The Humans vs Retirement Podcast

Summary Today's conversation is a first for my podcast in that I welcome back a previous guest! And I couldn't think of having my first repeat guest as anyone better that the brilliant George Kinder! George was previously on the show in episode 20 where we discussed Life planning and how to light the retirement torch. For those that don't know, George is widely regarded as the father of Financial Life planning and a global leading voice in this field. Today's conversation centres around Goerges new book The Three Domains of Freedom which explores the different aspects of freedom and how the relate to a fulfilling life. The three domains we discuss are: The freedom of each moment, The freedom to pursue one's life and the freedom within civilisation. During our conversation George emphasises the importance of mindfulness and being preset in each moment to experience true freedom. He also discusses the significance of having a passionate purpose and taking control of your life. George and I also discuss the the concept of freedom and its various dimensions. We talk about freedom of thought, freedom of time and the importance of celebrating achievements, no matter how small! We also touch on the state of society and the need for unity and trust and at the end George shares his proposal for a legislative solution to create a more trustworthy and humane civilisation. Takeaways Mindfulness and being present in each moment is key to experiencing true freedom. Having a passionate purpose and taking control of one's life leads to a sense of fulfillment. Shortening timeframes and taking action can create a sense of energy and accomplishment. Working with a skilled life planner can help uncover hidden desires and goals. Freedom encompasses more than just physical freedom; it includes freedom of thought and freedom of time. Celebrating achievements, no matter how small, is important for a fulfilling life. Society is currently fragmented and polarized, but there is a solution: unity and trust. George Kinder proposes a legislative solution that requires institutions to have a fiduciary obligation to truth, democracy, the planet, and humanity. Creating a trustworthy civilization starts with individuals and businesses adopting a fiduciary standard. Sound Bites "There were three domains.""Mindfulness is really about the mastery of the present moment." "Feeling that I have a passionate purpose that I am moving toward or living in." "It doesn't mean that it's freedom just to go and sit on the couch or lay on the..." "When I talk to a lot of people that I've worked with, they actually talk about freedom of thought a lot." "Celebrating achievements, you know, no matter how small they are, I think is really critical to a fulfilling life." Chapters 00:00 Introduction and Overview 02:55 The Three Domains of Freedom 05:52 The Freedom of Each Moment 11:52 Finding Your Passionate Purpose 17:59 Shortening Timeframes for Action and Energy 26:21 Exploring the Dimensions of Freedom 28:30 Unity and Trust in a Fragmented Society 44:03 A Legislative Solution for a Trustworthy Civilization Links George's new book The Three Domains of Freedom My YouTube Channel

Summary Today's conversation is with retirement investing, income planning and life satisfaction expert, Michael Finke Michael is a professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He received a doctorate in consumer economics from the Ohio State University in 1998 and in finance from the University of Missouri in 2011. He leads the O. Alfred Granum Center for Financial Security at the American College and is a research fellow at the Retirement Income Institute, and a member of the Defined Contribution Institutional Investment Association Academic Advisory Council. He is an internationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging. He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine. In this conversation, Michael and I discuss the importance of mindset and positivity in retirement planning. We explore the correlation between health and financial behaviours among retirees and the role of positivity in driving savings and spending behaviour. We also discuss the benefits of annuities as a way to ensure a guaranteed income in retirement and how the psychological impact of spending from income versus spending from assets is often a licence to spend for many retirees. The conversation emphasizes the need to align money with values and goals to maximize happiness in retirement. Takeaways There is a strong connection between health behaviors and money behaviors, as both involve making decisions to defer gratification and invest in a better future. Retirement income planning should involve considering both spending and legacy goals, and giving oneself the agency to choose how much of their savings to spend and how much to pass on to others. It is important to recognize and accept our own mortality when planning for retirement, and to design a plan that allows us to spend the money we've saved for the purpose of enjoying a better lifestyle. Retirement should be viewed as an opportunity to bring forward the ability to give money to loved ones and causes we care about, rather than waiting until the end of life. Spending money in retirement can bring more happiness and satisfaction than simply accumulating wealth, and it is important to prioritize experiences and social interactions that provide joy. Designing a retirement plan should involve envisioning the future and creating a financial structure that supports the desired lifestyle, rather than solely focusing on numbers and spreadsheets. Mindset and positivity play a crucial role in retirement planning. Health and financial behaviors are correlated among retirees, and positivity drives savings behavior. Annuities provide a license to spend and allow retirees to spend more from income than from assets. Aligning money with values and goals can lead to greater happiness in retirement. Sound Bites "What is wealth? Wealth is a store of future spending. It is a store of future happiness." "The goal is lifestyle. That's why you save the money in the first place. Let's design a structure so that you can have the lifestyle that you want to live." "Recognize that you had a choice and your choice was: Do I want to spend the money that I've saved that I've sacrificed to be able to build or am I going to be happier passing it on to someone else?" "How we view retirement and how positive we are about our years going forward is going to shape the way we want to spend our money." "People who think that life is going to be more pleasurable in their 80s are more motivated to ensure that they still have income in their 80s." "Annuities give you the ability to spend more every year and never feel bad about it." Chapters 00:00 Introduction and Background 03:23 The Connection Between Retirement, Health, and Wealth 07:58 Balancing Spending and Legacy Goals in Retirement Income Planning 11:25 Recognizing Mortality and Designing a Plan for a Better Lifestyle 15:37 Bringing Forward the Ability to Give in Retirement 24:15 Envisioning the Future and Designing a Retirement Plan 26:45 The Role of Mindset and Positivity in Retirement Planning 28:12 The Correlation Between Health and Financial Behaviors in Retirement 35:10 The Benefits of Annuities as a License to Spend 42:20 Aligning Money with Values and Goals for Greater Happiness in Retirement Links License to spend whitepaper Michael Finke Website

Summary Money and happiness expert Ken Honda is a bestselling self-development author in Japan, with book sales surpassing eight million copies since 2001. His first English language book, "Happy Money: The Japanese Art of Making Peace With Your Money" (June 2019, Simon & Schuster), is an international bestseller. His new novel is "True Wealth – 9 Lessons From a Grandfather on Happiness and Abundance" (​​May 14, 2024, Hay House). Learn more at KenHonda.com. In this episode Ken Honda discusses the concept of true wealth, which goes beyond material abundance and includes intangible assets such as trust, bonding, love, and friendship. He emphasizes the importance of creating precious memories and highlights the need to redefine wealth as we approach retirement. Ken also explores the power of intuition in decision-making and shares three steps to tap into our intuition. He discusses coping with anxieties and fears around money and retirement, suggesting that facing fear head-on can lead to personal growth and new opportunities. Ken encourages listeners to find their Ikigai, their life purpose, and to make choices that align with their passions and values. He also emphasizes the importance of cultivating a positive relationship with money and using it as a tool to bring joy and happiness in retirement. Takeaways True wealth goes beyond material abundance and includes intangible assets such as trust, bonding, love, and friendship. Creating precious memories is more important than accumulating material wealth. Facing fears and taking risks can lead to personal growth and new opportunities in retirement. Finding your Ikigai, your life purpose, and making choices that align with your passions and values is crucial in retirement. Cultivating a positive relationship with money and using it as a tool to bring joy and happiness in retirement is essential. Sound Bites "True wealth is something that you cannot see. It's invisible assets like trust, bonding, love, and friendship." "There's always some kind of guiding force to just take us to something very important." "If you can face your fear, you will be less afraid of taking more steps, taking more risks." Chapters 00:00 Introduction and the Concept of True Wealth 06:03 The Power of Intuition in Decision-Making 09:25 Coping with Anxieties and Fears in Retirement 15:30 Finding Your Ikigai in Retirement

Summary Suzi is a certified co-active coach and has made it her mission to understand the process of personal and professional transitions and the challenges that come with them. She is passionate about working with clients to help see them through and make a pathway for the life the want to experience In our conversation Suzi encourages people planning for or already living in retirement to step back and reflect on who they are and what they truly enjoy, as well as the significance of having a positive attitude and choosing to thrive in retirement. We discuss the differences between men and women in retirement, particularly in terms of social connections and expectations, whilst also exploring why communication and setting expectations are crucial for couples transitioning into retirement. In Suzi's opinion retirement is a multifaceted life transition that requires deep introspection and consideration of various aspects of life. Her retirement wheel is a tool that helps individuals visualize and address different areas of their life, including spiritual well-being, family and friends, partnership and love, health and fitness, and fun play and travel (a free download of this is available in the show notes). And finally, Suzi talks about why she believes it is important to approach retirement with curiosity and a sense of wonder, remaining open to new experiences and learning opportunities and how Retirement should not be seen as the finish line, but rather as a new beginning that requires ongoing adaptation and planning. Takeaways Retirement is an opportunity to repurpose one's life and find new meaning and purpose. Taking the time to reflect on who you are and what you enjoy is essential during the retirement transition. Having a positive attitude and choosing to thrive in retirement can lead to a more fulfilling experience. Men and women often have different challenges and expectations in retirement, particularly in terms of social connections. Communication and setting expectations are crucial for couples transitioning into retirement. Retirement is a time for deep introspection and consideration of various aspects of life. The retirement wheel is a helpful tool for visualizing and addressing different areas of life in retirement. Approach retirement with curiosity and a sense of wonder, remaining open to new experiences and learning opportunities. Retirement should be seen as a new beginning that requires ongoing adaptation and planning. Sound Bites "I love helping people to repurpose." "Retirement is an outdated concept." "Retirement is a chance to repurpose what life means." "It's a retirement wheel that can help people visualize all the pieces, because it's not just a financial piece as we have so declared here." "How are you in your spiritual peace and will you give yourself time for that peace?" "Retirement will evolve greatly. You can't pretend it's not going to." Chapters 00:00 Introduction and Background 03:27 The Changing Landscape of Retirement 06:01 Repurposing Your Life in Retirement 07:49 Choosing a Positive Attitude in Retirement 09:33 Preparing for Retirement: Mindset and Expectations 12:28 Thriving in Retirement: Shifting from Surviving to Thriving 15:16 Gender Differences in Retirement 24:17 The Retirement Wheel: Visualizing and Addressing Different Areas of Life 33:25 Retirement: A New Beginning Requiring Adaptation and Planning 36:42 Retirement as a Complex Problem Requiring Consistent Adaptation 39:20 Mourning the Ending and Having Gratitude for Your Career

Summary David is Managing Director, Portfolio Manager, and Head of Retirement Research for PGIM DC Solutions. In this role, he develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. Prior to joining PGIM he was the Head of Retirement Research for Morningstar Investment Management LLC and before that the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company. In this episode David and I discuss retirement planning and income generation. He emphasizes the importance of understanding the cost of retirement and the need to start planning early. Retirement is a complex and individualized process, and the traditional concept of retirement is evolving, David suggests using the term 'financial independence' instead. He also challenges the 4% rule for retirement withdrawals, suggesting that a personalized approach is necessary because flexibility in retirement income planning is crucial, as it allows for adjustments in spending based on changing circumstances. He also talks about why holding cash can provide both economic and behavioural benefits in retirement portfolios. Other highlights of our conversation are where we discuss the need for advisors and coaches in retirement planning, the importance of understanding and addressing regret risk, the value of spending money on experiences and giving during retirement, the impact of longevity risk on retirement confidence, the benefits of guaranteed lifetime income in retirement planning and Davids famous Retirement smile concept. Takeaways Understanding the cost of retirement and starting planning early are crucial for financial security in retirement. The traditional concept of retirement is changing, and 'financial independence' may be a more appropriate term. The 4% rule for retirement withdrawals may lead to underspending and regret, and a personalized approach is necessary. Flexibility in retirement income planning allows for adjustments in spending based on changing circumstances. Holding cash in retirement portfolios can provide both economic and behavioral benefits. Advisors and coaches play a crucial role in retirement planning by providing accountability and helping individuals understand their blind spots. Regret risk, or the regret of not doing more during retirement, is an often overlooked risk that can impact the fulfillment of the second half of life. The fear of spending money in retirement and the transition from a savings mindset to a spending mindset can hinder individuals from enjoying their retirement and lead to inefficient spending. Longevity risk, or the risk of outliving one's savings, is a significant concern in retirement planning, and there is a need for greater longevity literacy. Guaranteed lifetime income can help address longevity risk and provide individuals with the confidence to spend money on experiences and give during retirement. The retirement smile, where real-time spending falls during the early years of retirement and may increase slightly in later life, challenges the assumption that spending increases with inflation every year. Sound Bites "Retirement is the most expensive purchase most people will ever make." "Retirement is radically changing for everyone, what it means to retire, what it means to keep working, how long you're gonna live, what your activity level is gonna be." "The 4% rule will lead people into a retirement of underspending and regret." "We are not the person that's receiving the advice or coaching, right?" "If we create one of those [retirement plans] that's got a hundred percent success rate, i.e. we're telling you that you're never going to run out of money. That to me is a hundred percent failure on living a fulfilled second half of life." "It's just really, really hard to spend down this pool of assets when you don't know how long you're gonna live, you know what the markets are gonna do and you don't wanna go back to work." Chapters 00:00 Introduction and Background of David Blanchett 03:02 Understanding the Cost of Retirement 08:12 The Changing Nature of Retirement 12:33 Challenging the 4% Rule for Retirement Withdrawals 19:49 The Benefits of Holding Cash in Retirement Portfolios 26:56 The Role of Advisors and Coaches 28:19 The Overlooked Risk of Regret 30:06 Overcoming the Fear of Spending 35:28 Understanding and Addressing Longevity Risk 39:39 The Benefits of Guaranteed Lifetime Income 47:01 The Retirement Smile: Challenging Assumptions

Summary Today's conversation is with the Dr of Happiness, Dr Andy Cope. Andy is a wellbeing expert, best-selling author and in his words a recovering academic. He specialises in positive psychology and the science of human flourishing. The reward for grinding out his Loughborough PhD is that he gets to call himself a Dr of Happiness. If you put the cheesy title to one side, Andy believes there has never been a more important time to focus on mental health and wellbeing. He has been described as a 'wellbeing revolutionary' and his mission is to change the narrative and re-focus psychology away from what's wrong with people to what's right. His messages act as a gentle nudge towards people taking charge of their own mental health. Andy's books are frequently on the best-sellers list. 'The Art of Being Brilliant', 'Shine', and 'Zest' have all topped the personal development charts. 'The Little Book of Emotional Intelligence' and Leadership: Multiplier Effect' are riding high in the business charts and 'Happiness Route Map' was nominated as The Independent's best self-help book of the year. Andy also moonlights as a children's author. His 'Spy Dog' series has sold in excess of a million copies worldwide. In this conversation Andy and I discusses the importance of focusing on wellbeing and happiness, especially during retirement. He explains that traditional psychology has primarily focused on fixing mental health issues rather than promoting wellness. Andy emphasises the need to shift the focus to happiness and flourishing, and shares insights from positive psychology. He highlights the significance of living in the present moment and finding contentment in simple experiences and positive relationships. Andy also challenges the notion of retirement as a destination for happiness and encourages individuals to prioritize their wellbeing throughout their lives. Andy emphasises the need to focus on mental wealth and living one's best life. Andy shares his journey of accidentally stumbling upon the science of living a happier life and the intentional strategies that happy people employ. They also discuss the power of reframing internal and learned beliefs and the challenge of unlearning bad habits. He highlights the importance of saying yes to growth and new experiences, as well as saying no to things that don't bring joy. They also touch on the significance of quality relationships, being present, and the negative impact of social media on happiness. Takeaways Traditional psychology has primarily focused on fixing mental health issues rather than promoting wellness. Positive psychology emphasizes the importance of happiness and flourishing. Finding contentment in simple experiences and positive relationships is key to living a fulfilling life. Retirement should not be seen as the sole destination for happiness; it is important to prioritize wellbeing throughout life. Wellbeing and happiness should be prioritized in retirement, as they contribute to a fulfilling life. Positive psychology can help reframe internal and learned beliefs, leading to a happier mindset. Unlearning bad habits and letting go of negative thoughts and behaviors is essential for personal growth and happiness. Saying yes to growth and new experiences, and saying no to things that don't bring joy, can enhance happiness in retirement. Quality relationships and being present in the moment are key determinants of happiness. The negative impact of social media on happiness should be recognized, and time spent on it should be reduced. Sound Bites "There are people out there with a smile on their face and a spring in their step." "Positive psychology is about equipping people with the knowledge and skills to take care of their own mental health and wellbeing." "The happiest moments in life are often simple experiences with loved ones." "They don't talk about wellbeing in a way that they should absolutely talk about wellbeing." "Living your best life and being your best self wasn't a thing." "The biggest barrier to me feeling amazing was actually me." Chapters 00:00 Introduction and Andy's Journey to Becoming the Doctor of Happiness 09:03 The Importance of Wellbeing and Happiness 16:02 Shifting the Focus to Happiness and Flourishing 23:06 Retirement: A Journey of Wellbeing and Happiness 24:25 Prioritizing Wellbeing and Happiness in Retirement 28:12 The Power of Reframing Beliefs and Unlearning 32:08 Saying Yes to Growth and No to Unwanted Obligations 36:48 The Importance of Quality Relationships and Being Present 40:54 The Negative Impact of Social Media on Happiness Links The Art of Brilliance Humans Vs Retirement Let's talk about your retirement!

About Stephanie Stephanie founded Sofia Financial in 2011 after 14 years as a financial advisor, with the goal to empower women to make wise financial decisions and reduce their money stress. In her early years she encountered too many women who found finances and investing so intimidating that they either outsourced money decisions to a man in their lives (sometimes with disastrous consequences), or relied on "professionals" who too often focused more on their own paycheck than providing true education and guidance. Financial planning plays into Stephanie's love of hearing people's stories, and understanding and explaining complex topics clearly. She is passionate about helping more women find and succeed on this career path. Summary Stephanie McCullough, founder of Sophia Financial and host of the Take Back Retirement podcast, discusses the challenges women face when planning for retirement. She shares her journey of entering the financial industry and focusing on helping women with their retirement planning. Stephanie emphasizes the importance of empowering women to take control of their finances and make informed decisions. She highlights the unique challenges women face in retirement, such as the dominance of the male spouse in financial decisions and the need for women to take the reins after divorce or the death of a spouse. Stephanie encourages open conversations and non-judgmental support to help women navigate these challenges and create a fulfilling retirement. In this conversation, Stephanie and I discuss the challenges women face in the financial planning industry and how they can take control of their retirement. We explore the dominance of men in financial meetings, the importance of meaningful money conversations, and the need for both spouses to be involved in financial planning. They also discuss the impact of social connections on retirement happiness and how women can build and maintain strong social networks. The conversation concludes with advice for women to pay attention to their feelings around money and find a money buddy to share and learn together. Takeaways Women often face unique challenges when planning for retirement, such as the dominance of the male spouse in financial decisions. Divorce and the death of a spouse can significantly impact a woman's retirement plans and financial decisions. Open conversations and non-judgmental support are crucial in helping women navigate these challenges and make informed decisions. Empowering women to take control of their finances and plan for retirement can lead to a more fulfilling and secure future. Women often face challenges in the financial planning industry, with men dominating meetings and focusing on investments rather than meaningful money conversations. Both spouses should be involved in financial planning to ensure transparency and avoid financial abuse. Social connections and networks are crucial for retirement happiness, and women are often better at building and maintaining these connections. Women should pay attention to their feelings around money and find a money buddy to share and learn together. Women can take control of their retirement by being intentional, exploring different opportunities, and finding their own identity and purpose. Sound Bites "There's got to be a way to have a more meaningful conversation with women." "Retirement is the opportunity to figure out exactly what you want to do with your time and go do it." "Open up conversations about retirement between couples to ensure both partners' needs and desires are considered." "There's often a dominance about... the man has done this and they often kind of... dragged them along to the meeting and... they open up the meeting and they're dominant in it." "How can we have a different money conversation? How can we have something that's actually meaningful and relatable? How can we make this money actually interesting?" "A lot of women have that impression because that's the experience they've had in the financial advisor offices." Chapters 00:00 Introduction and Stephanie's Journey 06:20 Why Focus on Women Planning for Retirement? 10:25 Challenges Women Face in Retirement 16:26 Navigating Retirement After Divorce 28:27 The Impact of Grief on Retirement Plans 30:52 The Importance of Meaningful Money Conversations 35:12 Building and Maintaining Social Connections 44:08 Paying Attention to Feelings Around Money 51:48 Taking Control of Retirement Links Take Back Retirement Podcast Sofia Financial

Summary Jamie was a professor at The American College and Director of the New York Life Center for Retirement Income. He is a well-recognized writer, speaker and thought leader in the area of retirement income planning. His most recent book, "Rewirement: Rewiring The Way You Think About Retirement," details the behavioral finance issues that hold people back from a more financially secure retirement. Jamie's impact on retirement planning has been well recognized as he has been named as both a top 40 financial services professional under the age of 40 by InvestmentNews and a top 40 young attorney under the age of 40 by The American Bar Association. In this episode Jamie and I discuss the need to rewire the way we think about retirement and challenge the assumptions underlying retirement planning. He emphasizes the importance of adapting spending habits in retirement and the need to minimize regret risk. Jamie also highlights the concept of self-insuring in retirement and the tendency to hold onto money due to fear of unknown future events. He suggests adopting a guardrails approach to spending and focusing on adaptive spending rather than a binary view of success or failure in retirement. They highlight the need for a more realistic approach to retirement income planning that takes into account the trajectory of spending and the magnitude of failure. They also emphasize the importance of financial literacy and education in retirement planning, as well as the potential benefits of equity release strategies. Takeaways Retirement planning requires rewiring the way we think about retirement and challenging assumptions about saving and spending. Adapting spending habits in retirement is crucial for a fulfilling and successful retirement. Self-insuring in retirement can lead to holding onto money and not being able to spend it, limiting the enjoyment and fulfillment of retirement. Adopting a guardrails approach to spending and focusing on adaptive spending can help minimize regret risk and create a more flexible retirement plan. Retirement planning models often overlook the trajectory of spending and the magnitude of failure, leading to unrealistic expectations. Financial literacy and education are crucial in retirement planning, as individuals need to make informed decisions based on their knowledge and experiences. Equity release strategies, such as downsizing or reverse mortgages, can be valuable tools in retirement income planning and should be considered as part of a comprehensive financial plan. Individuals should start their retirement planning by identifying their aspirations and using them as a guide for their financial plan, ensuring that their retirement is fulfilling and aligned with their goals. Sound Bites "People need to rewire the way they think about retirement." "The biggest challenge is that everybody thinks retirement is the same phase in life, and we treat it the same." "Self-insuring is holding onto money for unknown future events, which limits spending in retirement." "That's a 50% chance that you're going to underspend crucially." "Why do we talk about anything as success and failure? Because it's actually only partial failure anyway." "There is a framework of flexibility in retirement spending." Chapters 00:00 Introduction and Warm Welcome 06:38 Jamie Hopkins' Journey to Retirement Planning 09:00 Rewiring the Way We Think About Retirement 27:07 The Benefits of a Guardrails Approach to Spending 32:53 The Flaws in Retirement Planning Models 37:40 The Importance of Flexibility in Retirement Spending 42:47 The Role of Financial Literacy and Education in Retirement Planning 53:54 The Benefits of Equity Release Strategies 01:00:14 Starting Retirement Planning with Aspirations Links Jamie's Book - Rewirement: Rewiring The Way You Think About Retirement!

Summary Derek Hagen is the founder of Money Health Solutions®️, a financial therapy and life planning firm. Money Health Solutions helps clients live intentionally and mindfully, using money as a tool to support their ideal life. He facilitates financial health by helping clients understand their own money psychology, lowering financial stress, and increasing confidence in financial decisions. Derek also started Meaningful Money Memo, a newsletter about the psychology of money and living a meaningful life, using personal stories and simple drawings to help demystify money for readers. He shares his journey from being a Chartered Financial Analyst and a focus on numbers to then having the big realisation that money is a tool not a goal which lead to focusing on the interior side of money and helping people find purpose and significance. In this conversation, we discuss the importance of mindset and intention when it comes to retirement planning. Derek emphasizes the need to have a purpose and a value statement to guide financial decisions and prioritize experiences over accumulating wealth. We also discuss the significance of time and the finite nature of life, encouraging people to be present and intentional in their retirement years. Importantly Derek highlights the importance of creativity and designing a life that aligns with personal values and priorities. Takeaways Money is a tool, not a goal, and should be used to create a meaningful retirement. Diversification of meaning in retirement is crucial to avoid relying on a single source of purpose and significance. Planning for life beyond retirement is essential and often overlooked. Retirement is not a finish line, but a new phase of life that requires structure and purpose. Having a purpose and value statement is crucial for guiding financial decisions in retirement. Being present and intentional with time is important, as life is finite and experiences have a limited number of opportunities. Retirement planning should focus on designing a life that aligns with personal values and priorities. Creativity and a designer mindset are essential for planning and living a fulfilling retirement. Systems, rather than goals, allow for flexibility and adaptability in navigating life transitions and unexpected events. Sound Bites "Money is a tool, not a goal." "Diversification of meaning in retirement is crucial." "Retirement is not a finish line." "You know, that reality check in and, ⁓ and I think unless you can work with someone that can bring this out of you, or you can naturally bring this out of you, you end up reverting back to the mean, don't you?" "Yeah, absolutely. And that's the thing with habits. If we get into our ⁓ habits, we get into what we're familiar with. And this is a pretty big, retirement's a pretty big life transition." "The retirement that I think the 50 to 60 year olds have witnessed in their parents and their grandparents is and was materially different to the retirement that they're entering into." Chapters 00:00 Introduction and Background 09:21 Money as a Tool, Not a Goal 15:57 Money's Role in Retirement 26:11 The Importance of Planning for Life Beyond Retirement 29:19 Retirement: Not a Finish Line, but a New Phase of Life 31:20 The Importance of Purpose and Value in Retirement Planning 32:03 Being Present and Intentional with Time in Retirement 33:42 Designing a Life that Aligns with Personal Values 38:45 The Role of Creativity in Retirement Planning 52:32 Systems vs Goals: Focusing on Inputs and Intentions Links Meaningful Money