Legal Tender: Tallying Their Resources

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

🗓️ 19 June 2024

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

#544 - Legal Tender: Tallying Their Resources

Planning for retirement isn’t about creating a new job for yourself, it’s about using what you have to create a great life. On this episode of Retirement Answer Man, I’ll help Mike and Judy tally up and organize their resources so they can come up with a feasible plan for retirement.

Press play to hear how you can follow along and create your own plan of record.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

MIKE AND JUDY’S RESOURCES

[3:40] Some corrections from last time
[8:41] Their social capital
[12:34] Their estimated human capital
[18:18] Their assets

LISTENER QUESTIONS

[31:33] On investing to only keep pace with inflation
[38:14] Should he take his RMDs monthly or yearly
[45:16] Funding later in life healthcare costs

TODAY’S SMART SPRINT SEGMENT

[57:02] Use the worksheet from Six Shot Saturday to organize your resources

Resources Mentioned In This Episode

Rock Retirement Club

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 dedicated to helping you not just survive retirement
0:10.1	but to have the confidence because you're doing the work to really lean it in and rock it.
0:17.0	Hey there, Roger Whitney, yeah.
0:21.0	By day I'm a practicing retirement planner with over 30 years experience, founder of
0:25.8	agile retirement management.
0:27.6	And over the last 10 years or so, you and I have been able to hang out in this show and really think about how do you actually do this retirement
0:35.0	planning well, not so you can create a second job or a new job for yourself in retirement, but so you can go off and create a great life with confidence and I've had the honor of
0:46.8	doing this with you and hopefully this is my own mastery journey and getting better
0:51.0	at my skills so today get, we got a good show.
0:53.4	We, last week with Mike and Judy, our case study that we're working on right now,
0:59.5	we had them think with levity about their life.
1:04.0	What could they do if they could have everything?
1:07.5	What would everything be to them?
1:09.2	What would they want?
1:11.2	That's a hard thing for a lot of us to think about, but it's an important step.
1:16.3	Doesn't mean we get to have everything, but thinking in that levity of what if allows us to identify priorities and tease out preferences that might not come out in a normal planning process?
1:30.0	But we can't live like we can have everything.
1:35.0	There are always constraints on us, right?
1:38.5	So we can't live way up in the air,
1:40.7	like we're flying away. We need to bring in some gravity, which is the
1:46.4	constraints of our financial resources and our choices. The reason we always start with something that's really uncomfortable, what if you can have everything? What would that be like we do with Mike and Judy?
	...

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