Living Your Best Retirement Life: The Planning Essentials You Need

Hello everyone. Thank you so much for joining me today. My name is Ryan Walker and I'm a senior wealth manager here at Stanberry Asset Management. I'm really glad to be here with you for this conversation about retirement and not just retirement in general, but how to actually live your truly best retirement. We're going to go through what I think are the real essentials. Not just the financial and numbers side of retirement, though we'll absolutely touch on that, but the decisions that shape your lifestyle, your peace of mind, and your relationships. And you know, this topic is really close to me because I've worked with a lot of clients in the past who have come into retirement in a solid financial positioning, but they still feel unfulfilled. They ask themselves, "Are they doing this right? Am I prepared for what's next?" So today, we're going to unpack a simple framework for planning that gives you clarity so you can enjoy more freedom and feel confident. Whether you're 5 years out from retirement, already retired, or even just beginning to think about this stage of life, this session is going to give you the tools you can actually use. All right, so let's dive in. All right. So, here's what we're going to cover today. First, we'll start with financial readiness and talk about preparing for retirement. And I'll walk you through the key planning elements you want to have dialed in before or during retirement. This part answers the big question most people start with, which is, can I afford to retire and actually stay retired? Then we'll shift into something just as important, maybe even a little bit more important, and that's designing a fulfilling retirement life. Some of these concepts were influenced by a book that I read called Keys to a Successful Retirement by Fritz Gilbert. I really appreciated how it balanced the financial aspects of retirement with the emotional aspects, the part that shapes your lifestyle, your mindset, and your connections. And we'll break that into three pieces. First will be mindset. How your beliefs and expectations shape your experience in retirement. Next is lifestyle. How you spend your time, your energy, and your resources. Then relationships, because honestly, retirement can sometimes feel isolating if we're not intentional about staying connected. And finally, I'll wrap up with a fun and really practical exercise called your ideal week. This is where you get to imagine what a truly great balanced week in retirement might look like for you. Not just what you're retiring from, but what you're retiring to, which I think is important as well. Picture your perfect week. Maybe that's starting the day with a walk, yoga, or golf. Spending time with friends or family, picking up that hobby you never had time for, traveling to new places you've always dreamed about, or volunteering for a cause you care about. It could also mean working part-time on a passion project that keeps you engaged. And this is a great exercise you can do with your partner, too. You can sketch out your ideal week separately and then compare notes. That way, you can discover what you like to do together and what you'd prefer to pursue on your own, making sure you both have time for your shared goals and your personal passions. Together, we'll give you tips on how to determine what you love to do more of and to identify what really brings you joy and purpose. This activity will help you figure out which activities you'd like to do solo and which you'd like to do as a couple and create a loose plan for your days so they can feel balanced and fulfilling. This exercise will tie together everything we've discussed, helping you see the big picture and making it feel real. By the end, you'll have a personal blueprint for your ideal retirement week. one you can look forward to together and individually with a better sense of what you want this next chapter to look like. So, make sure you have a notepad handy for the exercise later on. Let's move ahead. So, let's start with the practical side of retirement, the numbers, the plan, the structure, because before we can really enjoy the freedom of retirement, we need to feel confident that we're financially ready. When we talk about financial readiness, these are usually the first questions that come up. The big one, of course, is, do I have enough money to retire? And that's not just a math problem. It's also about confidence and knowing your plan is going to hold up over time throughout good and bad times. Then there's how much can I actually spend in retirement. This is where we shift from saving to spending and the transition can be, you know, a little uncomfortable at first. And finally, what do I do when the paychecks stop? This is a big moment for anyone. Your identity changes, your income source changes, and suddenly your portfolio becomes part of your paycheck. We're going to unpack each of these and I'll show you how we can help clients create a clear and flexible plan around them. First up is, do I have enough money to retire? This is usually the first big question people ask. And it really all begins with getting serious about tracking your spending. I recommend tracking your spending for at least a year to gauge a good estimate of what your lifestyle costs. This should include one-time larger expenses and make note if they might reoccur again in the future. Through this exercise, you might even pick up on a few subscriptions that you might have forgotten to cancel in the past. If you don't have a good handle of where your money is going today, it's going to be very tough to figure out what you're going to do once you stop working. And then you'll want to think about how your spending might change in the future. Some things might go down like commuting costs or buying workc clothes, but other expenses will likely go up. Travel or hobbies can really increase. Plus, you want to be especially mindful of two big areas like healthare and taxes because those can have a pretty major impact on your budget over time. A simple way to estimate this is what's often called the rule of 25. And basically, as you can see on this nice little graphic we have is that you take the amount you expect to draw from savings each year in retirement and multiply that by 25. That'll give you a rough idea of the nest egg you might need to feel comfortable. So, for example, if you think you need about $40,000 a year from savings, then you want to aim for a portfolio of roughly $1 million. So, the math is 40,000 per year multiplied by 25 equals a million. And as you know, this is just a starting point, but it can help you feel a bit more confident as you plan ahead. Now, a slightly different approach to this equation is asking yourself, how much can I spend in retirement? So, you know, one thing that can make this really tricky is if you've been forced into retirement, maybe because of a layoff, health issues, or some other reason, and you didn't necessarily plan on leaving work just yet. That can definitely add some pressure and make you feel like you have less control over the timing. A quick guideline a lot of investors use is the 4% rule. It's pretty straightforward. You take your total savings, multiply it by 4%. And that gives you an approximate amount you can safely spend each year in retirement. Then you add any other retirement income you might have like social security or a pension and that becomes your total annual spending. It's not a perfect science, but this 4% rule is a good starting point to help you feel a bit more grounded and give you a sense of what your lifestyle might look like, especially if you weren't expecting to retire so soon. But what if that number feels too low for the lifestyle you hope to have? That's when you may need to look at adjusting your lifestyle to better fit your financial situation. You can start by reducing discretionary spending. Look closely at your non-essentials, things like entertainment, travel, or dining out, and see where you can trim back without losing too much enjoyment. Another option is downsizing your home. Moving to a smaller house or a less expensive area can significantly reduce housing costs and free up cash for retirement. If you're exploring relocating in retirement, it's a good idea to spend extended time in your new location before finalizing your decision to try to get involved with the community before retiring. You might also consider part-time work or consulting. Even working a few hours a week can cover a portion of your living expenses and offer greater financial flexibility. Reviewing recurring expenses is also helpful. Shop around for better rates on things like insurance, cell phone plans, and other services. Those savings can really add up. Then set a strict but realistic budget. A detailed spending plan can help you stay on track and feel more in control. Making these kinds of changes can help you align your lifestyle with your financial reality and give you a more sustainable path forward. Remember, it's all about balancing what's important to you with what's affordable long term. And making small adjustments along the way can go a long way toward helping you feel more secure and satisfied in your retirement. So, to recap, the rule of 25 and the 4% rule, they're just rules of thumb. They're not one-sizefits-all solutions. Everybody's retirement situation is a little bit different. And honestly, it can be a lot more dynamic and unique than a simple formula. And there are quite a few things that can impact your financial stability and success in retirement. for example, how your investments actually perform and what assumptions you have made related to inflation, social security, taxes, etc. Another thing to keep in mind is whether your income stream and portfolio is properly diversified. Also, how efficiently you take distributions from different account types matters because of the tax treatment. Plus, oneoff expenses that you might not plan for right away, like buying a new car or even making home repairs or remodeling or moving. There could also be family or charitable gifting involved or taking a big trip to celebrate a milestone. Overall, there's a lot of things that could impact your income and retirement plan. That's why I think it can be really helpful to have these conversations with your wealth manager to personalize this and put together a customized retirement cash flow plan, one that's tailored to your unique goals and your life. If you are currently a SAM client, reach out to your wealth manager to start this process. This is one of the several benefits included in being a SAM client. What to do when the paycheck stops? So, once you stop working, one of the big questions is how do you pay yourself? A few practical things can help here. Set up periodic monthly deposits into your bank account from your investment portfolio so you can replace that regular paycheck feeling. You can schedule these automatic deposits to post on the same day every month. Make sure you're drawing enough to cover expenses, especially if you're used to a steady income. You can easily take one-time distributions as needed for those surprise expenses or big one-off purchases that pop up, like buying a car or booking that anniversary vacation to Tahiti. And importantly, give yourself an annual cost of living adjustment so your income keeps up with inflation and rising costs. That way, even though your paychecks have stopped, you'll have a stable, flexible income plan that adjusts over time. Before we move into the next topic of the webinar, I want to point out that it's very important to put the legal safeguards in place prior to retirement. If you haven't already done so, take the time to talk with your family about your wishes and determine if you need an attorney to draft or update legal documents like a power of attorney, a will, healthcare directives, a trust, or any other appropriate legal instrument. If you joined our SAM webinar in February, preparing for life's what-ifs, we covered these topics and gave examples of conversations that are important to talk about with your family and loved ones. I bring it up because having these conversations matter, especially as we enter retirement, and the webinar is a great resource to turn to. Now that we've covered some of the key financial tips and rules of thumb, let's shift gears a bit and focus on designing your retirement life to be as fulfilling as it possibly can be. All right, let's go over a few key areas we want to tackle as we talk about the personal side of retirement. First, how do I shift my mindset to retire with purpose? We'll explore what it really means to move from a careerdriven mindset into one that's more purpose- driven so you can feel more fulfilled every day. Next, what will my encore chapter look like? This is where we'll dive into the next chapter of your life, like what you'd like to do next. Whether that's a passion project, a new hobby, volunteering, or even taking on some part-time work. really helping you design this stage to fit your passions. And lastly, am I investing enough in my social wellness? Because staying socially connected is so important for your long-term happiness and health. We'll look at how you can build and maintain strong relationships and community ties so that you feel engaged, supported, and energized. So, let's talk about the mindset shift that happens in retirement. It's easy to think of retirement as a finish line, but really it's more of a launching pad into a new and exciting stage of life. And as you make that shift, financial independence can be so much more than dollars and cents. It's really about unlocking your time, your energy, and your relationships. You gain the freedom to decide how you spend your days and who you spend them with. And finally, purpose and connection matter just as much as income. While a solid financial plan is critical, it's the people you spend time with, the passions you pursue, and the sense of purpose you create that will truly define a meaningful retirement. And that reminds me of a quote I love because of how it sets the tone for an incredible future. Retirement is not the end of the road. It is the beginning of the open highway. Now, I want to kind of segue into the important four pillars of a joyful retirement. When we think about creating a truly joyful and fulfilling retirement, there are four key areas that really deserve our attention. First, health and vitality. And by that I mean your physical health, your mental sharpness, and your emotional well-being. Retirement is a time to focus on staying active, making nutritious choices, and nurturing a positive mindset. Prioritizing your health now will help you enjoy the years ahead with energy and resilience. Next, freedom and travel. This is about embracing leisure, adventure, and exploration. Many people look forward to retirement as a time to travel. Whether that's seeing new places across the world or just taking day trips closer to home. Beyond travel, it's also about enjoying your hobbies and having the freedom to explore new interests on your own schedule. Then purpose and growth. Retirement doesn't mean the end of personal growth. It can actually open up time for new passions. Whether you'd like to take up a new hobby, volunteer for a cause you care about, or even do some part-time or encore work that fulfills you, having a sense of purpose is so important for long-term happiness. And finally, connection and belonging. Staying connected to others, your family, friends, and community is key to avoiding the isolation that can sometimes come with retirement. Cultivating strong relationships and spending time with people who matter most to you will help you feel more engaged and supported. And here's a quick fun fact. 55% of retirees say travel is their top priority according to Trans America. That just goes to show how important freedom and exploration really are for so many people. Did you also know that 42% of retirees either work or plan to work in retirement? This is according to AARP, not necessarily because they need to, but because they want that sense of purpose and stimulation that comes with staying active. And that encore chapter can look very different for each person. Some people choose to start a passion project or business, finally pursuing that idea they never had time for during their career. Maybe it's something they've been thinking about for years but never had the time for. It could be opening up a local shop or turning a hobby into something more. Others enjoy doing part-time consulting, leveraging their expertise to help companies or individuals on a more flexible schedule. There are also plenty of people who want to give back by mentoring or coaching the next generation, sharing their skills and experience in a really meaningful way. And of course, a lot of retirees find a strong sense of purpose in volunteering for causes they care about, supporting their community and making a real impact. There's so many places that are looking for volunteers. dog shelters, food pantries, local community groups, or if you have grandkids volunteering at their schools and clubs. When you start thinking about your Encore chapter, the most important question is, what truly excites and fulfills you? A great first step is to reflect on your interests and strengths. What kinds of activities make you lose track of time? What skills or talents have you enjoyed using in the past? That can help you zero in on options that feel more natural and enjoyable. Next, it can help to experiment a bit before committing. Maybe try a short-term volunteer opportunity or even take on a small consulting project to see what the experience is like. It's also a low pressure way to explore new paths and figure out what feels right. It's also a good idea to look at your goals for this stage of life. Do you want flexibility and freedom or are you looking for a new sense of structure and purpose? Maybe you want to make a tangible impact on your community or share your expertise as a mentor. Being clear about your motivations will help you choose an option that matches your values. And don't hesitate to involve others. Talk with your spouse, friends, or a trusted adviser. Sometimes they can help you recognize passions or talents you might overlook yourself. The key is to give yourself permission to explore. The beauty of this stage is that you have the freedom to design your own version of an encore career. One that brings you joy, keeps you engaged, and feels meaningful at your own pace. When it comes to relationships in retirement, one of the most important things you can do is intentionally make time for them. Let's look at three different kinds of connections. And I'll even share a few podcasts that give you ideas and inspiration along the way. First, close relationships. This is about staying connected with the people who matter to you most, sharing everyday rituals and routines like a regular phone call or text, maybe planning a trip together, or making time for a weekly dinner or coffee. It might not seem like a big deal, but those connections really matter. Next up, friends. Having a great circle of friends you check in with regularly, plan group activities with, or even travel together, is so valuable, especially as we move into this stage of life. If you are still working, you should take advantage of building your social networks to carry your work friends into retirement. expand on those friendships when you have the chance because everything changes once you retire. A short podcast episode that celebrates friendships and social bonds is the happiness lab with Dr. Lorie Santos, especially the episode called The Secret to Making Friends as an adult because it focuses on connection and happiness. And finally, community. That means making an effort to belong, joining or forming local groups, trying a fitness club or hobby class, volunteering for a cause you believe in, or participating in faith or service-based gatherings. Being part of something bigger can give you a real sense of purpose. A podcast episode by how to age up called best of how to the infrastructure of community can inspire you to connect with your community and the people around you. The main takeaway I want to show and highlight here is that when you intentionally invest in all three areas, close relationships, friendships, and community, that's when you really feel fulfilled and supported. Why is social network so critical? Social wellness plays a huge role in how happy and healthy we are in retirement. Studies show that loneliness can increase the risk of mortality by 26%. So staying socially connected really matters. And it's not just about avoiding negatives. Socially engaged retirees report twice as much life satisfaction. That's according to Stanford's Center on Longevity. In fact, friendships after retirement are one of the top drivers of day-to-day happiness as noted by Dr. Wallinger. So, making time for those connections isn't just a nice to have, it's essential to your well-being. That brings us to our final section where we'll take all these ideas, your financial positioning, your purpose, and your relationships, and put them together into something very practical. We're going to help you design your own personalized ideal week, one that reflects your priorities and gives you a clear sense of how you want to spend your time. This is where it all comes together. So, let's dive in. First, what is the right balance of structure and freedom for you? Some people thrive with regular routine while others want more flexibility. Getting clear on what feels best to you can help shape your days. Next, which activities give you the most sense of meaning? Think about what really energizes you. Maybe it's spending time outdoors, being creative, learning something new, or giving back. Prioritizing those kinds of activities can make each week feel much more fulfilling. And finally, what would a truly fulfilling week look like? Imagine waking up on Monday and feeling genuinely excited for the days ahead. What would your ideal week of rest, adventure, purpose, and connection look like? By answering these questions thoughtfully, you can craft a week that feels meaningful, balanced, and aligned with the retirement life you want to live. Now, we'll be designing your ideal week together. a fun exercise that you can compare with your partner, your family, spouse, friends to see how your visions align. Here's how we put this all into practice. Go ahead and grab your notepad and a pen and just jot down some ideas as we go. It doesn't have to be perfect or detailed at first. The goal is to simply start thinking about what your ideal week might look like. Remember, we want to strike a balance between structure and freedom because that combination is really what creates happiness and keeps your days feeling fulfilling. Here are a few weekly flow ideas to get you started. Maybe you'd like two days for social connections, seeing friends, sharing meals, going to events. Perhaps you'd like to set aside two days for personal enrichment. Things like physical movement, learning something new, or even part-time work. One day could be about giving back, volunteering, mentoring, or helping in the community. Then that would leave you with two days flexible for spontaneous travel, family visits, or simply to relax. So take a moment and jot these ideas down. Feel free to adapt them to what feels right for you. The most important thing is to begin to picture a week that feels balanced, meaningful, enjoyable. Once you have a framework, put it on your refrigerator and revisit it periodically. Living your best retirement is really about putting all the pieces together. It means aligning your finances to support your real life so you can do what matters most to you. It's about having clarity in your lifestyle goals so every day feels purposeful. It's also about staying socially connected, investing in relationships that keep you feeling engaged and supported. And finally, it's about building a structure for purposeful joy so you can wake up each day with a sense of balance, freedom, and fulfillment. I greatly appreciate you spending this time with me. I hope this session gives you a few new tools and ideas to help you plan a retirement you truly look forward to. I want to remind you of a few helpful resources I mentioned throughout the webinar to support your financial and retirement journey. If you'd like to dive deeper into planning for a fulfilling retirement, I highly recommend the book Keys to a Successful Retirement by Fritz Gilbert. It's an easy read and full of practical advice and tips along the way. For those of you who enjoy podcasts, two that I personally find insightful are The Happiness Lab with Dr. Lorie Santos and How to Age Up, which explore the psychology of well-being and aging in a very engaging way. And lastly, as you think about your own goals, remember that while the simple benchmarks like the rule of 25 or the 4% rule can give you a quick sense of your retirement needs, they're just rough estimates. Nothing replaces a holistic wealth plan tailored to your unique circumstances. If you'd like to go into a deeper look at your cash flow projections or stress test your personal situation, please let your wealth manager know. That way, we can put together a financial plan that's truly customized to you. Thank you so much for watching our webinar. And if you're not yet a client, we'd love to help you plan your own unique retirement. Please don't hesitate to reach out. You can give us a call at 646854-4370. Send us an email info@stansburyam.com or visit our website www.stansburyam.com. And if you'd like to set up a complimentary introductory meeting, just scan the QR code on your screen. It will take you directly to our scheduling page. Thanks again for joining us. We look forward to helping you create a plan that supports the life you truly want in retirement. Please also follow us on social media. It's a great way to stay in touch and get updates. We regularly post to helpful articles, video recordings of our webinars, and invitations to register for future events just like this one. We'd love to have you join our community online. It's a great way to keep learning and stay connected. Just a quick reminder that this presentation is forformational purposes only. Nothing we discuss today is intended as personal investment, tax, or legal advice. Every client situation is unique. So, please consult with your adviser, accountant, or attorney before making any financial decisions. Again, thank you for joining us today. I truly hope that you found this valuable and informative. Thank you. Bye-bye.