Planning for Retirement: The Choices That Shape Our Path
Article Two - 20 February 2025
One of the first things I talk about with new clients is making choices. They will often ask me, “How much do I need when I retire?” For some of my clients, it can be several million dollars, and for others, it’s very little more than just their NZ Super. If you live a champagne lifestyle, you need a fair amount of money to fund it. But living that kind of lifestyle is not important to everyone.
The choices that you make will determine what capital you need. And before you think about how much you need, have a think about what retirement looks like to you. It’s still 5 or 6 years away for me, but I’m starting to plan now. I’m saving hard, but I’m also thinking about how I want to fill my days when I no longer need to be at the office or on the road meeting with my clients and contacts.
It can be a big shock for some people upon retirement, when they might lose that sense of self-worth, that sense of who they are. When I’m asked, “What do you do?” I might say I’m a financial planner, an investment advisor. What will I say in 5-6 years when I’m retired?
So, I’m beginning to change my mindset now to make sure there’s no shock waiting for me when I retire. Right now, I’m thinking about the adventures I can have when my time is my own, the places I can go, and the people I will meet. For those periods when I’m not travelling, I’m thinking about what I can create, like art or DIY projects, or even renovating my garden. I am also thinking about what I can watch, such as concerts, theatre, or even bad Netflix shows. And like so many Kiwi retirees, I’m reflecting on how I can help in my community with volunteer work.
Just as importantly for me later this year, standing 6 feet tall in my socks, do I pay four times as much on the airfare and travel business class, twice as much for premium economy, or do I squeeze my legs into the economy seat and save the money for shopping on my way through from London to Venice?
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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.