Retirement Answer Man - Rocking a Solo Retirement: Nick's Goals/ Laura's Goals

Rocking a Solo Retirement: Nick's Goals/ Laura's Goals

01/15/25 • 53 min

2 Listeners

Welcome to the latest episode of the Retirement Answer Man Show, where we explore the journey to a fulfilling retirement. Join us as we continue our live case studies with Laura and Nick, who share their goals and aspirations for their ideal retirement life. This episode offers insights into planning for a future that aligns with your values, including discussions on long-term care, financial independence, and the importance of self-reflection. Plus, we tackle a listener's question about retirement planning conferences and share details about our upcoming Rock Retirement Club Roundup.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:30) We are on week 2 of our LIVE case studies with Laura and Nick.
(01:30) Question from listener Brad about retirement planning conferences.
(03:35) We will share the agenda from the 2024 Roundup in our Six Shot Saturday email.

LAURA’S GOALS FOR RETIREMENT

(04:30) Laura reflects on talking about herself on the show.
(08:30) Laura talks about her mom and helping her navigate old age.
(12:20) This week we're going to focus on turning your values into goals.
(13:35) Laura shares her estimated monthly expenses to maintain a base great life.
(16:07) Laura talks about her transportation and car buying habits
(18:40) Laura discusses potential home improvements in the next 10 years.
(20:05) Laura estimates the cost for her moms continued care.
(23:12) We estimate an annual travel expense for 15 years.
(28:00) Next week, we'll examine what resources you have to pay for your life

NICK’S GOALS FOR RETIREMENT

(28:35) Today we're going to talk about what Nick wants for retirement
(30:15) What does it cost to live the life of Nick on an annual basis?
(31:24) Nick talks about healthcare costs.
(33:25) We talk about other nonnegotiables for Nick.
(34:20) Nick talks about travel plans in retirement.
(36:33) Nick discusses his desire to be able to leave some money to his nieces and nephews.
(39:40) Nick plans to leave some money for the charitable organizations he supports.
(41:55) Nick talks about purchasing longterm care as he ages versus joining a continuing care community.
(46:25) Are you planted community wise? Is this where you're going to be longterm?
(48:17) Was there anything that you wanted to put on that lifestyle design worksheet that you didn’t?

SMART SPRINT

(50:55) In the next seven days, grab the retirement lifestyle workbook from our Six Shot Saturday email and start to think about what it is that you want in retirement.

BONUS

(51:55) Roger reads from his grandfather's WWII log.

RESOURCES

Books

Show notes created by https://headliner.app

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:30) We are on week 2 of our LIVE case studies with Laura and Nick.
(01:30) Question from listener Brad about retirement planning conferences.
(03:35) We will share the agenda from the 2024 Roundup in our Six Shot Saturday email.

LAURA’S GOALS FOR RETIREMENT

(04:30) Laura reflects on talking about herself on the show.
(08:30) Laura talks about her mom and helping her navigate old age.
(12:20) This week we're going to focus on turning your values into goals.
(13:35) Laura shares her estimated monthly expenses to maintain a base great life.
(16:07) Laura talks about her transportation and car buying habits
(18:40) Laura discusses potential home improvements in the next 10 years.
(20:05) Laura estimates the cost for her moms continued care.
(23:12) We estimate an annual travel expense for 15 years.
(28:00) Next week, we'll examine what resources you have to pay for your life

NICK’S GOALS FOR RETIREMENT

(28:35) Today we're going to talk about what Nick wants for retirement
(30:15) What does it cost to live the life of Nick on an annual basis?
(31:24) Nick talks about healthcare costs.
(33:25) We talk about other nonnegotiables for Nick.
(34:20) Nick talks about travel plans in retirement.
(36:33) Nick discusses his desire to be able to leave some money to his nieces and nephews.
(39:40) Nick plans to leave some money for the charitable organizations he supports.
(41:55) Nick talks about purchasing longterm care as he ages versus joining a continuing care community.
(46:25) Are you planted community wise? Is this where you're going to be longterm?
(48:17) Was there anything that you wanted to put on that lifestyle design worksheet that you didn’t?

SMART SPRINT

(50:55) In the next seven days, grab the retirement lifestyle workbook from our Six Shot Saturday email and start to think about what it is that you want in retirement.

BONUS

(51:55) Roger reads from his grandfather's WWII log.

RESOURCES

Books

Show notes created by https://headliner.app

Previous Episode

Rocking a Solo Retirement: Meet Nick/Meet Laura

This episode explores the exhilarating concept of "rocking retirement," inspired by Hunter S. Thompson's famous quote. Join us as we dive into the stories of Laura and Nick, two people on the brink of retirement, each with unique paths and values. Discover how they plan to embrace retirement as single individuals, and learn the importance of identifying your personal values to achieve a fulfilling life. Plus, find out how to participate in our upcoming live events and gain insights into crafting your retirement journey.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(01:14) Agile Retirement Management focuses on helping people go all in on their retirement

MEET LAURA

(06:35) Introducing Laura
(11:14) Laura is caring for her mother in addition to working full-time
(13:07) Her thoughts on living alone from a social standpoint and replacing the social network of coworkers
(15:07) Laura’s hobbies
(16:13) Laura says she lives within her means and is very frugal
(18:18) Laura’s top 10 values
(20:00) Her experience and perspective on losing friends to cancer at a young age
(22:46) The importance of making your own decisions, not always doing what society says

MEET NICK

(29:19) Roger introduces Nick
(30:26) Why Nick volunteered for retirement plan live
(33:00) Nick was a budget analyst in the military for 22 years, then transitioned to civil service
(34:49) Nick is ready to leave government work
(39:12) What is it about a paycheck that changes Nick’s feelings about work?
(41:56) Nick’s values exercise
(44:41) Why is travel a common goal in retirement?
(47:58) Reading the list of Nick’s values
(53:00) Values direct our goals

SMART SPRINT

(55:01) Grab the values worksheet and complete it

BONUS

(55:13) Roger’s grandfather's log from World War II

Resources:

Next Episode

Rocking a Solo Retirement: Nick's Resources/Laura's Resources

💬 Show Notes

Join us in this episode as we celebrate a special birthday and dive into the intricacies of retirement planning with our ongoing case study featuring Laura and Nick. Discover the unique financial journeys of Laura, who built her assets in the private sector, and Nick, who leveraged his military and government service benefits. We explore the importance of understanding your resources, conducting feasibility tests, and redefining the concept of retirement. Get insights into how setting clear goals, managing assets, and maintaining health and fitness can lead to a fulfilling next phase of life. Plus, learn how to participate in our live results show and open house for the Rock Retirement Club. Tune in for a wealth of knowledge and inspiration!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00) Today is Roger’s birthday
(00:50) Today we talk about the resources that Nick and Laura have
(01:40) One thing that's critical in doing a retirement plan of record is knowing what's feasible
(04:50) When you work just because you want to, you look at decisions differently.

LAURA’S RESOURCES

(07:11) Laura talks about care for her elderly mom.
(08:00) Laura reflects on her goals and values from last week’s episode.
(10:11) Roger and Laura talk about health and fitness.
(13:50) Today we talk about how Laura will pay for her goals and the three sources of capital.
(19:08) Roger asks about human capital and Laura’s plans.
(20:23) Laura and Roger discuss financial assets.
(27:05) Roger asks Laura about her house and debt.
(28:35) Laura discusses end of life plans for her aging mother.
(30:30) Now we need to do a feasibility study.
(31:12) Laura asks Roger about taxes.
(35:45) Next week we will talk about risks.

NICK’S RESOURCES

(36:05) Roger asks Nick how the year has started for him and asks what his word for 2025 might be.
(37:55) Today Roger and Nick discuss the three sources of capital that are needed to fund Nick’s goals.
(42:55) Roger asks Nick if he plans to work at all after retirement.
(44:00) They discuss Nick’s financial assets and investments.
(47:00) Roger inquires about Nick’s expected inheritance.
(50:20) Nick discusses his current debt.
(51:08) Roger asks Nick what he splurges on for himself.

SMART SPRINT