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ami2621
Returning Member

Its not only about money

I've noticed that most of our friends, biz acq and families have a hard time transitioning from earner into retirement. The first thing everyone says when asked is I cant retire. Then they take a look at their finances and retire in the next few mos. Ive also noticed that everyone focuses on the amounts of their retirement payments at different ages and where the break even point is but your really need to consider so much more that may contradict these analytics. One big problem is people tend to still think like an earner, saver even after they reach a point where they can easily retire. Its a huge paradigm shift. You really need to start thinking like someone with some money to spend (If applicable) towards your 50s or 60s,. Maybe even start spending a little before retirement. rewarding yourself. 

 

So here the question. How important is getting your mindset changed? I know for my wife there was a huge transition as we went through a retirement program that asked several questions, stimulating key discussions and ultimately looking at the whole transition in a different light. Its not all about the money. Its more about avoiding your biggest regrets as your taking your last few breaths. 

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2 Replies
JohnS_CPA
Expert Alumni

Its not only about money

Wow. Very insightful and very true. Many successful people have a difficult time moving from saving to spending. It is not all about the money. More money can give you more flexibility but as important is your Why? Why are you retiring and what are you retiring too? Planning and having these discussions well in advance of your target retirement date will significantly improve your odds of enjoying the retirement years. 

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ami2621
Returning Member

Its not only about money

Exactly and there are so many common mistakes. Youre supposed to ease into retirement making small changes as you get your feet wet. Ive seen people sell their homes and move back to their childhood area right at retirement. Not always the best move. My wife and I have gone thorough a very progressive retirement program that speaks our language. Its a lot of fun getting your mind right while your build your confidence in the $. Our mission statement is "Were going to live the hell out of it while we can" ... Our retirement mentor say things like " were going to be spending a lot of money" "If you die with millions youre doing it all wrong"

 

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