#223 - Retirement Plan Live: Flying Solo Edition, Your Most Stressful Retirement Questions Answered

Welcome to the last episode in this Retirement Plan Live series. This is the Flying Solo Edition where you can learn how to rock single retirement. Several listeners offer fantastic retirement questions and comments that I answer on this episode and the answers will interest you. On the practical planning segment of the show I am joined by Herb who gives us a male perspective on retiring single, so you won’t want to miss that. Be sure to listen to this episode as well as the webinar on June 7th to hear the grand finale and find out what happens to Sam’s retirement plans.

How do you save your own retirement funds from an ill spouse?

The first retirement question is actually from a married person, but she brings up an interesting point. Jackie is concerned that she and her husband’s shared retirement funds may run out with his exorbitant end of life medical expenses. She would like to know if there is a way to protect her own IRA account so that she will have enough money for herself to live on after he passes. End of life medical expenses can be incredibly costly, so this is a valid question that affects so many. Singles may not realize that this question is one advantage of being single. Listen to the hot topic segment to hear my answer to this challenging retirement question.

What inflation rate should be used for retirement planning?

Another listener has a retirement question about inflation rates. It is important to hedge against inflation when planning retirement. I use a rate of 4% even though there has only been a 2% inflation rate over the past 15 years. It is important to use all the available data over a long period of time to get a better idea of what inflation could do. If one only relies on 15 years of data to plan then it doesn’t paint a complete picture of what could happen. Listen to this episode of Retirement Answer Man to hear retirement questions and why and how I calculate inflation for retirement planning.

What can you learn from my aunt and uncle about retirement planning?

My own aunt and uncle join me on the practical planning segment to give us their perspective on retirement issues that you may not have considered. Recently after my aunt had surgery they were surprised to find that Aunt Patty needed 24-hour care for a whole week after a routine surgery. This brings about the retirement question: how do you plan for 24-hour care? This is hard enough for a married couple to plan for, and if you’re single it may take serious consideration. If you are considering moving to a new area after you retire you may also want to consider the medical facilities available. Listen to this episode as my aunt and uncle share insight that only comes with hindsight.

Finally, a single man volunteers to represent half the population!

Herb steps up to give a male perspective on retiring single. He recently contacted me and was the only male to volunteer to share his point of view on retirement. Thankfully Herb is a great candidate to represent half the single retirement population. Herb is 55 and planning on retiring in 3-5 years. Since he lives where there is a high cost of living he would prefer to move when he retires. One of the benefits of retiring single is that the choice is all his, and he won’t have to compromise. Herb is great at getting out of his comfort zone and feels that this will help him to create a network of friends wherever he decides to land. Listen to the practical planning segment to hear Herb’s perspective on retiring single.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• [1:22] Find out about the webinar where you discover the results of Sam’s retirement conundrum

HOT TOPIC SEGMENT

• [4:08] Jackie has a question about how to save her own retirement funds from her husband’s medical expenses
• [6:39] Carla asks: what inflation rate should she use for retirement planning?
• [7:40] Scott would like to know: Why does Roger use such a high inlfation rate?
• [10:10] Mark remarks on travel plans
• [11:40] K.J. asks where can she find affordable financial planning
• [13:27] Sarah feels less weird about being a happily single woman after listening to this series

PRACTICAL PLANNING SEGMENT

• [15:10] My aunt and uncle join me on the show to discuss healthcare
• [27:27] Herb joins me to give a male perspective on retiring single

THE HAPPY LAB SEGMENT

• [36:02] Embrace life, be adventurous

TODAY’S SMART SPRINT SEGMENT

• [37:10] Go buy my book, it really will help give you a better perspective

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Intro music by bensound.com