Session 20 – Fritz Gilbert

Recap and Highlights

  • Fritz and his wife have always communicated and planned their retirement together. This included their decision for Fritz’s wife to stop working after they had their daughter.
  • Their goal to retire early at 55 is driven by their desire to get out and enjoy as many of their remaining healthy years as possible.
  • After starting his blog in April 2015 the more he’s studied the more he’s become convinced of the importance of the non-financial side of retirement.
  • When it comes to sharing his early retirement goal it is important to be aware of other people’s situation.
  • Have to know your numbers before you retire. It is important to find a retirement calculator to assist you.
  • It’s important to start activities before you retire and carry them into retirement to make the adjustment easier. They currently support an animal rescue organization, volunteer at their church and plan to travel in an RV.
  • Fritz and his wife plan to relocate full-time to their cabin in the mountains
  • The biggest mistake he wants to avoid is to not take advantage of all the opportunities that early retirement offers.
  • Annuities may play a future role due to longevity risk. He may buy a deferred annuity at age 60 with payments to kick in at 80. But one has to be careful when it comes to annuities because they are complex and expensive.
  • Don’t underestimate the value of social engagement
  • On aging: the primary driver for retiring young; important to have a will and estate plan; get everything documented such as insurance policies and accounts;
  • His advice to other pre-retirees: recognize the importance of planning for both the financial and non-financial sides of retirement; be intentional about building bridges such as activities and relationships to help make the transition to retirement smoother.
  • His website contains his take on the best spreadsheets, bloggers and links to financial websites
  • Biggest problem facing society re: retirement is people not preparing for retirement, not spending the time to get themselves ready.
  • A lot of people will not be prepared to retire and don’t recognize it. Those of us who are engaged need to reach out to others to engage them.
  • Final thoughts – pay attention to your retirement planning now; mentor your kids and grand kids. Take time to educate yourself, own your plan including the numbers and don’t forget the non-financial.

Links and References