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July 1, 2019 • 7 minutes
A retirement planning club or group can provide a supportive environment where members can share knowledge and make smarter financial decisions together.
If you’re passionate about financial literacy and want to help others achieve peace of mind in retirement, starting such a club could be a fulfilling way to contribute to your community as well as your own wealth and well being.
Discussing finances with peers has long been considered a taboo topic.. Many people were raised to believe that money matters are private, leading to a reluctance to share details about income, debt, or savings. As a result, many avoid these conversations altogether, missing out on valuable insights and support that could help them better manage their financial lives.
However, the cultural landscape around money discussions is shifting, and it’s becoming increasingly acceptable—and even encouraged—to talk openly about finances. Social media, financial literacy movements, and the rise of personal finance blogs and podcasts have contributed to normalizing these conversations. Sharing experiences and strategies with peers can lead to better financial decisions, reduce stress, and empower everyone involved.
Peer pressure can actually be a really good thing!
Talking about important issues with friends can calm you down, provide alternative viewpoints and even help motivate you. Your retirement merits this kind of support. Retirement is a huge deal and too many of us go it alone.
Here are a few benefits of being part of a retirement planning group:
Knowledge Sharing: Gain access to diverse perspectives and expertise on retirement planning, helping you make more informed decisions.
Improved Wealth and Security: Research into financial literacy has found that your peers can have a huge impact on your success.
Accountability: Regular meetings and discussions encourage you to stay on track with your financial goals and retirement plans.
Supportive Community: Build a network of like-minded individuals who offer mutual encouragement and understanding during your retirement journey.
Motivation: Being part of a group focused on financial wellness can inspire you to take proactive steps toward securing your future.
Personalized Advice: Discuss your unique financial situation in a supportive environment, receiving tailored advice from peers and experts.
Stress Reduction: Alleviate financial anxieties by discussing challenges and solutions with a group, leading to greater peace of mind.
Social Connection: Forge new friendships and strengthen your social network, which is crucial for emotional well-being in retirement.
You may want to start your own group with people from your own network. However, you will want to select people with whom you are comfortable discussing at least the broad view of your financial situation and your future goals. (The thing to remember is that most people are struggling no matter how they might appear.)
Recently on the Boldin private Facebook group or on Reddit people have posted looking to start an online retirement or financial planning club. And, it appears that there is a lot of interest in such endeavors.
Whatever your interest, from hiking and reading to retirement planning and investments, there are thousands of people who share it on Meetup, an online site to help you find clubs, events and groups related to your interests.
Some financial advisors offer clubs, often moderated by the advisor themself.
The “who” is probably the most important aspect of your retirement club. However, there are a number of other logistical considerations. Where do you want to meet? How often? What time of day? Will you serve food or drinks? How long will meetings go? Can you do a Zoom meeting?
To get started, you might want to keep the invite list to around 5 people and meet in your home over a snacks and a drink. This type of casual environment can make the conversation easier and you can grow it from there if you like.
Other ideas for meeting places include: restaurants, coffee shops, hiking, or a community center room. The important thing is that everyone feels comfortable and at ease.
As the organizer of your retirement club, you’ll want to lead the first meeting – or appoint someone else to do so.
Consider what you want to achieve: Is it to help members improve their understanding of retirement planning, explore investment strategies, or manage their personal finances more effectively? A well-defined mission will guide your club’s activities and help attract members with shared interests.
You’ll want to think about:
Dive Deep into Each Member’s Financial Plan: Give each member of your group the time to introduce their financial situation and the things that worry them. Ask them to share their financial strengths and weaknesses and brainstorm with the group on how to do better. (Check back to see if the ideas generated in the meeting yield better results.)
Celebrate Milestones and Achievements: Whether it’s reaching a savings goal, mastering a new financial skill, learning something new, or simply enjoying a year of productive meetings, acknowledging these successes will reinforce the positive impact of your club and keep members motivated.
Investments: Bring in an investment advisor. Many will probably do this for free in the hopes of winning clients, but try to find a Certified Financial Planner – they are required to offer advice based on your needs, not based on the commissions they might receive
Start the meeting with all members sharing their own (or researching a) favorite piece of investment advice.
Retirement Manifesto: Have everyone write down their own retirement manifesto — a declaration of what they want out of retirement.
Retirement and Financial Risks: Worst case scenario planning and preparing for what could derail your financial security.
Passive Income: Passive income is an income stream you receive without putting in much work. Passive income allows you to earn money without the grind of a job.
Medicare: If you are all eligible for Medicare, you might want to schedule a meeting about your supplemental coverage options during the open enrollment period every fall. Have different people research different types of plans or bring in an insurance expert to answer everyone’s questions.
Long Term Care Options: Long term care is ridiculously expensive. Have the club members research options and debate the best strategy.
Housing: Where you live is a huge lever for having a secure retirement. Housing is usually your most costly expense and most valuable asset.
Get Creative Night: Have everyone research and bring in the most creative strategy for having a secure retirement.
Starting a retirement planning or personal finance club is a powerful way to empower yourself and others to take control of their financial futures. By creating a community focused on education, support, and shared experiences, you’ll help members make informed decisions that lead to a secure and fulfilling retirement. With careful planning, a commitment to ongoing learning, and a welcoming atmosphere, your club can become a cornerstone of financial well-being for its members and beyond.
The Boldin Planner is a great tool to use in your Retirement Planning club.
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