The Retirement Answer Man, Dream Up, Plan for & Wo

Episode 233 is the second episode in the You Asked series. During the entire month of August, I answer listener questions. In the hot topic segment, I confront the constant precursor that begins every financial conversation - “Given this market.” What does this phrase really mean? Why are people suddenly concerned with the markets now, should they be, and just what markets are they talking about? During the practical planning segment, I get the opportunity to answer several interesting listener questions. You won’t want to miss this episode. Listen now to learn about ‘this market’ and investing for retirement. Given this market . . . People think there’s something special about the markets right now, but the truth is, there has always been something going on with ‘this market.’ We had inflation in the 80s. The early 90s presented us with massive corporate layoffs. In the late 90s, we had the tech boom. Real estate was down, then it was up, then it was way up, then down again. We will always feel worried about the things that we can’t control. The most important way to combat ‘this market’ is by diversifying and managing your balance sheet, not just your investments. Listen to this episode to learn why you should be mindful of ‘this market’ all the time and to hear what you should be doing to help you in ‘this market.’ What market are you talking about? When you preface the investment question with ‘given this market,’ just which market are you talking about? The market is not just the S&P 500. There are so many different markets out there. If you have a well-diversified portfolio then you should have investments in a range of markets. Yes the S&P 500 has had an average rate of return of over 10% over the past 10 years. It has been a nice long run. But this only includes U.S. stocks. The global market has only had an average rate of return of over 2.8%. It is important to know where your money is invested and just how diversified your balance sheet really is. Listen to this episode to hear why it is so important to have an agile approach when investing for retirement. Why is it so important to have an agile investment practice? The first thing to consider when investing for retirement is to know what kind of life you want to live in retirement. Next, you need to be agile. Your investment practice should be agile enough so that you can move with ease and without worry when one market gets a bit hairy. Lastly, you must pay attention. Paying attention to what is going on with your balance sheet will allow you to make little adjustments along the way. Investing for retirement is not a sure thing which is why it is so important to diversify and to stay on top of what is happening in ‘this market.’ Listen now to find out how to keep your retirement investment practice an agile one. My listeners ask the best questions Are you curious about 401k’s or Roth IRA’s? Do you know about the backdoor Roth IRA? One listener asks about the best way he should be investing for retirement. Have you ever considered buying a small home overseas to use for part of the year? Is this a good idea? When is it a good time to take social security early? What should you do if you get laid off at age 60? I answer all of these questions and much more on the practical planning segment. Listen now to hear my best answers to interesting listener questions. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:39] Why do we always preface our investment questions with ‘given this market’? [4:14] What market are you talking about? [7:18] Why is it so important to have an agile investment practice? PRACTICAL PLANNING SEGMENT [12:15] Should we put more into Roth than 401K? [16:59] How to invest a large lump sum for retirement? [19:33] How to purchase a small apartment overseas [22:08] When is it a good time to take social security early? THE HAPPY LAB SEGMENT [25:38] Think about what does this make possible? TODAY’S SMART SPRINT SEGMENT [27:54] Respond to our email so we can work to serve you better Resources Mentioned In This Episode Episode 231 on Maximizing Social Security Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

This month on Retirement Answer Man we are focusing on you! We will be answering listener questions all month long. Since we just finished the Maximizing Social Security series I will answer some social security questions on this episode while the information is still fresh in our minds. If you had any more questions after listening to the Maximizing Social Security series then you will definitely want to listen to this episode to hear some excellent listener questions that I answer to the best of my abilities. Listen now to learn more about social security benefits. Why should you have an agile retirement plan? Have you ever wondered how are you doing relative to your peers? We all want to know how we are doing in comparison to our peers. When it comes to retirement savings sometimes it can be hard not to compare ourselves to others. But the truth is other people are on a completely different journey in life. It is important to be agile in your retirement planning so that you are ready for whatever obstacles may arise. Almost half of people end up leaving the workforce earlier than they had planned. This can be due to disability or a layoff from a decline in their field. Listen to hear some interesting facts about retirement to help you understand that it is important to have an agile retirement plan in place. How do you calculate opportunity costs? When trying to plan your retirement one challenge is factoring in when to claim social security and when to begin drawing on your own investments. One listener would like to know how to calculate these costs. No one can predict exactly what the market will do, but you need to look at specifically where the money is coming from. The first thing you should think about is: is the money coming from pretax assets or is it taxable? Another factor is whether you are married or not since this will bring spousal benefits into play. Listen to this episode to hear what else you should consider when calculating opportunity costs. When is the best time to take survivor benefits? A listener whose husband passed early on asks about survivor benefits. She is only 50 and wonders when the best time to draw survivor benefits is. The answer is different in each situation. Survivor benefits can start at age 60, but it may be a good idea to wait and claim it until full retirement age. You could claim your own benefits at age 62 and then wait until 66 to get the survivor benefits. Or you could do the reverse, you could claim survivor benefits starting at age 60 and then wait up until age 70 to claim your own benefits. One thing to remember is that you cannot double dip. Listen to this episode to hear more about social security benefits. Can my husband file for social security and then suspend? One listener asks about the file and suspend strategy for social security that has been used in the past. The social security administration has closed many of the loopholes that were once in play. File and suspend was one of these, so this strategy is no longer an option. Now your spouse must wait until you claim your benefits to receive spousal benefits. Another listener asks about inflation. Inflation is calculated into social security, but I’m not sure exactly how. Listen to hear the answers to all of these excellent listener questions and more on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:06] How are you doing relative to your peers? [8:02] Almost half of people leave the workforce earlier than they planned PRACTICAL PLANNING SEGMENT [12:00] If I defer my social security benefit until full retirement age can my wife claim half at 62? [13:23] Is your social security income adjusted for inflation? [14:58] How do you compare taking social security early as to withdrawing from investments? [19:37] Can my husband file for his benefit early and then suspend it after I start receiving spousal benefits? [21:32] A question about survivor benefits THE HAPPY LAB SEGMENT [24:35] If you want to live a happy sometimes you have to laugh at yourself TODAY’S SMART SPRINT SEGMENT [27:00] There is always someone that needs a little more grace, give it to them! Resources Mentioned In This Episode 20 Retirement Stats That Will Blow You Away article Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD      

Welcome to the final episode of the Maximizing Social Security series. In this episode, we get down to business. When do you file? How do you make this decision? If you are wondering these things then you need to listen to this episode. During the Practical Planning segment, I welcome social security guru, Devin Carroll. He has been studying social security for years and even has a book dedicated to learning the basics of social security. You won’t want to miss this final episode which answers your big questions about social security: when to file, when to relax, and when to panic. Listen now help you discover your best social security strategy. How do you make the decision of when to file for social security? The big question is when do you file for social security. Unfortunately, there is no easy answer. There are many things to consider, but ultimately you need to think about what your ultimate goal is. It’s not just math. What is your confidence level in your retirement? Taking full retirement social security benefits can give you more confidence in retirement. Understand what it is that you are trying to accomplish when considering whether to file early or wait until full retirement age. When you factor in your big picture then when to file could be a game changer. Listen to this episode to help you understand this multidimensional issue and help you rock your retirement. What are some things to consider when trying to decide the best time to file for social security? There are many factors to consider when trying to decide the best age to file for social security benefits. Some considerations are: will you have additional income? How is your health? How is your spouse’s health? What is the age difference between spouses? Do you really need the money? There are also tax implications to consider. If you fall into a certain income class then you could be taxed on 85% of your social security benefits. This could really affect your taxes and your IRAs. Before you decide when to file for your social security benefits, be sure to consider all of these questions. Listen to this episode to get a boost in your social security education. In what situation would it be smart to file for social security benefits as early as possible? You can file for social security benefits as early as age 62. You will not receive your full retirement benefits at this age, but there are some situations where this may still be a good choice. One mistake some people make is that they file for their social security benefits rather than disability if they can’t keep working due to a disability. If a disability is keeping you from working, be sure to file for disability benefits instead. If you really need an income, then filing at age 62 is a smart choice. Listen to this episode to hear all the reasons that you may consider filing for social security as early as possible. How does retiring while in your peak earnings years impact your social security benefit? Many people want to retire early. But does retiring while you are in your peak earning years impact how much you will receive for your social security benefit? Most of us still have 35 years of work history behind us by the time we are considering taking an early retirement, but these years often include low wage jobs. Retiring early can impact your social security benefit. But unfortunately, there is not a good way to estimate how it would affect your benefits. Devin would love to create a calculator to help others estimate the difference in benefits to help others. Listen to this episode to hear how your benefits could be affected by retiring early. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:32] How to make this decision for you? [7:18] What are some things to consider? PRACTICAL PLANNING SEGMENT [8:28] How does Devin Carroll help people choose social security strategies? [11:00] What situation would it be smart to file as early as possible? [15:39] How do you navigate who takes what benefit when in a spousal situation? [17:34] There are some uninformed reasons to file early [19:08] Survivor benefits [27:04] How does retiring while in your peak earnings years impact your social security benefit? THE HAPPY LAB SEGMENT [31:22] Nichole is reading Oola For Women TODAY’S SMART SPRINT SEGMENT [32:55] Send us a question that you want to be answered Resources Mentioned In This Episode Devin’s website: Social Security Intelligence BOOK – Social Security Basics by Devin Carroll Devin Carroll’s podcast – Big Picture Retirement BOOK – Oola For Womenby Dave Braun Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD    

This month on Retirement Answer Man we are maximizing social security benefits. All month long we are discussing the ins and outs of social security. The government doesn’t make anything simple, and social security is no different. So be sure to catch the entire series, beginning with episode 228 to fully understand the complexities of social security and how to maximize your benefits. This episode is dedicated to learning how earning income during retirement can impact your social security benefit amount. Listen to this episode to help you learn how to maximize your social security benefit and rock retirement. This feature of social security is underappreciated Did you know that social security is adjusted for cost of living? This added benefit was added in 1975. Each year social security is increased by COLA or cost of living adjustment. Since 1975 the average COLA increase has been 3.9%. This sounds awesome, right? The past 20 years the inflation increase has only averaged 2.1%, and in the past 10 years, we have only seen an increase of 1.7%. Well, at least it’s something! Listen to this episode of the Maximizing Social Security series to learn more about your social security benefit. What happens if you take social security prior to your full retirement age? Not everyone wants to work until the full retirement age of 66. The goal for many of us is to retire early. If you decide to retire early and take social security benefits starting at 62 or any time before age 66 you will receive less than the full retirement amount. Another penalty that you will incur is that if you earn over $17,040 your benefit will be reduced by one dollar for every 2 that you make over that amount. The government will eventually make it up to you over time, but of course, it will be rather complicated and paid out over 15 years. Listen to this episode to help you understand the social security complexities of taking early retirement. If you work until full retirement age you could get the best of both worlds Ideally, social security is not to be drawn until the full retirement age of 66. You will receive a higher benefit and you can earn as much as you want without a benefit reduction. This is why I am a huge proponent of pretirement. Taking on some sort of pretirement work like consulting, part-time work, or starting your own business offers an alternative to taking your retirement early and reducing your benefits. Are you ready to rock retirement? If so, listen to this episode to begin maximizing social security benefits. What happens to your social security after full retirement age? Although you receive your full benefit amount at age 66 this doesn’t mean that it’s all yours free and clear. Part of your benefit is taxable if you earn over certain amounts. For example, if you earn between $25-34,000 you will be taxed on half of your social security benefit. If you earn more than $34,000 then you will be taxed on 85% of your social security check. Each situation is different, so that is why it is so important to use more than simply numbers to decide when you want to start rocking your retirement. Start your social security education today by listening to this episode of Retirement Answer Man.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:17] This is a feature of social security that most don’t think about [6:46] How is cola calculated? PRACTICAL PLANNING SEGMENT [10:05] What happens if you take social security prior to your full retirement age? [14:55] If you work until full retirement you could get the best of both worlds [15:30] What happens to social security benefits after full retirement age? THE HAPPY LAB SEGMENT [19:40] Go get a little kookie TODAY’S SMART SPRINT SEGMENT [21:14] Evaluate what type of income you may earn from age 62 on Resources Mentioned In This Episode Social Security Administration website Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD    

Social security is an important part of retirement even if you have plenty of assets. That is why we are dedicating the whole month to learn how to maximize your social security benefits. This is the second episode in the four-episode series in which we discuss the best social security benefits calculators. This may not be the most exciting topic, but it is important to learn how to get the most out of your social security benefits. Listen to this episode to hear how to find the best social security calculators as well as how to use them. How to protect your social security Protecting your social security number is so important to keeping your identity and benefits safe. 158 million people had their social security number exposed just last year. That’s half the population of the country! There are a few protective measures that you can take to guard your social security number. You don’t need to carry your social security card with you at all times since it can easily get stolen. Instead, leave it at home in a safe place. Some organizations like medical offices ask for your social security number but don’t actually need it. You don’t have to give it to them. Listen to this episode to hear more tips on how to keep your social security number safe. How to calculate your benefits The social security administration is a great resource you can use to calculate your benefits. They send you a yearly statement with your lifetime earnings as well as a projected benefit amount. The important thing to remember is that the benefit amount they use assumes that you will continue to earn the same amount that you are earning right now all the way until you reach full retirement age. So if you plan on retiring early or taking a pretirement phase where you are not earning much then that number will change. Listen to this episode to hear how you can calculate your benefits if you plan to retire early or enjoy pretirement. If you download your statement make sure to encrypt it You can download your social security statement to your computer by going to the social security administration’s website. If you choose to do so, it is important to protect the file. Your social security statement is a treasure trove of information. It has such goodies as your name, address, the last four digits of your social security number, and your earnings from an entire lifetime. If you have your statement downloaded on your computer it is important to password protect the file to avoid all of that information being stolen by hackers. Learn how to password protect it on a Mac by listening to this episode. What kinds of calculators should you use? Ssa.gov has benefits calculators that can help you estimate your benefits based on your earnings. If you are going into pretirement or plan on retiring before full retirement age you will want to use their detailed calculator. This will give you the most precise estimate of what your benefits will be. You actually have to download the calculator onto your computer which brings another layer of complexity to things as only the government can do. The detailed calculator can help you decide when would be best for you to retire. There are several other calculators both on the social security administration website as well as through private organizations. Listen to this episode to hear which calculators you should use to help you understand when the ideal time to retire will be for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:52] Protecting your social security number so important PRACTICAL PLANNING SEGMENT [11:04] How to calculate your benefits [15:08] If you download your statement password protect it [16:22] What kinds of calculators should you use? [19:56] A lot of financial planning is about maximizing the numbers [23:55] What are some other websites that can help calculate your social security benefits? THE HAPPY LAB SEGMENT [26:13] Hobbies can make you happy TODAY’S SMART SPRINT SEGMENT [29:22] Check out one of the social security calculators or make time for your hobby Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD    

The Retirement Answer Man theme for July is how to maximize social security. On this episode, we’re covering the basics: how it works, and are social security benefits even going to be there when you retire? This can be a bit of a dense subject, but I will do my best to make the topic as fun and interesting as possible. You may think that social security won’t play a very big role in your retirement if you have a lot of assets, but after listening to this series you’ll see that social security is more important to your retirement than you think. Get started with your research on social security by listening to this episode today. What are the benefits of social security? Even if you have plenty of assets, social security benefits are an important part of retirement. As with any benefit you need to learn how to maximize it to its fullest. There are different branches of benefits through the social security system; disability benefits, dependent benefits, and survivor benefits. The one we think the most about though, is retirement benefits. You pay into the system year after year and can begin to receive the benefits at age 62. Social security is a fantastic resource that helps many retire with dignity. You need to learn how to get the most out of it and can start learning as much as you can by listening to this episode of Retirement Answer Man. Will social security be there when you need it? Social security is 90% of income for about a third of American retirees, and for 50% of retirees, it consists of half of their income. So it is scary to think that this benefit could be exhausted as soon as 2022. Fortunately, according to the social security administration website, the fund will not completely disappear at this time. It will only cover about 75% of what it needs to, but it will not totally vanish. The reason there is a problem with funding is that there are more baby boomers retiring and receiving benefits than there are people contributing to the system. Listen to this episode to find out if you need to worry about vanishing social security and how that could affect your retirement plans. How to fix social security Since there is a maximum amount that you can receive, social security is a bit of a redistribution system. It is a highly politicized topic, but if it is to continue, a solution must be found to funding social security in the future. There are several ways that we could continue to fund social security in the years to come. Being that it is a significant income source for many retirees, finding a solution is important. Some ways to solve the funding issue are by increasing social security taxes on incomes, eliminating the maximum deposit, reducing benefits, modifying the cost of living adjustments, raising the retirement age, and closing loopholes. Listen to this episode to hear about the many different ways that we could easily help fund social security in the future. How are benefits calculated? How do you qualify for social security benefits? Social Security is earned over a 35-year work history. You earn credits each quarter and you need 40 quarters of wages to qualify to receive benefits. The amount you receive is determined by your work and earnings history. If you retire before retirement age the amount calculated will add zeros to your average. This will bring down your average earnings and reduce your benefits. The way they average the amount earned is called the AIME: or average indexed monthly earnings amount. It is important to consider your AIME if you are planning to retire early. Listen to this episode to hear how to download your latest social security statement and check your earnings record so that you can begin to calculate your estimated benefit amount. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:25] What are the basics of social security? [5:54] Will social security be there when you need it? [7:33] How to fix the social security problem PRACTICAL PLANNING SEGMENT [11:11] How are benefits calculated? [16:05] What is the eligibility for spousal benefits? THE HAPPY LAB SEGMENT [18:38] The next time that someone slights you, respond with grace TODAY’S SMART SPRINT SEGMENT [20:15] Go to my YouTube channel and subscribe to find some fun bits of retirement wisdom and info Resources Mentioned In This Episode Social Security Administration Website Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD    

Welcome to the last episode in the Entrepreneurship in Retirement series on Retirement Answer Man. We have been discussing the dream of entrepreneurship after retiring during the past three episodes of this series. This episode closes the series as I interview 3 different entrepreneurs that got sick of the rat race and struck out on their own. These entrepreneurs have very different stories about how they launched and lived their dream. They share what motivated them to entrepreneurship, how they started, and what their lives look like now. Listen to this episode to learn from their retirement lessons as you embark on your own entrepreneurial journey. Vinnie quit his dream job to strike out on his own and now has so much time freedom that he never wants to retire Have you ever heard about people that say they never want to retire? That is the case of my friend Vinnie. Vinnie was a sports photographer. He had a dream job at a newspaper traveling the world and photographing major sporting events. Vinnie won several awards for his photography but still only made about $15 an hour. Once his wife got pregnant with his first child he realized that his dream job was unsustainable for a family. This spurred him to pursue opening a freelance photography business of his own. After several years Vinnie pivoted his business to something that would free his time more than his wedding photography business. Listen to the valuable lessons Vinnie relays and hear why he doesn’t plan to ever retire. Is entrepreneurship right for you? Carey Green doesn’t think it’s for everyone After more than 20 years as a pastor, Carey Green lost his passion for his career. He knew he needed to start his own business after discovering that a change in career fields wouldn’t pay enough money to support his family. He did some audio editing for an online friend and soon discovered his niche. Carey has learned to scale his business slowly over time by implementing systems that will allow him to step away from the day to day operations. This will allow him more time freedom as his podcast company grows. Listen to this episode to hear why Carey feels that entrepreneurship is not for everyone. Mark Ross helps those that are considering a pretirement stage to their retirement Mark Ross worked for 30 years in public service at the parks department. At age 58 he retired after realizing that he should be doing something else with his life. He just wasn’t quite sure what it was. Mark says that letting go of a steady paycheck was the scariest thing he has ever done. Although he wanted to work, he wanted to do so on his own terms. This transition has led Mark to become a coach to those in their 40’s and 50’s who are contemplating pretirement. He has so much to teach his clients about how to discover the possibilities of pretirement and how to implement them. Listen to Mark’s retirement lessons for those considering a pretirement phase of their retirement. What can these guests teach you about entrepreneurship? All three of my guests come from very different backgrounds and have pursued their entrepreneurial dreams for different reasons. They each have valuable lessons to teach our listeners about many aspects of entrepreneurship. If you are considering opening any sort of business in retirement you’ll want to listen to the entire Entrepreneurship in Retirement series starting with episode 224. The lessons over the past four episodes are a great start to the research you will need to begin to get started on your own entrepreneurial journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [2:22] In July we will tackle social security so be sure to listen in if you have any questions HOT TOPIC SEGMENT [3:14] Meet Vinnie, a sports photographer, turned wedding photographer, turned writer [22:33] Meet Carey Green, pastor turned podcast editor [39:05] Welcome Mark Ross, a solopreneur after 30 years in public service THE HAPPY LAB SEGMENT [60:46] If you really want to pursue the entrepreneurial journey then meet some other people taking that journey TODAY’S SMART SPRINT SEGMENT [61:58] Vince Pugliese has a group for those that are entrepreneurs, join it! Resources Mentioned In This Episode Next Thing Group with Mark Ross – get his free PDF to help you decide what to do next! Email Mark Ross Carey Green’s – Podcast Fast Track website Vinnie’s website: The Freelance Tribe BOOK – Freelance to Freedom by Vincent Pugliese BOOK – 48 Days to the Work You Love by Dan Miller BOOK – Don’t Retire Rewire by Jeri Sedlar BOOK – Will it Fly by Pat Flynn BOOK – Rich Dad Poor Dadby Robert Kiyosaki BOOK – Lynchpin by Seth Godin BOOK – Total Money Makeover by Dave Ramsey Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD    

So you want to start a business, but starting everything from scratch seems like so much work. Isn’t there an easy way to buy into an already proven system and execute it? If you think this sounds like a good way to start a business, then buying a franchise might be right for you. On this episode of Retirement Answer Man franchise attorney Josh Brown joins me to explain the pros and cons of buying a franchise. He is a leading expert in national franchise law that can explain how to create a franchise as well as how to purchase one. You’ll want to listen to this episode if you have ever thought of buying a franchise, or even if you want to pursue any form of entrepreneurship in retirement. What exactly is a franchise? The franchise idea sounds interesting, but what exactly is a franchise? A franchise is a system that has everything you need to start a business based on the model of a certain business. When most people think of franchises, they think of the gold standard: McDonald’s. There is a good reason for this: fast food is the leading industry for franchises. Franchises don’t come cheap. The upfront cost of a franchise system can range from $100,000-1 million. For this cost, you get the entire business system which generally includes uniforms, payroll, and even coaching. Statistically, franchises fare much better than a private entrepreneur that strikes out on their own. Listen to this episode to learn more about the pros and cons of buying a franchise and begin your research into whether a franchise may be right for you. Who is a franchise good for? A franchise needs a strong leader who is an implementer and an excellent communicator. You may want to buy a franchise if you would rather implement a system than create your own. It is important to note that if you buy a franchise you will be able to use little to none of your own creative expression. If you do want to pursue this option you will need to have plenty of capital and time. This will not be a side-hustle as a franchise does not allow you much time freedom. A franchise requires a lot of hard work, but you could eventually get someone to operate it for you or sell it later on down the road. Franchises are not for the faint of heart, listen to this episode to find out if you may be a good candidate for buying your own franchise. What should you evaluate when you are thinking of purchasing a franchise system? The first thing you should think about when contemplating purchasing a franchise is yourself: is this the right form of entrepreneurship for you? Do you have the mentality to work within a franchise system? The way franchises are set up you don’t call the shots; you must follow their rules. If you are thinking of setting up your own business you need to think about whether you really want to follow someone else’s rules. It is extremely important to enter a franchise with your eyes open. It can be 18 months after you open your first store that you begin to bring in money. Listen to this episode of Retirement Answer Man hear the pros and cons of buying a franchise and to learn how to decide if a franchise is right for you. How do you know the good franchises from the bad? Of the thousands of franchises available in the United States, there are good ones, bad ones, and terrible ones. So how do you know the good from the bad? You need to look at the system that they have in place and decide, is this a good system? One way to do this is to talk to franchisees. There is a lot of good information in the legal documents if you know how to look for it. You can discover how many people have left the system and contact them to find out why. A good system will provide community and make you feel part of a team. Listen in as franchise expert, Josh Brown explains how to tell the good franchises from the bad. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:14] What is a franchise? [9:38] Who is a franchise good for? PRACTICAL PLANNING SEGMENT [11:48] Meet Josh Brown [12:46] What should you evaluate when you are thinking of purchasing a franchise system? [24:12] Let’s discuss cash flow THE HAPPY LAB SEGMENT [30:35] It’s easy to get excited and plan, but make sure it’s the journey you want to be on TODAY’S SMART SPRINT SEGMENT [33:04] Do some soul searching on what kind of journey you want to be on, ask yourself: to what end? Resources Mentioned In This Episode Josh F. Brown’s email, his phone number – 317 688 9111 Josh’s website TV show – Alone BOOK – The E-Myth Revisited by Michael E. Gerber MOVIE – Founder (about the McDonald’s franchise) Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page   TWEETS YOU CAN USE TO SPREAD THE WORD        

On this episode, we explore the aspect of mindset and explore the question: What are some of the mindset attributes of a successful entrepreneur? Mindset is a huge hurdle for so many entrepreneurs. You need to get into the mindset right before you ever consider entrepreneurship. At this stage in life, you don’t have the time to make up for any mistakes the way that you would if you were in your 20s. This is your one shot at becoming an entrepreneur, so you must make the most of it. If you are considering entrepreneurship in retirement you definitely don’t want to miss this episode to hear how you can adjust your mindset for success. What are some bad reasons to start a business? You need to think about whether you are starting a business for the right reasons. Just because you can start a business doesn’t mean that you should. If you are planning to open a business simply because you need a change, then you need to rethink. Starting a business isn’t a great way to run away from a bad job. This mindset won’t set you up for success. Boredom is another bad reason to become an entrepreneur. There are much less expensive ways to fill your time. Are you starting a business simply because you have a good idea? Well, I have bad news for you, ideas are the easiest part of entrepreneurship. Make sure you listen to this episode if you are thinking of starting a business. Money won’t solve mindset problems Becoming an entrepreneur in your 50s and 60s is much different than in your 20s. Most people have more money at this time in their lives than they have ever had before. Just because you have the money doesn’t mean you should throw it all at your new business venture. Some people get caught up in looking the ‘right’ part. They spend too much money on all the shiny things that they think they need when just starting out. The truth is you need to bootstrap as much as possible when beginning a new business venture. That way if you fail, you will fail cheaply. Listen to this episode to hear why having more money can actually lead to the wrong money mindset. What are some mindsets of unsuccessful entrepreneurs? There are many reasons that most new businesses fail. The biggest reason is the business owner has the wrong mindset. Most new business owners do not have the right mindset to create a successful business. If you are becoming an entrepreneur for the first time in your 50s or 60s then you must step away from the employee mindset and switch gears to that of a successful entrepreneur. Unsuccessful entrepreneurs often get stuck in the same routines. They are unable to pivot when something doesn’t work out. Listen to this episode of Retirement Answer Man to hear what kind of mindset it takes to become a successful entrepreneur. How do successful entrepreneurs think? Successful entrepreneurs come from many different walks of life, but successful ones share similar mindsets. A successful entrepreneur is action-oriented. When there is a problem with their business they don’t sit around pondering the situation. They are agile; after taking action a successful entrepreneur can quickly adjust to any situation and pivot as needed. Successful entrepreneurs are overly optimistic, yet always worried about what will happen next. Do you have the mindset needed to become a successful entrepreneur? Listen to this episode of Retirement Answer Man to find out. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:11] What are some of the bad reasons to start a business? [12:10] What are some bad mindsets for entrepreneurship? [13:43] The curse of capital [14:41] You can stick to your dreams too long PRACTICAL PLANNING SEGMENT [16:57] Mindset attributes of a successful entrepreneurs [18:11] Be an optimist, yet be scared THE HAPPY LAB SEGMENT [27:58] Watch The Greatest Showman movie TODAY’S SMART SPRINT SEGMENT [30:08] Go to my YouTube channel and watch the interview with Fritz Resources Mentioned In This Episode The Greatest Showman The Retirement Manifesto Blog BOOK – EMyth Revisited by Michael E. Gerber Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD    

Why do people start businesses in retirement? Over the next few weeks, we explore this question in the Entrepreneurship in Retirement series. Just because you retire doesn’t mean that you stop living. Many people have so much to give back after they retire that they choose to start their own business. This episode will cover the whys, the ways, and the hows of beginning entrepreneurship in retirement. If you are thinking of starting your own business or having a pretirement phase to your retirement you won’t want to miss this series. Listen to this episode to get started planning your own entrepreneurship dreams. Why do people start businesses in retirement? More people between the ages of 55 and 64 start businesses than people under the age of 25. This fact surprised me. Why do baby boomers want to pursue entrepreneurship in retirement? There are several reasons. Just because we retire doesn’t mean we stop living. We still have a purpose. Many people start a business in retirement to pursue their passions. Some people want a bit more money to supplement their lifestyle, others find it a great way to give back to their community. Many want to share their expertise with the world. Why are you thinking of entrepreneurship in retirement? Listen to this episode to hear the many reasons people start businesses in their retirement years. What are you trying to accomplish? Before you start a new business you should ask yourself, what are you trying to accomplish? Are you strictly looking to supplement your income? Are you looking to follow your passions? Are you trying to give back to your community? The reason that you choose entrepreneurship in retirement is important. This will shape how you form your business. You don’t want to start a business where your goal is to have flexibility and then find yourself working 60 hours a week. Listen to this episode to hear why it is important to think about why you want to start a business first before you actually begin. What are the different ways to start a business? There are many different ways to start a business. A solopreneur is someone who wants to strike out on their own. A solopreneur could make crafts to sell, have a coaching business, or pursue a passion. Usually, a solopreneur doesn’t want to grow too big. A franchise is a way to buy a ready-made business that already has a plan and structure in place. A service business is a business where you can serve others. These different types of businesses have different structures and varying start-up costs. Listen to this episode to help get you thinking about the type of business you would like to start. Be careful that you don’t commit financial suicide When you retire you probably will have access to more money than you ever had before. This can be tempting when you want to start your own business. You may want to start your business small so that you can see if it is actually a viable business plan. Test your idea to ensure that it fits your finances as well as the market. You may find that your passion may not be the passion of others. If you start out small you can always find a way to pivot your business without committing financial suicide. Listen to this episode to hear why it is so important not to throw all of your money at your new business. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [2:49] Why do people start businesses in retirement? [8:54] What to expect in this series of episodes of Retirement Answer Man PRACTICAL PLANNING SEGMENT [9:51] What are the ways that you could start a business? [12:20] What are you trying to accomplish? [15:50] Be careful that you don’t commit financial suicide [19:55] Make sure that your business idea fits the market [21:17] What are some tools you can use to help you get started? THE HAPPY LAB SEGMENT [23:20] Change your mindset to control your life TODAY’S SMART SPRINT SEGMENT [25:10] Go to the resource section and get a book to help you get started Resources Mentioned In This Episode BOOK – 48 Days to the Work You Love by Dan Miller BOOK – The Lean Start-Up by Eric Ries BOOK – The Pumpkin Plan by Mike Michalowicz BOOk – The E-Myth Revisited by Michael E. Gerber Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD      

Welcome to the last episode in this Retirement Plan Live series. This is the Flying Solo Edition where you can learn how to rock single retirement. Several listeners offer fantastic retirement questions and comments that I answer on this episode and the answers will interest you. On the practical planning segment of the show I am joined by Herb who gives us a male perspective on retiring single, so you won’t want to miss that. Be sure to listen to this episode as well as the webinar on June 7th to hear the grand finale and find out what happens to Sam’s retirement plans. How do you save your own retirement funds from an ill spouse? The first retirement question is actually from a married person, but she brings up an interesting point. Jackie is concerned that she and her husband’s shared retirement funds may run out with his exorbitant end of life medical expenses. She would like to know if there is a way to protect her own IRA account so that she will have enough money for herself to live on after he passes. End of life medical expenses can be incredibly costly, so this is a valid question that affects so many. Singles may not realize that this question is one advantage of being single. Listen to the hot topic segment to hear my answer to this challenging retirement question. What inflation rate should be used for retirement planning? Another listener has a retirement question about inflation rates. It is important to hedge against inflation when planning retirement. I use a rate of 4% even though there has only been a 2% inflation rate over the past 15 years. It is important to use all the available data over a long period of time to get a better idea of what inflation could do. If one only relies on 15 years of data to plan then it doesn’t paint a complete picture of what could happen. Listen to this episode of Retirement Answer Man to hear retirement questions and why and how I calculate inflation for retirement planning. What can you learn from my aunt and uncle about retirement planning? My own aunt and uncle join me on the practical planning segment to give us their perspective on retirement issues that you may not have considered. Recently after my aunt had surgery they were surprised to find that Aunt Patty needed 24-hour care for a whole week after a routine surgery. This brings about the retirement question: how do you plan for 24-hour care? This is hard enough for a married couple to plan for, and if you’re single it may take serious consideration. If you are considering moving to a new area after you retire you may also want to consider the medical facilities available. Listen to this episode as my aunt and uncle share insight that only comes with hindsight. Finally, a single man volunteers to represent half the population! Herb steps up to give a male perspective on retiring single. He recently contacted me and was the only male to volunteer to share his point of view on retirement. Thankfully Herb is a great candidate to represent half the single retirement population. Herb is 55 and planning on retiring in 3-5 years. Since he lives where there is a high cost of living he would prefer to move when he retires. One of the benefits of retiring single is that the choice is all his, and he won’t have to compromise. Herb is great at getting out of his comfort zone and feels that this will help him to create a network of friends wherever he decides to land. Listen to the practical planning segment to hear Herb’s perspective on retiring single.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Find out about the webinar where you discover the results of Sam’s retirement conundrum HOT TOPIC SEGMENT [4:08] Jackie has a question about how to save her own retirement funds from her husband’s medical expenses [6:39] Carla asks: what inflation rate should she use for retirement planning? [7:40] Scott would like to know: Why does Roger use such a high inlfation rate? [10:10] Mark remarks on travel plans [11:40] K.J. asks where can she find affordable financial planning [13:27] Sarah feels less weird about being a happily single woman after listening to this series PRACTICAL PLANNING SEGMENT [15:10] My aunt and uncle join me on the show to discuss healthcare [27:27] Herb joins me to give a male perspective on retiring single THE HAPPY LAB SEGMENT [36:02] Embrace life, be adventurous TODAY’S SMART SPRINT SEGMENT [37:10] Go buy my book, it really will help give you a better perspective Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD    

On this episode of Retirement Plan Live: Flying Solo Edition we tackle a challenging question. Is retiring single risky? This episode is all about risk and the special or riskier situations that retired singles may find themselves in. Single people have different considerations than married people and may need to plan their retirement in more detail. I ask Sam, my guest, and case study for this edition of Retirement Plan Live, about what types of concerns she has retiring single. You’ll want to make sure that you listen to this episode so that you can begin to think about all of the circumstances you may encounter when retiring single. Should you embrace risk or hide from it? There are risks to everything in life, but to live a full life you have to take on a certain amount of risk. If you run away from risk entirely you end up living a smaller life. The more you embrace risk the more it can broaden your life. There is a certain amount of freedom that comes with being a single person. You don’t have anyone that you need to check in with, you can travel whenever and wherever you want. But there are situations that a single person needs to prepare for more than a married person. Listen to this episode of Retirement Answer Man to start thinking about how much risk you are willing to take in your retirement and your life. What are some of the normal risks that are increased for singles? Retired singles have an increased chance of loneliness as they age. You can begin to combat loneliness in your elderly years by establishing a strong network of friends now. Making friends with similar interests is easy to do. There are groups and clubs for just about every hobby, even solo activities like knitting and fishing can be enjoyed with others. Another consideration you may not have thought of is whether or not you have someone to use as a sounding board for big decisions. Making life altering decisions can be a challenge and it is always helpful to have someone you trust to help you talk things out. Listen to this episode to hear several considerations that you may not have thought of that you will need to plan for as a single person. How do you plan your estate when you’re single? If you don’t have any heirs you may think that what happens to your estate doesn’t really matter, but you do need to think about who you would like to be the executor of the estate. There are professionals that can be hired to do this job if you don’t have anyone to ask. Long-term care insurance is a good option when thinking about what will happen when to you when you are no longer able to care for yourself. But have you considered who will have power of attorney and can handle the personal medical decisions that may be faced if you are incapacitated? This episode may not be as fun as the dreaming big episode, but it is important nonetheless. Listen in to hear many of the significant considerations that you may not have thought of when retiring single. What are Sam’s worries about retiring single? Sam has been considering retirement for quite some time and has put a bit of thought into many things. She has been working with a financial planner whom she trusts for many years. He has helped her weather the financial upheaval of 2008. Sam thought it was important to purchase long-term care insurance, so as not to burden her daughters with caring for her if she becomes unable to care for herself. Sam considers herself pretty conservative and not much of a risk taker, so listen to her concerns as she considers retiring single on the practical planning segment of this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [2:42] The live results webinar is on Thu June 7 HOT TOPIC SEGMENT [6:22] What are some of the normal risks that are more heightened for singles? [17:22] How do you plan your estate when you’re single? PRACTICAL PLANNING SEGMENT [21:21] How does she handle her investment accounts? [27:21] What are her worries as a single person? [32:03] How did she find her investment professional? THE HAPPY LAB SEGMENT [40:02] How do you balance taking risks and staying safe? TODAY’S SMART SPRINT SEGMENT [42:39] What risks am I allowing to restrict my life? Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD  

Welcome to Retirement Plan Live: Flying Solo Edition. On each Retirement Plan Live, I walk prospective retirees through the same agile retirement planning session that I do with my clients. This edition is created by popular demand for singles who are planning to retire. There are so many retirement planning resources out there geared toward married couples, but hardly any are focused on singles. This series hopes to change that. Listen to this episode of Retirement Answer Man as Sam and I discuss the resources she has at her disposal to help us plan her ideal retirement. What resources do you have to achieve your ideal retirement? The last episode in this series focused on dreaming big. Sam shared her retirement dreams and I dared her to dream even bigger. We start to come back down to earth in this episode as we focus on what resources she has to plan her retirement. It’s great to dream big, but then you have to find a way to fund it. The next step in creating a retirement plan is uncovering what resources are available to you. Resources are any income sources you may have, these may include income, pension benefits, social security, etc. Listen to this episode to discover how to take the next step in your retirement plan. Create an action plan When you create an action plan you have to organize yourself and your finances. Luckily on this week’s 6 Shot Saturday I include a heap of resources for you to use to create your own action plan. This action plan will help you consider all of the income streams that are available to you that you may not have even thought of. Your action plan may include pretirement income, downsizing your home, or even social security from an ex. Be sure to listen to this episode so that you can begin your action plan to help you plan your ideal retirement. Do you have a net worth statement? Many people have never even heard of a net worth statement, and many more haven’t created one. I’m here to tell you: you need one! A net worth statement can seem intimidating to create, but you will feel much better once you have one in place. It will help you become more intentional in your retirement planning. A net worth statement gives you an easy snapshot of all of your available resources. I love net worth statements so much that I am including a worksheet to help you create your own in this week’s 6 Shot Saturday. So make sure you are signed up to get all the goodies that I have coming your way to help you build your ideal retirement plan. Does Sam have a net worth statement? Last week Sam got to dream big, but this week we come back to earth a bit and discuss how to make those dreams happen. Sam has heard of a net worth statement but has never created one herself. I walk her through a series of questions to build an understanding of her assets and debts so that I can create an accurate net worth statement for her. We also discuss her different income sources, inheritance, pensions, and pretirement options. Listen to the practical planning segment as I walk Sam through the steps to build her net worth statement and action plan. These steps will help you build your own agile retirement plan. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:22] What resources do you have to identify your ideal retirement? [8:02] Do you have a net worth statement? PRACTICAL PLANNING SEGMENT [[12:00] How did it feel to hear herself on the podcast? [14:35] What are Sam’s income sources? [18:23] Sam and I build a net worth statement [31:22] Next week we’ll discuss risks THE HAPPY LAB SEGMENT [32:59] Building a net worth statement can be intimidating, but it helps you be more intentional TODAY’S SMART SPRINT SEGMENT [33:47] Get the resource in 6 shot Saturday to build your own net worth statement Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD        

Retirement Plan Live is flying solo this time around. Retirement Plan Live is a series of episodes on the Retirement Answer Man podcast designed around real, live case studies with listeners that would like to retire in the near future. This time I looked high and low for the perfect single potential retiree. Sam agreed to come on the show and share her retirement dreams, goals, and aspirations as well as her financial realities. This conversation focuses on the fun stuff. We envision what her ideal retirement would look like. Listen to this episode of Retirement Answer Man to hear Sam’s retirement dreams so that you can get some great ideas on how to plan your own single retirement. How do we deal with this retirement dilemma? The age-old retirement dilemma is how do you have as much fun as you can while you still can and have enough left over to see you through the rest of your life? So many of us worry about spending anyways, and once we stop working the anxiety can worsen. When you’re single this can prove even more challenging. You don’t have anyone next to you help you bring balance to your financial planning. You won’t want to miss the Retirement Plan Live: Flying Solo series if you are planning a single retirement. So make sure you listen to this episode to help you get started in your retirement planning. Are you looking for tips on how to plan your retirement? When you are planning for a single retirement it can be a challenge in many ways. There is only one income and you don’t have anyone to bounce ideas off of. A great way to get started planning your single retirement is to draw your own retirement vision board. Think of what your ideal life would look like. Concentrate on these aspects: environment, relationships, hobbies, and health. Thinking of these categories will help you negotiate and prioritize where your money should go and keep your eye on the fun. Listen to this episode of Retirement Answer Man to hear some great tips on your retirement planning. Start retirement planning by focusing on your ideal retirement What would your ideal retirement look like? If you could have anything you want in the world and money was no option, what would you do? Would you have a garage full of fancy cars, travel around the world, or maybe spend quality time with family? The best way to get started planning your retirement is by shooting for the stars. After you have really dreamed big, then you can start trimming away to find a balance between the dream and the perfect lifestyle that is within your reach. Make sure you are signed up for 6 shot Saturday to get a worksheet to help you begin to plan your retirement fun. Listen to this episode to hear more about how you can begin planning your single retirement. What does Sam’s ideal retirement look like? Sam joins me for a fun conversation on the practical planning portion of the show. She and I discuss what her ideal retirement would look like. We plan big trips, work on her house, family time, healthcare and more. She gives me some ideas on how much her ideas cost and I help her guestimate some expenditures. This is the fun part of planning for retirement and you won’t want to miss hearing what Sam is envisioning in her single retirement. Tune in to the practical planning segment to hear what Sam’s ideal single retirement sounds like and to get some great ideas on how to begin planning your own retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:55] How do we deal with this retirement dilemma? [10:43] Tips for dealing with the retirement dilemma PRACTICAL PLANNING SEGMENT [18:38] Sam defines her ideal lifestyle [26:22] What are Sam’s big expenditures? [29:29] What does her travel look like? [34:38] All of the other extras Sam may want in retirement THE HAPPY LAB SEGMENT [39:19] Planning your ideal retirement can be fun TODAY’S SMART SPRINT SEGMENT [40:33] Sit down and dream up your ideal retirement Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD      

Can you be single and still rock retirement? This Retirement Plan Live series focuses on a single person. Over the next four weeks, I’ll help Sam make up her personalized retirement roadmap based on her individual needs. Being single in retirement is a topic that isn’t covered by me or by other retirement resources nearly enough, so I’m glad to be investigating retirement as a single person over the next four episodes. If you are flying solo and ready to rock retirement, you won’t want to miss this episode or the ones to come. There are few retirement resources geared toward singles You can look high and low, but there isn’t much out there to help single people plan for retirement. Just about everything is geared toward married couples. Single people have different concerns than married couples when planning their retirement. Listen to the Hot Topic segment to meet Sam, the subject of this Retirement Plan Live and then stick around for the Practical Planning segment as I interview several other singles that are embarking on their retirement planning journey. Meet Sam, the next subject of Retirement Plan Live We don’t talk about single people enough in the retirement planning industry. That is why I decided to focus this series on a single retiree. Sam is the subject of this month’s Retirement Plan Live. Sam is 59 and lives in Arizona. She is trying to figure out what kind of lifestyle she can afford in retirement with the amount of money that she has. Her goal for this series is to find out how she can balance lifestyle, money, and longevity. If you are single and thinking about retirement you won’t want to miss this series, so listen to episode 219 to begin. What are the biggest worries as a single retiree? In the Practical Planning segment, I chat with several different singles to get a feel for what their concerns are as they plan for retirement. The biggest worry for each of them seems to be when they reach old age. As a single person, this brings on different types of worries than a married couple. It may be advantageous to start planning for old age while you are still relatively young and have all of your faculties. You’ll want to hear how these people are planning to handle old age in different ways. Use this episode as a starting point for your retirement plan as a single retiree. Planning for retirement as a single person doesn’t have to be scary, it can be quite exciting Planning for retirement isn’t all gloom and doom. Think about it: what are you excited about when you think about retiring as a single retiree? I ask several different people this question. The answers range from freedom, to travel, to giving back to the community. This episode of Retirement Answer Man is all about planning your retirement as a single person. Get started planning now by listening to the Retirement Plan Live series so that you can enjoy all the freedoms that retirement brings just as soon as you are ready. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Retirement Plan Live is back! HOT TOPIC SEGMENT [5:05] Let’s meet Sam and hear why she chose to do this [6:59] What are we trying to figure out? PRACTICAL PLANNING SEGMENT [11:27] What are Elizabeth’s biggest worries as a single person? [20:29] How is Lisa planning her retirement? [27:18] Kirby would like to hear more about possible paths forward for single people [32:54] Jen lives in a high cost of living area and wants to connect in her community [39:44] What does Twyla think is different between retirement planning when you are single vs. when you’re married? THE HAPPY LAB SEGMENT [46:14] Don’t mislabel things, they can be pretty cool if you make them your own TODAY’S SMART SPRINT SEGMENT [47:49] Sign up for 6-Shot Saturday Resources Mentioned In This Episode BOOK – The One Thing by Gary Keller and Jay Papasan BOOK – AARP Guide: The Single Woman’s Guide to Retirement by Jan Cullinane Roger’s YouTube Channel – Roger That BOOK – Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD    

Episode 218 is the final episode in the April Bond series. We’ve walked through all the benefits and dangers of bonds over the past few weeks. In this episode, we talk about some gadgets that could help you save your portfolio against a couple of evil villains. You’ll want to hear about all the gadgets that will serve you and your portfolio as you plan for your retirement years. Make sure you listen to this episode to hear about all the coolest gadgets that are out there to help you fight rising rates and avoid getting your assets kicked. Who are the villains in this investing mission? There are two villains to be fought when planning for retirement. And just like James Bond, you need tools to fight the bad guys. The first villain is inflation. You have to keep up with inflation because it will zap your purchasing power and steal your lifestyle away over time if you let it. Volatility is the second villain. There’s always the chance of losing your money because you were too aggressive in your investments. So where do bonds stand against these bad guys? Well, bonds generally stink at fighting inflation, so they are definitely not the gadget you want for that job. They do a great job at fighting volatility though. If you want to hear about how a few bond gadgets can help you fight off the evil villains listen to this episode of Retirement Answer Man. There is such a thing as too many gadgets How subtle do you want your gadgets to be? Think about what the mission is that you’re on with your investing. It’s easy to get caught up in the excitement and potential of certain proposals. When you look at the possibility of returns it can be exciting. However you have to remember that it is a proposal, and proposals are meant to sell you something. All you should care about is whether they can deliver what they promise. You need to investigate further to see if they can actually replicate past results. Listen to this episode to hear about some of the coolest gadgets in the investment world and how you to make sure they are right for you. What are a few of the gadgets that Q has in store for you? There are many kinds of gadgets you can use to help battle against rising rates. Lower duration or maturity bond investments can help with volatility. Even foreign bonds can play a role in your portfolio. Different economies are in different economic cycles, so when one goes down the another may be going up. Another gadget you can use is to buy individual bonds rather than a portfolio. These will mature, whereas bonds in a portfolio will never actually mature. These are just a few of the gadgets that a bond investor can use to battle the bond villains. Listen to this episode to hear all of the gadgets that I employ and see if some are a good fit for you. How gadgety do you want to be? Think about what you are really trying to accomplish with your bonds before you come up with a strategy to use. Are you looking to be subtle with your gadgets like James Bond, or flashy like Ironman? Before you use any gadgets make sure you understand what you’re getting into. I like to use a fixed and flexible approach to investing and try an maintain 50% passive investments and about 50% using gadgety strategies. Adding complexity to your portfolio can be as easy or as complicated as you make it. Listen to this episode to hear how you can employ some awesome gadgets in your portfolio. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [4:55] What is the mission that we’re on with our bonds? [7:22] Who are the villains on this mission? PRACTICAL PLANNING SEGMENT [11:29] You can spend so much money on gadgets [14:44] Lower duration or maturity bond investments can help with volatility [16:22] Foreign bond can play a role in a diverse portfolio [20:10] A bond ladder [22:15] High yield bonds [26:01] Stable value funds [27:49] What is a barbell strategy THE HAPPY LAB SEGMENT [31:58] Who are the Q’s in your life that help make your life awesome? TODAY’S SMART SPRINT SEGMENT [33:42] Look at your asset allocation and see if it’s working for you? Resources Mentioned In This Episode Roger’s YouTube Channel – Roger That BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD  

This is the third episode in our April series on bonds. On this episode, we discuss interest rates and how they affect bonds. One question we explore is, are interest rates the nemesis of bonds? To help me explore this question and explain a bit about bonds Chief Investment Strategist, John Lynch of LPL Financial joins me. Together we discuss rising inflation and interest rates and find out what this all really means for the economy and your portfolio. If you are worried about what rising interest rates mean for your portfolio then you’ll want to listen to John’s explanation. Interest rates are rising, but what does that mean? Now that interest rates are rising everyone is in a panic, but the reality is that interest rates have been at a historic low and were dropping for more than 30 years. We still aren’t even back to normal levels. The Fed’s job is to control the rate at which interest rates rise and it ensures that they don’t rise too high too fast. So even though interest rates are rising it’s not the end of the world. Learn more about what rising interest rates mean to you by listening to this episode of Retirement Answer Man. How do rising interest rates affect bonds? Interest rates and bonds have an inverse relationship. When interest rates drop, bond returns increase. So now that interest rates are on the rise again after 37 years of falling, bond prices will probably fall. According to Bloomberg Barclays U.S. Aggregate, interest rates may continue to increase. These rising interest rates can seem scary for the bond market, but it may not be as scary as you think. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bonds in your portfolio. Bad news for interest rates leads to good news These rising interest rates seem like really bad news, but rising interest rates and inflation are actually good news for the economy. The economy is growing and employment rates are on the rise. Inflation means growth for the economy. The interest rates have been artificially low to stimulate the economy but now that the economy is moving again the Fed doesn’t have to keep interest rates artificially low. The Fed can now help them to rise slowly back to normal rates. Listen to this episode of Retirement Answer Man to hear how this bad news is actually good news all around. What is duration? Duration is the mathematical formula that indicates the value of a bond. It is the amount of time that an investor has to receive coupon payments to and get the principal back. It is a useful tool that investors use to measure risk or volatility. The benchmark used by financial professionals is Bloomberg Barclays U.S. Aggregate. Barclays predicts that long-term investors should not have a problem with interest rates and duration as long as bonds are used in a balanced approach to your portfolio. Listen to this episode of Retirement Answer Man to hear how and why you should still add bonds to your mix.   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Are rising interest rates the villains of bonds? HOT TOPIC SEGMENT [5:36] Interest rates may rise faster than we are used to [7:26] Meet John Lynch [13:29] What do interest rates mean in terms of bond performance [15:15] Bad news leads to good news PRACTICAL PLANNING SEGMENT [22:44] What is the relationship between bonds and interest rates [27:40] What is duration? THE HAPPY LAB SEGMENT [33:03] Who is your favorite villain? TODAY’S SMART SPRINT SEGMENT [34:49] Look at where you keep your cash reserves so that you don’t leave money on the table   Resources Mentioned In This Episode John Lynch on LinkedIn BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD  

Why would you ever add bonds to your portfolio if their return is so low? This is the second episode in the April bond series. This month we are learning all about bonds. On this episode, we delve into the question: why do we even have bonds in our asset allocation? I really get into the science behind why bonds are in our portfolios. If you are planning on retiring soon your role as an investor is changing and you may want to have more bonds than you think. Find out why you need bonds in your mix and what bonds add to your portfolio by listening to this episode of Retirement Answer Man. What is the difference in investing when you’re younger vs when you’re older? When you’re younger you have a lot of time for your investments to work for you. When you’re in the wealth accumulation mode of youth you’re on autopilot, socking away money each month without even paying attention. This strategy no longer serves you when you are preparing to retire and you stop accumulating wealth. Now your role is changing, soon you will start tapping your wealth. So when the markets dip you will actually feel it in your portfolio. Psychologically you will feel more vulnerable because the market volatility becomes pretty scary. This changes the way you think about markets and investing. Listen to this episode to understand how your role as an investor has shifted with age. What can bonds add to your investment cocktail? Bonds add more than you think to your portfolio. Soon you will stop adding to your portfolio and you will be taking money out of it. Now that you don’t have as much time to play the markets, the security that bonds bring to your investments will provide peace of mind. And a healthy mix of bonds in your asset allocation can actually bring about good returns while also providing stability and less risk. It may be time to start thinking about managing your assets differently. Listen to this episode to understand how bonds can lead to the perfect investment cocktail. What is the science behind asset allocation? Let’s get to the science behind why we have different asset classes and what their benefits are. The modern portfolio theory is considered the best practice in portfolio management. This theory states that for a given level of return you will try to minimize as many risks as possible. And that for a given level of risk you will try to optimize returns and get the most bang for your buck. We measure this by using standard deviation. Is this bringing on flashbacks from college? Listen to me explain standard deviation in a way that you can finally understand, I promise there won’t be a pop quiz at the end! What does modern portfolio theory mean for your assets? Modern portfolio theory is great for helping to measure your risk tolerance. And this is the whole reason that your financial planner asks you to fill out risk tolerance questionnaires. The problem with all this science is that once you reach your 50’s and 60’s everything changes. You should no longer be measuring your maximum amount of risk tolerance, but how to live the life that you really want to. This episode will help you to understand how much science and how much art you should apply when managing your money, so grab your favorite pair of headphones and listen in. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] What can bonds add to your investment cocktail? HOT TOPIC SEGMENT [4:00] What happens when you accumulate assets when you’re younger? PRACTICAL PLANNING SEGMENT [11:02] What role do bonds have in your investment cocktail? [12:25] Let’s understand the science behind different asset classes [17:28] Why are risk tolerance questionnaires are so important? THE HAPPY LAB SEGMENT [24:42] Try a new cocktail (or a new recipe!) TODAY’S SMART SPRINT SEGMENT [26:13] What is the role of the bonds in your portfolio Resources Mentioned In This Episode BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD    

April is Bond Month on the Retirement Answer Man podcast. Over the next four weeks, we will be discussing all things bonds. This is the first episode in the bond series in which we will discuss what exactly a bond is and why we all love them. You’ll want to listen to this series to find out what a good bond is and how to get one. Start learning about bonds by listening to this episode to find out exactly what a good bond is, how to buy them, and what the future holds for bonds. Is our love affair with bonds coming to an end? We have had a love affair with bonds for the last 30 years, but is the love affair with bonds coming to an end? The reason we have had such a good run with bonds is that they have had great returns while at the same time being a pretty low risk. Over the past 37 years, bonds have yielded an average of 8% a year. The worst year in bonds has brought -10% profit. Let’s compare bonds with the stock market during the same period. The stock market yield has averaged 10.4%, not much higher than bonds. But the stock market low was -50%! Listen to this episode of Retirement Answer Man to find out if the stability and high rate of return of the bond market are at the beginning of the end. What do interest rates have to do with bonds? Interest rates may end up spoiling our love of bonds. Interest rates and bonds have always had an inverse relationship. As interest rates have dropped, bond returns have increased. Over the past 37 years, interest rates have dropped steadily, but it looks like that time has come to an end. According to Barclays, interest rates may continue to increase. These rising interest rates can be scary for the bond market. Listen to this episode of Retirement Answer Man to learn how rising interest rates may affect the bond market. What is a bond? A bond is basically a loan to someone else. Different bonds have different ratings depending on the borrower’s credit rating. The coupon rate is the amount of interest that the borrower pays depending on their credit rating. The maturity date is the length of time that the money is borrowed for. There are many different types of bonds including treasury bonds, corporate bonds, municipal bonds, and international bonds. All of these different types have various characteristics. If you want to learn all about bonds you need to listen to this episode of Retirement Answer Man. How do you buy a good bond? There are a couple of different ways that you can go about buying good bonds. You can research the kinds of bonds that you are interested in and have your broker find them for you. The pricing of bonds is a bit shady and not as straightforward as with stocks and it’s hard to tell whether you are getting a good deal. Make sure to diversify your bond portfolio. Mutual funds and exchange-traded funds are ways to diversify. By buying mutual funds your portfolio never really matures like with buying individual bonds. But they make it easy to reinvest the interest payments. Listen to this episode of Retirement Answer Man to hear about the various ways to buy good bonds so that you can decide what’s right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:52] This month we explore bonds HOT TOPIC SEGMENT [4:01] We have seen a steady decrease in interest rates for 37 years [6:29] Let’s look at bond returns [9:19] Is the love affair with bonds coming to an end? PRACTICAL PLANNING SEGMENT [10:40] What is a bond? [15:23] What are the different types of bonds [16:57] How do you buy a bond? [20:06] Next week we discuss what role bonds play in your portfolio THE HAPPY LAB SEGMENT [21:05] What is your favorite James Bond theme song or soundtrack? TODAY’S SMART SPRINT SEGMENT [21:58] Identify what kind of bond investments are in your portfolio Resources Mentioned In This Episode Listen to listener questions on Retirement Answer Man on YouTube BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD  

This is the fourth and final episode of the Healthcare Before Medicare series. On this episode, we discuss two more options to consider when thinking about healthcare before Medicare: taking on a part-time job for the insurance benefits and COBRA. We also answer some listener questions and comments in the practical planning segment of the show. Learn more about which companies are the best for part-timers to receive healthcare benefits as well as whether COBRA may be a good option for your healthcare coverage needs listen in to gain more knowledge about how to maneuver our complex medical insurance system. Have you thought about pretirement? Will you take a pretirement phase of retirement? Would you enjoy finding low-key meaningful work to ease yourself into full-blown retirement? I often refer to this option as pretirement. A part-time job can be a fun way to work your way into retirement and it could also provide you with insurance benefits. You could find something fun that you enjoy doing as a part-timer. One example of this is if you enjoy handy work you might enjoy a part-time position at Home Depot. You’ll definitely want to factor in your physical limitations and you certainly don’t want to go back to the grind of full-time employment. Listen to this episode to find out which companies offer benefits to part-time employees. Would COBRA work for you? You can maintain COBRA coverage for up to 18 months after leaving your work so if you are close to Medicare age you may want to consider COBRA. COBRA is also a good option if you don’t qualify for ACA subsidies. The good news is that you have 60 days to notify the insurance company that you would like to elect COBRA coverage. COBRA is probably the closest you will come to your current healthcare coverage, so if you have many healthcare needs you may want to consider this option. There are a lot of great benefits when choosing COBRA, listen to this episode to hear them all. How do you decide what the right choice is for you? Are you curious to find out which healthcare option I will choose? This entire series has come at a great time for me since my wife recently left her job and we are seeking alternative healthcare options. The ACA is a nonstarter for my family due to the exorbitant costs for us without a subsidy. We have narrowed our choices down to Medishare and COBRA. Planning for every eventuality is challenging, especially since no one wants to think about a catastrophic medical event happening to them, but that is the point of having medical insurance. Listen to this episode as I walk through my thought process in making this decision for myself and my family. Who knows, maybe my process may help you with a difficult decision of your own. Who do you turn to help you figure out health insurance? As usual, my listeners have some fantastic questions and comments. One listener asks, who can help you figure insurance out? An insurance broker, a financial planner, a tax consultant? That’s a tricky question! Listen to the answer to this question and a few others during the practical planning segment. There are so many different factors to consider when choosing the right healthcare option for you before Medicare kicks in, be sure to listen to the whole 4-part series to help you make your healthcare before Medicare decision. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] April’s theme will be all about bonds HOT TOPIC SEGMENT [3:55] Will you take a pretirement phase of retirement? [5:12} What kind of work might you enjoy? [9:12] Would COBRA work for you? [12:24] What are my options? [22:21] How do you decide? PRACTICAL PLANNING SEGMENT [24:46] A listener comment from a health insurance broker [28:55] Who is the best person to talk with about healthcare? [31:48] A customer comments about their medishare experience [34:41] What are some other options and ethical questions? THE HAPPY LAB SEGMENT [38:30] Check out the think up affirmation app TODAY’S SMART SPRINT SEGMENT [40:14] Identify one area where you need to be healthier Resources Mentioned In This Episode careerpivot.com Forbes Article on benefits for part-time workers Think Up App BOOK – Rock Retirement  by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page Intro music by bensound.com   TWEETS YOU CAN USE TO SPREAD THE WORD