Regret can be a valuable hiccup that allows us to grow and learn, but other times, it can simply lead to an aching and gnawing feeling that is hard to shake; especially when it comes to big financial regrets. We have heard the gamut of them and want to share what they are to help steer you clear of them.
Regret #1
“Why did I work for so long?”
This one may sound counterintuitive but a resounding message from older generations is ‘they wish they had traveled more while they were physically able” or “they wish they had prioritized family time”. Many folks stay in their jobs with their nose to the grindstone for so long out of fear that their finances are not in check. With proper guidance from financial professionals, you can build out a plan that allows you to work just the amount of time you need to in order to meet your goals all while setting up your investments and savings to work alongside you.
Regret #2
The Hands-Off Spouse
In many relationships, responsibilities are divvied out to make things easier, and for some tasks like grocery shopping or scheduling kids’ activities, that works great! However, a task like knowing the ins and outs of your family's finances should be something both parties are aware of and comfortable with. God forbid something happens to the ‘Financial Spouse,’ if the other is totally unaware of how to access their joint banking, investments and more, it can and will lead to frustration and hardship during an already difficult time.
Regret #3
Going to Extremes
Folks can fall into two camps upon entering retirement - either keeping the pursestrings tied too tightly, or fully letting go and spending outside of their means. Working with a financial professional to help determine what a healthy balance is for you, your family, your new stage of life and goals is critical to make sure you are able to enjoy retirement.
Regret #4
You Won’t Always Feel This Way
When retirement first kicks off, you’re likely going to be at your peak energy and capabilities, so if you’ve had a pipe dream of hiking Machu Picchu or visiting the beaches of Bali - consider this your permission slip to do it sooner rather than later.
Regret #5
Non-Money Goals
Of course we want you to get your financial house in order prior to entering retirement, but we also want you to have the broader picture in mind too. We always say that it’s so important to have new hobbies or existing passions lined up to dive into once you have more time on your hands. Give yourself the permission to try a flower arrangement or car repair class, or even a couples dance course! If you have fun plans set up for yourself, you’ll be less inclined to feel disenchanted with ‘nothing’ to do and end up scrolling the tv stations for hours upon hours.
Regret #6
Room to Breathe
Seemingly in contradiction with our first point, having to be nervous about spending every penny, whether in retirement or not, is incredibly stressful (not to mention aging). Again, with a clear strategy in place set by you and your financial advisor, you can find a happy medium and enjoy this new phase of life!
We are excited for you to embark on this chapter - allow us to be your partner and guide! Time slots are available on our calendar below to discuss your financial future; we look forward to connecting with you soon.
