Retirement Answer Man

Are you in a career that matches your God given talents? Most of us are in careers that we were trained to do. Not careers that centered on our talents.  After college, we start work and our careers generally progress on their own, without much intentional direction from us. If you're in your 50's and this fits you, it's not too late to begin to pivot you're career towards something you have natur...

Wouldn't it be great to learn about retirement from those that have retired successfully? Here's your chance.  Today at FinCon , the national conference for money media, moneytips.com is releasing the book, The Retiree Next Door. The best part is you can get it for free . Over the last year, the folks at moneytips.com conducted a survey of over 500 successful retirees. Their objective: to identify...

Have you ever felt distant from your wife? I sure have. In my 23 years of marriage, there were times my wife and I drifted apart. It's easy to do. Work, kids, hobbies, etc. can cause a man and wife to drift apart. We eventually learned we needed to be intentional about nurturing our marriage. Plan Well:  Invest in Your Marriage  In this week's episode Jackie and I discuss how married men can becom...

Taxes suck. They erode away your income, savings and investments. One strategy to maximize your retirement savings is to convert your IRA to a ROTH IRA. ROTH IRAs are a powerful tool to help you do this but there are lots tax and planning issues to consider first. That's why I turned to Ed Slott , America's IRA expert. He is a nationally recognized IRA-distribution expert, a professional speaker,...

Stressed about planning for retirement??? Your not alone, most of use (including me) freak out when we look at what it could take to provide for our family in retirement. Don't believe all the statistics, you can take control. Investing Corner  Listener Question Wayne Asks My question is are there hidden risks doing my diversifying on top of diversity that I do not realize, other than my time for...

Setting retirement goals can be a big waste of time.  In my 23 years of advising individuals and families, I've rarely found someone that had clear retirement goals.  Guess what?  They were still able to live a great life and retire comfortably. In this episode I'll explore the problems with setting retirement goals and offer a better way to plan. Retirement Tip of the Week  How to Prepare for the...

If you chose to invest in real estate as part of your retirement plan, you better understand what you're signing up for.   Most "educational" classes, workshops etc. focus on all the benefits of real estate and gloss over the realities of doing it. Buying, owning and operating rental properties is hard work.  This week, I talk with Philip Wetzel about the real work that goes into investing directl...

My financial records are a mess. Are yours? In this episode, I'll outline the framework I'm going to use to get my recording keeping in order. Could you find that important docuement if you needed to? If not, listen and we can get organized together. In the Retirement Tip of the Week, I'll give you a framework for lending money to friends or family so you can help out without ruining the relations...

Is the stock market correction here?  In the last week of July the S&P 500 index lost 2.7%. The worst weekly loss in over two years. It didn't take long for the sensationalist headlines to pop up. Here are two of my favorites. Warning: That plunge in stocks is just the beginning  MarketWatch.com 3 market warning signs predict 20% stock tumble Insight: When these indicators flash together, it’s...

The cost of a financial misstep in retirement can be devastating. During retirement it is hard to "earn" your way out of poor decisions. Poor planning or a big loss during retirement can ruin your financial security. In this episode I discuss the most common retirement "screw ups" I've seen and how you work to avoid them. 7 Ways to Screw Up Your Retirement Having unrealistic return expectations fo...

This week I speak with Burt White , Chief Investment Officer of LPL Financial. Burt and I discuss LPL's mid-year outlook Titled: The Investor's Almanac.  Burt and his team do a great job simply communicating the economic and investing environment.  Their Investor's Almanac is a great tool to help us invest wisely.  No bold predictions or market calls here, just easy to understand insights you can...

In this episode, I'll show you how to come to terms with your worry and the uncertainty about retirement. "I worry"  I talk to a lot of people about retirement. Not only clients but most everyone I meet over age 50.  I'll always ask them what their #1 thought is on retirement. I've learned a lot from this exercise. The most important thing I've learned is that people worry about retirement....alot...

“How do I understand Social Security and Medicare?”  This is a question I hear most often from people planning for retirement. It's understandable. Social Security and Medicare benefits will play a big part in your retirement.  In this episode we begin to unwrap both and begin to build a framework for you make decisions about your Social Security and Medicare benefits. I say we “begin” intentional...

I Hate Keeping a Monthly Budget.  Yes, I know that keeping a monthly budget is personal finance 101.  Over the years I've tried, repeatedly, to track every expense in a monthly budget. Each time I failed after a few months. It's just too much work. I have better things to do than be a part-time bookkeeper. Do You Hate to Keep a Monthly Budget?  Tracking all your expenses is easier than ever. Progr...

Deal with Death By Celebrating Life  Last week, I wrote about my sister's passing and her wish that her family have a "Celebration of Life" picnic ( you can read it here ). In this podcast, I share my thoughts on my sister's choice and how you can do the same. How to Overcome New Car Fever  New car fever is a difficult bug to beat. Everyday, driving, you window shop as you drive, imagining yoursel...

This week we discuss: Why you should ask your advisor about their succession plan How to manage cash flow during retirement   Less Than 10% of Advisors Have a Succession Plan   This is a scary number considering that if your advisor is unable to serve you due to injury or death, the retirement plan you’ve put in place could be in jeopardy.  Who will service you? Who will advise you? What communica...

Working during retirement could be the best thing you do to find meaning, stay healthy and earn money while doing what you love.    In her book, Second-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement , Nancy Collamer has created a great resource for anyone wanting to take their passion and earn income from it during retirement. Nancy Collamer is a speaker, career coach, an...

Jeff Goins doesn't want to miss his life. And he doesn't want you to either.  His latest book, "The In-Between: Embracing the Tension Between Now and the Next Big Thing" serves as a reminder to himself, and everyone that most of our lives are spent "in-between" the big things. It is in these moments we can find opportunities to live more fully. In  This Podcast We Discuss:  Practicing being presen...

Want a great gift for a graduating high school or college senior?  Jon Chevreau’s book, Findependence Day , is a great gift that teaches important financial lessons within an interesting fictional story of a young couple walking through life. We discuss: The definition of financial independence Life energy and the cost of spending The war against consumerism Why it’s harder to save than it used to...

Johns Hopkins University's Center for Innovative Care and Legg Mason recently issued a study titled "Aging and It's Financial Implications: Planning for Housing. Kathleen Pritchard, Managing Director with Legg Mason, talks with host Roger Whitney about the importance of planning ahead for housing during retirement There are three typical phases during retirement. The: Go Go Years--when you are hea...

"He who asks a question is a fool for five minutes; he who does not ask a question remains a fool forever." - Chinese proverb  There really are no stupid questions.  We're told this all the time but I don't think most of us truly believe it. As a result, we leave many very important questions unasked.  When your planning for your financial future this can be, at best, an inconvenience, at worst, f...

Over the last 20 years studies show that the average investor greatly under performances the stock and bond markets.  Why do investors underperform virtually every capital market?  In this week's episode, I speak with Weston J. Wellington a Vice President with Dimensional Fund Advisors about how you can make smarter investment decisions and possibly improve your investment success. Mr. Wellington...

Walt Disney World is the classic family vacation. If you’re planning on visiting Walt Disney World, you’re going to love this week’s  PLAN WELL INVEST WISELY podcast. I speak with Lou Mangello, an internationally recognized expert on the Walt Disney World Resort.  Lou is a former attorney from New Jersey who has made his lifelong passion ( Walt Disney World ) his full time career. His website wdwr...

How to pay for college is one of the most frequent questions I get from parents. This week I interviewed Celest Horton from How to Pay For College HQ to learn about the great resources to help parents pay for college.  Celest knows it's possible to pay for college without student loans (she did it). Each week, on her How to Pay for College HQ podcast she interviews industry experts to help listene...

In this Plan Well Invest Wisely podcast, Roger Whitney interviews Lauren Gaggioli, founder of Higher Test Prep Scores . They discuss the importance of the SAT and how to help your child select the right school for them.  Here are some of the topics Lauren and I covered: The importance of taking college preparatory tests such as ACT, SAT, PSAT. Determining which test(s) to take when choosing a coll...