Show Notes
Hey there, welcome back to another episode of The Retirement Answer Man. I’m Roger Whitney - THE Retirement Answer Man - and in case this is the first time you’ve ever wandered over to my show, welcome! I’m so glad you’re here. You’ve jumped right into the middle of my “Retirement Plan Live” series, where I’m helping a real life couple, James and Linda, do their very own retirement plan on the podcast for everyone to hear. You’ll hear lots of interesting things to consider as well as find out how you can play along and receive your own downloads to do your own retirement planning right alongside us. Find out more on this episode. The financial markets are a bit frightening right now.
The talking heads are saying that we’ve had the worst financial start to a new year since the great depression. That’s a comforting thought, isn’t it? But all kidding aside, an unstable time like this can be very unsettling on the average investor, and for all you above average folks too! So what should you think about a time like this? More importantly, what should you do? On this episode I’m going to walk you through a few things you should consider and give you some practical steps you can consider as well.
Have you ever drawn up your own “net worth” statement?
In my humble opinion, your net worth statement is one of the most vital documents you can use for your financial and retirement planning. It’s a quick, year to year snapshot of your financial picture that enables you to quickly see if you’re getting ahead or falling behind. On this episode you’re not only going to hear me explain what a net worth statement is, but I’m also going to do a real live example of how to create one, so make sure you listen to this episode.
Today’s S.M.A.R.T Sprint: Update your net worth statement.
If you don’t have an updated net worth statement, today is your lucky day. On this episode I walk Linda through the variables that need to be considered in calculating a net worth statement and I also share where you can get a handy dandy worksheet to help you create your own net worth statement. The New Year is a great time to get this document created so that you can begin to use it on an annual basis to keep track of your financial health.
A great tool for happiness as you move into retirement.
Many people (me included) get so busy with their careers and the responsibilities of life that they forget to invest in one of the most important, long-lasting resources they could have: friendships. I’d hate to see you facing retirement all alone, without a support system of good friends in place. On this episode I tell you my brief story of how I’ve begun to surround myself with friends and build good friendships, and how it can serve to equip you for the retirement stage of life.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:32] Roger’s welcome to you and the introduction to this episode.
HOT TOPIC SEGMENT
- [2:18] What’s going on with the markets these days?
- [4:20] How oil prices impact the political situation.
- [8:01] How the current Presidential race impacts investment planning.
- [9:20] Things to consider during tumultuous times like this.
- [14:41] What should you do?
WHAT DOES THAT MEAN? SEGMENT
- [19:29] What is a “Net Worth” statement?
- [20:22] Why a “net worth” statement is one of the most critical documents you can have.
PRACTICAL PLANNING SEGMENT
- [20:50] Retirement Plan Live is on! - Creating a net worth statement.
- [22:36] Current income for Linda and James.
- [25:11] Retirement income resources.
- [26:26] Additional income sources from work during retirement.
- [30:40] Current debt and terms.
- [32:12] Assets to consider.
- [37:50] Tax deferred investments and retirement plans.
TODAY’S SMART SPRINT SEGMENT
- [47:00] Today’s S.M.A.R.T. SPRINT: Update your net worth statement.
THE “BE HAPPY” SEGMENT
- [48:13] How to find a band of brothers (or sisters) who can support you.
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