- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Impact of Client Interactions on Financial Planning
As a millennial in my 30s, I am fortunate to be in good health, but my career involves frequent interactions with retired individuals, some of whom face challenging health issues. Over the past 11 years, I have witnessed clients struggling with severe illnesses and declining mental and physical health, prompting me to reflect on the importance of making the most of one’s retirement years.
### Setting Financial Goals in Light of Life’s Uncertainties
My current financial objectives revolve around paying off my home loan and building an investment portfolio to achieve financial independence, retire early (FIRE). However, the experiences of my clients, who have been unable to fulfill their retirement dreams due to health complications, have made me reconsider the significance of enjoying life while being financially secure.
#### Addressing Regrets and Unfulfilled Dreams
One of the recent cases that struck me involved a couple in their 70s, eagerly anticipating a fulfilling retirement but faced with unexpected health challenges. The husband’s stroke led to reduced mobility and admission to a nursing home, shattering their dreams of travel, adventure, and joy in later years. Witnessing the wife’s struggle with loneliness and depression, contemplating the life they could have lived, further emphasizes the importance of seizing the present moment.
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##### Considering Mortality in Investment Strategies
The realization of human mortality poses a profound impact on investment strategies, prompting a reassessment of risk tolerance and the balance between financial security and pursuing meaningful experiences. While I have not subscribed to the ‘you only live once’ mindset, the contemplation of mortality has led me to reconsider the value of taking calculated risks and embracing spontaneity in financial decisions.
## Conclusion
In conclusion, the stories of my clients facing health challenges have influenced my approach to financial planning, emphasizing the fragility of life and the importance of balancing financial goals with personal fulfillment. The consideration of mortality serves as a sobering reminder to make informed choices that align with one’s values and aspirations, ultimately shaping a resilient and purpose-driven financial strategy.
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I took a year off to travel when I was 29, then did it again for a couple of years around 40. I could’ve retired earlier if I’d stayed focused and gone without, but I’ve seen plenty of people never make it out not know what to do when they stop working. I’m aiming to retire around 55, but it might take until I’m 60. If something happens earlier then at least I got a taste of it, and when I do retire I’ve got a good idea of what is important to me when I do. It turns out that I don’t really need much to make me happy so that bodes well 👍
I definitely subscribe more to the die with zero way of thinking. There are things that I can do now that I won’t be able to do at retirement age. I’m not going to be rock climbing and canyoning at 70.
So I also prioritise my current life – 1-2 month long trips, hobby classes, fun adventures, prioritising good work life balance.
Retirement would be time for more of what I already do rather than me picking up new things
But the balance is I’m frugal in low priority areas (to me) so I think I’ll still retire in the early side. But maybe 5-10 years later than if I had no fun now.
I retired at 56 because I could. Second best decision I have ever made. The best decision was joining a employer contributory pension scheme at 21 and maxing my payments every month. Didn’t actually save much beyond that and still had nice holidays etc.
Mortality is a huge factor in my plans. I had two grandparents die in their 60’s. One was only retired a couple of years. I am pursuing FIRE with maybe coast fire from 50 onwards but full fire before I hit 60.
I am also balancing that with traveling as much as I can before then. I don’t want to leave all my travel until I retire in case I am not physically able to enjoy it.
It’s all about balance. Dont over-spend and not reach your financial goals, but don’t underspend and delay consumption so much that you never end up consuming.
It’s why i say investing about 50% of money after taking out minimum living expenses, and consume the rest with life is not a bad choice. Of course, individuals will have different preferences, so impossible to give advice generally – may be reaching FIRE sooner actually brings you more happiness than the vacation you got to take.
I really only plan to live until I’m 80…my parents have only recently retired in the last 10 years and are under 70…yes they are doing the grey nomad thing but I just look at my mother now and get worried as she looks frailer and failed that while she is planning on 80…it doesn’t look like it to me…or rather it will be a diminished 80
You need to have balance. Plan for the future but also live in the moment and share your money sensibly between the 2. I am 8 years til retirement, still paying off my mortgage which will be done before I retire. I will have enough in super to supplement the pension (when I can get it) to give me a comfortable retirement and I still go out, do a little travel, have lunches , dinners etc, see friends, see family, do hobbies, do a number of cruises each yr (3 for 2024 -I love them) I will still be able to do these things in retirement because the mortgage will be gone. If I dropped off the earth tomorrow there’s nothing I can say ‘I wish I had done that’ to . It’s all about the balance and planning your finances ahead.
less my own mortality, more having kids and working in deceased estates and seeing what happens. now I am trying to structure things to ensure my wife and kids are looked after if I go. this includes sitting down with a lawyer and doing proper estate planning. you should do that.
I absolutely do. Which is why I’m travelling now with my family in our 30s and 40s, while our kids are still at home and we can make memories with them. Financially, it isn’t the best decision, but we’re still paying off our mortgage in Sydney, building an asset – and I don’t want to leave all our travel to a mythical time in the future that may not arrive.
Don’t forget that you may still need to look after your family when you are gone.
For me in a DINK arrabgemeny, I want to make sure that when I’m gone, I have enough to pay off my home so my wife still has a home to live in.
I also know I would have enough left over to give my mother to let her live comfortably for her remaining years. Or my sister if my mother is not around.
I lost a parent in their 60’s to cancer and that made us embrace living in the now. While I liked the FIRE concept it’s too punishing in a high cost of living city and with kids to trade off all those experiences.
So we take holiday trips, have nice cars but it’s a balance between now and the future. But we’re setup in the sense of a smaller house, investment property etc already.
I read your money or your life and die with zero after the death of one of my parents. Other realisation was downshifting into less stressful roles and to maximise effective hourly earn rate.
I think it’s important to plan for the future despite the fact that bad things may happen. It is also important to live and enjoy your life in the present and not just wait around wishing for retirement. Either extreme is not good.
I had a friend at work who worked hard to put his kids through private school – and pay off the house. He finally did it all – took one holiday (a place his wife chose that he didn’t really want to go to…) and then had a heart attack and died. It broke my heart – I know he would have been happy that he achieved his goals of the house and the kids – for how well setup they were – but his life was just one of service and not enjoyment for himself.
I don’t want to wait till the end to take holidays/travel.
I’m lean FI/RE’d for those reasons. At the end of your journey you can make way more money then at the start but I want to enjoy what’s left of my youth. I’ll get a job when I’m old if need be.
I’m also very fit and healthy but I’ll tell you one thing, most people are not.
I’ve worked my arse off to set myself up in my early 40’s, delayed gratification to the hilt. Now mortgage is fully offset – albeit not in my forever home, but in a bloody good spot – and decent share and super accounts – I’ve just started to let my hair down. Covid buggered me up with the international travel plans I had (I’ll get to Canada one day…), but getting back to it now with N.Z. upcoming and a trip around Tassie just completed. And just bought my dream classic car. Think I’ve stepped off the gas in savings from 70%+ down to circa 50%, and the idea is towards spending heavily on experiences/ travel as I’m not the best consumer. I’m happy with my lot in life, and it’s great to not have to worry about the day to day expenses. And yes, watching your oldies age is hard…
I don’t really think about it.
On a side note, it’s also about whether you have people looking out for you. I have a family member in his 70’s who was “diagnosed” with dementia, by a specialist. Oh dear that’s awful, everyone accepted it. After a few years of muddling through life, for some reason his son checked his blood pressure one day and it was horrifically low. He looked at his medication and he was on high dose beta blocker. He was asked why he was on them and he had a “bit of a racing heart” at one point so his GP put him on them (instantly on the highest dose!) turns out it was about 9 months before he was diagnosed with dementia. The beta blocker had turned him into a zombie, giving the indication he was in a mental and physical decline (there are case studies of similar occurrences with older people and beta blockers). He was slowly tapered down to 10% of the original dose and he came back to life. Went from barely being able get out of bed, slumped in a chair, utterly morbid and confused all the time, to back to being totally capable mentally and physically again.
Had he croaked while on the beta blockers everyone would have assumed dementia got him.
I am 45 and would love to retire at 55. I am not sure that I can cope mentally with another 10 years of “girl drama” in the corporate world. IYKYK. My retirement plans are not grandiose, I just want the do more of the things that I love, involving sustainability and gardening.
I am building towards that already with my current garden, so the overheads associated with that lifestyle are mostly being borne today (country home, building a large garden and establishing a small orchard).
I do think about my future physical health. The really hard work, such as moving soil and filling beds is being done now. I have also intentionally built raised garden beds so that as I get older, weeding, planting and harvesting can be performed more easily.
A lot. I have an autoimmune disease that won’t kill me but statistically speaking, will start taking my quality of life in a big way when I hit 50 and beyond, on average a wheelchair and limited distance I can travel in a day without taking a day of rest after. That’s about a decade away, worst case it’s tomorrow.
All my financial decisions are about taking shots at not needing to work in 5-10 years and giving kids an inheritance.
I had my own mortality throw in my face 7 years ago, for about 4 months I couldn’t run, severe fatigue, coordination loss in the right side of my body, vomiting from vertigo, and brain fog that was making me confused in kids video games, let alone work where I was doing the same task twice ha. We are fragile.
My father died at 59 just before his retirement. One of the last things he said to me is do what makes you happy no matter what that ‘thing’ is.
He and my mum worked their ass off to provide for us and get ahead financially, and their retirement dreams were snatched from them when he got sick.
You must live, never sacrifice too much today for tomorrow because you don’t know if tomorrow is going to come, but at the same time save a little bit here and there. Balance is key.
Yep. Sacrificed my 20’s while all my mates were travelling to set myself up long term. Had 3 properties at 28, I’m 33 now, long term service coming up, time to start enjoying life a bit more. Heading to Europe for ultra and Tomorrowland in June/July, and plan to go on a holiday overseas every second year until I retire.
Not much. Going on the medical history of both sides of my family, I’ll most likely be dead before i can retire and if not very soon after. Both male and females in my family rarely live past 65-67. On a more positive note, my niece will have a nice little financial boost by the time she’s in her early 30’s
Wrong post. Apologies for this.
Hard to know. I travelled a lot age 21/22 and at 30 I regret it now, mostly because the economy is shit and that money could have been better spent on career advancement
But also, if I wanted to do all that travel now it would be twice the price so
For me it’s a balance. Be responsible, but also have fun. For all of the reasons that you mention. I love motorcycle racing, so do some form of it (motor racing is expensive, but I do a very cheap form of it), but also save alot for retirement, pay extra in my mortgage every week to pay it off early etc. Sure, I could definitely retire earlier if I didn’t have hobbies, but what’s the point of living with no joy!?
https://engaging-data.com/will-money-last-retire-early/ I regularly post this link onto posts like this.
Forget worrying about whether a 3.27% SWR is safe, look at your mortality rate as a balance. Life is to be lived not spent planning and forecasting on a spreadsheet
Mortality is a big factor. I’m intentionally pursuing flexible or remote work so that the possibility of long term travel is a legitimate one.
Hoping to go all out with paying off the mortgage over the next 4-5 years, get an IP, and then do whatever I want
not my mortality so much as my maternal grandfather’s – he dropped dead mowing the lawn at 93yo
I’m planning on making it to 95+
since I’m retired again now at 58yo I may have another 40 years
This is why I add nothing extra to my super, because retirement is not guaranteed. I’ve seen way too many people retire and drop dead or need new knees get cancer etc etc and didn’t do all the things they should have done whist they still could.
I’m also in my early 30s and trying to get my home loan 100% offset (I’m close), but at this stage I’m doing a lot less “thinking about retirement” mainly because I’m young now, and I want to enjoy things now while I’m able to, do things with friends, travel, sport and fitness things I love. Not wait till when I’m in my 70s and then having something like this happen.
No one ever looks back and thinks about how glad they were that they worked overtime all the time and saved a whole bunch of money, but missed so much of life, wether that be your own or your kids.
I am in late 30s. I was very fit and healthy in my early 30s. Last few years, detected with chronic illness that made me loose weight, muscles. The illness is not very severe, but it’s always in my mind. I think YOLO is they way to go, as long as you don’t drown yourself in debt
32 and retiring in 12 months. Helped along by the tailwind of 7 years of incredibly hard work and stress resulting in a significant capital gain.
Seen too many people die young. Seen too many old people work until they die. Seen too many people retire but then not have the inclination to actually live life.
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One of my favourite quotes that is extremely relevant to this conversation:
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“And then there is the most dangerous risk of all — the risk of spending your life not doing what you want on the bet you can buy yourself the freedom to do it later.”
None at the moment
Worked in a hospital for 15 years, seen my mum die at 58, my dads now 78 and spent the last 20 years in mourning.
They planned on a retirement they never got to enjoy, I’m spending my money and enjoying my life. I try and keep some rainy day money, like 20k but other than that I’m spending it well I can enjoy it.
I hope by the time I die, my bank accounts empty and my body is knackered, then I’ll know I had good use of it