Also 4 years into retirement from a surgical practice...I lived through the same 7 facts, they are real...Being a "young" retiree like Rob, my wife / children / friends are still at work. So I decided to do 3 type of activity during daytime; 2 hrs of studying ( finances, engineering, spanish etc ), 2 hrs of exercices ( mountain hiking with my dogs ), and 2 hrs for expressing an art form ( playing music for ex ). I prioritize taking care of others, seeing friends during evenings and week-ends. Life is great :)
We are on a bit of parallel paths. I retired 8 years ago from surgery. Retirement for me was a relief. After 27 years, I didn’t want to see one more patient or patient complaint. Had some health issues, my father died (inheritance a factor), and another surgeon really wanted my practice. I was done. Now we raise and foster dogs ( 4 permanent of our own). We live mostly out west so I hike, ski, walk the dog pack, train for a rescue,and love the change. I took up guitar again ( after multiple false starts), and now have 2 strats and a tele that I play daily. I read the books that Rob generally recommends ( I’m on page 900 of the Power Broker). I even go to a Zen Buddhist temple a few mile away for their retreats. Transition was easy.
Nice of you to reply...@@auricgoldfinger8478...Cool to hear that a surgeon is enjoying retirement. Around me in Canada, it seems a rarity. Some never stop because they have no other interest, some stop late and get depressed... Surgery was fun but life is short and there is so much to learn and do. And age matter for that...( I refer you to the book "Die with zero" )...I sold my cosmetic surgical practice at 52, 12 years ago and never looked back ( also had my share of complicated patients...) I did some assistance part time for friends until 2020, but stopped through the pandemic. I believe in a simple life with less stuff and more experiences. Surprisingly, I spend very little money...I live 4 months / year at anchor on a small sailboat in the Med with my lover, cheap way to see a lot of beautiful places and meet a lot of people...I train sleigh dogs here in the winter and play music in bands ( Grestch 6120 for me...Being a Brian Setzer fan ). Keep it up life is great !!!
Thanks for sharing...In Canada, it seems surgeons never retire ( because they don't know what else to do, or did not accumulate wealth ) or retire and get depressed...Avg age at retirement is 76 yo, life expectancy is 76yo... Really sad...I loved my surgical practice but it precluded me from learning / doing new projects. So I retired in 2010 at 50 yo although I did some assistance upon request until 2020. Because I never had that much interest in material stuff, I reached FI early. I believe freedom and experiences with real people overrides owning objects. For that you need F...you money. I refer to you at the book "Die with zero" as it reassured me I was not crazy, just marginal for a surgeon...Anyway, life is cheap when retired...It has been the best time of my life although I live with 50K/year...That covers living on my sailboat 5 months/ year in Europe with my lover, playing music in bands and taking care of my sleigh dogs during winter + volunteering / helping friends with their portfolios...As for my love with guitars, I also was a start player for years...Nowadays I play a Grestch 6120, being a Brian Setzer fanboy I guess...Cheers :)@@auricgoldfinger8478
I thought the same thing - retired 5 months ago - but, it doesn't seem to affect my psyche as much as I thought. I'll post a video on my YT channel about just this subject tomorrow! Thanks for the idea!!
This was great, thanks Rob. I’m doing consulting work in retirement and like staying busy, but not too busy. I’m not up to decumulation yet, but I can see how that will be difficult.
Number one issue in retirement is loneliness. I’m a retired firefighter, 5 members of our department committed suicide the past 10 years. The common denominator was loneliness, mixed with alcohol, a deadly combination. Money was not an issue, they were all very well off financially. Concentrate on keeping social connections. Over 55 communities are one option. Residents take care of each other and have many activities. I have worked in many affluent communities. Their retirement years were very sad from what I observed. The larger the mansion, the higher the level of isolation.
I've seen this play out with many of my older family members. There is a huge difference between those that maintain active social circles and those that don't. It seems particularly tough for those that never learned how to deliberately maintain friendships.
MrMike is right on. Social interaction is the key to happiness. Whether that's family, friends or neighbors. A good documentary to watch is Live to 100. They stress food exercise but also socializing. Getting out of your mansion and into a lower income senior community would be a good topic for Ron to research for his followers.
Just recently retired and I absolutely do not miss the stress, conference calls at all hours of the night and weekends and nonstop corporate BS! It's like being set free from prison.
Consider not framing it as “wage slavery.” Be grateful for the opportunity to create financial freedom for yourself. The end result may be the same, but the journey may be much less stressful. When people would ask me why I was happy at work, I’d say, “Because my freedom gets closer every single day.”
Your not to far off Joe. I am thankful for the content you and Rob deliver. You guys are receiving some idolization in the RUclips world so it is rereshing to hear the more human and vulnerable reflections of your retirement journey.
1- hobbies are not enough 2-hobbies are not enough unless you enjoy them all the time; perhaps introduce a social component involving other people. (See -6) 3-you were thrifty to get to where you are… now learn to spend and enjoy it! 4-analyze last year: see if you did well and adjust by looking backward. Don’t get wedded to some plan. 5-you get busier. It can actually be stressful. Remember to slow down if you are making yourself unhappy. 6-keep your friends. Don’t lose track. 7-if you have a new goal, don’t concentrate on reaching the end point, instead, enjoy the process, the journey.
I retired early at 56, and then moved into related teaching and writing, while also helping my wife care for 2 grandkids weekdays for 9 years (the reason for the early retirement). I'm now in a new phase, looking for how I might be able to make a difference in some other ways. I've just begun to watch your videos and find them very helpful! I affirm this phase in your life, and with many other people I appreciate your willingness to share not only your financial perspectives, but also your life perspectives. Thanks!
except when you want to go on vacation and have to pay for dog care. But I agree dogs are better than most people. If it is a Jack Russel lthey might keep you going like you are still working full time.
Rob, this is perhaps your most endearing video. Thanks for this. I was part-time for 2 years then retired beginning of 2024. Loving everything about it, truly. All the striving, the planning... nothing is guaranteed in this life; I could croak tomorrow. But I love waving the magic wand every morning with my new magic power and declaring, "IT'S SATURDAY!" Having said that, your last one #7 really resonated with me. My goals have shifted (to music, trail hikes & walking & fitness, and lots of other things), but it's good to have goals. It's just that now, there's no pressure or anxiousness or anything externally forced about any of my goals. They're all from within, and self-imposed. I love it. But yes, having goals ,even small ones, and enjoying the process and the journey is key in my estimation to a great and fun retirement. Best to you & your family, sir. It seems we're approaching 60 with hopefully a lot of productive life left.
All my life I played music, and when I saw retirement on the horizon I went back to the conservatory. I lucked out with a stupendous teacher. My life is now organized around my weekly lesson. I work harder than ever and can say I have not had one minute of boredom. Whatever I give to my efforts, I can always give more.
THANK YOU, Rob, for your personal, shared wisdom. Having watched you for a number of years on YT and your Q&A sessions, hearing your personal reflections is GOLD for us.
After one year of retirement I realized that I don’t need to be in a constant rush - especially when I’m driving to go someplace. It was almost a given that I needed to be driving at least 5 mph over the speed limit. Now after one year into retirement I just get in the slower lane and relax.
Ditto! I used to be a speed demon always driving with WAZE on just to be sure I wasn't getting tickets. Now that I am retired I seldom am in the left lane and I need to use the cruise control just to drive fast enough to get to the posted speed limit. It's great!
@@d.bishop1034 Don't rush to get there. When you slow down or feel the need to, it indicates you are mentally and physically going down hill. Inevitable when we age but we want to keep doing things at normal speed as long as we can.
After saving for retirement for over 45 years I too have a hard time with the spending side. I found that if I have the mindset I’m spending my children’s inheritance money, not mine, it’s a lot easier to enjoy the spending … haha 😂
Rob, This was brilliant. I spent the last year thinking about retirement. I retired 3 months ago after 45 years as a physician. I think you are spot on. The Wall Street Journal recently highlighted a book, "Lonely At the Top" by Dr. Thomas Joiner. It describes how retirement is often very different for men than it is for women. Namely, men - much more than women - need to be newly proactive in rediscovering and nurturing their friendships with other men. Whereas most women have maintained their friendships through the years so their retirement is more naturally filled with camaraderie and good times. And it is often the degree of social interaction with others that really determines how happy we are.
I retired from corporate executive life 3 years ago. I took up rainforest regeneration (luckily on my doorstep), an activity I love. Keeps me fit, provides routine, and gives a great sense of satisfaction. 4 to 5 hours each morning on weekdays. I also do gym, help with our grandchildren, handyman help for kids, and we take 2 good vacations each year.
Great Video - My wife and I have been retired for 20 years and found nearly everything you said to be true and applies to us. After the first 3-4 ultra conservative years of retirement, we relaxed, and began to "have fun" - the way retirement should be. But we had to "learn" as you suggested to do it and feel comfortable. We work out still (not daily as we used to) three times a week at the YMCA. I still have a plane and fly. I had sold my plane going into retirement thinking that I might not be able to afford it. Then later realized we could afford it and how important it was for me; so bought another. We are nearly too busy in retirement, but as you suggested - we (wife and I) brought that with us (who we are). My only suggestion beyond what you have said is that you must keep looking forward. If one is only able to look backwards; their entire lifestyle (and health) begins to retreat at an increasing rate. We have witnessed that with many of our friends. Yes, my wife and I have experienced the normal and quite serious health issues that come with the territory but have refused to "give into them" at least to this point. We are both in our 80's and have much that we want to do yet - we keep planning for the future.
I was asked several times if I was anxious about my husband's retirement. He was an airline pilot so we were used to time apart regularly. So far, it's been an easy adjustment. He knows I'm keeping my schedule and activities. He's put together his own, and we've added things we like to do together. I'm so grateful he hasn't expected me to keep him busy or entertained.
Hi Rob. I'm 13 years into my retirement journey that started when I was 62. I experienced all the areas you discussed and one in particular, #5 had me laughing out loud as you discussed it. That is exactly my experience and many times I can recall telling my family or friends I can't believe how I was able to get all of my usual things done, when I had the inconvenience of working full time 🙃. Your days do indeed get filled and busy. As to other points, for me I feel there is a difference between my hobbies and things I am passionate about. Maybe it's just me, but I do have activities or hobbies that I am very passionate about. One is life long learning, another is automotive related performance, repair, classic car restoration and building cars. My son shares the same passion and we do a lot of work together and at times share projects. I appreciate your channel and always look forward to your new content. Thanks for all you are doing Rob; I truly appreciate you sharing your knowledge and insights. Larry, Central Valley, Ca.
Thank you Rob, I really enjoyed your video. I am 2 1/2 months into my retirement and really enjoying not having all the stresses that come from working ias a physio in Healthcare. One thing you said that really resonated with me was to do activities, such as your RUclips channel, just because you enjoy it. I started a Lifestyle blog about 2 years ago. I have 9 subscribers over that time period. I often ask myself the ‘Why am I bothering?’ question. It always comes back to the same thing - I really enjoy it. It is an opportunity to consolidate my own learning, books read and travels. The process of my learning comes from the sharing aspect. Also, it’s nice for me to access it and recapture some of those learnings. So, as you said, it is not always about the numbers of people that are subscribed - but the enjoyment of the process. 🥰
Learning to spend was the hardest part for me. But! I found that I had no trouble fully funding Roth accounts for my four sons and their four wives. Five years and about $200K later I convinced myself that I had managed to get them started investing for themselves and I no longer have a problem pulling from my retirement accounts for my own benefit. By trying to teach them to invest for themselves and getting them started, I managed to teach myself to that my investments had a use other than to sit with a high balance at an investment firm.
This is the first comment I have ever left anyone on RUclips. First of all - thank you Rob. Thank you for sharing your gifts with all of us. Your videos have given me just enough of a push to my confidence that I can do this largely on my own. Secondly - I'm 56 and about to sell a large part of my business. Thinking about how my days are going to be different is both exciting and scary. Thank you for giving me some solid advice facing this next chapter of my life. God bless you Rob.
My $5m retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Catching a fish is a goal. Going fishing is an activity. Conflating the two is not in your best interests, and going fishing is an excellent retirement activity. :)
I know exactly what you mean. My wife and I have started a "must spend" monthly budget line item for each of us. The idea is we each must use that amount on ourselves... hobbies, concerts, travel with friends, or give it away as additional charity donations. I'm finding that helps me spend a little more guilt free. My wife...not so much, lol!
Rob, I truly enjoyed this video. I enjoy alot of your videos but thanks for sharing some of your personal experience. I have been retired for almost 3 years was also a very goal driven person. One of the tricks that I used through the years was to tweak or redefine my goal when I became frustrated. I have used this and currently my mantra I sto,e from an old Nissan commercial. " Life is a journey, enjoy the ride" Please continue with your videos. It has become part of my enjoying the ride. RSB in NC
Hi Rob. I hope you're doing great. It may not be Your Goal, but I have been improving my english through your videos (I'm Brazilian, 31), your clear way of explaining the topics are perfect for my vocabulary. 😂😂😂 while I can focus on learning about my financial goals as well. Thank you for everything. Junior Cezar
Your English is great! Congratulations, you’re doing a wonderful job with the language. It’s a lways a great idea to immerse yourself in language learning by listening to topics that excite you. I do the same with Spanish and German.
I love #4, using the 4% rule as a sanity check. I'm planning for retirement within the next two years, and I've built the GoGo, SloGo, NoGo phases of life into this plan. I want to get the most out of life before my desires whittle down to watching the Weather Channel. If I can withdraw 5-6% during GoGo, 3-4% during SloGo, and 2-3% for NoGo, the rest can be used for End-of-Life care. Thanks for all your insight!
I've never thought about retirement this way, but it's true. I too want to do a lot of traveling and road-tripping in my early years of retirement, but once I get that out of my system, spending will be much less.
Excellent! As you went along I was checking off boxes. You hit everything that’s been bugging me. The spending is a big one but I think I miss the people more than anything. Well done Rob, thanks.
Great content, I’ve been retired for 3 years. My wife still works. The hardest thing for me is transitioning from a savor to a spender, I mean I still get anxiety pulling out of my funds for living or vacations even though we’re fairly well off. It’s very hard to let go of what you’ve been for all your working life.
Thanks so much, Rob. I really enjoy your videos. I retired about 3 years ago at 62 and I have experienced many of the same things you discussed. Life feels very busy and I often wonder why. We spend lots of time with grandchildren who live nearby. I also am pretty frugal about spending my savings. But fortunately I have some hobbies that I really enjoy.--gardening, drawing and painting, reading, playing my guitar, and writing (working on a children's book). I do my own version of yoga in my living room for an hour or so first thing in the morning and we go for at least two walks a day. I love gardening in my front yard year round here in Cali and I enjoy seeing and chatting with my neighbors in the process. I also love reading a good mystery novel on my front porch. Thanks again, Rob!
Great video. I've been retired for 8 years now, and I have experienced all of these 7 facts. I can especially relate to feeling busier now than I was when I worked a 9 to 5 job. The other fact that is so true for me is maintaining friendships. For me, that takes a lot more effort than I had imagined.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ vivian jean wilhelm ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Hi Rob, a little off topics, but watching you video's its easy to notice all the books in your bookshelf. When you are up to it and want a little break from retirement finance, maybe give us a review of your top 10 books you recommend just for the pure enjoyment.
You nailed it! Retired at 60. After catching up on all the neglected honey-dos I found that so much of my identity was tied to work relationships. Now volunteering in community and find it more personally fulfilling than my last few years of work. Family, Faith, Health, Community, is a good start to a happy retirement. Keep up the good work. You’re right about spending retirement savings…it’s more complex than I imagined. Blessed to have this problem.
I have watched retirement videos of every kind for about 15 years. I've read and continue to read about retirement and have a small library on the subject. 😂 Your take is so refreshing! I very much appreciate the 'real life' perspective of things you've learned along the way. I'm retiring this year AND launching my last child, so it's been an emotional year, but I also feel ready. Thank you for sharing, I look forward to watching more of your videos.
That was my goal to get in my years of service in and age so I can retire and on to my next point in life . We you said it . I got hurt at work by horse playing employees . Changed my whole life and it’s impacted me to the extent I am managing my day trying to make it through the day without difficulties . Rob your right you hit on all factors . Number 8 is making it through the day without difficulties to my body .
Wow! Great observations. I have been retired about ten months and I have been working through these same issues (although I was not able to articulate them so well). Thanks
My retirement hobby is pickleball. Can’t recommend it enough due to the fact that it checks multiple boxes. Exercise, socializing, enjoying outdoors and can be enjoyed by almost anyone.
@@freedomlife3623 safer choices for sure, but comparing apples and oranges in my view. Playing pickleball is way more fun! It’s a game, with real competition, and yes a risk of injury like most sports.
I've loved your videos for the sage financial information you provide but this one was particularly special. As a 65 year old, semi-retired psychologist, you are spot-on with your experiences and recommendations. And your sincerity in this video comes through clearly and tenderly. Regarding #7, about being satisfied with plateaus vs end results, that's important. A colleague offers the analogy of frogs hopping onto lily pads. Their goal may not at all be on reaching some destination, but enjoying the particular lily pad they happen to be on or happen to hop on to another one when the mood strikes. Keep up the great work, Rob.
I retired at 50 and it was the greatest blessing ever. It took about 18 months of adjustment because I worked two jobs pretty much my entire career. Now, I love my life. ❤
My spouse and I retired at age 50 from a combined law/LEO career in the government and are happy to be retired. We experienced some of these seven things. As I reach four years and my spouse reaches 3 years of retirement we are finally enjoying retirement. Our secret is that we do what we want and we spend whatever it costs (if it costs anything) without trepidation. Time is going by quickly and always have something to do even if it’s doing nothing sometimes.
This is a very interesting episode. At least it strikes a chord with me. I share most of your observations, and some variations on all of them must be common to almost every retiree. Something you didn't mention but which I have found to be true is that retiring with a spouse is potentially a big asset in a happy retirement. I retired 27 years ago at age 53. Unlike you, I didn't have any difficulty in spending my retirement savings, which was not a good thing. It took a while before I realized that I'd made the transition too easily. I am living example of your theory that one doesn't overspend down to zero. We stop when we recognize the danger ahead, and we make adjustments. Anyway, this is a very useful video. I think I'll forward it to my still-working children.
This guy is not only smart, he's wise. I've been in retirement since 49, now 71 and I can relate to all 7 points. Quantm physics can explain some of our experiences with time, not only in retirement.
Thank you Rob for all those insights. I could relate to a lot of them. One of my greatest challenges was figuring out "what" I wanted to do next. The need for a clear worthy purpose to get up to and work towards with consistent daily focus seems critical. I've also slowly come to realize that the more important question is "how" I am doing whatever I'm doing. Sounds a bit like what you described in the book "Mastery". Along with the "what" to do, comes confusion about our own identity. For years I would say "I work for IBM" and that was a big part of my social identity but afterwards it was hard to define who I really was when introducing myself.
Another great video Rob. Thank you for taking time to share your thoughts. I've been retired now for about 14 months and have been LOVING it! Regarding your points, number 4 and 6 I totally relate to. The withdrawal rate is a bit of an afterthought, and like you said, used to make sure I'm not mortgaging our future. Your 6th point is what I've enjoyed most about retirement. Long lunches with friends / family or weeknight visits / dinners, with no stress of needing to get to bed to go to work the next day. I've heard another person suggest that retirement comes in 4 phases - the "vacation", mild depression (looking for meaning), various attempts to find meaning, and finally finding new meaning/purpose. I'm still blissfully in the "vacation" stage I suspect. Given that you are four years in, do these phases resonate with you, and if so, which one do you see yourself in? Thanks for all that you do to inform and educate us! I really appreciate it! All the best...
Nice job Rob. We are in our 70s with MBAs. Using Pew Research, we are considered upper class. Our FICOs are just under 850. Now, to quickly discuss retirement lessons learned, we consider our desired state of mind is peace of mind. Whatever provides this state of mind is the goal. For us, we try to achieve muscle strength to avoid sarcopenia. And we eat organics with focus on keto to avoid carbs. And we take walks to enjoy outside and capture vitamin d from the sun. Our objective is 15 miles a week and 15 hours per week in our garage gym. We thus consider health the big lesson by watching other old people in wheel chairs and walkers. The rest do not matter from your video if you do not have health, in our opinion of course! Robert P
Much lower on the economic totem pole but otherwise I totally agree and good nutrition including walks to the Farmers Market for flash frozen meats & chicken, no brine as I'm on a salt restriction per cardio. Fresh tomatoes for the best marinara, you get the idea and would love it too or maybe you're already there! Natural spring alkaline water, daily workout routine and long lovely walks. Be well Robert!
This video is great. I retired at 55 exactly 1-month ago from a 33-year career in banking. I hope to stay retired, so hearing your experiences was helpful for me. P.S. The untouched cup of coffee was killing me.
Good observations. As a competitive runner at age 66 I'm now more interested in running "for the health of it", rather than setting any age records. If records come, that's entirely a bonus.
We’ve been retired twenty years. We just compile one page spreadsheet summarising our finances on the first of every month. Looking at the graph tells us if we can spend more or should cut back. We don’t have a budget or use any withdrawal strategy, our spending adjusts automatically depending on the trend.
As a physical therapist, I have a common saying, for my patients: “Work is therapeutic!“ This is an outstanding video, and thank you for the shout out for physical therapy!
Rob - In the real corporate finance world, the budget controls spending. The 4% rule (or any other personal rule) is the budget setting rule. Budget Plan plus Budget Execution (aka cost control) = success. There is no fear in planning and achieving success.
All good points. I also think I spend too much and the government just keeps on taking, be it taxes or inflation. I started volunteering to help teach kids to read. It’s the key to their future and our society needs literacy. It may be more important than anything I did in my career.
Some people are “process”people and some are “product” people. It’s hard for product people to enjoy the process. I’m working on that in my retirement.
I have been retired 5 years, and have kept busy. I volunteer several mornings a week. I started cycling and have logged 14K on Strava. I have watched my grandchildren participate in various activities and spend more time with them than before retiring. My wife and I walk 2 miles every morning sometimes more than once. I went into retirement debt free so I haven’t had to take any distribution yet.
Thanks Bob. Great advice. Another suggestion is to find a purpose. Volunteer for an organization or group that addresses a need in your community. Get’s me out of the house. I’m around other people who support the same goal. I get satisfaction that I’m making a difference.
Very good information, as a recent retired, all these comments are so true. The working at keeping and making new friends are an important part, because in may cases, the older you get, the more you have to work at that part. During my working years I lost contact with many because of my intense travel schedules just didn’t leave much spare time. So most were working friends. A few have passed on, but also many are not as socially active as they age. Rob also hit the nail on the head about spending too, it took better then 2 years to convince myself to do so. Like Rob I seem to still have plenty to do, I was always rushed before, so now I had to learn to slow down and enjoy. I good thing to tell yourself for me was “there is always tomorrow”!
You have to throw out the three-by-five card of conventional thinking and flex your imagination. There's a million fun things to do with, or without, other people. Things I can't wait to do once I hang up my spurs: photography (film and astrophotography), astronomy, woodworking, landscaping/gardening, painting, drawing, get better at guitar, learn piano, tennis, basketball. The list goes on and on.
Great Message!! I retired in 2019 and found your list to be right on point with the situations we faced. Particularly the mindset to transition from a lifetime saver to a spender of the nest egg. The social aspects are challenging but are very important. The covid isolation years did not encourage a healthy transition but things got better and the effort required to engage and build new relationships diminished a bit. I'm glad you shared these points and how you pivoted in each case!! I enjoyed a nice chat with you at Fincon21 in Austin, thanks for spending the time to connect with a reader/fan. I look forward to your quality content as new videos are released. Could that content creation routine be part of the stress?
Thanks Bob. First of your videos I have watched. Relevant and helpful. Working on avoiding the social isolation problem. Retirement is different been at it 4 months with a long way to go.
I'm a type B personality. My friends say l have been retired My whole life. I really have a passion for what I worked at all my life and l'm still doing it. I own rental property and love it. Less units now, but all paid off. My friends keep asking me why don't you get rid of them. I always tell them the same thing. I tell them that I have low self esteem and I need the abuse every month! The reality is I love it! It's like a part time job, pride of ownership and it keeps me out there. When I come home I can relax. If l'm home all day it drives me crazy!
Wow #7 is such a great point. I call it "drifting". If I am just drifting through the day without a purpose or goal, I feel really unaccomplished. I need to think about this more.
Great insights Rob and can relate to them all. I'm coming up on one year. The Mastery one is very appropriate. Also we follow same spending rule you do. Spend then calibrate to make sure we are staying in our lane.
Rob, great vid. I enjoy learning from people like you. One concern when I retire is spending. So while I’m working, I ratcheded up our spending. It’s working as I love buying sneakers and the ones I want are pricey. Shows me that I can adjust haha
Also Rob (bending to touch your toes a struggle?) I heard about the “anti-bucket list” : for all those things you’ve been telling yourself you wanted to do but haven’t … learning the piano is on my anti bucket list now - screw it, just not happening and I can stop flogging myself about it!
Excellent food for thought. One thing I'd add is everyone's retirement is a bit different and unique , so avoid comparing what is right for you to others; what is good for you may not be best for someone else. Some may want to travel, some get more involved in their church, others just need to unwind and decompress a bit from a stressful career, some improve their health, pursue hobbies, etc... You'll get plenty of advice and suggestions from others (friends, family, internet, etc...), but at the end of the day you have to do what is right for you without comparing yourself to others and use the extra time off to best figure this out. Moreover, what is best for you may change over time and may be impacted by circumstances.
I know you started the video with ordering from "Most Noticeable", but your last point really stuck with me. I don't think that applies to retirement only, but is also really important to apply to life. Of course, you should have goals to work towards to better yourself, but it is also really important to live in the moment and just enjoy what you're doing now. Thanks for the vid man.
Also a recent retiree, I found your video to be extremely informative and helpful. I enjoy all of your videos, but this one especially spoke to me. I find that I have many of the same issues that you spoke about. Retired for about 2 years, I still have trouble thinking about taking money out of retirement accounts. Also, I have avoided adding hobbies and activities for exactly the reason you mentioned - I feel like there always needs to be a goal. In any case, you've given me much to think about and act on. If you haven't already read it (or heard it), you might also enjoy Dick Van Dyke's book 'Keep Moving'. Thanks for this video and for all of the good advice you've given in your other videos.
Thanks Rob for this vid! I'm retiring in two days at age 55 and so appreciate your personal insights about this. I hope I'll be too busy to even think about wanting to work again in a 9 to 5 capacity.
Great video Rob and some of your best advice. There are a ton of good videos about the financial aspects of retirement. But not enough about the practical day to day experience of retirement and the life changes that it brings.
Affirming the 7 surprising facts you mentioned. The other surprising fact is that even if we know about this in general, we are still surprised when it happens to us. Human nature I suppose. Appreciate your candor in this video, and the sharing in your channel.
Fortunately I learned about the mastery philosophy (not formally) in my current career. I have no further career aspirations beyond this job because I truly enjoy most of the aspects of it. I've been in this mode for several years and I'm now recognized as an expert globally in my field. I think that comfort level will serve me well in a year or two when we retire.
Also 4 years into retirement from a surgical practice...I lived through the same 7 facts, they are real...Being a "young" retiree like Rob, my wife / children / friends are still at work. So I decided to do 3 type of activity during daytime; 2 hrs of studying ( finances, engineering, spanish etc ), 2 hrs of exercices ( mountain hiking with my dogs ), and 2 hrs for expressing an art form ( playing music for ex ). I prioritize taking care of others, seeing friends during evenings and week-ends. Life is great :)
I would never play music for my ex.
😂@@richardkrumm1982
We are on a bit of parallel paths. I retired 8 years ago from surgery. Retirement for me was a relief. After 27 years, I didn’t want to see one more patient or patient complaint. Had some health issues, my father died (inheritance a factor), and another surgeon really wanted my practice. I was done.
Now we raise and foster dogs ( 4 permanent of our own). We live mostly out west so I hike, ski, walk the dog pack, train for a rescue,and love the change. I took up guitar again ( after multiple false starts), and now have 2 strats and a tele that I play daily. I read the books that Rob generally recommends ( I’m on page 900 of the Power Broker). I even go to a Zen Buddhist temple a few mile away for their retreats.
Transition was easy.
Nice of you to reply...@@auricgoldfinger8478...Cool to hear that a surgeon is enjoying retirement. Around me in Canada, it seems a rarity. Some never stop because they have no other interest, some stop late and get depressed... Surgery was fun but life is short and there is so much to learn and do. And age matter for that...( I refer you to the book "Die with zero" )...I sold my cosmetic surgical practice at 52, 12 years ago and never looked back ( also had my share of complicated patients...) I did some assistance part time for friends until 2020, but stopped through the pandemic. I believe in a simple life with less stuff and more experiences. Surprisingly, I spend very little money...I live 4 months / year at anchor on a small sailboat in the Med with my lover, cheap way to see a lot of beautiful places and meet a lot of people...I train sleigh dogs here in the winter and play music in bands ( Grestch 6120 for me...Being a Brian Setzer fan ). Keep it up life is great !!!
Thanks for sharing...In Canada, it seems surgeons never retire ( because they don't know what else to do, or did not accumulate wealth ) or retire and get depressed...Avg age at retirement is 76 yo, life expectancy is 76yo... Really sad...I loved my surgical practice but it precluded me from learning / doing new projects. So I retired in 2010 at 50 yo although I did some assistance upon request until 2020. Because I never had that much interest in material stuff, I reached FI early. I believe freedom and experiences with real people overrides owning objects. For that you need F...you money. I refer to you at the book "Die with zero" as it reassured me I was not crazy, just marginal for a surgeon...Anyway, life is cheap when retired...It has been the best time of my life although I live with 50K/year...That covers living on my sailboat 5 months/ year in Europe with my lover, playing music in bands and taking care of my sleigh dogs during winter + volunteering / helping friends with their portfolios...As for my love with guitars, I also was a start player for years...Nowadays I play a Grestch 6120, being a Brian Setzer fanboy I guess...Cheers :)@@auricgoldfinger8478
My hobbies are watching RUclips videos about retirement 🎉🎉🎉
Same
Lol. Good one!
Glad to hear I am not the only one! LOL
well, we're not alone. But not a lot of opportunity to 'do lunch' with likeminded folks on RUclips.
Me too!
I think the hardest part for me is going to be switching from accumulation to decumulation. Seems like a big psychological hurdle.
I'm retired a year ago+ and this is absolutely the biggest adjustment.
So don’t “ decumulate “ keep investing for your families future.
@@Markazoid6041 you must work for the IRS.
I thought the same thing - retired 5 months ago - but, it doesn't seem to affect my psyche as much as I thought. I'll post a video on my YT channel about just this subject tomorrow! Thanks for the idea!!
This was great, thanks Rob. I’m doing consulting work in retirement and like staying busy, but not too busy. I’m not up to decumulation yet, but I can see how that will be difficult.
Number one issue in retirement is loneliness.
I’m a retired firefighter, 5 members of our department committed suicide the past 10 years. The common denominator was loneliness, mixed with alcohol, a deadly combination.
Money was not an issue, they were all very well off financially. Concentrate on keeping social connections. Over 55 communities are one option. Residents take care of each other and have many activities.
I have worked in many affluent communities. Their retirement years were very sad from what I observed. The larger the mansion, the higher the level of isolation.
I just retired from same occupation. Going to take it slow and get my feet under me
If you have family and friends you don’t need co workers to keep you company
I've seen this play out with many of my older family members. There is a huge difference between those that maintain active social circles and those that don't. It seems particularly tough for those that never learned how to deliberately maintain friendships.
MrMike is right on. Social interaction is the key to happiness. Whether that's family, friends or neighbors. A good documentary to watch is Live to 100. They stress food exercise but also socializing. Getting out of your mansion and into a lower income senior community would be a good topic for Ron to research for his followers.
That's a very long day....😊@@RickMartinRUclips
Just recently retired and I absolutely do not miss the stress, conference calls at all hours of the night and weekends and nonstop corporate BS! It's like being set free from prison.
Consider not framing it as “wage slavery.” Be grateful for the opportunity to create financial freedom for yourself. The end result may be the same, but the journey may be much less stressful. When people would ask me why I was happy at work, I’d say, “Because my freedom gets closer every single day.”
Amen 🙏🏼
Love adding the emotional and personal side of retirement. You’re the master
Your not to far off Joe. I am thankful for the content you and Rob deliver. You guys are receiving some idolization in the RUclips world so it is rereshing to hear the more human and vulnerable reflections of your retirement journey.
Volunteering can be both rewarding and can keep you engaged with others and build friendships.
1- hobbies are not enough
2-hobbies are not enough unless you enjoy them all the time; perhaps introduce a social component involving other people. (See -6)
3-you were thrifty to get to where you are… now learn to spend and enjoy it!
4-analyze last year: see if you did well and adjust by looking backward. Don’t get wedded to some plan.
5-you get busier. It can actually be stressful. Remember to slow down if you are making yourself unhappy.
6-keep your friends. Don’t lose track.
7-if you have a new goal, don’t concentrate on reaching the end point, instead, enjoy the process, the journey.
8) No excuses in terms of lack of time for exercise, healthy cooking, etc.
I retired early at 56, and then moved into related teaching and writing, while also helping my wife care for 2 grandkids weekdays for 9 years (the reason for the early retirement). I'm now in a new phase, looking for how I might be able to make a difference in some other ways. I've just begun to watch your videos and find them very helpful! I affirm this phase in your life, and with many other people I appreciate your willingness to share not only your financial perspectives, but also your life perspectives. Thanks!
I want to do teaching but I work in machine learning, and the techniques become outdated so quickly!
We got a puppy a month ago as a solution to bordom and loneliness in retirement. Never a dull moment lol
except when you want to go on vacation and have to pay for dog care. But I agree dogs are better than most people. If it is a Jack Russel lthey might keep you going like you are still working full time.
And I rescued a cat…now have two. My daughter has absolutely promised to take both should something happen to me…😊. There are rewards for her☺️
Rob, this is perhaps your most endearing video. Thanks for this. I was part-time for 2 years then retired beginning of 2024. Loving everything about it, truly. All the striving, the planning... nothing is guaranteed in this life; I could croak tomorrow. But I love waving the magic wand every morning with my new magic power and declaring, "IT'S SATURDAY!"
Having said that, your last one #7 really resonated with me. My goals have shifted (to music, trail hikes & walking & fitness, and lots of other things), but it's good to have goals. It's just that now, there's no pressure or anxiousness or anything externally forced about any of my goals. They're all from within, and self-imposed.
I love it. But yes, having goals ,even small ones, and enjoying the process and the journey is key in my estimation to a great and fun retirement.
Best to you & your family, sir. It seems we're approaching 60 with hopefully a lot of productive life left.
All my life I played music, and when I saw retirement on the horizon I went back to the conservatory. I lucked out with a stupendous teacher. My life is now organized around my weekly lesson. I work harder than ever and can say I have not had one minute of boredom. Whatever I give to my efforts, I can always give more.
THANK YOU, Rob, for your personal, shared wisdom. Having watched you for a number of years on YT and your Q&A sessions, hearing your personal reflections is GOLD for us.
After one year of retirement I realized that I don’t need to be in a constant rush - especially when I’m driving to go someplace. It was almost a given that I needed to be driving at least 5 mph over the speed limit. Now after one year into retirement I just get in the slower lane and relax.
Ditto! I used to be a speed demon always driving with WAZE on just to be sure I wasn't getting tickets. Now that I am retired I seldom am in the left lane and I need to use the cruise control just to drive fast enough to get to the posted speed limit. It's great!
I'm still trying to learn this... not there yet!
@@d.bishop1034 Don't rush to get there. When you slow down or feel the need to, it indicates you are mentally and physically going down hill. Inevitable when we age but we want to keep doing things at normal speed as long as we can.
Thank you for getting over. I’ll be right there with you.
Thanks Rob ! Retired a year ago @54yo, . Similar experiences.I've found myself almost living in isolation. Appreciate all your vids.
After saving for retirement for over 45 years I too have a hard time with the spending side. I found that if I have the mindset I’m spending my children’s inheritance money, not mine, it’s a lot easier to enjoy the spending … haha 😂
Have my kids their inheritance early. Fun to watch it work for them. Hay ground, house down payment....
Believe me we never stop helping our children when appropriate & do it with love.
Rob, This was brilliant. I spent the last year thinking about retirement. I retired 3 months ago after 45 years as a physician. I think you are spot on. The Wall Street Journal recently highlighted a book, "Lonely At the Top" by Dr. Thomas Joiner. It describes how retirement is often very different for men than it is for women. Namely, men - much more than women - need to be newly proactive in rediscovering and nurturing their friendships with other men. Whereas most women have maintained their friendships through the years so their retirement is more naturally filled with camaraderie and good times. And it is often the degree of social interaction with others that really determines how happy we are.
That makes perfect sense. It’s also why women bounce back from divorce quicker.
I retired from corporate executive life 3 years ago. I took up rainforest regeneration (luckily on my doorstep), an activity I love. Keeps me fit, provides routine, and gives a great sense of satisfaction. 4 to 5 hours each morning on weekdays. I also do gym, help with our grandchildren, handyman help for kids, and we take 2 good vacations each year.
So comforting to hear that I'm not the only one experiencing those same feelings, thanks Rob!
Great Video - My wife and I have been retired for 20 years and found nearly everything you said to be true and applies to us. After the first 3-4 ultra conservative years of retirement, we relaxed, and began to "have fun" - the way retirement should be. But we had to "learn" as you suggested to do it and feel comfortable. We work out still (not daily as we used to) three times a week at the YMCA. I still have a plane and fly. I had sold my plane going into retirement thinking that I might not be able to afford it. Then later realized we could afford it and how important it was for me; so bought another. We are nearly too busy in retirement, but as you suggested - we (wife and I) brought that with us (who we are). My only suggestion beyond what you have said is that you must keep looking forward. If one is only able to look backwards; their entire lifestyle (and health) begins to retreat at an increasing rate. We have witnessed that with many of our friends. Yes, my wife and I have experienced the normal and quite serious health issues that come with the territory but have refused to "give into them" at least to this point. We are both in our 80's and have much that we want to do yet - we keep planning for the future.
I was asked several times if I was anxious about my husband's retirement. He was an airline pilot so we were used to time apart regularly. So far, it's been an easy adjustment. He knows I'm keeping my schedule and activities. He's put together his own, and we've added things we like to do together. I'm so grateful he hasn't expected me to keep him busy or entertained.
Selfish…🙄
Hi Rob. I'm 13 years into my retirement journey that started when I was 62. I experienced all the areas you discussed and one in particular, #5 had me laughing out loud as you discussed it. That is exactly my experience and many times I can recall telling my family or friends I can't believe how I was able to get all of my usual things done, when I had the inconvenience of working full time 🙃. Your days do indeed get filled and busy. As to other points, for me I feel there is a difference between my hobbies and things I am passionate about. Maybe it's just me, but I do have activities or hobbies that I am very passionate about. One is life long learning, another is automotive related performance, repair, classic car restoration and building cars. My son shares the same passion and we do a lot of work together and at times share projects. I appreciate your channel and always look forward to your new content. Thanks for all you are doing Rob; I truly appreciate you sharing your knowledge and insights. Larry, Central Valley, Ca.
Thank you Rob, I really enjoyed your video. I am 2 1/2 months into my retirement and really enjoying not having all the stresses that come from working ias a physio in Healthcare. One thing you said that really resonated with me was to do activities, such as your RUclips channel, just because you enjoy it. I started a Lifestyle blog about 2 years ago. I have 9 subscribers over that time period. I often ask myself the ‘Why am I bothering?’ question. It always comes back to the same thing - I really enjoy it. It is an opportunity to consolidate my own learning, books read and travels. The process of my learning comes from the sharing aspect. Also, it’s nice for me to access it and recapture some of those learnings. So, as you said, it is not always about the numbers of people that are subscribed - but the enjoyment of the process. 🥰
Learning to spend was the hardest part for me. But! I found that I had no trouble fully funding Roth accounts for my four sons and their four wives. Five years and about $200K later I convinced myself that I had managed to get them started investing for themselves and I no longer have a problem pulling from my retirement accounts for my own benefit. By trying to teach them to invest for themselves and getting them started, I managed to teach myself to that my investments had a use other than to sit with a high balance at an investment firm.
This is the first comment I have ever left anyone on RUclips. First of all - thank you Rob. Thank you for sharing your gifts with all of us. Your videos have given me just enough of a push to my confidence that I can do this largely on my own. Secondly - I'm 56 and about to sell a large part of my business. Thinking about how my days are going to be different is both exciting and scary. Thank you for giving me some solid advice facing this next chapter of my life. God bless you Rob.
Retired day 1. Saved as much as I could, worked longer than I wanted. Retired at 60. Here’s hoping.
My $5m retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
In just over 15 minutes a remarkable recitation of the major challenges of transitioning to retirement! Quite a feat!
Catching a fish is a goal. Going fishing is an activity. Conflating the two is not in your best interests, and going fishing is an excellent retirement activity. :)
Retired 2 years ago. I still can't break the frugal/saving mentality. I've not spent a penny of my savings yet. Not bragging, it's a mentality
I know exactly what you mean. My wife and I have started a "must spend" monthly budget line item for each of us. The idea is we each must use that amount on ourselves... hobbies, concerts, travel with friends, or give it away as additional charity donations. I'm finding that helps me spend a little more guilt free. My wife...not so much, lol!
Yep. Been there. My solution was to go back to work.
I cannot even go part time, still working full time even though I could retire.
Rob, I truly enjoyed this video. I enjoy alot of your videos but thanks for sharing some of your personal experience. I have been retired for almost 3 years was also a very goal driven person. One of the tricks that I used through the years was to tweak or redefine my goal when I became frustrated. I have used this and currently my mantra I sto,e from an old Nissan commercial. " Life is a journey, enjoy the ride"
Please continue with your videos. It has become part of my enjoying the ride.
RSB in NC
Hi Rob. I hope you're doing great. It may not be Your Goal, but I have been improving my english through your videos (I'm Brazilian, 31), your clear way of explaining the topics are perfect for my vocabulary. 😂😂😂 while I can focus on learning about my financial goals as well. Thank you for everything. Junior Cezar
Your English is great! Congratulations, you’re doing a wonderful job with the language. It’s a lways a great idea to immerse yourself in language learning by listening to topics that excite you. I do the same with Spanish and German.
I love #4, using the 4% rule as a sanity check. I'm planning for retirement within the next two years, and I've built the GoGo, SloGo, NoGo phases of life into this plan. I want to get the most out of life before my desires whittle down to watching the Weather Channel. If I can withdraw 5-6% during GoGo, 3-4% during SloGo, and 2-3% for NoGo, the rest can be used for End-of-Life care. Thanks for all your insight!
I've never thought about retirement this way, but it's true. I too want to do a lot of traveling and road-tripping in my early years of retirement, but once I get that out of my system, spending will be much less.
Great content here. I’m retiring in my early 50’s from my career because quite honestly, these desk jobs are literally killing us.
I had to work to 65- would never have had enough money in my 50s - you are lucky.🍀 😊
Excellent!
As you went along I was checking off boxes. You hit everything that’s been bugging me. The spending is a big one but I think I miss the people more than anything. Well done Rob, thanks.
Great content, I’ve been retired for 3 years. My wife still works. The hardest thing for me is transitioning from a savor to a spender, I mean I still get anxiety pulling out of my funds for living or vacations even though we’re fairly well off. It’s very hard to let go of what you’ve been for all your working life.
Thanks so much, Rob. I really enjoy your videos. I retired about 3 years ago at 62 and I have experienced many of the same things you discussed. Life feels very busy and I often wonder why. We spend lots of time with grandchildren who live nearby. I also am pretty frugal about spending my savings. But fortunately I have some hobbies that I really enjoy.--gardening, drawing and painting, reading, playing my guitar, and writing (working on a children's book). I do my own version of yoga in my living room for an hour or so first thing in the morning and we go for at least two walks a day. I love gardening in my front yard year round here in Cali and I enjoy seeing and chatting with my neighbors in the process. I also love reading a good mystery novel on my front porch. Thanks again, Rob!
Great video. I've been retired for 8 years now, and I have experienced all of these 7 facts. I can especially relate to feeling busier now than I was when I worked a 9 to 5 job. The other fact that is so true for me is maintaining friendships. For me, that takes a lot more effort than I had imagined.
You are in your 50s?? Wow I was deceived. I retired last June at 57 and love ❤️ it. Feels great.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ vivian jean wilhelm ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Hi Rob, a little off topics, but watching you video's its easy to notice all the books in your bookshelf. When you are up to it and want a little break from retirement finance, maybe give us a review of your top 10 books you recommend just for the pure enjoyment.
You nailed it! Retired at 60. After catching up on all the neglected honey-dos I found that so much of my identity was tied to work relationships. Now volunteering in community and find it more personally fulfilling than my last few years of work. Family, Faith, Health, Community, is a good start to a happy retirement. Keep up the good work. You’re right about spending retirement savings…it’s more complex than I imagined. Blessed to have this problem.
I have watched retirement videos of every kind for about 15 years. I've read and continue to read about retirement and have a small library on the subject. 😂 Your take is so refreshing! I very much appreciate the 'real life' perspective of things you've learned along the way. I'm retiring this year AND launching my last child, so it's been an emotional year, but I also feel ready. Thank you for sharing, I look forward to watching more of your videos.
Don’t say your back is bad. Say it takes a little different care. It’s a beautiful back. You got this.
Very interesting perspective. I have retired thousands of people as a financial advisor and learned things here to apply to my clients going forward.
That was my goal to get in my years of service in and age so I can retire and on to my next point in life . We you said it . I got hurt at work by horse playing employees . Changed my whole life and it’s impacted me to the extent I am managing my day trying to make it through the day without difficulties . Rob your right you hit on all factors . Number 8 is making it through the day without difficulties to my body .
Wow! Great observations. I have been retired about ten months and I have been working through these same issues (although I was not able to articulate them so well). Thanks
My retirement hobby is pickleball. Can’t recommend it enough due to the fact that it checks multiple boxes. Exercise, socializing, enjoying outdoors and can be enjoyed by almost anyone.
It's all good and fun until 0-0-2.
Check out the stats of pickleball injury in USA. Yoga & walking group is lot safer to accomplish the same thing.
@@freedomlife3623 safer choices for sure, but comparing apples and oranges in my view. Playing pickleball is way more fun! It’s a game, with real competition, and yes a risk of injury like most sports.
A great post. This took some guts to post. So, good for you, Rob.
I've loved your videos for the sage financial information you provide but this one was particularly special. As a 65 year old, semi-retired psychologist, you are spot-on with your experiences and recommendations. And your sincerity in this video comes through clearly and tenderly. Regarding #7, about being satisfied with plateaus vs end results, that's important. A colleague offers the analogy of frogs hopping onto lily pads. Their goal may not at all be on reaching some destination, but enjoying the particular lily pad they happen to be on or happen to hop on to another one when the mood strikes. Keep up the great work, Rob.
I retired at 50 and it was the greatest blessing ever. It took about 18 months of adjustment because I worked two jobs pretty much my entire career. Now, I love my life. ❤
My spouse and I retired at age 50 from a combined law/LEO career in the government and are happy to be retired. We experienced some of these seven things. As I reach four years and my spouse reaches 3 years of retirement we are finally enjoying retirement. Our secret is that we do what we want and we spend whatever it costs (if it costs anything) without trepidation. Time is going by quickly and always have something to do even if it’s doing nothing sometimes.
#3 Thanks for being truthful and real. I've wondered about this one. I like the "sanity check".
Very thoughtful - I love how holistic your insights are.
This is a very interesting episode. At least it strikes a chord with me. I share most of your observations, and some variations on all of them must be common to almost every retiree. Something you didn't mention but which I have found to be true is that retiring with a spouse is potentially a big asset in a happy retirement.
I retired 27 years ago at age 53. Unlike you, I didn't have any difficulty in spending my retirement savings, which was not a good thing. It took a while before I realized that I'd made the transition too easily. I am living example of your theory that one doesn't overspend down to zero. We stop when we recognize the danger ahead, and we make adjustments.
Anyway, this is a very useful video. I think I'll forward it to my still-working children.
This guy is not only smart, he's wise. I've been in retirement since 49, now 71 and I can relate to all 7 points. Quantm physics can explain some of our experiences with time, not only in retirement.
Thank you Rob for all those insights. I could relate to a lot of them. One of my greatest challenges was figuring out "what" I wanted to do next. The need for a clear worthy purpose to get up to and work towards with consistent daily focus seems critical. I've also slowly come to realize that the more important question is "how" I am doing whatever I'm doing. Sounds a bit like what you described in the book "Mastery". Along with the "what" to do, comes confusion about our own identity. For years I would say "I work for IBM" and that was a big part of my social identity but afterwards it was hard to define who I really was when introducing myself.
Another great video Rob. Thank you for taking time to share your thoughts. I've been retired now for about 14 months and have been LOVING it! Regarding your points, number 4 and 6 I totally relate to. The withdrawal rate is a bit of an afterthought, and like you said, used to make sure I'm not mortgaging our future. Your 6th point is what I've enjoyed most about retirement. Long lunches with friends / family or weeknight visits / dinners, with no stress of needing to get to bed to go to work the next day.
I've heard another person suggest that retirement comes in 4 phases - the "vacation", mild depression (looking for meaning), various attempts to find meaning, and finally finding new meaning/purpose. I'm still blissfully in the "vacation" stage I suspect. Given that you are four years in, do these phases resonate with you, and if so, which one do you see yourself in?
Thanks for all that you do to inform and educate us! I really appreciate it! All the best...
Nice job Rob. We are in our 70s with MBAs. Using Pew Research, we are considered upper class. Our FICOs are just under 850. Now, to quickly discuss retirement lessons learned, we consider our desired state of mind is peace of mind. Whatever provides this state of mind is the goal. For us, we try to achieve muscle strength to avoid sarcopenia. And we eat organics with focus on keto to avoid carbs. And we take walks to enjoy outside and capture vitamin d from the sun. Our objective is 15 miles a week and 15 hours per week in our garage gym. We thus consider health the big lesson by watching other old people in wheel chairs and walkers. The rest do not matter from your video if you do not have health, in our opinion of course! Robert P
Much lower on the economic totem pole but otherwise I totally agree and good nutrition including walks to the Farmers Market for flash frozen meats & chicken, no brine as I'm on a salt restriction per cardio. Fresh tomatoes for the best marinara, you get the idea and would love it too or maybe you're already there! Natural spring alkaline water, daily workout routine and long lovely walks. Be well Robert!
This video is great. I retired at 55 exactly 1-month ago from a 33-year career in banking. I hope to stay retired, so hearing your experiences was helpful for me. P.S. The untouched cup of coffee was killing me.
Good observations. As a competitive runner at age 66 I'm now more interested in running "for the health of it", rather than setting any age records. If records come, that's entirely a bonus.
We’ve been retired twenty years. We just compile one page spreadsheet summarising our finances on the first of every month. Looking at the graph tells us if we can spend more or should cut back. We don’t have a budget or use any withdrawal strategy, our spending adjusts automatically depending on the trend.
As a physical therapist, I have a common saying, for my patients: “Work is therapeutic!“ This is an outstanding video, and thank you for the shout out for physical therapy!
I like that… work is therapeutic…I can see that now that I have retired. Did not realize how much so.
Rob - In the real corporate finance world, the budget controls spending. The 4% rule (or any other personal rule) is the budget setting rule. Budget Plan plus Budget Execution (aka cost control) = success. There is no fear in planning and achieving success.
All good points. I also think I spend too much and the government just keeps on taking, be it taxes or inflation. I started volunteering to help teach kids to read. It’s the key to their future and our society needs literacy. It may be more important than anything I did in my career.
Great insight as always and the comments you get on your channel are as thoughtful as the videos themselves.
Some people are “process”people and some are “product” people. It’s hard for product people to enjoy the process. I’m working on that in my retirement.
I have been retired 5 years, and have kept busy. I volunteer several mornings a week. I started cycling and have logged 14K on Strava. I have watched my grandchildren participate in various activities and spend more time with them than before retiring. My wife and I walk 2 miles every morning sometimes more than once. I went into retirement debt free so I haven’t had to take any distribution yet.
Great info Rob! Thank you for your transparency.😊
Thanks Bob. Great advice. Another suggestion is to find a purpose. Volunteer for an organization or group that addresses a need in your community. Get’s me out of the house. I’m around other people who support the same goal. I get satisfaction that I’m making a difference.
Very good information, as a recent retired, all these comments are so true. The working at keeping and making new friends are an important part, because in may cases, the older you get, the more you have to work at that part. During my working years I lost contact with many because of my intense travel schedules just didn’t leave much spare time. So most were working friends. A few have passed on, but also many are not as socially active as they age. Rob also hit the nail on the head about spending too, it took better then 2 years to convince myself to do so. Like Rob I seem to still have plenty to do, I was always rushed before, so now I had to learn to slow down and enjoy. I good thing to tell yourself for me was “there is always tomorrow”!
Thank you for reminding me about George Leonard's Mastery. That's a book I've been meaning to read for a long time.
You have to throw out the three-by-five card of conventional thinking and flex your imagination. There's a million fun things to do with, or without, other people. Things I can't wait to do once I hang up my spurs: photography (film and astrophotography), astronomy, woodworking, landscaping/gardening, painting, drawing, get better at guitar, learn piano, tennis, basketball. The list goes on and on.
Your not getting any satisfaction out of sports that depend on your body.
Great Message!! I retired in 2019 and found your list to be right on point with the situations we faced. Particularly the mindset to transition from a lifetime saver to a spender of the nest egg. The social aspects are challenging but are very important. The covid isolation years did not encourage a healthy transition but things got better and the effort required to engage and build new relationships diminished a bit. I'm glad you shared these points and how you pivoted in each case!! I enjoyed a nice chat with you at Fincon21 in Austin, thanks for spending the time to connect with a reader/fan. I look forward to your quality content as new videos are released. Could that content creation routine be part of the stress?
Uncle Rob, thank you for another great sharing video, greetings from Malaysia :)
Thanks Bob. First of your videos I have watched. Relevant and helpful. Working on avoiding the social isolation problem. Retirement is different been at it 4 months with a long way to go.
I'm a type B personality. My friends say l have been retired My whole life. I really have a passion for what I worked at all my life and l'm still doing it. I own rental property and love it. Less units now, but all paid off. My friends keep asking me why don't you get rid of them. I always tell them the same thing. I tell them that I have low self esteem and I need the abuse every month! The reality is I love it! It's like a part time job, pride of ownership and it keeps me out there. When I come home I can relax. If l'm home all day it drives me crazy!
As I'm in my 60's closing in on "hanging it up'...this video was very timely and helpful.
Wow #7 is such a great point. I call it "drifting". If I am just drifting through the day without a purpose or goal, I feel really unaccomplished. I need to think about this more.
Great insights Rob and can relate to them all. I'm coming up on one year. The Mastery one is very appropriate. Also we follow same spending rule you do. Spend then calibrate to make sure we are staying in our lane.
Thanks for sharing your retirement experiences.
Rob, great vid. I enjoy learning from people like you. One concern when I retire is spending. So while I’m working, I ratcheded up our spending. It’s working as I love buying sneakers and the ones I want are pricey. Shows me that I can adjust haha
Love the analogy that you only have so many at-bats in life. Sometimes you just roll with it and enjoy the journey.
Also Rob (bending to touch your toes a struggle?) I heard about the “anti-bucket list” : for all those things you’ve been telling yourself you wanted to do but haven’t … learning the piano is on my anti bucket list now - screw it, just not happening and I can stop flogging myself about it!
Thanks for sharing your findings, I find your insights very helpful.
most of my best rounds of golf are when i was just enjoying the moment....
Excellent food for thought. One thing I'd add is everyone's retirement is a bit different and unique , so avoid comparing what is right for you to others; what is good for you may not be best for someone else. Some may want to travel, some get more involved in their church, others just need to unwind and decompress a bit from a stressful career, some improve their health, pursue hobbies, etc... You'll get plenty of advice and suggestions from others (friends, family, internet, etc...), but at the end of the day you have to do what is right for you without comparing yourself to others and use the extra time off to best figure this out. Moreover, what is best for you may change over time and may be impacted by circumstances.
I know you started the video with ordering from "Most Noticeable", but your last point really stuck with me. I don't think that applies to retirement only, but is also really important to apply to life. Of course, you should have goals to work towards to better yourself, but it is also really important to live in the moment and just enjoy what you're doing now.
Thanks for the vid man.
Also a recent retiree, I found your video to be extremely informative and helpful. I enjoy all of your videos, but this one especially spoke to me. I find that I have many of the same issues that you spoke about. Retired for about 2 years, I still have trouble thinking about taking money out of retirement accounts. Also, I have avoided adding hobbies and activities for exactly the reason you mentioned - I feel like there always needs to be a goal. In any case, you've given me much to think about and act on. If you haven't already read it (or heard it), you might also enjoy Dick Van Dyke's book 'Keep Moving'. Thanks for this video and for all of the good advice you've given in your other videos.
When you’re working your time is spent doing things for others, when you’re retired you have to decide how to spend your time
Really interesting vid. I'm retired, aged 61.. and yes, retirement is requiring quite a significant change of focus.
One piece of advice I wish I had followed was to “retire to something, not from something.”
I like the term "transition" rather than "retire."
Great insight, Rob👏👏 Probably should watch this one again with the Mrs.
Thank you for sharing your wisdom!
Rob, great video! Appreciate your perspective and can sympathize with the wifey tough love!!
Thanks Rob for this vid! I'm retiring in two days at age 55 and so appreciate your personal insights about this. I hope I'll be too busy to even think about wanting to work again in a 9 to 5 capacity.
Great video Rob and some of your best advice. There are a ton of good videos about the financial aspects of retirement. But not enough about the practical day to day experience of retirement and the life changes that it brings.
It looks like you have recorded at one go, have not sipped the drink at all. Love listening to you. All the best.
Affirming the 7 surprising facts you mentioned. The other surprising fact is that even if we know about this in general, we are still surprised when it happens to us. Human nature I suppose. Appreciate your candor in this video, and the sharing in your channel.
Fortunately I learned about the mastery philosophy (not formally) in my current career. I have no further career aspirations beyond this job because I truly enjoy most of the aspects of it. I've been in this mode for several years and I'm now recognized as an expert globally in my field. I think that comfort level will serve me well in a year or two when we retire.