Retirement Answer Man

“How do I understand Social Security and Medicare?” This is a question I hear most often from people planning for retirement. It's understandable. Social Security and Medicare benefits will play a big part in your retirement. In this episode we begin to unwrap both and begin to build a framework for you make decisions about your Social Security and Medicare benefits. I say we “begin” intentionally. These are BIG subjects. In future episodes, we’ll continue to improve your understanding of your Social Security and Medicare. Announcements If you enjoy the podcast, I would consider it a great favor if you subscribed in iTunes and leave a review. This helps others discover the show. Last week I announced my Retirement 2.0 project. This is an initiative to redesign the retirement planning process to serve you better. To help, go here and share your thoughts on retirement.Retirement Tip of the Week I suggest you visit and explore our government's Social Security website. It is an easy to navigate, useful resource to help you manage your Social Security benefits. YES, I just said “useful” and “government” in the same sentence. They did a great job designing the site. You can easily: Apply for benefits,Check the status of an applicationSet up direct depositEstimate your Social SecurityEstimate your spouse’s benefitSign up for your Social Security benefitSet up direct depositAccess their Retirement Toolkit (a great PDF document that outlines key dates for Social Security and Medicare) Unwrapping Medicare: The Basics This week I talk with Misty Kimbrough, a local insurance expert about the basics of Medicare. She outlines the basic parts of Medicare and the 3 most common missteps people make when planning medicare benefits for retirement.Part A “major medical” coverage covering health care costs at hospitals Part B Covers the costs of health care outside of a hospital. Doctor visits, outpatient procedures, x-lab test and related servicesMedicare Supplements (Medigap)Part C Medicare Advantage PlanPart D Prescription Drug Plan3 Common Medicare Missteps Resources Discussed Social Security websiteMedicare websiteMedicare Plan FinderRetirement Answer LibraryRed Apple Insurance

I Hate Keeping a Monthly Budget. Yes, I know that keeping a monthly budget is personal finance 101. Over the years I've tried, repeatedly, to track every expense in a monthly budget. Each time I failed after a few months. It's just too much work. I have better things to do than be a part-time bookkeeper. Do You Hate to Keep a Monthly Budget? Tracking all your expenses is easier than ever. Programs like Quicken and Mint have powerful accounting tools in simple to use packages. Still...most of us don't track monthly expenses or keep monthly budget for one simple reason; We have better things to do than being a part-time bookkeeper. In this episode, I walk you through my budget system which gets you 80% of the benefits of detailed budgeting, without all the work. In just four easy steps you can take control of your spending and capture the excess income as savings. I Call It the Cash Flow Bucket System.The advantages of the Cash Flow Bucket System:1. You don’t waste time tracking every transaction.2. You have less stress deciding how to spend money each month.3. You don’t spend money just because it’s there.4. You easily capture (save) excess income as savings.5. You can make smarter decisions on allocating savings.6. You maintain flexibility for unexpected expenses. Try It and Stop Feeling Guilty About Not Keeping a Monthly Budget I've added a worksheet to the Retirement Answer Library to walk you through the process. It's free, just sign up here. The Retirement Tip of the Week I give you Sammy's 5 secrets to living a happier retirement. These are worth listening to!

Deal with Death By Celebrating Life Last week, I wrote about my sister's passing and her wish that her family have a "Celebration of Life" picnic (you can read it here).In this podcast, I share my thoughts on my sister's choice and how you can do the same. How to Overcome New Car Fever New car fever is a difficult bug to beat. Everyday, driving, you window shop as you drive, imagining yourself in the car models you see whizz by. Once you're bitten, the fever typically ends in you in a shiny new car.Remember your prioritiesDetail your car at least every other monthPay for a complete car wash once per weekBuy a some key accessories to refresh your cars lookA Useful App to Help You Identify Spending Habits Once every two months you should track your spending habits with an app like Expensify to:Create an opportunity to discuss spending habitsReconcile your spending habits with your stated financial prioritiesIdentify wasteful spending habitsKeep you and your partner accountable to each other Resources Discuss Storyline 2.0, by Donald MillerExpensifyHow to BudgetHow My Sister's Death Became a Celebration of Life

This week we discuss:Why you should ask your advisor about their succession planHow to manage cash flow during retirement Less Than 10% of Advisors Have a Succession Plan This is a scary number considering that if your advisor is unable to serve you due to injury or death, the retirement plan you’ve put in place could be in jeopardy. Who will service you?Who will advise you?What communication will you receive?Who will manage your assets? These are just some of the important questions that need to be asked by you to assure your retirement plan is not disrupted. I discuss:the importance of asking your advisor about their written succession planwhat items to look forthe communication plan that should be in placehow to protect your retirement plan in the event your advisor is suddenly unavailable. This month, I’ll post a checklist in the Retirement Library of items you should look for in your advisors succession plan to assure some continuity of service. Listener Question: Lynn asks, “How do I manage my cash flow during retirement? How to manage cash flow during retirement is one of the questions I’m asked most. Not receiving a monthly paycheck during retirement can be unnerving. In retirement, it is important to have a system to create a paycheck to pay your monthly retirement expenses. I outline the Cash Flow Reserve system we use to help clients cover their retirement expenses. The Benefits of the SystemIt can help you feel safer about meeting your needsIt provides a margin of safety during turbulent marketsIt positions you to make smarter financial decisionsIt gives you more flexibility to adjust as conditions changeIt helps you sleep at night How It WorksChecking Account—To pay your lifestyle expensesCash Reserve Account—maintain 2 year’s expected living expenses, distributing a monthly “paycheck” to your checking accountExtraordinary fund—Maintain cash reserves for extra expenses you will incur over the next 12 monthsLong-term Investment—Long-term investment assets that include bonds maturing in 3-5 yearsReview and adjust every 6 months This week I’ll post a detailed outline on how to build your Cash Flow Reserve system in the Retirement Answer Library. Resources Discussed Retirement Answer Library Enjoy the Podcast? You can do me a big favor by subscribing in iTunes and leaving your honest review. This would help bring more listeners and questions so we can all work together to PLAN WELL and INVEST WISELY for retirement.

Working during retirement could be the best thing you do to find meaning, stay healthy and earn money while doing what you love. In her book, Second-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement, Nancy Collamer has created a great resource for anyone wanting to take their passion and earn income from it during retirement.Nancy Collamer is a speaker, career coach, and author who writes a semi-monthly career column for NextAvenue.org (PBS) and Forbes.com. Her home on the internet is mylifestylecareer.com. In This Podcast We Discuss: Why second-act careers are a second chance to do what you loveHow Baby Boomers will change the concept of retirementWhy it is important to fill your days with meaningHow to blend your passion and work to live more fully during retirementHow part-time income during retirement can allow you to retire earlierHow to take things you love (like travel) and make money doing it during retirementHow to test drive retirement work options before committingExamples of others that are doing what they love during retirement and earning an incomeCommon mistakes retirees make with second-act careersAlso, 4 Reasons You Should Completely Ignore Extreme Market Predictions Want access to the free Retirement Answer Library? Last week, I introduced a great resource to help you find the answer to your retirement questions.The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.Gain Access Here Resources Discussed My Lifestyle Career websiteSecond-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement, by Nancy CollamerThe Retirement Answer LibraryNextavenue.org, online magazine for people over 50

Jeff Goins doesn't want to miss his life. And he doesn't want you to either. His latest book, "The In-Between: Embracing the Tension Between Now and the Next Big Thing" serves as a reminder to himself, and everyone that most of our lives are spent "in-between" the big things. It is in these moments we can find opportunities to live more fully. In This Podcast We Discuss: Practicing being present in your lifeRegrets and how they can lead to positive changeManaging the natural tension between living well today and planning for tomorrowJeff's retirement planThe portfolio of life concept of livingThe prediction that, by 2030 over half of the population will be working as freelancersEmbracing that life is a journey, not a destinationAlso, I answer a listener question When Should I take Social Security? Want access to the Retirement Answer Library? Last week, I introduced a great resource to help you find the answer to your retirement questions.The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.Gain Access Here Resources Discussed When to take Social SecurityThe In-Between, by Jeff GoinsThe Retirement Answer LibraryThe Age of Unreason, by Charles Handy

Want a great gift for a graduating high school or college senior? Jon Chevreau’s book, Findependence Day, is a great gift that teaches important financial lessons within an interesting fictional story of a young couple walking through life.We discuss:The definition of financial independenceLife energy and the cost of spendingThe war against consumerismWhy it’s harder to save than it used to beThe danger of paying too much attention to financial mediaThe call to action of “Freedom Not Stuff”The secret costs of moving homesAre Your Password Safe? Last week a client of ours had his e-mail hacked. The hacker then requested a wire from the client's account. Our security measures prevented it (Thankfully). The story should make you seriously consider being more diligent about using strong passwords. I explain how I manage my passwords. Want access to the free Retirement Answer Library? This week we introduced this great resource to help you find the answer to your retirement questions. The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement.Gain Access Here Resources Discussed The Retirement Answer LibraryMoney Sense MagazineFindependence Day1PasswordIn Honor of Those That Serve A big thank you this week to Frank Gustafon of One Bold Move for his service and for leaving a review of the podcast in iTunes. Frank is a Marine and has a great podcast for Service Members.Lead like a Marine is a weekly podcast focused on helping Marines and other Service Members translate their leadership skills and abilities as they transition back into the civilian job market. We interview those who “have been there and done that”. Great stories of successful transition into the civilian marketplace.If you enjoy the podcast and are so moved, I sure would appreciate a honest review in iTunes. It would help us build the Plan Well community which helps everyone make smarter financial decisionsHappy Memorial Day Friends

Johns Hopkins University's Center for Innovative Care and Legg Mason recently issued a study titled "Aging and It's Financial Implications: Planning for Housing.Kathleen Pritchard, Managing Director with Legg Mason, talks with host Roger Whitney about the importance of planning ahead for housing during retirementThere are three typical phases during retirement. The:Go Go Years--when you are healthy and active (60s & 70s)Slow Go Years--when you slow down due to health issues (70s & 80s)No Go Years--the late retirement years (80s & beyond)By planning ahead for each of these phases, you can make smarter financial decisons and maintain control over your lifestyle choices.There are five basic housing options for retirees:Aging in place55+ independent living communitiesContinued care retirement communities (CCRCs)Assisted living facilitiesSkilled nursing facilitiesYou can find due diligence worksheets to help you find the option that is right for you at rogerwhitney.com/worksheets

"He who asks a question is a fool for five minutes; he who does not ask a question remains a fool forever." - Chinese proverb There really are no stupid questions. We're told this all the time but I don't think most of us truly believe it. As a result, we leave many very important questions unasked. When your planning for your financial future this can be, at best, an inconvenience, at worst, financially devastating.The mission of this blog and my podcast, PLAN WELL INVEST WISELY, is to help you make smarter financial decisions and answer those retirement planning questions that keep you up at night.Have a question? Ask me here In this week's episode, I answer questions from three listeners. Sam Asks “How do you even go about coming up with a plan to pay down debt when the future holds student loan debts for two children in the next few years? Basically, What realistic steps could a family take without completely changing their lifestyle?"Lisa Asks “I wondered if at some point you might touch upon establishing the necessary documents for elderly parents?”Kevin asks "What is the best way to consolidate all of the retirement accounts I've accumulated over the years and find good advice to help me plan for retirement?Resources Discussed Dave Ramsey's Seven Baby StepsHow to Pay For College HQDebt Free U: How I Paid for a Great College Education without Loans, Scholarships or Mooching Off My ParentsAmeriCorpsCreating an In Case of Emergency (ICE) PlanNine Important Estate Planning StepsHow to Choose a Financial AdvisorHave a retirement planning question you'd like answered? Ask me here.

Over the last 20 years studies show that the average investor greatly under performances the stock and bond markets. Why do investors underperform virtually every capital market? In this week's episode, I speak with Weston J. Wellington a Vice President with Dimensional Fund Advisors about how you can make smarter investment decisions and possibly improve your investment success. Mr. Wellington is an expert in behavioral finance and investing with over 35 years of experience in the investment industry.We discuss:How the daily diet of investment news can hurt your investing successWhy it's nature to want to know what will happen next in the investment marketsThe affect our ingrained "fight or flight" response has on our investment decisions during stressful market periodsWhy your behavior as an investor can be the biggest determinate of your investment returnsWhy this time is not "different"Like living a healthy lifestyle, investing is not complicated it is just hard to do consistentlyWhy using a competent Financial Advisor can help you make smarter investment decisionsHow an investor can increase their chance of having a successful investment experienceWhy you should ignore most market information and news driven investment predictionsResources Discussed Dimensional Fund AdvisorsRandom Walk Down Wall StreetWeston Wellington Articles Surprise! No Sell of in 2013, "You Have to Be in Gold", He Called the Crash

Walt Disney World is the classic family vacation. If you’re planning on visiting Walt Disney World, you’re going to love this week’s PLAN WELL INVEST WISELY podcast. I speak with Lou Mangello, an internationally recognized expert on the Walt Disney World Resort. Lou is a former attorney from New Jersey who has made his lifelong passion (Walt Disney World) his full time career. His website wdwradio.com is an amazing resource for all things Disney. In this episode we discuss:His book, 102 Ways to Save Money for and at Walt Disney WorldHow to safe money on your Disney World vacationThe best and worse times to visit Walt Disney WorldWhen Walt Disney World is busiestWhen it costs less to go to Walt Disney WorldHow to begin planning your Walt Disney vacationHow to maximize your time and still have funDiscount ticket sourcesThe advantages of the Disney annual passHow to get discounts on food and lodgingThings to consider when buying your ticket package (to park hop or not?)Whether to stay on or off propertySimple strategies to save money on food and drinks at DisneySaving on SouvenirsWhat to pack to make your day at Disney World comfortableResources Discussedwdwradio.comThe book, 102 Ways to Save Money for and at WaltDisney WorldDisney Authorized Vacation PlannerMouse Fan TravelFor a TON of resources to help plan your trip to Walt Disney World visit wdwradio.com

How to pay for college is one of the most frequent questions I get from parents. This week I interviewed Celest Horton from How to Pay For College HQ to learn about the great resources to help parents pay for college. Celest knows it's possible to pay for college without student loans (she did it). Each week, on her How to Pay for College HQ podcast she interviews industry experts to help listeners learn what is necessary to plan, prepare and pay for college without the assistance of loans.In this episode we discuss:The need for your teenager to be engaged in the process of selecting a college and applying for aideThe importance of your teenager to show a "demonstrated interest" in schools they want to go to so they can improve their chances of receiving merit aide. They can do this by following a school on social media and intreating with the admissions department.How a high school senior could graduate with 1 or 2 years of college credit by taking duel purpose classes in high school to earn college credit.What the FAFSA form is and why its important to complete in January each year.The importance of researching potential college's average SAT scores, tuition and how generous they are with merit aide.Resources Discussed Scholarshipopportunity.org Online resource for scholarship opportunities to help pay for collegeCollege Navigator Online resources to research average tuition, SAT and aide for collegesCollege Data Online resources to research average tuition, SAT and aide for collegesVisit How to Pay for College HQ to receive the free report : Top 5 Things Every Parent Should Know To Pay for College Without Loans

In this Plan Well Invest Wisely podcast, Roger Whitney interviews Lauren Gaggioli, founder of Higher Test Prep Scores. They discuss the importance of the SAT and how to help your child select the right school for them. Here are some of the topics Lauren and I covered:The importance of taking college preparatory tests such as ACT, SAT, PSAT.Determining which test(s) to take when choosing a college.The advantages of taking both ACT and SAT tests.Motivating students to take responsibility in preparing for college.Why some students should consider taking an intentional "gap" year between high school and college.With their parents' help, students should examine themselves (passions, strengths, personality) to discover which college may be a best fit for them.Various kinds of financial aid, including need-based and merit-based.Why students should diversify their college options.To learn much more about ACT, PSAT and SAT test prep, listen to Lauren's free podcast called The College Checklist.Lauren is offering a FREE video on her website at Higher Test Prep Scores.

It's spring and the desire to spend time outside with the family is blooming. Before you allow that budding desire to lead you to buy an RV, boat or other recreational item make sure you closely look at the potential pitfalls of ownership.In this episode, host Roger Whitney tells his story of how he did everything wrong when he purchased an RV. He also outlines 10 things you should consider before you purchase your RV.This is the REST of the story not told in the RV brochures and outdoor shows that are springing up this time of year.Have a retirement or personal finance question? Ask Roger here and he'll answer personally.

How do you find the right financial advisor for you and your family?In this special mid-week edition, host Roger Whitney gives you a framework for how to interview a financial advisor candidate and 15 questions you should ask to help choose the right financial advisor for you.In this episode he covers:Why it is important to interview multiple financial advisorsWhat to look for in a financial advisorPre-work you can do before you meet the financial advisor15 questions to ask to help you find the right financial advisor for you and your familyFor a Trusted Advisor worksheet to use in your interview process go to rogerwhitney.com/worksheets

This Week, Roger Whitney introduces a new service YOU ASK I ANSWER, where you can ask your retirement planning questions and receive a response.Then he begins to answer the question, will I have enough money to maintain my lifestyle during retirement?The first step to answering this question is to determine what your retirement lifestyle will be. You do this by breaking your retirement lifestyle into three buckets:Retirement Essentials. Those retirement expenses needed to maintain your household (housing, utilities, food, insurance, etc.)Retirement Lifestyle. Those retirement expenses for things that enrich your life (travel, entertainment, home improvements, hobbies, etc.)Retirement Dreams/Legacy. Those special things that you would like to accomplish (major travel, gifting, purchasing a second home, etc.)Breaking your retirement lifestyle into these three buckets gives you the flexibility to adjust your retirement lifestyle each year based on how your retirement unfolds.Once you do this, you need to consider how you will spend during retirement. For example inflation. Consider what your personal inflation rate is based on your spending habits.Also consider closely whether you want to spend more earlier in retirement with the understanding that you will lower spending in later years. In essence, buy yourself more lifestyle now, while you are younger and healthier. Once you've completed this step you are well on your way to determining how much money you will need to maintain your lifestyle in retirement. In future podcasts, he'll address the next steps in this process.

This episode is based on Roger Whitney's new report INVEST in Your Health: 72 Tips to Living a Healthier Retirement. You can download the report for free at rogerwhitney.comInvesting in your healh may be the best investment you can make to living well in retirement. The quality of your health has major financial implications to your financial wellbeing in retirement.In this episode we outline the financial benefits of investing in your health and the six areas of your health that you should invest in. PhysicalIntellectualEmotionalSocialSpiritualOccupational

In this week's PLAN WELL INVEST WISELY podcast, we talk about Amazon Prime's recent price increase and how having a funded emergency fund helps you make smarter financial decisions.Rethinking Amazon PrimeFor those who don’t know, Amazon Prime is a membership program which gives members unlimited free two-day shipping on millions of items on Amazon.com and instant access to over 40,000 hit movies and TV episodes streamed directly you TV, computer, or tablet.The benefits of my Amazon Prime membership are clear. Recently, when Amazon Prime increased its annual fee by $20, it made me stop and examine how I use it. I found some negatives. It’s too easy.Amazon Prime is too good at tempting me.I’m weak.It’s a family affair.Let's talk About Emergency Funds. Your emergency fund acts as a shock absorber in your financial life. In this podcast, I discuss:What an Emergency Fund is.Why some people might not have one.Why you need one.What your options are when you don’t have one.How much you should have in your emergency fund and why.Click here to subscribe to the PLAN WELL INVEST WISELY podcast in iTunesI appreciate your iTunes Reviews!!!Your reviews help build the audience and I truly appreciate your feedback and support. Together, we can help others make smarter financial decisions.

In episode 2 Roger Whitney talks about the importance tracking your net worth, how you can use it to make smarter financial decisions and rethinking your perspective about the purpose of investing.PLAN WELL SegmentYour net worth statement is an essential tool for making smarter decisions. Your net worth statement:gives you your entire financial picture in one placeequals the sum of all of your financial decisions over timeallows you to identify risk and opportunities in your financial lifeis a much better tool to track your financial progress over time than your investment accountsYou should update your new worth statement every six months and use as part of your process for making big financial decisions. INVEST WISELY SegmentOver the last 25 years investing has been about "creating wealth."This has led to many people investing too aggressively.Historically, the creation of wealth came from hard work, enterprise, creativity, disciplined spending and savings. The purpose of investing was to preserve and grow the wealth WE created. This perspective is important for you to consider.It:keeps the focus on the true driver of wealth creation.....YOUmay allow you to invest less aggressivelypositions you better to invest more consistently over time

Welcome to PLAN WELL INVEST WISELY, the podcast dedicated to helping you make smarter financial decisions so you can live well today without sacrificing tomorrow.Each of these 30-minute weekly podcasts will be posted on Tuesdays. All the episodes will have two separate segments:PLAN WELL - This segment will include basic financial planning concepts to help you make smart financial decisions that are aligned with the things you care about most and the flexibility to adjust as your life unfolds. AndINVEST WISELY - This segment will show you how to grow your assets and work towards your objectives. Our INVEST WISELY process gives you the framework to make smart investment decisions that are aligned with your long-term objectives.Episode #1's PLAN WELL segment covers creating an ICE Plan (in case of emergency plan). Here is a free worksheet to help you do that. You'll also learn more about secure password managers like 1Password.Episode #1's INVEST WISELY segment covers four reasons why you should ignore extreme market predictions.If you’d like to receive my podcasts automatically, go to iTunes.com and subscribe.RESOURCES MENTIONED IN THIS EPISODE Roger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyAsk Roger a questionWork with RogerRoger’s Retirement Learning CenterThe Retirement Answer Man Facebook Page