Weekly newsletter with my thoughts about financial planning, investments, tax planning, aging, and more!
How will you spend your time in retirement?
I spent last week with my in-laws, and it has me wondering, "How will you spend your time in retirement?"
My in-laws are busy people with many hobbies. They both love to run, ski, and bicycle.
My father-in-law tends to a small orchard on a daily basis. It's peaceful, and he produces delicious fruit.
My mother-in-law has become a wood working master. She's also a great cook and baker.
We had two homemade pies last week. Below is the apple pie (my wife's favorite).
They wake up with something to do each day and a sense of purpose.
Over the last 11 years I've been helping people retire, I see a distinct pattern between those who are retiring to something and those who are simply retiring.
I was reminded of that last week.
Retiring can be challenging.
Most people have an identity that is wrapped up in their work.
I know I fall into this category. Who would I be if not a financial planner?
When you work for 30+ years, have a community built around work, and have little time for other things, it's natural to question or not be certain about what you are retiring to.
For those who are unsure how to spend their time, I usually offer the following advice:
Don't make any big plans. See what unfolds in the first year of retirement. Explore, do things you wouldn't normally do. Take some time to be. Make a reminder to revisit it.
It can be easy to slip into a routine, sometimes an unhealthy one, which is why the reminder is important.
For those who have an idea of how they want to spend their time, go for it! Find those activities that give you purpose and a community.
Retirement is more than the numbers (though those are important too!).
It's about creating the life you want to live.
As you go about your week, ask yourself, "What's in my ideal life in retirement?"
Blog This Month
What I've Been Reading
- Billionaires and the Evolution of Overconfidence
- The Best Time to Buy Stocks - A Wealth of Common Sense
- NYTimes: How to Become a Morning Exercise Person
- The Stock Market is Not a Casino - A Wealth of Common Sense
- How to Hire a Pop Star for Your Private Party | The New Yorker
- In Retirement, Time to Help—and Be Thankful for—Our Aging Parents - The Wal
Resources
How to Manage Your Resources for Widows - Hear directly from widows about the decisions they had to navigate, how they lived with grief, and the wisdom of what they want you to know after reflecting back on their experience.
Widows and Money Facebook Group - A community to learn about money, feel empowered around your finances, and ask financial questions.
More Than Money: Real-Life Stories of Financial Planning - Stories about the impact and value of financial planning. My story of Sara and Leo is on page 205.
Welcome, I'm Elliott!
Weekly newsletter with my thoughts about financial planning, investments, tax planning, aging, and more!
I'm not going to talk about finance this week. Consider this more of a reflection about aging and how to create a life well lived. As many of you know, my dad was diagnosed with Stage IV Lung Cancer 7 years ago this coming July. This is a photo of he and I having a video call in the past few weeks. He beat the cancer odds. I've watched acquaintances' parents and other family members die from the same exact disease in far less time. He's battled through a broken hip, shoulder, wrist,...
I've helped clients with rollovers for over a decade. This is where you move money from an old 401(k) plan (or other retirement plan) to a new retirement plan or Rollover IRA. But, today, I'm sharing a personal story. Generally, I know which companies are easier to work with, how they process rollovers, and where there may be pain points. In the financial industry, rollovers are a notoriously painful process. If you've ever tried to do one, you may have had to complete 10+ pages of paperwork...
It's hard to escape the debt ceiling news articles. What happens if the U.S. defaults on their debt? The truth is...nobody knows. A good portion of the financial system is built on the idea that U.S. Treasuries are considered the "risk-free" rate. I was taught this in school. Financial markets operate off of this assumption most of the time. News articles talk about how the return is considered risk-free because payments are backed by the full faith and credit of the United States government....