379 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 • 637 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

    Your Non-Financial Plan: A Great Life Is About More than Money

    Your Non-Financial Plan: A Great Life Is About More than Money

    Retirement is about much more than finances. Money is important to mastering retirement, however, it isn’t everything. To have a successful retirement you must start with a strong financial plan and then begin to consider everything else.
    Over the next 4 episodes, we will discuss your non-financial plan. You must have a strong understanding of what is important to you before you begin retirement because someone or something is sure to fill your time when you retire. 
    Make your retirement count by identifying your purpose to help you determine your new rhythm of life. This 4 part series will help you realize the importance of your non-financial plan in retirement. 
    Start by getting your money right The key to beginning any non-financial plan is by first ensuring that your finances are in order. You can’t begin to focus on the rest of your retirement without having your financial plan in place. 
    The first step to any financial plan is by separating your desires into needs, wants, and wishes. Think about what a fulfilling life would look like to you and then consider how you will pay for it. 
    There are 3 ways to pay for life in retirement: social capital, human capital, and financial capital. After identifying how much money you will have from those first 2 areas you can then understand how much of your savings--your financial capital--you’ll need each month. The key to creating a financial plan in retirement is by staying agile. 
    What do you lose when you leave full-time work? When you leave your full-time job to retire you lose more than just a paycheck. Many people don’t consider this, but a lot of the anxiety over planning for retirement is about the void that is created by stepping away from the professional world. 
    You will need to learn how to create a paycheck in retirement but you’ll also need to learn how to create structure, social connections, and how to establish an intentional rhythm to your life. Have you considered how you will fill the void that your work life will leave behind? 
    What are the elements of life that will help you rock retirement? What do you need to live a good life? I’m not referring to the material things that surround you, I mean the non-tangible elements in life. Relationships, congruency, self-growth, gratitude, and agency are all examples of these intangible elements that are so important to living a fulfilling life. You’ll need to consider these intangibles if you want to create an amazing life in retirement. Listen in to discover why the intangibles are so important to your non-financial plan. 
    Join me for the live webinar! If you found this episode helpful, be sure to check out next week’s webinar. On May 13 at 7 pm CDT I’ll be hosting a live webinar where you will learn what it takes to build your own non-financial retirement plan. Not only will you learn all about how to use the pie cake retirement investment plan, but you’ll also learn the elements to consider on the non-financial side of retirement. Additionally, you’ll get a sneak peek into the RRC. Click here to register now!
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:02] What are the elements of life that will help you rock retirement? [8:45] What do you lose when you leave full-time work? [13:20] Start by getting your money right Q&A SEGMENT [16:58] A question about a 457 plan [18:31] What are the pros and cons of listing your estate as a beneficiary? [21:30] The pro-rata rule TODAY’S SMART SPRINT SEGMENT [23:43] What non-financial elements of your life will change in retirement? Resources Mentioned In This Episode LiveWithRoger.com
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retirement Learning Center

    Asset Allocation Ingredients: What Are UITs and Structured Notes?

    Asset Allocation Ingredients: What Are UITs and Structured Notes?

    As you start retirement planning you’ll want to think about using various types of retirement vehicles. This is why we are exploring different asset allocation ingredients in this series. I want you to understand the basics of these investment vehicles so that you can make an educated decision on what to include in your retirement portfolio. 
    Today you’ll learn about closed-end mutual funds, UITs, and structured notes. Listen in and learn why it’s important to keep your investments simple. Don’t need to overcomplicate your investments. 
    What is a closed-end mutual fund? The biggest difference between a closed-end mutual fund and an ETF or open-ended fund is they issue a fixed number of shares. Because of this, closed-end mutual funds act more like individual stocks. They even have an initial public offering just like a stock does. Sometimes they will even roll out a secondary offering. Since there are a limited number of shares, that means there is no more money coming in or out of the fund. Closed-end funds also use leverage as a way to improve returns. 
    What are the advantages of closed-end mutual funds? Open-ended funds and ETFs always trade at net asset value, however, closed-ended funds can trade at a premium or at a discount. They aren’t typically purchased at the net asset value. 
    Closed-ended funds don’t experience cashflow issues since they have a fixed amount they are investing. They don’t have to sell securities just because someone needs the money. People usually buy closed-end funds because of the distribution yields they payout. But it is important to remember that the high yield is usually due to the leverage they use. Discover the disadvantages of closed-end funds by pressing play. 
    What is a unit investment trust (UIT)? A unit investment trust (UIT) is a fixed portfolio. You’ll get a basket of securities in certain percentages that stays consistent over time. At a predetermined date, this trust matures like a bond and you’ll receive the cash value. The benefits of UITs are the costs and the lack of yearly capital gains. Since the trust matures at a certain time you will only need to worry about capital gains taxes at that time. They are also low in cost due to less management. Discover why I haven’t used UITs and why I really don’t like structured funds by listening.
    Check out the Rock Retirement Club The Rock Retirement Club is our online university that will empower you to rock retirement. The online courses will teach you how to build your retirement plan step by step. You’ll learn how much is enough and when you can retire. In addition to being part of the amazing community of like-minded people walking the same journey, you’ll also gain access to retirement calculators, spreadsheets, and other tools to help you rock retirement.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] What is a closed-end mutual fund? [8:31] What are the advantages and disadvantages of closed-end mutual funds? [12:57] What is a unit investment trust (UIT)? Q&A SEGMENT [19:17] How much is too much for a 5-year plan? [25:03] A healthcare before Medicare question [30:34] Self-funding long term care insurance using your home TODAY’S SMART SPRINT SEGMENT [37:13] Think about what you can accomplish between now and the end of the year Resources Mentioned In This Episode Check out the long term care insurance series by starting here
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger

    • 40 min
    Asset Allocation Ingredients: What Is a Separately Managed Account (SMA)?

    Asset Allocation Ingredients: What Is a Separately Managed Account (SMA)?

    Retirement planning takes many different forms, but to effectively manage your money in retirement it is important to know the types of investment accounts that are available. This is why I am hosting the Asset Allocation Ingredients series. 
    Over the course of this series, we explore what goes into your investment mix. This episode focuses on separately managed accounts. You’ll learn what they are and their advantages and disadvantages. 
    Make sure to stick around for the listener questions segment to hear answers to questions from listeners like you. 
    What is transformation? Transformation means a dramatic change in form or appearance. However, there are many transformations we can make in life that aren’t physical. Common life transformations occur when we leave school and enter the professional world, go from single to married life, and of course, from working to retired. 
    A transformation can be triggered by a few different things. It could be triggered by a life event, or it could be a gradual change over time, or simply by you looking for a change in your life. Are you working towards any transformations in your life? 
    What is a separately managed account? A separately managed account is a portfolio managed by a third party. Essentially, you are assigning the management of funds to a money manager who is implementing the portfolio that you have hired them for. 
    A separately managed account is different from an ETF or mutual fund in that you open an investment account at a firm and the account manager will build the portfolio based on the strategy you choose. It’s like a mutual fund that is completely unwrapped. You own each individual position in that account rather than in a bundle. 
    What are the advantages and disadvantages of separately managed accounts? Some advantages to SMAs are: 
    You have access to institutional managers that don’t manage mutual funds. You can customize your account by setting restrictions on what is allowed.  You maintain better control of the realization of gains and losses. There are a few disadvantages:
    There are fewer options to choose from. The baseline to open an account is higher. Fees are generally higher than other types of accounts. They add more complexity to your portfolio. Are separately managed accounts a part of your portfolio? What do you like about them?
    What’s coming up next on Retirement Answer Man Make sure to check out the next episode where we will explore UITs and structured notes. After this deep dive into the financial aspect of retirement, next month our focus will shift to the non-financial side of things. You won’t want to miss out on building your non-financial retirement plan.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [2:10] What is transformation? PRACTICAL PLANNING SEGMENT [5:49] The basics of a separately managed account [10:08] Disadvantages to this kind of structure for investments Q&A SEGMENT [14:24] A thank you from Dennis [18:21] How to choose mutual funds [21:38] The tax deductibility of long-term care  [23:52] How did I calculate the discount rate in the Retirement Plan Live webinar [31:11] What do you do with tax liability on a net worth statement? TODAY’S SMART SPRINT SEGMENT [34:05] Think about a transformation that you are working toward 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

    • 36 min
    Asset Allocation Ingredients - What is a Mutual Fund?

    Asset Allocation Ingredients - What is a Mutual Fund?

    This month we are discussing the ingredients that make up your retirement portfolio--your pie cake. In the previous episode, we took a deeper look at ETFs, and in this episode, we explore mutual funds. 
    You probably have mutual funds somewhere in your portfolio, but you may not know exactly what they are. On this episode of Retirement Answer Man, we will take a look at what a mutual fund is so that you can determine if you should have one in your retirement toolbox. 
    Is the Rock Retirement Club right for you? To truly rock retirement you need to do 3 things. 
    Build a solid retirement plan that will act as your decision-making framework to help you implement an agile process throughout your retirement.  Find a safe place where you can get unstuck whenever you get stuck building your retirement plan. You need a place where you can keep your momentum going and you can get answers to the questions you have. Surround yourself with people who are intentional about living this part of their life. Get inspired by others and inspire others so that you can all rock retirement together.  You can find all 3 of these things in the Rock Retirement Club. If this sounds like it could help you plan the next chapter of your life check out RockRetirementClub.com.
    Have you collected investments and accounts? As you approach retirement, you may notice that you have a lot of financial clutter. You have probably worked a few different jobs and over time, you may have collected retirement investment accounts in various places. You may also have several types of investments in different accounts. 
    When you are approaching retirement this can be a problem. These investments can be a financial mess. The complexity can be confusing and overwhelming. When building a retirement investment portfolio take the time to make it simple. Determine what kind of portfolio you want to build to support your retirement.
    What are open-ended mutual funds?  Mutual funds are similar to ETFs which we discussed in the previous episode. However, in a mutual fund investors pool their money together into an existing portfolio. Mutual funds are priced only once per day based on the net asset value and they are traded only once per day based on that price.
    What are the advantages and disadvantages of open-ended mutual funds? Just like any other investment, mutual funds are neither good nor bad. They are simply a tool to add to your investment toolkit. One advantage of mutual funds is that there is no tracking error since it is priced on the net asset value. They are easy to invest and there is a huge menu of investment options. Open-ended mutual funds are extremely liquid so you can get in and out of them easily. Listen in to hear what the disadvantages of mutual funds are. You’ll also hear me answer several listener questions with Nichole. Press play now.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] Have you collected investments and accounts? [7:25] What are open-ended mutual funds? [9:51] What are the advantages and disadvantages of open-ended mutual funds? [19:07] Open-ended funds are neither good nor bad  Q&A WITH NICHOLE [21:52] How to use a set portfolio to build your pie cake? [26:41] Should your withdrawal strategy change if you don’t have kids? [30:37] What to do with a 457B plan? TODAY’S SMART SPRINT SEGMENT [34:36] Question what you are doing--what else could you be doing? Resources Mentioned In This Episode Episode 370 - The recent episode with Fritz Gilbert
    Episode 372 - Start here if you want to learn more about building your pie cake
    Episode 363 - The beginning of the Let’s Get Physical health series
    BOOK - Atomic Habits by James Clear
    Rock Retirement Club
    Roger’s YouTube Channel - Roger That
    BOOK - Rock Retirement  by Roger Whitney
    Work with Roger
    Roger’s Retiremen

    • 36 min
    Asset Allocation Ingredients: What is an Exchange Traded Fund (ETF)?

    Asset Allocation Ingredients: What is an Exchange Traded Fund (ETF)?

    If you have listened to this show for a while you know that I like to create a retirement withdrawal strategy based on the pie cake. However, we haven’t discussed what goes into the mix. 
    Over the next several episodes, we’ll dive into the details of asset allocation. You’ll learn a bit about ETFs, mutual funds, separately managed accounts, and UITs. On this episode, in addition to answering listener questions with Andy Panko from Retirement Planning Demystified, you’ll learn about ETFs and their pros and cons. 
    Building your pie cake In retirement, your portfolios need to reflect when you plan on spending those funds. I separate these portfolios into what I call the pie cake. The basis of the pie cake, is of course, the plate. Your plate will contain your contingency fund and emergency fund. The first layer of your pie cake contains the money that you will use to fund your life over the next 4-5 years. The next layer will contain funds that have a different asset allocation. It may contain funds that are more of a mix of stocks and bonds. In your last layer, you have your long-term assets which will consist mainly of stocks. 
    What are the ingredients of the pie? Now that you have the cake set up you’ll need to consider what you’re going to put into each pie. Each layer of the pie cake is different and must be made separately. You’ll want to consider what ingredients you want to add.
    How many ingredients do you want to have in your mix? I like to have as few ingredients as possible. Try adding complexity to your ingredients by diversification rather than simply adding more ingredients. What would you prefer in your pie--simple ingredients or complex ones with names you can’t pronounce?
    What is an exchange-traded fund? An exchange-traded fund (ETF) is an instant portfolio. It is different from traditional mutual funds in that an ETF trades like a stock--you can buy call options or put options. They can be highly managed or not depending on what you buy, so pay careful attention to the fees attached. 
    One unique mechanism ETFs have is that the managers buy stocks that represent the portfolio you are trying to match. They track very closely to the net asset value. Learn more about ETFs by listening to this episode of Retirement Answer Man--make sure to stick around for the listener questions with Andy Panko.
    What are some advantages and disadvantages to ETFs? ETFs aren’t all good or all bad. They have their pros and cons. One advantage to an ETF is that you have an instant portfolio. Another advantage is the clarity. You know what is inside the fund at all times. They are also transferable between different brokerage houses and are quite tax efficient. 
    On the flip side, if you buy an ETF that is focused on an index you may get less diversification than you think. So make sure to dig under the hood a bit to understand what it is that you are buying. ETFs can also be more expensive if it is more actively managed. Press play to hear the difference between an organic and manufactured ETF.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:50] How to build your pie cake [3:23] What ingredients do you need to create your pie? [7:48] What is an exchange-traded fund? [11:28] What are some advantages and disadvantages to ETFs? [15:31] There are organic and manufactured ETFs Q&A SEGMENT WITH ANDY PANKO [19:23] Tax planning in retirement [23:40] Can you use one spouse's HSA to pay for the other spouse’s medical expenses? [26:55] How to balance retiring with college expenses ahead of you [31:30] Roth conversions and the pro-rata rule [38:32] Andy gives me some tax advice [42:28] Can I recommend a First Pen? TODAY’S SMART SPRINT SEGMENT [43:45] Take a look at your portfolios and ask yourself if they are too complex Resources Mentioned In This Episode Taxes in Retirem

    • 45 min
    What to Do in the 5 Years Before Retirement: Wisdom from Current Retirees

    What to Do in the 5 Years Before Retirement: Wisdom from Current Retirees

    Do you know what you should be doing in the 5 years leading up to retirement? Are you doing everything you can to get yourself retirement-ready? 
    This is the last episode in a 5 part series that expands upon what you need to do in the final push before retirement. If you’d like to start at the beginning of the series click here. 
    Today we’ll hear from the audience. I have asked those that have already retired to share what they wish they would have known before retirement. Listen in to hear their words of wisdom so that you can make sure to rock your retirement. 
    Your mental model can determine your success How do you envision your retirement? Are you stressed about the logistics? Can you visualize yourself living out your retirement dream?
    Many of us get caught up in the numbers side of retirement planning. And although it is important to have a good financial plan in place, what can be even more important is your model of what is achievable. If you don’t think your goal is achievable you’ll never be able to realize it. 
    One way to adjust your mental model is to hang out with and learn from people that are already there living the way you want to live. Learning from them can help you evolve your own mental model. Listen in to expand your vision of what is possible in retirement. 
    Words of wisdom from current retirees Over the past month, I have been asking listeners who are recent retirees to chime in with pieces of advice that they wish they had known before they retired. I got some fantastic responses via email and voicemail. 
    Chase wishes he had talked with others about their Medicare plans before choosing his own. Even after all his time researching, he felt like he made a poor choice of plans. During his next enrollment period, he’ll go with a different plan that a friend uses.
    Kyle wishes he had paid more attention to tax brackets. He was a fantastic saver over the years, but didn’t focus on the different types of accounts he was saving in. This won’t be helpful when it comes to tax planning in retirement. 
    On the flip side, Doug is very pleased that he laid out an income strategy in his retirement plan. Tax planning was a big part of the way he planned.
    Glen recommends paying off the mortgage in the years leading up to retirement. Not only did it feel great to pay off, but this also allowed him to test drive his retirement budget. Listen in to hear how Glen did that.
    Create your retirement plan and stay agile Looking at the big picture and creating your retirement model will help you envision the life you want. Engage with your spouse if you are married and discuss what life could be like. Knowing where you want to go helps create the mindset you need to move forward with confidence and to live life without regrets. 
    Organization is power, so have a game plan and be ready to execute it. You can always make adjustments as the retirement game unfolds. If you stay agile then you can adjust your plan as needed. 
    Don’t miss out on all the words of wisdom from our listeners. They have some fantastic advice to get you moving on your retirement journey.
    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Your mental model of what is achievable is just as important as everything else [4:42] Ask others about their Medicare plans [6:36] Building out a retirement helps to picture what could be [8:31] knowing where you want to go creates the proper mindset to move forward with confidence [10:02] Kyle wishes they had paid more attention to tax brackets [11:53] It’s important to have nonwork friends [16:09] You will lose your life insurance if it is through work [18:44] Wishes he put more 401K into Roth [22:02] Allow yourself to relax Q&A SEGMENT [24:29] A long-term care buyout question [30:35] A MYGA fixed annuity question TODAY’S SMART SPRINT

    • 37 min

Customer Reviews

4.6 out of 5
637 Ratings

637 Ratings

Raenell & Jeff ,

Great service for SO MANY PEOPLE!

I am so happy I discovered the Retirement Answer Man podcast in recent months. This is my favorite pre-retirement/retirement resource. The content is engaging, thoughtfully prepared, and delivered in a way that is easy for me to understand (no Master of Finance necessary). It is a tremendous value in my planning. Topics range from the meaty financial to the just as important ways to get the most enjoyment of my future retirement years. I have learned so much about goal setting, the need for flexibility when things change, recent tax changes, and questions to ask my financial advisor. Roger and team, thank you for a great service in a platform that benefits so many people! I will be tuned in!

DappleBob ,

Whole lot of respect

I’m about six years off from retiring, and deep into newly learning about related financial aspects. Roger’s podcast has lots of awesome whole-person information, far beyond the purely dollar amount side of things. A great listen, easy to listen to, and just what I needed!

jrzsfsd ,

The best

Roger has the best retirement/pre-retirement podcast out there. Any even close to retirement needs to listen to his podcast

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