Psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we’ll look at the ways to proactively deal with the stress surrounding the retirement process.
Holmes and Rahe Stress Scale Study
https://www.simplypsychology.org/srrs.html
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Episode Transcript
Note: This transcript was produced using AI, so please excuse any typos and inaccuracies…
Marc Killian 00:01
This week on the podcast, we’re gonna steer clear of retirement stress because psychologists have determined that that is one of the most stressful events that human beings go through in their life. So Jude and I are going to discuss that this week here on Plan wise, retire free.
00:20
Any successful plan requires wisdom and preparation. And retirement is no different. It’s time for the plan wise retire free podcast.
Marc Killian 00:29
Hey, folks, welcome into the podcast. You and I are here to talk investing, finance, retirement and stress. Nobody likes stress, dude. So we want to kind of steer clear of it as much as possible. We’ve got a few places we want to talk about with that with folks and, and hopefully help them be a little more stress free. What’s going on my friend?
Jude Wilson 00:44
Hey, I’m feeling great. I am excited about today’s episode, because there’s a lot of things people don’t take into account when planning for retirement and very low stress. Very true.
Marc Killian 00:55
And Lord knows it’s stressful enough right now in the world, right? So why have this added element of retirement stress, but I get it, it’s a new is a whole new animal. It’s a big animal, it’s a big change, right? So going into retirement can be stressful. So let’s just jump in and start knocking out a few things here. Let’s just start right there actually do understanding that it is a heck of a lifestyle change. Like we can be super excited and looking forward to retirement, yes, it’s gonna be great. But then when you get a little closer, you start to kind of go, oh, man, like my whole routine and world’s about the change. And while that’s exciting, it’s also a little scary, and scary creates stress. It
Jude Wilson 01:30
is, you know, I do this every day. And I’ve been doing it for 25 years, but most people only retire once. That is a stressful transition. And I used to be under the impression everybody was excited to finally get to that date. Not everybody is excited because they’re well being their sense of self sometimes is tied up to what they do. Great point, perfect example of a client. So this client, we’ve been doing planning for for 15 years. For the last seven years, we’ve been telling him that he and his wife can retire his wife been taking care of the household, he’s been going out earning a very significant living. And every year for the last seven years, we say, hey, you’ve reached the point where you can retire and he just had retired. Finally, he retired a year ago, and I was talking to him one on one after our financial planning session, Ryan’s him and myself. And he said, Dude, I don’t know if I made the right move, retiring. I don’t know what to do with myself. And I see my wife 24 hours a day, seven days a week. What are you that’s a real thing we days a week? Yeah. So it’s a real thing, understanding how your life is going to change in retirement and having some thoughts around that.
Marc Killian 02:49
That’s a great point. And depending on your relationship, right, I think maybe we even learned some of this during COVID. If people were, you know, kind of quarantined, or around each other a lot more. It’s like, look, you can love your spouse all day long. But eventually, you’re gonna get on each other’s nerves a little bit. So there’s a learning curve there, too. She might be like, Hey, get out of my way, get out of my house, you’re messing up my routine, or vice versa, right. So it’s a big gear change. The funny
Jude Wilson 03:13
thing about that is he told me that after the financial planning team meeting, and a couple of days later, I had to get a signature from from his wife on the document. And she told me exactly the same thing, what it was what I want with her and I so
Marc Killian 03:27
she’s like, get him out of the house. Yeah, that’s, I mean, again, it’s a big shift. And not only that, like, there’s the X’s and O’s part of it too, right. You’re like, you know, you’re stressing about converting everything we’ve built into a paycheck in retirement, right? Because you’re not getting that paycheck. So but just don’t discount that emotional side, that lifestyle change shot aside, the dude alluded to on some of that. And keeping with that thought, dude, let’s go with, there’s new challenges now to have right retirement. You know, Murphy’s Law is going to happen, there’s always going to be things in life that show up, but maybe it’s time to embrace some new changes, embrace it, embrace changes in and look forward to some new challenges. Yeah,
Jude Wilson 04:04
I’ll give you another example of a client. Same thing. Very successful couple, both of them. high powered executives, retired, the first couple of months, they did a ton of traveling, and they got back and really didn’t have much to do with themselves. The wife went back and started volunteering for the Chamber of Commerce. And the husband picked up a part time job consulting, on business issues. So they both kept very active and they put on new challenges that they weren’t doing before. And I think it’s, it’s enhancing their life.
Marc Killian 04:43
Now. That’s a great point. We gotta retire to something, I think. I mean, yeah, you can certainly, you know, say I’m gonna take a few of my brother when he just retired this past year, in October. He was going to come and work for me part time, but he’s like, Can I wait until like, you know, maybe February or March I want to take a few months and just Uh, you know, enjoy being retired? It’s like, absolutely right. So nothing wrong with that. But I think as humans, we have to have something to kind of keep us going and keep us, you know, to keep us moving and grooving a little bit. I think that’s helpful for the psyche as well as the body. So, good points there. All right, so let’s go to this next one. We’re talking about kind of keeping our options open. I’m gonna pick on Florida for a minute, I’m gonna pick on your neck of the woods, a little Florida, man. All right. So I mean, I’ve talked to a number of people who, whose like, the dream is to move to Florida in retirement, right. And some people are smart about it. They go back and forth for a while they Snowbird or whatever, great. I’ve met other people who are like, that’s the dream, because they went down to a couple of times, and they really enjoyed it. And then they retired down there, and all of a sudden, it’s like, well, maybe it’s not as dreamy as I thought, it’s flippin hot, there’s traffic is horrendous, whatever. And now I want to change. So just keep your options open. And but be smart about it. Because stuff like that can obviously be pretty costly and a big hit to the retirement plan. Yeah,
Jude Wilson 05:57
I think you’re absolutely right. People should do as much investigating as they can, if they’re thinking about moving out of their current location in retirement. You know, Arizona is a big retirement. Sure, yeah. North Carolina, Texas, Florida. And all of these places are great. But we should also keep our mind open, because there’s some non traditional things that are that some of our clients are doing, too. I’ve got a client that has moved to Panama, and oh, absolutely loves it nice house, the living is less expensive. Now the heat is just as bad as here in Florida, probably worse. Yeah. But they love that lifestyle. And they love the fact that their dollar goes a lot farther. So interesting. Well be open minded.
Marc Killian 06:41
I was gonna say that brings up an interesting point. So my wife and I went to Aruba a couple of years ago, and I guarantee everybody can relate to this kind of stories. I bet you you for your listening, you’ve done this. You’ve gone someplace on vacation, you’re there for a week, and you’re like, This is the greatest place, we should move here, right? Like how many people wind up saying and doing that when they go on vacation someplace? And then reality sets in? Or maybe it doesn’t, and you do something kind of crazy. And then maybe you regret it. So just definitely do your homework, keep your options open, be a little flexible in their thing. All right, let’s talk about some of perspective here, dude, for you know, the retirement conversation, the concept of retirement is only about 100 years old. Think about that for a minute, right? Yeah, it’s really only about 100 years old. And it really only will machined, grooved, marketed, whatever you want to call it for about 60 years, right for the last maybe 6070 years. Because basically, you just worked until you dropped prior to that, and there was no concept for it. So I think we see commercials, we see what our neighbors are doing or something like that. And we got to get it maybe get a little bit of a false sense of perspective as to what retirement should be, especially if you haven’t planned it out and thought about it. It’s not all going to be day boating trips on your yacht.
Jude Wilson 07:53
Absolutely. And here’s one of the things because you’re right, when you say the concept of retirement is only 100 years old. Here’s one of the things that has changed in retirement that not a lot of people are taking into into their thought process. Not only are we retiring, younger, we’re living longer grow. Some people, you know, have 70 as their retirement age. Some people have 65. But I’m seeing clients now telling me hey, 5560, at the most is when I want to retire, and our quality of life, our lifespan is increasing. So you may spend 30 years or more in retirement. Yeah. And one of the things you brought up in a previous episode of the show is changing. This net worth is nest egg that we’ve built out to produce income for life. Yeah, I can’t tell you how important that is to have consistent sources of income people love their pension, they love their Social Security, of course, but there are other ways to to create a standard income that will not go down and that you can depend on it, no matter what’s happening in the market. So people need to think that they’re gonna they could possibly be in retirement over 30 years.
Marc Killian 09:09
Yeah. And if you it’s a long time to be retired with no paycheck. Right, exactly. So he will certainly think that through. And also kind of think about the fortunate spot that you’re in to folks like in the history of things for a very long time. The fact that you might even make it to retirement and can retire is kind of great. Right? You know, I mean, so there’s a lot of people that just don’t they don’t live long enough to see retirement or they can’t retire, or it just wasn’t something you could ever do, you know, even 100 years ago, right? You just give you worked until you drop. So the fact that we can kind of stop and maybe smell the roses at this point is is a is a blessing. So just absolutely kind of think about those things in that perspective. And then finally, of course, a lot of the stuff we talked about was mostly around the emotional or the kind of thought processes, dude, the final piece as well. You still gotta have the money to make it happen. Um, so get a good financial advisor, right and help. Let them help you find, build and create the retirement that you want. Look,
Jude Wilson 10:07
I love our industry, I think what we do is very noble. We help people achieve their financial goals and had live a stress free life when it comes to their finances. But I also know that everybody in our industry is doing the best work for the client. Right? So finding a good financial advisor, finding someone that believes in looking at finances, from a holistic standpoint, oftentimes people say financial advisor and immediate think investments, well, that’s just part of it. You really need someone, particularly if you’re planning on retirement, that understands the accumulation phase of your life saving money to give up the mountain to financial freedom, and the distribution phase, taking that net worth and creating income for life. Or even maybe creating a legacy for the next generation. Yeah, gotta have a good financial adviser that understands all of this stuff.
Marc Killian 11:01
Yeah, absolutely. Right. That’s important. It’s just as important as the other components, you know, daydreaming thinking about strategizing planning of the things you want, you know, the checklist, the bucket list, all that stuff is great, but you got to also have the funds to make it happen. And you got to have the, the strategy there to be able to walk yourself to through it and all the way through it. So get with a qualified professional like Jude and his team. Of course, as always, if you need some help reach out to them at centrist fs.com That’s interest fs.com. Don’t forget to subscribe to the podcasts on whatever platform app you like using playing wise retire free. As we mentioned, there’s some changes coming up here in a few weeks, we’re going to have a new look to the podcast coming very soon. So make sure that you are so excited checking out notifications, get those notifications that way you get new episodes when they come out. And of course you can do and the team will be sending out little blips and snippets along the way on other platforms and other kinds of things if they reach out to their clients. So again, look out for those changes coming up. But don’t forget to subscribe because it will carry over and we’ll see you next time here on Plan wise retire free again, if you need help reach out to judon team at centrist F s.com Jude, my friend, I will see you soon.
12:07
Thank you, brother. Take care. Have a great week, folks, we’ll
Marc Killian 12:10
catch you next time here on the podcast.
Announcer 1 12:19
The preceding program is sponsored by Judy Wilson, who is solely responsible for its content. Financial Planning and advisory services are offered through prosperity Capital Advisors PCA an SEC registered investment advisor, with its principal place of business in the state of Ohio centers, financial strategies and PCA are separate non affiliated entities. PCA does not provide tax or legal advice, insurance and tax services offered through centrist financial strategies are not affiliated with PCA. information received from this podcast should not be viewed as individual investment advice. Product discussions and illustrations are hypothetical in nature and will vary based on many factors including but not limited to age, health, product, insurance, carrier and product design, you should consult the insurance carrier website and policy for detailed information. For information pertaining to the registration status of PCA, please contact the firm or refer to the Investment Advisor public disclosure website WWW dot advisor info.sec.gov. For additional information about PCA including fees and services sent for our disclosure statement as set forth on Form ADV from PCA using the contact information here in please read the disclosure statement carefully before you invest or send money
