Broadcasts.com - "Retirement Plan Live: Creating Our Retirement Paycheck" (Retirement Answer Man)

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Retirement Plan Live: Creating Our Retirement Paycheck

Published: Jan. 19, 2022, 8 a.m.

As you embark on your retirement journey, life\\u2019s question changes from what can you do to what will you do? You have so many choices that are available to you that the question of what to do next can be daunting. I explore these questions with Michael Bungay, author of the new book,\\xa0How to Begin.\\xa0

Michael\\u2019s interview isn\\u2019t the only thing that\\u2019s in store for you today on the Retirement Answer Man show. This is the third installment of Retirement Plan Live with Joelle. Last week Joelle shared her dreams for retirement, so today we crunch some numbers to see how she will create her retirement paycheck. Make sure to sign up for the\\xa0webinar\\xa0on January 27 to see whether Joelle\\u2019s retirement will be feasible.\\xa0

What will you do next?

Often in midlife, you reach a crossroads where you have to decide what\\u2019s next. At this age, you have experience, contacts, and resources which opens a wealth of opportunities. So, how can you figure out what you should focus on in your next chapter? Think about what will bring out the best in yourself.

Should you create You+ or You 2.0?

Michael likes to compare this process of reinventing yourself to technology. You have the choice of creating You+ or You2.0.\\xa0

You+ is like getting a new app on your phone. It will improve your life for a while, but then you begin to plateau and you have to think about what is next. You 2.0 is like getting an entirely new operating system that can last for decades. Take this time to think about what your You version 2.0 will be.\\xa0

Michael\\u2019s book,\\xa0How to Begin, lays out the process to help you figure out how to create You 2.0. You\\u2019ll learn how to set a worthy goal and make a difference that lights you up all while moving you towards the edge of what is possible.\\xa0

How to begin the process with fresh eyes?

Systems start breaking down once you reach the next level in anything that you do. The same holds true for reinventing yourself. To begin again you need to start by thinking about who you are so that you can set a worthy goal. Your first guess won\\u2019t be the best one, but as you work through the process it will help you to polish and refine your goal.\\xa0

The next step is to commit. Before you commit yourself to your goal, you\\u2019ll want to weigh your choices. Think about the prizes and punishments for completing or not completing your goal.\\xa0

Finally, it is time to make progress on your worthy goal. Goal setting is a challenging process, that is why it is important not to waste your time on the wrong goals. Your goals should be important to you and make the world a better place. What impact do you want to make on the world?\\xa0

If you are trying to figure out who you will become in the next phase of your life, check out\\xa0How to Begin\\xa0by Michael Bungay to help you get started.\\xa0