Help Me Retire Podcast - Episode 5
- Mike Brown
- Aug 14, 2024
- 10 min read
What to expect when you retire
Show notes:
This is the Help Me Retire Podcast… with your host… Mike Brown… Senior Wealth Advisor with Raymond James Financial Services… and head of Brown Family Wealth Advisors…
Mike is the best-selling author of Your Way to True Wealth: How to Make It Happen, Make It Last, and Make It Matter…
He and his team have been helping clients pursue their dreams of financial independence for the past 30 years… and in the Help Me Retire Podcast… he’ll share his best ideas with you…
And now… here’s Mike…
We’re all on a journey to True Wealth… we all want to get to a point in life when we no longer have to work for money…
At that point… our money is working harder for us… than we are for it… and financially… life is pretty good from then on…
You might be building wealth… trying to get there… and this podcast can help you with that…
Perhaps you’ve already stopped working… and now you’re focused on making money last… as long as you need it to… we’ve got some resources to help you there, too…
Maybe… you’re getting to the point where you’re thinking about retirement all the time…
You’re preparing to make the transition… from working for money… to having it work for you…
You’re the one I’m talking to in this episode of Help Me Retire…
Before we dive in together… I want to remind you of all the resources you have at your disposal as you plan this transition…
Every week… I’ve got new ideas for you in our free e-letter: Wealth and Wisdom
I’ll bet you’re already getting it… but if not… good gracious… we’ve got to fix that…
Hit your pause button… and send us an email right now… send it to info@brownfwa.com... and just say you want to start receiving Wealth and Wisdom each week…
We’ll be happy to have you with us…
BrownFWA.com… that’s our official website…
And if you want to open the treasure chest of specific ideas to help you retire… visit our resource website… which is called helpmeretirepod.com…
That’s probably how you found this podcast…
But you’ll also find back issues of Wealth and Wisdom…
As well as recordings of the webinars we’ve put on for our clients… every quarter throughout the year…
Brown Family Wealth Advisors is also on Facebook and LinkedIn…
So somewhere along the way… you’re going to pick up our signal… and once you do… you’re going to get lots of good advice on building wealth…
Staying financially independent once you get there…
And making the transition into retirement… or True Wealth… which is where we’re heading today…
I’m not going to load you up with a bunch of numbers today… no statistics or formulas…
We’ve got all that stuff… we run those numbers every day for people… to help them figure out if they can afford to retire on their own terms…
And there’s no better feeling than giving them that green light…
Yes… you can do this… and then we show them exactly how…
But of the hundreds of families we’ve taken through this process… no matter how prepared they are to make that transition…
You’d be surprised how many come back to us and say… you know what? Retirement is different than we thought it would be…
Most of the time… we hear…
We didn’t know we’d be this busy!
We didn’t know we’d have so much fun…
We wish we could have done this 10 years ago…
But sometimes… I hear…
We’re getting a little tired of playing golf every day…
We used to get up and go work every morning… we had a purpose…
Now we don’t feel quite as productive… quite as important… quite as needed…
And sometimes… usually after they’ve been retired for a few months… we hear…
You know… we’re feeling a little bit down… a little disappointed…
We wonder from time to time… is that all there is?
Is this what the rest of our life is going to look like?
Let me just say… if that’s what you’re feeling… you’re not alone…
Retirement can take some getting used to…
And as one client told us one time… the only problem with retirement… is that you never get a day off!
Some people handle their new lifestyle better than others…
They seem to hit the ground running… and never look back…
But I think that’s rare… I think there’s some anxiety involved for most people…
So, what I want to do in this episode is give you some idea of what retirement might look like for you… what you might expect…
And then… more importantly… I want to give you some concrete ideas for avoiding some of that anxiety that you might otherwise experience…
Some tips to keep you from getting discouraged… and help you enjoy this new life more…
I think one thing that people miss when they leave the workplace… is the structure that a job provides…
Now, maybe 9 to 5 is too much structure… and you’re glad to have a lot more free time in retirement…
But remember… that structure… that career… those routines… created a big part of your identity… of who you are…
And when it’s over… some people aren’t ready for the void that retirement creates…
So my first piece of advice is to be ready for it… find a new structure…
Set some goals…
Develop your interests… expand your skills…
Get up around the same time most mornings… and put things on your calendar to look forward to…
The big advantage you’ve got now… is that you can be flexible… set your own priorities… and schedule things at your own pace…
You’ve heard it before… the people who thrive in retirement are the ones who think of it not as retiring from something… but retiring to something
Decide what you want to retire to… and start making it happen from day one…
My second idea ties right into that… and it’s sort of the opposite way to think about it…
Structure… and purpose… and routines are important… but don’t over-do it…
Resist the temptation to schedule every minute of every day…
Especially if you’re scheduling things you don’t want to do in the first place…
If you don’t like pickleball… don’t play pickleball… there’s no law that says you have to…
Try a bunch of different things… explore… and then commit time to the activities that you enjoy the most…
Pick one or two activities that really make you happy… and set aside some time to enjoy them…
But don’t fall into the trap of doing things you’re not passionate about… just because a lot of other people are doing them…
You be you…
This next idea… and I know you’ve heard this a thousand times already… and it’s the importance of staying active… not just physically… but mentally as well…
In fact… as you build this new structure for your life… start with putting at least one physical activity on your calendar every day…
Again… make it something fun… something that you’ll want to do on a regular basis… something to make your heart and lungs work better… something to make you stronger…
And then… add something to keep your brain working… keep challenging yourself…
Maybe it’s a daily crossword puzzle… or word games on your phone…
Here’s an idea… visit your nearest library once in a while…
Just walk around… browse the bookshelves… sit down and read a book or a magazine… keep your mind open…
Take a class at the community college…
When it comes to staying physically and mentally strong… remember that you’re likely to rust out a lot quicker and easier than you’ll wear out… so keep moving…
Something else we hear from our clients… and the older they get… the more we hear it…
Life seems to get more complex after you retire…
Think of how different technology is today… compared to when you were in your first job…
And think how you adapted to that technology as it came along… and it made you more productive over the years…
I mean… we all had to send our first email whether we wanted to or not…
Well… when you retire, your work might stop… but technology won’t… and you can’t ignore it…
The good news… is that you can stay current and productive with technology without going down the social media rabbit-hole…
It’s not just technology, though… our clients tell us that the more time they spend getting organized… and making their lives simpler… the happier they are…
Every day the weather is bad… spend a few minutes getting rid of junk… de-clutter your life…
Sell the stuff you’re never going to use… and spend the money on your next vacation…
Resist the temptation to ask your kids if they want everything… because they probably don’t…
They’ve got their own junk to get rid of one day…
Once you’ve got a handle on physical clutter… start organizing all the paperwork you’ve been collecting…
Set up a filing system… maybe consider going digital with your records…
There are all kinds of apps and online services that can help you with that…
Just make one of your goals in retirement… to get organized… get rid of clutter… physical and mental… and start living a simpler life…
Okay… this next idea ties in with that… three specific ideas for having a simpler… freer… maybe even safer life in retirement…
The goal here is to take advantage of being in control of your time once you retire…
Idea number one… learn how to say no…
People find out you’re retired… you’ve got time on your hands… you must be bored…
Come help us do this… we want you on the board of the homeowners association… we want you to man our booth at the garden show this weekend…
If those things interest you… by all means consider giving them your time and effort…
But if they don’t… if you’re too busy… if there are other things you’d rather do… then learn how to say ‘no’ more often… and don’t feel guilty about it… it’s okay…
Number two… if you want to save time and stress in retirement… take advantage of being able to set your own flexible schedule…
Unless you love big crowds… don’t do your shopping on weekends and holidays…
If you want to save money on your next cruise… start researching what cruise lines do when their ships aren’t fully booked…
If you can be flexible with your travel plans… book your vacations when it’s not peak season… that’s when rates are lower… and crowds are thinner…
Number three… stay off the roads during rush hour…
You retired so you wouldn’t have to rush anymore, remember?
Schedule your day-to-day travel to leave home after 10 a.m. and try to be back by three o’clock in the afternoon…
You’ll be safer… you’ll be calmer… and you’ll probably save a lot of drive-time in the process…
So what will you do with all this time you have… and all this time you’re saving? Simple… spend it where it counts…
Don’t spend the day in a recliner… watching MSNBC or Fox NewsChannel…
Your investments won’t do any better when you watch CNBC all day…
And besides… you know those people can’t really hear you when you scream at your TV…
Instead of getting swallowed up in talk shows… home shopping networks… and prowling around on Facebook… spend as much of your valuable time as you can… with your family…
Instead of collecting things… collect friends… collect relationships… collect experiences… collect memories…
Instead of getting angry at what other people say… or what they believe…
Get out and commit some time to what you believe in…
Support a cause you feel passionate about… commit some of your time and money to make things better…
Remember… we were all put here on Earth for a reason… and that reason doesn’t change when we decide to stop working for a living…
Mark Twain once said the two most important days in your life are the day you were born… and they day you find out why…
Retirement is a great time to find out why you’re here if you don’t know already…
And if you do… it’s a great time to make sure you’re doing it the best way you possibly can...
Okay… so let’s re-cap these six things to expect when you retire… these half-dozen things that some people seem challenged by… and the keys to overcome those challenges…
One… Create some structure in your life to replace the structure that work gives you…
You don’t want to simply retire from something… you need to retire to something…
Get a calendar… and start filling it up with events… and trips… and parties… things you want to do… and places you want to be…
Two… Don’t over-schedule…
They say ‘stop and smell the roses’… but there’s no quota…
You’re not going to get a bonus… or even a trophy… for smelling the most roses…
Three… Keep moving… keep active… keep your body strong… keep your brain active…
Remember… you can only coast when you’re going downhill…
Wear out… don’t rust out…
Four… Get organized… get your life in order…
Get rid of the physical clutter… get rid of the paperwork…
Find a place for everything… and make sure people know where to find it when they need it…
Five… Take advantage of being in control of your time after you retire…
By learning how to say no…
By avoiding crowds and rush hour… unless mobs and traffic are your thing…
And six… Spend your time on things that count…
Your family… your friends…
Stop collecting things… and start collecting relationships… experiences… memories…
I’ll end this episode with another quote… one I’m very familiar with… because this one comes from me…
I’m no Mark Twain… but if you have a copy of my book… Your Way to True Wealth… you’ll find it right there on Page 186…
My wish for you… as you explore this exciting… rewarding… interesting phase of your life:
May you wake up every morning with something to look forward to…
Spend each day learning something new…
And go to bed each night with one more thing to be thankful for…
Such… is the meaning of True Wealth…
Thanks for spending a few minutes with me today… I look forward to getting back together with you soon…
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.
Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Brown Family Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.
Any opinions are those of Mike Brown and Brown Family Wealth Advisors and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a recommendation. There is no guarantee that these statements or opinions will prove to be correct. Investing involves risk, and you may incur a profit or a loss regardless of the strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
