Retire on Fire Class Series: Key Take-Aways

 

As the author of a book about transitions in later life, I recently served as a presenter for one session of a five-week online course called Retire on Fire: How You Can Thrive in Retirement. It was a pro bono presentation but one of the perks for doing so was free registration for the course and an opportunity to learn from the four other instructors.

Because I love to learn, I decided to take that opportunity and attend the course as a student when I was not teaching myself. Below are nine take-aways that I took away from the course about planning for, and living in, retirement:

 

Core Activities- One of the instructors recommended having three core passions or activities that provide daily time structure and a sense of meaning and purpose.

 

Social Contacts- Students were encouraged to initiate calls, texts, and e-mails to others, to travel with friends, to join organized groups, and to try new things to see if you like them or not. One speaker referred to this as a “tapas life,” where you sample different activities, keep some, and drop some.

 

Go-Go Years Spending- Ages 65 to 74 are often called the “go-go” years when many retirees are active and healthy. It may be okay to spend more money in the early years of retirement because many people do not spend as much in the “slow go” years that follow. Check with a financial advisor or try several retirement calculators to be sure.

 

Retirement Happiness- Research about retiree happiness by Wes Moss found the following characteristics of the happiest retirees: 3.6 core pursuits, attend church at least 1-2 times a year, have 3.6 close connections, and one core social epicenter (e.g., a church or volunteer site or social group).

 

Retirement Phases- Research by Riley Moynes identified four phases of retirement: 1. Vacation (a.k.a., “honeymoon”), 2. Loss (i.e., a feeling that life lacks purpose without work; about 10-15% of retirees skip this phase), 3. Experimentation (try new things), and 4. Reward (reinvent yourself).

 

Longer Life Expectancy- Many older adults live well into their 80s or 90s and this is a gift. It is up to them to take ownership of their final phase of life. “Reframe” and focus on positive aspects of aging. Also, focus on relationships and growth. There is no growth in your comfort zone.

 

Family Togetherness- A speaker told the story of a client who moved across the country to “be with family.” His family, however, did not expect to spend so much time with him and it was awkward. The client was very lonely because he knew nobody in his new geographical area except his busy family.

 

Lack of Planning- A speaker who was a financial planner noted that about 90% of his clients haven’t figured out what to do with the rest of their life. If your entire retirement plan is to spend more time with family and friends, you better check in with them first.

 

Success Metrics- Put at least three things per day on your schedule, even mundane activities like bill-paying and walking. Completing them and crossing them off your to-do list is a measure of success.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.