There used to be a sense of, “When I’m retired…” but these days we are seeing more of a “Why wait?” attitude.
Whether this is related to a general sense that life is short, a pent-up urge to travel after being locked-down, or a greater awareness than asking, “what’s possible?” and living up to our potential can happen right now, who can say?
What might you put on YOUR list?
Whatever the reason, as a trusted financial adviser, these are conversations I enjoy being part of – watching people plan for and chase their dreams. Here are some of the things people are discussing.
Travel
Travel is often a big-ticket item in a retirement plan, but we are seeing more people embarking on meaningful travel before retiring. People want to travel while they are younger and while they have health and energy to do so. As borders open up, people are spreading their wings. Whether it is to go see family who have been seen only through Zoom for the past 2 years, going to see the gorillas in Rwanda, or doing that adventurous hiking trip, travel plans are at the forefront of our minds.
Earlier Retirement
We have seen people who were approaching retirement suddenly make the decision to retire earlier than anticipated. Perhaps the lockdown may have given them a taste of what it would be like to be home more, or perhaps they are simply more aware of their bucket list, and want to start living those dreams which work demands were not allowing.
Resignation
Covid has changed many work places and the way that companies operate. Sometimes for the better, often at improved efficiency, but not necessarily to everyone’s taste. Many people have resigned from their jobs, hoping to find better working conditions, more meaningful work, or more flexible (or reduced) working hours. Work-life balance certainly seems to be on many minds these days.
Relocation
“Zoom towns” are a real thing. Property sales have been booming in many of South Africa’s beautiful small towns as people realise that they would like to live in the country, away from the hustle and bustle, and companies are more open to offering remote working opportunities.
Adjusting your financial planning for living in the now
Whether chasing these dreams results in spending a bit more money now, earning less income, or adjusting the number of years that you plan to work, these decisions all have potentially significant, long-term financial (planning) implications, and we enjoy being an objective sounding board to this type of thinking.
Big changes can go smoothly when you use objective, external information
Changing direction can feel scary in an uncertain world, but with the scenario analysis tools at our disposal, we have helped people understand the implications of their decisions by presenting a range of possible outcomes. This helps clients to come to the optimal decision for themselves … and has made a meaningful
difference to the way they live their life.
After all, life is a journey so we might as well enjoy the ride
As always, we believe there should be a balance between saving responsibly for the future, and enjoying life while you have health and energy. We all understand that a bit more enjoyment now may result in working a little longer, but by partnering with your financial planner you really can live your best life.
Why wait? Speak to your financial planner about chasing your dreams, and tick off some of those bucket list items early.
By Cameron McCallum, CFP® CA(SA)
