Do you want the best retirement you can possibly have? Of course you do!
A successful retirement doesn’t just mean avoiding financial poverty. It means looking back after 20, 30 or 40 years and not thinking, “I wish I’d done more of this or less of that.”
This book, with a chapter written by Robert Wilcocks, a top financial planner based in Richmond, London, looks at how to have a ‘no regrets’ retirement.
Robert’s chapter starts with the three biggest problems retirement can bring:
1. Bad Plan, Wrong Plan, No Plan Syndrome – where failing to plan properly results in ‘BBQ’: Boredom and Bad decisions, leading to Quick death (as studies show).
2. The Principal Problem – where worrying about not losing a pension pot (the principal) distracts from the much bigger problem of inflation eroding it.
3. The Identity Vacuum – where a retiree’s personal identity is so entwined with their career, they don’t know how to fill their time in a meaningful way once work is over.
The choices you make at the start of retirement can lead to one or more of these problems, and have a lasting impact on the rest of your life. It’s like setting off on a journey and taking just one wrong turn – every turn after that takes you further from your destination. You need to think carefully about setting your retirement compass.