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Episode #582 - How to Set up Your Paycheck in Retirement

This show is dedicated to helping you not go bankrupt in retirement.

Roger Whitney: How did you go broke? Bill asked. Two ways, Mike said. Gradually, then suddenly. Ernest Hemingway. Welcome to the show dedicated to helping you not go bankrupt and how to not just survive retirement, but have the confidence because you're doing the work to really lean in and rock it.

Today we'll talk about how to set up your paycheck ahead of retirement

Welcome to the show today. Today we're going to talk about how to set up, your paycheck so that you can get on with rocking retirement but also track how things are going so you don't go broke very slowly. In addition to that, we're going to answer some of your questions on MYGAs, and private equity and retirement plans of record and inheritance. Excited to get going with that today. Before we do that, I have another announcement. Been doing some refreshing here at the show. Last week we talked about our weekly email Six Shot Saturday and it's rebranding to the noodle. Have gotten some great feedback on that already and we'll continue to improve on that. If you are not getting the noodle, you can go to thenoodle.me and sign up. You'll get a summary of the show, you'll get links to resources that we mentioned and we're starting to do some episode specific training videos which we'll have one this week related to setting up your paycheck so you can sign up for that at thenoodle.com.

In retirement, you lose the natural pulse of income coming into your checking account

With that said, let's get on to how to set up your retirement paycheck. In retirement, you lose the natural pulse of income coming into your checking account. That paycheck you receive is like a pulse from a heart throwing blood cells, or in this case income into the system to keep it healthy. Well, when you stop working that pulse, that regular rhythm of paycheck coming into your checking or savings account to help fund, your life really goes away. The heart stops from that perspective. So it's important that you have a system set up to recreate a regular rhythm so you cannot overcomplicate how you're going to pay for your life. And that is setting up your retirement paycheck. Interestingly, we haven't talked about this a lot. We've talked about how to fund the paycheck and creating payroll reserves via a, pie-cake and the different allocations of an income floor, et cetera. But what about the mechanics of just simply setting up a paycheck? In a local meetup I had in Florida a few weeks ago, this was a question which is such an obvious question that never really gets addressed. So let's talk about that here. So what is our intent in Setting up a paycheck. Our intent is that you can have confidence that you have the monthly cash flow happening on a regular rhythm so you can go off and live your life. That clarity and comfort, that knowing that that heartbeat of a monthly income will come in when it's supposed to, needs to be there. So that's our intent. A couple other reasons why we want to track your payroll is. Number one is we're doing a lot of estimates in the future when it comes to retirement planning. You're estimating what your income will be from various sources. You're estimating how much you think you're going to need throughout the year. So these estimates about the future are always going to be wrong. So it's really important to track your cash flow at some basic level so you can identify trends. Am I overspending relative to what my estimates are or am I underspending relative to my estimates? Those are two very important things. We'll go back to Hemingway's quote of how do you go bankrupt? Well, two ways. Very gradually it happens because you're habitually overspending and not paying attention to it and not updating your plan until suddenly it tips and you realize it very quickly and now you have to make drastic measures or else go bankrupt. That's a problem. So we want to identify overspending trends because of inflation or changes in lifestyle early so we can pay attention to them at first. Is this just a one off event or do I need to recast my plan of record because I was wrong and I need to have a better estimate based on reality, not theory so we don't habitually overspend slowly and then find ourselves in a pickle later in life. Now, what about the other end of it? What if you're habitually underspending your estimates? Well, in these uncertain times, that might feel safe. That's a good hedge and it's good to have some buffers in the system for sure. But if you are habitually underspending, you can go bankrupt slowly in a different way and then ultimately go bankrupt suddenly when you no longer are able to do things or you're at the end of life and you real you had a lot more money than you intended and you failed to be intentional about using your resources to go create a great life or bless your family or the world in some way. That's a different kind of bankruptcy that's just as important and that can happen slowly. No, we won't do this thing this year because right now things are different and we got to be careful. This is a good year of thinking about that. Everybody's freaked out about the world, understandably. So. There's a lot of change going on that we may address in a future, episode. So it's easy to defer not doing something or back when Covid was a thing, it was easy to defer a lot of things because of safety. And there's a line where reason and just excuse comes into play or avoidance. So there's two kinds of bankruptcies. And that's why we want to track how your cash flow goes and create a paycheck. Now, for those of you that have 30 years of Quicken data, or are uber budgeters, this isn't really as much of an issue. Those that I'm more concerned about or those that I want to be more aware of this, are those that aren't natural budgeters. And I'm going to raise my hand. I'm in that camp. I am not a natural budgeter. I don't have 30 years, I don't have three years of Quicken data. I do it a little bit differently to make sure I'm paying attention, but these are the people I'm really trying to talk with here is when you lose that regular heartbeat of paycheck, it's important that you track it at some basic level. That means we need to have a system that you can do that without having to become a budget aficionado. You don't have to. You can do it at the level that achieves the intent without disrupting your life and making you become a bookkeeper. So let's talk through a paycheck structure. This is our default paycheck structure that we use when working individually with clients. Doesn't mean that clients don't do it differently, but it's good to have a default way to do it that can be customized to the individual. That's where judgment comes in.

How do you set up a paycheck? And I'll have a video on this

All right, so we're assuming that we already have a resilient plan of record and the money is set aside to cover the first five years, et cetera. So how do you set up a paycheck? And I'll have a video on this that we'll share in our six shot Saturday email showing this. So if you're listening along, just listen mentally or write these down on a piece of paper. First off, you're going to have your local accounts and you're going to have two accounts. You're going to have a checking account. The one you have. That's where you are distributing the income that you're receiving from whatever source to pay all your bills and all the cool stuff you're going to do in retirement. So that's your cash flow account, we'll call it checking account. Second, you're going to have a savings account that will have some emergency fund, contingency fund that's local with your checking account so you don't get caught in a cash flow squeeze because of a holiday and rhythms of paycheck, etc. So it's good to have some local money that's stashed away. Some of us do it in a safe, some of us do it as a savings account. So you're going to have a checking account and you're going to have a savings account. Those are your operating accounts. Next account, let's assume that you're funding your retirement from an account that's in after tax assets, just like a joint account or something that's has some investments. This account maintains your income floor, that five year cash flow reserve. In this account you're going to have one year of expected withdrawals liquid that's going to be in a money market earning some kind of interest that's going to hold your regular monthly paycheck and any extraordinary expenditures that you expect to happen in the next 12 months. So as an example, let's assume you have a regular monthly paycheck of $10,000. So we're going to have $120,000 in that after tax account that is there to fund your paycheck. Let's also assume that in six months you need $20,000 for a car or for a trip or something else. Well then you're going to add $20,000 to that $120,000. So you have $140,000 that will be liquid in order to fund the cash flow that you need. The second thing that you're going to have in that after tax account, we'll call this the payroll reserve or the floor, is you'll have individual securities. Typically they're going to be CDs or treasuries or something that has a hard maturity date that will pre fund years two through five. So you're going to have one year of liquid cash. You're going to have years two, three, four and five mapped out as a default into a maturity that's earning a high yield or earning a yield, earning a yield, but has the features of return of principal on a specific date and not at risk in terms of you having to sell it. That is going to fund your next five years from that account. When you lose the heartbeat of your paycheck, you're going to create an ACH or an automatic transfer from this after tax account to your checking account. So in this example that we're building out, if you need $10,000 a month, you're going to have a paycheck of $10,000 a month going from this after tax investment account to your checking account on a monthly basis. So when exactly should that money be transferred? Should be the first of the month or the second of the month or the last day of the month. This is your judgment call. If you're used to being paid on the 15th, maybe you just happen, have it happen on the 15th. If you're used to being paid twice a month, set it up twice a month. It's I think more important that you match a rhythm that you're comfortable to so your body, financially speaking, isn't discombobulated by a different rhythm. Generally we do this on a monthly basis, but it's the, the important objective here is for you to have a rhythm that you're comfortable with so you never have to worry about where the next paycheck is going to come from. So establish that monthly rhythm of your paycheck from your payroll, reserve that after tax account to your checking account which serves as your operating account. Now, six months from now, when you have that trip, that $20,000 trip come up or whatever it is, what do you do about that, these extraordinary expenditures? Well, when that comes up, you can proactively initiate a $20,000 transfer or however much from your payroll, reserve that after tax account to your checking account, your operating account to cover that expense and you can move it three or four weeks early so the money's sitting there and just put it into savings. That is a simple system to fund your paycheck. Now what if you are also taking money from a pre tax account, from an IRA or a 401k, how should you have that set up? Well, when you build out your resilient plan of record, you're going to fund in the income floor that safe portion, the amounts that you need from your IRA. So let's change our 120,000 a year example. Let's assume that you're only taking 60,000 from your after tax assets and you're taking another 60,000 from your IRA assets. How would you do that? Well, in your IRA or pre tax account, you would have one account that had one year of expected withdrawals. So that $60,000 that you know that you're having taken out plus you'd build out the income floor for the next two, three, four, five years like we did in our first example. Then where do you have that paycheck go? There's a couple ways of going here. So if you need $60,000 from your pre tax account, one way to do this is to have in the beginning of the year just transfer the $60,000 from your IRA in this example to your after tax account so it's there and ready. That is a reasonable way to do it. But I wouldn't make that your default option. I would make a default option to have a automatic draft from your IRA to your after tax cash, reserve that income floor on the after tax basis for the amounts that you need and then continue on with the paycheck as we originally described. And I'll show this in our trainer video in the noodle this weekend. Now why would I not do it all up front? That is actually simpler. The reason I wouldn't do it upfront as a default anyway is that once you take a dollar out of an ira, it is taxable. So if you take in this example $60,000 out of your IRA, put it in your after tax payroll reserve and then suddenly you take on a consulting gig or you get an inheritance or something and you realize you don't need that money. Well now you can't put it back very easily or if at all. So either way works. But it's one consideration to have. So this is a very simple thing to set up. Once you map it out. Doesn't have to be more complicated than this. Why do I like doing it this way? One, this is a good default where it creates that normal rhythm of a paycheck that we all have been used to in our working careers. Another reason is this really sets us up well for when we look backwards. When we look backwards on, well, I said I was spending 120,000 a year. We can see very easily how much was drawn out of the after tax account that was funding the paycheck because that has happened on a monthly rhythm. And then when you asked for extra money because of an expense you anticipated, or maybe three times out of the year randomly, you went and grabbed a little bit more. You got your $10,000 a month paycheck, but in month three you grabbed an extra 5,000. In month eight you grabbed an extra 7,000. We can easily identify that because we see the transactions of money coming out of your payroll reserve to your checking account. So it makes the accounting a lot easier at the end of the year to see if we're overspending because we're asking for more money habitually. And if we are, then it's just, oh, interesting. Why is that happening? Is inflation impacting you higher than most people? Or now that you're in this new rhythm of your life or your rhythm has changed, do we need to reassess what your spending actually is? Because you started a pickleball league and you started whatever gifting to kids that wasn't accounted for in the forward looking plan. It's very easy to identify that without having to go into Quicken data, transactional data, just to see basically 12 to 15 transactions to estimate whether you're overspending. So it helps identify trends very quickly because we're not spending out of the account where the money's just there. Another thing in terms of going bankrupt is if we're transferring over $10,000 a month from your payroll reserve to your checking or operating account and that money continues to build and build and build and you just keep squirreling it over to savings. We all do that, don't we? Or you were supposed to grab another 20,000, but you never did for that trip or whatever it is. At the end of the year, we can easily see, oh, wow, you've built up a lot of cash in your checking and savings account, you know, well above what we were expecting. We thought you were going to be spending that money, so it can help identify the other trend as well. And these prompt conversations, oh, what's going on? I haven't got myself to spend it. That could be okay, well, maybe it wasn't that important to you, or it could be something else to explore around overcoming frugality. This type of structure, I think, is the nuts and bolts of getting your paycheck, getting that rhythm that makes us feel comfortable. It also sets us up for very easily identifying trends one way or the other. Now, we can jazz it up anymore any way you want from here, but I think this is a good base default structure to establish your paycheck, to establish the intent of not going bankrupt, either in money or in your life. All right, we'll have an explainer video on this showing this in our weekly Noodle newsletter. If you're not signed up for that and want to see an illustration of this, you can sign up for that at, thenoodle me m with that, let's get to your questions.

Got a lot of emails related to last week's podcast on longevity

Now it's time to answer some of your questions to help you take a baby step to walk and Rock retirement. If you have a question for the show, you can ask it at, askroger.me Type in a question or lead on audio question and we'll do our best to help you on the show. Got a lot of emails related to last week's podcast on longevity. One was from a demographer, Bill, who gave me more insight into this question of how long should we plan to live? It's a great illustration of how helpful everyone listening is to the show. Not just for me, but to help all of us. Because there are a lot of nuances to literally any subject. This is one of them. I'm always fascinated by how far down the rabbit hole we can go on this topic. just like I'm fascinated when I talk to somebody who is really into knitting all the nuances that can come up in that topic. It's just really amazing. Good to be curious. That's what we're going to talk about next week.

There are a couple different ways to measure life expectancy

But Bill had a few observations that I thought I'd share here. One is, yes, there are a couple different ways of doing life expectancy. One is period life expectancy. And Bill says that's a great measure for comparative purposes at a population level. However, it's of limited use on an individual level. And that's what I think. The one I quoted at the beginning of the show, which I just googled just to find a number. If I were to ask the question via Google, just like you or anybody would do. And he said the problems with period life expectancy are why demographers use or compute what's called cohort life expectancy, which is a measure that is based on, I'm quoting here, the observed and projected mortality experience of a specific birth cohort. Cohort life expectancy will always be greater than period life measures if mortality is improving. The life expectancy calculator at the Social Security website is based on a cohort life expectancy as well as most longevity calculators that you get out there. These are definitely the measures to use when thinking about personal longevity and financial planning. And then Bill goes on to say, obviously life expectancy varies by one's underlying health, but we also see differences by other demographic characteristics like sex, race, income, geography. One less well known characteristic related to life expectancy is education. As shown below, there are huge differences based on education. In fact, in, the most recent increase in life expectancy have mostly benefited the best educated in the United States. And he set a chart and I'm looking for the source. This is from the Brookings Institute, from 1992 to 2021, the life expectancy of someone with a bachelor's degree has been on an uptrend until recently because of COVID and is at 83.3 years, whereas the life expectancy of someone without a Bachelor's degree is 74.8 years. A lot of nuance here. The last sentence in Bill's feedback, I think is the most important for you and I, who are not theorists on this. We're not demographers, we're individuals trying to plan our life and trying to make reasonable assumptions that we can continue to modify. And that's where we got to be careful when we get. We want to have an appreciation for numbers, but we got to remember what the main objective is. And that's you creating a plan of record. And me too. So his last sentence is planning for longevity into one's 90s is no doubt very reasonable for most of the people listening to the podcast. So I appreciate Bill, you providing me more context to statistics in this domain and a reasonable judgment that I think we came to, which I think is good enough for what we're trying to do so we can get on working on creating our paycheck and doing other things.

MYGAs is multi year guaranteed annuity that has fixed maturity

Our next question comes from Adam related to MYGA. We'll talk about what this is and this comes into the resilient pillar of building a retirement plan of record. Adam says, hey Roger, love the show and your spirit. Annuities seem to be a dirty word in retirement, but are MYGAs. And for those of you that listening, that is multi year guaranteed annuities. We'll talk about what they are. Adam goes on, I am looking to de-risk funds from equities that are earmarked to pay my mortgage, insurance, property tax, et cetera in retirement in 5 years mortgage rate, my mortgage is at 2 and 3 quarters. I can get a MYGA that will pay me 5.7%. This seems to be any CD or t-bill was planning to buy a 5 year MYGA every month for the next 5 years so that when I retire in 5 years they will be maturing every month through retirement until mortgage is paid in full. The company that's offering these MYGAs is A plus rated. Is this a better path than CDs or bonds for DE risking equity that I will need in the next five years?

Well, it's a great question Adam. So let's define what a MYGA is. It's called a fixed annuity. MYGA stands for multi year guaranteed annuity. Essentially it's going to act like a CD in that it has a fixed maturity. In this case, Adam is looking at one that matures in five years. It's going to pay interest in each of those five years just like a CD would. And then upon maturity, you can renew it or you can surrender it and receive your principal as well as the interest that you're receiving along the way. The main difference between a MYGA, and say a CD or treasury bill is the wrapper that it's put in. It's put in an insurance wrapper. So there's a much more friction from a paper standpoint and tax wise, you're not taxed on the interest throughout the time that you own it. Assuming you buy this in an after tax account, you're taxed at the end when it comes out of the annuity wrapper. And there's some, you know, if you're doing this prior to 59 and a half, there can be some problematic things there. So essentially it's going to act very similar, Adam, to a five year cd, other than some of the things that I mentioned there. Then it won't have the FDIC insurance or government backing like a Treasury would or CD would. But in your use case, the way you describe it, Adam, this is appropriate. It has a fixed maturity. You can dial in the maturity for when you're going to need the money. That's the most important attribute for this part of your portfolio. So the money comes due when you're going to need it and you're earning a, competitive interest rate. So you fit the definition. This fits the definition of a good use case for building your income floor. Part of the pie cake. Love it. Now, question for you would be you could do this on a monthly basis. You could buy one every single month. My default is to buy it once a year. So if you need $120,000 for the year the way that I would, let's assume you need that money in 2027. Well, in 2000 I would have it maturing at the beginning of 2027. And then that way you have the liquidity for the entire year coming due in liquid. The way that you're doing it is you're doing $10,000 a month in this example, month by month, which is fine. The reason I prefer not to do that is one, there's a lot more paperwork involved when you're buying all these individual annuities because there's friction there. And two, we're thinking about the future here, Adam. And so you're, you're thinking about you're funding something that's going to happen five years from now that's a little bit over the horizon of what your life might look like in terms of what especially you're going to spend, not just simply on an annual basis, but a monthly basis. So I might skew to having money come due at the beginning of the year. It's going to save you a lot of hassle from a system standpoint. You also have to do one, a year rather than one every month, and two, it'll give you liquidity at the beginning of the year because the frequency and what you might actually spend might be a lot different than you're projecting. But yes, this fits that under the resilient pillar. Adam. So great question. Thanks for asking.

John says you can ride the tide of private equity without actually owning private equity

Our next comes from John, which is some feedback on our private equity discussion a few weeks ago. Hey, Roger, love the show. The episodes with the deep dives on people who are getting ready to retire are my favorites. Those two. I like those two. John says, regarding your recent podcast asking about private equity, I have owned stocks in public companies that are private equity companies, and I'm not going to mention the individual companies, but these companies have performed well for a number of years. But by owning the stock, your money is liquid. The questioner should look at holdings of their mutual funds to see if they already own some of these companies. So that's a great point, John. So what John's saying is rather than buy individual private equity investments or funds that are being raised, you can own the managers. There are public companies that are private equity companies that raise the money for this and get all the benefit of how well they do over multiple funds. So you can ride the tide of private equity without actually owning private equity by owning companies that do this type of business. And it's a sideways way of getting exposure to it that's a lot more liquid. So I think that's a great example of this, John, and I think it's an appropriate strategy. You're right. They probably do own some of these companies in their portfolio already because these huge companies are already in most indexes. You could say the same thing for like cryptocurrency. Do I buy cryptocurrency? Or, do I buy companies that are fueling cryptocurrency and participate in a more nuanced way? You might not get all of the squeeze of the lemon, but you will have a lot simpler portfolio as a result. So great idea, John. Thanks for sharing.

David related how to factor in a substantial inheritance into his retirement plan

Our next question comes from David related how to factor in A substantial inheritance into our plan of record. David says, hey, I'm a fellow Texan and huge fan of the show. Love the simplified approach and democratized retirement planning for the layman. Hey, we try. Our story might be a bit unorthodox, but maybe more common than you realize. This is David as new parents and kids of divorce. My wife and I are both 57. Wanted to give our three boys everything we felt we missed growing up, including a great K12 education, a car college undergraduate with no degree. This was a huge sacrifice financially, but we felt it was our calling and we were prepared for the fact that it would impair our retirement. We're okay with that. Fast forward 30 years and we have managed to save, about a 1.5 million in an IRA and 401k and 500,000 in a brokerage account. Less than we need for retirement, but not surprising. Well, first off, that is fantastic, by the way. Just think of what you did. Three boys, gave them a great education. I'm guessing you were around for them. Got them a car, helped launch them. Talk about helping improve the family tree. Take a second and bat yourself on the back for that. That's not a small lift. And you were able to save about $1.7 million. Holy cow. Seriously, David, that's not a small feat. So definitely don't ever worry about that or feel uncomfortable about that. That you should be proud of this. Seriously. The tricky part, David says, is the unplanned blessing of a future inheritance from my father, who is 89 with advanced dementia of over $5 million. This would roughly look like a million dollars in an IRA, 1.5 million in a single stock, in 1 million in various securities, mutual funds, etc. We are hoping that we can retire at age 59 and 60, depending on when those funds transfer. My job is a variable compensation job that can go, you know, have a wide swing. We have no debt beyond our mortgage and spend about $13,000 a month, including our mortgage. No pensions or other income. I know we need a resilient plan with potential to retire in two years, but I feel very stuck. Since the bulk of these assets are not ours. We would be grateful for any advice on how to create a plan. And he says, FYI, have access to several CFPs through my current assets and through managing my dad's portfolio on his behalf. But none of them are retirement specialists. Lest these conversations aren't nearly as rich or informative as your show.

Thanks for the suggestion. All right, David, let's unpack this a Little bit here to help navigate this for you. Number one, build an initial plan with your assets and your spending estimates and your income from Social Security, et cetera, retiring in three years, let's say age 60. Build that plan out and it may not be feasible. Then have the assets that you're going to inherit from your dad in that plan as well, where you can toggle, them on or off so you can see what it looks like without them and you can see what it looks like with them. You can do a, what if scenario. So you're going to have two plans that you can toggle that inheritance back and forth. Going to make a big difference, no doubt. When you toggle it with the assets. Then do stress testing on your plan. I'm guessing that it's going to make it feasible when all of these assets come in. But now you can stress test what happens if my portfolio goes down like it did in 2008, given the allocation you had. So a good example would be an 80% portfolio from October of 7. 80% stock portfolio from October 07 to March of 09 went down. And I'm off the top of my head here, probably about 33, 35%. So once you have a plan of record, David, with the inheritance, say, okay, what happens If I lose 35% of my assets right now? How resilient is the plan? This will give you a sense, depending on what's in the rest of the accounts outside of those specific stocks, of how sensitive your plan is to having a lot of equities. So I would build a feasible plan of record using the fact that you're going to inherit this money, assuming you have very high visibility that this money is going to you. And M, it sounds like you do because you are managing the assets on your dad's behalf right now. So the next question is, how do I make this resilient or have that five year income floor as an example? Well, you might not be able to to the full extent. But my question is, when you're looking at your dad's assets and you're managing your dad's assets for him, you should be managing the assets for him. And he's 89 years old, he has dementia. What is an appropriate investment strategy for him? You have a million dollar ira, you can make that extremely conservative and use that to build the resilience not just for yourself and your wife when your dad passes, but for him, because he's probably going to need or has the potential of needing money to help fund, the care. And usually those things spike towards the end. So you could use the IRA very simply, that's one example to build up an income floor to put it into treasury bills just to earn for whatever percent they are right now and have a lot of liquidity. That would solve having liquidity for your dad if he had major spikes in his expenses. And it would also, if he passes, give you liquid assets that aren't going up and down in the market. So the IRA is an easy one. The individual stock, which is substantial, 1.5 million. I don't know the cost basis there, but that could be one that if he passes with that stock and it is in an after tax account, there will be a step up in cost basis. So it might not be efficient to sell that while he's alive. Depending on the tax planning around that. And then the 1 million in various securities and mutual funds, that could be something that you start to clean up that closet to build some liquidity for your dad in case he has spikes in spending or to make a more resilient plan for yourself. You sort of walk that line, right? Because your first fidelity in managing those assets are for your dad. But he's 89, he has dementia. he doesn't need growth from here would be my guess from the way you describe it. So he doesn't need to have growth and risk. So you can take some action to de risk the portfolio for him. The IRA is the easiest answer, but also it happens to benefit you as well. That is okay as long as you're always holding your dad in first spot. And then this is where working with a retirement planner or a CPA to think through some of the tax aspects of this prior to your dad dying could be helpful around the individual stock cleaning up the portfolio. So this can happen as efficiently as possible. And the CFPs that you have access to may be able to help. It may be a retirement specialist, but it also may be a CPA that, that navigates this stuff. So there are a few ideas, but I think, you're in a position that you're able to do this by helping your dad, but also it benefits you by having more liquidity in the ira. Seems like an easy place to go do that. With that, let's go set a smart sprint. On your marks. Get set. And we’re off to set a little baby step we can take in the next seven years to not just rock retirement, but rock life.

Take seven days to look at your payroll system and how you construct it

All right, in the next seven days, look at your payroll system and how you construct it. See how you can simplify it so you can track trends easily if you are still working. This type of structure still works. You could just have your paycheck go to an account other than your checking account and then move over money once a month. Actually it's a great exercise. That's how I do it. So in the next seven days check out the video in The Noodle and re-examine how you create your paycheck to see how you can simplify the system so you can have more confidence so you can go rock retirement.

Got an email the other day. I didn't write down the name. Oh Rod, Rod, Rod says As an old Air Force veteran, I enjoyed you sharing your grandfather's log during World War II missions on a B17. When you read the next entry, would you? It would be interesting to know his age, rank, position on the plane. The B17 carried a crew of 10. Thanks for sharing the story and thanks for your grandfather and his service, Rod. Great question Rod. I didn't even know how old he was when he flew. He was born in 1915, November. His entry into the service was February of 43. So he was 27 or 28 older than I would have expected. He was 5 7. As his height. He did not graduate high school. He had 11 and a half grades completed. Okay grandpa, what happened there? And he was a technical sergeant. And in our first entry, Rod, he had said that he was a waist gunner. He did not identify what position. He also told me that he was a tail gunner. They would switch off a little bit. But he was a tail gunner, but primarily a waist gunner and he was a tiny dude. We had shared a photo of him in our weekly email and maybe we'll do that again here just so you can get a. You can see the entire crew with their plane behind them.

Mission number 29 and 30 August 18, 1944 in Romania

With that said, let's get to the next mission. If we recall last mission, they were in Corsica which is where Napoleon was born. I didn't realize that until I read the book. To prepare for the invasion of southern France and weren't even able to drop bombs. Okay, mission number 29 and 30 August 18, 1944. Ship number 869 sortie 20th went to bomb oil refinery in Paul Plastic, Romania. Again, plenty of flak. Target hit with fair results. Escort P51s carried 12500 pound bombs. Mission 7 hours and 30 minutes. Altitude 24800ft. Short and sweet this week we'll get to missions 31 and 32 next week.

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