The Rich Life Mindset with Susan Latremoille

Summary In this episode of The Humans vs Retirement Podcast is get to chat with Susan Latremoille Susan is a certified Retirement Coach (CPRC) and the author of The RichLife – Managing Wealth and Purpose, It’s Not Just about the Money – The Whole Life Approach to Wealth Management, and co-author – Thriving Throughout Your Retirement Transition.  Susan spent over 35 years as a wealth advisor assisting clients to financially plan for their retirement. She saw a common thread among her clients. Having enough money to retire was only a piece of the retirement puzzle. It was the non-financial side that had the greatest impact on the predictability of a successful retirement. That’s when Susan decided to launch next chapter lifestyle advisers, a retirement lifestyle consulting business that helps individuals and families create a retirement lifestyle plan   In our conversation Susan discusses her transition from a financial advisor to focusing on the non-financial aspects of retirement planning through her company, Next Chapter Lifestyle Advisors. She shares insights on the importance of understanding your life journeys and the concept of a 'rich life' that encompasses living well, giving back, and leaving a legacy.   Susan introduces the idea of a happiness portfolio, which includes eight non-financial areas of life that contribute to a fulfilling retirement. Our conversation emphasizes the need for a holistic approach to retirement planning that goes beyond numbers to include personal fulfillment and purpose.   Susan and I discuss the multifaceted aspects of retirement, emphasizing the importance of leisure, the dynamics of relationships, and the necessity of planning for a fulfilling next chapter in life. We explore the challenges retirees face in managing their time, setting boundaries, and maintaining social connections, while also advocating for a shift in perspective from traditional retirement to a more vibrant and purposeful next chapter.  Key Takeaways Many retirees are not as happy as they expected. Understanding the life journey is crucial for retirement planning. The rich life mantra includes living well, giving back, and leaving a legacy. Purpose is essential for a fulfilling life after retirement. A happiness portfolio consists of eight non-financial areas of life. Retirement can bring challenges in personal relationships. Leisure is just one aspect of a fulfilling retirement. Self-understanding is the first step in retirement planning. Accountability is key to implementing a retirement plan. Leisure is a vital part of retirement planning. Changing relationships require open communication. Hedonic adaptation can diminish the joy of leisure activities. Structuring time is essential for a fulfilling retirement. The retirement honeymoon phase should be managed carefully. Setting boundaries is crucial to avoid overcommitment. Planning for the next chapter is as important as financial planning. Retirement should be reframed as a new beginning. Storytelling is more impactful than numbers in retirement planning. Communication about expectations can enhance family dynamics Sound Bites "Live well, give back, leave a legacy." "Purpose is a human need that we all need." "It's a very individual journey." "Leisure is such a vital part." "You need to really think about it." "It's vital to communicate your boundaries." "We need to retire the word retirement." "We are storytellers over spreadsheets." "Make a plan for your next chapter." Chapters 00:00 - Introduction to Next Chapter Lifestyle Advisors 05:23 - The Shift from Financial to Non-Financial Planning 10:31 - Understanding the Rich Life Mindset 17:00 - Building a Happiness Portfolio for Retirement 24:50 - The Importance of Leisure in Retirement 27:13 - Navigating Changing Relationships 29:47 - The Reality of Leisure Activities 33:01 - Structuring Time in Retirement 35:57 - The Retirement Honeymoon Phase 38:56 - Setting Boundaries and Communication 43:06 - Reframing Retirement: A New Perspective Links Next Chapter Lifestyle Advisors Susan's book 9 Steps to a Rich Life in Retirement The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement

Summary I had the privilege to sit down with Jordan Grumet, author of the brilliant new book The Purpose Code and host of The Earn & Invest Podcast. In this conversation, Jordan shares his journey from being a physician to discovering the importance of purpose in life, particularly in retirement. He discusses the paradox of purpose, the difference between Big P and Little P Purpose, and how societal expectations can lead to anxiety around finding purpose. Jordan emphasises the need to create and build purpose rather than simply searching for it, and highlights the importance of community and connections in achieving fulfillment and happiness.  Jordan and I explore the concepts of purpose, identity, and the flawed notion of retirement. We discuss how individuals often strive for external validation through accomplishments, but true fulfillment comes from understanding one's identity and engaging in meaningful activities. Our discussion emphasises the importance of time over money, the impact of little-p purpose in life, and the common regrets people have at the end of their lives. Ultimately, Jordan encourages you to focus on the journey of life rather than the destination, and to seek out what truly lights you up. Key Takeaways Purpose is essential for a fulfilling life, especially in retirement. Big P Purpose can lead to anxiety and frustration. Little P Purpose focuses on the process and is more attainable. Creating purpose involves identifying what lights you up. Community and connections are vital for happiness. People often replace work-based purpose with similar frameworks in retirement. Meaning is about understanding our past, while purpose is about present actions. Happiness comes from both meaning and purpose working together. Investing in personal passions can inspire others, especially children. The journey to enoughness is crucial for finding true fulfillment. We often strive for external validation through accomplishments. True fulfillment comes from understanding our identity. Retirement should be viewed as a journey, not a destination. Time is always more important than money. Money is a tool, but little-p purpose moves the needle. Many people regret not pursuing their true passions. Success is less important than the effort and journey. Living with purpose can lead to a peaceful end of life. We should focus on what lights us up in life. The concept of enough is often smaller than we think. Sound Bites "We need to put purpose first." "Big P Purpose is associated with anxiety." "Little P Purpose focuses on process, not goals." "You have to build and create purpose." "Purpose is a conduit to people." "Happiness is meaning and purpose together." "You can't purpose your way to enough." "Identity is based not on goals, but on actions." "Retirement is a flawed concept." "Money is a mirage." Chapters 00:00 -Introduction to Purpose and Identity 02:31 - Jordan's Journey: From Doctor to Purpose Advocate 06:57 - The Paradox of Purpose: Anxiety vs. Fulfillment 12:39 - Big P vs. Little P Purpose: Understanding the Difference 16:31 - Creating Purpose in Retirement: The Challenge Ahead 20:52 - Building Community Through Little P Purpose 27:40 - Meaning vs. Purpose: The Journey to Enoughness 30:29 - Finding Meaning Beyond Striving 31:56 - The Challenge of Identity 34:04 - Redefining Retirement as a Journey 39:26 - The Value of Time Over Money 42:05 - The Impact of Little-P Purpose 46:27 - Regrets and Lessons from the Dying Links The Purpose Code The Earn & Invest Podcast The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement  

Welcome to a special end of 2024 solo episode of the Humans vs. Retirement podcast! This year there has been 40 episodes of the podcast released and I’m touching on 90,000 downloads, which blows my mind! I have been so lucky to have conversations with amazing guests and the feedback has been so humbling to hear.   So, I want to take a moment to thank each and every one of you for joining me on this journey. Whether you’ve tuned in to one episode or every single one, I’m so grateful for your support and the incredible conversations we’ve shared together this year. And if you haven’t yet had time to leave a review and rating then best Christmas present you could give me would be to leave one! It really helps spread the word!   As I look back at 2024, I want to share some highlights from the past 12 months, touch on the common themes that emerged, and leave you with five key takeaways that I hope will resonate as you reflect on your own journey Reflecting on 2024: Highlights & Themes  This year has been such a meaningful one for the podcast. Together, we’ve explored the realities of retirement, challenged common assumptions, and learned from so many insightful guests. Here are some highlights and recurring themes from our episodes this year:  The Emotional Side of Retirement:  We learned that retirement isn’t just about financial planning—it’s also about preparing emotionally. Guests shared how identity, purpose, and connection play vital roles in creating a fulfilling retirement.  Finding Purpose Post-Retirement:  A recurring message from our conversations was the importance of rediscovering purpose, whether it’s through volunteering, pursuing hobbies, or starting new ventures.  Navigating the Challenges of Change:  Many of our guests spoke candidly about the challenges they faced transitioning into retirement, from redefining routines to managing relationships.  Health as the Foundation:  Health and well-being emerged as central themes, with our guests emphasizing the need to invest in both physical and mental health to make the most of retirement.  The Power of Community:  Lastly, we often heard about the value of building and maintaining strong social networks during retirement—it’s truly a time when connections matter more than ever Five Big Takeaways from 2024 As we wrap up this incredible year, I want to leave you with five key takeaways from the conversations we’ve had on the podcast:  Retirement Is a Transition, Not a Destination:  It’s a process, not a single moment. Give yourself grace as you navigate this new chapter.  Purpose Doesn’t Retire:  Finding new ways to contribute, grow, and enjoy life is essential to a fulfilling retirement.  Plan Beyond the Finances:  A solid financial plan is important, but don’t neglect your emotional and social planning.  Stay Curious:  This is your time to explore, learn, and embrace new experiences. Stay curious about the possibilities ahead.  Invest in Relationships:  Relationships—both new and old—will be your greatest source of joy and support in retirement. Nurture them.  What does 2025 look like for you?  My team and I are looking to help 15 new families this year, so if you are based in the UK, thinking about your retirement in the next few years and want to explore working with me to plan and live your dream second half of life then please use the link below to book in a time for us to chat early in the new year. Book in a time for us to chat Of course we must be a right fit to work together on this very important phase of life so please fill in the form when clicking on the link and if we are a good fit then you will be able to book in a slot in my diary for us to chat.  Happy Holidays!! Before I sign off, I just want to say thank you once again for being part of this journey with me. Your support, feedback, and enthusiasm mean the world, and it’s been a privilege to share these conversations with you throughout the year.  As we head into the holiday season, I hope you take time to celebrate, relax, and connect. I’m wishing you a very Merry Christmas and a wonderful start to the New Year.  Here’s to an exciting 2025 filled with new adventures, meaningful conversations, and continued growth. I’ve already got some brilliant episodes recorded and cracking guests lined up so I cannot wait to see you next year!    

Summary In this episode, I'm thrilled to welcome back to the show Christine Benz as we delve into her best selling book How to Retire: 20 Lessons For a Happy, Succesful, And Wealthy Retirement.  When Christine was a guest on the podcast in ep 36 back in March of this year, her book had not yet been released but we did get a sneak peek into what she had in store for us.   Now, having got my hands on a copy and seeing how successful the book has become I wanted to get Christine back on the show to talk about my 5 favourite chapters or lessons from the book. So, stay tuned as we discuss  Laying the groundwork with Fitz Gilbert Creating a spending plan with Jonathan Guyton Permission to spend on what matters most with Ramit Sethi Structuring portfolios for cashflow by Christine herself Leave no regrets with Jordan Grummet   Throughout our conversation Christine and I explore the multifaceted aspects of retirement, focusing on the importance of mindful spending, the balance of time, money, and health, effective cash flow strategies, and the significance of purpose in life. We discuss how individuals can align their spending with their values, the psychological benefits of structured cash flow, and the necessity of reflecting on life to avoid regrets.   Key Takeaways Retirement is a unique life stage that requires thoughtful planning. Visualizing how to use retirement years is crucial. Financial resources should support lifestyle choices in retirement. People often underestimate the complexities of retirement planning. A holistic approach to retirement includes both financial and non-financial aspects. Laying groundwork involves both financial and personal preparations. Experiencing mini-retirements can provide valuable insights. Flexible spending strategies are essential for adapting to life changes. Non-portfolio income sources can enhance financial security in retirement. Understanding the behavioral aspects of spending can improve retirement planning. Mindful spending aligns with personal values. Revisiting values annually is crucial for retirees. Cash flow strategies provide peace of mind in retirement. Purpose in life can be cultivated through small actions. It's important to enjoy the journey of life. People regret not attempting rather than failing. Elevating your worry-free number can reduce stress. Understanding the balance of time, money, and health is essential. Small P purposes can lead to a fulfilling retirement. Time is a non-renewable resource that should be valued.  Sound Bites "This is a really special life stage." "Use your time wisely, use it thoughtfully." "You need a unified vision for retirement." "Mini retirements can be really impactful." "Flexible spending strategies are essential." "Non-portfolio income sources are important." "Spending feels better than saving." "Spending your money on what matters to you." "Elevate your worry-free number." "Purpose is not found, it's created." "We regret not attempting, not failing." Chapters 00:00 - Introduction to Retirement Planning 03:13 - The Essence of Retirement: Time and Vision 06:00 - The Complexity of Retirement: Balancing Finances and Purpose 08:55 - Laying the Groundwork for Retirement 12:05 - Experiencing Mini-Retirements 21:05 - Creating a Flexible Spending Plan 29:30 - The Importance of Spending Mindfully 36:30 - Understanding Time, Money, and Health Balance 42:15 - Cash Flow Strategies for Retirement 48:42 - Leaving No Regrets: Embracing Purpose in Life Links Buy How to Retire Book in a time for us to chat about your retirement plans  

Summary In this episode, Dr Daniel Crosby returns to discuss his new book The Soul of Wealth and the concept of soulful wealth, particularly in the context of retirement. He emphasises that money should serve individuals rather than control them, and highlights the importance of relationships and personal growth in achieving happiness. Our conversation explores the PERMA model, which outlines five facets of flourishing: Positive experiences, Engagement, Relationships, Meaning, and Advancement. Daniel stresses the need for intentionality in retirement planning, focusing on non-financial elements that contribute to a fulfilling life. He also discusses the limitations of money and the critical role of time management in enhancing well-being. Throughout our enlightening conversation, Daniel and I explore the intricate relationship between money, happiness, and retirement. We discuss the increasing screen time among retirees, the role of AI in daily life, and how spending money can align with personal values to enhance joy. Our discussion delves into the societal pressures of materialism, the fear of the unknown in retirement, and strategies for managing uncertainty. Ultimately, Daniel emphasises the importance of making conscious financial choices that reflect one's true values and the potential for positive surprises in the future. Key Takeaways Money should serve you, not control you. Strong relationships are key to happiness. Retirement planning should include non-financial elements. The PERMA model outlines five facets of flourishing. Engagement in meaningful activities is crucial in retirement. Loneliness can have severe health impacts. Intentionality in spending free time is essential. Advancement and personal growth should continue post-retirement. Expectations of retirement can lead to disappointment. Time management is a powerful tool for happiness. Retirees are increasingly spending time watching television due to newfound free time. AI should handle mundane tasks, allowing humans to focus on creativity. Spending money on experiences and relationships can lead to greater happiness. Aligning spending with personal values is crucial for fulfillment. Materialism is linked to lower well-being and should be avoided. Fear of the unknown can hinder retirement satisfaction. Controlling what you can in finances is essential for peace of mind. Expect market fluctuations as a normal part of investing. Positive uncertainty can lead to unexpected joys in life. Chronic stress is detrimental; managing expectations is key.  Sound Bites "Money is a servant and not a master." "Relationships are profoundly messy." "Retirement is often put on a pedestal." "Money can't buy us happiness outright." "Time is the ultimate purchase." "We spend our free time on screens." "I want AI to mow my lawn and do my laundry." "Align your spending with your core values." "The Joneses aren't as happy as they seem." "Expect market corrections; they are normal." Chapters 00:00 - Introduction and Welcome Back 01:13 - Defining Soulful Wealth 05:00 - The Role of Relationships in Retirement 10:08 - Exploring the PERMA Model 14:25 - Creating Opportunities for Advancement 16:18 - The Reality of Retirement Expectations 19:24 - Understanding Money's Limitations 22:12 - The Importance of Time in Retirement 25:58 - The Rise of Screen Time in Retirement 27:47 - The Role of AI in Daily Life 28:44 - Spending Money for Happiness 34:31 - Aligning Spending with Values 37:27 - The Joneses Aren't Happy 42:07 - Confronting the Fear of the Unknown 49:44 - Managing Uncertainty in Retirement Links Buy Daniel's brilliant book The Soul of Wealth TED Talk by Martin Seligman on Positive Psychology & the PERMA Model Book in a time for us to chat about your retirement plans    

Summary In this episode of the Humans vs Retirement podcast, Sheridan shares her inspirational journey through trauma and healing, emphasising the importance of understanding the nervous system's role in our experiences. Our conversation explores the challenges of modern retirement, likening it to a form of grief, and highlights the need for intentional preparation for this significant life transition. Sheridan and I explore the emotional and psychological aspects of navigating challenges, particularly in the context of retirement and personal growth. We discuss the importance of understanding emotional responses, the necessity of lifelong learning, and the skills required to manage sensations and emotions effectively. She emphasises the significance of spending money wisely to create lasting memories, the barriers individuals face in changing their spending habits, and the differences in emotional expression between genders. The conversation concludes with actionable insights for listeners to reflect on their own narratives regarding money and life transitions. Key Takeaways Sheridan's story illustrates resilience and the power of healing. The nervous system plays a crucial role in our life experiences. Modern retirement poses unique challenges for individuals. Retirement can evoke feelings similar to grief.People often neglect to plan adequately for retirement. Understanding one's nervous system can aid in emotional regulation. The transition into retirement can feel lonely and confusing. Money is a significant factor in how we experience safety and identity. Intentional preparation for retirement can lead to fulfillment. This phase of life can be the most rewarding if approached thoughtfully. Your body perceives the threat is too big. We just haven't given ourselves the tools to deal with challenges. Every single thing that we avoid is about the sensations it creates. Being with corporal sensation is a skill that can be learned. The best retirees are lifelong learners who stay curious. Learn how to be with more sensations in your body. Spending money is a skill that no one's ever been taught. Turn your money into memories rather than just saving. Your full-time job is now nervous system regulation after retirement. The biggest blocker to spending is our internal wiring and identity. Sound Bites "Sheridan's story is truly inspirational." "The nervous system's job is to keep you safe." "Retirement is like a form of grief." "This is crucial stage of life." "Your body perceives the threat is too big." "We just haven't given ourselves the tools." "Being with corporal sensation is a skill." "The best retirees are lifelong learners." "Turn your money into memories." "The biggest blocker is our internal wiring." Chapters 00:00 - Introduction and Background 07:50 - Sheridan's Journey Through Trauma 14:57 - Understanding the Nervous System 19:52 - The Challenges of Modern Retirement 26:04 - Retirement as a Form of Grief 28:02 - Understanding Emotional Responses to Challenges 32:15 - The Importance of Lifelong Learning 34:10 - Navigating Sensations and Emotions 35:21 - The Skill of Spending Money Wisely 38:41 - Barriers to Spending and Emotional Vulnerability 41:26 - Nervous System Regulation and Emotional Processing 44:37 - Gender Differences in Emotional Expression 49:27 - Final Thoughts and Homework for Listeners Links www.sheridanruth.com Nervous System Cheat Sheet

Summary In this episode of the Humans vs Retirement podcast, I get to have a great conversation with Victoria Barker, co-founder of Beyond Your Career. Beyond Your Career is a programme led by a skilled team of expert coaches, psychologists and neuropsychologists to help ensure a smooth psychological transition from a demanding career, which includes workshops and insights from world-class experts and a supportive community of peers navigating the same transition. We discuss the challenges of transitioning from demanding careers to retirement, the importance of early planning, and the psychological aspects of identity and purpose. Victoria shares her journey of co-founding Beyond Your Career, driven by her observations of the struggles faced by individuals, particularly men, during this transition. Our conversation emphasises the need for community support, understanding one's identity beyond work, and the significance of preparing for retirement well in advance. Victoria and I explore the themes of career transitions, rediscovering passions, and the importance of values in shaping one's purpose. We discuss the courage required to pursue new paths, the common tendency to follow societal expectations, and the significance of introspection in finding fulfillment. Our discussion also highlights the impact of the book 'The Why Cafe' on understanding purpose and the necessity of values as a foundation for personal growth and decision-making. Key Takeaways The transition from a demanding career can lead to identity crises. Planning for retirement should start years in advance. Community support is crucial during the transition process. Many individuals struggle with mental health after leaving their careers. Understanding personal values is key to a fulfilling retirement. The disconnect between research and real-life experiences is significant. Men are particularly at risk of struggling with retirement transitions. It's important to explore who you want to be, not just what you will do. Life reviews can help identify themes and desires for the future. Crafting multiple identities can aid in a smoother transition. Reflecting on past aspirations can lead to fulfilling new paths. Courage is essential for making bold career decisions. Many pursue roles they think they should, rather than what they want. Introspection is crucial for understanding personal desires. Transitioning from full-time work can be gradual and beneficial. Purpose can be found through exploration and experimentation. Values serve as the foundation for identity and purpose. Asking difficult questions can lead to deeper self-awareness. The journey to purpose often involves trial and error. It's important to recognize and avoid paths that don't resonate.  Chapters 00:00 Introduction to Beyond Your Career 04:29 The Journey to Co-Founding Beyond Your Career 08:38 Understanding the Transition Process 12:34 Planning for Retirement: The Importance of Early Preparation 18:50 The Disconnect Between Research and Reality 21:46 Identity Crisis: Who Are You After Retirement? 27:57 Crafting a New Identity Post-Career 31:18 Rediscovering Passions and Aspirations 34:49 The Courage to Change Paths 38:13 Questioning the 'Shoulds' in Career Transitions 41:58 Navigating the Transition from Full-Time Work 44:17 The Y Cafe: A Journey to Purpose 55:38 Values as the Foundation for Purpose Links Beyond Your Career  The Why Cafe   

About Kimberly Dr. Harms helps people understand the importance of showing their love for their families by setting them up for success through comprehensive legacy planning. Dr. Harms has witnessed death up close many times throughout her life. She suffered the loss of her mother and her son to suicide and, eventually, her husband from a broken heart. These events shaped her views on finding meaning in grief, and she set out on a mission to end the stigma around end-of-life planning. As a fourth-quarter coach and international speaker specializing in grief, conflict resolution, and legacy planning, she helps people put an emotional life insurance plan in place so that their loved ones are left in an emotionally healthy space after they are gone. Her book Are You Ready? How to Build a Legacy to Die For discusses how to build a legacy that lives on after your death. It was a #1 bestseller on Amazon and Barnes & Noble and named the most inspirational book of 2024 by the Pacific Book Awards. Summary In this episode of the Humans vs Retirement podcast, Dr. Kimberly Harms shares her profound journey through grief, loss, and the quest for purpose in the later stages of life. At 68, Kimberly reflects on her experiences, including the tragic loss of her Mum, son and husband, and how these events shaped her understanding of legacy and the importance of living fully. She emphasises the need for purpose in retirement, the significance of building quality relationships, and the power of love letters as a means to connect with family beyond death. Kimberly's insights encourage you to confront your mortality, embrace your life stories, and create meaningful legacies that transcend material wealth. Throughout our conversation, Kimberly and I explore the significance of building a legacy that resonates with love and connection. We discuss the importance of appointing trusted individuals to carry out one's wishes, navigating difficult conversations about death, and the emotional benefits of downsizing. Kimberly shares her personal experiences with grief and the importance of maintaining relationships, culminating in her concept of a 'Grateful But Not Yet Dead Tour' where she expresses appreciation to those who have impacted her life. Key Takeaways Grief affects everyone around us, and we must fight to overcome it. Retirement can lead to a sense of emptiness without purpose. Building quality relationships is key to happiness in life. Understanding mortality allows us to live more fully. Love letters can provide comfort and connection after death. We should take the initiative to develop relationships and not wait for others. Legacy is not about money; it's about the impact we leave behind. Writing letters can help express love and pride to family members. It's important to prepare for death to ease the burden on loved ones. We can reinvent ourselves in the later stages of life.  Appoint trusted individuals to carry out your wishes. Last minute statements can provide immense comfort. Regularly express love to family members. Cultural attitudes often deny discussions about death. Navigating conversations about death can be challenging but necessary. Downsizing can be painful but ultimately freeing. Focus on relationships over material possessions. Planning for the future can ease family burdens after death. Creating memories and experiences is a vital part of legacy. Expressing gratitude can enhance personal happiness and relationships. Sound Bites "I realized that I am in the fourth quarter of my life" "It's worth it to get out there and fight your way out" "Retirement is a time to reinvent ourselves" "You can't underestimate the power of those moments." "Those last minute statements are so powerful." "It's important to tell our family how much we love them." Chapters 00:00 - Introduction to Dr. Kimberly Harms 01:29 - Kimberly's Journey Through Grief and Loss 09:38 - The Impact of Grief on Life and Purpose 17:22 - Understanding Mortality and Living Fully 24:54 - Building a Legacy Beyond Money 29:10 - The Importance of Appointing Trusted Individuals 33:02 - Navigating Difficult Conversations About Death 40:01 - Downsizing and Emotional Wellbeing 49:18 - The Grateful But Not Yet Dead Tour Links Kimberly's book Are You Ready? How to Build a Legacy to Die For    

Summary In this episode of the Humans vs Retirement podcast, I interview Bill Bengen, the pioneer of the 4% safe withdrawal strategy, who shares insights from his extensive research on retirement income strategies. Bill discusses the evolution of the 4% safe withdrawal rate, revealing that the worst-case scenario may now be closer to 5%. He emphasises the importance of diversification, glider path investing, and rebalancing in enhancing withdrawal rates. The conversation also delves into the risks of inflation and the significance of understanding personal inflation rates in retirement planning. Bill concludes with thoughts on the current market environment and the future of retirement planning. Takeaways Bill Bengen's research has evolved the 4% rule to a 5% worst-case scenario. Only one out of 400 retirees in Bengen's database faced the 5% withdrawal rate. Diversification across multiple asset classes is crucial for sustainable withdrawals. Glider path investing can significantly enhance retirement income. Rebalancing portfolios regularly is essential to avoid overexposure to equities. Sequence of inflation risk poses a significant threat to retirees. Personal inflation rates often exceed government-reported figures. Retirement spending tends to decrease in real terms over time. Many retirees fear running out of money more than death itself. Current market conditions are unique and require careful planning. Sound Bites "The 4% rule has evolved to a 5% worst case." "Only one out of 400 retirees hit the 5% mark." "Diversification is key to higher withdrawal rates." Chapters 00:00 - Introduction to Bill Bengen and His Research 04:52 - The Evolution of the 4% Withdrawal Rule 10:05 - New Insights: The 5% Withdrawal Rate 14:49 - Strategies for Sustainable Withdrawals 20:07 - Understanding Inflation Risks in Retirement 25:09 - The Importance of Personal Inflation Rates 29:59 - The Future of Retirement Planning 34:58 - Conclusion and Future Directions

Summary In today's episode I'm thrilled to get to have conversation with the author of the brilliant book Creating Your Encore Career, Dr Michelle Prince  Michelle is a global leadership coach, HR technology advisor, human capital consultant and author. A certified leadership coach since 2006 with a doctorate in management and organizational leadership, she helps professionals and organizations achieve transformational growth.  Michelle has over 30 years of corporate HR experience and now runs her consulting firm, MPrince Consulting LLC. An advocate for sustainability and empowering people to thrive, she wrote the book Creating Your Encore Career in 2024 to inspire others to craft their own fulfilling Encore Careers.  Join us as Michelle and I discuss the concept of an encore career, which is a meaningful and purposeful career in the third act of life.  Michelle shares her personal journey of transitioning from a corporate HR role to becoming a global leadership coach and senior career coach and explains that many people approaching retirement age feel uncertain about what they want to do next and may not know how to navigate job searching in today's technology-driven world.  She wrote her book, 'Creating Your Encore Career,' as a step-by-step guide to help individuals in this stage of life explore their options, find fulfilment and transition into purpose driven work in their later years.  We explore the importance of a self-reflection process to identifying passions, values and interests which means that people should redefine their retirement to align with increased lifespans and evolving aspirations.  We also talk about the value of building a professional network and creating a personal brand to showcase expertise and attract new opportunities as well as exploring options like the gig economy, volunteering, entrepreneurship, or continued education  Our conversation also highlights the benefits of growth, curiosity, and exploration in an encore career, as well as the importance of financial planning and managing healthcare and insurance costs.  Takeaways An encore career is a meaningful and purposeful career in the third act of life, providing individuals with an opportunity to continue contributing and finding fulfillment. Many people approaching retirement age feel uncertain about what they want to do next and may not know how to navigate job searching in today's technology-driven world. Financial security is an important consideration when transitioning to an encore career, but it is not the primary driver. The focus is on finding work that aligns with personal values and provides flexibility and fulfillment. People in their 50s and beyond have accumulated knowledge, wisdom, and experience that make them valuable contributors in the workforce. It is never too late or too early to start planning for an encore career. Self-reflection is key to identifying passions, values, strengths, and desired work environments. Having open conversations with family members about expectations and boundaries can also help in designing an encore career. Self-reflection and identifying passions and interests are crucial in transitioning into an encore career. Expanding knowledge and skills through education and certifications can help overcome imposter syndrome and enhance credibility. Building a professional network and creating a personal brand are essential for attracting opportunities and showcasing expertise. Growth, curiosity, and exploration are key elements of an encore career, promoting wellbeing and preventing cognitive decline. Financial planning and managing healthcare and insurance costs are important considerations in an encore career. Sound Bites "An encore career is a meaningful and purposeful career in the third act of life." "Many people who are approaching retirement age feel uncertain about what they want to do next." "Financial security is important, but it is not the primary driver of an encore career." "You can create and design your own scenario" "It's important that you communicate" "Reflecting on your passions...what truly excites you" Chapters 00:00 Introduction and Personal Journey 05:16 Redefining Retirement and the Encore Career Movement 09:24 Challenges of Traditional Retirement Options 13:24 Increased Lifespans and Evolving Aspirations 18:38 Retirement Insecurity and Financial Considerations 24:13 The Value of Wisdom and Knowledge in the Third Act 26:21 Identifying Passions, Values, and Strengths 28:11 Transitioning into an Encore Career: Reflection and Passion 30:08 Building a Professional Network and Personal Brand for an Encore Career 36:07 Embracing Growth, Curiosity, and Exploration in an Encore Career 52:47 Financial Planning and Healthcare Considerations in an Encore Career Links Michelle's book Creating Your Encore Career