Welcome back to my 10-year retirement update.
Part one was titled Retirement Update: 10 Years. If you missed it, you’ll want to read it first as it sets the stage for this post.
That post was more personal — what’s happened to me and my family the past couple of years (to get everyone caught up).
This post will be more general.
I’ll offer some thoughts about 10 years of retirement as well as share some resources I’ve recently seen that I feel deserve being passed along.
What Retirement Has Taught Me
In the spirit of my “10 Things about 10 Years of Retirement” series, I thought I’d share a similar, but smaller, list of 6 things in this post.
When I look back over the last decade, a few lessons stand out…
1. Retirement is not one long vacation.
This may be the biggest misconception people have.
Yes, retirement includes freedom and fun. Yes, it can include travel, hobbies, and slower mornings. But after awhile, no one lives as though life is one endless beach day.
You build routines. You develop responsibilities. You care for people. You maintain your home. You manage your health. You make financial decisions. You serve others. You adapt to loss and change.
In short, you live.
2. Time freedom is still the best asset.
Even after 10 years, this is the part that continues to amaze me.
Owning my time still feels incredible.
I can structure my days around what matters most instead of around someone else’s priorities. I can take care of myself. Spend time with family. Work on projects I enjoy. Be available when needed. Say yes more often to the right things and no more often to the wrong ones.
That kind of freedom never gets old.
3. Purpose still matters.
You may retire from your career, but you don’t retire from being a human being who needs meaning.
For me, ESI Money, MMM, writing, teaching, and helping others have remained important sources of purpose. Your version may be different. But I think most people need something beyond pure leisure.
Retirement works better when you have something useful to do.
And BTW, “purpose” doesn’t mean you need to save the whales (or save anything for that matter.) It simply means finding those things you enjoy that make you want to get out of bed in the morning.
4. Health is everything.
Or close to it.
When health is good, life expands. When health is poor, life contracts.
Believe me on this one — I’ve lived it.
That doesn’t mean health is the only thing that matters, but it does mean that protecting it should be a high priority. The older I get, the more obvious this becomes.
5. Margin makes everything easier.
Financial margin. Time margin. Emotional margin. Physical margin.
The more cushion you have, the more resilient you are.
That applies whether the issue is market volatility, a back problem, helping family, dealing with loss, or adjusting to a move. Margin doesn’t remove problems, but it makes problems more manageable.
6. Relationships matter more than stuff.
This has become increasingly clear.
I’m glad we have financial security. I’m glad we have a home we enjoy. I’m glad we have flexibility. But the things I’m most grateful for are relational: my wife, our kids, extended family, friends, community, and (of course) Zeus.
A life rich in relationships feels richer than a life rich in possessions.
10 Year Wrap Up
So where do things stand after 10 years of retirement?
Overall, it’s still awesome.
Life is full. Sometimes complicated, but full. We’ve had major changes, painful losses, and plenty of uncertainty mixed in with the blessings. But I can say without hesitation that retiring when I did was one of the best decisions I ever made.
Not because it made life perfect.
Not because every day has been magical.
Not because money solved everything.
But because retirement gave me the freedom to build a life that fits us better. A life with more family, more flexibility, more health focus, more meaningful work, more margin, and more room for what matters.
That’s what I wanted when I pursued financial independence: Freedom.
And 10 years in, I can say that freedom has absolutely been worth it.
And where do we go from here? What’s going to happen in the next 10 years? Not sure, but I want to finish well. I’m still trying to figure out what that means for me.
Interesting Books, Articles, and Thoughts
I read a lot every day. From articles shared on Millionaire Money Mentors to posts there to pieces I find on my own, I probably read a book of articles every couple of weeks at least. And that doesn’t even count what I write myself (which I often read a few times as I write/edit).
I find a lot of articles that are worth sharing but just aren’t worth an entire post (primarily because they aren’t about finances specifically or they just make one great point). Anyway, instead of trying to fit those into a post, I thought I’d share them here (plus a few other tidbits I thought you’d appreciate).
Let’s start with this…
Retirement as a Cliff
I listened to this podcast between Tim Ferriss and Jim Collins when it came out in March.
It took me forever because it’s so long but I’ve followed Jim Collins most of my career (anyone ever read Good to Great?) and the discussion was so fascinating that I stuck with it.
Some of the conversation was about his new book, What to Make of a Life, which talks about how people who “fall off cliffs” in life can have different subsequent outcomes, why that happens, etc. Think of athletes who have life-changing issues to deal with when they can no longer play. Why do some become drug addicts and criminals while others become senators or successful investors?
It struck me that retirement is a cliff for many and since there are a lot of retirees, that’s a big market (for book sales). I tracked down Jim’s email address and sent a short note sharing my insights with him. I got a nice response from his assistant saying thank you and that she’d share it with Jim. And I thought that was the end of that.
A few days later, I got an email from the assistant which read as follows:
Hi John,
I was able to connect with Jim about your message, and as I expected, he was honored by your thoughtful engagement with the Tim Ferriss interview. To reflect that, he would like to send you a signed first edition of What to Make of a Life. If that would be of interest, please share the best mailing address to send it to.
Thank you again for your support and reflection.
I, of course, was thrilled to have a signed book from someone I’ve admired for so long.
I read the book over the next month or so and LOVED it! I’m still processing it for my own life and may even do a series on it here on ESI Money.
But that will be some time in the future since I’m so far ahead in posts and I didn’t want to sit on this without sharing it with you. So let me just say that I highly recommend you buying or checking out What to Make of a Life. You won’t be sorry that you did!
And for those of you who would like more on this book, here’s Jim’s interview with Oprah.
The Definition of Retirement
Next is the Fidelity 2026 State of Retirement Planning study. It’s a survey, so realize that what people say they do and what they actually do could be two different things. But overall I found it to be a fascinating look at how the average American views their golden years.
In particular I liked how people define working in retirement — and how the definition of retirement is changing over time.
For example, on page 3 you can see where they asked groups if they would consider a retirement option that was different then “traditional retirement” (i.e. retire with no work). The oldest group, Baby Boomers, had 30% that would consider some work in retirement. The youngest group, Gen Z, had 90% that would consider work in retirement (overall 70% would consider it).
This just shows how the definition of retirement is changing amongst the generations…from the old definition where no work was allowed in retirement to a point where almost everyone is ok with “working” in “retirement” in some way.
This is a big thumbs up to what I was saying in Grappling with the Retirement Police on the definition of retirement.
12 Good Years
Here’s a great post titled Your 12 Good Years.
The summary of the article is this: “12 years. That’s how long the average healthy 60-year-old has before their mobility, energy, and independence start to significantly decline. Not before they die… before life gets noticeably harder.”
Yikes! That’s a wake up call, huh?
If you want more than 12 good years (on average) there are two things you can do: retire early and work on your health to try and extend your good years.
Lots of food for thought in this one.
Related posts from me: Life is Short. Retire Early. and The Top Seven Retirement Activities (look at #1).
Eat Your Ice Cream
I recently listened to a Freakonomics podcast on the wellness industry (and what it gets wrong) where they talked a bit about the book Eat Your Ice Cream.
The subtitle of the book is “Six Simple Rules for a Long and Healthy Life.” Here’s how Gemini summarizes it:
While the book covers a wide range of medical evidence, it distills longevity into six high-impact areas:
- Don’t Be a “Schmuck” (Avoid Excessive Risk): The easiest way to live longer is to not die prematurely from avoidable mistakes. This includes the basics—don’t smoke, wear your seatbelt, and get your vaccines (especially shingles, flu, and COVID for those over 50). He also warns against high-risk hobbies (like climbing Everest) that offer little health benefit compared to the risk of death.
- Move Consistently (The Walking Cure): You don’t need extreme CrossFit sessions. The “sweet spot” is roughly 150 minutes of moderate activity per week (about 20 minutes a day) that leaves you slightly out of breath. He emphasizes consistency over intensity and highlights the importance of maintaining strength and flexibility as you age.
- Eat for Pleasure and Health: Emanuel suggests cutting back on ultra-processed foods, sugar, and salt, but he is famously “pro-ice cream.” He argues that because ice cream is a dairy product (protein/calcium) and is almost always eaten socially, the happiness and connection it provides outweigh the calories.
- Prioritize Natural Sleep: He is a critic of sleep-tracking technology, arguing that it often creates “orthosomnia” (anxiety about sleep). Instead, he recommends “Screen Sabbaths” and avoiding caffeine or alcohol after 2 p.m. to let the body’s natural chemistry work.
- Build Social Connections: Loneliness is as dangerous as smoking. Emanuel suggests simple interventions like never dining alone. He views social engagement—talking to friends, volunteering, and “weak ties” with neighbors—as the most critical factor for long-term health.
- Don’t Retire the Mind: To protect against cognitive decline, he advocates for “novelty extraction”—constantly learning new, difficult skills. He personally challenges himself to learn a major new hobby every year (like beekeeping or a new language) to build cognitive reserve.
Some pretty good thoughts in there! In fact, these match up very well with my top seven retirement activities (see, it’s not just me saying this stuff!
During the podcast they discussed retirement a bit with the host (Stephen Dubner having this exchange with author Zeke Emanuel):
DUBNER: In chapter three of your new book, you advise against retiring, generally. But I wanted to ask you, you know, you, Zeke, plainly like, maybe love, and are plainly energized by your work. I’m happy to say that I am lucky enough to feel the same. But many, many, many people don’t like their work, and they don’t get that same kind of joy or energy out of it. So for people listening to this and they hear Zeke Emanuel say, Don’t retire, don’t ever retire. And they say, well, I do want to retire from what I do. How do you think about that next phase where you’re retiring from your vocation or your occupation, but how do you set off on a new chapter that’s as energizing and productive as the one that you want?
EMANUEL: We do have data that countries where retirement is younger, people have a faster cognitive decline. There’s a sociability with work. There’s a schedule and expectations of other people and you. There’s cognitive challenges of how to solve problems at work. And there are new things that you have to do. When you think about retiring, you should think about all four of those elements. How are you going to replace them? What are you going to do for the sociability? How are you going to actually interact with people? One of the things I suggest to people is, I understand if you want to retire, if your job isn’t fulfilling, all right, then how are you going to volunteer and how are you going to do things that give you a schedule, make you interact with other people, make you learn new skills, and make you solve problems? One of the things we know from data that a colleague of mine has collected is, when people retire, the thing that goes up the most is TV watching. That is not a good place to be. That is not going to stimulate you cognitively. And so I think if you want to retire from an occupation, you got to figure out the volunteer activities or the social engagement that you’re going to have as you age. And unfortunately, not a lot of people spend a lot of time consciously thinking about what that’s going to look like.
EXACTLY!!!!
Again I say it — read The Top Seven Retirement Activities and have a plan that incorporates them all.
Otherwise you risk having a terrible retirement!
Memory Dividends
In the MMM forums we recently had a discussion about memory dividends. We’ve covered this concept a few times here, first as part of my discussion of the book Die with Zero (where the term comes from) and then later in Be Happier by Buying Experiences Over Things.
In case you missed those posts, a memory dividend is the ongoing “payout” you receive from an experience long after the event itself has ended. When you invest in an experience (like a vacation, a special dinner, or a major life event), you aren’t just paying for the time you spend doing it. You are “purchasing” a memory that will provide enjoyment every time you recall it or talk about it in the future. For years afterward, you revisit that experience through stories, photos, or internal reflection. Each time you do, you experience a “dividend” of joy.
Much like a financial dividend pays you a percentage of your investment over time, a memory dividend pays you back in happiness and fulfillment for the rest of your life. Because you have more years to recall an experience the earlier you have it, experiences “purchased” when you are younger often yield a higher total memory dividend than those had later in life.
BTW, there are also “anticipation dividends” which is the joy you get just thinking/talking about, planning for, etc. upcoming exciting events.
In short, these are feel-good emotional benefits that you get by recalling a past, fulfilling event, activity, trip, etc.
Anyway, one of the mentors posted this:
I have a hard time spending my nest egg. It took me many years of stressful work, sacrifices and frugality to accumulate an 8 figure net worth. I am also probably suffering from a scarcity mindset. I would like to overcome the fear of spending money and move toward an abundance mindset. So I am reading books like Die with Zero, The Art of Spending Money, Mind Over Money as well as many articles on the subject of spending money mindfully. One theme that comes across many of these books and articles is memory dividend, the idea that spending money (especially on experiences) creates lasting memories that we can replay in our heads over and over.
I don’t doubt that memories are created, but in my experience, I spend very little time reminiscing about the past, looking at my photos or trinkets from past trips. I am 68 and derive more pleasure from actively pursuing my hobbies, spending time with friends and family, learning something new and planning for the future. The memory dividend is mostly lost on me. Perhaps when I enter my no go years memory dividends will be more valuable, but I have my doubts. I am also found of history, just not my own.
Am I weird that way? I would like to hear what role memory dividends play in your lives.
The rest of us them chimed in with our thoughts and experiences. Here’s what I commented:
“I would like to hear what role memory dividends play in your lives.”
A huge role.
Every morning I open OneDrive and it shows me photos for “X” years ago. (One year ago, three years ago, seven years ago, etc. — based on whether or not I took pictures that day.)
I look over the photos and revisit many fond memories. They don’t have to be anything big. It might be photos of the kids when they were young or all of us out on a shopping trip. The photos just bring back a memory of a good/fun/special time and I really enjoy seeing them.
I then send the best ones to the people I know who are in the picture or know someone in the picture (like a relative who’s passed). The we all get to re-enjoy those moments together (by text).
I do get a lot of joy from reliving past memories each day and thought I’d share that with you all so you can consider collecting some memory dividends of your own (or creating some new ones).
Enjoy your memory dividends!
Highest Form of Wealth
A tidbit from The Psychology of Money:
“The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.'”
Doesn’t that translate to:
“The highest form of wealth is being retired.”
Hahahahaha…
The Benefits of a Routine
Here’s an article on how routines can boost our mental health.
Specifically they reduce stress, improve sleep, and enhance cognitive function. Aren’t those things we all want?
If you want some guidance on this issue, here’s a video on how to create routines that help you achieve your goals.
That’s it for now.
Let me end with a few questions:
- What other books should I read and cover here (and maybe give away) on ESI Money?
- If you’re retired, what has surprised you most about it?
- If you’re not retired yet, what part of retirement are you most looking forward to — or most unsure about?
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