In financial planning, we come across 3 types of people when looking at retirement.
Firstly, we have those who don’t save enough or at all and when they get to retirement, they have too much life left for their money (they run out of money). These people end up having to keep working, rely on the state or family. Their golden years which should be their happiest are filled with hardship and misery for themselves and those who end up having to look after them.
The next group of people are those who have just enough. These people have planned properly for their retirement and have made sure that the cost of their lifestyle is covered. They started planning and saving early in their lives and have made certain trade-offs throughout their lives to ensure a happy and comfortable retirement.
The final group of people are those who have more than they need. Very often these are people who have lived very conservatively, regularly not enjoying things they could have but the fear of not having enough in retirement caused them to forgo these pleasantries (often unnecessarily so).
The key to all the scenarios above is planning. Dying too late or with too much money and not enough life is completely avoidable if proper planning is done. Doing this on your own can be difficult which means most do not start.
Give us a call, we can help you get started and make sure that you live your life by design and not by hope.
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