Pete Tychsen, President and Founder of Preservation Financial Group Interviewed on the Influential Entrepreneur Podcast Discussing Time Bucketing in Retirement

November 26 05:01 2024

Pete Tychsen discusses the importance of time bucketing in retirement  

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/pete-tychsen-president-and-founder-of-preservation-financial-group-discussing-time-bucketing-in-retirement/

Pete Tychsen, president and founder of Preservation Financial Group, to discuss the innovative concept of time bucketing in retirement. Pete emphasizes the importance of structuring one’s time during retirement to enhance enjoyment and fulfillment. He references Bronnie Ware’s book, The Top Five Regrets of the Dying, highlighting key regrets from those nearing the end of life. The first regret reflects a desire for authenticity, as many wish they had lived a life true to themselves rather than conforming to others’ expectations. The second regret reveals a common sentiment, particularly among Americans, about the pitfalls of overworking.  

Time bucketing in retirement is a strategic approach that encourages individuals to allocate their time in a way that balances saving for the future with enjoying life in the present. This concept is particularly poignant when considering the regrets expressed by those nearing the end of their lives, as highlighted by Pete. 

Time bucketing involves categorizing different phases of retirement into distinct “buckets,” each representing a specific stage of life along with its associated activities and priorities. This method allows retirees to plan not only their finances but also how they will spend their time during these phases. The three primary buckets shared are: 

  1. Go-Go Years (Ages 60-70): This phase is characterized by high energy and active engagement in life. Individuals are encouraged to travel, spend time with family, and pursue hobbies. The focus is on creating memories and experiences, as this is often when people are most physically capable of enjoying these activities.
  2. Slow-Go Years (Ages 70-80): During this stage, energy levels may begin to decline, prompting individuals to shift to a more balanced lifestyle. While still active, retirees may engage in lower-impact hobbies and focus on spending quality time with family. The emphasis here is on maintaining connections and enjoying life at a more leisurely pace. 
  3. No-Go Years (Ages 80 and beyond): In this final phase, health and mobility may limit activities. The focus shifts to comfort, legacy, and ensuring a peaceful environment. Activities may include personal reflection, engaging in light hobbies, and planning for the future of loved ones. 

Pete emphasizes that while planning for retirement is essential, it is equally crucial to enjoy life along the way. This balance is underscored by insights from Bronnie Ware’s book, “The Top Five Regrets of the Dying.” The regrets shared by those nearing the end of their lives reveal common themes: 

  • Living True to Oneself: Many expressed a desire to have lived a life true to themselves rather than conforming to others’ expectations. 
  • Not Working So Hard: A significant number regretted spending too much time working, wishing they had prioritized personal happiness and experiences. 
  • Expressing Feelings: Some wished they had been more open about their feelings, indicating a desire for deeper connections. 

Pete shared: “I take the Boring and the Complex and make it simpler for a more Worry-Free Retirement.” 

These regrets serve as a powerful reminder of life’s unpredictability and the importance of seizing opportunities for joy and connection while one is still able. Incorporating time bucketing into retirement planning encourages individuals to reflect on their priorities and make conscious choices about how they spend their time.  

Define your own time buckets based on your age and life stage. Consider what activities and experiences you want to prioritize in each phase. 

Video Link: https://www.youtube.com/embed/JhHQX0TnxB0 

About Pete Tychsen 

Pete Tychsen is the President and founder of Preservation Financial Group in Tallahassee. 

Pete has been helping local residents plan their retirement since 1996 and focuses on the areas of IRA/401(k) distribution, tax strategies, asset protection, and income planning. Pete’s approach has helped his clients: 

  • Avoid needless taxation on IRAs/ retirement accounts
  • Protect their principal and create a secure retirement income
  • Avoid unnecessary risks with their retirement assets
  • Use Retirement Plans to build a lasting legacy for children and grandchildren

Pete regularly conducts seminars on a variety of financial topics to groups including Executives, Educators, Government and State employees – as well as to the general public. Pete is author of Retire Worry-Free: Your Guide to A Simpler, Safer Retirement. 

Pete is an FSU Alumni and lives in the Tallahassee area with his wife LeAnne and their five children, Andrew, Anna, Arden, Christopher, and Sarah. When not working to help secure the financial future of retirees, Pete enjoys involvement at his church, fishing, hunting, and spending time with his family.  

Investment advisory services are offered through Gibbs Wealth Management, LLC (Preservation Financial Group), a SEC Registered Investment Advisor. Insurance products and services are offered through Preservation Financial Group. Gibbs Wealth Management, LLC (DBA Preservation Financial Group) and Preservation Financial Group, are unaffiliated companies. 

Learn more: https://www.PFG12.com  or https://www.preservationfinancialgroup.com  

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Disclosure: Pete Tychsen, an Investment Advisory Representative (IAR), offers advisory services through Gibbs Wealth Management (GWM), an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Preservation Financial Group and GWM are independent of each other. Insurance products and services are not offered through GWM but are offered and sold independently by Preservation Financial Group, Pete Tychsen, License #A269903 (FL), #3000456732 (AL), #446503 (GA), #2426336 (TN), #402223 (NC, SC, & OR).

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