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How To Save Money For Retirement | Financial Planning in Excel | Funny |

Have you Missed boarding Train? Not because you reached late But because you were saving money Something like this happened with my friend So she planned to visit Ahmedabad(India) during Navratri Festival As trains from Ahmedabad to Mumbai are always fully booked She booked train tickets in advance , to get good seat On the day of journey, she thought to book Uber to reach Train Station She checked Car rental and found it being Rs.150 She thought how come this amount is so big for such a short distance Then she called me and asked me, " Can you please drop me to Station?" I said," I am not at home, I am at market. You hire Auto Rickshaw and leave for station." She said, " None of Auto Rickshaw driver goes to station." "They only pick long distance travelers" I said, " Hire Uber then" She said, " I checked Uber and you know how much they are charging?" "Rs.150. Who charges this big amount for such a short distance?" " For this much amount, I can eat Gathiya Jalebi(Snack & Sweets), 3 times" I said, " Then how you will go? Will you walk that much distance?" "If you are late, then there is no Shahrukh Khan waiting in train to pull you inside train." She said, " Ok, let me see" With this she cut the phone and you know what she did, she boarded City Bus Now City Bus rode at its slow speed There is so much traffic outside station and bus is so big to get through it So Bus got stuck in traffic.

By the time my friend reached station Train had left the station So she lost train ticket money as she could not board it Then hurriedly booked overnight bus for Ahmedabad and payed big money to book it So this is my Miser friend who doesn't know how to really save money When she returned back from Ahmedabad, I asked "So how was Navratri festival? Did you go to any club to celebrate it or not?" "Everywhere ticket price was so costly! I celebrated in my society only" Really! You didn't go to Friends Garba Club too? NO NO If you wanted to play in society only then you should have stayed in Mumbai itself You could have saved more money Why did you put so much effort, to travel that much long distance Hey, I am saving money for Retirement Very good, you should definitely save.

Anyways this festival comes every year And dancing in this festival after retirement is much more fun Bones get good exercise And if any thing adverse happens then go for physiotherapy You anyways saved for this only, right? Even I want to enjoy but if i spend like this everywhere then at retirement, I will have to earn money from dancing only. That situation will not come, if you have saved as per your retirement goal If you know that I need this much money at retirement then decide on that basis, how much you should save every month or year Spend rest money on yourself. Let me show you one Retirement Planner where you can enter money you want at retirement and this sheet will guide you how much you should save per year Spend rest money on yourself This is the retirement planner sheet In highlighted box, add total savings that you are putting aside for retirement You can include amount from type of savings that can be withdrawn at short notice like Banks FDs, PPF, Market Value of Mutual Funds Market value of stocks Cash at home and in savings account Do ensure to add provident fund value too After adding all these amounts, enter total sum in highlighted box For example, I enter Rs.10 Lakh (1 Million) Do not add property value in this sum as property can not be sold fast Now in this green box, put your current age? Please put correct age Else you will get wrong answer For example, I enter age as 32 Years Now write age at which you want to retire Some may plan to retire late or some may plan to retire early like 55 years, then write that age in this box For example, i enter 60 Years Next box is Life Expectancy Life expectancy at India is 70 Years which i have entered in this box Are you doing some exercise or not? Or this also you are saving for retirement Yes yes, I am doing it.

I do broom and mop everyday, on my own. Seriously, Ok. I know you are saving money, spent on your domestic helper But believe me, exercise make our body parts quite flexible. That's helpful at old age specially when you would dance after retirement Write Life Expectancy age as per your current life style In next box, you need to write your monthly salary At this salary level, you are living comfortable life ,at this point of time along with managing your other expenses My current salary is just nothing I deserve more money But I settled on less salary as my Boss is very good Otherwise I was getting very good salary offer So here also write the amount that you are currently getting For example, "Its Rs.85,000 per month" Inflation is approx 5% which I have already added in this box In this box, write returns that you are targeting on your entire investment If you want retirement fund in surplus Then you need to target this as minimum return Do not write un-realistic returns like 40% or 50% As you need to keep your risk capacity in mind If you do not have risk capacity to take, then do not write that much return in this box Think this as minimum return only If you get better returns that this ,then its profit, but here target only minimum return For example, I target minimum return of 18% before tax Next box enter effective tax rate taking into account total income, assets and short term capital gains For example, I enter 15% which is also tax rate on short term capital gains Here in this box, return after tax is 15.3% At this rate, the assets will grow for next 28 years Now enter amount that you are saving every month In this amount, do add your's and your employer PF contribution As these amounts are also part of your monthly savings For example its Rs.30,000 per month Next box shows your expected pension income at Retirement This is the amount that you should receive every year in your account, post retirement At this retirement income, you can maintain, your current life style, after retirement Next is Asset Value on Retirement (Before Tax) This is future value of your existing assets, that you are saving for retirement, on the day of retirement When you withdraw this amount post retirement, then its after tax value is 59,932,476 (Rs.59 Million) Next row shows amount that you NEED at Retirement age to live a comfortable life In next row, the box highlighted in blue color shows difference between Assets at Age of Retirement and Cash needed at Retirement Here this is positive which means you have sufficient funds for retirement In fact its surplus Let's say I reduce savings to Rs.20,000 Check this blue row, where fund has become negative showing that assets did not grow Now I change this to Rs.25,000 Here again the fund has become positive, so this much monthly saving is sufficient for you Next rows shows return required for Retirement income These assets also need to be invested otherwise the value will decrease due to inflation Say you pay tax of 10% on retirement income So the return that you should target, including tax and inflation rate is 14.48% If I increase savings today to Rs.30,000 per month, then return required at retirement, reduces which is now 11.86% If I do not withdraw short term gains and keep invested for long term so here tax rate is 0 Due to this, surplus increases at retirement and return required at retirement also reduces And if you are really 32 years, then you can take big risk too hence you can target higher returns too Let's say I changed target return to 22% Can you see surplus increase and return required at retirement too decreased With this excel sheet, you can track your savings and assets by changing monthly savings, or target returns or by changing tax rates WIth this excel you can monitor if your assets and savings are on track or not Wow! This is amazing excel sheet.

As per this, I already have good retirement fund so remaining amount i can spend on myself This year for sure, I am going to visit Friend's Club, to celebrate And will take airplane to go to Ahmedabad. I have lot of money Oh is it! You have totally changed. Now you will be taking airplane Oh My God! This time I will also visit Ahmedabad but not via plane, I will take train Link of this excel is in description, so you too can use it See you Next week.

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it's time for a fresh take on retirement at Catholic super we don't believe people retire it isn't about bowing out stepping down or pulling back retirement is a time of promise and possibility a chance to re-fire rewire renew so what might your retirement look like whether it's years away or just around the corner it's never too early or too late to start planning your next chapter start by asking yourself what type of Lifestyle do you want to have and how much income will you need to support it will your superb be enough where does the age pension fit in how will you invest your money in retirement and how will you transition your money there's a lot to consider but you're not alone a Catholic super we've helped thousands of Australians retire with confidence make a start today use our online retirement income calculator to see how you're tracking so far explore our knowledge Hub to learn more about retirement what's involved and how to prepare book an appointment with one of our financial advisors an initial appointment is available at no extra charge simply complete our online booking form or call us directly on 1-800-065-753 and let's start writing your next chapter foreign

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Have You Started Thinking About Retirement? | Women at Work | Podcast

AMY BERNSTEIN: Amy G, how do you
think you'll introduce yourself when you're no longer a writer
and contributing editor to HBR, and you're no longer a
co-host of this podcast, and all the other things you do? I know you'll
always be an author, but how else do you think
you'll describe yourself? AMY GALLO: Is it bad that that
question makes me want to cry? Because I don't have an answer. I mean, I don't know. And I know I'll have to do
a lot of work between now and that moment, whenever it
is, to actually figure out what is my identity
as a person, post all of these work identities. AMY BERNSTEIN: Yeah. AMY GALLO: How about you? How do you think about it? AMY BERNSTEIN: Well,
god, it kind of sends a chill through me.

And I'm a lot closer to
that moment than you are. And you know, I've
thought about what I would do I. I so love what I do now. The idea of not doing
it kind of scares me. AMY GALLO: Right. AMY BERNSTEIN: And
then I tantalize myself in quiet moments
with what I could do. You know, I could volunteer
at the animal shelter where we got one of my dogs. I could teach, as if somehow,
anyone could go teach. AMY GALLO: You could,
I'll take that course. AMY BERNSTEIN: All right,
well, you're very generous.

I could always continue to edit. But yeah, it feels like I've
got a lot of puzzle pieces but I'm not sure they're
all from the same puzzle. I don't know. AMY GALLO: That image
of the puzzle pieces and some hunches, right? Like, oh, I could do this, or I
could do this, but not a plan. That makes sense to me. I'm not even at the
puzzle piece yet.

I'm tightly gripping
to my current identity, and can't really
imagine it going away. AMY BERNSTEIN: Yeah, and
neither can I. And I probably, given my age, should start
imagining it going away. You're listening
to women at work from Harvard Business Review. I'm Amy Bernstein. AMY GALLO: I'm Amy Gallo. And clearly, we
haven't thought enough about what comes
after we stop working, or come to grips with how
we'll think of ourselves. Because retirement– even
semi-retirement– changes us. AMY BERNSTEIN: Maybe
you're in the same boat.

In your early 60s or late 40s,
either avoiding the subject or feeling uneasy about it. The experts say
we should actually be thinking about retirement
sooner than later, Amy G. So this episode is
really for women of any age. How can we prepare
ourselves to make this major life
change as smoothly and successfully as possible? Don't we all want to end up
active, engaged, and healthy, not bored, lost, and lonely? AMY GALLO: Yes, please. AMY BERNSTEIN: Yes.

Yes. So let's start by hearing
from two women who very recently retired to get a
sense of what the experience is like these days. AMY GALLO: Audrey Michaels had
been working in the aerospace industry at just one
company for nearly 44 years, and most recently, as a leader
in supply chain management, before she said
goodbye to all of that. Donna Hall's last job
before leaving the workforce was being the publisher of the
Atlanta Journal Constitution. Before that, she was in
different Vice President and executive roles
at Cox Media Group, where she worked in broadcast
for over three decades. I spoke to them about making
the decision and the transition. Audrey, Donna, thank
you both for joining me for this conversation today. SUBJECT 1: Thank
you for having me. SUBJECT 2: Yes,
thank you so much. AMY GALLO: Yeah. Well, I first want to understand
what led you to retire.

Audrey, maybe we
can start with you? SUBJECT 1: What
led me to retire. After 44 years in the
aerospace industry, I thought it was time. I actually knew, probably
five years before I actually retired. I started thinking about it
more, and more, and more. It started to become a
predominant thought in my head. So I knew I was
approaching the time. The actual date I
didn't really know, but I knew I would
know when it was time. And I knew that
because people who had retired before me that I
kept in touch with they said, you'll know. AMY GALLO: Was that
helpful advice? SUBJECT 1: It was very helpful. It was very helpful,
because it prompted me to really listen to myself. AMY GALLO: Yeah. And how about you, Donna? What led you to
make the decision? SUBJECT 2: Very
similar to Audrey. I've been in media for 37 years,
and with one company for 35.

And I'd been thinking
about it for a while, and I had been intending,
when my children got close to graduating
from high school and I had one boy
graduate a year and a half ago and another
boy nearing graduating. And had been talking
with my husband who was a stay at home
dad for 20 years, and my finance people,
the people that have managed my money. And I started talking to
about three years ago, am I prepared, and am I
ready, not just financially, but mentally, and emotionally? And looked at the organization
I was leading and whether or not they were ready, whether
or not the leadership team was ready, whether or not
the organization was ready.

And really felt like it was
time, in all of those respects. AMY GALLO: Yeah. Audrey, I see you nodding along. SUBJECT 1: I was going to just
comment on what Donna said. It's not just financially. You have to be psychologically
ready to do that, because it's a big step. It's going to be a big change. And fortunately, I watched
my father transition from his work life
to retirement, and we would talk a lot. So I felt I had
some good reference points from not
only ex coworkers, but my father as well. AMY GALLO: Yeah. It's interesting that you bring
up being ready financially. Of course, that's a huge
concern for most people. But then it's also
the mental shift. My mom worked for her
entire adult life. She retired five years ago. She said, for years,
I just can't do it. I can't do it–
meaning, financially. And then one time
she was like, OK, I'm going to retire in
five to seven years. And I was like, I thought
you couldn't do it? And she's like, I could,
I just didn't want to.

And she said, I just
had to get serious about the financial side once
I was ready, emotionally. SUBJECT 2: Yeah, so
the financial people that I work with they had me
begin filling out a clock– a weeks period of time
to see whether or not I was mentally ready. And how are you going to start
filling your time, Donna? When you stop working, what are
you going to do with your time? And the first time
I filled out a clock of what are you going to
do, how many hours are you going to sleep? How many hours are you
going to have leisure time? Are you going to read? Are you going to–
how much time are you going to find to eat
and prepare your food, like down to that
granular level. And the first time I
filled out the clock, I had like 30 hours in the
week left over and they said, hm, you're not ready,
because a bored Donna is a dangerous Donna. So let's start
thinking more about what are you going
to actually do. So I would just say
that financially, it's what we spend a lot of time
preparing for and thinking about.

But my goodness, if
that's the only thing we think about and
prepare for, we're really in a host of trouble. AMY GALLO: That exercise
is so interesting because I think we think of
retirement as stopping working. We don't think about what you'll
actually do with that time. So what a smart
exercise to go through. Audrey, did you do
anything like that? SUBJECT 1: No, I was going to
say, that was pretty granular. SUBJECT 2: It was very granular. SUBJECT 1: But I won't
say I was just frivolous.

Of course, I planned
and of course, I sought financial advice
and went to planners and went to seminars. I did the whole thing. But ultimately, you have
to make the decision. And then you just kind of
have to step out there. And prepping my mind
about it five years ahead, I knew certain things I was
going to get involved with. I knew that I was going
to be more involved with a lot of volunteer work,
because I just felt like it was my time to give back.

And thank god I have a really
busy church that I attend. And so I knew a good
chunk of my time was going to be devoted to that. But I also– I like to be active. And so I also knew
that a big part of it was going to be doing
some things that would make me feel good. Like, I play golf twice
a week with a group. And I've just picked up
pickleball twice a week. So that's four days a week with
a couple of hours of activity. And it's social, too. I've met new friends and
those kinds of things. So I knew it was going to
be a good mixture of that. And then, of course, spending
a lot of time with friends that I hadn't
talked to and family that you kind of push off.

I know Donna had a really
big and important job and took a lot of her time. And same with me, I
was traveling a lot and I just wasn't there,
even at family gatherings. I was on my stupid cell
phone or answering– oh, just give me a
minute, I got to answer this email or some
dumb thing like that, I think about it now.

But it was important
to me at the time. But I really wanted
to be present again, be present with people. AMY GALLO: Yeah. I want to come back to that
question of being present. But I first want to ask, because
you had been– both of you, sounds like, you planned
at different levels for what you would
do after you retired. How is that aligned
with the reality of what you're actually doing? How is it different? SUBJECT 1: Go ahead, Donna. SUBJECT 2: Well, so it actually
has aligned very, very well with what I'm actually doing. I'm involved in my church. I've joined a Bible study,
which it's the first time– oh, goodness, in
30 years that I've been able to do something
in the middle of the week. I've worked 60 hour
weeks for the better part of a very long time. I've had big jobs, I've
had jobs that have taken me around the country,
I've traveled, and I've just worked like a
dog for a really long time.

And so to think that
I could do something in the middle of the week,
just for me, is pretty unusual. So I'm doing that. I'm in the best shape that I
have been since I was a kid. I walk every morning for a
couple of miles with my dog. My dog is also in very
good shape right now. I'm getting a lot of
good physical activity, as is my puppy.

And I'm also taking a
class, which was my plan. I'm taking an executive
coaching class at one of our local
universities here in Atlanta, which has
been my long-term plan. And so all of that was
what I intended to do. And I'm spending a lot more time
with my boys and my husband. I love the words
that Audrey used. Being more present. Not looking at my phone during
dinner time with my kids and my husband,
who'd have thought I could do something like that. And so I love– I love the words that
she used, because I'm getting to do that as well. And it feels right,
like Audrey said, being present with the
people that I love. AMY GALLO: Yeah, gosh,
you're both making retirement seem really, really appealing. SUBJECT 2: Amy,
the water is warm. The water is so
warm, come on in. SUBJECT 1: I wish I could
have done it sooner, because I felt like I missed
so much, time has gone by fast, and missed important
things, I think, by, I'll repeat it again,
by not being present, really listening.

And I'm doing
everything, I believe, that I thought I would do. And I hope for some
surprises as well. I'm open to some new
experiences and some surprises. So yes, I think everything
is coming to fruition, just as I thought it would. AMY GALLO: Right. Yeah, I've heard
people say, I'm not ready to retire because
I haven't done X or I have one more
job in me, I know it. And it sounds like
both of you had felt like, no, I've done it. I've done what I needed
to do and there's not something else I'm really
itching to get done. SUBJECT 2: Yeah. No, I don't know that
I'm done working forever. I think I'm done working
full-time forever and I'm done running businesses. I don't wish to run
a business again. I don't want to
work 60 hours again. I don't want to
work 40 hours again. I would love to be
an executive coach and I'd love to work
20 hours a week.

I'd love to have a handful
of clients at a time. I would love to do
that, and that's been a long-term goal of mine. For the last several
years, I thought it would be my
post-retirement plan. I just don't want to
run a business anymore. And I really don't want that to
be one of my biggest priorities in my life anymore. And I think I've spent a lot
of years being distracted, no matter what I do, and being
a working mother, you know, you're guilty when
you're at work and you're guilty
when you're at home. And I don't want that anymore,
even though my boys are mostly grown. I don't want to be a
guilty wife anymore. I want to have much
more peace and balance. I want to have less distraction. And all of that said,
I will be really transparent in saying
that one of the challenges I'm facing today– and I'm entering
my sixth month– is I have a little bit of an
identity crisis right now.

You know, I've had big
jobs for a really long time and I'm struggling with what
is my value outside of my home. And so I think that
it is something I don't know that I was
well prepared for it. I think it's something
to think about, for sure. I think I was
prepared for a lot. I think I planned for more,
maybe, than the average bear. I don't think I prepared
for that well at all. And I would say,
yes, I absolutely am struggling with
an identity crisis. AMY GALLO: Yeah. What would have prepared
you, Donna, for that? What would have been some advice
that someone could have given you, you think, that
would have helped? SUBJECT 2: Well, I think at
least to think more about it.

So I do know myself pretty well. And I think if I had
at least just given some pause, given
some thought about, how are you going to feel? How are you going to process
that on a day to day basis? Is it really going
to matter to you? Yeah, darn straight, it's
going to matter to you. It's going to
matter to you a lot. And I just didn't even
think about it at all. And so would it make me
feel differently today? Probably not. But maybe I would
have been prepared for that little bit of–
it's maybe an empty feeling. And I don't know,
but I don't even know how to describe
myself right now. I could describe myself
by the jobs I had. That's how I always led. This is the job I have. And I loved it. And I had great pride. And I am wildly proud of the
young men that I've raised and the husband that I have.

But then what else? And right now I am struggling
with that a little bit. AMY GALLO: Audrey, are
you in a similar boat, in terms of the identity? Or how do you conceive
of your identity? I guess, let me actually ask
this in a very practical way. When you meet someone new, how
do you describe who you are? SUBJECT 1: I guess I don't. And I don't have the same
experience that Donna's having. Once I decided to let go of
it, I let go of all of it. And I said, here's an
opportunity to start anew, start afresh. But I will say that a lot
of my skills or the skills that I used, I'm using
in other places now. In some of the things
we're doing at our church.

I attend the board meetings. And we have a lot of
women, strong women at our congregation,
participating in the board meetings, and we're
working with the leadership. Because we have a
lot of women who were in pretty
significant positions. We're taking those
attributes and those skills and we're bringing
them, I feel, to an area where it's more meaningful. So I really didn't
have the same feelings, and I didn't think
about it much. I just said, hey,
you know, I'm just going to transfer all this
stuff over to something else.

And so if you know
how you want to live and what you want
to do– and that's why starting five
years ahead of time was so important,
because it was like, OK, do you have the right
stepping stones in place to be able to say, OK, I'm done. AMY GALLO: Yeah. And you mentioned
three years– you've been talking about it five
years, those time periods. Do you wish you had been
thinking about this sooner? Is there advice
you'd give people who are younger, earlier
in their careers, to help them get ready for this? SUBJECT 2: Well,
I would say, first of all, when I started with my
company, I was 20 years old. And when I joined
that company, my dad said, Donna, they
have a pension. And I said, what's that? And so he had to explain
to me what a pension was. And then he said they
also have a 401k. And so as soon as you can start
putting money in that 401k you need to start doing that.

And so I started saving
money for my retirement when I was 20 years old. SUBJECT 1: Wow,
that's impressive. SUBJECT 2: And so it
is never too early. Never, ever, ever. If you're just starting your
career and you're 22 years old or you're 30 years
old and you think, eh, I've got 30 years before
I'm going to call it a day. Now. And you start by a little bit
here and a little bit there. It's just steady. Steady is the name of the game. And build, and find an
expert that can help you. And while I started
thinking about it in earnest three years ago, I actually
started thinking about it 36 years ago. AMY GALLO: Yeah I was one of
those people who the first 15 years of my career, when
I was given the paperwork to opt into the retirement
account 401k or 403b, I never said yes, because I
was like, no, I need that cash.

I can't actually pay my rent– I can't do. And I felt a lot of guilt when
I got to be in my late 30s and thought, oh, gosh, I
haven't put a cent away. So as much as I agree
it's never too early, I also think it's
never too late. So if you're
sitting there going, oh no, I already messed it up. It's like no, no. Just start now. Just start now. SUBJECT 2: That's right. I'm so glad you said that. That's exactly right. So if you are 40 years old and
you haven't put a dime in, go. You must begin. It's not too late.

You have to begin. And so no matter your age,
start thinking about it and start getting help. And don't despair. Don't despair. Just go get some help. AMY GALLO: Yeah. Audrey, what was your experience
with the financial piece? SUBJECT 1: Well, I
wasn't as good as Donna, I'll tell you that. But one thing, I know my dad
and my mom would say early– and I didn't do
this until later, but they said, pay yourself.

When you're paying your
bills, pay yourself. And I was like, what do
you mean, pay myself? Pay yourself. If you can't get around
the idea of saving, then look at it as your bill,
and you need to pay yourself. AMY GALLO: One of
the other hurdles I had to get over– because
you both have mentioned financial advisors– was
I remember in my late 30s thinking, if I'm
going to start saving, I need someone to
help me do this, I don't know how to do it. And I was embarrassed to reach
out to a financial advisor, because I had more debt
than I had savings. And I thought, who would
want to work with me? Like, I don't have any
money, how would they– But one of the things that
was really helpful when I did find someone who I
felt comfortable working with is, he told me, no,
no, it's about future.

This isn't about what
you have right now. He's like, we're
working on your future. So I'm not judging you
based on what you've done. I'm judging you based on
what the decisions you make going forward, and I'm trying to
help you make those decisions. SUBJECT 2: That's exactly right. AMY GALLO: Aside from the
financial investing right now, any other advice you
would give people who are 10, 20, 30 years
out from retirement, so that they're ready to
make the transition you all have just made? SUBJECT 2: Yeah. You said something at the very
beginning about many times we think of retirement
as the end of something. And I would encourage
everyone, no matter where you are in your career,
whether at the beginning, the middle, the end, to really
think towards retirement as the beginning of something
and to plan for that.

The beginning of a new
phase of your life. Don't just take for
granted that it's all going to work out exactly
the way the back of your mind thinks it will, to really
have a plan, whether you're a planner by nature or not. It can be the beginning
of something fantastic. And while I admit to having a
smidgen of an identity crisis, that's one small part of what
I'm experiencing right now. It's the beginning
of what I hope to be a really fantastic part
of maybe 35, 40 more years. I'm young, I'm in my
mid-fifties, right? And so yes, it's the end of
what has been an amazing career, but it's the beginning
of something fantastic, a new phase of my marriage, a
new phase of maybe a new part of a career in
executive coaching, a new phase of my
parenting of my boys, and I have
grandchildren in Ohio. And so much newness, but
only if you plan for it.

And it can be so
much more wonderful if you give some thought
and intentionality about it. And so you want to
plan for it now. You want to think
about it and jot down what would bring you joy and
bring you a lot of happiness in new phases of your life. SUBJECT 1: Exactly, exactly. AMY GALLO: Yeah, well,
it's not just a new– I'm hearing– what I'm hearing
or what I'm taking away, I should say, is that it's not
the end, it's something new. But it's also a return. It sounds like for both of you,
a return to what you really value and care about in life.

SUBJECT 2: Yeah, absolutely. SUBJECT 1: Absolutely, I agree. AMY GALLO: Yeah, and that
just makes me so hopeful. So thank you both, so much. SUBJECT 1: Oh, yes,
thank you so much. This has been both a joy
and cathartic, as well. SUBJECT 2: Oh, absolutely. Audrey, it was good to meet you. SUBJECT 1: Good to
meet you too, Donna. SUBJECT 2: Amy, thank you. AMY GALLO: It was great to
hear two firsthand perspectives of what this process
is like, especially just a few months out. AMY BERNSTEIN: Yeah, it was
so good to hear their stories. AMY GALLO: And, of course,
we had more questions.

So when we were thinking about
who else might help us better understand how women
are retiring these days and how we can prepare to make
that transition ourselves, Ann Bundy came to mind. I know her because
for over a decade, she was part of the same
executive coaching network as I currently am. She spent much of
her career advising individual leaders
on their careers, and also teams of people
on how to best manage big, complex
projects and changes. A few years ago, she applied
that knowledge and those skills to writing a practical
guide to retirement. It's called Encore,
Living Your Life's Legacy.

The book covers everything about
preparing for life after work. And then a few months
ago, she retired herself. Ann, thank you so much
for joining me today. ANN BUNDY: Oh, it's
my pleasure, really. AMY GALLO: So you have
both personal experience and professional experience,
then, with retirement. I'd love to just pick up on
our conversation with Audrey and Donna. Audrey talked about how she
intuited it was time to retire, she just felt it and she
knew it would be time. And Donna talked about how
really financial planning and working with her financial
planners drove the decision. How else, in your experience,
do women make this decision? ANN BUNDY: I think that
listening to yourself is really number one,
because everybody wants to offer advice. And I think that have to
really be honest with yourself, because I think there's a lot
of myths about retirement. And even though I'd
done a lot of research, talk to tons of people, it's
kind of like childbirth.

You don't know what it's
like until you personally go through it. Sometimes there's
external triggers that are making it happen. But oftentimes it's, how do
we, inside ourselves feel, and what is it that we want
from this next phase of life. AMY GALLO: Yeah. So when you work with
women who are on the cusp or trying to make
the decision, what do they tell you
that feeling is? Like what's the voice
or thoughts they have that it's really time? ANN BUNDY: I think
part of it has to do with the post COVID
workplace and feeling like they're not really
getting their groove on and maybe they're feeling
a little bit obsolete.

Maybe they've read an
article by Arthur Brooks, who writes a lot about
professional diminishment. And when I read
his work at first I thought, oh, that's so scary,
but it really is kind of true. Others, they find their
attention wandering and they can't kind of keep up. And ironically, they
don't want to keep up. And so that's kind of
a surprise to them. And they kind of keep it
quiet because it's almost like a shameful, private thing. And what I do know,
universally, is that people want to
control the discussion and the actual announcement
of it very much themselves. AMY GALLO: Yeah. What is professional
diminishment? I'm not familiar with that. ANN BUNDY: Well, Arthur Brooks
has done a lot of research. And he said that if you look
at our natural lifespan, that around 55, 60,
our performance starts to go down even if we
think it's not going down.

And that's a tough nut to
swallow for those of us who have been very much identified
with our work, our career, and serving others
in our career. But if you think
about it, you start to really watch yourself
and observe yourself without judgment, I think we
can see little glimmers of that. And I was starting
to see it in myself. And I thought, I do not
want to go out on a mistake or have a lapse. But I've seen it happen. AMY GALLO: You have,
yeah, It must be heartbreaking for those people. ANN BUNDY: Exactly. So how do you architect your
own decision making process, and how do you get
the support you need so that when you do
retire, you feel like it's a really positive experience? But let's be clear,
it is a death.

It's a death of the
way you used to be in the world and your identity. And it takes a while
to kind of reconcile this new version of yourself. AMY GALLO: Yeah,
one of the things that Donna and Audrey
really articulated, that I found helpful as
someone who's a few decades– we'll see– but a few
decades out from retirement, is that it did also feel
like either a reconnection or a rebirth. And I think that's one of the
things you say, it's a death.

And I think, oh,
gosh, that's terrible. I don't want to go there. But that's not the
whole story, right? ANN BUNDY: Absolutely not. I think what's so hard for
people talking about retirement it is associated with death,
because it's the last stop, if you will, in our
productive life before we leave this planet. And because our culture is
afraid to talk about death, we're often afraid to
talk about retirement. And so there's a lot of
mystery and shame associated with even discussing it. And during COVID, I did a
lot of observing nature, my own and mother
nature, and things have to die for new
things to come up. And I think the people
that are most successful in their retirement,
like what Audrey said, is those who plant seeds
to their next future self. So when that old
self dies off, you're saying hello to someone that
you've already been kind of cultivating and enjoying. AMY GALLO: Has that
been your experience? ANN BUNDY: Absolutely. AMY GALLO: What
seeds did you plant? ANN BUNDY: Well, I knew that
I wanted to have the latter– last part of my life be
dedicated to the arts.

I'd already spent so much of
my life dedicated to business. And I took a docent
training class so I learned how to be a
docent up in National Park where we live. And I teach kids how
to be at the farm camp, and that's really joyful. I took a fiction
writing class and I've been writing short stories
and taking workshops. I play water polo and I
have done that for 20 years. So that was my way
to offset the stress. So I'm still doing that. So I felt like I
already had a community, I had some intellectual pursuits
and I had taken some classes. AMY GALLO: Yeah. So let's talk about
the identity crisis, because Donna's very clear. And you can even hear
the emotion in her voice when she's talking
about how she's sort of feels lost in her identity.

And Audrey is sort of
like, no, I'm fine. So I'm curious, are
there any indications for how easy or
hard the transition will be, emotionally? ANN BUNDY: Yes, and I
think the clues to look at is how do you identify yourself? So when Donna walks into a room
and she hasn't met anybody, I'm guessing that
previously she would say I'm an EVP for XYZ company. And I think if she's trying
to bridge from her past self to her future self, she might
say something like, well, I'm taking my skills and
competencies as an EVP in media and merging that with
academic research that I'm learning in
my coaching program so I can be an executive coach
in service to other women. So that's bridging her world. AMY GALLO: Beautifully said. Is that something you recommend
people begin to think about before they even decide what the
next evolution is going to be? ANN BUNDY: Yes, because it
is a huge, huge transition. And I thought I
was being so smart. I had my glide path all worked
out, and it all was different.

And I had so much more
emotion than I ever thought I would possible. AMY GALLO: Yeah. And that's actually– I
don't know if reassuring is the right word, but
that's comforting, I guess, to think, even with
all the right planning, it's still going
to be unexpected, it's still going
to bring up things you don't realize it will. My mom retired a few years
ago, and I remember the summer after she retired, she was
hanging out with a friend. And he just looked her in the
eyes and said, you're unmoored. And she said– she
just started crying and was like, yes,
that's what it is. And she had prepared
a lot, financially. I do think her identity was
very wrapped up in her work. And I think that, to
me, is an indication, that it might be hard.

Although, I got the sense
that Audrey loved her work, identified as an
aerospace engineer, but she seems OK on that front. ANN BUNDY: She does. So her seeds that she had
planted with her church. So she already had
a board position, she already was very
active in that community, and they knew her outside of
her professional capacity. I think if all your contacts–
and I was guilty of this. A lot of my energy went
into work, my family, and I didn't have that much time
for friends and other pursuits.

And so it's kind of a
shock to the system. I look back on my
calendar, it was so packed. And I would spend
my days thinking, how am I going to
get this all done, you know, I'll get up at 5:00
in the morning, I'll do this, I'll do this, and this. And now it's the opposite. You have to create
all this structure for how you're going to spend
your time, and it is daunting. AMY GALLO: Yeah. So I want to get
some practical advice for those listeners
who are starting to make this transition
or think about it. And for example, if you're
planning to retire, say, in five years or three
years, but you're not ready to tell
anyone, you're still making those plans in your
head, just figuring it out for yourself, how transparent
do you recommend we be with our boss
or others at work, especially if they ask us about
our future at the company? Where will you be in five
years kind of questions? ANN BUNDY: Well, I think
you have to really look at what is the organizational
culture, what is your role, and what are the expectations
around communication.

Because I'll put it this way–
once the cat's out of the bag, you can never put it back in. And so I think it's really
incumbent upon the person that's thinking about this
to maybe make a one page, almost like business plan
of how they would actually make that transition. Because what I hear over
and over from all the women I work with is they
don't want to leave their organization bereft,
and that's very laudable, but also, you don't want to
put yourself in a situation where you're squeezed
out a little bit early or you lose your opportunity
to actually leave when you want to leave.

So I think it's a little
bit of a delicate dance. And I think you have to really
pay attention to the nuances. AMY GALLO: Yeah. And I guess it
doesn't even matter if you're going to make the
announcement next month, because I hear what
you're saying, which is that at some point, you start
to lose control of the train, right? And it either moves faster
or slower than you want, and you really need to maintain
your control of the narrative and of the process
by which you leave.

ANN BUNDY: In an effort
to serve others and serve our organizations, we overdue. And so I think the tendency
to overdo and over worry about the organization, I
think you need to turn it back to yourself and
say, let me really be very clear– what is it
that I want, why do I want it, and how am I going to get it. And I think asking those three
questions are really important. And I really, strongly
suggest that people that are at the start of
this journey get a journal and actually start to write
their thoughts and ideas. And one of the things I always
did throughout my career, which helped me a
lot in retirement, is I would do vision
boards for myself. And it's kind of like
hearkens back to high school when we make collages
with magazines– those of us of a certain age,
drawing or the stick figures.

Where do you envision your
life five years from now? Where are you living? What are you doing? And it's a right brain
activity, and for so many of us who are left brain, it's
a really good exercise, and things pop out that
you don't even realize. AMY GALLO: Yeah, I
shared an office once with someone who
used vision boards. And it was actually really
fun to see where she was and what she was
thinking for her future. I'm much more of a
spreadsheet kind of person. But those three
questions you point out, that can be the beginning
of a journal prompt. That can be the headers
on my spreadsheet. There's so many ways to
engage with those questions, no matter what type
of tool you use. ANN BUNDY: Exactly. AMY GALLO: So let's repeat
the question for people.

It's what do you want– ANN BUNDY: Why do you want
it, which is a harder question to answer, and then how are
you going to make that happen. So this goes back to the
question you were asking, how would you let
the organization know and what do you say or
what do you not say? So that you've really,
really clear and honest with yourself, because there's
a lot of myths around retirement and what's going to happen,
what's not going to happen. AMY GALLO: Yeah. You mentioned myths earlier and
I want to just pick up on that. What are some of the most
pernicious ones that you hear? ANN BUNDY: That if
you have enough money, everything's going to be fine. And that's the
most dangerous one, because if you do not have
purpose in your retirement, even if your purpose is
self-care, that's a purpose.

And I actually wrote
my down, because I would feel moorless
to like your mother, like, how do I judge a good day? What have I learned? And so I wrote down my purpose
statement and I look at it when I'm feeling
a little unmoored and it says, yeah,
no, this is what I'm meant to be doing right now. AMY GALLO: Yep, yep. We had a lot of our
listeners write in about their experiences or
questions about retirement and I wanted to just share
some of what we heard and get your reactions.

So one woman who's
60 and is planning on retiring in eight years. She emailed us asking
us for examples of how women spend that stretch
of time that she's in now. So when you know
it's on the horizon. And she's entertaining the
idea of going part-time at some point, just because
it seems daunting to abruptly stop, she told us. Any advice for her? ANN BUNDY: Yeah. So I think that taking a page
from the millennials and job crafting, how could she
look at her current set of responsibilities and
maybe make an is/is not list. On the is list, this
is what I love doing and I want to continue doing. On the is not, this is
what I don't want to do. And is there a way for me
to take my current role and make, again, a plan for how
to telescope that down to my is list and package it so that
it's part succession planning and part an opportunity for me
to actually have my glide path to semi-retirement.

AMY GALLO: Yeah, I love that. And that's– I don't know
if luxury is the right word? But maybe one of the
privileges or advantages of being toward
the end, is really having that clarity of like,
this is what I like to do. And hopefully, having permission
from those around you, because you've given
so much in your career, to actually do
that job crafting, being able to get rid
of some of the is not's.

ANN BUNDY: And this
goes back to what's. What do I want to do,
why do I want to do it, and how am I going to do it? And I think what the
why part, you also have to add what's the value
creation for the organization, because you can't just make
it all about you, obviously. It has to work for the
organization as well. AMY GALLO: Yeah, right. The is list can't be things
that no one else cares about. That's right. OK. So let me tell you what
another listener wrote to us. I'm going to read her quote. I'm nearing the end of a 35
year career in human resources, and planning how and
when to make the leap to post work life. How do we, as women,
define ourselves, if not through our work achievements? Our employers open to
phased retirement schedules, how does the fractional
or part-time executive fit into the succession plans? ANN BUNDY: For some of
us who have lost touch with who we are
outside of work, I would invite you to think
about your 10-year-old self.

What is it that you
loved to do when you were younger and unencumbered? And then back to selling
it, to the organization, I think organizations are way
more flexible than we give them credit for. And I think a
part-time executive, as long as it's creating value
for the organization, that can be very, very
helpful, especially if it's paired with succession
planning and/or mentoring. One of the things that I've
learned about millennials and younger people coming to
the work world is they really, really, really want mentors. And so there's a way to be able
to make your pitch and say, I may cut back on
my executive duties, but here's what I'm going to do,
and be very concrete about how many people you would
take on and what the value creation would be for
them and for the organization. And that can help
ease the transition. AMY GALLO: Yeah. Well, and what I hear you
saying in that answer, Ann, is that just
because you haven't seen someone do it doesn't
mean you can't, right? You really have to
craft the request, back it up with what the
value is to the organization and then negotiate.

ANN BUNDY: Exactly. AMY GALLO: All right. So one more listener question. And I'm going to
read this quote. I already have a
fairly balanced life. I travel, lead a
healthy lifestyle, enjoy time with
family and friends. And I genuinely enjoy building
a values based business. I don't look at retirement
the same way my parents do– as freedom– and a time to be able
to do all the things you couldn't while you were working
and looking after a family.

So I wonder whether I even
want a traditional retirement at the age of 65? This gets to the question
of, is this the end? I did get the sense, I have
to say, from Audrey and Donna, there was this sense of
freedom, even if that's not what they were planning. Any thoughts about that
idea of freedom and then also what a nontraditional
retirement might look like for this person? ANN BUNDY: Yeah, well, it
feels like she's actually done a really good job of doing
a values based life planning. Good for her. And I think that, just
keeping her finger on the pulse of how she's
feeling as she goes through because, 65 is different
than 67 is different than 70. So what works for a
65-year-old may not work 18 months, two years from now. And just, again, to be very
honest with herself about that. And also, I think what is
the definition of freedom.

For some people, that means
having a totally empty calendar on a given day. If that were me,
that would panic me. So I think, she's got
to, again, figure out as an architect
of her life, now, are there things that she
wants to add or subtract, and if so, why? AMY GALLO: Yeah. Listening to this
listeners situation, it sounds like she's
exercising, she's spending time with family. She's doing all these things
we know that are great for us. And I get the sense– I'm totally reading
between the lines– but that she's
afraid of upsetting that balance by removing work. That's something
I can relate to, is that it's a very full
life but it feels complete. And so when you subtract work
from that, how do you make sure the pieces still fit together.

ANN BUNDY: Right. And I think what I'm
hearing between the lines is intellectual challenge, and I
worry about that for myself, because I love solving problems. I love thinking about
new ideas and things. And that's why I had to
have writing as a way to exercise my
intellectual growth. And I think without something
like that is really meaningful, yes, you can do Wordle and
you can do crossword puzzles and that's all great and good. But I think either creating
something or participating in something larger
than yourself where you actually have
to use some of the skills that you've developed
so carefully and so lovingly all these
years really is important.

And I think that's
what's important to her. And I think that a lot of us
who were working full time plus being moms, we were like– it's like disembodied heads. And I think our spirits
and our bodies took a hit. And I know a lot of
women that I worked with have exhausted
adrenal glands, and they don't
realize how exhausted they are until they
actually stop working and like almost have to go
through a detox process. AMY GALLO: Interesting. Yeah, well, and Audrey
talked about that too, of just that being present. She was talking
about being present with the people in her life. But I also think being present
in your body, in a way, you probably haven't been. I do feel like my life
feels a little bit like a disembodied, sometimes,
of just barely hanging on and just getting
through the day.

And ultimately, these are all
things I want to be doing. But it's a lot. ANN BUNDY: It's a lot. And so one of the things is to
kind of do a self-assessment. How am I doing with
joy in my life? How am I doing with
connection in my life? How am I doing with
my spirituality? And looking at that and
being able to say, where do I need to put some love
and attention now that I've got more time.

AMY GALLO: Yeah. Ann, this is great. Thank you so much for
sharing your advice. This has been really practical
and I imagine very helpful for lots of listeners. ANN BUNDY: Well, I hope so. I mean, it's been a real joy. And I admire women who've
been in the workforce. And there's a lot
that we overcome. And I think retirement
can be a great gift, but it takes some
planning, and I think we have to
be able to receive the gift in the right spirit
in which it's intended for us. AMY GALLO: So Amy
B, had you heard of this concept of
professional diminishment before Ann mentioned
it in this interview? AMY BERNSTEIN: No, I
never heard the phrase, but the idea is one
I'm familiar with.

My mom, she was in the
advertising industry. And she finally retired. Her career really just– it kept going strong
well into her 70s. But she finally retired
around the age of 76. And I asked her, why? Why now? And she said because I feel like
I'm the oldest fig on the tree. And when I asked her what
that meant, she said, people are talking
about popular culture and I have no idea who
they're talking about. So it's time for
me to back away. AMY GALLO: Yeah I think there's
sort of two elements to that, because when Arthur Brooks
talks about professional diminishment, I think it's
also the mental capacity to do your job, the
cognitive ability.

And that, I do remember my
mom at retirement saying, I want to go out strong,
I don't want to go out– and I think Ann says, like,
having made a mistake. But then there's
also what you're alluding to with your mom which
is feeling not in the loop, or feeling– AMY BERNSTEIN: Yeah,
like not up to date. And that was heartbreaking
when she said it. But I get it. AMY GALLO: But I also
think we need to watch out for ageism in that. AMY BERNSTEIN: Absolutely. AMY GALLO: Because
I think there's the perception that older
people aren't in the loop or as capable as they once were.

AMY BERNSTEIN: Right. And I do think that there's
the part about staying up to date, which does help there. I mean, when you
lose the threads, when you don't get
the context, that's something you actually
can control, no matter what your age. AMY GALLO: Yes. So how do you think about
professional diminishment over the next 10,
15, 20 years for you? AMY BERNSTEIN:
Well, I still feel sharp and able to do my work. And even saying
that out loud just made me feel like
about 1,000 years old. AMY GALLO: But it's true. I know you're not going
to take that complement, but it's absolutely true. AMY BERNSTEIN: Oh, shucks. Thanks. But I think about
it differently. I don't think about it in terms
of professional diminishment. I think about it in
terms of my next chapter. I don't want to go out unable
to enjoy the rest of my life. I want to be able to do whatever
it is, whatever those puzzle pieces, however
they come together, I want to be able to
throw myself into it and do it with vigor
and with focus.

And so I really don't even
want to get to the point where I ask myself, am
I still good at this? AMY GALLO: Right, right. Yeah. I mean, I think
Donna and Audrey did a great job of
making sure they had the energy for this
post-work life. And that, for me, is
really inspirational, because I think I had very
much been conceiving of– not even consciously–
but very much conceiving of retirement
as like, the end. Like as Ann says, the
next step toward death. And I don't think that's helpful
to me because I think it'll A, make me work longer than I
need to and B, like you say, I won't gather
those puzzle pieces so that I have a complete
puzzle, or at least a sense of what that complete puzzle
will look like when I'm ready.

And I really need to start– I'm taking a tip from
Ann and really start thinking about what do I
want, what would I include in this post-retirement life? Not in like, oh, I'm going
to put that off until then. But as a goal of, this will be
an enjoyable, fulfilling thing to do when I'm no longer
working the way I am. AMY BERNSTEIN: Right. So it's not a question
of filling time, it's more about
what brings you joy. AMY GALLO: Exactly. And I don't have any answers
to that question yet. But Ann and Audrey and
Donna have inspired me to at least ask them.

AMY BERNSTEIN: You know, when
my mom did finally retire, and this would have
been 15 years ago, so I would have been
around your age, I think. It did get me thinking about
how I would face that turning point in my life. What I wanted to do was
not run into the same kind of challenges she
ran into, the what am I going to do
now kind of question that she was asking herself. And I wanted to look
forward, not back, because I didn't feel like she
had given herself the chance to do that. And so it does help
me when I'm going through the course of my days,
look at roles as options. So I mentioned working
at the rescue where we got our younger dog.

I went there looking to pick
up the guy who became Wally five years ago. But I have to admit,
I looked around, I saw what people were
doing, and I thought, oh, I could do this
and this would give me enormous gratification. And so I wasn't kidding before
when I said what I said. I do think about that a lot. And it has helped me, and
that was my mom's work. AMY GALLO: Well,
and I like that. You're sort of window shopping. AMY BERNSTEIN: Exactly. AMY GALLO: Yeah. I like that. And actually, it's
funny you say that. I saw this movie
this past weekend about election workers,
which was fascinating. Now that you mention it,
I did have a thought, oh, that would be fun
to do in my retirement. Work at the polls every year. And there's so much that happens
with elections year round. I was like, OK, that's something
I could get involved with. AMY BERNSTEIN: In
fact, I started doing it during the pandemic. AMY GALLO: That's right. AMY BERNSTEIN: So many
retirees couldn't do it.

And I wouldn't stop doing it. It's really, really important. And I'm glad I did it. And I encourage you to do it. But it's exactly what
I'm talking about. It gives you joy. It's also– one
of the nice things about this is that it's not 40
hours a week, 52 weeks a year. AMY GALLO: Yes, I like this. OK. So I'm picturing– we're
focusing on you, because I still can't fathom retirement. But I'm picturing Amy B,
the volunteer at the animal shelter, the teacher,
and the poll worker. That's a pretty good life. AMY BERNSTEIN: Yeah,
that's not a bad life. And watching TV, reading
books, eating dinner. That actually doesn't
sound so bad– AMY GALLO: Doing
your 4:00 AM yoga? AMY BERNSTEIN: Doing–
well, maybe we'll switch to the 9 AM class.

AMY GALLO: There you go. There you go. That's the joy of
retirement, the 9 AM class. AMY BERNSTEIN: That's our show. I'm Amy Bernstein. AMY GALLO: I'm Amy Gallo. If you're looking to hear more
about how retirement changes your identity, we recommend
you listen to the HBR idea cast interview with Teresa Amabile–
that's episode number 665. Idea Cast is one
of several podcasts that HBR has to help you
manage yourself, your team, and your organization. Find them at
or search each HBR and Apple Podcasts, Spotify, or
wherever you listen. AMY BERNSTEIN: Women at Work's
editorial and production team as Amanda Kersey,
Maureen Hoch, Tina Tobey Mack, Rob Eckhart,
Erika Truxler, Ian Fox, and Hannah Bates. Robin Moore composed
our theme music. Thanks for listening,
and email us any time at [email protected]..

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system: the bullet journal. Throughout his life, Carroll struggled with
keeping track of tasks, often forgetting important information, and feeling overwhelmed by tasks. However, through trial and error (and after
trying countless other organization systems), he finally hit upon a way to, as he puts it,
“track the past, order the present, and design the future.” Enter: the bullet journal, a pen and notebook
system that takes things back to basics.

Part to-do list and part journal, the bullet
journal revolutionized the way Carroll approached his life, his work, and how he got things
done. And it’s helped many others do the same. In his book, Carroll breaks down exactly how
to use the bullet journal system, but he also offers some insights on how to plan your days
more effectively. Many of these tips can actually apply to whatever
productivity system you use in your own life. Whether you use the bullet journal method
yourself or stick with a simple to-do list, or use an online system like Notion, Google
Calendar, or something else entirely, you can implement some of these principles to
make your life simpler and more productive. Here are five of Carroll’s tips for planning
your week effectively: 1. Take a mental inventory
Before you dive into color-coding all the hours of your day or assigning time to each
task you hope to accomplish, take a moment to create a mental inventory. It’s a great idea to do this the Friday
before your week starts, so when Monday comes you’re ready to hit the ground running.

To take a mental inventory, write down anything
and everything that you know you want to accomplish. Don’t hold back, just let it all out, either
on a piece of paper or in a digital list. You’ll probably discover you have a lot
more tasks you hope to complete than you thought you did. This is because we often suffer from decision
fatigue — a phenomenon that occurs when we have too many choices for how to spend
our time, leading to burnout.

Carroll writes that “The first step to recovering
from decision fatigue, to get out from under the pile of choices weighing on you, is to
get some distance from them.” And the best way to get distance? Write it all down! Once your brain isn’t taking up energy thinking
about all the tasks you need to accomplish, it will have the space to step back and evaluate
what’s really important. Now that all your tasks for the next week
are written down, consider each task individually. How important is this task? Is it vital? Is it necessary? Taking a mental inventory gives you the chance
to cross tasks off your list that actually aren’t that important, and would have kept
you from working on the things that really matter. 2. Time Blocking
If you find yourself particularly overwhelmed by a task, or are not sure when you’ll get
a chance to work on it, a good way to make sure you get around to it is by using time

Time blocking is a method where you set aside
a certain amount of time to work on a task. So for example, instead of your to-do list
saying: Write Essay
Work on Project Clean Room
You would set up your to-do list like this: 10 am – 11 am: Draft essay
11:30 am – 12 pm: Make final edits to project 1 pm – 2 pm: Clean room
This way, you only have a certain amount of time to work on the task, allowing you to
give it your full attention and adding pressure to get the task done in that time frame. As Carroll explains, “time boxing adds two
key motivational ingredients to a task you’ve been putting off: structure and urgency.” 3. Morning Reflection
While setting up your week the Friday before helps get your thoughts organized, it’s
also a good practice to include a morning reflection period. This reflection doesn’t have to be very
long: only about five to fifteen minutes. But it can set your day up for massive success. Take a few moments to sit down for a reflection
with your to-do list, Notion board, bullet journal, or whatever you use.

You can do this while you drink your morning
coffee, or just as you're sitting down at your desk. The morning reflection is a time to go over
the tasks you have prepared for the day and think about why you’re doing each of them. Another good tip is to imagine yourself completing
each task to give yourself an extra burst of motivation. 4. Evening Reflection
Where the morning reflection helps you kickstart your day with the right attitude, the evening
reflection helps you unwind and unburden your mind. During your evening reflection, consider each
task you completed during the day and ask yourself questions like:
why is this important? why am I doing this? why is this a priority? An evening reflection practice helps focus
and clarify your priorities so you can plan accordingly. Not only does it put a nice bookend on your
day, but you get the chance to mark any completed tasks as done and move uncompleted tasks to
another day. This is an important aspect of the evening
reflection because it helps you feel like the day is “complete,” instead of a never-ending
to-do list.

You should also take this moment to appreciate
your progress and put a close on the day. As Carroll writes: “Reflection helps identify
what nourishes you so you can make better decisions as you seed the next season of your
life.” 5. Celebrate! Our brains love dopamine. When we scroll for hours on TikTok, our brains
get tiny bursts of dopamine every time we laugh at a video or think something is interesting. That’s why we scroll for so long — our
brains are getting tons of what they love: dopamine.

That’s why it’s also so important to celebrate
every task that you accomplish. So each time you cross something off your
list, give yourself a high-five, a thumbs up, a big smile! Get up from your desk and do a dance! Do a fist pump! Say “you got this!” If it’s a big achievement, give yourself
an even bigger celebration! Call a friend or take the day off early. Do whatever you need to do to make sure you
properly celebrate. Carroll puts it this way: “Celebrating your
victories isn’t just about patting yourself on the back; it trains you to identify positive
moments, which allows you to discover—and enjoy—more of them.” Of course, the most important thing about
whatever tips or system you implement is that it works. Any system that becomes too complicated for
you to keep track of, or that bogs you down, or that keeps you from being able to work
on your tasks is not a good system.

So take what tips interest you, test them
out, see how they fit into your system and leave behind anything that causes more friction
and frustration in your life. Your productivity system should always help
you more than it hurts! No matter what productivity or organization
system you use in your life, whether it’s the bullet journal or something else, hopefully,
you can implement some of these tips to make your system even more effective and make your
life that much easier.

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7 Social Security MISTAKES that Cost THOUSANDS in Retirement

in this video i cover the seven most common mistakes people make with social security they cost them thousands of dollars in retirement coming up next on holy schmidt holy schmidt social security is a complicated subject and knowing what to do or more importantly what not to do is key to maximizing your social security benefits this video covers the seven most common mistakes in my humble opinion that people make with social security that prevent them from getting every dollar that they're due stick around to the end because i'm going to debunk the biggest one of them all this single mistake alone can cost you thousands of dollars before we begin please make sure you click the like button youtube uses the thumbs up as its algorithm trigger to drive a video up in the search results and i want to help as many people as possible all right let's get into it mistake number seven not knowing the earnings limits if you're asking yourself what's an earnings limit pay close attention for the rest of you i'm going to make this very simple if you haven't reached full retirement age and for the sake of this video let's say that's age 67 the ssa will take back a portion of what they've given you in retirement benefits based on how much income you earn in 2021 for example if this isn't the year that you turn 67 the ssa will take back one dollar for every two dollars that you earn in excess of eighteen thousand nine hundred and sixty dollars for example if you earn forty thousand dollars in 2021 your social security benefits would be reduced by ten thousand five hundred and twenty dollars that's simply forty thousand dollars minus eighteen thousand nine hundred and sixty dollars divided by two in the year that you turn 67 the ssa is a little bit more lenient you have to repay one dollar for every three dollars that you earn in excess of fifty thousand five hundred and twenty dollars most people would rather wait and file for social security later and get the higher payment between five and eight percent depending on how many years past age 62 you wait then have to give a large portion of it back the next point is the spousal benefit the spouse can receive anywhere between thirty two and a half percent and fifty percent of the primary insureds for retirement age payment depending on the age of the spouse when he or she files what a lot of people don't realize is that the size of the spousal payment isn't tied to when the primary earner files for social security themselves only if they filed for social security so if they file early or if they file late it doesn't matter it's entirely based on the age of the spouse when he or she files for the spousal benefit point number five is pretty common and that is the we could all die tomorrow i'm filing at age 62 mistake this is a funny one because the logic is actually true anybody could die tomorrow but the math suggests that if you reach age 62 you're going to live to age 82 to 84 depending on if you're a male or female basically this comes about because somebody knows someone who passed away early and never was able to claim social security benefits or if they had claimed them they claimed them late and only had a few years of benefits paid to them and they've extrapolated that back to themselves and what could happen to them we don't actually know when we're going to pass unfortunately but as i said before if you've made it to age 62 the tape will say that you're likely to make it to age 82.

these people say they're going to live a life large and enjoy life while they still can rather than worry about what might happen in the future but i almost always get a different answer when i ask the question do you think you'd feel the same way at age 88 as you do at age 62. and just going through the math at age 62 you get 70 percent of what you would receive at full retirement age again age 67 and at age 70 if you wait until age 70 you get 124 percent of what you receive at age 67.

This means that the recipient receives 43 more at age 67 than they would at age 62 and 77 percent more at age 70. somewhere in there is the right age for you but it may not be age 62. i don't get into politics on holy schmidt it's just not good for business but i will point out one of the most common erroneous comments that are made here on the channel is that immigrants come to the united states for free social security that actually can't happen because to qualify for social security you need 40 quarters of earnings during your lifetime and those earnings have to be the type where you actually pay into the social security fund in other words they have to take out social security taxes they don't have to be consecutive quarters you could work for three months take the next three months off and then do the same thing again and again and again over 80 quarters but you do need 40 quarters that's 10 years of work history in order to qualify to get a social security check also you need to earn a certain minimum per quarter in 2021 that amount is fourteen hundred and seventy dollars in a single quarter it's a pretty easy number to hit so know that if you're not paying into social security for forty quarters you're going to miss the mark and not qualify to receive social security so check with the ssa and see what your work history looks like you don't want to miss it by three or six months point number three another mistake is to think that everybody gets paid the same social security payment in retirement they don't the ssa uses your earnings history and they use that to calculate what your social security payment is going to be and it's based on your best 35 years the theory is the more you earn the more you contributed to social security so the more you should get paid back from social security when you go into retirement for most people when they entered the workforce they didn't earn very much and so their contribution to social security would have been quite modest as time went on they got promoted they got raises and they continued to earn more this means if you're like most people your last few years of earnings and your contribution to social security during those years is a lot higher than your first few years of earnings and contribution so if you retire early you're probably leaving a higher payment on the table on the flip side if you have 35 good years of work history behind you and think you're going to continue to grow your social security payment by working part-time that's probably not actually true remember the ssa takes your best 35 years part-time work after 35 good years doesn't change the payment at all by the way if you don't have 35 years of work history the ssa will put zeros in for the remaining years to get you to 35 and use that as your base too many of those and your social security payment will drop significantly if you want to know more about this i have a video out on how to calculate your social security payment and i'll put a link in the description by the way i recently signed up for instagram i post information about social security there as well it's different information than what you see here it's short it's bite size it's very quick and easy to consume i'd love it if you follow me all you need to do is go over to instagram and look up the underscore schmidt list that's my handle and it's also called holy schmidt now back to the video point number two is understanding the taxes on social security using a calculation called provisional income the rules are on taxes and social security are quite confusing this is because there are actually two sets of rules there's the federal rule and there are the state rules and people often get those two confused let's start with an easy one let's start with the state rules currently there are 38 states in this country that don't charge income tax on social security if you live in one of those states remember that that doesn't mean the federal government doesn't charge income tax it just means that there's no state tax on your social security payment this is a big point of confusion with people and often the source of a surprise bill from the irs at the end of your first year of receiving social security benefits also if you don't live in one of those 38 states you might want to consider moving state tax on social security payments can be significant and with 38 states in this country willing to forgo receiving tax payments on your social security benefits there might be a better place for you to live now federal tax on social security the irs can tax up to 85 percent of your social security payment depending on what your provisional income is what is provisional income well it's the sum of your agi your adjusted gross income plus municipal bond interest plus foreign earnings that are not necessarily taxable here in the us plus your social security payment 50 of your social security payment if you add all that up and that totals more than the provisional income thresholds you owe the irs tax on a portion of your social security payment in 2020 the threshold was 32 thousand dollars for married couples a special note that drawing from a taxable retirement account like a 401k or standard ira does increase your adjusted gross income it increases your agi but withdrawing funds from a roth ira which come out tax-free does not increase your agi if you want to learn more about provisional income and how it's calculated i've included a link in the description for one of my other videos which covers this in great detail finally the one i told you about beginning point number one taking the funds at age 62 and investing them one of my most popular videos is entitled should you take your social security payment at age 62 and invest or wait until full retirement age i recorded this video because there are stalwart social security evangelists out there who swear by the fact that you should take your social security payment at age 62 and invest it and they say you'll always come out ahead and they say it with conviction so a lot of people believe what they're saying they almost always cite a five percent return on the investment and state that if they pass away early there is an account filled with an investment amount that they can pass on to their heirs usually it's their spouse sometimes it's their children so let me take you through the math you can check it on my website holy schmidt dot com forward slash 62 invest if you took social security at age 62 the average payment at least in 2021 for a 62 year old is 1189 at full retirement age in this case age 67 the payment is 1789 the difference is 609 1180 a month times 12 months times five years earning five percent per annum comes out to eighty thousand three hundred and sixty one dollars more at age 67 than if the recipient had waited until age 67.

so at age 67 they have 80 361 dollars sitting in a nest egg now assuming you still get five percent you can draw down 609 dollars per month that's the difference between the two payments at age 67 and come out ahead up until age 82 years and 10 months by the way the actuarial tables say that males live to age 82 on average and females live to age 84 on average if they make it to age 62 so it's about breakeven if you look at pure math of course some people will live longer and some people will live shorter but here's the problem at age 62 if you're not spending your social security payment how are you going to live are you going to work a few more years well if so remember the earnings limit because if you earn more than eighteen thousand nine hundred and sixty dollars in 2021 anyway you're going to have to give a portion of that money back let's say the answer is no and you're just planning on living off of your retirement savings so you're going to withdraw money from your 401k remember the last point on provisional income taking money from your 401k adds to your adjusted gross income and also makes your social security benefit taxable if it becomes too large also remember that these are your youngest of your retirement years and a lot of people want to do things like travel in the early stages of retirement and the limits set by provisional income probably won't let you do too much of that finally some of the age 62 evangelists talk about the time value of money but they've got it actually backwards let me explain they say that the big jumps you get the five to eight percent per year increases that you get aren't really that big because of the time value of money first let me point out that the five percent return that they all cite includes the time value of money you don't get five percent plus a tvm adjustment on top of that you sort of get it on your eleven hundred and eighty dollars because that payment is adjusted every year for inflation with something called cola that's the cost of living adjustment but if you check back at age 63 on the payment that you receive at 67 it's not 1789 anymore that forecasted payment also goes up with a cost of living adjustment and the same thing happens at age 64 65 and 66.

so unless you're planning on earning a higher return a higher return than five percent and a higher return means higher risk in order for this to work you'd have to not work past age 62 not draw income from taxable sources such as a 401k not live past 83 and be disciplined enough during all of that not to spend anything that you receive from the ssa oh and the five percent return in most cases you're gonna have to pay taxes on that if you'd like to see more of me please make sure you click subscribe notifications i work very hard to get what's happening out there in the world of social security and into here for you and by clicking subscribe notifications you'll get notified as soon as i post a video also check out this video on the average net worth of a 62 year old some of the numbers are quite remarkable some not so much this is jeff schmidt thanks for watching

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Why do People Struggle the First Year in Retirement? We were surprised!

the first year of retirement isn't always the dreamy Escape many people imagine no it's not maybe one of the most significant transitions in your life it was for us and it probably is going to be for you and that's because it's filled with all the unexpected challenges roadblocks and adjustments you have to make in this new pH and I think it's really important to understand that if you fail to navigate this first year you might find yourself questioning your entire decision to retire and today we're going to give you some strategies to feel empowered to overcome any of the struggles you might find do we ever feel like we made a mistake and we should still be working I do sometimes do you I do back in your corporate life I oh my good I do I know but listen and I'm sure some people do maybe but if you're new here I'm Mark Rollins and this is my wife Jody Rollins we don't focus on the financial aspects of retirement but rather life lifestyle Health relationships and more and we're so happy you're here today and it really would be helpful to us if you could share this video with anyone else that you know or care about that's in their retirement Journey too and you know join our free Facebook community at retirement transformed we go live each week and offer guidance support strategies to make this chapter the best it can be so before we jump in I want to remind you that this first year of retirement really sets the foundation for all the future years to come so you want to be able to equip yourself with the knowledge that you need you want to stay proactive and embrace this new Journey with a lot of confidence you know we know dozens of people who are floundering in this first year of retirement and it's really not pretty to watch I was at a bridal shower this past weekend and a woman across the table from me said um you know I heard her talking to someone else and she said I'm terrified and I thought oo this will be an interesting conversation we're at a bridal shower I'm not sure what there is to be terrified about but she's a teacher and this is her last year so in June she's done done after 35 years of teaching the third grade and she said I'm I'm literally terrified I don't know where to start that is scary and it it's scary for everyone I'm not saying it's scarier for a teacher or doctor whatever but if this is all you've known and you know teachers have a special kind of thing they they work from the middle of August through the end of June and then I have the summer off right and you do that for 30 40 years right and it's a routine that you're comfortable with and you get enjoy it you get fulfillment right what do you how do you feel that so the first year is really really important to get that right my dad screwed it up big time I mean he without a doubt he's a good example of someone who made a lot of mistakes in his first year and I you know I I tell people that retirement actually killed my dad because he just didn't know how to get through this first year and set himself off in a spiral which yeah he was he was unprepared and a lot of people do enter this phase of their life maybe prepared financially but unprepared emotionally and with all of the kind of red flags that start to come their way you know your dad really just couldn't reinvent himself he lived in the used to world yeah it was it was bad but you know we do know plenty of people who think this phase is easy and for some people they actually make the transition smoothly but for others like my dad you know like I said it can actually kill you if you don't really get it right so we should cut the mystery and jump into what people really struggle with yeah and I think the first thing we see in people that we know and clients that we have and talks that we have given as well as the research that we do is this major loss of identity that hits you probably a week or two after you retire ire yeah and for a long time whether you're a teacher or a doctor or a lawyer or an insurance agent or a corporate executive we derived a lot of our selfworth from our job roles right I mean that's just the way it was and it you know when you first got out of college and started your job it was one thing but by the time you ended up you were at a much higher very senior level in your company and that was your identity and when that identity no longer exists you really find yourself in a strange danger zone right you know without an identity in retirement you can have feelings of worthlessness and and really have a hard time finding your purpose and passion so it's really a reinvention of source so in your first year this is going to happen you're going to lose your identity and you really need to start thinking about creating a new one you don't want to go too long like my dad did and spend the next 10 years holding on to or feeling sad about losing your identity you want to make a new one it's really really important now the other thing that people struggle with in the first year of retirement is financial concerns and that's normal right because you're moving from a time in your life when you have a steady paycheck or an expense account or whatever it might be health insurance all of that is just coming at you automatically yeah and then it stops it does stop and then you have your nest egg and Market volatility can add to your stress you know if you've planned properly up to that moment but then have to make different financial decisions moving forward maybe riskier or less risky Investments depending on you know how you're advised you find yourself in a little bit of a budgeting process that becomes really crucial to how you're going to live this first year well it's a good point and we spend 30 40 Years of our life accumulating assets right just adding to it adding to it adding to it 401 okay whatever it might be but then that stops and now you go into this new phase called uh decumulation where you're actually taking your savings and your assets and living on that and that is mentally is a really hard financial concern so in the first year you've really got to make sure that you figure that out and get comfortable with it and have a good plan a good financial plan or you know really nail your financials yeah really and then you know we hear a lot from people you know that they're bored they're bored in retirement you know they don't really have a routine that they can stick to and they really struggle that first year getting away from you know the the structure and accountability that they had with their work days just this morning I was down watching the sun come up and I ran into my friend who retired a year ago and he keeps himself busy but you know I was checking with him and say how's it going cuz it's it's okay it's okay how's your you know how's your new uh career that you're doing he's a he's a writer now and he's writing he said well it's interesting you know I watch you guys on YouTube and you talk a lot about um having routines and I find that it's easier not having a routine which it is but then he doesn't do what he wants to do which frankly is harder if you don't have some routines built in and some plans for your day in the first year of retirement you're going to get used to not having routines you're going to get used to not getting things done and you're not going to like it you just are not going to like it so I think that it's easier to have routines maybe harder to get moving in that direction but once you have them your life becomes so much easier I don't know how you think about no I I agree with you I do know we get a lot of push back on people who want to just abandon routine because they've lived 35 or 40 years in a strict routine and I really advise people I think it's okay to let it go for a little while but not too long so that you know as they say the proverbial horse is out of the barn and now you can't get it back you wake up every day what am I going to do today that is not a good position to be in for a whole year for sure now the other thing that you can struggle with and you might struggle with right out of the box when you leave your career is social isolation I know for me I had you know 80 people working in my company I was the CEO and I had great relationship with these people and it was kind of like Fridays were what are you going to do this weekend what's going to happen Mondays were how was your weekend what did you do how are the kids how are the grandkids all of this stops right and then it's just you and me I really I really it's important to remember that um you know those relationships that you had at work even extending out to you know I knew a lot of you know my co-worker spouses and their children and I watch them grow and go through college you know you have that longevity of your story your relationship story with these folks and some of them you will bring with you but a lot of them get kind of left behind in the situational kind of friendship bucket um so the big message here is you need to is to replace it you've got to find Community whether it's joining a health club or you know we do pickle ball we talk about that a lot going back to church or religious institution Social Clubs community centers Gym classes gym classes reaching out to your friends make a list of all your friends and start contacting them because you don't want to struggle with social isolation in your first year it's really going to bring you down you know and the fourth thing that we really wanted to talk about was your health and physical activity because I know we did this when we retired you know we were like you know we're just going to go ahead and relax and eat and drink and just sleep late and you know we got a little sluggish there for a while and it wasn't healthy for us and we did course correct and um you know not saying seven days a week you know 30 days out of the month we're always on track we do stay on the health and wellness you know Mission because as you age health challenges come your way it just happens well the other big thing that you could find yourself struggling with is when you first retire in your first year depending upon your circumstances with your partner in in this case jod and I as a married couple that relationship can struggle because we both had work we had our careers we had time at home but every all the Dynamics change when both of you now are home all day long and Frank of this business for us is really helpful because it gives us something to do together but we also do a lot of things on our own we do and and you know while the business is helpful it adds stress and boundaries become even more important I think so if you're starting a business in retirement which we should maybe do a series on that we are we definitely are because there is some Milestones that we uncovered well the other thing that people struggle with in the first year is getting used to setting goals like you said a lot of people say gosh you guys do all this planning and stuff but you need to if you don't set some goals for yourself because you were used to that during your career right you set work rated Milestones um you might find yourself without goals a little bit aimless and at least having personal goals on your physical or whatever it might be yeah I think the big difference with goals is now you have a chance to hold yourself accountable and your goals can be aimed at things that you're really interested in right and then if you're really interested in for example I've been trying to I've been practicing I don't know that I'll ever end the practice but you know different things in yoga and I set goals for for myself no one else is holding me accountable I mean you would have no idea no I but you come home and you tell me about the new stances like the the the one-legged chicken is that one of the things it is not one but we'll do a whole another yoga series I guess well I think again having goals is really important and you know just a a couple more things your emotional well-being it's easy to get in this first year and all of a sudden find yourself sad and down and cre uh you know that stuff will will creep into your life if you're not doing everything we said you know what's funny about this this emotional well-being one because I'm so sad all we actually had a little bit of a tussle this morning you think and sometimes I wonder if in retirement you have more time to think about things mhm and you know maybe you create a mountain out of a mole hill you think no no no what is this I didn't do that yes you did my finger never you're the one that built this huge mountain this morning out of a mole hill so you know I wonder if this is something to really focus on you know you know recognize emotions that you have and consider even you know seeking some counsel on it so now I need a therapist for our relationship this this whole first year of retirement can be very very difficult without a doubt definitely it's meant to be fun and exciting so we don't want to find ourselves in a rut and unsure what to do next yeah I mean trust us when it when we tell you if you get into some good rhythm in your first year the rest of your retirement can become all that you dreamed of like our retirement right that's so funny we hope you enjoyed this video and if you did this next one a happy retirement is in your control we talk about how to bring healthy habits into your life so that you can flourish in retirement so watch this one next

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Kids | Retirement | MassMutual

So, who's it gonna be? Tom? Could be Danny. Guess it's on Maggie. Should we have another one? Talk to us about retirement today,
feel comfortable about tomorrow. MassMutual..

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Step 1 The Retirement Success Process: Investment and Risk Management

foreign welcome back to the retirement income show I'm Mark Elliott here with the CEO and founder of Oak Harvest Finance group we're talking about the retirement success plan once it's in place it's not done it's not finished it's always changing and evolving with you and your life so it's really important to get this in place to have a plan give you more confidence and and be more comfortable in retirement with maybe hopefully not so much stress about where you are again that number is 800-822-6434 to learn more 800-822-6434 Troy's breaking down what is exactly the retirement success plan so it starts with the investment plan then it's the income plan then it's a tax plan then it's a health plan and then it is the estate plan so I want to kind of tie together why that sequence is is important just briefly but if you don't understand if you don't have a proper risk management structure in place obviously you open the potential for losses beyond your willingness to stay the course now it's not just stay the course with the Investments it's stay the course with your retirement success plan with your financial plan so we have to Define what those guard rails are first this is the process of understanding where your risk limitations are so if you think about you're going down a highway and of course you have guard rails on each side and if you go off the highway those guard rails are there to protect you from going into the opposing Direction on the freeway now in retirement when we're talking about managing risk when we can identify these emotional guardrails so are you willing to see and I and I'd like to Define risk in terms of dollars not percentages and I'll tell you why in a minute but let's say you have a million dollars saved for retirement if all that money is in your 401k first and foremost we have to realize that it's not really a million dollars because every dollar in there is tax deferred so we have to understand we're going to address that as part of this process but when we talk about risk we have to understand that not all of those dollars are yours you have a junior partner on that account we want to keep them a junior partner we don't want Uncle Sam to become a senior partner or a majority share owner of your retirement account but just understanding that that not all of that money is yours that you do have a junior partner in that account it ties into this risk management discussion a little bit so when we talk about risk in terms of dollars are you willing to see your account go down two hundred thousand just a question could be yes could be no it doesn't there is no right or wrong answer but by asking these questions we can start to Define where your emotional guard rails are because the number one thing that you can do when it comes to ruining a financial plan or a retirement plan is to have more risks so your accounts go down more than you can mentally tolerate emotionally withstand and then you sell get out sit in cash for two or three years miss the rebound and now you're you're in a you know you're in a bad bad bad spot I can't tell you I mean we've been through this so many times with clients and conversations about you know Troy I've been watching the news I think we're going into recession we need to get out of the market we need to do this or my accounts are down 10 or 20 or when covid hit we there's a plan for for a proper plan accounts for the markets being down 20 or 30 percent so when we talk about risk management and we're asking you these questions the reason why is because we're already planning for recessions we're planning for potential Market crashes this is part of life okay we cannot avoid these things unless we completely stay in cash and if that's the case you might as well bury the money in the backyard and just spend whatever you can and hope you don't run out and eat rice and beans for for for retirement and that's not how most of our clients that's not how most of you want to spend you know after working for an entire career you want to spend your life so are you okay with a 200 000 decline by the way which is 20 and the reason why I Define it in terms of dollars is because a long time ago I had a client come in well it was a prospective client at the time and like most financial advisors we would talk about it in terms of percentages and and we said are you okay with a 10 or 20 decline he said you know what 20 is pretty much my Max and he had around a million dollars so then I I just happened to put it in terms of dollars and I said okay so if your accounts go down two hundred thousand dollars you're okay with that and he said he said no Troy he said I would fire you on the spot and so that you know for me it connected a Big Dot It was kind of a big evolution in my career when I was younger because I realized I'm a financial guy I do this every single day I think in terms of percentages and statistics and and but most people think in terms of dollars so when we ask you that question you say yes I'm okay with a 200 000 or 100 000 or maybe it's not even close to that or maybe it's much much much more what that does for us is it helps to Define what type of portfolio we need to construct so emotionally there's a small probability that it is going to hit your your downside guard ramp and if we can go through retirement and not ever hit that downside guard rail well there's a very good chance from our experience that you're going to stay the course you're going to stick with your plan and if you can stick with your plan you have a much higher probability of success in retirement this is why we call it the retirement success process this is why we call it a retirement success plan this is what we want to deliver to you so now I said I wanted to talk a little bit about the sequence and why risk management in investment planning comes first if we don't and in most simple terms if if your money let's say you have a million bucks and you never had to take anything out if you average four percent versus nine percent at higher rates of return you obviously can expect your accounts to grow to a larger value that means the income planning is impacted that also means that now your tax planning is impacted so we can't build an income plan or a tax plan without first understanding an estimated reasonable expected return for a combination of Securities inside a portfolio so step one has to be this risk management discussion which then can lead us to the investment construction of your portfolio which then gives us a pretty good idea of expected return upside downside deviation so we can now start talking about income planning we can actually project and do a sensitivity analysis on tax planning based on different account levels let me break that down for you before we get into the tax planning section later on the show if you have a million dollars in your IRA you are forced to start taking a certain percentage out it's around four percent at age 72 but as you get to be 74 76 77 you're required to distribute a larger and larger percentage so if your million grows to 1.5 you take let's say four percent of that out that's a that's a number that is less than if your IRA grows to 2 million so the more aggressive your portfolio is or the higher expected return the more we should anticipate that require minimum distribution being a larger number that rmd is the amount you're forced to take out and pay taxes on we've seen clients I I'd like to phrase this for prospective clients because we address this with you as a client this is part of the retirement success process and the retirement success plan but so often when someone comes in here and they've done a pretty good job saving they have eight hundred thousand they have a million they have two or three million when we start to do this analysis if you don't address this tax problem and it is a tax problem it can be you know a tax nightmare for many of you those rmds when we get out to be 75 and 77 or 78 a hundred thousand hundred and fifty thousand two hundred thousand now you're taking that money out you're probably not spending that much on top of Social Security on top of any rental income or real estate income or pension or dividend or interest or any other income that you have outside of your retirement account and we've seen many people be in a much higher tax bracket and have much more income in their 80s than they ever had throughout their entire life up to that point and it's because of a lack of planning so that's what we're trying to get ahead of so we have to understand the risk structure of our portfolio and how we manage that risk so we can keep you on course we can keep you on schedule with your plan that then gives us an idea of a range of expected returns based on basic financial planning Concepts from there we can develop that income strategy and income is not just Social Security it's not just how much to take out don't get me started on the four percent rule but it is also from which accounts and then we get into the taxes so if you don't have a retirement success plan give us a call 1-800-822-6434 we're going to walk you through this process if you become a client you will have this plan in place that deals with risk Investments taxes income along with the rest of the retirement success plan 1-800-822-6434 Oak Harvest Financial Group check out the website check out the YouTube channel Oak Harvest Financial Group so we're talking about the retirement success plan Troy still got a lot to get to stay with us we're back in one minute investment advisory services offered through Oak Harvest Financial Group LLC Oak Harbor's Financial Group is an independent Financial Services firm that helps people create retirement strategies using a variety of insurance and investment products investing involves risk including the loss of principal any references to protection benefits or lifetime income generally refer to fixed Insurance products never Securities or investment products insurance and annuity product guarantees are backed by the financial strength and claims paying ability of the issuing insurance company Oak Harbor's Financial Group LLC is not permitted to offer a No statement made during this show shall constitute tax or legal advice you should speak to a qualified professional before making any decisions about your personal situation we are not affiliated with the US government or any governmental agency this radio show is a paid placement foreign [Music]

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Sexuality and Aging…YES we are talking about Sex in Retirement!

sex as you age this is a serious topic and it's also a sensitive one for sure it also lends to some difficult conversations with many couples not for us this is easy right that's why we're doing it [Music] well the fact that it is difficult we've wanted to talk about this for a while because we have so many clients that bring to us this issue of sex as they age we certainly couldn't do it alone so we're so excited to have nancy lucas with us today who is a therapist here in essex that specializes in relationship issues marital and pre-marital issues and sex therapy so what an exciting job that you have i guess at times yeah i would imagine it's exciting at times and just remember it's an important issue especially as retirement is getting longer and we're aging longer and hopefully healthier and we are not sex therapists especially mark is not a sex therapist nancy is and we're excited to explore this topic with her nancy's going to share three tips or strategies or suggestions on better sex and intimacy with your partner and you have to stay to the end because at the end nancy's gonna give us an exercise or an activity that we can do with our partner to open the conversation about sex and to embark on a journey of exploration together this is going to be great so make sure you stay till the end welcome nancy yeah thanks so much for being with us today thanks for having me um so yes i i do have a very um it's a privilege what i do and i and i do love my job and this is a sensitive and important topic and it's one that we really don't get to explore very often um i think that there's just not enough research being done about sex as we age and um we need more but we do have some facts i'd like to share with you guys that that's okay and that is that um being intimate with our partner and exploring ourselves sexually can last into our 90s which is which is great and that's kind of new information that we're just finding out um but for instance um 50 of people and we should be having more this should be a higher percentage 50 of people who are 65 to 70 are still reporting to be sexually active um and then once we hit age 71 to 75 40 and then by the time we get to age 76 to 80 25 but the good news is that 20 of people who are in their 90s are reporting to still be sexually active so um so that's something that's good news but i think we can all be doing better i was going to say i mean i think i think those numbers i wonder if our audience would say those numbers are where i thought they'd be or i thought they'd be better or some may say i thought they'd be worse but i think the point is we need to be doing more research because people are living longer and they're living healthier and sex is a really big part of healthy life and let me ask this question too because i remember seeing a fact as we started to do a little research on this and realized we couldn't do this without you but there's a a large percentage of men i think perhaps 40 of men are the are the ones that's that stop having sex with their partner and it's really their fault because they just i don't know is that true fault i don't think you should say fault well but they i don't know i just remember seeing something is there yes there is something so look we have the little blue pill now which is something that has really helped um helped couples stay active but it really is men often that can stop even though they want to be sexual it's men that often make the decision to stop being sexual as partners because of performance issues and so that's hopefully something that we can talk a little bit more about too at some point um but i like to deal with with some of my clients um you know it's really the the fact is that it's not about performance but there are all different kinds of sex that people can have um sex is something that brings us closer that is intimacy it doesn't have to always be about the erogenous zones it doesn't always have to be so goal oriented so that people are you know it's about you know having orgasm or having the kinds of sex that we think it should be there's all different kinds of sex and if it makes you feel close with your person and if it makes you feel intimate and you know let's face it if we're in our person we're in this relationship with them and we do things with them that we don't do with anyone else so and that's what separates friendships from our partnerships yeah and the first strategy that you that you want to talk about was communication and we talk so much on our youtube channel about communication and it really especially with spouse partner or significant relationships and the more amount of time that you're spending about together in this phase of life and how important communication really is and we have clients that don't have sex and they don't talk about it with their partner right so let's talk a little bit about communication what are some things people can do what are your thoughts on the idea of communication well of course i'm a shrink so communication is the most important thing that we talk about um but communicating with your partner about intimacy can be really hard and it becomes sort of this thing where you know it doesn't get talked about and then it continues to not get talked about and then it just sort of builds and builds and builds and because and becomes the elephant in the room so um so communication is of course extremely important and around like what feels good like what really does feel good for us now and that can change as we age our bodies change our erogenous zones can even change um all of that is something that we need to be talking to our partner about um also just being able to schedule that's another thing that i talk about well can i ask a question before you go on to the scheduling because that is important but communication so there's there's people watching this now and either husband a wife or a partner and they're watching it alone and they're really not sure what to do they're yeah i have a problem we're not having sex how do i bring it up with my partner what's the safest way to to start a conversation around the fact that you know instead if we hadn't had sex for five years what are you gonna do about it versus you know what's it what's an easy three-step process to start a conversation well of course the what we always start as therapists with is the i statements if you approach somebody with how you feel i feel disconnected i feel like we're not as close as we used to be i miss you i mean those things are not going to throw up someone's defenses right and that's what really gets in the way of talking about very delicate subjects like this like intimacy and that is that you know look we're vulnerable these are things that we have strong feelings about so when somebody comes to us we can you know throw our guard up and be defensive but when you start out with i and with the no with the feeling i miss you i you know i miss our closeness this is something that i'd like to try um i think that's a really good way to approach sounds so sweet it does sound like i'm missing it as opposed to the you like right who you yeah right well that's good so so having a good strategy path of communication to bring it up in a nice thoughtful caring way you know like you said would be great and respecting the fact that your partner may not have been raised for example to talk about sex and what feels good right everyone no matter how long you've been together or how old or mature your relationship is when you're brought up differently as a child i would assume that that comes forward you know so i i you know i know a lot of the women that i talk to it's it's they want to provide safety in the conversation because if they're the ones bringing it up they don't want their um heterosexual partner their male partner to feel you know immediately back on his heels right right so i love the i statements and this idea of creating some safe space and then the next thing that you that you um talk about and we talk about this is scheduling your intimate time what is that what is so so you add an opening conversation and then you say well next sunday afternoon you and i are gonna get together we're gonna maybe do the exercise so don't forget to stay till the end to learn about this exercise but actually scheduling and it feels weird at first to think about it but you schedule everything else so why not right well a lot of people when i bring this up with my clients you know right away have this reaction like what isn't it supposed to be so natural and we're supposed to be you know preparing dinner and all of a sudden we look into each other's eyes and then we throw ourselves down on the floor and it becomes this passionate thing and i'm sorry that's not the reality i live in and probably not the reality that you live in either we're all very very busy and unfortunately um the idea of scheduling is look if you schedule it it happens right you guys know this so i do recommend that you schedule sex for a couple of reasons um or intimate time and that is that first of all you it'll happen and that's the most important thing is that it takes place and that it happens second of all you have some time to prepare either to look forward to it or make sure that you're in a good mental place to really be you know intimate and vulnerable and together with your person so those are the reasons why that scheduling really really works you know it's funny too um and not to get too personal but you know i'm not a big fan of the whole go out and eat this massively wonderful great dinner and have a drink and a bottle of wine and and then come home and you know how i feel not so sexy i'm ready to go to sleep and mark's exhausted so i think you're right because as younger people and and maybe younger is not the right word but you know earlier in our lives um you know that was kind of the you know you had your date you had your date night you had a nice dinner you had a cute margarita maybe a glass of wine and then you were both kind of you know metabolizing food a lot quicker by the way and you know feeling a little bit better and i love this idea of scheduling it because if you don't feel right and the time is you know upon you it's always a bit of a push and so i love the idea of scheduling it and communicating when you feel better well yeah and the other thing is i remember this fact i looked up before nancy i brought it up in the beginning but i had it wrong i believe what i read was and this is for the men out there you know you're not going to bring up sex in a conversation you're not going to schedule it if you have performance issues and if you do have performance issues you need to go see your doctor because like you said in the beginning the little blue pill there are pills that you can take to help you with that but i think 40 of men have erectile dysfunction and only 10 of them get help so the other 30 are just not having sex for that reason which is really not fair to you or your partner no or your relationship as a whole yeah yeah because look um intimacy in that way like i said earlier that's what separates your relationship from all your friendships so it can be the glue that really keeps you together right and i think that brings you really to your third point because sex doesn't always have to be perhaps what everyone traditionally is visualizing in their head or thinking about what sex might be and your third point you know being open to different types of sex or intimacy i think is a really big one to explore um yes so again the more narrow we make sex um the more narrow and vanilla and kind of boring it's going to be if it's something that feels good and brings you close to your partner then i say that that's sex let's call that sex it's um there's all kinds of intimacy there's and look i can go on about other types of sex there's there's makeup sex right there's sex that's more holding and more intimate and then there's you know more passionate passionate sex but anything that brings you close to your partner i say you know we shouldn't be narrowly merely defining it so much that it's really there's all different kinds and if it involves touching and intimacy and something that makes you feel good and close sometimes just holding each other in that way when you're both naked that i think can be defined as sex so if it brings you close it doesn't have to be what we traditionally think of sex as being it's funny because um you know as a mom you know when you have a baby the first thing that a lot of doctors do is hand you your naked baby for that skin-to-skin sensation yes that is so enriching and fortifying and you know um just such a game changer for this little person who just came in the world and it's funny that we don't think about that longer and harder as we move through our life how important that skin-to-skin contact really is for our sense of being absolutely you know as moms you know we of course want to we think of that with our children we're you know usually wanting to hug them or hold them and like you said that starts it in infancy but we don't really think about that as much with our partners right no it's just as important that's foundational to us as humans so well we've we've talked about communication how important it is to start a conversation and the second thing was scheduling scheduling it so you've had a conversation you scheduled it you're now thinking uh different types of sex maybe you're not really sure what that really means but even just hugging like you said is good but that might be a good segue into the bonus activity that you want to talk about for those listeners as a place to start where it's so why don't you go through that because that was pretty intriguing when you talk to us about it yes so i'm going to talk about the gold standard and this actually was um these exercises came about as a result of the research that masters and johnson did long ago so and that is sensei exercises so that is really getting to know our person what kind of touch they like what kind of touch we enjoy and so this is the exercise so you can do this either semi-clad you know with some clothes on or no clothes at all naked but basically the exercises that you get in a quiet place you're ready you feel like you've you know you schedule it again you're in that mindset you go to a quiet place where you can be alone and you take turns 15 minutes each um just touching each other no erogenous zones none of those usual places that we think about when we think about sex everything but and the other thing is after you're done with the exercise you cannot have sex oh he didn't tell us that [Music] no the whole point is that to really get back into the fact that sex it doesn't have to be goal oriented it's not always about orgasm it's about closeness and about feeling good so for 15 minutes you take turns one person is the toucher and the other person is receiving the touch and the toucher just focuses on what it's like the skin of your partner what does that skin feel like what does it feel like on their hair what does it feel like you know in the inside of their elbow or the back of their knees how is this the skin different and all you do is focus on how that feels on the tips of your fingers the person who's being touched just enjoys and can tell communicate can use some of the communication with their partner oh i'd like you maybe to use your your flat hand or maybe just your fingertips maybe your fingernails maybe a massage maybe i mean there's all sorts of types of touch just like you know how the eskimos have like i forgot like you know 100 different words for snow um we should have 100 different words for touch and how we how we experience each other i love that i think that's a great i think that's it i think this has been marvelous as a you know is our first video on sex as you age right yeah i think the the whole it's it sounds safe and it's starting with the communication and then scheduling it and and then doing this exercise really is a safe way to get it's almost like when you were your first date my first day took me forever to well to get where i had to go where are we going with this yeah but i mean when you're when you're first a young you know teenager it's a teenager well 19 20.

yikes let's talk about this in the car ride home anyway i i thought this was great i don't know if if you have any closing thoughts i mean this is this was fantastic well i i you know what i love most about what we talked about today is that you know sex is doesn't always just have to be that act that you see or that is you know in the news or you know in video or on paper it's it's really about the intimacy and the close the closeness and um the love that you want to share and express and i i think that's really what sex as you age can become and it can actually it feels like it can become bigger and better yeah yeah i love you you know you're no longer maybe having sex to procreate right so it you know you don't have the goal there that that pressure that was there i mean we don't have that anymore um you know we have a lot more time on our hands and we're alone a lot more often which would lend itself to you know more exercises like we just talked about you know for me as i as i think think of some of the clients that we have and some of the people that we've talked to it's it's sad that while they used to have sex because they have children and they they talked about how they used to have sex and they're not now because they're not even talking about it it really is a shame and it doesn't have to be that way and i think that's the point that maybe we're trying to get across as you age you can have sex and intimacy and intimacy so this was fantastic um nancy i don't know if you have any closing comments or thoughts suggestions just to remember that it's a cornerstone of your relationship and it doesn't have to diminish as we age right so and we need more research and we'll we'll put some of nancy's information in the next in the notes below and you're open to hearing from people that might uh want to hire you i have some some availability okay all right all right they're gonna have to get in line behind me so we will leave all of these uh information and notes but we hope you guys enjoyed this we we really did we learned a lot and we want you to share it with your friends and also subscribe by clicking the subscribe button uh down below and finally join our free facebook community the link is also in the notes below thanks for listening and being here today and we look forward to being back with you again soon and thanks again nancy this was great thank you so much for having me

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Critical Retirement Planning Ages: 55, 62, 70, & More

When you're planning for retirement, your age is important, and that's because as you reach certain milestones, you may qualify for certain benefits, or you might need to take certain actions to avoid penalties. So that's what we're going to talk about in the next couple of minutes here. We'll go over these critical retirement dates so that you can get them in your planner or at least know what to expect as you move toward retirement. Two things happen at age 50. The first is you get to make catch up contributions. So if you are maximizing your contributions to your retirement accounts like a 401K or an IRA, you get the ability to put in even more money each year, which helps you boost your retirement savings as you near the end of your career. There's a separate benefit that might apply to certain public safety workers, so for example, if you're a firefighter employed by the federal government, you might have the opportunity to take withdrawals from retirement accounts as early as age 50 without any early withdrawal penalty from the IRS.

So make sure that you triple check the requirements, and of course, the longer you can keep your money saved, that might help you make it last longer. At age 55, the ability to take those early distributions from a workplace retirement plan. Opens up, and to meet that criteria, you have to terminate your job at age 55 or later and take the funds out of that job's retirement plan, like the 401k, for example. Again, this is something that you want to check carefully with your tax advisor, and this is probably a good time to give you a friendly reminder that this is just one short video, and it's not individualized advice.

You really do need to speak with an expert who is familiar with your situation, and they can help you make sure that you avoid any problems and potentially identify some opportunities for you. By the way, if you check the description below, you can look at some free retirement planning resources that I've put together, and I think you'll find useful.

At age 59 and a half, you have the ability to take withdrawals from retirement accounts without that early withdrawal penalty, so it doesn't just have to be a workplace account after you terminate employment, it can be your IRA, your 401K, deferred annuities, and other types of accounts. So you get a lot of flexibility once you reach age 59 and a half. Age 62 is the time when most people can start taking Social Security benefits, and that's what's called Early claiming, and if you do that, you get a reduced Social Security benefit, so you get less each month. This can be a big deal, so it can be helpful to get that income early, but you get a smaller monthly income amount, for example, if your full retirement age is 66 and a half, and your benefit is $1,000, or for every $1,000 of benefit, you're going to see a reduction of 27.5%, or to put that in dollar terms, you would get $725 each month instead of $1,000 each month, and that reduction lasts for the rest of your life and it could impact a spouse if they take over your benefit as a survivor, so you want to think carefully before you claim early, sometimes it makes sense, but you really want to do it mindfully.

Now to age 63, so your Medicare premiums are based on your income from two years back, so when you're 63 years old, you're within two years of 65, which is when you typically begin Medicare. That means if you have any way to control your income or if you're making Roth conversions to take some income intentionally, for example, at age 63, you want to get extra careful about how much income you're taking because you might bump up those Medicare premiums, it might make sense for you to do that, but you want to know what you're getting into. And when you reach age 65, that's when it's time to enroll in Medicare, and it's critical to enroll on time, because if you enroll late, you may face a late enrollment penalty that's going to last for the rest of your life, so that can be an unnecessary cost.

It's smart to start the process three months before you turn age 65, and that gets you some time to get your ducks in a row. Now, if you are still working and you get healthcare from your employer, it's really important to speak with your employer's benefits department and with the insurance company, just to find out what you need to do, if anything, and to set your expectations for when you might leave that job, you want to triple check this, especially if you're still working and you're covered under your employer's plan. Most people reach their Social Security full retirement age sometime around 66 to 67, and once you reach for retirement age, that means you don't have a reduction in your benefits and it also means that if you are earning money through work, which isn't exactly retired, but maybe you are still earning income, those earnings would not cause the deduction from your monthly Social Security income, so this is an important milestone for you to reach…

If Social Security is a big part of your income. When you delay taking Social Security income after your full retirement age, you get a bigger benefit, so the benefit increases by about 8% per year, it happens monthly, so you don't have to wait for a full calendar year, and then any future increases like cost of living adjustments go off of that higher amount, so it's nice to have a bigger income, and of course, the longer you expect to live, the more helpful that tends to be in many cases. Although there are other factors at play. And then when you reach age 70, those delayed retirement credits stop building up, so it doesn't make sense to wait any longer to take your benefits. Age 70 and a half is a weird one, because it used to be when you had to start your required minimum distributions or RMDs, but they changed the law, except for they left these qualified charitable distributions or QCDs in there at age 70 and a half.

It doesn't make any sense, but that's the way it is. So if you do want to make those QCDs, you can start doing that even before your RMDs if it makes sense, so please forgive all the acronyms, we will explain all these, but just be aware that you can begin doing those qualified charitable distributions at age 70 and a half, these are distributions that you make directly from a retirement account to the qualifying charity, and when you do it that way, you can exclude that from your income, which can be helpful. Age 72 is when most people these days have to start taking their required minimum distributions or RMDs. This is where the IRS says you cannot leave your money in a retirement account, tax sheltered forever, you have to start taking some distributions and generating a tax liability, so they start out relatively small and build up over time. Technically, you have until April 1st of the year following the year when you turn 72, so that's an option, if you want to wait till then or you can just do it in that same year, it's up to you, but the most important thing to know might be that there is a very steep penalty for missing these required minimum distributions, if you don't take one in a given year, the penalty is 50% of the amount that you were supposed to take…

So if you were supposed to take 10,000, it's a 5,000 penalty. That's a big one. So far, we've talked about government programs and tax rules, but there might be some other programs that you qualify for, maybe a pension from an employer, for example, and those might have totally different numbers that apply to them, so check with your plan administrator, read through the documents and you can get all of those details. Now, I hope you've found this helpful. If you did, please leave a quick thumbs up, thanks for watching, and take care..

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