5 Things You’ll Wish You Knew Before You Retired

Our topic on this episode of the Ready for Retirement podcast is about 5 things you will have wished you knew before you retire.

Questions answered: What should I know before I retire?  What can I do to prepare for retirement? What strategies can I implement to improve my financial future? What is the best approach for my individual situation? 

Are you ready to start focusing on the things that truly matter when it comes to your financial future?

Article Mentioned: 5 Things You’ll Wish You Knew Before You Retired

Key Points

• Regret #1: “I Wish We Traveled More While We Could”
  • Understand what you want retirement to look like.
  • Often people view life pre-retirement and post-retirement.
  • How can you begin living and implementing your post-retirement goals today?
    • Do you have to put off what you enjoy doing until retirement or can you start doing what you want to do today?
    • How can you do the things you want to do as soon as possible while balancing long-term planning?
  • You may not have to defer travel to reach your long-term goals.
• Regret #2: “I Wish I Had Something To Retire To”
  • It’s easy to think retirement will solve your problems and life gets easier.
    • Often individuals come to me and struggle with boredom and a lack of purpose.
  • If you don’t think through some of the things you want to retire to such as volunteering, travel, etc., it’s very easy to get lost and lose a sense of purpose.
  • Spend time thinking about what you want your retirement to look like.
• Regret #3: “I Wish I Had More Friends”
  • People forget the social interaction that work provides.
  • What clubs do you want to be a part of in retirement?
    • What people do you enjoy being around the most? 
  • It’s vital you have a community while you’re working and throughout retirement to have a sense of fulfillment.
  • It’s less so about retiring and then building a community, but beginning to build a social circle prior to retirement.
  • Check out Episode 13: What to Do in Retirement: 13 Activities That Will Provide a Fun and Fulfilling Retirement
• Regret #4: “I Wish I Hadn’t Bought That House”
  • People often want to buy a home in a new community for their new life.
    • Sometimes people wish they hadn’t bought right away.
  • Buying a home is a big decision and not something easy to get out of quickly.
  • Oftentimes individuals wish they would have rented prior to buying to provide flexibility.
• Regret #5: “I Wish I Spoke With My Partner About Retirement Expectations”
  • You and your spouse may have similar values, but different goals.
    • One spouse may love home improvements while the other would rather travel, golf, sail, etc.
    • Ensure you understand the expectations of your spouse and how you will spend your time and money throughout retirement.
      • Talk about little things such as dividend household chores, when you will have breakfast/lunch/dinner etc.
• Understand your expectations so you can create a clear transition to a meaningful retirement. 

Timestamps

1:44 – Introduction

3:50 – Is There A Retirement Finish Line?

4:57 – How To Implement Retirement Goals Today

6:41 – The Importance of Social Contact In Retirement

7:41 – Personal Growth Throughout Retirement

10:25 – Renting v. Buying

14:41 – Aligning Your Investments With Your Financial Goals

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