Are You Going to Run Out of Money in Retirement?...
‘I’m happy in my work and I don’t see myself retiring for quite some time’. I hear this a lot. Perhaps that’s how you feel?
I also meet a lot of people who ‘plan’ to tie their own retirement in with the state pension age. Not sure why this is but there’s no reason why it has to be the case.
But what if you discovered that you could actually afford to retire NOW? (or, at least, a lot earlier than you thought)?
Would this change your perspective? Would you still carry on working or would you, at least, start thinking slightly differently?
Being faced with the prospect of being in a position to make major changes in your life, especially retirement, can be scary but it also gets the mind thinking a bit. That’s my experience.
Most people come to us with a pension or investment issue. They’re issues that they feel need to be resolved. But what’s the bigger question? More often than not, it’s this:
‘Am I going to be able to live the rest of my life without worrying about money?’
Of course, that’s probably not what’s at the front of their mind but, with a bit of probing, this is usually what it boils down to. It’s an important question. A VERY important question!
Even if you’re retired, you’re still probably going to have the same concerns, especially with the thought of long-term care lurking at the back of your mind.
Face Facts…
I’m very sorry to tell you this but you’re not going to live forever! I’m 50 and I’ve lost people I love far too soon. We’ve probably all been through it and it hurts.
We don’t know when the landlord in the sky is going to call time on the party, so isn’t it important to get as much as we can out of life while we’re fit and able to do so?
Often, the desire to carry on working is more about the fear of life after work, rather than the enjoyment of the work itself.
At work, you’re an important person, people rely on you, you’re significant. The idea of this no longer being the case can be hard to get one’s head round.
What’s It All About?…
When you look back on years gone by, where do your happiest memories lie?
For me, it’s things like family gatherings, special moments with loved ones, holidays and travel. I’d like to also add winning the lottery to those memories but, tragically, that hasn’t happened yet!
I don’t want to generalise but, if you were being really honest, how many of your special memories involved work related matters? All, some or few?
Don’t get me wrong, I love my work. I love helping people and I certainly get fulfilment from it but I also know there’s other things I’d rather be doing.
Already Retired?…
You might already be there. You may have been there for several years. But my point is still very valid. There might be things you want to do with the time you’ve got left.
I’ve seen plenty of ‘older’ people try new things, follow new interests, open new chapters in their lives. Age isn’t a barrier. Never stop dreaming!
If you’re in a position where you feel you’re not going to run out of money, how wonderful to do some great things with your life, whatever your age!
How We Help People…
This isn’t a plug for my business. What I will say, though, is that one of the most significant parts of our work is to challenge your thinking. To encourage you to see things from a different perspective.
It’s so easy to get caught up in the routine of life. So easy to allow the years to melt away. So easy to say, ‘one day…’. I get it. I do the same.
But it’s important to challenge that thinking and we help people get a clearer idea of what a ‘good’ or ‘great’ retirement will look like.
We then look at the financial side of things to see if it’s doable. If it is… WOW! Time to think about life differently. Time to dream. Time to plan!
Of course, you might not have enough. But that’s OK too. Isn’t it better to know where you stand? Knowledge of what you can and can’t do is empowering.
My Advice…
Take some time to think really hard about what it is you REALLY want out of life. If you’re already getting it, great, but think some more!
If you decide that your desire to carry on working or your decision not to do more ‘stuff’ with your life is down to fear or anxiety about the unknown, don’t be afraid. That’s common.
Think big and think differently. Allow yourself to dream up a different life. Once you’ve done that, you can then set about finding out IF you can afford it and WHEN you can afford it.
I know it sounds simple. I also know it isn’t! But that doesn’t mean it’s not worth trying. It’s not worth dreaming.
Until next time…