Three Things You Need To Navigate To Become The HERO In Your Retirement Journey

Healthspan, Lifespan and Wealthspan are the three keys to becoming the hero in your retirement journey…

In 2023, I had my mother pass away at the young age of 67 after suffering a ugly battle with cancer for 17 years.

Having to retire from the workforce at the age of 50 with my father following in his late 50’s after many unfortunate layoffs to be mum’s carer.

It was not the retirement they had envisaged for themselves, nor did they see coming.

Luckily for them, they took advantage of their middle years to undertake some travel and see parts of the world. If left till retirement age, would not have happened.

And then only a few months ago, we had to say goodbye to a good friend of ours who passed away after a short battle with cancer at the young age of 50. Still in hospital, wasn’t even able to celebrate his 50th in style.

I’m a few years younger than him, but it’s a reality check that life’s too short and life is not a rehearsal.

I’ve seen it unfold many times over my two decades as a specialist retirement planner while helping many reach their retirement potential.

Here are just a handful of life events I’ve witnessed:

• One client dropped dead in a shower from a brain tumor he never knew about
• Another with throat cancer, died on the operating table – this was a hard one
• A client who waited to long to retire, only to be caught up in Covid and unfortunately came down will an illness which had prevented him from realising some of his retirement dreams
• Another client who said one day but waited too long and suffered some mental health issues and now in a retirement village with supported care

Only recently, I had a long term client of mine, while travelling overseas in their mid 70’s suffer a fall which impacted their enjoyment of their trip.

Covid 19 was a significant event for many. Nothing like a pandemic to shock us into gear. It was a changing of the guard in terms of retirement for many. It showed us all how life could change, how short it could be and if we didn’t do something about it, we’d simply miss out.

Something changed…

Since the pandemic, we’ve seen a massive uptick in people wanting to retire early. Wanting to get on with creating experiences and memories before their health dictates what they can do and can’t do.

It was the realisation for many that “Life is not a rehearsal”.

Imagine this: You’re standing on the brink of retirement, a new exciting chapter filled with opportunities to live life on your terms awaits. You’ve worked hard, saved diligently, and now it’s time to enjoy the fruits of your labour. But as you look forward to those golden years, questions start to crept in:

“Will my superannuation last? What if my health takes a turn? How can I make the most of these years while I’m still fit and able?”

These aren’t just fleeting thoughts; they’re critical challenges every pre-retiree and retiree faces. And guess what? You’re the hero of this story – the one with the power to shape your retirement destiny.

The key is understanding the deep connection between your financial resources, healthspan and lifespan, and using that knowledge to build a retirement that’s not just secure but truly fulfilling.

But here’s the thing, when I sit in front of couples, many think we are there to tell them about the latest tactic or what the best investments are. Sure, that is part of the equation. But frankly, none of that is important until you know what you need to fund your retirement lifestyle.

Most of our energy is spent helping clients work out what is possible, what’s truly important and how to safeguard themselves from making bad financial decisions. In other words, how do they make their retirement extraordinary, and yes, we do encourage people to think big.

 

Step 1: The Power of Preparation

Every great hero has a plan and your retirement journey is no different. Your first task? Understand how full or how empty your retirement bucket is.

Click here if you want to watch, “Understanding Your Retirement Bucket”.

Take stock of your superannuation and savings. This is your treasure chest (financial bucket), the resource you’ve been building up for years. But like any wise hero, you know that treasure must be protected and preserved to ensure you don’t put yourself at risk of running out.

But there’s one villain which puts fear into every retiree almost on a daily basis. It’s the ever present volatility of investment markets and inflation.

But you’ve got this. With the right guidance and knowledge you can slay these two villains in one foul swoop.

By understanding the risk you need to take vs what you’re taking and other blindspots you can’t see. You have them even if you think you know everything (in fact, that’s one right there, overconfidence…).

You see many look at their retirement through a vacuum. They look at their super in isolation and that’s it. It’s like they have blinkers on. But I think it goes a little further than that. It’s the multi-billion dollar financial sector which is to blame or the financial pornography channels as I like to call them. They’ve had you under a spell your whole working life.

The focus being on maximising returns and taking risks.

Have you ever looked under the bonnet of your super fund to find out how much risk you are really taking. It’s one size fits all and quite frankly most don’t fit the mold of the modern retiree.

Taking a good level of risk is all well and good while you’re working. What many people don’t know as they approach retirement, is that this mindset can hurt badly in retirement. It can cost you big time…

It’s critical if you want your retirement journey to be a success, you’ve got to understand or determine the minimum viable return to get the job done. One which ensures your money will last through retirement and not put you at risk of running out. I’m not going to lie, it’s going to take a little work.

You’ve got to consider the timing of your cashflows over your retirement timeframe, whatever that is for you.

Consider what you plan to spend in your go-go years which are your most active, go-slow and no-go years. Your cashflow will vary through all three stages.

If you’ve read the book by Paul Armson ‘Enough” (which we give away for free), he talks about the three taps.

At the end of each stage one gets turned off and next gets turned on. The goal is to have enough in your bucket to fund all three stages, so your taps don’t run out or if they do, it’s before they put you in a box.

Ultimately the aim is to understand your financial future and then protect it like your life depended on it. Not limit it…

Step 2: Guarding Against the Unknown

Hero’s must always be prepared for the unexpected, and in your case, that’s your health.

We just don’t know how that one’s going to play out. What we do know is our life expectancies are increasing as medical advancements have improved over the years. Whether we like it or not.

Staying fit and healthy means you can make the most of your early retirement years (go-go years). It’s the time when you’re still full of energy, ready to travel, pursue hobbies, and spend quality time with loved ones.

One of my favourite clients, maintained their fitness and health to the point they’d take advantage of any moment to travel. I recall a conversation I had with them at one meeting.

They were walking past a travel agent office on one of their regular strolls after getting a coffee, and noticed a cruise, went inside and booked it there on the spot.

Sadly, not long after that, the husband went downhill quickly and was diagnosed with Dementia.

While the diagnosis was not good, they took advantage of every opportunity they had while they could.

Nearly every new client we work with, improving their health or keeping fit is high on their list of what’s important to them. I’d go as far to say it’s higher than the money component.

Step 3: Balancing Adventure with Wisdom

What’s a hero’s journey without a little adventure?

The early years of retirement is your time to shine. Whether it’s hooking up the caravan and travelling around Australia, travelling on whim to your favourite destinations or exploring new ones, finding time to master a new hobby or just enjoying the freedom of no longer being tied to a 9-to-5, this is your moment.

But here’s where the wisdom comes in. You’re not just thinking about today; you’re also planning for tomorrow.

You know by creating a balanced spending plan, you can enjoy these years to the fullest without worrying about what lies ahead. You’re prioritising the experiences that matter most to you while you’ve got enough tucked away for the future.

Step 4: Embracing the Hero’s Journey

Retirement is not the end of your story – it’s the beginning of a new, exciting chapter. As the hero of this journey, you have the power to shape your path. You’re taking pro-active steps, addressing both your financial and health concerns, and setting yourself up for a retirement that’s secure, enjoyable and uniquely yours.

But even heroes need allies. This is where a trusted financial adviser comes in – one who specialises in retirement planning. They’re your guide, helping to navigate the complexities of retirement planning, helping you optimise for maximising experiences and memories while helping you protect your treasure. So you don’t risk running out of money when you need it the most.

Keeping you on the right path while identifying roadblocks and navigating them safely.

Step 5: Take Action and Secure Your Legacy

The best hero’s don’t wait for the storm – they prepare for it. By acting now, you’re not just securing your retirement, you’re creating a legacy. Whether it’s leaving something meaningful for your family, supporting causes, making a difference, or simply living life on your terms, the actions you take today will shape your tomorrow.

Become the Hero of Your Retirement Journey

It’s not going to be easy, you will be challenged, but then again, nothing in this world is easy.

Every hero’s journey begins with a single step. For you, the first step is taking control of your retirement by addressing both your wealthspan, healthspan and lifespan. Don’t be the one who leaves their future to chance – start planning today so you can enjoy every moment of your retirement, knowing you’ve got the resources and health to live life to the fullest.

Ready to take the first step and become the Hero of Your Retirement?

Book your own Retirement Clarity Call by clicking here where we’ll have a chat about your retirement challenges and provide some insights to resolve them sooner rather than later.

We’re here with one sole purpose, to help you craft a retirement plan that’s as unique as you are. So you become the Hero in Your Retirement Journey…

We’ll work with you to uncover what’s truly important to you in retirement, make it simple and layout all the options available so you choose which pathway is right for you. With one goal, so you can confidently step into the next chapter of your life.

Your retirement journey is yours to create – let’s make it extraordinary, one of no regrets.

Glenn Doherty – CFP – Financial Planner | Retirement Planning Specialist |Retirement Planning Made Simple for over 55’s within 7 years of retirement

We work with people in Adelaide and around Australia virtually via zoom!

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