The Humans vs Retirement Podcast

• Lessons & Insights From a REAL Retirement Journey with Julian Hince

  Summary Welcome to a very special episode 72 of The Humans vs Retirement Podcast…  Why is it special I hear you say…  Well, its special because it’s a real retirement story and journey as I have a conversation with my wonderful client Julian Hince.  Whilst I love bringing expert opinions to you I think nothing hits home and resonates more than a real story of someone who has been through and is living through his own retirement journey.   As a bit of background to our conversation, Julian recently retired after a long career in financial services. He shares his journey towards retirement, discussing the emotional challenges he faced, the importance of seeking help, and the misconceptions surrounding how much is enough. He emphasizes the need to have open honest and vulnerable conversations about money and the emotional aspects of retirement planning, highlighting that retirement is not just about finances but also about finding purpose and identity in this new phase of life.   Julian shares inspirational insights and experiences on his journey to retirement, emphasizing the importance of financial advice, emotional preparation, and the joy of spending time with family. He discusses the transformative freedom retirement brings, the significance for him of giving back to the community, and the need for having accountability in managing his retirement finances. Julian also highlights his changing spending patterns in retirement, noting a natural decline his expenses as he becomes more vigilant about his spending. Throughout our conversation he offers first hand valuable advice for those considering retirement, stressing the importance of commitment and professional guidance.  Key Takeaways Julian emphasizes the importance of seeking help when planning for retirement, even for those in the financial industry. The emotional aspects of retirement are as crucial as the financial ones, and should not be underestimated. Many people have misconceptions about how much money is needed for retirement, often influenced by outdated benchmarks. Julian's journey involved making sacrifices, such as selling possessions, to achieve his retirement goals. The transition to retirement can be emotionally challenging, requiring individuals to find new purpose and identity. Conversations about money and retirement are often avoided, leading to misinformation and fear. Julian found joy in decluttering his life, realizing that material possessions held less value than his newfound freedom. The journey to retirement is ongoing, with emotional ups and downs that need to be navigated. It's important to think beyond the initial excitement of retirement and consider long-term fulfillment. Julian's experience highlights the need for a new generation to redefine retirement planning in a changing financial landscape. You might be surprised at how much is enough financially. Don't underestimate the emotional impact of retirement planning. Engaging with a professional can provide invaluable support. Spending time with family is one of the biggest joys of retirement. Loneliness is a significant issue for the elderly. Creating memories is more important than just focusing on money. Being vigilant about spending can lead to significant savings. Retirement allows for more time to focus on personal passions. Giving back to the community can enhance personal fulfillment. Accountability is crucial in managing retirement finances. Chapters 00:00 - Introduction to Julian's Retirement Journey 01:56 - Julian's Career in Financial Services 04:31 - The Decision to Seek Help 06:37 - Understanding the Emotional Aspects of Retirement 09:53 - Challenging Preconceptions About Retirement Savings 12:58 - The Importance of Conversations About Money 15:58 - Making Sacrifices for Retirement 19:37 - The Joy of Letting Go of Material Possessions 22:38 - Surprises in the Transition to Retirement 24:56 - Navigating Emotional Challenges 27:52 - The Ongoing Journey of Finding Purpose 30:50 - Breaking the Silence on Retirement Finances 32:09 - Lessons Learned on the Retirement Journey 34:05 - Embracing Freedom and Family 36:40 - The Joy of Giving Back 39:10 - The Importance of Accountability 44:47 - Finding Purpose in Retirement 49:05 - Understanding Spending Patterns in Retirement 56:43 - Top Advice for Future Retirees Links The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement  

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• How to Make Better Choices in Retirement with Richard Shotton

  Summary In this episode I get to chat with author and behavioural scientist, Richard Shotton.  Richard specialises in how humans make choices and has written 2 excellent books on this subject, the choice factory and the illusion of choice. He further specialises on applying findings from psychology and behavioural science to how businesses market their services and why consumers buy stuff  In this episode, Richard discusses the intersection of behavioural science and marketing, particularly in the context of how people make spending decisions in retirement. He shares insights from his research and experiences, highlighting the importance of fairness, social proof, and the emotional aspects of financial choices.   Our discussion also emphasizes the benefits of spending on experiences and others, as well as the challenges individuals face in transitioning from saving to spending during retirement.   Richard and I explore the complexities of retirement planning, focusing on behavioural economics and the psychological factors that influence spending habits. We discuss the importance of making financial decisions easier, and the impact of loss aversion on retirees' spending behaviours. We also delve into the paradox of choice and how an abundance of options can lead to decision paralysis. Key Takeaways Behavioral science can significantly improve marketing effectiveness. Fairness influences decision-making, often leading to suboptimal choices. Social proof plays a crucial role in financial decisions, especially in retirement. People often focus too much on outcomes rather than the decision-making process. Experiential spending tends to yield greater happiness than material purchases. Generosity in spending can enhance personal happiness. Expectations can heavily influence our experiences and satisfaction with purchases. Consistency bias can hinder the transition from saving to spending in retirement. Nudges can effectively guide individuals towards better financial choices. Understanding behavioral biases is key to making informed decisions.  The shift in saving defaults has significantly influenced saving habits. Making financial decisions easier can lead to better outcomes. Loss aversion plays a crucial role in how people spend their money. People are more likely to spend from guaranteed income than from capital. The paradox of choice can hinder decision-making in retirement planning. Financial advisors should use simple language to communicate effectively. Concrete stories are more memorable than abstract concepts in financial advice. Visualizing retirement can help individuals make better financial decisions. Defaults in financial products can greatly impact consumer behavior. Understanding and leveraging biases can improve financial planning outcomes. Chapters 00:00 - Introduction to Behavioral Science in Marketing 06:01 - Social Proof and Herd Mentality in Retirement 12:10 - Spending Money Wisely: Experiences vs. Material Goods 17:53 - The Importance of Generosity in Spending 28:10 - Consistency Bias in Retirement Spending 36:02 - Behavioral Insights on Spending and Saving 42:10 - Navigating the Paradox of Choice 50:02 - Effective Communication for Financial Advisors Links The Choice Factory The Illusion of Choice The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement

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• The Rich Life Mindset with Susan Latremoille

  Summary In this episode of The Humans vs Retirement Podcast is get to chat with Susan Latremoille Susan is a certified Retirement Coach (CPRC) and the author of The RichLife – Managing Wealth and Purpose, It’s Not Just about the Money – The Whole Life Approach to Wealth Management, and co-author – Thriving Throughout Your Retirement Transition.  Susan spent over 35 years as a wealth advisor assisting clients to financially plan for their retirement. She saw a common thread among her clients. Having enough money to retire was only a piece of the retirement puzzle. It was the non-financial side that had the greatest impact on the predictability of a successful retirement. That’s when Susan decided to launch next chapter lifestyle advisers, a retirement lifestyle consulting business that helps individuals and families create a retirement lifestyle plan   In our conversation Susan discusses her transition from a financial advisor to focusing on the non-financial aspects of retirement planning through her company, Next Chapter Lifestyle Advisors. She shares insights on the importance of understanding your life journeys and the concept of a 'rich life' that encompasses living well, giving back, and leaving a legacy.   Susan introduces the idea of a happiness portfolio, which includes eight non-financial areas of life that contribute to a fulfilling retirement. Our conversation emphasizes the need for a holistic approach to retirement planning that goes beyond numbers to include personal fulfillment and purpose.   Susan and I discuss the multifaceted aspects of retirement, emphasizing the importance of leisure, the dynamics of relationships, and the necessity of planning for a fulfilling next chapter in life. We explore the challenges retirees face in managing their time, setting boundaries, and maintaining social connections, while also advocating for a shift in perspective from traditional retirement to a more vibrant and purposeful next chapter.  Key Takeaways Many retirees are not as happy as they expected. Understanding the life journey is crucial for retirement planning. The rich life mantra includes living well, giving back, and leaving a legacy. Purpose is essential for a fulfilling life after retirement. A happiness portfolio consists of eight non-financial areas of life. Retirement can bring challenges in personal relationships. Leisure is just one aspect of a fulfilling retirement. Self-understanding is the first step in retirement planning. Accountability is key to implementing a retirement plan. Leisure is a vital part of retirement planning. Changing relationships require open communication. Hedonic adaptation can diminish the joy of leisure activities. Structuring time is essential for a fulfilling retirement. The retirement honeymoon phase should be managed carefully. Setting boundaries is crucial to avoid overcommitment. Planning for the next chapter is as important as financial planning. Retirement should be reframed as a new beginning. Storytelling is more impactful than numbers in retirement planning. Communication about expectations can enhance family dynamics Sound Bites "Live well, give back, leave a legacy." "Purpose is a human need that we all need." "It's a very individual journey." "Leisure is such a vital part." "You need to really think about it." "It's vital to communicate your boundaries." "We need to retire the word retirement." "We are storytellers over spreadsheets." "Make a plan for your next chapter." Chapters 00:00 - Introduction to Next Chapter Lifestyle Advisors 05:23 - The Shift from Financial to Non-Financial Planning 10:31 - Understanding the Rich Life Mindset 17:00 - Building a Happiness Portfolio for Retirement 24:50 - The Importance of Leisure in Retirement 27:13 - Navigating Changing Relationships 29:47 - The Reality of Leisure Activities 33:01 - Structuring Time in Retirement 35:57 - The Retirement Honeymoon Phase 38:56 - Setting Boundaries and Communication 43:06 - Reframing Retirement: A New Perspective Links Next Chapter Lifestyle Advisors Susan's book 9 Steps to a Rich Life in Retirement The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement

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• Finding Purpose in Retirement with Jordan Grumet

  Summary I had the privilege to sit down with Jordan Grumet, author of the brilliant new book The Purpose Code and host of The Earn & Invest Podcast. In this conversation, Jordan shares his journey from being a physician to discovering the importance of purpose in life, particularly in retirement. He discusses the paradox of purpose, the difference between Big P and Little P Purpose, and how societal expectations can lead to anxiety around finding purpose. Jordan emphasises the need to create and build purpose rather than simply searching for it, and highlights the importance of community and connections in achieving fulfillment and happiness.  Jordan and I explore the concepts of purpose, identity, and the flawed notion of retirement. We discuss how individuals often strive for external validation through accomplishments, but true fulfillment comes from understanding one's identity and engaging in meaningful activities. Our discussion emphasises the importance of time over money, the impact of little-p purpose in life, and the common regrets people have at the end of their lives. Ultimately, Jordan encourages you to focus on the journey of life rather than the destination, and to seek out what truly lights you up. Key Takeaways Purpose is essential for a fulfilling life, especially in retirement. Big P Purpose can lead to anxiety and frustration. Little P Purpose focuses on the process and is more attainable. Creating purpose involves identifying what lights you up. Community and connections are vital for happiness. People often replace work-based purpose with similar frameworks in retirement. Meaning is about understanding our past, while purpose is about present actions. Happiness comes from both meaning and purpose working together. Investing in personal passions can inspire others, especially children. The journey to enoughness is crucial for finding true fulfillment. We often strive for external validation through accomplishments. True fulfillment comes from understanding our identity. Retirement should be viewed as a journey, not a destination. Time is always more important than money. Money is a tool, but little-p purpose moves the needle. Many people regret not pursuing their true passions. Success is less important than the effort and journey. Living with purpose can lead to a peaceful end of life. We should focus on what lights us up in life. The concept of enough is often smaller than we think. Sound Bites "We need to put purpose first." "Big P Purpose is associated with anxiety." "Little P Purpose focuses on process, not goals." "You have to build and create purpose." "Purpose is a conduit to people." "Happiness is meaning and purpose together." "You can't purpose your way to enough." "Identity is based not on goals, but on actions." "Retirement is a flawed concept." "Money is a mirage." Chapters 00:00 -Introduction to Purpose and Identity 02:31 - Jordan's Journey: From Doctor to Purpose Advocate 06:57 - The Paradox of Purpose: Anxiety vs. Fulfillment 12:39 - Big P vs. Little P Purpose: Understanding the Difference 16:31 - Creating Purpose in Retirement: The Challenge Ahead 20:52 - Building Community Through Little P Purpose 27:40 - Meaning vs. Purpose: The Journey to Enoughness 30:29 - Finding Meaning Beyond Striving 31:56 - The Challenge of Identity 34:04 - Redefining Retirement as a Journey 39:26 - The Value of Time Over Money 42:05 - The Impact of Little-P Purpose 46:27 - Regrets and Lessons from the Dying Links The Purpose Code The Earn & Invest Podcast The Super Sunday Retirement Roundup Newsletter The Skill of Spending Money in Retirement Whitepaper The Humans vs Retirement Sketchstore Book in a Time For us to Chat About Your Retirement  

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• Reflecting on 2024 and My 5 Big Takeaways!

  Welcome to a special end of 2024 solo episode of the Humans vs. Retirement podcast! This year there has been 40 episodes of the podcast released and I’m touching on 90,000 downloads, which blows my mind! I have been so lucky to have conversations with amazing guests and the feedback has been so humbling to hear.   So, I want to take a moment to thank each and every one of you for joining me on this journey. Whether you’ve tuned in to one episode or every single one, I’m so grateful for your support and the incredible conversations we’ve shared together this year. And if you haven’t yet had time to leave a review and rating then best Christmas present you could give me would be to leave one! It really helps spread the word!   As I look back at 2024, I want to share some highlights from the past 12 months, touch on the common themes that emerged, and leave you with five key takeaways that I hope will resonate as you reflect on your own journey Reflecting on 2024: Highlights & Themes  This year has been such a meaningful one for the podcast. Together, we’ve explored the realities of retirement, challenged common assumptions, and learned from so many insightful guests. Here are some highlights and recurring themes from our episodes this year:  The Emotional Side of Retirement:  We learned that retirement isn’t just about financial planning—it’s also about preparing emotionally. Guests shared how identity, purpose, and connection play vital roles in creating a fulfilling retirement.  Finding Purpose Post-Retirement:  A recurring message from our conversations was the importance of rediscovering purpose, whether it’s through volunteering, pursuing hobbies, or starting new ventures.  Navigating the Challenges of Change:  Many of our guests spoke candidly about the challenges they faced transitioning into retirement, from redefining routines to managing relationships.  Health as the Foundation:  Health and well-being emerged as central themes, with our guests emphasizing the need to invest in both physical and mental health to make the most of retirement.  The Power of Community:  Lastly, we often heard about the value of building and maintaining strong social networks during retirement—it’s truly a time when connections matter more than ever Five Big Takeaways from 2024 As we wrap up this incredible year, I want to leave you with five key takeaways from the conversations we’ve had on the podcast:  Retirement Is a Transition, Not a Destination:  It’s a process, not a single moment. Give yourself grace as you navigate this new chapter.  Purpose Doesn’t Retire:  Finding new ways to contribute, grow, and enjoy life is essential to a fulfilling retirement.  Plan Beyond the Finances:  A solid financial plan is important, but don’t neglect your emotional and social planning.  Stay Curious:  This is your time to explore, learn, and embrace new experiences. Stay curious about the possibilities ahead.  Invest in Relationships:  Relationships—both new and old—will be your greatest source of joy and support in retirement. Nurture them.  What does 2025 look like for you?  My team and I are looking to help 15 new families this year, so if you are based in the UK, thinking about your retirement in the next few years and want to explore working with me to plan and live your dream second half of life then please use the link below to book in a time for us to chat early in the new year. Book in a time for us to chat Of course we must be a right fit to work together on this very important phase of life so please fill in the form when clicking on the link and if we are a good fit then you will be able to book in a slot in my diary for us to chat.  Happy Holidays!! Before I sign off, I just want to say thank you once again for being part of this journey with me. Your support, feedback, and enthusiasm mean the world, and it’s been a privilege to share these conversations with you throughout the year.  As we head into the holiday season, I hope you take time to celebrate, relax, and connect. I’m wishing you a very Merry Christmas and a wonderful start to the New Year.  Here’s to an exciting 2025 filled with new adventures, meaningful conversations, and continued growth. I’ve already got some brilliant episodes recorded and cracking guests lined up so I cannot wait to see you next year!    

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