387: Principles for Designing Your Ideal Post-Career Lifestyle with Mike Drak
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 4 September 2023
⏱️ 59 minutes
🧾️ Download transcript
Summary
Today, I'm joined by Mike Drak. Mike's a 38-year veteran of the financial services industry and an award-winning blogger, retirement coach, and public speaker.
You may have read Mike's articles and contributions on some of our favorite blogs, such as Booming Encore, HumbleDollar, and MarketWatch. He's also the author of several books, including Longevity Lifestyle By Design, Victory Lap Retirement, and Retirement Heaven or Hell: 9 Principles for Designing Your Ideal Post-Career Lifestyle.
In our conversation, Mike shares the shocking experience he had after getting laid off from the banking industry at the age of 59, why the ideal retirement isn't always spent on a cruise ship or a golf course, and how to get strategic as you plan your transition from the working world as you know it into retirement with your identity and passion intact.
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In this podcast interview, you'll learn:
- Why not having to work ever again doesn't always make us happy–and how Mike created his "victory lap" after exiting his main career.
- How to start planning and creating a lifestyle that will work for you as you approach retiring.
- What "retirement hell" is, who experiences it, and how to ensure your needs are met to try to avoid it.
- How a financial advisor can help you avoid retirement shock.
- How retirees find new peers and new communities, even at advanced ages.
- What you can do to identify your values and determine exactly what you want from this–and the next–stage of your life.
Show Notes: Howardbailey.com/387
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Transcript
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| 0:00.0 | You need that financial stability because you don't want to struggle in retirement. |
| 0:05.0 | And that's one of my biggest fears. |
| 0:06.8 | I'm reading about all these people are retiring and they don't have any money. |
| 0:11.1 | And I'm going, wow, like that's not good because you're going to end up struggling all your |
| 0:16.5 | life in retirement, trying to just get by, trying to pay the rent, trying to put food on |
| 0:22.7 | a table. Who wants to be 80 years old delivering pizza at 2 in the morning? Like, no. |
| 0:32.7 | Welcome to the Retirement Purpose Podcast. My name is Casey Weed, and it is my mission to deliver clarity and purpose and elevate meaning in your life through personal and practical financial strategies. We do that in a couple of different ways. Every single Friday, my good friend, Marshall Johnson, and myself, we get together |
| 0:55.7 | and we discuss a trending retirement topic with you, both financial and non-financial in nature. |
| 1:03.1 | And then every other Monday, just like we're doing here with you today, we bring on one of our |
| 1:07.6 | world-class guests. And this is your opportunity to listen to a long-form |
| 1:12.6 | conversation about anything and everything retirement. Today we have Mike Drack joining us. |
| 1:20.3 | He is a 38-year veteran of the financial services industry and an award-winning blogger, |
| 1:25.1 | retirement coach, and public speaker. He is the senior contributor at Booming Encore, contributor to Humble Dollar and MarketWatch, |
| 1:34.3 | and author of several books we're going to be discussing today. |
| 1:37.6 | That is longevity lifestyle by design and co-authored Victory Lap Retirement and Retirement Heaven or Hell, nine principles for |
| 1:46.8 | designing your ideal post-career lifestyle. Mike, welcome to the podcast. My pleasure to be here, Casey, |
| 1:55.5 | and I've never been referred to as world class. I kind of mention that to my wife tonight when she gets back from work. |
| 2:03.9 | Well, you are clearly world class. And if she needs to hear that from me, you just shoot her my way, |
| 2:09.5 | all right? So we're going to be talking about retirement a little bit. Maybe we'll bring in your wife as well |
| 2:15.7 | into the conversation here and figure out just how |
| 2:18.4 | that worked for her and how you've been able to work this out together because I understand |
| 2:23.4 | that after a 36-year career in banking, you experienced a little shock when you were laid off |
... |
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