We read the news so you don’t have to!
Welcome to The Kitchen Table Finance Podcast, the show where we explore the big questions, trends, and stories shaping our lives.
Today, we’re diving into the key retirement headlines from November. Retirement isn’t just about money—it’s a major life transition, and this month’s stories highlight the emotional, social, and financial challenges that come with it.
And of course, we’ll dig into a cautionary tale of retirees falling for high-risk investments, showing why financial literacy is more important than ever.
Retirement is about more than leaving work—it’s about reimagining your life. Let’s dive into these stories and uncover what it takes to retire without regrets.
https://youtu.be/wvhLx5FNQFE
The Headlines We Discuss in This Episode
Harvard prof who spent 10 years studying retirees: How to ensure a ‘smooth transition into a satisfying retirement life’
Important to ask yourself Who will I be without my work?Americans tend to identify closely with their workWhat to do if you can’t fully answer the questionAsk yourself, Would I be more likely to say that my work is what I do or my work is who I am?”List core self-identities as they are currently and how you want them to be “identity bridging”This retiree accepted an investment broker’s invite for dinner at Ruth’s Chris — the decision cost him $158K
A story as old as time?While investors like Wilson earned a whopping 9% monthly return, brokers were earning up to 8% in commissions from GWG.Planning Your Retirement: What Not To Do
Underestimating health care costs – LTCOverspendingTaking Social Security benefits too earlyMiscalculating your RMDWorried About Long-Term-Care Expenses? Let’s Do Something About It.
Worrying about a potential LTC need keeps retirees from maximizing spending or making gifts to loved ones or charities59% say they are concerned about running out of money to pay for LTC – AARP#2 on the list of retirement worries according to the Society of ActuariesOnly $7Mil out of 75 mil over age 60 are covered by LTC Insurance4th bucket as a strategy to solve LTCHow much to put in – Genworth LTC study, age of needing care average (81)What types of investments to use: based on the age of likely use as a starting pointWhere to hold the funds (IRA, ROTH, after-tax)Back-up planReverse mortgageRetire Without Regrets
Huge life transitionIrene age 64 technical writer shifted easily and wished she’d left earlierLawrence struggled after a few months and ended up in rehabRetirement is a transition that involves several key phases: making the decision to stop working; detaching from work; experimenting with new relationships, activities, and social groups; and establishing a new, reasonably stable life structureResearch found satisfied retirees demonstrate four key behaviors through the phases of the four A’sAlignment between self and life structureyour central identities, needs, values, preferences, motivations, personality dispositions, and even healthAwareness of the interplay between the twoAgency in making changes in the self or life structureAdaptability in the face of events out of their controlUse the three other A’s to find alignment between self and life structureAwareness – getting a clear view of your self and life structureWe use the ideal day/week/yearAgency – take controlAsk yourself these two questions:What minor tweaks or major changes can I make in my life structure to have better alignmentIs there anything I want to change about my current self to improve alignment – getting healthier to be able to try more thingsAdaptabilityAccept, adjust & adaptList two events (one good one bad) that might alter your life structure and think about how you would solve them. What resources do you have, etc?How To Have A Happy Retirement: 4 Secrets From Research
In year 1 of retirement healthy retirees rate overall quality of life higher than those still workingBetween 1 and 2 we see retirees hit a low point with dropping quality-of-life ratingsRetirement is new and poorly definedHave a plan beyond finances – how will you invest your time?You may want to keep working – Just because everyone retires at 65 doesn’t mean you have tooGet a hobby – Find something you are passionate aboutGet social – replace your coworker’s social group. Have friends and see them oftenStay Connected:
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