How Guys Feel In Their 1st Year Of Retirement (8 things to expect)

00:10:00
https://www.youtube.com/watch?v=Te7k1Cdu62Y

Zusammenfassung

TLDRIn the video, a seasoned financial adviser discusses the emotional journey men often take during their first year of retirement. Initially, retirees experience a vacation-like freedom, filled with relief from daily work obligations. However, this phase is often followed by challenges such as shifting from being savers to spenders, loss of intellectual stimulation tied to work, and redefining personal identity and purpose. The adviser highlights that retirees should prioritize physical fitness and consider hiring a coach to improve success rates, though only about 20% manage to maintain long-term habits. The sentiment of being frugal can clash with the need to spend more in the active early years of retirement, leading to common regrets among older retirees about not spending more when they could enjoy it the most. Additionally, the video addresses the difficulty of maintaining social connections after retirement, as friends related to one's career may drift away. To counter loneliness, retirees are encouraged to engage with new communities and activities. Financial challenges also arise as the emotional impact of market fluctuations becomes more pronounced without the buffer of new income. To support this transition, the video recommends two books: "Die with Zero" by Bill Perkins and "From Strength to Strength" by Arthur Brooks, which offer guidance on spending wisely and finding new purpose in later life.

Mitbringsel

  • 🌞 Retirement initially feels like a vacation, bringing relief and freedom.
  • 🏋️ Physical fitness becomes a priority, though success rates vary.
  • 💸 Transitioning from saver to spender can be challenging but important.
  • 👥 Social life changes, often requiring effort to maintain friendships.
  • 🔄 Finding new purpose and identity is crucial in retirement.
  • 📚 Recommended books: "Die with Zero" and "From Strength to Strength."
  • 💔 Retirement can bring feelings of loss, especially in friendships and purpose.
  • 📊 Financial concerns include risk management and spending habits.
  • 🧠 Intellectual stimulation needs to be sought proactively.
  • 🌱 New hobbies and community involvement help find purpose.

Zeitleiste

  • 00:00:00 - 00:10:00

    A financial adviser shares observations from over 20 years of experience witnessing people transition into retirement. The first year often feels like an exciting vacation, with newfound freedom and time to pursue personal goals, especially fitness. However, only about 20% succeed in maintaining these health improvements, and hiring a coach is recommended for better odds. Transitioning from saving to spending during retirement is challenging, as is finding intellectual stimulation and purpose after leaving a career. The talk highlights common emotional stages, such as a sense of loss and boredom post-vacation phase, and discusses the impact of increased vulnerability to stock market fluctuations without the safety net of a regular income. The adviser advises being cautious with investments and concludes with book recommendations to navigate retirement challenges: 'Die with Zero' by Bill Perkins and 'From Strength to Strength' by Arthur Brooks.

Mind Map

Video-Fragen und Antworten

  • What is the initial feeling for most retirees?

    The initial feeling is similar to being on a vacation, filled with relief and freedom from a structured work routine.

  • What challenges do retirees face after the initial honeymoon period?

    Retirees face challenges like transitioning from savers to spenders, finding intellectual stimulation, redefining their purpose and identity, and dealing with potential loneliness.

  • How important is physical fitness in retirement?

    Physical fitness is highly encouraged, with many retirees aiming to get in better shape, though only about 20% succeed long-term.

  • What is a common regret among older retirees?

    They often regret not spending more money during the initial years of retirement.

  • Why is the transition from being a 'saver' to a 'spender' challenging?

    It is due to lifelong habits of saving for retirement, making it hard to adjust to spending, especially in the early active years of retirement.

  • How does retirement affect social life and friendships?

    Many retirees feel a loss of friendships that were tied to their work life, leading to feelings of loneliness.

  • What financial challenges may occur during retirement?

    The risk tolerance towards stock market fluctuations is reduced, causing more stress during market downturns without the ability to invest new money.

  • What are the four stages of retirement discussed?

    The stages are the vacation-like phase, a feeling of loss, a transition phase, and possibly finding new purposes or hobbies.

  • How can retirees find intellectual stimulation and purpose after retirement?

    Retirees can explore new hobbies, volunteer work, or spend more time with family to find stimulation and purpose.

  • What are the recommended books for retirees?

    "Die with Zero" by Bill Perkins and "From Strength to Strength" by Arthur Brooks.

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Automatisches Blättern:
  • 00:00:00
    I've been a financial adviser now for
  • 00:00:02
    over 20 years so I've had a front row
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    seat to see how hundreds of people have
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    transitioned into retirement and as a
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    guy myself I want to share with you how
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    guys feel typically feel during their
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    first year of retirement and several of
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    these are going to be super positive and
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    super nice to hear but several of them
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    are going to be challenges so be sure to
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    stay to the end because I'm going to
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    share with you two books that'll help
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    you with the challenges that I mention
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    here okay let's start with the good news
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    the first year of retirement at least
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    the first couple months maybe even six
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    months feels like vacation right it's
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    just this relief it's something that
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    we've all been looking forward to and
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    it's finally here it's like ah I don't
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    have to get up at 6:00 in the morning
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    tomorrow and squeeze in a workout and
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    then Rush my commute to work and and you
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    know sit at my desk for eight hours I
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    can do whatever I want to do and that
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    feels great for a while and then it
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    starts then that vacation feeling ends
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    and and so what I typically see people
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    do is they they usually have a list of
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    some things that they're excited to do
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    and and high on that list and I think
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    this is super positive is to get back in
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    in physical shape to try to start eating
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    better to take the time to to to cook
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    healthy food at home to go to the gym to
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    work out maybe start jogging again don't
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    don't do any of these things without
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    seeing your doctor by the way this is
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    not workout advice but you know the
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    second the second piece of this is fun
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    because okay they're not they're not on
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    the vacation field now but they're
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    they're on this list of things that
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    they're really excited to start and
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    hopefully this Fitness part hold kicks
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    in for you and you can hold on to it and
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    it's like any other time that that
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    people try to get serious I see about
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    20% of people succeed at this
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    but it really is a special time to try
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    and and I would say it's even worthwhile
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    thinking about hiring a coach you know I
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    recently hired a coach to help me reach
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    my fitness goals and I hope you know if
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    it's something that would help you that
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    you consider doing it again because a
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    20% likelihood of success i' i' if if
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    you're trying to get healthier I'd like
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    you to have an 80 or 90% likelihood of
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    success okay the next thing is frankly
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    it can be diff difficult to transition
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    from being a saver to saving money for
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    retirement into spending money like when
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    I mentioned hiring a coach I'm sure some
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    people were like ah ass you don't know
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    me that well there's no way that I'm
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    going to do that and I'm in that camp
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    with you too I can I can tend to be
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    frugal as well but you when it comes to
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    retiring you know there's stages and
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    when you first retire you're in what I
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    call the Youth of your senior your yours
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    you're never going to be younger you're
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    never likely going to be more healthy or
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    have mental acuity these are all things
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    that start over time hopefully very
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    slowly but slowly we start losing these
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    things so we want to take full advantage
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    of the Youth of our senior year so that
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    transition from saor to spender can be
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    difficult but I think it's important to
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    spend more if particularly in your first
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    couple years of retirement what ends up
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    happening is spending tends to be higher
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    the first couple years of retirement
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    then you've kind of had the Big
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    Adventures and they kind of level off a
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    little bit and then towards towards the
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    end of our life costs go up because
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    frankly because of Health Care cost but
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    I want you to think about spending that
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    money I've heard way too many people
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    tell me when they turned 75 or 80 or 85
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    man I really wish when I first retired
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    that I had spent more money so that
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    transition from saver to Spender can be
  • 00:04:00
    difficult and the next one that can be
  • 00:04:03
    difficult as well is that transition
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    from working on interesting
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    intellectually stimulating challenges at
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    work to being able to choose the type of
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    things that you work on and where are
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    you going to find that intellectual
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    stimulation if that was a big part of
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    your job where where are you going to
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    find your purpose and your identity so
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    these are all kind of different issues
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    but they're lumped into lumped into one
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    category which is work provided this for
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    you in your life and it was kind of on
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    autopilot after a while right many of us
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    have been working 20 30 40 years our
  • 00:04:40
    sense of identity was was pretty wired
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    in you know we'd go to a party and
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    people guys are bad about this right
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    it's one of the first questions we ask
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    you know what do you do for a living and
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    and what's that answer going to be now
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    um and what's your purpose you know for
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    many of us we we were using money to
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    measure our success you know the the
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    bigger the numbers were in our paycheck
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    stub that was a sign of progress and now
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    money is still important but thinking
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    about what are the other measures that
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    are going to make me feel like I spent
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    my day well that I spent my time
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    purposefully you know some people pick
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    up a musical instrument and their sign
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    of success is you know can I go camping
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    with my friends and and play the guitar
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    and and sing some Campground songs and
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    can we have fun out outside doing that
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    or you know can I hang out more with my
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    grandkids and give my adult children a
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    break so that so that they can go out
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    and enjoy some free time that's so
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    scarce uh when you're a young parent so
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    whatever it is thinking about that
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    scorecard thinking about your purpose
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    what are you going to do with your time
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    thinking about your identity um okay so
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    that's that's the next one uh frankly uh
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    another one is how guys feel in the
  • 00:06:02
    first year another one is after a period
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    of time after after this transition from
  • 00:06:08
    vacation there can be a phase where
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    people feel bored right there's four
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    stages to retirement I talked about that
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    first one the Glorious vacation stage
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    but stages two and three are are tougher
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    and remember I'm going to give you two
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    book recommendations that everybody that
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    I've given this to or suggested it to
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    every everybody loves both of these
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    books so stick to the end but the
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    tougher phases are a feeling of loss
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    right we've lost that purpose that
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    identity um through work um and then
  • 00:06:42
    then we go through like a we've lost our
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    friends a lot of our work friends and
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    particularly you know how do guys feel
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    the first year we can feel a little
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    lonely right because a lot of our
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    friends were through work or work
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    associate associate something like that
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    and we no longer share that common
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    purpose so
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    that again vacation's the first field
  • 00:07:02
    this first stage the second stage is a
  • 00:07:04
    feeling of loss and just know that
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    that's normal the fourth phase is is
  • 00:07:10
    kind of transition we're we're
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    transitioning into figuring out what is
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    our next thing going to be is it going
  • 00:07:16
    to be playing golf is it going to be you
  • 00:07:18
    know working out is going to be
  • 00:07:19
    volunteering at a local not for-profit
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    or the local high school coaching a
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    sports team what is what is our next
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    next thing going to be so that can be a
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    challenge and again two books coming up
  • 00:07:32
    so stay with me um okay we we talked
  • 00:07:35
    about friends that's a big one right um
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    for many guys it's harder to make
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    friends and so thinking through you know
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    what types of things do I enjoy doing
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    and putting yourself out there and and
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    asking people hey you know do you want
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    to go out and and grab dinner do you
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    want to grab a coffee together uh it can
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    feel awkward to do it but you know the
  • 00:07:57
    good thing is everybody when they go
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    through through retirement I shouldn't
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    say everybody the vast majority of
  • 00:08:02
    people are kind of in the same phase you
  • 00:08:04
    know where we've lost some friends so
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    we're looking to replace some of those
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    friends so that's that's another one and
  • 00:08:11
    this one is really key this is probably
  • 00:08:15
    the most important point of the whole
  • 00:08:16
    video which is from an investment
  • 00:08:19
    standpoint as a financial adviser I
  • 00:08:21
    can't help myself know that the way that
  • 00:08:24
    you feel about risk the way that you're
  • 00:08:27
    going to feel d during a stock market
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    correction if the stock market drops 30
  • 00:08:33
    40% and your portfolio is down big the
  • 00:08:37
    pain that that's going to cause is
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    likely going to be quite a bit bigger
  • 00:08:41
    than the pain it causes before you
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    retire and the reason is when we're
  • 00:08:45
    working we still have new money coming
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    in that we can dollar cost average into
  • 00:08:51
    the stock market and take advantage of
  • 00:08:52
    lower prices but once we've retired we
  • 00:08:55
    can't do that so so now all we get is
  • 00:08:58
    the downside we don't get to to invest
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    new dollars at lower prices so I have
  • 00:09:03
    seen this this pain and loss I've seen
  • 00:09:05
    people that have been 100% stocks their
  • 00:09:07
    whole life and then once they retire
  • 00:09:10
    just this feeling this is my nest egg
  • 00:09:13
    and and it can it can increase not just
  • 00:09:15
    50% more 30% more but three times more
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    painful five times 10 times to the point
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    where it it grows The Angst where it's
  • 00:09:24
    top of mind all the time you can't sleep
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    and then unfortunately people blow out
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    of their stocks at exactly the wrong
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    time so I don't want that to happen to
  • 00:09:34
    you the other thing I don't want to
  • 00:09:35
    happen to you is for this transition to
  • 00:09:37
    be more difficult than it has to be and
  • 00:09:40
    that's why I want to share with you two
  • 00:09:41
    books that I think you'll find helpful
  • 00:09:43
    one is called die with zero by Bill
  • 00:09:46
    Perkins and the other ones from strength
  • 00:09:48
    to strength by Arthur Brooks I also have
  • 00:09:51
    this video here about why retiring at 65
  • 00:09:55
    might be a big mistake to be thoughtful
  • 00:09:57
    and deliberate about when you retire
Tags
  • retirement
  • financial advice
  • emotional journey
  • retirement stages
  • identity
  • purpose
  • spending habits
  • physical fitness
  • loneliness
  • emotional challenges