What You Need To Know About Planning For Your Retirement

Updated: March 30, 2021

To retire young and to retire rich. This is the goal of most people and this WAS certainly my goal.

Yes, it was my goal – something that I wanted to achieve before… but not anymore. And let me explain to you why.

Retirement as a goal

A lot of people work hard with dreams of retiring to a comfortable life in the future.

For them, retirement is the time when they don’t have to work anymore; and FINALLY, be able to do the things they enjoy the most – like spending time with their loved ones, traveling, doing volunteer work, or maybe pursuing a passion.

If you see retirement this way, then I wouldn’t blame you if you want to retire young and to retire rich because who wouldn’t want to do all that, right?

But here’s the thing…

When you package retirement that way, then it’s like you’re waiting for the stars to align so you’ll have permission to become happy – and until then, you’ll just miserably work and daydream of the time when that moment will finally come.

Unpack your retirement

What are the things that you plan to do when you retire?

Unpack your retirement goals, list them down, and work on them INDIVIDUALLY.

Turn off your work phone and don’t check your email during weekends so you can give your loved ones all the time you have.

Save and invest for your travel fund and go on an amazing trip every so often.

Find a community you can help and do volunteer work at least once a month.

Stop watching television and reading online gossip, instead use your time to pursue a hobby or a passion.

Whatever are the things that you want to do when you retire, there will certainly be ways to achieve them sooner and not later.

Dissolve the old idea of retirement

I used to wonder why most billionaires continue to work despite having all that money in the bank.

Bill Gates first became the richest person in the world in 1995 but remains active until now in various Microsoft projects.

Oprah Winfrey became a billionaire in 2003, but she’s still working and running her own media network today.

J.K. Rowling became wealthier than the Queen of England when Harry Potter became a film franchise, but she continues to write novels until now.

Why are they still working and not just, you know… “retire”?

The reason, I assume, is that they stopped believing in the old idea of retirement, which is that packaged dream of finally being able to do anything you want.

Instead, they defined concrete long-term goals that excite them – that gives them PURPOSE and MEANING – and that’s why despite already achieving wealth, they choose to continue working.

retirement-plan

The strategy remains the same

Figure out what you want to do and have in life, then dedicate the time and energy to reach those goals.

Regardless of what those goals are, the basic financial strategy remains the same – spend less than what you earn and regularly invest the difference.

But instead of working for that vague idea of retirement, you are now working to have the financial means to pursue the things that concretely matter to you – things that you’ll happily want to do and become busy with, beyond your retirement years.

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Photo credit: AAG

10 comments

  1. This is the first article I’ve ever read that really made sense, made me sit up and think, ‘oo, nga, no?’ Thanks for this enlightenment, sir Fitz.

  2. Very nice Sir Fitz. You really have an amazing thoughts in life. I really love reading your blog as it always open up a realization for me.

    Thanks and keep it up sir Fitz.
    By the way, I’ve seen your video on home page of col financial, and I can say that it is indeed inspiring. 🙂

  3. This is basically what I’m doing right now because retirement to me means I am not working anymore and that all my savings and investment are intended for my daily expenses. I do travel once or twice a year, enjoying gardening, reading and direct selling as my hobbies, and spending time with my family. I rarely watch tv.

  4. Opened up a whole new world to the financial planning presentation I know.
    Very refreshing and enlightening.
    Looking forward to more articles.
    Thank you for generously sharing your insights.
    God bless you.

  5. Nice one Sir 👍👍👍. Hope to meet you in the future and attend to your talks!

  6. I agree and this idea freshens me up, I should act like I am semi-retired already at 38. Thanks for sharing this.

  7. Wow! Thank you! From now on I will try to follow your advice and not to think about retirement yet! I hope to meet you one day and shake your hand! You are my idol!

  8. I used to think this way. I’m thankful that I’ve met people who changed my mindset along the way. ^_^ Of course, I also learned from the articles I’ve read from you a couple of months back

    So far, 2015 has been a successful attempt on doing a lot of things. Just last month, I was able to travel 3 provinces in 6 days without putting a dent on my ‘supposed’ savings. I still have upcoming travel plans ^_^

  9. The old southern gentleman sitting in his rocking chair said, “Fitz, you done ruined my day, you used the “R” word.” Honestly, the only part of retirement planning I like is knowing that I had and still have the option to do so. I did my homework before relocating to the Philippines to see if the country and the culture was a good fit for my retirement plan. Would I be able to assimilate and blend in to my new surroundings? I looked at employment opportunities for foreigners just in case life became boring or as a back-up if anything in my ” bullet-proof” retirement went sour.

    What I did not plan for and could not know in advance was the tremendous number of wonderful opportunities that would come my way after meeting and marrying one of the most intelligent and well educated girls I have ever known. I became a widower when I lost my first wonderful wife at way too young of an age, I had almost resigned myself to life alone and retiring very early to go do what retired people do. Well, being a married man with a wife bursting with ideas and enthusiasm, what could I do but study each idea Beautiful Bride presented. Only a few years after saying “the BIG YES” I have watched a portfolio of business ventures come to fruition.

    I am still a “market addict”, getting up each and every night to trade the US markets (US holidays & weekends excepted), doing what I do best. My main focus is selling option contracts for income. I can not imagine a time when I will not want to do this. Time is also devoted to helping Beautiful Bride add some passive income streams, emergency funds for short, medium and the long term to her portfolio. She is so busy, she has little time to think and plan for “that time in the future.” I am blessed to have some free time to read & study informative blogs like this one and learn about the best opportunities here in the Philippines. With this information, I am better equipped to secure a great future for my wife and the three wonderful children she brought to our marriage. We have also been blessed with the addition or our youngest, a strong and healthy baby boy. All the “troops” have their very own portfolios. The three eldest children are expected to sit down at the end of each month to update their spreadsheets and review their holdings. I can hardly wait for the youngest to join them in that activity.

    Here is a fun fact about Jack & his wonder-woman wife: We thought about building a small RV/camper-van for vacations and weekend getaways to remote locations. Every design sketch we make always includes an oversized work station and multiple means of obtaining data on the road. Why would we need that? Hubby does not want to miss a great trading oppertunity and Wife wants to continue her academic writing career. Beautiful Bride now has over two decades of academic writing experience and continues because she loves it. She manages her business portfolio but writes for the challenge, continued learning and the joy of it. Hubby looks forward to each market day and each new option selling oppertunity. Why ” retire” to a life of boredom without purpose?

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