Reframing Your Retirementality With Mitch Anthony, #187
Before you think about when you’re going to retire there’s another question that should be addressed: Are you going to retire? It’s assumed that when you turn 62 or 65, you’re going to retire. And many people do count the days until they retire.
But many others love the careers they’re in and can’t imagine stopping. Their concern is that they’ll get pushed out the door. The bottom line is that age tells us nothing. No one is the same. So we can’t treat them the same.
That’s one of the concepts that Mitch Anthony explores in his book, “The New Retirementality,” and we’ll dive into it in this episode.
You will want to hear this episode if you are interested in...
[4:32] The history of the concept of retirement
[8:43] One topic we’ve underestimated
[11:57] Retirement is a life experiment
[15:30] The Retirementality Profile
[16:22] Is traditional retirement right for you?
[20:04] Don’t be afraid to start the conversation
Retirement is a life experiment
Imagine waking up every day with nothing to do. You’ve played golf every day for six weeks and you’re bored. Your social life was wrapped in your job. 60% of people who retire go back to work part-time within a year of retiring. If your whole purpose is wrapped up in your job and you leave it, what drives you to keep pushing forward?
Mitch points out that most people spend more time planning a two-week vacation than they do their retirement. They assume it’s going to take care of itself. That’s why most people don’t have it all figured out on their first attempt.
What changes in the 24 hours from year 64 day 365 to year 65 day 1? Nothing. You’re the same person. But the world at large assumes that everything’s changed when you turn 65. The reality is that you need to plan for retirement.
The Retirementality Profile
Mitch’s book includes some exercises that help you determine your vision for “retirement.” One of the first questions is “What have you observed watching other people retire?” What good examples have you seen? Which examples have become object lessons?
Is traditional retirement right for you? It’s a conversation you need to have with a retirement coach. It’s not a one-and-done conversation. Where do you start?
5 years out: What are your thoughts about retirement right now? How do you want to spend your time? What does your ideal week look like? This is where you have the observation conversation.
Six months away: Are you prepared? What are you going to retire to versus from?
The retirement honeymoon: You’ve been retired for six months. How is it going? What’s not matching your expectations?
The reality check: You’re one year into retirement. What have you learned? Where is reality meeting your financial structure?
Most people only have the conversation of “Do you have enough money to retire?” You may have all of the money you need but lack purpose. Money will fund a purpose—but it won’t find one.
Resources Mentioned
Subscribe to the Retire with Ryan YouTube Channel
Mitch’s book, “The New Retirementality”