Retired now 7 years --- What I Want Every 40-, 50-, and 60-Year-Old to Know About Retirement

About this video

• Video Title: Retired now 7 years --- What I Want Every 40-, 50-, and 60-Year-Old to Know About Retirement
• Channel: Joe Kuhn
• Speakers: Joe Kuhn
• Duration: 00:16:16

Overview

This video shares 12 personal lessons learned by the speaker after seven years of retirement. He aims to provide valuable insights for individuals in their 40s, 50s, and 60s about retirement, challenging common misconceptions and offering practical advice.

Key takeaways

• Retirement is not just about leisure: Happy retirees have schedules, engage in activities, and contribute, rather than simply lounging around.
• Balance Money, Health, and Time: These are the "currencies of life." The speaker suggests that the late 50s and early 60s offer a prime balance of these three elements for a fulfilling retirement.
• Experiences over Possessions: Shared memories and stories with loved ones are more valuable than material possessions.
• Outsource Non-Joyful Tasks: Avoid the "DIY trap" by delegating tasks that drain energy or aren't enjoyable, thereby reclaiming valuable time.
• Prioritize Health Span: Focus on maintaining physical and mental fitness (sleep, nutrition, exercise) to enjoy life fully, rather than just extending lifespan.
• Ignore External Opinions: Stop worrying about what others think regarding your lifestyle choices in retirement; focus on your own decisions.
• Understand the Stock Market: Study market history, understand bear markets, and be aware of your emotional reactions to market fluctuations to make sound financial decisions.
• Plan for Taxes Early: Be proactive about understanding tax implications, such as Roth conversions and RMDs, and strategically locate your assets.
• Check Your Ego and Seek Help: Recognize blind spots in financial planning and don't hesitate to consult professionals for expert advice.
• Redefine Retirement: View retirement not as an end to productivity, but as a phase of "freedom with purpose," which can include part-time work or volunteering.
• Relationships Matter Most: Cultivating strong relationships with family and friends is paramount in retirement, more so than material wealth or possessions.
• Embrace Personal Evolution: Retirement allows for personal reinvention; your identity will likely evolve from your working years, and this change can be positive.
• Simplicity is Key: In finances and other areas, adopting a simpler approach with fewer, well-chosen investments and strategies can lead to better outcomes.