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 Planning for Non-Planners: Retirement Risk Basics
Are you the person in your family that stays away from financial planning? Do numbers and financial jargon put you to sleep? If so, this is the right retirement planning series for you. This episode is the third in the Retirement Planning for Non-Planners series. In this series, I explain what you need to know without all the financial lingo so that you can understand the most important aspects of retirement planning.
In this episode, Fritz Gilbert from The Retirement Manifesto blog joins me to discuss the basics of retirement planning risks. Listen in so that you can understand what to look out for in retirement planning.
This is a financial jargon-free series If you aren’t interested in finance it can be difficult to discuss retirement planning with someone who is. They start throwing terms like RMD, sequence of returns risk, and the 4% rule. When people start using these terms it can be easy to become overwhelmed. The purpose of this series is to empower you so that you can have an understanding of what is happening with your money to help make better choices. My goal is to explain retirement planning in a non-geeky way that anyone can understand.
What are the financial risks in retirement? Retirement brings different types of risks for your money. Essentially there are two types of risks to be aware of: short-term and long-term risks.
Think about a teeter-totter. On either side of the teeter-totter, you have your short-term risk and your long-term risk. The short-term risk is losing money today and the long-term risk is losing money in the future. You need to come up with a solution that balances both of these risks without tilting too much to one side.
We lose money in the short term through market risk. If the market takes a tumble, you could lose a significant portion of your savings. The solution to that is to take all of your money out of investments and have it sit in cash. Unfortunately, this solution to the short-term risk doesn’t work in the long term.
The long-term financial risk is inflation. You may have noticed gas prices or food prices increasing over time. This means that your dollar today won’t be worth the same as your future dollar. As prices increase the value of your money decreases. We combat long-term inflation risk with investing, however, this solution puts us at risk in the short term.
How to balance retirement risk To balance both sides of the risk spectrum it is important to think about how much money you will need to support your lifestyle in the near future. You’ll want to consider how much cash you should have on hand if the market drops. This will help you mitigate the short-term risk while at the same time leaving the rest of your savings to grow in the long term. The goal of balancing these risks is to have the confidence to have money to spend next year and also to spend when you are 80.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH FRITZ GILBERT [2:30] Financial lingo can be intimidating [6:37] Short term risks [10:47] Inflation is a long term risk [18:37] How to deal with spending shocks [25:55] Understand what types of questions to ask [28:39] Catching up with Fritz in retirement LISTENER QUESTIONS WITH NICHOLE [38:24] 6-Shot Saturday drama [42:15] Should Shari take the lump sum or an annuity? [48:20] How do I feel about LIRPs? [54:36] What are the non-financial boundaries of a fiduciary? [1:00:24] A question about my pronunciation of words [1:02:47] A proposal for changing the GAA acronym TODAY’S SMART SPRINT SEGMENT [1:04:34] Organize the strategy that best works for you Resources Mentioned In This Episode Retirement Manifesto
Retirement Planning for Non-Planners - start with this first episode
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Retirement Planning for Non-Planners: How to Pay for Retirement
When you hear financial lingo do you immediately begin to tune out? Does retirement planning make you nervous? If so, this is the right series for you. You’re listening to a 5-part series on retirement planning specifically designed for non-planners.
The goal of this series is to educate you on retirement planning without all of the confusing lingo. We’re going to keep it simple and focus on teaching you the most important aspects of retirement planning. If you haven’t listened to episode 393, go back and check it out so that you can understand how to begin planning for retirement.
You only need to focus on the important aspects of retirement planning There are many retirement planning geeks out there that love to focus on the economy, markets, and business cycles. They relish mapping out different Roth conversion scenarios to reduce their RMDs. But if you aren’t a planning geek, talking to those people can make retirement planning seem overwhelming.
You’ll be happy to learn that to successfully plan for retirement you don’t need to have a degree in economics, you just need to make sure that you focus on the most important things. That is what we are doing here today. I’m here to help you understand what the most important aspects of retirement planning are.
Can your retirement dreams come true? During the previous episode, you created a vision of your ideal retirement. Now it’s time to see if you can make your retirement dreams a reality. The biggest question everyone has in retirement planning is will I run out of money?
The answer is, no one knows. The economy, life’s surprises, and people’s perpetual habit of changing their minds make it impossible to be sure. There are too many unknowns to be certain about the future. However, it is okay to have that uncertainty.
If you can get a good approximation of a retirement plan then you can make adaptations to your plan as life unfolds. I use agile retirement management to help my clients make adjustments to their retirement plan when life shocks or bad markets disrupt their plan.
Where will your retirement income come from? When planning your retirement you’ll want to consider the income you will receive from Social Security, pensions, or even part-time work. The rest of your retirement income will need to be covered by your retirement savings.
There are many software tools that can help you plan your retirement. It is important to use a retirement calculator to estimate how much money you will need to live out your retirement dreams. In the Rock Retirement Club, we use the New Retirement Plus Calculator. A retirement calculator can give you a long-term projection of your retirement income needs.
Have your first 5 years of retirement income readily available While retirement planning software can help you plan out the long-term, you’ll want to understand where your money is coming from in the near term. You should have the next 5 years of spending readily available in accounts that aren’t exposed to the winds of the economy like money market accounts or CDs.
Listen in to learn what the most important aspects of retirement planning are so that you don’t get worried about getting caught up in the small details that don’t matter as much.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:51] Can you safely pay for your dream retirement? [6:55] Where will your retirement income come from? [13:45] Recheck your retirement compass periodically LISTENER QUESTIONS [19:31] Does it make sense to make after-tax 401K contributions? [23:14] How to estimate MAGI for an IRMAA appeal? [28:12] Can you start Social Security benefits from one spouse early and then wait for the other spouse’s benefit? [29:35] Should I open a non-retirement account? TODAY’S SMART SPRINT SEGMENT [33:45] Understand
Retirement Planning for Non-Planners: Setting Goals for Your Retirement
Do your eyes glaze over when your significant other starts talking about money? Or maybe you are single and you know that retirement is coming soon, but you simply can’t get motivated to plan it out? Or perhaps you are the planner of the family and you would like your partner to take an interest in what lies ahead in retirement? If so, then this is the series for you!
Those of us who are into retirement planning can quickly overcomplicate things, but to someone that is new to all this or not really into this planning stuff, retirement planning can be overwhelming. In this Retirement Planning for Non-Planners series, I will introduce you to retirement planning in a lingo-free way that won’t put you to sleep.
The objective of the Retirement Planning for Non-Planners series My goal for this series is to give you the power to participate in the retirement planning process. If you are planning your retirement on your own I want you to understand what you need to take care of and understand the basics without becoming overwhelmed. You’ll learn the fundamentals and be able to discuss retirement planning in an educated way. Are you ready to get started? Press play now!
What do you envision yourself doing after your working life? What do you want for your life after work? Have you thought about this question? This is actually one of the most difficult questions to answer, but it is also the basis for retirement planning.
It can be challenging to consider your life after work. There are so many options to consider and you are starting with a clean slate. Many of us treat this question the way we chose a major in college or our first job. But you don’t have to take this so seriously. Your life will not be ruined if you don’t get this question right. Since we use an agile approach to retirement planning, if you want to switch gears you can. Consider your future life after your working years. What can you imagine?
The retirement fundamentals Once you know what you want to do in retirement, the next question is can you afford it?
After you discover whether you can afford your dream life then you need to learn how to pay for it. You’ll want to find out how you actually create a retirement paycheck. The last question we’ll consider is how to gain the confidence to make it all work. You must have confidence in your plan to rock retirement.
Over the course of this series, we’ll be taking a look at these questions so that you can build a retirement plan that works for you.
Set your retirement goals To prepare for your retirement you’ll need to forecast your spending. To do so, can create different levels of spending. Your must-haves are things like housing, electricity, water, gas, and food. These barebones expenses are nonnegotiables.
In the next category, put the things you would like to do in retirement. Maybe you would like to play golf once a week, travel once a year, or eat out a few times a month.
The last level is your unspoken dreams that you like to think about but you may have never written down. This is your opportunity to think big.
You’ll want to group these different types of spending so that you can have an idea of how much money each type of retirement would need.
Listen in to hear why this type of exercise is so important in your retirement planning. You won’t want to live a life of regret thinking about what you might have been able to do had you thought bigger when planning your retirement.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:55] What are the fundamentals of retirement planning? PRACTICAL PLANNING SEGMENT [5:49] What do you want? [8:34] Setting retirement goals [13:45] Don’t let someone else dictate your life [18:51] What will you do every day in retirement? LISTENER QUESTIONS [22:29] When to apply for Social Security [23:32] How to
Special Episode: Retirement Wisdom from Women Planners
You may notice that this is an extra episode this month. I wanted to make sure that we mark a special ending to the August Women, Money, and Retirement series, so at the beginning of the month I reached out to some amazing female financial professionals. I asked them all for a piece of financial wisdom to share with other women. You can hear their fantastic insight by pressing play now.
Cristina Guglielmetti’s words of wisdom Cristina Guglielmettti from Future Perfect Planning offers suggestions about making 401K contributions. She recommends that you update your contributions regularly, especially if your salary has increased.
Set a goal for yourself. How much would you like to save each year? Are you reaching that goal?
If your goal contribution is more than your current contribution then changing it immediately could eat into your take-home pay and disrupt your budget. Instead of trying to achieve your goal contribution all at once, try increasing your contribution rate a little at a time.
Then set a reminder for yourself to increase your contribution quarterly until you reach your target percentage. This way you won’t feel the decrease in take-home pay all at once.
Small, repeatable changes are easier to keep up with which makes it easier to maintain your financial plan. Listen in to hear what else you can do to increase your retirement savings.
Jane Mepham shares financial advice passed down from her mother Jane Mepham from Elgon Financial Planning grew up in a different country in a male-dominated society which meant that she had to learn a lot to get ahead in life. When she was young, her mother shared financial advice that she uses even to this day. She knows that attitude is the key to mastering money and it will determine the strategies and tactics that you will use to plan your retirement. Enjoy these words of wisdom from her mother.
Make sure you can support yourself financially. You don’t ever want to have to rely on someone else to support you. Don’t eat your future today, however enticing it is. Regardless of how tight your budget is, prioritize saving for the future. If something affects you on a daily basis it is important. You need to know enough about it to make independent, smart decisions. The way you spend your money should align with your values Stephanie Sammons from Sammons Financial and Stephanie McCullough from Sofia Financial have similar advice. They want you to identify what is most important to you. They both stress that you need to define your values so that you can align your spending to reflect what you value the most. All your money decisions should be in alignment with your values and your life.
Many people often separate their financial decisions from the rest of their life, however, money is connected to everything we do. By aligning your financial life with the rest of your life you will give meaning to your money.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WORDS OF FINANCIAL WISDOM FROM THE EXPERTS [1:20] Cristina’s recommendation [3:13] Jane Mepham’s words of advice [6:25] Stephanie Sammon’s proactive step to improve your financial life [9:26] Stephanie McCullough Resources Mentioned In This Episode BOOK - How to Be Here by Rob Bell
Retirement Money Gal podcast
Take Back Retirement podcast
Sofia Financial - Stephanie McCullough
Sammons Financial - Stephanie Sammons
Elgon Financial Planning - Jane Mepham
Future Perfect Planning - Cristina Guglielmetti
Rock Retirement Club
Women, Money, and Retirement: How Do I Put the I in Retirement?
We have given the entire month of August to the ladies! Since this is the last Wednesday in August, it is the last episode that we are dedicating to the theme of Women, Money, and Retirement. However, that doesn’t mean we’re going to stop taking questions from women. This is simply the last episode to focus solely on women’s questions. We want to ensure that no matter who you are, you have the confidence to rock retirement.
Make sure to come back next month for the series, Retirement Planning for Non-Planners. This series will speak to those who have little interest in retirement. That means we’ll take out all the jargon and focus on the basics of what you need to know. Even if you don’t want to dive into the day-to-day details, it’s important to have an understanding of how to build a retirement plan. If you have any questions related to this theme please ask them at RogerWhitney.com/AskRoger.
What does it mean to put the “I” in retirement? We’re closing out this month with an episode titled, How Do I Put the I in Retirement? But what does the I in retirement really mean?
Over the course of the retirement planning process, most people focus on their financial situation, but it is more important to understand what you want to do in retirement.
When planning your retirement, you are planning the next stage of your life and you have the opportunity to remake yourself to be anything you want. This is a fantastic time to uncover your deepest desires and make your voice heard.
Live a life true to yourself The most common regret that people have at the end of their lives is that they wish they had lived a life true to themselves. Many people simply do what is expected of them without ever thinking about what they want for themselves.
Retirement is a fantastic time to set aside what others expect of you and explore what you genuinely want to do.
Since the human condition tends to work in moderation, sometimes you have to peel away the layers to get to the bottom of what you want. Don’t stuff down your needs, dig deep to discover your true self.
Have you lived a life true to yourself or do you have a hard time voicing your desires?
How to define what you really want Peeling back the layers can be a challenge, but to live a life true to yourself you’ll have to define what you want out of life. If you don’t voice your desires you’ll never be able to achieve your dreams.
Think about what you have always wanted to do that you haven’t had the time or space to think about. If you don’t have a clear vision yet, that’s okay, take the time to consider this question with wide-eyed curiosity. Retirement is a time of experimentation, so if you haven't completely defined what you want you’ll soon have an opportunity to further explore your desires.
If you have a partner, explore this question with them in little conversations over time. Those little conversations can lead to big ideas and create the space to open up a world that you might not have dreamed of before.
Once you have dreamed up your ideal retirement then you can see how your financial situation fits. You don’t want to go at this from a different perspective. First dream big, then work your retirement plan around your dreams.
Why join the Rock Retirement Club? The Rock Retirement Club has everything you need to create your retirement plan. When you join the club, you’ll gain access to education and tools to help you build your own plan.
Not only that, the club gives you access to a team of professionals that are dedicated to helping you rock retirement.
Last, but certainly not least, you’ll become part of an amazing community. The RRC is filled with a community of like-minded people who all want to rock retirement. When walking through a huge life change it helps to connect with those w
Women, Money, and Retirement: How Do I Plan for Retiring Alone?
Women ask many types of questions that men don't, which is why we’re dedicating this entire month to a series on women, money, and retirement. This series gives you the space to dig in, have your voice heard, and your questions answered.
You’re listening to the 3rd episode in this series and today we’ll be answering so many of your questions. Tanya Nichols from Align Financial joins me once again to add her womanly input and expertise.
There are a lot of women out there with similar concerns. Are you one of them? Find out if your burning questions about retirement have been answered on this episode of Retirement Answer Man.
The Rock Retirement Club can help you build confidence in your retirement plan Are you looking for a way to build your confidence in your retirement plan, or maybe you're just looking for ways to create a retirement plan. If so, the Rock Retirement Club is the right place for you.
The RRC provides you with everything you need to educate yourself to build your retirement plan, allowing you to rest easy. By joining the RRC you’ll have access to on-demand courses, education, and tools so that you can learn what you need to know to rock retirement.
Join now to gain access to this information and our knowledgeable team of experts. In the clubhouse, you can ask questions from our experts and enjoy conversations with hundreds of more people who are riding the same retirement wave. The Rock Retirement Club is a great place to share inspiration and get ideas to create the retirement of your dreams.
Should single women with no children consider long-term care insurance? Several women have asked about long-term care insurance. Navigating long-term care is a major concern for women that have no close family or children. They see long-term care insurance as a way to help pay for their care when they may no longer have the capacity to represent themselves.
When looking for a long-term care insurance plan, be sure to specifically look for a plan that features a care navigator. Another possibility is to hire a care navigator out of pocket who only works for your interests. This representative can help you navigate the system so that you know that you will be cared for.
Long-term care navigators are an emerging field, so it can be hard to find someone that specializes in this industry. One way to find this type of representative is to talk to long-term care providers or even your state health department. Have you ever considered hiring a care navigator for your declining years?
What kind of questions do you have about retirement? In this episode, we answer many of your listener questions like what is the difference between a trust and an estate, how to prepare to deal with financial issues during cognitive decline, where to get cash from during the go-go years, the best way to navigate healthcare before Medicare, and many more. Listen in to hear if your pressing questions have been answered.
If you have any more questions that weren’t answered in this episode, make sure to join the live meet-up on August 26 at 7 pm CDT. This live webinar will be about an hour long and I’ll be joined, once again, by the lovely Tanya Nichols. We’ll answer your questions live in real-time. These webinars provide a relaxed atmosphere where you can learn the answers to your questions and maybe even hear answers to questions that you haven’t even thought of yet.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS WITH TANYA NICHOLS [5:30] Don’t miss the live meet up on August 26 at 7 pm CDT [6:37] Long term care insurance for those with no close family [11:00] Trust vs. estates [11:50] How to deal with financial issues during cognitive decline [16:11] Where to take cash from in the go-go years [19:02] How to navigate healthcare before Medicare [26:35] How do you calcula
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.
Common sense retirement information
Roger does an excellent job of keeping the complex simple, can get into the weeds and can be very complicated if required. Most of his podcasts are clear concise and very informative.
Easy to follow; deep dives reference library
I retired recently and found this podcast to be a good outline for several aspects of personal and financial areas of consideration. All may not apply to one individual but you can pick from the library as appropriate. Just be careful when you do that that you don’t miss out on the Q&A from listeners. These examples can often contain relevant parts that are not on the topic of the day.