In this episode of the Retirement Answer Man, Roger Whitney wraps up his series on the eight pillars of a great retirement plan by diving into the last two non-financial pillars: passion and relationships. Discover how your hobbies, curiosities, and social connections can significantly impact your retirement happiness. Roger also shares personal stories and practical tips on maintaining energy, fostering a growth mindset, and building a fulfilling post-retirement life. Tune in for insights and strategies to help you rock your retirement!

PRACTICAL PLANNING SEGMENT

(00:26) Eight pillars are needed as a foundation for having a great retirement plan

(02:50) Importance of showing up and doing the work

(04:12) Having projects is a core component of living an enriching, full life

(04:49) Passion is our next nonfinancial pillar, find projects you’re passionate about

(07:19) What are the obstacles to pursuing passion and projects outside of retirement

(08:50) Roger’s personal anecdote about digital obstacles

(10:30) Plan for developing passions

(11:52) Last of the four non-financial pillars is relationships

(15:17) What are the obstacles of building relationships?

LISTENER QUESTIONS

(18:50) Mark asks about spousal IRA

(20:09) Question from Beth: Should I keep 401k or roll over to an individual IRA?

(24:28) Fund choices can be a determinant of your 401K success

(27:07) Simplification and consolidating your assets into an IRA

(30:21) Listener feedback on losing a spouse

(34:50) It only takes one account or property to force probate

SMART SPRINT

(37:20) Identify one thing that you are curious about and pull that thread

This week, we continue our journey through the eight pillars of rocking retirement, shifting our focus to the non-financial realm. We delve into the first two non-financial pillars: Energy and Mindset. These pillars are crucial for showing up fully in life and maintaining a growth-oriented perspective. We'll explore how to overcome obstacles like stress, injuries, bad habits, and the impacts of aging, and discuss actionable plans to boost your energy and cultivate a growth mindset. Additionally, we’ll answer your pressing questions about Roth IRA contributions, tax planning, Social Security spousal benefits, and CD investments. Join us as we build a holistic retirement plan that goes beyond finances to truly rock your retirement!

PRACTICAL PLANNING SEGMENT

[00:33] Focus on the non-financial aspects of your retirement planning

[01:35] Sign up for Six Shot Saturday

[03:20] The first pillar that we want to talk about is energy

[04:15] Obstacles that we face in having energy in our life

[06:05] Plan when it comes to energy

[08:43] Pillar number two is mindset

[09:53] Obstacles to maintaining and growing a growth mindset

[12:45] What is your plan for a growth mindset?

[14:17] Reflecting on my father-in-law’s mindset

LISTENER QUESTIONS

[16:56] Roger answers your questions on how to rock retirement

[17:35] Beth: audio question about Roth contributions

[20:30] Jim talks about managing taxes in retirement

[24:38] Our next question comes from Patrick on Social Security spousal benefits

[27:12] Daniel: I was wondering what your thoughts were on CD investments

BRING IT ON SEGMENT

[31:14] Mark Ross talks about mindset

[33:30] I changed my self-talk and it changed the outcome

[37:18] Tools to change to an abundance mindset

SMART SPRINT

[38:55] When you find yourself saying “I can’t,” add the word yet. “I can’t do that YET.”

RESOURCES

Agile Retirement Management

https://www.agileretirementmanagement.com

Rock Retirement Club
https://www.rockretirementclub.com

Six Shot Saturday
https://www.sixshotsaturday.com

Younger Next Year
[https://www.youngernextyear.com

Limitless Mind by Jo Boaler

https://www.amazon.com/Limitless-Mind-Learn-Lead-Live/dp/0062851748

Spartan Race
https://www.spartan.com

This month, we're revisiting the eight pillars of rocking retirement. Today, we focus on the second two financial pillars: having a resilient plan of record and optimizing the plan to enhance the journey. Many people are good at setting goals and determining feasibility, but often overlook the importance of resilience in their retirement plan. We delve into how to stress test your plan for various risks like bear markets, health care shocks, and premature death, and how to build redundancies to make your plan more robust. We also discuss optimizing your plan with tax strategies, investment implementation, and legacy planning.

PRACTICAL PLANNING SEGMENT

-[00:35] - Introduction to the eight pillars of rocking retirement

- [04:55] Building a Resilient Retirement Plan

- [10:30] Building a funding strategy for the first five years of retirement

- [14:38] The fourth pillar: Optimization

LISTENER QUESTIONS

- [18:55] Mark asks about estimating Social Security benefits

- [20:32] Mary inquires about investing in Real Estate Investment Trusts versus private crowdfunding platforms

- [27:20] John seeks advice on choosing a retirement planner

- [31:58] Tammy's question on whether to sell a high-value home for liquidity

BRING IT ON SEGMENT

- [36:37] Building relationships and the importance of micro roles

SMART SPRINT SEGMENT

- [42:50] Assess the resilience of your retirement plan

Resources Mentioned In This Episode

Six Shot Saturday
https://sixshotsaturday.com

Jeremy Siegel's "Stocks for the Long Run"
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514

Roger's YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.

The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

- 00:28 September will focus on the eight pillars of rocking retirement

- 08:00 First two pillars of rock retirement are vision and feasibility

- 08:14 Vision: What do you want when you retire?

- 13:28 What are some of the obstacles to creating a vision in retirement?

- 17:44 The next pillar in the financial realm is having a feasible plan

LISTENER QUESTIONS

- 24:10 Listener Scott has a tip about going from two to one

- 26:13 Bill discusses piecake

- 27:44 Our next question is from Steve related to asset allocation in retirement

- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investment

BRING IT ON

- 38:33 Kevin Lyles talks passion in work and volunteering in retirement

SMART SPRINT

- 45:55 Think about your life as a clean slate

✍️ Episode References

Six Shot Saturday
https://sixshotsaturday.com

The Top Five Regrets of the Dying- Bronnie Ware
https://bronnieware.com/regrets-of-the-dying/

The Retirement Manifesto- Fritz Gilbert
https://www.theretirementmanifesto.com/

Stocks for the Long Run- Jeremy Siegel
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514

If you are exploring a unique retirement, it is important to do your research. The best way to research something is to talk to someone who has walked the walk. That’s why, on this episode of Retirement Answer Man, I chat with people who are living their own unique retirements.

Press play to hear these unique stories. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN TODAY’S SMART SPRINT SEGMENT

• [6:02] Identify what type of community has served you well in life

STORIES FROM AN EXPAT

• [8:22] Meet Doug living the expat life in Thailand
• [15:03] How to maintain a US address
• [21:35] How to handle buying land in other countries
• [26:41] How does estate planning work?

STORIES FROM A PARENT OF A DISABLED CHILD

• [29:53] Navigating retirement with children with special needs
• [31:11] How our retirement focus is different from other retirees
• [38:08] How Special Sitters coordinates care in Omaha, Nebraska
• [44:35] How they are making sure that their children are cared for
• [49:49] What else you should remember

STORIES FROM A HUB AND SPOKE TYPE OF RETIREMENT

• [50:35] What Rhoda and Rob are doing in retirement
• [54:38] How they travel in retirement
• [1:04:44] How they managed their finances

Resources Mentioned In This Episode
Special Sitters
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Have you ever thought about retiring abroad? It seems like a fun adventure, but how do you begin?

On this episode of Retirement Answer Man, expat expert, Jane Mepham from Elgon Financial Advisors, joins me to discuss the financial and nonfinancial considerations of moving abroad in retirement. Press play to learn whether retiring abroad would be right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIRING AS AN EXPAT

• [3:46] What is the attraction of retiring to another country?
• [6:18] How to explore whether retiring abroad is right for you
• [12:01] Should you buy or rent?
• [14:54] How do you navigate your finances?
• [22:04] What other considerations should you think about?

LISTENER QUESTIONS

• [37:09] Is it worth selling investments and incurring significant taxes to change firms to reduce fees?
• [46:03] How to plan retirement without using the 4% rule
• [52:25] Where to put your contingency fund

TODAY’S SMART SPRINT SEGMENT

• [58:08] Examine the advice you’re getting and your process

Resources Mentioned In This Episode
Elgon Financial Advisors
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

If you have a special needs child, you know that your retirement plan will need to include plans for their future. How do you create a great retirement while honoring and caring for your child with special needs who will most likely live beyond your years? That’s what we’ll be learning today.

In this episode, Matt from Haystack Financial Planning joins me to explore this question. His practice specializes in serving the disabled community and he offers years of experience in this area. Press play to learn what you can do to take care of your children while making the most of your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN RETIREMENT PLANNING WHEN YOU HAVE A SPECIAL NEEDS CHILD

• [2:30] Why Matt chose this path
• [4:25] How to plan for your child’s needs
• [7:40] How to determine the costs needed
• [12:02] What other tools do these children have available to them?
• [14:38] What is an ABLE account
• [20:07] How to approach guardianship
• [22:42] Resources to help

LISTENER QUESTIONS WITH NICHOLE

• [24:42] How Nichole has been doing
• [25:25] Maggie’s backdoor Roth conversion question
• [29:38] On the order of withdrawals in retirement
• [33:33] How much will I need to self-insure for long-term care?
• [40:46] How to handle finances as a newly married couple
• [45:55] My plans with Michael Easter

TODAY’S SMART SPRINT SEGMENT

• [47:39] Limit your exposure to mainstream media related to the election

Resources Mentioned In This Episode
Haystack Financial Planning
ABLE 529 account
BOOK - The Special Needs Planning Guide by John Nadworny
BOOK - Retire Secure for Parents of a Child with a Disability by James Lange
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Military retirees have a unique set of circumstances and opportunities. In this episode, military retiree and retirement planner Scott Sanborn joins me to explore the financial and non-financial aspects that come with a military retirement.

Over the next month, we’ll be exploring different ways of retiring. If you have special retirement circumstances, you won’t want to miss this unique retirement series. Stay tuned for episodes on retiring with special needs children, retiring abroad, and retiring with illness or injury. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN A MILITARY RETIREMENT WITH SCOTT SANDBORN

• [3:40] Why did Scott become a retirement planner?
• [5:36] What it means to retire from the military
• [7:15] How retiring from the military is different
• [13:18] Understanding the healthcare benefits
• [17:55] Reimagining your second act

LISTENER QUESTIONS

• [29:40] Penny is trying to decide whether to stay or move closer to family
• [37:28] How to decide when and how to relocate
• [39:41] How to pay the tax from my Roth conversions?
• [41:22] Is the IRMAA surcharge calculated each year?
• [42:40] How should I create my retirement paycheck? By withdrawing a lump sum or smaller amounts each month?
• [45:20] Standard deviation and creating an N of 1

TODAY’S SMART SPRINT SEGMENT

• [47:55] Remember what your intent is

Resources Mentioned In This Episode
Scott Sanborn
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center