Episode 139: What to expect in Retirement

In this episode, Alex, Wade, and Jason discuss what to expect in retirement. They cover several major lifestyle changes that occur during retirement, including the loss of work identity, increases in unstructured time, changes in social connections, shifts in physical health, adjustments in daily routines, and the need for financial planning. They provide insights on both the positive and negative aspects of these changes and offer suggestions on how to navigate them. In this conversation, the hosts discuss the importance of structure and routines in retirement. They highlight the difference between structuring time and developing routines, emphasizing the need for both to maintain a sense of purpose and productivity. They also explore the challenges of spending more time with a spouse or partner in retirement and the importance of communication and finding a balance between shared activities and individual interests. The hosts also touch on the impact of social connections and the need to build new networks outside of work. Lastly, they discuss the health and aging process in retirement, emphasizing the importance of managing physical and mental health and avoiding negative feedback loops.

Takeaways

• Retirement involves major lifestyle changes that can have both positive and negative impacts.


• Losing work identity and a sense of purpose can be challenging, but it also presents an opportunity to create a new identity based on personal interests and passions.


• Having unstructured time in retirement can lead to boredom and unhealthy habits, so it's important to establish a new routine and pursue meaningful activities.


• Maintaining social connections and building new relationships is crucial for overall well-being in retirement.


• Physical health may change in retirement, and it's important to prioritize self-care and engage in regular exercise.


• Adjusting daily routines and finding a balance between relaxation and productivity is key to enjoying retirement.


• Financial planning is essential to ensure a secure and comfortable retirement.


• Each individual's retirement experience is unique, and the impact of these lifestyle changes will vary.


• Retirement is an exciting opportunity for personal growth and exploration. Structure and routines are essential in retirement to maintain a sense of purpose and productivity.


• Spending more time with a spouse or partner in retirement requires communication and finding a balance between shared activities and individual interests.


• Building new social connections outside of work is important to combat social isolation in retirement.


• Managing physical and mental health is crucial in retirement, and avoiding negative feedback loops is key.


• Creating a financial plan that addresses retirement income style and funded ratio is essential for a successful retirement.

Chapters

00:00 Introduction and Overview

02:03 Chapter 1: Navigating the Loss of Work Identity in Retirement

11:39 Chapter 2: Managing Unstructured Time in Retirement

15:10 Chapter 3: Maintaining Social Connections in Retirement

18:13 Chapter 5: Adjusting Daily Routines in Retirement

20:47 Chapter 6: The Importance of Financial Planning in Retirement

26:38 Building New Social Connections in Retirement

32:58 Managing Health and Aging in Retirement

39:59 Creating a Financial Plan for Retirement

Links

Registration for the next Retirement Income Challenge is OPEN: Learn more and join us for this LIVE 4-Day event starting on August 26th-29th, 2024 from 12:00 -2:00 PM ET each day by visiting risaprofile.com/podcast

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ 

This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”