A random conversation caused me to reflect on the thoughts and concerns of the clients I’ve guided into their 1000Weeks, a time some may call retirement. To do so required a blend of my financial planning skills; technical know-how, coaching and empathetic listening.
Many concerns were data driven. Some, the product of confusing weekend money page articles. Many, mind made, human concerns. All equally important.
No matter your age, I’d wager that at least one of the concerns on my list (and we all love a list) will resonate with you personally or will reflect the position of a friend, parent, child or partner. At worst, one of them might prompt an idle thought that you’ve been ignoring which needs a little attention. Here goes…
The listicle
Have I got enough? How much do I need? What if I run out?
I know I have ‘enough’ but where does my money ‘come’ from when my salary stops?
I don’t want to waste money on an annuity; what if I die tomorrow?
I can’t spend too much, what if I need nursing care when I’m older, how will I fund it?
I haven’t written a Will; I haven’t a clue who my executors should be or who to leave my money to.
I read an article that said I should reduce my investment risk.
I don’t want to pay Inheritance Tax, I’ve paid tax all of my life…OR…if my kids have to pay Inheritance Tax so what, they will still be doing all right.
I look after the money; how will my wife/husband/partner cope if I die first?
I’d like to give some money to charity but I don’t know where to start.
When should I give money to my children?
I’ve met the love of my life at 60…do I need a Pre Nup?
I have money but it’s all tied up in my house. I don’t want to move.
I can’t afford to pay for advice now I’m not earning, I think I’m going to go it alone.
I hear I should live off the interest and not spend my capital.
How do I budget in retirement?
I’m the one who’s always looked after the money; how do I tell my wife we have to cut back in retirement? I feel like I’ve let her down.
I want to carry on working but don’t need the money – am I mad?
I want to invest for ‘good’ but I don’t know where to start.
I’m scared and don’t like to admit it; where have all the years gone, what have I got to show for it?
What will I do with my time without work? I worry I’ll be bored and fester.
I feel under pressure to look after the grandchildren, but this is our time…OR…I can’t wait to look after my grandchildren, my daughter could use the help.
My partner and I have different dreams for retirement, how do we navigate this?
I feel like I’m losing my purpose in life… I’ll miss my work friends and the sense of community we share.
I’m going to spend the next 10 years travelling, playing golf, eating and drinking. I’m happy to spend whatever it takes to fund that; I’ll deal with what happens next later.
Why did I work so hard and delay all the things I really wanted to do until retirement? I’m not sure I have the energy now to…
Full disclosure
Truth be told, I had closer to 50 concerns but who wants to read a list of 50 anything except perhaps on New Years Day when looking for a spark of inspiration?
But you get the gist.
Money can be tricky at any time of life. It just starts to feel more intense as the time left to utilise your human capital to accumulate wealth and security wanes.
You
How about you, what resonates with you on my list? What have I missed? What would you like to hear more about?
Do drop me a line, I’d love to hear from you.
And, in keeping with number 25, remember, you’re never going to be any younger than you are today, what are you waiting for?
Until next week,
Ruth x
You're welcome Ruth. It turned out well for both of them. I asked them if they knew of any examples of how they didn't want to retire that way. With their examples they helped themselves to good ideas. They both chose volunteer work for the same charity. And he continued to work part-time 6 hours a week.
Thanks Ruth, that’s a super list and timely for anyone over 50! X