Ep # 125 - Retirement Starts Today: Have a Purposeful and No-Regrets Life with Benjamin Brandt, CFP
Joe interviews Benjamin Brandt, CFP, the retirement expert behind Retirement Starts Today. Together they explore the non-financial aspects of retirement planning. Topics range from shifting from a scarcity to an abundance mindset, retiring to something rather than from something, and embracing creativity to design a fulfilling post-career life. Key topics include overcoming spending anxiety, identifying passions, building social connections, and planning purposefully for a no-regrets retirement. With actionable insights and a focus on mindset, this episode is perfect for those looking to simplify and enrich their retirement journey.
What You’ll Learn in Today’s Episode
1. Avoiding Regrets in Retirement:
Benjamin Brandt emphasizes the importance of planning not only to avoid running out of money but also to prevent dying with regrets. Focusing on fulfilling experiences and aligning spending with personal values is crucial.
2. Shifting from Scarcity to Abundance Mindset:
Many retirees struggle to enjoy their savings due to lifelong habits of frugality. Strategies to overcome this include reframing financial independence as an opportunity for fulfillment and drafting spending plans that provide confidence.
3. Retiring to Something, Not from Something:
Retirement planning isn’t just about leaving a job—it’s about creating an exciting new phase of life. This involves identifying passions, hobbies, and activities that provide purpose and joy.
4. Tapping into Creativity and Rediscovering Passions:
Using exercises like the "$500 Time Machine," Brandt encourages retirees to reconnect with their younger selves to rediscover forgotten dreams and passions, which can guide their retirement pursuits.
5. The Role of Social Connections and Identity:
Social interaction and a sense of identity are critical to a fulfilling retirement. By analyzing the nuanced aspects of their career that brought them joy, retirees can recreate similar experiences and build meaningful connections in this new phase of life.
Ideas Worth Sharing
· "Retire to something, not just from something—it’s the key to a fulfilling life."
· "The habits that helped you save aren’t the same ones that will help you spend with joy."
· "Don’t defer or downgrade your dreams—start living them today."
· "Your retirement is your chance to reinvent yourself—permission granted!"
· "Identify what you love about your work and recreate it in retirement for purpose and connection."
Resources
Retirement Planning Decoded: All the Essentials in One Course - Trent Continuing Education Course being given by Joe Curry, CFP in Peterborough, Ontario.
Book: Be Your Future Self Now by Dr. Benjamin Hardy
o Inspiration for understanding and connecting with your future self to create a fulfilling retirement.
Book: Retirement Starts Today by Benjamin Brandt
o Focuses on non-financial retirement planning and creating a no-regrets retirement.
Podcast: Retirement Starts Today by Benjamin Brandt
o Offers insights and strategies for both financial and non-financial aspects of retirement planning.
Exercise: "$500 in a Time Machine"
o A creative tool to rediscover passions from your younger self and apply them to retirement planning.
YouTube Channel (Upcoming): Even Better Retirement by Benjamin Brandt
o A new platform for exploring topics related to enriching retirement life.
Contact Info for Giveaway:
o Listeners can email info@retirementplanningsimplified.ca to receive a free copy of Retirement Starts Today.
Designing a Purposeful Retirement: Insights from Benjamin Brandt
Retirement is more than just financial planning—it’s an opportunity to design a life of purpose, fulfillment, and no regrets. We explore the non-financial aspects of retirement and how retirees can shift from a scarcity to an abundance mindset.
The Two Biggest Retirement Risks
Two key risks in retirement: running out of money and not doing everything you hoped to do in retirement. While much focus is placed on the first risk, the second often gets overlooked. Retirement planning isn’t just about safeguarding your finances; it’s about ensuring you spend your time and resources in a way that aligns with your values.
Shifting from Scarcity to Abundance
Many retirees struggle with the transition from saving to spending. Decades of frugality and financial discipline can create barriers to enjoying their hard-earned savings.
Practical tools, like financial guardrails, can reassure retirees that their spending aligns with their long-term financial plan. Exercises like the "$500 in a Time Machine" can also help retirees reconnect with their younger selves, rediscover passions, and translate them into retirement goals.
Rediscovering Purpose
Retirement offers the perfect opportunity to reinvent yourself. We encourage retirees to reflect on their identity beyond their careers and explore new avenues for fulfillment. Whether learning a new skill, volunteering, mentoring, or pursuing hobbies, small investments of time, energy, and money before retirement can pave the way for a purposeful future.
Social Connections Matter
One forgotten aspect of retirement is maintaining social connections. We advise retirees to consider what they enjoy most about their careers, such as collaboration or mentoring, and find ways to recreate those experiences in retirement.
Strong social networks can significantly enhance retirees’ happiness and well-being, making investing in relationships and community involvement essential.
Take Action Now
The best time to start planning for a meaningful retirement is today. Brandt’s book Retirement Starts Today provides actionable steps for retirees to overcome spending anxiety, rediscover their passions, and design a life without regrets.