Over the next 5 episodes, we’ll be tackling an important series that I call The Parent Project. No parent wants to be a burden to their children, but as longevity increases with advances in healthcare, your parents may need you to help them out as they age. Are you helping to care for a parent or an aging family member? My goals for this series are to help you help a parent prepare for this stage of life, to help you prepare for this stage in your own life, and to share bits of wisdom along the way. You won’t want to miss this pertinent series, so press the play button now! What is aging? The word aging can be a noun or an adjective. Aging is both the process of getting older and a way to describe the signs of growing old. We all know that aging is a natural process that we go through, but that doesn’t mean that it’s fun.  We are aging for a longer period of time due to health and medical advancements. We all go through 5 stages of aging -- although some may happen more quickly than others. The 5 stages of aging are independence, interdependence, dependence, crisis management, and end of life.  6 ways that aging parents can impact your life Diving into the parent project can have a big impact on your life. We want to honor our parents in this vulnerable part of their lives, but we also want to live our own life. Many of you are retired or on the cusp of retirement and caring for aging parents can greatly affect your retirement plans. These are 6 ways that aging parents could impact your life. Retirement date - You may delay your retirement due to your parents’ condition. Living arrangements - You may decide not to move or limit where you can live. Time - The bureaucracy of caregiving, court documents, and everything else can eat into your time. Psychologically - The psychological effects of caring for loved ones can lead to many feelings like guilt and disappointment. Finances - You may need to subsidize your parents’ care. Relationships - How are your relationships with your spouse and siblings affected? What can David’s story teach you? We have a saying over at the Rock Retirement Club, ‘walk with the wise to become wise.’ The RRC is a place to learn from each other to increase our understanding and gain knowledge of a topic. Since I’m not an expert on this topic, I have invited David to come on the show to share his story.  David has recently dealt with the incapacitation and passing of his mother while also arranging for the care of his father. He learned a lot about the parent project along the way. Listen in to learn from his story so that you can start considering the different things to keep in mind as you and your parents age.  As we work through the different topics over the next 5 episodes consider creating a file of resources for yourself. Sign up for 6-Shot Saturday to get FREE resources to help you prepare for your parents’ and your own aging process.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [3:07] What is aging? PRACTICAL PLANNING SEGMENT [6:39] 6 ways that aging parents can impact your life [13:01] What can you do to ease the transition for your parents and for yourself? AN INTERVIEW WITH DAVID [14:37] How did David’s parent project start? [22:08] How to broach the conversation of moving to a facility [28:11] David knew that he needed an elder law attorney [32:36] How has this event impacted his relationships? TODAY’S SMART SPRINT SEGMENT [37:10] Check out caring.com Resources Mentioned In This Episode Caring.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Retirement Answer Man

The Parent Project: 6 Ways Aging Parents Can Impact Your Retirement

This is a time of year when many people give thanks for what they have. On this episode of Retirement Answer Man, I explore the definition of thankfulness and gratitude with our Rock Retirement Club retirement coach, BW. He even brings us 5 tips that can help us to cultivate gratitude on a regular basis.  Tanya Nichols joins me again to help answer listener questions. You’ll learn what you can do if you are worried about a market crash, what to do if you think you are too old for long-term care insurance, and we’ll discuss Roth conversions from a 403B. Press play now to join me to hear the answers to listener questions and more. What are you thankful for? The definitions of thankfulness and gratitude are very similar. Thankfulness is the consciousness of benefit received from others. Gratitude is a thankful appreciation for what an individual receives both tangible and intangible.  One way to combat worry is to create a habit of thankfulness. I have done this personally and it has changed my life. Practicing gratitude contributes to greater happiness and it allows us to focus on what we have rather than what we lack. Listen in to hear what I am grateful for this year. 5 tips to help cultivate gratitude on a regular basis Cultivating a gratitude practice can seem like a good idea but it often falls by the wayside after a few days or weeks. The beauty of practicing gratitude is that it shifts your mindset. You can use these 5 tips to help you become more thankful by creating your own practice of gratitude each day.  Write and send a thank you note to someone who has had an impact on your life each month. Get in the habit of saying thank you to at least one person each day.  Keep a gratitude journal. You get bonus points if you try and come up with different things to be thankful for each day. Pray. If you are religious, praying can help you cultivate gratitude. Meditate. Instead of focusing on your inner self, try focusing on gratitude in the moment. Does sequence of return risk keep you up at night?  The world around us seems so unstable right now. Many people worry that we could be at the start of the next big crash. What if we are at the beginning of several years of zero returns? Sequence of return risk is one of the biggest worries of those on the cusp of retirement. Although people worry about sequence of return risk, if you look back at history and study bear markets, youĺl see that even within those years there were good years and bad years. It’s also good to remember that your portfolio won’t directly reflect the S&P 500, we simply use it as a planning tool.  How to balance market risk against inflation risk Why do we take market risk when we are worried about sequence of returns? Inflation! Inflation risk is just as big, but it creeps up slowly over time. You have to balance the risk of inflation with market risk.  You can take market risk. You just have to know how much you are comfortable with. The first thing you need to do is understand the minimum effective dose of investment risk you need in order to create the life you want. Next, you’ll want to time segment your money by building your cash flow model early in retirement. Plan for statistically probable outcomes and then test for outliers. Listen in to hear the details of how you can protect yourself from both inflation risk and market risk. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:30] What is thankful? PRACTICAL PLANNING SEGMENT [5:02] Is Chris too old for long-term care insurance? [8:11] A 403B and Roth conversion question [12:12] A new learning experience as a couple [14:06] What are the chances that the market crashes? COACHES CORNER WITH BW [22:09] Practice gratitude to improve your happiness [26:17] 5 tips to help cultivate gratitude on a regular basis TODAY’S SMART SPRINT SEGMENT [30:16] Give yourself and everyone around you some grace this Thanksgiving Resources Mentioned In This Episode Align Financial Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

What Are the Chances We Have a Market Crash, and How Do I Protect Myself?

There are so many things to take care of in retirement. It can all feel overwhelming. Many people worry about their jobs, the state of the world, retirement, and their uncertain future. On this episode of Retirement Answer Man, you’ll learn what you can do to ease your worries about the unknown as well as discover the answers to questions from listeners like you. Join Tanya Nicols and me as we answer questions about an early retirement package, what to do when you have a significant portion of your net worth in one stock, and how to use second to die life insurance. What is worry? Worry is a noun that means a state of anxiety and uncertainty over actual or potential problems. It can also be a verb meaning to give way to anxiety or unease. Are you a worrier? Although worry is a healthy thing, oftentimes people allow their minds to dwell on difficulties or (perceived) troubles. There is a fine line between healthy worry and overwhelming worry.  The fine line between healthy and unhealthy worry can be hard to walk Just like how exercise creates stress in your muscles and grows them, worry can do the same to your mind. Worry can spur you into action causing you to improve your situation. However, worry taken to excess can be paralyzing. It can cause you to lose perspective so that you can no longer see clearly. You can’t let worry overwhelm you so much that it steals your life away. Listen in to hear what you can do to help ease your worries about the state of the world, life, and retirement.  How do you perceive the wealth you have created? It is often said that money is the root of all evil, but this isn’t true. The love of money is the root of evil.  Do you feel guilty about the wealth you have created? Guilt is a common theme for many successful people. Many create an emotional attachment to their money. Rather than judging yourself for creating your wealth, use that wealth as a tool. How you use it is important. What will you do with your wealth to create an amazing life?  What to do when you have a significant portion of your assets in one stock One listener has ⅓ of her net worth tied up in one particular tech stock. She is looking for some guidance on how to handle this.  A great question to ask is: what would happen to your net worth if that stock simply vanished? This question can get you thinking about how much you need to have a good life. Once you have thought deeply about your life then you can be methodical about this asset. Set a number to help guide you and don’t let taxes sway your decision.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:40] What is worry? Q&A WITH TANYA NICHOLS [10:56] How do you feel about your wealth? [16:52] What to do when you have a significant portion of your assets in one stock? [22:57] How to balance Social Security, taxes, and an early retirement package [25:46] Second to die life insurance TODAY’S SMART SPRINT SEGMENT [30:47] Control your input Resources Mentioned In This Episode Align Financial BOOK - The Daily Stoic by Ryan Holiday BOOK - The Rational Optimist by Matt Ridley BOOK - The Power of Agency by Anthony Rao Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Do I Stop Feeling Guilty About Success So I Can Enjoy Retirement?

Do you use an HSA? If not, you may want to start one after listening to this episode. Find out how you can use an HSA to help lessen healthcare costs in retirement and stick around to hear the answers to listener questions on this episode of Retirement Answer Man. Are you trying to figure out how to deal with an unexpected retirement? Would you like to come on the show? We are looking for a volunteer for the next Retirement Plan Live coming up in January. If you would like some help in navigating your unexpected retirement head on over to RogerWhitney.com/rpl to put your name in the hat and potentially become our next case study for Retirement Plan Live.  What is focus? Focus is the act of concentrated activity on something. You choose where to place your focus in your life.  What do you choose to focus on? Do you choose to focus on fear, problems, and all that could go wrong? Or do you choose to focus on the present and future excitement?  When you focus on a problem does it seem huge and overwhelming? Or do you break that problem up into chunks so that you can determine what to do next?  I like to say focus on the WHAM. Figure out what the problem is, how to do it, get accountability, take action, and achieve momentum. In your retirement planning, think about how you can shift your focus to best serve yourself. Can you still contribute to a Roth IRA with only a 1099R? One listener has a question about Roth IRA contributions. He is no longer working and receives a pension, but would still like to contribute to a Roth IRA since he is under the income limitations.  Unfortunately, this isn’t allowed since the income must be ‘earned income’ according to the IRS. But the good news is, his wife can still contribute to his Roth IRA since he is considered a nonworking spouse.  Learn the specifics of his question and the answer by listening to this episode of Retirement Answer Man.  HSAs are like ‘SuperRoths’ Lynn wrote in to encourage us to discuss HSAs a bit more. This is a great idea since HSAs can be like ‘SuperRoths’.  I knew I was missing out on having an HSA so when I was shopping for healthcare plans last year I specifically looked for a healthcare plan that was HSA compliant. With an HSA an individual can contribute $3500 per year and a family can contribute $7100.  A great way to use an HSA for retirement healthcare costs There are a few things that make an HSA is so fantastic. The money you put into an HSA is tax-deductible and the money you take out is tax-free. HSAs are also extremely flexible. You can pay your healthcare expenses out of pocket now and save the receipts for reimbursement any time you want to. Listen in to find out how you can use the HSA as a medical expense slush fund and grow it in the long term. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:42] What is focus? PRACTICAL PLANNING SEGMENT [11:26] Can you still contribute to a Roth IRA with only a 1099R? [13:38] HSA’s in preretirement [18:46] How valuable is 2 months of your life? [22:26] Fire calc and inflation risks TODAY’S SMART SPRINT SEGMENT [29:37] Realize your focus Resources Mentioned In This Episode BOOK - The Rational Optimist by Matt Ridley FireCalc.com New Retirement Calculator RogerWhitney.com/rpl Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Do I Use an HSA for Retirement Healthcare Costs?

November is finally here and Nichole is back! That means it’s time for listener questions. This month is my planning month where I take the time to map out the next year so that I’m not just drifting along. I try to be intentional about where the show is going and where my practice and life are going too. Listen in to hear what’s in store for 2021 on the Retirement Answer Man and find out the answers to several listener questions.  How to balance enjoying life now with planning for later A listener, who describes herself as being in the constrained category of retirement readiness, asks how she can balance enjoying her life now with saving for retirement. This is a question that everyone struggles with, even those that are overfunded. We all tend to think of saving for retirement like climbing a mountain. This climb is filled with sacrifice and denial of comfort and pleasure.  I argue that we must change our mindset when it comes to retirement. We must stop thinking of retirement as a destination and start enjoying this never-ending journey now.  It helps to map out your spending and separate it into 3 categories. Listen in to hear what those categories are and how you can map out your cash flow to make you feel more at ease about retirement.  How to decide whether to take the full pension or the pension with survivor benefits One listener is faced with yet another retirement decision. Soon he must decide whether to take a full pension or a lesser amount with survivor benefits. How should one decide what to do? Just like with the previous question, it’s important to build a model first. Map out your cashflow and test it out by using different scenarios. This will give you a good idea of how much you really need to live the life you want.  When should my spouse collect Social Security if her benefit is based on mine? Mark and his wife have calculated that she will collect a larger benefit it is based on her husband’s earnings rather than her own. Spousal benefits are 50% of the higher-earning partner. However, the secondary partner can’t claim their benefits until the primary spouse claims theirs. So if the primary beneficiary decides to wait until age 70 to collect their benefit, then the secondary must wait to collect as well. Listen in to discover what the secondary spouse can do in the meantime to start the cash flowing in.  Julie is looking for a safe investment for her 5 years of cash reserves Julie wants to have 5 years of cash reserves but would like that large chunk of money to be earning a bit as well. It is hard to find a way to do this right now with interest rates so low. High yielding money market accounts may only yield .5%. CD’s aren’t much better and range between .65% - 1%. Individual bonds also have terrible returns. I do have one suggestion if you don’t mind a bit of complexity and paperwork. Listen in to find out what it is.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [3:06] What is intention? LISTENER QUESTIONS WITH NICHOLE [11:20] How to balance enjoying life now with planning for later [16:46] Deciding whether to take the full pension or the pension with survivor benefits [19:40] When should my spouse collect Social Security if her benefit is based on mine? [23:26] Julie is looking for a safe investment for her 5 years of cash reserves [28:39] How to get a second set of eyes on his portfolio? TODAY’S SMART SPRINT SEGMENT [30:47] Look at your investment assets and see if they are giving distribution estimations so you can do some tax planning Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center  

Listener Questions: How Can We Enjoy Life Now and Be Okay When We’re Older?

What do you do if you lose your job but you’re still not ready to retire? Whether it’s personally, professionally, or financially, if you’re not ready to retire then you’ll have to take action to find new employment. How do you fill that gap between this job loss and retirement? On this episode of Retirement Answer Man, we’ll brainstorm some ways that you can take action to find your next job.  What happens to you when you lose your job? Losing your job sucks. It never feels good to get pushed in a direction that you aren’t ready to take. It can zap your confidence even if the job loss had nothing to do with your performance.  There are several things that happen when you lose your job. You lose your connections. You lose the rhythm of your life. You lose the intellectual challenge. And of course, you lose your income.  Losing your job can make it feel like all your dreams have been zapped away.  What next? While it’s okay to have feelings of anger, sadness, and remorse, you don’t want to wallow in them. One outlet you can take is to journal. When I’m faced with a difficult situation, I like to get all my feelings out on paper. I essentially yell into the page. This form of release can even help me figure out what my next step will be.  If you find yourself floundering and you don’t know what to do next, be sure to listen to episode 346 to discover some first steps to take when you lose your job. It’s important to start to get that forward momentum going so you don’t just sit there shellshocked.  Ways to fill the income gap quickly What if you are really strapped for cash and you need income right away? If you don’t have the cash reserves to wait out a lengthy job search there are several ways that you can start earning income quickly.  File for unemployment Register at temp agencies like Manpower.  Declutter your house and sell things on OfferUp or eBay.  Deliver groceries or food with UberEats or drive for Uber.  Consider a job at Starbucks if you need health benefits. Tutor online or teach English remotely None of these are perfect solutions, but they can help you be proactive and gain forward momentum.  How do you move forward in your job search? The first step to take in your job search is to update your resume. It may have been a while since you have done so. Here are some tips for resume writing from an experienced HR professional: Look for keywords in the jobs that you want. Listen in to hear why your resume often won’t make it past the screening stage without these keywords. Have a base resume then tweak it to the specific job. Gone are the days when you only have one resume. Review resume examples for the job you want.  Make your resume simple and easy to read.  Focus on measurable accomplishments.  Put the most important information first and only use the last 10 years of your work history in your resume. Use these action verbs to help your resume stand out.  Listen in to hear what you should do after you update your resume to help you take action and find your next job. Stick around until the end to hear the Coaches Corner segment with BW to learn about your changing relationships in retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:52] What happens to you when you lose your job unexpectedly? [10:02] Ways to fill the gap quickly  [13:08] How do you move forward in your job search? COACHES CORNER WITH BW [20:20] Changing relationships with your spouse [23:40] What can you do to help your relationship? [28:12] Define your roles [31:04] Communication is key TODAY’S SMART SPRINT SEGMENT [38:47] Pick a couple of ways to take action Resources Mentioned In This Episode 139 Action Verbs Episode 346 - 5 Things to do When You’re Suddenly Retired Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Unexpected Retirement: How Do I Find Work to Fill the Gap?

A result of the infamous year 2020 is that companies are looking left and right for ways to cut costs. One way many companies are trimming the fat is by offering early retirement packages to their most experienced team members. There are many questions you should ask yourself if you have received the offer of an early retirement package. Listen in to discover what you need to be thinking about in this situation.  Even if you have been planning to retire you may not be ready just yet  You may have been considering and planning your retirement for a while now. But even if you are well prepared for that future date, receiving an early retirement offer can still feel like you are being thrown a curveball. You may not feel like you are ready to pack it in just yet. Even after all of your planning, there is an internal struggle.  What should you do if you are offered an early retirement package? If you receive an early retirement offer you may have a limited amount of time to make your decision. The first thing you should do is seek counsel. Gather your team together. This should include your spouse and anyone whose opinion you value in these matters. Next, you’ll want to consider how the package can serve you. Will it simply move forward all the things you were planning? Questions to consider before taking the package There are many questions you should consider before coming to a decision. How will this package affect your benefits like pension, life insurance, and your vestedness within the company? How will it affect your healthcare options? Filling the gap between workplace provided health insurance and Medicare is the biggest challenge of early retirement. Listen in to hear all the questions to ask yourself if you are offered an early retirement package.  What if you’re still not ready to retire?  What should you ask yourself if you say no? Do you want to continue and stay in your role at the company? If you do, what will that look like? Will your job become harder? If you don’t accept the package will that affect workplace politics?  Before you come to any decision you need to make sure that you have a feasible plan in place. If you aren’t sure how to create that plan, consider joining the Rock Retirement Club. We have a masterclass where we teach you how to build a plan that is designed just for you.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [5:07] What should you ask yourself if you receive an early retirement package offer? Q&A SEGMENT [16:08] A question from a listener that received an early buyout package [21:24] A suggestion for a series theme [22:35] How to migrate to a more balanced portfolio [24:20] A bond index question TODAY’S SMART SPRINT SEGMENT [29:46] Work on your retirement planning project Resources Mentioned In This Episode The Pie Cake episode The bond series - Start here Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Unexpected Retirement - Do I Take the Retirement Package?

Retirement brings an onslaught of life-changing choices, so one thing you can do to help you rock retirement is to become a better decision-maker. If you are wondering how you can do that, then you’ll want to listen to this interview with Annie Duke. Annie Duke is the author of Thinking in Bets and she just released a new book called How to Decide. She knows that people can improve the quality of their decisions and she’s here to teach us how. Press play to learn how you can make better decisions so that you can rock your retirement.  There are 2 things that create a great life There are only 2 things that determine the way your life turns out: luck and the quality of your decisions. You don’t have any control over the luck part, but you do have control over the quality of your decisions. It is important to acknowledge that luck has a role to play in the quality of your life. Once you have come to terms with that then you can focus on improving the quality of your decisions.  Decisions are made with incomplete information Unfortunately, this isn’t a perfect world where you have all the information needed to choose wisely. There are so many unknown factors that affect your choices, so how can you possibly choose correctly? Uncertainty, luck, and imperfect information all impact our decisions. But rather than being paralyzed by these factors, you can use probability to help you.  Think about how you can get more information. Most of the time we are making our decisions behind a veil of ignorance. This is why it is so important to ask questions. When you ask you are doing something, you are improving your data set. Gain some information but don’t become overwhelmed with information overload. Set some parameters to help guide you in your decision making.  Have you defined your values and goals?  Before making any major life choices you’ll want to have a clear understanding of your values and your goals. Having well-defined values and goals can help you choose. Think about how positive or negative results of your decisions will move you toward your goals.  Don’t just go with your gut So many people use their guts to make decisions, but the gut is not the right tool to use. You can’t measure it. You want to make sure that you use a process, strategy, and tactics to help you decide. It’s also important to examine your decision making by going back and reflecting on your decisions. Learn why this is so important in this interview with Annie Duke.  If listening to this episode wasn’t enough and you want to learn more about making better decisions, then make sure you’re signed up for the 6 Shot Saturday newsletter to receive a free chapter of Annie’s new book, How to Decide. You’ll also get an invite for the webinar taking place on October 29 at 7 pm CDT. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT [3:32] There are 2 things that create a great life [6:02] Are high stakes decisions more important than smaller decisions? [12:50] How we judge decisions [21:37] Don’t just go with your gut [27:40] What hindsight can teach us [33:48] A thought experiment [44:23] Use decision tools to help you TODAY’S SMART SPRINT SEGMENT [48:03] Sign up for 6-Shot Saturday to get a FREE chapter of How to Decide Resources Mentioned In This Episode BOOK - How to Decide by Annie Duke BOOK - Thinking in Bets by Annie Duke Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Unexpected Retirement: Annie Duke on How to Decide

The Coronavirus pandemic has brought about so many disruptions to our daily lives. In addition to all the health precautions we must take, many of us have had to deal with job loss as well. Whether it was a furlough, layoff, or early retirement, the results are the same. You used to be working and now you’re not. During this entire month, we will discuss what you can do when you are retired unexpectedly. On this episode, you’ll learn 5 things you can do when you are suddenly retired. What is triage?  Triage means assigning priority to projects based on where resources can be best used in order to increase the likelihood of success. We often hear the term triage in medical circumstances, but we can use it with financial situations as well.  The first thing to do to triage a situation is to assess where you are. Once you do that you can determine what to do first. When life throws you a curveball triage your state of affairs before reacting.  5 things you need to do if you are pulled into retirement When you receive notice that you’ve been laid off or even if you are offered an early retirement package it can feel like the bottom has dropped out from under you. Before you can figure out your next move you need to give yourself some breathing room to contemplate the change. You can follow these 5 steps to give yourself the structure you need to move forward.  Get organized. You need to take stock of your financial life. Understand your spending. How much money do you need each month? Take some time to map out the monthly debts you owe yourself over the next 12 months. This step will help you get back on your feet.  Check your liquidity. Next you’ll want to map out your income sources for the year. This will help you figure out the deficit between your expenditures and revenue. This is also a good time to reorganize your financial assets and refresh your net worth statement. Reassess what is important to you. Are your priorities in order? Now is a good time to revisit what those priorities are and to make sure that your life is a reflection of those priorities. Gather your team. Now is the time to seek counsel. Talk to your spouse, your advisor, your CPA, and good friends whose opinion you value. It can be hard to gain perspective from where you sit, so having another opinion can help you see things from a different point of view.  Determine what to do first. This is the step that most people get stuck on. There are so many decisions to make that it can be overwhelming. Choose one thing to do first, then move on to the next. Don’t try to do everything all at once.  Don’t miss the upcoming webinar! Following these steps can help you take control of your circumstances and ultimately make better decisions. If you have been unexpectedly retired recently you won’t want to miss the webinar on October 29 at 9 pm. Make sure you are signed up for the 6-Shot Saturday newsletter to get your invitation.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [4:06] What is triage? PRACTICAL PLANNING SEGMENT [7:10] 5 things you need to do first if you are pushed into unexpected retirement [21:42] Figure out the next version of you [25:20] Join our live webinar on October 29 at 7 pm central Q&A SEGMENT [26:35] The pros and cons of choosing a certain month to retire [31:02] What to do about an early retirement package? TODAY’S SMART SPRINT SEGMENT [36:09] Try being consciously incompetent Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Unexpected Retirement: 5 Things to Do When You’re Suddenly Retired

The retirement decisions that you make today will impact you for years to come. This can be a scary thought since we don’t know what the future holds. The Medicare decisions that you make now can affect your future self so you don’t want to take these decisions lightly. For the past 4 episodes, we have discussed the inner workings of the Medicare system which has given us a good basis of knowledge to work from. Danielle Roberts from Boomer Benefits joins us one last time to help us understand how to make Medicare decisions.  The retirement choices you make now will affect you for years to come Choosing a Medicare plan is one of the most important and long-lasting choices that you will make in retirement. It’s hard to make these choices that will affect our future selves who may not be as healthy or alert as we are now. It is important to strike a balance between overanalyzing this decision and not analyzing it enough.  How to start to make your Medicare decision Thankfully Danielle Roberts has returned to the show with her sage advice on how we can begin to make these choices. She recommends a few things to help you narrow down your choices.  First off, start your research early. (Listening to this How Does Medicare Work series is a good start.) Next, you need to decide whether to choose a Medigap or Medicare advantage plan. To help with this decision, start at your doctor’s office. You’ll need to ask whether they accept original Medicare. If they do this means that they accept Medigap plans. Then you’ll want to find out whether they participate in any Medicare Advantage plans.  There are many questions that come with Medicare You’ll start thinking of more questions that you want to ask your doctor as you learn more about Medicare so start creating your list of questions to ask your doctor now.  There are a lot of considerations when deciding between Medigap or Medicare Advantage. Do you have a lot of different doctors? Do you want inexpensive copays? Do you have the money set aside to afford large deductibles or hospital stays down the road?  Consider your future self when making you Medicare decisions It’s easy to choose what’s right for today rather than considering your future self. Ask yourself if you are going to be ok with this coverage not just now, but if you have a year where you aren’t as healthy. Don’t be afraid to ask questions. Sleep on it to see if you have a few more questions.  You may want to consider using a broker like Boomer Benefits. Since they are a brokerage there is no cost to the consumer. All costs are worked into the insurance plans. Learn more about the whole Medicare system by listening to the entire How Does Medicare Work series. This will help you make the right Medicare decisions.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN HOT TOPIC SEGMENT [3:03] The latest happenings of the Retirement Answer Man show PRACTICAL PLANNING SEGMENT [9:20] How to make good Medicare decisions [15:30] Should you ask a specialist the same questions you ask your primary care doctor? [21:04] Know the risks of each plan that you are considering [23:08] What about dental and vision plans? [25:46] What are the benefits of using a brokerage? COACHES CORNER WITH B.W.  [30:21] Don’t you let your life shrink in retirement TODAY’S SMART SPRINT SEGMENT [39:43] What are you doing to expand yourself? Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Does Medicare Work? Making Your Medicare Decision

Danielle Roberts from Boomer Benefits joins The Retirement Answer Man Show again to help us understand the nuances of the Medicare system. She has a new book coming out soon called 10 Costly Medicare Mistakes that you won’t want to miss. In this episode, you’ll learn from Medicare horror stories, the biggest mistakes you can make with Medicare, and why you need to check your plan every year. Make sure to sign up for 6 Shot Saturday to get free resources by Danielle Roberts, our Medicare expert! Make sure you are prepared to jump into retirement Sometimes retirement can come at you suddenly. Are you ready to jump into retirement? You may be suddenly thrust into this whole new world. However, for others, retirement can seem like a cliff where they are standing on the edge. It can be hard to take that leap; some people end up waiting and waiting forever for the right time to jump. Educating yourself and planning ahead can help you prepare for retirement. Listening to Retirement Answer Man can help you prepare to take that leap into this amazing new world.  Will dropping Medicare Part D help this listener eliminate IRMAA? One listener got a notification in the mail that he would be charged an IRMAA surcharge for his Medicare Part B and D plans. Since he uses a discount drug plan apart from Medicare Part D he was just thinking of dropping Medicare Part D altogether. He can drop Part D and forgo the IRMAA surcharge on that plan, however, doing so will mean that he has to wait until the next election period if he decides he wants back into the program. Additionally, he will then have to pay a penalty for each month that he went without the Part D drug plan. Listen in to learn how much that penalty is and discover a Medicare mistake that you won’t want to make.  Biggest medicare mistake Medicare is a tricky system to learn, especially if you haven’t done any research. The biggest mistake you can make is waiting until the last minute to learn about this healthcare system. Danielle shares that there are many people who are under the impression that Medicare is free and then are shocked to learn that they don’t have enough money saved to cover their healthcare expenses in retirement. Make sure that you don’t make this mistake. Listen to the entirety of the How Does Medicare Work series to help you begin to learn the intricacies of the Medicare system.  Check your plan every year Medicare has so many different ‘open enrollment’ periods so it can be confusing to know which ones are the most important. Your plan will change from year to year, so when you get a packet in the mail in the fall pay careful attention to the changes. You can also check your plan changes at MyMedicare.gov and use the plan finder tool to compare your plan with different plans. Don’t miss it when Danielle explains why it is so important to check the different plans that are offered from year to year.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:33] How retirement is similar to hang gliding PRACTICAL PLANNING SEGMENT [9:08] Will dropping Medicare Part D help this listener eliminate IRMAA? [13:35] The biggest Medicare mistake [15:22] Did your job prevent you from paying into Medicare? [17:57] Medicare horror stories [22:19] Why it is important to check your plan every year [26:37] Danielle shares her biggest pet peeve Q&A SEGMENT [30:22] To an RV finance or not to finance  [35:54] Renting in retirement? TODAY’S SMART SPRINT SEGMENT [39:03] What will it take to make you jump into retirement? Resources Mentioned In This Episode BOOK - 10 Costly Medicare Mistakes by Danielle Roberts Boomer Benefits Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Does Medicare Work? Common Medicare Mistakes

Over the past few weeks, we have talked about the different pieces that make up our Medicare system. Medicare is a fairly complex system with a lot of nuances to be aware of. One of the things you may have noticed is that there are some gaps in Medicare coverage. Today Danielle Roberts from Boomer Benefits is back to help us understand these gaps and what we can do to fill them.  Medicare isn’t the only place we see gaps in retirement. Often time there are other places where we have gaps in our retirement planning. Listen in to discover how to fill these gaps in Medicare and elsewhere in retirement.  Analyze your gaps in retirement In project management, there is something called gap analysis which helps project managers identify gaps. Gap analysis has 5 basic steps.  Identify the area to be analyzed and identify the goals to be accomplished in that area. Establish an ideal future state. What is the ideal outcome? Analyze the current state. What is it like now?  Compare the ideal state to the current state,  Identify the gap between the current state and the ideal state so that you can begin to close that gap. Gaps in retirement planning In retirement planning, people often skip step 2 when analyzing their own gaps. Rather than identify the ideal state for their retirement, they only analyze their current state. I argue that the project management method of gap analysis is a much better way to approach retirement.  When you first establish what your ideal retirement will look like and then figure out the rest you start with a blank slate. Isn’t that what you are looking for in retirement? Learn how you can start your retirement off right. Start with a blank slate rather than limit yourself by where you are currently.  Filling the gaps that Medicare leaves If you have been listening to the past few episodes, you probably noticed that there are some gaps in the Medicare system. If you have been wondering how to fill those gaps, then you’ll definitely want to listen to one of the top Medicare experts in the country, Danielle Roberts, from Boomer Benefits.  Medigap and Medicare Advantage plans There is a difference between traditional Medigap plans and newer Medicare Advantage plans. Medigap plans are generally more expensive but they offer more flexibility and a wider variety of plan choices. Medicare Advantage plans cost less and sometimes they are even free, however, these plans come with many more limitations. These plans are gaining popularity over the past few years. Listen to Danielle’s expert analysis of these different types of plans to help you decide the best way to supplement your Medicare coverage.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:48] What is a gap? PRACTICAL PLANNING SEGMENT [6:43] Check out Danielle’s new book! [8:22] How does Medigap insurance work? [14:29] What you need to consider when choosing a Medigap provider [19:08] What do Medigap plans cost? [25:30] What is a Medicare Advantage plan? [31:16] How does Medicare work while traveling? Q&A SEGMENT [35:25] You could lose your coverage if you are still working [36:52] A Roth 401K question TODAY’S SMART SPRINT SEGMENT [45:49] Let me know if you are experiencing challenges in unexpected retirement Resources Mentioned In This Episode BOOK - 10 Costly Medicare Mistakes You Can’t Afford to Make by Danielle Roberts Boomer Benefits Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Does Medicare Work? Medigap and Medicare Advantage

Medicare Part D has similarities and differences to Parts A and B. On this episode of our How Does Medicare Work? series, we’ll explore Part D. We’ll also discuss what Medicare doesn’t cover. How much do you know about Medicare and how it works? Are you trying to figure out how this new type of insurance will be different from what you are used to? Make sure to listen to the whole series to help you understand the changes that enrolling in Medicare will bring to your life.  Live a life without regret The number one regret that people have upon death is that they say they wish they would have had the courage to live a life true to themselves. During most of our lives, we have a series of obligations that make it hard to really live a life true to ourselves. Retirement is a time when we can finally shed those obligations. What will it take for you to live a life without regrets? Think about what living a life that is true to yourself really means for you.  What is Medicare part D? Danielle from Boomer Benefits joins me again today to help us understand Medicare part D. Danielle has a knack for explaining the complexities of Medicare in a way that laypeople can understand. Medicare part D is the prescription drug coverage portion of Medicare. It actually wasn’t rolled out until 2006. Since prescription drug coverage wasn’t typically covered in the 1960s, it wasn’t included in the original Medicare plans. Can you imagine what Medicare was like before Part D? How does Medicare Part D work? Medicare Part D is a bit different than parts A and B but it does have some similarities. It’s a voluntary plan that you have to opt into. But unlike parts A and B, you don’t enroll in part D at the Social Security office. Each state has private insurance companies that offer Medicare part D.  Just like Medicare parts A and B, there are 4 stages to the plan. The first is the deductible. There is a deductible set by Medicare each year and the drug companies are allowed to build that into their plan how they choose as long as it is within the parameters. After your deductible has been met then you’ll move into the second stage of the plan which is the copay. Listen in to discover how Medicare part D works and why your choice in pharmacy could really affect your drug costs.  Where are the gaps in Medicare? Medicare isn’t perfect, there are still gaps to consider. We are often used to our employer-sponsor health plans covering dental and vision, but along with hearing, these services aren’t covered under Medicare. In a subsequent episode, we will discuss the Advantage plans that can help you bridge these gaps.  It’s also important to remember that Medicare doesn’t pay for long-term care. To ensure that you are fully prepared, you’ll have to plan on how you’ll handle a long-term care event. Discover why it is important to review your Medicare plan each year by listening to Danielle on this episode of Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? [1:32] Let’s define regret PRACTICAL PLANNING SEGMENT [5:24] Part D is a relatively new option [7:12] How does Medicare Part D work? [15:34] What is the total out of pocket you could pay?  [19:32] Are there drug assistance programs within Medicare part D? [20:33] Where are the gaps in Medicare? Q&A [29:12] How to fund a special needs trust? [31:31] What is the benchmark for decide when there is a gain or loss to fill your bucket? [35:52] How to easily settle an estate TODAY’S SMART SPRINT SEGMENT [38:35] What does being true to yourself really mean? Resources Mentioned In This Episode The Pie Cake episode Long term care episodes - Start here MyMedicare.gov Boomer Benefits Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Does Medicare Work? Part D and What Medicare Doesn’t Cover

I cannot believe that this is our first time doing a monthlong series on Medicare! Thankfully, this is a five-week month, so we can really dive deep into this complex topic. Let me lay out the month for you. This week we’re talking about Medicare Part A and B. During the next episode we’ll discuss part D and all the things that Medicare doesn’t cover. Following that episode, we’ll discuss Medigap and Medicare Advantage as well as mistakes we can make with Medicare. Finally, we will dive in deep to help build a framework that we can use to best serve ourselves when it comes to Medicare. Are you ready to start your Medicare learning journey? Press play to start your Medicare education now.  How does Medicare work? Danielle K. Roberts is a Medicare expert from Boomer Benefits. She helps people educate people on their Medicare journey all the time and she has even helped out in the Rock Retirement Club. I have invited her on the show to help all of us better understand Medicare. Today she is helping us learn about Medicare Part A and B. Medicare benefits can be so confusing, especially since most of us are coming from a completely different system of insurance. Are you ready to hear what is covered, what is not covered, what requires copays, and if you can ever fully exhaust your benefits? Well then, start listening now. What is Medicare Part A? Medicare Part A started in the 1960s and was modeled after the old Blue Cross Blue Shield health insurance. Part A covers inpatient hospital stays and outpatient medical care related to a hospital stay. Included in Part A coverage are the hospital room, doctors, nurses, drugs, nursing facility visits, and hospice care. Medicare Part A does have its limits in coverage which could result in expensive copays and eventually exhausting the benefits fully. Listen in to find out what those limits are.  What is Part B? Whereas Medicare Part A covers your hospital stays, Part B covers all that other stuff. For example, Part B covers chemotherapy, radiation, blood work, and doctor visits. However, Part B has a completely different deductible and coinsurance setup than Part A. The good news is that the deductible is only $198. The bad news is that there is no cap on the 20% coinsurance.  Who do you pay?  Doctors’ visits can be so confusing. Should you pay the doctor at the time of your visit? Should you wait for the bill to come in the mail? What about those statements that Medicare sends? Danielle’s advice is to wait for Medicare to process the doctor’s bill before you pay. The doctor will then bill you if there are any excess fees. She also advises to ask plenty of questions and become an advocate for yourself. Even though Medicare can seem confusing at first, this system has been in place for a long time and actually runs quite well.  If you are interested in receiving resources to help you make your own Medicare decisions, sign up for 6-Shot Saturday at RogerWhitney.com OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:13] What is fear? PRACTICAL PLANNING SEGMENT [5:05] Our plan for the month [7:14] What is Medicare Part A? [11:30] What should people be aware of? [13:32] What is Part B? [16:12] Who do I pay? Q&A SEGMENT [26:58] Place yourself in the future when making a decision [31:02] A Social Security survivor benefit question [33:34] Comparing a first position HELOC instead of a mortgage TODAY’S SMART SPRINT SEGMENT [43:09] Sign up for 6-Shot Saturday at RogerWhitney.com to get a Medicare resource packet Resources Mentioned In This Episode Boomer Benefits MyMedicare.gov Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

How Does Medicare Work? - Part A and Part B with Danielle K. Roberts

This whole month of August we have talked about improving decision making. Retirement brings about hundreds of choices. If you aren’t well-prepared to make those decisions you might simply revert to the default choice. Do you really want your retirement to be set to default? In this episode, you’ll learn how to create a framework to make tactical decisions. If you’re ready to learn how to make decisions that will help you rock retirement then press play now. What is the difference between strategy and tactics? A strategy is an overarching plan to help you achieve the kind of life you envision for yourself. Strategies don’t change very often. Tactics are the specific actions or steps you take to accomplish the strategy create an amazing life. This sequence can be hard to achieve because we often jump straight to the tactical decisions without thinking about the strategy first. It’s important to keep in mind your strategy first. Have you thought about the strategy that you want to use to create the retirement of your dreams? Retirement changes the trajectory of your life The trajectory of your life is changing in retirement. Your life is coming off autopilot and so that leads to hundreds of small decisions. It can be hard to adjust to making all these new decisions, we often just resort to the default choice. But if you can change the way you make decisions it can have a huge impact on your life. Think about the butterfly effect that has led to the life you live right now. One tiny change in the state of your life can really make an impact in the long term. If you are wondering how you can improve your decision-making press play to hear how.  Use a process-strategy-tactics approach Before learning to make tactical decisions it is important to have some other things in place before jumping into making decisions. It is important to start with your values. Once you have a clear vision of your values then you can set goals that align with those values. After you have clear goals in place then you can develop a strategy to achieve your goals. Finally, within that strategy come the tactics. You’ll use these tactics to execute the strategy to achieve your goals that are in line with your values.  How do you make tactical decisions? Once you have your goals and strategy in place you can make the most of your decisions by using this decision-making framework. Ask yourself these questions before making any decisions. Try it out on small decisions first before jumping into the bigger ones.  What is your objective?  What does success look like after you make the decision? What is the ideal outcome if you make this decision?  What is the worst-case scenario? What are the consequences of the decision?  What are the effects of this decision? Test it out. Use first-order and second-order thinking tease out what those effects might be. Listen in to hear how some real-life retirement decisions could play out using this framework.  OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? [1:20] What is the difference between strategy and tactics? PRACTICAL PLANNING SEGMENT [5:50] If you can get just a little better at making tactical decisions it can have a huge impact on your life [9:52] How do you make tactical decisions? [16:45] A framework for tactical decision making COACHES CORNER [24:44] Choosing leisure activities to add spice to your retirement TODAY’S SMART SPRINT SEGMENT [35:31] Test out this decision-making framework Resources Mentioned In This Episode Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement  by Roger Whitney Work with Roger Roger’s Retirement Learning Center

Better Retirement Decision Making: The Retirement Choices You Have to Make

This is NOT your typical retirement show focused only on saving and investing. It’s about making the most of your life today and in retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. In each episode of this award-winning show, Roger unpacks topics like investing, insurance, IRAs, pensions, healthcare expenses, building wealth, creating income, being happy, and much more. Roger Whitney shares practical wisdom on retirement planning learned over 27 years as a financial planner walking life with clients into retirement. Head over to rogerwhitney.com/about to learn more and sign up for the free Retirement Learning Center. An online resource full of checklists you can use to work towards your ideal retirement.

hubhopper

Retirement Answer Man

hubhopper