Retirement Answer Man Show: Retirement Planning That's Fun

The 2016 Election in the United States is being hailed as one of the WORST campaigns in American history. It’s pretty bad but historically it’s actually not the worst that has happened. The election of 1828 between John Quincy Adams and Andrew Jackson was truly vicious and I for one am thankful that we’ve come a long way from those days. But in every Presidential election cycle, the financial markets are impacted no matter if it’s a good campaign or an ugly one. On this episode, I want to walk you through some of the statistics of how the financial markets react during Presidential election cycles. America’s practice of peaceful transition of power enables a healthier economy. In the U.S. we often take for granted this thing we call a “peaceful transfer of power.” But we shouldn’t. The absence of coups and hostile revolutions has enabled our country to maintain a fairly healthy economy over time due to the consistency that the peaceful transition provides the financial markets. On this episode, we’re going to think together a bit about what happens to the financial markets during a Presidential election cycle so that we can identify the upturns and downturns and do what we can to insulate our investments and finances from the down times. Did you know that financial stress can make you feel older? It seems like common sense but it’s recently been shown that worrying about the financial markets puts a stress-load on your body which in turn causes you to age faster. Sometimes you can look in the mirror to see the evidence (more wrinkles, more gray hair), but other times you notice it in how you feel physically. On this episode, I want to give you 3 strategies for insulating yourself from the ups and downs of the financial markets so that you can live more of a stress-free life. If you want to insulate your finances from market volatility, here are some tips for you. It may not seem like rocket science, and I guess it isn’t, but by having an emergency fund in place you can take a HUGE step toward alleviating the stress that comes from the ups and downs of the financial markets. A well-funded emergency account enables you to stop worrying about whether the car or water heater breaks down because you know that you’ve saved up the cash to take care of those kinds of things. That fund alone will keep you from derailing your carefully crafted plan for income and expenses and investments. You can hear a couple of other ideas for insulating yourself from volatility, on this episode. There will always be financial ups and downs. Should they dictate your happiness? One of the realities of life is that the financial markets will always be volatile. The markets are like the waves of the sea - driven and tossed by any number of things. It’s just how life is. But you and I can take steps to insulate ourselves from those variables so that we don’t have to bear the weight of stress that can come from not having a good, solid strategy in place. On this episode, I’m going to walk you through what typically happens to the markets during a Presidential election cycle and give you some approaches you can adopt to make sure you don’t suffer because of any ups and downs that may come. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:34] My thoughts about our current election and some thoughts from what I’ve read this week. [1:26] The election of 1828 between John Quincy Adams and Andrew Jackson. WHAT DOES THAT MEAN? SEGMENT [5:23] What is a peaceful transfer of power? [6:17] The U.S. holds the record for the longest running peaceful transfer of power. [6:53] How this practice impacts financial planning. HOT TOPIC SEGMENT [8:30] How financial stress can make you older. PRACTICAL PLANNING SEGMENT

I love putting out episodes of the Retirement Answer Man podcast because you don’t think about your retirement every day of your life, but I do! I get to experience varied conversations with people from all walks of life about their retirement goals, every day of the work week. That’s a lot of varied experiences - and I love to share them with you on the show. One thing that’s been coming across my desk a lot lately is the very real issue of how life expectancy is going up these days. Why is that a retirement planning issue? Because if you’re going to live longer your retirement goals need to be tweaked a bit to accommodate that expectation. On this episode of the show, I’ve got some things to share about how the retirement landscape is changing, both because of increases in life expectancy and because of cultural shifts that have taken place almost unnoticed. And I’ve got a special guest to introduce you to as well. I hope you take the time to listen. Financial planning is good, but is it the only kind of retirement planning you need to do? When we mention retirement planning we immediately think of finances. That’s a good thing because, without the finances to support yourself in even a meager way, you simply won’t be able to survive. But beyond that, the advances we’re seeing in nutrition, exercise, and medicine are making longevity a reality for more and more people - so you might be living even longer. Sure, that impacts your finances, but it also impacts the number of years you’ll actually be in the retirement stage of life. So you’ve got some new questions to ask yourself that have nothing to do with finances - such as “What will I DO for those extra years, what will my life be about?” On this episode of the podcast, we’re diving into that subject with my special guest, Andrew Scott, co-author of “The 100 Year Life.” How is longevity going to affect your retirement? If you’re going to live longer, then naturally you’ll have more years to enjoy your life - so it’s important that you plan on enjoying it by getting a clear vision of what you want to do and should do for that extra time on the planet. But you also need to consider that it’s quite possible that your retirement age will shift to a later point in your life, allowing you to be a full-time income earner for longer than has been the case in the past. Or, you could decide to do what more and more people are doing these days and take your normal retirement and choose to then spend your time building your own business, based on your experience and interests. It’s like a second career that you actually love even more! More ideas are ahead, on this episode. Are you still living in a 3-stage approach to life? In days gone by we’ve been taught to look at life through what many are calling a 3-stage approach. All that means is that there are three main segments or seasons of life - education - work - retirement. Makes sense, right? The problem these days is that life in the modern world isn’t fitting so nicely into those neat compartments anymore. Longevity for many people is becoming a real thing, and therefore they have the health and stamina to continue contribution to society as bread-winners, innovators, and company-builders. As a result, retirement age is stretching into the late 60s and early 70s. That means that more of life is consumed with production and contribution to society, which is a good thing. The point is that the 3-stage approach isn’t working so well anymore - and my guest today, Andrew Scott has a good deal of solid insights to share from his research into the impact of longevity on the culture. You can hear it on this episode. Retirement is about the experiences of life as much as it is the financial security. I’m the first person to say that you need to be financially secure during your retirement years. But financial security is not the only consideration - and ...

When I think about the way the American Dream is typically carried out, it looks like a “Paint By Numbers” exercise. We’re given specific things we’re supposed to do in life - graduate High School, go to college, get a job, work a long time, save up for retirement, retire. But is that really the way it has to be? And does it NEED to be that way? What if you don’t want it to be that way? What can you do to make the life that you want in retirement? One thing it’s going to take to live the way you want to live and retire in the way you want to retire is courage. On this episode I’m going to walk you through some of the ways I think you can apply courage in everyday things so you can head where you want to go. Find a way to live a life of courage. It will keep you young longer. My friend Dan Miller says that the minute you begin settling down to live a life of ease is the minute you begin to die. That’s because you don’t have any obstacles or challenges to face. You’re going to get soft, flabby, and weak - and potentially lose your motivation for life in the end. And it doesn’t matter how much money you’ve saved up for those retirement years, you’ll fall prey to the same cycle if you’re not living a life of courage. Find out more about the path to retirement that is traveled on a road of courage, on this episode. The Social Security Administration has changed a few things, and you may not like it. There are some rather complicated changes going on in terms of social security policies surrounding the receipt of future benefits. There are some categories of people - about 30% of current SS recipients - who could see their benefits go down in 2017. It sounds scary and really is a concern for many people, so listen to this episode as I try to explain what’s going on. You’ll want to know about this if you depend on social security income in any way. Courage my friends - courage! What’s the real value of having a financial advisor? When you head toward retirement it’s like you’re going on a long backpacking trip. You’re going to be leaving many comfortable things you’ve become accustomed to - such as your career, your regular (larger) income, medical benefits, and more. It’s going to take courage for you to face those changes and it's helpful if you have someone in your corner who understands the road ahead and can give you advice and encouragement about what you’re going to go through. An advisor is a guide, a person who can lead you through the path so you avoid the dangers and make the most of your retirement journey. Should I take my pension or a lump sum amount? This is a question I get often. Many companies do this sort of thing and there isn’t a paint-by-numbers approach that fits every person. If you ever face this scenario there are a lot of things you need to consider - the amounts you’ll receive from each option, what your personal history is with being a disciplined spender, your expectations about the rate of return you could get on the money if you take it in a lump sum, your age and your spouse’s age, and more. It’s yet another place on the path to retirement where you’re going to need to face things that are uncertain and bolster up your courage to make a good choice. I expect many of you will be helped by the options I lay out for this listener, so be sure you listen. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] My Paint-by-Number story, and how it applies to this episode about courage. WHAT DOES THAT MEAN? SEGMENT [3:22] What is “courage” anyway? HOT TOPIC SEGMENT [5:56] Your reminder to get 6 shot Saturday. [7:42] Why you may experience a decrease in your Social Security benefits. PRACTICAL PLANNING SEGMENT [9:40] Listener question from Howard: What is the value of an advisor?

When I speak to clients and potential clients it’s amazing that the #1 fear they have about retirement is not how they are going to support themselves financially, where they are going to live, or what their standard of living will be. The #1 fear I hear from clients is the fear of losing their minds. Dementia, Alzheimer's, and other mental conditions are top of mind for those nearing retirement because they impact the person’s ability to be themselves. On this episode, I’m facing the subject head-on and even have a guest with me to help us understand what we can do things to prevent the onset of those mind-related diseases and conditions. What IS dementia, anyway? On this week’s, “What does THAT mean” segment I’m pulling out the dictionary to discover exactly what it means that a person has “dementia.” I want to take the stigma out of the term so that we can rightly assess how to deal with it and even prevent it if possible. I think you’ll be encouraged by what I discovered as I pondered the possibility of losing my mind. It’s all on this episode. Every single one of us needs to deal with the possibility of losing our minds. None of us can escape aging in spite of the efforts we may have made to avoid it. It’s part of the natural journey of life. But we can do things right now that impact the WAY we age and the type of life we are able to enjoy in the future. One of the things we can address is whether or not we lose our minds through a condition like dementia. On today’s show, I feature a guest, Maggie Moon to talk about what dementia is, how we can prevent it, and why it’s such an important issue to think about now while we still can. I hope you’ll take this issue seriously because aging is not something you can avoid - but some of its effects are things you CAN potentially avoid. The primary way to avoid losing your mind: DIET. You knew it was coming, didn’t you. When it comes to preventing those mind altering conditions like Alzheimer’s and Dementia (and many others) the only thing you can truly do to prevent yourself from experiencing them is to give your brain and body what they need to be strong - and that comes through good nutrition. Today’s guest is Maggie Moon, a registered dietitian and researcher who has extensively studied the issue of diet as it relates to the brain. You’ll find Maggie very engaging and quite helpful in the way she describes the things you can do to ensure that your brain is as healthy as it can be as you head into your retirement years. Happiness is forged one day at a time. If you think of the concept of happiness as something that can exist both now and in the future, you begin to realize that tomorrow’s happiness depends, to a large extent, on the actions you take today. If you’re going to enjoy a fulfilling and meaningful retirement then you have to think ahead and actually DO things today that will lead you there. That’s why I’m talking about a difficult condition that none of us wants to happen to us (dementia) on this episode of the podcast. I want you to be equipped for the happy retirement you’ve always wanted. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:50] My introduction to this episode’s topic: The biggest fear people have. WHAT DOES THAT MEAN? SEGMENT [3:40] What IS dementia? [4:52] Symptoms of dementia & forms of dementia. HOT TOPIC SEGMENT [6:34] Dementia facts and figures. PRACTICAL PLANNING SEGMENT [8:34] My guest today, Maggie Moon, and the prevention of dementia. [12:20] What is the M.I.N.D. diet and why is it important for mind health? [14:02] How Maggie started researching brain and mind health. [18:12] The importance of whole grains in the diet. [20:12] How to understand and implement proper serving sizes.

Anyone who is a reader would be happy to give you their “top 10” list of book recommendations. But today’s episode is not about my top 10 - it’s simply a list of books that have had a great impact on my life through the years. Your list will by default be different than mine and that’s OK. I just wanted to put these books on your radar so that if you’re not familiar with them, you might consider them as a resource for your growth as an investor and as a human being. So grab a pen and paper so you can jot down these titles and the synopsis I give of each one - OR you can sign up for my Six Shot Saturday emails and you’ll get them sent directly to you. Either way, I hope this list of influential books is helpful to you. Today I’m giving you 5 investing book recommendations and 5 “other” book recommendations. You’d expect a guy called “The Retirement Answer Man” to give you a list of financial or investment related books for you to read. But those aren’t the only types of books I think you should be reading. There’s a ton of great insight out there into what it takes to be a better and more productive person who makes greater contributions to the world we live in. So I also wanted to give you some recommendations of books that could help you in that realm. And if you’ve got books that didn’t make my list, that’s great! Listen to the episode to find out how you can recommend your favorites to the entire listener community! If you’re not a reader, you’re missing out on a lifetime of education. I get it. For various reasons reading may be difficult for you. But I’m often reminded of the people all over the globe who literally CAN’T read and would give anything to be able to learn the skill. Most of them feel that way because they know that reading and the knowledge that comes from it can change their lives. This episode is an encouragement for you TO read as much as it is my recommendations of WHAT you should read. And don’t forget, audiobooks are now an option for you, so there’s really no excuse to be busy about the work of growth, education, and development in your own life. One of the ways you have to be careful about what you read these days. We are in a new era of publishing. Have you noticed? Now it’s possible for anyone to publish a book of their own making without any gatekeepers at a huge publishing house telling them they can or cannot publish their book. It’s a wonderful opportunity for us regular guys and gals to share the insights we’ve learned throughout life. But just like it’s wonderful that anyone can publish a book these days, there’s also a downside: anyone can publish a book these days. That means there’s a whole lot of junk out there you’ve got to wade through in order to find the good stuff. That’s one reason I’m giving you my book recommendations for investing and personal growth, on this episode. I trust it will be helpful. Do you have book recommendations the listening community might enjoy? Inevitably, when someone shares their recommended reading list with an audience (like I do on this episode) there’s going to be somebody who says, “What? I can’t believe you didn’t include (insert book title)!” It’s impossible to share every influential book, especially because books can have a particular impact on each of us at different times and seasons of life. So I invite you to listen to this episode to share your personal book recommendations in the areas of finance and personal growth. I will compile the list, create a PDF resource, and share it with the community in one of my 6 Shot Saturday emails. Are you game? OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] My introduction to this episode about books I’ve read (that you should read). WHAT DOES THAT MEAN? SEGMENT [3:38] What is a “book” these days?

All of us can become better decision makers but we often don’t realize that one of the most important realms of life we need to do that in is relating to the small things. Small things add up over time to become really big things. Just ask the alcoholic or an inmate in a penitentiary. They’ll tell you that what I’m saying is true. On this episode, I continue my thoughts about how to make better decisions with a focus on the small decisions in life - and I respond to some listener feedback from last week’s episode of the show. I hope you’ll MAKE THE DECISION to listen. :) Are you aware of the compounding effect of small decisions? Every one of us is a decision maker. We decide about things all the time and act on them. Getting out of bed each day. Brushing our teeth (or not). Eating healthy or unhealthy. Every one of these actions flows out of a decision we’ve made. But it’s important that we understand that small decisions like these are not actually small in the long run. They will each have their own little impact that contributes to the whole of our lives. Today’s episode is all about how we can take control of those little decisions that compound over time to ensure our lives benefit from them instead of suffering from them. If you want to be a better decision maker, it helps to define the issue. After last week’s show, a listener wrote me to say that one of the most important parts of his decision making paradigm comes at the very beginning of his process. He takes the time to clearly define the issue he’s dealing with and why it’s important. I see the logic and the wisdom of what he’s saying - do you? If we don’t know exactly what it is we’re dealing with and why it matters we may not be as motivated to make effective decisions about it. That could result in us putting off the decision, or neglecting it. You can hear more helpful listener comments like that and my responses to them on this episode. When making decisions, Tony Robbins suggests you have a conversation with your older self. One of the tips Tony Robbins often gives to people about the topic of decision making is to imagine yourself near the end of your life. You’re still healthy, still looking good, and still have all your wits about you, but you're looking back on a lifetime of experience. What would that older self say to you about the decisions you’re making right now? Is there any wise counsel to be found from that version of you? I can see how this could be a helpful way to get outside the limitations of your current thinking so that you can approach the situation with a fresh perspective. What do you think about this approach? I’d love to hear your thoughts! Decision makers who are effective usually set deadlines for their decisions. When you’re faced with a decision it’s easy to get caught up in the minutia of what it takes to understand the situation and actually make the decision. It’s a paralysis of analysis that we all fall prey to now and then. Effective decision making requires that you set a deadline by which time you will make your decision so that you can avoid that trap. You should be wise about that timeframe so you don’t cut your time frame too short, but a deadline needs to exist. This gives you some internal accountability to not only make the decision but to do the research and investigation it takes to make it wisely. That was a concept one of my listeners sent to me after last week’s episode - and you can listen to today’s episode to hear more listener suggestions just as good as this one. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:24] My introduction to this episode of the show. WHAT DOES THAT MEAN? SEGMENT [2:39] Today’s word: COMPOUNDING [4:07] The concept of compounding when it comes to decision making. HOT TOPIC SEGMENT

Decision making: It’s been said that not making a decision is actually making a decision. But we tend not to think of it that way because it doesn’t feel like we’re making a decision. It feels safer to go on the way things have been instead of making a change. But is that true? On this episode of the Retirement Answer Man, I’m excited to share some of the things I learned from a recent event I attended that have to do with making decisions that move you toward the goals and results you want to see happen in your life. What I learned is a 10 step approach to decision making that I think will benefit you greatly, so please - for your own sake - please take the time to listen. How inertia can be an enemy to good decision making. I’m no physics professor but I know that inertia has to do with the movement of things that are already in motion. You may not think of it this way but there are many things in your life that are already in motion. Your career. The direction your family is headed. Your financial condition. And much more. Many times the existing inertia in various areas of life becomes an enemy to making good decisions that could move our lives into a better place. On this episode, I’m going to talk about how you can avoid the trap of inertia and make decisions that set you up for a happier and more secure retirement. Intentionality about life is the friend of good decisions. Many times, the reason we don’t make decisions is that we’re not committed to actually DOING the things that are best for our own lives, families, and futures. We’ve got vague ideas of good things we’d like to see happen, but we haven’t committed ourselves to actually seeing them happen. Before you will be able to make good decisions about your future you have got to become intentional about it. You’ve got to become committed. Listen in as I ramble a bit about the importance of intentionality in decision making and give you 10 steps you can use to evaluate and make the best decisions for your life. If a decision moves you away from the vision you have for your life, well... Doesn’t it make sense that if a decision is going to move you away from your life vision, you shouldn’t do it? “But wait a minute Roger, what’s all this talk about life vision? I don’t even know what that is!” Yeah, I get it. Most people don’t have a life vision. On a previous episode, I talked about the importance of having a life vision and how you can go about creating a clear and compelling vision for the rest of your life. And believe it or not, it’s an important compass for the rest of life, including this issue of making good decisions that I’m dealing with on this episode of the podcast. Why don’t you create a good old “pro and con” list for each decision? Many things that we might consider “old” ideas are still around for a reason. They work. One of the 10 steps I give for making good decisions on this episode - it’s #9 - is to put together your own “pro and con” list regarding the decision. Brainstorm it. Write down every advantage and disadvantage to the decision you can. Sometimes this step alone brings enough clarity that you are able to see exactly what you should or should not do. And like I said, that’s just one of 10 steps I share on this episode so be sure you listen. It could help you make the best decision about that thing you’re contemplating right now! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] What is your decision making framework? HOT TOPIC SEGMENT [4:54] How do we make a choice about the current election situation? [5:50] Is the situation corrupt or crude? (from an article I read) WHAT DOES THAT MEAN? SEGMENT [7:03] What is inertia?

It’s not a good things when the financial services industry is freaking out. I mean really - these are people who are giving advice to you about your finances and retirement. Does it make YOU feel good when you see them freaking out? You might be wondering what in the world I’m talking about. It all has to do with a new regulation that’s being passed regarding how people who work in the financial services industry serve their clients and customers - and the people who have the most to lose because of this new regulation are those who haven’t been doing the best job all along. So… there are plenty of people freaking out. You can get the details on this episode because I’m going to tell you about them. :) Do you know what the term “fiduciary” means? The new rule that’s causing such a stir in the financial services industry is aimed at making sure that people who are advising you what to do with your money are only able to directly benefit from the advice they give you when the advice is in your best interest. Serving a client in that way is serving as a “fiduciary.” In other words, these rules are trying to keep advisors from giving you advice solely because it will make them more money. That sounds like a good thing, right? Why you should hold everything close to the vest when you begin a conversation with a financial advisor. On this episode, I’m laying out a handful of tips that I suggest you take into consideration when you’re interviewing a possible fiduciary (financial advisor). I want you to find the exact right person, a financial artist who is able to help you reach your goals for retirement and a happy life. The first of those is that you should hold your details and your situation close to the vest at first. The reason? You want to find out from them who their ideal client is before you reveal much about yourself. When you’re able to do that you’ll know right away if they are describing you or not - and whether there could be some ways that the relationship is not a good fit. Find out more on this episode. Has your financial advisor (or a potential advisor) jumped from company to company? What’s the big deal if a financial advisor you’re considering has jumped from company to company? Well… it could show that the person has functioned as more of a salesperson than an actual fiduciary who works in the best interest of their clients over the long haul. It’s not the only thing you should look at but it could be a tell-tale sign. As I walk through a handful of things you should consider when looking for a financial advisor you should write down a few things so you’ll know the right questions to ask when you need to have that important conversation. Why somebody who is providing you financial services should have an optimistic view on life. Think about this for a minute. What kind of advice will you receive from somebody who works in the financial services industry who has a pessimistic view of the world, or of life? They may be ultra conservative (not a bad thing, but possibly not a good fit for everyone). They may not be willing to make you aware of certain opportunities simply because they don’t think it’s a true possibility. Think it through… there are lots of potential issues. On this episode I want you to follow along as I walk through some potential “red flags” when you start interviewing potential financial advisors. You can thank me later. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] Recommended things to do in Chicago and an amazing painting I saw there. [2:35] Comparing the artist to the painter. [4:00] How do you find the artist (perfect financial advisor) to help you manage your investments? WHAT DOES THAT MEAN? SEGMENT [5:08] Today’s word: Artist (when it comes to financial advisors). HOT TOPIC SEGMENT

Economic growth is always a hot topic when election year rolls around. The candidates make it sound like a lack of growth is the worst thing that could ever happen during any President’s term. But is that true? And furthermore, are there actually benefits to having times of economic slowdown or even recession? On this episode of The Retirement Answer Man, I’m answering a handful of listener questions and one of those asks this exact question, “Is economic growth always best for the country?” If you want to hear why I think this listener could be onto something, you’ll have to listen to this episode of the podcast. Nature isn’t always in growth mode, why should the economy always be in growth mode? Part of my philosophy about what we should look for in a healthy economy has to do with the natural cycles that happen all around us. I don’t see many really good things that are always in a state of incredible growth. Every year the seasons change and most plants and even some animals go dormant for a season. It’s a time to refresh, rest up, and reset for a period of rapid growth ahead. Is it possible that a healthy economy is going to have those same up and down times? If so, why should we be so concerned about it? On this episode, you’ll get to hear me wax philosophical about such things and give you some mindsets you can carry into those less than optimal economic times. What to be careful of when combining IRA accounts As most of you know an IRA is a type of investment account that’s referred to as a “qualified plan.” It means that the government has qualified it as an investment you can do where the growth it experiences is tax deferred. It’s a benefit to you in many ways - but that’s not the issue I’m addressing at the moment. Right now I want to point out that if you move money that’s already in an IRA into a different IRA, you need to be careful how you do that. If you don’t you could cause yourself some tax consequences that you didn’t expect and definitely don’t want. I’m going to walk you through it in this episode - including some new guidelines from the IRS that make it a bit easier for you. Should you quit a job you hate or wait it out for the sake of your pension? Most of us know what it’s like to feel stuck in a job that makes you feel miserable. But one of my listeners has it really bad because she’s only a handful of years away from retirement, which would provide a fully vested pension. But she’s not sure if she wants to endure more years of a job she really hates. How should you make a decision like that? As you might suspect I’ve got some thoughts on the situation - and I share them on this episode of The Retirement Answer Man. How would it impact your life if you could invest in deep work? One of the things I’ve been learning lately is that I can be a pretty distracted guy. My smartphone notifications, email sounds, computer pop-ups - all of them contribute to me being “off task” more than I would like. Toward that end, I’ve been reading a book called, “Deep Work” by a guy named Cal Newport, and it’s challenged me to rethink the priority that I give to insignificant little things like smartphone notifications. On this episode, I want to share my thoughts with you about how we can get out of the “Pavlov’s dogs” cycle of responding to every notification and focus more on the things that matter. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:28] What should we be thinking about a slowing economy?   WHAT DOES THAT MEAN? SEGMENT [3:10] What is an “IRA Rollover?” [4:05] The importance of understanding the tax “gotchas” relating to rollovers. HOT TOPIC SEGMENT [6:20] New IRS guidelines for IRA rollovers. PRACTICAL PLANNING SEGMENT [8:53] QUESTION ONE: What are the issues to consider when dealin...

Economic growth is the hot button topic during this election. Have you noticed? When politicians, analysts, and talking heads on the news use that term “economic growth” - what do they really mean by it? It’s easy to make assumptions and easy to get lost in the verbiage because it sounds like something we all want. But what if everyone who’s using the term is not meaning the same thing by it? On this episode, I’m going to clue you in on what economic growth really means, how it’s measured year by year, and whether or not we’re in as bad a situation as the politicians are making it out to be. I think you’ll get a lot out of this one. Does a slow period of economic growth make investments more risky? It kind of seems like it would, but is it true? Some very reputable organizations out there do very careful analysis of these kinds of things, taking many different variables and factors into account. On this episode, I’m going to walk you through the findings of one of those outfits to give you an idea of whether or not your investment strategy should change during a time like this when everyone is decrying the poor economy. You might be surprised by what they say. ;) Productivity during retirement is one thing - but I want to enjoy my retirement! I got a little bit of push-back this week from a listener who has heard me talk a lot about being purposeful during retirement as an antidote to a non-enjoyable life. But he’s coming back at me with a different perspective. He actually LIKES being a bit more uninvolved and laid back because he worked so many years non-stop. You might be interested to hear this little one sided exchange as I reply to his reply about my emphasis. Does that make sense? I think you’ll get it so be sure to listen. Should you keep some cash on the side to buy stocks during down times in the market? I think one of my listeners has me confused with somebody else. :) He thought he heard me say that having some cash on hand during bad economic times so that you could buy up underperforming stocks was a good idea. Honestly, I can’t even IMAGINE that I’d say such a thing and am pretty sure I never have. That’s because I don’t feel that having that cash on hand is a good idea - at least not for those reasons. So listen in to my response to this listener so you can know what to do with your cash during down economic times - like this one. I don’t have any trouble setting aside 20% for savings, but where should I put it? I’m very proud of this listener. He’s got no problem living on 80% and saving 20% - he’s just a bit unsure what to actually DO with the 20% he’s setting aside. It’s a great problem to have and an even better question - and I’m going to answer it in a number of ways on this episode. So be sure you listen to learn some of the options for those savings that allows it to be liquid enough for you to access when needed but not so liquid that it’s not doing anything for you. It’s in this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:29] My introduction of this episode of the podcast. WHAT DOES THAT MEAN? SEGMENT [2:52] What does “economic growth” or “GDP” actually mean? HOT TOPIC SEGMENT [4:22] How is the GDP doing in the United States? [5:50] The reasons why interest rates are low and stimulus packages are a topic of discussion. [6:40] The impact of slow economic growth on the markets. PRACTICAL PLANNING SEGMENT [8:42] QUESTION ONE: How realistic is it to talk with family about “personal values” and how can you state them openly without setting yourself up for failure? And what about contentment in retirement instead of staying busy? [12:39] QUESTION TWO: A listener correction to one of my answers to a listener question about retirement qualifications.

Personal values are really important. Do you know what yours are? It’s easy to respond immediately to the question with a “Sure, I know what my personal values are.” But do you really? I didn’t until I was challenged by my life coaches - Robert Mallon and Bill Watkins - to write down my top 10 personal values. It was HARD, but so helpful. The reason it’s important to write them down is because you don’t know what you’re aiming at if you don’t clearly identify it. But you’ll also tend to live inconsistently from what you truly believe deep down if you don’t clarify the personal values that matter the most to you. On this episode I’m going to walk you through a way that you can identify and establish your top 10 core values and begin to shape your life around them. It will benefit you personally and set you up for a greater sense of happiness as you enter retirement. My early adult years were not lived congruent with who I wanted to be. From early on as a young adult I would have told you that I wanted to be bold, brave, compassionate, loving, a family man, and many other virtuous sounding things. But my wife and kids can tell you that even though I said those things, I didn’t do a very good job at living them out. In fact, I was quite a jerk to the people I loved the most. It took some hard knocks to my hard head to wake me up to the fact that I was not living in congruence with my inner personal values. One of the main reasons was because I hadn’t defined them. On this episode you’ll get to hear the story of my earlier years and what made the difference in the way I see and live my life. And more importantly I’m going to share how YOU can make the changes needed in your life to live in greater congruence with your own set of core values. Why do you do what you do? It’s an important question. It’s one I hadn’t given much thought to until my coaches challenged me to answer it - specifically. When I dug deeper to discover the things that motivated my actions I didn’t like everything that I saw. That’s because I wasn’t always acting in a way that was congruent with my core beliefs. So let me ask you again, why do YOU do what you do? If you would like some help in getting to the bottom of that question this episode of The Retirement Answer Man should prove helpful. If you follow through with the suggestions I make on this episode I believe you’ll come away satisfied and more purposeful for the years ahead. Which is first on your list of personal values, your money or your family? It may sound ludicrous to even ask the question (I hope so) but you don’t really know the answer until you take the time to decide. Many of us work all of our lives to accumulate money and stuff and leave the relationships in the dust. By our actions someone looking on could easily come to the conclusion that we care more about the money than we do the people. If that sounds “off” to you, it should - and on today’s episode I’m going to give you access to a fillable PDF that you can use to determine and write down your top 10 personal values so that you can be SURE you’re living consistent with what you really want out of life. There are lots of things I value in life. But these are my top 10. It may sound a bit artificial to prioritize the top 10 things I value in life - but I did it - and I did it at the suggestion of a couple of life coaches who are helping me get my living (actions) aligned with my beliefs (personal values). On this episode of The Retirement Answer Man I decided to share the results of my “top 10” list with you - not because I have the perfect list of personal values… in fact, yours should be very different than mine - but because my list may serve to help you think through your own list so that YOU can live more congruently with what you truly care about.

Burnout may not be top of mind for you when you’re thinking about retirement. But maybe it should be. After all, you won’t be as productive in your pre-retirement years if you’re subject to job related burnout all along the way. Toward helping you think about your retirement planning in a healthier and more productive way I’ve asked Dr. Clark Gaither to join me. He’s known as “Dr. Burnout” and has studied and become an expert on the topic of burnout. He’s going to help us think through the causes, symptoms, and prevention of burnout and get us on the right track. What IS burnout anyway? Dr. Clark Gaither is an expert on the subject of burnout and says that it comes into our lives often when we are overworked, unsatisfied in our work, and a variety of other things. But what is it, really? It’s that sense of lethargy or weariness you feel - on a chronic basis - that keeps you from being your most productive. On this episode we’re going to dig into the causes of burnout and I’m going to challenge you to check yourself carefully to assess whether or not you’re at risk of burning out anytime soon. And if so, we’ll give you some ideas for what you can do about it. What are the reasons for burnout? Are you experiencing any of them? When I asked Dr. Gaither about the reasons for burnout he walked me through a handful of things that most of us experience at some time or another in our lives. But burnout sets in when they gang up on us and we experience many of them at once. On this episode we’re going to talk through all of Dr. Gaither’s reasons for burnout and I bet you find some of them present in your life right now. If so, what can you do about it? You’ll find out as you listen to Dr. Clark Gaither’s sound advice. What can you do if you’re on the verge of burnout (or smack dab in the middle of it)? Experiencing burnout can be one of the most frustrating and difficult things we go through in life. When you get to that place you’ve definitely got to do something about it - and quick. My guest today, Dr. Clark Gaither is known as “Dr. Burnout,” and he’s got a great set of suggestions for how you and I can address the burnout issues we’re facing and how to put some prevention steps in place to keep burnout at bay and provide a greater sense of satisfaction in our lives. Are you ready? Let’s find out together. What are the reasons for burnout? Are you experiencing any of them? Here’s a very practical thing you can do over the next 7 days to assess your level of burnout. On this episode Dr. Gaither shares some of the primary symptoms that people feel when they are experiencing burnout. On my SMART sprint segment of the show today I give you a very practical thing you can do to assess whether or not you are experiencing burnout so that you can have a better idea about what can be done to get relief and experience a fuller life as you head toward retirement. It’s not a hard homework assignment, so make sure you listen and find a way to fit it into your schedule this week. Here’s a very practical thing you can do over the next 7 days to assess your level of burnout. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:39] My introduction to this week’s topic: Burnout - and my special guest. WHAT DOES THAT MEAN? SEGMENT [2:11] What is burnout? HOT TOPIC SEGMENT [4:06] The top 10 most stressful jobs and the 5 LEAST stressful jobs. PRACTICAL PLANNING SEGMENT [7:01] Dr. Clark Gaither: who is he and why is he a specialist on the topic of burnout? [8:00] How Dr. Gaither discovered his own level of burnout and what he did to help. [13:07] Job related burnout symptoms you should know about. [16:20] The things people do to “act out” when they are experiencing burnout.

Retirement age is approaching faster than most of us want to admit. It will be here before you know it - and one of the most common things I hear from people who have moved into their retirement years is this: “I don’t feel very secure.” I used to think of retirement age security as an issue of dollars and cents, but it’s more than that to me now. I’ve come to understand that whether or not you feel secure during retirement has more to do with the way you’ve approached your retirement planning. On this episode I’m going to chat with you about what it means to have a secure retirement, unpack some distressing news about a pension fund company going belly up, and give you some homework for what you can do to toward more security in your retirement years. A huge pension insurer is now broke! What now? Well the news came out this last week that a major insurer of pension funds all across the United States is now broke. Now we could discuss how something like that is even possible but in the end we’d only be more frustrated. I think it’s a better approach to figure out what we do now that it’s happened. It is reality after all. So on this episode I walk through 6 possible options that will be tried to fix the problem this news reveals and will show you why I think it’s going to take a combination of all 6 to right the ship. You can hear it by clicking “play” on this episode. What is YOUR ideal retirement age? So many people look forward to retirement - and who can blame them? A lifetime of hard work and providing for a family definitely puts a person in a place where they’re ready for a break. But it’s a common thing for the retirement age of many people to be delayed simply because they’ve not done adequate planning for the inevitability of retirement. I’m here to help you avoid that if I can. On this episode we’re addressing the subject of having a secure retirement and I’ve got some suggestions that may be of interest to you, so I hope you take the time to listen. SIPC insurance? FDIC insurance? What the heck does that mean? On this week’s “What does that mean” segment I’m diving into the insurance ocean to give you an idea of what all these acronyms and insurance companies do, why they exist, and the difference it makes to your investments and bank accounts. If you’ve ever wondered about the limits on these insurances - I’m going to tell you. If you’ve ever asked yourself if you should have multiple accounts to keep them all under the limits - I’m going to give you my take on that as well. I think you’ll learn a lot from this one, so be sure to listen. Regular conversations and adjustments make for a more secure retirement. The clients I’ve worked with who make a regular commitment to discussing and tweaking their retirement funds and investments are the ones who typically seem to be more content and happy during those golden years. If you are concerned about whether or not you’ll have a secure retirement, you might take a page from these experienced retirees. They know that communication and planning can do a lot to alleviate fears because it helps them know the facts about their retirement to counterbalance the fears. You can hear more about how these savvy retirees handle things in stride, on this episode. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:32] The issue of security during retirement: more than dollars and cents. [2:59] Today’s episode will cover insurances, etc. to help you be secure during retirement. HOT TOPIC SEGMENT [4:11] A huge pension insurer is now broke. Liabilities are 27% over assets. Ouch! [6:15] The implications and consequences of the news.

One of the biggest pitfalls of being an investor is that we tend to make emotional investing decisions. What does that mean? Take a scenario for a moment: the market takes a serious dip and stock prices plummet. The tendency the majority of investors have is to rush to their advisor and try to make changes in order to mitigate the impact of the downterm. But if that investor was guided wisely in the first place their investment strategy should have taken into consideration that downturns would happen. That means there’s no need for an emotional reaction that could cause more harm than good. On this episode of The Retirement Answer Man I’m chatting with Dr. Daniel Crosby about his book, “The Laws of Wealth” and we’ll unpack the best ways to avoid making emotional investment decisions. Behavioral Finance: What the heck is that? The field of behavioral finance is a fairly new area of study that endeavors to make sense out of the actual behaviors we humans engage in within the financial realm of our lives. And naturally, it includes the issue of emotionally driven decisions we make about our finances. As behavioral finance experts like today’s guest, Dr. Daniel Crosby investigate the things that go into our financial decisions they’re discovering many helpful principles that we can apply to keep ourselves from making decisions that feel like they are in our best interest, but really aren’t. I hope you listen to this episode. There’s lots of insight into the reasons behind our financial decisions in it, and you can make better decisions as a result of applying what you learn. You control what matters most when it comes to your money. One of Dr. Daniel Crosby’s laws of wealth that can go a long way toward helping you avoid emotional investing decisions is that you are able to control the things that matter the most when it comes to your money. It’s not about the economy and things outside your control, it’s about your end goals - those things you’re aiming at over the long haul. Your decision to create an investment strategy and stick to it day by day even in the face of economic issues that arise, can help you to stay in control over the long haul and actually reach those goals. Dr. Crosby shares a wealth of good information on this episode to help you improve your financial mindset, so be sure you listen. Emotional investing is why you need to remove yourself from the process. It may sound counterintuitive for me to say that you need to remove yourself from the investing process - but I really mean it. I don’t mean that you should just hand all the decisions over to someone else. What I mean is that once you have determined a process that makes the most sense for your investment goals, you should get out of it and let it run independent of you. That’s where your advisor or financial professional comes in. They are the ones who stick to YOUR plan, at your direction, without you having to think about it. They are also there to caution you when the urge to step in and change things arises. Those are the kinds of emotional decisions you don’t want to make so that you can reach your long term financial goals. You need a financial advisor, but not for the reasons you think. Most people tend to think that financial advisors are better at predicting the future of the markets or possess specialized knowledge that will help you make better stock picks and investment decisions. While there may be a very small amount of that involved, most of the time it’s not the case. A good financial advisor should be in the loop simply because you need them to be your point of accountability and voice of reason in the event that you want to make an emotional decision based on current conditions. They are there to talk you down from the ledge and keep you on track with the financial plan you’ve established. Think of them like a personal trainer.

One is the loneliest number, right? It’s hard to think about retirement without honestly assessing the possibility that loneliness could be a very real aspect of it. But does it have to be that way? Not if I can help it! I’m Roger Whitney, the Retirement Answer Man and on today’s episode of the podcast we’re veering away from our normal financial topics to continue investigating the ways that technology can help us during our retirement years. Today’s topic is how we can combat loneliness by the use of technology - and we’re not talking about robot companions here, we’re talking about how tech can help you build true connections with real people. This one is going to be fun! What is chronic loneliness? Could you experience it as you grow older? Fortune Magazine recently published an article that demonstrated that the chronic loneliness (ongoing loneliness) is becoming epidemic in certain demographics of the population. It only make sense that as we age - and those closest to us may be passing away - we could be left right in the middle of those statistics. I don’t want that to happen to you, so I’ve asked my friend Doug Goldstein to brainstorm with me a bit about how technology can be a helpful tool in keeping us out of the pit of loneliness as we enter and live in our retirement years. If you find yourself resistant to the topic of technology, this conversation will be a bit different, so I dare you to give it a listen. Have you considered how Facebook can help you stave off loneliness? With all of the things you see on a typical Facebook feed - from stupid cat videos to inspirational quotes - it’s easy to forget that it is part of what’s called “social” media. The original intention was to help people connect with each other, to amplify existing relationships. And user stats show that the over 65 crowd on Facebook is growing. That’s really good news. It means that you can use that simple platform to stay connected with friends, family, and even find groups of people that share the same interests as you - both now and as you enter and thrive during retirement. Find out how my friend Doug and I view that possibility, on this episode of the Retirement Answer Man.   Are you ready for a baby step into the realm of technology - for the sake of beating loneliness? A couple of weeks ago I was eager to see the deck that my son-in-law has been building so he did something really amazing - he invited me to a video call so I could actually get a digital tour of the work he’d been doing. It was great - and easy - for me to be a part of his life in a way I couldn’t have just a few years ago. Video calling is pretty mainstream these days and the learning curve is actually quite low. If you want to learn a bit about technology you might want to consider Skype or Facetime as video options that are easy to learn and can help you stay connected to the people who care about. Social media won’t help if you aren’t social in the first place. My friend Doug Goldstein makes a great point on this episode of The Retirement Answer Man - if you are not skilled at good communication and personal interactions, improving those skills is really the first step you need to take in order to combat the possibility of loneliness during your retirement years. Relationships are built on communication, so it only makes sense that improving your ability to connect with others through communication will make your ability to connect via social media or other technologies that much easier. You can find out more about this topic of technology, retirement, and loneliness by listening to this great conversation. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:46] I’ve often felt lonely during my life - and how it relates to this episode.