Crafting a Purposeful Retirement Lifestyle

Transcript

So, a lot of times you'll have people that retire and then they start to really think about different things that they want to do and the retirement piece. I rarely see people just stop working and just full on retire where they have nothing else going on. They're relaxing sitting at home and just enjoying themselves. Typically, it's a phase 2 that they enter into and that really means reduce commitments. You're not going to meetings all the time. You're not working 50 to 60 hours a week. You're able to enjoy your passion, your lifestyle, your family, et cetera, but you're still doing something that reflects your passion and the fact that you are a seasoned professional in a certain area.

I had a client that was an attorney and he was a partner in a law firm for a health- he was a healthcare attorney, and he was working like crazy and he wanted to retire, and he had enough money to retire, but he was concerned about losing the connections and losing the comradery, and then having something to wake up to every day.

So what I did was I partnered him with a nonprofit that I managed money for that dealt with health care incidents for people in underserved communities, and we were able to match his expertise with that nonprofit. So he was able to continue to do what he loved, but do it at a reduced scale and still have a purpose and a passion.

So the reason I'm bringing this up is that I talked to a lot of professionals that want to consult in retirement. But they start the planning process too late. And once you retire, those connections that you have those potential customers, all that dries up very quickly. So I think it's very important to map that out in very great detail while you're still working several years before you retire.

So if you plan to kind of transition into something like that, you have everything lined up in a row, and you're not winging it post retirement, because things change very quickly. I also have clients that really are not sure where they're going to live if they're going to keep the big house.

Once they retire, if they're going to buy a condo, if they're going to have a vacation property, it's very difficult to plan effectively when all that is open ended to the extent possible, you want to map that out. Think through things like, will I want to be closer to my grandchildren?Do we want to have the burden of a second home or are we going to just Airbnb in retirement? Because all these things have a dramatic impact on the budget and our ability to plan effectively and reduce some of the risks that you're going to have as you're retired.