Ep # 100 - Envision Your Future Self: Craft an Optimistic Retirement with Dr. Hal Hershfield
It’s episode 100!
Joe speaks with Dr. Hal Hershfield, the author of “Your Future Self: How to Make Tomorrow Better Today”. They discuss the idea that our future selves can often feel like different people rather than an extension of our current selves.
This concept has significant implications for retirement planning and living a fulfilling life beyond just financial independence. Hal explains that recognizing and building a relationship with our future selves can help us make better decisions today, such as saving money, taking care of our health, and reducing procrastination.
What You’ll Learn in Today’s Episode
Future Self Concept: Your future selves can often feel like different people rather than an extension of our current selves, impacting decisions related to retirement and long-term planning.
Building a Relationship with the Future Self: It is important to recognize and develop relationships with our future selves to make better decisions today, such as saving money, maintaining health, and reducing procrastination.
Practical Tools: Tips for enhancing the connection with our future selves, including writing letters to and from our future selves and using visualization techniques.
Balancing Present and Future Needs: Finding a balance between immediate and long-term needs, particularly in spending and saving money, to ensure a fulfilling life both now and in the future.
Planning and Communication: The value of planning and having conversations about financial and personal goals with advisors and loved ones, emphasizing thoughtful decision-making that benefits both present and future selves.
Ideas Worth Sharing
· "Our future selves can often feel like different people rather than an extension of our current selves, which impacts our decisions related to retirement and long-term planning."
· "Recognizing and developing a relationship with our future selves can lead to better decisions today, such as saving money, maintaining health, and reducing procrastination."
· “Balancing Present and Future Needs**: "Finding a balance between immediate and long-term needs is crucial, particularly in terms of spending and saving money, to ensure a fulfilling life both now and in the future."
Resources in this episode
Strengthening Your Bond with Your Future Self for Retirement Success
Planning for retirement feels impossible because you can't relate to your future self. The pain of being unable to connect with your future self is overwhelming. But what if there's a way to build a stronger bond with your future self and make retirement planning more attainable?
The notion is that the future self might be perceived as another person. However, the decisions we make today have a direct impact on our future. In this episode, Joe and Dr. Hershfield examine strategies to avoid procrastination and develop a deeper connection with his future self. Understanding your future self helps shape your retirement planning and influences your approach to managing identity transitions in retirement.
In this episode, you will be able to:
· Discover how to build a strong relationship with your future self and set the stage for a fulfilling retirement.
· Learn how your future self can significantly impact your retirement planning decisions and how to leverage this insight for a successful retirement.
· Uncover effective strategies to overcome procrastination and take proactive steps towards a secure retirement future.
· Explore techniques for managing identity transitions in retirement, ensuring a smooth and fulfilling shift into this new phase of life.
· Engage in a powerful letter-writing exercise to deepen your understanding of your future self and enhance your retirement planning process.
Managing Identity in Retirement
Navigating identity transitions in retirement poses unique challenges for individuals. Dr. Hershfield highlights the importance of reevaluating one's sense of identity beyond career or parental roles to maintain a strong and fulfilling self-image during retirement. By exploring values and aspects of identity beyond professional accomplishments, individuals can find purpose and direction in their post-work life, enhancing their overall satisfaction and well-being. Dr. Hershfield's personal experiences and insights further illuminate the process of managing identity transitions in retirement, emphasizing the need for gradual adjustments and self-reflection. By acknowledging the evolution of identity over time and embracing change as a natural part of life, individuals can navigate retirement with resilience and a sense of continuity. Hershfield's perspective encourages listeners to embrace the opportunity for personal growth and self-discovery in retirement, highlighting the importance of aligning one's evolving values and priorities to create a fulfilling post-career identity.
Benefits of Relationship with Future Self
Exploring the benefits of cultivating a strong relationship with one's future self can substantially impact various aspects of life, particularly retirement planning. By establishing a bond with the future self, individuals are more likely to make decisions prioritizing financial security, health, and overall well-being. Hershfield underscores the correlation between feeling connected to the future self and achieving greater financial stability and long-term fulfillment. His insights reinforce that envisioning and nurturing a positive relationship with the future self can lead to informed and beneficial decision-making, setting a solid foundation for a successful retirement strategy. Dr. Hershfield's perspective adds depth to the discussion by highlighting individuals' practical difficulties when making choices that benefit the distant future. Drawing parallels to interpersonal relationships, Hershfield emphasizes treating the future self with the same care and consideration as a loved one. By acknowledging the impact of present actions on the future self, individuals can make more informed choices regarding financial planning, health maintenance, and relationship management. Hershfield's insights prompt listeners to think beyond immediate gratification and consider the long-term implications of their decisions, fostering a sense of responsibility and foresight in their approach toward retirement preparedness.
Practical Applications and Benefits
Joe and Dr. Hershfield discuss the practical applications and benefits of strengthening the bond with one's future self in the context of retirement planning. Through practical exercises like letter-writing to the future self and creating visual representations of ideal retirement days, individuals can actively engage with their long-term goals and aspirations. Hershfield's suggestions provide actionable steps for listeners to enhance their connection with their future selves, fostering a sense of accountability and purpose in their retirement planning journey. His emphasis on utilizing tools like AI to visualize one's retirement goals offers a tangible approach to bridging the gap between present actions and future outcomes. By creating a clear image of their desired retirement lifestyle, individuals can align their current decisions with their long-term objectives, ensuring a smoother transition into retirement.
The resources mentioned in this episode are:
· Connect with Hal Hershfield on LinkedIn to learn more about his research and stay updated on his latest work.
· Visit Hal Hershfield's website, halhershfield.com, to access his research papers, learn more about his book Your Future Self, and find additional resources related to retirement planning and future self-concept. Email Hal Hershfield directly for specific questions or inquiries about his research, book, or retirement planning strategies.
· Take advantage of the book giveaway offer by emailing info@retirementplanningsimplified.ca to receive a free copy of Hal Hershfield's book “Your Future Self: How to Make Tomorrow Better Today.” The offer is available to the first 20 people who email.
· Stay tuned for future episodes of the Your Retirement Plan Simplified podcast to continue learning about retirement planning, future self-concept, and other valuable insights from expert guests.
Timestamped summary of this episode:
00:00:01 - Introduction and Future Self Concept
Hal Hershfield introduces the concept of the future self as another person and not just an extension of our current selves. He explains the difficulty of making decisions that benefit our distant future selves and why it matters to have a relationship with them.
00:00:57 - Ship of Theseus Analogy
Hal discusses the Ship of Theseus analogy to highlight the challenge of thinking about our identities over time. He emphasizes the importance of understanding the future self as a different person and how it impacts decision-making.
00:03:24 - Benefits of Relationship with Future Self
Hal explains the practical implications of having a close relationship with our future selves. He discusses the advantages of making sacrifices today for the benefit of our future selves and provides examples of how it leads to better financial well-being and health.
00:07:37 - Practical Applications and Benefits
Hal explores the practical applications of having a strong relationship with our future selves in areas such as money, relationships, and health. He emphasizes the importance of understanding the trade-offs between present and future decisions.
00:10:35 - Future Self in Retirement Planning
Hal discusses how the concept of the future self applies to retirement planning and making the most of the retirement experience. He highlights the significance of planning and making optimal decisions for decumulating assets.
00:13:23 - Visualizing the Future Self
Hal Hershfield discusses the concept of visualizing the future self and how it can be a helpful tool in retirement planning. He mentions the success of banks like Ing in Europe in implementing this concept.
00:14:22 - Managing Identity in Retirement
Hal Hershfield shares insights on managing identity in retirement, highlighting the importance of a gradual transition and retaining personal values beyond the workplace.
00:16:09 - Applying Future Self Science
Hal Hershfield talks about his personal application of future self science, including using reminders and balancing present and future self considerations in day-to-day decisions.
00:17:41 - Balancing Present and Future Self
Hal Hershfield discusses finding a balance between present and future self, using the example of making professional sacrifices to create meaningful experiences with family.
00:23:41 - Embracing Change in Future Self
Hal Hershfield addresses the idea of change in the future self, encouraging listeners to reflect on their past selves and embrace the potential for continued personal growth and transformation in the future.
00:26:14 - Embracing Change and Flexibility
Hal discusses the dynamic nature of financial planning and the importance of revisiting and adapting your financial goals over time.
00:26:35 - Flexibility in Money Management
Hal emphasizes the need for flexibility in money management, acknowledging that priorities and spending habits may change over time.
00:26:56 - Book Giveaway Announcement
Joe announces the giveaway of Hal's book, "Your Future Self," encouraging listeners to email for a chance to receive a copy.
00:27:20 - Connecting with Hal
Hal shares his contact information, inviting listeners to connect with him on LinkedIn, visit his website, or reach out via email for further discussion or questions.
Frequently Asked Questions
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The Future Self Concept refers to the idea that our future selves can feel like different people rather than an extension of our current selves. This psychological distance can affect our decisions related to long-term planning, such as saving for retirement or maintaining health.
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Building a relationship with our future selves helps us make better decisions today that benefit us in the long term. It can lead to more proactive financial planning, healthier lifestyle choices, and reduced procrastination.
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Understanding the Future Self Concept can improve retirement planning by encouraging more disciplined saving and investment behaviors. Recognizing the future self as a continuation of the current self helps in making decisions that ensure financial security and fulfillment in retirement.
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Having conversations about financial and personal goals with advisors, loved ones, and a retirement navigator is important. These discussions ensure that your plans are well-informed and aligned with your values and needs. They provide clarity, support, and accountability, helping you make thoughtful decisions that benefit both your present and future selves. Engaging a retirement navigator adds expert guidance to help navigate the complexities of retirement planning, ensuring a secure and fulfilling future.