Traps to avoid in retirement – Leaving it too late to achieve your goals

All / 12.09.2019

Traps to avoid in retirement – Leaving it too late to achieve your goals

Most of us had retirement dreams, and couldn’t wait to finish work. So once retired, why haven’t we started ticking items off the bucket list? There’s no time like now for living your dreams.


When Tony and Chris retired they had grand plans involving a campervan, Kakadu and a rescue-dog. Their great Australian road-trip was happening the very next year, after they, “just got few things out of the way”.

Things like their daughter’s November wedding, then the kitchen reno in January. Kakadu wasn’t going anywhere; it would wait until July – after Chris’s knee reconstruction.

Eventually, they stopped putting a date on their road-trip. They were going to Kakadu – Someday.

But in this fast-paced world, someday can be elusive.

Nine years later Tony and Chris finally resumed preparations – they even visited a Campervan Show. But then Tony fell and needed hip surgery and reality hit hard: the road-trip was impossible.

Why do we so often put our dreams on hold?

While it’s unwise to spend retirement savings too quickly, delaying our goals may mean never achieving them – after all none of us is getting any younger. It’s important to enjoy life while still fit and healthy enough. If you’re not sure of your finances, speak to your adviser or tax accountant.

The key is to make firm decisions, budget carefully, and stick to your plans.

A wise man once said, “Don’t save a good wine for a special occasion. Open it now and make today the special occasion.”

In other words, live the best life you can – now.

Sound advice.

For more information or to speak to one of our Financial Advisers please contact TNR Wealth Management on 02 6621 8544.

Disclaimer
Past performance is not a reliable indicator of future performance. The information and any advice in this publication does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. This article may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. It is important that your personal circumstances are taken into account before making any financial decision and we recommend you seek detailed and specific advice from a suitably qualified adviser before acting on any information or advice in this publication. Any taxation position described in this publication is general and should only be used as a guide. It does not constitute tax advice and is based on current laws and our interpretation. You should consult a registered tax agent for specific tax advice on your circumstances.