How to Set Up Your Paycheck in Retirement

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

🗓️ 12 March 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

💬 Show Notes

In this episode, we explore the essential steps to setting up your retirement paycheck to ensure financial stability and confidence in your retirement years. Join us as we discuss the importance of tracking your cash flow, identifying spending trends, and creating a structured paycheck system that mimics the rhythm of a traditional paycheck. We also dive into listener questions about MYGAs, private equity, and inheritance planning, providing valuable insights to help you navigate your retirement journey.

OUTLINE OF THIS EPISODE OF RETIREMENT ANSWER MAN

(00:00) This show is dedicated to helping you not go bankrupt in retirement!
(00:25) Today we'll talk about how to set up your paycheck ahead of retirement
(01:16) Sign up for my weekly newsletter- The Noodle.
(01:44) In retirement, you lose the natural pulse of income coming into your checking account so it is important to have a system setup.
(03:05) What is the intent in setting up a paycheck in retirement?
(07:35) Roger talks about a default paycheck structure and how to set it up.
(12:30) What should you do about extraordinary expenditures?
(13:14) How should you have your pretax account set up for a retirement paycheck?
(17:45) Setting up a retirement paycheck helps identify trends in spending or saving.
(19:22) There will be an explainer video exclusive in our weekly newsletter- The Noodle

LISTENER QUESTIONS

(20:00) I got an email from Bill, a demographer, giving me more insight about the question- “how long should we plan to live?”
(24:00) Adam sent in a question about MYGAs- Multi-Year Guaranteed Annuities.
(28:43) John sends feedback on our private equity episode.
(30:32) David asks how to factor a substantial inheritance into his retirement plan.

SMART SPRINT

(39:35) In the next seven days, look at your payroll system and how you construct it.

BONUS

(40:25) Roger reads an excerpt from his grandfather’s WWII journal.

REFERENCES

Retirement Answer Man
Sign up for The Noodle (previously known as Six Shot Saturday)
The Retirement Answer Man Free Worksheet Library

Show notes created by https://headliner.app

Transcript

Click on a timestamp to play from that location

0:00.0	How did you go broke, Bill asked. Two ways, Mike said. Gradually, then suddenly, Ernest Hemingway.
0:11.5	Welcome to the show dedicated to helping you not go bankrupt and how to not just survive retirement,
0:17.4	but have the confidence because you're doing the work to really lean in and
0:21.8	rock it welcome to the show today today we're going to talk about how to set up your paycheck
0:28.3	so that you can get on with rocking retirement but also track how things are going so you don't go broke very slowly.
0:42.1	In addition to that, we're going to answer some of your questions on migas and private equity
0:47.2	and retirement plans of record and inheritance.
0:51.3	Excited to get going with that today.
0:53.1	Before we do that, I have another announcement.
0:56.5	I've been doing some refreshing here at the show.
1:00.0	Last week, we talked about our weekly email,
1:03.5	Six Shot Saturday, and it's rebranding to The Noodle.
1:07.6	I've gotten some great feedback on that already,
1:10.5	and we'll continue to improve on that.
1:12.7	If you are not getting the noodle, you can go to the noodle.m.e and sign up.
1:17.6	You'll get a summary of the show.
1:19.0	You'll get links to resources that we mentioned, and we're starting to do some episode-specific training videos,
1:26.0	which will have one this week related to setting up your paycheck.
1:29.8	So you can sign up for that at the noodle.com.
1:33.4	With that said, let's get on to how to set up your retirement paycheck.
1:43.8	In retirement, you lose the natural pulse of income coming into your checking account.
1:55.5	That paycheck you receive is like a pulse from a heart.
	...

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