#101 - How to Dream Up Your Ideal Retirement
It’s here! You know you’ve been waiting for it and now I’m able to bring it to you… this year’s installment of Retirement Plan Live! This is YOUR opportunity to hear me walk through a real life, honest to goodness retirement plan with a very real couple - Linda and James. Today we’re going to start dreaming big with Linda to discover all the things that the two of them desire to go into their retirement. And you can play along if you like by downloading my free resources to help you dream up your own grand retirement as well. Just listen to this episode to hear how you can get involved in Retirement Plan live!
There’s a free Q & A session about retirement planning as part of this RPL event!
I want the Retirement Plan Live event to be the most practical, helpful, empowering session of podcast audio you’ve ever listened to (at least when it comes to retirement planning), so I’ve packed this event with resources for your benefit and consideration. One of those is an upcoming LIVE Q & A session where you and all the other RPL participants can get on a video chat with me, Roger Whitney, to ask your retirement related questions. Nothing’s off limits, so be sure you listen to find out how you can get into that free Q & A session.
Why you should stick to your plan when the markets look so bad.
Well the henhouse is clucking… it’s all the financial analysts and talking heads, telling us that the first week of 2016 is the worst we’ve seen since 2008. When that sort of news comes out, everyone gets up in arms. So what should you do? How does it impact your investment strategy? On this episode I’m going to unpack what you should do, and it begins with that well-conceived plan you’ve already come up with! Be sure to stick around for that portion of the show.
When missing your retirement goals are not a failure.
Goals are important. They’re the things we aim at when we’re trying to accomplish those big retirement dreams we’ve come up with. But did you know that missing a retirement goal does not mean you’ve failed? On this episode of The Retirement Answer Man I’m going to tell you why goals are desires and not predictions, and when it’s entirely appropriate for you to let go of at least some of your retirement planning goals. You might be surprised at what I have to say.
What goes into a good retirement plan? It all starts with a dream.
It’s impossible for anyone to project every expense that’s going to come up during the retirement years. But you’ve got to start somewhere… and I’ve learned that the “somewhere” you need to start is with a dream of what you want your retirement to be like. On this episode of the Retirement Answer Man, I’m chatting with one of our Retirement Plan Live participants, Linda, about what she and her husband, James, desire their retirement to look like. It’s a great peek into what this essential first step looks like, and can help you do the same thing for yourself.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
[0:30] Roger’s introduction of today’s episode and the topic of today’s episode.
[1:20] How you can plan alongside James and Linda with free resources.
HOT TOPIC SEGMENT
[2:16] The worst, first week of the year since 2008.
[3:22] The need for caution.
[3:40] What contributes to such a bad start?
[5:40] What should WE practically do in light of these things? 3 things…
WHAT DOES THAT MEAN? SEGMENT
[9:37] A very fancy term: GOALS (in terms of dreaming up your retirement).
[10:48] When missing a goal is NOT a failure.
PRACTICAL PLANNING SEGMENT
[12:15] It all starts with a dream of what you want.
[13:54] Dreaming up a retirement plan with Linda and James.
[15:06] The ideal date Linda and James want to retire.
[17:05] The worst case acceptable retirement age.
[18:06] An idea lifestyle budget.
[20:22] Things Linda and James desire for their retirement (goals).
[24:75] Automobile expense planning.
[25:30] Major purchases.
[27:01] The “spice” part of the budget.
[28:05] Living arrangements for retirement.
[30:18] Subsidizing parent care.
[31:15] College expenses for the kids.
[33:35] “I don’t want to die broke.”
[35:00] Health care expenses.
TODAY’S SMART SPRINT SEGMENT
[37:39] Do your own retirement plan.
[41:37] The live Q & A session.
[42:04] How you can get involved.
THE “BE HAPPY” SEGMENT
[43:27] Roger’s “Be Happy” goal for this year.
[44:00] The Daily Journal.
RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
BOOK: 20,000 Days And Counting