by Joe Hearn | Apr 4, 2012 | Pursuits, Retirement
“You will be who you are becoming.”
~Gavin Johnson
One of the pastors at my church said that this past Sunday. I thought it was really insightful. You’re never going to wake up one morning and be something that you haven’t been becoming little by little, day by day, for years. A caterpillar doesn’t go to bed as a fuzzy little worm and wake up the next morning a beautiful butterfly. That transformation from egg to larva to pupa to butterfly takes about half its life.
Applying that idea to retirement, you’re not going to wake up the day after you retire and be something different than what you were becoming for the previous 5, 10 or 20 years. Yes, you’ll have a little more time and a little more money, so if those are the only things holding you back from the life you really want to live then you’ll be in good shape.
If it’s something else, however—certain skills, attitudes, fears, plans, logistics, friendships, relationships, knowledge, personality traits—then you’d better start working on those things now. You won’t just be able to flip them on like a light switch. Instead you have to form them drop by drop over time like a stalactite.
Who are you becoming?
So, if you will be who you are becoming, that begs the question: “Who are you becoming?” Maybe more importantly, “Do you like who you are becoming?” If so, just maintain course. If not—if the person you want to be in retirement is different than the person you see taking shape today—then it’s time for a change. Take a small step today that moves you in the right direction. Then do it again tomorrow and the next day and the next. Before you know it, you’ll wake up one morning and you’ll be the person you’ve been becoming all along.
Thanks for reading. Have a great week.
Joe
by Joe Hearn | Mar 30, 2012 | Retirement
Each month, I post a quick summary of the new articles at the site for anyone who may have missed something. March’s articles are below.
Have a great weekend. Don’t ever hesitate to touch base with me if there’s something I can do to help you out.
Joe
by Joe Hearn | Mar 26, 2012 | Retirement
When you reach age 70 1/2, the government requires you to begin taking minimum amounts from your retirement accounts. These Required Minimum Distributions (RMDs) are generally due by December 31 of each year. However, your first distribution can be delayed until April 1 of the year following the year that you turn 70 1/2. With that date rapidly approaching, I wanted to give a quick reminder to any of you who may be affected because the penalties for failing to take your RMD are steep. Any amount that should have been withdrawn that wasn’t is taxed at 50%.
For those affected, I have attached worksheets below to help you calculate your RMD. You should work closely with your tax and investment advisers to ensure that you take the proper amount each year.
RMD Worksheets
by Joe Hearn | Mar 19, 2012 | Pursuits, Retirement
To get your retirement dreams off the drawing board, you need a combination of ideas and execution. Having one without the other is pretty much useless. In his recent book “Anything You Want,” Derek Sivers discussed this concept in relation to starting a business, but it can just as easily be applied to your retirement. From his book:
“To me, ideas are worth nothing unless they are executed. They are just a multiplier. Execution is worth millions.
Explanation:
AWFUL IDEA = -1
WEAK IDEA = 1
SO-SO IDEA = 5
GOOD IDEA = 10
BRILLIANT IDEA = 20
NO EXECUTION = $1
WEAK EXECUTION = $1,000
SO-SO EXECUTION = $10,000
GOOD EXECUTION = $100,000
GREAT EXECUTION = $1,000,000
BRILLIANT EXECUTION = $10,000,000
To make a business, you need to multiply the two components. The most brilliant idea, with no execution, is worth $20. The most brilliant idea takes great execution to be worth $20,000,000.”
As I said earlier, this “Ideas x Execution = Payoff” equation can be applied to your retirement. The payoff in retirement usually takes a different form—happiness, fulfillment and adventure rather than dollars—but you get the point. A good idea that is well executed results in a big payoff. A good idea with weak execution “pays off” with regret.
So as you plan for retirement, absolutely dream big and have a vision for your life. Just don’t forget how important it is to have a strategy to turn those plans into reality. Dreaming without doing is a recipe for disappointment.
Thanks for reading. Have a great week!
Joe
by Joe Hearn | Mar 15, 2012 | Misc.
I wanted you, my loyal, long suffering readers to be the first to know that I just launched a Facebook page for Intentional Retirement. To help spread the word about the page I’m giving away an Amazon Kindle Touch to one lucky person who “Likes” the page.
Here’s how it works. Everyone who goes to www.facebook.com/intentionalretirement and clicks “Like” will be entered into the contest. On Tax day (April 17 this year), I will draw a name at random from our deep pool of attractive and above average readers and send that person a new Kindle Touch. Pretty much the only caveat is that at least 100 people need to “Like” the page. That way you have an incentive to tell people about it rather than keeping it to yourself to increase your odds of winning.
Legal Mumbo Jumbo: Void where prohibited. No purchase necessary, Etc. Etc.
Let’s review:
1) Go to www.facebook.com/intentionalretirement and click “Like”
2) Tell your Facebook friends to do the same
3) Win a shiny new Kindle
Thanks for reading and good luck!
Joe
