💬 Show Notes

In this episode, Roger sits down with renowned investment expert Charles Ellis to explore what truly matters in retirement investing. Together, they focus on the key elements investors can actually control, the importance of maintaining cash reserves in retirement, and practical strategies to manage inflation risk.

Roger and Charles also revisit timeless lessons from Ellis’s classic book, Winning the Loser’s Game, drawing on his decades of experience in investment management. The episode wraps up with thoughtful answers to listener questions on asset allocation, indexing, and rebalancing.

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) Today the show is going to focus on investing.
• (01:15) Roger explains the pie-cake and says there will be a video in The Noodle this week.
• (02:38) What can we control and what can we not control in regards to investing?
• (04:55) Let’s talk about building a retirement portfolio.
• (06:52) What can you NOT control when building out a portfolio?
• (09:40) What can you control in retirement planning?

INTERVIEW WITH CHARLES ELLIS

• (13:24) Roger introduces Dr. Charles Ellis, author of Winning the Loser’s Game.
• (18:54) Roger asks Charlie about indexing and passive investing.
• (24:32) Dr Ellis talks about behavioral economics and recommends the book Thinking Fast and Thinking Slow.
• (27:20) Roger talks to Dr. Ellis about minimizing unforced errors
• (30:30) How do things change when you're in retirement and need to draw from assets?
• (35:32) Roger says for an average person, the concept of having all of their financial assets in equities would be unnerving. What advice would you give to someone who doesn’t understand the financial concepts and the kind of volatility comes with this kind of account?
• (38:43) Dr. Ellis talks about the current administration and the economy and how difficult times don’t last.
• (42:02) Roger asks Dr. Ellis about his choice to not retire.
• (46:34) Roger asks a question: What advice would you give me so I don’t look back with regret when I’m your age?
• (51:34) Dr. Ellis answers a question about fear and worry regarding the future.
• (54:22) Roger thanks Dr. Ellis for writing his books and helping so many.

LISTENER QUESTIONS

• (54:52) Today's show will focus on investing questions.
• (55:11) Kevin says he doesn’t understand Roger’s concept of pie-cake- how to allocate your resources to fund your life.
• (56:28) Vince submitted an audio question about the retirement floor.
• (59:42) John asks for Roger’s thoughts on investing in multiple index funds versus all-in-one funds. And what is the difference between a mutual fund and an index?
• (01:08:07) Ben asks about rebalancing and current market conditions.

SMART SPRINT

• (01:12:30) In the next seven days, take an assessment of the process you use when investing your assets for retirement.

  
  

BONUS

• (01:13:28) Roger thanks listeners for their positive feedback.
• (01:14:13) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Retirement Answer Man
• Sign up for The Noodle (previously known as Six Shot Saturday)

Books

• Thinking Fast and Thinking Slow- Daniel Kahneman
• Rethinking Investing- Dr. Charles Ellis
• Winning the Loser’s Game- Dr. Charles Ellis

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It’s a super-sized episode today—and for good reason. We spend the bulk of the show in a deep, insightful conversation with Dr. Meir Statman, a leading voice in behavioral finance. I also walk you through the four non-financial pillars of retirement: mindset, energy, passions, and relationships. We'll talk about how to manage what you can control—and how to respond when life throws you the stuff you can’t. Plus, we answer a few of your questions. There’s a lot here, but it’s worth every minute. Let’s get to it.

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) This podcast is dedicated to helping you survive retirement with confidence
• (00:34) Today on the show we are going to focus on the non-financial realm as we continue talking about process and things we can control versus what we can’t control.

ROCKIN RETIREMENT IN THE WILD

• (02:14) Roger shares an anonymous message from a listener about her husband retiring and the confidence they have built in their retirement.

PRACTICAL PLANNING SEGMENT

• (04:50) Sometimes in retirement planning, we tend to overemphasize the financial side of things and forget about the rest of our lives.
• (06:23) Roger identifies controllables and non-controllables within the non-financial pillars of retirement.
• (14:50) Roger talks about some examples of people who focused on things that they could control and found success.
• (16:19) Roger says that the Rock Retirement Club has been a source of inspiration for him.

INTERVIEW WITH MEIR STATMAN

• (18:13) Roger introduces Meir Statman, author of A Wealth of Wellbeing.
• (19:34) Roger asks what motivated Dr. Statman to write his latest book.
• (22:10) Dr. Statman talks about his relationship with Nobel Prize winner, Harry Markowitz
• (25:57) Roger talks about behavioral finance and what it means from his perspective.
• (30:02) We talk about financial wellbeing but you also need to focus on life wellbeing.
• (31:06) Dr. Statman discusses a u-curve in life wellbeing.
• (37:25) Roger and Dr. Statman talk about accepting who you are.
• (39:30) Dr. Statman talks about the components of wellbeing.
• (41:49) Roger asks about social capital in retirement.
• (49:00) Starting a conversation is really important, Meir says
• (51:19) What is cultural capital?
• (57:32) Developing social, cultural, and personal capital becomes harder as you get older.
• (01:01:38) What is personal capital?

LISTENER QUESTIONS

• (01:04:42) Listener Brian sends a question about generating his retirement paycheck.
• (01:17:52) Another listener named Brian asks about investing in annuities.

SMART SPRINT

• (01:22:20) In the next seven days, before you get out of bed, smile and tell yourself it is going to be a great day!

BONUS

• (01:22:48) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Nick Vujicic- Motivational Speaker
• Nelson Mandela
• Mier Statman
• Retirement Answer Man
• Sign up for The Noodle (previously known as Six Shot Saturday)

BOOKS

• Man's Search for Meaning by Viktor Frankl
• I Know Why the Caged Bird Sings by Maya Angelou
• A Wealth of Well-Being: A Holistic Approach to Behavioral Finance by Meir Statman
• The Second Mountain: The Quest for a Moral Life by David Brooks
• Bowling Alone: Revised and Updated: The Collapse and Revival of American Community by Robert Putnam
• The How of Happiness: A Scientific Approach to Getting the Life You Want by Sonja Lyubomirsky
• Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke

This week, we continue our Process Over Panic theme by focusing on how to take back control in uncertain times. Learn how to shift your energy toward what you can control—and let go of what you can’t. Plus, Marcia Mantell joins us to break down the latest updates on Social Security and what they mean for your retirement plan. Tune in and take one more step toward a confident, purposeful retirement.

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) This show is dedicated to helping you not just survive retirement, but rock it!
• (01:58) We have to focus on things we can control and manage the things that we can’t.
• (3:08) Today we are going to talk about social security- what we can control and what we can’t.

ROCKIN’ RETIREMENT IN THE WILD

• (03:52) Roger shares a “Rockin’ Retirement in the Wild” story from a listener and member of the RRC.

PROCESS OVER PANIC- SOCIAL SECURITY WITH MARCIA MANTELL

• (06:30) There have been a lot of changes coming out of the Social Security Administration.
• (07:40) What is controllable with Social Security?
• (09:56) What are the uncontrollables with Social Security?
• (13:51) To help us understand the current state of Social Security, we're talking with Marcia Mantell.
• (15:38) Marcia says facts over fear are SO important and she is not fearful but watchful.
• (18:49) What changes have happened recently with social security?
• (23:00) There are different proposals floating around regarding Social Security to improve the implementation of the program.
• (25:10) Marcia discusses her thoughts on the idea that Social Security will run out by 2033.
• (28:55) How easy is it to create a sustainable Social Security system?
• (31:47) The goal of Social Security is to provide a basic income, roof over our head, and food on the table.
• (33:10) Over 50% of people rely on Social Security for their primary source of income.
• (36:10) If you are 55 or older, should you make a material change related to what you anticipate your Social Security to be?

SMART SPRINT

• (40:56) In the next seven days, identify one thing in your retirement planning you can’t control that’s draining your energy. Then, take one small action to shift that focus toward what you can control. Awareness is the first step to rocking retirement—and life.

BONUS

• (41:49) Next installment from missions flown by Roger’s grandfather in World War II

REFERENCES

• Retirement Answer Man
• Sign up for The Noodle (previously known as Six Shot Saturday)
• Mantell Retirement Consultants
• Social Security Administration
  
  

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