How to Avoid These 5 Mistakes in Retirement, Ep #181

I recently came across an opinion piece, “I Failed at Retirement: How to Avoid My Mistakes,” by Mike Drak. Mike worked in the banking industry for over 30 years. His wife is an investment advisor. But when he retired, he quickly felt like he had failed to prepare. How did he fail at retirement? I will dissect the five mistakes he said he made in this episode of Best in Wealth! [bctt tweet="In this episode of Best in Wealth, I share 5 retirement mistakes and how to avoid them! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:27] Why I was unprepared for Fortress Planning Group [5:11] Mistake #1: Focusing on the money [7:34] Mistake #2: Thinking retirement would be easy [10:20] Mistake #3: Believing the retirement commercials [12:26] Mistake #4: Retiring makes your problems disappear [14:39] Mistake #5: Not having something to retire to [17:12] How you can apply these mistakes to your life Mistake #1: Focusing on the money There is a belief that the quality of your retirement depends on how much money you have. While you do need money to fund your retirement, there is something bigger at play. You have to design a life for your retirement years that you will enjoy before you retire. If you retire at 65, you may have 25+ years of quality life left. What are your values? What makes you happy? How can you satisfy those questions in retirement? The one thing I have learned being a business owner and financial planner for eleven years is that it is not all about the money. Build a board of your goals, dreams, and aspirations. Figure out what they are before you retire. Mistake #2: Thinking retirement would be easy Quitting your job is considered one of the ten most stressful life events. You are doing the same thing for years and suddenly you hit the brakes and you are done. The unknown is stressful. When you are at your job and people count on you, you are in a comfortable room. But the moment you leave your working life, you are kicked into the hallway. The hallway is cold, dark, and unfamiliar. But there are a lot of rooms you can decide to enter. You finally walk down the hallway and look through a door. Maybe it does not fit, so you investigate until you find the room that fits perfectly for you. You just have to find it. [bctt tweet="Find out why thinking retirement would be easy is a huge mistake in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Mistake #3: Believing the retirement commercials The narrative is that you can just slow down, play golf, and do whatever you want in your retirement—and you would be satisfied. There is nothing wrong with golfing, vacations, and spending time with your grandkids. For Mike, this was not enough. He was not built to slow down. But retirement does not have to mean slowing down. You just have to find somewhere else to continue your fast-paced life. Mistake #4: Retiring makes your problems disappear I think a lot of us fall into this category. Are you miserable at your job? Are you miserable in other areas of your life? Quitting your job will not make you magically happy. It will not transform who you are if you were not happy before. You will not magically hit the gym, eat healthily, or travel more. Make sure as a family steward that this is not you. Do you have an unhealthy routine right now? Build a new routine that you thrive on. It will take thought and work—so get started before you retire. [bctt tweet="Despite popular belief,...