Retirement Answer Man

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

💬 Show Notes

Welcome to 2025! In this episode, we kick off the new year with Tanya Nichols from Align Financial to discuss the unique considerations of retiring single with no children. As part of our January series, Retirement Plan Live, we explore the journey of two individuals, a man and a woman, both navigating retirement alone. From planning for legacy and financial security to building a supportive social network, we delve into the complexities and opportunities faced by singles at or near retirement. Join us as we unpack the essentials of retirement planning for singles and set the stage for the month-long exploration of their stories.

PRACTICAL PLANNING SEGMENT

(00:00) The show is dedicated to helping you not just survive retirement, but have confidence

(01:20) This January, we're focusing on two individuals facing retirement as a single person with no children.

(04:02) Tanya Nichols from Align Financial discusses retirement planning for single people

(05:30) 90% of the journey is the same but there are just slightly different considerations.

(07:15) If you're single and facing retirement, what are some things that are overlaying on top of the normal planning process?

(10:20) I think another thing that’s missing is having a thinking partner to exchange ideas and worries with.

(12:35) It’s very difficult to make a new, old friend.

(15:48) You have to be intentional about making connections and building a network of support.

(17:32) When we think about the future, we think about long term care but one thing we don't think about as much is who is going to help with the day to day.

(20:35) As you're single and retiring does this lean towards a safety first approach in terms of taking money that you have and turning on guaranteed income?

(22:15) As you’re aging by yourself, sometimes you are not aware of cognitive issues.

(23:30) Even if you are married, there will be a point in your life where one of you are single

LISTENER QUESTIONS

(24:51) Lauren asks about a new mortgage product that merges your mortgage with your personal banking.

(27:31) Jim asks about tracking down old 401ks.

(30:04) Greg asks a question about being the tax preparer for the family and his aging mother.

SMART SPRINT

(34:10) In the next seven days I want you to establish a file for year end statements from all of your accounts and any tax information you get from those providers.

BONUS

(35:23) Roger reads another excerpt from his grandfather's WWII journal.

REFERENCES

Align Financial- Tanya Nichols

https://www.align.financial/tanya-nichols/

Roger Whitney

https://rogerwhitney.com

Book- Gospel of Wealth by Andrew Carnegie

https://www.carnegie.org/publications/the-gospel-of-wealth/

Mark's Money Mind Podcast

https://marksmoneymind.com

Life Changer Loan

https://lifechangerloan.com

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