What can we do to overcome the Seven Retirement Challenges?
People often ask what we can do to overcome the challenges to retirement, but there is no one answer.
There is no ‘silver bullet,’ but we can recommend that you seek advice and can recommend that you don’t try and go this alone.
We say that you should treat your money like the other important things in your life. When your car breaks down you take it to the mechanic, when you get sick you go to the doctor and when your teeth hurt you go to the dentist. Crucially however, you service your car and keep its MOT up to date so that it doesn’t go wrong in the first place.
You eat healthy foods, exercise and look after yourself so you don’t have to be running to the doctor every five minutes and you brush your teeth twice a day, and maybe even floss, to make sure that when we go on that six monthly check-up with the dentist things are looking good.
Read about money, be honest with yourself about what more you need to learn, talk to a professional, sign up to an ongoing service or scheduled check-up. Engage and seek guidance however it suits you but please don’t just put it off and hope that it will all work itself out. Successful lifetime financial planning is not about looking at your money only when things are going wrong.
You have to have a plan for the good times, as well as the bad, and it may help to have somebody who is working on your side. Somebody who can apply educated discipline to your plan and help you to make less emotional decisions.