Money in Retirement – Got it !! by Bill Storie
Recently I attended a local seminar by a pension provider who had invited a few executive sales types to speak about retirement planning. I like the idea of seeing what others are doing in the retirement space. So, once I had signed in, given my email address, my phone number, my address, the name of my pension provider, my work status, my age I sat down. I was disappointed they hadn’t asked for my height and weight and inside leg measurement – maybe next time.
After the usual pleasantries of welcome, given by very nice people I should add (some of whom I knew), they introduced the first speaker (turned out he was the only speaker, but there we are). Nice fellow, well dressed and well spoken.
Then over the next forty-five minutes he managed to find twelve way to tell us to save more and save early. I got it first time certainly but it was nice to be reminded every 4 minutes – this age thing can play havoc with memory I hear.
It made me wonder what would happen if for some reason, those in attendance were to fall woefully short of money at their retirement age, what would happen. No chance of going back and saying, “Gee I wish I’d listened to that guy thirty years ago, he was right.”
And then I realized that every retirement seminar desperately wants to focus on money – and in most cases that is all they want to focus on.
Haven’t we all got them memo by now? Save as much as you can as early as you can.
One person at the seminar said to me, “
Bill, do you know why these folks don’t provide better retirement advice? – Because they don’t have to.”
He was right. There’s no incentive to provide better quality retirement information because the entire reason one pension provider gets, or loses, a client is all down to fees. If they can undercut their competition and show fair investment return then they can get, or retain, the contract. In other words, if there are no other determining factors regarding one pension provider over another than simple fees and returns, then there’s no need to share more information.
The fact (as we have proven countless times in Olderhood) that people are desperately seeking more and more and better information, eludes them. There’s no incentive to talk about life in the retirement years and how to get the most out of those years. Retirement Happiness (our wonderfully simply motto in Olderhood) is guaranteed if you have enough money in retirement. Well, at least that’s the sales pitch retirement advisors worldwide. We disagree of course but why ignore a good sales pitch with the facts.
The vast majority of retirees today, and more so as more and more people leave their day job, are fairly comfortable financially. Most of us did listen years ago to the save more brigade and while we’d always like more money, we’re reasonably comfortable.
But when the realization that this retirement gig could last for up to 30 years, the vacuum of information becomes clear. I imagine that it is only when you do retire that you get this point. If you’re a 30-year-old retirement advisor you simply have no idea of the emotions and feelings of retirement life, other than
Income of $100, Expenses of $90 = Retirement Happiness.
It’s time the retirement services community understood the serious demand of better service and understanding that this generation of Oldsters wants every day.
All of us are climbing learning curves which our parents and grandparents never had to think about. We are finding out that money in retirement is essential but not everything.
Retirement Lifestyle Planning is the new Paradigm (I hate that word but can’t think of anything better !!)
By Bill Storie