How Much Is Car Insurance For A 24-Year-Old Per Month Your Retirement – What Will You Actually Do?

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Your Retirement – What Will You Actually Do?

When we start working with a new 50-year-old client, it’s always fun to learn what they want in life. After all, what is life if it’s not thoroughly enjoying doing what you love most?

So when an insurance company’s “retirement reality” study was released the other day, we took notice. It looks at what retirees actually do in their first year or two after retirement.

Twenty years ago, most people thought they would live through retirement:

  • Taking care of grandchildren (30%)
  • Gardening (29%)
  • Read (29%)

But today’s highly motivated people now see retirement as the next phase in their lives, and have a long list of ambitions to achieve (86%). Turning off the alarm clock (52%), becoming more casual (49%) and saying goodbye to stress (48%) are the most rewarding parts of this new phase of life. Additionally, (52%) said their partners had become more romantic!

They tend to have more than 30 social events per month and comment that relationships have never been better (67%). In fact, 72% of people think this is the best year of their life, and they don’t think society will consider them “old” until at least 68 years old.

Photography is popular (25%), as is socializing with friends (36%). The 2009 “Things To Do Before I Die” list includes:

  1. Visit some of the Seven Wonders of the World (47%)
  2. Finally learned to speak a new language (23%)
  3. Buy or rent a motorhome or campervan to tour Europe (22%)
  4. Dating a younger man/woman (12%)
  5. Driving fast sports cars such as Ferrari (11%)
  6. Starting their own business (11%)
  7. Learn to play a variety of musical instruments (11%)
  8. parachute! (9%)
  9. Participate in activities such as music festivals (9%)
  10. Learn to Surf (7%)

Looking at what our customers decide to do after exiting this list might seem right, with travel, boats and sports cars often topping the list.

We’re not sure if item 4 is more dangerous than skydiving 🙂

They were also asked what they would have done differently in hindsight if they could go back 20 years.

The most common advice they gave themselves was:

  • Be more disciplined and save more (47%)
  • More proficient in pension planning (41%)
  • Looking forward to retirement rather than dreading it (24%)
  • Think more carefully about their spending budget in the first year of retirement (20%)
  • Retiring even earlier (21%)
  • Prepare more thoroughly for the first year of retirement (19%), as it can be expensive

Many retirees who participated in the survey also said that when planning for retirement in advance, they feel at a loss and the suggestions are not very clear.

This topic is one that we are very passionate about because we spend a lot of time talking to our clients about what they really want to achieve in their lives.

20 years ago, the financial advice people got was mainly to buy an insurance policy to “save for the future”. Of course, you can still do this by dealing with banks or various salespeople. However, developments over the past few years mean that you now have the option of using a fee-based financial planner who will really focus on what’s important to you.

We often find that when agreeing to work with a doctor or dentist, say in their 40s or 50s, they don’t have any financial strategy. What they have is a bunch of policies and investments they’ve collected over the years and a vague idea that NHS/National Pension benefits are coming.

One of the most common things we find ourselves doing is canceling quite a few protection schemes because sometimes salespeople don’t take into account the generous NHS benefits our clients have amassed after 20+ years. When you combine this with older kids and less debt, you can save a lot of money. Savings here can be spent or kept to fund your life goals.

Going back to goals, if you decide to take your finances more seriously, one of the first things your planner will do is ask you to write down your goals, aspirations, and timelines. For those who haven’t been through the process when thinking about your future, we highly recommend it as it will help you focus on what really matters.

remember:

“Dreams are dreams, there is no deadline!”

Financial Tips Bottom Line

Plan Ahead – If you work 50-60 hours a week, what will you do with your time in retirement?

action point

Get organized and write down what you really want to achieve before and during retirement.

How much does it cost?

When will you arrive?

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