What The Wealth Retirement Podcast

Three Retirement Questions That Can Shape Our Future – MIT AgeLab Study (116)

• Jonathan Bednar II, CFP • Episode 116

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In this episode I share three practical questions that can reshape retirement: 

  1. Who you’ll have lunch with, 
  2. Who will handle home tasks, and
  3. How you’ll get an ice cream cone? 

The focus shifts from bucket lists to daily life, social health, safety, and mobility, with steps you can act on now.

• Why day-to-day design beats bucket lists
• Planning social routines to avoid loneliness
• Right-sizing the home and safety upgrades
• Protecting mobility and spontaneity with transport options
• Blending tech tools with community and family help
• Budgeting for services that sustain independence
• Key stats from MIT AgeLab and practical examples

More on the study and MIT AgeLab

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Thanks for Listening!

Jonathan

SPEAKER_00:

Three quirky retirement questions everybody should be asking. Welcome back to the What the Wealth Retirement Podcast. I'm Jonathan Bedner, certified financial planner. Today we're going to talk about these three questions that will help you think about retirement, what retirement looks like for you. And I think a lot of times people don't think as much about these details as they should. So let's dive right in it. I came across these by looking at an article on TIAA.org's website. So we're going to talk about these three questions. The first question is, who will you have lunch with? The second question is, who is going to change your light bulbs? And the third question is, how are you going to get an ice cream cone? Not your typical questions you're thinking about when you think about retirement, but very, very important as we go through and talk about these. These are questions that were thought of by Joseph Coughlin, who is a leading expert on aging and the director of the MIT Age Lab. And so someone who's thinking about this quite a bit at MIT, and how do people age? What are their habits? What are what happens? And so I think these are really important. You know, when we're talking with retirees or soon-to-be retirees about retirement, a lot of times what they're thinking about is the big dreams, the the big vacation, the big party for when they retire, the 40-year anniversary trip, the big bucket list items. I think a lot of times they lose sight of. In fact, I know they lose sight of because I've done this for 16 years. I've had these conversations. And rarely do people talk about what day-to-day is going to look like. And so I think these are great thought-provoking questions for you to think about as you enter the next phase of life if you're a retiree. If you're not, if you're someone younger, maybe you listen to this and you think about that. Asking your parents these questions, you know, have some thought-provoking conversations for them. Number one, call them and check in. Number two, have some thought-provoking questions so that you know together you all can be thinking about how they're going to spend their time. I'm not trying to diminish the bucket list strategies, the big goals, the ambitions, the drive, the travel. All of those things are very, very important. But it's not something you're going to spend most of your time doing. You're going to do a trip or two a year. As you get older, that's going to even scale back even less. So while I want you to do those things, let's start tackling these questions as well. So the first question is who will you have lunch with? A big part of our everyday life in corporate America and our business is with our coworkers, with our bosses, with employees, with customers. And so a lot of times we spend more time socializing with those people than we do our uh our own family. And so, you know, the the question here is about, you know, when that chapter closes and you're left with all of this time, you know, 40 hours a week, you know, their normal work schedule, eight to five or nine to five, or whatever that is, you know, you got you have to fill that now. How are you going to fill that? And so it is important that you think about intentionally what you're going to do to fill the gap of time. So they go on to say that one in three adults aged 50 to 80 is feeling lonely or isolated. That's a big number. And uh, I think that lines up with another stat I saw one time that says, you know, 90% of the time we spend with our kids is from zero to 18 years old. And after that, it's, you know, the other 10% is from, you know, 18 to, you know, unfortunately, whenever one of us passes, that's a sad thought. Um, and so, you know, if you're feeling lonely, you're feeling isolated, or you're worried about your parents feeling lonely or isolated. I think one of the things that you could do is really put some time and effort into brainstorming how you're gonna spend your time. Who are you gonna reach back out with? Which which relationships are you gonna rekindle? Uh, there's a lot of time to spend to fill. Are you gonna learn to play guitar with a group of people that you know are like you and never knew how to play guitar? Are you gonna take cooking classes? You know, are you gonna volunteer at church or some other charitable cause? Simply, are you gonna reconnect with old people and go to breakfast, go to lunch? You know, where are you gonna spend your time? I think if you keep your mind sharp, you stay active, you have something to look forward to, retirement can be a wonderful thing. And so that that kind of first question should be solving for what do you really do with your time or who we have lunch with? It's a great question. All right, so let's go into the second question. Who's gonna change your light bulbs? You know, you're you're probably thinking, well, I'm gonna do it. Of course you are, and of course I am. The reality is at some point we don't have the same capability. You know, we fall easier, you know, we're not as sturdy as we once were climbing the ladder, you know, our kids are screaming at us to to to you know get down, but you don't need to be cleaning the gutters. Care and maintenance is is an important part of your of your lifestyle, whether it's your car, your home, your yard, your health, something. And there's gonna be times when it's difficult to do some of the mundane tasks that we think we can do, should do, know how to do, have no problem doing. And reality is as we get older, it's harder to do those things. It's harder to walk, it's you know, we fall down easier. And so you need to be thinking about who's going to help with those tasks. Is it a neighbor? Is it uh you're gonna move to a community that has maybe some of that support built in, maybe a 55 plus community? Do you have a family member close? Is there someone at your church that has or the church program have an outreach program to help with some of these things? Really, really important to be thinking through. You don't want crisis to hit and you don't have a plan. You know, just jot a few names down in your notebook so you have them and have that conversation with them in advance. You know, if something happens to me, if I fall, if I call you, you know, can you come check on me? Or can I count on you if I need to change my light bulb or air van or mow my yard? Can you do that? I'm happy to pay you, but but think proactively about that. The next question is how are you gonna go get ice cream? Again, really thought-provoking question. And it again addresses mobility. Uh the older we get, the harder it is to go. We're used to independent freedom, time freedom, going and doing the things we want to do when we want to do it. As simple as going to Dairy Queen to get a banana split. You know, it is something we're not used to having taken away. Over time, it, you know, that mobility creeps up on us. We kind of just, yeah, it's it's almost like uh watching a pot boil. I think the saying is a you know, a watch pot never boils. And I think that's a little bit how aging is. Like you don't realize it at all until suddenly. And then before you know it, you don't get around as easy, you know, you you need you're not as stable, you feel yourself reaching out to grab things, you need a walker, you need a cane, uh, you fall easy, but you still got the urge to get the banana split. And so how do you how do you go, how do you get that? How do you still enjoy the freedoms that and the things that you love, but don't find yourself in a position that you know you're stuck and you can't enjoy those things. But maybe it's moving into a little bit closer town. They go on to say uh Coughlin goes and says 70% of Americans, older Americans, live in suburban or rural areas. So you know it takes commitment, thought, thought out decision-making process to go get the groceries, to go to Walmart, to get the medicine, to to get the ice cream cone to do those things. And so, you know, you you want to make sure that you've thought this out well in advance. Maybe that means moving closer in. Maybe it means, you know, finding a driver. Maybe it means, you know, having someone from church take you to run these airings. Maybe it means learning Uber so you're not constrained to your own house and and you maybe if you can't drive, you know, learning Uber gives you the freedom to go anywhere at a couple pushes of a button. That technology was never around 15 years ago. We didn't even think it was possible. And we thought you had to call, call a taxi. I mean, that sounds miserable. With Uber, you can push a few buttons and you'll go right to McDonald's or right to Dairy Queen. You can get Instacart, groceries delivered right to your house. So there's a lot of amazing things that help aging more efficient than it used to be, but you still need to be prepared for how do you adapt, how do you take advantage of the circumstance circumstances and benefit from those. So those are again the three questions that I think are really, really important for you, for your loved ones to be thinking about as you move into retirement or as they move into retirement. I think this is a fantastic article. I'll link to it in the show notes so you see it. But just something that I challenge you to think through as you're moving into retirement. So, again, the three quirky retirement questions everyone should be thinking about. If you haven't already liked and subscribed to this podcast or this YouTube channel, please do so now. Be confident in your retirement, have a wonderful day. Thanks for joining me on another episode of What the Wealth. If you enjoyed the episode today, smash that subscribe button. It helps me more than you think. Also, if you found this episode insightful and a light bulb went off, share it. Your friend, Aunt Judy, the random guy in the office who's always talking about investment. Wealth isn't about just the chip change. It's about our choices, chances, and changing our financial features. The information in this podcast is informational and general in nature and does not take into consideration the listener's personal circumstances. This podcast is not intended to be a substitute for specific in financial, legal, or tax advice. You should consult the approved qualified professional prior to making a final decision. Security is offered through LPL Financial, member FINRA SIPC. Paradigm Wealth Partners is the other business name for Independent Advisor Alliance. Investment advice offered through Independent Advisor Alliance, a registered investment advisor, Independent Advisor Alliance, and Paradigm Wealth Partners are separate entities for LPL Financial.