Are you ready to make the most of the life you
have? I’m Roger Whitney and I’m here to help you do exactly that -
not just for your retirement years, but for your entire life. On
today’s show you’ll have the opportunity to dive into all kinds of
good stuff, including my weekly happy lab, hot topics, practical
planning tips, and the top 6 mistakes I’ve seen retirees make
during their retirement years. You’ll get a lot of great tips from
this episode so I hope you take time to listen.
Why are you working so hard?
I’m the last person to say that you shouldn’t
work hard. Hard work is one of the hallmarks of living a
responsible life. But it’s interesting to note that we often get
out of balance when it comes to work. We invest too much of our
identity and worth in what we do, to the exclusion of more
important things. On this week’s Happy Lab I’m going to give you a
couple of suggestions about balancing that for the sake of your
happiness - both now and in your retirement years.
Being “present” is one of the greatest gifts you can
give your family.
If you’re going to make the most of your life
now and in the future, you need to realize that one of the biggest
components of the happy kind of life you want is the quality
relationships that you develop over the course of your life.
Naturally, that includes your family and the friends you meet along
the way. It’s important, for the sake of those relationships, that
you learn how to put down your smart phone, disconnect from work,
and be present for the people who are closest to you. It’s a
decision you have to make and stick to and on today’s episode of
The Retirement Answer Man I’m going to give you some thoughts to
ponder along that line.
Why you need to learn from the mistakes of others -
before you retire.
We all make mistakes, and we should be learning
from them when we do. But as you near retirement a lot more is
riding on you making the right choices simply because you have less
time to make up for the mistakes and adjust your course. On this
episode I outline the top 6 mistakes that I’ve seen retirees make
over the course of my retirement planning career, in hopes that I
can give you a heads-up about the pitfalls ahead so that you can
adjust your mindset, prepare for what’s coming, and make wise
decisions now, before you retire.
Should you be maximizing your wealth?
That may sound like a an odd question. Don’t we
always want to maximize wealth? Prior to retirement, yes. But once
you hit retirement your mindset needs to adjust. Retirement is the
time of life that all your wealth maximization effort were aimed
toward. It’s the time for you to benefit from all those years. But
it’s not an easy transition to make and the adjustment can be more
than a little uncomfortable. On this episodes Practical Planning
segment I’m going to walk you through this one and help you make
some mental notes that will help you enter retirement with the
right mindset and approach so that your retirement years can be
some of your happiest yet.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER
MAN

[0:45] Welcome to this
episode!

THE HAPPY LAB

[2:31] People about to die often
wish they hadn’t worked so hard. Really?

TODAY’S SMART SPRINT SEGMENT

[6:16] The task of being “present”
with those you are with (kids, spouse, etc.)

HOT TOPIC SEGMENT

[7:58] Jobless claims and the
participation rate are improving.

WHAT DOES THAT MEAN? SEGMENT

[9:42] What are “Fund
Flows?”


[11:40] Understanding Fund Flows is
important to understand for long term investors.
[15:01] The Fund Flows of U.S.
equity strategies over a 5 year period.

PRACTICAL PLANNING SEGMENT

[16:54] Learning from the mistakes
of others.
[19:48] Why learning from others’
mistakes during retirement is so important.
[20:14] Don’t neglect your spending
plan (budget).
[22:47] Is wealth maximization the
right focus for a retiree?
[27:38] Do you really need to
support those adult children?
[29:55] Is that big home still
necessary?
[32:10] The ostrich