Your Retirement Plan Is Missing a CRUCIAL Element

[@foundryfinancial]

Did anything resonate with you?

[@jonathanwendel7480]

Most all of it, and thanks again...

[@husseinabd6937]

Yes Kevin It resonates Specifically How to pay for Medical Insurance and make the ends meet. Keep working in the vicious cycle of one more years

[@husseinabd6937]

And even how to optimize the taxes. Very High property taxes High state taxes High Federal taxes and paying for Healthcare All that eat up all their money and leave some leftovers to survive on

[@husseinabd6937]

It makes it fearful to retire

[@jameymaze]

Yes, appreciate this one. These are things we all need to consider.

[@maxpayne7419]

I retired a year ago at 54. I absolutely LOVE being retired. I enjoy every single day and I can’t wait to wake up and start the next. My only mistake is I couldn’t do it earlier.

[@jordanschwartzberg]

My thoughts exactly!

[@ChuckHolland-i4b]

Oh man, this hits so close to home. I had a windfall investment come my way in my early 50s, which allowed me to retire from the corporate grind. Having worked full-time since I was 18, I was ready to finally be my own man. The first two months were amazing-dinner dates and midweek drinks with my wife, and plenty of house projects to keep me busy. But by six months, I ran out of meaningful ways to stay productive and useful. By the eighth month, I started to struggle mentally and emotionally. At the one-year mark, my wife came home from work, took one look at me, and said, "Honey, you need a job." She was right-I was miserable. As an extreme extrovert, I thrive on meaningful, stimulating interactions, team-building, project management, and mission-driven work. Being on my own cut me off from what I do best: leading. I’m so grateful I was able to jump back into my career without missing a beat. While the commute can be a drag, the high-speed, high-pressure environment is where I thrive. It feels good to be back in my element!

[@jasonmoquin]

Recently my wife asked me why I have been less upbeat and motivated. She had asked me to stop working my low-hours side job about 4 months ago. That side job was physically demanding and was hard for a 55 year-old, but I loved it. It was the most challenging part of my week, but I always felt like I’d accomplished something at the of that shift. I tried to make my reply funny, but it ended up being an epiphany for us both. I said jokingly “I have no more dragons to slay, honey. I always need a dragon to fight.”. She’s well-versed in psychology and it must have resonated with her, because she told me that she completely understood what I meant, that she already knew that about me, and told me that I had to go back. I start back in one week. My wife is an amazing woman.

[@foundryfinancial]

An amazing wife is a gift!

[@BigNate82]

Don't simply retire from something; have something to retire to...

[@LodianRB]

Well stated and so true. As someone who has retired and didn’t have something to retire to, I feel aimless.

[@Gumpmachine1]

Exactly, on vacation I often consider this issue because doing nothing gets boring pretty quickly

[@CM_7]

That‘s it. I am actually planning kind of a new though non paying career. I don‘t need more money, but want to be serious about it.

[@douglashank8480]

Thank you for taking the time & effort to cover topics that are way beyond what people might usually expect from a financial planner. You've touched on this sort of thing in earlier videos, but it's good to see one that's dedicated to the many steps that come later.

[@vojislavduric5040]

I feel lonely, exploited and underappreciated while working. Retirement cannot be worse than this

[@user-dn6us3qt8c]

One of the biggest issues of retirement that I have been struggling with after running a small family business for over 40 years. For me one of the best videos you have produced. Thank you Kevin.

[@markwat54]

I as I approach retirement, I am fortunate to not have to worry much about money. All the things on the top of that list, however, I worry about everyday. It's the mental health part of retirement that worries me.....the network of friends, the purpose, the self actualization........my work has occupied a huge percentage of my waking hours........now what?..........it's a little scary.

[@Duxbury-o8d]

Smart viewpoint! im 33 years old, I've 401k and opened up a ROTH IRA with fidelity and bought into the S&P500 mutual index fund. After all bills and other carefully managed expenses, I can afford to invest $300/month at 100% into the S&P500 for the next 30+ years hopefully. That's the goal..Should I just keep dumping $300 every month into s&p, or should I diversify a little, My goal is to accrue a good chunk towards retirement. I plan to keep the investments as simple as possible.

[@AsandeMonwabisizondi]

There are many decisions to make, and as a novice, it is usually preferable to assign your daily investing to a knowledgeable advisor.

[@ethelbertt]

I agreed to have an advisor manage my ongoing investments because I don't have the time to undertake my own stock analysis due to my work as a doctor. Fortunately, my six-figure portfolio has grown five times in just five years, reaching nearly $1 million as of today. I became completely invested during the pandemic outbreak in 2020. S&P500 index is smart but for certain options you need a little push to the right step.

[@DeysiNunez-fz3vg]

Cheers! I actually subscribed for a few guiders on youtube but it didn't help much on my 401k.

[@ethelbertt]

I resonate with what you said, I also got off to a bad start, lol but I'm lucky to have my portfolio being exceptionally supervised through a financial security, Feel free to write Deron cirillo i heed his advice. Tbh, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@Asawyer-u6q]

Ethel Spotted Deron’s page, I’m impressed

[@stephenridd6834]

Retired at 50 ... BEST thing i ever done !!!

[@DebOnTheWebb]

I needed to hear this today. Thank you so much.

[@tonywright8342]

Yes I get what you’re saying. I retired 2 years ago and haven’t come to terms with it. From the day we are born we are not allowed to be who we authentically are. We spend our lives getting a sense of who we are from work, chasing money. All outside of who we really are. When that was taken away for me I’m now in no man’s land. All the things I done I now have no interest in. Coming up 2 years now

[@cicyxu8047]

Well said! An important element to be happy in retirement, but not being talked about by many.

[@pengmagno7395]

All of these are great stuff but we don’t need to wait for retirement to achieve them! The journey is the joy!

[@mrb552]

Loved the video. Please keep up the great work. This boglehead thanks you. Maslow's "Hierarchy of Needs" was discussed in one of my first classes in college (psychology) some 35+ years ago. 🙂

[@foundryfinancial]

Thank you!

[@qantes]

Great perspective. I see people I work with retire and are lost bored etc after 3or 4 years. I think hi about this a lot and are starting to get some ideas. Thanks for tieing this to Maslow. Haven't thought about him since college

[@teresacheung2970]

Thank you for helping your viewers to think and reach beyond the finances of retirement. Without growing and investing in our spiritual life we will never feel complete and truly fulfilled.

[@brintmontgomery8323]

Excellent analysis, Lum.

[@tarlkudrick1174]

I'm very glad I have virtually never defined myself, my purpose, or my self-esteem through my paid work. Work is a way to make enough money that you can save and invest enough money so someday you no longer need to do any paid work you aren't genuinely excited about.

[@dominic8218]

Nice vlog Kevin and great connections made. Retired at 54 and nearly 2 years in - so this resonates 👍🏻

[@martygraw9708]

Awesome message and so true. I was always happiest when I approached my job and life with a servant attitude. I was not aware that Maslow added the other layers. Funny that it was not taught in a corporate setting 😊

[@BurritoSupreme42]

Great video. Thank you. I'm missing the relationship part even now at 52. Probably 8-10 yrs from retirement

[@matthewowcarz8259]

Great video, I see the need for relationship in my parents who both retired and when back to work part time.

[@debbiekelly3765]

I’ve been retired for 5 months. I’m pretty unhappy about it. I am missing the connection with others and giving myself to a purpose. I busying myself with errands and visiting others, but it’s still not enough. Couple these feelings with the realization that I have my retirement funds locked away for the ‘future’ but not much available to enjoy today makes retirement, for me, very unsatisfying. I think a lot about returning to the work world to find purpose and obtain more fluid funds. 😞

[@tonym7106]

I just did after 8 months ...WFH opp and hoping to keep my self engaged..

[@user-ui2if1lx2f]

Excellent presentation! Really good to see a financial planner talk about the psychological aspects of human life instead of just the amount cash in the bank in later years! I studied Maslow at college and I’ve been thinking a lot about his layers of human needs recently, as I watched all my retirement plans and dreams suddenly die, along with my life partner, and found myself back down at Levels1 & 2 😢 Thank you for these valuable reminders!

[@chrisforker7487]

I see it with so many people, not having a hobby, really don’t seem to enjoy retirement. Hobbies can be virtually anything, but it needs to be something where you feel accomplishment.

[@RandomJane104]

9:34: I'm an atheist and focus on helping others. I volunteer with two different secular organizations while working 40 to 50 hours per week. Religion is fine but not necessary.

[@mattasplund821]

I am also not religious, but it depends on the individual. I know someone who outwardly is a very good person, very caring and supportive in their community. They are religious and very upfront about the fact that at their core they would not be a “good person” were it not for their beliefs. Their religion is what requires of them to be charitable, caring, kind, etc…

[@RMfromATX]

All good thoughts. It helps to get ahead of these things before you are retired. Thank you!

[@alisab63]

I recently discovered your channel and am learning so much - you're a wise man. Thanks for sharing your knowledge!

[@foundryfinancial]

I appreciate that!

[@jonathanwendel7480]

Excellent video, compelling and clear. Thank you.

[@fprintf]

I'm sitting here listening to the piece about self-esteem and self-actualization and realizing something must be wrong with me that as I get older and closer to retirement that I'm becoming OK with mediocrity, doing just enough to get by. Even in my hobbies, when it starts to get really difficult to get to the next level, I give up. Could be ADHD but I definitely am not fitting the mold that Maslow describes of humans constantly pushing forward. I just want to have fun. I love learning but I don't love becoming an expert or the peak of anything.

[@freedomlife3623]

You are not alone.

[@1dash133]

Congratulations! You're self-aware. You're living life your way. That's a good thing.

[@carlosfernandez7098]

I too feel the same way. I think to myself “why can’t things be easy” any time I call somewhere to make an appointment or need something for the house, or have to fix something, it becomes a headache. Nothing is simple anymore and everything is so technical nowadays and I work in technology. I totally agree with you.

[@user-ui2if1lx2f]

Nothing wrong with you, it could just be simple ‘burnout’ from this crazy stressful life we all have to navigate, whilst working and caring for our loved ones. Enjoy doing what you do, in your own way!

[@PM-oe5mk]

IMO, those still trying to pursue something bigger than themselves have not yet self-actualized. It sounds like if you are happy with your situation in retirement, you have already reached your self-actualization and are content with your life doing what makes you happy, whether it be doing something big or small. Contentment is key, IMO.

[@lordhogarth]

Perhaps the best video I’ve watched on retirement. And I share your love of MCM architecture and furnishings.

[@tungtung8378]

I am 64 and still enjoying working esp. I WFH that it makes no different as I were retired. I don't want to too relex without a complete plan to stay at home mainly with my spouse 24/7. Keeping myself busy is a good way to work well with a partner of different interests, personalities and characters. It may sound a little weird, but it works out just fine to my life.

[@davidandreasen9010]

Wow! What a fantastic video. Thank you so much......🎉🎉🎉

[@chridenner7806]

I think I'm so different to the average people. The periods of unemployment in my life were so wonderful. Yes, it is a good feeling to contribute to society, but what a price I have to pay... The corporate life totally ruins my social life, let alone love life. It wears me out to an extent that I need all my leisure time to recover from the drudgery. All relationships fail, I'm always tired and exhausted. Early retirement is the only escape, and I don't know what boredom is. I don't understand how people can feel bored when work life is over. It's the time their true life actually begins.

[@rossleidy1516]

Great video, Kevin.

[@jacobkowski7705]

Thank you for such a informative video 😊

[@NorbertPGuzzowitz]

Excellent. But, typo at 9.07 "vonly"

[@pfang100]

Write a book, plant trees compose music, adopt someone or sponsor someone to grow. Things that can outlive yourself but influenced by you is also meaningful.

[@wealthelife]

Seems like a good approach for the philosophical aspects of planning for retirement (there's a lot more to retirement planning than just the financial question). One of my goals/purpose in retirement will be to continue to build up my NW and leave behind a family trust to provide some financial benefit to my descendants. As an atheist I suspect my 'afterlife' will be about as memorable as my 'beforelife' was (ie. nonexistence -- unless medical science invents an 'immortality pill' in the next 30-40 years!) so my plan is that one day my great-great-great-grandkids might think of their long-dead ancestor fondly when they receive their annual trust fund cheque on my 'birthday' every year ;) Spending every possible cent during retirement and 'dying with zero' has never been a goal of my retirement planning (so trying to work out maximum 'safe withdrawal rates' seems rather pointless, as I should have more than enough retirement income after I stop work). But tinkering around with my finances/investments and checking on NW progress each month will be one of my 'hobbies' during retirement (as it has been while working).

[@syvalleygirl5957]

Awesome, thanks!

[@flee21769]

Best video I have seen in a long while. Thank You.

[@foundryfinancial]

My pleasure! Thanks for taking time to comment.

[@europana7]

I don't regret retiring at 52 ... Return to office, i said no and here we are 😂 ... I don't miss the rat race / hamster wheel at all.

[@blackworldtraveler3711]

Not complicated with me. Retired in my 40s. Just an extension of the activities,hobbies,interests,etc. I was already involved with beforehand. Only difference is there’s no time clock or schedule. Can tell the holiday season is approaching when all the KZbin videos and commercials cashing in telling people there’s something wrong with them, should be sad or depressed, use prescribed drugs, etc..

[@charmcrypto824]

This is such a fresh take on retirement planning! Most people are all about the finances, but Kevin’s right-it’s so much more than that. I’ve been stacking up a crypto IRA through My Digital Money to cover the cash flow part, but I really like the idea of focusing on relationships and purpose too. Anyone else thinking beyond the numbers?

[@martinh1959]

One you finish your main quest line, what are your side quests? Are the side quests helping others?

[@slum0523]

Good Morning. How are you? Lum is my family name. Originally from Guangdong Province.

[@escapemark]

Great video, Very insightful about levels of life.

[@HughJC]

Retire and no longer have a master, be your own master, in service of yourself self AND no other = FREEDOM

[@AN-ce1nd]

It’s not fair for federal workers who never paid into to SS to be getting a cut of my money! Shame on them

[@foundryfinancial]

The WEP only impacts people WHO did pay into Social Security. Read my pinned comment.

[@romanhollow2985]

I won't miss my co-workers in the least. Not a bit.

[@Jonathan-t7y]

Time is the great multiplier of wealth. Start saving early and spend less than you earn.

[@mariepeterson684]

Hi Kevin I am newly semi-retired. I am a widow. I opted to apply for survivor benefits. This was one of the options discussed with SSI I plan on reapplying for my own at age 65 to 67? Anyway I'm wondering is this legit. Also this year I contributed to a Roth and I over contributed by about 1,600 can I reallocate some of that to not pay the 6% penalty? Thank you I appreciate your assistance. Marie

[@ylee1737]

Weird! How many people could achieve what they want at 30s, 40s or even 60s? Max 10 percent? Limitation of paper based retirement prep.

[@vtechk]

I’ll retire when I am sure I have enough money for the skydiving tickets for the rest of my life.

[@SeekAliveness]

Great video! I plan to FIRE early in my mid 40s and am planning for learning, service and personal growth as much as I am focusing on my financial numbers.

[@danigomb]

i found job i like... never retire

[@rogerskillin8385]

The one thing most people are missing from their retirement olans is money. Lol

[@teams3345]

The one thing……..the best thing I ever did at 56.

[@briankelly1240]

So confused, financial independence doesn't mean you can't do productive things like work.

[@LiamOlivia-4]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family..

[@IbrahimIsabella-00]

I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.

[@LiamOlivia-4]

@@IbrahimIsabella-00 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ...

[@IbrahimIsabella-00]

@@LiamOlivia-4 Oh please I’d love that. Thanks!

[@LiamOlivia-4]

@@IbrahimIsabella-00 *MARGARET MOLLI ALVEY*

[@LiamOlivia-4]

Lookup with her name on the webpage.

[@paulfuller9352]

Money

[@commonsenseisntcommon1776]

You get screwed on SS cola

[@pachuca1968]

Not Pickleball!!!!

[@mdevorah6833]

❤❤❤

[@Arthur-Silva]

You regret retiring? Go get a job. Boom! Problem solved!

[@InChristalone737]

Find a good Bible believing church

[@cyclops9125]

Keep working then