Focus: YOU! - A Recap Of Actions YOU Can Take To Plan For Your Retirement
A recap of the Actions To Build Confidence
Sometimes we all fall a little short of expectations
Photo by NoWah Bartscher on Unsplash
Through a combination of technical difficulties and procrastination I didn’t get the FREE travel research done as thoroughly as I would have liked this week, so we’re going to switch it up a little. I promise that next week we’ll explore ways to travel for FREE! (But remember, there’s no such thing as a free lunch. Most of the options will require a little sweat equity, but may be well worth the effort!)
This week we’re going to focus on YOU! I bet there were a few Actions To Build Confidence that you said to yourself “I’d like to do that.” I bet you also didn’t quite get around to it, at least in some cases. If that’s you, you’re in luck! I’m giving you a second chance. This time, take a few minutes to put the actions you want to take on your calendar and then commit to yourself to do them when the time comes. Or, better yet, have a friend or your significant other put it on their calendar to follow up with you! They’ll help you stay accountable. As a reminder, here are all of the Actions To Build Confidence that we’ve had in our newsletters to date. Try a few!!
Financial
Tiny: Read an article each week focused on Financial wellness in retirement.
Bold: Track your spending this month. It will help you understand how much you are spending and whether there are places you can more easily cut back, if needed. You can also identify places where it will change in retirement. You can track it in a notebook, a spreadsheet or, if you’re like me and want it tracked automatically, try Mint and it will automatically update your spending based on the accounts you link!
Audacious: Make an appointment with a Financial Advisor or Financial Planner. Bring in a few scenarios that you calculated with the Ultimate Financial Calculator. Find out what changes you may need to make to get on track for your Retirement goals!
Tiny: Download Mint and hook up your checking accounts and credit cards
Bold: Break out your spending between “discretionary” and “non-discretionary” spending. (Non-discretionary is spending you have to do no matter what, like pay your mortgage and utilities.) Then, think about which of the discretionary categories is most important to least important to you. This can help when income gets tight.
Audacious: Once you know your budget, cut your spending by 10% the following month. Journal what was easy and what was difficult about that spending cut. This will be useful when we talk about options if your income and spending don’t match. (Hint: spending cuts are not the only option if that happens.)
Tiny: Download Personal Capital and hook up your accounts.
Bold: Figure out your net worth and calculate the future value in retirement.
Audacious: Find your gap! Does your income cover your outgo? If not, rank the strategies in the order you’d be willing to execute them. What feels right for you?
Purpose
Tiny: Each day write down something you are grateful for. As the list grows, patterns may emerge that can help guide you to your purpose.
Bold: Take the Career Personality assessment and do something from the list of activities that grabs you.
Audacious: Write a mission statement for your Third Act. Start with “I define success in this Third Act as… and I live by these values…” Share it with friends and significant others and begin to live into that mission.
Tiny: Figure out an identity line and practice it in the mirror. “I’m Jeri and I’m working to find the most beautiful waterfall in the US”
Bold: List out the ways you identify yourself. You may feel like your job or status is your main identity, but if you look deeper you might find other things you identify with, like skills or hobbies or faith or relationships. Brainstorm all of them.
Audacious: Try on a new identity for size. Grab a side gig that emphasizes something else you are good at besides your job.
Tiny: Write your volunteering “why.” What gap, or gaps, are you looking to fill with volunteering?
Bold: Research agencies or local opportunities online. Make a list of contacts and qualifications and narrow them down to a few that look like fun.
Audacious: Take you out to the ballgame! Or the local theater or concert hall or art museum. Find the volunteer contact at your favorite venue and tell them you’re available!
FUN!!
Tiny: Search for pictures online that make you smile.
Bold: Write a list of all of the times you remember having the time of your life! Are there any you’d like to revisit? Schedule them!
Audacious: Start a travel fund with a goal to go wherever you’ve always wanted to go. Book a hotel there for after you retire (even if that is a few years from now). Contribute to the fund every month and talk about your trip every chance you get!
Tiny: Go find a hotel to book for the weekend on Travelzoo or a unique home rental on AirBnB! I’m sure there’s one in a great town near you!
Bold: Sign up for a points card and start spending! Of course, pay off your balance at the end of the month, but start researching how many points you need to get your first free ticket!
Audacious: Book Bali through a fully refundable deal on a site like Travelzoo, because… why not?? It’s fully refundable if something comes up and you can’t travel in the next 18 months.
Wellness
Tiny: Take a walk around the block after dinner Sunday through Thursday
Bold: Set a FUN goal that requires exercise and then set your little goals to get there and commit to doing them.
Audacious: Join a gym or a sports league and show up 60 minutes per day 6 days a week.
Tiny: Add a fruit or vegetable to one meal each day
Bold: Cook 5 meals at home each week and try a new fruit, vegetable or lean protein with each of them.
Audacious: Write a food journal of all of the real food that you are adding to your diet and replace a processed food with one from your food journal each day for the next week.
Connections
Tiny: Talk about your retirement plans with your significant other over dinner.
Bold: Fill in your roadmap and set aside some time to discuss it with your significant other.
Audacious: Set up time to talk with a Financial Planner and an Estate Planner and maybe even a space planner (for your cave to escape) about your strategies as a couple when you retire.
Tiny: Make a plan with some ideas of who you could have lunch with regularly and how you might want to go about closing some of the gaps you may have as a single. Write it down.
Bold: Set up your advance care directive and durable power of attorney.
Audacious: Find an estate attorney that is willing to do a free education session, then schedule something and invite all of your friends! That can kick off the conversation about what help everyone needs and whether you can provide some of that help for others and vice versa!
Let’s make this newsletter what you want it to be!
You’ve seen what I have to tell you. You have some idea of the things I’ll bring to you through these newsletters, but I want to make it more relevant for you! Give me your feedback! What do you like? What do you dislike? What else would you like to see? Let me know!! (This polling platform is new to me, and it looks like pretty new, in general - and free, so… but I’m learning all kinds of new things in retirement! Fingers crossed this experiment works and these polls are easy for you to use and easy for you to see the results.)
Please answer any or all of the 4 questions below.
What Focus area is most interesting to you?
1. Purpose <vote>
2. Connections <vote>
3. Wellness <vote>
4. Financial <vote>
5. FUN! <vote>
See results Go to poll page
What would make you want to tell all of your friends about the Rockin' The Third Act newsletter?
1. Shorter articles <vote>
2. More detail on the topics <vote>
3. Less frequent publication <vote>
4. More focused articles <vote>
5. Broader content <vote>
6. More friends retirement age <vote>
See results Go to poll page
What topic would you like to see in future newsletters?
1. Healthcare coverage including Medicare <vote>
2. Tax strategies <vote>
3. Gig jobs for retirees <vote>
4. Focus on specific travel destinations <vote>
5. Living abroad <vote>
6. Long Term Care and Umbrella insurance <vote>
7. How to create meaningful connections <vote>
8. Brain health <vote>
9. Healthy eating strategies and recipes <vote>
10. Top 10 health numbers you need to know <vote>
11. Stories of successful retirees <vote>
12. Financial strategies to help your grandkids <vote>
13. Physiology education <vote>
14. Books to read for retirees <vote>
15. Top 10 questions to ask your experts (CPA, Financial Advisor, Nutritionist, etc.) <vote>
If you have any other ideas, please put them in the comments or just reply to this email and let me know!!
See results Go to poll page
If you could change something about the newsletter it would be:
1. Too long <vote>
2. Not enough depth <vote>
3. Not enough real life examples <vote>
4. I don't like the Actions To Build Confidence section <vote>
5. I don't like the Further Reading section <vote>
6. Topics not relevant <vote>
7. I only like one or two of the focus topics <vote>
8. Too conversational/informal <vote>
9. Not enough experts or others weighing in (only the author's opinions) <vote>
10. Weekly is too frequent <vote>
See results Go to poll page
Thank you for reading! I’m always amazed at the engagement of this newsletter! I hope you are finding it useful and I will do my best improve the community based on your feedback!
Thank you, Jeri. Another useful newsletter. I've done most of the tasks you recommend -- I cut my spending by 50% when I retired, so not cutting it by another 10%. hahahahahahahaha