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Do you believe retirement starts at age 65?
Do you think retirement is about playing endless rounds of golf, reading novels, and drinking a Mai Tai while lounging in a hammock on a tropical beach?
I have news for you. The retirement game has completely changed. The old rules are so 1990. You need to understand the new retirement so you can plan accordingly.
Future retirees are living longer and enjoying greater health much later in life. This reality has changed everything about retirement planning:
- Pensions are no longer a reliable source of income forcing most people to self-fund through savings.
- 30+ years of endless leisure is not how most people define a fulfilling life.
- Few are willing to wait until age 65 to shift their career from maximum income to maximum fulfillment.
- Most people desire greater personal connection with community and meaningful contribution once their career based network ends.
Most people intuitively get that the retirement planning game has changed, but few understand what to do about it.
- Should you “retire” at age 40, 50, or 65?
- What should you do with your life after retirement?
- How do you know when you are ready to retire – both financially and emotionally?
- What does “retirement” really mean anyway?
Related: 5 Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Explained in 5 Free Video Lessons
The truth is retirement is the biggest financial objective you must plan for. It dwarfs buying a house or saving for the kids college.
Given that traditional retirement planning no longer works and the game has completely changed it only makes sense to bring your knowledge up to speed so that you can retire 10 or 20 years earlier than previously planned.
In this episode you will discover:
- How your needs and wants change as soon as you achieve your base-level financial freedom number.
- A clear definition of what that financial freedom number is.
- The myth that financial freedom equates to no longer working.
- Why your financial freedom number is totally real and can't be faked or ignored.
- The little-known emotional reality you should expect as you approach financial freedom.
- The unexpected reason that life after financial freedom can be more difficult than before (you're not alone when it happens to you).
- How to define the next step after financial freedom as the basis for happiness and fulfillment.
- What you should do when money ceases to be your top priority for working.
- The amazing story that bring new perspective to every remaining year in your life.
- How to make discomfort a positive thing.
- How the new retirement changes both your life plan and your financial plan.
- The surprising reason you might just be happier earning a lot less income.
- A simple plan to build financial independence without frugality.
- The one equation no wealth builder can succeed without.
- The 3 investment mistakes Ken reveals that you can easily avoid repeating.
- How to manage your life for the ultimate deadline.
- and much more….
Resources and Links Mentioned in this Session Include:
- Ken's website is http://kenturek.com
- My 7 Steps To 7 Figures Wealth Building Course
- You can learn more about my financial coaching services here.
- My bestselling book at Amazon is here How Much Money Do I Need To Retire?
- A retirement calculator to help you engineer your new retirement.
- More educational articles about retirement planning can be found here.
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The Military Guide
Thanks, Todd, I really appreciate the time & effort you’re putting into the podcasts.
I’d never considered the priority shift that came when we no longer had to worry about affording next week’s groceries. I’ll point out, though, that those priorities can now include exploring questions or things that no longer need to have deadlines or payoffs. Maybe there aren’t even any urgent priorities anymore.
I guess it’s the J.R.R. Tolkein retirement model: “Not all those who wander are lost”…
Yes, and the loss of priorities and deadlines is not necessarily good. Like all things, it is tradeoffs. Depends on what you want.
Financialmentor Hi Todd,
Thanks for the podcasts – really enjoy listening to these. I totally agree – it all is about what you want. Now finding out what you really want – THAT’S the tough work.
It’s not tough – it’s fun!!
Financialmentor lol – Clearly I am doing it wrong!
Hello Todd, I’m a 57 year old male. Pacing the floor with nervous anxiety is typical for me when I think about my and my families financial future. I need help to secure some kind of retirement with the aid of you and or mentors, networking. My family has always looked up to me to take care of them, but I’m afraid I will disappoint them immensely. Any suggestions? Thank you! Mark.
That’s the whole reason I built this course https://www.financialmentor.com/educational-products/seven-steps-to-seven-figures/wealth-plan
Nice podcasts – its nice that you are concentrating on these things . i belive ” It always seems impossible until its done. ” – saverable
NeetaSharmaThanks for sharing.
Todd, great podcast, again. It was fascinating to hear Ken’s journey and the process he’s going through to align his life with his values and new priorities. ”Financial freedom” is multifaceted concept. Very inspiring. Thanks to both of you for sharing.
KeithMacdonaldYou’re welcome, Keith. Thanks for joining the conversation!
I really enjoyed your podcast on a totally different of “retirement” I would say that I am most like Ken in my life- you know wanting to work as long as I possibly can. The only comment I would make is that it almost sounded that you were saving doing what was fulfilling/ what you enjoyed doing until after you reached that “financial freedom” number. I’m not sure I would agree with that. Warren Buffett famously said that this approach to life was like “saving sex until you’re old age!” I just want to say that what makes you excel at your job are the elements of intrinsic motivation (it is interesting in itself and you want to master it because doing so brings you enjoyment).
Let me know your thoughts
DeboJAdebayoYes, I agree with your perspective on work and fulfillment. Thanks for forcing me to clarify. The point is that most people (research shows around 80% depending on study) don’t define their fulfilling life as their current work. This structure from the podcast addresses the reality most people are living. It does not address how to never end up in that reality in the first place. For a more detailed explanation about all this I think you will really like episode 17 of the podcast (already recorded but not getting published until February/March 2014) where Cal Newport and I dissect this exact issue you are bringing up and how fulfillment develops within your career. Hope that helps.
I really enjoyed your podcast on a totally different view of “retirement” I would say that I am most like Ken in my life- you know wanting to work as long as I possibly can rather than stop at some arbitrary number given to me by society
The only comment I would make regarding the podcast is that it almost sounded that you were advocating saving doing what was fulfilling/ what you enjoyed doing until after you reached that “financial freedom” number. Specifically you talked about the timeline of life being birth, school, work, fulfilment and then death.
I’m not sure I would agree with that. I would counter that you should find work which is fulfilling/meaningful.
Warren Buffett famously said that the approach of saving what you love doing until you make lots of money was like “saving sex until you’re old age!” I don’t know something about doing a job you hate just because it pays lots doesn’t sound like a great life especially when you take into fact that each year of your life is 5% etc. I don’t know maybe it’s just youthful exhuberance and fantasy thinking! (I’m 24).
I would say that what makes you excel at your job are the elements of intrinsic motivation (it is interesting in itself and you want to master it because doing so brings you enjoyment) and so it is more important to seek the right kind of job for you from the outset. I understand that this needs to be taken with a
Let me know your thoughts
Thank you for another excellent podcast, Todd! What struck me most about Ken’s story is his honesty about how scary it can be to change course and live a different path. I was surprised (and inspired!) to learn that even a successful trial attorney can encounter fear and it is something he works on daily to conquer. Thank you.
sgottliebYes, I really appreciated his integrity in sharing that. My experience was similar and it was true for my other clients that went through the same process. It is good to let people know nothing is wrong with them and they are not alone when they experience these fears. Thanks for joining the conversation!
Hey Todd…Hope you’re well
This is yet another example of building a lifestyle that incorporates balance as well as fulfillment into the equation.
Financial planners aren’t psychologists I know but I wish more of them were trained to take this approach to financial planning
I actually think there’s a need in the marketplace for this type of “professional” i.e. one who know what they’re doing
I’m using my new podcast to explore where I think the “holes” are in this industry from the customer (me) perspective and will look to fill this need with a service at some point.
This is what I’d love to do for my life’s work. If I’m helping people , myself included, become financially free I wouldn’t have this need to want to retire so bad. I could scale up or down just like Ken did.
You’re podcast and you have become mentors to me and I appreciate it.
Talk to you soon,
frank_manzella Thanks Frank!