The Hidden Challenges of Retirement with Fritz Gilbert

Retirement Manifesto blogger, Fritz Gilbert joins me today. Fritz was actually my very first guest on the show and is now my first repeat guest. I’m excited to have him join me again since he has recently retired. Fritz shares insight from his research in writing his blog and book but also from his first-hand knowledge of retirement. Listen in to our conversation as we discuss hidden challenges of retirement, how it feels to be newly retired, and how to get the most bang for your buck in retirement planning.  Outline of This Episode [2:22] The first cup of coffee you drink after you retire is the best cup of your life [5:25] Even if you don’t plan to retire you should still save for retirement [9:48] Books can offer a lot of knowledge [13:28] Is 2020 the golden era of Roth Conversions? [16:27] The hidden challenges question [20:21] Embrace your passion to create your ideal retirement The first cup of coffee is the best cup of coffee of your entire life  In Fritz’s book he mentions that the first cup of coffee he drank the day after he retired was the best cup of coffee he ever had in his life. Fritz was obsessed with trying to figure out what retirement would be like, but mentions that it is something that you can never understand until you actually do it. He compares it to marriage or having a child. One metaphor he uses is that it’s like having a locked door in front of you your whole life and then you are finally given the key.  Did he always think about retirement? At 38 years old, I can’t picture myself retired. So I ask Fritz, did he always picture retirement? His response is that he didn’t really begin to think about retirement until his mid 40’s and then when he was in his early 50’s he began to get serious about retirement planning. When he started running the numbers he realized that retirement was a possibility sooner rather than later. He realized he could get out of the rat race early and enjoy more out of life. He thinks it is important to do some serious planning when you are within 5 years of retiring.  One thing that is important to consider is that many people get pushed into early retirement, so whether you are planning for it or not, it is important to be prepared financially. We both agree that whether you are thinking about retirement or you plan to work forever, it is important to save for it. The hidden challenges of retirement One of the chapters of his book discusses the hidden challenges of retirement. I was surprised that market volatility was not one of the challenges that he mentioned in that chapter. His reasoning is that market volatility is not a hidden challenge. It is to be expected and planned for. If you create a sound financial plan then market volatility won’t worry you. The hidden challenges that he mentions are not financial and not as widely communicated as the financial aspects of retirement. Listen in to hear what some of those hidden challenges are.  Embrace your passion to create your ideal retirement In his book, Fritz states that finding a focus or passion in retirement is so important. But what should someone do if they don’t have a passion? How should they go about finding their passion? Should they do that before retirement or can they wait until after they have already retired? Fritz answers that finding your passion is a matter of being curious and maintaining a willingness to learn. Discover how Fritz found the passion he never knew he had and how you can find your passion to create an ideal retirement by listening to this chat. Resources & People Mentioned Garrett Planning Network XY Planning Network Connect with Fritz Gilbert  BOOK - Keys to a Successful Retirement by Fritz Gilbert The Retirement Manifesto blog Fritz on Twitter @RetireManifesto Connect with Benjamin Brandt Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify