CLASSIC EPISODE The 8 Pillars of Rocking Retirement: Resilience and Optimization

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Lifeplanning, Retirementplanning, Financialplanning, Saving, Careerplanning, Self-improvement, Education, Retirementpodcast, Investing, Business, Investmentmanagement, Retirement

4.7 • 1.1K Ratings

🗓️ 11 September 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

This month, we're revisiting the eight pillars of rocking retirement. Today, we focus on the second two financial pillars: having a resilient plan of record and optimizing the plan to enhance the journey. Many people are good at setting goals and determining feasibility, but often overlook the importance of resilience in their retirement plan. We delve into how to stress test your plan for various risks like bear markets, health care shocks, and premature death, and how to build redundancies to make your plan more robust. We also discuss optimizing your plan with tax strategies, investment implementation, and legacy planning.

PRACTICAL PLANNING SEGMENT

-[00:35] - Introduction to the eight pillars of rocking retirement

- [04:55] Building a Resilient Retirement Plan

- [10:30] Building a funding strategy for the first five years of retirement

- [14:38] The fourth pillar: Optimization

LISTENER QUESTIONS

- [18:55] Mark asks about estimating Social Security benefits

- [20:32] Mary inquires about investing in Real Estate Investment Trusts versus private crowdfunding platforms

- [27:20] John seeks advice on choosing a retirement planner

- [31:58] Tammy's question on whether to sell a high-value home for liquidity

BRING IT ON SEGMENT

- [36:37] Building relationships and the importance of micro roles

SMART SPRINT SEGMENT

- [42:50] Assess the resilience of your retirement plan

Resources Mentioned In This Episode

Six Shot Saturday
https://sixshotsaturday.com

Jeremy Siegel's "Stocks for the Long Run"
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514

Roger's YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Transcript

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0:00.0	The show is a proud member of the Retirement Podcast Network.
0:03.4	Welcome to the show focused on you, the most important person in the room,
0:09.3	having the confidence to not just survive retirement but really lean in and rock retirement.
0:15.6	My name is Roger Whitney for 30 years. I've been a retirement planner. I'm founder of
0:20.0	agile retirement management and for the last 10 years or so on this show, we've been focusing on how do you actually
0:26.8	do retirement planning right or well enough so you can go create a great life.
0:31.3	The whole point of the exercise. So we are doing a month-long
0:36.2	refresher on the eight pillars that I argue are the foundation for rocking retirement so we don't waste our time focusing on things
0:44.6	that aren't as important.
0:46.6	Today we're going to focus on the second two financial pillars which are having a resilient plan of record and then optimization of the plan to enhance the
0:57.2	journey. I would argue in retirement planning almost everybody is decent on
1:02.1	the goals and the vision, pretty good about is it feasible using
1:06.8	software tools, but I would also argue that this third one, the most important one, having a resilient plan of record is generally
1:17.1	the one that is the lowest resolution or figured out.
1:22.1	I would say that in the planning profession, but also in individuals because it takes a little bit more specificity.
1:29.0	Oh boy, I just pronounced a word. Did I pronounce that correctly. Let's see.
1:34.0	Spe specificity.
1:37.0	Spe specificity.
1:38.0	Spe specificity.
1:40.0	Spe specificity.
1:41.0	Sometimes it's just hard to get my mouth to work the right way,
1:43.6	but you get the point.
	...

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