Consider the ‘when’ and the ‘why’ for your retirement.

When clients come to us, seeking professional advice around their retirement planning, the first thing they usually want to know is ‘How much money will we have or need to lead a comfortable lifestyle’?  The second is ‘Will my money last my lifetime’?

But perhaps a better area to consider is ‘when’ they want to retire – and ‘why’.

Choosing ‘when’ you want to retire can be a big decision. And it’s likely to be different for everyone!  Some may intend to work well into their golden years, while others just can’t wait to end the 9-5 grind!

As you are probably aware, there are pro’s and con’s to both scenarios.  The answer will depend on a number of factors – lifestyle expectations, current financial position, health, occupation type and the clients attitude to working. Some people, unfortunately, don’t get to choose the ‘when’ and it is often forced upon them.  (In 2018-19, 20% of retirees left the workforce due to injury, illness or disability, while 11% were dismissed or retrenched and couldn’t find more work).

What about the ‘why’?  Well, maybe people are finding it increasingly hard to complete a full 5-day week, maybe a work colleague has retired, maybe you are prioritising family or you are just plain and simple ‘over’ your job!

It’s common for people considering or planning for retirement to be overwhelmed with making what will be one of the biggest decisions of their life.  We, as trusted advisers, are privileged to be in a position where we can provide comfort, clarity and one-on-one support to help clients clearly identify and articulate what is important to them – the ‘why’!

Once we can have a clear discussion about what Monday to Friday looks like to a client after they finish their paid employment, then we can really get down to the ‘how’. 

So, the process looks a bit like this:

– we work with you to clearly define your ‘why’,

– which leads to the ‘when’,

– which allows us to show you the ‘how’.

But whether a client chooses to retire at a certain point in time, or it is forced upon them by circumstances they can’t control, a clear, documented strategy is essential. Seeking guidance on your 1) Why, 2) When and 3) How, needs to be a non-negotiable … and the sooner, the better!

For more information on how we can help you establish a clear and articulate plan for your retirement, contact us at Collective Wealth Advisers.  We tackle today, and tomorrow, together! 

  • collective_admin
  • Nov 25 2021
  • Insight by Aaron Steer