As retirement approaches, financial security becomes an increasingly important topic. Ensuring sufficient savings, understanding investment options, and making informed decisions about the future are challenges for many. Retirement planning clubs and groups 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 feel secure in retirement, starting a club like this could be a fulfilling way to contribute not only to your own wealth and happiness, but to your community as well.
Overcoming the taboo of talking about money
Discussing money with peers has long been taboo, often accompanied by discomfort, embarrassment and even competitiveness. Many people were raised to believe that money matters are private, which makes them reluctant to share details about their income, debt or savings. This discomfort stems from fear of being judged, revealing financial insecurity or exposing wealth disparities. 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 environment surrounding money discussions is changing, and talking openly about money is becoming increasingly accepted and encouraged. Social media, the financial literacy movement, and the rise of personal finance blogs and podcasts have helped make these conversations the norm. People are realizing that sharing experiences and strategies with their peers can help them make better financial decisions, reduce stress, and empower everyone involved. As this openness continues to grow, more individuals are finding the courage to break their silence about money, fostering a culture of transparency and mutual support.
Benefits of Joining a Retirement Planning Group
Peer pressure can actually be a very good thing!
- Have you ever teamed up to train with a friend and gotten better results from that friendship?
- Has networking helped your career?
- Have you ever received some great parenting tips or support at an after-school playground?
Talking about important issues with friends can be comforting, provide perspective and motivating – you need that kind of support when you retire. Retirement is a big event, and many of us go through it alone.
Benefits of joining a retirement planning group include:
Knowledge sharing: Access diverse perspectives and expertise on retirement planning to make more informed decisions.
Increased wealth and security: Research on financial literacy has found that peer power plays a big role in your success: if your friends are working on financial and retirement planning, you’re more likely to be successful, too.
AccountabilityRegular meetings and discussions will help you stay on track with your financial goals and retirement plans.
A supportive community: Build a network of like-minded people who can encourage and understand each other in your retirement life.
motivation: Being part of a group focused on financial wellness can motivate you to take proactive steps to ensure your future is secure.
Personalized advice: Discuss your unique financial situation and receive sound advice from peers and experts in a supportive environment.
Stress reductionDiscussing challenges and solutions in a group reduces financial anxiety and increases peace of mind.
Social Connections: You’ll build new friendships and strengthen your social network, which is crucial for your mental well-being in retirement.
Who should you invite to join your retirement club? How can you find a club to join?
This is a personal decision, but there are many options for starting or joining a retirement club.
Get started with your own network
You may want to start your own group with people in your network, but make sure you choose people with whom you’re comfortable discussing at least the general terms of your financial situation and future goals. (Remember, most people are struggling regardless of appearances.)
When choosing who to invite, ask yourself:
- Do you want to only include people in your club who you believe have a similar economic standing to you, or would it be more educational to have a diverse group in your club?
- Do you want close friends you see often, acquaintances, or both?
- Men only? Women only? Or mixed?
- What age are you? Do you want everyone your own age, or could you benefit from people at different stages of retirement?
- Are you in a general occupation? If you are a teacher or in a profession that gives you a pension, decide if you want only pensioners.
- How many people do you want to attend? A larger group will inevitably lead to a wider range of ideas and diversity, but it’s easier to discuss topics with a smaller group.
Find people in the NewRetirement community
recently, NewRetirement Private Facebook Group or Reddit People have been posting about starting retirement and financial planning clubs online, and there seems to be a lot of interest in such an endeavor.
Find existing clubs and groups online
Whatever your interest, from hiking and reading to retirement planning and investing, there are thousands of people sharing it. Meetupis an online site that helps you find clubs, events, and groups related to your interests.
Do you work with a financial advisor? Ask them if they can start a club for you.
Some financial advisors even offer clubs moderated by the advisors themselves.
Other logistics for retirement clubs
The “who” is probably the most important aspect of a retirement club. But there are several other logistical considerations: Where do you want to meet? How often do you want to meet? What time will you meet? Will there be food and drink? How long will the meeting last? Can we do a Zoom meeting?
A great place to start is with just five people and meet over some snacks and drinks at your home — this casual setting will allow for conversation to flow and expand from there if needed.
Other ideas for meeting places include a restaurant, a coffee shop, a hiking trail, a room at a community center — the important thing is that it’s a place where everyone can feel comfortable and relaxed.
First Retirement Club Meeting
As the host of the retirement club, you will need to lead the first meeting or appoint someone else to lead it.
Before everyone arrives, think about the agenda for your first meeting. Will you discuss organizing a club or retirement planning? It’s a good idea to clearly define your mission. Consider what you want to accomplish: helping members better understand retirement planning, exploring investment strategies, or managing personal finances more effectively. A clearly defined mission will guide your club’s activities and help you attract members with common interests.
If you want your first meeting to be an organizational one, you need to discuss the following:
- Who will lead your club meetings? Do you take turns or is it always one person leading?
- Do you vote on the agenda or discussion items for each meeting, or do you leave it to the leadership’s discretion?
- What do participants want to get out of the club?
- What topics do they want to discuss?
- Should all meetings follow a pattern? A good regular agenda allows everyone to share and comment on a pre-selected topic, and then discuss a common theme, such as an article, book, or guest speaker.
If you make the organizing decision yourself and want to start the discussion about retirement in the first meeting, it’s a good idea to prepare a set of questions for everyone to think about and go around the room sharing their perspectives. Good topics for the first meeting include:
- What worries you most about retiring?
- What are you most looking forward to after retirement?
- What would you like to know more about?
- What are your retirement goals?
- What do you want from this club?
Retirement Club Meeting Ideas
After meeting them once or twice, you will have a good idea of what everyone wants from a retirement club.
Here are some ideas for ongoing meetings.
We take a detailed look at each member’s financial plan. Give each group member time to introduce their financial situation and concerns. Ask them to share their financial strengths and weaknesses, and brainstorm as a group how they could do better. (Check back afterward to see if the ideas generated during the meeting have produced better results.)
Celebrate milestones and achievementsA great way to start a meeting is to take turns celebrating by having each member share a recent financial milestone or accomplishment. Whether it’s reaching a savings goal, learning a new financial skill, mastering 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.
investment: Hire an investment advisor. Many will do it for free because they want to gain clients, but look for a certified financial planner. They are expected to provide advice based on your needs, not the fees they receive.
The meeting starts with all members sharing their (or researched) favorite investment advice.
Retirement announcement: Have everyone write their own retirement manifesto, declaring what they want after they retire.
Discuss how you can support each other in achieving your goals.
Retirement and Financial Risk: Planning for worst-case scenarios and preparing for events that threaten your financial security is likely to be a popular topic in retirement planning groups. Below is a list of issues to discuss:
Book Review: Does your group enjoy reading? Pick a book about retirement or aging and discuss it together.
The list goes on…there is so much to discuss.
Passive Income: Everyone wants to earn extra income in retirement, but they don’t necessarily want to have a job. Passive income is a source of income that you can earn without putting in much effort. Passive income allows you to earn money without having to work.
If the members of the group all know each other well, ask each member to think of potential passive income sources for everyone else, based on their knowledge of that person’s interests and assets.
Medicare: If everyone is eligible for Medicare, it’s a good idea to schedule a meeting each fall during open enrollment to discuss supplemental insurance options. Have different people explore different types of plans and bring in an insurance expert to answer everyone’s questions.
Long-term care options: Long-term care is incredibly expensive. And for most people, long-term care insurance is out of reach. So what can you do?
housing: Where you live is a big factor in your ability to retire comfortably. Your home is usually both your most expensive expense and your most valuable asset.
Assign members to research different retirement housing options and have the whole group report back on the pros and cons of options such as reverse mortgages, retirement communities, retiring overseas, downsizing, house sharing, tiny houses, etc.
Creative Night: Let’s all do our research and come up with the most creative strategies to help you retire with peace of mind.
Vote for the best idea.
Political Activities: Many issues affecting retirement are being debated in Washington, D.C. Set up a meeting to discuss these issues and write letters to your Congressman.
NewRetirement is here to support you and your retirement club
Starting a retirement planning or personal finance club is a powerful way to empower yourself and others to take control of their financial future. Creating a community focused on education, support, and shared experiences can help members make informed decisions and lead a safe, fulfilling retirement. With careful planning, a commitment to continuous learning, and a welcoming atmosphere, your club can become a cornerstone of financial well-being for not only your members, but others too.
The NewRetirement Planner is a great tool to use in your retirement planning club.
Let us know how we can help you achieve the retirement you want, and we encourage you to get started by sending this article to your friends and scheduling your first retirement club meeting.
