On the weekend I attended an educational wine event. A Somm (sommelier) for a day.
It was an education on how to taste wine, the sommelier way. I’m partial to a good red or two. Maybe you enjoy a glass or two of wine.
When it comes to those who like wine there are two categories. The ones who enjoy drinking it (that’s me) and the wine nerds who talk about all the characteristics of the wine. To some this sounds like blah, blah, blah…
You might be there thinking what does this have to do with setting yourself up for a successful retirement? Everything…
The same way a wine matures over time, so does your retirement nest egg mature over time. To the point you can enjoy the fruits of your labour after many years if you’ve put the work in upfront.
Back to being a sommelier for a day…
Wine tasting format!
The tasting consisted of two wines side by side, a Riesling, Pinot and a Bordeaux. One from Australia and one Overseas.
Apparently there’s a tasting format sommeliers use when tasting wine, who knew.
As I was reading the format, my enthusiasm dropped a little. I thought I’d be tasting while listening. Oh no, I had to do the hard yards.
The tasting grid was broken up into two parts, sight and nose.
The first section examined clarity, brightness and concentration. The smells you pick up from the wine, fruit and non fruit.
Picking out words like forest floor, compost, mushrooms, chalk, leather and dusty to name a few to describe the wine. Who knew such words could describe a wine.
After you’ve been able to work though this part of the grid, you get to the good part, tasting the wine.
Trying to determine palette structure and flavour elements.
Using those chosen descriptors to then describe the wine as you have observed.
It was hard work.
But it got me thinking. If wine requires a framework to successfully taste wine. Why aren’t many people using a framework to plan a successful and confident retirement.
Our lives are filled with structures, frameworks and guides. All designed to make life easier.
What’s the definition of a framework?
Collin’s dictionary describes a framework as “a particular set of rules, ideas, or beliefs which you use in order to deal with problems or to decide what to do”.
But for one of the most important/stressful transitions, many lack a framework and are flying blind into retirement.
What framework are you using to plan your retirement? Do you have one?
The quest for the New Retirementality!
People get to what we call the first mountain. After they’ve established their careers, got married, had kids, raised them. They arrive at their middle life. They sit there thinking I’ve done some stuff, done some things, but asking how do I know if I’m going to be ok?
This is the first mountain. It’s not until you make it here you realise there’s a bigger goal at play, there’s a second mountain. In the middle of the two mountains is a valley, what we term “the valley of despair”.
People start asking these questions:
Will I have enough for retirement?
Have I put in enough effort upfront?
Will my assets accumulate the way I had thought?
Will my money last through retirement?
What if there’s a recession or depression?
You’re left wondering, how do I know I’ll be ok? Asking how do I cross this valley?
It’s ok, we’ve walked this journey many times over. We know there will be more challenges along your journey. But we also know if you are equipped with the right tools you can meet those challenges.
In fact we can help build a bridge across this valley for you. We’ve decoded and figured out the tools you need to be equipped with.
Rather than give you the backpack with the tools, slowing you down. We can walk alongside you, carry the backpack for you and give you the tools when you need them.
Like knowing how to taste wine we’ve put these tools into a simple framework that’s easy to understand.
Whatever you do, use a framework which will guide you through the challenges as you approach your version of retirement. Want to know how? Book a Retirement Breakthrough Call here.
So you can enter retirement prepared, confident and knowing you’ll be able accomplish everything you wanted too when you want, free from worrying about running out of money.
Glenn Doherty – CFP – Retirement Planning Specialist | Retirement Planning for over 50’s couples and individuals | Founder of Jigsaw Private Wealth
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Advice Disclaimer: Any reference in this publication to the provision of advice refers to advice of a generic nature, and should not be taken as product or investment recommendations. Before any action is taken based on the information provided, independent financial advice from a licensed financial adviser should be sought. Financial Freedom Project Pty Ltd ATF GA & DC Doherty Family Trust Trading as Jigsaw Private Wealth is a Corporate Authorised Representative of Exelsuper Advice Pty Ltd. The information contained in this publication is of a factual nature only and is not intended to constitute financial product advice. Information is current as at January 2021. This is an online information blog. It does not imply an offering of securities.