Implement a “Portfolio Life” Mindset Before You Retire

One of the biggest roadblocks I’ve witnessed folks have over the last 36 years in my role is not financial. 

There are three questions everyone has on their minds when we meet for the first time:

1. Do we have enough assets built up? (i.e. to stop working if we choose to)
2. How much can we afford to spend (and/or help our kids and grandkids) without the threat of running out of money?
3. How can we make our Retirement Bucket of Investments last?

Once we remove the financial hurdle and custom design a Retirement Blueprint to help answer those three big questions, there is a strange reality that kicks in for those who have done a great job saving money: after 30 or 40 years of working and saving, they no longer “need” to do it anymore.

Note the key word in quotation marks, i.e. “need.”  Released from the burden of the need to work anymore to support themselves financially, many active and successful folks struggle to find purpose in the rest of their lives. 

With life expectancy growing, that’s likely to be another 30 years or even 40 years!

The solution to this issue is never just one thing!  It’s many things, which is why I have always loved David Corbett’s book: Portfolio Life: The New Path to Work, Purpose and Passion After 50.

Corbett describes a “life portfolio”- a balanced mix of work, learning, leisure, family time, and donating time that individuals tailor to their personality and goals. 

Using compelling stories, the book shows how to allocate one’s time and energy among competing needs and personal dreams. 

He elaborates a disciplined, step-by-step process for creating this portfolio life with long and short-term planning, offering practical suggestions and exercises.  He also shows how to deal with the emotional turbulence that is inevitable in this transition.   

If you have ever struggled with the thought of “what’s next,” I strongly recommend picking up a copy of Portfolio Life and reading it. 

I look forward to hearing your feedback. 

This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.

Jack Phelps Managing Partner / Financial Advisor

Jack has been involved in the financial services industry since 1989. He is the author of "The Relaxing Retirement Formula: For the Confidence to Liberate What You’ve Saved and Start Living the Life You’ve Earned."