9 Steps To A Rich Life Retirement With Susan Latremoille

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for Living Your Rich Life Retirement.

Summary:

[118] – Are you looking to retire in comfort and style? Developing a Rich Life mindset will get your retirement dreams off the ground. With just a few focused strategies, you can set yourself up for success!

In this episode, Jeremy Keil brings Susan Latremoille back on the show to talk about her latest book, 9 Steps to a RichLife Retirement. Susan shares how she coined the term “RichLife,” what it means, and a few of the 9 steps to a RichLife retirement.

Susan discusses:

  • What the “rich life” means
  • What a rich life mindset is, why it’s important and how to get one
  • Why generosity is an important part of the rich life
  • The importance of finding your purpose in retirement
  • And more

Living Your Rich Life Retirement

Susan Latremoille joins us on the show again to talk about her latest book, 9 Steps to a RichLife Retirement

She coined the term RichLife to describe the lifestyle people can obtain when they connect their money with what their money can do for them, rather than accumulating wealth for the sake of accumulating wealth. There are three cornerstones to a RichLife: live well, give back, and leave a legacy. 

Susan shares a few key steps to living a rich life in retirement with us in her book.

The Rich Life Mindset

A rich life mindset is a belief that you can truly live well and that you can plan for it.

Some people have a stale or stagnant mindset when they transition into retirement and think they’re over the hill and too old to do anything new. At this stage, having a rich life mindset is key to having a great retirement.

Living well means different things to different people. Some people think that having a great family, a beautiful home, or enjoying a nice lifestyle is living well, but it’s up to the individual to define it.

When we talk about giving back, it doesn’t have to mean financial or donations. For a lot of people, giving back includes volunteering, mentoring, and sharing what they have with others such as knowledge, resources, or time.

Lastly, the third aspect of a rich life is leaving a legacy. Susan noticed as people age, they start to think more about how they want to be remembered. Again, a legacy doesn’t have to be financial. It can be in the form of having a great family, raising good children and grandchildren, and so on.

When you think about living a rich life, frame it in those three categories: live well, give back and leave a legacy.

Generosity

Why is giving back part of the rich life? Susan says as human beings, we all feel better when we share something we have to give something to another person.

Again, it doesn’t have to be a financial or a grand gesture like a thousand-dollar donation. Small things like buying someone a coffee, paying it forward, or sharing your knowledge, time, and resources are great ways we can be generous. 

Susan shares many examples of how you can give back in the chapter “Give Back” in her book.

Any gesture that is focused on doing something for someone else is part of living a rich life and giving strength and foundation to a human experience.

Describing Your Last Year

The idea of describing the last year of your life might seem drastic, but Susan explains we all have an idea of when we think we’re going to die. Oftentimes, it’s because of a parent, the life expectancy in your family, or what your genes are.

With modern medicine and healthcare, we don’t have to rely on the information of previous generations in defining how long we’re going to live. As a matter of fact, it all comes down to mindset today. Making that decision can be helped if you envision your perfect life up to the day before you die.

Susan has asked many people to describe the last year of their life, and they often say “of course, I want to be healthy, vibrant, have my cognitive abilities, be surrounded by friends, family, and the people I care about,” really living that rich life. But if that’s how you want to be the day before you die, then why would you want to die?

So, thinking about your last year gives you the whole notion of living longer, having a better life for a longer period of time, and doing all the right things that you need to do. That’s part of living well, taking care of your health, eating right, sleeping, right, exercising, all those things that we know to do to help us live well.

Our goal is to live longer, extend our lives, and plan for how we’ll be on the day of our death.

Finding Your Purpose

Regardless of your age, it’s important to have a purpose for being alive.

When people don’t have a purpose, life gets boring, people descend into poor health, and could possibly end up dying earlier. Having a purpose in life is vital.

When people are working, work provides a purpose, but when you retire and you’re no longer that executive, business owner, teacher, or whatever job title you had pre-retirement, then you have to replace the purpose that you derived from your work with something else that gives you meaning, a reason to get up in the morning.

Finding your purpose goes with living longer and extending your lifespan, and it doesn’t have to be grandiose like saving a rainforest. It can be a purpose of any size.

Creating Your Plan

Surprisingly, Susan’s step for creating your plan is at the bottom of her list, but with good reason!

Susan explains that you have to figure out what you want first, and that’s part of the work that she does – helping people make that plan. There’s a lot of thinking and input that goes into it. The first is having a deep understanding of what drives you, and what your motivations are, and at this stage of life, as you transition into retirement, it’s important to look at your lifestyle priorities.

Lifestyle questions she often asks:

  • What do you want out of life?
  • Did you enjoy working?
  • Do you still want to be in a leadership role where you’re making money?
  • Are things like being part of a community, humanitarian causes, having a social life, or family involvement important to you?

It’s important to identify your lifestyle priorities before you create your plan, otherwise, you’re just buying into someone else’s idea of what your plan should look like. That’s a complaint I get from retirees when people know they have a lot of time on their hands – they get recruited for all sorts of things and then at the end of the day, they’re thrown off course by what other people want from them.

Ensuring You Have The Right Financial Resources

Number one in Susan’s 9-step process is to ensure you have the right financial resources to retire, and that’s where financial advisors like myself come in with our work!

We help people ensure they have the right financial resources to take them through those many years ahead in retirement. With those financial resources, you have more of an ability to take a breath and have time to work on some of the things that are more important than money.

People often say their two most valuable resources, other than their health and family of course, are their money and their time.

Financial advisors like us help you spend your money wisely, and financial coaches like Susan help you spend your time wisely.

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To learn more about RichLife Retirement, check out the resources below!

If you have any questions, feel free to contact us or our guest, Susan Latremoille, using the contact information provided below!

Resources:

Connect With Susan Latremoille:

Connect With Jeremy Keil:

About Our Guest:

Our first returning guest, Susan Latremoille, is a financial advisor and author of multiple books about living a rich life retirement, including 9 Steps to a RichLife Retirement and The RichLife – Managing Wealth and Purpose. Susan is the co-founder and a partner at Next Chapter Lifestyle Advisors where she focuses on helping financial advisors, their firms and their clients address the non-financial lifestyle issues of retirement.

Disclosures:

Content

Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.

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Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.

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Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

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The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.

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Investments may increase or decrease significantly. All investments are subject to risk of loss.

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Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

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This material is provided for informational purposes only and is not solely intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The views and strategies described may not be suitable for all investors. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Advisory services through Thrivent Advisor Network, LLC.

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Planning

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