Ep # 82 - Top 5 Non-Money Mistakes in Retirement
We explore the top five non-money mistakes people make in retirement planning. Retirement isn’t just about financial readiness but also about finding fulfillment and direction in life post-work.
We emphasize the importance of social engagement, being physically active, maintaining a growth mindset, and transitioning from a savings to a spending mindset.
What You’ll Learn in Today’s Episode
Not having a personal plan or purpose beyond work: Many people focus solely on the financial aspect of retirement planning, but it's equally important to consider what you are retiring to as opposed to what you’re retiring from. Having a vision for your life beyond work can provide fulfillment and direction.
Lack of social engagement: Retirement can be lonely when you lose friendships from work and other activities. Seek social engagement through clubs, volunteering, and spending time with friends and family.
Stay physically active: Regular exercise boosts mood and energy levels, leading to a more enjoyable retirement experience. Finding activities that make fitness fun and incorporate social engagement can help maintain an active lifestyle in retirement.
Having a fixed mindset vs. a growth mindset: A growth mindset involves continuous learning and adaptation. Embracing change and seeking opportunities for personal growth can lead to a more fulfilling retirement experience.
Difficulty transitioning from a savings to a spending mindset: It can be a challenge to shift from saving and sacrificing to spending in retirement. Planning and understanding your financial situation can provide clarity on how to balance enjoying retirement while ensuring financial security.
Ideas Worth Sharing
"A lot of times we're worried about retiring from something rather than thinking about what we're retiring to."
"Having a vision for your life beyond work can provide fulfillment and direction in retirement."
"Social interaction increases quality of life, enhances mental health, and has a positive effect on brain function."
"Embracing change and seeking opportunities for personal growth can lead to a more fulfilling retirement experience."
Resources
Retirement Navigator Guidebook from Retirement Planning Simplified
Dr Peter Attia – Outlive: The Science & Art of Longevity
Retiring into Fulfillment: 5 Non-Monetary Mistakes to Avoid
Common retirement myths:
1. Retirement is all about financial planning.
2. Social engagement isn't crucial in retirement.
3. Physical activity doesn't matter much after retirement.
In retirement a growth mindset will allow for more adaptation, allowing you to learn more skills, embrace change, and lead to more continued personal growth and fulfillment beyond your work.
One of the most important aspects of retirement is to plan to retire to something and not just from something. Have a clear vision beyond just the financial aspects. Don’t overlook the impact of social engagement on mental and emotional wellbeing post-retirement as well. We encourage you to seek opportunities for social connection and there is transformative power in embracing a growth mindset in retirement.
In this episode, you will be able to:
Avoid common non-monetary retirement planning mistakes to secure a fulfilling post-career life.
Discover the importance of social engagement in retirement for a more joyful and connected lifestyle.
Uncover the benefits of staying active after retirement to enhance physical and mental well-being.
Embrace a growth mindset in retirement to unlock new opportunities and experiences.
Navigate the transition from saving to spending in retirement for a balanced and enjoyable lifestyle.
Growth Mindset in Retirement
Retirement isn’t an end but the beginning of coveted 'me-time.' It provides an opportunity to cultivate a growth mindset. Challenge yourself to learn new things, adapt to changes, and let your personal growth continue even after leaving your career behind. Retirement is an opportune time to bring to life dreams and interests sidelined during your work and parenting years. Enroll in that coding course, learn a new language, or take up painting.
Social Engagement in Retirement
There's much more to retirement than shuffling around in slippers and pruning roses (though if that's your thing, more power to you!). An active social life is vital at this stage and offers mental and emotional health benefits. Joining clubs, participating in community work, or even just maintaining regular contact with friends and family can make all the difference in creating a rewarding, uplifting retirement. Intentional social engagement plays a massive role in enhancing the quality of life. Even if you lean towards the introverted side, finding a community where you share interests can work wonders for your mental health. It's all about putting in that little bit of extra effort to connect with others.
Timestamped summary of this episode:
00:00:00 - Introduction and Setting the Stage
Joe Curry and Lindsay Wilson introduce the episode and discuss the focus on non-money mistakes in retirement planning.
00:00:35 - Importance of Personal Plan and Purpose
Joe explains the importance of having a personal plan or purpose beyond work in retirement planning. It's crucial for fulfillment and transitioning into retirement.
00:03:12 - Social Engagement in Retirement
Lindsay highlights the significance of staying socially engaged in retirement and how it impacts mental and emotional well-being. Intentional social interaction is vital for a fulfilling retirement.
00:05:00 - Physical Activity and Retirement
Joe emphasizes the importance of staying physically active in retirement. Regular exercise contributes to overall health, boosts mood, and enhances energy levels, leading to a more enjoyable retirement experience.
00:06:58 - Growth Mindset in Retirement
Lindsay discusses the difference between a fixed mindset and a growth mindset in retirement. Having a growth mindset allows for adaptation, continuous learning, and personal growth, essential for finding new purpose and fulfillment beyond work.
00:12:37 - Embracing Retirement Planning
Joe and Lindsay encourage listeners to focus on living their best retirement and not worry about their children. They discuss the difficulty of shifting mindset from saving to spending and emphasize the importance of planning for clarity.
00:13:00 - Letting Go and Finding Clarity
The hosts stress the significance of planning for retirement and suggest using the retirement navigator to define retirement goals and values. They also provide a link to the retirement navigator for further guidance.
00:13:28 - Accessing Additional Resources
Joe and Lindsay thank each other and provide information on where to find the show notes and the retirement navigator. They emphasize the value of the resources in aligning retirement planning with personal goals and values.
00:13:28 - Additional Support
The hosts express gratitude and highlight the helpfulness of the episode's content. They encourage listeners to explore the provided resources for further support in navigating retirement planning and making financial decisions.
00:13:28 - Conclusion and Gratitude
Joe and Lindsay conclude the episode by expressing appreciation for each other. They thank the listeners and encourage them to utilize the discussed tools for effective retirement planning.