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Understanding your wants (and needs) in retirement

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From golfing, to holidays, to spending more time with the grandkids, everyone’s retirement goals are different. It may sound obvious but before thinking how to spend your retirement money, considering your desired outcomes is the first step in deciding what you should do.

As financial planners, we spend considerable time understanding our clients’ objectives and order of priorities before answering the question of “how should I invest?”.

“How should I invest?”, is the most common question we hear.  However, answering this question before digging deeper into what is important to each individual is fraught with danger.

At first, our desires might appear simple; such as “I want the best return possible on my investment”. However, simple desires become much more complex when you consider dynamics such as risk, time frame and liquidity.

Poor financial decisions are often made when we don’t understand the dynamics of these decisions.

If nearing retirement, you may think you have a short time frame for investment. As short term investors, you decide to take investment decisions with less risk and as a consequence, a smaller potential for return.

However, at retirement, you are not likely to spend all your capital in the first year. Your capital will hopefully last your retirement and you might be planning to live a long time. Thus, you might be suited to a more long term investment strategy than you first think.

Understanding the dynamics of your decisions and knowing your objectives and priorities in relation to these dynamics are fundamental to making better financial decisions.

Remember to give sufficient thought to your objectives and lifestyle values and discuss these with your financial adviser before making any major financial decisions.

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The advice provided on this website is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.

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