#544 - Legal Tender: Tallying Their Resources

Planning for retirement isn’t about creating a new job for yourself, it’s about using what you have to create a great life. On this episode of Retirement Answer Man, I’ll help Mike and Judy tally up and organize their resources so they can come up with a feasible plan for retirement.

Press play to hear how you can follow along and create your own plan of record.

• [3:40] Some corrections from last time
• [8:41] Their social capital
• [12:34] Their estimated human capital
• [18:18] Their assets

• [31:33] On investing to only keep pace with inflation
• [38:14] Should he take his RMDs monthly or yearly
• [45:16] Funding later in life healthcare costs

• [57:02] Use the worksheet from Six Shot Saturday to organize your resources

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

We all have our own dreams for retirement and today, Mike and Judy share theirs.

On this episode of Retirement Answer Man, you’ll hear Mike and Judy describe their ideal retirement, then in the Rock Life segment, Kevin Lyles will lay out the 4 pillars for a balanced life.

As a bonus, you’ll hear Mark Ross interview me about my imperfect journey and the purchases we’ve made in Colorado.

• [2:42] Their values
• [7:27] Their base great life
• [15:56] Their wants

• [30:33] 4 pillars for a balanced retirement

• [41:35] Think about your ideal retirement

• [42:40] Where did the Colorado idea begin?
• [49:50] How did Roger get to this next step?
• [54:47] How they ended up with two lots in Colorado
• [58:14] What are the plans now
• [1:03:28] How he’s reflecting on what he’s learned

WDW podcast

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Would you like to have the confidence to know that it is all going to be okay so that you can walk away from your career? So would Judy!

In this episode of Retirement Answer Man, you’ll meet Mike and Judy, an educator and an attorney. They are both facing burnout and ready to throw in the towel, but before they retire, they want to make sure they can swing it.

Join us over the next 4 episodes, to learn more about Mike and Judy’s journey to retirement.

• [3:40] Why Judy wanted to join the show
• [6:42] A bit about Judy and Mike
• [10:28] What they want to accomplish
• [15:52] How she is helping with her dad
• [18:38] Mike and Judy’s ideal retirement date
• [24:21]Their overall objective

• [28:16] What kind of sun protection do we really need?
• [29:07] The types of skin cancer and what to do about it
• [38:06] Who is at the most risk of skin cancer
• [42:04] Sun protection

• [47:49] Complete the values worksheet from 6-Shot Saturday

Live Long and Well with Dr. Bobby

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Have you heard of IRMAA? IRMAA can be an unwelcome surprise if you aren’t expecting her.

On this episode of Retirement Answer Man, you’ll hear what to expect from IRMAA and your Medicare costs.

• [2:14] Recent feedback
• [6:57] What IRMAA surcharges are

• [14:55] Structured protection ETF
• [25:06] What the details show

• [30:23] Should we keep our life insurance policy?
• [34:42] Will the lack of a bachelor's degree hurt a retirement planning practice?
• [36:02] Where to get the materials for the Certified Retirement Counselor curriculum

• [37:51] Cultivating a growth mindset through curiosity
• [40:58] How to cultivate curiosity

• [50:55] Practice asking a dumb question

International Foundation for Retirement Education

Form SSA-44

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

What is your risk tolerance? What does risk tolerance even mean? Why does it matter?

We’ll explore these questions as I answer one of our listener’s questions on getting back into the stock market with a low risk tolerance.

Listen in to learn why he may not need to follow the traditional way of doing things.

• [2:00] How much risk to take in retirement

• [19:10] The AT&T data breach
• [23:03] What I’m going to do about it
• [26:00] How are password managers safer options for keeping passwords?

• [30:53] How does moving a 529 to a Roth IRA work?
• [33:32] How to know if Johnny should be looking for another financial planner

• [37:35] Rethink your password protection

1Password

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off?

In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement.

• [2:08] Should Scott get a mortgage to build his retirement home?

• [12:13] HSA fees can be more expensive than the interest
• [15:14] What should John think about when deciding on whether to get a mortgage?
• [19:12] On using reverse dollar cost averaging
• [22:07] Can we use Roth conversions to do RMDs?
• [25:29] Understanding investment advisory fees
• [29:28] Tom’s perspective on his retirement

• [33:41] On cultivating a growth mindset

• [35:00] Take your thought and do it in the moment

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Let’s get back to basics—addition and subtraction two ways to get to the same answer. However, we have a tendency to stick with addition. Today we’ll learn how subtraction can help you come out ahead.

Why am I talking about elementary math on a retirement podcast? Listen in to find out.

• [2:12] Is scarcity really a negative thing?
• [6:04] Stop trying to aim for precision
• [11:17] Stop making retirement planning your new job
• [14:03] Stop optimizing for returns
• [17:42] Stop thinking you have to retire to something rather than from something
• [21:25] Stop thinking you can wait
• [24:16] Stop thinking you need to resign yourself to what is

• [27:10] Turn off dividend reinvestment in your decumulation phase
• [30:00] A rucking comment
• [31:03] On Social Security survivor benefits
• [33:26] On inherited IRAs

• [35:15] Movement studies
• [45:05] Why does movement matter?
• [48:51] Why the Hadza’s sedentary lifestyle is different from ours
• [50:55] Why vitamin D is or isn’t helpful

• [1:00:34] Find an opportunity to move

YouTube video - What You Should Know if You Inherited an IRA

Episode 532 - How To Manage Your Scarcity Brain With Michael Easter

Episode 530 - What Is True Retirement Planning? With Christine Benz

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Have you ever considered moving to a retirement community? With the freedom that retirement brings, many people begin to rethink their living arrangements.

On this episode, you’ll hear how Brad and his wife decided to move to a retirement community. Listen in to hear how they approached their decision, the research they put in on where to retire, and how they enjoy their new locale.

• [2:40] How Brad discovered The Villages
• [10:55] What led them to explore 55+ communities
• [13:10] How The Villages are organized
• [20:35] How to explore places to move in retirement

• [23:50] Should we consider getting I-bonds in 2024
• [29:50] Clarifying new catch-up rules in 2026
• [32:27] Charlie’s comment on systems thinking
• [36:18] Where to put taxes in your planning software
• [38:41] A suggestion for the podcast

• [40:06] Think about where you are going to live in retirement

YouTube video - What You Should Know if You Inherited an IRA After January 1st, 2020

I Bonds

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center