Overview of ChooseFI Episode 623: “20 Things to Do Before You Retire” with Fritz Gilbert
This episode focuses on Fritz Gilbert’s framework for the final three years before retirement. The big idea: only 5 of the 20 items are financial—the other 15 are about building a life you actually want to retire into. Brad and Fritz dig into retirement planning as both a math problem and a psychological transition, covering spending realism, withdrawal planning, experimentation, purpose, relationships, health, and identity.
Core Takeaways
- Retirement success is not just about reaching FI; it’s about preparing for what happens after the paycheck stops.
- The most important work in the last few years before retirement is often non-financial:
- purpose
- curiosity
- connection
- routines
- health
- identity
- Fritz’s main thesis: retirement is the starting line, not the finish line.
- A smooth retirement transition usually requires:
- realistic spending estimates
- a withdrawal strategy
- emotional preparation
- testing retirement activities before you retire
- intentional planning for relationships and time use
The Financial Side: Make the Numbers Real
1) Track actual spending
Fritz recommends getting far more specific than a rough FI calculator estimate.
- He and his wife tracked nearly a full year of spending manually.
- The point was to capture:
- annual property taxes
- insurance premiums
- other “lumpy” expenses that are easy to miss
- He stressed that you can’t manage retirement spending well if you don’t know your real spending baseline.
2) Include lumpy, long-term expenses
He recommends explicitly building in costs for things like:
- roof replacement
- car replacement
- water heaters
- other major home repairs
Rather than ignoring these costs, he suggests amortizing them mentally and planning for them in a separate bucket.
3) Build a withdrawal plan before retirement
Fritz emphasized the emotional shift from accumulation to decumulation.
- You need to know:
- what accounts you’ll draw from first
- how you’ll bridge early retirement before retirement accounts are accessible
- how you’ll handle sequence-of-returns risk
- He recommends building liquidity well in advance, not waiting until retirement day.
4) Use planning tools, but don’t ignore the details
He mentioned using retirement calculators and said tools like:
- ProjectionLab
- Boldin (formerly NewRetirement)
can help, but the key input still has to be realistic spending data.
The Non-Financial Side: Build a Life, Not Just a Balance Sheet
Three years out: experiment and prepare
Take a hike
This is Fritz’s metaphor for getting out of your normal routine and creating mental space to think about retirement.
Prepare for the slog
The last couple of years before retirement can feel slow and draining. His advice: mentally prepare for that final stretch.
Experiment
Start trying things you may want in retirement before you retire:
- volunteering
- writing
- hobbies
- relocation ideas
- travel styles
- side projects
His point: if you don’t experiment before retirement, you may end up disoriented later.
Two Years Out: Design the Retirement You Want
Schedule a mini-retirement
Fritz and his wife took a week away to think through what retirement life would actually look like.
They used that time to discuss:
- where they wanted to live
- what their days might look like
- how much time each person wanted:
- alone
- together
- with friends
Begin building your dream
He encouraged couples to start shaping retirement life together before the work phase ends.
This includes:
- buying the things you know you want
- testing activities you think you’ll enjoy
- revisiting the budget as your goals become clearer
Dial in your health care plan
Health care should be researched well before retirement so there are no surprises.
Measure your spokes
Fritz used the “wheel” metaphor: if one area of life dominates, the wheel gets warped.
The “spokes” include:
- work
- health
- family
- friendships
- hobbies
- personal growth
- finances
One Year Out: Lock in the Mindset Shift
Pursue the four C’s
Fritz highlighted Dan Haylett’s framework:
- Contribution — feel useful and needed
- Creation — make something, don’t just consume
- Curiosity — keep learning and exploring
- Connection — maintain and deepen relationships
He called curiosity especially important for a fulfilling retirement.
Build a life outside of work
A year out is the time to emotionally separate from your job identity and begin constructing your post-work self.
This means thinking about:
- purpose
- mindset
- routines
- interests
- how you want your time to feel
Write your 10 commandments
Fritz’s “10 commandments” are a personal north star document for retirement.
Examples included:
- attitude of gratitude
- no unnecessary obligations
- giving back to the community
He still keeps it posted and uses it as a reference point.
Develop a health span plan
He framed health as the FI equivalent on the physical side:
- FI gives you more years of financial freedom
- health gives you more years of physical freedom
Make your personal life truly personal
Start separating work and personal systems:
- contacts
- files
- accounts
- devices
Update your estate plan
A practical but important step before leaving work.
Buy your retirement toys
If you want a cabin, RV, boat, or other big purchase, buy it while you still have the paycheck.
Fill your activity jar
A fun idea Fritz and his wife used:
- each week, each spouse writes one retirement activity on an index card
- cards go into a jar
- after retirement, they draw from the jar for ideas
It helps build anticipation and gives you a ready-made list of things to do.
Enjoy crossing the starting line
Fritz’s final point is psychological and symbolic:
- retirement is not the end
- it’s the beginning of a new chapter
- savor your last weeks of work
- stay connected with coworkers
- leave with intention
Notable Insights
- 75% of Fritz’s list is non-financial, which says a lot about what actually matters in retirement.
- A big theme throughout the episode is that retirement anxiety is often psychological, not mathematical.
- Good retirement planning includes:
- numbers
- identity
- purpose
- relationships
- curiosity
- flexibility
- Fritz and Brad repeatedly emphasized that you don’t accidentally build a great retirement—you design it.
Practical Action Items
If you’re a few years from retirement, this episode suggests you should:
- track your real spending for close to a full year
- model large, irregular expenses
- build a withdrawal and bridge strategy
- start experimenting with retirement activities now
- talk with your partner about time, expectations, and roles
- build a “life outside work” before work ends
- write down your retirement principles
- keep your health a top priority
- separate personal and work systems
- buy big retirement items before quitting
Resources Mentioned
- Fritz Gilbert’s site: The Retirement Manifesto
- Fritz’s book: Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years
- Retirement planning tools discussed:
- ProjectionLab
- Boldin