Retirement Answer Man

You’ve got questions and we’ve got answers. On this episode of Retirement Answer Man, Taylor Schulte from the Stay Wealthy Podcast joins me to answer your retirement questions. Grab your earbuds and join us for this episode full of your questions.  Make sure to listen to the pension or lump sum question to see how Taylor and I arrived at our differing opinions on what this listener should do with his pension. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:11] Which income sources are included in the IRMAA calculation? [10:12] On the retirement podcast network [12:35] How to use home equity as a retirement resource [22:35] Which rules should be used for this inherited IRA? [23:39] Why should I do a Roth conversion if I don’t want to? [30:47] What can I do with my small annuity? [36:01] Are closed-end funds good or bad? [47:10] Pension or the lump sum? TODAY’S SMART SPRINT SEGMENT [57:18] What have you been talking about more than doing? Take action. Resources Mentioned In This Episode Define Financial Stay Wealthy Podcast with Taylor Schulte Retirement Planning Education Podcast with Andy Panko Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

If you’ve ever searched for a financial professional you may have seen an endless string of letters after their names. Trying to figure out the financial advisor alphabet soup is exhausting. One listener threw his hands up and asked me what all those letters mean. On this episode, we’ll explore the meanings behind those designations and discuss what they mean for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [5:47] Understanding the financial advisor alphabet soup [20:24] Which designations are more important for you [22:58] Does it make sense to pay off the mortgage [31:35] On using a recast to pay off your mortgage ROCK LIFE WITH DR. BOBBY [36:08] How weight relates to health [39:40] Intermittent fasting benefits [45:41] Intermittent fasting dangers? [52:00] On understanding science news articles TODAY’S SMART SPRINT SEGMENT [1:00:47] Go have fun! Resources Mentioned In This Episode Live Long and Well with Dr. Bobby Mark’s Money Mind Podcast Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center  

The moment you’ve been waiting for is here! The Rock Retirement Club has opened its doors once again. Enrollment is open until July 18, so head on over to Rock Retirement Club to sign up today. After you do that, listen to this episode to learn how to protect yourself and your data from scammers. On this episode, Pete, a cybersecurity expert, joins me to discuss ways to secure your personal information. Listen in to hear how you can defend your data.    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [4:51] Are SMA’s the right choice for tax strategies? [10:45] On drawing down an HSA [14:01] How to get unbiased financial information [18:38] How do you define whether someone is overfunded, constrained, or underfunded? PRACTICAL PLANNING SEGMENT [23:20] What Pete does [26:50] What you should do first [41:04] Your level two line of defense [53:05] Level 3 [1:01:44] Final thoughts TODAY’S SMART SPRINT SEGMENT [1:03:12] Take one baby step from the list to protect your data Resources Mentioned In This Episode 1Password LastPass Align.Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center  

The best predictor of happiness and health at age 65 is how many close relationships you have at age 45. To really rock retirement you need to build quality relationships. To do that you need to learn to be a better communicator.  On this episode of Retirement Answer Man, Super Communicators author, Charles Duhigg, joins me to discuss how to become a super communicator.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOW TO BE A BETTER COMMUNICATOR [5:10] Relationships are key to stave off loneliness [10:42] What super communicators do [16:47] How to communicate with anyone [21:14] Understand the type of conversion you’re in  [24:55] How to take away conversational anxiety [33:00] AI communication LISTENER QUESTIONS [36:31] How to draw money from your portfolio in a down market [47:54] When to switch to decumulation mode in your portfolio TODAY’S SMART SPRINT SEGMENT [53:47] Practice identifying the types of conversations you are having Resources Mentioned In This Episode BOOK - Super Communicators by Charles Duhigg  Michael Easter PODCAST - Deep Questions with Cal Newport Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Every one of us has a different tolerance for risk. We even have different risk tolerances at different points in our lives. In this episode, we’ll learn about Mike and Judy’s comfort level with their investments. Learn how they’ll develop an investment approach that matches their risk tolerance.  If you have been enjoying Mike and Judy’s journey crafting their retirement plans, you won’t want to miss their live feasibility test on July 8. Join us on the latest Retirement Plan Live by signing up at LiveWithRoger.com. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MIKE AND JUDY’S PAST INVESTING EXPERIENCE [2:30] Your investment strategy needs to match your comfort level [5:16] Contemplating Judy’s news [17:19] Their investment philosophy [23:51] What worries them most about retirement [27:59] How will they pay for retirement? ROCK LIFE WITH KEVIN LYLES [31:30] Learning from those who have walked this path [35:33] What you can do to improve your competence in an area TODAY’S SMART SPRINT SEGMENT [37:04] Review the RISA pdf to learn more about your risk tolerance Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

#544 - Legal Tender: Tallying Their Resources  Planning for retirement isn’t about creating a new job for yourself, it’s about using what you have to create a great life. On this episode of Retirement Answer Man, I’ll help Mike and Judy tally up and organize their resources so they can come up with a feasible plan for retirement. Press play to hear how you can follow along and create your own plan of record.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MIKE AND JUDY’S RESOURCES [3:40] Some corrections from last time [8:41] Their social capital [12:34] Their estimated human capital [18:18] Their assets LISTENER QUESTIONS [31:33] On investing to only keep pace with inflation [38:14] Should he take his RMDs monthly or yearly [45:16] Funding later in life healthcare costs TODAY’S SMART SPRINT SEGMENT [57:02] Use the worksheet from Six Shot Saturday to organize your resources Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

We all have our own dreams for retirement and today, Mike and Judy share theirs.  On this episode of Retirement Answer Man, you’ll hear Mike and Judy describe their ideal retirement, then in the Rock Life segment, Kevin Lyles will lay out the 4 pillars for a balanced life.  As a bonus, you’ll hear Mark Ross interview me about my imperfect journey and the purchases we’ve made in Colorado.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT MIKE AND JUDY WANT IN RETIREMENT [2:42] Their values [7:27] Their base great life [15:56] Their wants ROCK LIFE WITH KEVIN LYLES [30:33] 4 pillars for a balanced retirement TODAY’S SMART SPRINT SEGMENT [41:35] Think about your ideal retirement MY COLORADO UPDATE WITH MARK ROSS [42:40] Where did the Colorado idea begin? [49:50] How did Roger get to this next step? [54:47] How they ended up with two lots in Colorado [58:14] What are the plans now [1:03:28] How he’s reflecting on what he’s learned Resources Mentioned In This Episode WDW podcast Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Would you like to have the confidence to know that it is all going to be okay so that you can walk away from your career? So would Judy! In this episode of Retirement Answer Man, you’ll meet Mike and Judy, an educator and an attorney. They are both facing burnout and ready to throw in the towel, but before they retire, they want to make sure they can swing it. Join us over the next 4 episodes, to learn more about Mike and Judy’s journey to retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN MEET MIKE AND JUDY [3:40] Why Judy wanted to join the show [6:42] A bit about Judy and Mike [10:28] What they want to accomplish [15:52] How she is helping with her dad [18:38] Mike and Judy’s ideal retirement date [24:21]Their overall objective ROCK LIFE [28:16] What kind of sun protection do we really need? [29:07] The types of skin cancer and what to do about it [38:06] Who is at the most risk of skin cancer [42:04] Sun protection TODAY’S SMART SPRINT SEGMENT [47:49] Complete the values worksheet from 6-Shot Saturday Resources Mentioned In This Episode Live Long and Well with Dr. Bobby  Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Have you heard of IRMAA? IRMAA can be an unwelcome surprise if you aren’t expecting her.  On this episode of Retirement Answer Man, you’ll hear what to expect from IRMAA and your Medicare costs. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:14] Recent feedback [6:57] What IRMAA surcharges are IN THE NEWS [14:55] Structured protection ETF [25:06] What the details show LISTENER QUESTIONS [30:23] Should we keep our life insurance policy? [34:42] Will the lack of a bachelor's degree hurt a retirement planning practice? [36:02] Where to get the materials for the Certified Retirement Counselor curriculum ROCK LIFE [37:51] Cultivating a growth mindset through curiosity [40:58] How to cultivate curiosity TODAY’S SMART SPRINT SEGMENT [50:55] Practice asking a dumb question Resources Mentioned In This Episode International Foundation for Retirement Education Form SSA-44 Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center  

What is your risk tolerance? What does risk tolerance even mean? Why does it matter?  We’ll explore these questions as I answer one of our listener’s questions on getting back into the stock market with a low risk tolerance.  Listen in to learn why he may not need to follow the traditional way of doing things. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:00] How much risk to take in retirement IN THE NEWS [19:10] The AT&T data breach [23:03] What I’m going to do about it [26:00] How are password managers safer options for keeping passwords? LISTENER QUESTIONS [30:53] How does moving a 529 to a Roth IRA work? [33:32] How to know if Johnny should be looking for another financial planner TODAY’S SMART SPRINT SEGMENT [37:35] Rethink your password protection Resources Mentioned In This Episode 1Password Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center  

  Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off? In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:08] Should Scott get a mortgage to build his retirement home? LISTENER QUESTIONS [12:13] HSA fees can be more expensive than the interest [15:14] What should John think about when deciding on whether to get a mortgage? [19:12] On using reverse dollar cost averaging [22:07] Can we use Roth conversions to do RMDs? [25:29] Understanding investment advisory fees [29:28] Tom’s perspective on his retirement ROCK LIFE [33:41] On cultivating a growth mindset TODAY’S SMART SPRINT SEGMENT [35:00] Take your thought and do it in the moment Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Let’s get back to basics—addition and subtraction two ways to get to the same answer. However, we have a tendency to stick with addition. Today we’ll learn how subtraction can help you come out ahead. Why am I talking about elementary math on a retirement podcast? Listen in to find out.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [2:12] Is scarcity really a negative thing? [6:04] Stop trying to aim for precision [11:17] Stop making retirement planning your new job [14:03] Stop optimizing for returns [17:42] Stop thinking you have to retire to something rather than from something [21:25] Stop thinking you can wait [24:16] Stop thinking you need to resign yourself to what is LISTENER QUESTIONS [27:10] Turn off dividend reinvestment in your decumulation phase [30:00] A rucking comment [31:03] On Social Security survivor benefits [33:26] On inherited IRAs ROCK LIFE WITH DR. BOBBY DUBOIS [35:15] Movement studies [45:05] Why does movement matter? [48:51] Why the Hadza’s sedentary lifestyle is different from ours [50:55] Why vitamin D is or isn’t helpful TODAY’S SMART SPRINT SEGMENT [1:00:34] Find an opportunity to move Resources Mentioned In This Episode YouTube video - What You Should Know if You Inherited an IRA Episode 532 - How To Manage Your Scarcity Brain With Michael Easter Episode 530 - What Is True Retirement Planning? With Christine Benz Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Have you ever considered moving to a retirement community? With the freedom that retirement brings, many people begin to rethink their living arrangements.  On this episode, you’ll hear how Brad and his wife decided to move to a retirement community. Listen in to hear how they approached their decision, the research they put in on where to retire, and how they enjoy their new locale.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MINI CASE STUDY [2:40] How Brad discovered The Villages [10:55] What led them to explore 55+ communities [13:10] How The Villages are organized [20:35] How to explore places to move in retirement LISTENER QUESTIONS [23:50] Should we consider getting I-bonds in 2024 [29:50] Clarifying new catch-up rules in 2026 [32:27] Charlie’s comment on systems thinking [36:18] Where to put taxes in your planning software [38:41] A suggestion for the podcast TODAY’S SMART SPRINT SEGMENT [40:06] Think about where you are going to live in retirement Resources Mentioned In This Episode YouTube video - What You Should Know if You Inherited an IRA After January 1st, 2020 I Bonds Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Does a withdrawal strategy in retirement have to be complicated or can you simply do a reverse of dollar cost averaging? In this episode, we’ll take a look at how reverse dollar-cost averaging would work by using an example and discover who it works for. Click play to learn if this withdrawal strategy would work for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH A LISTENER QUESTION [1:44] Is it okay to do a reverse dollar-cost average for withdrawals in retirement? IN THE NEWS [14:30] The rules have changed for Inherited IRAs LISTENER QUESTIONS [18:55] What should Vicky do with the proceeds from the sale of her home? [24:09] What to do with a 10-year inherited IRA [27:55] What is the best way to fund bucket #1 to prep for retirement? [35:10] A topic suggestion TODAY’S SMART SPRINT SEGMENT [36:11] Evaluate the resilience of your plan Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center  

We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one.  In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [1:46] How much do I really need to retire? [20:30] A comment on the FIRE movement [22:09] How to change advisors [27:28] How to get into the decumulation state of mind [32:37] Feedback on the Michael Kitces interview BOOKS I READ IN MARCH [34:00] Books I read this past month TODAY’S SMART SPRINT SEGMENT [36:22] Revisit your feasible plan of record to see how resilient it is Resources Mentioned In This Episode BOOK - Gulag Archipelago by Aleksandr Solzhenitsyn BOOK - Tai Pan James Clavell BOOK - Soul of an Octopus by Sy Montgomery The State Of Retirement Planning With Michael Kitces What is the FIRE Movement? NewRetirement.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Have you been wondering what retirement is like for real retirees out in the wild? With the success of our Retirement Plan Live series, we decided to try mini-case studies to learn more about what retirees like you are doing to rock retirement.  In this episode, you’ll hear some feedback from Sarah who asked a question on the show about a year and a half ago. Listen in to hear how she responded to the advice I gave. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MINI CASE STUDY [2:27] Sarah’s case  [8:06] What you can do for you [10:01] A plan of record is the first step LISTENER QUESTIONS [13:00] What should Lucas take into account as he prepares to pay off his mortgage [20:00] Investing in retirement with a pension [26:08] How Joe is incorporating the Die With Zero philosophy by gifting ROCK LIFE WITH DR. BOBBY DUBOIS [28:24] What is rucking? [29:27] Why try rucking? [40:49] How do you get started rucking? [48:44] How to measure the benefits of rucking TODAY’S SMART SPRINT SEGMENT [50:00] Go try rucking by walking with something on your back  Resources Mentioned In This Episode Retirement Plan Live: Their Financial Resources - listen to Sarah’s question here Go Ruck BOOK - Die with Zero by Bill Perkins BOOK - The Power of Moments by Chip Heath Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Michael Kitces is one of the innovators in the retirement planning and financial services space. His blog and ecosystem of resources help retirees and financial advisors gain the base knowledge needed to rock retirement. On this episode of Retirement Answer Man, Michael joins me to discuss the state of retirement planning, how it has changed, and how you can live your retirement to its fullest. Listen to this interview with one of the great minds in retirement planning.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH MICHAEL KITCES [5:20] Trends in retirement planning [22:40] How to avoid dying with too much money  [36:51] How to choose a retirement planner [43:38] How does someone choose a retirement planning firm TODAY’S SMART SPRINT SEGMENT [49:04] Evaluate the quality of your process for making decisions in retirement Resources Mentioned In This Episode BOOK - Die with Zero by Bill Perkins BOOK - It’s Not Complicated by Rick Nason Kitces.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Have you ever wondered why it is so hard for you to spend your money? Even now after all these years of saving you know you have enough, but it’s hard to let go and untie those purse strings. Today, my friend and renowned author, Michael Easter joins me to discuss overcoming frugality from a different perspective. Click play to hear about the evolutionary mismatch that hinders you from spending your money.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:38] Clarification on the 5-year Roth conversion rule [4:36] Simple IRA rules [6:50] The tax impact of waiting to take Social Security PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER [12:00] Why Michael pursued the concept of the comfort crisis [18:32] How discomfort becomes rewarding [20:20] How we can change our decisions in small ways [24:25] How to manage your scarcity brain in retirement [33:48] We often focus too much on the numbers [36:59] The scarcity loop TODAY’S SMART SPRINT SEGMENT [41:10] Take the stairs Resources Mentioned In This Episode BOOK - The Comfort Crisis by Michael Easter BOOK - Scarcity Brain by Michael Easter Stutz Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life.  This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DAN CROSBY [3:38] Overcoming frugality [10:56] How to gain confidence in the midst of uncertainty [19:19] What are things you can do to overcome your frugality LISTENER QUESTIONS [26:52] How do people in retirement spend less money than more money? [33:44] Does it make sense to use money allocated for a 401K for a second home? [37:33] A comment on this past Retirement Plan Live [39:20] How to fund my HSA in retirement  [42:13] How to look for blind spots once you have your feasible plan of record TODAY’S SMART SPRINT SEGMENT [47:16] Is there something else important that you could add to your life or retirement Resources Mentioned In This Episode BOOK - The Soul of Wealth by Dan Crosby BOOK - The Top 5 Regrets of the Dying by Bronnie Ware BOOK - Die with Nothing by Bill Perkins Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center

Retirement planning has changed over the years, but has the industry evolved to keep up?  Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective.  Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning. Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ [4:55] The state of retirement planning as a process [18:30] The state of investments for retirement planning [22:16] The state of long-term care [25:26] How to begin to plan for retirement decumulation LISTENER QUESTIONS [30:45] About opening a Roth for a child [32:51] How to create a 5-year income floor with financial capital [37:11] On using bonds to fund the 5-year income floor [41:44] Should you keep investment accounts under the FDIC and SIPC limits? [46:30] Should I have a Simple IRA and Solo 401K? TODAY’S SMART SPRINT SEGMENT [50:00] Understand what this year’s retirement contribution levels are Resources Mentioned In This Episode BOOK - More than Enough by Mike Piper BOOK - Die with Zero by Bill Perkins Morningstar Christine Benz The Longview Podcast Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Roger’s Retirement Learning Center