Retirement Answer Man Show show

Retirement Answer Man Show

Summary: This is NOT another personal finance show focused only on saving and investing. It’s about making the most of your life today and in retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. In each episode, Roger unpacks topics like investing, insurance, IRAs , pensions, healthcare expenses, building wealth, creating income, being happy, and much more. Roger Whitney shares practical wisdom on retirement planning learned over 26 years as a financial planner walking life with clients into retirement. Head over to to learn more and sign up for the free Retirement Learning Center. An online resource full of checklists you can use to work towards your ideal retirement.

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  • Artist: Roger Whitney, CFP®, CIMA®, CPWA®, AIF® | A personal finance show on retirement, money, investing and wealth
  • Copyright: Roger Whitney, 2016


 #96 – How to Evaluate When to Take Your Pension | File Type: audio/mpeg | Duration: 37:42

Hello, it’s Roger again, and welcome, welcome, WELCOME to this episode of the Retirement Answer Man. I’m so happy you’ve joined me! In this edition we’re going to talk about lots of great things that you can learn to help you understand and navigate the time of life we call “retirement” and I’m going to do it with a bit of humor and make it fun (I hope). But before we get into all of that, make sure you listen carefully for the information about my upcoming “Retirement Plan Live.” It’s where I take someone through their very own, situation-specific, retirement planning session, episode after episode of this podcast. This year, I’m adding lots of bells and whistles to the project so make sure you listen in to get all the details on how you can be involved in the most beneficial way. Do you know when it’s time to begin withdrawing your pension? It’s not a real intuitive decision to make, so I don’t blame you if you’re a bit confused about it. One of my listeners asked my advice about that issue, and I don’t give financial advice on this show, but I did tell him some mindsets and considerations that would be wise for him to ponder if he’s going to be making a decision about his pension. There’s a lot to consider – much more than you’d think on the surface, so you have to take it slowly and carefully. On this episode I’m sharing those considerations and mindsets about withdrawing a pension, so I hope what I share with this listener will also be helpful to you! Rebalancing: A financial term you hear, but what exactly is it? Most financial professionals use the term “rebalancing” so regularly it’s like they’re talking about something you do to the tires on your car. But when it comes to financial planning, rebalancing is a very important concept that has to do with how your portfolio is divided, and how you keep it arranged over time. On this episode of The Retirement Answer Man, I spend a considerable chunk of time walking you through the basics of rebalancing, why it’s important to you, and provide a handful of things you need to be aware of that will affect your decisions about rebalancing your investment portfolio. I think you’ll get a lot out of this segment. What’s the emotional component of the financial decisions you make? Did you even know there’s an emotional component? There is, almost always. For example, in the discussion I have regarding rebalancing, I demonstrate how looking at your returns, you will no doubt see that the very things listed that make you excited (your assets that are performing nicely) may be the very things you have to sell in order to keep your portfolio balanced. But your emotions will get involved and try to talk you out of the wisely and carefully considered decision you made at the outset about the balance levels you wanted to keep. How do you handle that emotional component? I’m glad you asked, because I tell you on this episode! What’s the impact of a simple smile? Smiling doesn’t directly relate to retirement planning, unless you’ve got some kind of windfall that made you happy for the moment, but smiling does have a lot to do with overall happiness. Research is showing that the physical act of smiling releases certain “happy” chemicals in the brain that enable you to actually feel happy as you look happy. I’ve been thinking about the happiness level of my life and wanted to address this issue, simply because if I’m not smiling, I’ve been told that I look like I’m kind of ticked off. Give the “Be Happy” segment of today’s show. I think it will make you happy.

 #95 – Make Sure You Know This About Your Inherited IRA | File Type: audio/mpeg | Duration: 32:09

Well, hello and welcome to the Retirement Answer Man. I am your host, Roger Whitney, and today’s show is packed full of great retirement information for you to use to educate yourself on your own retirement planning. But make sure you know this:  The things I talk about on this show are purely for entertainment and informational purposes. I’m not able to give you specific retirement advice because I don’t know you. If you need that kind of advice, go to your local tax accountant or financial planner, someone who knows you a heck of a lot better than I do! Alright, enough of that stuff…on with the show! Retirement Plan Live is going to be happening in the new year! Help me make it great! I’m soon going to be rolling out the 2nd edition of “Retirement Plan Live,” a live workshop where I use the financial situation of one lucky listener as an example so that everyone in the listening audience (that’s you) can follow along and do your own retirement planning at the same time. Last year I provided some handouts and other nifty things, but I know there’s probably some additional things I could do to make this year’s RPL even better. So if you’ve got any ideas on how I can provide you great resources to make it a practical and helpful resource for you, go to and let me know what you’d like to see. Thanks! Standard Deviation: What in the heck is that? In the “Jargon Talk” segment of today’s show, I’m going to do my utmost to unpack the concept of “standard deviation.” It’s a term that has to do with comparing investment portfolios and the way in which they might perform in either volatile or non-volatile ways. It’s a bit much for me to put in one little paragraph on a show notes page like this, so take a bit of time and listen in to this segment. It just might help you get a better handle on your portfolio. And if not, you’ll learn a little bit about weather and whitewater rafting (those are the examples I use). A great idea to set yourself up for a very merry Christmas. For the first time ever I did something to help my family prepare for the Christmas season and it gained me $1400, took only a little bit of time, and involved some exercise equipment and a pool table. Can you guess what it was? You got it! I sold some things that were sitting around my house to scrape together a bit of extra cash to pay for Christmas. On this episode I’m going to tell you exactly how I did it and give you a couple of handy safety tips to help you sell your stuff without putting yourself or your family at risk. A listener inherited some funds in an IRA. What’s he got to do to remain legal? I just love answering questions from listeners. There’s nothing more practical and helpful than real life scenarios. In this episode I actually have two listener questions. One of them has to do with some money that was inherited from an IRA account of the deceased family member. Are there timelines and procedures that have to be followed in order to keep the funds tax free or tax deferred? Does the money have to be moved into a special kind of IRA account? If you don’t know the answers to those questions, that’s OK. I’m going to tell you how it all works on this episode of The Retirement Answer Man.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] Welcome to the episode. [1:01] The upcoming Retirement plan live is going to be happening soon. Roger needs your help in knowing how to make this year’s event the best ever! JARGON TALK SEGMENT [3:50] Today’s “jargon”: Standard Deviation – what in the heck is that? [4:39] The boat trip VS whitewater rafting analogy. [5:40] The temperature analogy. [7:53] How these analogies relate to financial investments. HOT TOPIC SEGMENT

 #94 – Simple Year End Tax Strategies That Could Pay for Christmas | File Type: audio/mpeg | Duration: 38:17

In this episode I’ve got a ton of great things to share with you – everything from a super announcement about our second annual “Retirement Plan LIVE” event that will be going on, to a quick definition and discussion of capital gains and dividend distributions, Christmas planning and tax savings, a conversation with a great guest, Emily Birkin, and a smart sprint tip that involves time travel. Honest, I wouldn’t make this stuff up. It’s on on this episode so make sure you set aside some time to give it a listen! Would YOU like to get a free retirement plan done by THE Retirement Answer Man? One lucky listener will be chosen to participate in the 2nd annual “Retirement Plan LIVE,” a real-life retirement planning session that I record and publicize to help everyone out there who’s looking to plan their retirement know the kinds of things they need to look out for and consider when they’re doing their plan. The only requirements I have is that you’re within 5 to 10 years of retirement, that you don’t have a huge pension (because I’d like to make this a bit more interesting), and that you’re willing to allow me to record our conversations to air for the retirement planning LIVE event. Your name would be kept out of it for the sake of confidentiality and you’d be helping a TON of people with your generosity and daring! If you’d like to be considered as a candidate, got to A mutual fund mistake I made years ago that I want you to avoid! When I first started out as a retirement advisor – you know, way back before I was THE retirement answer man – a client I’d just advised to invest in some mutual funds gave me a very frustrated call. Well, he wasn’t just frustrated, he was downright angry! Why? It had to do with the mutual funds he’d just purchased at my suggestion. It seems that I hadn’t checked a very important thing and he was already having to pay taxes on his income through that mutual fund when he hadn’t actually made any gains. Can you guess what my mistake was?  You’re going to hear it in this “true confession” time on this episode. You can save for Christmas by saving on your taxes. I’m going to show you how! The holiday season is upon us and it’s only a few days before Christmas shopping starts in earnest. Did you know that there is a way you can get all of your Christmas shopping expenses paid for through wise financial planning? Really, it’s true! The way you handle your tax liabilities before the fiscal year ends could enable you to save enough money on your taxes that your Christmas shopping would be a wash, of sorts. Are you curious? On this episode of The Retirement Answer Man, I’m going to give you 3 ways that you can do that. Take a listen! A “S.M.A.R.T. Sprint” for the Thanksgiving season. I’ve begun sharing what I call “S.M.A.R.T. Sprints with you over the past few episodes. They’re small things you can begin to do that bring about large changes in your life. In today’s smart sprint I’m going to air some dirty laundry by telling you 4 of the worst times in my life that have taught me lessons that I’m thankful for. I’m doing it to give you some examples of how you can turn this season of Thanksgiving into an opportunity to count your blessings for the lessons learned from your own hard times. It’s not easy to go through that stuff – as you’ll see from my examples – but if you’re able to come out on the other side with some experience and wisdom under your belt, you’re going to be way ahead in this game we call “life.” Hear it all on this episode. OK, so what’s with the “time traveling” reference? No, I haven’t gone out and bought the “Back To The Future” Delorean. I’ve learned to think about a very common practice that we all do, in a very different way. It has to do with regrets, hurts, offenses, bitterness, worry,

 #93 – How to Be Happy: It’s Easier Than You Think | File Type: audio/mpeg | Duration: 35:02

Hey there all you retirement-interested listeners out there, welcome to another episode of The Retirement Answer Man with yours truly, Roger Whitney. I’m so thankful you’re taking the time to listen today and want to do everything I can to make that investment of time worth your while. On this episode I have a great chat with the “Doctor of Happiness,” Dr. Sonja Lyubomirski. She has scientifically researched the issue of happiness and it’s going to give us some very interesting insights into the issue of happiness. I’m also going to debunk some financial jargon that you’ve probably heard, AND I’m going to introduce you again to the concept of SMART SPRINTS, simple tricks you can do that can rejuvenate or revitalize your retirement strategy. So grab a cup of your favorite beverage, a pen or pencil and something you can write on… because nothing I share is going to make a difference in your life unless you make a point of taking action on it! What is a S.M.A.R.T. Sprint and how can you use it in life? One of the things I’ve discovered, not just in my retirement planning practice but in all of life, is that long terms goals can become draining. I get that… the long haul is sometimes very…well…long.

 #92 – Bye Bye File and Suspend: What You Need to Know | File Type: audio/mpeg | Duration: 34:03

Hello there and welcome to this show notes page for episode 92 of the Retirement Answer man.  I’m Roger Whitney, THE Retirement Answer Man, and on this episode I’m shaking it up a bit; throwing in some new segments that I believe are going to simplify and energize your retirement planning. I’d love to hear your feedback on this episode’s new format, so feel free to shoot me a note or record a message to me at I LOVE to hear from listeners of the show… and if you leave a question or comment that seems particularly helpful to the rest of the listeners, you just may hear yourself “on the air” on an upcoming show. So don’t be shy… let me know what you think! Are you tired of all the JARGON, yet? To be topped only by the U.S. Government, the financial planning industry has more than its fair share of jargon and acronyms. Because of that, I’m bringing you my new “Jargon Talk” segment each week to break down the terms you may have heard repeatedly but were too embarrassed to ask, “What in the HECK does that mean?”  In today’s segment I’m going to address a phrase that’s gone around a lot over the past 4 to 5 years and that is “interest rate risk.” Do you know what that means? If so, good for you! But do you know what impact it has on your retirement planning and why you should be concerned? I’m going to unpack it on this “Jargon Talk” segment for you, so stick around to listen to the show. You can optimize your retirement planning by doing a number of smaller, “SMART Sprints.” You may have heard the acronym S.M.A.R.T. It stands for Specific – Measurable – Actionable – Realistic – and Time-bound. Most of the time people use it in referring to goal setting or planning. Since we’re addressing retirement planning it fits very well. This is yet another new feature I’m bringing to the show starting today because I want to be as much service to you as I possibly can by providing practical things you can put into action right away. Today, on the very first “SMART Sprint” I’m laying down a challenge to you.. something that could save you $5000 in one year’s time and allow you to make serious headway toward your retirement goals. It’s so simple, it makes me hungry… that’s a hint. Listen in to find out what I’m talking about. More Social Security Changes are coming… and you need to know about this one! In last week’s show I spoke about the changes that the Budget Reconciliation Act is having on the way you’re able to maximize the use of your Social Security retirement fund. A listener took me to task for only focusing on one aspect of those changes so today I’m bringing you another element of the changes that could have a huge impact on your future plans. You see, in the past you could file for SSI benefits prior to actually retiring so that the non-bread-winning spouse could begin receiving spousal benefits – then you were allowed to suspend your filing. That allowed the spouse to get the benefits and the bread winner to wait before drawing theirs. But the Budget Reconciliation Act is taking that loophole out of the picture. In today’s episode I cover that and outline what it might mean for the way you plan for your retirement. Are you interested? Find out more on this episode. A listener mentions “Preferred Stocks” as a great strategy his father used in his retirement planning. Is it still as good an option for modern investors? Once upon a time there was a great benefit to using what is known as “Preferred Stocks” to set yourself up for retirement. But, as is often the case with long-lasting financial instruments, preferred stocks have changed over the years. Nowadays they are so tied to interest rates (for reasons I’ll cover in this episode) that they’re not necessarily the best way to go, especially in an economy like ours where everyone is concerned about inter...

 #91 – Chris Hogan Wants You to Know This About Retirement | File Type: audio/mpeg | Duration: 28:32

Hey friends, Roger here, and I want thank you – truly THANK YOU – for being a part of the Retirement Answer Man community. My greatest hope is that the information I share on this podcast enables you to retire happily and wisely so you can make the most of your future. I kind of consider this episode to be a “star-studded” episode because I’m featuring two powerful guests who you should get to know if you don’t already know them. First, in the “hot topic” segment I have a great conversation with Joe of “Stacking Benjamins” who has some important updates about changes in federal laws regarding social security benefits and then, in the main topic segment I chat with Chris Hogan of the Dave Ramsey group about his upcoming book, Retire Inspired. You’re going to hear some great information on this episode, so stick around. Many people have taken advantage of a Social Security loophole… but it’s soon going away! The recently passed Budget Reconciliation Act is like your typical legislation – there’re pages and pages of stuff that is irrelevant to the average citizen. But down deep in the verbiage is a section that addresses some loopholes in Social Security law that made it possible for retirees to get as much as $60,000 more from their SS retirement than if they didn’t use it… and that issue is changed in the legislation. It’s going to make a big impact on retirement planning from here on out so it would do you good to hear the details… and thankfully, I’ve got Joe from “Stacking Benjamins” with me to go over the specifics. There is a difference between retiring and retiring inspired. In my main segment today I’m thrilled to have Chris Hogan with me. Chris is one of the big shot guys at Dave Ramsey’s organization and he specializes in the area of retirement. He’s got a new book coming out in January 2016, Retire Inspired. He’s trying to make sense of the retirement scene with the same clarity and life inspiring challenge that is characteristic of the Ramsey group, so I’m eagerly awaiting his book’s debut. In this episode we cover some of the topics he addresses in his book and chat about why it’s important to aim for a specific number, not a specific  year for your retirement. What’s that all about? You’ll have to listen to get the specifics. One of the biggest tips for retiring inspired… Don’t go it alone. There are probably hundreds of thousands of people who simply put their cash into a 401K or IRA and expect that they’ve done the best they can do toward their retirement. But the reality is that very few of us are retirement experts so our efforts, however good or well-intentioned they may be, are likely going to fall quite a bit short of what is possible. As a result we won’t maximize our retirement through better investments, better strategies, or better planning. It may sound like a simple thing (and it is on one level) but it’s one of those simple things in life that makes a huge difference. Chris Hogan spells out that issue for us on this episode of The Retirement Answer Man and gives practical tips on how you can take advantage of the expertise of others to help you retire inspired. If you’ve not maximized your retirement planning and you’re getting up in years, it’s not too late. In this conversation with Chris Hogan, of the Dave Ramsey group, I had a great time hearing his thoughts on the place many people find themselves: They’re past 55 or even 65 and haven’t done a very good job of planning for retirement. As a result it looks like they may not get to retire at all. Chris gives a very encouraging example of a woman he worked with who discovered (through his counsel) that she could put aside an extra $600 every month toward her retirement,

 #90 – How to Answer The Question, “When Can I Retire?” | File Type: audio/mpeg | Duration: 29:23

Hello friends, Roger here. Today’s podcast is going to be a bit unusual, but not too unusual. I’m going to be answering listener questions about the question I’ve been dealing with all month long, “When I Can I Retire?” We’ve got questions about taxes, balancing portfolios, average expenses for the various stages of retirement, and a little bit of a rebuke to me about my comments from a few weeks ago when I was talking about buying a brand new automobile. You’ll find lots of good stuff in this episode, so let’s get started! How are taxes figured into my retirement number? One of the questions I got over the past few weeks had to do with figuring taxes so that the “retirement number” can be nailed down nice and pretty. But the problem I have with the question is that I’m not so sure that figuring a “retirement number” is the best way to go about it. In fact, I don’t know that you really CAN calculate any retirement number. There are just too many variables. But that doesn’t mean I didn’t give an answer about taxes, which was the gist of the question in the first place. So listen in to hear who I advise to consider the tax liabilities you might have during your retirement years on this episode of The Retirement Answer Man. An investment company has advised me to balance my portfolio? Is this a good time to be buying bonds? That’s the question a listener asked after chatting with someone from their investment company. The company was concerned that the investor’s portfolio had too much equities and not enough bonds to achieve a 75% equity to 25% bond balance. But is this a good time to be buying bonds? Well, it’s not quite that simple to answer unless you first understand and accept the principles behind portfolio theory, which I do… but I also believe from my experience that there’s an art to it as much as their is a science. So… the answer is, maybe. You can hear my response in its entirety (and I do say more than just “maybe”) as you listen to this episode. What are you thinking, Roger? Wanting to buy a brand new car!??? OK, I deserve this one. A listener heard me mention a couple of weeks back that I was considering buying a brand new Jeep Cherokee (they’re really nice). He wrote me an email to chide me for making such a rash and thoughtless comment, after all, the depreciating value of a brand new vehicle can be demonstrably shown to be a bad investment. Agreed. This listener’s rebuke is well founded and I deserved his rant. However, I just want to say… a guy can dream a bit, can’t he? You can hear my full response in today’s episode. Are you signed up for my upcoming webinar yet? Coming up on October 28th and October 29th I’m hosting a real, live, in-person webinar to walk you through the 4 steps you need to consider when answering the question, “When can I retire?” It’s not a complex question to answer IF you have a wise approach, and I’m going to do my best to give you that in these free webinars. You can be a part of these webinars, which will include Q & A, by going to and registering. And even if you can’t be there at the exact time of the webinars, go ahead and register. I’ll offer a 7-day replay for those of you who sign up but don’t attend. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Roger’s introduction to today’s episode. [1:52] Still time to register for the upcoming webinar! LISTENER QUESTION SEGMENT [4:32] Question #1: How are taxes figured into the retirement number? [9:46] Question #2: Is this the time to be buying bonds? [19:52] Question #3: What are the average expenses for people in the go-go, slow-go, and no-go stages of retirement? [22:30] Question #4: What are you THINKING by considering buying a brand new car, Roger? RESOURCES MENTIONED IN THIS EPISODE

 #89 – 5 Impacts Longevity Could Have on Your Retirement | File Type: audio/mpeg | Duration: 36:18

You know, there’s a lot of talk these days about the human lifespan being extended because of medical breakthroughs. Is it really going to happen? I tend to think that it’s likely just because of all the advances in nutrition, medicine, and even DNA research. If it does, what are the impacts that living longer is going to have on your retirement? In case you hadn’t noticed, I’ve been doing a bit of thinking on the topic and believe it’s worth sharing. So on this episode of The Retirement Answer Man, you get to hear me, Roger Whitney, wax philosophical about retirement investing as it relates to your later years… which could be longer than you expect. HOT TOPIC: Oil prices are low… way low. What impact does it have on you? Yes, the immediate answer is that decreased oil prices mean savings at the pump and on your utility bills, and with winter already hitting some parts of the Unites States that’s nothing but good news to your monthly budget. But oil prices being this low have other effects that aren’t so easy to spot because there are international effects that have to do with countries, governments, politics, and lots more. That, in turn, can impact your investments. I’ve been giving this some thought and want to give you some insights into those global issues and share with you how it could affect the decisions you make about your investments and your retirement… so give this episode of The Retirement Answer Man a listen. If you live longer, your income level during retirement could increase. For some of you that’s a no-brainer. You understood it the moment you read it. But for others, you’re kind of scratching your head. So let me explain… The assumption I’m making is that if you’re living longer, it’s because overall, you’re healthier. And if you’re healthier, you’re going to be able to generate income longer, even if it’s just a part-time job you love or a hobby you turn into an online venture. Either way, you’ll have the potential to not only live on your retirement savings and investments, but also to add to the household budget by bringing in additional income on the side. That’s just one of the impacts longevity could have on your retirement. You can hear the rest on this episode of the show. OK, I’ll give you one more impact longevity could have on your retirement: your monthly spending. Why would living longer impact your monthly spending? There are actually a number of ways but let me give you just one. If you’re living longer because of the advances in medicine and science that we’re hearing so much about, it will mean that you’re generally healthier at an older age than has traditionally been the case. That means that instead of slowing down, you may be in better physical shape to enjoy the first season of your retirement years. You could be more active, more eager to get out and do things you always wanted to do, to see the world, see the grand kids, and all kinds of other great things. And all of those things take what? Money. So do you see how that could impact the amount you need to save for retirement? In this episode of the show, I’ll be giving some of my thoughts on how you can plan for that possibility. When can you retire? I’m doing a free webinar to help you figure that out. It’s not a very smart idea to simply retire from your job because you’re 65, or because it’s traditional. You need to know that you will have enough money saved up to last you for your projected lifetime. That makes answering the question of when you’ll be able to retire much more difficult. Coming up on October 28th and 29th I’ll be doing a free webinar to educate you on all the variables involved in setting a retirement date. It’s going to be an interactive, fun, hands-on process where you can figure out the formulas using your own income and information. If you want in on this webinar, you can register for it by going to www.

 #88 – The 6 Biggest Expenses During Retirement | File Type: audio/mpeg | Duration: 41:38

Hey folks, Roger here… Do you know what the 6 biggest expenses are that you’ll face during retirement? In this episode of the Retirement Answer Man, I want to walk through those expenses for a couple of reasons: 1) You need to have a clear picture of where you’re headed so you can be prepared when you get there. 2) Because in keeping with the theme of my show this month, WHEN you can retire could depend on whether you actually make those preparations or not and on the decisions you make about the expenses you’re going to have to support during retirement. I’ve put together a great show for you, so I hope you’ll hit the play button, listen in, and give me your feedback to this episode. In our “Hot Topic” segment: Is a Quantitative Easing 4 coming? In case you’re not familiar with the term “Quantitative Easing,” let me put it in a nutshell for you. Simply put, QE is when the government, for various reasons, decides to put more money into the economy. How do they do that? Basically, by printing more money and making it available. Their hope is that the new money they pour into the economy goes into the investing and business development sectors, thereby boosting the economy. There’s been a lot of talk lately about whether or not another QE is coming, and in today’s hot topic segment I’m going to tell you what I think about the possibilities and give you a small bit of practical mindset advice about how you should think about it. You don’t have to be at the mercy of your retirement expenses. While it’s true that you won’t likely have the same amount of income during retirement as you have pre-retirement, you don’t have to feel like your lifestyle and ability to live is being ripped out from under you. I’d suggest that one of the main ways you can take control of those things is by examining and planning the expenses you’re going to face during retirement. You’ll have some big ones to contend with: housing, health care, automobile expenses, and two others, but the choices you make about those could determine what your lifestyle is like during retirement AND whether you might be able to retire a bit earlier. In this episode, I spend a good deal of time walking through each of those expenses so you can not only go in with your eyes open but also make good decisions ahead of time to enable you to make the most of your retirement dollars. Give it a listen. Do you know what the #1 biggest retirement expense is? You probably guessed it, it’s your housing. It makes sense that the biggest expense you have before retirement is going to be the same after retirement. But when you think about the cost of your housing during retirement, it’s always helpful to keep in mind all the things related to housing that could impact the costs you pay. For example, I often see clients make the choice to downsize their home or even to move to another state where property taxes aren’t as high. Those are not necessarily easy decisions to make but can dramatically impact the amount of money you’re paying out each month so that you can keep a bit more in your pocket or to support the lifestyle you want to have in your later years. I’ve got lots of tips for you about how to plan for and mitigate your retirement expenses in this episode. When can you realistically retire? I’ve got a free webinar coming up to help you figure it out. [button_2 color=”blue” align=”center” href=”” new_window=”Y”]Click Here to Register[/button_2] To culminate my October theme of “When can you retire?” I’m going to be hosting 2 identical webinars to help you answer that question. I’m going to walk through a 4-step method you can use to answer the questions, “When can I retire and what will my retirement look like?”  I’m excited to bring you this informative and practically helpful webinar to help you discover the most things that will determine the...

 #87 – 4 Myths That Could Ruin Your Retirement and How to Avoid Them | File Type: audio/mpeg | Duration: 28:46

If you’re in your 40s or 50s you’ve probably started to wonder when you can retire and what your retirement lifestyle might look like.  You’re ready to be free from the set schedule of work and have more control over how you send your days. You’re ready to spend more time with your family and travel more. Maybe you’ve even played around with online calculators to see what your retirement might look like. So why do you avoid putting together a plan to work towards the retirement you’ve dreamed about? Let me guess: * You feel you haven’t saved enough and are afraid of what type of retirement is truly possible. * You have a awesome concept of what you want retirement to look like but you’re not sure how to put it all together. * You want help, but you’re not sure where to turn or who to trust. * It’s on your to do list, but somehow it never gets treated as a priority. Busy people (like you and me) can easily get trapped in the urgent demands of day to day life. When we do have time to plan for our future, it’s easy to seek out quick, simple solutions rather than being intentional about creating a great retirement. In my experience, I’ve found four major myths embedded in “simple” retirement plans are to blame for many people sacrificing too many of their retirement dreams. I’m going to debunk those myths for you and show you how to work towards a better life in retirement. Myth #1:  Your Retirement is a Number True. You need to save for retirement, but it’s not as simple a specific amount of money. You don’t have a retirement “number.” Saving and investing is just part of the process of creating a great retirement..  If you make it your only focus,  you’re placing the success of your retirement on things you can’t control or predict (the markets). In short, finding your retirement number may feel good in the moment but does little in helping you create a great retirement. How to Avoid A truly effective retirement planning process involves implementing strategies in 6 areas: * Setting meaningful priorities (needs, wants, and wishes). * Planning lifestyle expenses in retirement (see myth #2). * Planning future income sources (see myth #3). * Managing your balance sheet (assets and debts) not just your investments. * Having the right “little conversations” to manage the uncertainties in your life and in the world. * Investing in your health and relationships. Myth #2 You’ll Spend a Consistent Amount Throughout Retirement In reality, spending in retirement typically goes through 3 stages. * In the “go go” years of retirement, your spending may be at its peak. This is the time for travel, activities, adventures and family. * in the  “slow go” years, your spending may slow as you become more settled. * In the “no go” years, you may spend even less as you settle in even more. Absent, unforeseen health issues, these stages are becoming more the norm. A “simple” retirement plan, just assumes you spend the same amount each year, adjusting for inflation. This seemingly reasonable assumption can drastically overestimate how much money you’ll need during retirement potentially forcing you to work longer or lower your lifestyle during retirement. How to Avoid Start by having a realistic discussion of how you’d like each phase of retirement to look like. Then put reasonable estimates of what each phase would cost on an annual basis. Some questions to ask yourself are: * Do you want to front load your travel why you’re healthy? * Do you want to extend the time in your home before downsizing? * Do you want to create experiences with your kids and grandkids while their less busy.

 #86 -You Are Enough For Today | File Type: audio/mpeg | Duration: 42:41

This episode of the Retirement Answer man is filled with some debt-crunching, retirement building, volatile market enduring advice to help you put your financial life in order. The feature segment of the show features the story of Jamie and Ruth, a couple who paid off over $83,000 in debt in just over 30 months. 30 MONTHS! It’s a testimony to what a unified goal and lots of hard work can do. You’ll hear Jamie’s account of how that one decision has changed the course of their lives and set them up to have a greater vision for their future! // What should you do when the markets are so volatile? The recent roller coaster that has been the S&P 500 has a lot of people in a conundrum. Do you change your retirement plan when the markets fluctuate so much, or do you stay the course? Roger Whitney says you have to keep your overall strategy in mind when making any decisions during volatile times. If your goal is to set aside money for retirement, you should be very slow to make changes in your strategy because of a temporary spate of volatility. The long term historical averages show that your investments are more than likely going to be alright by the time you retire. Find out a couple of other tips Roger has for you in this episode of The Retirement Answer Man. When it comes to retirement and financial planning, it’s so tempting to feel like you don’t measure up. Think about it. We’ve all made those bad financial decisions. None of us has done everything we could have to save up for our retirement. What do you do when you realize that you haven’t measured up to the ideal you held out for yourself? Roger Whitney advises that you’ve got to come to grips with the truth that you are enough. What you’ve been able to do is enough. You can’t go back and change things. All you can do is to make changes moving forward, and you can do that, because you are enough. Hear more of Roger’s thoughts on this episode. 30 months to pay off $80,000 in debt. An amazing story! When Jamie and Ruth made the decision to do everything they could to pay off their debt as fast as possible, Jamie didn’t even have a job. He’d been laid off and they didn’t really know how they were going to be able to accomplish such a crazy goal. But they were determined. Throughout the 3 years they worked to pay down their debt, Jamie took all kinds of extra and random jobs, and their income actually went up! They hammered away at their debt until they were able to pay it off. Now their future is different and their attitudes about life and what they can do in the near future to make the world a better place has grown. Hear their story as Jamie tells it, on this episode of The Retirement Answer Man. Coming in October 2015: Group coaching based around the question, “When can I realistically retire and what will it look like?” Roger is super excited to announce that coming up next month he’ll be starting some group coaching relationships to help you develop a plan for your retirement that is practical, simple, and doable. The space for these groups will be limited, but Roger’s convinced that anyone who participates will get a ton of value out of the time they spend in these groups. If you’d like to be a part of these groups, contact Roger at OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Overview of today’s show. [1:47] Thanks to iTunes reviewers! And could you leave yours? [2:23] Thanks to you for leaving your feedback on the listener survey. [2:48] The focus of October’s shows: When can I realistically retire? And what will it look like? [4:13] November’s new program to coach you toward retirement. THE HOT TOPIC SEGMENT [5:46] The markets are still volatile: what are basic things you can do? [6:25] The importance of cash reserves.

 #85 -9 Books to Help You Live a Great Life AND Invest Smarter | File Type: audio/mpeg | Duration: 35:02

Congratulations to YOU, the listeners of the Retirement Answer Man! Why are we congratulating you? Because you are the reason behind the recent honor Roger and the RAM show received at the FinCon Conference. Roger received the equivalent of an Emmy award for broadcasters in the Financial Services Industry – a Plutus Award. He couldn’t have done it without you, your great questions, and the great guests who have come on the show to tell their inspiring stories and share their expertise. Thank you for supporting the show! What happens historically after markets take a big drop? Back in August 2015 we saw 4 days straight where the S&P 500 was very, very low. But it seemed to bounce back. What typically happens to the markets after a series of down days like that, and what impact should it have on your investments and investment decisions? In this episode of The Retirement Answer Man Roger gives the stats on that phenomenon and his advice on how you should respond to the information. [shareable]What happens historically after a big drop in the #FinancialMarkets?[/shareable] 9 Books that have helped Roger invest and live with wisdom and confidence. In the “Practical Planning” segment of today’s Retirement Answer Man show, Roger is talking about books. In particular, the 9 books that have most recently had an impact on how he lives and how he works. These 9 books range from financial and investing topics, to books on life, mindset, and how you arrange it all together. You’re sure to find something that is intriguing to you as you listen to this episode. Can you work now to increase the amount of Social Security Benefits you’ll receive when you retire? [shareable]How to maximize your #SocialSecurityBenefit before you #retire[/shareable] The answer is yes! Social Security is calculated based on your highest earning 35 years in the workforce. What that means is that if you’re nearing retirement and would like to increase the amount of benefit you will receive after you retire, you can intentionally take on more work (in order to generate more income) so that you’ll have another higher-income year to add to the average. In this episode Roger gives his advice on how to go about making that decision, including how to have a conversation about it with your local Social Security Administration office. STRETCH IRAs: How can you roll them into ROTH IRAs? A listener asks Roger a question about how to maximize the advantages of us stretch IRA when rolling it into a ROTH IRA and as always, Roger has some great advice. There are a lot of particulars and exceptions in how to handle a situation like this, so make sure you listen to this episode and take some good notes so you’ll know exactly how to ask your investment adviser about doing the same thing should you need to. // OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Welcome and CONGRATULATIONS for helping the Retirement Answer Man win a “Plutus Award” at the recent FinCon conference. [1:34] Preview of the episode [1:59] Ways you can help get the word out about the Retirement Answer Man. THE HOT TOPIC SEGMENT [3:37] What happens to markets  after a big drop? [4:32] Was the August 2015 drop in the S&P 500 a market correction in 4 days? Apparently so… [6:07] How has the S&P done after large drops, historically? [7:41] What are the takeaways for us? The importance of knowing the truth about market reactions. You need to be proactive in your investment decision making. Be slow in changing strategies. Remember that you can’t believe all statistics. PRACTICAL PLANNING TIP SEGMENT [14:28] 9 books that have helped Roger invest with wisdom and confidence.

 #84 Learn How to Career Pivot to a More Independent Life During Retirement | File Type: audio/mpeg | Duration: 42:24

In today’s podcast, Roger hosts a terrific conversation with Marc Miller. Marc is a veteran of the corporate world, having worked for IBM for many years. He’s made what he calls a “pivot” in his career journey by exiting the corporate world and starting up his own consulting and coaching business to help others pivot their lives into something more satisfying and enjoyable for the later half of their lives. You’ll hear all kinds of great topics in this chat as Roger asks Marc about how he made the transition, whether he truly IS happier now, and what others can do to position themselves for a great pivot of their own. Be sure to listen in to this episode of The Retirement Answer Man with Roger Whitney. Help Roger help you by taking part in the annual listener survey. One of Roger’s greatest desires is to help you position yourself for retirement so you don’t find yourself facing financial hardship as you approach the last stage of life. Toward that end, he wants to make this podcast the most helpful it can be. He’d love to hear what you like about the show and what you think has room for improvement. You can take part in the 2015 Listener Survey by texting “RAMSurvey” (all one word) to “33444.” Please take just a few moments to let Roger know what you think of the show. Has your insurance company or investment advisor informed you that your insurance policy could be bought out? There are a number of big name insurance companies that have decided that the “income products” they’ve offered as part of insurance packages were not such a good idea. As a result they’re offering to “buy out” those policies from policy holders. But something Roger’s noticed that irks him a bit is that some of these companies are offering a “bonus” of sorts for investment advisors who take the time to help their clients make the decision TO sell out their policy. It may be the best decision for the client, but Roger’s concerned that providing a bonus may produce a conflict of interest for some advisors, and that many clients could be misguided as a result. Find out the details on this episode. 10 rules for retirement planning: In the “Practical Planning” segment of this episode, Roger covers a handful of the 10 rules for retirement planning. In particular, he refers to the old adage, “Pay Yourself First” and points out that it not only means setting aside the first part of your income for your savings or investments, but also that “lifestyle creep” could also be a factor in not setting aside enough of your income. What is “lifestyle creep?” Find out as Roger explains the concept and its effect on this episode of The Retirement Answer Man. Marc Miller has made the pivot from corporate career to entrepreneur and he’d like to help you navigate those waters, too. After years of working at IBM as an engineer, Marc moved out of the corporate world in favor of building his own business and the life of his dreams. He’s achieved great success and now serves people who were once in the corporate shoes he wore, helping them discover the way forward that uniquely fits them and positions them best for their retirement years. Listen to this great conversation between Marc Miller and Roger Whitney to hear Marc’s story, the lessons he’s learned, and how he helps his clients navigate out of the corporate world. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] Welcome to this episode – where we work together to create not just a healthy retirement, but a healthy life. [1:57] Help  Roger help you… by taking part in the 2015 Listener Survey – text “RAMSurvey” to “33444” THE HOT TOPIC SEGMENT [4:29] Welcome to “Roger’s Rant” about a subject that came across his desk this week. [5:09] The “income products” being offered by insurance companies, and the buy-out options the companies are offering.

 #83 When You Feel Like Your Plan to Retire is Screwed | File Type: audio/mpeg | Duration: 43:06

If you’ve never listened to The Retirement Answer Man before, you’re in for a real treat today. Roger has a great show in store that includes an invitation for you to get your questions answered on the show. Really, your retirement or financial planning related questions are exactly what Roger wants to feature more in the show (just like he did in this episode, where he featured Robert’s question about facing retirement with little preparation.) If you’d like to pose your question, go to The markets have been pretty crazy lately. Are you getting nervous, yet? Roger’s jokingly called it “Correction Watch 2015,” meaning that everyone seems to be keeping a very close eye on the financial markets in the U.S. these days. Is it only a correction or is it a harbinger of something worse to come? Nobody knows, and the effect that uncertainty has on most people is to cause them to feel unsettled and afraid. What should you do? In this episode of The Retirement Answer Man, Roger gives some practical advice about how to handle volatile financial times, advising you how to become comfortable with your investing strategy in an uncertain world such as ours. It’s valuable advice.  Listen in as Roger gives Robert some personal advice, on this episode of The Retirement Answer Man. // When you start investing, think of it like walking around an amusement park, assessing the rides. Which ones seem like a bit too much for your tastes? Which are just your speed? Which would make you lose your lunch? Once you’ve asked those kinds of questions, you’re ready to make the decision about which rides you will board. You know how to do this, you do it all the time in various areas of life. You’ve got to learn to do the same thing when it comes to investments. How much risk are you willing to take? How much risk is needed? How long is the financial ride you want to take? Once you have those answers you’ll have a better idea of which financial vehicles will suit your goals best – and you’ll board the roller coaster with a full understanding of what is possible down the line. Hear more of how Roger applies this great analogy in this episode. How can you even begin estimating the monthly expenses you’ll need for retirement? It’s one of the first things you need to do when you begin planning toward retirement, but it’s not as easy as it sounds. Where do you start? In this episode of The Retirement Answer Man, Roger uses the “Practical Planning Tip” segment to give some step-by-step guidelines in regard to projecting what your monthly expenses will be once you retire. He goes from vital necessities to discretionary income and more. Don’t miss this practical tip. It’s one of the most valuable parts of today’s podcast. How can I begin saving for retirement when I’m already past 50 years old and don’t have a very good start? That’s the question Robert asks today, and as he says in his recorded question, it’s one that many, many people are facing today. Are investments the answer? Do you need to funnel every available dollar into a high risk but potentially lucrative investment? Or are there some other things you can do? With great empathy Roger Whitney answers Robert’s question with some practical ways he can not only begin retirement savings and investing, but also increase his monthly income to afford him more opportunity to save. And besides all that, Roger’s not convinced that everyone needs to retire at 65 – so that creates a longer time frame to save than the question. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:32] Roger’s welcome. [1:32] Introduction to the show – today’s topics [2:54] How YOU can get your questions answered on the show. [3:40] One way you can help Roger make the show better for YOU!

 #82 Don’t Let Bad Markets Change a Good Plan | File Type: audio/mpeg | Duration: 45:48

One of the most tempting but dangerous things investors (and investment advisors) do is to change investment strategies in light of what current markets are doing. Don’t misunderstand, it’s always wise to make adjustments when needed, but not to your overall strategy or plan. You put together that strategy to accomplish certain goals within certain time frames, and over the long haul, it should accomplish your goals given the expected amount of time. When you change your investment strategy because of the markets, you’re changing horses midstream, and you could wind up in deep water! Roger’s got some great advice about how to stick to your plan, even though the current market situation seems shaky, on this episode of The Retirement Answer Man. Do you know what a STRETCH IRA is, and how it can benefit you and your loved ones? When making investments for retirement, one of the oft overlooked issues has to do with what happens to the investment should you pass away. If you neglect to designate a beneficiary of your IRA for example, the money will simply pass into your estate upon your passing and will be taxed almost immediately. That’s not a very good use of the money you worked hard to earn and save, is it? A Stretch IRA enables you to designate beneficiaries and actually S-T-R-E-T-C-H the tax benefits of that investment beyond your lifetime, into the expected lifetime of your beneficiary. Find out how this works on this episode. Do you know how to choose an investment advisor wisely? That issue alone could make or break your retirement investment strategy. You’ve got to know that the person advising you on your retirement is not only experienced but the right fit for you and the goals you have. What should you ask a potential investment advisor to see if there’s a good fit? Do you know? In this episode of the Retirement Answer Man, Roger spends a good deal of time discussing what you should look for in a good retirement investor and how you can ask the right kind of questions to discover if that advisor is the one for you. Listen in to hear Roger’s hard-learned advice. How should a small company go about setting up retirement plans for employees? There are many options out there, and sometimes the administrative costs make it very difficult to set up a plan that is generous to employees but also affordable for the business owner. In today’s episode Roger fields a “live” question from his friend Mark about how to assess the various retirement plan options, how to educate employees on the options without boring them to tears, and how to find the right investment advisor to guide the company and the employees through the process of setting up what is best for each individual. It’s a valuable conversation about retirement plans and small business. Listen in to hear the entire chat. Did you know that Roger would love to answer your questions about retirement? That’s what the Retirement Answer Man podcast is all about. You can ask your specific, personal question and Roger could answer your question on the air. It’s as easy as clicking a button and talking. Go to to record your question and Roger may address the issues you raise on the next episode. Where else can you get free, experienced, trusted advice on something as vital to your future as retirement planning? Don’t wait. Ask your question now! Free Resources to help you do your retirement planning wisely. Roger is an investment advisor. That means he makes his living advising people about how to wisely make investments for their future. But beneath that is a deeper motive to help people. One way that Roger is doing that is by creating his “Retirement Learning Center.” It’s a free resource on his website ( where you can find all kinds of resources ...


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