A Different Way to Look at Retirement, with Eric Brotman

Welcome to The MapleMoney Show, the podcast that helps Canadians improve their finances to create lasting financial freedom. I’m your host, Tom Drake, the founder of MapleMoney, where I’ve been writing about all things related to personal finance since 2009.

What does retirement look like to you? Whether it’s five years away or fifteen, at some point most of us will stop working our regular jobs and find ourselves with a lot more time on our hands. But retirement in 2021 looks different than it did when our parents stopped working. And a different retirement requires a different approach.

My guest this week is Eric Brotman, CEO of BFG Financial Advisors with over 25 years of experience as a trusted advisor. He is also the author of multiple books on personal finance, including his latest book, Don’t Retire…Graduate! Eric joins me to talk about a new way to look at retirement, and why it might look a lot different than you think.

According to Eric, there are two challenges faced by today’s retirees. We’re living longer than ever before, and life is a lot more expensive than it was for previous generations. Our car payments are as much as our parent’s mortgage payments, and we pay for a long list of things we now consider essential services, i.e. high-speed internet, cell phones, streaming subscriptions, etc.

Eric and I discuss the identity crisis many people face when they leave the workforce because they connect who they are to what they do. This can cause a huge void when their jobs are suddenly no longer there. But it’s not all doom and gloom. Eric shares some tips on how to shift your mindset about retirement, and how it might make you more fulfilled than ever.

Episode Summary

• Retirement today doesn’t look like it used to.
• How do you plan to spend your retirement?
• Too often, our identity is wrapped up in what we do.
• Why you shouldn’t quit your job just because you can.
• In the future, retirement is going to be very expensive.
• Today, we pay bills for things that used to be free.
• Redefining the ‘bucket list’.