9 Things to STOP DOING After 55 To Enjoy Life More
Summary
TLDRIn this insightful video, Dave Zer from Streamline Financial shares nine key behaviors that lead to a happier and more successful retirement. He emphasizes the importance of valuing time, not over-saving, prioritizing health, reducing unnecessary worry, and spending wisely. Zer also advises retirees to distance themselves from negative influences, stop over-supporting adult children, be authentic, and let go of regrets, highlighting that the best years of life can still lie ahead.
Takeaways
- 🕊️ The happiest retirees prioritize not adding more things to their lives, but rather what they stop doing, which enhances their retirement success and life satisfaction.
- 📅 Successful retirees stop taking their time for granted, recognizing the limited weeks we have left and the importance of using time wisely and meaningfully.
- 💰 They cease saving unnecessarily, understanding that a certain point is reached where more wealth does not equate to more security or happiness.
- 🏥 Retirees prioritize health over work, especially when job stress begins to negatively impact physical and mental well-being.
- 🧘 Successful retirees stop worrying excessively, distinguishing between real fears and anxieties over imagined future dangers, and focusing on controllable aspects of life.
- 🤝 They stop spending time with people who do not uplift them, addressing the negative impact of such relationships on their happiness and well-being.
- 💸 Retirees stop spending money on things that do not align with their values, opting for investments in experiences and relationships that bring genuine joy.
- 👨👧 Over-supporting adult children is something successful retirees avoid, as it can create dependency and jeopardize the retiree's own financial security.
- 🌟 They embrace authenticity, stopping the pretense of being someone they're not, and living life true to themselves without conforming to others' expectations.
- 🚫 The happiest retirees let go of past regrets and live in the present and future, focusing on the possibilities ahead rather than dwelling on past mistakes.
- 📈 Lastly, they recognize that life satisfaction often peaks in the later years, with the 70s being a time of great contentment, encouraging retirees to look forward to this period of life.
Q & A
What is the main focus of Dave Zer's retirement planning firm, Streamline Financial?
-Streamline Financial focuses on helping people around the country who are getting close to retirement, with an emphasis on tax planning, income planning, and investment planning.
Why do some retirees continue to work even after they have enough savings?
-Some retirees continue to work due to a perceived need for added security or to increase their lifestyle in the future, even though they may not be deriving joy or fulfillment from their work.
What is the significance of the 'life in weeks' chart mentioned in the script?
-The 'life in weeks' chart is used to visually represent the limited time people have left, encouraging them to recognize the preciousness of each week and to use their time wisely and meaningfully.
Why is it important for retirees to stop taking their time for granted?
-Retirees should stop taking time for granted because health typically declines with age, and if they wait too long, the enjoyment of their wealth can be constrained by physical limitations.
What is the connection between stress from work and health according to the script?
-The script suggests that stress from work can negatively impact health, affecting sleep, exercise routines, and overall well-being, which can be a motivation for some to retire.
How does the script suggest retirees deal with unnecessary worry?
-The script suggests that retirees deal with worry by recognizing that they cannot control everything, such as market fluctuations or world events, but can control aspects like portfolio allocation, tax expenses, and spending behavior.
What is the advice given for retirees regarding spending money on things that aren't aligned with their values?
-Retirees are advised to reflect on their spending and invest in experiences and relationships that bring genuine joy, rather than spending on material possessions that may only provide temporary happiness.
Why should retirees be cautious about over-supporting their adult children financially?
-Over-supporting adult children can create dependence and potentially jeopardize the retiree's own financial security in retirement, as the children may have more time and opportunities to improve their financial situation.
What is the main regret people have on their deathbed according to the script?
-The main regret, as mentioned in the script, is not having the courage to be true to oneself and living the life that others expected, rather than the life one truly desires.
How can retirees avoid living with regret according to the script?
-Retirees can avoid living with regret by forgiving themselves for past mistakes, letting go of past regrets, and focusing on living in the present and looking forward to the future.
What is the potential impact of surrounding oneself with negative people, as described in the script?
-Surrounding oneself with negative people can drain one's energy and make one feel worse about themselves or life in general, which is why it's advised that retirees distance themselves from such individuals.
Outlines
🌟 Embracing Retirement: The Art of Letting Go
The script introduces Dave Zer, co-owner of Streamline Financial, who discusses the key behaviors of successful retirees. He emphasizes that happiness in retirement isn't about adding more to life, but rather about ceasing certain activities. Dave outlines nine things that retirees should stop doing to increase their life satisfaction. He warns that the eighth point might be controversial but believes it's essential to share. The first point is about not taking time for granted, recognizing the limited weeks we have in life and the importance of enjoying our wealth while health permits. Dave suggests that if work is a source of joy, one should continue, but if it's causing stress, it might be time to retire. He also mentions the importance of not saving unnecessarily once one has enough for retirement, as the pursuit of more can detract from the enjoyment of life's later years.
🛑 Prioritizing Health Over Wealth: The Retirement Mindset Shift
In this paragraph, Dave Zer continues the discussion on retirement by focusing on health. He shares a story of a couple where the job was causing stress and negatively impacting the husband's health. The wife, Sarah, candidly admits the job is hurting her husband. Dave advises that if a job is detrimental to one's health, it's time to prioritize well-being over financial gain. He encourages retirees to focus on foundational aspects of health like sleep, nutrition, and exercise, and to stop investing time in unnecessary income or savings. Dave also addresses the audience directly, asking for feedback on their experiences with work-health conflicts and their decisions regarding retirement.
💡 Letting Go of Worries and Negativity for a Richer Retirement
Dave discusses the importance of letting go of worries and unnecessary stress in retirement. He points out that much of the anxiety we experience is over things we cannot control, like market fluctuations or political events. He suggests that reducing news consumption can lead to increased happiness. Dave also advises retirees to stop spending time with people who bring negativity into their lives, suggesting ways to handle such relationships, including having candid conversations or distancing oneself if necessary. He then transitions into the topic of aligning spending with personal values, encouraging viewers to reflect on their spending habits and to invest in experiences and relationships that bring genuine joy.
🚫 Breaking Free from Financial Support Dependencies and Regrets
The final paragraph addresses the issue of over-supporting adult children, which can create a dependency that may not be in the best interest of the retiree's financial security. Dave stresses the importance of ensuring one's own retirement is secure before extending financial help to children. He also touches on the broader theme of living authentically, encouraging retirees to be true to themselves and not to live up to others' expectations. Dave reminds viewers to let go of past regrets and to live in the present and future, highlighting that life satisfaction often peaks in the later years. He concludes with practical advice on embracing one's true self and making the most of the time we have left.
Mindmap
Keywords
💡Retirement Success
💡Life Satisfaction
💡Time Management
💡Wealth Accumulation
💡Health Compromise
💡Worry and Anxiety
💡Social Relationships
💡Value Alignment
💡Adult Children Support
💡Authenticity
💡Regret
Highlights
The happiest retirees stopped taking their time for granted.
They recognize the limited time they have left and make the most of it.
The happiest retirees stopped saving unnecessarily once they have enough.
They prioritize health and well-being over work when it becomes too stressful.
Successful retirees stopped worrying excessively about things they can't control.
They reduced news consumption to improve happiness.
They stopped spending time with negative people who don't uplift them.
Retirees stopped spending money on things that aren't aligned with their values.
They reflect on their spending to invest in experiences and relationships.
They stopped over-supporting their adult children to prevent creating dependence.
They stopped pretending to be someone they are not and embraced their true selves.
They stopped living with regret and focused on the present and future.
The happiest retirees forgave themselves for past mistakes and looked forward to a future of contentment.
Retirees who enjoy work and find it meaningful should continue working if it brings them joy.
They use an income plan to understand the impact of working an extra year on their financial security.
Transcripts
we've helped hundreds of people in their
50s and 60s retire over the past 15
years and one of the surprising things
about the the most successful and the
happiest retirees we know they're not
the most happy because of the things
that they've added to their lives it's
actually because of the things that they
stopped doing so I want to go over the
the nine things that they stopped doing
that actually increased their retirement
success and it's increased their overall
life satisfaction and quick warning here
I might get a lot of negative comments
for the eighth thing that I mentioned
but it's that's part of sharing things
publicly and I think that it's important
and worth sharing so I'm going to do it
and by the way if I haven't met you yet
I'm Dave Zer co-owner of a retirement
planning fir firm called streamline
Financial in Illinois and we help people
around the country when they're getting
close to retirement and they're focused
on tax planning income planning and
investment planning so let's get into
the first thing that the happiest
retirees stopped doing and that first
thing is they stopped taking their time
for granted I don't know if you've ever
seen this before got this from Bill
Perkins but this becomes more and more
real the older that we get we know that
everyone's health is declining with age
which is a normal part of life but
wealth on the other hand typically tends
to grow as we get older and we build up
our Nest Egg but if you wait too long
that declining Health that can actually
put constraints on the enjoyment of our
wealth as more physical activities
become harder to do and everyone has
different goals and many of us want to
enjoy the fruits of our labor now and
the other thing that motivates people
that's related to this is this image I
don't know if you've ever seen this one
before either but this is your life in
weeks so we can see over here your age
starting at zero and each one of these
lines going across is one year so 52
weeks and if you're 65 66 in your 60s it
becomes quite apparent how many weeks
we've got left so this is here just to
recognize help us recognize the Limited
time we've got left and we can make the
most of it that way we want to treat
each week as precious and just ensure
we're using time wisely and meaningfully
now if if work is that place that brings
joy and it brings purpose and meaning to
your life then keep going by all means
there's I'm not saying retire if there's
something you're doing that you're
loving but if the stress and the
negative of work is starting to really
outweigh the the positives of work maybe
it's start you know time to start
thinking about or getting serious to
what's next which is it's a good segue
into the next one which is some of the
happiest most successful retirees they
stop saving unnecessarily we've met
dozens of people who have enough and
they're not going to run out of money
but they keep working and it's not just
for the reasons of Joy fulfillment and
purpose of work but every six months
they say you know I'm just going to work
another six months or I'm going to do
one more year and the main reason is not
because of the meaning it's because of
the they're thinking they're adding
added security to their retirement plan
but here's the secret when you get to
this point and maybe you've been there
already the amount that you have will
never feel like enough now it takes a
either a real big event at work or just
a realization at work to know that you
have enough or some internal reflection
but it's true adding more can actually
feel like you're adding security to your
life or maybe it is uh a thought of
adding an increased lifestyle in the
future and you're working more and
saving more but the trick here is to add
to your plan and do an income plan and
then what if you do work an extra year
how is that going to impact the
long-term outcome you know did it go go
from a 98% success rate to a 99% success
rate well is that really worth the extra
year of life that limited time that we
have is that worth it you've spent a
lifetime saving if you've got a solid
financial plan think about enjoying the
fruits of your labor today because we
don't know how much time or how many
weeks we have left and this actually
leads into the third point which is the
most successful retirees that we've seen
stopped compromising their health spoke
with a couple just recently through a a
video call and he said I think I'm I'm
getting ready to retire and I said
that's great exciting tell me tell me
more he said it's just it's stressful
it's getting more stressful now too and
and he detailed some of the reasons
behind what what he was feeling and then
I asked his wife and I said Sarah what
do you think about it and then she said
Jim can I be honest and he says yeah
then she says Dave this job is is
hurting him the stress is horrible he
comes home late he's always thinking
about work he has no time to exercise he
his sleep is getting impacted it's
visible uh by him and me and Jim the
whole time was in agreement of this and
and this is the conversation you know we
kept talking about things and this was
one of the motivations to think about
what's next for Jim and what he knew he
wanted to do was prioritize health and
well-being over other obligations you
know he wanted to focus on sleep
nutrition and exercise and those
foundational things we need and it was
time to stop investing time in the added
income or the savings and then start
investing time and resources in
maintaining both physical and mental
health now before we get into the next
one if you'd be so kind can you let me
know how you're thinking how how is this
so far is it helpful I'd also love to
hear from you in the the comments have
you ever had this conflict in your mind
of of work and health I'd be interested
to hear what you've done about it or or
just you know was your desire to work
one more year there where you kept
pushing off retirement did you keep
working or did you stop a lot of times
people say the comments are super
helpful to see what other people are
going through who maybe are a few years
ahead of them but let's get into the
next thing and that is the the
successful retirees they stop worrying
so much there's so many worries that are
really being spoonfed or fed down our
our throats every turn whenever we turn
on the news or the newspaper and that
can cause unnecessary fear in our life
and it can actually impact our financial
life as well and it's it's a lot of
times it's not even a a real fear and
let me see if I could pull this one up
I've heard that fear is the caution over
a real and present danger but a lot of
times it's anxiety which is worry over
an imagined thing of future danger that
hasn't even happened which reminds me of
that Mark Twain quote I've had a lot of
worries in my life most of which have
never happened and there is an antidote
to worry and it's not just to not worry
it's really just the realization that we
there's things in life that we can't
control right we can't control the
markets or inflation or interest rates
or what's happening in the world or the
elections but we can control things that
are somewhat related like your portfolio
allocation tax expenses spending
behavior and how much news you are
watching it's amazing to see the visible
difference between lightening up on news
consumption and happiness directly
correlated so the famous verse is don't
worry about tomorrow tomorrow will worry
about itself each day has enough trouble
of its own worrying doesn't take away
tomorrow's trouble it just steals
today's peace the next thing is they
stop spending time with people who don't
uplift them themselves you know people
anybody make you feel worse when when
spending time with them or people who
might transfer their negativity to you
do you have anyone like that in your
life you know sometimes it might be a
family member which is always difficult
and you know you might be one of the
only people in their their life this
actually has happened uh just recently a
real life example a client couple was
talking they were in the office and
we're talking through some things and
they've got somebody in their life that
is a family member who doesn't have
anybody else that they love but the
negativity is just so so much and and a
lot of times a positive positive person
and a negative person meet and the
negativity can just take over and zaps
all the energy from the positive person
so every time they get into their house
or visit this person they just get
mentally prepared and and they see
themselves as as a light right and this
negativity as a Darkness the light can
drive out the negativity that's how they
view it to pump themselves up but
there's other Solutions too right you
can you can have a candid conversation
with that person about how the subjects
they talk about uh drain you and just
how it impacts you and and just be
honest because you can you can uh you
can share it makes you feel worse about
yourself or about life in general or
whatever it might be and just how
difficult it can be when they talk about
these these things the other thing you
can do if it doesn't ever change and
people do this it's again harder with
family but you can just you know be
upfront and then maybe start to distance
yourselves hard to do with family but
being honest and open about it I think
is is a way to go if this is something
happening to you now the next thing
successful retirees stop doing is they
stop spending money on things that
aren't aligned with their values if you
haven't done the values exercise yet
then think about taking 10 minutes I
I'll I'll put another Link in the video
in this video at the end of minute
number two of the four uncomfortable
retirement truths so that'll pop up and
it's just a few minute exercise that
will walk you through and you'll see
that coming up after this video but a
short action step now is just reflect on
your spending over the last month or or
year to date think about investing in
experiences and relationships that bring
genuine Joy rather than just material
possessions that might bring just
limited time happiness next is the one
that could get a lot of push back and
that is the happiest retirees stop over
supporting their adult children which is
often it creates dependence
among among the kids right this is this
is so hard because our kids it feels
like it's our our responsibility and
we're the reason that they're struggling
but I think that we can agree that
you've got less time than them right
it's important to make sure that your
retirement is is shorted up insecure
before extending financial support to
adult children you know they've got more
time and they have the ability most
likely in other means to improve their
finances where you you're towards the
end and starting to use those finances
to support you for the rest of your life
so that's a hard one but that's a big
one we see uh the next one it's it's
related to really the biggest regret
that uh that people have said on their
deathbed and that comes from the bronny
wear book on the five big regrets and
the the big regret is I wish I had the
courage to be true to myself and not the
life that others expected from me so
what the happiest retirees do they stop
pretending to be someone one that
they're not right be authentic be your
true self Embrace who you are stop
trying to conform to the people around
you or others expectations and it
reminds me of that one quote when you're
20 you care about what everybody thinks
when you're 40 you stop you start caring
less of what everybody thinks and then
when you're 60 you realize no one even
cared or was thinking about you in the
first place and the next thing is stop
living with regret so let go of those
past regrets and and living uh start
living in the present and living in the
future too because your future is bigger
and better than your past here's the
proof If You're 60 if you're 70 you've
got some things to look forward to look
at this chart of peak satisfaction for
people and ages here's a normal
retirement date of 65 and it's
interesting all the way into 70s and
things stay pretty pretty good towards
this period of Life we've seen this is
the area of most contentment in life out
of the their entire life so forgive
yourself for past mistakes and just make
the most of the time you have now and
for more practical tips look at minute
two of this video that's on the screen
and that's the values exercise then I'll
see you in the next one take care
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