In this final episode of the Retirement Plan Live series, we welcome back Laura and Nick to discuss their unique perspectives on investment risk and aging, particularly from the viewpoint of individuals without a traditional support network. They share their insights on how to navigate financial planning while maintaining a fulfilling life in retirement. Join us as we explore the importance of resilience and community in retirement planning, and don't miss the upcoming live events for deeper engagement!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) Today is the last in the Retirement Plan Live series with Laura and Nick.
• (00:45) On this episode Roger will talk about retiring as a single person with no children.

LAURA’S VIEWS

• (01:58) Laura says she doesn’t want to spend her retirement just managing finances.
• (06:52) Roger asks Laura about her experience with markets and risks in investment.
• (12:15) Roger asks Laura what her ideal situation would be for housing and how she plans to maintain her home as she ages.
• (15:50) "As we age, the current pulls us to isolation." Roger talks about Laura’s social plans in retirement.
• (18:25) One area that Laura is going to have more evolved skills is living alone and navigating socially as a single person.
• (21:19) On January 30th, Roger and Laura are going to review Laura's vision in a LIVE webinar.

NICK’S VIEWS

• (22:36) Roger asks Nick if there is anything else that has come to mind from previous conversations on the show.
• (25:30) Roger and Nick talk about investing when it comes to risk in stocks and bonds.
• (29:05) Roger weighs in on becoming more financially conservative in early retirement.
• (35:52) Nick reflects on aging and maintaining his home as a single man with no children.
• (37:45) Nick says he lives in a multifamily home with a robust community with a senior center.
• (47:50) Roger talks to Nick about living in a metropolitan area and volunteering in retirement.
• (53:12) On February 3, Roger and Nick are going to review Nick's vision in a LIVE webinar.

SMART SPRINT

• (55:22) In the next seven days, visit the Hartford website link that we share in Six Shot Saturday to explore the MIT Age Lab studies.

BONUS

• (56:58) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Retirement Answer Man
• Register for the Retirement Plan Live results webinars!
• The Retirement Answer Man Free Worksheet Library
• Sign up for 6-Shot Saturday!
• Meals on Wheels
  
  

Show notes created by https://headliner.app

💬 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

• (54:49) In the next seven days, I challenge you to update your net worth statements.

BONUS

• (56:16) Roger reads another excerpt from his grandfather's WWII journal.

RESOURCES

• Retirement Answer Man
• Register for the Retirement Plan Live results webinars!
• The Retirement Answer Man Free Worksheet Library
• Sign up for 6-Shot Saturday!
• Social Security Administration
  
  

BOOKS

• Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect- Will Guidara

Show notes created by https://headliner.app

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

• Retirement Answer Man
• Register for the Retirement Plan Live results webinars!
• The Retirement Answer Man Free Worksheet Library
• Sign up for 6-Shot Saturday!

Books

• Die With Zero: Getting All You Can from Your Money and Your Life by Bill Perkins
• The Five Regrets of the Dying by Bronnie Ware
• Author- Arthur Brooks

Show notes created by https://headliner.app

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:

• Sign up for 6-Shot Saturday.
• Register for the Retirement Plan Live results webinars!
• Book - Essentialism: The Disciplined Pursuit of Less by Greg McKeown
• The Retirement Answer Man Free Worksheet Library
• Retirement Podcast Network

💬 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

Show notes created by https://headliner.app

In this special Christmas Day episode, we explore the art of reflection as we approach the end of 2024. Join us as we dive into Tanya Nichols' year-end reflection protocol and challenge ourselves to look back on our successes, failures, and lessons learned. We'll also answer listener questions on topics ranging from Roth contributions to mortgage strategies. Plus, get a sneak peek into 2025 with upcoming episodes focused on retiring single and live case studies. Don't miss this opportunity to glean wisdom and set intentions for the new year.

PRACTICAL PLANNING SEGMENT 

(00:45) It is a good time of year to reflect on 2024

(03:00) Today we are going to work through Tanya Nichol’s end of year 2024 worksheet.

(03:47) What are some successes you achieved this year, professionally and personally?

(06:15) What are some failures this year that you're not proud of?

(06:56) What are some things you wish you had done in 2024?

(07:27) What are things that you thought were really critical last year that are meaningless now?

(08:03) The next category for 2024 reflection is what made me truly happy in 2024?

(09:10) What made you deeply sad this last year?

(10:00) Next category. Something new I discovered about myself this year

(10:50) What did you love in 2024?

(11:12) When you reflect on 2024, what seasons are ending for you?

(12:15) What new seasons are coming?

(14:20) My theme for 2025 is outdoors. I want to be outdoors more next year.

(15:00) Our team word for 2025 is HONE. 

LISTENER QUESTIONS

(15:51) Bob asks about Roth contribution limits as a low earned income household for 2024

(18:11) Listener Brian has found a way to keep his brain active by attending college courses to work on his Mindset nonfinancial pillar.

(21:01) Our next question comes from Jim related to paying down a mortgage

(26:50) Nancy just wanted to share her gratitude as a long time listener of the show.

SMART SPRINT

(27:17) Grab the intention worksheet that we're going to share on Six Shot Saturday and reflect on your 2024

BONUS

(28:06) Roger shares the next entry from his grandfather's WWII journal

Show notes created by https://headliner.app

💬 Show Notes

Join us in this episode as we delve into the complexities of retirement planning with Dr. Daniel Crosby, author of The Soul of Wealth. Discover the importance of learning what to ignore and how to trust your inner voice amidst the noise. We also explore the nuances of health management with Dr. Bobby Dubois, discussing how to tailor your health journey to your unique style. Plus, get a sneak peek into the upcoming Retirement Plan Live case study and exciting changes for the show in 2025.

(00:30) Today we are going to talk to Doctor Daniel Crosby and Doctor Bobby Dubois

(04:20) Retirement Plan Live starts in January. We will have two subjects this go round, both are retiring single, with no children.

(05:30) In 2025, the show will be more focused on retirement.

INTERVIEW WITH DANIEL CROSBY

(06:20) Welcome Doctor Daniel Crosby to the show.

(07:00) We are going to focus on a chapter in The Soul of Wealth, Learning What to Ignore.

(08:15) Daniel: I feel like our attention is being pulled in negative ways...We live in a world where we are utterly unprepared for the amount of information coming our way.

(10:35) Daniel: Going back to the top of your funnel and figuring out what you want can be deeply obscured by focusing on the wrong thing.

(12:35) Daniel: The reason that we are at the top of the food chain is our ability to work cooperatively together and part of working together is benchmarking with each other.

(13:20) Roger: Whatever your vision is should be a reflection of your values.

(17:55) Roger: We have to know what to pay attention to when it comes to practical planning so we don't spend too much time focusing on the wrong thing. What are those filtering questions?

(19:05) Question 1:  Do you have a reason to believe the accuracy of this information?

(21:31) Question 2: What is the motivation of the person giving forecast or information?

(26:20) Daniel: That which we obtain too easily, we esteem too lightly.

(27:15) Question 3: Will I care about this in the next 5 years?

(29:29) Daniel: “Given the state of everything,” is kind of how everyone feels all the time.

(30:30) Last question: Does this matter to my finances or my soul?

(33:40) Daniel: When people look back on their lives, they don’t care about work and money all that much.

INTERVIEW WITH DR BOBBY DUBOIS

(35:50) Dr. Bobby Dubois joins us to talk about energy and retirement.

(36:41) Today we are going to talk about HOW we approach our health.

(38:06) Bobby: One size fits all doesn't reflect our personality types. How things motivate us are not the same from one person to another.

(40:02) Roger: Quote from Neal Stephenson might apply to today's longevity discussion. Most of us are too busy living our lives to think about longevity.

(41:35) Bobby: There are five different health types and there's a quiz to identify them

(42:11) Bobby: The first type is the holistic health hacker, wellness is front and center.

(43:52) Bobby: Next is single minded achievers, they focus on one or two things and can get tunnel vision. 

(45:55) Bobby: Purposeful path planners are folks who are motivated about their health but can get overwhelmed by information.

(47:39) Bobby: Contentment creators have mastered the art of enjoying life. Life is front and center and health is secondary.

(49:40) The last type is the smallest in my database, hopeful health seekers. They keep at it and don’t give up but they haven’t found the way toward health.

(51:17) Bobby talks about Roger being a purposeful path planner.

(55:36) Roger: There's a difference between deciding, indecisive, and undecided

(59:40) Your health type may change over time.

SMART SPRINT

(01:05:42) IN the next seven days, I challenge you to use Dr Crosby’s focusing questions to strengthen the muscle around what you should pay attention to and what you should ignore.

BONUS

(01:06:23) All right, mission number seven and eight, July 8, 1944. Ship number 188, sortie 5th Vienna

Show notes created by https://headliner.app

Rational optimism

✍️ Episode References

Dr. Daniel Crosby

https://www.danielcrosby.com/

The Soul of Wealth

https://harriman.house/books/the-soul-of-wealth/

Dr. Bobby Dubois

https://www.drbobbylivelongandwell.com/

James Clear

https://jamesclear.com/

Cal Newport

https://www.calnewport.com/books/deep-work/

The Rational Optimist: How Prosperity Evolves- Matt Ridley

https://www.amazon.com/Rational-Optimist-Prosperity-Evolves-P-s/dp/0061452068

In this episode, Roger discusses the impact of our relationship with "stuff" on our retirement journey. With the holiday season upon us, we're all about giving and receiving, but how does this accumulation affect us long-term? Michael Easter, author of The Comfort Crisis and Scarcity Brain, joins the conversation and shares insights on distinguishing between gear and stuff. Michael shares insights on the psychological and societal influences driving consumption and offers practical tips for making more mindful purchasing decisions. We also address listener questions on topics like the tax implications of campaign promises and master limited partnerships. Tune in for a thought-provoking discussion that might just change the way you view your possessions and retirement planning.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [01:00] Our relationship with stuff can have second and third order consequences in retirement
• [01:50] How watching the Buy Now documentary inspired Roger to think about possessions
• [03:10] The impact of clutter on retirement

GEAR VS. STUFF CHAT WITH MICHAEL EASTER

• [05:40] How the amount of items in the average home has changed over time and why
• [07:36] Michael Easter defines gear and stuff 
• [09:39] Humans evolved to get as much information as possible
• [12:00] Managing gear vs. stuff in holiday shopping
• [12:45] How ecommerce platforms have taken features from casinos to help speed purchases
• [14:25] Strategies to reduce needless purchases
• [19:50] Roger’s plan for gifts this year

LISTENER QUESTIONS

• [23:45] David’s comment on verse and versus
• [24:55] Mary on how to ask better questions
• [26:26] Armand asks why we aren’t discussing potential elimination of income tax on Social Security
• [30:41] Todd has a question about master limited partnership stocks

SMART SPRINT

• [38:00] Be aware of your purchases this holiday season - are you buying gear or stuff?

Resources Mentioned In This Episode

Michael Easter

Cal Newport

Books: The Comfort Crisis and Scarcity Brain by Michael Easter

Netflix documentary Buy Now

Six-Shot Saturday

Join us for a special episode as we welcome Christine Benz to discuss her new book, "How to Retire." In a captivating conversation at the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.

INTERVIEW WITH CHRISTINE BENZ

(01:26) Rock Retirement Club welcomes Christine Benz to chat about her new book, How to Retire

(02:40) Roger asks about the goal for the readers of this book.

(04:00) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.

(05:09) Roger: I was surprised that you did the book in the interview style, I think it helped make the book more approachable.

(07:24) Roger: Did you have any big insights that were unexpected?

(10:18) Fritz: I give Christine serious kudos for the approach she took and the amount of homework she did.

(11:47) Christine to Fritz: I love your methodical approach to dealing with the years leading up to retirement

(13:19) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.

(17:28) Roger: When it comes to portfolio construction, it's easy to overcomplicate things

(20:30) Larry asks Christine what challenges her or confounds her most about her own retirement planning.

(22:53) Larry asks “Are you concerned that we may not find people to provide long term care?”

(30:11) Kevin Lyles asks about asset allocation when you retire

(30:47) Christine: My chapter on asset allocation addresses the bucket approach, which I do find very customizable.

(36:56) Laura asks: When you talk about high quality bond portfolios, do bond funds work?

(41:06) One question I have when we're talking about indexes is about broad diversification. 

(43:42) Roger: Now someone had a comment related to some of the research on small cap value. Do you have any view on that research on having a more diversified small cap value tilt?

(47:19) Eric asks “what is the argument for using tips for retirees?” 

(50:24) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.

(52:50) Roger: The optimization part sometimes dominates the conversation.

(53:38) Roger asks Christine: Have you found, even in your own life, a balance between making sure you don’t get too complicated in investments?

(56:45) Biranna asks after 20 interviews, what question now rests in your mind?

(57:40) Christine: I've been thinking more about whether the concept of retirement is flawed

(58:59) We're going to share a link with members offering a discount to Morningstar.

(59:55) Next week on the show, we're going to chat about with Michael Easter about Gear vs Stuff

BONUS

(01:00:30) Roger reads an excerpt from his grandfather's WWII journal

REFERENCES

Wade Pfau

Morningstar 

The Retirement Manifest- Fritz Gilbert

Daughterhood.org

Christine Benz

Six Shot Saturday

BOOKS

How to Retire: 20 lessons for a happy, successful, and wealthy retirement- Christine Benz

Being Mortal: Medicine and What Matters in the End- Atul Gawande

Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years- Fritz Gilbert

Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future- Roger Whitney

Show notes created by https://headliner.app

Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!

PRACTICAL PLANNING SEGMENT

(00:30) Today we are going to talk about charitable and family giving.

(00:53) I misquoted the HSA contribution limits in episode 565

(02:40) In January we are doing another Retirement Plan Live series.

03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.

(04:21) Today we're going to talk about charitable and family giving

(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.

(07:41)What are ways of giving to a charitable organization?

(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.

(14:42)  Let’s talk about family giving. You can give up to $18,000 a year in family giving.

(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.

LISTENER QUESTIONS 

(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.

(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?

(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake… what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”

SMART SPRINT

(37:55) In the next seven days review your charitable and family giving.

BONUS

(38:15) Roger shares another excerpt from his grandfather's WWII journal.

REFERENCES

Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/

Red Cross
https://www.redcross.org/

Schwab Donor-Advised Fund
https://www.schwabcharitable.org/

Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/

Upcoming Podcast Guests:

Christine Benz
https://www.morningstar.com/people/christine-benz

Michael Easter
https://eastermichael.com/

Daniel Crosby
https://orion.com/thought-leader/daniel-crosby

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

Retirement Podcast Network
https://retirementpodcastnetwork.com/

Six Shot Saturday
https://rogerwhitney.com/six-shot-saturday

Show notes created by https://headliner.app

Join us in this insightful episode as we continue our series on year-end action items, focusing on optimizing your retirement planning. Today, we delve into the intricacies of withdrawing assets, discussing everything from flexible spending accounts to inherited IRAs. We also explore the concept of "gear, not stuff" with insights from Michael Easter, and how making thoughtful purchasing decisions can impact your financial health and the environment. Don't miss our deep dive into tax strategies and the importance of building a resilient retirement plan. Plus, we answer listener questions about decumulation, working with financial advisors, and more. Tune in to take actionable steps toward a secure and fulfilling retirement!

PRACTICAL PLANNING SEGMENT

(00:00) This week we continue to discuss year end action items to optimize your retirement planning

(00:50) We are gearing up for a retirement plan live case study for January. This time we will be focusing on someone who is single with no children.

(02:10) Roger shares an anecdote about having his kitchen cabinets painted and discusses gear versus stuff.

(05:00) Roger discusses the importance of buying high quality items that last.

(07:25) Today we're going to talk about accounts we should consider withdrawing money from before the end of the year. First up are FSA accounts.

(08:14) The next accounts we are going to talk about are inherited pre-tax accounts.

(09:30) If you inherited an IRA prior to January 1, 2020, your required minimum distribution is required to be taken out by the end of this year.

(10:48) What happens if you inherited an IRA after 2020?

(12:25) Since the Secure Act 2.0 started in 2023, the penalty for not taking the required minimum distribution is 25% of what you should have taken.

(13:35) The next type of required minimum distributions we are going to talk about are those that are age related for original IRA owners.

(15:03) Proactively taking qualified distributions can lower your overall tax rate in retirement.

LISTENER QUESTIONS 

(20:44) Next Month, we'll focus on answering some of your questions on AskRoger.

(21:12) The first question comes from Scott about principal versus interest and decumulation.

(28:59) Next, Joy says she needs help with retirement planning and decumulation of assets.

(32:45) Mike asks about decumulation and resilience. How should pre-retirees position retirement assets as they reach the last five years or so before retirement?

(39:11) Tom asks about the five year rule for Roth 401k conversions.

SMART SPRINT

(41:08) Take a look at the items that we talked about in terms of withdrawing assets.

BONUS

(41:45) Roger reads another excerpt from his grandfather's war journal.

REFERENCES

Ask Roger

https://www.rogerwhitney.com/askroger

Michael Easter
https://twopct.com

Dinkytown Calculators- specifically the 1040 tax estimator
https://dinkytown.net

Schwab Required Minimum Distribution Calculator
https://www.schwab.com/ira/ira-calculators/inherited-ira-distribution-calculator

Six Shot Saturday
https://6shotsaturday.com

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