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