#178 Wellth Talks - How To Enjoy Wealth

In this episode of "Wellth Talks," host Garry Kelly is joined by Dan Haylett of TFP and Niall Leyden of Atlantic Wealth Management to explore the emotional and behavioral aspects of retirement. They discuss the challenges of shifting from saving to spending, the psychological impact of retirement, and the importance of health and purpose. The conversation emphasizes aligning financial planning with personal values, enjoying experiences over possessions, and maintaining well-being. Listeners are encouraged to rethink retirement as a fulfilling, balanced phase of life, integrating family, health, wealth, and meaning. Please visit: GK Media https://www.gkmedia.ie Dan Haylett https://www.humansvsretirement.com The Retirement You Didn't See coming (book) https://www.humansvsretirement.com/book Humans vs Retirement (Podcast) https://www.humansvsretirement.com/podcast-1  Atlantic Wealth Management https://atlanticwm.ie Disclaimer: Niall Leyden is the Founder of Atlantic Wealth Management Limited, a firm that is regulated by the Central Bank of Ireland to advise on and arrange a range of financial products. Please note that Niall’s comments in this podcast are made in a personal capacity and are not recommendations or financial advice and do not form part of Atlantic Wealth Management Limited’s regulated activity. Podcast Introduction (00:00:00) GK Media and Wellth Talks podcast introduction, host and guest introductions, and episode overview. Emotional and Behavioral Aspects of Retirement (00:01:05) Discussion on the emotional and behavioral challenges of spending time and money in retirement. The Challenge of Spending in Retirement (00:02:20) Exploring why retirees struggle to spend their savings and the psychological barriers involved. Societal and Family Expectations Around Legacy (00:03:56) How societal norms and family expectations influence saving, spending, and leaving inheritances. The Guilt Complex and Rationality in Retirement Decisions (00:06:50) Debate on whether underspending is irrational, and the real reasons people want to leave a legacy. The Value of Giving with a Warm Heart (00:07:49) Encouragement to give money away during life for greater happiness and impact. Visualizing the Perfect Retirement Day (00:09:38) Dan Haylett describes his ideal retirement day, focusing on presence, environment, and feelings. The Importance of Feelings Over Appearances (00:12:03) Advice to focus on how retirement feels rather than what it looks like. The Three Kinder Questions and Vulnerability (00:12:24) Discussion of George Kinder’s life planning questions and the need for vulnerability in planning. Finding Balance: Saving vs. Living (00:13:50) Historical perspective on economic cycles and the challenge of balancing saving with enjoying life. Intrinsic vs. Extrinsic Motivators (00:15:27) How people today value experiences and meaning over possessions, and finding personal balance. Health and Reverse Engineering Retirement (00:18:42) Emphasizing the importance of health and starting retirement planning with the end in mind. The Myth of the Magic Retirement Number (00:19:20) Challenging the obsession with a specific retirement savings number and advocating for scenario planning. Peak Knowledge, Purpose, and Health in Retirement (00:20:03) Encouraging continued contribution post-retirement and the link between purpose, health, and longevity. Behavioral Strategies for Spending in Retirement (00:21:55) Practical strategies to empower retirees to spend confidently and enjoy their savings. The Importance of Physical and Mental Health (00:23:02) How retirement highlights neglected health issues and the need for strength and mobility. The Four Pillars of Wellth Talks (00:23:56) Summary of the podcast’s focus on family, health, wealth, and business for a fulfilling retirement. Closing Remarks and Farewell (00:24:45) Final thanks, guest promotions, and episode wrap-up.