In this episode, Marc interviews Roger Whitney, the Retirement Answer Man. He believes you can create a great life that balances living well today and living well tomorrow, by having the right little conversations about money. Over the last 25 years, he has worked directly with clients on his journey, and shares the wisdom he’s learned, on his weekly podcast, The Retirement Answer Man, and his blog, at RogerWhitney.com. Marc just reviewed Roger’s upcoming book, Thrive Outside the Lines: How to Create Your Retirement Masterpiece. Marc and Kerry discuss several topics, including Roger’s financial planning practice, how Roger started his weekly podcast, and recommendations for Baby Boomers to realize they will be working longer and cutting back a little.
Key Takeaways:
[2:09] Roger is a practicing financial planner. Roger loves what works, over theory. His podcast reflects issues he helps clients handle every day. He started the podcast as a teaching show, to help him organize his own thoughts, and to help listeners. He loves it.
[4:56] Baby Boomers are living older than any past generation, and are a lot more active. Their retirement needs are different than the needs of their parents. The old advice was about saving and investing, and it is insufficient for 20 years of retirement.
[6:52] Roger teaches that instead of a retirement date, ease into a relationship with retirement, where you work a job with fewer hours, allowing you the time to do things you want to do, with a modest income.
[8:01] If a person has a lump sum pension, they are suddenly responsible for managing their money without a weekly check, and it makes them uncomfortable.
[9:37] At the end of your earnings career, you become susceptible to marketing methods of fear and short-term promises.
[12:23] When making retirement decisions, we have to balance between quality of life today, and having enough money for quality of life tomorrow. You’re never perfectly balanced. The best balance maximizes the life we have today, and hope for tomorrow.
[15:08] Fidelity says a married couple of 65 needs to budget $260K to spend on healthcare. You need to invest in your health.
[15:51] Roger’s goal with the book is to help people understand what they’re facing, as they’re approaching living more independently. If you’re willing to move outside the lines, you can really thrive, by working part time, investing in your health, and rethinking how you manage risk in your investments. It follows how Roger counsels his clients.
[17:40] Baby Boomers do not have enough savings. Start being intentional about what you’re trying to accomplish. Accept that you’re going to work longer, not in the office, but doing something you actually enjoy. Create a life where you don’t retire.
[21:41] Old dogs can learn new tricks. We have a lot of options, we just have to be willing to explore them.
[23:55] When we’re dealing with tough stuff, there’s comfort to know that we’re normal, and there’s power in getting around people who are figuring it out along with you. You can get out of it. You’re not alone. There are solutions. Our problems are not unique.
[25:31] Marc really wants you to think about the concept of life maximization. What are you giving up today for a future that may not exist? Marc also reminds you to listen to the expert series of interviews, including Episode 2 with Chris Farrell and Episode 6 with Kerry Hannon.
Mentioned in This Episode:
Contact Marc, and ask questions at: Careerpivot.com/contact-me
Website: RogerWhitney.com
Upcoming Book: Thrive Outside the Lines: How to Create Your Retirement Masterpiece, by Roger Whitney
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