When planning for financial independence, you still need to plan for things other than finances, like what you will do with your free time. We’re talking about the life side of retirement today. What are you doing with your time and your energy? Grab a pen and paper and answer these questions for yourself.
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When planning for your retirement, there’s more to it than just finances. Today we’re talking about living the dream and the life side of financial planning. Grab a pen and paper and answer these questions for yourself. There are no right or wrong answers. All that matters is that it feels right to you.
I ask myself these questions, too. How long should I work? Should I retire early or work past the typical retirement age? In my family, it’s normal to keep working, even into your 60s, 70s, and 80s, because that’s what they like to do. I’m going to challenge myself to find a mix of keeping myself occupied with work and enjoying life and travel.
You’ll notice during today’s podcast that I use the term “financial independence” instead of “retirement.” Some clients don’t want to retire. They want to work part-time instead.
Do you want to fully retire or work part-time?
Thinking through this question helps give you some targets of where you’re headed. Do you want or need extra income? Or would you prefer to fully retire? Everyone’s different, so what’s the right answer for you?
Where do you want to live?
Do you want to live somewhere cold or warm, beach or mountains, etc.? Maybe you want to live close to family or stay in your current home and renovate it. It’s good to have your targets written down so you can make a plan for your investments and your savings.
Who will you be around?
Who do you picture yourself spending time with? It’s important to think through this and how it could affect your happiness. Some people are very close to their friends. Others want to be closer to family.
What activities will you do?
How will you spend your time? For me, volunteering with Big Brothers Big Sisters, going to the gym, and playing golf are very important to me. What will you do to stay active? A long life comes from activity, social discussion, mental activity and keeping busy. With my clients, I see a difference in those who stay mentally and physically active.
Listen to the full podcast or use the timestamps below to jump to a specific section.
[2:18] – How long will Scott work?
[4:30] – Financial independence
[7:33 ]– Fully retire or work part-time?
[9:42] – Where do you want to live?
[14:45] – Who will you be around?
[16:45] – What activities will you do?
[21:06 ]– How much and where will you travel?
[23:33] – What do you want your legacy to be?
[27:44 ]– How to make your dreams come true?
Thanks for checking out this episode. We’ll talk to you again soon.
“I just want people to be very wide open and really think about, what do they want, not what their neighbors are doing or what’s somebody else at their work doing.”