In this podcast, Joe interviews Jacquie Doucette from “Beyond Retirement” who shares her journey with retirement. Jacquie discusses people’s common fears about retirement and emphasizes the importance of addressing not just the financial aspects but also the psychological and social aspects of retirement.

The five major fears Jacquie discusses include the fear of being bored, concerns about declining health, worries about insufficient finances, the fear of losing social connections, and the fear of not knowing anything beyond one's job. She provides insights and practical advice on how to overcome these fears and highlights the need for pre-planning and exploring new interests and connections in retirement. The conversation sheds light on the holistic approach to retirement planning and encourages individuals to embrace the opportunities and possibilities that come with this new phase of life.

What You’ll Learn in Today’s Episode

·       Fear of Boredom: Many people associate their identity and purpose with their job, and the idea of retirement can be daunting because they fear being bored or not knowing what to do with their time. It's important to explore and discover new interests and activities beyond work.

·       Health Concerns: Some individuals worry that their health may deteriorate in retirement, limiting their ability to enjoy the activities they had envisioned. Taking proactive steps towards maintaining good health, such as regular exercise and check-ups, can help alleviate these fears.

·       Financial Planning: Retirement planning often revolves around financial considerations, and the fear of not having enough money is common. Working with a financial planner, adjusting spending habits, and exploring cost-effective living options can help address these concerns.

·       Social Network Changes: Retirement can lead to a shift in social connections, especially if one's primary social circle was built around work. It's essential to proactively seek new social interactions through shared interests, hobbies, or community involvement.

·       Discovering a New Identity: Many individuals have defined themselves primarily through their careers, and the prospect of retirement raises questions about personal identity. Retirement offers an opportunity to explore new passions, rediscover old interests, and develop a multifaceted identity beyond the professional realm.

 Ideas Worth Sharing

·       "Once you retire, who are you? What do you do?"

·       "It's having a process, having those conversations with yourself, your family, and getting clear on who are you beyond your work."

·       "It might actually be an opportunity in retirement to kind of rejuvenate yourself and get out and get regular exercise, do regular walking, all that kind of stuff so that you can maybe actually be in better health than you are now."

·       "You need to make new connections, which is a big part of the growing of a life, is making new connections."

·       "This is your time to explore, try new things, open new doors, figure out what you're really interested in."

·       "Pre-planning is something that I think people don't start soon enough. And it's the phase where you start thinking about what you're going to do when you retire."

Resources in Today’s Episode

Jacquie Doucette

Joe Curry

Lindsay Wilson

Retirement Planning Simplified

Ep # 16 – Your Retirement Planning Simplified – Living a Passion Driven and Authentic Life with Scott Armstrong

Ep # 24 – Your Retirement Planning Simplified – The Curated Retirement, Interview with Retirement Coach Tammy Vigue

Ep # 35 – Your Retirement Planning Simplified – The Phenomenon of Unretirement

Ep # 37 – Your Retirement Planning Simplified - An Awe-Inspired Retirement with Joseph Curry, Caleb Miller and Riley Anderson

Ep # 39 – Your Retirement Planning Simplified - Retiring with Purpose

Ep # 1 - Fireside Financial Podcast - Be a Successful Retiree

 

5 Essential Non-Financial Retirement Planning Tips from Jacquie Doucette (Beyond Retirement)

The importance of retirement planning extends beyond financial considerations; it's about crafting a fulfilling and balanced life during your golden years. Jacquie Doucette from Beyond Retirement offers tips and valuable guidance for retirees seeking to explore new interests, build meaningful connections, and embrace personal growth through the various stages of retirement—ultimately leading to a happier, more satisfying retirement experience.

Here are the key steps:

·        Address fear of boredom with new hobbies

·        Prioritize health for a fulfilling retirement

·        Consult a financial planner for peace of mind

·        Build connections outside the workplace

·        Embrace retirement's stages for personal growth

1. Address fear of boredom with new hobbies
Retirement is often thought of as a time of relaxation and enjoyment after years of hard work. However, many retirees face challenges in adjusting to their new lifestyle. Engaging in activities that bring joy and satisfaction can help retirees maintain a sense of purpose and avoid feeling unfulfilled. By exploring new interests and passions, retirees can keep their minds active and continue to learn, grow, and socialize with others who share similar pursuits.

Jacquie emphasizes the need to explore new interests and hobbies to bring a sense of purpose and engagement to one's daily life. Many retirees like Jacquie have found that by trying new activities, they've been able to discover passions they never had the time to pursue during their working years. This reinvention can lead to a deep sense of fulfillment, a critical aspect of retirement happiness. Additionally, Jacquie highlights that participating in new hobbies can help form new connections with like-minded individuals, thus expanding one's social circle and fostering continued growth. It's crucial for retirees to understand the importance of addressing the fear of boredom and finding new hobbies during their golden years.

Quality of life in retirement is not just about financial security but also about maintaining mental and emotional well-being. New hobbies can help retirees stay mentally sharp, improve their physical health, enhance their social lives, and develop a sense of achievement. By making the effort to find activities that resonate with their interests and values, retirees can create a fulfilling and enjoyable retirement.

2. Prioritize health for a fulfilling retirement
Retirement planning should not solely focus on financial matters but should also include prioritizing health and well-being. A fulfilling retirement goes beyond having enough funds to live comfortably; maintaining good health allows retirees to engage in activities they enjoy, explore new interests, and connect with others without being hindered by constant health concerns.

In their retirement years, people often face increased risks of chronic illnesses, which may negatively affect their quality of life and their ability to engage in various recreational and social endeavors. Therefore, prioritizing one's health is essential for ensuring a fulfilling and balanced retirement. Jacquie emphasizes actively working toward better health, such as regularly evaluating one's lifestyle choices, getting checkups, and making positive lifestyle changes. She mentions the importance of incorporating fitness and exercise into daily routines to maintain physical health and stay mobile throughout retirement. Moreover, good health in retirement is not just about physical well-being but also mental and emotional aspects.

A great sense of accomplishment and contentment comes from being able to participate in activities without physical limitations and engaging with others without worrying about declining health. By taking steps to maintain good health, retirees can maximize the enjoyment of their golden years and build a retirement lifestyle that reflects their values and priorities. In short, investing time and energy into one's health is a critical component of the retirement planning process. Being proactive in preserving and enhancing health can be the key to unlocking a fulfilling and well-balanced retired life.

3. Consult a financial planner for peace of mind
Retirement planning extends beyond finances, and one key takeaway from Jacquie is the importance of consulting a financial planner for peace of mind. Achieving fulfillment and balance in retirement involves not only securing one's financial standing but also addressing concerns about boredom, maintaining connections with friends, and exploring new interests. As individuals transition into retirement, they must look beyond their savings accounts and investment portfolios and assess how their choices contribute to their overall well-being and satisfaction in this new phase of life.

Jacquie shares as someone who has been through the initial honeymoon and doubt and disconnect phases, she emphasized the role financial planners play in helping retirees reassess their spending habits, explore additional income sources, and make adjustments to lower their cost of living. Doucette also highlights the value of maintaining open lines of communication with partners or loved ones to foster emotional support and prevent the isolation that can arise during retirement, further illustrating her multifaceted approach toward enjoying life beyond work.

The key takeaway of consulting a financial planner is crucial for retirees who wish to achieve a fulfilling and balanced retirement. Financial planners not only provide expert guidance on managing retirement funds, but they also help individuals address the emotional and psychological aspects of retirement. By developing a comprehensive retirement plan, retirees can share their concerns openly and work collaboratively with a financial planner to identify strategies that align with their values, priorities, and personal circumstances. In doing so, retirees can embark on their retirement journeys with confidence and peace of mind, ready to embrace the opportunities and challenges that lie ahead.

4. Build connections outside the workplace
Retirement is not only about finances but also about maintaining and building connections outside the workplace. This aspect of retirement, often overlooked, plays a crucial role in leading a fulfilling and balanced life as a retiree. Staying socially active and nurturing relationships outside work circles can help navigate the various stages of retirement and maintain emotional and mental well-being. It is essential to invest time and effort in exploring new hobbies, joining clubs or groups, and engaging in volunteer work, which assists retirees in expanding their social network. This allows them to create a sense of community and purpose, mitigating feelings of loneliness or boredom that can surface after ending a professional career.

For example, by participating in activities that resonate with her interests and values, Jacquie discovered new social circles that enriched her life and helped her find her purpose in retirement. By implementing these strategies, retirees like Jacquie overcome the fears and challenges that may arise during the retirement journey, leading to a more fulfilling and enjoyable life after work. The significance of fostering relationships and connections outside the workplace during retirement cannot be overstated.

For retirees, having a network of friends and acquaintances in various facets of their lives means they can tap into diverse sources of support and stimulation, helping them adapt to new routines and overcome obstacles. Strong social bonds contribute to a retiree's overall well-being, improving their mental, emotional, and even physical health. When retirees cultivate connections beyond the workplace, they are investing in a fulfilling future, one where they can thrive and enjoy their golden years. By keeping this key takeaway in mind, retirees can better navigate the different stages of retirement, ensuring that they achieve balance, happiness, and a sense of purpose in their new life beyond work.

5. Embrace retirement's stages for personal growth
Retirement planning is a multifaceted process that goes beyond finances. It involves preparing emotionally and mentally to navigate the various stages and challenges that come with this significant life transition. One essential aspect of retirement planning involves embracing these stages for personal growth. By doing so, retirees can experience a greater sense of fulfillment and balance as they enter this new chapter of their lives. This focus on personal growth is crucial, allowing retirees to continue to develop their interests, passions, and connections with others in a meaningful way as they age. By understanding the stages of retirement and the potential obstacles they present, individuals can effectively address these challenges and work towards a more satisfying and fulfilling retirement experience.

Jacquie outlines the five stages of retirement, including the imagination, honeymoon, doubt and disconnect, focus and realignment, and fulfillment and balance stages. She highlights the importance of seeking guidance from a retirement professional and engaging in open communication with others during the doubt and disconnect stage to prevent depression and feelings of isolation. She also emphasizes the need to realign one's values and priorities during the focus and realignment stage, using her own experiences traveling and enjoying her hobbies as examples of this process.

Recognizing the significance of personal growth in retirement is crucial for anyone preparing to enter this phase of life. By understanding and embracing the various stages of retirement, individuals can actively work towards achieving a sense of fulfillment and balance. This will allow retirees to make the most of their golden years, exploring new interests and passions, forming meaningful connections with others, and truly enjoying the freedom this stage of life offers. By prioritizing personal growth in retirement planning and addressing potential challenges head-on, retirees can create a retirement experience that is both enriching and deeply satisfying. This approach to retirement planning is essential for ensuring that individuals can successfully navigate this transition, leaving behind any fears or concerns about their ability to thrive in their post-career years.

Understanding that successful retirement planning goes beyond just finances is essential for retirees who want to make the most of this exciting phase of life. Navigate these retirement stages, including finding new hobbies, prioritizing health, seeking financial guidance, building social connections, and personal growth through the stages of retirement. By taking these tips to heart and putting them into action, retirees can achieve the fulfillment and balance they seek in their golden years, creating a retirement experience that truly enriches their lives.