Christian Financial Perspectives
123 - 10 Pitfalls To Retiring Well
Click below to listen to Episode 123 – 10 Pitfalls To Retiring Well
10 Pitfalls To Retiring Well
Watch for these pitfalls when you are ready to retire.
In this episode, Bob and Shawn introduce some of the common pitfalls that occur that may keep you from retiring well. Many of us look forward to retirement, but when the time actually comes, we don’t know what to do with all of the extra hours in the day. It can be hard to face retirement, especially when it comes too early, and we have wrapped our entire identity around our career.
Here are 10 pitfalls to watch out for when it comes to retiring, including factors like retiring too early and lack of purpose. So, tune in to learn about the “10 Pitfalls to Retiring Well”.
HOSTED BY: Bob Barber, CWS®, CKA®
CO-HOST: Shawn Peters
Mentioned In This Episode
Christian Financial Advisors
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EPISODE TRANSCRIPT
[INTRODUCTION]
Welcome to “Christian Financial Perspectives”, where you’re invited to gain insight, wisdom and knowledge about how Christians integrate their faith, life and finances with a Biblical Worldview. Here’s your host Christian Investment Advisor, Financial Planner, and Coach, Bob Barber.
[EPISODE]
Bob:
Well, Shawn, this is going to be a interesting program. As I was putting it together, one of the reasons I did is because I was talking to a client that’s retired and he has found a ministry and his ministry is to retired people. And, he told me many things about retirees and the pitfalls of retirement. So today’s program is going to be called the pitfalls of retirement. And next week we’re gonna go over the keys to a successful retirement.
Shawn:
All right. So sounds like a good two parts.
Bob:
Today’s gonna be kind of a little bit rough because we’re gonna go into all the pitfalls of retiring well, and I want people to understand that retirement’s not all it’s cracked up to be. And I speak with a lot of retirees that have told me these very things, and there’s gonna be 10 things that we’re gonna go over, but nine of them don’t have anything to do with finance. So I think that those that are about to retire – maybe if someone’s younger and your parents are about to retire – this is something they ought to listen to because there’s a lot of good materials that are in here. I wrote this as I was in the mountains of Colorado on vacation for a couple weeks and really soul searched as I wrote this program. So there’s a scripture about retirement in the Bible. There’s one scripture about retirement, only one in the entire Bible. Yet, when it comes to work, there’s over 500 scriptures. So I think God emphasizes work a lot more than retirement.
Shawn:
It does. I mean, just based on the math. One time for retirement, 550 times for work, according to the NIV.
Bob:
And other versions too. Yeah. And as you read this, I think it’s important for people to understand the context of this. And I will explain a little bit about that after you read this. Go ahead.
Shawn:
All right. So we’re gonna be reading Numbers 8:24-26. “This applies to the Levites. Men, 25 years old or more shall come to take part in the work at the tent of meeting. But at the age of 50 , they must retire from their regular service and work no longer. They may assist their brothers in performing their duties at the tent of meeting, but they themselves must not do the work. This then is how you are to assign the responsibilities of the Levites.”
Bob:
The context that this is in is that you’ve gotten older and you’re not gonna be doing the heavy lifting anymore. But you’re still going to be assisting and being a mentor to the younger generation.
Shawn:
So you still have a purpose, a duty. You still have a duty, just not the same type of roles or responsibility.
Bob:
And Garrett, if you’ll pop that scripture up one more time for me and see where it says performing their duties. So that’s important that they’re performing their duties at the tent of the meeting. So Shawn, I looked up and did a lot of statistics on this. And what do you see that the average retirement age is in the US now?
Shawn:
It’s now 63. Not 65. It’s now 63.
Bob:
That’s interesting. Now I turned 60 this year in June, but Shawn, don’t worry. Audience, don’t worry. I don’t plan on retiring. My wife says no way anyway.
Shawn:
Oh yeah. I’ve known you long enough now to know you would never retire, at least not in the traditional sense. I mean, you might, like the Levites, you might shift your focus a little bit. But I could never see you just playing golf or something all the time.
Bob:
Yeah. Go ahead and read those other two there.
Shawn:
According to a pew research center analysis of the most recent official labor force data, as of the third quarter 202. It’s a mouthful. 50.3% of US adults aged 55 and older said they were out of the labor force due to retirement.
Bob:
Did you know it was that high?
Shawn:
No.
Bob:
Would’ve never figured it was that high either.
Shawn:
Not for 55 and older. I mean, I could have seen closer to 65 and all.
Bob:
But Shawn, I’m 60 and so all my high school graduates, I’m seeing a lot of those that graduated from high school. They have been retired a couple years now.
Shawn:
Hmm. Interesting. You want me to read the next one?
Bob:
You got it.
Shawn:
All right. The next one is the average life expectancy for men today is 76.1 years, women 81.1 years, for 50% of adults that retire around 55. That’s more than 20 years in retirement. And many of those will live even longer another 30 to 35 years into retirement. What we do with all that time matters.
Shawn:
It sure does. What are you gonna do? I mean, you don’t wanna retire from life. So here’s the 10 Pitfalls To Retiring Well. And again, a lot of this stems from talking to an individual that that is his ministry and he really helped explain this, too. And number one is loss of a daily routine – going from everyday activity to a more sedentary lifestyle. Getting up in the morning, getting in your car, going to work, seeing people, that routine is gone. He described one thing to me and we live in a military area, right. San Antonio has all these military bases and he described something to me that he’s actually heard a general tell him. He said, I went from one day – and Colonel or Lieutenant Colonel, whatever you may be in the military – I went from one day having a staff under me and having a purpose to the very next day, the most important thing was taking my dog out for a walk and picking up behind it. I didn’t wanna it at first.
Shawn:
No, no, no. I think we all understand what you were saying.
Bob:
So you think about that. You go from leadership, all of a sudden, to what’s my purpose. And after a couple weeks of that, your purpose starts to move down. You start, like, I gotta do something.
Shawn:
That makes a lot of sense. I mean, whether you’re working somewhere where you have to commute or even people – because a lot has changed – there’s a lot of people that work at home. I mean, my wife and I’s new neighbors, the guy works from home because he’s a tech for a financial institution and just not having that anymore. Like, well, why do I need to get up at the normal time? I mean, what am I gonna do today? I can definitely see that.
Bob:
Which goes to that second one.
Shawn:
So the second one, lack of physical activity. I see that too. Like for, I had to switch recently to working out early in the – well, somebody you may laugh when I say early at 5:50. Like, “I’ve been up for two hours at that point.” But for me, I had to switch due to just some stuff with my son and so I would not get up to work at 5:50 AM if I didn’t have to be at work at 8.
Bob:
So, one of those things that you gotta be careful of is just a sedentary lifestyle. That third one is a lack of mental stimulation.
Shawn:
I could definitely see that too. I mean, we’re constantly learning in this industry, and we’re not alone. Obviously, there’s a lot of industries you have to keep learning, but that purpose of while I’m at work and I wanna learn, I want to grow. We’re trying to be better at my job, trying to do better at what we’re doing for our clients, that kind of builds in that mental stimulation. All of a sudden you remove the work and well, I mean, maybe I can do Sudoku. I don’t know, but…
Bob:
Now, this fourth one is interesting. This is one of the ones that my friend told me that, maybe it’s number one, is possible boredom. Just not knowing what to do. Now, next week, remember, we’re gonna talk about the 10 keys to a successful retirement.
Shawn:
So there’s a positive side to this.
Bob:
There’s a positive side.
Shawn:
We’re covering the pitfalls right now. And stay tuned for next week.
Bob:
Yes, exactly. Number five. Oh, can you see that one?
Shawn:
Lack of self identity. I know a lot of guys right now that if they didn’t have their job, I don’t think they would know who they are.
Bob:
And you know what’s interesting. You said a lot of guys I’ve noticed that this maybe applies more to men than women. Yeah, it does. Because I know a lot of women, when they’re older, they get more involved with other women. Just like Rachael, my wife, she’s got her group of women and they go do things everywhere. They’re going all the time.
Shawn:
Well and a lot of it’s just been kind of our culture. I think that, especially for men, your identity can so easily get wrapped up in your career, your job, it’s like, well, if you’re successful in your career, like you don’t say, oh, I’m a father of two and I’m involved in my church. Like what do you do? Oh, I’m a lawyer.
Bob:
That’s exactly right. Men. We used to say that. I was involved in the Family Life Ministry for a long time, and that’s what guys always do. The guys go, what do you do?
Shawn:
Right. Not who are you? What do you do?
Bob:
What do you do? And it comes back to work. So when you retire, you don’t have that identity anymore. So, that lack of self identity. Number six is the lack of social interaction with other people. You’ve gotta get out, and be careful of that. You can become lonely.
Shawn:
Well, that goes even to right now with people working from home, that’s also the big thing that, yeah, there may be a lot of advantages to employees and to employers, but just like in retirement, you’ve gotta be careful. If you’re all of a sudden going from being in an office five days a week, 8-5, and now you’re working from home and you have almost no social interaction, you can be lonely now. Not just in retirement.
Bob:
Yeah, exactly. Well, I think that’s why we’re returning back. Not all the way to the office, but like with me, yeah. I do a lot of reviews and things from home through Zoom, but then I come to the office a lot, too.
Shawn:
I agree.
Bob:
Number seven.
Shawn:
Trying to find happiness and self-indulgence.
Bob:
We see a lot of that in retirees. And this is something that I really did a lot of soul searching on and found out that they’re trying to find happiness through traveling everywhere or through golf or through materialism and buying more things. And that’s not going to create happiness. The fruits of the spirit love, joy, peace, patience. Say it – just joy. There’s a difference between joy and happiness.
Shawn:
Right. Happiness is more of the feeling that you have in the moment. And joy is something that will, for one, it comes from God, it’s an attribute of God himself.
Bob:
So I’m gonna give you the one key. I’m not gonna give you all ten. I’m gonna give you one key until next week. And that number one key is being in God’s plan. Okay. All right. Number eight is a lack of meaningfulness tied to a real purpose in life. Like, why am I here now? This heads into number nine, that lack of purpose is depression. Did you know that? Did you know that retirees, almost one third of retirees from our research, are depressed.
Shawn:
I didn’t know the statistics, but that also does not surprise me at all. I mean, with all the things that we’ve already covered, I would be surprised if we didn’t see a lot of that. I mean, frankly, the fact there’s a third, that actually kind of surprises me that it’s not higher.
Bob:
Did it? Really? Because I even thought, wow, a third is a lot. That’s a lot of retirees that are having symptoms of depression and that’s dangerous. I wanna emphasize…
Shawn:
I would think, if anything, it’s probably a third that they’re estimating, but it’s also because of how many people actually seek help and recognize it.
Bob:
So it could be.
Shawn:
Cause there’s a lot of people I think that suffer from depression that don’t realize that’s what the issue is. It’s like, oh, I just need to focus on more positive things, but yeah.
Bob:
I have in here, it’s very important to seek help immediately if you think this is going on.
Shawn:
Or if you have a loved one that is exhibiting those signs. Like get help for them. That’s not something joke around with now.
Bob:
We’ve mentioned nine things so far that are non-financial.
Shawn:
We gotta have at least one though.
Bob:
We gotta have one. And so, that is lack of retirement funds to withstand inflation, market fluctuations, and major unexpected expenses. So, not having a good financial and investment plan that updates automatically is one of the reasons, a pitfall of retirement.
Shawn:
When you say updates automatically, what do you mean by that?
Bob:
Well, a system that is looking at your assets every single day and recalculating to where are you now? And we’ve just gone through a bear market, as we know. And so far, knock on wood, I’ve not had a single client that this bear market has affected their long term retirement, but some people it could.
Shawn:
Well, a big part of that would be people who are panicking in the middle of that bear market and say, oh, I’m gonna move into cash or I’m gonna move into precious metals of some kind, something like that. And then they miss out on when the markets do start to recover. By the time they move back into the markets, they already lost most of that opportunity.
Bob:
And they didn’t go to a financial planner advisor before, too. So they didn’t really count the cost and understand what they do need for retirement going into retirement. That’s a major pitfall for the financial side of it. What do I have from Luke 14:28 there.
Shawn:
“So suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it.”
Bob:
Amen. Amen.
Shawn:
That’s a good retirement verse.
Bob:
So the takeaway here is to properly plan to fund your retirement for years and find something meaningful to give you a purpose during retirement. It could be working with a non-profit. I love Habitat for Humanity. You can guess why, because I love building. Or perhaps something you’re passionate about that you can help train the next generation, like we mentioned in the beginning in Leviticus. So, just don’t fall into that trap of thinking you’re gonna be on vacation every day. That’s that’s a trap that leads to nowhere.
Shawn:
I mean, there’s nothing wrong with traveling and vacationing, but just don’t don’t let that be the primary thing that you do, your purpose, for all of the reasons we mentioned.
Bob:
Yeah, exactly. So we this 10 pitfalls of retirement has helped you. Of course, next week, we’re gonna have the 10 keys to overcoming that. I think it’s important that you watch both of these together. So, if you see this week and it’s coming out, wait. You gotta see the next one that we’re gonna be doing called the 10 keys to overcoming the 10 pitfalls of retirement and retiring well.
Shawn:
So, this is our cliffhanger episode.
Bob:
It is, kind of.
Shawn:
You gotta come back next week to find out how it ends.
Bob:
So next week is gonna be 100% positive about those 10 Keys To Retiring Well. So, we invite you to come back next week. If you have any questions about today, or you’re looking for a Christian financial advisor, please give us a call at (830) 609-6986 or visit us on the web www.christianfinancialadvisors.com. Thanks for listening.
Shawn:
Thanks and have a great day.
[CONCLUSION]
That’s all for now.
We invite you to listen to all of our past episodes covering many financial topics from a Christian Perspective. To make sure you don’t miss any of Bob’s upcoming episodes you can subscribe to Christian Financial Perspectives on iTunes, Google Play Music, Spotify, or Stitcher. To learn more about integrating your faith with your finances, visit ciswealth.com or call 830-609-6986.
[DISCLOSURES]
Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, also known as Christian Financial Advisors, a registered investment advisor. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the host, Bob Barber and his guests. Bob does not provide tax advice and encourages you to seek guidance from a tax professional. While Christian Investment Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.
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