6 Lessons from Fritz Gilbert’s 6 Years of Retirement, Ep #250

I frequently talk about what you should do to prepare for retirement and how to handle the years leading to retirement. But I rarely talk about what to do during retirement because I have not experienced it. 

So when I came across Fritz Gilbert’s article, “6 Lessons from 6 Years of Retirement,” I knew I had to talk about it. In the article, Fritz talks about the surprising things he has learned six years into retirement. I will cover the fascinating lessons in this episode of Best in Wealth.

Outline of This Episode

• [1:06] Thank you for being loyal listeners!
• [1:36] What should you do during retirement?
• [4:52] Lesson #1: Retirement is complex
• [7:47] Lesson #2: Retirement changes with time
• [10:45] Lesson #3: Retirement will be different than you expect
• [14:17] Lesson #4: Your priorities will change throughout retirement
• [17:45] Lesson #5: Your mindset matters a lot
• [18:58] Lesson #6: Retirement can be the best years of your life

Lesson #1: Retirement is complex

When you retire, you have far fewer external influences than during your working years. Money issues are top-of-mind during the early phase of retirement. It is scary moving from collecting a paycheck for 30+ years to starting to live off of your nest egg. But Fritz believes that true value comes by figuring out all of the non-financial issues in retirement.

Lesson #2: Retirement changes with time

Your experience will change as you move from the honeymoon stage to more advanced stages. The changes will last for years and will be different than what you expect. Your retirement plan will change. Your new reality requires a new approach. Embracing the challenge is part of the fun. Why not enjoy the new life? You get to experiment as you face the changes. 

Lesson #3: Retirement will be different than you expect

I spend a lot of time talking about retirement goals with my clients. Whether it is traveling, spending time with grandkids, buying a second home, donating to charity, etc. we revisit it every six months. Why so frequently? It is impossible to know what you want retirement to look like until you live through it. As long as you expect change, it will be exactly how you think it will be. Let the journey lead you where it may. 

Lesson #4: Your priorities will change throughout retirement

Priorities change throughout your entire working life. Whether you are choosing a job, raising kids, or sending them off to college—it is constant change. You may have thought you were done but priorities continue to change when you retire.

Fritz was focused on covering expenses when he retired. Then he realized it would be hard to spend all of the money he had saved, so they gave themselves permission to spend their money. Then they shifted to thinking about bringing fulfillment to their lives. 

Lesson #5: Your mindset matters a lot

After reflecting on the first six years of his retirement, Fritz realized what brought him to a place of fulfillment was having the right mindset. It is vitally important. It is your job to fill your day. It is your job to focus on gratitude. With the right mindset, you can have an unbelievably filling retirement. 

Lesson #6: Retirement can be the best years of your life

Fritz is happier than he has ever been. But so many retirees are struggling. 28% are absolutely miserable. Alcoholism and depression run rampant in many retirees. Fritz writes to help others get out of their slump. He wants them to know their future can be bright. It is up to you to fill your days with things that bring you joy. 

What surprised you the most about Fritz’s first years of retirement? 

Resources Mentioned

• 6 Lessons from 6 Years of Retirement
• Who Moved My Cheese?

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Podcast Disclaimer:

The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the Securities Act of Wisconsin in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

About the author, Scott Wellens

Scott Wellens, CFP® is an investment advisor and founder of Fortress Planning Group. After earning his Bachelor of Science degree from the University of Wisconsin-Oshkosh, Scott quickly ascended to become a Vice President of North American Sales at a major regional provider of telecommunications infrastructure. While financially successful in this role, Scott searched for ways to pursue his passion related to financial literacy and providing financial freedom for both his own family and others. During his search, Scott became curious about the significant gap he found in the financial services sector: he was unable to find a comprehensive financial planner that maintained a family stewardship lens without being attached to financial products. Scott decided to fill that gap by creating his own planning firm that maintains a strong passion for comprehensive, unbiased wealth planning that is genuinely client-centered.

Scott resides in Menomonee Falls, WI with his family. He is the father of three active and independent daughters who keep him on his toes. Scott is an active community member, serving on the Hamilton Education Foundation Board, serves as a Dave Ramsey Financial Peace facilitator and leads the All Pro Dad’s group at their local elementary school. Scott enjoys spending his free time visiting state parks with his family, reading, and watching the Milwaukee Bucks and the Green Bay Packers win ball games.

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