Hi Reader

👋 Welcome to edition #36 of The Super Sunday Retirement Roundup.

It's been quite a week! Here in the UK we had our long awaited and much discussed budget, the first from a Labour government in 14 years. The ramifications from this budget with tax reform and rises for business owners, farmers, pensions, inheritance tax and capital gains tax will be far and wide.

If you're reading this and have any questions about how this budget may affect your retirement plans then please drop me a message and we can grab a chat!

☕ Now, grab that coffee and settle into your Sunday morning and as always, I hope you enjoy the read!

Opening Up

To open this edition of The Super Sunday Retirement Roundup I've got a little exercise I would love you to do...

I want you to Imagine you have all the resources, time and support needed to make your dreams come true!

Now I want to you to ask yourself the following question...

"What are the one or two big aspirations you have always had but haven't had the opportunity to explore yet"?

Now I want you to write down the answer and have it as part of the foundations to your plans for the second half of your life!

The Humans vs Retirement Podcast

Episode 18 - Exploring the Power of Your Future Self in Retirement with Hal Hershfield

Summary

In this episode of the Humans vs Retirement podcast, I talk with with Professor Hal Hershfield, a leading expert in psychology and behavioural decision-making. We explore the concept of the 'future self' and its implications for retirement planning. The conversation delves into the psychological challenges individuals face as they transition into retirement, the importance of understanding personality changes over time, and the need for flexibility and adaptability in this new phase of life. We also discuss the identity crisis that often accompanies retirement and the role of future self-visualisation in enhancing life satisfaction and well-being.

Throughout our conversation, Hal and I explore the complexities of human emotions, the anchoring effect of present bias, and the importance of time perception in decision-making. We discuss procrastination's impact on mental health and the significance of saying no to maintain balance in retirement. Our conversation culminates in reflections on envisioning a fulfilling retirement, emphasising the need to align actions with personal values and the opportunities for a diverse and meaningful post-work life.

Key Takeaways

• The concept of retirement is outdated given increased life expectancy.
• Understanding our future selves can improve decision-making today.
• Personality traits can change over time, impacting retirement planning.
• Flexibility in identity can lead to a more satisfying retirement.
• The identity crisis in retirement stems from a life spent in work.
• Seeing ourselves in the future can enhance life satisfaction.
• Well-being encompasses more than just happiness; it includes meaning and purpose.
• Difficult experiences can contribute to a richer life.
• People often underestimate how much they will change over time.
• Financial planning should consider psychological aspects of retirement. Human experience encompasses a spectrum of emotions, not just binary states.
• The anchoring effect can distort our perception of future decisions based on present experiences.
• Thinking in terms of days rather than years can provide clarity in retirement planning.
• Procrastination can lead to missed opportunities and negatively impact mental health.
• Saying no is essential for maintaining a balanced and fulfilling retirement.
• Understanding personal values is crucial for making meaningful life choices.
• The yes-damn effect illustrates the pitfalls of overcommitting to future obligations.
• Retirement offers a chance to diversify activities and pursue new interests.
• It's important to revisit and adapt our values as we age.
• Modern retirement differs significantly from previous generations, offering more opportunities for engagement.

Listen in to the full episode

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Sketch

The Time, Money, Health Equilibrium

Blog

From Survival to Purpose: How the 4 Levels of Why Can Transform Your Retirement

Your retirement will mark a significant life transition, a time when you will seek to understand the deeper "why" behind your life. It's a time for reflection and re-evaluation, but also a period where you can find new purpose and direction.

Understanding what I call the four levels of why - Survival, Status, Freedom, Purpose - can guide you in this journey, helping you transition from a life of obligation to one of fulfilment.

YouTube Video

How to Build Your Retirement Spending Plan

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I hope you enjoyed this Sunday's roundup, and I look forward to seeing you again very soon!

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As always, I want to talk about retirement topics that are top of mind and most pressing to you, so I very much want your feedback and questions! click the button below, hit the send your message button and let me know what you want me to talk about.

To a joyful second half of life,

Dan Haylett

"I want to help 1m people (yes 1,000,000) balance money & life so they can discover TRUE WEALTH and live their second half of life with more PURPOSE, PASSION and JOY than their first"

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