3 Questions to Ask Yourself When Planning Retirement

3 Questions to Ask Yourself When Planning Retirement by Astra Financial

In my latest podcast episode, we discussed three transformative questions by life planning pioneer George Kinder. They encourage us to envision financial security, consider life changes in the face of limited time, and confront our mortality’s impact on our aspirations.

By aligning our finances with our values and embracing these questions, we can craft a purposeful life and leave a meaningful legacy. Reflect on these questions to guide your approach to life and finance.

Listen to the episode now and start designing your future intentionally here

Show Notes:

Hey there, welcome back. I’ve been on a bit of a recharge, like a hiatus, catching up with the busyness of life, work, and enjoying the sunshine. The weather has been great, allowing me to indulge in activities like reading, biking, and simply being outdoors. I appreciate your patience with the podcast during these past few weeks while I was recharging.

During this time, I reread a book that has greatly influenced my financial planning practice. I read it years ago, and it has played a significant role in my drive to bring a heartfelt approach to the table when discussing money. The book is called “Life Planning for You: How to Design and Deliver the Life of Your Dreams,” authored by George Kinder and Mary Rowland. George Kinder, an American financial planner and a pioneer of life planning, is well-known in our industry. If you’re an advisor listening, this concept might not be new to you, but it’s always beneficial to revisit it.

One of the things I want to share with you from this book are the three questions that George Kinder is famous for. These questions have become an integral part of the retirement process, but they are applicable to all aspects of life. It’s remarkable how they fit into the topic we’re discussing in this podcast.

So, let’s dive into these questions together. They are meant to get you thinking, regardless of the stage of life you’re in. These questions bring clarity and provide guidance for living the life we truly desire. Stay with me as we explore them.

The first question revolves around money, unlike the next ones that go deeper into other aspects of life. Imagine waking up one day and realizing that you have all the money you need to feel fulfilled and secure. Money is no longer a concern. How would you live your life? What would you do, and what would it be like? It’s a significant question that encourages us to envision a life of financial security.

Now, I understand this question may not be new to some of you. Perhaps you’ve played with this scenario in your head, like when I buy a lottery ticket and imagine winning. It’s a way to explore what we would do if we were financially secure. As a financial planner, I have some answers, but the purpose of this question is to make you reflect on how you would live your life with financial stability.

Moving on to the second question, take your time to pause the podcast and think about it or journal about it later. This question goes deeper, and the third question goes even deeper still. So here it is: Imagine you visit the doctor, undergo tests, and the doctor comes back with the news that you only have five to ten years left to live. The good part is that you won’t feel sick during this time, but the bad news is that you won’t know the exact moment of your death. In light of this, what would you do with your remaining time? How would you change your life, if at all?

These questions are meant to guide your actions and goals, shaping how you want to live and how you want to be remembered. Take a moment to consider how you would change your life if you had a limited time left to live and how you would go about it.

Now, let’s move on to the third question, which delves even deeper. Imagine the doctor stuns you with the worst news imaginable: you only have 24 hours left to live. Take a moment to notice the feelings that arise as you confront the reality of your mortality. This question is not about what you would do with those 24 hours, but rather, it’s a reflection on all the things you would have wanted to accomplish and experience throughout your life. It’s about uncovering any missed opportunities and unfulfilled aspirations.

George Kinder, the author and pioneer of life planning, believes that reflecting on these questions allows us to wake up and design our lives in the direction we desire. It’s about crafting the life we truly want. In a study conducted by Kinder, he found that people’s response to these questions was enthusiasm and excitement to make things happen and live life on their terms.

Bringing clarity to our lives and aligning our financial decisions with our values and goals is crucial. Money and economics play a role in this discussion. Every day, every year, and throughout our lifetime, the choices we make with our money should reflect our aspirations and how we want to live.

Today’s episode took us on a deeper journey. I leave you with these three questions to ponder until our next episode. Take care and think about how you want to shape the rest of your life, as it will guide how you spend and save your money.