What does it mean to prepare for retirement? Is it all about just the money? Join us in this episode as we explore the emotional and financial aspects of transitioning into retirement with Russel Baskin, family enterprise consultant with Trella Advisory Group. Discover how to create continuity plans, manage expectations, and nurture relationships even when retirement takes a more unexpected path.
Russel Baskin is a family enterprise consultant with Trella Advisory Group in Toronto, Canada. She brings grace and compassion to her work with families understanding the interconnected relationship between the needs of the individual and the well-being of the family.
[00:01 - 09:58] Navigating Retirement: Exploring the Challenges of the Baby Boomer Generation
• How the baby boomer generation struggles with retirement emotionally
• Why many refuse to exit their businesses or step out of their profession
• The lack of focus on the exiting generation and how creating continuity plans help
• Longevity has increased due to medical breakthroughs and wellness
[09:59 - 18:33] How to Balance Relationships and Longevity in Later Life
• Society is yet to catch up with the value of people in their sixties and seventies
• The largest percentage of divorces in North America is happening post-50s
• Retirement can bring assumptions that need to be checked out; have conversations
• Have conversations with your partner about what you both want to be doing together
[18:34 - 26:45] Planning for Reinventing Yourself and Making a Contribution
• Think about how much of your life purpose, identity, and meaning is wrapped up in work
• Consider contribution - what will you leave behind when you leave this life?
• Social networks contribute to health and well-being as much as eating healthy and exercising
• Allocation of resources should include mental health, friendship, and relationship building
[26:46 - 34:05] Take Stock of Your Relationships and Priorities to Create Balance in Your Life
• The pandemic was a wake-up call to prioritize what's important
• Time is often used as an excuse, but it's really about priorities
• It can be hard for both generations to accept that the senior generation no longer belongs
• Continuity planning is key for families with wealth and businesses, as they are perpetually in transition
"There's a lack of validation where they [the baby boomer generation] don't feel of value. A big part of this is feeling that their purpose and their identity have been so wrapped up in the work that they've been doing their whole life. There's a crisis of, who am I and what is the point of my life anymore?" - Russel Baskin
"It's not looking around the outside and going like, 'What other thing am I going to do right now?'. It's going inside and thinking about, 'What are my needs? What do I want? What would be meaningful to me?'." - Russel Baskin
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