-deferred accounts like 401K, 403B, or IRAs for much of your life. These have been wonderful vehicles for retirement savings that has allowed you to defer a bit of your taxable income. Now that you are coming to retirement age, it is time to pay the tax man. These retirement distributions will be taxed, but when you decide to take them is up to you--up to a certain point.
    Use long-term tax planning to save money in retirement In retirement, there are multiple tax planning opportunities that you can take if you plan for the long term. Since you have more control over your sources of income, you have a tax advantage that you didn’t have in your working years. This can make planning complicated and challenging; however, with a bit of research and practice you could end up saving thousands of dollars over the course of your retirement.
    Taxes aren’t the only thing to consider in retirement Don’t let the tax tail wag the dog. Even though it is important to consider your taxes in retirement it is also important to remember that taxes are not the end all be all of retirement planning. What Andy and I are trying to do is to help you build a framework so that you can consider your tax planning in an organized way. When you come up with a strategy to guide your decisions it will help make the complicated world of tax planning a bit easier to digest. 
    Check out this episode on YouTube Did you know that we are now recording the Retirement Answer Man as a biweekly show? Make sure to check back in on Friday mornings to hear the Q&A part of the show. You can also watch this episode in a video format on YouTube so that you can see the charts and tables that we share. When you are done listening head on over to RogerWhitney.com and scroll down to the bottom of the homepage to sign up for the 6-Shot Saturday newsletter so that you can receive the worksheets mentioned in this episode
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:33] What are the changes in taxes in retirement? [7:00] Think long-term when tax planning in retirement [11:36] Taxes are important but not the end all be all [17:17] Trying to understand the tax system TODAY’S SMART SPRINT SEGMENT [28:26] Pull out your tax return to find your AGI Resources Mentioned In This Episode Tenon Financial 
    Andy’s Taxes in Retirement Facebook Group
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 30 min
    Retirement Planning for Non-Planners: 5 Things to Track During Retirement

    Retirement Planning for Non-Planners: 5 Things to Track During Retirement

    If you are the non-planning type, it can be easy to worry about whether your retirement plan is on track. How are you supposed to know what is going on and whether you should have the confidence to know if your plan is working?
    On this episode of Retirement Answer Man, you’ll learn 5 things that you can check periodically to give you an idea if your retirement plan is on the right track. If you are wondering how to investigate whether or not your retirement plan is on track, then make sure to listen to this episode to learn what you need to know. 
    Where does confidence come from? The whole point of retirement planning is to give you the confidence to live life in your retirement without worry. Before you create your retirement plan you need to understand what it is that will give you confidence in that plan. 
    Confidence comes from understanding. To understand your plan you need to first set your goals. What is your vision? Once you have a vision of your ideal retirement then you can deconstruct that vision to map out your journey. That journey will take you from the current version of yourself to the future you. To map your journey you need to have clear action items to lead you along each step of the way. 
    There is no need to look around at others on their journey since each one is personal. Your retirement journey is yours alone. 
    5 things you should track to feel confident in your retirement plan Have your goals changed? Assess your goals with your significant other or advisor to make sure they still reflect what you really want. Are you still aiming for the same target? Is this still the life you want to build or has anything changed?  Check in with your spending. How is your current spending relevant to your overall plan? Track your spending goals to see if they are still relevant. At the end of each year look back at what you actually spent your money on. You’ll want to make sure to track how you did relative to your plan. Sometimes you may deviate from the plan a bit, but by tracking you can identify trends over the long term. Tracking can help you to tease out opportunities and risks Is your plan still feasible? Should you make a change? Big expenditures can pop up, the market could go down, expenses could go up: all of these things could change your plan’s feasibility. One way to check to see if your plan is still feasible is to track your withdrawal ratio. This is the percentage of your assets that you take out of your portfolio each year. Tracking your withdrawal ratio can help you recognize whether your retirement plan is sustainable. Listen in to learn what else you should consider to ensure that your plan will actually work. Make sure your retirement plan is sustainable. Is it resilient? Do you have enough financial nutrients in the near term, midterm, and long term? Check out last week’s episode to hear more about how to plan for the short-term, mid-term, and long-term in retirement.  Focus on the WHAAM. Think about what you should do next. Then figure out how to do it, get accountability, take action, and finally, achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself. If you want to ensure that you will rock retirement, then continually check in with these 5 areas.
    Are you ready for more Retirement Answer Man? For the past 7 years without fail, we have brought the Retirement Answer Man to your earbuds on a weekly basis. That is about to change.
    Starting in October we will be splitting the podcast into two separate parts released on two different days. Coming on Tuesdays you’ll hear the Q&A part of the show. On Fridays, we’ll focus on the monthly theme. 
    This split will allow us to dive a bit deeper into our monthly topics and answer more of your questions. It will also allow you to decide to listen to what you want to hear. We value your feedback, so please let us know what you think of this new setup. 
     

    • 45 min
    Retirement Planning for Non-Planners: Investment Basics

    Retirement Planning for Non-Planners: Investment Basics

    As the non-planner of your family, you may not be interested in all the nitty-gritty details of retirement investments, but it is important to know the basics. That’s why today we will cover the main concepts about investing your assets. Hopefully, my nutrition analogy will help make these financial concepts more understandable. Press play to hear what you need to know about investment basics for the non-planner. 
    Investing in retirement is all about solving for risk Last week you learned how inflation and market volatility are the two risks to overcome when investing in retirement. Solving for these risks are the most important part of creating a retirement portfolio. 
    To explain retirement investing, I like to think of nutrition. When you eat you solve the problem of being hungry now, but you also solve the problem of getting nutrients to your body to help ensure that you stay healthy in the future. Investing also serves to help you in the short and long-term.
    How are you nourishing your investments in the short-term and the long-term? With every meal you eat you are investing in your short-term energy. The vitamins and minerals that you may take help you invest in your long-term health. We keep enough cash and bonds on hand to sustain ourselves for the next 1-5 years and protect from market risk. 
    Stocks and real estate investments can have ups and downs which can be scary in the short term but in the long-term they help to hedge against inflation. 
    Ask your financial planning partner how you are nourishing your investments in the short-term and the long-term.
    The building blocks of investment It is important to learn the building blocks of retirement investing. Building a retirement portfolio is much like building a meal. There is the salad, the main course, and the dessert. Short-term investments are the funds that you plan to use within 1-5 years, mid-term investments will be used within 5-10 years, and long-term investments are funds that you don’t plan to use for more than ten years. Listen in to learn how these different investments are like building a meal.


    Be sure to join us in October for the Taxes in Retirement series Make sure to join us next month as we dive into taxes in retirement. We have certainly covered this topic before, but a lot has changed since the last time we discussed taxes. We’ll explore proposed tax law changes and discuss how that could affect you and your retirement. 
    Andy Panko from the Taxes in Retirement Facebook Group will join me over the course of the entire series. If you are really looking to nerd out on taxes, then don’t miss the episode with Wade Pfau who joins me to discuss his tax management academic research. If you are a part of the RRC you’ll get the added benefit of having both of these guests in the Clubhouse for meetups. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] An investment analogy [10:04] How to invest for the short and long-term [18:25] The building blocks of investment Q&A WITH NICHOLE [22:51] What are some solutions to the Social Security funding problem [29:19] The Rock Retirement book has been helpful to Steven [33:32] Why I haven’t covered the sale of a business to fund retirement [35:25] Will Jim’s retirement strategy work? TODAY’S SMART SPRINT SEGMENT [40:24] Think about how you will pay for life in the short-term, mid-term, and long-term 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

    • 44 min

Customer Reviews

4.6 out of 5
746 Ratings

746 Ratings

chris4117 ,

My new favorite podcast

I listen to as many podcasts relating to investing, retirement, and financial savviness. I found the retirement guy and I love the upbeat delivery of the information which is so relevant excellent and applicable. I'm going back to the beginning and listening to them all. thank you so much!

planner wife ,

Loving this podcast

I found this podcast about a year ago. I’m 50 and retirement planning became a bit of an obsession when a back injury sidelined me from work at 49. Where are we with retirement savings and where will be be if I can no longer earn income? The show has been so so helpful in learning about both financial and non-financial aspects of retirement (which is what I’ve been trying to process at 49 but didn’t realize it until I heard the episodes about the non financial aspects of retirement). I enjoy being the financial planner in our family, finances do not interest my husband, but after listening to Roger’s podcast I saw the importance of my husband being a fully informed partner in our financial / retirement plans. That change had been great for both us us. I’m binge listening to past podcasts. I love that roger is so human and non-pretentious. I’m so glad I found this show. It’s made a big impact us and helped me immensely.

Alans wife ,

Awesome retirement podcast

Our goal is to rock retirement and Roger and Nicole makes the show so relatable with lots of useful information. They even real life scenarios and Rogers advice is spot on.

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