93: Fritz Gilbert: The Retirement Manifesto - Navigating Blind Spots and Commandments in Retirement
Dec 25, 2023
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Fritz Gilbert, producer of The Retirement Manifesto blog, shares his insights on retirement. Topics include the 90/10 rule, navigating blind spots, and 10 commandments of retirement. They also discuss downsizing, finding purpose, and investing in the spokes of life.
Retirement planning should include consideration of non-financial aspects such as relationships, sense of purpose, and achievement.
Adopting a contentment mindset can lead to positive outcomes and help navigate challenges in retirement and life overall.
Retirement offers an opportunity to explore new passions and identities, requiring active shaping and consideration of non-financial elements.
Deep dives
The Importance of Planning for Retirement
Planning for retirement is crucial, as it involves not just the financial aspects but also various non-financial considerations. It is important to think about the non-financial benefits of work, such as relationships, sense of purpose, and achievement, and prepare for their absence in retirement. Being proactive and logical in retirement planning can help minimize risks and ensure a smoother transition. This includes factors like determining spending patterns, tracking expenses, and making lifestyle adjustments. By considering the emotional and personal aspects of retirement along with the financial ones, individuals can have a more fulfilling and purposeful retirement.
The Impact of Contentment on Retirement
Contentment plays a crucial role in retirement and life overall. Adopting a mindset focused on contentment can bring about positive outcomes and help navigate challenges. Recognizing the privileges and positive aspects of one's life can lead to greater satisfaction. Contentment is a choice that can be made despite circumstances, and it pays dividends not only in retirement but throughout life. By focusing on the right mindset and accepting that life will have ups and downs, individuals can embrace contentment and strive for a positive attitude.
Discovering New Passions in Retirement
Retirement offers an opportunity to explore new passions and identities. By carving out time to think about what interests and activities are meaningful, individuals can shape their retirement years to be fulfilling and purpose-driven. Pursuing curiosity and being open to new experiences can lead to unexpected opportunities. Transitioning from a career-focused identity to a retirement-centered one requires considering a range of non-financial elements like sense of purpose, relationships, and personal growth. By embracing change and actively shaping their post-retirement lives, individuals can find new sources of joy and fulfillment.
The Importance of Taking Mini-Retirements Before Retirement
Taking mini-retirements, like spending time at a cabin or taking a break from work, is recommended two years before retirement. This period allows individuals to explore and clarify their retirement goals and envision how they want their life to look. It also provides an opportunity to make important decisions related to downsizing, relocation, or financial adjustments. By taking a mini-retirement, individuals can better understand their evolving interests and preferences, ensuring that their retirement plans align with their future desires.
Finding Post-Retirement Purpose and Fulfillment
One of the crucial aspects to consider two years before retirement is post-retirement purpose. Many individuals mistakenly underestimate the importance of having a sense of purpose and fulfillment after retiring. It is recommended to explore new interests, get curious, and engage in activities that bring joy and a sense of accomplishment. Volunteering and giving back to others often play a significant role in finding purpose and happiness in retirement. Instead of solely focusing on financial matters, individuals should invest time and energy into nurturing relationships, expanding their interests, and creating a meaningful and fulfilling retirement life.
Caleb and Riley are joined by Fritz Gilbert, the producer of the award winning blog, The Retirement Manifesto. His mission is to Help People Achieve a Great Retirement. On the blog he provides practical financial independent and retirement planning guidance for people within ten years of retirement.... Fritz has thought about retirement, a lot! He has been thinking and writing about retirement while he was preparing for, transitioning into and now living in retirement! His 400+ articles are full of wisdom and in this episode we dig deeper into some of his biggest learnings. Learn more about:
The 90/10 Rule: Discover the surprising mindset shift that Fritz experienced post-retirement.
Fritz's Ultimate Pre-Retirement Checklist and how to navigate your pre-retirement years.
Avoiding retirement pitfalls and uncover common "retirement blind spots" and how to sidestep them.
Fritz's "10 Commandments of Retirement" for a fulfilling and purposeful retirement life.