Life is uncertain and it’s important to plan for the unexpected. However, don’t be fooled: you can’t control everything. It’s important to realize the trade off of delaying retirement to accumulate more financial security at the expense of enjoying the next phase of life. I suspect many readers struggle with the transition from saving to spending. We’re zebras and we have a hard time changing. A study from the Employee Benefit Research Institute in 2018 indicated that about one-third of retirees had more money after 20 years of retirement than when they started. I recall reading 3 questions to ask when contemplating retirement. First question asks how winning a 10 million dollar lottery would change you (remember, you’re a zebra). Second question is what would you do today if you were given a terminal diagnosis with death in a few days (go to work?). Third question is what would you most regret not doing given your prognosis.
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Life is uncertain and it’s important to plan for the unexpected. However, don’t be fooled: you can’t control everything. It’s important to realize the trade off of delaying retirement to accumulate more financial security at the expense of enjoying the next phase of life. I suspect many readers struggle with the transition from saving to spending. We’re zebras and we have a hard time changing. A study from the Employee Benefit Research Institute in 2018 indicated that about one-third of retirees had more money after 20 years of retirement than when they started. I recall reading 3 questions to ask when contemplating retirement. First question asks how winning a 10 million dollar lottery would change you (remember, you’re a zebra). Second question is what would you do today if you were given a terminal diagnosis with death in a few days (go to work?). Third question is what would you most regret not doing given your prognosis.
Post: Not in the Plan
Link to comment from May 4, 2022