Unexpected Surprises in Retirement – How Retirees Use Their Time
https://www.youtube.com/embed/fqM5Hi8yjXE
I love surprises, but only if they’re the good surprises. Do you ever feel the same way? In this video, I’m going to share an unexpected fact about retirement that retirees know to some extent, but not fully. If you’re not aware of this and don’t prepare, it might catch you off guard in retirement.
Introduction and Background
I’m Dave Zeller, and I help people retire successfully. I run a
retirement planning firm called Streamline Financial, and my team, including Tim, Luke, and Sean, has been running this for the last 13 years. It’s been around for 22 years. If you’re thinking about your own retirement, we have a few spots open this month for a free planning session. Find the link below.
Understanding How Americans Spend Their Time
Now, let’s take a look at a picture that reveals how Americans spend their time by age. This chart holds a key to living an ideal retirement, and I want to highlight a particular aspect that catches many retirees off guard.
Early Life and Relationships
In the younger years of life, time spent with family peaks at around 15 years old. Time spent with friends peaks around 18 years old, and time spent with coworkers peaks at around 30 years old. Time spent with your own kids as an adult peaks at around 40 years old.
The Surprises in Later Life
Now, here’s where it gets interesting and surprising for many people in their fifties and sixties:
- Time Spent with Your Partner: Time spent with your partner increases and peaks at around age 70. This is expected, but it comes with its own set of challenges. Adjusting to spending more time together when both partners are retired can be challenging.
Challenges in Retirement
This adjustment period can affect even the strongest couples. When both partners retire or one disrupts the routine of the other, it can lead to challenges in their relationship. It’s essential to be aware of this and possibly seek advice or guidance from those who’ve experienced it.
Social Relationships and Solitude
- Time by Yourself: Time by yourself will continue to increase until you die. Social relationships related to work decrease, including interactions with clients, coworkers, and others in your field. Apart from your partner, your interactions with others decrease as you age, with a peak around 70.
How to Prepare for Retirement
So how can you prepare for this reality?
- Awareness: You’ve already taken the first step by becoming aware of these facts.
- Seek Guidance: Talk to retirees who seem to be doing retirement right. Learn from their experiences.
- Stay Curious and Grow: Maintain a sense of curiosity and the desire to learn. Challenge yourself mentally and physically. Ask yourself daily, “What progress did I make today that made today better than yesterday?” and “What progress can I make tomorrow that can make tomorrow better than today?”
Conclusion
These thoughts are essential to consider as you approach retirement and navigate the increased time you’ll have with yourself. To examine the chart more closely, find the link in the description. Also, keep an eye out for the purpose in retirement journal I’m putting together to help with self-reflection and planning for this next stage of life. If you found this video helpful, please click the like button, subscribe, and I’ll see you in the next video. Take care.
As found on YouTube
Florida RetirementPosted in Retire Wealthy, Retirement PlanningTagged 3 buckets strategy, 4% rule, Chicago financial planner, financial advice, Financial planning, how much do i need to retire, how much to save for retirement, how to retire, how to withdraw money in retirement, investing, naperville financial planner, retirement, retirement calculator, retirement income, retirement investing in your 50s, Retirement planning, retirement planning at 50, retirement planning at 60, retirement withdrawal strategy, roth ira, social security retirement 