If you read our last post about what you get out of work, then let's move on. If you haven’t, then go back and read it and do the exercise. I will wait here for you to return…
What was on your list for what you get from work?
I bet it was some version of…
- Money
- Benefits
- Social Network
- To do List
- Satisfaction
- Something similar?
What did you write down about what you want when you retire? Or when every day is a Saturday?
- Income
- Health insurance
- Friends
- Something to do
- Satisfaction
See the similarities?
Is that a coincidence or are we brainwashed? Do we all have to be accomplished and have friends and need something to do?
I think the answer is yes. Remember the post about getting rid of the word retire?
I don’t think we are meant to retire. I think we are meant to transition to the next big thing.
But we need all of the things that we got from working in this next phase in life.
You need a social connection. The deep relationships.
You need something to do – the satisfaction that comes from knowing you are engaged and productive.
You need a to-do list each day – there are a lot of hours in the day to just stare at four walls.
You need to feel needed and content with the days and weeks.
And, of course, you need income and, of course, you need benefits like insurance now that you are no longer working.
So, what’s the point? Why is that a big deal?
It’s a big deal because it takes planning. It takes putting in the time to figure out what you are going to do when the work stops.
It’s a big deal because you still have the same needs once you stop working that you had and received when you were working.
It’s a big deal because if you can figure out the second list and how to bring that all about, then you are in the top 10%.
Most people don’t figure this out before they stop working.
Be the one out of ten that does.
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Alex Bishop, CRPC®, MS, is a Private Wealth Advisor and Franchise Owner with Bishop Financial Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC in Huntersville, NC. He specializes in fee-based financial planning and asset management strategies and has been in practice for 22 years. To contact him, www.ameripriseadvisors.com/alex.h.bishop, 704.896.9985.
The views expressed here reflect the views of Alex Bishop as of March 7, 2023.These views may change as market or other conditions change. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
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