Money Mile is designed to help active professionals work toward an active and phased financial independence while ultimately leaving a meaningful legacy. Does that sound like you?
I encourage you to have a listen to discover if the Money Mile podcast is right for you. After you’re done listening, make sure to scroll down to the end of the show notes for your free Future Vision template.
You will want to hear this episode if you are interested in…
- A proactive retirement [0:32]
- Living an active lifestyle [2:21]
- A phased retirement [4:20]
- Leaving a meaningful legacy [6:23]
What kind of retirement do you envision for yourself?
Did you know that the concept of retirement has only been around for a few generations? Previously people worked until they could no longer do so and then relied on their community to provide for them in their waning years.
The modern concept of retirement was established by German Chancellor, Otto Von Bismarck in 1883. He developed the first known public retirement system which had mandatory participation requirements and provided resources for the elderly and disabled.
People who retire toward something rather than away from something have a significantly improved life. Being proactive in retirement could mean continuing some kind of work in your professional field or community. Financial independence means living life on your terms without the burden of needing to exchange your time for money.
Do you have an active goal?
Living an active lifestyle means something different to each person It could be adventure racing, kayaking, cycling, fishing, or even golf.
Having an effective goal attached to an activity gives you something to work towards rather than simply partaking in an activity to fill the time. Are you trying to run a 5k in every state? A triathlon on every continent? Completing the open water swimming triple crown? My active goal is to run 10 miles in every US national park.
I’d love to hear your active goals, If you would like to share your active goal email me at firstname.lastname@example.org
What is a Phased Retirement?
Retirement used to mean working for 30+ years and then receiving a gold watch and a pension the day you punched the clock for the last time. Nowadays retirement looks vastly different. Scaling back, working part-time, working seasonally, project-based work, and consulting are many ways that people pursue a phased retirement.
Your vision for a phased retirement could also include a legitimate break from working. During this break from traditional work, you may choose to travel, spend time with loved ones, or pursue other activities. Ultimately, a phased retirement involves getting back to work and contributing to your community at some level.
Unfortunately, there are some hurdles to phased retirement. If you plan to phase your retirement before Medicare kicks in at age 65, you may be shocked by the price of health insurance.
If you want to be financially independent before age 59 ½ you’ll need to have a strategy to address the potential penalties to accessing your qualified retirement plans.
Leaving a meaningful legacy
Finally, what does a meaningful legacy mean? For a lot of people, their legacy is to make sure their spouse is taken care of and then give everything that is left to the kids. While there is nothing wrong with this idea, a meaningful legacy is designed more intentionally. Listen in to hear what I do to leave a meaningful legacy.
Don’t miss the free fill-in-the-blank future vision template.
Thank you for investing a mile with me. Keep in mind that if you work out, most everything else will too.
Future Vision Template
I would like to be financially independent and starting my phased retirement by age _____ or by _________ (specific date.) This date is important to me because ____________.
I want my phased retirement to involve ____________________ type of work and I think ___________ and __________ will be important to me about that work.
I plan to continue to be active by focusing on ___________ or ___________.
The legacy I would like to leave behind is _________________. This is important to me becuase_________.
Resources & People Mentioned
Connect With Justin Waller
Subscribe to MONEY MILE
Audio Production and Show Notes by – PODCAST FAST TRACK