Retirement Answer Man

There are so many questions that come with retirement which is why I focus on answering questions from listeners like you. As you listen to these questions and their answers consider how they fit into your ultimate objective. Listen in to learn why intent matters.In this episode, we’ll explore how to frame retirement questions around your intent, answer listener questions, and in the Bring It On segment you’ll hear a tip about how to rebalance your emotions during stressful conversations. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:12] How to use your 5-year cushion[11:32] Does having a civil judgment against me apply to my accounts in other states?[15:55] Bret wants to know more about how to maximize his accumulation stage[19:35] How to reverse a decision to claim Social Security [22:05] Examples of simplifying a portfolio by using ETFs or other all-in-one funds[26:38] How to diversify an overfunded portfolio[32:59] Should I stop the automatic reinvestment of dividends?BRING IT ON [36:00] A tip to rebalance your emotions in stressful situationsTODAY’S SMART SPRINT SEGMENT [37:50] Reexamine your intent when making decisionsResources Mentioned In This Episode Brian CainBOOK - Call Sign Chaos by Jim MattisJeremy SiegelBOOK - Stocks for the Long Run by Jeremy SiegelRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This podcast was created for you–not me. I’m here to help you think differently about retirement and find a concept or tool that will help you take action to rock retirement. I do this by answering your questions and bringing you content that will open your mind and spur you to get started. If you have a question you would like me to answer, head on over to RogerWhitney.com/AskRoger to leave an audio or written question.Investing in retirement shouldn’t be that complex. The simpler you can keep it the less confusion you’ll have. One listener wonders how she can keep her investments simple in retirement. Find out how to take the complexity out of investing in retirement by listening to this episode. Afterward, you can take action by considering how to simplify your own investments and make them retirement ready. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:20] What other listeners sayLISTENER QUESTIONS [5:42] What is the difference between a financial advisor and a wealth planner?[12:48] The KISS concept for investing[19:35] On using direct debt lending organizations[25:00] The difference between bank CDs and brokered CDs[30:18] How to make your retirement plan resilientBRING IT ON [39:21] On starting your own business in retirement[45:55] Steps to take to get startedTODAY’S SMART SPRINT SEGMENT [47:37] Take action on somethingResources Mentioned In This Episode FINRA.orgRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

The oldest person is 120 years old, but they probably didn’t have a plan to live that long. Many people don’t have a plan for the decades between 60 and 120. Do you?In this episode of the Retirement Answer Man show, you’ll hear from the CEO of a venture capital firm that funds companies that help people age well, you’ll also hear the answers to several listener questions–including one correction from an incorrect answer last week, and lastly, you’ll hear about developing a learning mindset from Mark Ross in the Bring It On segment. Can you guess which question I answered incorrectly last week? Listen in to find out and to hear it answered correctly. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN AN INTERVIEW WITH ABBY MILLER LEVY [2:30] What it was like to start a firm in the midst of the pandemic[6:35] Examples of their investments[13:24] How to plan for decades 6-12[21:52] Integrating AI in a human wayLISTENER QUESTIONS [25:36] I missed last week’s question - so here’s take two[32:47] How Mike is finding purpose in retirement[33:56] On self-funding long-term care by earmarking accountsBRING IT ON WITH MARK ROSS [40:06] On adopting a learning mindset in retirement[41:18] What you can do today to develop a learning mindsetTODAY’S SMART SPRINT SEGMENT [49:15] Stress test your plan against a long-term care eventResources Mentioned In This Episode BOOK - This Chair Rocks by Ashton ApplewhitePrimetime PartnersRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“If you are looking for someone to believe in, believe in yourself. The only authentic authority is your own original nature.” Vernon HowardAre you ready to start believing in yourself enough to rock retirement? If you have been following this show, hopefully, you are doing the work so that you can build the confidence to lean in and really rock retirement. On this episode, we have a guest that may help guide and empower you to do the work that you need to do to rock retirement. You’ll also hear about what I've been reading, Answers to listener questions, and how to use your toolkit to fit disease from Bobby Dubois in our Bring It On segment. Press play to feel empowered OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT I’M READING [1:38] What I’ve been reading latelyPRACTICAL PLANNING SEGMENT WITH VERONICA McCAIN [9:12] Who is Veronica McCain?[15:07] What people are lacking in retirement[21:44] Why she wrote a workbookLISTENER QUESTIONS [25:07] How does the 5-year rule work for Roth conversions?[29:43] Michael’s book suggestion[31:40] Focusing on the no-go years[36:27] A story on your legacyBRING IT ON WITH DR. BOBBY DUBOIS [39:25] Our tool kit can help fight heart disease[43:10] Understanding the risk factors of heart disease[57:33] How sleep affects heart disease[59:40] Mind-body work can also improve your risksTODAY’S SMART SPRINT SEGMENT [1:05:57] Pull one thing a day to declutterResources Mentioned In This Episode SavvyRetirementCoach.comBOOK - My Retirement My Way by Veronica McCainBOOK - Total Recall by Arnold SchwarzeneggerBOOK - Limitless Mind by Jo BoalerBOOK - The Alter Ego Effect by Todd HermanBOOK - The 12 Week Year by Brian MoranBOOK - You Learn by Living by Eleanor RooseveltBOOK - Metabolical by Robert LustigRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

It’s time to wrap up the eight retirement pillars with the final two non-financial pillars: passion and relationships. In this episode, you’ll learn why happy people always have projects and what you can do to get started building your own passion projects. You’ll also learn why it is so important to develop intentional relationships. Discover these final two non-financial pillars for a rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:15] Projects with purpose[5:43] Obstacles to creating passion projects[8:50] How to build a plan to develop your own passion[10:32] Relationships are an integral part of rocking retirementLISTENER QUESTIONS [17:50] A spousal IRA question[19:17] Rolling over a 401K to an IRA[28:44] A note on my wording[29:28] Feedback from people on going two to oneTODAY’S SMART SPRINT SEGMENT [36:27] Go out and take action on something that interests youResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rocking retirement requires focusing on both the financial and non-financial aspects of retirement. In the previous two episodes we explored the four financial areas that help build a rocking retirement, and today, we begin to examine the non-financial areas starting with energy and mindset. After listening you’ll understand why rocking the non-financial part of retirement starts with building your energy. Learn how to improve your energy and mindset by listening to this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] Energy is the first pillar4:17] Create a plan to improve your energy[7:10] Develop a growth mindset[12:46] An example LISTENER QUESTIONS [15:38] Do you have to be actively earning income to contribute to a Roth?[18:53] How doing their own taxes saved them thousands of dollars (and not only in tax preparer fees)[22:55] Will my spouse receive the COLA as well?[25:28] Are CDs a good way to invest?BRING IT ON WITH MARK ROSS [29:51] Foster an abundance mindset[35:34] Tools to use to practice an abundance mindsetTODAY’S SMART SPRINT SEGMENT [37:24] Be aware of the stories that you tell yourself and how they affect your mindsetResources Mentioned In This Episode BOOK - Limitless Mind by Jo BoalerRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rocking retirement requires getting your financial and nonfinancial ducks in a row. As we work through the 8 pillars of rocking retirement this month, we’ll explore both the financial and non-financial elements of retirement. This week, we’re reviewing the resilience and optimization stages of the financial side of retirement. If you didn’t listen to the previous episode, make sure to go back and do so first to about the first two financial pillars. In this episode, we’ll be reviewing the next two: resilience and optimization. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:40] What is the debt ceiling?[5:43] What will happen with the debt ceiling?PRACTICAL PLANNING SEGMENT [7:55] Make your feasible plan resilient[14:10] Build a funding strategy[18:07] Now it’s time for optimizationLISTENER QUESTIONS [22:45] Estimating Social Security using the detailed calculator[25:02] The pros and cons of investing in REITs and private funds[31:45] Choosing a retirement planner vs. a CFP[36:16] Should Tammy sell one of her rental propertiesBRING IT ON [41:28] What micro roles can you play in various relationships?TODAY’S SMART SPRINT SEGMENT [47:20] Assess the resilience of your retirement planResources Mentioned In This Episode SSA.gov detailed calculatorEpisode 486 - The 8 Pillars Of Rocking Retirement: Financial - Vision And FeasibilityRetirement Plan Live episodes with Rosie - 468, 469, 470, 471Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you don't know where you are going any path will get you there. This is why it is so important to have a vision of where you want to go–you don’t want to end up anywhere!This series is dedicated to teaching you the 8 pillars to rock retirement. In this episode, we focus on creating a vision so that you can create a feasible pathway to get you to your vision. Listen in so that you aren’t wandering aimlessly through your retirement. Press play to learn how to visualize your goal and create a way to get there. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:52] What do you want?[6:32] What are your objectives?[8:14] What are the obstacles?[12:39] How to make your plan feasibleLISTENER QUESTIONS [18:54] A tip about going from two to one[20:57] A pie-cake baking tip[22:22] How to consider long-term investing when you get older[29:01] Would a stable value fund be a healthy or junk investment?BRING IT ON WITH KEVIN LYLES [34:17] How volunteering can improve your retirementTODAY’S SMART SPRINT SEGMENT [40:38] Think about your life as if it were a clean slateResources Mentioned In This Episode LiveWithRoger.comBOOK - The Top Five Regrets of the Dying by Bronnie WareFences for FidoRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month we’re heading back to basics. All month long we’ll be building your foundational understanding of how to create a rocking retirement. If you’re new to the show, this is a fantastic starting point. If you are a long-time listener you’ll appreciate this review.In this episode, you’ll learn how to solve the essential problems of retirement planning: how to live a life without regret and how to balance squeezing as much out of life as possible today while ensuring that you have enough financial stability so that you won’t be a burden to others in your later years. Listen in to learn how to build a retirement that you can be excited about. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOKS I READ LAST MONTH [1:30] My monthly reading listPRACTICAL PLANNING SEGMENT [8:22] My experience in retirement planning[9:38] The retirement challenges you’re facing[15:35] Problems with traditional retirement planning[19:18] 3 things you need to have hope[21:10] Why I use an agile project management approachLISTENER QUESTIONS [27:33]Could joining the RRC help Matt help his mother-in-law?[30:05] On sharing the results of the survey[31:40] A book recommendation[33:33] How to transition to the decumulation stageBRING IT ON WITH DR. BOBBY DUBOIS [40:33] How exposure to heat and cold can benefit you[42:02] The history of using heat and cold to relax and heal[44:20] Defining heat and cold exposure[47:08] The evidence that supports exposure[53:09] The downsides[55:13] The benefitsTODAY’S SMART SPRINT SEGMENT [1:03:50] What is your planning process?Resources Mentioned In This Episode LiveWithRoger.com - Join me on May 11 or May 13, 2023, to learn the 4 phases of great retirement planning and to hear more about the Rock Retirement Club!BOOK - Unreasonable Hospitality by Will GuidaraBOOK - The Creative Act - Rick RubinBOOK - The Tiger by John VaillantBOOK - What Are People For? By Wendell BerryBOOK - Atomic Habits by James ClearBOOK - Tiny Habits by BJ FoggBOOK - Why Zebras Don’t Get Ulcers by Robert SapolskyEpisode 481 - I’m in My Fifties and Got Laid Off. What Should I Do?Morning Star’s The Long View Podcast - Retirement Planning Is Not Financial PlanningRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

How will Social Security benefits fit into your retirement equation? If you have a spouse, there is an added level of complexity when considering your Social Security claiming strategy. We explore this topic and more through listener questions on today’s episode of Retirement Answer Man. Learn what to consider and how to approach the Social Security question by pressing play. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:49] Kathy shares Soaring Spirits International – a widows' group[4:33] Claiming Social Security strategies[9:55] Non-qualified stock options[18:39] Simplifying your investments going into retirementBRING IT ON [32:19] Having passions or projects to drive you[35:09] Plan your days in retirementTODAY’S SMART SPRINT SEGMENT [36:47] Declutter one thingResources Mentioned In This Episode Soaring Spirits InternationalSSA.govRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are thinking about retiring in the next few years you’re probably wondering what the best tools are to help you plan. Finding the right retirement planning software can not only help you plan retirement but help put your mind at ease so that you can Rock Retirement!One listener asks my opinion on the best retirement software to use. If you are curious about my answer you’ll press play. In this episode, you’ll also hear about the books I read in March, an interview with Steven Chen from the New Retirement Calculator, and learn the benefits of creating horizontal relationships. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK REVIEWS [1:30] Books I read in MarchLISTENER QUESTIONS [5:30] Which retirement software should I use?[11:49] On using dividend investing to fund retirement[20:19] On using indexed annuities with downside protection[24:04] A recommendation for my wife, Shawna[24:55] Looking for a financial planner that is a retirement consultant STEVEN CHEN INTERVIEW ON THE NEW RETIREMENT CALCULATOR [26:45] What New Retirement Calculator users think about[33:06] Planning for the future[38:36] What’s new with the New Retirement CalculatorBRING IT ON [41:55] The benefits of creating horizontal relationshipsTODAY’S SMART SPRINT SEGMENT [47:10] Revisit your allocation planResources Mentioned In This Episode NAPFAGarrett Planning NetworkNew Retirement CalculatorMoney Guide Pro EliteFinancewareBOOK - The Courage to Be Disliked by Ichiro KishimiBOOK - Make Your Bed by William McCravenBOOK - Sea Stories by William McCravenBOOK - Build by Tony FadellBOOK - Top Five Regrets of the Dying by Bonnie WareMorningstar’s The Long View Podcast - Retirement Planning Is Not Financial PlanningLiveWithRoger.com - Register for the webinar on May 11, 2023 to discover the 4 Phases of a Great Retirement PlanRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We continue our focus on you this month as we dive deeper into listener questions. Today we have a range of questions from various aspects of the retirement process.If you have a question you want to be answered, head on over to RogerWhitney.com/AskRoger. You can type in a question or leave an audio recording–those are my favorites!Listen in to learn how to work through the decumulation phase of retirement by developing a withdrawal plan that fits your needs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [3:32] What are the advantages or disadvantages to using bond funds to create an income floor?[9:21] How do I report a QCD on my income tax return?[14:50] Can you contribute to a Roth IRA with only a 1099 income?[16:00] On doing a series on grey divorce in the future[17:14] Where to pull money from first in the decumulation phase[23:04] Where to put your passwordsBRING IT ON [28:20] Are we ever enough?TODAY’S SMART SPRINT SEGMENT [31:01] Confirm that your spouse knows your passwordsResources Mentioned In This Episode Everplans1PassRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

All month long, I’ll be answering fantastic questions from listeners like you. Today, we’ll explore the steps you should take if you’re in your 50s and get laid off. Have you ever thought about what you would do in this situation? Listen in to find out. In the Bring It On segment, Dr. Bobby Dubois helps us understand the effects of stress and what we can do to combat stress so that we can live longer, healthier lives. You won’t want to miss his four exercises for working through everyday stressors. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:38] Who is listeningLISTENER QUESTIONS [6:38] In my fifties and laid off. What should I do?[17:08] Is there a widows group within the Rock Retirement Club?[18:11] What can retirees do to protect themselves from the effects of the government reaching the debt ceiling?BRING IT ON WITH DR. BOBBY DUBOIS [25:05] Another skill to keep you healthy [27:45] Defining mind-body activities[29:22] Defining stress[34:22] Stress affects many areas of our lives[38:35] What you can do to combat stress in your life[44:20] How to try stress relieving exercises to see if they work for youTODAY’S SMART SPRINT SEGMENT [46:40] Assess your situation and do some basic triageResources Mentioned In This Episode Wings for WidowsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Reimagining life after widowhood can be challenging. In the beginning, it may seem like something that is impossible to imagine. Even if life seems insurmountable at the beginning, it is crucial to remember that someday you will be able to enjoy life again. Just not yet. Yet is an important word. Yet helps you understand that things will not always be as they are now. Today you’ll learn how to change your mindset from I can’t do this to I can’t do this yet. On this episode of Retirement Answer Man, you’ll hear wisdom from those who have traveled this same journey. They open up and share their financial and nonfinancial experiences. You’ll hear what has helped and what hasn’t, their challenges and triumphs, and how they have learned to power through and begin to create new dreams.Listen in to hear these brave widows share their stories so you can understand that a new life after widowhood isn’t impossible. The power of yet can change your mindset and help you rebuild your dreams. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WIDOWS LIVING A GREAT LIFE [3:20] Emma has had difficulty navigating the nonfinancial side of widowhood[9:30] It has taken time to reimagine her goals[11:20] Insights from the financial side[17:03] Mary needed time to grieve[23:00] How Mary managed the project[25:12] The nonfinancial side of widowhood[28:20] The financial side of widowhood[35:15] A new widow’s perspectiveTODAY’S SMART SPRINT SEGMENT [42:40] Think about how you can use the word yet to envision what is yet to comeResources Mentioned In This Episode BOOK - Getting Grit by Caroline MillerEverplansRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Nobody wants to face life as a widow or widower. However, it is an unfortunate reality that many must face. Successfully navigating widowhood could be easier if you could prepare yourself in advance. In this Widowed in Retirement series, we aim to do just that. Today you’ll learn how you can start life again on your own. Mark Trautman joins me again to discuss his experience moving forward after the death of your spouse. He touches on prioritizing actions to take, setting up a summarized retirement plan, and rebuilding your life as a single person. While we didn’t have time for Listener Questions today, we have a bonus interview with Chris Bentley from Wings for Widows as well as a chat with Lori Mage in our Bring It On segment.Listen in to learn what you can do to rebuild your life and begin again. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT A CHAT WITH MARK TRAUTMAN [5:16] Our time is finite - make use of it[7:42] Could people have reacted better?[10:55] What were short-term actions[18:02] A retirement plan summary document[20:39] Going forwardA CHAT WITH CHRIS BENTLEY FROM WINGS FOR WIDOWS [23:04] How he decided to create Wings for Widows[31:52] Working with the financially illiterate [38:02] How to plan for widowhoodBRING IT ON WITH LORI MAGE [41:02] On relationships[43:33] What Lori did to build a relationship with herselfTODAY’S SMART SPRINT SEGMENT [50:30] When you mess up say it was a mis-takeResources Mentioned In This Episode Lori MageHeroic AppWings for WidowsFoundation for Financial PlanningBOOK - The Leadership Challenge by James KouzesBOOK - After the Death of Your Spouse by Mike PiperBOOK - Option B by Sheryl SandbergRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are married, chances are you or your spouse will have to suffer through widowhood. The Widowed in Retirement series aims to help you navigate this difficult transition as best you can. Today, Mark Trautman joins me again to discuss how to work through the huge financial changes that result from losing a spouse. There are myriad financial considerations to be aware of during this change, so this may be an episode that you want to bookmark to refer back to later or send to a friend in need. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:26] A common myth of widowhood[5:11] What changes occur when you go from two to one[9:27] Expenses don’t change[16:44] Creating a new financial plan[20:20] Tax planning[25:25] Social Security benefitsLISTENER QUESTIONS [36:55] A 59 ½ IRA withdrawal rule question[38:52] How to calculate the 5-year rule for a Roth IRA[40:27] How to handle the cash bucket in a down market [45:03] Healthcare before MedicareBRING IT ON WITH MARK ROSS [49:11] What is passion?[51:23] How to explore your passions[55:15] Building boundaries around your passions so they don’t become workTODAY’S SMART SPRINT SEGMENT [58:45] Put dabble on your calendarResources Mentioned In This Episode BOOK - After the Death of Your Spouse by Mike PiperBOOK - Taking Stock by Jordan GrumetBOOK - AARP Checklist for My Family by Sally Balche HurmeBOOK - So Good They Can’t Ignore You by Cal NewportBOOK - How to Think Like Leonardo Da Vinci by Michael GelbEverplansEpisode 477 - Navigating Life ChangesRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Even though it is difficult to think about it, at some point, those of us who are married will have to think about one of you transitioning from two to one. This week we’re exploring the nonfinancial impacts of this transition with someone who has walked this journey. Rock Retirement Club member, Mark Trautman shares his personal journey through his life-changing experience. Mark shares the challenges and the tools that have helped him get through this heartbreaking part of his life so that he can move forward and rock retirement on his own. After the main segment, you’ll hear our listener questions and then we’ll Bring It On with Dr. Bobby Dubois. Dr. Bobby will help us understand why sleep is so important and what we can do to improve the quality of our sleep. Don’t miss out on this important episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:27] The more open you are the more you can deal[7:58] What you lose when you lose a spouse[11:38] Redefining goals after widowhood[16:23] Dealing with grief[21:33] Building community LISTENER QUESTIONS [31:20] My response to a scathing review on Retirement Plan Live[34:54] Another Retirement Plan Live review[37:28] How to replenish funds [44:48] A question about Rosie’s HELOC loan[46:31] Insight on huzzah!BRING IT ON WITH DR. BOBBY DUBOIS [48:41] Why is sleep so important[51:52] How to improve sleep[58:33] How to get to sleep[1:04:30] Dealing with chronic pain and sleepTODAY’S SMART SPRINT SEGMENT [1:14:59] Use Bobby’s tips to experiment with your sleepResources Mentioned In This Episode Examine.comBOOK - Why We Sleep by Matthew Walker Leeds sleep evaluation questionnaireBOOK - Taking Stock by Jordan GrumetRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you have been listening to this show for a while, chances are you already know how to rock your retirement. However, this can all change with the loss of a spouse. All of your best-laid plans change in an instant. That’s why this month we are focusing on going from two to one. Learn how to navigate your mindset–transition from this sucks, to how I will work through this, to having a great life. Press play to listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:47] Announcements[6:44] Books I read in FebruaryLISTENER QUESTIONS [11:46] Roth conversions and taxes[17:31] Roth conversions or capital gains?[23:10] How to create a paycheck between ages 62-72BRING IT ON WITH KEVIN LYLES [29:12] Finding meaning and purpose in retirement [38:52] Create a mission statementTODAY’S SMART SPRINT SEGMENT [41:05] Think about your mindsetResources Mentioned In This Episode Episode 310 - The Pie CakeAndy PankoBOOK - Traction by Gino WickmanBOOK - Be 2.0 by Jim CollinsBOOK - Rethinking Positive Thinking by Gabrielle OettingenTV SERIES - SAS Rogue Heroes on MGM streamingTV SERIES - Shrinking on Apple TVRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Life is what happens to us when we are busy making other plans. This is especially true during transitions. As I transition to adding a new segment to this show, it’s gotten a bit messy. It’s been a bumpy road and not everything has gone according to plan.Listen in to hear how this applies to retirement planning. While you’re at it you’ll hear how to decide whether to rebalance a portfolio and how to nurture relationships. Press play so that you can start rocking retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [0:39] Life is happening nowLISTENER QUESTIONS [5:35] Should I rebalance now?[11:52] Selling rental properties[16:13] Do I take the pension or the lump sum?BRING IT ON WITH NICK KENNEDY [21:28] The 4 quadrants of relational nutrients[29:29] Take action and be presentTODAY’S SMART SPRINT SEGMENT [31:50] Get the relational nutrient card and practice itResources Mentioned In This Episode Pension or Lump Sum on YouTubeBOOK - People Fuel by John TownsendRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Do you ever feel like a curmudgeon when you hear about new technology? Listen in to find out what has me putting on my sourpuss hat this week.We have a variety of interesting listener questions this week. Listen in to learn about purchasing brokerage CDs and CDs on the secondary market, how to decide whether to take the pension or the lump sum, and how to determine whether to become a 1099 contractor rather than a W2 employee.In the Bring It On segment you’ll hear about what work looks like in retirement from Mark Ross. Spoiler alert: you can work in retirement! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:06] Brokerage CDs and CDs on the secondary market[9:34] How to decide to take the pension or the lump sum[14:38] What does huzzah mean?[15:18] How to determine whether to become a 1099 contractor rather than a W2 employeeBRING IT ON WITH MARK ROSS [22:31] What work looks like in retirement[24:45] How to determine whether you should work in retirement[28:49] 3 categories of work[31:00] What you can do to help you determine your work in retirementTODAY’S SMART SPRINT SEGMENT [31:53] Download the Relational Nutrient CardResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Recently, we had the finale of the Retirement Plan Live series, so I want to share my observations on what we can all learn from Rosie’s experience. There was a lot to unpack from Rosie’s plan. Before we get to the Listener Questions segment, I’ll share my thoughts with you. Make sure to stick around after the listener questions to hear the Bring It On segment with Dr. Bobby Dubois. You’ll hear about building energy in retirement through your emotional, cognitive, and social well-being. Learn how to use these powerful ways to live longer and stay healthier in retirement. My observations on the latest Retirement Plan LIve with Rosie Rosie recently shared her retirement plan with all of us in our Retirement Plan Live series. This is a very public way to plan for retirement, so she was brave to put herself out there to share her situation openly. Unfortunately, Rosie’s current trajectory is not feasible and she and her husband are on track to run out of money within ten years. Coming to this understanding while live in front of 1000+ people is incredibly difficult, but now she can correct course to get back on track. This wasn’t only a learning experience for Rosie, it was for me as well. Here are a few of my takeaways from this experience. A plan must be feasible and resilient Rosie retired in mid-2021 in the middle of a bull market when interest rates were zero. She was working with a financial planner, so there were projections that showed her plan was feasible. However, there was nothing done to make that plan resilient in the face of challenging circumstances. Her withdrawal rate did not match up with the assets they have and nothing was done to compensate when the sequence of return risk reared its ugly head. Without resiliency designed into the plan, it fell apart quickly. They are now in a position where they have to make some tough decisions.A feasible plan is like a lit candle. It can burn; however, a gentle breeze will blow it out. Having a resilient plan is like having a fire. When a wind comes by it won’t go out–it may even gain more strength with the added fuel. An accumulation investment strategy doesn’t work in retirement Going into retirement Rosie and Dwayne were invested in 75% equities. Since they were already constrained as they approached retirement, they needed to be a bit more conservative. Their monthly systematic withdrawals came directly from selling those equities and they had no decumulation strategy. The result is that they are now underfunded. There is a difference between a financial advisor and a retirement planner Even though Rosie and Dwayne were using a certified financial planner, they still got blown off course. A financial advisor is similar to a general practitioner in medicine. They are not retirement specialists, so they may not understand how to build resiliency into a retirement plan. A retirement planner goes deeper on how to create a decumulation plan that has resiliency built in. They also understand that selling equities to meet withdrawals doesn’t work in a constrained retirement situation. Communication is crucial It was clear that there were communication issues between Rosie and her advisor. She assumed there was safe money set aside somewhere while there wasn’t. This incongruence between what she thought and what her advisor understood has also contributed to their current situation. While Rosie had conversations with her advisor, they were surface-level, and she didn’t pose follow-up questions to help improve her understanding of the situation. She didn’t understand the decumulation plan to create her retirement paycheck. This vital detail was missing. One year into retirement and her retirement plan fell apart. They didn’t analyze the opportunities to increase their social capital Both Rosie and Dwayne took Social Security early so that they could try and preserve their assets as long as possible. This was always what they had planned, so they never considered anything else. Had they carefully considered a different strategy for filing for Social Security, it may have made a difference in their trajectory. Have you listened to the latest Retirement Plan Live series? Did you attend the results webinar? If you missed it check out the replay. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:05] My observations from the Retirement Plan Live webinarLISTENER QUESTIONS [11:40] Is deferred compensation considered earned income during the distribution period?[14:17] When can someone collect Social Security survivor benefits?[17:13] On setting aside a 5-year fund as the basis to building the pie cake[25:51] On spending psychology during the go-go yearsBRING IT ON [30:43] On building energy in retirement through emotional, cognitive, and social well being[32:15] Your sleep, social, mind-body connection, and exposure to extreme climate can greatly affect your well-being in retirement[35:55] Why is sleep so important?[39:10] How social

I’m excited about our newest segment, Bring It On with Kevin Lyles. The Bring It On segment will discuss mindset and other non-financial aspects of retirement. In addition to our newest segment, today you’ll hear about the books I read in January and listener questions. Learn how to calculate a decreased benefit when retiring early, which accounts to draw from to minimize taxes, how to manage 401Ks through a company transition, and what to consider when choosing a financial advisor. Join me for this episode of Retirement Answer Man to explore the latest issues in retirement and beyond so that you can get ready to rock retirement. The latest books I’ve been reading In January I had the opportunity to finish reading four books. Most are nonfiction, but I threw a fiction book in for good measure.How to Think Like a Roman Emperor by Donald Robertson - This book is on stoicism and discusses the qualms we have when contemplating our own death and aging. The fear of death and aging can make us fearful, so by bringing that touchy subject out of the shadows, we can embrace the inevitable and live more fully in the moment.Never Finished by David Goggins - Since this book was written by a Navy SEAL, it has some salty language. However, David is a living example of what you people can endure and do. We have capabilities far beyond what we can imagine.The Boys from Biloxi by John Grisham - John Grisham writes formulaic legal thrillers, but his formula works. I enjoyed the history and background that he included of Biloxi, Mississippi.The Comfort Crisis by Michael Easter - This is another book about getting outside your comfort zone. Michael Easter completed a monthlong hunt in the Arctic–far outside of his comfort zone. This book was my favorite this month–it will challenge your thinking. Michael explores the idea of stretching yourself by doing something you think may not be possible. If you have any book recommendations for me reply to the 6-Shot Saturday newsletter. Why mindset is so important Mindset is the attitude that you bring to your life and retirement. It drives how you respond to the challenges you face when you’re transitioning and living your life. The mindset you bring to those challenges will make all the difference in the world.There is now more data regarding mindset with the science of positive psychology. Science shows that mindset matters and affects not only how you feel but outcomes. People who seek out the bad see more bad things, those who look for the good in the world see things in a more positive light. What to expect from the Bring It On segment In our newest nonfinancial segment, we’ll discuss several nonfinancial issues related to retirement: dealing with boredom, losing status, mindset, attitude, aging, identity, gratitude and so much more. Think about your own attitude about retirement and aging. What are the top five words that come to your mind? Discuss your thoughts with your loved ones. Could your thoughts be improved? Do you need to change your mindset? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:06] The books I’ve been readingLISTENER QUESTIONS [7:42] Addressing feedback on the show[9:32] Feedback from the past Retirement Plan Live[10:36] How to calculate a decreased benefit when retiring early[15:04] Which accounts to draw from to minimize taxes[20:42] How to manage 401Ks through a company transition[22:03] What to think about when choosing a financial advisorBRING IT ON WITH KEVIN LYLES [27:15] Why mindset is so important[32:04] How important a social network isTODAY’S SMART SPRINT SEGMENT [35:50] Write down what comes to mind when you think of aging and deathResources Mentioned In This Episode BOOK - Flourish by Martin SeligmanBOOK - How to Think Like a Roman Emperor by Donald RobertsonBOOK - Never Finished by David GogginsBOOK - The Boys from Biloxi by John GrishamBOOK - The Comfort Crisis by Michael EasterGoRuck.comSocial Security Detailed CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Retirement can be tricky. There are so many unknowns, so preparing yourself mentally can be a challenge. Mental toughness is the ability to remain positive and proactive in the most adverse situations. Our Retirement Plan Live volunteer, Rosie, is having to rely on mental toughness to stay on target through an extra challenging early retirement.Join Rosie and me today as we discuss the impact that the bear market had on her finances at the start of her retirement. Rosie is trying to get her retirement back on track Rosie and her husband Dwayne didn’t retire in the best circumstances. Inflation and market fluctuations haven’t been on their side. This sequence of returns at the beginning of their retirement is not faring well for their portfolio. Now they are trying to assess whether they are on a feasible path or whether they’ll need to make some adjustments. Simply by walking through this process they are already being proactive. They are assessing the damage and seeing how they can shape a plan for the future to get back on track. It’s challenging to enjoy the go-go years without a safety net While Rosie is more risk-averse, her husband Dwayne enjoys researching and investing in individual stocks. He uses about 10% of their total savings to play around in the market investing in his favorite publicly traded companies. Rosie estimates that about 75% of their total portfolio is in stocks and this makes her feel a bit anxious especially since their portfolio is down about 20% from last year. She would like to be enjoying her go-go years, however, without a healthy cash reserve in place, or a long-term care plan, she doesn’t have the security in place to let loose and rock retirement.Without a cash bucket set up, their $8,500 per month is coming from a systematic selling of their investments, but she’s not sure where they should go from here. Don’t miss the culmination of the past four episodes If your retirement isn’t going to plan, it is important to acknowledge where you are now so that you can mitigate the damages and reset your course. You can’t simply ignore the situation and wait for someone to tell you that everything is going to be okay. You’ll need to understand the nuances of your financial situation to determine the best way forward. Join us on February 2 at 7 pm CST for the grand finale of this year’s Retirement Plan Live. I’ll walk Rosie through her retirement plan and we’ll determine whether or not it is feasible. Then we’ll look for risks and opportunities. As a participant, you’ll have the opportunity to ask questions and see how the process plays out. After the live meetup, consider joining the Rock Retirement Club. The Club was created to give new retirees a solid framework and trusted tools to use to build a feasible, resilient retirement plan that will give members the confidence to rock retirement. In addition, RRC members have created an amazing, inviting community filled with people on the same journey. Learn more by joining the live meetup. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:47] Rosie’s questions[7:12] Understanding Rosie’s annuity[16:52] Understanding the software we use[18:32] Understanding the sequence of returns risk[27:07] Rosie’s experience with advisorsLISTENER QUESTIONS [36:36] Do you calculate using tax-deferred dollars to create a paycheck in retirement?[44:32] Using a draw-down strategy for a 401K[47:57] How to get a better interest rate from cashTODAY’S SMART SPRINT SEGMENT [50:40] Reassess your trajectory to achieving your goalsResources Mentioned In This Episode Join the live meetup on February 2 at LiveWithRoger.comMoney Guide Pro Elite retirement toolNew Retirement CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Take a breath, check yourself, and then observe where things are at. That’s what Rosie and I are doing on this episode of Retirement Plan Live.After the last episode in which Rosie planned out all her hopes and dreams for retirement, today we’re taking a look at her financial picture. We’ll walk through the sources of her social, human, and financial capital to see where she and her husband stand financially. Listen in and create your own plan as we go. Make sure to sign up for 6-Shot Saturday to ensure that you get all the worksheets to work through your own retirement plan with me and Rosie. Sign up for the grand finale on Feb 2, 2023 Have you signed up for the live webinar on February 2? This will be the grand finale to this year’s Retirement Plan Live. We’ll see if Rosie’s dream retirement is feasible with her resources. We’ll also identify potential risks and opportunities that she should watch out for. Head on over to LiveWithRoger to register. How will Rosie pay for those retirement dreams? We can never know anything for certain, about our financial future, but we can build a solid framework to build up our confidence in our plan. Last week, Rosie laid out her retirement goals and as she did so she tied those into her values. Our goals are really just a representation of our values. As we walk through Rosie’s finances we analyze three different types of capital: social, human, and financial. Social capital includes guaranteed payment sources. The most familiar example of social capital is Social Security. Rosie and Dwayne don’t have any pensions, but Rosie is collecting $2200 per month from Social Security. Soon Dwayne will also receive $1800 per month from Social Security as well. In about six years they will begin to receive a small annuity payment. Dwayne is the one providing human capital with his flexible part-time work online. This work contributes between $15-20,000 per year. He plans to continue working part-time for about six more years. Their financial capital includes $30,000 in after-tax assets, $680,000 in pre-tax assets, and $55,000 in tax-free assets. Build your net worth statement as you listen Listen in to hear what other kinds of assets Rosie and Dwayne have as we walk through building a net worth statement. When was the last time you updated your net worth statement? January is a great time to observe where you are financially so that you can marshall your resources to ensure that you can achieve your goals. As Rosie and I build her net worth statement you can too. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:20] Their social capital[6:30] Their human capital[7:35] Their financial capital[9:02] Their other assetsLISTENER QUESTIONS [15:54] A Social Security error - who to call?[19:36] What can Sarah do to get closer to retirement under less than ideal circumstances?[24:00] How to know if benefits will continue to increaseTODAY’S SMART SPRINT SEGMENT [26:56] Update your net worth statementResources Mentioned In This Episode SSA.gov - overpaymentSocial Security episodes 228, 229, 230, 231, 232Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Setting big goals is great, but they have to be the right goals or else they could become a trap. Rosie joins us again today to set her retirement goals. In this episode, you’ll hear her financial goals for her needs, wants, and wishes. We’ll discuss her financial expectations for each of these categories and how her goals fit into her values. Don’t miss out on this second episode of Retirement Plan Live. When you finish listening, head on over to LiveWithRoger.com to register for the live meet-up on February 2 where we will break down Rosie’s plan in detail and decide whether or not she’ll be able to live out her retirement dreams. Goals must be driven by values In the previous episode, you met Rosie and learned about her situation and her values. We start each Retirement Plan Live series with values because values are what drive our goals. If you set your goals up too rigidly or shoot for the wrong goals then you are working toward something without really desiring it.Goals are important to have because they framework of what you are trying to achieve. Listen in to learn how Rosie uses her values to drive her goals. What makes a base great life? What does it take to build a base great life? The base great life is the line in the sand that you can’t cross. It is what you need to have in place to secure a basic life worth living. Rosie estimates that it would take about $5000 per month (excluding healthcare costs) to live her base great life. Listen in to hear what she includes in her base great life and why this doesn’t mean eating rice and beans every day. Rosie’s wants and wishes Rosie values travel and would love to spend about $24,000 per year for the next 5 years on travel expenses. After that, she estimates that she would continue to travel but would slow down on spending but still spend around $15,000 per year for the following 8 years. Other discretionary expenses would include $10,000 per year on eating out more frequently and spending on loved ones. Adding in these extra wants and wishes would take Rosie and her husband about $117,000 per year. Follow along and create your own agile retirement plan This week, I encourage you to look at your retirement goals with fresh eyes so as not to limit your thinking. Really hone in on what it takes to build your base great life, then add in the layers that build up your wants and wishes. Shed away your inhibitions as you consider your wishes category.As you listen to Rosie’s journey, why not follow along for yourself? Make sure you are signed up for the 6-Shot Saturday newsletter to receive the corresponding worksheets for each episode. Every week during the Retirement Plan Live series we’ll send out a worksheet to help you work through each stage in the agile retirement planning process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLAN LIVE [4:03] What is a base great life?[10:45] Discretionary spendingLISTENER QUESTIONS [25:33] Can Tim’s wife retire?[32:37] Can Crimaud collect Social Security without a green card?[35:25] How to work in tithing in retirementTODAY’S SMART SPRINT SEGMENT [40:38] Revisit your needs, wants, and wishesResources Mentioned In This Episode Collecting Social Security in CanadaRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Rosie and Dwayne retired in a bear market and now they wonder if they will have enough money to rock retirement. We will explore that question all month long in this Retirement Plan Live. Over the course of the next few weeks, you’ll learn about Rosie and Dwayne and their journey, their goals, their resources, and their investment strategy. Then we’ll wrap up this series together with a live webinar on February 2. Don’t miss out on the exciting finale, sign up at LiveWithRoger.com. Meet Rosie and Dwayne Rosie and Dwayne live a fairly simple lifestyle. They don’t own a big house or drive flashy cars. They don’t take lavish vacations or eat at fancy restaurants. Although they live simply they do have their own retirement dreams.When Rosie retired a year and a half ago she figured the worst of the Covid debacle was behind her. She had seen the flash bear market, but since then, the markets seemed to be doing well. Unfortunately, within a year of retiring, she watched her assets decrease by 25%. Now she is left wondering if she’ll ever be able to live out her retirement dreams. Rosie and Dwayne both worked in the IT sector before Covid hit. While Rosie was able to work from home, Dwayne was laid off and has since begun flexible part-time work. Working from home simply enticed Rosie to fully dive into retirement. What Rosie loves about retirement Rosie loves the time freedom that retirement brings. She has plenty to do to keep busy: spending her days with her grandkids, at the pickleball court, going to exercise classes, and cooking. Rosie is a natural organizer and creates a weekly plan complete with to-do lists. Enjoying the love of family and friends and traveling are what brings her joy and how she desires to spend her time in retirement. Rosie’s fears about retirement With Covid and the subsequent bear market, Rosie feels that she is missing out on fully enjoying retirement. She is very aware of the passing years and understands that time is precious. She feels frustrated that she may not have enough time to do all the things that she wants to do and go to all the places she wants to go. Her financial situation is much different than it was a year ago although that hasn’t caused her to change her spending habits. She’s trying not to let her emotions drive her decision-making. Rosie understands that she needs a clear mind and that she should stay the course that she and her husband laid out with their financial advisor. While she understands that logically, she is still concerned about their future.Over the course of this series, Rosie is looking for more input and a better understanding of what changes she needs to make to ensure that she can live out her retirement dreams. You can follow along with Rosie by using the Agile Retirement Planning process Follow along over the next four episodes to hear how we use the Agile Retirement Planning process to discover if she and Dwayne are really ready to live out their retirement dreams.As we work through this Retirement Plan Live series you can follow along and participate in your own retirement plan with the same helpful worksheets that Rosie is using to guide you on your way. Make sure that you are signed up for the 6 Shot Saturday email newsletter to get each week’s worksheet delivered to your inbox. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:35] Just say no to New Year’s resolutionsRETIREMENT PLAN LIVE [6:05] Let’s meet Rosie[15:17] What Rosie thinks about retirement so far[23:56] What makes her most frustrated[26:54] How retirement has been financially[30:45] Rosie’s top ten valuesLISTENER QUESTIONS [38:44] Is there an optimal balance among the allocation between tax categories[43:43] How to factor a whole life insurance policy into your retirement plan[47:51] The max limits to a 457 and 403B[50:42] Is it ever better to take Social Security at 62?TODAY’S SMART SPRINT SEGMENT [54:33] Make daily resolutions to improve your energy, work, and relationshipsResources Mentioned In This Episode Morningstar The Long View podcast #186 - Roger Whitney: Retirement Planning Is Not Financial PlanningRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This is our last episode of 2022, so naturally, there will be a bit of reflection alongside the practical planning and your listener questions. Kevin Lyles also joins me in the Coach’s Corner to discuss living your best life in retirement. Let’s noodle on what it means to live authentically and discover the answers to some fantastic questions that will help guide you on your retirement journey. Stick around until the end of the episode to hear my word for 2023 and how I plan to review my year. Be the author of your hero’s journey To be authentic literally means to be your own author. That’s what planning your retirement journey is all about. By building a framework to rock retirement you are writing your own story. I’m excited to wake up each day and help give you ideas to write your retirement story. By being the author of your own life you will be authentic and live without regret. To start the new chapter of your life consider where you are on your journey. The hero’s journey framework can help you navigate so that you can figure out what is important to you. Don’t miss the call to adventure The hero’s journey is a cycle of constant death, rebirth, and renewal. Some version of you has to die before you can become reborn into your new self. If you haven’t retired yet then you are still in Act One of the hero’s journey. In this first act you are being called to something other than your full-time career. Being called to an adventure can be a powerful force. It is a force so powerful that oftentimes our first response is to resist the call. However, if you embrace the call you can find mentors to help you along the way. These mentors can come in the form of books and podcasts and they can be people who are further along in their journey that you can look to answer questions along the way. Act Two requires a leap of faith To step into Act Two you must take the leap of faith. As you journey into retirement this means stepping away from your old life and into the unknown. Along the way, you’ll face allies and enemies, but you cannot know the trials and ordeals you will encounter throughout this adventure. You’ll need a framework to help you navigate Act Three In our Third Act of your hero’s journey, you will overcome the trials and ordeals, but only if you have a framework to help us along the way. This is where I come in. Building that framework to help you through the trials and tribulations of retirement is what this show is designed to help you do. I aim to be your mentor and ally along the way.Some version of this journey plays out in different ways throughout our lives. I’m excited to begin this new chapter with you. We’ll be focusing on building out the financial plan, but as you know, a financial plan alone isn’t the only thing you need to conquer this journey and rock retirement. I look forward to helping you build your retirement in the new year and beyond. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:24] The hero’s journeyCOACH’S CORNER WITH KEVIN LYLES [9:01] How to live your best life in retirementLISTENER QUESTIONS [19:07] What a yield curve is and why it matters[20:42] Should I take my pension lump sum now or later?[26:35] Ron’s experience living overseas[29:56] Use the Social Security website to help optimize[31:07] Can I take outside IRAs and roll them into my 401K?[35:22] What should Doug do to help his spouse handle finances when he passes[37:51] Whether to take small pensions now or laterTODAY’S SMART SPRINT SEGMENT [41:08] Choose your word for 2023Resources Mentioned In This Episode Joseph Campbell The Heroic AppRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Do you wonder what you’ll do with all your free time in retirement? Planning your time by filling your days with purpose and passion can help ease the stress that comes with the sudden emptiness of leaving behind a full-time career. On this episode of Retirement Answer Man, we’ll discuss how dabbling in a few different activities can help you find your purpose. You’ll also hear the answers to questions posed by listeners like you. Coming soon to a podcast app near you: Retirement Plan Live! Are you ready for the next Retirement Plan Live? Beginning January 4, we’ll return to our most awaited annual series. The next RPL will feature Rosie and Dwayne, a couple that retired with already constrained assets during a bear market. While helping Rosie create her feasible plan of record, I’ll also help her understand how to handle retirement in a bear market and what she can do next to help her through this challenge. If this will be your first Retirement Plan Live series, or even if you are a veteran RPL listener, I encourage you to listen to the entire series and join us for the live webinar at the end of January so that you can get a true sense of how the agile retirement planning process works. Filling your suddenly empty itinerary in retirement can feel daunting I recently had a conversation with someone who was considering holding off on retirement because they didn’t know what they would do without the routine of work in their lives. We begin our social conditioning from the time we start school. School helps to begin to define the external structures of our lives by giving us a place to go, a reward system, a social network, and a vacation structure. This system continues as we enter our working years which makes it a challenge to suddenly leave this lifelong system and venture into the unknown. Try dabbling in something new Since retirement completely blows up the structure and rhythm of life, it can be intimidating to step out into the unknown and venture forth without a plan. Having a purpose in retirement can help you transition into something new. However, not everyone knows what their purpose will be. Dabbling in a few areas can be one way to try out new interests. In the way that many kids dabble in various sports and artistic activities when they are young, we can do so as well as we approach retirement. By dabbling in a few different activities you can see what fits without becoming overly invested in one particular area. Should Suzy buy out her husband’s portion of their shared rental property? Suzy has been going through a divorce for the past several years and is ready to finally financially settle. One of their shared assets is a $4 million property that could be used as a short-term or long-term rental. The property needs about $500,000 worth of work and it would require a $2 million loan to buy her husband out, so she is trying to decide whether it makes sense financially to take on such a mortgage at this stage in her life. To ensure that Suzy makes the best decision she can, it is important for her to consider what she wants her life to be like in the future. There are multiple pathways we can take in life so it is important to envision your future before jumping into any permanent decisions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:18] How to rock life outside the financial realm[11:03] What to do to set yourself up for some structureLISTENER QUESTIONS [13:25] What to do with Suzy’s rental property in her divorce[20:24] How the widow’s Social Security works[22:13] If I delay Social Security will I get the COLA increase as well?[23:55] Should I stop contributing to my 401K?TODAY’S SMART SPRINT SEGMENT [30:10] Dabble with somethingResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Are you curious about the changes that are coming next year on the Retirement Answer Man show? Today, you’ll have a sneak peek at one of our new segments: the Rock Life segment. Bobby Dubois joins me to discuss how to ensure that you have enough energy so that you can rock retirement. On this episode, you’ll also hear my holiday gift-buying suggestions as well as the listener questions segment. Don’t miss out on hearing what to do with a settlement, whether to file for Social Security if you are still working, and whether you should simplify your investments in retirement. Don’t miss this episode to hear the answers to these listener questions, get a preview of what’s to come next year, and to get some fantastic gift ideas. My holiday gift guide Buying and receiving gifts later in life can be challenging since many of us already have so much. I prefer to give experiences over anything else, but when an experience isn’t appropriate a game is my go-to gift. These are some of the games that I enjoy playing or might make great gifts for someone you loveSequence - easy enough for the whole family to enjoy Quix - a fast-paced dice gameEuchre - a midwesterner’s favorite Left Center Right - this can actually be played with dice or cards Ticket to Ride - a longer board game that’s worth learning Pictionary - great for parties Scattergories - another classic party game Kids Against Maturity - a twist on Cards Against Humanity that might be more appropriate for the family Play Nine - when golf meets cards Tri-Ominos - a triangular domino gameListen in to hear what our listeners recommend. One listener has a fantastic tip for learning new games. Should James apply for Social Security while still working full-time? James is still working and approaching full retirement age. He would like to apply for Social Security but continue to work yet he is confused by the whole process. There isn’t much information about collecting Social Security while working full time. An added complication is that signing up for Social Security will automatically enroll him in Medicare. However, he still has healthcare coverage through his employer and would like to continue his employer’s coverage. James is right. There isn’t much information about collecting Social Security and enrolling in Medicare while still employed full-time. And what is out there is really confusing. You can collect Social Security at full retirement age while still working. The financial ramifications may push you into a higher tax bracket. Boomer Benefits can help you navigate Medicare’s complexities One aspect of choosing to collect Social Security at full retirement age is that it will automatically enroll you in Medicare part A. Parts B and D can be delayed, but they must be turned on within eight months of leaving your employer-sponsored health plan. The good news is that Medicare part A will coordinate with your health insurance if you end up hospitalized. Since there are so many difficulties in navigating this question, I recommend that anyone in this situation contact a Medicare navigator like Boomer Benefits.Boomer Benefits is a company that deeply understands Medicare and the entire enrollment process. They don’t charge the consumer and aren’t trying to sell you anything–they are simply trusted advisors. They have numerous educational resources both on their website and on YouTube. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN GIFT BUYING GUIDE [1:34] Roger’s holiday gift buying guideLISTENER QUESTIONS [10:30] Should James file for Social Security if he is still working?[14:10] What to do with a settlement[23:10] Whether to simplify investments[29:20] If I just retired can I still make a Roth contribution?ROCK LIFE SEGMENT WITH DR. BOBBY DUBOIS [30:37] The 3 pillars to building energy in our lives[34:32] Intentionally observe what works for youTODAY’S SMART SPRINT SEGMENT [45:00] Go buy a game or experiment on yourselfResources Mentioned In This Episode Cozy Earth - enter RAM at checkout to receive a 35% discount!Boomer BenefitsBoomer Benefits on YouTubeWhoopOura RingStacking BenjaminsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Is it worth investing in individual stocks or should you simply go with ETFs? Joe has recently parted ways with his financial planner and is beginning to manage his portfolio himself and was wondering about the benefits of these choices. Tanya Nichols and I will explore Joe’s questions as well as others on this episode of Retirement Answer Man. Listen in to hear the benefits of owning ETFs vs individual stocks, how to structure your Roth conversions, and what to do about health insurance before Medicare. Making decisions is rarely a cut-and-dry process When making decisions, we usually look for a clear answer: yes or no, do it or don’t do it, jump or don’t jump. However, judgment calls are rarely so simple. Usually, we are operating without all of the pertinent information, so we have to make assumptions about how the future will look. The process of brainstorming is messy. There is no crystal clear way to go about making decisions, and once you do you probably won’t know if you chose correctly. When confronted with choices you’ll want to have a framework to explore decisions in an organized way. Then you’ll want to relax and consider all the options. When you take the pressure off you’ll have more opportunities to come to a good decision. Next, dive into the process and see what comes. You may explore several different scenarios before coming upon your final decision. What I’m reading My strategy for reading this year has been to make reading my default activity. Reading is what I go to when I’m waiting in line, have spare time at home, or when I’m taking a walk (via audiobooks, of course!). This new mindset has led me to read 33 books so far this year. Today I wanted to share with you the most recent books I have read and my thoughts on them. Boys in the Boat by Daniel James Brown is an inspiring book that I highly recommend. It chronicles a member of a crew team in the 1920s and 30s and his life journey from childhood and then on to the 1936 Olympics. Quit was written by Annie Duke the author of Thinking in Bets. Annie was a professional poker player turned decision-making expert. In this volume, she examines how hard it is to quit something once you have started.Put Your Ass Where Your Heart Wants to Be by Steven Pressfield is a fast read–you could finish it in a day. This is a great book that helps people work on challenging goals. This book will help you get past the resistance. Courage Is Calling by Ryan Holiday is a book that will enrich your soul. It Takes What It Takes was written by Trevor Moawad who was a performance coach for elite athletes. This book on mental conditioning promotes the thesis that if you want to be great at something you have to make a choice to do the things to make you great. Making the choice to be exceptional clears the path to greatness because it takes everything else off the table. The Dichotomy of Leadership by Jocko Willink was written for leaders on the aspects of finding the virtuous mean. If you have any great book recommendations I’d be happy to hear them. Just head on over the Ask Roger page and leave an audio suggestion or write it in. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:23] On making decisions[4:11] What I’ve been readingLISTENER QUESTIONS WITH TANYA NICHOLS [19:33] Should Joe invest in individual stocks or ETFs[27:36] What to put in Roth conversions[32:45] What should Todd do about insurance between the ages of 58 and Medicare?[42:22] Looking for resources on the ex-pat lifeTODAY’S SMART SPRINT SEGMENT [44:38] Treat people as they could beResources Mentioned In This Episode Align FinancialBOOK - Boys in the Boat by Daniel James BrownBOOK - Quit by Annie DukeBOOK - Put Your Ass Where Your Heart Wants to Be by Steven PressfieldBOOK - Courage Is Calling by Ryan HolidayBOOK - It Takes What It Takes by Trevor MoawadBOOK - The Dichotomy of Leadership by Jocko WillinkPhil StutzRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

There comes a time when retirement planning becomes retirement doing. Many people get stuck in that gap between knowing vs. doing. While it is important to learn what you can so that you can make educated decisions, you’ll want to build a foundation to give you the confidence to act. My goal is not only to teach you information but also to help you build the structure you need to go out and rock retirement.On this episode, we’ll discuss how to close the knowing vs. doing gap, answer listener questions, and check out what Kevin has to say in the Coach’s Corner. Listen in to hear a clarification on Social Security and COLA, a new perspective on whether to purchase long-term care insurance and how to find a financial advisor who will simply answer questions. Stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. David is still in the wealth accumulation phase David sounds like a younger listener since he has young children. He’s still in the wealth accumulation stage of life and has a healthy $120,000 emergency fund. He is considering whether he should use that emergency fund to go ahead and pay off his mortgage. The extra money each month could then be used to purchase a rental property or to invest. Consider the big picture Since David still has a long financial journey ahead, it is important to step away from focusing on the financial aspect of this picture for a moment and envision what he wants his life to look like. What is he trying to accomplish? Does he want more financial flexibility? Does he want more time with his young children? Any financial question should be framed with your goals in mind. You want your goals to shape the outcome of your decision rather than the other way around. How important is financial flexibility? By dipping into the emergency fund he takes away the financial flexibility. Having an emergency fund in place limits the number of choices a person has. Another option could be to pay the mortgage off by adding a bit extra each month to the mortgage payment over time. Paying off the mortgage early will improve the monthly cash flow, but at what cost? David needs to assess how he will pay off the mortgage and whether that increased cash flow is important enough to justify the decreased financial flexibility.Once David pays off the mortgage, then he can decide whether rentals or traditional investments would be the best option based on the financial goals he has for the future. Framing these choices within the context of the bigger picture is so important when making these types of decisions. Ask your own question If you would like to have your questions answered go on over to the Ask Roger tab on RogerWhitney.com where you can either submit a written question or an audio question. We love to play audio questions on the show, so if you would like your question answered sooner press record to submit. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:38] Be wary of suspicious text messages and emailsLISTENER QUESTIONS [7:34] Should David pay off his mortgage?[15:00] How does Social Security COLA work?[19:52] Beth’s perspective on long-term care insurance[23:31] How to find a financial advisor who will simply answer questionsCOACH’S CORNER [26:22] On categorizing retirement plansTODAY’S SMART SPRINT SEGMENT [33:50] Set a benchmark for things you want to accomplish in 2023Resources Mentioned In This Episode NAPFA.orgEpisode 444 - Will My Social Security Benefit Be Impacted By My Divorce? CozyEarth.com - use the code RAM to get 35% off!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Curiosity is an important quality to nurture as you get older; it can even help you find your purpose in retirement. Today, I’ll help you explore how to use your curiosity to discover your purpose as you embark on the next phase of your life. This episode is packed with questions that could help you rock retirement. Listen in to learn how to know if an annuity is right for you in retirement, how to apply for social security, whether you can contribute to a Roth IRA if you are an independent contractor, how to choose healthcare alternatives before Medicare, and 401K alternatives for the highly compensated employee. Curiosity can help lead you to your purpose in retirement Finding your purpose in retirement can be one of the most daunting tasks that you undertake in your retirement planning. Going from a career and a life that is essentially planned out for you to one that is completely open-ended can even bring on a bit of anxiety.However, if you let it, your purpose will come to you. It simply takes a bit of curiosity. Pulling on the threads of curiosity will lead you down the rabbit hole to the crux of what is essential to you. Listen in to hear how you can use your curiosity to ignite your passions. There is no way to completely remove the uncertainty of retirement Annuities are guaranteed income sources that can remove some of the uncertainty that comes with retirement planning. However, they are not without their downfalls. Using an annuity as a guaranteed income source early on in retirement will help to smooth out sequence of return risk, but it will enhance your inflation risk later on.Buying an annuity to turn on later in life will help with longevity protection, but what if you don’t need it? There is no way to completely remove the uncertainty that comes with retirement–there will always be the element of the unknown. How to know if an annuity is right for you in retirement There are two ways to consider an annuity to help fund retirement: qualitative or quantitative. On the quantitative side, it is easy to use calculators like the Schwab Annuity Calculator. While this can help you predict the math, it is important to remember that the best way to maximize guaranteed inflation-proof income is to fully delay claiming Social Security.To ensure that you are making a decision that is right for you, you’ll want to build a feasible, resilient plan of record that does not include an annuity. Then build out a what-if scenario and compare the two plans side by side. This will give you the context to make the judgment call. Although you will never have a crystal clear answer, this is the best way to work through this kind of question. By using an organized process, you’ll understand what it takes to build a base great life and have the confidence to spend your money and rock retirement. Consider when to turn on the annuity Next, comes the question of when you want to turn on the annuity. Will you want it today or later in life? Giving yourself optionality is important. As you age your priorities will change. It is important to do the research. First consider the quantitative aspects by using calculators and considering the rules, then consider the qualitative side of this decision. Then consider how much you want to go with a safety-first approach. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [6:10] How to know if an annuity is right for you in retirement[13:50] How to apply for social security[14:55] Can you contribute to a Roth IRA if you are an independent contractor?[16:17] A backdoor Roth contribution clarification[18:11] Healthcare before Medicare[23:15] 401K alternatives for the highly compensated employeeTODAY’S SMART SPRINT SEGMENT [26:37] Pull the thread and follow your curiosityResources Mentioned In This Episode SSA.govSchwab Annuity CalculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

The good life is a direction, not a destination. This is why we are so focused on the process of retirement planning. Rocking retirement is all about having an adaptable process to work through. On this episode of Retirement Answer Man, I answer a few process-based questions. You’ll learn how to work through the steps to rebalance a bond ladder and how to analyze whether you have enough to create a sound retirement. How retirement planning is like meditation Retirement planning has a lot in common with meditation. With meditation, the idea is to sit quietly and focus on one particular mantra or the breath. While this seems like an easy thing to do, the mind constantly wanders to other places, so the meditator has to bring the mind back to the primary focus. Just like with meditation, retirement planning has its own primary focus. The focus of process-based retirement planning is your goals. When you get distracted by the latest problem that you heard on the news, poor market returns, or whichever new, shiny thing comes along it is important to bring your attention back to the plan. We all want to optimize our retirement to achieve the best possible outcome, but we must first see how it all fits within our process. What is a bond ladder? A bond ladder is a great way to prefund consumption over the years. It is created by purchasing a bond portfolio with individual bonds that come to maturity over a period of time. There may be bonds that mature each year over several years. This creates an income floor in a type of stair-step fashion. As each bond comes due then you build out the next step of the bond ladder. How to rebalance a bond ladder As each bond in the ladder comes due you may wonder how and when to reallocate your portfolio. The bond portion of the portfolio is there to help you weather poor markets, so should you sell stocks while they are down to build your bond ladder back up? That kind of defeats the point of building up the bond safety net.Creating an income floor with a bond ladder ensures that you have time to allow your stock portfolio to be successful. There are several ways that you can make this happen. You can moderate your spending so that you lengthen the time period of the bond ladder so that it burns down more slowly or you can choose to only partly replenish it. There is no right or wrong way to work through this. By using a process-based strategy you can create several scenarios to navigate the situation. The benefit of having a structured process is that you can test it to see what works best for you. Think about your own retirement planning process. Do you return back to it when faced with a question or problem? Consider how you can use your planning process to help you reframe questions. You may find that answering those questions gets easier when you use your process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [6:33] How bond ladders work[12:29] Should Rich live on dividends and interest or sell?[14:17] How to systematically analyze variables[18:40] Is there a specific set of tests to determine whether a retirement plan is sound?TODAY’S SMART SPRINT SEGMENT [23:46] What is your mantra?Resources Mentioned In This Episode New Retirement PlanningCozy Earth use code RAM to get 35% off anything on the site!Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

When planning your retirement journey it is imperative that you fully explore and understand the options available. On this episode of Retirement Answer Man, Shane asks about the best ways to access his retirement accounts early.Taylor Schulte from Define Financial joins me in the listener questions segment to discuss Shane’s question by clarifying the rule of 55 and 72(t), the ups and downs of using his fiduciary to prepare Jay’s taxes, and how to fund the first 5 years of retirement.Don’t miss out on the answers to questions from listeners like you. Tune in to hear if Taylor’s response matches my own. Accept where you are now “We must be willing to give up the life that we planned so as to have the life that is waiting for us.”--Joseph CampbellIt is easy to look back with wonder at the plans you had for your life. Even if everything is going well, we’ve all had life plans that were interrupted by curveballs. While those curveballs can throw us off course, it’s important to understand and acknowledge where we are now. Rather than ignoring or avoiding your present situation, accept your situation the way it is. Radical acceptance is fully accepting things as they are now. Only when you fully accept what your current reality is can you look forward to creating a fantastic life ahead. Recognize where you are starting from so that you can plan to rock retirement. What is the rule of 55? Shane is currently planning to work until age 55. He would like to use the rule of 55 to access his 401K. The rule of 55 is an IRS provision that allows workers who leave their current job to start taking penalty-free distributions from their current employer's retirement plan upon reaching age 55. Note that the rule of 55 does not apply to IRA accounts. It is only to be used for 401Ks. So if you think you may want to use the rule of 55, then you’ll want to make sure that you don’t roll this account over to a Roth IRA. Although this provision seems cut and dry, there are a couple of things to look out for. First, you’ll want to be clear about whether your employer will allow you to use the rule of 55 for your 401K. Next, you’ll need to see whether the employer will allow you to withdraw the funds on a partial basis so that you don’t have to entirely deplete the account.Lastly, you should note that the current tax filing rate for the rule of 55 is at 20%. The ins and outs of using 72(t) for qualified accounts Shane’s backup plan in case he gets laid off is to use 72(t). Similar to the rule of 55, 72(t) allows workers to gain early access to their 401K or 403B without penalty.Typically 401K contributors cannot access their retirement savings before age 59.5 without penalty. However, the rule of 72(t) allows for 5 equally periodic penalty-free payments. These payments must be made according to the schedule laid out by the IRS. It is essential that the account holder not add or withdraw anything more during this time period. Using the 72(t) rule is tricky and it is critical that you carefully abide by the IRS’s rules. Listen in to hear a tip on what you could do if you only want to access part of the funds in your 401K using rule 72(t). OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:01] On radical acceptance in retirement planningLISTENER QUESTIONS WITH TAYLOR SCHULTE [6:40] What should I know before using 72T to fund retirement?[13:25] Jay wonders if there are pitfalls to having his family office fiduciary prepare his taxes[23:49] How to fund the first 5 years of retirement[30:18] Belinda’s question on whether to keep term life insurance in retirementTODAY’S SMART SPRINT SEGMENT [37:42] Radically accept one aspect of where you are nowResources Mentioned In This Episode Taylor Schulte - Define FinancialTaylor Schulte’s Stay Wealthy podcastRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If the bear market and inflation may have you worried, a bit of productive paranoia with a tinge of optimism may see you through. On this episode of Retirement Answer Man, we’ll discuss upcoming monthly themes, the next Retirement Plan Live case study, and ideas for new segments for the show. You’ll also hear answers to several listener questions. Today we’re putting our geek hats on to discuss commodity ETFs, perpetual withdrawal rates, single-pay annuities, and how to mix compounding with growth. Press play to get started. What is a commodity? During this bear market, people are becoming curious about different types of investments. Keith would like to know more about investing in commodity ETFs that follow the indices as a way to hedge against inflation. His big question is, should he invest in commodity ETFs to fight inflation? Before we can answer that question, we need to define what commodities are. A commodity is a hard good with economic value that is used to create products. Commodities are a capital gain type of investment that don’t produce any dividends and therefore don’t have a compounding effect. One of the attractions of commodities is that they aren’t correlated with other types of assets. Since interest rates and inflation are rising, commodities have become more appealing. They have the added benefit of not behaving in the way that stocks behave. How to invest in commodities There are a few ways that people can invest in commodities. They can buy the commodity directly and hold on to it. However, this creates the issue of how to store it. Another way to invest in commodities is to buy shares in companies that manage commodities. One example is Exxon, but since Exxon is an equity as well, that means that shares of Exxon are not pure commodities. To get more purity, people look for ways to follow the commodities’ indices. Since we can’t actually buy an index, we could buy an ETF that replicates the index to gain exposure in that market. Popular ETFs use financial instruments like futures contracts and swaps to simulate ownership Do commodities have a place in a retirement portfolio? While I’m not opposed to having commodities as a part of a diversified portfolio, it is important to first ask yourself a few questions.Which vehicle will you use? Which commodities will you track? Make sure that you don’t just choose one. You’ll want to ensure that you have a basket of commodities even though it will add a bit more complexity. How much do you plan to allocate? What is the right percentage? You’ll want to purchase enough so that it makes a dent in your portfolio, but it is important to recognize that commodities are volatile compared to other asset classes. Commodities can move drastically in one direction or another based on many factors. Allocating 5-10% in a growth-oriented portfolio might work, but will it really make a difference? Understand that adding commodities to your portfolio is a long-term decision. If you do add them then stick to your decision. If you don’t, then you negate the idea of asset allocation. It is important to find a process that is right for you and stick to it consistently. Adding commodities into your portfolio can be a useful hedge against inflation, as long as they are used as part of your long-term investment process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:40] Should I invest in commodity ETFs to fight inflation?[16:06] Can using a perpetual withdrawal rate increase portfolio security?[21:57] Would a single-pay annuity help David’s situation?[29:20] Barry’s suggestion for a monthlong theme[30:03] Ryan’s correction on NUAs[30:30] Jim’s question on compounding and growthTODAY’S SMART SPRINT SEGMENT [37:15] Grab the checklist from the 6-Shot Saturday newsletter and take actionResources Mentioned In This Episode Cozy Earth - Enter RAM as a discount code to receive 35% offBOOK - Good to Great by Jim CollinsBOOK - Antifragile by Nassim Nicholas TalebRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you don’t qualify for a Roth IRA you may be interested in using a backdoor Roth to utilize the advantages of a Roth IRA. One listener wonders about the rules for contributing to a backdoor Roth. Today, I’ll clear up his question and answer many more. Other listener questions in this episode cover using RMDs as QCDs, dealing with capital gains, and target date funds. Don’t miss out on discovering the answers to questions from listeners like you. Press play now to listen. Should we be optimists or pessimists right now? Optimism can only get you so far. I tend to be an optimistic person, but that doesn’t mean that I put on rose-colored glasses. I can see that the present situation calls for something more than simply blind optimism.However, that doesn’t mean that we should reverse our stance and become pessimists. Pessimism is the tendency to see the worst aspect of things or believe that the worst will happen. It calls for a lack of hope or confidence in the future. This isn’t what we should strive for at all. So how should we view things instead? “Rather than practice pessimism, perhaps we should practice productive paranoia.” - Jim Collins How about a dose of productive paranoia? Jim Collins, author of Good to Great, helps us understand productive paranoia by explaining that the only mistakes you can learn from are the ones you can survive. Since conditions can change rapidly it is important to build in margins of safety so that you can handle disruptions from a position of strength. This will help ensure that you can mitigate damages or take advantage of opportunities. Use your angst to build structures to help you weather the storms that the market throws at you. Learn more about the Rock Retirement Club at our live meetup Join our live meetup tomorrow, 10/27, or 10/29 to hear how you can handle market disruptions from a position of strength by ensuring that you have an agile retirement plan in place. In the meetup, we’ll lay out how you can work through the process to develop your own agile retirement plan. We’ll also showcase the Rock Retirement Club so that you can gain a better understanding of what the Club is all about. Can backdoor Roth contributions be made throughout the year? Scott doesn’t quite qualify for a Roth IRA, so he has been looking into a backdoor Roth.His question is if he can make backdoor Roth contributions throughout the year or if he can only do them once during the year. Yes, you can make contributions throughout the year; however, there may be a reason that you want to set that money aside and wait until the end of the year to make your contribution. Listen in to hear why. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:30] Can backdoor Roth contributions be made throughout the year? [9:53] Can Dennis use RMDs as QCDs?[15:03] How to deal with capital gains[23:15] Should Marie switch from target date funds to separate funds?[28:08] Do you factor in the cost of Roth conversionsTODAY’S SMART SPRINT SEGMENT [37:43] Do something that intimidates youResources Mentioned In This Episode BOOK - Good to Great by Jim CollinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

The latest news in retirement is that Social Security recipients are getting a raise in 2023. While that is helpful for everyone receiving their benefits, what about those who choose to delay taking Social Security? A couple of listeners have been wondering if they, too, will get inflation adjustments if they wait to file for Social Security. We’ll have the answer to that question and many others as well as feedback from recent episodes. If you have been on the fence about whether or not you should delay Social Security, you won’t want to miss out on this episode. It’s hard to be optimistic when you are in the middle of a storm We can all be optimists on a sunny day, but what do we do when we’re in the middle of a storm? It seems we are in the middle of a storm right now. Market downturns, high-interest rates, and high inflation make it difficult to be optimistic about the economic times ahead. Things could get better, or worse, or they could stay the same for a while. Although there is no way for us to know when the economy will get better, there are things we can do to improve our situation. Focus on the micro instead of the macro In a storm, it is important to stay calm, step back, and consider what to do next. You may have the impulse to do many things at once to do all that you can to try and survive the situation, but you’ll spread yourself too thin. Instead, it is important to focus on the micro rather than the big picture. Don’t worry so much about optimizing interest rates and whatnot. Alternatively, identify where you have the agency to make incremental changes so that you can weather whatever the storm may bring. Consider your next baby step to creating the life that you want to live. How will you cover your expenses?You may come out a bit battered and bruised, but if you make compromises, you’ll be able to use your agency to navigate the storm so that you can rock retirement in any weather. Will you still get COLA if you wait to file Social Security? Social Security recipients are in for a big raise again next year, so if you are planning to delay taking it, you may be wondering if you’ll eventually get that raise too. Karen is one listener that has that same question. The answer is yes, for the most part. COLA (cost of living adjustments) are included in your future Social Security payouts. There is only one group of individuals that won’t see a COLA adjustment. Listen in to hear who they are and how COLA works in Social Security.Don’t forget to register for the upcoming webinar on October 27 and 29 where I will share the retirement plan structure I use with my clients. This simple structure will help you gain confidence in your retirement plan so that you can rock retirement. Register at LiveWithRoger.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:21] What to do to weather a stormLISTENER QUESTIONS [9:17] 2 Questions on Social Security and inflation[14:01] The best use of a universal life insurance policy[18:14] Should Bill go with a smaller investment vehicle in retirement?[24:25] Retirement Plan Live case study[26:57] Feedback on how to meet people in retirementTODAY’S SMART SPRINT SEGMENT [34:00] Set a meeting with yourself or your partner to review your planResources Mentioned In This Episode Retirement Plan Live case studies MeetUp.comLong-term care series episode 311, 312, 313, 314Hugh Calc retirement calculatorValueYourPension.com retirement calculatorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

If you are getting close to retirement you have probably been watching the financial news to help you stay up to date with what is going on in the world. If so, you won’t want to miss out on hearing why this is not a good idea. Today, I’ll also answer questions about bonds, charitable gifting, and how to find a financial advisor. Make sure to stick around until the end to hear about upcoming changes to Medicare with, Medicare expert, Danielle Roberts from Boomer Benefits. Keeping up with the news won't help you navigate your way through retirement Have you read the news lately? It’s not pretty out there. Inflation, bear markets, rising interest rates, political craziness, a poor economy: it’s non-stop fear peddled 24-7. Staying up with the news will not help you navigate your retirement journey. Trying to stay on top of the news will only bring you more stress and worry.You're not going to weather this bear market by keeping up with the headlines. Instead, you’ll navigate it by getting to the bottom of things, relaxing, using a process, and making a judgment call. If you are interested in the process that we teach, join one of our live meetups on October 27 or 29. Register at LiveWithRoger.com Should I switch my bond portfolio to CDs? When choosing which type of investments to own it is crucial to use a process and consider what the money will be used for. You’ll need to ensure that you have an emergency fund and 5 years of prefunded consumption before building your long-term income floor.You can prefund your first 5 years of consumption with individual assets that mature when you need them by using CDs, treasury bills, Treasury Inflation-Protected Security (TIPS), MYA-guaranteed annuities, or individual bonds. Build this income floor by creating an income ladder that matures at the time you will need to use it. The current market is a good example of why you wouldn’t want to use stocks and bond funds for these first 5 years of cash on hand. Beyond the first 5 years, you’ll build a portfolio that contains a mix of stocks and bonds. At this point, rather than buying individual bonds you may want to purchase ETFs and managed index bonds. This way, as interest rates rise, the funds get reinvested back into your portfolio. By ensuring that you won’t need these funds for 5+ years, you don’t have to worry about the markets or rising interest rates. Look out for these upcoming changes to Medicare Medicare’s annual open enrollment period is coming up soon, so Danielle Roberts joins me to discuss the real and potential changes coming to this essential benefit. Listen in to learn about the crucial difference between the annual open enrollment period and the one-time-only initial enrollment period that occurs when you turn 65. You’ll also hear about how recent legislation will change drug coverage for many common drugs. Danielle offers a wealth of information, so you won’t want to miss out on her expertise. Stick around until the end to hear her take on what is happening in Medicare news. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:11] Staying on top of the news will only bring you more stress and worryLISTENER QUESTIONS [7:23] Should I switch my bond portfolio to CDs?[12:07] What to use for your middle bucket[13:48] On using charitable gift annuities in retirement planning[17:27] How to find a financial advisor to help plan retirement[21:44] Should taxable and tax-free assets be weighted differently on a net worth statement?MEDICARE NEWS WITH DANIELLE ROBERTS FROM BOOMER BENEFITS [24:53] Changes to Medicare to look out for[37:30] What to look out for in your mailbox[45:35] Potential changes upcoming in 2023TODAY’S SMART SPRINT SEGMENT [47:20] Stop trying to stay on top of thingsResources Mentioned In This Episode LiveWithRoger.com - Make sure to secure your spot for the live event on October 27 or 29!Boomer BenefitsRetireAgile.comNAPFA.org can help you find a fee-only, fiduciary financial advisorRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

RMD tables, bond classes, international exposure, and 1099s–we’ve got answers to your questions. First up is which account is best to begin drawing from in retirement. Listen to these answers to listener questions and take some time to reflect with me about how too much data can inhibit our ability to make good decisions. Press play to listen. Too much data can hinder your decision-making process There comes a point where more information doesn’t help you make decisions, it can actually hurt your decision-making. A new low in this bear market recently passed taking it down 22.4% for the year. Rather than dwelling on this fact by looking up news articles, try changing your perspective. Use the data to flip the narrative. Instead of focusing on the current downward trajectory focus on the 10 years of growth that we had beforehand. When you have a feasible, resilient plan in place you won’t need to worry about this bear market. Are you curious about the Rock Retirement Club? Have you heard me talk about the Rock Retirement Club in previous episodes but still aren’t sure exactly what it is? The RRC is a group of just under 1000 members from all over the country all within 10 years of retirement. Our focus is on how to live your best life as you make the transition into retirement.We do that with a masterclass that helps you create an agile retirement plan. This isn’t simply a class where you watch videos and take a quiz at the end. This structured masterclass walks you step by step as you build your own agile retirement plan. Once you create your plan, then, you’ll learn how to make it resilient by testing it against common risk factors. Next, you’ll optimize and enhance your plan.In addition to the master class and the camaraderie of the group, you’ll also get the experience of our team of coaches who will coach you through the financial and non-financial aspects of retirement. Our goal is to give you the tools to create the ideal retirement plan for you and lifelines to reach out to when you need help. If you would like to learn more about the Rock Retirement Club sign up for our live meetups on October 27 or 29 at LiveWithRoger.com. Which account should I begin drawing from first in retirement? One of the classic optimization questions is which account to draw from first. Many are often drawn to the after-tax assets first, but if you take all these away, you will only be left with tax-deferred assets. These are subject to RMDs once you turn 72, so you could be left with a situation where you have to take more out than you need. Consider taking advantage of lower tax brackets now to pay today’s low tax rate. Listen in to hear the answer to this retirement question and many others. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:56] More data can cause you to distort your view[6:34] What is the Rock Retirement Club?LISTENER QUESTIONS [12:42] Which account should I begin drawing from first in retirement?[16:46] What are the actual percentages of RMDs taken each year[20:10] Comments on my recent comments on international exposure[21:59] What to consider as a 1099 contractor[26:10] What is the best bond asset class to buy?[28:44] How to take advantage of NUA?[35:49] Do you need a personal financial advisor? TODAY’S SMART SPRINT SEGMENT [39:25] Gain some perspectiveResources Mentioned In This Episode Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Many people choose to save money for their kids and grandkids in a 529 account, but one listener wonders if there is a better way to give. Learn the answer to this question and more on this episode of the Retirement Answer Man show. Make sure to stick around until the end to hear the Coach’s Corner segment with Kevin Lyles. Kevin and I discuss growth and accepting challenges in retirement. Find out why it is so important to continue to challenge yourself in retirement. What is the best way to save money for the grandkids? Like many people, Kathy saves money for her grandchildren in a 529 account, but she wonders if this is the best way to save for them. What if they choose not to go to college?Before analyzing the best way to save for the grandkids, consider how you should think through this issue. What are your goals in saving for the grandchildren? What do you want to accomplish? Do you want them to graduate from college without debt? Do you want to help them get launched to give them a great start to adult life? Do you want to buy them their first car or help them put a down payment on their first house? Think about your ultimate purpose for giving. Various methods that can be used for giving If you would like to ensure that the kids graduate without debt, then, the 529 is an excellent vehicle to accomplish this goal. It’s also important to note that by keeping the 529 in your name you can change the beneficiaries from one child to another. Another way to save for the kids is by creating a separate account in your name that you earmark for a specific child in mind. Then later on if that child veers down a wrong path, you can choose not to support their bad decisions. This option also allows for you to have control and you ensure that you aren’t making decisions for them too early. The Uniform Gift to Minors Act provides a way to transfer financial assets to a minor without establishing a formal trust. A UGMA account is managed by you until the minor comes of age, at which point they assume control of the account. At this point, you relinquish all control over the funds.If part of your goal is to help your kids while they raise their kids, then paying for private school or university directly is one way that you could do this. You can even pay directly for medical expenses as well. As long as you are paying the provider directly then you can give unlimited funds. If your goal is to gift your assets as a part of estate planning, remember that you can give up to $16,000 to anyone you want each year.Before gifting anything, understanding your motivation for the gift is essential. Find purpose with action to propel yourself forward Thinking about things is, oftentimes, an avoidance behavior. The only way we discover who we are or the things that we enjoy is by doing them. “A sense of purpose doesn’t come from thinking about it. It comes from taking action that moves you towards the future. The moment you do this you activate a force more powerful than the desire to avoid the pain of loneliness or inactivity. We call this the force of forward motion.” Phil Stutz.Continue to challenge yourself physically, socially, and intellectually. By continually expanding you prevent rigid mindsets from setting in. Without challenge, the status quo sets in and while we may feel comfortable with our lives, before long we may discover that our lives will actually shrink without growth. How will you challenge yourself in retirement? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING [1:10] Find purpose by doing thingsLISTENER QUESTIONS [2:45] Giving to grandkids[10:44] Is there a list of the major retirement benchmarks?[15:00] Who does the RRC consist of?[17:22] Social Security claimingCOACH’S CORNER WITH KEVIN LYLES [24:27] Try new things in retirement [31:55] Developing new routines can helpTODAY’S SMART SPRINT SEGMENT [34:10] Do what needs to be done not what you feel like doingResources Mentioned In This Episode Rock Retirement ClubThe Retirement Manifesto blogRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Life is about events, the challenges we overcome or not, our successes and failures, but, even more, it’s about how we touch and are touched by the people we meet. Nicole is back! She is here this week to help me answer your listener questions. In this episode, we discuss the challenges of making friends in retirement, the value of international diversification, contributing to a Roth 401K vs. a regular 401K, the 4% rule, and much more. I created the Retirement Answer Man show to help you, not just with the business side of retirement, but also to help you build a successful life so that you can lean in and really rock retirement. This month we are answering your retirement questions. If you have a question to submit, head on over to RogerWhitney.com/AskRoger to proffer your questions. Remember, if you want to get bumped to the front of the line and use our fastpass option by recording an audio question. Check out these resources to learn more about inflation in retirement and the RRC Have you been thinking about joining the Rock Retirement Club? If so, sign up for our updates so that you can be the first to learn about the next online open house. We’ll be opening enrollment at the end of October and plan to have a few open house opportunities between now and then. These open houses will be an informative way to for you to learn more about the club so that you can decide whether it is right for you. Are you worried about inflation in retirement? If so, we have created a resource to help you navigate this worrisome hurdle. Check out DoRetirementRight.com to get this FREE information to help you think strategically about inflation in retirement. Trying to make friends as a single person in retirement can be a challenge In many 55+ communities, it is pretty easy to make new friends. Everyone is a transplant from somewhere else and there are endless opportunities to join activities and clubs. However, if you are single it may not be as easy as it is if you are married. Many retirement activities are geared toward couples so single people can have a harder time getting invitations. Are you single in retirement? What strategies have you implemented to help you make friends? Reply to the 6-Shot Saturday newsletter with your suggestions. Why keep international equities? Many people wonder what the point of keeping international equities in a portfolio is. It seems as though global equities fall at the time when we need them to be stable or growing, so why bother to include them in our portfolios? Traditionally, they do poorly as compared to other markets, yet including international equities is recommended as a part of having a diversified portfolio strategy. I tend to recommend international equities, not for diversification, but for the fact that many fantastic companies aren’t based in the U.S. Think about Toyota, Mercedes, Glaxo, Novartis, and even Ikea. Rather than considering a different asset class to add to your portfolio, choose the best worldwide companies to expand your portfolio to include top-notch mid to large-cap international companies. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:23] On making friends[8:23] The value of international diversificationLISTENER QUESTIONS [12:05] Should I contribute to my Roth 401K or just a 401K near retirement[16:12] Are investment advisor fees worth it?[26:00] Why haven’t I heard back from the IRS?[29:06] Where do my 401K profits go when inflation goes up?[32:33] How does the 4% rule apply to dividends?[35:22] Is 15% enough to save for retirement?[37:20] Why is there a disclaimer about indices at the end of the show?TODAY’S SMART SPRINT SEGMENT [40:43] Be inclusive make an effort to reach out to new people you meetResources Mentioned In This Episode Rock Retirement ClubDoRetirementRight.comRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

We’re back again answering your retirement questions! On the docket for today are questions like whether should you consider taking on a mortgage in retirement, whether it’s feasible to hold only ESG investments in retirement, and if you need life insurance in retirement.In addition to answering these listener questions, I’ll also share several book suggestions that I got in response to the 6-Shot Saturday newsletter and reflect on insights I learned from my time in Colorado. Don’t miss out on upping your retirement game. Press play to hear answers to questions from listeners like you! Dealing with inflation in retirement Have you been worried about how you will deal with inflation in retirement? If so, you are not alone. That is why my team and I created an Inflation in Retirement Guide to help you understand and navigate inflation as you approach retirement. In this FREE guide, you’ll learn 6 tactics to consider and practical ways to help you think through the issues that rising inflation brings to retirement. 6 insights from my time in Salida, Colorado My goal with the Retirement Answer Man show is to help you navigate not just the financial side of retirement, but also the life side. You need to have both sides in order to really rock retirement. If you have listened to the show in the past you may know that my wife and I go to Salida, Colorado, and rent a house for about a month each summer. We love it up there which is why we purchased a lot there last year with the intention of building a home and eventually splitting our time or relocating in the future. We just returned from our most recent trip, so I thought I would share a few insights that I gained from my time there. Set yourself up to experience the things you enjoy. I realized that one of the reasons that I love Salida is that it sets us up to easily do the things we love to do. We love hiking and mountain biking and these activities are easily accessible as opposed to our home in Fort Worth where partaking in these activities requires more planning. In retirement, consider moving closer to the things you love to do. It’s easier to make friends in Salida. This smaller town has a slower pace and lacks the hustle and bustle of Fort Worth. People are more open to having conversations, so it is easier to make connections.Just do it! Just do the things you enjoy doing. Acting is better than (over)thinking. It is easy to think about doing things rather than acting upon them, but the only thing that will move you forward is actually doing the thing you want to do.It is harder to make decisions when your heart is involved. It is difficult to gain perspective on your own life. Oftentimes, your head goes along with what your heart wants. Listen in to hear how a recent decision backfired on me when I pulled the trigger and acted with my heart. Home is an important base to have. As much as we enjoy our yearly trips to Salida, a month in a rental never feels like home. Spend big on the important things and be ruthless about everything else. It is important to strike a balance in life, so make sure that your spending is aligned with what you care about. Should we take a mortgage to build our retirement dream house? This listener is careful with money and has been mortgage and debt free for over a decade. They are looking to build their dream home their “castle in the sky” and are considering whether they should take a mortgage out to build this home. The mortgage would only take 20% of their retirement pension. Is it worth it or should they pay cash for the home? What do you think? Listen in to hear my answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:30] Insights from my time in Colorado[12:38] Listener book suggestionsLISTENER QUESTIONS [14:45] Mortgage in retirement[22:00] How challenging is it to control where your retirement investments come from?[32:03] On the necessity of life insurance in retirement[38:41] On credit in retirement[42:12] If relying on a dividend approach they need to be diverseTODAY’S SMART SPRINT SEGMENT [45:54] Think about your affluence - are you protecting it? Resources Mentioned In This Episode DoRetirementRight.com - check out our FREE inflation guide to retirement!BOOK - Red Teaming by Bryce HoffmanBOOK - Building a Second Brain Tiago ForteBOOK - My Dear Hamilton by Stephanie DrayBOOK - Path Between the Seas by David McCulloughBOOK - All That Moves Us by Jay WellonsBOOK - Five Presidents by Clint HillBOOK - The Boys in the Boat by Daniel James BrownRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Are you nearing retirement and wondering how you should pay for large out-of-pocket expenses? Should you dip into your emergency fund, take from your retirement savings, or is there another way? We’ll consider this question, hear how Larry is living intentionally, learn how visual aids can help when trying to discuss finances with elderly parents, and discuss dollar cost averaging a lump sum payment on this episode of Retirement Answer Man.All month we’ll be answering your questions. If you have a question that you would like to submit head on over to RogerWhitney.com/AskRoger and type in a question or use the record a question function to shorten the wait. We love audio questions so we bump those to the front of the line!Tune in to hear these listener questions plus a summary of what was on my summer reading list. Make sure that you are signed up for the 6-Shot Saturday newsletter to learn all the details about the books I read this summer. How to pay for big-ticket expenses as you approach retirement One listener would like to know the best way to pay for large expenses as she approaches retirement. She has already retired from her career and is now working (for minimum wage) as a teacher’s aide while her husband still works. They live in a high-cost of living area, and while their home is paid for, it requires a bit to keep it up. Digging into cash reserves for big-ticket expenses can be scary since it is a drain on the assets, so she would like to know if her husband should decrease his 401K contributions so that they can increase their cash flow. This is a good time to ensure that you have enough cash reserves in your after-tax bucket. While you are in the middle of dealing with a large expense it can be challenging to look ahead. But while it is important to meet those immediate needs, it is also essential to plan ahead. Take some time to map out your plans for the near future. How long does your husband plan to work? Do you plan to stay in your high-cost-of-living area? Do you plan to downsize? This way you can explore the options you have to discover how to get on a sustainable path for the future. Building a decision-making framework can empower you to improve your situation and your future. How I approach reading Before I share the books that I’ve been reading over the past couple of months, I wanted to share with you my approach to reading so that you can better understand my system and where I’m coming from.I try to make reading my default activity. Instead of looking at my phone or turning on the TV, if I have some extra time, I grab a book and read.The books I read vary based on my interest at the time, but I mostly read nonfiction books about business and retirement. I always have more than one book going on at a time. I generally have an audiobook and a few different physical books around the house. I learned a few years back that I don’t have to finish a book and that changed my life! Sometimes I don’t read a whole book, rather, I use certain books like reference books and pick and choose what I want to get out of them. I prefer physical books to ebooks. I also write, highlight, and underline in my books so that I can easily refer back to them. Books I’ve been reading Now that you understand how I use books and reading in my life you can check out my summer reading list. The Lost City of Z by David GrannHero of Two Worlds by Mike DuncanA Tale of Two Cities by Charles DickensOn the Shortness of Life by Lucius Annaeus SenecaThe Second Mountain by David Brooks The How of Happiness by Sonja LyubomirskyOriginals by Adam GrantRed Teaming by Bryce G. HoffmanI’d love to hear any book recommendations that you have. You can simply reply to the 6-Shot Saturday newsletter to let me know what you have enjoyed reading this summer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN BOOK RECOMMENDATIONS [3:30] How I approach reading[6:22] What I’ve been reading this summerLISTENER QUESTIONS [14:32] On making your portfolio an all ETF IRA[20:21] How Larry is living intentionally in retirement[22:39] Dollar cost average or a lump sum[27:02] Using a visual aid to help elderly parents understand overspending[29:15] Large expenses approaching retirementTODAY’S SMART SPRINT SEGMENT [33:54] Instead of taking big actions find tiny actions that you can do consistentlyResources Mentioned In This Episode Rock Retirement ClubThe Pie Cake episodeCal NewportBOOK - The Lost City of Z by David GrannBOOK - Hero of Two Worlds by Mike DuncanBOOK - A Tale of Two Cities by Charles DickensBOOK - On the S...

Michael Balchan from Heroic and I have been discussing how to live a heroic retirement for the last several episodes. Today, we wrap up this theme and learn to integrate the subjects we have discussed in the past 4 episodes into rocking retirement.As usual, after the main theme, I’ll answer your listener's questions. If you have a question that you would like answered on the show, now is a good time to ask since next month we’ll focus solely on answering your questions. You can submit your question at RogerWhitney.com/AskRoger. You have the option to either type in your question or leave an audio question. We love audio questions, so leaving an audio recording is like getting a fast pass to the front of the line. Rekindle your best self each morning If you have ever been camping you understand the importance of building a campfire. This camping essential provides heat and a way to cook, however, each night you must turn it off when you go to sleep. In the morning, you rekindle the fire to warm yourself up and start the morning off right.This is just like living your best self. Each morning you must wake up and consciously rekindle your fire. By setting your intentions, you provide a way to set yourself up for success each day. Live each moment to create your best life Since all we have is the now, each moment is an opportunity to live your best life. All you can do is show up one moment at a time to live life fully and completely. Looking back on your life you’ll see a bunch of separate great and not-so-great moments strung together to create a life. If you are prepared to show up one moment at a time and live fully and completely you’ll find that those movements create an amazing life. Rocking retirement is about living heroically while mastering your finances Here on this show, in my book, Rock Retirement, and the Rock Retirement Club, we talk about rocking retirement all the time. So it’s important to understand what I mean by rocking retirement. Rocking retirement is integrating the business of retirement with the act of living a heroic life. The business side of retirement means getting the financial side of retirement correct. With agile retirement management, you’ll adjust your financial plan in a series of little changes so that you can have the confidence to weather the storms that life throws at youBy living a heroic retirement, you’ll create an amazing life for yourself each day by showing up and consciously choosing to become a better person. The RRC can help you live a heroic retirement The Rock Retirement Club helps people with both sides of their retirement journey. Marrying the two together is how to really rock retirement. The Rock Retirement Club is a safe place both online and in person to take the baby steps to set you on your way to rocking retirement. In the club, you’ll receive a world-class education from financial and retirement experts while walking this journey with other like-minded individuals who are traveling the same path. Our next enrollment for the RRC is at the end of October, so be on the lookout if you have been considering joining the club. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:38] It can be easy to beat yourself up for being human[9:52] How living your best self has to do with rocking retirementLISTENER QUESTIONS [12:12] Does Social Security count 401K withdrawals as income[14:58] Single retirees are often struggling alone[16:30] Should we charge for the podcast?[17:37] Does it make sense to sell higher fee funds and reinvest in lower fee funds?[24:00] On balancing the portfolio in today’s marketCOACH’S CORNER WITH KEVIN LYLES [30:45] Finding Kevin’s retirement identityTODAY’S SMART SPRINT SEGMENT [36:00] Discover a morning ritualResources Mentioned In This Episode BOOK - Atomic Habits by James ClearEpisodes on retiring single: 210, 219, 220, 221, 222Heroic appRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“You are who you are here and now” – Bruce LeeWe all live life with the best intentions, yet rocking retirement is all about what we are actually doing–not intending to do. Do the things that you say are important to you now.In this episode of the Living a Heroic Retirement series, you’ll learn how you can begin to live a heroic life today. Michael Balchan and I break down what we are doing to live our best lives. We bring the macro level that we have been discussing in the past few episodes down to the micro level. Press play to learn how to embody your virtues by taking baby steps towards your goals. Life is like a game When you are young, you going to school is like a game where you get motivation and rewards for doing well. You get to level up each year and then move on to the next stage. Work is also like a game. There are boundaries, a scorecard, and of course, more leveling up. In retirement, you have a clean slate, but since we are already so gamified you might as well continue playing. The difference is, that now you get to decide the rules of the game you are playing. Take the game and personalize it to your own needs. How to play the game Your virtues are how you want to play the game. Once you decide which virtues ring true to yourself then you can set targets that align with those virtues. Set 3 targets that you can do today to make sure that you are living a life that aligns with your virtues. These targets are a way to make commitments to the behaviors that you want to act upon. When you set your intention your attention follows. Remember that this is your own game so set yourself up for success. Listen in to hear how Michael and Roger play their games differently using the Heroic app. Why celebration is important It is important to celebrate your wins, but many of us have a hard time doing so. Celebrating your wins can feel inauthentic, or manufactured. However, celebrating acting on your virtues use positive reinforcement for your brain. Positive reinforcement creates a reward system for your brain to help you rewire and create positive habits. By celebrating your wins you create an internal sense of joy and satisfaction and therefore become more likely to make positive decisions OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [4:03] In retirement, you get to decide the rules of the game you are playing[8:50] Set targets[18:24] Be excited about showing up in the next moment [19:52] Why is it so important to celebrate the wins?[29:38] The heroic app gamifies living out your virtuesLISTENER QUESTIONS [36:09] Bart’s inherited IRA question[38:48] David’s question on the pie cake[47:38] Adam’s simple question[49:51] How to fund a hybrid long-term care insurance policyTODAY’S SMART SPRINT SEGMENT [53:33] Set one target that supports living your best selfResources Mentioned In This Episode The Heroic appBOOK - 12 Rules for Life by Jordan PetersonBOOK - Beyond Order by Jordan PetersonBOOK - Top 5 Regrets of the Dying by Bronnie WareBOOK - An Audience of One by Robin DellaboughThe Long-Term Care series - Episodes 311, 312, 313, 314Rock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

“What one can be, one must be.”--Abraham MaslowDo you know who you want to be in retirement? Here at the Retirement Answer Man, we want to give you the confidence to not just survive retirement but to rock retirement. To truly rock retirement you need to have both a financial and non-financial plan. Over in the Rock Retirement Club, we have licensed Michael Balchan’s Heroic app and in these past few episodes, we have been discussing how to live a heroic retirement. Today we’ll discuss the 3 domains that are important to develop aspirational identities. You’ll learn why this is important and how to create your own aspirational identities in these 3 areas. Make sure you are signed up to 6-Shot Saturday so that you can get the free workbook to help you develop your identity in these 3 domains. Break big things down into smaller chunks How do you run a marathon? One step at a time. By breaking down big things into smaller chunks you can string them together and keep them in motion. It’s okay if you don’t know what you are going to do with your entire life. The goal isn’t to have one giant all-encompassing purpose that you strive towards forever. Instead, aim for Ikigai. Ikigai is the current goal, meaning, or purpose that you are working towards right now. Identity drives behavior Most people think that sour feelings drive our behaviors but this isn’t true. Our identity drives our behaviors which then drive our feelings. Our identities are linked to what we do and who we are is what we repeatedly do. Every behavior we display and action we complete is casting a vote for the person that we want to be. Think about who you are when you are at your best. You can draw from previous experience or visualize the person that you want to be. That exemplar self is who you are striving to be. The 3 identity domains Our identities are so often linked to what we do for a living so when we retire its like we lose a part of our identity. Now that you are no longer the VP of sales, the corporate attorney, or the head of HR, who are you? You have a blank slate to work from and the ability to reinvent yourself in retirement.Breaking identity down into 3 domains helps you understand how the different parts of your life intertwine. Energy is the foundation of everything. Work doesn’t have to mean a traditional career. It can mean your avocation, activities, or hobbies.Love means how you show up relationally with your partner, family, friends, or even acquaintances. When choosing your new identity, it doesn’t have to be set in stone. Pick something that means something and is important to you. If it works well, then that’s great. If not, switch it up. Playing around with your new identity will help you consider how you want to live up to your best self.Listen in to hear how I identify with each of these three identity domains. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:25] the 3 identity domains[6:45] Ikigai - what is the current thing you are working towards?[14:34] Be willing to break big things into smaller chunks[18:56] Identities drive behaviors that drive feelings[30:14] Your work identityLISTENER QUESTIONS [41:00] Should Randy sell his home to enjoy the go-go years?[49:09] Steve’s suggestions[51:46] How to help Cheryl’s parents[56:58] Santiago’s Social Security questionTODAY’S SMART SPRINT SEGMENT [1:00:32] What can you be at your very best in energy, work, and love?Resources Mentioned In This Episode Boomer BenefitsHeroicBOOK - The Happiness Equation by Neil PasrichaBOOK - Ikigai by Hector GarciaBOOK - Atomic Habits James ClearBOOK - Hero’s Journey by Joseph CampbellTony RobbinsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

This month on the Retirement Answer Man we are learning how to live a heroic retirement. Michael Balchan joins me to discuss what it takes to be the hero of your own story. On this episode, we explore the virtues that heroes embody. If you are looking to be an exemplar then you’ll exhibit some core universal virtues plus some that are uniquely your own. Learn about these virtues and what it takes to be a hero on this episode of Retirement Answer Man. Keep striving toward your ideal self Hercules is a typical hero. We often think of him as being a hero because he was strong, but it was because he put himself on the line and faced mythical beasts to help others. Before you can help others you must know yourself and what you are capable of. Striving to be your best self is a heroic act. Self-actualization–expressing the best version of yourself–is impossible yet continually working towards self-actualization will make you a better person.Striving toward your ideal self is an asymptotic act, like the curved line in mathematics that gets closer and closer to another line without ever touching. You may get closer and closer to your ideal but never actually realize it. You may continually advance on your best self but you’ll never actually reach your highest form. What is important to recognize is that even though you will never reach your ideal, it is important to keep striving. 4 Universal virtues Every ancient tradition recognized 4 universal virtuesWisdom is knowing the game you are playing and playing it well.Self-mastery is having the discipline, temperance, and structures in place so that you can pause before responding. Courage comes from the heart and allows you to take action in the place of fear.Love means being present, connected, genuine, and encouraging.Put your virtues into action Rather than seeing yourself as falling short of your ideal self, if you keep doing the hard work involved in self-improvement you will continually improve yourself. Instead of judging yourself based on a past or future outcome, study your process. Are you striving to do your best at this moment? If you didn’t make the right choice, try to do so next time. Keep going and do what needs to be done. Our ideals are like a guiding light rather than a distant shore.You won’t want to miss this episode to hear the rest of the virtues of positive psychology. Listen in to learn how you can apply the virtues and actions test to your heroic retirement quest. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:11] You will never achieve self-actualization[13:53] The 4 ancient virtues[21:12] The 5 virtues of positive psychology[27:52] Personal virtuesLISTENER QUESTIONS [32:33] A bucketing question[35:30] A cash value insurance question[39:41] Optionality is undervalued[42:50] A Social Security survivorship benefit question[46:00] How to protect your legacy from financial abuse[51:40] Thoughts on Connie’s question from episode 434TODAY’S SMART SPRINT SEGMENT [54:24] Be aware of the moment between stimulus and responseResources Mentioned In This Episode Michael BalchanNew Retirement calculatorTal Ben ShaharBOOK - Mindset by Carol DweckBOOK - Rethinking Positive Thinking by Gabriele OettingenPersonal Virtues test Episode 434 with Connie’s questionFINRA BrokercheckRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

You may be planning a peaceful retirement, an active retirement, or an engaged retirement, but have you ever thought about living a heroic retirement? Over the course of the next several episodes, we’ll explore what it means to live a heroic retirement with Michael Balchan from Optimize. In this series, you’ll learn how to build a framework to lean into the kind of person you want to be every day. I’m excited to bring this teaching that we already use in the Rock Retirement Club to you. Listen to this episode to learn what a hero is and how you can be the hero of your own retirement. Michael Balchan understands the search for meaning Michael Balchan is 36 and not approaching retirement. However, he is working on his second act. His first career was as a commodity options trader and after achieving all of the outward trappings of success he had to reassess his life. He recognized that he had achieved everything he set out to achieve yet he felt that his life was a bit hollow. This led him to explore what would give him true satisfaction. Michael understood that the default path that he had fallen into brought wealth, fame, and popularity. These extrinsic goals were not bad goals to have, but they gave him no inner fulfillment. He then began to recognize that a deeply meaningful life comes from expressing the best version of himself in service of something greater than himself. What is a hero? Oftentimes, people’s second act steps away from the outward displays of success. They shift from a “what can I get” mentality to one that explores “what can I give?” This is why we are exploring the concept of the hero. The word hero comes from the Greek word and means the protector, but not necessarily in the way that you think. Greek heroes are protectors of the values and community that they hold most dearly. Heroes do the hard work by taking courageous action with their secret weapon: love. Heroes live a life of deep meaning by intentionally expressing the best versions of themselves in service of something greater. You can be a hero in your own life by looking for the places where you fall short and taking courageous action to improve them. Lean into the amazing abilities that you already have. Consider how you can help or connect with others. How to find your purpose The top tier in Maslow’s Hierarchy of Needs is self-actualization, however, it is said that there is actually a level beyond self-actualization: self-transcendence. We can go beyond self-actualization in service of something bigger than ourselves. However, being a hero doesn’t mean that you have to set out to save the world. You get to choose your sphere of influence. Being a mentor, a great neighbor, a grandparent, or a spouse are all ways that you can serve others. The size and scope of your impact is up to you. Upon retirement, you may not know your reason for waking up in the morning. Your purpose gives you energy and vitality so it is important to think about what lights you up. To find your purpose it can be helpful to look back at what you have done in the past. Look at your past experiences and consider what brought you meaning. Find the ways in which you already make an impact in what you are doing. How are you already creating purpose and meaning in your life? Start to look for other opportunities to make contributions in the lives of others.Make sure to come back next week to learn the core virtues you can use as guideposts to build intentionality into your retirement. If you found this episode helpful, make sure to share it with a friend! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [6:00[ What is a hero?[18:48] You get to choose your sphere of influence[21:05] How to find your purposeLISTENER QUESTIONS [30:08] How long does it typically take to recover from a bear market?[35:55] Should Bill’s wife take Social Security now or wait for Bill’s delayed benefit?[38:31] How should Steven allocate his mom’s savings?TODAY’S SMART SPRINT SEGMENT [43:40] Find the ways in which you already make an impact in your lifeResources Mentioned In This Episode LTCI PartnersHolding Out for a Hero by Bonnie TylerBOOK - The Second Mountain by David BrooksBOOK - Flourish by Martin SeligmanBOOK - The How of Happiness by Sonja LyubomirskyWilliam DamonHeroic AppMaslow’s Hierarchy of NeedsRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center

Dealing with a bear market after the trials and tribulations of the past 3 years may have you feeling like you are being punched while you are down. Many of us are feeling burnt out and are wondering when the punches will ever end. In this episode of Retirement Answer Man, we’ll discuss how we can deal with this issue. Kevin Lyles joins me in the Coach’s Corner to offer his perspective on dealing with burnout. I’ll also answer some fantastic listener questions that range from how to decumulate during a bear market to how to plan for retirement with a disengaged spouse. Don’t miss this episode especially if you feel like you might soon be down for the count. It seems like the world keeps punching us while we’re down The past 3 years have dealt us one blow after another. Covid took us all by surprise in March of 2020 and was followed quickly by the fastest bear market in history, a total economic shutdown, quarantines, work-life disruptions, and so much worry about our health and the state of the world. 2021 wasn’t much better with the political polarization of the election, Covid’s continuation, mask and vaccine questions, and more2022 brought raging inflation, rising interest rates, war, and worldwide instability. And still, Covid rages on. Our normal rhythm of life has been disrupted. Without that rhythm, it's hard to create stability to ground yourself. No wonder so many of us are feeling burned out. We have more than our fair share of dents in our armor. Incremental changes are often the best course of action It makes sense if you are feeling worn out, but how you respond to these stressors is important. It may seem like drastic action is the best action to take, but during challenging times, often incremental changes are the best course of action. Small changes can help you avoid major unforced errors.You may want to take a cue from Muhammad Ali and take the punches while you are pinned against the ropes and conserve your energy until you have the opportunity to react. Steps you can take to deal with burnout If you are feeling the effects of the past 3 years weighing down on you conserve your energy and then see if you can take these steps to take action.Acknowledge what you have been through. Give yourself some grace for all that you have suffered.Bring past successes to mind. You have the capacity to get through hard things. Think about your past experiences to remind yourself of your resilience.Reexamine those around you. Search for people who are doing what you want to do. You won’t be able to follow their exact path, but you could find ways to integrate some of their strategies into your life. Walk with the wise to become wise. Surround yourself with support. Surround yourself with people who encourage you and are supportive of your journey. This includes your network of friends and acquaintances as well as the media you choose to consume. Build the confidence to punch back. Take care of yourself and your energy. Simple self-care is important when you are getting pummeled. Exercise, practice gratitude, and help others. Self-care will help ground you when you are burned out. Make sure to check out next month’s series on how to build a heroic retirement. Don’t forget to reply to the 6-Shot Saturday newsletter if you have any advice for Anna on planning retirement with a disengaged spouse. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [1:30] We have all been taking a beating over the past few years[7:23] Rhythms ground us[11:25] Steps to take to deal with burnoutLISTENER QUESTIONS [19:38] Should I reallocate during a bear market?[28:50] How to decumulate during a bear market[34:17] How to decide between taking a pension in a lump sum or monthly payments[38:46] How to deal with a disengaged spouseCOACH’S CORNER WITH KEVIN LYLES [46:21] Reframe your negative thoughts to find a positive outlookTODAY’S SMART SPRINT SEGMENT [55:14] Acknowledge how much you’ve been on the ropes this yearResources Mentioned In This Episode Boomer Benefits - check them out at no cost to you!BOOK - The Expectation Effect by David RobsonRock Retirement ClubRoger’s YouTube Channel - Roger ThatBOOK - Rock Retirement by Roger WhitneyRoger’s Retirement Learning Center