Welcome to the second installment of Retirement Plan Live. This is the episode where we run the initial numbers for Joelle’s retirement. We’ll walk through the 3 categories to define Joelle’s base needs, wants, and wishes and put number values to each of these areas. 

In addition to the interview with Joelle, you’ll hear listener questions about how to feel comfortable about retirement, converting 401Ks to Roth IRAs, and how my personal journey finding health insurance has turned out. 

As a bonus, you’ll hear an interview with Joe Saul-Sehy from the Stacking Benjamins podcast who has written a new book called Stacked. Listen in to hear if it is worth the read. 

Check your email this weekend to receive a free retirement planning worksheet

If you are following along with Retirement Plan Live and creating your own retirement plan, make sure that you are signed up for the 6-Shot Saturday weekly newsletter. In this Saturday’s newsletter, you will receive a link to a simple worksheet that will help guide you through your own retirement plan the way that I am walking through Joelle’s retirement plan. 

6-Shot Saturday is full of tips, news, listener questions, and more, straight from the Retirement Answer Man to your inbox. Simply head on over to RogerWhitney.com, scroll down to the bottom of the page, and enter your name and email address to sign up. 

Financial behavior is at the heart of all money management issues

Have you ever listened to the Stacking Benjamins podcast with Joe Saul-Sehy? If so, you’ll want to check out his new book, Stacked. If you haven’t heard his podcast, check it out on your favorite podcasting app. Joe joins me today to discuss why he wrote his new book, how he wrote it, and why it’s important. 

Did you know that 150 million Americans have cried about money? This number doesn’t only include people who live paycheck to paycheck, people who earn more are also concerned about money. These people aren’t crying about the loss of the mega backdoor Roth or cryptocurrency. They are crying about their financial behavior.

Many people who are educated about money and finances still struggle with their financial behavior. Mastering your finances isn’t about what you know, it's about what you do. 

Stacked helps readers take action to improve their financial situation

Traditional finance books often overcomplicate finances or hype certain complicated financial strategies. Stacked helps readers understand what they should be thinking about when it comes to financial matters and why they should think about them.

Since Joe discovered that people need actionable items to complete to successfully change their financial behavior he decided that his book should help readers change their financial behavior through action. The book is based on achievements that are built on micro-actions. Its format is award-based, similar to the way that many educational apps gamify learning. 

Joe begins financial planning with the end in mind

Joe’s book begins with the end in mind. It is goal-based and helps readers create a timeline to put their goals in perspective. Since most of us are visual learners, the book helps to plot things visually so that readers can begin to work on their financial problems. 

As you read, you’ll be able to visualize your goals so that you can put a list together to understand what you truly value and how that applies to your financial plan. Check out Stacked if you are interested in a light-hearted approach to a serious subject matter that gives you actionable items to get you closer to your financial goals. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLAN LIVE WITH JOELLE

• [3:04] Joelle’s base spending needs
• [8:50] Joelle’s future expenses
• [20:25] Budgeting will be a new experience for Joelle and her husband
• [23:49] Joelle’s aspirations
• [29:35] They plan to age in place

LISTENER QUESTIONS

• [34:25] A 401K to Roth transfer question
• [38:39] How to help Tracy’s husband retire again
• [43:04] My health insurance journey
• [46:10] Reverse mortgages

JOE SAUL-SEHY INTERVIEW

• [47:09] Money management can be stressful
• [51:22] How Joe wrote his book
• [59:23] Begin with the end in mind
• [1:07:00] Joe’s goals for his book

TODAY’S SMART SPRINT SEGMENT

• [1:10:19] What will you wish you would have done at the end of this year?

Resources Mentioned In This Episode

BOOK - Stacked by Joe Saul-Sehy

BOOK - How to Begin by Michael Bungay Stanier

BOOK - Half Time by Bob Buford

BOOK - The Second Mountain by David Brooks

PODCAST - Stacking Benjamins with Joe Saul-Sehy

NeuYear.net

Powell’s Books