Doug connects with Shawn Maloney, a retirement planning expert to explore retirement planning and goal setting. Their conversation explores the psychology of retirement, the importance of planning beyond just finances and how to truly retire happy. Shawn also shares his innovative "retire happy framework" and discusses the crucial balance between enjoying retirement and ensuring financial security.

KEY TAKEAWAYS

• The retirement journey isn't just about money, it's crucial to understand what will bring fulfilment and joy in retirement before figuring out the financial aspects.
• Only 10-15% of people have a proper drawdown plan for retirement, professional guidance in most cases is needed to create a sustainable retirement strategy.
• There are three distinct stages of retirement: the "go-go years" (high activity and spending), "slow-go years" (reduced activity), and "no-go years" (focused on medical and basic needs).
• The psychological shift from career to retirement is significant, people need to redefine their purpose and identity beyond their work life.
• Start retirement planning in your forties when your career and earnings are more defined, rather than waiting until your fifties when market dips become riskier.
• Consider the "opportunity cost" when making decisions. This means to evaluate whether actions are moving you toward or away from your retirement goals.
• Focus on covering base needs first to achieve the "happy factor" - ensuring peace of mind before planning for additional wants and wishes.
• Creating a work-optional lifestyle should be the goal, allowing flexibility to continue working on your own terms rather than necessity.

BEST MOMENTS

"Let's cover your base needs, your core expenses on a monthly basis. If you get that covered and get your nest egg generating that monthly need, that's your peace of mind, right? That's your happy factor."

"The money is just the money. The money in your house is just money. Your equity in your house is just money. And the money in your savings is just money. And the money in your retirement planning is just money."

"Set your goals and look at what the opportunity cost is of not setting that goal and trying to work toward it”.

"Life isn't linear... I've seen your life 10 years from now, 15 years from now, 20 years from now, because of all the people that have been looking after over the last 40 years"

ABOUT THE GUEST

https://www.linkedin.com/in/shawn-maloney-retire-wise/

https://www.facebook.com/shawnmaloney01

https://www.retirewisepro.com/

 

VALUABLE RESOURCES

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BOOKS:

Goals Do Come True is now live and available to buy on Amazon: https://amzn.to/3phcy6Z

Think Simple, Win Big is now live and available to buy on Amazon: https://www.amazon.co.uk/Think-Simple-Win-Big-Business/

Enjoy, and come back for the latest podcast each Wednesday. Thank you for listening.