290 - Retirement Plan Live 2019- How to Move Forward
Even when life throws you a curveball you still have to figure out how to move forward. This Retirement Plan Live series is a bit different than the previous ones. We are working with Emma and Luca who are dealing with an unexpected hitch in their retirement. On the last episode, we learned about their situation. On this episode, we’ll discuss their needs, wants, and wishes. And in the following episode, we’ll look at the numbers and discuss how they plan to pay for it all. Listen to this episode to hear how to move forward when life throws you a curveball.
How to move forward with the 5 stages of grief
There are different kinds of loss. Loss of a relationship, loss of a child, loss of a friend loss of trust, and loss of identity are just a few. Whenever we experience any kind of traumatic loss we experience grief. And everyone handles grief differently both outwardly and inwardly. There are 5 stages of grief: denial, anger, bargaining, depression, and finally acceptance. These stages aren’t necessarily linear and many people never reach the acceptance stage. Some people never move past their grief and they get stuck in one of the stages for the rest of their lives.
7 Tips that have helped me when dealing with grief
Lean into your feelings. Don’t wallow in your feelings but do allow yourself to feel your feelings.
Act out safely. It’s ok to act out, you can rant and rage, but don't burn bridges or hurt others when acting out your emotions.
Don't be so hard on yourself. Give yourself grace. It's ok to have negative thoughts but don’t nurture them.
Reach out. You're not an island your friends and family are there for you.
Try journaling. Even if you aren’t a journaling type of person, give it a try.
Affirm that you are going to create a great life. You can still have a great life regardless of your situation.
What can you do next? Think about how you can improve your situation
What are their base needs?
Emma estimates that they need about $65,000 to cover their base needs excluding healthcare. Healthcare has been a big expense for them since the diagnosis. She estimates they spend about $12,000 per year on insurance, premiums run between $12-20,000 per year, and drugs are another $12,000. Thankfully they have always been savers and had money set aside. They also have a sinking fund for home repairs. At the moment they don’t spend much on entertainment but they will begin to travel soon. Sign up for 6-Shot Saturday to get all the updates on Retirement Plan Live 2019.
Their wants and wishes
Travel is a big part of their retirement dreams. They love camping and being outdoors and have bought a camper. They didn’t travel much in the past due to lack of free time, but now they have the time to do it. Emma estimates that they will probably spend $10,000 a year on travel. Some other wishes are home improvement projects, a fun sports car, and a garage to restore an old car. Make sure to listen to next week’s episode to find out how Emma and Luca plan to pay for all of their wants and wishes.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
[2:05] What are the 5 stages of grief?
[8:20] Tips that have helped me when dealing with grief
PRACTICAL PLANNING SEGMENT
[11:45] Emma has plans to dream big
[14:56] What are her base needs?
[19:26] What are Emma’s wants?
[27:42] How does Luca feel about their circumstances?
THE HAPPY LAB SEGMENT
[31:44] It’s important to take action
TODAY’S SMART SPRINT SEGMENT
[33:36] Think about someone you know that is dealing with something
Resources Mentioned In This Episode
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center