Unlocking a Fulfilling Retirement: Expert Insights
Preparation is Key
A successful transition into retirement requires careful planning, both financially and non-financially. According to Fritz Gilbert, author of “The Keys to a Successful Retirement,” the more time spent preparing for retirement, the higher the chances of finding fulfillment.
Tracking Expenses: A Crucial Step
To ensure a comfortable lifestyle in retirement, it’s essential to track expenses beforehand. Gilbert recommends establishing a baseline by monitoring spending for at least 11 months, then adjusting for retirement by accounting for changes like downsizing and travel.
The 90/10 Rule: A Shift in Focus
Gilbert’s “90/10 rule” suggests that before retirement, 90% of time should be spent on financial planning, and 10% on non-financial aspects. However, once retired, this focus flips, with more time spent on finding fulfillment and excitement.
Replacing the “Big Five”
Work often provides identity, structure, purpose, a sense of accomplishment, and relationships. Retirees must find ways to replace these elements, which can be challenging. Gilbert suggests exploring curiosities and pursuing activities that bring fulfillment.
The Importance of Discussion
Retirement affects the entire household, making it crucial to discuss expectations beforehand. Gilbert recommends conducting a “test retirement” to align goals and preferences.
Unexpected Surprises
Despite careful planning, retirement can still bring unexpected challenges. Gilbert notes that transitioning from a saving to a spending mindset can be difficult, and using the bucket approach to create a retirement income plan can help alleviate fears of running out of money.
Finding Fulfillment
Gilbert’s own retirement experience has shown him that pursuing curiosity and exploring new interests can lead to unexpected opportunities and a sense of fulfillment. He also emphasizes the importance of giving back through mentoring, volunteering, or charitable work.
Expert Insights
Each week, retirement expert Robert Powell shares valuable insights on Decoding Retirement, helping you plan for a fulfilling future.
Leave a Reply