Other Retirement Facts:
The MIT AgeLab did a study a couple of years ago asking people for five words to describe what retirement looked like. They came back with 928 words, but on today’s episode of the podcast, we’ll talk through the top words mentioned. What does retirement look like or mean to you?
The majority of the words were positive, but there was definitely a wide mix of words. Things like “happy,” “family,” and “success” all came up. Another set of words included “health”, “travel,” and “freedom.” Phil’s clients often consider how to plan for travel and if they have enough for retirement. Remember to keep in mind, what are you retiring to? What are you going to do?
Instead of words focused on money, much of this study found words relating more to the emotions and feelings people wanted to have in retirement. But when it comes to traveling or healthcare, having the resources in place is key. Figuring out what your vision of retirement can help define what you need financially to make it happen. Be sure to also align your vision with your spouse so you can work toward your goals together.
What words would you use to describe retirement? You might find it helpful to list these out and talk them over with your financial advisor to keep focused on your retirement goals.
Listen to the entire episode or click on the timestamps below to skip ahead.
0:18 – How would you describe retirement?
2:09 – How was the study broken down?
6:11 – What words does Phil hear from clients the most?
7:33 – How does the financial plan fit into your retirement?
9:22 – How can you find alignment with your spouse about retirement?
A Quotable Moment:
“You really have to think on: ‘What is retirement to you? What does it look like?’ so you can properly plan financially to make sure that your expectations of retirement are met.”