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 • 747 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: I have Roth Conversion Questions!

    Listener Questions: I have Roth Conversion Questions!

    Roth conversions, HSAs, pension choices, risk management: these are the topics of today’s listener questions. 
    Susan, Gina, IM, and Daniel all submitted their questions to me via RogerWhitney.com/AskRoger and you can too! If you have any retirement questions, or even if you simply want to leave a comment about the show, click on the link to present your question. 
    Whether you are looking to learn more about HSAs, Roth conversions, or evaluate your pension choices, listening to other listeners’ questions can help you learn how to frame your own questions and consider your options by always keeping your goals in mind.
    How to evaluate the best way to take a pension? Susan recently asked her financial advisor how she should take her pension and wasn’t satisfied with his answer. 
    There are several options to choose from when deciding how to take a pension. One choice is to take the pension for a larger monthly sum for the duration of the pensioner’s life. Another option is to take a smaller amount over the course of the lives of both the pension holder and their spouse. A third option is to opt for a lump sum payment and forgo the monthly payments altogether.
    When making this decision there are a few ways to evaluate your choices. Create a what-if scenario to help you compare all the options. Then evaluate them next to your retirement plan of record. Listen in to hear how I perform this exercise with my clients. 
    HSAs after age 65 HSAs are amazing tools that can help you reach your retirement goals. Gina’s question is about HSAs after age 65. She is still employed and plans to continue working for a few more years. She would like to continue to stay enrolled in her high deductible insurance plan so that she can continue to contribute to her HSA, but she isn’t sure how that would affect her Medicare choices. 
    This is a great idea but navigating these waters is tricky since the rules surrounding Medicare are so complicated. Making a mistake could lead to a gap in coverage or even a lifetime penalty on parts B and D premiums. 
    You’ll first want to check the rules surrounding your Medicare eligibility with your employee health insurance provider. Next, you should contact a Medicare navigator like Boomer Benefits. 
    Should IM roll over her 401K to a Roth if she is worried about financial protections? IM writes in with a question about rolling over a 401K to a Roth IRA. She is worried about losing ERISA coverage when transitioning this money. ERISA stands for the Employee Retirement Security Income Act which was put in place to protect workers’ retirement plans. 401Ks are covered under this federal law; however, the protections for IRAs vary wildly from state to state. 
    The first thing to do when considering this question is to check on the rules governing Roth IRA protections in your state. Next, you’ll want to evaluate your personal financial risk and how important this kind of coverage is to you. 
    Make sure to scroll down to the bottom of the show notes to check out all the links to the resources mentioned in this episode.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:41] Which pension choice best suits Susan’s needs? [13:40] A question about HSAs after age 65 [17:23] Do the risks associated with Roth IRAs outweigh the benefits? [22:12] Daniel has a few Roth conversion questions [30:22] Daniel has a few HSA questions Resources Mentioned In This Episode YouTube episode with Andy Panko on retirement tax bombs
    Boomer Benefits
    BOOK - Retirement Planning Guidebook by Wade Pfau
    Interview with Wade Pfau
    The Retirement and IRA Show
    NeuYear.net
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    • 34 min
    Retirement Tax Management: The Tax Toolbox

    Retirement Tax Management: The Tax Toolbox

    Are you worried that you won’t be able to live the life of your dreams in retirement? This is one of the main issues facing many people on the cusp of retirement. That’s why I created the Retirement Answer Man Show. I want to help you find the confidence to truly rock retirement.
    One way that you can become more confident in your retirement plan is by utilizing the tax planning tools that are available to you. Andy Panko from Tenon Financial is here to help you identify all the tools available in your tax toolbox. Press play to open up your tax toolbox and see what is inside.
    Opening your tax toolbox  Before you can pick up a tool from the tax toolbox you must start with a broad understanding of your tax situation both now and in the future. This means that you’ll have to do some educated guessing to figure out what your future tax situation will be.
    Projecting your tax situation out 10 or 20 years down the road won’t be an exact science, so don’t try to make it so. More accuracy doesn’t mean more precision in future tax planning; there are too many factors at play.
    Simply because your tax situation won’t be exactly the way that you estimate it to be doesn’t mean that you shouldn’t take the time to map it out. You must take this step to get the framework you need to make educated decisions. This framework will be your basis for making practical decisions.
    4 useful tools in your tax planning toolbox Fill up your tax brackets. If you retire before you start taking Social Security you may find yourself in an unusual situation. You may not have any income and therefore you won’t have a tax bill! Rather than marveling at this newfound freedom from the taxman, you may actually want to realize enough income to stay within the 12% tax bracket. By paying a bit in taxes now you could be utilizing an opportunity to lower your lifetime tax bill. Remember that those tax-deferred accounts are sitting there waiting for you to pay taxes on them when you reach age 72.  Do Roth conversions. While you’re filling up the lower tax brackets you can convert your tax-deferred assets to Roth. The money will continue to grow, but you’ll be able to rest easy knowing that the taxes have already been paid. By performing Roth conversions you'll ensure that you won’t have all of your assets in tax-deferred accounts waiting for your RMDs. By converting some of your assets into Roth you’ll provide yourself with more flexibility, control, and optionality.  Tax-loss and gains harvesting. Tax-loss and gain harvesting is a little-utilized tool that applies to brokerage accounts when you sell a position and realize a gain or a loss. You can use these gains and losses strategically to optimize your tax situation. Listen in to hear how this tool could work for you.  Qualified charitable donation. If you are charitably minded QCDs are a great way to give to your favorite charity and save money on taxes at the same time. The trick with QCDs is that they must transfer directly from the IRA custodian to the charity.  In retirement, tax planning isn’t the same as in your working years. You need to plan ahead so that you can optimize your lifetime tax bill.
    Next week you’ll learn how to incorporate all of these tools into your retirement plan so that you can avoid those tax bombs. Don’t miss that episode so that you can build a retirement plan that will give you the confidence to rock retirement. 
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Financial planning should be a collaborative process [7:25] Opening your tax toolbox  [13:29] Filling up your tax brackets should be your first tool [21:44] Roth conversions [29:39] Tax-loss and gains harvesting [39:36] Qualified charitable donation TODAY’S SMART SPRINT SEGMENT [42:03] Map out your future income and build a net worth statement Resources Mentioned In This Episode Tenon Financial
    Jordan Peterson
    Rock Retireme

    • 44 min
    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

Customer Reviews

4.6 out of 5
747 Ratings

747 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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