Episodi
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Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!
PRACTICAL PLANNING SEGMENT
(00:30) Today we are going to talk about charitable and family giving.
(00:53) I misquoted the HSA contribution limits in episode 565
(02:40) In January we are doing another Retirement Plan Live series.
03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.
(04:21) Today we're going to talk about charitable and family giving
(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.
(07:41)What are ways of giving to a charitable organization?
(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.
(14:42) Let’s talk about family giving. You can give up to $18,000 a year in family giving.
(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.
LISTENER QUESTIONS
(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.
(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?
(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”
SMART SPRINT
(37:55) In the next seven days review your charitable and family giving.
BONUS
(38:15) Roger shares another excerpt from his grandfather's WWII journal.
REFERENCES
Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/Red Cross
https://www.redcross.org/Schwab Donor-Advised Fund
https://www.schwabcharitable.org/Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/Upcoming Podcast Guests:
Christine Benz
https://www.morningstar.com/people/christine-benzMichael Easter
https://eastermichael.com/Daniel Crosby
https://orion.com/thought-leader/daniel-crosbyTanya Nichols
https://www.align.financial/tanya-nichols/Retirement Podcast Network
https://retirementpodcastnetwork.com/Six Shot Saturday
https://rogerwhitney.com/six-shot-saturdayShow notes created by https://headliner.app
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Join us in this insightful episode as we continue our series on year-end action items, focusing on optimizing your retirement planning. Today, we delve into the intricacies of withdrawing assets, discussing everything from flexible spending accounts to inherited IRAs. We also explore the concept of "gear, not stuff" with insights from Michael Easter, and how making thoughtful purchasing decisions can impact your financial health and the environment. Don't miss our deep dive into tax strategies and the importance of building a resilient retirement plan. Plus, we answer listener questions about decumulation, working with financial advisors, and more. Tune in to take actionable steps toward a secure and fulfilling retirement!
PRACTICAL PLANNING SEGMENT
(00:00) This week we continue to discuss year end action items to optimize your retirement planning
(00:50) We are gearing up for a retirement plan live case study for January. This time we will be focusing on someone who is single with no children.
(02:10) Roger shares an anecdote about having his kitchen cabinets painted and discusses gear versus stuff.
(05:00) Roger discusses the importance of buying high quality items that last.
(07:25) Today we're going to talk about accounts we should consider withdrawing money from before the end of the year. First up are FSA accounts.
(08:14) The next accounts we are going to talk about are inherited pre-tax accounts.
(09:30) If you inherited an IRA prior to January 1, 2020, your required minimum distribution is required to be taken out by the end of this year.
(10:48) What happens if you inherited an IRA after 2020?
(12:25) Since the Secure Act 2.0 started in 2023, the penalty for not taking the required minimum distribution is 25% of what you should have taken.
(13:35) The next type of required minimum distributions we are going to talk about are those that are age related for original IRA owners.
(15:03) Proactively taking qualified distributions can lower your overall tax rate in retirement.
LISTENER QUESTIONS
(20:44) Next Month, we'll focus on answering some of your questions on AskRoger.
(21:12) The first question comes from Scott about principal versus interest and decumulation.
(28:59) Next, Joy says she needs help with retirement planning and decumulation of assets.
(32:45) Mike asks about decumulation and resilience. How should pre-retirees position retirement assets as they reach the last five years or so before retirement?
(39:11) Tom asks about the five year rule for Roth 401k conversions.
SMART SPRINT
(41:08) Take a look at the items that we talked about in terms of withdrawing assets.
BONUS
(41:45) Roger reads another excerpt from his grandfather's war journal.
REFERENCES
Ask Roger
https://www.rogerwhitney.com/askroger
Michael Easter
https://twopct.comDinkytown Calculators- specifically the 1040 tax estimator
https://dinkytown.netSchwab Required Minimum Distribution Calculator
https://www.schwab.com/ira/ira-calculators/inherited-ira-distribution-calculatorSix Shot Saturday
https://6shotsaturday.comShow notes created by https://headliner.app
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Episodi mancanti?
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Join us as we dive into year-end financial planning strategies to optimize your retirement plan. This episode unpacks the essentials of contributing to various accounts like 401(k)s, IRAs, Roth IRAs, HSAs, and donor-advised funds before the year ends. We also discuss Roth conversions and answer listener questions about IRMAA brackets and required minimum distributions. Plus, hear a special tribute to veterans, featuring the first mission of Roger’s grandfather, a WWII bomber pilot. Don’t miss this comprehensive guide to maximizing your retirement savings and honoring those who served!
SMART PLANNING SEGMENT
(01:01) Rock Retirement Club is having its last open enrollment for the year.
(02:26) This month the theme has been to look at year end planning items in order to optimize your plan of record.
(03:40) This week we focus on contributing to assets between now and the end of the year. We will start off by discussing contributing to your 401K account.
(05:30) The second thing we want to look at is contributing to an IRA or Roth IRA.
(08:37) The next account you might consider contributing to is your health savings account.
(10:07) Another thing you might consider contributing to is a donor advised fund or any type of charity.
(15:03) The next one I’ll talk about today is 529 education plans.
(17:00) Another account you might want to contribute to is your after tax investment account.
LISTENER QUESTIONS
(20:00) Roger talks about 51 missions that his grandfather flew during World War II in honor of Veterans Day.
(21:10) Reid is concerned about IRMAA in 2026 regarding Roth conversions.
(24:35) David asks a question about projected required minimum distributions for Roth conversions.
(28:30) Joe asks about tax brackets and Roth conversions.
(31:13) Denise says the more she reads about Roth conversions, the more confused she gets.
SMART SPRINT
(35:00) If you want to try to do some optimization, grab the worksheets from Six Shot Saturday and go through the lists.
IN HONOR OF VETERANS DAY
(35:54) In honor of Veterans Day, I'm going to share some missions from my grandfather to thank all of our veterans.
REFERENCES
Six Shot Saturday
Rock Retirement Club
Retirement Answer Man- FREE Resource Center
Show notes created by https://headliner.app
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Welcome to a transformative episode where we delve into year-end financial strategies to optimize your retirement planning. Join us as we discuss tax-loss harvesting with Erin Coe, a seasoned planner and tax expert. Learn how to strategically sell capital assets at a loss to reduce your tax burden and explore the nuances of capital gains, wash-sale rules, and more. Plus, we answer listener questions about Roth conversions and annuities. Don't miss this insightful guide to maximizing your financial health!
PRACTICAL PLANNING SEGMENT
(00:25) Today on the show we begin to explore year-end action items.
(02:23) So now that we're into tax season, we're going to do a primer on tax-loss harvesting with Erin Coe.
(03:59) Tax-loss harvesting is the act of intentionally selling capital assets at a loss
(05:25) Defining what a capital loss is
(08:42)The intent is to reduce taxable income and reduce taxable liability
(10:12) How do you gauge the impact of this?
(13:34) Leave some buffer room to be careful on tax cliffs
(15:35) The wash-sale rule means you can't sell a capital asset and claim that loss and then repurchase it within 30 days
(21:27) What are some gotchas that we need to watch out for when evaluating portfolios?
(22:24) Another problem is those carry forwards, you need to track it every year whether you are using it or not.
(25:38) Tax loss harvesting is not just a December activity, it’s a year-round sport
LISTENER QUESTIONS
(28:05) Greg asks a question about Roth conversions for his older relative
(34:24) Stanley says his wife has a taxable MYGA, multi year guaranteed annuity, and wants to know if he should take the lump sum or roll it into something else.
(40:28) Jay asks about the pie or bucket approach
SMART SPRINT
(46:50) Review your after-tax accounts looking for unrealized losses and examine whether you can use them productively
Join our live event on Roth conversions at livewithroger.com or sign up for the replay at sixshotsaturday.com.
REFERENCES
Dinkytown.net
Turbo Tax
Retirement Podcast Network
Six Shot SaturdayRetirement Answer Man
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Welcome to our latest episode, where we focus on empowering your retirement journey with clarity and energy. Today, we delve into two powerful mental models, Occam's Razor and Hanlon's Razor, to simplify your retirement planning and decision-making processes. We also welcome back Dr. Bobby Dubois in our Rock Life segment, where he shares insights on living longer and more energetically. Don't miss our discussion on practical steps to enhance your life and retirement.
PRACTICAL PLANNING SEGMENT
(00:55) Roger will host a live online meetup on November 7 to discuss ROTH Conversions
(02:30) Today we are going to talk about Occam’s Razor and Hanlon’s Razor
(04:20) Occam’s Razor talks about when confronted with multiple options, the simplest is the best. Don’t overcomplicate things.
(05:20) How to apply Occam's Razor in retirement planning
(10:43) Hanlon's razor says never attribute to malice that which can be adequately explained by incompetence or ignorance
(12:15) Humans are messy and are usually not trying to harm or cause problems
(12:50) How do you apply Hanlon’s Razor to retirement planning?
INTERVIEW WITH DR. BOBBY
(15:53) Today we are going to focus on building energy and discuss four different studies about inflammation.
(17:00) The first study talks about how sleep impacts inflammation.
(21:45) The next study discusses measures of inflammation that can be tested in the blood and what they suggest.
(26:05) Third study shows exercise can improve our sleep and reduce inflammation
(28:20) One study looked at five characteristics of an 80 year old to determine who was more likely to live to 100.
(30:54) The takeaways are, there are things we can do that can really help us live long and well. Sleep, exercise, and diet can really make a difference in longevity.
SMART SPRINT
(32:40) I want you to look for an opportunity to practice Occam’s or Hanlon’s Razor in the next seven days.
Six Shot Saturday Email
Retirement Answer Man Webinar Registration
Books:
The Great Mental Models- Shane Parrish
Podcasts:
Live Long and Well with Dr. Bobby- Episode 3: Sleep
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In this episode, we delve into the concept of the Circle of Competence, a key principle in the mental mindset arsenal. We also feature Karen's inspiring story of transitioning from accumulation to decumulation, redefining her retirement journey. Join us as we explore the importance of deep knowledge versus surface understanding, and how you can apply these insights to your life. Also, don't miss our upcoming live online meetup on November 7, where we'll discuss Roth conversions and introduce the Rock Retirement Club. Sign up at livewithroger.com and take the first step towards rocking your retirement!
PRACTICAL PLANNING SEGMENT
(00:00) This week we will talk about the Circle of Competence and decumulation
(01:05) Live online meet up 11/ 7 at 7pm central about Roth conversions and RRC Open House
(04:33) The internet creates false competence and internet experts
(07:05) Circle of competence says individuals should focus their efforts within areas where they have a deep understanding or expertise
(07:32) Warren Buffett is a master at staying within the Circle of Competence
(12:10) Your competence in retirement is informed by your experience and research
(14:00) How do you know who is competent at some level in retirement planning?
(15:10) As competence goes up, sometimes confidence can diminish
(18:40) If you’re not in your Circle of Competence, what should you do?
(21:30) How do you gauge someone's Circle of Competence?
INTERVIEW WITH KAREN ABOUT DECUMULATION
(24:27) Karen shares her story and journey to understanding decumulation
(25:20) Karen became a widow five years before she retired from pediatrics at age 62
(26:50) Karen learned from the RRC about the concept of decumulation
(29:30) Second Order consequence of not touching principal
(33:00) Karen talked about a degenerative issue from a vision standpoint in your family
(35:56) I asked RRC members for recommendations on where to go, what to do
(38:00) Karen recaps her travels as a single elderly lady traveling alone and with groups
(40:29) So I'm thinking of you in decumulation, that change in conception and seeing in detail that it’s okay to spend x amount of money on various things.
SMART SPRINT
(43:11) In the next seven days, I want you to think about the distinction between accumulation and decumulation.
REFERENCES
Great Mental Models- Rhiannon Beaubien Shane Parrish
Into Thin Air- Jon Krakauer
Live Long and Well with Dr. Bobby
Overseas Adventure Travel
The History Chicks Podcast
Road Scholars
The Soul of Wealth- Dr. Daniel Crosby
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Join us in this insightful episode as we explore the concept of 'The Map vs. The Territory' in retirement planning. Discover how mental models can enhance decision-making and lead to a more fulfilling retirement. Our special guest, Dr. Daniel Crosby, discusses his latest book, "The Soul of Wealth," offering profound insights into achieving soulful wealth beyond mere numbers. Learn how to balance maps and reality, and the importance of feedback loops in financial planning. Plus, get practical advice on adapting to the unpredictable nature of life and finances. Don't miss this engaging conversation on rocking retirement with agility and purpose!
PRACTICAL PLANNING SEGMENT(00:30) Talking about the map versus the territory and how it applies to retirement
(2:00) Personal anecdote about GPS maps
(4:00) Maps are a good abstraction to help us navigate things but understand maps are not reality
(5:15) Practical example using map versus territory
(07:25) Maps can be very useful in retirement planning, but they can also have limitations
(9:00) If we view map as reality, it’s easy to create static rules and can reduce our ability to adapt
(10:00) In the context of retirement planning, the map is the plan and comes with a lot of limitations.
(12:31) There are multiple ways to deal with variability of inflation
INTERVIEW WITH AUTHOR DR. DANIEL CROSBY
(16:22) Dr. Daniel Crosby is the author of the newly released book The Soul of Wealth
(18:25) Use a phrase called soulful wealth to describe what makes life rich
(20:00) Retirement is not a spreadsheet
(22:48) Martin Seligman is the father of positive psychology and the PERMA Model
(29:37) You have to get very specific in what it means to have meaning in life
(31:00) The Three B’s of having purpose in life- Believing, Belonging, Becoming
(35:26) What is it, especially around retirement, that creates this crisis of confidence with people?
(39:25) Identify when you are lying to yourself and it becomes harder to be complacent
(40:45) Have a purpose for your money
(44:55) One of the most fulfilling ways to spend money is giving it away
SMART SPRINT
(48:32) In the next seven days, evaluate whatever retirement plan you have in place and identify specifically what is the feedback loop to improve that plan.
RESOURCES
Dr. Daniel Crosby
https://www.danielcrosby.comThe Soul of Wealth
https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441Six Shot Saturday
https://sixshotsaturday.comOrion Advisor Services
https://www.orion.comMartin Seligman
https://www.authentichappiness.sas.upenn.edu -
Welcome to the second week of our series on improving decision-making skills with mental models to help you rock retirement! This week, we delve into the concept of second order thinking, also known as the law of unintended consequences. Learn how to think beyond immediate outcomes and explore the long-term impacts of your decisions, whether it's buying a new car or helping your child with a down payment. We'll also share insightful stories from RRC retirees who have navigated the transition to retirement, offering wisdom on what they were excited about, what they worried about, and how their perspectives have changed. Plus, we answer your questions and discuss practical applications of second order thinking in retirement planning. Join us for an episode packed with valuable insights and tips to enhance your retirement journey!
PRACTICAL PLANNING SEGMENT
(00:00) This week's show focuses on improving decision making skills ahead of retirement
(01:15) Revisiting inversion thinking with listener feedback
(03:18) Shoutout to RRC Member Kevin
(5:00) Starting our second mental model: Second order thinking or the law of unintended consequence
(9:00) Reflecting on giving money productively to children using second order thinking
(12:58) Second order consequence thinking can help you tease out downstream consequences of retirement planning
(13:40) Building a retirement plan of record thinking in second order consequence thinking.
RRC RETIREE INTERVIEWS
(15:20) Talking to our own Kevin Sebesta about retirement
(18:09) What is a fun bucket?
(23:00) Talking with two-year retiree, Bob, about what his concerns were before retirement and what he was most looking forward to.
(27:54) Bob talks about making indulgent purchases in retirement.
(30:46) Asking Bob what advice he would have given his younger self.
(33:01) Talking to five-year retiree, Becky, about her concerns prior to retirement.
(36:06) When you retired, would you say you were overfunded or very constrained?
(38:00) How were you comfortable with the unknown going into retirement?
(39:30) How important is it to have friends who are on a similar journey?
(44:57) Talking to four-year retiree, Jack, about his concerns two years prior to retirement.
(48:35) Jack talks about volunteering at food pantries and food banks.
(50:46) How do you avoid getting bored in retirement?
(52:04) What would you have done differently when it comes to transitioning to retirement?
(53:15) Talking with five-year retiree, Chip, about transitioning from professional to retiree.
(55:55) A year or two before retirement, what were your biggest concerns?
(56:50) “Getting laid off was probably the best thing that ever happened to me.”
(59:17) It's been a journey after retirement figuring out how to manage your time
(01:03:10) Looking back, is there anything you would’ve done differently?
LISTENER QUESTIONS
(01:05:14) Mikey asks about withdrawing social security before seventy.
(01:09:23) Mike and Bonnie ask about using debt for tax management purposes
(01:16:21) Dirk asks about principle protected, structured ETFs
(01:17:25) What is principal protection structured ETF?
(01:23:59) Tim asks about investing based on newsletters.
SMART SPRINT
(01:28:59) Use second order thinking to help you make low-stakes decisions
REFERENCES
Rock Retirement Club
https://rockretirementclub.com
Six Shot Saturday
https://sixshotsaturday.com
Roger Whitney
https://rogerwhitney.comCatching Up to FI Podcast
https://catchinguptofi.comFooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219 -
Welcome to another insightful episode where we kick off a month-long series on improving your decision-making abilities. This week, we delve into the concept of inversion, a powerful mental model that can significantly enhance your retirement planning. Learn how to avoid common unforced errors and make better decisions to ensure a successful retirement. Plus, get answers to listener questions about HSAs, security issues, and investment strategies. Don't miss this episode packed with practical advice and useful tips!
PRACTICAL PLANNING SEGEMENT
(00:30) This week starts a month-long series on improving your decision-making abilities
(04:38) First mental model- Inversion
(10:30) Inversion in investing
(12:20) Combining inversion with the vision pillar to determine what you want your life to be
(15:00) Using things you don’t want to help build goals of what you DO want
(15:54) Inversion with energy pillar. What do I need to AVOID to get more energy?
LISTENER QUESTIONS
(17:55) Jay asks about HSA and transferring funds
(21:55) Questions from Connie about password website, onepassword.com, and about securing social security account.
(24:55) Question about financial advisors and Dimensional Funds
(30:12) Linda asks about asset allocation and optimization.
BRING IT ON SEGMENT
(33:33) Kevin Lyles comes on to talk about identity
(37:15) Identity after retirement and losing your work identity
(43:07) Identify what you got from your career identity-wise that you want to continue in retirement
SMART SPRINT
(52:55) In the next 7 days when faced with a decision, think about inverting the question.
RESOURCES
Rock Retirement Club
https://rockretirementclub.comSix Shot Saturday
https://sixshotsaturday.comRoger Whitney
https://rogerwhitney.comVanguard
https://vanguard.comCharles Ellis, Winning the Loser's Game
https://www.amazon.com/Winning-Losers-Game-Strategy-Investing/dp/1264257697Bronnie Ware, The Top Five Regrets of the Dying
https://www.amazon.com/Top-Five-Regrets-Dying-Transformed/dp/140194065XOne Password
https://1password.comLastPass
https://lastpass.comLogin.gov
https://login.govID.me
https://id.meDimensional Fund Advisors
https://us.dimensional.comAvantis Investors
https://www.avantisinvestors.comThe Retirement Collective- Shared Wisdom from Top Retirement Coaches
https://www.amazon.com/Retirement-Collective-Shared-Wisdom-Coaches/dp/1951915186 -
In this episode of the Retirement Answer Man, Roger Whitney wraps up his series on the eight pillars of a great retirement plan by diving into the last two non-financial pillars: passion and relationships. Discover how your hobbies, curiosities, and social connections can significantly impact your retirement happiness. Roger also shares personal stories and practical tips on maintaining energy, fostering a growth mindset, and building a fulfilling post-retirement life. Tune in for insights and strategies to help you rock your retirement!
PRACTICAL PLANNING SEGMENT
(00:26) Eight pillars are needed as a foundation for having a great retirement plan
(02:50) Importance of showing up and doing the work
(04:12) Having projects is a core component of living an enriching, full life
(04:49) Passion is our next nonfinancial pillar, find projects you’re passionate about
(07:19) What are the obstacles to pursuing passion and projects outside of retirement
(08:50) Roger’s personal anecdote about digital obstacles
(10:30) Plan for developing passions
(11:52) Last of the four non-financial pillars is relationships
(15:17) What are the obstacles of building relationships?
LISTENER QUESTIONS
(18:50) Mark asks about spousal IRA
(20:09) Question from Beth: Should I keep 401k or roll over to an individual IRA?
(24:28) Fund choices can be a determinant of your 401K success
(27:07) Simplification and consolidating your assets into an IRA
(30:21) Listener feedback on losing a spouse
(34:50) It only takes one account or property to force probate
SMART SPRINT
(37:20) Identify one thing that you are curious about and pull that thread
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This week, we continue our journey through the eight pillars of rocking retirement, shifting our focus to the non-financial realm. We delve into the first two non-financial pillars: Energy and Mindset. These pillars are crucial for showing up fully in life and maintaining a growth-oriented perspective. We'll explore how to overcome obstacles like stress, injuries, bad habits, and the impacts of aging, and discuss actionable plans to boost your energy and cultivate a growth mindset. Additionally, we’ll answer your pressing questions about Roth IRA contributions, tax planning, Social Security spousal benefits, and CD investments. Join us as we build a holistic retirement plan that goes beyond finances to truly rock your retirement!
PRACTICAL PLANNING SEGMENT
[00:33] Focus on the non-financial aspects of your retirement planning
[01:35] Sign up for Six Shot Saturday
[03:20] The first pillar that we want to talk about is energy
[04:15] Obstacles that we face in having energy in our life
[06:05] Plan when it comes to energy
[08:43] Pillar number two is mindset
[09:53] Obstacles to maintaining and growing a growth mindset
[12:45] What is your plan for a growth mindset?
[14:17] Reflecting on my father-in-law’s mindset
LISTENER QUESTIONS
[16:56] Roger answers your questions on how to rock retirement
[17:35] Beth: audio question about Roth contributions
[20:30] Jim talks about managing taxes in retirement
[24:38] Our next question comes from Patrick on Social Security spousal benefits
[27:12] Daniel: I was wondering what your thoughts were on CD investments
BRING IT ON SEGMENT
[31:14] Mark Ross talks about mindset
[33:30] I changed my self-talk and it changed the outcome
[37:18] Tools to change to an abundance mindset
SMART SPRINT
[38:55] When you find yourself saying “I can’t,” add the word yet. “I can’t do that YET.”
RESOURCES
Agile Retirement Management
https://www.agileretirementmanagement.com
Rock Retirement Club
https://www.rockretirementclub.comSix Shot Saturday
https://www.sixshotsaturday.comYounger Next Year
[https://www.youngernextyear.comLimitless Mind by Jo Boaler
https://www.amazon.com/Limitless-Mind-Learn-Lead-Live/dp/0062851748
Spartan Race
https://www.spartan.com -
This month, we're revisiting the eight pillars of rocking retirement. Today, we focus on the second two financial pillars: having a resilient plan of record and optimizing the plan to enhance the journey. Many people are good at setting goals and determining feasibility, but often overlook the importance of resilience in their retirement plan. We delve into how to stress test your plan for various risks like bear markets, health care shocks, and premature death, and how to build redundancies to make your plan more robust. We also discuss optimizing your plan with tax strategies, investment implementation, and legacy planning.
PRACTICAL PLANNING SEGMENT
-[00:35] - Introduction to the eight pillars of rocking retirement
- [04:55] Building a Resilient Retirement Plan
- [10:30] Building a funding strategy for the first five years of retirement
- [14:38] The fourth pillar: Optimization
LISTENER QUESTIONS
- [18:55] Mark asks about estimating Social Security benefits
- [20:32] Mary inquires about investing in Real Estate Investment Trusts versus private crowdfunding platforms
- [27:20] John seeks advice on choosing a retirement planner
- [31:58] Tammy's question on whether to sell a high-value home for liquidity
BRING IT ON SEGMENT
- [36:37] Building relationships and the importance of micro roles
SMART SPRINT SEGMENT
- [42:50] Assess the resilience of your retirement plan
Resources Mentioned In This Episode
Six Shot Saturday
https://sixshotsaturday.comJeremy Siegel's "Stocks for the Long Run"
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514Roger's YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.
The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
- 00:28 September will focus on the eight pillars of rocking retirement
- 08:00 First two pillars of rock retirement are vision and feasibility
- 08:14 Vision: What do you want when you retire?
- 13:28 What are some of the obstacles to creating a vision in retirement?
- 17:44 The next pillar in the financial realm is having a feasible plan
LISTENER QUESTIONS
- 24:10 Listener Scott has a tip about going from two to one
- 26:13 Bill discusses piecake
- 27:44 Our next question is from Steve related to asset allocation in retirement
- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investment
BRING IT ON
- 38:33 Kevin Lyles talks passion in work and volunteering in retirement
SMART SPRINT
- 45:55 Think about your life as a clean slate
✍️ Episode References
Six Shot Saturday
https://sixshotsaturday.comThe Top Five Regrets of the Dying- Bronnie Ware
https://bronnieware.com/regrets-of-the-dying/The Retirement Manifesto- Fritz Gilbert
https://www.theretirementmanifesto.com/Stocks for the Long Run- Jeremy Siegel
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514 -
If you are exploring a unique retirement, it is important to do your research. The best way to research something is to talk to someone who has walked the walk. That’s why, on this episode of Retirement Answer Man, I chat with people who are living their own unique retirements.
Press play to hear these unique stories. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN TODAY’S SMART SPRINT SEGMENT
[6:02] Identify what type of community has served you well in lifeSTORIES FROM AN EXPAT
[8:22] Meet Doug living the expat life in Thailand[15:03] How to maintain a US address[21:35] How to handle buying land in other countries[26:41] How does estate planning work?STORIES FROM A PARENT OF A DISABLED CHILD
[29:53] Navigating retirement with children with special needs[31:11] How our retirement focus is different from other retirees[38:08] How Special Sitters coordinates care in Omaha, Nebraska[44:35] How they are making sure that their children are cared for[49:49] What else you should rememberSTORIES FROM A HUB AND SPOKE TYPE OF RETIREMENT
[50:35] What Rhoda and Rob are doing in retirement [54:38] How they travel in retirement[1:04:44] How they managed their financesResources Mentioned In This Episode
Special Sitters
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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Have you ever thought about retiring abroad? It seems like a fun adventure, but how do you begin?
On this episode of Retirement Answer Man, expat expert, Jane Mepham from Elgon Financial Advisors, joins me to discuss the financial and nonfinancial considerations of moving abroad in retirement. Press play to learn whether retiring abroad would be right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIRING AS AN EXPAT
[3:46] What is the attraction of retiring to another country?[6:18] How to explore whether retiring abroad is right for you[12:01] Should you buy or rent?[14:54] How do you navigate your finances?[22:04] What other considerations should you think about?LISTENER QUESTIONS
[37:09] Is it worth selling investments and incurring significant taxes to change firms to reduce fees?[46:03] How to plan retirement without using the 4% rule [52:25] Where to put your contingency fundTODAY’S SMART SPRINT SEGMENT
[58:08] Examine the advice you’re getting and your processResources Mentioned In This Episode
Elgon Financial Advisors
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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If you have a special needs child, you know that your retirement plan will need to include plans for their future. How do you create a great retirement while honoring and caring for your child with special needs who will most likely live beyond your years? That’s what we’ll be learning today.
In this episode, Matt from Haystack Financial Planning joins me to explore this question. His practice specializes in serving the disabled community and he offers years of experience in this area. Press play to learn what you can do to take care of your children while making the most of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLANNING WHEN YOU HAVE A SPECIAL NEEDS CHILD
[2:30] Why Matt chose this path[4:25] How to plan for your child’s needs[7:40] How to determine the costs needed[12:02] What other tools do these children have available to them?[14:38] What is an ABLE account[20:07] How to approach guardianship[22:42] Resources to helpLISTENER QUESTIONS WITH NICHOLE
[24:42] How Nichole has been doing[25:25] Maggie’s backdoor Roth conversion question[29:38] On the order of withdrawals in retirement[33:33] How much will I need to self-insure for long-term care?[40:46] How to handle finances as a newly married couple[45:55] My plans with Michael EasterTODAY’S SMART SPRINT SEGMENT
[47:39] Limit your exposure to mainstream media related to the electionResources Mentioned In This Episode
Haystack Financial Planning
ABLE 529 account
BOOK - The Special Needs Planning Guide by John Nadworny
BOOK - Retire Secure for Parents of a Child with a Disability by James Lange
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and retirement planner Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement.
Over the next month, we’ll be exploring different ways of retiring. If you have special retirement circumstances, you won’t want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MILITARY RETIREMENT WITH SCOTT SANDBORN
[3:40] Why did Scott become a retirement planner?[5:36] What it means to retire from the military[7:15] How retiring from the military is different[13:18] Understanding the healthcare benefits[17:55] Reimagining your second actLISTENER QUESTIONS
[29:40] Penny is trying to decide whether to stay or move closer to family[37:28] How to decide when and how to relocate[39:41] How to pay the tax from my Roth conversions?[41:22] Is the IRMAA surcharge calculated each year?[42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month?[45:20] Standard deviation and creating an N of 1TODAY’S SMART SPRINT SEGMENT
[47:55] Remember what your intent isResources Mentioned In This Episode
Scott Sanborn
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
So many retirement questions have no right answers. They’re simply judgment calls. In this episode, we’ll explore whether it makes sense to switch to a Roth 401K.
Don’t listen to find out the answer. Listen to learn the process to use to come up with your own answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS
[2:03] Does it make sense to switch to a Roth 401K[13:55] An IRMAA surcharge question[18:18] Can you use the Rule of 55 for a Solo 401K?[20:36] A backdoor Roth question[26:22] A 5-year rule Roth IRA question[28:36] An organized Social Security questionWISDOM FROM THOSE ON THE JOURNEY
[31:31] What I wish I had known from Elaine[33:27] What a 70-year-old has learned about retirementTODAY’S SMART SPRINT SEGMENT
[36:48] Relax and don’t worry about retirementResources Mentioned In This Episode
My recent Forbes article
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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You’ve got questions and we’ve got answers. On this episode of Retirement Answer Man, Taylor Schulte from the Stay Wealthy Podcast joins me to answer your retirement questions. Grab your earbuds and join us for this episode full of your questions.
Make sure to listen to the pension or lump sum question to see how Taylor and I arrived at our differing opinions on what this listener should do with his pension. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS
[2:11] Which income sources are included in the IRMAA calculation?[10:12] On the retirement podcast network[12:35] How to use home equity as a retirement resource[22:35] Which rules should be used for this inherited IRA?[23:39] Why should I do a Roth conversion if I don’t want to?[30:47] What can I do with my small annuity?[36:01] Are closed-end funds good or bad?[47:10] Pension or the lump sum?TODAY’S SMART SPRINT SEGMENT
[57:18] What have you been talking about more than doing? Take action.Resources Mentioned In This Episode
Define Financial
Stay Wealthy Podcast with Taylor Schulte
Retirement Planning Education Podcast with Andy Panko
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center -
If you’ve ever searched for a financial professional you may have seen an endless string of letters after their names. Trying to figure out the financial advisor alphabet soup is exhausting.
One listener threw his hands up and asked me what all those letters mean. On this episode, we’ll explore the meanings behind those designations and discuss what they mean for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS
[5:47] Understanding the financial advisor alphabet soup[20:24] Which designations are more important for you[22:58] Does it make sense to pay off the mortgage[31:35] On using a recast to pay off your mortgageROCK LIFE WITH DR. BOBBY
[36:08] How weight relates to health[39:40] Intermittent fasting benefits[45:41] Intermittent fasting dangers?[52:00] On understanding science news articlesTODAY’S SMART SPRINT SEGMENT
[1:00:47] Go have fun!Resources Mentioned In This Episode
Live Long and Well with Dr. Bobby
Mark’s Money Mind Podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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