Death and Taxes

To the age-old certainties of death and taxes we can add another: retirement.

Attitudes towards retirement can be separated into two camps: those for whom life’s ‘glass’ is half empty and those for whom it is half full.

I prefer the more optimistic ‘half full,’ as I believe that a planned retirement is actually a ‘retread’: you are no longer dependent on paid employment to fund your preferred lifestyle. It is a time when, instead of working for money, your money is working for you.

Retreading rather than retirement is about spending the time you now have available to do all those things, such as hobbies, travel, volunteer work or family support, that you were unable to do because of the commitments of paid employment.

The difficulty with the traditional concept of retirement is that it is viewed as a time of rest prior to eventual death, rather than an opportunity to have a more balanced and meaningful life, doing things you never had the time or opportunity to do whilst working.

Life is not a rehearsal, so it makes sense to enjoy a balanced life of working in fulfilling employment, yet still making time for family, friends and non-paid activities that provide enjoyment and balance.

Sadly, for many of us, the end of paid employment which funds our lifestyle is unplanned or unexpected. In the current Covid-19 environment the likelihood of a DCM (Don’t Come Monday) is a frightening reality for many salary and wage earners.

For the 50-plus section of our community, the prospect of re-employment at your current income which funds your present-day lifestyle and financial commitments is dismal.

However, if you have a retirement plan you are better positioned to ‘roll with the punches,’ allowing you to revisit and reprioritise what is important in your life and the role of money to achieve your lifestyle and financial goals.

The time to start this process is now if you do not have a written retirement plan in place.

We can be contacted on 09 309 3680 or E: greg@oneplan.co.nz for assistance with this. Also, listen to our podcast ‘NZ Guide To Financial Freedom’ at www.gregmoyle.com/podcast.

OnePlan, T: 0800 1plan4u, www.oneplan.co.nz