Intentional Decisions Can Lead to a Great Retirement

Retirement planning has changed over the years, but has the industry evolved to keep up? 

Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective. 

Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.

Listen in to gain more perspective as you navigate your retirement journey.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ

• [4:55] The state of retirement planning as a process
• [18:30] The state of investments for retirement planning
• [22:16] The state of long-term care
• [25:26] How to begin to plan for retirement decumulation

LISTENER QUESTIONS

• [30:45] About opening a Roth for a child
• [32:51] How to create a 5-year income floor with financial capital
• [37:11] On using bonds to fund the 5-year income floor
• [41:44] Should you keep investment accounts under the FDIC and SIPC limits?
• [46:30] Should I have a Simple IRA and Solo 401K?

TODAY’S SMART SPRINT SEGMENT

• [50:00] Understand what this year’s retirement contribution levels are

Resources Mentioned In This Episode

BOOK - More than Enough by Mike Piper

BOOK - Die with Zero by Bill Perkins

Morningstar Christine Benz

The Longview Podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month. 

Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON

• [4:20] Defining simple, complicated, and complex
• [9:11] Why it is important to identify whether you’re dealing with complicated vs complex
• [18:10] How to approach complex problems
• [29:30] How AI plays into the discussion of complex vs complicated thinking

LISTENER QUESTIONS

• [38:50] On portfolio performance calculations
• [46:18] How to decide whether to stay with an advisor or move to another firm?
• [51:38] How to take your RMD
• [57:02] On the Dying with Zero book
• [57:31] On Don Quixote

BOOKS I READ THIS MONTH

• [58:56] The books I read this month

BRING IT ON WITH DR. BOBBY DUBOIS

• [1:04:02] Exploring uncertainty
• [1:09:53] Uncertainty in retirement
• [1:22:14] How to test anxiety treatments

TODAY’S SMART SPRINT SEGMENT

• [1:25:27] Please fill out our listener survey

Resources Mentioned In This Episode

Align Financial

The Fog of War

Trillion Dollar Bet

BOOK - Horse by Geraldine Brooks

BOOK - Lessons in Chemistry by Bonnie Garmus

BOOK - Life of Pi by Yann Martel

BOOK - Die with Zero by Bill Perkins

BOOK - When Genius Failed by Roger Lowenstein

BOOK - It’s Not Complicated by Rick Nason

BOOK - The Comfort Crisis by Michael Easter

BOOK - The Scarcity Brain by Michael Easter 

BOOK - From Strength to Strength by Arthur Brooks 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Those who have FIREd like Keven Sebesta are choosing to rock life each day. In this final episode on the FIRE movement, we’ll explore what we can learn from them. Join Kevin and me to discover how you can do what FIRE is doing right.

What can you learn from FIRE?

Traditional retirement planning is all about achieving the end goal. Climbing the mountain and reaching the summit. However, FIRE embraces life today. Those in the FIRE movement see life as an endless journey to explore. 

Don’t wait to explore your passions and interests. Do them now. If that isn’t possible, examine how your life is structured and begin to build a life filled with intentionality. Build connections and community based on your interests. 

Listen in to learn how you can create a rich life now without waiting until retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [3:55] When I retire I will…
• [5:10] Lessons to learn from FIRE movement
• [13:43] What financial lessons to learn from FIREd people
• [16:23] Planning from the inside out

LISTENER QUESTIONS

• [22:18] What is the payoff/penalty of using my IRA to do a Roth conversion?
• [30:25] Moving money from an IRA to an HSA
• [34:07] On refilling the pie cake 
• [38:47] Make sure you have enough taxes withheld when doing Roth conversions
• [41:39] Can Gail open a Roth for her granddaughter?

TODAY’S SMART SPRINT SEGMENT

• [43:33] Write down one thing that you know well and question it with a mindset of curiosity

Resources Mentioned In This Episode

Arthur Brooks

Cal Newport

Designing Your Dream Life with Arthur Brooks

Mark’s Money Mind

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Over these past few weeks, we have been discussing the FIRE movement with Kevin Sebesta, a coach in the RRC who achieved FIRE some time ago and has been rocking retirement ever since. 

This week Kevin helps me explore the challenges that retiring early can bring. Listen in to hear if these are similar to the issues you face in retirement. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [4:58] The challenges of leaving traditional work early
• [10:55] Healthcare is one of the challenges
• [17:28] The non-financial challenges of FIRE

LISTENER QUESTIONS WITH ANDY PANKO

• [27:44] Which Social Security benefit should we take?
• [31:28] Relating to working with a bad financial advisor
• [36:47] What to do with an overfunded whole life insurance policy
• [43:07] How are IRMAA surcharges calculated?

TODAY’S SMART SPRINT SEGMENT

• [47:55] When you’re in a disagreement with someone, step out and reset yourself to gain perspective

Resources Mentioned In This Episode

Retirement Planning Education podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Now that we know what FIRE is, let’s learn the benefits. In this episode of Retirement Answer Man, Kevin Sebesta joins me to discuss the benefits of FIRE. 

Afterward, Mark Ross comes aboard to noodle on why creativity is important in retirement. And finally, Taylor Schulte from the Stay Wealthy podcast helps me answer some listener questions. Don’t miss out on this informative episode!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

• [1:41] Life as a journey
• [3:00] Benefits of retiring early

BRING IT ON WITH MARK ROSS

• [19:09] Why is creativity important?

LISTENER QUESTIONS WITH TAYLOR SCHULTE

• [25:52] About the Retirement Podcast Network
• [28:43] How to choose between investing in a Roth 401K and a traditional investment account
• [33:55] Timing a reallocation of assets
• [39:45] A good, detailed, free retirement calculator
• [44:55] Why Rosie didn’t hire another financial planner

TODAY’S SMART SPRINT SEGMENT

• [50:28] Define whether your decisions are hats, haircuts, or tattoos

Resources Mentioned In This Episode

New Retirement Calculator

The Retirement Podcast Network

Stay Wealthy Podcast

Define Financial

BOOK - Coaching Beyond Words by Anna Sheather

BOOK - How to Think Like Leonardo DaVinci by Michael Gelb

BOOK - Atomic Habits by James Clear

PODCAST - Choose FI

PODCAST - Catching Up to FI

BOOK - The 100-Year Life by Andrew Scott and Lynda Gratton

BOOK - The Second Mountain by David Brooks 

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Have you heard of the FIRE movement? It’s become increasingly popular in the past few years. Even if you are technically too old to retire early, there is something we can all learn from FIRE seekers. 

In this episode, Kevin Sebesta, a real live FIREer joins me to discuss what FIRE is, how he achieved it, and what people who retire early do with their time. 

Make sure to stick around for the Bring It On segment with Dr. Bobby Dubois to learn whether supplements are worth the time and money we spend on them. Dr. Bobby helps us develop a framework for deciding whether supplements are right for us. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT I READ IN JANUARY

• [2:02] Books I read last month

PRACTICAL PLANNING SEGMENT

• [5:55] Meet Kevin
• [9:56] Defining FIRE
• [15:24] Who enjoys FIRE 
• [21:23] Why FIRE has caught on

BRING IT ON WITH DR. BOBBY DUBOIS

• [26:12] Why are supplements important?
• [30:54] How should we go about exploring supplements?
• [39:44] What do the studies show?
• [44:18] What about multivitamin supplements?
• [48:20] What supplements does Dr. Bobby support?
• [52:10] The takeaways

TODAY’S SMART SPRINT SEGMENT

• [53:58] Read a book!

Resources Mentioned In This Episode

BOOK - Scarcity Brain by Michael Easter

BOOK - Moby Dick by Herman Melville

BOOK - The Eye of the World by Robert Jordan

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

How do you manage a joint cash flow with separate assets? In addition to discussing Mark and Mary’s situation, today I chat with Kay about how she and her husband handled finances with their late in life marriage.

Kay gives us some insight on how to manage finances in a financially unbalanced relationship. You’ll appreciate her perspective on how to manage the household cash flow when you haven’t always been married.

Make sure to stick around to hear an update from Sam, our single Retirement Plan Live case study from 2018. She’ll let us know how she’s been doing, what has surprised her about retirement, and whether her retirement plan has changed. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

• [6:40] A comment about this RPL
• [8:12] How to discuss uncomfortable topics with your partner
• [13:56] Some examples of how separate assets can work
• [19:03] Chatting with Kay about her relationship and prenup
• [25:14] How they managed cash flow after they married
• [31:40] How they navigated the financial challenges in their marriage

CATCHING UP WITH SAM FROM THE 2018 RETIREMENT PLAN LIVE

• [34:18] What Sam has been up to since we last chatted
• [38:01] How she has dealt with the ups and downs of the markets
• [42:26] Does her retirement plan look the same?
• [44:41] What has surprised her about retirement

TODAY’S SMART SPRINT SEGMENT

• [50:24] Think about how you will manage your cash flow in retirement

Resources Mentioned In This Episode

2018 Retirement Plan Live with Sam 219, 220, 221, 222, 223

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

We’re back with Retirement Plan Live to explore how two adults who married later in life can share their resources as they age.

Last week we looked at their goals both individually and together and today we’ll do the same with their resources. Listen in to hear the different ways that older adults who come together later in life can pool their resources so they can rock retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE

• [2:55] Let’s look at their resources
• [8:56] How can they use these resources together and separately
• [14:22] What to expect next week

BRING IT ON WITH MARK ROSS

• [15:30] How to have a positive attitude while you age
• [18:02] Developing a purposeful path to aging
• [20:03] 3 things to consider

TODAY’S SMART SPRINT SEGMENT

• [22:06] Organize and refresh your financial resources

Resources Mentioned In This Episode

BOOK - Who Do You Want to Be When You Grow Old? by Richard Leider and David Shapiro

BOOK - The Comfort Crisis by Michael Easter

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

Do you like lemonade? If so, you won’t want to miss out on the lemonade I make on today’s episode. 

We’re discussing goals on this episode of the Retirement Plan Live series and we get to catch up with Lori from the 2017 Retirement Plan Live. Find out what she is up to and how to work through shared and separate goals in retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE 

• [3:42] Mark and Mary’s differences developed into a big conversation
• [9:00] Mark’s values
• [10:12] Mary’s values
• [14:01] Inferring their goals
• [16:03] When they will retire

CATCHING UP WITH LORI FROM THE 2017 RETIREMENT PLAN LIVE

• [22:48] What Lori and Bruce are up to today
• [27:18] Has their retirement plan changed?
• [33:01] Their plans for the future
• [35:15] Her advice for new retirees

TODAY’S SMART SPRINT SEGMENT

• [38:12] Revisit your goals for retirement

Resources Mentioned In This Episode

RetireAgile.com

LiveWithRoger.com

2017 Retirement Plan Live with Lori and Bruce 193, 194, 195, 196

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center

If you’re married, do you have retirement planning meetings? If you’re single do you plan a time to meet with yourself to plan your retirement? What or whom do you use as a sounding board?

In this Retirement Plan Live, we’re getting to know Mark and Mary–two lovely people who have found each other later in life. This mature newlywed couple is trying to iron out the details of their finances. 

Sit back and enjoy this episode where we meet Mary and learn about her story and the financial challenges she and Mark are facing in their new marriage. As you listen to Mark and Mary’s story maybe you can use it to frame your own retirement planning conversation. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

A BIT OF HOUSEKEEPING

• [1:50] What is the retirement podcast network?

• [3:43] Books I read in December
• [7:00] A correction on a recent question
• [7:45] Some listener wisdom on what Rojo should do to retire at 60
• [13:43] Sign up for the results webinar!

MEET MARY

• [14:38] What motivated her to volunteer for RPL?
• [19:03] Advice for anyone navigating the online dating world
• [20:15] How they ended up together
• [23:31] Mary’s aspirations for their relationship

BRING IT ON WITH KEVIN LYLES

• [37:10] The phenomenon of unretirement
• [43:44] What to do if you are considering unretirement
• [45:49] A Social Security tip if you do unretire

TODAY’S SMART SPRINT SEGMENT

• [46:28] Have your retirement planning meeting for the year

Resources Mentioned In This Episode

BOOK - One Flew Over the Cuckoo’s Nest by Ken Kesey

BOOK - Name of the Wind by Patrick Rothfuss

BOOK - The Wise Man’s Fear by Patrick Rothfuss

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Roger’s Retirement Learning Center