#103 -How Will You Manage These Risks During Retirement?

Good day to you gain, my friends, and welcome to this edition of The Retirement Answer Man, my name is Roger Whitney, your host! Today we are smack in the middle of our “Retirement Plan Live” event and you’re going to get to hear another conversation I had with Linda (of Linda and James) about their retirement planning. My hope is that our conversations spur you to consider your retirement planning and can help you make some adjustments that set you up for a better future and a happier life. Listen in as we tackle the issue of risk management. What IS risk management? Risk management is not a term that is only used in the investment realm, companies of all kinds try to manage their risks. But what does it really mean to engage in risk management? In this episode’s “What does that mean?” segment, I’m going to define risk management and let you in on a little secret: it’s not what many people think it is. You’ll have to listen to find out. Risk Management and Planning for Retirement. As I talk with Linda today about her retirement plan, we get into a lot of very detailed thoughts she’s been having about the investments she and her husband have made toward their “happily ever after” retirement. We talk about bonds VS bond funds, health care risks, long term care, elder care for her aging mother, college education for their kids, and a whole lot more. You’ll be impressed at how astute Linda is with this stuff, and I’m pretty sure you’re going to learn something from her questions, so be sure you give it a listen. What would happen if you could get out of “what if” thinking and into “what can I do” thinking? I’ve spent a good deal of my life worrying about things. It’s very sad, but entirely true. I had to learn (the hard way many times) that the “what if” thinking that I tend to get into only generates anxiety. There’s nothing helpful about it in most cases. The key is to turn my thinking toward, “What can I do?” thinking instead, and in today’s “Happy Segment” I want to show you how that one little adjustment can help you get out of victim mode and into action mode, which adds up to much more peace and satisfaction in life. It’s not too late (at least not today as I write this)! The final webinar of this year’s Retirement Plan Live event happens in two days from the publication of this episode, and the only way you’ll get to hear how Linda and James’ retirement plan comes together and whether or not it looks like they’ll be able to reach their ideal retirement goals, is to be a part of that webinar. You’re going to be able to ask questions of your own as well as learn from the things I advise Linda and James to do… but not if you don’t sign up. Go to www.RogerWhitney.com/RPL to sign up! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:25] Roger’s personal “Thank You” - for everything you do to encourage the show![1:21] The introduction of today’s episode of Retirement Plan Live, and your invite to the LIVE webinar!HOT TOPIC SEGMENT [3:32] What’s going on in the markets - the S&P Index.WHAT DOES THAT MEAN? SEGMENT [8:01] What is risk management?[8:42] Why you can’t remove risk altogether.PRACTICAL PLANNING SEGMENT [13:10] Linda and James’ risk management assessment.[18:00] Bonds VS Bond Funds[25:16] Health risks.[27:56] Long term care risks.[31:14] College and education expenses.[37:03] Supporting an elderly parent.[41:21] Adjustments Linda and James have made in their investment strategy in the past.TODAY’S SMART SPRINT SEGMENT [45:48] Identify 1 risk that you feel you have in your life and go through the checklist of what you could do about it.THE “BE HAPPY” SEGMENT [47:27] Why it’s helpful to accept that you can’t figure it all out.[48:25] Why risk is not always an intellectual conversation.[49:03] Changing from “what if” questions to “how can I” questions.RESOURCES MENTIONED IN THIS EPISODE www.RogerWhitney.com/RPL - Find out more about retirement plan live!Contact Roger: http://www.rogerwhitney.com/retirementanswers/Roger’s retirement learning center: www.RogerWhitney.com/learnThe Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan