Retirement Answer Man

We’ve been talking about decision making for the past several episodes and today I want to help you build a framework to rely upon when making decisions in retirement. This framework for better decision making will help ensure that you are living...

Show Notes

We’ve been talking about decision making for the past several episodes and today I want to help you build a framework to rely upon when making decisions in retirement. This framework for better decision making will help ensure that you are living the life you really want. If you are ready to create a strategy that reflects your values so that you can rock retirement then press play now. Why do you need to build a decision-making framework? 
Have you really thought about your values? A person’s values are their principles or standards of behavior. Values are what you feel is important to your life. If you want to build a retirement and a life that you love then you need to live a life that reflects your values. The life that you lead is based on the decisions that you make. So if you want to enjoy a life that stays true to your values you need to put some thought into the decisions that you make. Having a decision making framework in place will help you stay true to your values. How to create a strategy that reflects your values 
So now you know why you need a decision-making framework, but how do you build one? You can create a strategy that reflects your values in just 4 easy steps. 
  1. Step one is easy to remember. Start with your values! Before you can begin to build your framework you need to establish what is important in your life. What are your values?
  2. Create a vision of what you want your life to look like. This may sound a bit cheesy, but try and picture what you want your life to look like. It doesn’t have to be perfect. It just has to be important to you. Try asking yourself this question: at the end of your life what would make you think that your life was amazing?
  3. What’s your mission? This question leads to the how. How you are going to achieve your vision? 
  4. Create strategic objectives that follow your mission. What strategic objectives will you focus on first? How will you focus on your mission?
Build your decision-making framework today.  
That’s it! Your framework can be as detailed or loose as you need it to be. But if you start taking these 4 steps you can build the strategy to make decisions that will reflect your values. Stay true to yourself and rock your retirement by creating a decision making strategy that you can implement. The ideal framework will reflect your values and set you up to live a life you truly love.
 Some real-life examples 
If you are curious about how these steps play out in the real world listen in to hear a couple of examples. You’ll discover how I started my firm and how my values are reflected in what I do. You will also hear how this strategy can be applied to life in retirement. You also want to listen in to hear Tanya Nichols help me answer some listener questions. 
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? 
  • [1:31] Values are your judgment of what is important to you
PRACTICAL PLANNING SEGMENT 
  • [4:31] Build your framework
  • [6:30] Some examples of building a framework
  • [9:44] An example of how you can build your framework in retirement 
Q&A SEGMENT WITH TANYA NICHOLS 
  • [12:28] What is the best and worst decision Tanya has made
  • [15:21] Does it make sense to have a trust as a beneficiary?
  • [17:52] How to predict taxable investment income from year to year
  • [26:55] What is a good strategy for asset allocation after taxes?
TODAY’S SMART SPRINT SEGMENT 
  • [34:12] Sign up for 6 shot Saturday to help you figure out your top 10 values
Resources Mentioned In This Episode
Holistiplan
Align Financial
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement  by Roger Whitney
Work with Roger
Roger’s Retirement Learning Center
 

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