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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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How to Retire summary
Christine Benz
20 lessons for a happy, successful, and wealthy retirement
17 mins
Brief summary
How to Retire offers a comprehensive guide to planning your retirement with clarity and confidence. Christine Benz provides practical advice on budgeting, investment strategies, and lifestyle considerations to achieve a secure and fulfilling retirement.
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How to Retire
Summary of 6 key ideas
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Key idea 1 of 6
Planning early for a fulfilling retirement life
Have you thought about what will make you truly happy in retirement? Rather than thinking of it as a long vacation, focus on finding what gives you purpose. Planning early can help you create a life filled with satisfying activities, whether that’s organizing your home or starting a big project like writing a book.
If you love your work, you might even want to consider part-time hours, holding on to the parts of the job you enjoy and letting go of the rest. It’s also important to strengthen your relationships and health early, just as you’ve been doing with your finances.
Now for some nitty-gritty. Five years before retiring, start picturing your day-to-day life. If you’re thinking of moving, spend time in your potential new location to see if it suits you. Begin creating a realistic budget based on your future plans.
At the three-year mark, try living on your projected retirement budget to see if it’s manageable. This is also the time to adjust your investments, gradually moving some into cash to make the transition smoother when you start drawing on your savings. While managing the financial side is important, also think about what activities will bring you joy and give you a sense of purpose, especially if you’re no longer working.
When you’re a year away, take care of practical tasks. Transfer personal files off work devices and tie up any work-related loose ends. If you’re delaying Social Security to maximize benefits, ensure you have enough cash to live on. This is also the time to start thinking about how to replace the social connections you had at work. Strengthen relationships outside of work to build a strong social circle that will remain with you into retirement.
When it comes to longevity, remember that it isn’t just influenced by genetics; lifestyle actually plays a bigger role. Staying active and nurturing meaningful relationships will improve your happiness and extend your life. As you age, your social network may shrink, but the relationships that remain are often deeper and more fulfilling. Diversifying your friendships helps protect against isolation as circumstances change. By focusing on both your physical health and social connections, you’ll set yourself up for a long and satisfying retirement.
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What is How to Retire about?
How to Retire (2024) offers a detailed guide to building a financially secure and fulfilling retirement. It covers essential strategies like managing investments, maximizing Social Security benefits, and preparing for long-term care. Alongside financial advice, it emphasizes the importance of maintaining health, nurturing relationships, and finding purpose, helping you approach retirement with confidence and balance.
Who should read How to Retire?
- Retirees seeking financial stability and fulfilling life choices
- Pre-retirees preparing for long-term financial and lifestyle planning
- Women planning for retirement and long-term care needs
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