What’s the key to a successful retirement? What do happy retirees all have in common? It all starts with a vision and a plan… the rest is in the episode!
You’ll Learn
- If there is one thing to remember, it is the word “vision.” It all starts with that. Happy retirees have a clear vision of their retirement.
- This vision typically has three aspects: lifestyle, purpose, and fun. Lifestyle is determined by where you live, your activities, what you eat, and the car you drive… In other words, what does your typical day look like once you wake up in retirement? How else would you help listeners get a clear vision of their lifestyle?
- Health is also included in lifestyle. If you have health issues, you must consider them in your vision. More importantly, you should consider how your lifestyle will help you stay healthy.
- What are the primary sources that give a sense of purpose? Why is it so crucial for a happy retirement?
- You might listen and think, “Well, I’ve just spent 40 years of my life going to work and caring for my family. I had no time outside of that, so how should I know of another meaning!” How about starting to try something new?
- Mike’s years as a financial planner and the last decade of chatting with DSR members have taught him that happy retirees are the ones who have fun! Again, fun can mean traveling, meeting friends, or simply spending time outdoors. What is the best way to have a clear vision, and why is it important?
- The second word to remember is “plan.” We have concluded that happy retirees have a clear vision and put that vision into a plan.
- There are two sides to the plan: financial and investment. In next week’s episode, we will go through the budget in more depth, but today, we’ll give you the great lines of retirement planning. What should a good financial plan include to make our retirement vision come true?
- What are the three most important metrics for building that financial plan?
- We can’t think of retirement without mentioning investment. How is the portfolio plan linked to the financial plan?
- Should the investment plan align with your retirement vision?
Related Content
Here is the episode about FIRE and other retirement lifestyles.
Mike did a quick episode on retirement planning on The Moose on the Loose.
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