6 Lessons from Fritz Gilbert’s 6 Years of Retirement, Ep #250

Best In Wealth Podcast

I frequently talk about what you should do to prepare for retirement and how to handle the years leading to retirement. But I rarely talk about what to do during retirement because I haven't experienced it. [bctt tweet="Retirement will be different than you expect. How? Learn more in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"] So when I came across Fritz Gilbert’s article, “6 Lessons from 6 Years of Retirement,” I knew I had to talk about it. In the article, Fritz talks about the surprising things he’s learned six years into retirement. I’ll cover the fascinating lessons in this episode of Best in Wealth.

Outline of This Episode

• [1:06] Thank you for being loyal listeners!
• [1:36] What should you do during retirement?
• [4:52] Lesson #1: Retirement is complex
• [7:47] Lesson #2: Retirement changes with time
• [10:45] Lesson #3: Retirement will be different than you expect
• [14:17] Lesson #4: Your priorities will change throughout retirement
• [17:45] Lesson #5: Your mindset matters a lot
• [18:58] Lesson #6: Retirement can be the best years of your life

Lesson #1: Retirement is complex

When you retire, you have far fewer external influences than during your working years. Money issues are top-of-mind during the early phase of retirement. It’s scary moving from collecting a paycheck for 30+ years to starting to live off of your nest egg. But Fritz believes that true value comes by figuring out all of the non-financial issues in retirement. [bctt tweet="Your mindset matters a lot in retirement. Find out why in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"]

Lesson #2: Retirement changes with time

Your experience will change as you move from the honeymoon stage to more advanced stages. The changes will last for years and will be different than what you expect. Your retirement plan will change. Your new reality requires a new approach. Embracing the challenge is part of the fun. Why not enjoy the new life? You get to experiment as you face the changes. Lesson #3: Retirement will be different than you expect I spend a lot of time talking about retirement goals with my clients. Whether it’s traveling, spending time with grandkids, buying a second home, donating to charity, etc. we revisit it every six months. Why so frequently? It’s impossible to know what you want retirement to look like until you live through it. As long as you expect change, it'll be exactly how you think it’ll be. Let the journey lead you where it may.

Lesson #4: Your priorities will change throughout retirement

Priorities change throughout your entire working life. Whether you’re choosing a job, raising kids, or sending them off to college—it’s constant change. You may have thought you were done but priorities continue to change when you retire. [bctt tweet="Retirement can be the best years of your life—and they can be the worst. What’s the differentiator? Learn more in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"] Fritz was focused on covering expenses when he retired. Then he realized it would be hard to spend all of the money he’d saved, so they gave themselves permission to spend their money. Then they shifted to thinking about bringing fulfillment to their lives.

Lesson #5: Your mindset matters a lot

After reflecting on the first six years of his retirement, Fritz realized what brought him to a place of fulfillment was having the right mindset. It’s vitally important. It’s your job to fill your day. It’s your job to focus on gratitude. With the right mindset, you can have an unbelievably filling retirement.

Lesson #6: Retirement can be the best years of your life

Fritz is happier than he’s ever been. But so many retirees are struggling. 28% are absolutely miserable. Alcoholism and depression run rampant in many retirees. Fritz writes to help others get out of their slump. He wants them to know their future can be bright. It’s up to you to fill your days with things that bring you joy. What surprised you the most about Fritz’s first years of retirement?

Resources Mentioned

• 6 Lessons from 6 Years of Retirement
• Who Moved My Cheese?

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