Today’s Prep:
We compare Maslow’s hierarchy of needs to your retirement needs in this week’s podcast. Do you have all of these tiers of needs covered in your retirement plan?
Equipping Points:
Retirement about more than just the money. Today we talk through Maslow’s hierarchy of needs to make sure your financial plan will support each tier in retirement.
To start, we consider your physical needs. You’ll obviously want to continue to eat! Having a dependable monthly income allows you to meet these needs. Do you have a pension? What about an annuity? What accounts should you take returns from in retirement?
What does it look like to have safety and security with your money? Are you conservative, moderate, or aggressive with your investments? A lot of people might say moderate, but remember that your definition of moderate is different than how Wall Street defines it.
As you retire, your identity changes from what it was like at work to the new people or places you interact with in retirement. What does your community look like? As your lifestyle changes, you might desire more ways to connect relationally. You also may want to pursue ways to find accomplishment.
When you have the time and the expertise, you may choose to give your time and money toward a greater cause. What benefits could volunteering provide in retirement? Ultimately, you want your retirement to be more than just no longer working. You’ll have goals and dreams, so you’ll need a retirement plan that supports that.
Listen to the entire episode or click the timestamps below to hear more about a specific need.
0:47 – What are Maslow’s hierarchy of needs?
1:09 – What physical needs do you need to cover in retirement?
3:01 – What does it look like to have safety and security with your money?
5:37 – Your need for belonging will look different in retirement.
7:41 – What sort of feeling of accomplishment can you find?
9:13 – What does self-actualization look like as a retiree?
Today’s Takeaway:
“Retirement’s just not about money, it’s also about your lifestyle. What do you want it to be? You can only travel so much or play so much golf.“
-Eric Peterson
Related Resources:
Facing the Villains in the Financial World
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read MoreWatch Out For These Financial Half Truths
Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,
Read More