My mother retired too early, the first time around. She also didn’t have a clear plan for her retirement. I remember sitting in a meeting a few years ago and getting 3 missed calls in a row from her on my mobile. I thought something was terribly wrong so I rung her back in a panic, thinking something was wrong. To my horror, all she wanted was to confirm if my brother and I were joining her for Sunday lunch (it was Tuesday when she called!). This carried on for a while until we had a chat with her about it because, besides it being incredibly hilarious, it was a little frustrating for her and us. She had time and didn’t know what to do with it. All she knew is that she didn’t want to work anymore.
She went back to work a couple of years later and she’s now had a 2nd bite at the retirement cherry. This time around, her calendar is full which is fantastic. She has a schedule and a clear plan for how she spends her time. I credit my brother and I for this.
A major part of a successful retirement planning journey is having an
accountability partner. Someone who will tell you when you stray too far from
your intended path. We all have blind spots and simply don’t know what we don’t
know. Your financial accountability partner must be someone who understands the
world of finance and knows the sacrifices that must be made and changes that
are required for your financial success.
The Stanford Centre on Longevity sites the following as pitfalls surrounding retirement planning:
- Failing to plan
- Underestimating expenses
- Underestimating years in retirement
- Retiring too early
- Failing to save enough
It is clear that there are many variables to consider when planning for a comfortable retirement that you simply cannot leave it to chance (or Google). A lot of the issues mentioned above require expert advice. A specialist in the industry. With a trustworthy, experienced advisor, you can navigate your way through it all with a certain level of assurance