By: Emilie Goldman
One of the most enjoyable parts of my job lately has been helping clients transition into retirement. Several are retiring this year, and I love hearing about what they’re looking forward to.
These clients have spent decades working hard, building careers, raising families, and saving for the future. Now they’re ready for something different. One is excited to spend more time making art. Another has plans to travel and volunteer with Cake4Kids, a nonprofit that provides homemade birthday cakes to children who might otherwise go without.
After years of helping these clients plan and prepare financially, it’s especially rewarding to see them reach this point. They’ve worked hard to create the freedom to choose how they spend their time, and now they’re getting to enjoy it.
At the same time, this has been a difficult year for my family. My dad’s declining health and death in August, along with my daughter’s cancer diagnosis (thankfully, she’s doing well now), have reminded me how quickly life can change. We make plans assuming we’ll have plenty of time, and that our health will allow us to do the things we’re looking forward to. But that’s not always how life works.
These experiences have made me think even more about the balance between preparing for the future and enjoying the present.
As financial planners, we spend a lot of time helping clients make sure they won’t run out of money. We model different retirement dates, investment returns, spending levels, and longevity assumptions. We want our clients to feel confident that they can maintain their financial independence, even if they live well into their 90s.
But there’s another risk we need to consider: waiting too long to do the things that matter to us.
Some experiences are easier to enjoy when we’re younger and healthier. That hiking trip, international adventure, or active time with grandchildren may not be as easy ten or twenty years from now. And sometimes the things we put off aren’t expensive at all. They just require time and attention.
I’m not suggesting everyone should retire early or start spending without regard for the future. I enjoy my work and don’t have plans to retire anytime soon. But I also want to make room for the things I care about now, rather than assuming I’ll get to them later.
That’s what I want for our clients, too. Financial planning should help people make informed choices about how they spend both their money and their time. Sometimes that means retiring. Sometimes it means working less, taking a longer vacation, or finally pursuing an interest that’s been on the back burner.
Watching clients begin these new chapters has been especially rewarding this year. And my family’s experiences have made me appreciate even more how valuable those opportunities are.
So I’ll leave you with a question: What have you been saving for someday, and could some of it happen sooner?