CLASSIC EPISODE The 8 Pillars of Rocking Retirement: Vision and Feasibility

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Sep 4, 2024

Explore the essential eight pillars of retirement planning, focusing on vision and feasibility. Discover how to reconnect with your identity outside of work and clarify your core values for a fulfilling retirement. Learn practical strategies to create a realistic financial plan that aligns with your resources. The discussion also touches on overcoming mental barriers and emphasizes the importance of thoughtful estate planning. Additionally, uncover the benefits of volunteering to enhance happiness and social connections in retirement.

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ADVICE

Focus on Important Things

Focus on the most important things to get 90% of the way there in retirement planning.
Getting it "good enough" is sufficient, avoid obsessing over perfection.

INSIGHT

Vision and Feasibility

Having a vision is crucial for retirement planning, just like knowing your destination is important for a journey.
A feasible plan helps achieve that vision, given your resources and choices.

ADVICE

Reconnect with Values

Reconnect with your core values outside of work and family roles.
Ensure your retirement vision incorporates your values to live authentically.

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This September, we're doing something a bit different. We're revisiting the basics with a refresher on the eight pillars of rocking retirement—four financial and four non-financial pillars that form the foundation for a great life. Too often, retirement planning gets bogged down with too many details and the pressure to get everything right. But in my experience, focusing on the most important things gets you 90% of the way there. This month, we’ll air classic episodes to revisit these pillars, starting today with the first two financial pillars: Vision and Feasibility.

The first financial pillar we are going to discuss is VISION. How do you start to figure out your vision in retirement? We would suggest reconnecting with who you actually are outside of your identity as an employee and identifying your core values. The second pillar in the financial realm is having a FEASIBLE plan. The objective is to establish a foundation of a safe path that is feasible given the resources and the choices that you are willing to make.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

- 00:28 September will focus on the eight pillars of rocking retirement

- 08:00 First two pillars of rock retirement are vision and feasibility

- 08:14 Vision: What do you want when you retire?

- 13:28 What are some of the obstacles to creating a vision in retirement?

- 17:44 The next pillar in the financial realm is having a feasible plan

LISTENER QUESTIONS

- 24:10 Listener Scott has a tip about going from two to one

- 26:13 Bill discusses piecake

- 27:44 Our next question is from Steve related to asset allocation in retirement

- 33:53 Another listener, Steve, wants to know if a stable value fund is a good investment

BRING IT ON

- 38:33 Kevin Lyles talks passion in work and volunteering in retirement

SMART SPRINT

- 45:55 Think about your life as a clean slate

✍️ Episode References

Six Shot Saturday
https://sixshotsaturday.com

The Top Five Regrets of the Dying- Bronnie Ware
https://bronnieware.com/regrets-of-the-dying/

The Retirement Manifesto- Fritz Gilbert
https://www.theretirementmanifesto.com/

Stocks for the Long Run- Jeremy Siegel
https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514