Show Notes
Hey, it’s me, Roger Whitney - the Retirement Answer Man - and I’m here to help you not only plan for a happy and healthy retirement season but also to live a happier and healthier life now as you move toward retirement. On this episode we’re going to tackle the volatility in the markets as a result of the news that Great Britain has voted to leave the European Union.There are many things to consider having to do with lifestyle, investing, and retirement planning that you need to think through, and I’m going to help you do that on this episode of The Retirement Answer Man podcast. BREXIT is in the news. A surprise vote that has turned the markets on their heads (if markets had heads).
As you probably know, the United Kingdom’s vote to leave the European Union was a surprise to almost everyone. Even the betting pools got this one wrong. And if there’s one thing the markets hate - no, they despise - it’s surprises of this nature. That’s why everything is in turmoil and why the financial commentators can’t stop talking about it. So what does it mean for you and your retirement planning? That’s what really matters to me, so I want to address some of the things I see on the horizon because of this vote and help you think through the issues that could most impact you.
Uncertainty may not sound like a financial term, but it impacts almost everything about financial planning.
Almost everything that financial experts and prognosticators do for their clients is aimed at culling uncertainty from their investment strategies. I think we can all understand that - we all want to know for sure that something good is coming our way - but the sad truth is that it simply doesn’t work that way. In light of that fact how should we view the issue of uncertainty in financial and retirement planning? I’m going to take on that subject on this episode to enable you to make wiser decisions with your overall investment and retirement planning strategy, on this episode. In light of the uncertainty in the financial markets here are 5 things you can do to maximize your own retirement.
BREXIT is just one example of the kind of things that can happen to throw the financial markets into a tizzy at any moment. It’s those kinds of things that get us thinking seriously about the security and stability of our retirement funds. But it’s not only our retirement finances that we should be thinking about, this kind of uncertainty can point us toward wise planning in other areas of our lives as well. On this episode I walk you through the basics of a presentation I recently gave that encourages you to implement some SMART sprints in your life - small steps that make big impact - to prepare for retirement more wisely even in the face of uncertainty. It pays more than ever to work part time during retirement.
Most people retire because they are ready to be done with the 9 to 5 rat race that they’ve been about for the past 30 to 40 years. But keeping a part time job that fits your particular criteria is actually one of the most logical and powerful things you can do to fuel a happy retirement. That may sound counterintuitive but if you stick with me through this episode I’ll show you exactly what I mean. It’s on this episode of The Retirement Answer Man. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:31] My introduction to this episode and the topics discussed.
- [1:30] How to get “6 Shot Saturday” from me.
WHAT DOES THAT MEAN? SEGMENT
- [2:56] Today’s term, “Uncertainty.”
- [5:16] How uncertainty impacts your employment.
- [6:48] 90% of the financial industry capital is spent trying to avoid uncertainty.
- [7:31] Why your advisor needs to quit trying to give you perfect clarity and instead help you manage it.
HOT TOPIC SEGMENT
- [10:16] The United Kingdom voted to leave the European Union.
- [12:15] Why did Britain vote to leave the EU?
- [13:55] Why I say that the markets hate surprises like this.
- [15:04] What happens now?
- [16:57] What worries are coming up as a result?
PRACTICAL PLANNING SEGMENT
- [18:57] 5 things the BREXIT means for your retirement.
- [19:45] Why uncertainty is here to stay and we need to deal with it.
- [20:22] SMART sprints where we can make changes.
- [22:22] Focusing on the relationships in your life.
- [24:30] Health is a second area for a SMART sprint.
- [26:53] A SMART sprint in your professional life.
- [28:49] The financial area needs a SMART sprint of its own.
- [30:30] Why cash is now king.
- [34:08] It pays more than ever to work part time during retirement.
- [36:46] The European markets may be a great buy.
- [38:14] How you manage risk could be impacted by BREXIT.
THE HAPPY LAB SEGMENT
- [51:30] Who cares about the stuff?
TODAY’S SMART SPRINT SEGMENT
- [53:00] Monitor your spending over the next week to assess your vanity level.
What is Retirement Answer Man?
A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com