Redefining Retirement: More Than Just Financial Planning

Dear Friends,

In this week's edition of the Act Three newsletter, we're exploring an often-overlooked aspect of retirement planning: the emotional and identity challenges that come with leaving the workforce.

I recently had the pleasure of being interviewed on Unconventional Money Moves with Joshua Krafchick, a Financial Advisor in my network.

Joshua Krafchick is one of the financial advisors I’ve met who understands the need to look at his clients’ retirement plans holistically. He asks them what they plan to do with their time in retirement and will send them to me if he senses that they might be struggling. He might even recommend that they start working with me a couple of years out from retirement to start the planning process. This is a big differentiator for his business.

Please have a watch or a listen to this interview. You will get to know Joshua and you will get to know a lot more about me and why I do this important work! I am the one answering questions this time ??

Key Takeaways from the Interview:

1. Identity Crisis: Many retirees, especially those from high-level corporate positions or business owners, struggle with a loss of identity after leaving their careers.
2. Time Management: Without proper planning, retirees can find themselves overcommitted to activities they don't truly enjoy or feeling lost without structure.
3. Opportunity for Growth: Retirement isn't about slowing down; it's a chance to explore new passions, start new ventures, or make a meaningful impact.
4. Intentional Planning: Start thinking about your retirement lifestyle 2-3 years before you actually retire to ensure a smooth transition.
5. Boundaries: Learning to say "no" and setting clear boundaries is crucial for a fulfilling retirement.

Action Steps for Soon-to-be Retirees:

• Reflect on what aspects of your work you truly enjoy and how you can incorporate those elements into your retirement.
• Create an "ideal day" and "ideal week" plan for your retirement to guide your time management.
• Practice setting boundaries and saying "no" to commitments that don't align with your retirement goals.
• Consider working with a retirement coach to help navigate this significant life transition.

Remember, retirement can last 30-40 years. It's not just about having enough money; it's about creating a purposeful and joyful next chapter in your life.?

HOT TIPS ??: In the interview, I mention that Financial Advisors should have some resources for their clients as they are approaching retirement. Here are a few of my favorites:

• The Second Mountain by David Brooks
• Designing Your Life: How to Build a Well-Lived, Joyful Life by Bill Burnett and Dave Evans
• The Act Three Podcast, where I interview people who are thriving in their next chapter, including this interview with Dave Evans, co-author of the aforementioned Designing Your Life.
• This newsletter!
• Have a conversation with your clients about what they are planning to do in retirement. If they don’t really know (it’s got to be more than golf and grandkids!), tell them you know someone who can help them with a fun and exciting plan for their next chapter and send them my way!

Stay tuned for weekly content about travel, health, relationships, identity, spirituality, doing good and starting a new venture as it relates to retirement/the next chapter in your life ?

Please subscribe and forward this newsletter to others who are thinking about retirement planning or are already retired. Thanks for your support ??.

Warm regards,

Cara Gray, Retirement Coach

P.S. If you want to start planning your retirement, set up a time on my calendar for a chat: Schedule a Chat with Cara

P.S.S. If you are curious about my Retirement Blueprint service, here are all the details including how to get started.