Retirement Answer Man

How Do I Calculate the Decreased Social Security Benefit If I Retire Early?


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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 reading

LISTENER 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 advisor

BRING IT ON WITH KEVIN LYLES 

  • [27:15] Why mindset is so important
  • [32:04] How important a social network is

TODAY’S SMART SPRINT SEGMENT 

  • [35:50] Write down what comes to mind when you think of aging and death

Resources Mentioned In This Episode
BOOK - Flourish by Martin Seligman
BOOK - How to Think Like a Roman Emperor by Donald Robertson
BOOK - Never Finished by David Goggins
BOOK - The Boys from Biloxi by John Grisham
BOOK - The Comfort Crisis by Michael Easter
GoRuck.com
Social Security Detailed Calculator
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

...more
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Retirement Answer ManBy Roger Whitney, CFP®, CIMA®, RMA, CPWA®

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