Retirement Answer Man

We would all love to have that magic number–the exact amount we need to retire. However, since there are so many unknowns it is impossible to attain an exact number. This is why the big question of retirement is a complex one.

In this episode, I’ll walk a listener through the process of how she can learn how much she really needs to retire. Make sure to stick around to hear about the books I read in March. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

• [1:46] How much do I really need to retire?
• [20:30] A comment on the FIRE movement
• [22:09] How to change advisors
• [27:28] How to get into the decumulation state of mind
• [32:37] Feedback on the Michael Kitces interview

BOOKS I READ IN MARCH

• [34:00] Books I read this past month

TODAY’S SMART SPRINT SEGMENT

• [36:22] Revisit your feasible plan of record to see how resilient it is

Resources Mentioned In This Episode
BOOK - Gulag Archipelago by Aleksandr Solzhenitsyn
BOOK - Tai Pan James Clavell
BOOK - Soul of an Octopus by Sy Montgomery
The State Of Retirement Planning With Michael Kitces
What is the FIRE Movement?
NewRetirement.com
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

It seems like no matter how much we save we always have that nagging worry about whether it is truly enough.

One of our listeners is looking for ways to reduce the chances of running out of money in retirement. My response to his question may surprise you. Listen in to hear what I have to say about improving his retirement trajectory. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

• [2:21] What can I do to ensure not run out of money in retirement
• [8:43] A rental property question
• [11:52] On Roths being separated in Fidelity
• [13:30] Can you roll over an old 401K into your current plan

CATCHING UP WITH JOELLE FROM THE 2022 RETIREMENT PLAN LIVE

• [17:05] Joelle has formed a social network in her new town
• [19:23] How her finances have fared over the past 2 years
• [24:44] How a 5-year cash cushion has given her peace of mind
• [30:56] How Joelle has learned to let go of having one right way to do things

TODAY’S SMART SPRINT SEGMENT

• [32:38] Enjoy your family

Resources Mentioned In This Episode
Retirement Plan Live with Joelle - Relocation For Retirement 416, 417, 418, 419
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

If you have different retirement accounts at various brokerage firms, you may wonder whether you should consolidate them. One listener asked me that very question today. I’ll answer it along with several others–don’t miss the one about my finance book recommendations.

Are you curious about how you can improve your relationship in retirement? Then, make sure to listen to Mark Ross’s suggestions in the Bring It On segment. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS

• [5:51] Should Greg and his wife consolidate their accounts?
• [11:39] Using the Obsidian note-taking app
• [13:42] Larry’s question on RMDs and down markets
• [16:34] My recommendation on reading material for Sandy on money management
• [19:41] What is a LIRP?

BRING IT ON WITH MARK ROSS

• [22:12] The relationship pillar requires communication
• [25:16] Have a retirement plan of record

TODAY’S SMART SPRINT SEGMENT

• [30:07] Review these end-of-year housekeeping tips

Resources Mentioned In This Episode
BOOK - The Behavioral Investor by Daniel Crosby
BOOK - 48 Days to the Work You Love by Dan Miller
BOOK - Don’t Retire, Rewire by Jeri Sedlar
BOOK - Younger Next Year by Chris Crowley
BOOK - Stacked by Joe Saul-Sehy
BOOK - A Simple Plan to Wealth by J.L. Collins
BOOK - Winning the Loser’s Game by Charles Ellis
BOOk - The Retirement Income Guidebook by Wade Pfau
The Retirement Answer Man GoodReads group
Notion
Obsidian note-taking app
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

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

“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear

I’ve been focusing on building up my systems lately and today I’ll provide you with an example of what that looks like for me.

In addition, in this episode, you’ll hear several questions on how to optimize your tax burden. Then in the Bring It On segment, Kevin Lyles joins me to discuss the role of leisure in retirement.

Join me today to take a baby step to improve your life in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT

• [2:19] Building systems

LISTENER QUESTIONS

• [6:31] How to pay taxes for Roth Conversions
• [14:44] On new rules for catch-up contributions
• [17:07] Can Larry contribute to his wife’s HSA?
• [19:26] The details on the taxes on selling a house

BRING IT ON

• [22:46] The role of leisure in retirement
• [25:06] The 6 categories of leisure

TODAY’S SMART SPRINT SEGMENT

• [31:16] Look at your after-tax accounts and tally your realized capital gains

Resources Mentioned In This Episode
BOOK - Atomic Habits by James Clear
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Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center