Summary of "Don't Retire Until Hitting 5 Milestones"
Key Wellness Strategies, Self-Care Techniques, and Productivity Tips for Retirement
Have a Life Plan Before Retiring
- Think about how you will spend your newfound freedom and structure your time.
- Discuss retirement plans with your spouse or significant other to align expectations.
- Consider whether you’ll spend most of your time together or maintain separate routines.
- Test drive your retirement budget by trying out lifestyle changes (e.g., eating out less, downsizing your home temporarily) before retiring to avoid surprises.
Redefine Your Identity and Purpose Outside of Work
- Reflect on who you will be without your job, as work often forms a big part of personal identity.
- This is especially important for men, who tend to tie identity more closely to their careers.
- Consider reading From Strength to Strength by Arthur Brooks for insights on transitioning identity.
Prioritize Your Health
- Health is more important than wealth; aim to retire while still healthy to enjoy your senior years.
- Recognize that the average healthy life expectancy is relatively short after typical retirement age.
- Retirement can reduce stress significantly, improving physical health (e.g., lower blood pressure).
- Use the “youth of your senior years” (approximately ages 55 to 85) to maximize active, healthy living.
Nurture Relationships
- Quality relationships are the biggest determinant of happiness in retirement, more than financial wealth.
- Avoid isolation by maintaining or rekindling friendships.
- Stay socially active, even if you have a significant other, to prevent mutual isolation.
Create and Maintain a Solid Financial Plan
- Have confidence in your financial situation to avoid unnecessary sacrifices or risking security.
- Work with a fee-only fiduciary financial advisor or use reliable financial planning software.
- Recommended software: Balden (affordable, user-friendly, with a free trial).
- Financial planning helps ensure you can spend money confidently and sustainably.
Additional Recommendations
- Consider a “bucket list” of activities and experiences to do while you are still young and healthy (e.g., learning new skills like surfing or skateboarding).
- Recommended reading: Die with Zero by Bill Perkins, which focuses on life experiences and financial planning.
Presenters and Sources
- Retired financial advisor (unnamed)
- Arthur Brooks (From Strength to Strength)
- Bill Perkins (Die with Zero)
Category
Wellness and Self-Improvement
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