the new retirementality · 2018-11-06 · rand study conclusions. 11 vocation the retirement that...

Virtual Learning Event: Retirement Revised

https://learn.extension.org/events/2920

The New Retirementality

This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2015-48770-24368.

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Mitch Anthony

Founder and president of Advisor Insights and the Financial Life Planning Institute, a provider of financial life planning tools and programs for the financial services industry.

Today’s Presenter

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How to get the best Return on Life in RetirementBased on The New Retirementality by Mitch Anthony

© 2002-2015 Mitch AnthonyBigStock.com/MitchAnthony

The Retirement That Works

Retirement: A Brief History

Age set at 62 �when people �lived to 63

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German Chancellor�Otto von Bismarck

introduces �modern pensions

Age set at 70 �(later lowered to 65)

Great Depression �and Social Security

1885 1918 19371935

Otto von Bismarck

The Retirement That Works

Institutional Remnants That No Longer Fit

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BigStock.com/MitchAnthony

The Retirement That Works

Institutional Relics

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Paternal Model

Company Towns

Jobs �for Life

2-Year Retirement

Pension

Re4rementhaschanged.Whathappensifyoudon’tchangeyourapproach?

The Retirement That Works

•  Sense of identity loss

•  Social/relationship challenges

•  Change/reduction in mental stimulation

•  Psychological issues around not getting a paycheck

•  Extra time to fill in the day

•  Anxiety/depression

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Retirement Challenges

BigStock.com/MitchAnthony

The Retirement That Works 10

Takes 2 to 4 attempts

6 month rebound into “unretirement”

Diminishing returns on leisure

Rand Study Conclusions

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Vocation

The Retirement That Works

Finding Your Balance

Vacation

The Retirement That Works 12

Connecting

Leisure Vocation

Renewal

My �Retire

mentality Profile

WhataboutTheWORKERBEES?

•  THOSETHATENJOYWHATTHEYDO…..

The Retirement That Works

Top Four Reasons

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People Gave For Continuing Their Work

FRC STUDY

90%

Staying healthy

87%Money

for extras

82%Staying �

socially active

79%

The challenge

The Retirement That Works

Redefining Work

“An engagement that �brings value to others �and meaning to you”

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Work:noun

The Retirement That Works

WHEN IS The Time To Go?

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Ask Yourself: “What is the expiration date on your intellectual, relational, and experiential capital?”

“Do not think of retiring until the world will be sorry to see you retire.”

The Retirement That Works

WHEN IS The Time To Go?

– Samuel Johnson

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The Retirement That Works

The New RetireMentality Challenge

•  Pursue what is meaningful in your life.

•  Challenge mind, body, and spirit.

•  Round out pursuits.

•  Delay distributions.

•  Watch your “attitude instrument.”

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The Retirement That Works

Attitude is Everything

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BigStock.com/MitchAnthony

“I’m aging the best way I know how, but I refuse to get OLD.”

The Retirement That Works

Truth

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The Retirement That Works

Elasticity

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“We get old because we give things up.”Mayo Clinic Study on Stress and Pessimism

– Theodore Green (93 year-old Senator)

The Retirement That Works

Retiring On Purpose

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A time for purposeful engagement

Who is your Retire-Mentor?

Bucket list: impact = experiences

The Retirement That Works

Investment Questions

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How will you allocate your time?

How will you invest in who you are?

Thank you

© 2001-2015 Mitch Anthony

BigStock.com/MitchAnthony

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Personal Finance Virtual Learning Event – Next Session

Catch-Up Retirement Savings •  Date: Thursday, June 8, 2017 •  Time: 11 a.m. Eastern •  Location: learn.extension.org/events/2935

For more information on MFLN Personal Finance go to: https://militaryfamilies.extension.org/personal-finance

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Personal Finance Upcoming Event

Behavioral Ethics & Personal Finance: A Discussion of Morality, Bias & Framing

•  Date: July 11, 2017 •  Time: 11 a.m. Eastern •  Location: learn.extension.org/events/2961

For more information on MFLN Personal Finance go to: https://militaryfamilies.extension.org/personal-finance

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This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2015-48770-24368.

militaryfamilies.extension.org/webinars