The BEST Retirement Advice EVER from 15 Actual Retirees

The BEST Retirement Advice EVER From 15 Actual Retirees

In this episode, George Jameson, CFP®, of Capital Wealth Group, dives into invaluable retirement advice straight from those who’ve experienced it firsthand—actual retirees. Learn how to create a fulfilling and financially secure retirement with these pearls of wisdom. Tune in for practical tips and inspiring stories that will help you on your retirement journey.

 Welcome to "The Retirement Guide" Podcast! I'm your host George Jameson, owner of Capital Wealth Group, a Fee Only Advisory firm. Whether you’re nearing retirement or already retired, Join me each week as we explore the world of retirement planning and equip you with the knowledge and tools you need for a successful retirement.

Thank you for tuning in to this episode of The Retirement Guide. If you enjoyed this episode, please subscribe & leave a review. If you'd like a free 30-minute retirement review, visit our website at www.capitalwealthplan.com to schedule.

This is for education only.It is not tax, legal, or investment advice. Before  acting on any information consult your tax, legal, or investment advisor.

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Transcript

The BEST Retirement Advice EVER From Actual Retirees

 Welcome to today's episode, where we'll be diving into the most valuable retirement advice straight from those who've been there and done that - actual retirees. Their experiences and insights are invaluable for anyone planning for or approaching retirement. So, let's get started with these pearls of wisdom.

1.      Start Planning Early

 One of the most common pieces of advice from retirees is to start planning early. Many wish they had begun saving and investing in their 20s or 30s. The power of compound interest is truly remarkable, and starting early can make a massive difference in your retirement nest egg.

 A retiree named John shared, "If I could go back in time, I'd tell my 25-year-old self to max out my 401(k) contributions from day one. The difference it would have made is staggering."

2.     Live Below Your Means

 Numerous retirees emphasized the importance of living below your means throughout your working years. This doesn't mean you can't enjoy life, but rather that you should be mindful of your spending and prioritize saving.

 Sarah, a retiree of 10 years, said, "We always lived on less than we earned. It allowed us to save more and now we're comfortable in retirement without having to drastically change our lifestyle."

3.     Diversify Your Investments

 Many retirees stressed the importance of diversification in investment portfolios. Don't put all your eggs in one basket, whether it's your company's stock, real estate, or any single investment vehicle.

Tom, a former financial advisor turned retiree, advised, "Spread your investments across different asset classes. It helps manage risk and can provide more stable returns over time."

4.    Plan for Healthcare Costs

 One of the biggest surprises for many retirees was the high cost of healthcare in retirement. Many wished they had better prepared for these expenses.

 Mary, who's been retired for 15 years, shared, "We underestimated how much we'd spend on healthcare. I'd advise everyone to really research and plan for these costs, including long-term care insurance."

5.     Don't Rely Solely on Social Security

 While Social Security is an important part of retirement income for many, retirees caution against relying on it too heavily.

 Bob, a retiree of 8 years, said, "Social Security is great, but it's not enough to live on comfortably. Make sure you have other sources of income in retirement."

6.    Keep Learning and Stay Engaged

 Many retirees emphasized the importance of staying mentally active and engaged in retirement. This could mean pursuing new hobbies, volunteering, or even working part-time.

 Linda, who's been retired for 12 years, shared, "Retirement isn't about stopping everything. It's about having the freedom to pursue what you love. I've learned new skills and made new friends through volunteering."

7.     Maintain Social Connections

Loneliness can be a significant issue in retirement. Many retirees advised maintaining and building social connections.

Frank, retired for 20 years, said, "Your social life doesn't have to revolve around work. Join clubs, volunteer, take classes. Staying connected with people is crucial for happiness in retirement."

8.    Consider Downsizing

Many retirees found that downsizing their home not only reduced expenses but also simplified their lives.

Janet, retired for 5 years, advised, "We downsized to a smaller home and it's been great. Lower bills, less maintenance, and we were able to add the proceeds to our retirement savings."

9.    Don't Neglect Estate Planning 

Several retirees stressed the importance of proper estate planning to ensure your wishes are carried out and to make things easier for your loved ones.

Richard, a retired attorney, said, "Get your will, power of attorney, and healthcare directives in order. It's a gift to your family to have these things sorted out in advance." 

10.   Be Flexible and Adaptable

Life doesn't always go as planned, and many retirees emphasized the importance of being flexible and adaptable in retirement.

Susan, retired for 15 years, shared, "We had to adjust our plans due to health issues. Being flexible and open to change has been crucial."

11.  Travel Early in Retirement

Many retirees advised traveling early in retirement while health and energy levels are typically higher.

Mike and Carol, retired for 10 years, said, "We're glad we did our big trips in the first few years of retirement. It's harder to do extensive travel as you get older."

12. Don't Forget About Taxes

Several retirees mentioned being surprised by their tax situation in retirement and wished they had planned better for it.

Jim, a retired accountant, advised, "Understand how your different sources of retirement income will be taxed. Consider Roth conversions and other tax-efficient strategies."

13. Cultivate Interests Outside of Work

Many retirees stressed the importance of developing hobbies and interests outside of work before retiring.

Lisa, retired for 7 years, said, "I'm so glad I had hobbies I was passionate about before retiring. It made the transition much smoother and gave me purpose right away."

14. Consider Working Longer

Some retirees advised working a few extra years if possible, both for financial reasons and to ease the transition into retirement.

David, who retired at 67, shared, "Working a few extra years allowed us to save more and delay taking Social Security. It's made a big difference in our financial security." 

15. Focus on Health and Wellness

Many retirees emphasized the importance of prioritizing health and wellness both before and during retirement.

Karen, retired for 9 years, advised, "Stay active and take care of your health. It's one of the best investments you can make for a happy retirement."

Conclusion

The wisdom shared by these retirees offers invaluable insights for anyone planning for retirement. From starting early and living below your means, to staying engaged and prioritizing health, these pieces of advice can help you prepare for a more fulfilling and financially secure retirement.

Remember, retirement is a unique journey for everyone. While it's great to learn from others' experiences, it's important to tailor your retirement plan to your own goals, values, and circumstances. Seek professional advice when needed, stay informed, and most importantly, look forward to this exciting new chapter of life.

Thank you for tuning in to today's episode. I hope you found this advice from real retirees helpful and inspiring. Until next time, here's to planning for a fantastic retirement!