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Retirement Anxiety
40 Plays3 days ago
In this episode of the Uncommon Wealth Podcast, Phillip Ramsey dives deep into the common anxieties associated with transitioning into retirement. This episode offers valuable insights and practical strategies for easing the stress many feel as they approach this pivotal life phase. Whether you’re planning your retirement or already enjoying it, Phillip provides guidance on how to maximize this period, focusing on maintaining purpose, managing finances wisely, and embracing new opportunities.
Phillip discusses the psychology behind retirement, addressing the fear of running out of money and illustrating the concept of the "retirement curb" when you shift from earning a paycheck to relying on your nest egg. He emphasizes the significance of having a trusted advisor and explains the three stages of retirement: the go-go years, the slow-go years, and the no-go years. Phillip also highlights maintaining social connections, prioritizing health, and finding purpose beyond the traditional work environment—essential elements for a fulfilling retirement journey.
### Key Takeaways:
* **Retirement Planning**: Engaging with a financial advisor or planner can alleviate much of the anxiety associated with transitioning into retirement.
* **Retirement Stages**: Understanding the three stages of retirement—go-go, slow-go, and no-go—can help prepare for the varied experiences you may face.
* **Financial Security**: A common concern is running out of money; having a well-thought-out financial strategy and increasing cash flow through investments or businesses can mitigate this worry.
* **Maintaining Purpose**: Finding new purposes or projects in retirement ensures a continued sense of identity and reduces the risk of a decreased lifespan associated with a lack of engagement.
* **Health and Social Connections**: Prioritizing health and maintaining social connections are crucial to experiencing a rewarding retirement.
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Transcript
Introduction to Uncommon Lives and Wealth Building
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
00:00:12
Speaker
We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Anxiety Around Retirement Transition
00:00:25
Speaker
Welcome everybody to another episode of the Uncommon Wealth Podcast. And it's me talking about something that's super important that we're all kind of shooting for. um It's retirement. Holy cow.
00:00:38
Speaker
The anxiety that happens before retirement. You would think this is crazy, right? Because you would think everyone's like, this is what you've been training for. This is everything that you wanted to do.
00:00:49
Speaker
You get to this point and a lot of times there's anxiety that is induced. So that's what we're going to talk about today is what we can do about it. And just maybe kind of the mindset that happens when you step into retirement. So I always tell people, you know, this is one kind of a big chapter in your life.
00:01:07
Speaker
Every set, every day is a Saturday, which is awesome. If you think about this, You've worked so hard. You've developed this nest egg. You've really impacted the world. Now you get to step off and do things that you always wanted to do.
00:01:21
Speaker
But here's the deal. There's a curb involved. I call it the retirement curb. And that's when people have been working for so long. They've been accumulating wealth.
00:01:32
Speaker
And then now it's time for them to live off their money. That's anxiety producing. I would say, I would say that that's at least from what I see from the people that we get to work with, we have the privilege to work with.
00:01:45
Speaker
There's a, there's a hint of anxiety that happens and it's it's just a different kind of income that they're getting. They're now living off their nest egg. a couple of things that they'll be thinking right away is, uh, am I going to be running out of money? That's probably the biggest thing.
00:02:00
Speaker
But ah their whole life, they've been working for money and now they get their money to work for them. that's That's something that I think is something at least to talk about. So that's what we're talking about today. Thanks for listening. We're always grateful that you take time to listen to our podcast.
00:02:17
Speaker
Thank you for subscribing. Thank you for liking it. All those things. We really appreciate it.
Role of Financial Advisors in Retirement
00:02:21
Speaker
um So here we go. So your whole life, you work really hard, you amass this wealth, you have this nest egg, and and then you get a style now start living off your money.
00:02:32
Speaker
Hopefully, you've been working with an advisor or a planner that can tell you, hey, you're going to be fine. This is your roadblocks. Here's your kind of parameters that you can start living off of your income that we've kind of thought through.
00:02:45
Speaker
You know what your income going to be. The two biggest things, and we've said this time and time again here in the podcast that we're really planning for is how much do you need to live to to live comfortably?
00:02:58
Speaker
Cash flow, right? How much cash flow do you need per month? And then when are you going to, how long do you need the money? Basically, how are you going to how long you, how long is your your retirement going to be? So those are the two questions.
00:03:12
Speaker
The second question you really don't know, right? You're starting this journey and you don't know when the destination is, when are you going to graduate? And for those of you who are just tuning in, graduating to me is when you pass away.
00:03:24
Speaker
depending on what your faith is. Let's just be really frank. So that's the two kind of big pitfalls. So when you step off into retirement, man, it feels amazing. Every day is a Saturday. Things are going great.
00:03:37
Speaker
But when and where and how are we going to get our next paycheck? is it going to be too much? All these things can be really planned out. So one, to ease your fear, the people that are working with advisor or planner,
00:03:50
Speaker
ah can really have a lot of confidence. So first things first, if you don't have an advisor and you don't have that, I would say jump on the horn, go start interviewing these advisors, see which ones you know you would like, because the first thing you're going to ask is like, Hey, am I going to run out of money when I retire? When can I retire? When do I want to retire?
00:04:10
Speaker
All these questions that I think can be planned out and kind of thought through these things can
Finding Purpose in Retirement
00:04:15
Speaker
be answered. so Here we go. So I think there's a couple things that I see. One, when there's a huge curb, like we talked about, where you've been working for your money, now you're you're not working at all and you're having your money completely work for you. That's 100% curb or a drop-off or a ledge where I was working, now my money's working for me.
00:04:38
Speaker
that's That's a pretty challenging, I would say, Not maybe it's just anxiety producing, just something new. Again, you're going to get used to it. It's going to be fine.
00:04:49
Speaker
But the things that I see in the uncommon train, the people who are like, I'm still going to go impact the world. I'm going to go still do things and and maybe get casual. Maybe not. It doesn't matter, but they're going to be super excited about the next phase because they have purpose. They have a driven purpose.
00:05:07
Speaker
They have something in mind for that next phase. Super important. versus the people and there's statistics out there, the people that just go retire and just don't do a lot and don't have a lot of purpose.
00:05:18
Speaker
Statistics show that you die in about seven to eight years, which, Not many of my clients have that goal of just, I'm going to sit on a beach or I'm just going to go retire on the golf course.
00:05:29
Speaker
Maybe that's, maybe that's you. um But a lot of our our clients are people who are like, no, I'm going to go serve more people. I'm going to go do these things. And they have kind of a direction and every day is a whole different thing when they're on mission.
00:05:45
Speaker
So that's something to maybe think of differentiating yourself between just the common side of things where you're just excited to just, not do anything.
00:05:55
Speaker
And there's a, there's a season for that here that, but for the most part, we really do want to have purpose and driven.
Phases of Retirement: Go-Go, Go-Slow, No-Go
00:06:02
Speaker
And I believe that's biblical to continue to use God's gifts that he's given to you in order to further his kingdom and to impact other people. That's an uncommon journey. So,
00:06:14
Speaker
that's That's kind of cool. um Here's another thing too that people kind of get anxiety driven about is like their health. Like there's a three stages in in retirement that we say, and a lot of advisors say this, this is not, I did not make this up, but it's the go-go phase where you are just living your life. You are, you're feeling great.
00:06:34
Speaker
You get to travel, you get to do things, you're physically capable to to do it. That's the go-go stage. Then there's a go-slow stage where it's like, okay, yeah, I'm just going slower than I used to And then there's the no-go stage. ah Even like you could say the retirement home, the long-term care kind of thing, the that kind of like the no-go stage.
00:06:59
Speaker
You're just not doing much. So there's three phases of retirement. what I really want to just help people with is like, how do we go, go and go, go and go, go. And then, and at the end kind of go slow.
00:07:11
Speaker
That's that kind of gets me excited. So, but the health concerns are some of those things that like, I'm not sure exactly what's going to happen, which is valid.
Identity and Social Connections Post-Retirement
00:07:19
Speaker
That's a valid concern. um And that's why, you know, just like retirement, when you start saving money, there's things that you can do early on that can help you with your health, exercising, eating healthy, those things like that.
00:07:31
Speaker
So, But that's the second concern. The first concern, am I going to run out of money? Valid. Second one is what is my health going to be? And then the third thing that I think causes some anxiety in retirement is this this loss of identity or purpose.
00:07:47
Speaker
Your whole life you've been working and people have been relying on you and you've been using your goals and your gifts and all these, um, your strengths and you've been providing. And then now you don't really have that. You have this loss of identity or purpose.
00:08:02
Speaker
Um, they might not be driven as much. And so I would really challenge and we challenge our clients to like, what is the next thing that you're going to be purposeful about in this phase?
00:08:14
Speaker
How are you going to keep pushing the envelope? And I'm telling you the times that you can do this, you see this, this time as a freedom that you get to use to just continue down this like purpose and to give you identity and purpose. Now it's going to be a little bit different and sometimes that's a little confusing and sometimes that takes some time. Totally get it.
00:08:34
Speaker
But yeah, For the most part, when you start thinking about your purpose and identity, it's not going to be what it used to be. It's going to be changing. Maybe it's going to be, I'm going to be the best grandma or grandpa or grandparent that I can be. Maybe it's time for me to pour into other businesses like I used to, or let's say you love golfing. Hey, what if I go take five people and teach them how to golf, teach them the skill that I, I, I love and i I continue to love. How do I do that? And how do I start kind of helping other people love the same thing I i do?
00:09:10
Speaker
So there's another saying that we've said in this podcast. Some is like when somebody dies, a library burns down. So What is the thing in your library that give you experience that you have a lot of wealth and knowledge on that you can pass to the next generation? You can pass to somebody. Maybe you start mentoring your grandkids. Maybe you start mentoring some people at your church or you go to the ARL.
00:09:35
Speaker
You love dogs. You just continue to pour into that. Those are the things that you want to start being purposeful for. Okay. The last thing is just maintaining social connection. There's a lot of things that, you know, like I said, produce into anxiety, but that's another thing is like, how do I surround myself with people now that every day is a Saturday?
00:09:54
Speaker
Now, you know, the people I'm hanging out with might not have every day as a Saturday. What does that look like? And that can produce anxiety.
Planning for Retirement: Passive Income and Advisors
00:10:00
Speaker
So I think those are four things, but here's what I would say. If you are starting a little bit younger, let's say 40 or 45 or 35, whatever is, how do you start increasing your cashflow that you don't work for?
00:10:17
Speaker
So maybe it's a rental property. Maybe it's a business and you and and hire an employee that really helps take things off your plate. But those are the people that I think step into retirement. And there's really not a big curb.
00:10:30
Speaker
It's not this, I've been working my whole life and now i don't work at all. And now I have to focus on my money to help help me. It's this, hey, I've been increasing my cash flow over the last 15 years.
00:10:41
Speaker
And yeah, my my income from my current job is going to go away. But my income from this other kind of side gig isn't going to go away. those that curb doesn't seem as big.
00:10:53
Speaker
And so you can continue to refine that as you go on in your years and gives you purpose. And we'll also give you purpose outside of your current job when you're in retirement. Super interesting.
00:11:05
Speaker
um So that's kind of my challenge is like, Hey, what could you start doing now that you would have purpose and be excited about if you're not retired, that could continue to maybe have cashflow to have like a business entity Let's be honest like taxes are set up for businesses And so if you continue to have a reason to have a business in retirement that could help you with taxes as well I'm no tax expert We always have to say that but it's something to think about and I just wanted to give people one You know when you retire it is so amazing and like I get to watch this
00:11:41
Speaker
probably every month of people are stepping into retirement and it is an honor and so fun because they've worked so hard, but in the back of their mind, they're a little bit anxious.
00:11:51
Speaker
And so working with an advisor or a planner really does help ease some of those things. Maybe it doesn't completely take them away, but I think it does minimize them to a point where you're like, I have a plan and I have somebody to talk to if something doesn't go according to plan.
00:12:08
Speaker
So retirement, It's exciting um and also something that I hope I never do because I want to continue just to keep pushing the envelope and keep pouring into others, keep challenging myself.
00:12:22
Speaker
Now, will always be with Uncommon Wealth Partners? I don't know yet. um I'm only 43. But I hope that there's a next generation that helps Uncommon Wealth Partners go to the next level, and then I can kind of pour into Uncommon Wealth Partners in a way that's maybe different.
00:12:38
Speaker
But I continually wanted to... evolve and I want to keep pushing myself. I want to have purpose and all those things. So I appreciate you listening. If you're not a retiree, if you are a retiree and you are having all these anxiety things, Hey, reach out. I would love to talk to you and just encourage you. Like there's a lot going on.
00:12:57
Speaker
And, and so it could be helpful just to have a relationship with somebody just, Hey, let's talk through these because you're not alone. I think a lot of people have these anxieties. So thank you for listening to the uncommon wealth podcast. I've been your host, Philip Ramsey. Until next time, go be uncommon.
00:13:14
Speaker
That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.