The Retirement Hierarchy of Needs

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?

(Click the featured times below to jump forward in the episode)

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

What Goes Into a Customized Financial Plan?

Visiting the Financial Doctor

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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