Planning for Retirement: Balancing Today’s Enjoyment with Tomorrow’s Security

Article One - 22 January 2024

Isn’t there a saying that mechanics’ cars often need new engines and builders’ homes require renovations? The same could be said for financial advisers’ investments needing work. As I approach retirement, I understand the importance of planning and maximising my resources. So, I’m starting to think of myself as one of my clients and asking, “What advice would I give myself?”.

I've cut back on unnecessary purchases and am asking, “do I really need this?” It's no surprise that the less you spend, the more you save. And the more you save, the more income it will generate in retirement. I track my finances monthly, using a simple spreadsheet, to ensure I'm on target.

I'm also following my own advice to clients: travel while you can. I'd prefer to walk onto a plane, train, or boat rather than be wheeled on. And so, I’m planning a big European trip later this year. While it will reduce my retirement savings a little, I'm prepared to sacrifice some of my retirement income so I can enjoy the adventure now while I’m still in good nick.

Knowing that retirement is near doesn't have to be daunting. Planning this trip now is exciting, as I think about more fun waiting for me when I'm free from career demands. I'm embracing the present while staying focused on future adventures. Here’s me in my happy place – stay tuned for developments…..

 

 

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Sue Richards
Investment Advisor
+64 27 339 1167

 

 

 

Information and Disclaimer: This article is for information purposes only. It does not take into account your investment needs or personal circumstances and so is not intended to be viewed as investment or financial advice. Should you require financial advice you should always speak to your Financial Adviser. This article has been prepared from published information and other sources believed to be reliable, accurate and complete at the time of preparation. While every effort has been made to ensure accuracy neither JMI Wealth, nor any person involved in this publication, accept any liability for any errors or omission, nor accepts liability for loss or damage as a result of any reliance on the information presented.