This is part 3 of 4 in this series. In episode 1, we talked about the article Bringing Old Americans Back Into the Mix. Episode 2, was about Why Older Men Should Lift Weights. Today's episode will be about the article, 5 Steps to An Awesome Retirement by Costco. Rocky Lalvani, the host of the Richer Soul's podcast is back with us to be part of this episode about having an amazing retirement process.
The retirement process ought to be a happy time. You can set your own schedule, take long vacations, and start spending all the money you’ve been saving. Having a great life in retirement is not just about having enough money saved up. Like most anything worthwhile in life, it takes hard work, clarity, and dedication to make your retirement process look like what you imagined.
Never Call It Retirement
Don't ever call it retirement. Besides, it doesn't even sound good. Because if you think about the word retirement it's kind of like to retire, to put out, or to pasture. Instead of seeing retirement as an end to a productive, and rewarding professional life, we can view it as a rebirth to opportunities.
The Retirement Process
The article talked about the three steps. You have your childhood, adulthood, and elderhood. Since this is about the retirement process, we need to focus a little bit more on elderhood.
Elderhood is probably the point in life where you get to do what you want. Your kids are no longer your responsibility. Therefore you don't have to go to work anymore. Not to say you don't work but think of it as you no longer have to do things. Moreover, it is the point in time of your life where you get to choose everything and you have that flexibility in life. Knowing yourself, your values, your strength and weaknesses, and then saying, I'm going to live my life in congruence with that and be purposefully happy. And maybe create your legacy and give back, or maybe continue to work. But it is whatever retirement process you choose it to be. Because now you have the freedom to do so.
People Are Redefining What Retirement is All About
All of us are sort of redefining retirement right now. Because there are some really young people who are retiring but in a different kind of way. That is to say that it's just amazing that these 30 or 40 somethings are financially able to retire but still wanna give back to society. Some of them work for money and some of them work for passion. Certainly, retirement isn't the right word for any of us regardless of how old we are.
Choosing the Right Medicare
It really depends if you're below 65, you're gonna have to figure out health care and if you're 65 and older and you're eligible for Medicare, you have to figure out Medicare. People don't usually realize how much Medicare is changing right now. How much they're going to start restricting what you can and can't get. And how much your choice of a Medicare Plan, whether it be an Advantage Plan or a Medigap Plan, it is dramatically going to affect what you're eligible for when it comes to healthcare.
Let's face it we're buying insurance not because we're healthy, we're buying insurance for catastrophe. And when people go shopping for insurance, they shop for premium. They don't bother to say when things go really, really wrong, who's going to protect me the best. Therefore, you need to balance those 2 areas out because in the past you have the ability to switch around with Medicare but now it's harder.
Creating a Team for Your Health and Your Money
In this case, you should have people on your side on both sides of this area. The big part of that team are people who are going to be there to help you. That may be your spouse or very well may be your children. Kids and adults are usually not having open discussions on what it is that you want, how are we going to pay for all of these, and what do you want your legacy or money towards your kids would be. The kids should be aware of these types of decisions.
Figuring Out Where to Live
My husband and I just got thru this part. If you want to check it we have some episodes that we made about this.
I think you need to pick a place that is vibrant, where you have things that you can do, where you have friends, where you have a family, and where you can enjoy and live life.
One of the greatest things that are going to come about is that I'm no longer worried about transportation in the future because I could just call Uber. Even if I can't drive, if I'm in an area where things are close enough I don't need a car. I'll just take Uber, someone will pick me up, drop me off, and I'll just have fun.
Make the Most of Your Time
Live life, enjoy it, you've earned it, you're there. Just go have fun. Be purposeful, be intentional, do it on your terms. My give back is to help people financially, how to be better with their money. Because there's a lot of people who still make 6 figures but still don't have their money in control.
In retirement, it’s common to fall into a trap of procrastination, lack of motivation or being in your head. With all that newfound time on your hands, it’s easy to think you have all the time in the world to conquer the activities and goals on your list. Imagine where you want to be during your next chapters and live your life to the fullest.
About Our Co-Host
Rocky is the millionaire next door. He helps people with finding their purpose and stopping that drift. He started out with basically nothing when his parents immigrated to the United States when he was 2 years old and his parents were in their 40’s. It was his parents' second big move in life and they were starting over again to create the American dream. In spite of a lot of struggles and his Mom passing away when he was 7, he has been able to achieve financial success and wants to share all that he has learned along the way so others can achieve success much faster. His focus today is on helping others live their purpose, and create their plan for health, wealth, time, relationships and spirituality.
He also has a show called Richer Soul and I was in his show when he first started it.
Mentioned in this episode:
This post about retirement and retirement lifestyle first appeared on http://RockYourRetirement.com