In this episode, Roger Whitney welcomes Michael Easter, New York Times bestselling author of 'The Comfort Crisis' and 'Scarcity Brain.' They delve into the concept of overcoming frugality and the evolutionary mismatches that affect our resource management in retirement. Discover how short-term discomfort can lead to long-term growth, the importance of taking the stairs in life, and the psychological implications of our modern abundance. Tune in for insights that can help you not just survive retirement, but thrive in it!

*Episode originally aired March 27, 2024

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [01:04] Today we have Michael Easter, author of Scarcity Brain, on the show.

PRACTICAL PLANNING SEGMENT WITH MICHAEL EASTER

• [02:20] Roger introduces Michael Easter to the show
• [03:14] The Comfort Crisis falls into the Energy Pillar- building energy so you can show up for your life.
• [04:30] Roger asks Michael what his objective was in exploring the Comfort Crisis
• [09:40] Why is it a bad thing to be comfortable?
• [12:40] How do we start being more uncomfortable?
• [16:11] The Scarcity Brain falls into the Vision Pillar.
• [18:00] Why do we have a constant feeling that we don’t have enough?
• [25:25] Quantifying goals is not always the best thing to do.
• [29:01] Michael defines what the scarcity loop is.

TODAY’S SMART SPRINT SEGMENT

• [33:21] In the next seven days, take the stairs! Do something that most people don't do.

RESOURCES

• BOOK - The Comfort Crisis by Michael Easter
• BOOK - Scarcity Brain by Michael Easter
• Stutz
• Rock Retirement Club

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In this enlightening episode, we tackle the often overlooked mental shift required in retirement: transitioning from a saver to a spender. Join us as we revisit a compelling conversation with Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisory Services. We'll explore the psychological barriers many face in letting go of frugality and how to embrace the resources they've accumulated to enhance their lives. Discover practical strategies to gain confidence in spending, overcome the fear of uncertainty, and ultimately, live a fulfilling retirement without the regret of dying with too much money. Tune in for insights that could transform your approach to retirement!

*This episode originally aired March 20, 2024

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [00:30] Overcoming frugality is a major crisis for many in retirement

INTERVIEW WITH DAN CROSBY

• [01:19] Roger introduces Daniel Crosby.
• [02:50] How do we overcome frugality?
• [04:30] There are a lot of behavioral things that change when you leave full-time work.
• [09:45] How to gain confidence in the midst of uncertainty.
• [17:22] People are wired to avoid regret.
• [18:01] What are some basic things people can do to overcome frugality?
• [22:16] You can't undo 40 years of programming in 4 minutes- experiment with behavior and small commitments.

TODAY’S SMART SPRINT SEGMENT

• [25:15] In the next seven days, I challenge you to examine your retirement plan and ask yourself- is there something else I should add that’s important to my life?

RESOURCES

• 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
  
  

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In this episode, we explore the journey of retirement through the eyes of Brad, a member of the Rock Retirement Club. Brad shares his experience of moving to The Villages in Florida, detailing his decision-making process, the community's offerings, and how it has transformed his retirement lifestyle. Join us as we uncover valuable insights and tips for anyone considering retirement living, all while enjoying the vibrant atmosphere of this unique community.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A MINI CASE STUDY

• [01:30] Roger introduces Brad and asks how he discovered The Villages Retirement Community in Florida.
• [09:30] Roger asks Brad what led them to explore 55+ communities.
• [11:35] Brad explains how The Villages community is organized.
• [19:14] Roger asks Brad what advice he would give to someone exploring places to retire.

TODAY’S SMART SPRINT SEGMENT

• [22:09] In the next seven days, think about where you are going to live in retirement.

RESOURCES

• The Villages Community
• Rock Retirement Club
  
  

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• Follow Us on Facebook!
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All of July we will be replaying some of our popular past episodes. In this episode, we engage with retirement planning expert Michael Kitces as we explore the evolving landscape of retirement planning. Discover the importance of flexibility in retirement spending and how to select the right retirement planner for your needs. We also discuss the implications of dying with too much money and the critical questions you should ask when interviewing potential advisors. Tune in for insights that will empower you to not just survive, but truly rock your retirement!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (0:00) The key to finding a retirement planner is to find someone that puts YOU and not your money in the center of everything.
• (00:45) Today we have a replay of last year's interview with Michael Kitces.

INTERVIEW WITH MICHAEL KITCES

• (02:11) Roger introduces Michael Kitces and chats about flexibility.
• (13:30) Michael says as a professional, he does not want to have a client fail on his watch.
• (19:21) Roger says the quote that comes to mind when he thinks about retirement planning is: “You’re never going to be exonerated from uncertainty, pain, or the need to do work” Stutz
• (24:00) Most people understand that change is to be expected.
• (29:05) Michael talks about risk tolerance.
• (32:55) Michael reflects on the question “How do we help clients actually make better decisions?”
• (33:51) Tips on how to choose a retirement planner.

SMART SPRINT 

• (45:55) In the next seven days, evaluate the quality of your process for making decisions in retirement.

RESOURCES

• BOOK - Die with Zero by Bill Perkins
• BOOK - It’s Not Complicated by Rick Nason
• Kitces.com
• BOOK - Rock Retirement  by Roger Whitney
• Roger’s Retirement Learning Center

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All July long, we’re featuring a special replay series of standout episodes—and this week is no exception.

Join us for a special episode as we welcome Christine Benz to discuss her book, "How to Retire." In a captivating conversation in the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.

*Episode Originally Aired December 4, 2024*

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

• (00:55) We are going to play some past impactful episodes for the whole month of July 

INTERVIEW WITH CHRISTINE BENZ

• (01:28) Today we start off the month with a replay of our interview with Christine Benz.
• (03:17) Roger asks about the goal for the readers of this book.
• (04:48) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.
• (06:10) Roger thinks the interview style of the book helped make it more approachable.
• (08:13) Roger asks Christine about any big, unexpected insights that came up when she was writing her book.
• (11:12) Fritz Gilbert says I give Christine serious kudos for the approach she took and the amount of homework she did.
• (12:35) Christine tells Fritz that she loves his methodical approach to dealing with the years leading up to retirement.
• (14:16) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.
• (18:15) Roger says when it comes to portfolio construction, it's easy to overcomplicate things
• (21:14) Larry asks Christine what challenges her or confounds her most about her own retirement planning.
• (23:35) Larry asks “Are you concerned that we may not find people to provide long term care?”
• (31:08) Kevin Lyles asks Christine about asset allocation in retirement.
• (37:55) Laura asks: When talking about high quality bond portfolios, do bond funds work?
• (42:00) Roger asks about indexes and broad diversification. 
• (44:37) Roger says someone had a comment related to some of the research on small cap value and asks Christine her view on having a more diversified small cap value tilt?
• (48:19) Eric asks “what is the argument for using TIPS (Treasury Inflation-Protected Securities)  for retirees?” 
• (51:28) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.
• (53:52) Roger says the optimization part of retirement sometimes dominates the conversation.
• (54:44) Roger asks Christine: Have you found in your own life a balance between making sure you don’t get too complicated in investments?
• (57:55) Brianna asks Christine what question she has been reflecting on after the 20 interviews?
• (58:45) Christine she’s been thinking more about whether the concept of retirement is flawed.

BONUS

• (01:01:26) Roger reads an excerpt from his grandfather's WWII journal

Resources Mentioned In This Episode

Wade Pfau

Morningstar 

The Retirement Manifest- Fritz Gilbert

Daughterhood.org

Christine Benz

Six Shot Saturday

BOOKS

How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement - Christine Benz

Being Mortal: Medicine and What Matters in the End - Atul Gawande

Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years - Fritz Gilbert

Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future - Roger Whitney

💬 Show Notes

This week on the Retirement Answer Man show, we kick things off with a couple of Rockin’ Retirement in the Wild stories from listeners living out their retirement dreams. Then we dive into a mini case study from a listener recently laid off who’s wondering if early retirement is on the table, we’ll walk through the numbers and stress test his plan. We wrap up our month of travel talk with a fun chat with Chris and Cathy about their retirement adventures and how they’re making the most of their freedom to explore. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) In this episode, we wrap up our travel reflections and explore a listener's question about the pros and cons of retiring at age 59.
• (01:40) Looking ahead, July will feature 'Best of' episodes of the Retirement Answer Man podcast and August will focus on listener questions.

ROCKIN’ RETIREMENT IN THE WILD

• (02:50) Rock Retirement Club member, Pete, has a podcast called Retiring with Enough and that podcast just hit episode 150.
• (04:04) Listener, Adrianne, sent in a letter about rocking retirement.

LISTENER CASE STUDY

• (04:45) An anonymous listener reached out to share that he’s considering early retirement after a job loss caused by the downturn in the automotive industry. Today, we explore whether he can make it work.
• (09:20) A breakdown of the listener’s financial situation.
• (13:35) We have to make some assumptions about investment and will use software to simulate different scenarios.
• (17:00) Let’s look at the results- a feasible plan is not necessarily resilient. 
• (19:40) Let’s do some basic stress testing to see how your plan holds up when life throws curveballs.

TRAVEL STORIES WITH CHRIS AND CATHY

• (24:52) Two recent retirees, Chris and Cathy, have focused on domestic travel now that work is out of the way.
• (29:10) Roger: What was one moment that stood out from your entire trip that stands out for each of you?
• (31:45) Roger: Do you two talk when you're on road trips or do you audiobook or something?
• (32:23) Chris and Cathy said they retired together and knew they wanted to go back to Jersey.
• (33:21) Roger: How did you adjust to being together 24/7?
• (34:55) Chris and Cathy discuss how they will approach travel in retirement. 
• (36:17) Roger: Over a twelve month period, what percentage of time do you travel? And what is the pull to travel so much?
• (39:36) Roger: Do you think this three months a year travel cycle is a season or do you think this is a new identity as explorers?
• (42:05) Roger: What tips or suggestions would you give to others who have never traveled internationally or have never planned a big road trip?
• (46:55) Roger: What is it internally that travel you feel adds to your life?

SMART SPRINT

• (48:19) In the next 7 days, confirm that you have at least two years of safe assets, cash or short-term reserves, to cover your lifestyle expenses not covered by income. Even if your plan looks feasible on paper, test its resiliency. Would it hold up if the market took a hit tomorrow?

BONUS

• (48:55) Now that we’ve finished my grandfather’s journal, to end the show I will share things I’m geeking out on. Today: electric bikes.

REFERENCES

• Submit a Question for Roger
• Sign up for The Noodle
• The Retirement Answer Man
• Retiring with Enough Podcast with Dr. Peter Guidry
  
  

TRAVEL WEBSITES

• Free Range Fun Hogs- Travel Blog

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• Follow Us on Facebook!
• Follow Us on Instagram
  
  

💬 Show Notes

In this episode, we tackle the intricacies of retirement planning and the importance of trusting your financial projections. Join us as we explore the concept of 'productive paranoia' and how it can help you avoid costly errors in your retirement strategy. We'll also hear a heartfelt travel story from Scott, who shares how he embraced international travel after a significant life change. Don't miss this enlightening discussion that will empower you to take charge of your retirement journey!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN 

• (00:00) This show is dedicated to helping you have the confidence to rock retirement.
• (01:15) How do you have confidence in your retirement plan?
• (04:44) How do you quality check your plan?
• (05:07) Let’s start by talking about the concept of productive paranoia from Jim Collins’ Great by Choice—a mindset of staying hyper-aware, building buffers, and zooming out for perspective to strengthen your retirement plan even when things seem to be going well.
• (07:09) Quality checking a retirement plan means making sure the inputs and results align with your goals.
• (08:33) What are the most common unforced errors?
• (12:21) What are some of the obstacles to quality checking your plan?
• (13:30) How do we quality check a retirement plan using metacognition?
• (19:30) What is the benefit of reading your goals out loud?
• (22:45) Another tactic is running your plan through another system.

INTERVIEW WITH SCOTT 

• (24:40) Roger continues talking about traveling in retirement.
• (26:20) Roger reads an email from his client Larry, an avid RV traveler.
• (28:30) Roger introduces Scott for a conversation about international travel.
• (34:30) Scott shares thoughts about both solo and group travel.
• (39:30) Scott talks about traveling after his wife of 30 years passed away.
• (41:25) Some people feel intimidated being the third wheel even when they're invited
• (43:50) Roger says he is really interested in the micro communities of people who are comfortable enough to travel together.
• (47:55) Roger asks Scott what advice he would give to people to embrace single traveling.
• (50:30) Roger reflects on how we often overlook the beauty of our own surroundings and asks Scott what deeper meaning travel holds for him in retirement.

SMART SPRINT

• (53:20) In the next seven days, quality check your plan of record using some of the tools we talked about.

BONUS

• (53:50) Roger reads the last entry in his grandfather’s WWII journal.

REFERENCES

• Submit a Question for Roger
• Sign up for The Noodle
• The Retirement Answer Man

BOOKS

Great by Choice: Uncertainty, Chaos, and Luck- Why Some Thrive Despite Them All- Jim Collins

TRAVEL WEBSITES

• Free Range Fun Hogs- Travel Blog
• Rick Steves
  
  

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💬 Show Notes

In this episode, Roger Whitney dives into the essential elements of not just surviving, but thriving in retirement. We kick off with a listener's story about the challenges of early retirement and the important questions that arise during this transition. Then, we shift gears to a practical planning segment on how to rebalance your retirement portfolio as life and market conditions change. Lastly, we hear from Karen and Shannon, two adventurous retired women, as they share their inspiring experiences traveling internationally and building confidence in their new lifestyles. Tune in for insights that can help you rock your retirement!

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) This show is dedicated to helping you rock retirement.
• (00:54) Next week on the show we are going to talk about how to quality check your retirement plan.

ROCKIN’ RETIREMENT IN THE WILD

• (01:34) A listener sent in an email about her retirement experience.

PRACTICAL PLANNING SEGMENT

• (04:50) In the practical planning segment, Roger reviews how to rebalance your portfolio in retirement.
• (06:30) What is rebalancing, and why does it matter in retirement?
• (08:30) How often should you rebalance your portfolio?
• (09:20) Step 1: Review your actual spending compared to your plan of record.
• (11:03) Step 2: Adjust or update your projected spending for the year ahead.
• (13:30) Step 3: Refresh your income estimates and update asset values.
• (15:19) Step 4: Run a feasibility check—use Monte Carlo simulations or your household balance sheet.
• (16:01) Step 5: Test your plan’s resilience and update your allocation strategy.
• (18:45) Step 6: Consider your contingency fund—how much cushion do you need, and how will you refill your 5-year income floor?

INTERVIEW WITH SHANNON AND KAREN ABOUT TRAVELING IN RETIREMENT

• (22:51) Roger talks with Shannon and Karen about traveling internationally in retirement as single women.
• (31:10) You had several hurdles to overcome.
• (33:13) Karen says she likes traveling with a group and hiring individual guides.
• (37:05) Newer tours are much more curated and intimate than they used to be.
• (42:25) What advice would you give to someone who is single and nervous about traveling internationally alone?

SMART SPRINT

• (47:34) ​In ​the ​next ​seven ​days,​ schedule an hour to an hour and a half during the third quarter of the year for a “retirement rebalancing meeting,” clearly outlining your plan on your calendar so you can prepare and follow through effortlessly.

BONUS

• (48:30) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Submit a Question for Roger
• Sign up for The Noodle
• The Retirement Answer Man

TRAVEL WEBSITES

• The History Chicks Podcast
• Zingerman’s Food Tours
• Road Scholar

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💬 Show Notes

In this episode, we explore the joys and motivations behind traveling in retirement. Join us as we discuss why travel is a common goal for retirees, featuring insights from Andrew Motiwala, founder of A Good Life Abroad. Discover how to enhance your retirement travel experiences and learn about the various obstacles retirees face when planning their adventures. Tune in for inspiring stories and practical tips to help you feel 'awake' and engaged in your retirement journey!

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:35) Today on the show, we're going to talk about how to improve retirement travel.

ROCKIN’ RETIREMENT IN THE WILD

• (02:26) Two quick rocking life in retirement stories.

TRAVEL IN RETIREMENT

• (04:22) Why do we want to travel in retirement? 
• (10:25) When we're thinking about traveling, what are obstacles?
• (13:11) Roger talks about types of travel to perhaps overcome some obstacles.
• (14:00) There are lots of travel opportunities in the United States or even regionally if International travel is too much.

INTERNATIONAL TRAVEL WITH ANDREW MOTIWALA

• (17:22) Roger chats with Andrew Motiwala- the founder of Good Life Abroad.
• (20:35) The Good Life Abroad helps people live abroad in a vetted curated apartment for a month or two at a time with on the ground support.
• (24:00) What are the advantages to using The Good Life Abroad versus booking it all yourself?
• (25:33) Roger asks Andrew his opinion about why people want to travel in retirement.
• (30:05) Roger asks what people do that take travel to a whole new level?
• (31:13) What percentage of people who use Good Life Abroad are solo travelers?

SMART SPRINT

• (32:30) In the next 7 days, go somewhere new in your own zip code. Try a new park, museum, trail, or even a local brewery. Step outside your usual routine and give your brain a spark. 

BONUS

• (33:01) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Register for my LIVE Webinars
• Submit a Question for Roger
• Sign up for The Noodle
• The Retirement Answer Man
• The Good Life Abroad
  
  

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• Follow Us on Facebook!
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Show notes created by https://headliner.app

💬 Show Notes

In this episode, we wrap up our series on Process Over Panic by focusing on what truly deserves your attention in retirement planning. Plans change, life surprises us, and retirement is unpredictable. But a solid planning process — one you revisit and refine — will help you rock retirement. Join us for an insightful discussion that includes practical advice, personal anecdotes, and answers to listener questions. 

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) In this episode, we wrap up our Process Over Panic series by focusing on what truly deserves your attention in retirement planning. Inspired by Eisenhower’s quote — “Plans are worthless, but planning is everything” — we explore why your process, not your plan, is what will carry you through retirement with confidence.

ROCKIN’ RETIREMENT IN THE WILD

• (01:50) Roger shares a heartfelt retirement message through a set of creative prompts sent by a client

PRACTICAL PLANNING SEGMENT

• (03:40) What should you pay attention to?
• (04:50) When you are doing retirement planning, you are planning for the future- something totally unpredictable.
• (06:31) What deserves your attention in retirement planning?
• (08:04) What is the intent of retirement planning?
• (09:13) What are the obstacles to achieving our intent?
• (13:10) Roger talks about how his experience in retirement planning gives him confidence.
• (13:50) The Four Pillars of Retirement Planning help to build a flexible map for retirement.
• (17:58) Roger explores the concept of the “Retirement Plan of Record” as a living document—not a one-time decision. Just like in relationships, decisions made once can lose their relevance over time if not revisited and reinforced.
• (19:25) Roger goes back through the Four Pillars to talk about how often you should revisit them.
• (24:10) Real-life reactions can reveal mismatches between theory and reality.
• (25:06) Roger recommends compartmentalizing your retirement planning.

LISTENER QUESTIONS

• (27:30) John says he didn’t like how Roger said “don't follow your retirement plan” in a recent episode.
• (29:07) Steve asks a question about asset allocation.
• (31:03) Steven asks which retirement certification to look for in a retirement advisor or coach.
• (33:02) Anonymous listener says they're looking to purchase financial management software that is secure and does good analysis.
• (34:41) Susan asks about Medicare penalties and health insurance while still employed after age 65.

SMART SPRINT

• (37:30) In the next seven days, I want you to schedule your retirement planning meetings for the rest of the year.

BONUS

• (38:33) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Register for my LIVE Webinars
• Submit a Question for Roger
• Sign up for The Noodle
• The Retirement Answer Man

BOOKS

• The Retirement Collective: Shared Wisdom From Top Retirement Coaches- Retirement Coaches Association

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• Follow Us on Facebook!
• Follow Us on Instagram

Show notes created by https://headliner.app