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Value Creation Blog

Are You Struggling With Retirement? - Video

Posted by Josh Patrick

Today's post is a video.  It's about retirement and whether the thought of retirement is causing you some problems. The truth is that for most people the answer woiuld be yes.

In today's video you're going to learn about what I call the second act.  This is where you take the negatives of retirement and learn to build a positive future for yourself.

Why don't you watch this video and let me know what you think in the comments below.

Transition into retirement

Transcript:

Are You Going To Retire At 65?

For decades the normal retirement age was 65 years old.  It’s what we’ve traditionally used for social security and it’s when you become eligible for Medicare.  Both are signals that it’s time for you to think about retiring if not actually moving to retirement.

Hi, my name is Josh Patrick, I’m the founding principal at Stage 2 Planning Partners.  Thanks for taking a few minutes to watch this video.  Today I want to talk with you about what it means to retire and some of the decisions I want you to think about before you make them.

My first question is retire to what?

If you’re getting ready to retire there are some things you need to think about.  How will you replace the relationships that you have at work?  A sad thing is that when you retire there’s a very good chance that those you hung out at while working will disappear from your life. 

This isn’t a good or bad thing, it just is.  When you’re off the radar screen of others those you used to work with often forget to call.  Before long that forgetfulness might become an embarrassment.   When that happens it could be easier for your former workmates to just not even think about calling.

Next know if you’ll be able to afford retirement

If you retire at 65 and are in good health there’s a very good chance you’ll have 25 or 30 years of life ahead of you.  That means you’re going to need savings to help you get through those years.

If you’re concerned about whether you can afford to retire you might want to think about work in retirement.  Since your retirement work is likely part-time work you could plan on doing some work that might be fun.  Hopefully you’ll be able to work for less money so fun at work could be a higher priority than it was while you were working full time.

Will you want to really retire?

When you reach 65 will you want to retire?  I know that in my case I have no interest in leaving what I do now.  I love what I do and I don’t have a good answer for what would be next in my life.

I’ve arranged my work so that almost everything I do is a lot of fun.  If you work for yourself you it’s easy to do that.  Before taking the leap, make sure you don’t have sellers or retirement remorse.  You need to spend some time thinking about whether retirement is right for you.

I want you to think about a second act.

I want to think about what you’ve always wanted to do but either couldn’t afford it or didn’t have the time.  When you retire, there is a good chance you’ll have time for a new major activity.

I’ve always believed that once you reach your adult years you have at least three careers in you.  The first is what I call a learning career.  The second is when you get to apply the lessons that you’ve learned.  The third career is something that you want to do just for fun.  Do you have a just for fun idea lined up, I hope you do.

The truth is might live for a very long time.

I see more and more people around me who are active well into their 80’s.  If you’re retiring at 65 years old that means you could have 25 or 30 years of life with full activities and reasonably good health.  If this happens don’t you want to make sure you’re doing something that is fulfilling as you live the third act in your life.?

I’ve got a book I want you to have.  It’s called the When in Transition workbook.  It’s free.  All you have to do is click the button below this video and we’ll have it on it’s way to you.

Thanks for stopping by today.  This is Josh Patrick and you’ve been spending a few minutes with us at Stage 2 Planning.  I hope to see you back here really soon.

 

Topics: retirement, valuation for wealth management firms, retirement remorse

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