Rocking a Solo Retirement: Nick's Resources/Laura's 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

🗓️ 22 January 2025

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

💬 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

BOOKS

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

Show notes created by https://headliner.app

Transcript

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0:00.0	Happy birthday to me.
0:03.2	Happy birthday to me.
0:05.6	Happy birthday, dear retirement on Saman.
0:09.7	Happy birthday to me.
0:14.9	Welcome to the show dedicated to helping you not just survive retirement, but to have the confidence because you're doing the work to really lean in and rock it.
0:25.3	I'm going to have some demerit points from Nicole Rockstar Mills because I sang on the podcast.
0:30.8	I'm not supposed to do that.
0:32.2	I've been forbidden.
0:33.6	But today, January 22nd is my birthday.
0:38.0	I am 58 years old and super excited about life.
0:43.4	All right.
0:44.8	We are continuing on with our retirement plan live case study with Laura and Nick.
0:51.5	Today we're going to talk about the resources they have to fund their life.
0:57.8	One thing I think is interesting about this is Laura was in the private sector her entire life and had to build her assets.
1:06.1	Nick, on the other hand, was in the military and the government, and still had to build his assets,
1:11.6	but has some other social benefits in terms of guaranteed income that you get when you work
1:19.3	in public service. And it is a reflection in his net worth. He is a, you know, he's a wealthy
1:26.1	man, but he's not one of those that has just amassed millions of dollars in a 401k. He's a wealthy man, but he's not one of those that has just amassed millions of dollars
1:29.9	in a 401k. He took a different route. So we're going to talk about those assets. One thing that's
1:36.1	critical, I think, in doing a retirement plan of record and knowing what's feasible is obviously
1:44.0	getting answers to questions you have, but giving you a different
1:47.7	perspective on how you approach life. Let me give you an example. So over the holidays, I did a
	...

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