By Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.6
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The podcast currently has 820 episodes available.
Welcome to our latest episode, where we focus on empowering your retirement journey with clarity and energy. Today, we delve into two powerful mental models, Occam's Razor and Hanlon's Razor, to simplify your retirement planning and decision-making processes. We also welcome back Dr. Bobby Dubois in our Rock Life segment, where he shares insights on living longer and more energetically. Don't miss our discussion on practical steps to enhance your life and retirement.
PRACTICAL PLANNING SEGMENT
(00:55) Roger will host a live online meetup on November 7 to discuss ROTH Conversions
(02:30) Today we are going to talk about Occam’s Razor and Hanlon’s Razor
(04:20) Occam’s Razor talks about when confronted with multiple options, the simplest is the best. Don’t overcomplicate things.
(05:20) How to apply Occam's Razor in retirement planning
(10:43) Hanlon's razor says never attribute to malice that which can be adequately explained by incompetence or ignorance
(12:15) Humans are messy and are usually not trying to harm or cause problems
(12:50) How do you apply Hanlon’s Razor to retirement planning?
INTERVIEW WITH DR. BOBBY
(15:53) Today we are going to focus on building energy and discuss four different studies about inflammation.
(17:00) The first study talks about how sleep impacts inflammation.
(21:45) The next study discusses measures of inflammation that can be tested in the blood and what they suggest.
(26:05) Third study shows exercise can improve our sleep and reduce inflammation
(28:20) One study looked at five characteristics of an 80 year old to determine who was more likely to live to 100.
(30:54) The takeaways are, there are things we can do that can really help us live long and well. Sleep, exercise, and diet can really make a difference in longevity.
SMART SPRINT
(32:40) I want you to look for an opportunity to practice Occam’s or Hanlon’s Razor in the next seven days.
Six Shot Saturday Email
Retirement Answer Man Webinar Registration
Books:
The Great Mental Models- Shane Parrish
Podcasts:
Live Long and Well with Dr. Bobby- Episode 3: Sleep
In this episode, we delve into the concept of the Circle of Competence, a key principle in the mental mindset arsenal. We also feature Karen's inspiring story of transitioning from accumulation to decumulation, redefining her retirement journey. Join us as we explore the importance of deep knowledge versus surface understanding, and how you can apply these insights to your life. Also, don't miss our upcoming live online meetup on November 7, where we'll discuss Roth conversions and introduce the Rock Retirement Club. Sign up at livewithroger.com and take the first step towards rocking your retirement!
PRACTICAL PLANNING SEGMENT
(00:00) This week we will talk about the Circle of Competence and decumulation
(01:05) Live online meet up 11/ 7 at 7pm central about Roth conversions and RRC Open House
(04:33) The internet creates false competence and internet experts
(07:05) Circle of competence says individuals should focus their efforts within areas where they have a deep understanding or expertise
(07:32) Warren Buffett is a master at staying within the Circle of Competence
(12:10) Your competence in retirement is informed by your experience and research
(14:00) How do you know who is competent at some level in retirement planning?
(15:10) As competence goes up, sometimes confidence can diminish
(18:40) If you’re not in your Circle of Competence, what should you do?
(21:30) How do you gauge someone's Circle of Competence?
INTERVIEW WITH KAREN ABOUT DECUMULATION
(24:27) Karen shares her story and journey to understanding decumulation
(25:20) Karen became a widow five years before she retired from pediatrics at age 62
(26:50) Karen learned from the RRC about the concept of decumulation
(29:30) Second Order consequence of not touching principal
(33:00) Karen talked about a degenerative issue from a vision standpoint in your family
(35:56) I asked RRC members for recommendations on where to go, what to do
(38:00) Karen recaps her travels as a single elderly lady traveling alone and with groups
(40:29) So I'm thinking of you in decumulation, that change in conception and seeing in detail that it’s okay to spend x amount of money on various things.
SMART SPRINT
(43:11) In the next seven days, I want you to think about the distinction between accumulation and decumulation.
REFERENCES
Great Mental Models- Rhiannon Beaubien Shane Parrish
Into Thin Air- Jon Krakauer
Live Long and Well with Dr. Bobby
Overseas Adventure Travel
The History Chicks Podcast
Road Scholars
The Soul of Wealth- Dr. Daniel Crosby
Join us in this insightful episode as we explore the concept of 'The Map vs. The Territory' in retirement planning. Discover how mental models can enhance decision-making and lead to a more fulfilling retirement. Our special guest, Dr. Daniel Crosby, discusses his latest book, "The Soul of Wealth," offering profound insights into achieving soulful wealth beyond mere numbers. Learn how to balance maps and reality, and the importance of feedback loops in financial planning. Plus, get practical advice on adapting to the unpredictable nature of life and finances. Don't miss this engaging conversation on rocking retirement with agility and purpose!
PRACTICAL PLANNING SEGMENT
(00:30) Talking about the map versus the territory and how it applies to retirement
(2:00) Personal anecdote about GPS maps
(4:00) Maps are a good abstraction to help us navigate things but understand maps are not reality
(5:15) Practical example using map versus territory
(07:25) Maps can be very useful in retirement planning, but they can also have limitations
(9:00) If we view map as reality, it’s easy to create static rules and can reduce our ability to adapt
(10:00) In the context of retirement planning, the map is the plan and comes with a lot of limitations.
(12:31) There are multiple ways to deal with variability of inflation
INTERVIEW WITH AUTHOR DR. DANIEL CROSBY
(16:22) Dr. Daniel Crosby is the author of the newly released book The Soul of Wealth
(18:25) Use a phrase called soulful wealth to describe what makes life rich
(20:00) Retirement is not a spreadsheet
(22:48) Martin Seligman is the father of positive psychology and the PERMA Model
(29:37) You have to get very specific in what it means to have meaning in life
(31:00) The Three B’s of having purpose in life- Believing, Belonging, Becoming
(35:26) What is it, especially around retirement, that creates this crisis of confidence with people?
(39:25) Identify when you are lying to yourself and it becomes harder to be complacent
(40:45) Have a purpose for your money
(44:55) One of the most fulfilling ways to spend money is giving it away
SMART SPRINT
(48:32) In the next seven days, evaluate whatever retirement plan you have in place and identify specifically what is the feedback loop to improve that plan.
RESOURCES
Dr. Daniel Crosby
https://www.danielcrosby.com
The Soul of Wealth
https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441
Six Shot Saturday
https://sixshotsaturday.com
Orion Advisor Services
https://www.orion.com
Martin Seligman
https://www.authentichappiness.sas.upenn.edu
Welcome to the second week of our series on improving decision-making skills with mental models to help you rock retirement! This week, we delve into the concept of second order thinking, also known as the law of unintended consequences. Learn how to think beyond immediate outcomes and explore the long-term impacts of your decisions, whether it's buying a new car or helping your child with a down payment. We'll also share insightful stories from RRC retirees who have navigated the transition to retirement, offering wisdom on what they were excited about, what they worried about, and how their perspectives have changed. Plus, we answer your questions and discuss practical applications of second order thinking in retirement planning. Join us for an episode packed with valuable insights and tips to enhance your retirement journey!
PRACTICAL PLANNING SEGMENT
(00:00) This week's show focuses on improving decision making skills ahead of retirement
(01:15) Revisiting inversion thinking with listener feedback
(03:18) Shoutout to RRC Member Kevin
(5:00) Starting our second mental model: Second order thinking or the law of unintended consequence
(9:00) Reflecting on giving money productively to children using second order thinking
(12:58) Second order consequence thinking can help you tease out downstream consequences of retirement planning
(13:40) Building a retirement plan of record thinking in second order consequence thinking.
RRC RETIREE INTERVIEWS
(15:20) Talking to our own Kevin Sebesta about retirement
(18:09) What is a fun bucket?
(23:00) Talking with two-year retiree, Bob, about what his concerns were before retirement and what he was most looking forward to.
(27:54) Bob talks about making indulgent purchases in retirement.
(30:46) Asking Bob what advice he would have given his younger self.
(33:01) Talking to five-year retiree, Becky, about her concerns prior to retirement.
(36:06) When you retired, would you say you were overfunded or very constrained?
(38:00) How were you comfortable with the unknown going into retirement?
(39:30) How important is it to have friends who are on a similar journey?
(44:57) Talking to four-year retiree, Jack, about his concerns two years prior to retirement.
(48:35) Jack talks about volunteering at food pantries and food banks.
(50:46) How do you avoid getting bored in retirement?
(52:04) What would you have done differently when it comes to transitioning to retirement?
(53:15) Talking with five-year retiree, Chip, about transitioning from professional to retiree.
(55:55) A year or two before retirement, what were your biggest concerns?
(56:50) “Getting laid off was probably the best thing that ever happened to me.”
(59:17) It's been a journey after retirement figuring out how to manage your time
(01:03:10) Looking back, is there anything you would’ve done differently?
LISTENER QUESTIONS
(01:05:14) Mikey asks about withdrawing social security before seventy.
(01:09:23) Mike and Bonnie ask about using debt for tax management purposes
(01:16:21) Dirk asks about principle protected, structured ETFs
(01:17:25) What is principal protection structured ETF?
(01:23:59) Tim asks about investing based on newsletters.
SMART SPRINT
(01:28:59) Use second order thinking to help you make low-stakes decisions
REFERENCES
Rock Retirement Club
https://rockretirementclub.com
Six Shot Saturday
https://sixshotsaturday.com
Roger Whitney
https://rogerwhitney.com
Catching Up to FI Podcast
https://catchinguptofi.com
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb
https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219
Welcome to another insightful episode where we kick off a month-long series on improving your decision-making abilities. This week, we delve into the concept of inversion, a powerful mental model that can significantly enhance your retirement planning. Learn how to avoid common unforced errors and make better decisions to ensure a successful retirement. Plus, get answers to listener questions about HSAs, security issues, and investment strategies. Don't miss this episode packed with practical advice and useful tips!
PRACTICAL PLANNING SEGEMENT
(00:30) This week starts a month-long series on improving your decision-making abilities
(04:38) First mental model- Inversion
(10:30) Inversion in investing
(12:20) Combining inversion with the vision pillar to determine what you want your life to be
(15:00) Using things you don’t want to help build goals of what you DO want
(15:54) Inversion with energy pillar. What do I need to AVOID to get more energy?
LISTENER QUESTIONS
(17:55) Jay asks about HSA and transferring funds
(21:55) Questions from Connie about password website, onepassword.com, and about securing social security account.
(24:55) Question about financial advisors and Dimensional Funds
(30:12) Linda asks about asset allocation and optimization.
BRING IT ON SEGMENT
(33:33) Kevin Lyles comes on to talk about identity
(37:15) Identity after retirement and losing your work identity
(43:07) Identify what you got from your career identity-wise that you want to continue in retirement
SMART SPRINT
(52:55) In the next 7 days when faced with a decision, think about inverting the question.
RESOURCES
Rock Retirement Club
https://rockretirementclub.com
Six Shot Saturday
https://sixshotsaturday.com
Roger Whitney
https://rogerwhitney.com
Vanguard
https://vanguard.com
Charles Ellis, Winning the Loser's Game
https://www.amazon.com/Winning-Losers-Game-Strategy-Investing/dp/1264257697
Bronnie Ware, The Top Five Regrets of the Dying
https://www.amazon.com/Top-Five-Regrets-Dying-Transformed/dp/140194065X
One Password
https://1password.com
LastPass
https://lastpass.com
Login.gov
https://login.gov
ID.me
https://id.me
Dimensional Fund Advisors
https://us.dimensional.com
Avantis Investors
https://www.avantisinvestors.com
The Retirement Collective- Shared Wisdom from Top Retirement Coaches
https://www.amazon.com/Retirement-Collective-Shared-Wisdom-Coaches/dp/1951915186
In this episode of the Retirement Answer Man, Roger Whitney wraps up his series on the eight pillars of a great retirement plan by diving into the last two non-financial pillars: passion and relationships. Discover how your hobbies, curiosities, and social connections can significantly impact your retirement happiness. Roger also shares personal stories and practical tips on maintaining energy, fostering a growth mindset, and building a fulfilling post-retirement life. Tune in for insights and strategies to help you rock your retirement!
PRACTICAL PLANNING SEGMENT
(00:26) Eight pillars are needed as a foundation for having a great retirement plan
(02:50) Importance of showing up and doing the work
(04:12) Having projects is a core component of living an enriching, full life
(04:49) Passion is our next nonfinancial pillar, find projects you’re passionate about
(07:19) What are the obstacles to pursuing passion and projects outside of retirement
(08:50) Roger’s personal anecdote about digital obstacles
(10:30) Plan for developing passions
(11:52) Last of the four non-financial pillars is relationships
(15:17) What are the obstacles of building relationships?
LISTENER QUESTIONS
(18:50) Mark asks about spousal IRA
(20:09) Question from Beth: Should I keep 401k or roll over to an individual IRA?
(24:28) Fund choices can be a determinant of your 401K success
(27:07) Simplification and consolidating your assets into an IRA
(30:21) Listener feedback on losing a spouse
(34:50) It only takes one account or property to force probate
SMART SPRINT
(37:20) Identify one thing that you are curious about and pull that thread
This week, we continue our journey through the eight pillars of rocking retirement, shifting our focus to the non-financial realm. We delve into the first two non-financial pillars: Energy and Mindset. These pillars are crucial for showing up fully in life and maintaining a growth-oriented perspective. We'll explore how to overcome obstacles like stress, injuries, bad habits, and the impacts of aging, and discuss actionable plans to boost your energy and cultivate a growth mindset. Additionally, we’ll answer your pressing questions about Roth IRA contributions, tax planning, Social Security spousal benefits, and CD investments. Join us as we build a holistic retirement plan that goes beyond finances to truly rock your retirement!
PRACTICAL PLANNING SEGMENT
[00:33] Focus on the non-financial aspects of your retirement planning
[01:35] Sign up for Six Shot Saturday
[03:20] The first pillar that we want to talk about is energy
[04:15] Obstacles that we face in having energy in our life
[06:05] Plan when it comes to energy
[08:43] Pillar number two is mindset
[09:53] Obstacles to maintaining and growing a growth mindset
[12:45] What is your plan for a growth mindset?
[14:17] Reflecting on my father-in-law’s mindset
LISTENER QUESTIONS
[16:56] Roger answers your questions on how to rock retirement
[17:35] Beth: audio question about Roth contributions
[20:30] Jim talks about managing taxes in retirement
[24:38] Our next question comes from Patrick on Social Security spousal benefits
[27:12] Daniel: I was wondering what your thoughts were on CD investments
BRING IT ON SEGMENT
[31:14] Mark Ross talks about mindset
[33:30] I changed my self-talk and it changed the outcome
[37:18] Tools to change to an abundance mindset
SMART SPRINT
[38:55] When you find yourself saying “I can’t,” add the word yet. “I can’t do that YET.”
RESOURCES
Agile Retirement Management
https://www.agileretirementmanagement.com
Rock Retirement Club
https://www.rockretirementclub.com
Six Shot Saturday
https://www.sixshotsaturday.com
Younger Next Year
[https://www.youngernextyear.com
Limitless Mind by Jo Boaler
https://www.amazon.com/Limitless-Mind-Learn-Lead-Live/dp/0062851748
Spartan Race
https://www.spartan.com
This month, we're revisiting the eight pillars of rocking retirement. Today, we focus on the second two financial pillars: having a resilient plan of record and optimizing the plan to enhance the journey. Many people are good at setting goals and determining feasibility, but often overlook the importance of resilience in their retirement plan. We delve into how to stress test your plan for various risks like bear markets, health care shocks, and premature death, and how to build redundancies to make your plan more robust. We also discuss optimizing your plan with tax strategies, investment implementation, and legacy planning.
PRACTICAL PLANNING SEGMENT
-[00:35] - Introduction to the eight pillars of rocking retirement
- [04:55] Building a Resilient Retirement Plan
- [10:30] Building a funding strategy for the first five years of retirement
- [14:38] The fourth pillar: Optimization
LISTENER QUESTIONS
- [18:55] Mark asks about estimating Social Security benefits
- [20:32] Mary inquires about investing in Real Estate Investment Trusts versus private crowdfunding platforms
- [27:20] John seeks advice on choosing a retirement planner
- [31:58] Tammy's question on whether to sell a high-value home for liquidity
BRING IT ON SEGMENT
- [36:37] Building relationships and the importance of micro roles
SMART SPRINT SEGMENT
- [42:50] Assess the resilience of your retirement plan
Resources Mentioned In This Episode
Six Shot Saturday
https://sixshotsaturday.com
Jeremy Siegel's "Stocks for the Long Run"
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514
Roger's YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.
The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
PRACTICAL PLANNING SEGMENT
- 00:28 September will focus on the eight pillars of rocking retirement
- 08:00 First two pillars of rock retirement are vision and feasibility
- 08:14 Vision: What do you want when you retire?
- 13:28 What are some of the obstacles to creating a vision in retirement?
- 17:44 The next pillar in the financial realm is having a feasible plan
LISTENER QUESTIONS
- 24:10 Listener Scott has a tip about going from two to one
- 26:13 Bill discusses piecake
- 27:44 Our next question is from Steve related to asset allocation in retirement
- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investment
BRING IT ON
- 38:33 Kevin Lyles talks passion in work and volunteering in retirement
SMART SPRINT
- 45:55 Think about your life as a clean slate
✍️ Episode References
Six Shot Saturday
https://sixshotsaturday.com
The Top Five Regrets of the Dying- Bronnie Ware
https://bronnieware.com/regrets-of-the-dying/
The Retirement Manifesto- Fritz Gilbert
https://www.theretirementmanifesto.com/
Stocks for the Long Run- Jeremy Siegel
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514
If you are exploring a unique retirement, it is important to do your research. The best way to research something is to talk to someone who has walked the walk. That’s why, on this episode of Retirement Answer Man, I chat with people who are living their own unique retirements.
Press play to hear these unique stories. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN TODAY’S SMART SPRINT SEGMENT
STORIES FROM AN EXPAT
STORIES FROM A PARENT OF A DISABLED CHILD
STORIES FROM A HUB AND SPOKE TYPE OF RETIREMENT
Resources Mentioned In This Episode
Special Sitters
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center
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